REGIERED CHARITY NUMBER: 1052518 Trustees, Report and UnAudited Flnan¢fal Stst¢ments for the Year Ended 31 December 2023 for Klngsway Chur¢h Wombourne Dalton Pardoe Limited Chartered Accountants 794 High Street Kingswinford West Midlands DY6 8BQ
Kingsway Church Wombourne Contents of the Finanelal Statements for the Year Ended 31 December 2023 P&%e Tru5tees' Report I to 2 Independent Examiner's Report Statement of Flnanclal Activities Statement of Financial Posltlon Notes to the Financial Statements 6 to 13 Detailed Statement of Finaneial Aetivlties 14 to 15
Kingsway Church Wombourne Trusteesl Report for the Year Ended 31 December 2023 The trnstees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststem¢nt of Reconunended Prdctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJEcfivES AND AcfiviTIES Objectivu and aims The principal aclivity of the Church is: Living for Jesus. transforniing live% building community. ACHIEVEMEKf AND PERFORMANCE Charilable and Fundraising A¢tivitie5 We have had a great year as a church community, seeing growth in many areas of our church life. We continue to look after our church congregation whilst also supporting oul community in as many varied ways as possible. One of the big changes for us this year has been the building work done to develop our Coffee Lounge. We have used donations from our church m¢mbers as well as a grant to enable us to knock down the walls of our old kitchen and stordge room and develop an open plan coffee lounge and kitchen. We hav¢ fomied a team of volunte¢rs who help both on Sunday mornings and also throughout the wk to open up this space on Tuesday and Thursday morning5. We hav¢ seen a greal amount of p¢ople using the space. some of thern parents and grandparents from our toddler group5 that Still run twice a week bul also a chance for many of our church family and new people from the community to gather together and support each other over a cuppa. We have also introduced board gam¢s and crafts io allow people to join in with a fun actlvlty whilst they are with us. The foodbank and Uniforni Club continue to be in high demand as the cost of living continues to put strain on family finances. Our clubs continue through the week for all ages- toddler groups, kids clubs. youth gTOUP5 and lunch clubs for Ihe older demogrdphA¢! All the volunteers and staff *tho wn these work tirelessly to show excellence in all they do. We are grateful for the facilili¢s we have in our building and I(k forward to continuing our support to our community and church family in the years ahead. FINANCIAL REVIEW Overview The Statement of Financial Activities show an Incom¢ of £311.768 (£208.834 . 2022) and expenditure of £260.486 (£205,920 . 2022) resulting in a surplus for the year of £51282 ( £2.914 . 2022). Funds increased over the year from £476299 as at 31st December 2022 to £527,581 at the balance sheet date. repres¢ntsd by . Unrestricted funds Restricted funds £484,841 £42,740 STRUCTURE, COVERNANCE AND MANAGEMENT Governlng doeument The charity is controlled by its governing do¢umenL a deed of trust and constitutes an unin¢orporat¢d charity. REFERENCE AND ADMINISTRATIVE DETAIIS Registered Ch2rlty number 1052518 Page I
King5way Church Womb0rne Trustees, Report for the Year Ended 31 December 2023 Prlnelpal address Kingsway Church High Street Wombourne Wut Midlands WV5 9DN Trustees J H Price (Pasior) P A Freeman (Elder) S T R¢vitt (Elder) Mrs J Eaglelon (Tr¢asurer) Mrs D Chamberlain (Associate Pastor) Independent Examiner Colin Dalton FCA Dalton Pardoe Limited Chartered Accountanls 794 High Street Kingswinford Wesl Midlands DY6 8BQ COING CONCERN I'he Trustees consider that the charity remains viable for Approved by order ofthe board of truslees on .............. . and signed on its behalf by: S T Revitt {Eld:r) - Trumee Page 2
Independent EIAmines Report to the Trustees of Kingsway Chureb Wombourne Independent ¢xAminer's report to the trustees of Kingsway Church Wombourne I report io the charity trustees on my examination of the accounts of Kingsway Church Wombourne (the Trust) for the year ended 31 December 2023. Responsibilities and bxsls of report As the charity trUe¢S of the Trust you are responsible for the preparalion of the accounts in accordan¢e wilh the requirements of the Charities Act 2011 (the Act). I report in respect of my examination of ihe Tntses accounts CWTied out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under SeclioD 145(5)(b) of the ACL Independenl examinevs statement Since your charity's gross income exceeded £250.000 your examiner must be a member of a listed body. l ¢an confirni that l am qualified to undertake the examination because l am a member of the Instilute of Chartered Accountants in England and Wales, which is one of the lisied bodies. I have ¢ompleted my examination. I confinn that no material matters have come to my attention in connection with the examination giving me ¢ause to believe that in any material TespecL' accounting records were not kept in respect of the Trust as required by Section 130 of the Act: or the accounts do not accord with those re¢ords: or the accounts do not comply with the applicable requirements concerning th¢ forni and content of accowits set oirt in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered &8 part of an independent examination. I have no concerns and have come acTOSS no other matters in connection with the examination to l¢b attention should be drawn in this report in order to enable a proper undw5tanding of the accounts lo be reached. Colin Dalton FCA The Institute of Charter¢d Accountants in England and Wales Dalton Pardoe Limited Chartered Accountants 794 High Street Kingswinford West Midland5 DY6 8BQ Date: .................... Page 3
King5Thay Church Wombourne Statement of FlnaDci81 Activities for the Y¢Ar Ended 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Unrestricted fund Restrici¢d funds Not<s INCOME AND ENDOWMENTS FROM Donations and legacies 200,789 109,128 309,917 207,839 Other trading a¢tiviti¢s Investment income lJ87 245 1,387 464 959 36 219 Total 202,421 109,347 311,768 208,834 EXPENDITURE ON Charltable actlvltles Expenditure 145,594 93,869 239,463 188,801 Other 21.023 21,023 17,119 Total 166,617 93,869 260,486 205,920 NET INCOMF 35004 15.478 51,282 2,914 RECON'CILIATION OF FUNDS Tolal funds brought forward 449.037 27,262 476,299 473,385 TOTAL FUNDS CARRIED FORWARD 484,841 42,740 527,581 476.299 'rh¢ notes forn part of these financial statements Page 4
Kingsway Church Wombourne Statement of Financial Positlon 31 Docomber 2023 31.12.23 Total funds 31.12.22 Totsl funds Unrestricted fund Restricted funds Notes FIXED ASSETS Tangible assets 744,713 744,713 746,729 CURRENT ASSETS Debtors Cash at bank 10 17.014 44J69 17,014 87,109 7,591 47,480 42,740 61.383 42,740 104,123 55,071 CREDITORS Amounls falling due within one year 12 (12?59) (12J59) (10,287) NET CURRENT ASSETS 49,024 42.740 91,764 44,784 TOTAL ASSETS LESS CURRENT LIABILITIES 793.737 42,740 836,477 791.513 CREDITORS Amounts falling due after more than one year 13 (308,896) (308,896) (315.214) NET ASSETS 484,841 42.740 527.581 476,299 FUNDS Unrestricted funds: General fund Restricled funds: Building fund rood bank Tranquility Neiv Horizons Nominated Funds Holiday Club Coffee Lounge 16 484.841 449.037 1,685 4,122 1,156 984 33,610 665 518 9,400 5225 10,741 894 1,002 42,740 27,262 TOTAL FUNDS 527,581 476,299 cial stalemcnts werc approved by the Board of Trustee5 and authorised for i55U¢ and were signed on its behalf by: on J Eagleton (Treasurer)- Tntee The noies fomi part of these financial statements Page 5
Kingmy Church Wombourne Notes to the Finanei81 Statements for lh¢ Y¢or Ended 31 Deeernr 2023 ACCOUNTING POLICIES Basts of preparfng the financial $tat¢m¢nts Th¢ fmancial statements of the charity, which is a public benefit entity under FRS 102, have b¢en prepared in accordance with the Charilies SORP (FRS 102) 'Accounting and Reporting by Charilies: Statement of Recommended Prdclice applicable io charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (¢ff¢¢tive l January 2019),. Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in th¢ UK and Republic of Ireland, and the Charities Act ?01 l. The financial ststements have been prepared under the historical cost onvention. Ineome All incom¢ 15 rerognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are r¢cognised as expendiftw¢ as soon as there is a l¢gal or consmictive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been CIlfi under heading5 that aggregate all cost rela¢ed io the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent ivith the use of resources. Grants offered subject to conditions which have not been met w the year end date are noted as a commitrn¢nt but not accrued as expenditure. Tangible fixed assets Depreciation is provided at th¢ following annual ra in order to wrile off ¢ach asset over its estimat¢d useful lif¢. Freehold property Fixtures and fittings not provided 20% on reducing balance No depr¢ciation is Provided on freehold property as. in the opinion of the trustees there has been an inrr¢as¢ in the value between the date of purchas¢ and the balan¢¢ Sheet dale. Tgxatfion The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in acconlance with the chariiabl¢ objectives at the discretion of the trustees. R¢stricled fimds can only be used for particular r¢stri¢ted purposes within thc objects of the charity. Restrictions arise when specified by the donor or when fimds are rais for particular restricted PUTposes. Donated goods These are only included in in¢oming resources with an 4uivalent amount in resou expended where the benefit to the Charity is reasonabty quantifiabl¢. measurable and material. Page 6 continued...
Kingsway Church Wombourne Notes to Ihe Flnanclal Statements - contlnued lor the Year Ended 31 Deeember 2023 DONATIONS AND LEGACIES 31.12.23 Total runds 31.12.22 Total nds Unrestricted funds Restricted funds Grants Planned giving Offerings Gift aid tax receipts Other Bifts and donations 19,900 116,142 15,135 25,344 31.318 132,021 20,481 42,857 5,430 132.021 20.481 42,857 114,558 109,128 200,789 109,128 309,9J7 207,839 Grdnts received, included in the above, are as follows: 31.1223 31.12.22 Other grants 19.900 OTHER TRADING A1}lITIEs 31.12,23 Total fuDd5 31.12.22 Total funds Unrestrirted funds Rcstricted funds Other sundry income 1,387 1,387 959 INVESTMENT INCOME 31.12.23 Total funds 31.12.22 Total fund5 Unrestricted funds Restrtcted funds Deposit account interest 245 219 464 36 OTHER 31.12.23 Total funds 31.12.22 Total funds unrestricd funds Restricted funds Interest payable and similar charges Support costs 20,203 820 20,203 820 16.299 820 21,023 21,023 17,119 Page 7 continued...
Klngsm'ay Church Wombourne Notes to the Financial Slatements- continued for the YeAr Ended 31 Deeember 2023 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, r¢muneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. No Tnle¢ received remuneration for either 2023 or 2022 Trustees, expenses There were no trustees, ¢xp¢nses paid. for the year ended 31 December 2023 nor for th¢ year ended 31 December 2022. STAFF COSTS 31.12.23 31.12.22 Wages and salaries 73,674 66.979 73,674 66.979 The average monthly number of employ¢¢s during the year was as follows: 31.12.23 31.12.22 Administration No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unr¢stri¢ted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 166.467 41,372 207.839 Other trading activities Investment income 959 18 959 36 18 Total 167,444 41.390 208,834 EXPENDITURE ON Charitable activities Exp¢nditUTe 156.411 32.390 188.801 Other 17,119 17,119 Total 173.530 32.390 205.920 NEf INCOMEI(EXPENDITURE) {6.086) 9.000 2.914 RECONCILIATION OF FUNDS Total funds brought forward 455,123 18,262 473,385 Pagc 8 continued...
King5way Cbureh Wombourne Notes to the Financi21 Statements- eontlnued ror the Year Ended 31 December 2023 COMPARATIVES FOR THE STATEMEKf OF FINANCIAL AlIlITIES- ¢ontinued Unrestricted Restricted fijnd funds Total funds TOTAL FUNDS CARRIED FORWARD 449,037 27,262 476.299 TANGIBLE FIXED ASSETS Fixtures Frtthold property fjttings Totals COST At l January 2023 and J l December 2023 736,647 19.692 756,339 DEPRECIATION At l January 2023 Charge for year 9.610 2,016 9,610 2,016 At 31 December 2023 Jl,626 lJ,626 NET BOOK VALUE Ai 31 December 2023 736,647 8,066 744,713 At 31 December 2022 736,647 10,082 746,729 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Gift aid thx receivable 17,014 7,591 CASH AT BANK General fund Building fund New Horizons Food bank Tranquility Bank cuThenl account Bank deposil 4¢¢ounl 15.661 28,708 1.685 4,122 1,156 984 Tolal 44.369 1,685 4.122 1,156 31.12.23 Total funds 31.12.22 Total funds Nominated Funds Holiday Club Coffee Lounge Bank Current account Bank deposit account 33,610 665 518 58,401 28,708 29,016 18,464 Toial 33.610 665 518 87,109 47,480 Page 9 ¢ontinu¢d...
Kingsway Church Wombourne Notes to the financial Ststements- contlnued ror the Year Ended 31 December 2023 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Bank loans and overthafts (see no* 14) Accrued expenses 7,$39 4,820 7,539 2,748 12J59 10,287 13. CREDITORS: AMOUNTS FALLING DUE AFfER.MORE THAN OIYE YEAR 31.12.23 31.12.22 Bank108ns (stt note 14) 308,896 315214 14. LOANS An analysis of the matirity of loans is given below: 31.12.23 31.12.22 Amounts falling due within one year on demand: Bank loans 7.539 7.539 Amounts falling between one and years: Bank loons - 1-2 years 7,539 7.539 Amounts falling du¢ beliveen two and five years: Bank loans - 2-5 years 22.617 22.617 Amounts falling due in mor¢ than ftve years: Repayable by instalments: Bank108ns more S yr by instal 278,740 285,058 15. SECURED DEBTS The following secured debts are included within Creditors: 31.12.23 31.12.22 Bank loans 316,435 322.753 11)e bank loan from Kingdom Bank is secured over the Freehold Property. Page 10 continued...
Kingsway Chureh Wombourne Notes lo the Financial Ststements - continued for th¢ Year Ended 31 December 2023 16. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.123 Unrestrieted funds General fimd 449,037 35.804 484J41 Restri¢t¢d funds Building fund Food bank Tranquility New Horizons Nominated Funds Holiday Club Coffee Lounge 9,41)0 5225 10,741 894 1,002 (7.715) (1,103) (9,585> 90 32,608 665 518 1,685 4,122 1,156 984 33,610 065 518 27262 15,478 42,740 TOTAL FUNDS 476299 51282 527J81 N¢t movement in funds. included in the above are as follow5- incoming Resources Movement resources expended in funds Unrestrieted funds Genernl fund 202,42] (166.617) 35.804 Restrieted funds Building fund Food bank Tranquility New Horizons Norninated Funds Thri Summer Camp Holiday Club Coffee Lounge 48286 4.906 3J46 334 47247 3550 665 813 (S6,001) (6,009) (13,131) (2M) (14,639) {3 J50) (7,715) (1,103) (9,585) 90 32,608 665 518 (295) 109J47 (93,869) 15,478 TOTAL FUNDS 311.768 (260,486) 51282 Pagell continued...
Klngsway Church Wombourne Notes to the Flnanelal Ststernents- contlnued for the Year Ended 31 December 2023 16. MOVEMENT IN FUNDS- conlinued Comparntives for movement In funds Net movement in funds At 31.1222 At l.J22 Unrestricted funds General fund 455,123 (6,086) 449.037 Re5tri¢ted fund5 Building fund Food bank Tranquility N¢w Horizons Nominated Funds 2.553 1,665 8,829 538 4,677 6,847 3,560 1.912 356 (3.675) 9,400 5.225 10.741 894 1.002 18262 9.000 27.262 TOTAL FUNDS 473.385 2.914 476.299 Compardtive net movement in fimd4 included in the above are as follows: Incoming r¢sources Resource5 expended Mov¢m¢nt in fund5 Linrestrleted funds General fvnd 167,444 (173.530) (6.086) Restricted funds Building fund Food bank Tranquility New Horizons Nominat Funds 24.197 5.833 10.1)02 356 1.002 (17,350) (2.273) (8,090) 6,847 3.560 1,912 356 (3,675) (4,677) 41 J90 (32,39Q) 9.000 TOTAL FUNDS 208,834 (205,920) 2.914 17. RELATED PARTY DISCLOSURES There Mrre no related party transactions for the year ended 31 De¢¢mber 2023. Page 12 continued...
Kingswoy Church Wombourne Notes to the FinanelAI Slatements- contlnued ror the Year Ended 31 December 2023 18. ULTIMATE CONTROLLINC PARTY Th¢ Charity is controlled by the trustees. Pag¢ 13
Kingsway Church Wombourne Detalled Statement of fingneial Activities for the Year Ended 31 December 2023 31.12.23 Total fimds 31.12.22 Totsl funds Unrestricted fimds Restrirt funds INCOME AND ENDOWMENTS DonAtlons and legacies Grdnts Planned giving Offerings Gift aid t&x receipts Other gifts and donations 19.900 116,142 15.135 25.344 31,318 132,021 20,481 42.857 5,430 132,021 20,481 42,857 114,558 109.128 200.789 109.128 309,917 207.839 Other tradlng activitles Other sundry income lJ87 lJ87 959 Investment income Deposit a¢¢ount interesl 245 219 464 36 Total Incomlng resoureej 202,421 109J47 311.768 208,834 EXPENDITURE Charllable actlvltles Wa8es Rat¢s and water Insurance Light and heot Telephone Fixed running ¢osts Repairs and maintenance Pasloral expenses Caiering and cleanin8 Health and 5af¢ty Small groups Worship Children & youth Community Food bank New horizons Nominated fund expenditure Tranquility fund expenditure Thrive summer camp ¢xp¢nditure Coffee lounge expenditure Depreciation of tsngible fixed assets Oversea5 missions 73.674 455 1,029 12,769 1.185 6J75 4,609 5.130 4376 8J17 17 2J61 7,464 73,674 455 1,029 12,769 1,185 6,875 60,610 5,130 4,576 8J17 17 2J61 7,464 iJ63 6,009 244 14,639 13,131 3,550 295 2,016 13.754 66,979 318 2.417 15,364 1,042 5,197 23,270 5.144 19,704 9,366 145 1.306 14,073 1.239 2,273 56,001 6,009 244 J4,639 13,131 3A50 295 4.677 2,016 13.754 2,520 13,767 145J94 93069 239,463 188,801 This page does not forni part of the statutory financial ststements Page 14
Kingsway Chureh Wombourne Detailed Slatement of lD2cIAl Activitie5 for the Year Ended 31 December 2023 31.12.23 Total funds 31.12.22 Totsl fiinds Unrestricted Restricted Charltable aelivitles Other Bank loan interesl 20303 20203 16.299 Support costs GDI'ernanee cos¢$ Independent examiners fe¢ 820 820 820 Total resources expend¢d 166,617 93.869 260,486 205,920 Net In¢ome 35,804 15,478 51382 2,914 This page does not forn) part of the statulory fJnan¢ial stalements Page 15