LEGACY CHURCH WALSALL A REGISTERED CHARITY NUMBER . 1052776 ADDRF.SS . Corporation Streei, Walsall. West Midlands. WSI 3QR. INDEX TO ACCOUNTS FOR THE YEAR ENDED 31.ST DECEMBER 2022 Page Deseription Independent Examinerfs Report Balance Sheet Statement of Financial Activities Notes 10 the Accounts 510 9
INDEPENDENT EXAMINER'S REPORT TO THF. TRUSTEES OF LEGACY CHURCH WALSALL A regisiered charity number . 1052776 FOR THE YEAR ENDED 31ST DECEMBER 2022 The report relates lo financial statements sei oui from page 2 to 9. Respective respomsibilitie5 of tru$te¢s and examiner The trustees are r¢sponsible for the preparation of the ac¢ounts. The charilty's tru5tecs consider that an audit is not required for this year under sfftion 144 of the Charilics Act 2011 (the Charities Act ) and that an independent examination is needed. It is m), responsEbiliry to= Examine the accounis under section 145 of rhe Charities Act To follow the procedures laid down in the general Directions given bv the Chairtty Commission (under section 14515)(b)of the Charities Act, and 10 State whether partieul2r matt¢rs have come to my attention. Basis of independent examinerfs report My examination wag carried out in accordance with the General Directions given by ihe Charity Commissioners. An examination includes a review of the a¢uting records kept bv thc charity and a comparison of the accounts presented with those rec4)rds. It a150 includes consideration or any unusual items or disclosures in the accounts. and seeking explanaiions from you as truslees concerning any such matters. The procedure5 undertaken do not provide all the evidence ihai would be required in an audit. and consequently no opinion is ¥J ji'tn as io whether the accounts present a'truc and fail view and the report is limited to those matteTS ser out in the statement below. IndependeTht examiner's st4tement In connection with my examinalion, no matter has come to my tentIOn to indicate that.. { l) Accounts have not been kept in accordance with section 386 of the Companies Act 2006. {21 The accollnts do not accord wilh such records. (3) Where accounis are prepared on an accruals basi& whdher they fAiI to comply with relevant accounting requirements under section 396 of the Companies Act 2006.or are not consisient with the chariti SORP IFRS 1021 (4) ATr), tnatter which the examiner believes should be drawn lo the atteniion ofthe reader to gain a proper understanding of the aecounts. Susan Lewis FCCA 6 Park Road Newbridge Ne.port. NPI 14RF Date= 13th (ktober 2023 Page I
LEGACY CHURCH WALSALL BALANCE SHEET AS AT 31ST DECEMBER 2022 Notes Unrestri¢ied Restricted Funds Funds 2022 Total Funds 2022 Total Funds 2021 2022 FIXED ASSETS 101.218 101,218 101,218 101,218 101,218 101.218 CURRENT ASSETS Prepayments Cash al Bank Cash in Hand 44,938 124 8,653 53,591 124 55,770 124 45,062 8.653 53,715 55.894 CURRENT LIABILITIES- Amounts falling du¢ within one year 12 1.141 1,140 1,140 54,754 NET CURRF.NT A&SETSILIABILITIES 43,921 8,653 52,574 TOTAL ASSETS LESS CURRENT LIABILITIES 145,139 8,653 153,792 155,972 LONG TERM LIABILITIES Atnounts falling due alter more Ihan one year NET ASSETS £145,139 £8,653 £153,792 £155,972 FUNDS Accumulated Fund Designated Fund Othcr Funds 145,139 145,139 148,700 8.653 8,653 7,272 TOTAL FUNDS £145,139 £8.653 £153,792 £155,972 Approve4J by the Board of Truslees on Idatel 29/,.1~ and signed on its khalf by :" Chairnian( l ) Trustee (2) Page 2
LEGACY CHURCH WALSALL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022 Notes Unrestricted Restricted Funds Funds 2022 2022 Total Funds 2022 Total Funds 2021 Ineoming Resources Income General Investment Income Other Income 74,451 15 362 74,813 22 58,426 30 Total Incoming Resources 74.466 369 74,835 58,456 Costs of Generating Funds Operating Costs Resources Expended Direct Charitable Expenditsre Ministry Fellowship (iifts Property 46.866 1,476 12,052 13,302 73,697 46.866 1.476 12,052 13.302 73,697 43,560 957 9,370 10,905 fv1,792 io Management And Adniinistratio Administsation 3298 20 3,318 7.148 3,298 20 3,318 7,148 Other Expendlture Other Resources Expended 76.995 20 77,015 71,940 Net incoming resources becore tr*Ier5 Transf¢rs UtilisedlRelease -2,529 -1.032 349 1.032 -2,180 -13,484 L¥et moVeDnt in FuDds for year Fund Balances brought forward -3.561 148.700 1,381 7.272 -2,180 155,972 -13,484 169.456 Fund Balanees earried forward £145.139 £8.653 £153.792 £155,972 Page 3
LEGACY CHURCH WALS.4LL NO"IES TO THE ACCOUN"FS FOR THE YEAR ENDED 3 1ST DECEMBER 2022 ACCOUNTING POLICIES The following accounting poltcies have ken used consisiently in dealing 1th ilems which are considered matcrial in relation to the financial statements. Accountin Convenlion The financial staiemenis have been prepared under the historical cost convention other than certain freehold property which 15 included at valuation. In pr¢paring the financial statements the charity follows best practice as laid dowTr in the Statemenl of Recommended Practice Accounting and Rewrting by Charities (revised 2005) and the Charities Act 1993. Incomin Resources Voluntary income is Teceived by way of donations and gifts and is included in incoming resourccs when ihese are receivable. Interest receivable is included when it is received. Resources Ex nded Resources expended are included in the Stat¢mcnt of Financial Activilies on an accruals basis, inclusive ofany Value Added Tax which cannot be recovered. reciation Freehold Land and Buildin Dcprcciaiion is only pro%'ided on freehold land and buildings where the Trustees consider that the remaining useful lifc is le5S than 50 vears. The rate of depreciation is 20/0 OT) a straight line basis. UL ment Furniture. fixtures and fittin s and Motor Vehicles Deprcciation has been charged ai 200/0 per annum on a straighi line basis. Taxation As a registcr¢d charity the Church benefits from rates relief and is generallv exempt from Income Tax and Capital Gains Tax bul not from Value Added T&x. Irrecoverdble Value Added Tax is included in the cost ol those items to which it relal¢s. Income tax recovered on dceds of covenants and Gift Aid donations arc credited to ihe general unrestricted funds. Fund Accountin l. Unrestricted funds comprise those funds which the Tnlee5 are free to use in accordance wilh the charilabl¢ objects. 2. Designated funds are unrestricted funds eamiarked by the trustees for parlicular purpos¢s. 3. Restricted funds are funds which have been given for particular purposes. The restriction being placed by the donor. Page 4
LEGACY CHURCH WALSALL NOTE I . TAIYGIBLE FIXED ASSETS AS AT 31ST DECEMBER 2022 DEPRECIATION METHOD -'STRAIGHT LINE.. DEPRECIATION ANNUAL RATES:_ 2% LAND & 2/ 2/ 2/0 oTrTric.E 20010 MOTOR CHArrFIS INSTRMT BUILDIIYG FITTINGS AVDIO I"IP%lhT I'LHICLES TOT AL COST Opening balance Disposals Additions 152,852 14,998 6.798 1.737 1,445 177,830 CLOSING BALANCE 152.852 14,998 6,798 1,737 1,445 177,830 DEPRECIATION Opening balance Disposals Charge for year 51,968 14.290 7.172 1,737 1,445 76,612 CLOSINCJ BALANCE 51.968 14.290 7.172 1,737 1.445 76,612 NET BOOK VALUE At beginning of year £ I IM),884 £1.945 -£374 £0 £0 £101.218 At end of year £100.884 £708 -£374 £0 £0 £101,218 Page 5
LEGACY CHURCH WALSALL NOTE 3 CAPIT AL FUNDS OPENING BALANCE 1Tr4FLOW OI'TFI.OW CLOSINC. BALANCL Restrieted Restrictcd Funds Transfer To Accumulaied 7,272 369 1.032 1.401 20 7,621 1,032 8,653 7,272 20 Design*ted Unre5tri¢ted Accumulated Fund Transfer From Restricted 148,700 74,466 76,995 146.171 -1.032 145.139 148.700 74.466 78.027 TOTAL £1 i5.972 £75.867 £78,047 £153,792 NOTE 4 INCOME GF.NERAL C nn5ttirtrd Re5tri¢t¢d 2022 TOTAL 2022 TOTAL 2021 2022 Offerings. Collcclions. Donations Covenant5 1 Gift Aid Gifts Missionary Room hire Building Fund Other 8449 51055 8,449 51,055 362 6,435 22 175 5,563 49.909 362 64)5 22 175 68 1,175 Tax Refuthds Responsc Funding Other Income Childrens Camp Tuck5hop Soul R Pathfinders 2.800 2.800 5.515 5.515 TOTAL £74.4) I £362 £74,813 £58,426 Page 6
LEGACY CHURCH WALSALL NOTE 5 INVESTMENT I ME Investment incorne was derived from surplus funds being placed on short lem deposit with the bank. NOTE OTHER INCOME NOTE 7 EXPENDITURE MINISTRY Restricted TOTAL 2022 TOTAL 2021 2022 2022 Preaching and Teaching Visiiing ministry Teaching Resources Ministry Resources Magazines Outreach Other TOTAL 44.035 1,050 44,035 1,050 43.085 475 1.581 1,581 200 £46.866 200 £46,866 £0 £4i,560 NOTE 8 EXPENDITURE FELLOWSHIP I"•resirirtrd Rtstrict¢d 2022 TOTAL 2022 TOTAL 2021 2022 Trdn5POn Catering Function5 Flowrslchocs Activities OtheT TOTAL 67 762 67 762 54 669 234 647 647 £1,476 £0 £1,476 £957 Page 7
LEGACY CHURCH WALSALL NOTE 9 EXPENDITURE GIFrs Ilnrnsirirted Restricted 2(122 TOTAL 21122 TOTAL 2021 21b22 Overseas UK.Missions Needy AOG Conl Church Personnel TOTAL 7.752 7.752 100 1270 2.4)5 1,623 1,087 1.270 2.929 £12,052 2,929 £12.052 4,225 £9,370 £0 NOTF. 10 EXPENDITURE PROPERTY I.reStl¢l¢d Resirided 2022 TOTAL 2022 TOTAL 2021 2022 Repairs Cleaning Electrhcity Gas Ins.IWater Sky D¢preciation TOTAL 5,i09 3.236 1.339 1.2iO 1,8)7 331 3,577 2.931 1.008 1,528 1.608 252 3,2)6 1.230 1.857 3il £13,)02 £0 £13.J02 £10.905 NOTE 11 EXPENDITURE ADMIIIISTRATION l.'•restrirttd Restri¢ted 2022 TOTAL 2022 TOTAL 2021 21122 Postagelstai Websiiellntern¢l Subs/Li¢¢n¢es CCPAS Prof.Fe Bank Char TOTAL 498 588 965 334 744 169 498 588 965 529 5,489 146 984 744 189 es 20 £20 £7.148 Page 8
LEGACY CHURCH WAISALL NOTE 12 Restricted TOTAL 2022 TOTAL 2021 2022 2022 Accruals PA YE Liability 600 541 600 541 600 540 TOTAL £1.141 £0 £1.141 £1.140 NOTE 13 TRUSTEES REMUNERATION AND OUT OF POCKET EXPENSES 2022 2021 Trustee5 Rcmunerdtion Trusiees menioring and pastoral work. 33.410 32,571 Trustees Out of Pocket Expense5 Tn]stees irdvel and meeting attendance. 5.577 Page 9