LEGACY CHURCH WALSALL A REGISTERED CIIARITY NUMBER . 1052776 ADDRESS . Corporation Street, Walsall, West Midlands, WSI 3QR. INDEX TO ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 Page Description Independent Examiner's Report Balance Sheet Statement of Financial Activities Notes to the Accounts 5t0 9
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LEGACY CHURCH WALSALL A registered cliarily nuinber '. 1052776 FOR THE YEAR ENDED 31ST DECEMBER 2023 The report relates to financial statements set out from page 2 to 9. Respective responsibilities of trustees and examiner The trustees are responsible for Ilie preparation of the accounts. The charitty's trUSeS consider that an audit is not required for this year uiider section 144 of the Charits'es Act 2011 (the Charities Act ) and that an independent examination is needed. It is iny responsibility to: Examine the accounts under section 145 of the Charities Act To follow the procedures laid down in the gen¢ral D]rtionS given by the Chairity Cornmission (under section 14515)(blof the Cliarities Act, and To state wlieiher particular matters have come lo my attention. Basis of independent examiner's report My examination was carried out in accordance with the General Directions given by the Charity Cornmissioners. AD exainination includes a review of the accouiiting records kept by the charity and a comparison of the accoiinls presented witli tliose record4. It also includes consideration of any unusual iteiDs or disclosures in the accounts, and seeking explanations from you 85 trnstees Concerning any such matters. The procedures undertaken do not provide all the evidence that would be requlred in an audit. and consequently no opinion is given as to whether the accounts present 'trne and fair, view and the report is limited to those matters set out in the statement below. Tndependent examiner's statement In Connection witli Iny examination, no matter lias coine to my attention to indicate that.. (l ) Accounts have not been kept in accoi'dance witl) section 386 of the COMp]IeS Act 2006. (2) The accounts do not accord with such records. (3) Where accounts are prepared on an accrua15 basis, whether they fail to comply with relevant accounting requireincnts under section 396 of tlie Companies Act 2006,or are not Lonsistenl wilh the Charities SORP {FRS 102) (4) Any matter whicli the examiner b¢lieves should be drawn lo the aitention of the reader to gain a proper understaiiding of the accounts. Susan Lewis FCCA 6 Park Road Newbridge Newport. NPI 14RF Dale.. 2nd October 2024 Page I
LEGACY CFIURCH WALSALL BALANCE SIIEET AS AT 31ST DECEMBER 2023 Notc5 Unrestricted Restricted Funds Funds 2023 2023 Total Funds 2023 Total Funds 2022 FIXED ASSETS 102,479 102,479 101,218 102,479 102,479 101.218 CURRENT ASSETS Prepayments Cash at Bank Cash in Hand 58,183 124 9,110 67,293 124 53,591 124 58,307 9,110 67,417 CURRENT LIABJLTTIES - Amounts falling due witliin one year 53,715 12 1,385 1,385 1,141 1,385 56,922 1.385 66,032 1,141 52,574 NET CURRENT ASSETSILIABILITIES 9,110 TOTAL ASSETS LESS CURRENI. LIABILITIES 159,401 9,110 168,511 153,792 LONG TERM LIABILITIES Amounts falliiig due after more than one year NET ASSETS £159,401 £9,110 £168,511 £153,792 FUNDS Accumulated Fund Designated Fund Other Funds 159,401 159,401 68,144 9,110 9,110 8,653 TOTAL FUNDS £159,401 £9,110 £168.511 £76,797 Approvcd by the Board o! Trustees on Idatel Iln trT 2eJ and signed on its behalf by :" Chairman( l ) Trustee (2) Page 2
LEGACY CHURCH WALSALL STATEMENT OF FINANCIAL ACTIVITIES FOR TIIE YEAR ENDED 31ST DECEMBER 2023 Note5 Unrestrieted Restricted Funds Funds 2023 2023 Total Funds 2023 Total Funds 2022 Incoming Resources Income General Investment Income Other Incoine 98,494 340 117 98,834 117 74,813 22 Total Incoming Resources 98,494 457 98,951 74,835 Costs of Generating Funds Operating Costs Resources Expended Direct Charitable Expenditure Ministry Fellowship Gifts Property 53,193 1,422 7,374 18,957 80,946 53,193 1,422 7,374 18,957 80,946 46,866 1,476 12,052 13,302 73,696 10 Management And Administration Administration 3,286 3,286 3,318 3,286 3,286 3,318 Other Expenditure Other Resources Expended 84,232 84,232 77,015 Net incoming resources before tr#n5fcr5 Transfers UtilisedlReleased 14,262 457 14,719 -2,180 Net Movement In Funds for year Fund Balances brought forward 14,262 145,139 457 8,653 14,719 153,792 -2,180 155,972 Fund Balances carried forward £159,401 £9,110 £168,511 £153,792 Page 3
LEGACY CHURCH WALSALL NOTES TO THE ACCOtTNTS FOR THE YEAR ENDED 31 ST DECEMBER 2023 ACCOUNTING POLICIES The following accouiiting policies have been used consistently in dealing with items which are considered material in relation lo the financial statements. Accountin Convention The fInancial statements have been prepared under the historical cost convention other than certain freehold propety which is included at valuation. Iii preparing the financial statements the charity follows best practice as laid down in the Statenient of Recommended Practice Accounting and Reporting by Charities (revised 2005) and the Charities Act 1993. Incomin Resources Voluntary income is received by way of donations and gifts and is included in incoming resources when these are receivable. Interest receivable is included when it is received. Resources Ex ended Resources expended are Tncluded in the Statement of Financial Activities on an accruals basis, inclusive of any Value Added Tax which canrAOt be recovered. reciation Freehold Land and Buildin Depreciation is only provided on freehold land and buildings where the Trustees consider that the remaining useful life is less than 50 years. The rate of depi'eciation is 2 % on a straight line basis. ui ment Furniture flxtures and fittin s and Motor Vehicles Depreciation has been charged at 200/0 per annum on a straight line basis. Taxation As a restered charity the Church benefits from rates relief and is generally exempt from Income Tax and Capital Gains Tax but not from Value Added Tax. Irrecoverable Value Added Tax is included in the cost of those items to which it relates. Income tax recovered on deeds of covenants and Gift Aid donations are credited to the general unrestricted fijnds. Fund Accountin l. Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objects. 2. Designated funds are unrestricted funds earmarked by the trustees for particular purposes. 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 . TANGIBLE FIXED ASSETS AS AT 31ST DECEMBER 2023 DEPRECIATION METHOD-'STRAIGHT LINE,. DEPRECIATION ANNUAL RATES:. 20/ CHAThELS 200/ INSTRMT 200/0 MOTOR VEHI UIPMNT LEs LAND & orFICE JIUILDING FITTINGS AUDIO TOTAL COST Opening balance Disposals Additions 152,852 14,998 6,798 1,737 1,445 177,830 1,576 1,576 CLOSING BALANCE 152,852 14,998 6,798 3,313 1,445 179,406 DEPRECIATION Opening balance Disposals Charge for year 51,968 14,290 7,172 1,737 1,445 76,612 315 315 CLOSING BALANCE 51,968 14,290 7,172 2,052 1,445 76,927 NET BOOK VALUE At beginning of year £100,884 £1,945 -£374 £0 £0 £101,218 At end of year £100,884 £708 -£374 £1,261 £0 £102,479 Page 5
LEGACY CHURCH WALSALL IYOTE 3 CAPITAL FUNDS OPENING BALANCE INFLOW OUTFLOW CLOSING BALANCE RcstrRcted Restricted Funds Transfer To Accumulated 7,621 1,032 8.653 457 8.078 1,032 9,110 457 Designated Unrestricted Accumulated fund Transfer From Restricted 146,171 1,032 145.139 98,494 84.232 160.433 -1,032 159,401 98.494 84,232 TOTAL £153,792 £98,951 £84.232 £168,511 NOTE 4 INCOME GENERAL Unrestrlcttd Restrlcted 2023 TOTAL 2023 TOTAL 2022 2023 Offerings, Collections, Donations Covenants / Gift Aid Gifts Missionary Room hire Building Fund Other 8317 63489 8,317 63,489 8.449 51,055 362 6,435 22 175 369 369 340 1,325 21,864 340 1,325 21,864 Tax Refunds Response Funding Other Income Childrens Camp Tuckshop Soul R Piiihfinders 3,130 3,130 2,800 5.515 TOTAL £98,494 £340 £98,834 £74,813 Page 6
LEGACY CHURCH WALSALL NOTE 5 fNVESTMENT tNCOME Investnieiit iiiconie was derived from svrplus funds being pla¢ed on short term deposit witli the bank. NOTE 6 OTHER fNCOME NOTE 7 EXPEIYDITURE MINISTRY UTrrcstri¢ted Restricted TOTAL 2023 TOTAL 2022 2023 2023 Preaching and Teaching Visiting ministry Teaeliing Resources Ministry Resources Magazines Outreach Otlier TOI'AL 51,863 875 51.863 875 44,035 1.050 455 455 1,581 200 £46,866 £53,193 £0 £53,193 NOTE 8 EXPENDITURE FELLOWSHIP Unrestri¢ttd Restricted 2023 TOTAL 2023 TOTAL 2022 2023 Transport Catering Functions Flowrs/Chocs A¢tivities Other TOTAL 120 581 392 130 200 120 581 392 130 200 67 762 647 £1.422 £0 £1,422 £1,476 Page 7
LEGACY CHURCH WALSALL NOTE 9 EXPENDITURE GIFTS Unrestricied Restricted TOTAL 2023 TOTAL 2022 2023 2023 Overseas UK.Missions Needy AOG Cont Church Personnel TOTAL 3,493 1,850 200 3,493 1,850 200 7,752 1.270 1,831 £7,374 1,831 £7,374 2,929 £12,051 £0 NOTE 10 EXPENDITURE PROPERTY Vnreslricted Restricted TOTAL 2023 TOTAL 2022 2023 2023 Repairs Cleaning Electi-icily Gas Ins.IWaler Sky 1,617 3,845 3,486 6.478 2,752 464 315 £18,957 1,617 3.845 3,486 6.478 2,752 464 315 £18,957 5.309 3,236 1,339 1.230 1,857 331 reciation TOTAL £0 £13,302 NOTE I I EXPENDITURE ADMINISTRATION Unrestrlcted Restrictcd TOTAL 2023 TOTAL 2022 2023 2023 Postagelstat Websitellntemet Subs/Licenccs 478 299 1,316 208 839 146 £3.286 478 299 1,316 208 839 146 £3.286 498 588 965 334 744 189 £3.318 CCPAS Prof.Fees Bank Char TOTAL es £0 Page 8
LEGACY CHURCH WALSALL NOTE 12 Unresiri¢i¢d Restricted TOTAL 2023 TOTAL 2022 2023 2023 Accruals PA YE Liability 695 690 695 690 600 541 TOTAL £1,385 £0 £1,385 £1,141 NOTE 13 TRUSTEES REMUNERATION AND OUT OF POCKET EXPENSES 2023 2022 Trnstees Rernuneration Trustees mentoring and pastoral work. 45,574 33.410 Trustees Out of Pocket Expenses Trustees travel and meeting attendance. 6,289 5.577 Page 9