LIVING WATERS CHURCH FINANCIAL STATEMENTS 31 DECEMBER 2023 Company Reglslralion Number 03843080 Charlty Reglstratlon Number 1080165
LIVING WATERS CHURCH FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Reference and Administration details Trustees annual report Independent Examiners Report lo the Trustees statement of Financial Activities Balance Sheet Notes to the Financial Statemenls
LIVING WATERS CHURCH Reference and Adminislration status Living Water5 Church is a company limited by guarantee (registration number 038430801 incorporated on 16 September 1999 and granted charitable status by the Charity Commission under number 1080165. Trvstees As set out in the Memorandum and Articles of Association, the Board of Trustees must consist of no less than *hree Trustees. At the first Annual General Meeting all the Trustees retired from off ice, and at every subsequent AGM one third of the Trustees retire from office. The Trustees to retire are those who have been in place the longest since the last appointment. A retiring Trustee is eligible for re-election. The Charitable company can from time to time by ordinary resolution increase or reduce the number of Trustees and determine in what rolation such increased or reduced numbers shall go out of office. The Board of Trustees shall have the power at any time lo appoint any person to be a Trustee. The Charitable Company may by ordinary resolution, of which special notice has been given. remove any Trustee. The Trustees Iwho are directors for Ihe purpose of company law} who served during the period and since the period end were as follows: Willem Aalbers Ruth Fingleton Russell Gregory stephen Boyd lappointed 15 April 20241 Registered Offlce 23 Coleridge Vale Road South, Clevedon, BS216PE Independent Examlner John Panteli, FCA, Stablegrove, West Hay Road, Wrington, BS40 5NR Bankers Lloyds TSB, 16 The Triangle, Clevedon. North Somerset, BS216NB
LIVING WATERS CHURCH Trustees Annual Report The Trustees present their report and the unaudited financial Statements of the Charity for the year ended 31 December 2023. structure, Governance and Management The Management Team, Trustees and Elders agree on Objectives for the year as appropriate. This is implemented by the Management Team and volunteers from within the church. Investment Powers The Company's Memorandum & Articles of Association place no reslrictions on the investment powers of the Trustees. The Directors The Board of Directors, who are Truslees for the purpose of charity law, who served during the year and up to the date of this report are set out on page l . ObJectlve$ and Actlvities Objects of the charity To advance Ihe Christian faith anywhere and by any means, including the use of written literature, tapes etc. The relief of persons who are in conditions of need, hardship or who are aged and sick. Education of children and adults through. if appropriate, the formation of a school or other institution. Statement of publlc benefit The Trustees have complied with their duty under section 4 of the Charities Act 2006 to have regard to the public benefit guidance published by the Charity Commission. Year In revlew In 2023 the church continued to be 'on a Journey with friends to Freedom, with a view to building relationships and serving others in the church. town of Clevedon and across the world. 2023 was also a landmark year with Daniel and Tanya Sibthorpe stepping down from their leadership positions as pastors of the church after over 17 years of faithful service. The Trustees and broader congregation extend their heartfelt thanks to the couple for everything they have contributed to the church and the community over these many years. Three couples have stepped up to take over the reign as leaders of the church, on a voluntary basis. They are Pete and Kate Worthington, Dave and Clare Ackrill, and Chirs and Clare Wilkinson. We confinued to serve the community via The Foodbank.
Flnanclal Review Incoming resources reduced by 12% year on year, however resourced expended also reduced significantly, by 21 T.. This was mainly due to wages and salaries dropping to nil following the Sibthorpes, retirement during the year. The net surplus allowed the church to build up its reserves in the second ha5f of the year. Grant Making Pollcy The Charity will consider all proposals for grants that fall within its defined areas of operation. Each grant would be for a defined period and will relate to a specific project that encompass specific objectives that can be readily defined and monitored. Reserles & Investment Pollcy The Trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds nol committed or invested in tangible fixed assets held by the charity should be targeted at between one and three months of fixed expenditure. The Trustees estimate this targeted level lo be between £5,000 and £15,000. Following the changes to the cost base as described above, the charity's reserves is now within this range and the Trustees will continue to monitor and manage this posltion in the future. As income is utilised within a short time after receipt the Trustees consider that the most appropriate policy for investing surplus funds is to place them on short term deposit. Responslbllltles of the Trustees The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. The Trustees are required to prepare financial stalements for each financial year in accordance with UK GAAP (UK Accounting Standards and applicable lawl. The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources of the charity for fhat period. In preparing these financial statements the Trustees are required to: Select suitable accounting policies and then apply them consistently Make judgements and estimates that are reasonable and prudent state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business The Trustees are responsible for keeping proper accounting records that disclose wilh reasonable accuracy at any time Ihe financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Th15 report has been prepared in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities, Irevised 20051. Registered office: 23 Coleridge Vale Road South Clevedon BS216PE Signed on behalf of the Truslees Willem Aalbers Trustee Approved by the Trustees on 27 September 2024.
CHARITY COMMISSION FOR ENGLAND ANO WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Living Waters Church On accounts for the year ended 31 December 2023 Charity no lif any) 1080165 Set out on pages 1 to11 I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 31112 12023. As the charity's trustees. you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('Ihe Act.). Responsibillties and basis of report I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention in connection with the examination which gives me cause to believe that in, any material respect.. the accounting records were not kept in accordance with section 130 of the Charities Act., or the accounts did not acrd with the accounting records., or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out 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 as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signe Date: Name: John Panteli Relevant professional qualification(sl or body (if any): Chartered Accountant, ICAEW Address: Stablegrove West Hay Road, Wrington BS40 5NR
LIVING WATERS CHURCH STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account) YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted Total Funds Total Funds Funds Funds Year to Year to 31-Dec-23 31-Dec-22 Note Incomlng resources Incoming resources from generated funds Voluntary income Donations Tax Reclaimed 55,554 12,042 55,554 12,042 64,011 12,922 Total incoming resources 67,596 67,596 76,932 Resources expended Chan'table activities Grants payable Costs of activities 8,920 48,791 8,920 48,791 8,920 64,103 Total resources expended 57,711 57,711 73,023 Net incomingl(outgoing) resources net in¢omel(expenditure) for the period 9,885 9,885 3,910 Total funds at 1 January 8,235 8,235 4,325 Total funds at 31 December 18,120 18,120 8,235 The Charity has no recognised gains or losses other than the results for the period as set out above. All of the activities of the charity are classed as continuing. The notes on pages 8 to 12 form part of these flnancial statements
LIVING WATERS CHURCH BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets 1,314 1,073 Current assets Debtors Cash at bank 4,249 13,360 17,609 348 10,886 11,234 Creditors . Amounts falling due within one year (803} (4,072) Net current assets 16,806 7,162 Net assets 18,120 8,235 Funds Restricted funds Unrestricted funds 18,120 8,235 18,120 8,235 For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors responsibilities The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the trustees on 27 September 2024 and are signed on their behalf by.. Willem Aalbers Trustee The notes on pages 8 to 12 fomi part of these financial ststements
LIVING WATERS CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Accounting policies a) The financial statements have been prepared under the historical Cost convention, and in accordance with the Companies Act 2006, applicable accounting standards and the Statement of Recommended Practice, Accounting and Reporting by Charities issued in March 2005. b) Income from donations is included in incoming resources when these are receivable, except as follows.. i) When donors specify that donations given to the charity must be used in fLrture accounting periods, the income is deferred until those periods. c) Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered. d) Most expenditure is directly attributable to specific activities, and have been included in those cost categories. Support costs have been allocated 1000/0 towards the charitable activities of the charity. e) Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at year end are noted as a commitment, but not accrued as expenditure. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows-. Office Equipment 30 /0 reducing balance PA Equipment 300/0 reducing balance g) Rentals applicable to operating lease agreements where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease. h) Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees. i) Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
LIVING WATERS CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 2 Grants payable Total Funds Total Funds Year to Year to 31-Dec-23 31-Dec-22 Unrestricted Restricted Funds Funds Grants paid to institutions Christians Against Povety Mission Aviation Fellowship Bulgaria Philippines Others 2,400 1,200 1,000 3,120 1,200 8,920 2,400 1,200 1,000 3,120 1,200 8,920 2,400 1,200 1,000 3,120 1,200 8,920 3 Costs of activltles Total Funds Tota5 Funds Year to Year to 31-De¢-23 31-Dec-22 Unrestrlcted Restricted Funds Funds Wages and salaries Local and national Events & Trips Youth & Children Sunday Teams 28,182 281 2,736 224 759 28,182 281 2,736 224 759 42,891 1,051 478 204 200 32,181 32,181 44,823 Support costs Resources Admin items Depreciation 14,586 1,701 322 14,586 1,701 322 16,871 1,948 480 16,609 16,609 19,280 48,791 48,791 64,103
LIVING WATERS CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 4 Net incoming resources for the year This is stated after charging: Year to Year to 31-Dec-23 31-Dec-22 Depreciation 322 460 No trustees received out of pocket travel expenses. 5 Staff costs and numbers The aggregate payroll costs were.. Year to Year to 31-De¢-23 31-Dec-22 Salaries & Social Securrty Costs 28,182 42,891 28,182 42,891 No employee received emoluments of more than £60,000. The average weekly number of employees during the year, calculated on the basis of full time equivalents, was as follows: Year to Year to 31-Dec-23 31-Dec-22 6 Taxation The charty is exempt from corporation tax on its charitable activities. 10-
LIVING WATERS CHURCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 7 Tangible fixed assets Year to Year to 31-Dec-23 31-Dec-22 Net Book Value Opening Balance 1,073 1,534 Additions 563 Subtotal 1,636 1,534 Depreciation 322 460 Closing Net Book Value 1,314 1,073 Debtors Yearto Year to 31-Dec-23 31-Dec-22 Accounts Receivable Prepayments 3,783 466 348 4,249 348 9 Creditors: amounts falling due within one year Year to Year to 31-Dec.23 31-Dec-22 Accounts Payable Payroll taxes Accruals 298 3,065 851 156 506 803 4,072 lo Commitments under operatlng leases At 31 December 2023 the charity had no annual aggregate commitments under non-cancellable operating leases. 11 Company limited by Guarantee The company is limited by guarantee and as such has no issued share capital. In the event of the company being wound up the liability of the members is limited to £1 each.