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2023-03-31-accounts

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE

ANNUAL REPORT COMPRISING THE TRUSTEES’ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

COMPANY NUMBER: 05036122 CHARITY NUMBER (ENGLAND & WALES): 1102114 CHARITY NUMBER (SCOTLAND): SC048359

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE

TABLE OF CONTENTS

Board of Trustees’ Report .................................................................................................................. 1 Structure, Governance and Management ................................................................................ 1-4 Objectives Strategies and Activities ......................................................................................... 5-8 Group Strategic Report ............................................................................................................ 9-12 Achievements and Performance ............................................................................................. 9 Financial Review ...................................................................................................................... 10 Financial Policies ............................................................................................................... 10-11 Plans for Future Periods ......................................................................................................... 11 Financial and Risks Management Objectives and policies ................................................ 12 Plan for the future and Going Concern ............................................................................... 12 Statement of the Board of Trustees' Responsibilities....................................................................13 Reference and Administrative Details ....................................................................................... 14-15 Independent Auditor’s Report .................................................................................................. 16-19 Consolidated statement of financial activities.................................................................................20 Parent charity statement of financial activities ............................................................................... 21 Consolidated and parent charity balance sheets ............................................................................ 22 Consolidated and parent charity statements of cash flows .......................................................... 23 Notes forming part of the financial statements ....................................................................... 24-48

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st] March 2023

Board of Trustees’ Report

The Trustees are pleased to present their report together with the audited financial statements for the Kingsway International Christian Centre (KICC) Charity which incorporates a Directors’ Report and Strategic Report as required by company law (Company Registration No. 05036122, Charity Registration No. England & Wales 1102114, Charity Registration No. Scotland SC048359) and its subsidiary (the Group) for the twelve months ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charity’s governing document, the Companies Act 2006, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Standards applicable in the UK and Republic of Ireland published in October 2019.

Structure, Governance and Management

Legal Structure

The organisation is a charitable company limited by guarantee, incorporated on 5 February 2004 and registered as a Charity on 16 February 2004. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association dated 5 February 2004 and most recently updated on 21 March 2018. In the event of the company being wound up the members are required to contribute an amount not exceeding £10.

Recruitment and Appointment of Trustees

The Directors of the company are also Charity Trustees for the purposes of charity law. All Trustees give their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in note 21 to the financial statements.

Under the requirements of the Memorandum and Articles of Association, the Trustees are elected to serve under a programme of rolling retirement. At every AGM one-third of the trustees must retire from office; they may offer themselves for re-appointment at the AGM. The Appointment and Retirement of Trustees is covered in the Articles of Association under clauses 61 to 71.

Key Management Personnel

The more traditional corporate business and financial skills are well represented on the board. The day-to-day management of the Charity is delegated to the Senior Management Team (SMT) which comprises professionals from all relevant disciplines. Members of the SMT report variously to the Board and also to the different subcommittees, charged with responsibility for particular areas of operation. The Trustees are responsible for setting the pay and remuneration of the charityʼs key management personnel. This is benchmarked against not for profit and similar sectors. The Trustees are ultimately responsible for directing and controlling the Charity. The Trustees and the Senior Management Team are the key management personnel of the Charity.

Trustee Induction and Training

Most trustees are familiar with the workings of the church and Charity being drawn from long-standing church members and Christians from other denominations that have a skill set to offer and an empathy with our core values.

New trustees are invited and encouraged to attend a series of short training sessions led by the Chair of the Board and the COO. These cover: -

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KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st] March 2023

An information pack has been prepared drawing from various Charity Commission publications signposted through the Commission’s guide “the Essential Trustee”; this is given to all new Trustees along with the latest financial statements and Memorandum & Articles. Additionally, on an ongoing basis, all Trustees are encouraged to attend training seminars provided by external organisations.

Related parties and co-operation with other organisations

None of our trustees received remuneration or other benefits from their work with the charity. Nine trustees of the charity gave voluntary donations totalling £56,445 to the charity in the year (2022: Nine trustees - £58,625).

The charity made purchases of £998 (2022:£2,577) from Ceries Technology Limited in the year for IT services. Ceries Technology Limited is a company controlled by Trustee and Director Mayomi Anuwe. The amount owing to Ceries Technology Limited at the year-end was £Nil (2022: £Nil).

Corporate Governance

The full Board holds 4 scheduled meetings per annum with additional meetings held when required. Whilst retaining its responsibilities for the overall strategy and policies of the church, the Trustees delegate the day-to-day management to the Chief Executive Officer – Dr Dipo Oluyomi and the Senior Management Team.

The Trustees have set up sub-committees for Finance & Audit, Property, Human Resources, Communications & Marketing, Events & Community as well as the Chairman’s Special Action Committee to deal with specific matters. These sub-committees are responsible for ensuring the effectiveness of the internal controls.

Organisational Structure of the Charity

A hierarchical reporting structure has been established which provides for a documented and auditable trail of accountability. These procedures are relevant across all operations and provide for successive levels of authority to be given at higher levels of management and finally to the Trustees.

Management report regularly to the Trustees on their assessment of risks and how they are managed, enabling the Trustees to review key risks inherent in the organisation, and the system of control necessary to manage such risks.

The SMT report to the board on significant changes in the business and the external environment that affect risks. The Director of Finance and Compliance provides the Board with periodic financial information. The other SMT members report to the Board periodically. Where areas for improvement are identified, the Board considers the recommendations made by the SMT.

The Board consists of no less than 8 Trustees, and no maximum has been set. At each Annual General Meeting, one-third retire by rotation according to length of service since their last appointment or reappointment, or by lot if several were last reappointed on the same day. Unless the Board proposes alternatives, the retiring Trustees shall be deemed to have been reappointed.

Members include Church Members (who are not entitled to vote at General Meetings), and Company Law Members. All Members are admitted after applying to the Board and gaining their approval. A Company Law Member may be removed by a 75% majority of Trustees voting at a Board meeting, or if he or she ceases to be a Trustee.

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Company Law Members comprise the Trustees (as set out on page 14), the Senior Pastor and up to 4 other individuals appointed each year at a meeting of the Church Leaders. The Senior Pastor is the spiritual visionary and leader of the Charity, and may at any time withdraw and nominate a successor to be appointed by the Board. The Church Leaders include all Pastors, Ministers, Deacons and other persons that the Charity recognises as leaders of its church.

All votes are decided on a show of hands, with the chairman having an additional casting vote in the event of equality.

KICC has the following subsidiaries;

Staff and volunteers

The effort, commitment and skills of our staff and volunteers are at the heart of our organisation. Incoming staff attend a full induction programme including familiarisation with our various policies and procedures such as our Health and Safety Policy. Some of our long-standing staff and volunteers have worked with us for considerable periods contributing invaluable time and skills, not to mention institutional memory, to the organisation.

KICC also has strong volunteer support. As part of the Christian ethos of “the Giving of Time and Talents” we are pleased that so many of our members volunteer to help in all the different areas of our community outreach programmes.

We have approximately 600 volunteers who work an average of 6 hours per week. This equates to some 187,200 manhours per annum. If one applies the national living wage (for over 23-year-olds) of £9.50 per hour; the cash value to the charity of the volunteer force is some £1,778,400 per annum.

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Objects and Aims

The main purpose for which the Charity is established is the advancement of the Christian religion. The narrative in the following pages detail how the aims and objects are carried out for the public benefit.

The Charity’s Public Benefit

The Trustees have had regard to the Charity Commission’s Guidance on the Advancement of Religion for the Public Benefit in preparing the Trustees’ Report and the following pages of the report show in some detail how this has been achieved. In summary the Trustees are pleased to report our headline activities as follows: -

We provide and maintain buildings for Christian church services at 15 (2022: 15) UK locations, mainly in the Greater London area and also including Cambridge, Luton, Oxford and Wolverhampton. Many venues have additional meeting rooms for teaching children and young people.

We raise awareness and understanding of the Christian faith by various means including producing religious books, CD’s and DVD’s and through KICC TV. We also promote the study of religious teachings and practices with various Conferences. Our 5-day International Gathering of Champions (IGOC) conference, held in August 2022, attracted thousands of people viewing and participating online from various countries.

As part of their pastoral remit our Ministers and Pastors look after the spiritual wellbeing of the members and adherents at the main church, branches and chapels which includes the regular conduct of christening ceremonies, marriages and funerals.

Seeking new followers or adherents – our Evangelism Team regularly go out to preach the Gospel in a variety of locations including streets and shopping centres. This missionary and outreach work includes welfare, visiting the sick and those in prisons and hospital. Other cultural and community activities include a legal counselling service and a free telephone help, advice and prayer line.

All KICC’s activities are available to Christians and non-Christians, members and non-members alike; there is no bar to attendance. The wider community have been particularly attracted to KICC’s services celebrating traditional Christian festivals including Easter, Christmas and New-Year’s Eve (Watch-Night) services. The following report covers our activities in more detail.

Community Activities/ Public Benefit

Overview

KICC is an international organisation with very deep roots within its local community and welcomes all. At its very heart is the Christian mandate to demonstrate the love of our Lord Jesus Christ through our commission to meet the total needs of the total person – spirit, soul and body – at every age level. This underpins the wide range of voluntary services offered to the community.

Over the last year, these services have included: legal counselling, career advice, pre-marital and marital counselling, bereavement counselling, welfare provision and support, extra curriculum educational support, parenting classes, youth work and many more which are delivered by our members, many of whom are highly skilled and professionally qualified, under the spiritual leadership of our Pastoral Board.

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Objectives, Strategies and Activities

Our Community Services

Prisons Ministry

The Prison Ministry monthly visits to Pentonville recommenced on 17[th] October 2022 and were very well received.

Befriending Ministry (including to the Homeless)

Every month, our befriending teams visited the homeless in Walthamstow and Kent, where morning coffee befriending meetings were held and meals were prepared and given to the residents. Furthermore, our teams visited care homes in the Kent and South East areas of the UK where we befriended the elderly residents through song ministry and encouraging them.

Noah’s Ark Food Bank

Noah’s Ark Food Bank (NAFB) has been running for 8 years. It provides provisions and other essentials to cater for the needs of church members and to a greater extent to local communities in London and Kent. An average of 379 food bags per month were given to recipients (comprising individuals and families) benefitting from this initiative. The Food Bank provided meals to disadvantaged children in Breakfast Clubs in schools in the Kent area during the school holidays. The operations of the NAFB include Noah’s Ark Cares and Community Kitchen.

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Legal Counselling

Regular Saturday counselling sessions were held to assist anyone needing legal advice or support in areas including immigration, employment, and family among others.

Career Counselling

Regular monthly workshops and counselling surgeries were run, which among other things, helped with CV writing and improving interview skills.

Hope-Line Telephone Service

Hope-Line department offered a daily free telephone service to any caller. The support requested by callers was mostly for counselling and/or prayer. About 294 calls a month are handled.

Pastor-on-Call

The Pastor-on-Call Service gave the opportunity for anyone to call and speak to one of our pastors or ministers on pressing/weighty matters and/or to make an appointment for face-to-face counselling sessions.

Pre-Marital and Marital Counselling

Biblically based advice and solutions were offered to members on an appointment basis. The attendees were made to understand that all counselling given was in consonance with the ministry’s beliefs and biblical adherence.

Social Media Prayer and Counselling Access

This ministry has increased significantly, even in the aftermath of the COVID-19 lockdown restrictions that prevented many locally, and indeed in many countries too, from attending in-person church services and programmes. There are 5 weekday morning meetings online every week, in addition to some evening meetings including our regular mid-week meeting, and of course, our regular Sunday daytime and evening services. Our audience growth from across the world has been amazing, but even more importantly, has been the comfort and hope they have received. Our streaming services continue, giving thousands the opportunity to receive prayer and other support. Access to this ministry has been through all our social media channels, as well as the church’s website and app.

Christmas Hamper Challenge

The Christmas Hamper Challenge, which has been running for several years, gave our church members the opportunity to partner together with our corporate office to provide 1228 hampers to disadvantaged families at Christmas. Over two-thirds of the hampers were distributed in the Kent area, either directly to these families or through a number of charities in the Kent area who collected the hampers from us and distributed them. The other third of the hampers were distributed in the London area.

‘Christmas Unwrapped’ Carol Concert and Service (at Prayer City)

This Christmas event was initiated in December four years ago and is set to hold annually. The Christmas Carol Concert was held on 11[th] December 2022 as an in-person event. It was attended by 960 people. The online audience live viewership was over 700.

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Breaking Educational Barriers

Breaking Educational Barriers (BEB) is the headliner to a set of educational initiatives that have been running for several years now. It organises trips to Oxbridge colleges for young people (pupils and Years 7 and 8 students) with the express purpose of giving them a taste and feel of what is academically possible to achieve.

BEB’s work often culminates in a conference where speakers from Oxford University, other eminent persons and Oxbridge alumni (who are members of KICC) speak on various subjects including the admissions processes, funding, and educational experiences as well as why students should aspire to get into these universities. Visits are also arranged to Oxford University.

Youth Monthly Meetings at Hoe Street (organised by KICC Royals)

These meetings focused on reaching and engaging the youth in our communities, particularly those in London, to present them with a more purposeful approach to life. The meetings were a mix of food, fun, debates and bible study.

Donations to Emergency Relief and International Ministries

KICC as a ministry has responded to local and international emergencies over the years.

These donations have been either financial (to a specific appeal fund) or in kind, particularly overseas (with food commodities, clothing, and medical services through teams from KICC’s medical professional community).

Additional to these listed above, we produced and promoted religious books, MP3s/MP4s and CDs for distribution through our services.

Through Kings College of Excellence (KCE) we promoted the study of Christian teachings, practices and scriptures. We used the medium of performing arts to promote Christian narratives and doctrines. Our Xpressions Drama Group performed regularly at our services and conferences. We also held dedicated musical performances by amateur and professional Christian musicians alike.

We strengthen the community

We add to the local economy

KICC brings traditional values, strong communities, employment opportunities, local investment and safer neighbourhoods.

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Our Outreach work

Winning Ways is a major KICC outreach programme that encompasses both print and electronic media, including radio, television and internet streaming. God has appointed KICC with a holy mandate to reach a dying world with the Living Word.

Through our international television and radio ministry Winning Ways, KICC has become a church without walls, taking the gospel to Europe, Africa, the Caribbean, the USA, Asia and the Middle East. The use of external broadcast companies includes both secular as well as Christian radio and TV stations.

The television ministry touches millions of people’s lives with its practical, down-to-earth, humorous, yet biblically based approach to sharing the Word. Over 340 million people across the globe can watch the programme. This means we are touching Europe for Jesus, bringing a message of hope, healing, salvation and deliverance. KICC's commitment is to use timely technology for the timeless truth. Today’s changing times have opened up Europe to strange religions and philosophies, preparing people for a God- less eternity, so there is no better time to take our message to this ‘mess-age’ than now.

During the year, grants were given to charities of similar objectives in furtherance of their goal of advancing the Christian religion.

Fundraising activities

Kingsway International Christian Centre have relied on benefactors since the creation of the charity. Most funds are raised from those with whom we have close relationships, typically through their attendance as worshippers at one of our churches. Wider circles of relationships are maintained through our websites, television broadcasts and social media pages, all of which may include invitations to donate. Contact relationship data and donations data are managed centrally through a highly secure database with access restricted to a small number of employees.

We fundraise in accordance with the requirements of the Fundraising Regulator, and with our moral obligations as a charity. We fundraise responsibly at all times and with a sensitivity to the pastoral relationship that most donors have with the Church. We avoid approaches to vulnerable people and do not hold information on children. Access to the services we provide as a charity is not dependent on donations. We do not at this time employ third-party fundraisers, though some people may voluntarily and of their own initiative fundraise on our behalf. Free subscriptions to communications can be cancelled at any time. Complaints are responded to as soon as possible. No such complaints were received in the year.

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Strategic Report

Achievements and Performance

Our Targets for 2022 - 2023 were:

We are pleased to report that the above has been achieved during the year.

Notable activities during the year

KICC TV

KICC launched KICC TV in October 2007. This operation is part of our evangelistic outreach and is an ideal vehicle to reach a diverse audience with our message of hope.

KICC TV reaches no less than 140 million TV homes across UK, Ireland, Europe, Africa, and parts of the Middle East. KICC TV is now available on three leading satellite platforms – Eurobird (Sky platform), Hot Bird and Intelsat 10. In the UK & Ireland, KICC TV is available through Sky television platform, offering a vast range of services to over 9.2 million subscribers in the UK alone.

The Hot Bird fleet of three satellites occupies Europe’s premium orbital slot of 13 degrees East; and is the region’s number 1 platform for free to air television channels. Covering both West and Eastern Europe, it is also popular in homes across the Middle East and North Africa. The Intelsat-10 satellite covers over 10 million TV homes in SubSahara Africa.

These three platforms combined ensure that KICC TV is in the best possible position to reach across the UK, Europe, Middle East, and Africa. KICC TV is innovative, distinctive, uplifting, and motivational. KICC TV provides a fantastic range of programmes suitable for the entire family.

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Financial Review

The charitable group recorded an operating deficit for the year of £2,361,863 (2022: surplus £19,436).

KICC management have implemented robust budgetary controls and continue to monitor costs in an effort to deliver a balanced budget in the future. In terms of performance, management has outlined some targets on page 9 of this report.

Incoming Resources – the total income for the twelve months under review was £6,729,127 (2022: £6,439,222). This represents a 4.50% increase on last year’s overall income. Income from tithes, offerings and donations represent 95% (2022: 95%) of the total income. There was a 3.9% increase in the income from tithes, offerings and donations compared to the previous year. There was a reduction in the TV income due to some customers ending their contracts and some reducing the number of TV spots taken up. TV Income in the period was £186k reducing from prior year of £217k by £31K.

Expenditure – the total expenditure in the year is £9,090,990 (2022: £6,419,876). This represents an increase of 41.6% on the previous year’s expenditure. Included in this year’s expenditure are grants of £1.9m given to four charities. 95.5% (2022: 92%) of our operational expenditure was spent on charitable activities. In addition, the return to in person services contributed to higher maintenance cost, guest cost compared to the previous year.

KICC Conferences Ltd a wholly owned subsidiary of KICC had a loss of £4,969 (2022: £2,228) in the period under review. Turnover was £9,523 (2022: £10,405) while cost of sales and administrative expenses were £14,492 (2022: £8,144). We anticipate that with the return to full physical conferences and exhibitions, the company will become profitable in its trading operations. During the year KICC Conferences Limited carried out the provision of advertisement at the charity’s Women’s annual conference and the sales of conferences products.

Key Performance Indicators – The trustees set targets for the year as listed on page 9 of this report and those targets have been achieved for the year. Given the nature of the work we do, majority of our key performance indicators are qualitative rather than financial.

The trustees consider that the charity’s position at the year-end is satisfactory, our cash at bank and in hand including short term deposits of £1,360,066 (2022: £4,233,673) remains at a level to allow us to pay our expenses as they fall due and the work of the charity continues to expand into our local communities. The reduction in the year is due mainly to the grants of £1.9m given to charities of similar charitable objectives and the higher cost associated with in person services in the current year.

Financial Policies

Reserves Policy

The reserves policy covers only those free income funds that are backed by non-designated assets and excludes restricted funds. The trustees believe that a minimum free reserve of £750,000 which covers 1½ months expenditure will enable the organisation to meet its obligations and continue to provide its services. The group’s total funds as of 31 March 2023 were £13,749,147 (2022: £16,111,010).

Grant making Policy

The charity gives grants to other charities with same or similar charitable objectives on presentation of grant proposal to the board of trustees. The grant is recognised when the trustees have approved the payment of the grant. The grant is monitored to confirm the expenditure is related to the purpose for which the grant was given. During the year grants in line with the policy were given to four charitable institutions. The details of the grant are in note 6c to the accounts.

Free Reserves

KICC aims to retain sufficient free reserves equivalent to a minimum of £750,000. These reserves are held in case of any sudden decline in income and to ensure that we can meet our commitments to providing our services and activities.

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Specifically, these commitments include our contractual obligations in relation to our outreach work, KICC TV, and staff commitments. The trustees continue to monitor the free reserves in light of the reserves policy.

The higher reserves at the year-end will enable the charity expand its charitable work in the following year as the trustees take steps to close the gap with the reserves policy.

The free reserves are held to meet the needs, other than those covered by the designated funds, described below. On 31 March 2023, the unrestricted free reserves were £1,000,403 (2022: £3,620,465), this is above the minimum set, which is available for refurbishments and the continuing expansion of our work.

Restricted Reserves

Total restricted reserves at 31 March 2023 were £202,840 (2022: £44,125) as detailed in note 18.

Designated Reserves

The Board of Trustees have decided to continue to hold a designated fixed assets fund to highlight the reserves invested in the tangible assets used by the charity in carrying out its operations during the year, including Social Investments, less any fixed assets held in restricted funds. These were £12,545,904 (2022: £12,446,420).

Investment Powers and Policy

KICC has short term investments (fixed deposit accounts), and cash that are set out in the consolidated and Charity balance sheets. The objective of the investment policy is to maximise interest while limiting risk. The investment policy is to invest in short term investments and deposits at banks where the capital is protected. The Charity currently has a policy of keeping any surplus liquid funds in short-term deposits that can be readily accessed. The Charity holds as social investments in properties, properties that are on lease to other organisations carrying out similar objectives to that of the Charity. During the year under review the properties were used to carry out activities of church services and wider community related activities in line with the Trustees’ objectives.

Plans for Future Periods

It is KICC’s wish to use its Buckmore Park premises and facilities for the benefit of its congregation such as a broadcasting studio, cafeteria, teaching accommodation, book shop, offices and a gym etc. It is anticipated that the Charity’s Community Outreach Programmes will be available to a greater number in this location.

We plan for our TV and radio programmes to reach more homes in the future; this in turn will lead to opening more branches and chapels and increasing members at existing locations.

In addition to the goal of opening 1,000 Caring Heart Centres, it is the Church’s wish to send members on short and long-term ministry projects to every continent and to pioneer city churches around this country which will also impact the community taking into account local needs.

We plan to support our members and congregants more through providing welfare support, life skills training and counselling. We plan to continue our overseas outreach work by donating to missions overseas and sending a larger team of volunteers to support the medical work, food and clothing distribution.

It is our aim to establish branches in major cities in England to expand the reach of the Charity in other geographical areas.

Principal Risks and Uncertainties

Management are responsible for the identification and evaluation of significant risks applicable to their areas of business together with the design and operation of suitable controls. These risks are assessed on a continuing basis and may be associated with a variety of internal or external sources including control breakdowns, disruption in information systems, natural catastrophe and regulatory requirements.

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The principal risks currently faced by the charity are:

The charity has and operates a robust safeguarding policy in working with the children and youth. To mitigate against the risk of higher cost of living and inflation, there is consideration of financial risks arising from the day-to-day management of operations and the required financial resources to meet future plans and expansion.

The Board of Trustees is ultimately responsible for the system of internal control and for reviewing its effectiveness. The Board has reviewed the effectiveness of the system of internal control. In particular, it has reviewed and updated the process for identifying and evaluating the major risks affecting the business and the policies and procedures by which these risks are managed. However, it is recognised that no system can give absolute assurance against risk.

Financial and Risk Management Objectives and Policies

The board recognises that due to the general state of the economy there is a risk of lower turnover from TV customers and a heightened risk of recoverability of debts from customers. To this effect the trustees regularly review trade debtors for evidence of impairment and make provisions as appropriate.

Plan for the future

The primary and most dependable revenue stream has been through collections made at ‘live’ weekly services and special events where members would traditionally make their financial gift of tithes and offerings however, due to the online giving platforms now available, members give more online through PayPal, bank and website than the traditional options of cash and cheques. We continue to use online platforms to broadcast our Sunday and midweek Services. Our Sunday and midweek services are being streamed live on social media - YouTube, Facebook, Instagram etc. Our CHF groups (home fellowships), who meet weekly, now do so meeting on ZOOM.

Our Noah’s Ark Food Bank continues to deliver an average of 364 food bags per month across London, Kent and Essex. Considering that each parcel contains an average of 15 meals, this equates to some 1,260 meals per week.

Through these and other initiatives, we keep in regular contact with our membership and continue to minister to the spiritual health and general wellness of our members and fulfil our wider commission to the community.

Going Concern

Robust and regular financial reporting has always been in place, however, the Trustees ensured that the frequency of some reporting was increased to enable a closer watch to be kept on some key numbers, particularly in respect of Tithes and Offerings which has held up in comparison to the year being reported. The forecast has taken the present new normal conditions of operation into account. Additionally, the Trustees have reviewed and updated the Risk register and requested a review of our operations and business plan going forward.

Our annual IGOC conference this year was both an ‘actual and virtual’ event. We have continued to maintain our on-line presence. Undoubtedly there may be challenges ahead because of the uncertainties due to the general economic situation in this country but the trustees do not expect material concerns to arise over the charity’s financial position or going concern. The trustees have concluded, based on the cash balances and 12 months forecast from the date of approval of these financial statements, that the charity will have sufficient resources to meet its liabilities as they fall due and continue in operational existence for the foreseeable future.

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KINGSWAY1I￿RNATl0NAL(￿IR[sYIAN￿NllIE ye￿ Endcd 31sL Ma￿k 2023 Statement of the Board of Trustees, Responsibilities The BoAtd of T￿￿teeS (who are ako directo￿ of the Thariry for the puTrose5 of ¢omp4ny12w) ftE5ponsibk for preparing the Board ol TnLStees' Report (inLluding the Strntrgic Report) And the financial statements in ac¢ordance with applicable law 2nd United Kingdvm Accountins Siandan15 (United Kingdom GenerallyAC¢e￿cd Accounting PrKuce . CDmpany law requires The BO4￿ of Tnk8tees to Prepa￿ fitunciai siaiemenrs for each fin￿el9J Irar which give uue aJ]d fairviewof the slate of affitB of the auriryandthT g￿uP and of the incoming tTSOLw¢es and appiicion of s(>urces, includu¥ the itKome and exFendiiure of the Lharitable group forthat period. In pttpJJing thesc £in2nciai statements. the Board of Tru5tee$' Membets ￿qUitEd w: select 5Uitabk accouniing p)ii¢ies and then applythem consisiently> obseNe the methods and principles in the ChaIities Statement of Recomllnded Practice, make judgements esiimaies that are ttlsonabk atKI pnthnt, state whether app]icabk UK Accounting Standar& have been lollowe(L sLLble￿ to any matetial &parture disclosed and explained in the fin3￿cIal staTrI￿Trts, and prepare the finaJKiaJ statements on the going concern b&sis wjless li is inappnTrpiiate io presume that the group and ihe continue in opetation. The Board of TnLstre5 are ￿SPonsIb￿ lor keeping proper accounting ￿cordS that disclose with reasonable accutxy at anytill￿ the financigj F¥)Sition of the group and ch￿7[￿ble Companyand enable them ro ensure th the financi21 statements COtrq)lywith the Conwallies Act 2CkJ6 and the thari¢ies and Ttrustee Invests￿nt Iscodand) A¢1 2005 and ttgdauon$ 6 and 8 of the (J)aTities Accounts {Scoiland) Regulations 2006 las amended). They arc aLsv rcsponsibk for 5af¢guading ihe assas of the (J)ariiy and hence lor resonable s￿pS for the preveniion and deteciion of fraud and ¢xher inrgu5aririe5. Trustees and D1￿ctO￿ The TnLStr¢S, atE also diwtots forthe pury)oses of con¥anyJaw, who 5erycd dutyng the y2ar are showi on page 14. Statement of disclosu￿ to auditor So far as ihe TnkstCe5 ￿ aiKatE, there is no rekvaffl audii infomtsiion of vthich the Ch￿7[able compan s audiiora unaware. Additionally, the T￿$￿¢5 have dren all the ne¢ess2rySteps ihai the oushi w havc tthen as n￿[ec5 in ordcr to make then￿elVeS aware ol Jmy ￿leVarn audit intom)ation and io c5ts11ish that the Lharitable companls a￿liOr are awatT of that infornmiion. Auditor 11SM UK Au(lit LLP has indicated its williws to corninue in offAc¢. This TnLSttts' Repn and Stra￿8)C Report containcd the￿in approv¢d by the Board of Trusiees on the 27ih January 2024. I￿ sAgned on it5 beha]f by. Knucldes ale: 28 Jgnuary2024 13

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

Reference and Administrative Details

Founder, Visionary & Senior Pastor

Reverend Matthew Ashimolowo

Resident Pastor

Reverend Yemisi Ashimolowo

Trustees and Advisers

Key Management Personnel: Trustees and Directors

Wynford Knuckles - Chair Timothy Abioye (Property)

Olaniyi Opaleye

(Finance & Audit, Events & Community and Communications & Marketing)

Charles Clarke (Finance & Audit, Property)

Rexford Sam

(Events & Community and Communications & Marketing, Human resources)

Mayomi Anuwe

(Finance & Audit, Events & Community and Communications & Marketing)

Adetoyese Adedeji (Property)

Olumuyiwa Banwo

(Human Resources, Property, Events & Community and Communications & Marketing)

Amelia Dumaka

(Human Resources, Events & Community and Communications & Marketing)

Company Secretary

Key Management Personnel: Senior Management Chief Executive Officer - Dr Dipo Oluyomi Chief Operating Officer - James McGlashan Director of Administration - Ade D’Almeida Pastor of Counselling - Esther Dunmoye Property & Facilities Manager - Kayode Falebita Director of Communications Media & Marketing - Muyiwa Kogbe Director of Finance & Compliance - Bode Elegbede Resident Pastor 2 -Tobi Ashimolowo

14

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

Registered Address Prayer City Buckmore Park Maidstone Road Chatham, Kent ME5 9QG

Bankers and Professional Advisers

Auditor RSM UK Audit LLP Portland, 25 High Street, Crawley, West Sussex, RH10 1BG

Principal Bankers National Westminster Bank Plc 280 Bishopsgate London EC2M 4RB

Solicitors Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

Investment Managers
Quilter Cheviot
One Kingsway
London WC2B 6AN
Company number - 05036122
Charity number (England & Wales) - 1102114
Charity number (Scotland) - SC048359

15

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

Independent Auditor’s Report to the trustees and members of Kingsway International Christian Centre

Opinion

We have audited the financial statements of Kingsway International Christian Centre (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 March 2023 which comprise the Consolidated and Parent Charity Statement of Financial Activities, the Consolidated and Parent Charity Balance Sheets, the Consolidated and Parent Charity Statements of Cash Flow and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We have been appointed auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, section 151 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

16

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report or the strategic report, included within the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006, the Charities Act 2011 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out on page 13 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

17

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005, the parent charitable company’s governing document and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

18

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to General Data Protection Regulations and Health and Safety. We performed audit procedures to inquire of management whether the group is in compliance with these law and regulations and inspected correspondence with regulatory authorities.

The group audit engagement team identified the risk of management override of controls and the completeness of cash tithes and offerings included within donation income as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates and analytical procedures and tests of detail in respect of completeness of income.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made exclusively to the members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011. Our audit work has been undertaken so that we might state to the members and the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, its members as a body, and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Zoe Longstaff-Tyrrell For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Portland, 25 High Street, Crawley, West Sussex, RH10 1BG

Date: 29/01/24

RSM UK AUDIT LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

19

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

Consolidated statement of financial activities

(Incorporating an income and expenditure account) for the year ended 31 March 2023

Unrestricted Restricted
 Total
 Total
Notes Funds Funds Funds Funds
Income from: 2023 2023 2023 2022
£ £ £ £
Donations
Tithes, offerings & other income 2 6,100,585 232,216 6,332,801 6,092,891
Other trading activities:
Commercial trading operations 3 9,523 - 9,523 10,405
Investment income 4a 119,035 - 119,035 96,306
Income from charitable activities:
TV Income 186,847 - 186,847 217,427
Conferences 64,463 - 64,463 4,757
Other income :
Royalties 3,212 - 3,212 3,573
Other Income 4b 13,246 - 13,246 13,863
Total Income 6,496,911 232,216 6,729,127 6,439,222
Expenditure on :
Expenditure on raising funds 5 (401,503) - (401,503) (483,294)
Expenditure on charitable activities:
Christian Outreach 5 (3,348,734) (815) (3,349,549) (2,724,112)
Christian Ministry 5 (5,255,028) (84,910) (5,339,938) (3,212,470)
Total Expenditure 5 (9,005,265) (85,725) (9,090,990) (6,419,876)
Net income/(expenditure) (2,508,354) 146,491 (2,361,863) 19,346
Transfers between funds 18 (12,224) 12,224 - -
Net income/(expenditure) after transfers (2,520,578) 158,715 (2,361,863) 19,346
Net movement in funds (2,520,578) 158,715 (2,361,863) 19,346
Reconciliation of funds:
Total funds brought forward at 1 April 16,066,885 44,125 16,111,010 16,091,664
Total funds carried forward at 31 March 18 13,546,307 202,840 13,749,147 16,111,010

The notes on pages 24 to 48 form part of these financial statements

20

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

Parent Charity statement of financial activities

(Incorporating an income and expenditure account) for the year ended 31 March 2023

Donations
Tithes, offerings & other income
2
Investment income:
4a
Income from charitable activities:
TV Income
Conferences
Other income :
Royalties
Other Income
4b
Notes
Income from:		 Total
Total
Funds
Funds
2023
2023
2023
2022
£
£
£
£
6,100,585
232,216
6,332,801
6,092,891
119,035 -
119,035
96,306
186,847 -
186,847
217,427
64,463 -
64,463
4,757
3,212 -
3,212
3,573
13,246 -
13,246 13,863
Restricted
Funds
Unrestricted
Funds
Total Income 6,487,388
232,216
6,719,604
6,428,817
Expenditure on :
Expenditure on charitable activities
Christian Outreach
5
Christian Ministry
5
Expenditure on raising funds		 (387,010) -
(387,010)
(475,117)
(3,348,734)
(815)
(3,349,549)
(2,724,112)
(5,255,028)
(84,910)
(5,339,938)
(3,212,470)
Total Expenditure
5		 (8,990,772)
(85,725)
(9,076,497)
(6,411,699)
Net income/(expenditure) before transfers
Transfers between funds
18
Net income/(expenditure) after transfers
Net movement in funds for the year
Total funds brought forward at 1 April		 (2,503,384)
146,491
(2,356,893)
17,118
(12,224)
12,224 --
(2,515,608)
158,715
(2,356,893)
17,118
(2,515,608)
158,715
(2,356,893)
17,118
16,111,165
44,125
16,155,290
16,138,172
18
Total funds carried forward at 31 March		 13,595,557
202,840
13,798,397
16,155,290

21

KINGSWAYlNtERNATION4L(￿RISIUAN￿NfR£ Yegr En&d 31sT March 2023 Consolidated and Parent charity balance sheets As at 31st March 2023 C¢)mp•ny No. 05038122 GtDUP 2023 Aty Thaxyty 2022 Notri 2022 2023 FIXED ASSETS Tanyble Ass¢t5 Social InvestmenLS Invesrments 11&12 13 10,712,734 1.833.170 10,613250 1.833,170 10,712,301 1.833,170 10.612,710 1.833,170 12.545,904 12,446,420 12,545,473 12,445.882 InventOrie5 Debtors Short tcrni inve$iments/deposits Cash ai b*nk and in hand 14 15 16 16 2200 348,272 404247 955.819 1,710,538 3,5LK) 647,731 1.671.637 2.562.036 4,884,904 1,650 387.764 404,247 951,348 1,745,009 2.750 684.985 1,671.637 2.557.341 4,916.713 alED[T(￿s Amounts falling due wiihin one Ir 17 494,170 834,782 478.960 821,773 NET CtJRRENT ASSETS 1216.368 4,050.122 1,266,049 4,094,940 (JiEDITORS Amounts f4llirt& due after than one ￿#r 17b 13,125 385,532 13,125 385,532 NET ASSETS lJJ49.147 Ll.798J97 16.155390 REPRESETr¥fED BYI B£slric￿d Fund5 18 202.840 44,125 202,840 44,125 Frce R£setrve$ Des)￿ted Re5erYe$ 18 18 1.000,403 12,545,904 3,620,465 12,446,420 1,050,085 12,545,472 3,665,284 12,445,881 Ll.749.147 16.IILOIO 13.798J97 155290 d authoiised for issue byBO4￿ of Ttwtees on 27 January2024 and signed on its beha]f by. ades aarke T￿￿tee. Financc C£)mmittee The notes on pages 24 to 48 forni part of these Financial Statements 22

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

Consolidated and Parent charity statements of cash flows

Group Group Charity Charity
2023 2022 2023 2022
Notes £ £ £ £
Net cash used in operating activities 19 (2,453,878) 970,503 (2,453,654) 968,743
Cash flow from investing activities
Interest from investments 8,863 7,427 8,863 7,427
Rents received from investments 110,172 88,880 110,172 88,880
Purchase of property, plant and equipment (548,530) (15,590) (548,530) (15,590)
Net cash generated by (used in) investing
activities (429,495) 80,717 (429,495) 80,717
Cash flow from financing activities
Repayments of borrowing - (184,936) - (184,936)
Hire Purchase 13,125 - 13,125 -
Interestpaid (3,359) (25,866) (3,359) (25,866)
Cash flows from financing activities 9,766 (210,802) 9,766 (210,802)
Change in cash and cash equivalents in the
reporting period (2,873,607) 840,418 (2,873,383) 838,658
Cash and cash equivalents at the beginning of
the reporting period 4,233,673 3,393,255 4,228,978 3,390,320
Cash and cash equivalents at the end of the
reporting period 16 1,360,066 4,233,673 1,355,595 4,228,978

23

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

Notes forming part of the financial statements

1. Accounting Policies

General information

Kingsway International Christian Centre is a private company limited by guarantee and a registered charity domiciled and incorporated in England. The address of the company’s registered office and principal place of business is shown on page 15.

The charity’s principal activities are the advancement of the Christian religion.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

i) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

The accounts are prepared in sterling and rounded to nearest £1.

Kingsway International Christian Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The principal accounting policies adopted in the preparation of the financial statements are as follows:

a) Going Concern

The Board has a reasonable expectation that the Charity has adequate resources to continue in operation for the foreseeable future as the Charity continues to maintain sufficient cash resources to fund its working capital needs. The trustees have reviewed their assumptions based on the operational levels of the organisation. The tithes and offerings have continued to hold up in line with the period being reported as the exposure on social media has increased the audience for the services. Forecast for twelve months from the date of approval of the financial statements showing sufficient cash, net current assets and net assets have been reviewed. Having taken these into consideration and the uncertainties that may arise, the board continues to adopt the “going concern basis” in preparing these financial statements.

b) Group financial statements

These financial statements consolidate the results of the Charity, and its subsidiary KICC Conferences Limited on a line-by-line basis. KICC Conferences Limited is a company limited by shares, which are beneficially owned by the Charity. Dormant companies are excluded from consolidation on the basis of immateriality.

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KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

c ) Income

Income from tithes and offerings is included in incoming resources when these are receivable. Given the nature of this income, the receivable date is considered to be the actual date of receipt.

Tithes and Offerings include tax that is reclaimable under the Gift Aid scheme. Gift Aid income is only recognised when the associated income has been received or when a claim has been substantially prepared and verified against records held. Provision is made for the amounts that may not be recoverable. The Charity has not received legacies or other forms of voluntary income.

Income from charitable activities to further the Charity’s objects comprise registration fees, TV income, sale of Christian media and other income from Christian conferences. Income from conferences is recognised as the conferences are held. Income from other charitable activities is recognised when the service or goods have been provided.

Income from trading activities is derived from commercial activities and is recognised as services / goods are provided to third parties.

Investment income is accounted for on a receivable basis.

Rental income from property is recognised on a straight-line basis over the term of the lease. Rent free periods or other incentives given to the lessee are accounted for as a reduction to the rental income and recognised on a straight-line basis over the lease term.

Royalties are accounted for on a receivable basis.

All funds collected for restricted uses are identified based on the donor’s wishes as they become receivable.

d) Resources expended

Resources expended are included in the Statement of Financial Activities on the accruals basis, inclusive of any VAT which cannot be recovered.

e) Basis of allocation and apportionment of costs

Support costs, comprising Communication & Marketing, Finance, Administration, and Operations & Trustee Support, Property & Facilities and Governance costs are apportioned to activities on the basis of the direct costs incurred on charitable activities.

25

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

f) Governance Costs

Governance costs are those incurred in connection with the administration of the Charity as an entity and compliance with statutory requirements.

g) Pension Cost

The Charity operates a defined contribution scheme. The amount charged to the Statement of Financial Activities in respect of pension costs and other post-retirement benefits is the contributions due in respect of employees’ service in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheets.

h) Leasing and Hire Purchase Commitments

Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor. Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the statement of financial activities in proportion to the remaining balance outstanding.

All other leases are “operating leases” and the annual rentals are charged to Statement of Financial Activities on a straight line basis over the lease term.

Rent free periods or other incentives received for entering into a lease are accounted for over the period of the lease so as to spread the benefit received over the lease term or, if shorter, the period ending when prevailing market rentals will become payable.

i) Tangible Fixed Assets

Tangible fixed assets are stated at cost less depreciation. No depreciation is provided on freehold land and depreciation on other assets is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on a reducing balance basis.

Freehold Building – 2% per annum

Motor Vehicles – 25% per annum

Equipment & furniture – 20% per annum

Tangible fixed assets costing more than £2,000 are capitalised and included initially at cost. Any assets that are considered to be impaired in value or use are written down as required.

j)

Investments

Social investment properties (properties owned by the organisation and leased/let out to other organisations carrying out similar objects) are shown at cost.

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KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

k) Inventories

Inventories are measured at the lower of cost and selling price less cost to complete and sell. Cost is calculated on a first in first out basis and includes all costs of conversion and other costs incurred in bringing the Inventories to their present location and condition. Provision is made for obsolete and slow-moving items.

l) Cash and Cash equivalents

Cash and cash equivalents comprise cash on hand, on demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to change in value.

m) Foreign Currencies

Monetary assets and liabilities dominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to the statement of financial activities.

n) Funds Structure

General funds - these are funds which can be used in accordance with KICC’s charitable objects at the discretion of the Trustees.

Restricted funds - these are funds received for undertaking an activity specified by the donor.

Designated funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

o) Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments under FRS 102 section 11. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. At the end of each reporting period an assessment is made whether there is objective evidence of impairment of any financial assets. If there is objective evidence of impairment, an impairment loss shall be recognised immediately in profit or loss The charity settles certain agency arrangements on a netting basis whereby the party that owes after the netting off is recognised as the debtor.

p) Corporation Tax

The charity is exempt from tax on income and gains within section 5.5 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.

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KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

q) Grant Making

Grants are given to other charitable organisations sharing similar charitable objectives, specifically advancement of the Christian religion in the furtherance of their own mission. The grant is recognised as a commitment when the trustees have approved the grant. The grant is monitored to confirm the expenditure is related to the purpose for which the grant was given.

r) Critical Accounting Estimates and Judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions - The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

Social investments are held at cost less impairment in accordance with recommended accounting practice. The assessment of impairment has been based on the Charity’s anticipation of future use, including plans for F1 use (F1 use class of property refers to non-residential institutions, which includes any kind of property that may be used for educational, medical or religious purposes), and considering any indicators of impairment.

Claims for gift aid on Tithes, offerings and other income are based on recorded income and estimates of gift aid recoverable.

The useful economic lives attributed to tangible fixed assets are estimated by the trustees and used to determine the annual depreciation charge.

The trustees regularly review trade debtors for evidence of impairment and make provisions as appropriate and reviewed the provision this year giving consideration to the recovery efforts made and the length of time in which the amounts have been outstanding amidst the current economic circumstances (per note 10 on page 36).

28

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

2 Tithes, Offerings and Other Income

Tithes, offerings and other income comprise:

2023 2022
£ £
Tithes and Offerings 5,050,559 5,021,997
Conference Offerings 483,408 454,517
Gift Aid 798,834 616,377
6,332,801 6,092,891

The income from tithes, offerings and other income was £6,332,801 (2022: £6,092,891) of which £6,100,585 (£2022: £5,950,666) was unrestricted and £232,216 (2022: £142,225) restricted.

3 Subsidiary undertakings

The Charity has five subsidiary undertakings, all of which are incorporated in England and Wales, as follows:

Name Company No. Owned Company No. Owned Activities______
KICC Bookstore Limited 03086216 100% Dormant
KICC Conferences Limited 03727939 100% Commercial trading activities
during Christian Conferences,
issued share capital of 2 ordinary
shares of £1 each
Dreamassist Limited 04427224 100% Dormant
KICC TV Limited 05844794 100% Dormant
KICC Limited 07437262 100% Dormant

All commercial trading operation income and expenditure relates to unrestricted funds.

29

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

Summary Profit and Loss accounts

Summary Profit and Loss accounts
KICC KICC
Conferences Conferences
Limited Limited
2023 2022
£ £
Turnover
Commercial trading 9,523 10,405
9,523 10,405
Cost of sales and administrative-
Commercial trading (14,492) (8,177)
Corporation tax charge - -
(14,492) (8,177)
Net Profit incurred bysubsidiaries (4,969) 2,228
Summary Balance sheets
Assets 5,454 5,986
Liabilities (15,209) (13,009)
Due to charity (note 15) (40,194) (37,957)
Aggregate share capital and reserves (49,949) (44,980)
Commercial trading operations
Turnover on KICC Conferences Limited 9,523 10,405
9,523 10,405
4a. Investment Income
2023 2022
£ £
Bank interest receivable 8,863 7,426
Rental income 110,172 88,880
119,035 96,306
All investment income was unrestricted in both years.
4b. Other Income
2023 2022
£ £
Social Media - Advertising 13,246 13,863
13,246 13,863

30

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

5. Expenditure by activity

Group

Activity
Expenditure on
raising funds:
Raising donations
Subtotal
Expenditure on
charitable activities:
Outreach
Ministry
Subtotal
Total expenditure
Charity
Activity
Expenditure on
raising funds:
Raising donations
Subtotal
Expenditure on
charitable activities:
Outreach
Ministry
Subtotal
Total expenditure		 Direct
Costs
Support
Costs
Total 2023
£
£
£
264,058
137,445
401,503		 Direct
Costs
Support
Costs
Total 2022
£
£
£
264,762
218,532
483,294
264,058
137,445
401,503		 264,762
218,532
483,294
2,159,960
1,189,589
3,349,549
3,443,465
1,896,473
5,339,938		 1,471,143
1,252,969
2,724,112
1,734,878
1,477,592
3,212,470
5,603,425
3,086,062
8,689,487		 3,206,021
2,730,561
5,936,582
5,867,483
3,223,507
9,090,990		 3,470,783
2,949,093
6,419,876
Direct
Costs
Support
Costs
Total 2023
£
£
£
249,565
137,445
387,010		 Direct
Costs
Support
Costs
Total 2022
£
£
£
256,585
218,532
475,117
249,565
137,445
387,010		 256,585
218,532
475,117
2,159,960
1,189,589
3,349,549
3,443,465
1,896,473
5,339,938		 1,471,143
1,252,969
2,724,112
1,734,878
1,477,592
3,212,470
5,603,425
3,086,062
8,689,487		 3,206,021
2,730,561
5,936,582
5,852,990
3,223,507
9,076,497		 3,462,606
2,949,093
6,411,699

Unrestricted group charitable activities expenditure in the prior year 2022 was £2,723,629 for Christian Outreach and £3,052,578 for Christian Ministry. Restricted group charitable activities expenditure in the prior year 2022 was £483 for Christian Outreach and £159,892 for Christian Ministry .

Unrestricted charity charitable activities expenditure in the prior year 2022 was £2,723,629 for Christian Outreach and £3,052,578 for Christian Ministry. Restricted charity charitable activities expenditure in the prior year 2022 was £483 for Christian Outreach and £159,892 for Christian Ministry.

31

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

6. Expenditure by nature

6a. Expenditure on raising funds

2023
Support Total
Activity Direct Costs Costs 2023
£ £ £
Staff Costs 191,023 - 191,023
Bank Charges 58,542 - 58,542
Commercial Trading (note 3) 14,493 - 14,493
Communications & Marketing - 10,374 10,374
Governance - 14,309 14,309
Finance - 12,451 12,451
Administration - 21,248 21,248
Operations - 12,872 12,872
Property& FacilityCosts - 66,191 66,191
Total - Group 264,058 137,445 401,503
Less Commercial Trading (14,493) (14,493)
Total - Charity 249,565 137,445 387,010
2022
Support
Activity Direct Costs Costs Total 2022
£ £ £
Staff Costs 177,797 - 177,797
Bank Charges & Interest 78,788 - 78,788
Commercial Trading (note 3) 8,177 - 8,177
Communications & Marketing - 19,025 19,025
Governance - 27,946 27,946
Finance - 21,231 21,231
Administration - 33,421 33,421
Operations - 27,789 27,789
Property& FacilityCosts - 89,120 89,120
Total - Group 264,762 218,532 483,294
Less Commercial Trading (8,177) (8,177)
Total - Charity 256,585 218,532 475,117

Unrestricted group raising funds expenditure in the prior year 2022 was £483,294. There was no restricted expenditure. Unrestricted charity raising funds expenditure in the prior year 2022 was £475,117. There was no restricted expenditure.

32

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

6b. Expenditure on charitable activities

2023

2023
Activities Activities
undertaken undertaken Support Support
directly directly Costs Costs Total
Activity Outreach Ministry Outreach Ministry 2023
£ £ £ £ £
Evangelism Costs 1,291,873 857,529 - - 2,149,402
Staff Costs 137,297 399,952 - - 537,249
Rent & Rates - 130,626 - - 130,626
Other Costs 8,730 855,358 - - 864,088
Grants Paid - (Note 6c) 722,060 1,200,000 1,922,060
Property Consultancy Costs - - - - 0
Communications & Marketing - - 89,789 143,144 232,933
Governance - - 123,846 197,438 321,284
Finance - - 107,760 171,794 279,554
Administration - - 183,901 293,180 477,081
Operations & Trustee Support - - 111,412 177,616 289,028
Property& FacilityCosts - - 572,881 913,301 1,486,182
Total - Charity 2,159,960 3,443,465 1,189,589 1,896,473 8,689,487
Less Charge to charityfor use of exhibition stands - - - -
 -
Total - Group 2,159,960 3,443,465 1,189,589 1,896,473 8,689,487

2022

2022
Activities Activities
undertaken undertaken Support Support
directly directly Costs Costs Total
Activity Outreach Ministry Outreach Ministry 2022
£ £ £ £ £
Evangelism Costs 1,337,303 582,805 - - 1,920,108
Staff Costs 127,791 372,262 - - 500,053
Rent & Rates - 118,046 - - 118,046
Other Costs 6,049 643,312 - - 649,361
Property Consultancy Costs - 18,453 - - 18,453
Communications & Marketing - - 109,081 128,637 237,718
Governance - - 160,233 188,958 349,191
Finance - - 121,729 143,552 265,281
Administration - - 191,620 225,972 417,592
Operations & Trustee Support - - 159,331 187,894 347,225
Property& FacilityCosts - - 510,975 602,579 1,113,554
Total - Charity 1,471,143 1,734,878 1,252,969 1,477,592 5,936,582
Less Charge to charityfor use of exhibition stands - - - - -

Expenditure on charity only charitable activities was £8,737,702 (2022: £5,936,582) of which £8,651,977 (2022: £5,776,207) was unrestricted and £85,725 (2022: £160,375) was restricted.

Expenditure on group charitable activities was £8,696,376 (2022: £5,936,582) of which £8,651,977 (2022: £5,776,207) was unrestricted and £85,725 (2022: £160,375) was restricted.

33

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

6c. Grant expenditure in charitable activities

The charity gave grants during the year to other charities with the same or similar charitable objectives i.e. the advancement of the Christian religion in the furtherance of their own objectives as listed below.

Project Institution Number Amount
£
Purchase of Church building KICC The Open Door (UK) 1 1,200,000
Purchase of Missions
equipment		 KICC Nigeria 1 425,193
Operational Support Kings University Nigeria 12 275,188
Rural Crusade Charismatic Evangelistic
Ministry (Ghana)		 1 21,679
Total 1,922,060

Movement in recognised grant commitments during the year

Grant commitments recognised at the start of the year
New grant commitments charged to the SOFA in the year
Grants paid during the year
Amount of grant commitments recognised as at 31 March 2023		 £
-
1,922,060
1,922,060
-

The above grants are included in the charitable activities of note 6b

34

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

7 Support Costs

Total
2023 **Fundraising ** Outreach Ministry 2023
£ £ £ £
Communications &
Marketing 10,374 89,789 143,144 243,307
Governance 14,309 123,846 197,438 335,593
Finance 12,451 107,760 171,794 292,005
Administration 21,248 183,901 293,180 498,329
Operations 12,872 111,412 177,616 301,900
Property& FacilityCosts 66,191 572,881 913,301 1,552,373
Total 137,445 1,189,589 1,896,473 3,223,507
Total
2022 **Fundraising ** Outreach Ministry 2022
£ £ £ £
Communications &
Marketing 19,025 109,081 128,637 256,743
Governance 27,946 160,233 188,958 377,137
Finance 21,231 121,729 143,552 286,512
Administration 33,421 191,620 225,972 451,013
Operations 27,789 159,331 187,894 375,014
Property& FacilityCosts 89,120 510,975 602,579 1,202,674
Total 218,532 1,252,969 1,477,592 2,949,093

The expenditure on support costs was all unrestricted in both years. Support costs are apportioned based on direct costs of charitable activities. Support costs include exchange gains/ (losses) of £6,022 (2022: £1,410).

35

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

8 Staff Costs and Trustees’ Remuneration

2023 2022
£ £
Wages & Salaries 1,736,484 1,634,602
Social Security Costs 178,281 158,934
Pension Costs 56,004 56,334
1,970,769 1,849,870

No remuneration and expenses have been paid during the year to the Trustees (2022: £nil).

There were eight employees whose emoluments exceeded £60,000 during the period. Two had salaries in the range of £60,001 to £70,000, three had salaries in the range of £70,001 to £80,000, one had salary in the range of £80,001 to £90,000 and two had annual salaries in the range of £90,001 to £100,000.

During 2022, there were six employees whose emoluments exceeded £60,000 during the period. One had salary in the range of £60,000 to £70,000, two had salaries in the range of £70,001 to £80,000, one had salary in the range of £80,001 to £90,000 and two had annual salaries in the range of £90,001 to £100,000.

Pension contributions in respect of these employees amounted to £72,901 (2022: £54,179).

The key management personnel (as defined on page 14) of the parent charity and the Group comprises the trustees and the senior management team of Kingsway International Christian Centre. The trustees are not remunerated and the total employee costs of the senior management personnel of the team were £726,049 (2022: £602,421), including employers’ national insurance contributions of £74,952 (2022: £59,687) and pension contributions of £62,629 (2022: £48,280).

9 Staff numbers

The average number of employees employed during the year was made up as follows:

GROUP & CHARITY 2023 2022
No. No.
Administration, marketing and commercial 25 24
Finance 7 6
Pastoral 7 7
Ministry 10 10
49 47

36

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

10 Net income/(expenditure)

Net income/(expenditure) for the year is stated after charging/(crediting):

2023 2022
£ £
Depreciation of tangible fixed assets 449,047 506,248
Impairment of debtors : Provision in year (10,533) 148,357
Impairment of debtors : Recovered in year (5,318)
Operating lease charges - plant and machinery 5,833 9,998
Mortgage & Hire purchase interest 3,359 25,866
Exchange losses 6,044 297
Auditor's remuneration:
Audit services re parent (current year) 45,000 49,000
Audit services re parent (prior year) 34,460 32,200
Audit services re subsidiary 3,500 6,000
Non audit services:
Taxation compliance 3,750 3,750
Taxation advisory 1,450 1,450

37

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

11 Fixed Assets - Group

Freehold Equipment Motor
Group Property & Furniture Vehicles Total
£ £ £ £
COST:
At 1 April 2022 12,265,223 5,288,993 1,232,411 18,786,627
Additions 203,126 310,404 35,000 548,530
At 31 March 2023 12,468,349 5,599,397 1,267,411 19,335,157
DEPRECIATION:
At 1 April 2022 2,817,070 4,391,408 964,898 8,173,376
Charge for theyear 189,611 197,571 61,865 449,047
At 31 March 2023 3,006,681 4,588,979 1,026,763 8,622,423
NET BOOK VALUE:
At 31 March 2023 9,461,668 1,010,418 240,648 10,712,734
At 31 March 2022 9,448,153 897,585 267,513 10,613,251

All fixed assets are used for activities that fall within the Charity’s charitable objects.

38

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

12 Fixed Assets – Charity

Freehold Equipment Motor
Charity Property & Furniture Vehicles Total
£ £ £ £
COST:
At 1 April 2022 12,265,223 5,228,817 1,232,411 18,726,451
Additions 203,126 310,404 35,000 548,530
At 31 March 2023 12,468,349 5,539,221 1,267,411 19,274,981
At 31 March 2023 12,468,349
12,468,350		 5,539,221
5,539,222		 1,267,411
1,311,969		 19,274,981
DEPRECIATION:
At 1 April 2022 2,817,070 4,331,773 964,898 8,113,741
Charge for theyear 189,611 197,463 61,865 448,939
At 31 March 2023 3,006,681 4,529,236 1,026,763 8,562,680
3,036,689 4,529,238 1,071,322 8,637,248
NET BOOK VALUE: 30,008.57 1.52 44,558.32 74,568
At 31 March 2023 9,461,668 1,009,985 240,648 10,712,301
At 31 March 2022 9,448,153 897,044 267,513 10,612,710

39

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

13. Social Investment Properties

The use of the organisation’s properties did not change in the year. Its property portfolio at the year-end held three properties as social investment. The three social investments are at Manchester, Birmingham and Essex. There were no disposals of a social investment property in the year.

Group and Charity

£

COST:

At 1 April 2022 1,833,170 - Additions in the year Disposals in the year - At 31 March 2023 1,833,170

The Essex property was acquired in November 2019 at the cost of £805,000. The charity obtained a mortgage of £420k, finalised on 4 December 2020, for the social investment property purchased in November 2019. The mortgage has been fully repaid in May 2022.

40

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

14 Inventories

14 Inventories
Finishedgoods - Inventories Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
2,200
3,500
1,650
2,750
15 Debtors
Trade Debtors
Amounts due from subsidiaries
Other Debtors
Accrued Income – Gift Aid
Prepayments		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
83,729
239,400
83,729
239,400
- -
39,491
37,254
60,518
228,279
60,518
228,279
105,159
89,881
105,159
89,881
98,867
90,171
98,867
90,171
348,273
647,731
387,764
684,985

16 Short term investments and Cash at bank

Short term deposits
Cash and bank balances		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
404,247
1,671,637
404,247
1,671,637
955,819
2,562,036
951,348
2,557,341
1,360,066
4,233,673
1,355,595
4,228,978

Short term investments/deposits represent accounts where 30 days’ notice is required in order to transfer funds.

41

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

17 Creditors: Amount Falling Within One year

Trade Creditors
Other Taxes and Social Security Costs
Other Creditors
Hire Purchase Creditors
Bank Loan
Accruals and Deferred Income		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
211,542
341,289
211,542
341,289
38,502
33,957
38,502
33,957
65,326
138,161
58,977
130,512
17,500
-
17,500
-
-
15,656
-
15,656
161,299
305,719
152,439
300,359
494,170
834,782
478,960
821,773

a. Deferred Income

a. Deferred Income
As at 1 April
Amount released to income
Amount deferred in year
As 31 March		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
28,577
31,865
28,577
31,865
(28,577)
(31,865)
(28,577)
(31,865)
60,197
28,577
60,197
28,577
60,197
28,577
60,197
28,577

Deferred income represents advance billings for airtime on KICC’s TV channel.

b. Creditors: Amount Falling Due After More Than One year

Bank Loan Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
-
385,532
-
385,532
-
385,532
-
385,532

42

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

Bank loan in the previous year represented the outstanding capital value of a mortgage. This relates to the social investment property in Grays, Essex. The mortgage was for a term of 20 years with a monthly repayment of £2,485. The mortgage has been repaid in May 2023. The mortgage was secured on the All Saints Church John Street Grays Essex RM17.

c. Hire Purchase Creditors

Due within one year
Due between one and two years
Bank Loan
Due within one year
Due between one and two years
Due between two and five years		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
17,500
-
17,500
-
13,125
-
13,125
-
30,625
-
30,625
-
2023
2022
2023
2022
£
£
£
£
-
15,656
-
15,656
-
16,217
-
16,217
-
369,315
-
369,315
-
401,188
-
401,188

43

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

18 Analysis of Net Assets between funds and analysis of movement in funds

Group as at March 2023 Social Freehold
Motor		 Net Current Long term
Investment Property Vehicles & Assets Creditors
Equipment
Total
£ £ £ £ £ £
Funds:
General Funds 1,833,170 9,461,668 1,251,066 1,013,529 (13,125) 13,546,308
Restricted Funds - - - 202,840 - 202,840
1,833,170 9,461,668 1,251,066 1,216,368 (13,125) 13,749,147
Group as at March 2022 Social Freehold
Motor		 Net Current Long term
Investment Property Vehicles & Assets Creditors
Equipment
Total
£ £ £ £ £ £
Funds:
General Funds 1,833,170 9,448,153 1,165,097 4,005,997 (385,532) 16,066,885
Restricted Funds - - - 44,125 - 44,125
1,833,170 9,448,153 1,165,097 4,050,122 (385,532) 16,111,010
Charity as at March 2023 Social Freehold
Motor		 Net Current Long term
Investment Property Vehicles & Assets Creditors
and Equipment
Investments
Total
£ £ £ £ £ £
Funds:
General Funds 1,833,172 9,461,668 1,250,633 1,063,209 (13,125) 13,595,557
Restricted Funds - - - 202,840 - 202,840
1,833,172 9,461,668 1,250,633 1,266,049 (13,125) 13,798,397
Charity as at March 2022 Social Freehold
Motor		 Net Current Long term
Investments Property Vehicles & Assets Creditors
and Equipment
Investments
Total
£ £ £ £ £ £
Funds:
General Funds 1,833,172 9,448,153 1,164,557 4,050,815 (385,532) 16,111,165
Restricted Funds - - - 44,125 - 44,125
1,833,172 9,448,153 1,164,557 4,094,940 (385,532) 16,155,290

44

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

Unrestricted Funds - Charity

Unrestricted Funds - Charity
Designated Funds:
Tangible Fixed Assets Fund		 1 April 2022
Incoming
Resources
Outgoing
Resources
and
gains/(losses)
Transfers
31st March 2023
£
£
£
£
£
12,445,881
-
-
99,591
12,545,472
Total Designated Funds
General Funds		 12,445,881
-
-
99,591
12,545,472
3,665,284
6,487,388
(8,990,772)
(111,815)
1,050,085
16,111,165
6,487,388
(8,990,772)
(12,224)
13,595,557
Unrestricted Funds - Group
Designated Funds:
Tangible Fixed Assets Fund		 1 April 2022
Incoming
Resources
Outgoing
Resources
and
gains/(losses)
Transfers
31st March 2023
£
£
£
£
£
12,446,420
-
-
99,484
12,545,904
Total Designated Funds
General Funds		 12,446,420
-
-
99,484
12,545,904
3,620,465
6,496,911
(9,005,265)
(111,708)
1,000,403
16,066,885
6,496,911
(9,005,265)
(12,224)
13,546,307
Restricted Funds -
Group and Charity
Building Fund
University Fund
Airforce Fund
Restricted donations fund
Restricted Funds -
Group and Charity
Building Fund
University Fund
Airforce Fund
Restricted donations fund		 Incoming
Outgoing
1 April 2022
Resources
Resources
Transfers 31 March 2023
£
£
£
£
£
-
0.00
0.00
-
-
-
-
1,287
(1,287)
-
-
-
815
(815)
-
-
44,125
230,114
(83,623)
12,224
202,840
44,125
232,216
(85,725)
12,224
202,840
232216.01
Incoming
Outgoing
1 April 2021
Resources
Resources
Transfers 31 March 2022
£
£
£
£
£
-
200
(200)
-
-
-
5,186
(5,186)
-
-
-
483
(483)
-
-
49,518
136,356
(154,506)
12,757
44,125
49,518
142,225
(160,375)
12,757
44,125

Designated funds have been created for the following purposes:

Tangible fixed assets fund - To highlight the reserves invested in the tangible assets, Social Investments used by the charity in carrying out its operations. The amount to be designated represents the total net book value of fixed assets at the year-end less any fixed assets held in restricted funds (Nil). The transfer in the year represents the movement in the net book value of tangible fixed assets during the year.

Restricted Funds have arisen for the following purposes:

The Building Fund is for the building of churches and chapels and the University Fund is for the development and building of a university.

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KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

The Airforce Fund represents funds towards the airing of KICC TV and radio broadcast from our TV and radio outreach partners.

Restricted donations fund represents other donations received for specific projects, in the current year it includes donations received towards the Christmas hampers outreach and the Noah’s Ark Food bank. An amount of £12,224 was transferred from unrestricted funds into this fund during the year to enable the completion of the Christmas hampers outreach.

19 Cash flow information for the Group and Parent charity

a) Reconciliation of net income/(expenditure) to net cash flow from operating activities

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Net income/(expenditure) for the reporting
period (as per the statement of financial
activities) (2,361,863) 19,346 (2,356,893) 17,118
Depreciation charges 449,047 506,248 448,939 506,113
Interest paid 3,359 25,866 3,359 25,866
Interest received (8,863) (7,427) (8,863) (7,427)
Rents received from other investments (110,172) (88,880) (110,172) (88,880)
Decrease in inventories 1,300 1,400 1,100 1,000
Decrease in debtors 299,458 444,088 297,221 437,913
(Decrease)/Increase in creditors (726,144) 69,862 (728,346) 77,039
Net cash generated by operating
activities (2,453,878) 970,503 (2,453,654) 968,743

b) Consolidated analysis of changes in net cash/(debt) for the Group and Parent charity

Note 1 April 2022 Cashflow Non Cash 31 March 2023
Movement
Cash at bank and in hand £ £ £ £
Short term deposits 16 1,671,637 (1,267,390) - 404,247
Cash and bank balances 16 2,562,036 (1,606,217) - 955,819
4,233,673 (2,873,607) - 1,360,066
Hire purchase creditors
Short term 17
 - - (17,500) (17,500)
Long term 17b
 - - (13,125) (13,125)
17c
 - - (30,625) (30,625)
Bank Loan
Short term 17 (15,656) 15,656 -
Long term 17b (385,532) 385,532 -
17c (401,188) 401,188 - -
3,832,485 (2,472,419) (30,625) 1,329,441

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KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

20 Intercompany balances and transactions

The Charity has an inter-company balance at 31 March 2023 with KICC Conferences Ltd of £40,194 (2022: £37,957) and KICC Bookstores Ltd of (£702) (2022: (£702)). This balance is shown as amounts due from subsidiaries in the Charity’s debtors (see note 15). The intercompany balance is agreed to be reduced over time as it is envisaged that KICC Conferences will make surpluses in its future trading. During the year the transactions which includes recharges for administrative costs and intercompany payments amounted to a net of £2,237 (2022: -£6,177) in favour of KICC Ltd thereby the balance increased to £40,194 (2022: £37,957) at the end of the financial period.

21 Related Party Transactions

The charity made purchases of £998 (2022: £2,577) from Ceries Technology Limited in the year for IT services. Ceries Technology Limited is a company controlled by Trustee and Director Mayomi Anuwe. The amount owing to Ceries Technology at the year-end was £Nil (2022: £Nil)

The nine trustees of the charity gave voluntary donations totalling £56,445 to the charity in the year (2022: Nine trustees - £58,625)

There were no transactions with trustees in the year (2022: None) except those referred to above. Note 20 sets out the related party transactions and balances with its trading subsidiaries.

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KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2023

22 Commitments

The group as a lessee:

Amount due for future minimum lease payments in respect of non-cancellable operating leases which fall due as follows:

Amount due within one year
between one and two years
between two and five years
Land and buildings
Amount due: within one year
between one and two years
between two and five years
Motor Vehicles & Equipments		 2023
2022
£
£
-
10,667
-
-
-
-
-
10,667
5,833
9,998
-
4,166
-
-
5,833
14,164

The group as a lessor:

At the end of the year the group had contracted with tenants under non-cancellable operating leases for the following future minimum lease payments:

Less than one year
between one and two years
between two and five years
After five years
Amounts recoverable:		 2023
2022
£
£
58,500
58,500
58,500
58,500
169,853
117,000
-
-
286,853
234,000

23 Pension Scheme

All staff are eligible to participate in the auto enrolment pension scheme managed by Scottish Widows. The assets of the scheme are held separately from the Charity. The scheme started in September 2016. It is a joint contribution scheme where the employee contributes a percentage as desired (not less than the 5% per statutory rules) and the employer contributes not less than 3%. The statutory rates applicable at the year-end are a total of 8%. At the year-end there was an outstanding pension creditor of £12k (2022: £12k)

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