OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Kingsway International Christian Centre

2025-03-31-accounts

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE

ANNUAL REPORT COMPRISING THE TRUSTEES’ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

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 ....................................................................... 24-47

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st] March 2025

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 2024.

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: -

1

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st] March 2025

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 £50,546 to the charity in the year (2024: Nine trustees - £49,454).

The charity made purchases of £Nil (2024:£2,479) 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 (2024: £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.

2

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st] March 2025

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 500 volunteers who work an average of 6 hours per week. This equates to some 156,000 manhours per annum. If one applies the national living wage (for over 23-year-olds) of £11.44 per hour; the cash value to the charity of the volunteer force is some £1,784,640 per annum.

3

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st] March 2025

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 (2023: 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 2023, 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.

4

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st] March 2025

Objectives, Strategies and Activities

Our Community Services

Prisons Ministry

The Prison Ministry monthly visits to Pentonville carried on during the year and continues to be well received by the inmates and chaplains alike.

Befriending Ministry (including to the Homeless)

Our befriending teams visited the homeless in Walthamstow and Kent every month. Befriending meetings were held and meals were prepared and given to the residents. Our teams also visited care homes in the Kent and South East areas of the UK where we befriended the elderly residents through the ministry of songs and encouraging them.

Noah’s Ark Food Bank

Noah’s Ark Food Bank (NAFB) has been running for 10 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. 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.

5

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st] March 2025

Legal Counselling

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

Career Counselling

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 267 calls a month were 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

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.

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. Through our social media platforms, our audience have been able to receive comfort and hope.

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 1100 hampers containing 21 items of Christmas fare including a turkey to disadvantaged families at Christmas. The hampers were distributed in the Kent and London area, either directly to these families or through a number of charities who collected the hampers from us and distributed them.

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

This Christmas event was initiated in December six years ago and is set to hold annually. The Christmas Carol Concert in conjunction with Churches Together in Medway was held on 8[th] December 2024. It was attended by 741 people in the church with another 696 watching online.

6

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st] March 2025

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 are 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 and MP3s/MP4s 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.

7

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st] March 2025

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. 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.

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.

8

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

Strategic Report

Achievements and Performance

Our Targets for 2024 - 2025 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.

We continue to broadcast KICCTV via Intelsat 20 (68.5oE) across sub-Saharan Africa where Wi-Fi and data is less consistent and people continue to use their Free-To-Air-boxes / decoders. There are no plans to suspend broadcasting on Intelsat 20 which covers over 10 million TV homes.

However, in recognition of the consistent high-quality Wi-Fi and data availability in the UK and across Europe, and the way people no longer “watch TV” but now choose to “consume media”, we have scaled down some of our Satellite TV exposure. We have suspended broadcasting on Astra 2G, which included our Sky Channel, and Eutelsat Hotbird.

We are currently broadcasting KICC TV across UK and Europe on Roku, FireTV, Apple TV and KICC TV apps on the App store and Google Play Store. We are working hard to increase the awareness and take-up of these OTT platforms.

All these 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 whole family.

9

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

Financial Review

The charitable group recorded an operating deficit for the year of £291,709 (2024: £1,227,368).

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 £6,465,409 (2024: £6,476,511). This represents a 0.17% decrease on last year’s overall income. Income from tithes, offerings and donations represent 92% (2024: 92%) of the total income. There was a 0.4% increase in the income from tithes, offerings and donations compared to the previous year. There was a 41% reduction in the TV income due to the scaling down of our satellite TV exposure during the year. TV Income in the period was £94k reducing from prior year of £158k by £64K.

Expenditure – the total expenditure in the year is £6,757,118 (2024: £7,703,879). This represents a decrease of 12.3% on the previous year’s expenditure. The main reduction was due to the grant expenditure decreasing from £406,454 in the previous year to £5,250 this year and also a reduction in the TV broadcast cost. 91.3% (2023: 93.4%) of our operational expenditure was spent on charitable activities.

KICC Conferences Ltd a wholly owned subsidiary of KICC had a profit of £1,535 (2024: loss £732) in the period under review. Turnover was £18,015 (2024: £28,665) while cost of sales and administrative expenses were £16,480 (2024: £29,397). We anticipate that with the return to full physical conferences and exhibitions, the company will continue to be profitable in its future trading operations. During the year KICC Conferences Limited carried out the provision 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 £739,734 (2024: £712,704) 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.

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 2025 were £12,230,070 (2024: £12,521,779).

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 a grant in line with the policy was given to a charitable institution. 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. 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 free reserves are held to meet the needs, other than those covered by the designated funds, described below.

10

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

On 31 March 2025, the unrestricted free reserves were £1,960,775 (2024: £1,793,852), 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 2025 were £104,105 (2024: £88,207) 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 less any fixed assets held in restricted funds. These were £10,165,190 (2024: £10,639,720).

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.

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.

11

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

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 current living condition post Covid and the general state of the economy there is a risk of lower physical turn out from congregants and thereby lower income. To this effect the trustees have encouraged the online streaming of all services and put in place online platforms for collection of donations.

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 food bags across London, Kent and Essex.

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.

12

KtNG%WAY INTERNATI( )N_4L CEIEU%TIAIN CEN'fRE Year Ended 31bl MarLh ?025 Statement of the Board of Trustees, Responsibilities The B02rd of Trustees (wlio also d￿eCtorS of the Ch￿lty for the purposes of company law) dre Iesponsible for preP￿ting the Board oFTrustLes' Repoit (incluthng the Strategic IiLport) and the f￿anCIal statements in accordance with applicable law and United Kingdom Accounting Stat]d8rds (United I<ingdom Generally Accepted Accounting PrsLcticL . Company law requir¥s The Board of TI￿SteeS to prepare FLnancial %tatements Eor each financial year which give a true and Fair view of the state uf affairs of thc. Charity and the group #nd of the inco)ming resources and application of resouIce5, including the income 2nd expenthture ol the charitablL group For that period. In preprfiring thLse financial statements, the Board ()f Trusteets, Members ate required to.. Select suitable accounting pokn'cies and then Apply them cunsistendy, obscrve ihe method4 and principleq in thL, ChHriries Statement of RecommendLd Practice, make judgLineiits and e8timAtLb that are reasoiiAblL' And prudetit, sf.AIL whetliLi rfipplicible UI< AcL()iiiiiing %tindards have beLn EollowL.d, subject ro any matenal dLparture thsclosed And explaLnLd in Ihc finaiicial stAiernents, and prepAre the financial statements on ihe guing concern b2SLS unLess it is inippropriate to pre%wne that ihe group and the Chaliry will continue in operation. I'he Board of 'frustees are re8ponsible for keeping proper Accounting records thar disclose with reasonable accuracy At any time the financiAI position ol chl group And chgLritable company and enable them to ensurc that the fLnAnci9J statements comply with the Companies Act 2006 and the Chariues and Tru.4tee Investment (Scodand) Act 2005 And regulAtinns 6 and 8 01 thL CliaIiiies Accounts (5codand) Regul2tiuns 2006 (as amendLd). They are Also iesponsible for safLguxrding the assets UF the Charity and hLnce for taking reasonable stLPS for the prLVLntion and detection ()f fraud and othcr irIe£ulariues. Trnstee8 and Director8 Thc Tru8t¢Cb, who arL also directorb FOI thL purposcs of cr)mpany law, who served during thc year are shown on page 14, Statement of disclosutc to auditor %0 fAt ihe. '1 iii%iees fL' awille, IliL'r¢ iq no i'c..le.Viint qu(lit iiif()rin¥ilii)ii of wl]iLh tlie cliariiAI)le coinpany's auditor Are unaiv2re. IldiliLi01i¢illy, tlii. -1. iii%iee% hAVL' iaki'.i) all rli¢' n¢c¢'%%FIL)' StLPS rhAt chey oiighl ro IIiii'L' iakeii Trusiees in order ro inake tliviiisLlve4 aw2Le uf an)1 tL'IL'iiant ullir iiiE()Iniati(111 211cI to LSt8bh%li thill tlIL' cliillllal)le comp¢llly'S audAtor are aw￿¢ of that inforinatton. Auditot Gnldwins Ltinited has indic2ted its W￿l1]gnesS to contsnue in oEfice. This Trustees, Report and Lhe Strategc Report contained thcrein are approved by the Board OF Tru8tLLs L)n the 6th November 2025, Ind are signed Dn its beh91f by.. WynH nuckles D2te.' 6th Novembct 2025 13

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

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 2025

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

Bankers and Professional Advisers

Auditor Goldwins Limited Chartered Accountants 75 Maygrove Rd, London NW6 2EG

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 2025

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 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charity Balance Sheets, the Consolidated 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 2025

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 2025

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 2025

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.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation of transactions outside the normal course of business.

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.

Anthony Epton Senior Statutory Auditor For and on behalf of Goldwins Limited

Date 15 December 2025

Chartered Accountants Statutory Auditor

75 Maygrove Road, West Hampstead London NW6 2EG

19

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE

Year Ended 31[st ] March 2025

Consolidated statement of financial activities

(Incorporating an income and expenditure account) for the year ended 31 March 2025

Unrestricted Restricted
 Total
 Total
Notes Funds Funds Funds Funds
Income from: 2025 2025 2025 2024
£ £ £ £
Donations
Tithes, offerings & other income 2 5,842,920 117,250 5,960,170 5,931,379
Other trading activities:
Commercial trading operations 3 18,015 - 18,015 28,665
Investment income 4a 254,275 - 254,275 269,720
Income from charitable activities:
TV Income 93,850 - 93,850 158,559
Conferences 62,763 - 62,763 64,406
Other income :
Royalties 1,838 - 1,838 2,138
Profit on disposal of fixed assets 61,424 - 61,424 13,148
Other Income 4b 13,074 - 13,074 8,496
Total Income 6,348,159 117,250 6,465,409 6,476,511
Expenditure on :
Expenditure on raising funds 5 (586,515) - (586,515) (506,553)
Expenditure on charitable activities:
Christian Outreach 5 (1,676,889) (980) (1,677,869) (2,504,827)
Christian Ministry 5 (4,392,362) (100,372) (4,492,734) (4,692,499)
Total Expenditure 5 (6,655,766) (101,352) (6,757,118) (7,703,879)
Net income/(expenditure) (307,607) 15,898 (291,709) (1,227,368)
Transfers between funds 18 - - - -
Net income/(expenditure) after transfers (307,607) 15,898 (291,709) (1,227,368)
Net movement in funds (307,607) 15,898 (291,709) (1,227,368)
Reconciliation of funds:
Total funds brought forward at 1 April 12,433,572 88,207 12,521,779 13,749,147
Total funds carried forward at 31 March 18 12,125,965 104,105 12,230,070 12,521,779

The notes on pages 24 to 47 form part of these financial statements

20

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

Parent Charity statement of financial activities

(Incorporating an income and expenditure account) for the year ended 31 March 2025

Donations
Tithes, offerings & other income
2
Investment income:
4a
Income from charitable activities:
TV Income
Conferences
Other income :
Royalties
Profit on disposal of fixed assets
Other Income
4b
Note
s
Income from:		 Total
Total
Funds
Funds
2025
2025
2025
2024
£
£
£
£
5,842,920 117,250
5,960,170
5,931,379
254,275
-
254,275
269,720
93,850
-
93,850
158,559
62,763
-
62,763
64,406
1,838 -
1,838
2,138
61,424
-
61,424 13,148.00
13,074
-
13,074 8,496
Restricted
Funds
Unrestricte
d Funds
Total Income
Expenditure on :
Expenditure on charitable activities
Christian Outreach
5
Christian Ministry
5
Expenditure on raising funds		 6,330,144
117,250
6,447,394
6,447,846
(570,035) -
(570,035)
(477,156)
(1,676,889)
(980)
(1,677,869)
(2,504,827)
(4,392,362)
(100,372)
(4,492,734)
(4,692,499)
Total Expenditure
5
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		 (6,639,286)
(101,352)
(6,740,638)
(7,674,482)
(309,142)
15,898
(293,244)
(1,226,636)
- - - -
(309,142)
15,898
(293,244)
(1,226,636)
(309,142)
15,898
(293,244)
(1,226,636)
12,483,554
88,207
12,571,761
13,798,397
18
Total funds carried forward at 31 March		 12,174,412
104,105
12,278,517
12,571,761

21

KINGSWAY INTERNATI()NAL CHRISTIAN CENTRE Year Ended 31st March 2025 Consolidated and Parent charity balance sheets As at 31st March 2026 Company No. 05036122 Group Group Charity Charity Notes 2025 2024 2025 2024 FIXED ASSETS '[ anwblL .IssLts So¢ial Invcstm¢nts Lnvestmeni$ 11&12 13 10,165,190 1,833,170 10,639,720 1,833,170 10,165,190 1,833,170 10,639,720 1,833.170 li ()()8,360 12,472,890 11,998.362 12,472,892 CURRENT ASSETS Inv¢ntories Debtors %hvrt term inve$tmenrs/deposits Cash at batlk and in hand 14 15 16 312,103 345,823 .393,911 1,051,837 434,515 531.992 180 712 1,147,219 365,U09 345,1123 389.45 1,100,2112 483,860 531 ()92 176,332 1,192,184 11) CBEDrr()ILS ,4mountb Eallin duL wirliin ()iie ear 17 791,131 1,1147,587 791,131 1,042,572 NET CURRENT ASSETS 260,706 99,()12 3119,151 149,612 CREDITORS Amouiir.s Ealling due aEter m()rL than one year 17b 28,91)6 50,743 28,¢)96 50,743 NET ASSETS 12230,070 12,521,779 12278,517 12,571,761 REPRESENTED BY: Restricted Fiinds lJnt¥slnctsd FiiNds.' Fiee Reserves Designated Ke5erveb 18 104,105 88.207 104.105 88.207 18 18 1,960,775 10,165,190 1,793,852 10,639,720 2,009,222 10.165,1¢)0 1,843,834 10,639,720 12230,070 12,521,779 12278,517 ]2,571,761 Approved by .d f()r issue by Board of Trustees on 6, November 2025 and signed on its behalf Charles Clarke Trustee - Finance Committee The notes on pages 24 to 47 form patt of these Financial Statements 22

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

Consolidated and Parent charity statements of cash flows

Group Group Charity Charity
2025 2024 2025 2024
Notes £ £ £ £
Net cash used in operating activities 19 (320,706) (405,360) (320,787) (405,269)
Cash flow from investing activities
Interest from investments 15,723 18,789 15,723 18,789
Rents received from investments 238,552 250,931 238,552 250,931
Proceeds from sale of property 268,113 - 268,113 -
Purchase ofproperty, plant and equipment (190,925) (528,834) (190,925) (528,834)
Net cashgenerated by (used in) investing activities 331,463 (259,114) 331,463 (259,114)
Cash flow from financing activities
Repayments of borrowing 21,747 21,747 21,747 21,747
Interestpaid (5,474) (4,635) (5,474) (4,635)
Cash flows from financing activities 16,273 **17,112 ** 16,273 17,112
Change in cash and cash equivalents in the reporting
period 27,030 (647,362) 26,949 (647,271)
Cash and cash equivalents at the beginning of the
reporting period 712,704 1,360,066 708,324 1,355,595
Cash and cash equivalents at the end of the reporting
period		 16 739,734 712,704 735,273 708,324

23

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

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.

24

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

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 2025

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.

26

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

k) Inventories

Where applicable, 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 slowmoving 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

p) Corporation Tax

The charity is exempt from tax on income and gains within sections 466 to 493 of the Corporation Tax Act 2010 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.

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.

27

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE

Year Ended 31[st ] March 2025

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.

28

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE

Year Ended 31[st ] March 2025

2 Tithes, Offerings and Other Income

Tithes, offerings and other income comprise:

Tithes, offerings and other income comprise:
2025 2024
£ £
Tithes and Offerings 4,599,790 4,805,239
Conference Offerings 463,547 411,076
Gift Aid 896,833 715,064
5,960,170 5,931,379

The income from tithes, offerings and other income was £5,960,170 (2024: £5,931,379) of which £5,842,920 (£2024: £5,778,115) was unrestricted and £117,250 (2024: £153,264) 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 2025

Summary Profit and Loss accounts

Summary Profit and Loss accounts
KICC KICC
Conferences Conferences
Limited Limited
2025 2024
£ £
Turnover
Commercial trading 18,015 28,665
18,015 28,665
Cost of sales and administrative-
Commercial trading (16,480) (29,397)
Corporation tax charge - -
(16,480) (29,397)
Net Profit incurred by subsidiaries 1,535 (732)
Summary Balance sheets
Assets 4,461 5,930
Liabilities - (5,015)
Due to charity (note 15) (53,606) (51,596)
Aggregate share capital and reserves (49,145) (50,681)
Commercial trading operations
Turnover on KICC Conferences Limited 18,015 28,665
18,015 28,665
4a. Investment Income
2025 2024
£
 £
Bank interest receivable 15,723 18,789
Rental income 238,552 250,931
254,275 269,720
4b. Other Income
2025 2024
£
 £
Social Media-Advertising 13,074
13,074		 8,496
8,496

30

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

5. Expenditure by activity

Group

Activity
Expenditure on
raising funds:
Raising donations
Subtotal
Expenditure on
charitable
activities:
Outreach
Ministry
Subtotal
Total
expenditure		 Direct
Costs
Support
Costs Total 2025
£
£
£
312,160
274,355
586,515		 Direct
Costs
Support
Costs
Total 2024
£
£
£
294,888
211,665
506,553
312,160
274,355
586,515		 294,888
211,665
506,553
870,319
807,550
1,677,869
2,330,404
2,162,330
4,492,734		 1,393,689
1,111,138
2,504,827
2,610,914
2,081,585
4,692,499
3,200,723
2,969,880
6,170,603		 4,004,603
3,192,723
7,197,326
3,512,883
3,244,235
6,757,118		 4,299,491
3,404,388
7,703,879

31

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

Charity

Charity
Activity
Expenditure on
raising funds:
Raising donations
Subtotal
Expenditure on
charitable
activities:
Outreach
Ministry
Subtotal
Total
expenditure		 Direct
Costs
Support
Costs Total 2025
£
£
£
295,680
274,355
570,035		 Direct
Costs
Support
Costs
Total 2024
£
£
£
265,491
211,665
477,156
295,680
274,355
570,035		 265,491
211,665
477,156
870,319
807,550
1,677,869
2,330,404
2,162,330
4,492,734		 1,393,689
1,111,138
2,504,827
2,610,914
2,081,585
4,692,499
3,200,723
2,969,880
6,170,603		 4,004,603
3,192,723
7,197,326
3,496,403
3,244,235
6,740,638		 4,270,094
3,404,388
7,674,482

Unrestricted group charitable activities expenditure in the prior year 2024 was £2,423,328 for Christian Outreach and £4,484,079 for Christian Ministry. Restricted group charitable activities expenditure in the prior year 2024 was £81,499 for Christian Outreach and £208,420 for Christian Ministry .

Unrestricted charity charitable activities expenditure in the prior year 2024 was £2,423,328 for Christian Outreach and £4,484,079 for Christian Ministry. Restricted group charitable activities expenditure in the prior year 2024 was £81,499 for Christian Outreach and £208,420 for Christian Ministry .

32

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

6. Expenditure by nature

a. Expenditure on raising funds

a. Expenditure on raising funds
2025
Support Total
Activity Direct Costs Costs 2025
£ £ £
Staff Costs 207,351 - 207,351
Bank Charges 88,329 - 88,329
Commercial Trading (note 3) 16,480 - 16,480
Communications & Marketing - 40,644 40,644
Governance - 29,566 29,566
Finance - 18,016 18,016
Administration - 31,138 31,138
Operations - 21,654 21,654
Property & Facility Costs - 133,337 133,337
Total-Group 312,160 274,355 586,515
Less CommercialTrading (16,480) (16,480)
Total - Charity 295,680 274,355 570,035
2024
Support
Activity Direct Costs Costs Total 2024
£ £ £
Staff Costs 200,998 - 200,998
Bank Charges & Interest 64,493 - 64,493
Commercial Trading (note 3) 29,397 - 29,397
Communications & Marketing - 29,906 29,906
Governance - 27,115 27,115
Finance - 13,168 13,168
Administration - 23,240 23,240
Operations - 18,110 18,110
Property & Facility Costs - 100,126 100,126
Total -Group 294,888 211,665 506,553
Less Commercial Trading (29,397) (29,397)
Total - Charity 265,491 211,665 477,156

Unrestricted group raising funds expenditure in the prior year 2024 was £506,553. There was no restricted expenditure. Unrestricted charity raising funds expenditure in the prior year 2024 was £477,156. There was no restricted expenditure.

33

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE

Year Ended 31[st ] March 2025

6b. Expenditure on charitable activities

2025

2025
Activities Activities
undertaken undertaken Support Support
directly directly Costs Costs Total
Activity Outreach Ministry Outreach Ministry 2025
£ £ £ £ £
Evangelism Costs 713,203 625,168 - - 1,338,371
Staff Costs 149,033 434,141 - - 583,174
Rent & Rates - 267,518 - - 267,518
Other Costs 8,083 997,427 - - 1,005,510
Grants Paid - (Note 6c) - 5,250 - - 5,250
Property Consultancy Costs - 900 - - 900
Communications & Marketing - - 119,634 320,338 439,972
Governance - - 87,028 233,030 320,058
Finance - - 53,028 141,989 195,017
Administration - - 91,652 245,412 337,064
Operations & Trustee Support - - 63,738 170,668 234,406
Property & Facility Costs - - 392,470 1,050,893 1,443,363
Total-Charity 870,319 2,330,404 807,550 2,162,330 6,170,603
Less Charge to charity for use of exhibition stands - - - -
 -
Total - Group 870,319 2,330,404 807,550 2,162,330 6,170,603

2024

2024
Activities Activities
undertaken undertaken Support Support
directly directly Costs Costs Total
Activity Outreach Ministry Outreach Ministry 2024
£ £ £ £ £
Evangelism Costs 1,062,028 720,796 - - 1,782,824
Staff Costs 144,467 420,839 - - 565,306
Rent & Rates - 219,724 - - 219,724
Other Costs 6,204 1,024,090 - - 1,030,294
Grants Paid - (Note 6c) 180,990 225,464 406,454
Property Consultancy Costs - - - - 0
Communications & Marketing - - 156,990 294,102 451,092
Governance - - 142,341 266,660 409,001
Finance - - 69,127 129,502 198,629
Administration - - 121,997 228,548 350,545
Operations & Trustee Support - - 95,071 178,104 273,175
Property & Facility Costs - - 525,611 984,670 1,510,281
Total-Charity 1,393,689 2,610,914 1,111,137 2,081,586 7,197,326
Less Charge to charity for use of exhibition stands
Total - Group		 -
1,393,689		 -
2,610,914		 -
1,111,137		 -

2,081,586		 -
7,197,326

Expenditure on charity only charitable activities was £6,170,603 (2024: £7,197,326) of which £6,069,251 (2024: £6,907,407) was unrestricted and £101,352 (2024: £289,919) was restricted.

Expenditure on charitable group activities was £6,170,603 (2024: £7,197,326) of which £6,069,251 (2024 £6,907,407) was unrestricted and £101,352 (2024: £289,919) was restricted.

34

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

6c. Grant expenditure in charitable activities

The charity gave grant 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
£
OperationalSupport Kings University Nigeria 1 5,250
Total 5,250

Movement in recognised grant commitments during the year

Movement in recognised grant commitments during the year
Grants paid during the year
Grant commitments recognised at the start of the year
New grant commitments charged to the SOFA in the year
Amount of grant commitments recognised as at 31 March 2025		 £
-
5,250
5,250
-

35

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE

Year Ended 31[st ] March 2025

7 Support Costs

Total
2025 Fundraising Outreach Ministry 2025
£ £ £ £
Communications & Marketing 40,644 119,634 320,338 480,616
Governance 29,566 87,028 233,030 349,624
Finance 18,016 53,028 141,989 213,033
Administration 31,138 91,652 245,412 368,202
Operations 21,654 63,738 170,668 256,060
Property & Facility Costs 133,337 392,470 1,050,893 1,576,700
Total 274,355 807,550 2,162,330 3,244,235
Total
2024 Fundraising Outreach Ministry 2024
£ £ £ £
Communications & Marketing 29,906 156,990 294,102 480,998
Governance 27,115 142,341 266,660 436,116
Finance 13,168 69,127 129,502 211,797
Administration 23,240 121,997 228,548 373,785
Operations 18,110 95,071 178,104 291,285
Property & Facility Costs 100,126 525,611 984,670 1,610,407
Total 211,665 1,111,137 2,081,586 3,404,388

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 (£1,590) (2024: £3,714).

36

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

8 Staff Costs and Trustees Remuneration

2025 2024
£ £
Wages & Salaries 1,915,388 1,857,908
Social Security Costs 185,147 180,553
Pension Costs 59,370 55,265
2,159,905 2,093,726

No remuneration and expenses have been paid during the year to the Trustees (2024: £nil).

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

During 2024, there were seven employees whose emoluments exceeded £60,000 during the period. One had salary in the range of £60,001 to £70,000, three had salaries in the range of £70,001 to £80,000 and three had annual salaries in the range of £90,001 to £100,000.

Pension contributions in respect of these employees amounted to £55,222 (2024: £61,970).

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. The total employee costs of the senior management personnel of the team were £712,497 (2024: £715,317), including employers’ national insurance contributions of £71,548 (2024: £71,072) and pension contributions of £49,715 (2024: £56,463).

9 Staff numbers

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

GROUP & CHARITY 2025 2024
No. No.
Administration, marketing and commercial 31 30
Finance 7 7
Pastoral 9 9
Ministry 6 7
53 53

37

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

10 Net income/(expenditure)

The net movement in funds for the year is stated after charging/(crediting):

2025 2024
£ £
Depreciation of tangible fixed assets 450,144 491,935
Profit on disposal of fixed assets (61,424) (13,148)
Impairment of debtors : Provision in year
Bad debts Written off (404)
Assets write-offs 51,029
Operating lease charges - plant and machinery - -
Operating lease charges - land and buildings - -
Mortgage & Hire purchase interest 5,474 4,635
Exchange losses 1,590 3,714
Auditor's remuneration:
Audit services re parent (current year) 28,000 28,000
Audit services re parent (prior year) - 70,834
Audit services re subsidiary - -
Non audit services:
Taxation compliance - -

38

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

11.Fixed Assets

11.Fixed Assets
Freehold Equipment Motor
Group Property & Furniture Vehicles Total
£ £ £ £
COST:
At 1 April 2024 12,561,628 4,837,914 1,284,768 18,684,310
Additions 171,667 19,258 - 190,925
Disposals (254,521) - - (254,521)
At 31 March 2025 12,478,774 4,857,172 1,284,768 18,620,714
DEPRECIATION:
At 1 April 2024 3,197,353 3,834,298 1,012,939 8,044,590
Charge for the year 188,188 203,187 58,769 450,144
Disposals (39,210) - - (39,210)
At 31 March 2025 3,346,331 4,037,485 1,071,708 8,455,524
NET BOOK VALUE:
At 31 March 2025 9,132,443 819,687 213,060 10,165,190
At 31 March 2024 9,364,275 1,003,616 271,829 10,639,720

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

12 Fixed Assets – Charity

Freehold Equipment Motor
Charity Property & Furniture Vehicles Total
£ £ £ £
COST:
At 1 April 2024 12,561,628 4,837,911 1,284,768 18,684,307
Additions 171,667 19,258 - 190,925
Disposals (254,521) - - (254,521)
At 31 March 2025 12,478,774 4,857,169 1,284,768 18,620,711
DEPRECIATION:
At 1 April 2024 3,197,353 3,834,295 1,012,939 8,044,587
Charge for the year 188,188 203,187 58,769 450,144
Eliminated on disposal (39,210) - - (39,210)
At 31 March 2025 3,346,331 4,037,482 1,071,708 8,455,521
3,346,331 3,346,331
NET BOOK VALUE: - -
At 31 March 2025 9,132,443 819,687 213,060 10,165,190
At 31 March 2024 9,364,275 1,003,616 271,829 10,639,720

39

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

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 2024 1,833,170
Additions -
Disposals -
At 31 March 2025 1,833,170

40

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

14 Inventories

14 Inventories
Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Finishedgoods - Inventories - - - -

15 Debtors

15 Debtors
Trade Debtors
Amounts due from subsidiaries
Other Debtors
Accrued Income – Gift Aid
Prepayments		 2025
2024
2025
2024
£
£
£
£
83,874
91,757
83,875
91,757
- -
52,905
50,895
28,698
66,564
28,698
65,014
102,676
167,733
102,676
167,733
96,855
108,461
96,855
108,461
312,103
434,515
365,009
483,860

16 Short term investments and Cash at bank

Short term deposits
Cash and bank balances		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
345,823
531,992
345,823
531,992
393,911
180,712
389,450
176,332
739,734
712,704
735,273
708,324

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 2025

17 Creditors: Amount Falling Within One year

Trade Creditors
Other Taxes and Social Security Costs
Other Creditors
Hire Purchase Creditors
Accruals and Deferred Income		 2025
2024
2025
2024
£
£
£
£
304,309
606,413
304,309
606,413
131,615
131,647
131,615
131,647
151,447
85,277
151,447
80,262
21,747
34,872
21,747
34,872
182,013
189,378
182,013
189,378
791,131
1,047,587
791,131
1,042,572

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
2025
2024
2025
2024
£
£
£
£
81,843
60,197
81,843
60,197
(81,843)
(60,197)
(81,843)
(60,197)
53,858
81,843
53,858
81,843
53,858
81,843
53,858
81,843

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

b. Hire Purchase Creditors

Due within one year
Due between one and two years
Due between two and five years		 Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
21,747
34,872
21,747
34,872
21,747
21,747
21,747
21,747
7,249
28,996
7,249
28,996
50,743
85,615
50,743
85,615

42

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

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

----- Start of picture text -----
Group as at March 2025 Social Freehold Motor Net Current Long term
Investment Property Vehicles & Assets Creditors
Equipment Total
£ £ £ £ £ £
Funds:
General Funds 1,833,170 9,132,443 1,032,747 156,601 (28,996) 12,125,965
Restricted Funds - - - 104,105 - 104,105
1,833,170 9,132,443 1,032,747 260,706 (28,996) 12,230,070
Group as at March 2024 Social Freehold Motor Net Current Long term
Investment Property Vehicles & Assets Creditors
Equipment Total
£ £ £ £ £ £
Funds:
General Funds 1,833,170 9,364,275 1,275,445 11,425 (50,743) 12,433,572
Restricted Funds - - - 88,207 - 88,207
1,833,170 9,364,275 1,275,445 99,632 (50,743) 12,521,779
Charity as at March 2025 Social Freehold Motor Net Current Long term
Investment Property Vehicles & Assets Creditors
and Equipment
Investments Total
£ £ £ £ £ £
Funds:
General Funds 1,833,172 9,132,443 1,032,747 205,046 (28,996) 12,174,412
Restricted Funds - - - 104,105 - 104,105
1,833,172 9,132,443 1,032,747 309,151 (28,996) 12,278,517
Charity as at March 2024 Social Freehold Motor Net Current Long term
Investments Property Vehicles & Assets Creditors
and Equipment
Investments Total
£ £ £ £ £ £
Funds:
General Funds 1,833,172 9,364,275 1,275,445 61,405 (50,743) 12,483,554
Restricted Funds - - - 88,207 - 88,207
1,833,172 9,364,275 1,275,445 149,612 (50,743) 12,571,761
----- End of picture text -----

43

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE

Year Ended 31[st ] March 2025

Unrestricted Funds - Charity

----- Start of picture text -----
1 April 2024 Incoming Outgoing Transfers 31 March 2025
Resources Resources
£ £ £ £ £
Designated Funds:
Tangible Fixed Assets Fund 10,639,720 - - (474,530) 10,165,190
Total Designated Funds 10,639,720 - - (474,530) 10,165,190
General Funds 1,843,834 6,330,144 (6,639,286) 474,530 2,009,222
12,483,554 6,330,144 (6,639,286) 0 12,174,412
Unrestricted Funds - Group
1 April 2024 Incoming Outgoing Transfers 31 March 2025
Resources Resources
and
gains/(losses)
£ £ £ £ £
Designated Funds:
Tangible Fixed Assets Fund 10,639,720 - - (474,530) 10,165,190
Total Designated Funds 10,639,720 - - (474,530) 10,165,190
General Funds 1,793,852 6,348,159 (6,655,766) 474,530 1,960,775
12,433,572 6,348,159 (6,655,766) 0 12,125,965
Restricted Funds - Incoming Outgoing
Group and Charity 1 April 2024 Resources Resources Transfers 31 March 2025
£ £ £ £ £
Building Fund - 366 (366) - -
University Fund - 46 (46) - -
Airforce Fund - 934 (934) - -
Restricted donations fund 88,207 115,904 (100,006) - 104,105
88,207 117,250 (101,352) - 104,105
117250
Restricted Funds - Incoming Outgoing
Group and Charity 1 April 2023 Resources Resources Transfers 31 March 2024
£ £ £ £ £
Building Fund - 110 (110) - -
University Fund - 238 (238) - -
Airforce Fund - 2,267 (2,267) - -
Restricted donations fund 202,840 150,649 (287,304) 22,022 88,207
202,840 153,264 (289,919) 22,022 88,207
----- End of picture text -----

Designated funds have been created for the following purposes:

Tangible fixed assets fund - To highlight the reserves invested in the tangible assets 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.

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.

44

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE

Year Ended 31[st ] March 2025

19 Cash flow information for the Group and Parent charity

(a) Reconciliation of changes in resources to net cash inflow from

operating activities
Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
(291,709) (1,227,368) (293,244) (1,226,636)
Depreciation charges 450,144 491,935 450,144 491,935
Interest paid 5,474 4,635 5,474 4,635
Interest received (15,723) (18,789) (15,723) (18,789)
Rents received from other investments (238,552) (250,931) (238,552) (250,931)
Profit on disposal of fixed assets (61,424) (13,148) (61,424) (13,148)
Loss on write-off of fixed assets - 51,462 - 51,029
Decrease in inventories - 2,200 - 1,650
Decrease / (Increase) in debtors 122,412 (86,242) 118,851 (96,096)
(Decrease)/Increase in creditors (291,328) 640,886 (286,313) 651,082
Net cash generated by operating activities (320,706) (405,360) (320,787) (405,269)
b) Consolidated analysis of changes in net cash/ (debt) for the group and parent charity
Note 1 April 2024 Cashflow Non Cash 31 March 2025
Cash at bank and in hand £ £ £
£
Short term deposits 16 531,992 (186,169) -
345,823
Cash and bank balances 16 180,712 213,199 -
393,911
712,704 27,030 -
739,734
Hire purchase creditors
Short term 17 (34,872) 13,125 -
(21,747)
Long term 17b (50,743) 21,747 -
(28,996)
(85,615) 34,872 -
(50,743)
627,089 61,902 -
688,991

45

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

20 Intercompany balances and transactions

The Charity has an inter-company balance at 31 March 2025 with KICC Conferences Ltd of £53,606 (2024: £51,596) and KICC Bookstores Ltd of (£702) (2024: (£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 £2,010 (2024: 11,402) in favour of KICC Ltd thereby the balance increased to £53,606 (2024: £51,596) at the end of the financial period.

21 Related Party Transactions

The charity made purchases of £Nil (2024: £2,479) 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 (2024: £Nil)

The nine trustees of the charity gave voluntary donations totalling £50,546 to the charity in the year (2024: Nine trustees - £49,454)

There were no transactions with trustees in the year (2024: None) except those referred to above. Note 20 sets out the related party transactions and balances with its trading subsidiaries.

46

KINGSWAY INTERNATIONAL CHRISTIAN CENTRE Year Ended 31[st ] March 2025

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		 2025
2024
£
£
21,000
-
13,125
-
-
-
34,125
-

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:		 2025
2024
£
£
45,300
46,500
45,300
58,500
132,750
169,853
-
-
223,350
274,853

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 £13k (2024: £12k)

47