## **Kingdom Faith South West**
**Annual Report and Financial Statements**
**For the Year Ended 31 December 2020**
**Charity Registered in England and Wales Number: 1107721**
**Kingdom Faith South West** Contents For the Year Ended 31 December 2020
||Page|
|---|---|
|Contents|1|
|Reference and Administrative Details|2|
|Trustees’ Annual Report|3 - 8|
|Independent Examiner’s Report|9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Notes to the Financial Statements|12 - 19|
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**Kingdom Faith South West** Reference and Administrative Details For the Year Ended 31 December 2020
|**Trustees**|Rev M K Barling|
|---|---|
||M A Baker|
||J C Butler|
||T Kitchingman|
||S E Mathers|
||M B Watt|
|**Principal Office**|Crescent House|
||3-7 The Mount|
||Taunton|
||Somerset|
||TA1 3NR|
|**Registered Office**|Crescent House|
||3-7 The Mount|
||Taunton|
||Somerset|
||TA1 3NR|
|**Independent Examiner**|Michelle Ferris FCA|
||Albert Goodman LLP|
||Goodwood House|
||Blackbrook Park Avenue|
||Taunton|
||Somerset|
||TA1 2PX|
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2
**Kingdom Faith South West** Trustees’ Report For the Year Ended 31 December 2020
The Trustees present their annual report together with the report on the accounts for Kingdom Faith South West (the charity) for the year ended 31 December 2020.
The Charity is a trust formed under declaration of trust dated 23[rd] December 2004 and supplemented by the Charitable Trust Deed dated 9[th] October 2017 and approved by the Charity Commission. Trustees are appointed by the existing Trustees provided they are approved by the Spiritual Leadership of the church, and are appointed on the basis of their expertise and involvement in furthering the objects of the charity
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011, the Trust Deed, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Structure, governance and management**
Kingdom Faith South West is governed by a Trust Deed dated 23[rd] December 2004 with a supplementary Trust Deed dated 19[th] October 2017 and operates as a charity registered in the UK.
The trustees have considered the key operational, financial and strategic risks that have a bearing on the charity. Suitable management information is available to the trustees on a regular basis to monitor these risks and allow any appropriate action be taken to address them.
The trustees who served during the year are as listed on page 2 of this report.
The church vision and directions are led by the leadership team. New Trustees are appointed by the leadership team, usually from among the church membership, and sign a document of willingness to act as a trustee. They are provided with an induction to explain the operations of the charity and their associated responsibility as trustees. The trustees meet approximately 3 times a year to review performance, operating plans, budgets and building matters. Operational decisions are taken by the leadership team and staff.
As with previous years we have continued to build relationship and support the work of other charities and churches:
- Kingdom Faith Horsham
- Kingdom Faith Yorkshire
- Kingdom Faith London
Bearing in mind additional and extreme needs exposed by the pandemic we provided support to Taunton Foodbank (part of the Trussell Trust) as well as support for a local Youth Worker who is part of the Youth For Christ team in order to facilitate support for teenagers during this time.
Additionally, we have a global perspective in working with individuals and groups across the world:
- Samaritans Purse – donations to disaster relief and humanitarian support.
- Asian Foundation (Mongolia)/Mongolian Children’s Foundation – ongoing support as well as providing anti-pollution masks for the winter.
- Novi Most (Bosnia I Herzegovina) – working particularly with disadvantaged youth.
- Support of individuals working with Christians from countries where Christianity suffers persecution.
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**Kingdom Faith South West** Trustees’ Report For the Year Ended 31 December 2020
## **Objectives and activities**
The objects of the charity laid down in the trust deed are, for the benefit of the public:
- 3.2.1 To advance the Christian faith (in accordance with the statement of beliefs) in such ways and in such parts of the United Kingdom or the world as the Trustees from time to time may think fit;
- 3.2.2 To relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services of any kind including through the provision of counselling and support in such parts of the United Kingdom or the world as the Trustees from time to time may think fit; and
- 3.2.3 To advance education in such ways and in such parts of the United Kingdom or the world as the Trustees from time to time may think fit.
These objectives have been reviewed to ensure they continue to reflect our aims and they have remained unchanged since the last annual report of the trustees.
The Trustees have paid due regard to guidance issued by the Charity Commission.
The main strategies adopted for ensuring the aims and objectives of the charity are outworked are:
- Conducting meetings
- Running a church centre
- Organising activities, groups and missions
- Working with other Christian organisations
## **Achievements and Performance**
As with previous years, 2020 proved to be another year of growth and developing opportunities for KFSW Church but in very different ways to those which we would have anticipated.
Activities that took place prior to 22[nd] March 2020:
- Monthly prayer meetings
- Early Morning Prayer
- Sunday Services
- Leadership Training
- Youth and children’s programmes
- Startright - Parent & Toddler group
- Flyup Youth group
- Family Services
- Healthy You series
- Worship and Encounter nights
- Connect Groups in the community
At the beginning of 2020 one of the new initiatives of the church was Fly Creative – an after-schools event for 11-15 year olds to learn music production, camera-work and other creative skills. For the time being this has been paused, however we expect something of this nature to resume in the future.
The Healthy You sessions provided wonderful opportunities for connecting with our local community and praying for people.
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**Kingdom Faith South West** Trustees’ Report For the Year Ended 31 December 2020
From 22[nd] March 2020 onwards many of our plans for events were either adapted for online presentation, or where this was not possible, cancelled. Both the members of the church and the staff adapted with great flexibility to facilitate the continued outworking of the vision of the church in new and creative ways. Fresh opportunities arose and new initiatives took place in the process of adaption – some of which will continue permanently to support the ongoing vision of the church.
Activities that took place after 22[nd] March 2020:
- Sunday Services (online and, when permitted, in-person)
- Zoom Coffee (usually following church on Sunday mornings)
- Monthly Prayer Meetings (Zoom webinars)
- Faith Refreshers x3 (Zoom Webinars)
- Let’s Talk Series : money / relationships / joy (Zoom webinars)
- A Blessed Marriage series (online)
- Support for Leadership groups
- Youth & Children’s work (online and postal)
- Flyup Youth group (Zoom)
- Connect Groups (via Zoom or within SD guidelines)
- Christmas Celebration with virtual choir
As a result of moving church services online, our teams have embraced skills and technology that might otherwise not have been adopted for a few years. In both meeting the present need and consequently identifying an on-going need we installed a fixed streaming setup to free up the restrictions of using personal equipment and also streaming in greater capacity.
The wifi and networking installation that had facilitated the office move in 2019 were invaluable – both for the initial streaming needs and the development that ensued with the addition of fixed cameras. As planned phase 2 of the office move did take place, giving a permanent office location at CH.
Many ongoing benefits have been identified in the new systems that have begun during the year. Zoom can continue to be used for trainings to facilitate the inclusion of those for whom in-person meetings may not be possible.
Many of the activities are ongoing and offer significant benefits to the wider community and church members alike.
The transition to church online provided many challenges as well as great opportunities and we were able to continue to invite visiting speakers to share with the church – messages of hope and encouragement. People were able to join with us from various parts of the world, particularly from locations where we have been influential, and we expect this will continue. To the end of the year, more than 11000 views had taken place on our YouTube channel (which wasn’t set up until March 2020).
One of the many highlights of the year was the Christmas Celebration – the church took part (both children and adults) by pre-recording segments of carols which were compiled into ‘choirs’ for streaming as part of the service. Also, throughout the year ‘faith stories’ were created for social media – life stories that provided encouragement, support and connection with our local community.
Whilst the shape of our Sunday services were very different, they did continue to grow – in numbers, age groups and cultural backgrounds. Many people continued to serve in the ministry life of the church – through worship and kids work in particular, although much of this moved to an online format. Creative videos were produced for children of various ages, postal packs were sent out for those too young to engage in online formats. Those involved with worship in the church continued their growth of songwriting and musicianship in creating video and audio tracks that were able to be used in streamed services.
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**Kingdom Faith South West** Trustees’ Report For the Year Ended 31 December 2020
Where the opportunities for volunteering at the church building obviously reduced significantly for the lockdown periods we are pleased to say that the service of the church did not reduce in any way. Meals were provided for those that were shielding or vulnerable, shopping was undertaken, rent was paid, money was given to the church for helping those in need and indeed great generosity of heart was shown like never before. Contact and relationship throughout the church and community was not only maintained but stronger relationships were built in the process.
The Trustees are very happy with how the church as a whole was able to adapt to the environment that it was thrown into in 2020. Appreciation to staff has been expressed at Trustees meetings, however their adaption to additional needs and embracing new skills and roles enabled the continued expression of the life of KFSW at this time. Whilst the areas of expenditure throughout the year were different to those anticipated we believe that we continued to reflect our values and objectives.
## **Staff and Volunteers**
During the 2020 year the working patterns and locations for all staff flexed greatly. We were very thankful that we did not have to furlough staff as their ability to adapt to new ways of being church meant that everyone was fully employed. Volunteer roles changed in their outworking as previously noted but continued in strength nonetheless.
Four trustees are volunteers who give considerable input to enable KFSW Church to carry out it’s duties to what we consider to be a very high standard.
## **Future Developments for 2021**
With the continued restrictions in place for meetings, plans for events in 2021 are limited. There are however building plans which will facilitate the flexibility and security of in-person meetings when they return to full capacity:
- Proximity access system for all internal doors
- Toilet on the middle floor
- Continued development of live streaming
## **Financial Review**
The statement of financial activities is set out on page 10 of this report. A summary of the financial results is set out below:
## **Income generation**
The principal source of income comprises tithes and offerings from members. Including this, total unrestricted income for the year was £313,694 (2019: £213,128) and total restricted income was £3,626 (2019: £12,719).
The surplus generated in the year was £83,679 (2019: £5,101), giving total reserves carried forward of £776,698 (2019: £693,019). Of these reserves carried forward, £1,265 was restricted, leaving £775,433 unrestricted (2019: all unrestricted).
## **Investment policy**
The charity has adopted a low risk investment strategy with accounts with Bank of Scotland and Lloyds. Investments are reviewed annually.
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**Kingdom Faith South West** Trustees’ Report For the Year Ended 31 December 2020
## **Fund raising**
The charity relies on voluntary donations from its members for its income. The charity does not employ professional fund raising bodies.
## **Restricted funds**
Details of the restricted funds held during the year are set out in note 9.
## **Reserves policy**
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at level which equates to approximately three months unrestricted expenditure. This provides sufficient funds to cover management, administration and supports costs.
3 months unrestricted expenditure would equate to approximately £55,000. The free reserves of the charity at the end of the year were £212,970 (unrestricted funds less fixed assets, add back loans taken out to fund those assets).
The charity intends to use the excess funds for overpaying the mortgage, installing a toilet on the middle floor, incorporating a proximity access system to improve security, as well as holding additional reserves for future building repairs (including total roof replacement). Costs and timings for these amounts are yet unknown.
## **Covid-19**
It’s expected that adaption and flexibility will remain key in the church’s approach for the next year as decisions are made by the government and as a result we will keep all income and expenditure under review to ensure the continued well-being and appropriate financial health of KFSW.
## **Statement of trustees responsibilities**
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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**Kingdom Faith South West** Trustees’ Report For the Year Ended 31 December 2020
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Signed by order of the trustees on 18 July 2021
**Rev. M K Barling** Trustee
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**Kingdom Faith South West** Trustees’ Report For the Year Ended 31 December 2020
## **Independent examiners report to the Trustees of Kingdom Faith South West**
I report to the trustees on my examination of the accounts for Kingdom Faith South West (“the charity”) for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the charity trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not comply with these records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Michelle Ferris BSC (Hons) FCA DChA**
Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton TA1 2PX
Date: 02 August 2021
Prepared By Albert Goodman LLP
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## **Kingdom Faith South West** Statement of Financial Activities For the Year Ended 31 December 2020
**----- Start of picture text -----**
Unres- Res- Total Unres- Res- Total
tricted tricted 2020 tricted tricted 2019
Notes £ £ £ £ £ £
Income and endowments
Donations 2 313,663 3,626 317,289 213,031 12,719 225,750
- - - -
Charitable activities 30 30
- -
Investment income 31 31 67 67
Total income 313,694 3,626 317,320 213,128 12,719 225,847
Expenditure
Expenditure on charitable
activities 3 220,167 13,474 233,641 197,440 23,306 220,746
Total expenditure 220,167 13,474 233,641 197,440 23,306 220,746
Net income/(expenditure) 93,527 (9,848) 83,679 15,688 (10,587) 5,101
- -
Transfers between funds 9 (11,113) 11,113 (10,587) 10,587
Net movement in funds 82,414 1,265 83,679 5,101 - 5,101
Reconciliation of funds
Fund balances at 1 January
- -
2019 693,019 693,019 687,918 687,918
Fund balances at 31
December 20 775,433 1,265 776,698 693,019 - 693,019
**----- End of picture text -----**
The results for the year derive from continuing activities and there are no gains or losses other than those shown above.
Prepared By Albert Goodman LLP
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**Kingdom Faith South West** Balance sheet As at 31 December 2020
**----- Start of picture text -----**
Total
2020 Total 2019
Notes £ £
Fixed assets
Tangible fixed assets 5 795,879 825,957
Current assets
- -
Stock
Debtors 6 9,136 8,513
Cash at bank and in hand 208,974 108,885
218,110 117,398
Creditors
Amounts falling due within one year 7 (23,063) (22,956)
Net current assets 195,047 94,442
Long term liabilities 8 (214,228) (227,380)
Net assets 776,698 693,019
The funds of the charity
-
Restricted funds 9 1,265
Unrestricted funds 9 775,433 693,019
776,698 693,019
**----- End of picture text -----**
Approved by the Board for issue on 18 July 2021 and signed on its behalf by:
**A K Kitchingman**
Trustee
**M Baker**
Trustee
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**Kingdom Faith South West** Notes to the Financial Statements For the Year Ended 31 December 2020
## **1 Accounting policies**
## 1.1
## **General information and basis of accounting**
Kingdom Faith South West is a charity, registered in England and Wales. The nature of the charity’s operations and its principal activities are set out in the Trustees report on pages 3-8.
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) (effective 1 January 2019)- (Charities SORP (FRS 102)).
The charity meets the definition of 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.
## 1.2
## **Income**
Income from donations is recognised upon receipt.
Income from investments is accounted for when receivable.
## 1.3 **Expenditure**
Expenditure is accounted for on the accruals basis. Liabilities are recognised in the accounting period to which they relate.
Support costs are those functions which assist the work of the charity but do not directly undertake charitable activities. These costs have been allocated to expenditure on charitable activities.
## 1.4 **Fixed assets**
Fixed assets are valued at cost less depreciation.
Depreciation is calculated to write off the cost or valuation of fixed assets over their estimated useful lives at the following rate: -
Freehold property – 2% straight line Freehold improvements – 10% straight line Equipment – 25% straight line
## 1.5 **Debtors**
Trade and other debtors are recognised at the settlement amount due, and prepayments are valued at the amount prepaid.
## 1.6 **Cash at bank and in hand**
Cash at bank and in hand comprise cash on hand and call 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 of change in value.
## 1.7 **Creditors**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.
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**Kingdom Faith South West** Notes to the Financial Statements For the Year Ended 31 December 2020
## **1 Accounting policies (continued)**
## 1.8 **Taxation**
The company is a registered charity and is therefore not liable to corporation tax.
## 1.9 **Fund accounting**
General funds are unrestricted funds receivable or generated for the objects of the company without further specified purpose and are available as general funds.
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs.
## 1.10 **Financial Instruments**
liabilities of the charity and their measurement basis are as follows:
Financial assets- trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 12. Prepayments are not financial instruments.
Cash at bank and in hand- is classified as a basic financial instrument and is measured at face value.
Financial liabilities- trade creditors, accruals, and other creditors are financial instruments and are measured at amortised cost as detailed in note 12. Taxation and social security are not included in the financial instruments disclosure definition.
## **2 Donations**
|Tithes & offerings
Tithes & offerings tax recovered
Restricted gifts
Restricted gifts tax recovered
Special offerings
Special offerings tax recovered
Mortgage donations
Miscellaneous income|**Unres-**
**tricted**
**£**
273,102
35,129
499
2,084
-
258
1,860
731
313,663|**Res-**
**tricted**
**£**
-
-
3,100
416
-
110
-
-
3,626|**Total**
**2020**
**£**
273,102
35,129
3,599
2,500
-
368
1,860
731
317,289|**Unres-**
**tricted**
**£**
177,239
32,359
100
235
-
-
1,860
1,238
213,031|**Res-**
**tricted**
**£**
-
-
1,450
158
9,658
1,453
-
-
12,719|**Total**
**2019**
**£**
177,239
32,359
1,550
393
9,658
1,453
1,860
1,238|
|---|---|---|---|---|---|---|
|||||||225,750|
||||||||
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**Kingdom Faith South West** Notes to the Financial Statements For the Year Ended 31 December 2020
|**3**
**Expenditure on charitable**|**activities**||||||
|---|---|---|---|---|---|---|
|
**Grants**
K F Gifts
Mission gifts
Israel
Benevolence
Miscellaneous
**Resources**
Purchases
Miscellaneous
**Speakers**
Gifts
**Crescent House**
Buildings insurance
Electricity and gas
Water rates
Cleaning
Property repairs
**Ministry**
Wages and salaries
Refreshments
Children and Youth
Pastoral
Sundays
Special events
Audio
Music
Faith projects
Miscellaneous
**Conferences**
Accomodation
Subsistence
Miscellaneous
**Mission**
Travel
Supplies
Depreciation
Support costs
Governance costs|
**Unres-**
**tricted**
**£**
7,000
-
1,800
4,517
222
7
195
2,550
1,970
3,030
236
2,457
-
90,074
1,022
365
18
502
-
1,640
775
147
-
284
179
17
-
-
36,589
62,731
1,840
220,167|**Res-**
**tricted**
**£**
-
3,939
-
5,200
750
-
-
-
-
-
-
-
2,412
-
-
-
-
-
59
-
-
-
-
-
-
-
-
-
-
1,114
-
13,474|**Total**
**2020**
**£**
7,000
3,939
1,800
9,717
972
7
195
2,550
1,970
3,030
236
2,457
2,412
90,074
1,022
365
18
502
59
1,640
775
147
-
284
179
17
-
-
36,589
63,845
1,840
233,641|**Unres-**
**tricted**
**£**
4,500
-
1,800
4,883
500
96
426
1,650
1,849
3,429
537
2,812
-
89,046
1,753
661
-
1,513
1,148
370
754
523
-
723
475
105
272
84
7,055
68,796
1,680
197,440|**Res-**
**tricted**
**£**
-
1,588
-
6,000
750
-
-
3,700
-
-
-
-
7,020
-
1,142
-
-
-
301
-
-
-
-
-
-
-
2,587
-
-
218
-
23,306|**Total**
**2019**
**£**
4,500
1,588
1,800
10,883
1,250
96
426
5,350
1,849
3,429
537
2,812
7,020
89,046
2,895
661
-
1,513
1,449
370
754
523
-
723
475
105
2,859
84
7,055
69,014
1,680|
|||||||220,746|
||||||||
Prepared By Albert Goodman LLP
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**Kingdom Faith South West** Notes to the Financial Statements For the Year Ended 31 December 2020
## **3 Expenditure on charitable activities (continued)**
**----- Start of picture text -----**
Support costs
- -
Salaries and pensions 46,474 46,474 41,521 41,521
- -
Telephone and internet 3,859 3,859 6,004 6,004
Publicity and advertising - 1,114 1,114 311 218 529
Software 643 - 643 652 - 652
- -
Printing and stationery 1,111 1,111 2,720 2,720
Postage 64 - 64 28 - 28
Travel 113 - 113 261 - 261
Equipment repairs 245 - 245 1,208 - 1,208
Furniture and soft furnishings 627 - 627 5,299 - 5,299
Other expenses 150 - 150 123 - 123
Bank charges 185 - 185 193 - 194
- -
Mortgage interest and charges 9,260 9,260 10,476 10,476
62,731 1,114 63,845 68,796 218 69,015
Governance costs
- - - - - -
Professional fees
- -
Accountancy fee 1,240 1,240 1,080 1,080
- -
Independent examination fee 600 600 600 600
- -
1,840 1,840 1,680 1,680
**----- End of picture text -----**
## **4 Wages and salaries**
|**4**
**Wages and salaries**|||
|---|---|---|
|Wages and salaries
Social security costs
Pension costs|**Total**
**2020**
**£**
114,292
7,019
15,236
136,548|**Total**
**2019**
**£**
114,767
7,615
8,185|
|||130,567|
||||
The Church employs three full time and two part time members of staff. Two trustees are employed by the charity for ministerial and administration services, not for their roles as trustees. Remuneration for these individuals amounted to £89,684 (2019: £88,552) and those payments are permitted by the charity’s governing document. The charity paid pension contributions into a defined contribution pension scheme for the benefit of the staff, including the two Trustees employed by the charity.
No individual earned over £60,000 (2019: nil). The key management personnel of the Church is considered to be the two pastors, for which total remuneration amounted to £94,074 (2019: £92,346).
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**Kingdom Faith South West** Notes to the Financial Statements For the Year Ended 31 December 2020
## **5 Tangible Assets**
**----- Start of picture text -----**
Freehold Freehold
Property Improvements Equipment Total
£ £ £ £
Cost
At 1 January 2020 603,452 220,711 98,544 922,707
Additions - - 6,511 6,511
At 31 December 2020 603,452 220,711 105,055 929,218
Depreciation
- -
At 1 January 2020 96,750 96,750
Charge for the year 12,069 22,071 2,449 36,589
At 31 December 2020 12,069 22,071 99,199 133,339
Net book value
At 31 December 2020 591,383 198,640 5,856 795,879
At 1 January 2020 603,452 220,711 1,794 825,957
6 Debtors
Total Total
2020 2019
£ £
Gift aid tax recoverable 7,552 5,752
Prepayments 1,584 1,653
Other debtors - 1,108
9,136 8,513
**----- End of picture text -----**
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**Kingdom Faith South West** Notes to the Financial Statements For the Year Ended 31 December 2020
## **7 Creditors: amounts falling due within one year**
|Other creditors
Accruals
Mortgage due < 1 year
**8**
**Creditors: amounts falling**
Mortgage
**9**
**Statement of funds**|**due after one**|**year**||**Total**
**2020**
**£**
1,697
2,178
19,188
23,063
**Total**
**2020**
**£**
214,228
214,228|**Total**
**2020**
**£**
1,697
2,178
19,188
23,063
**Total**
**2020**
**£**
214,228
214,228|**Total**
**2019**
**£**
603
1,893
20,460
22,956
**Total**
**2019**
**£**
227,380
227,380|**Total**
**2019**
**£**
603
1,893
20,460
22,956
**Total**
**2019**
**£**
227,380
227,380|
|---|---|---|---|---|---|---|---|
|||||||||
|**Restricted funds**
Mission
Mongolia
Help
CH
Urquhart
Move of God
**Total restricted funds**
**Unrestricted funds**
General fund
**Designated funds**
Property
**Total funds**|**Opening**
**Balance**
**01/01/20**
**£**
-
-
-
-
-
-
-
116,696
576,323
693,019|**Incoming**
**Resources**
**£**
660
91
1,465
625
650
135
3,626
311,531
2,163
317,320|**Outgoing**
**Resources**
**£**
(3,939)
(5,000)
(200)
(2,412)
(750)
(1,173)
(13,474)
(211,061)
(9,106)
(233,641)||**Transfers**
**£**
3,279
4,909
-
1,787
100
1,038
11,113
1,660
(12,773)
-||**Closing**
**Balance**
**31/12/20**
**£**
-
-
1,265
-
-
-|
||||||||1,265
218,826
556,607|
||||||||776,698|
|||||||||
Prepared By Albert Goodman LLP
17
**Kingdom Faith South West** Notes to the Financial Statements For the Year Ended 31 December 2020
## **Statement of funds- 2019**
**----- Start of picture text -----**
Opening Incoming Outgoing Transfers Closing
Balance Resources Resources Balance
01/01/19 31/12/19
£ £ £ £ £
Restricted funds
Mission - 660 (1,588) 928 -
- -
Mongolia 3,660 (6,000) 2,340
FFL / Move of God - 7,789 (8,698) 909 -
Church - 610 (7,020) 6,410 -
Total restricted funds - 12,719 (23,306) 10,587 -
Unrestricted funds
General fund 124,747 210,933 (186,964) (32,020) 116,696
Designated funds
Property fund 563,171 2,195 (10,476) 21,433 576,323
Total funds 687,918 225,847 (220,746) - 693,019
**----- End of picture text -----**
The property restricted fund was holding the church which was purchased some years ago. There is no requirement for this to be held in a restricted fund and therefore in 2019 the trustees elected to transfer this out in accordance with paragraph 2.12 of the 2019 SORP. The book value of the church, less the mortgage secured on it, is now held within a designated fund.
The mission restricted fund is income received for mission work which has been fully spent and the overspend transferred in from unrestricted funds.
The Mongolia restricted fund is money received from offerings specified for this purpose. It has been fully spent on outreach projects in Mongolia and the overspend transferred in from unrestricted funds.
The church fund is money received for the upkeep of the church. Where amounts were fully spent on capital items which have been capitalised in the balance sheet, the purchase of these has been taken to discharge the restriction, with the amount being transferred out to general funds.
The FFL/ Move of God fund was created from funds donated during a conference. The amounts are to be spent on developing the conference, or associated church projects.
The Help fund is money received from church members during the pandemic for the purpose of helping people (primarily within the church) who face financial hardship. Money will not necessarily be used within the financial year given but as genuine need arises.
The CH fund comprises gifts that have been given for the upkeep or development of Crescent House and are spent as such.
The Urquhart fund comprises gifts given at the beginning of 2020 towards a gift for the 80[th] birthdays of Colin and Caroline Urquhart and have been spent as such.
Prepared By Albert Goodman LLP
18
**Kingdom Faith South West** Notes to the Financial Statements For the Year Ended 31 December 2020
The designated fund is the book value of the church, less the mortgage secured on it.
## **10 Analysis of net assets between funds**
**----- Start of picture text -----**
Unres- Res- Total Unres- Res- Total
tricted tricted 2020 tricted tricted 2019
£ £ £ £ £ £
- -
Tangible assets 795,879 795,879 825,957 825,957
Net current assets 193,782 1,265 195,047 94,442 - 94,442
- -
Long term liabilities (214,228) (214,228) (227,380) (227,380)
-
775,433 1,265 776,698 693,019 693,019
**----- End of picture text -----**
## **11 Related party transactions**
Two Trustees are employed by the charity for roles unconnected with their position as Trustees as disclosed in note 4.
Elsewhere, £nil was paid to a trustee for performing repair works to the property (2019: £160). There are no outstanding balances with any related party as at the year end (2019: £nil).
## **12 Financial Instruments**
||**Total**
**2020**
**£**|**Total**
**2019**
**£**|
|---|---|---|
|Financial assets that are debt instruments measured|216,526|115,745|
|at amortised cost|216,526
**Total**
**2020**
**£**||
|||115,745|
|||**Total**
**2019**
**£**|
|Financial liabilities measured at amortised cost|237,291|250,336|
||237,291||
|||250,336|
||||
There are no items of income, expenditure, gains or losses to report (2019 – none).
Prepared By Albert Goodman LLP
19