Kingdom Faith South West
Annual Report and Financial Statements
For the Year Ended 31 December 2023
Charity R¢gist8rad in England and Wales Number: 1107721

Kingdom Faith South West
Contents
For the Year Ended 31 December 2023
Pa
Contenls
Reference and Administrative Detsils
Trustees, Annual Report
Independenl Examinerfs Report
Statement of Financial Activities
Balance Sheet
10
Notes to the Financial Statements
Prepared By Albert Goodman LLP

Kingdom Faith South West
Reference and Administrative Details
For the Year Ended 31 Decetnber 2023
Trustees
M A Baker
J C Butler
A K Kitchingman
S E Mathers
MB Watt
Princlpal Office
CreS￿nI House
3-7 The Mount
Taunton
Somerset
TA13NR
Registered Office
CreS￿nt House
3-7 The Mount
Taunton
Somerset
TA1 3NR
Independent Examiner
Michelle Ferris Bsc (Hons) FCA DChA
Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
Prepared By Abert Goodman LLP

Kingdom Faith South West
Trustees, Report
For the Year Ended 31 December 2023
The Trustees present their annual rerK)rt logether with the report on the a(￿o￿nts for Kingdom Fallh
South West (the charity) for the year ended 310ecember 2023
The Charity is a trust fo￿ed u￿ler declaration of trust dated 23 De￿mber 2004 and supplemented by
the Charitable Trusl Deed daled 9 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 slatements have been prepared in accordance wth the acwunting w)licies set out in note 1
to the financial statements and comply the Charities Act 2011. Ihe Trust Deed, and Accounting and
Reporting by Charities.. Statement of Recommended Practi￿ applicable in the UK and Republic of
Ireland IFRS 102) (effective 1 January 20191.
StructUTe. governance and management
Kingdom Faith South West is govemed by a Trust Deed dated 23rd De￿mber 2004 with a
supplementary Trust Deed daled 19 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 infomation 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 rewrt.
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 lo act
as a trustee. They are provided with an induction to explain the operations of the charity and their
associated responsibilty as tmstees. The Tnjstees meet approximatety 3 times a year lo review
performance, operating plans. budgets and building matters. Operatiorial decisions are taken by the
leadership team and staff.
As with previous years we have continued lo build relationship and support the work of other charities
and churches..
Kingdom Faith Horsham
Kingdom Faith Yorkshire
Kingdom Fatth London
KFSW continues to have a global perspective and works with some indtviduals and groups across Ihe
world which align with the chattty's vision and objectives, including..
Asian Foundation (Mongolia) l Mongolian Children's Foundation
AWM l Hamsayeh - SLtpwrl of individuals working wÈth Christians from countries where
Christianty SLrfFers persecution
Samaritans Purse- donations to disaster relief and humanitarian support throughout the world
Prepareit By Albert Goodman LLP

Kingdom Faith South West
Trustees, Report
For the Year Ended 31 De￿mber 2023
As in previous years KFSW has donated financialty to two communty support organisations in the area..
Taunton Foodbank (part of Trussell Trust) as a means of supporting those in hardship in the local
community and the Salvation Army. We also continue to provide support to our local community Ihrough
our Baby Bank oulreach project which provides nappies and wipes to families who are experiencing
financial hardship.
Objectives and Activities
The objects of the charity laid down in the trust deed are. for the benefft of the public:
3.2.1 To advance the Christian faith lin accordance wth the statemenl 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 rnay think fil.. and
3.2.3 To advan￿ 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 unch8nged Sin￿ the last annual report of the tnjstees.
The Trustees have due regard lo the public benefit guidance issued by the CharÉty Commission.
The main strategies adopted for erisuring the aims and objectives of the ch8rity are OU￿rked are:
Conducting meetings
Running a church centre
Organising activities, groups and missions
Working wth other Christian organisations
Achigvoments and Perforniance
Phase 1 of the planned upgrade of our streaming l a￿110 I visual systems happened successfully this
year. The majority of the work took place in our worship hall on the top floor. wilh the installation of a
new sound desk. speaker system and new sound equipment for the worship team. Some aspecls of the
upgrade to the slreaming capabilities took place. the rem8inder of the WOTk will happen in phase 2 in
2024.
During the year the planned upgrade of the main toilet block was accomplished. This has enabled us to
upgrade some of the sanitary fixtures, refuttjish tired cubicles {whilst retaining all the original fixtures and
fittings), redecorate the walls and upgrade lighting. This project is a big success and has given the toilet
block a modem and bright look.
Work has also been undertaken to repair areas of the repla￿ment roof to address collecting water
under the roof felt. Considerable time and effort have been taken to find and fix the cause of a le8k
within the intemal walls of the building. This has now been resofved allhough some small redecoration
will be needed where there has been water damage.
There has been signrficant numerical growth in Ihe church during 2023. particularly in the children's
ministries, which has been very encouraging. The growth means that there will need to be a
restructuring of meeting rooms and areas within the next year and a review of facilities.
Prepared By Albert Goodmarh LLP

Kingdom Faith South West
Trustees, Report
For the Year Ended 31 De￿mber 2023
The Trustees have admired the ftexibilty and adaptability of the whole church while all the above has
taken place, who have enabled church lrfe to continue despite disruption to some areas of the building.
Staff and Volunteers
The Twstees greatly appreciale the way the Pastors and Support Staff have served the church and
communty in the past year.
The Trusteeg honour the way that staff and volunteers serve the mission and objectives of the church on
a continual basis.
Three trustees are volunteers who give considerabte input to enable KFSW Church to carry OLrt ils duties
to what we consider to be a very high standard. The trustees would also like to thank Tony Kil¢hingman
who has carried out his role as Chairperson of the Truslees for the last year since Michael Barling
resigned in 2022.
Future Developments for 2024
The following developments are anlicipated during the coming year to ensure that Crescent House and
its facilities continue to serve the vision of the church.
Phase 2 of the streaming l audio I visual system - particularly the intemal retay of services and
streaming upgrade.
A refresh of the communal areas wtthin the building including signage, redecoralion of sorne
areas of the middle floor and ground floor offices_
Upgrade of downstairs toilets.
Prepared By Albert Goodman LLP

Kingdom Faith South West
Trustees, Report
For the Year Ended 31 December 2023
Flnancial Review
The statement of financial activibes is sel oui on page 9 of this report. A summary of Ihe financi81 results
is set out below..
Income generation
The principal source of income comprises tilhes and offerings from members. Including this, total
unrestricted income for the year was £296,963 (2022- £222.670) and total restricted income was £8,822
(2022-. £2.8811.
The surplus generated in the year was £19.913 (2022.. deficit of £32.018}, with total reseNes being
£823,658 {2022. £803,745). Of these reserves carried forward, £4.060 was restricted, leaving £819,598
unrestricted12022= £2,365 restricted and £801,380 unrestricted).
Investment poliGy
The charity has adopted a low-risk investment strategy with accounts wth Kingdom Bank. Inveslments
are reviewed annually.
Fund raising
The ch8rity relies on voluntary donations from its members for its income. The charity does not employ
professional fund raising bodies.
RestriGted funds
Detsils of the restricled funds held during the year are set out in note 9.
Reserves policy
It is the policy of the charity to maintain unreslricted funds, which are the free reserves of the charity, at 8
level which equales to approximately three months unreslricted expendf(ure. This provides sufficient
funds to cover management, administration and supports costs.
3 months unreslricted expenditure would equate to approximately £60k. The free reserves of Ihe charity
at the end of the year were £202.400 (unrestricted funds less r￿ed assets, add back loans tsken out to
fund those assets).
The charity intends to use Ihe excess funds for overpaying the mortgage. completion of the upgrade to
the toilet facilities on the ground floor, upgrading the Streaming systems, as well as holding additional
reserves for future building repairs. Costs and timings for these amounts are yet unknown.
It's expected that adaption and flexibilty will remain key in the church's approach for the next year with
the increasing costs of living and as a result we will keep all income and expenditure under review to
ensure the conlinued well-being and appropriate financial health of KFSW.
Prepared By Abert Gocmlman LLP

Kingdom Faith South West
Trustees. Report
For the Year Ended 31 December 2023
Statement of trustee$ 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 arid Republic of Ireland (United
Kingdom Generally Accepted Accounting Practi￿).
The law applicable lo charities in England & Wales requires the trustees lo 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 chanty for that period. In preparing these financial statements, the
trustees are required 10-
select suitsble accounting policies and then apply them consistently;
observe the methods and PTinciples in the Charilies SORP:
m8ke 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 con￿rn basis unless tl is inappropriate to presume
that the charity will continue in business.
The trustees are responsible for maintsining 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 Ihe trust deedlconslitution. They are also resF)onsible for safegLrarding the assets
of the charity and hen￿ for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
The trustees are responsible for the Maintenan￿ and integrity of the charity and financial infomiation
included on the charity's websile. Legislation in the United Kingdom goveming the preparatiori and
dissemination of financial statements may differ from legislation in other jurisdictions.
Signed by order of the trustees on 2110712024
A K Kitchingman
Trustee
Prepared By Albert Goodman LLP

Klngdom Faith South West
Independent Examinerfs Report
For the Year Ended 31 December 2023
Independent examiner's rgPQrt to the Trustees of Kingdom Faith South West
I report to the trustees on my examination of the accounts for Kingdom Faith South West llhe charity")
for the year erKled 31 December 2023.
Responsibilities and basls of report
As the charty trustees of the ch8rity you are responsible for the preparation of the accounts in
accordance with the requirements of the Chartties Act 2011 {Yhe 2011 Act')-
I report in respect of my examination of Ihe charity's accounts carried out under section 145 of the 2011
Act and in carrying OLrt my examination I have followed all the applicable Directions given by the Charity
Commission under seclion 145(5){b) of the 2011 Acl.
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 confim that l am qualified to undertake the examination because l am a
member of the Institute of Charte￿d Accountants in England and Wales. which is one of the listed
b(Klies.
I have completed my examination. I confimi that no material matters have come to my attention in
connection wilh the examination giving me cause to believe that in any material respect..
1. accounting records were not kept in reswi of the charity as required by section 130 of the 2011 Act..
or
2. the accounls do not comply wilh these records". or
3. the a(Eounts do not comply wtlh the applicable requirements conceming the fomi and content of Ihe
accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement
that the accounts give a ￿rue and fair viW which is not a matter considered as part of an independent
examination.
I have no concerns 8nd have come across no other mallers in connection with the ex2min8tion to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be
reached.
Michelle Ferns BSC {Honsl FCA DChA
Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
TA1 2PX
Date.. 1210812024
Prepared By Abert Goodman LLP

Kingdom Faith South West
statement of Financial Activities
For the Year Ended 31 December 2023
Unres-
tricted
Res-
tricted
Total Unres-
2023
tricled
Res-
tricted
Total
2022
Notes
Income and endowments
Donations
Investment income
293,807
3,156
8,822 302,629
3,156
222,126
517
2,881 225,007
517
Total income
296,963
8,822 305,785
222,670
2,881 225,551
Expenditure
Expenditure on charitable
activities
257,906
27,966 285,872
239,284
18,285 257,569
Total expenditure
257.906
27,966 285,872
239,284
18,285 257,569
Net incomellexpenditure)
39.057
119.144) 19,913
(16,6141 (15.4041 132.0181
Transfers be￿een funds
120.839)
20,839
(15,6861
15,686
Net movement in funds
18,218
1.695
19.913
(32.300)
232 132,018)
Reconciliation of funds
Fund balances at 1 January
2023
801,380
2.365 803.745
833,680
2,083 835,763
Fund balances at 31
December 2023
819,598
4,060 823,658
801,380
2.365 803,745
The results for the year derive from continuing activtlies and there are rK) gains or k)sses other than
those shown above.
P￿pared By Albert Goodman LLP

Kingdom Faith South West
Balance sheet
As at 31 December 2023
Total 2023
Totsl 2022
Notes
Fixed assets
Tangible fixed assels
776.776
791,189
Current assets
Debtors
Cash at bank and in hand
11,574
197,855
10,527
189,907
209.429
200,434
Creditors
Amounts falling due within one year
(32,221}
(20,030)
Net current assets
177,208
180,404
Long temi liabilities
{130,326}
{167,8481
Net assets
823,658
803,745
The funds of the chaTity
Restricted funds
Unrestricted funds
4,060
819,598
2,365
801,380
823.658
803,745
Approved by the Board for issue on 2110712024 and signed on tts behaff by..
A K Kitchingman
Trustee
M Baker
Trustee
Prepared By Albert GoThlman LLP
10

Kingdom Faith South West
Notes to the Finan￿al Statements
For the Year Ended 31 December 2023
Accounting poli¢ies
General information and basis of accounting
Kingdom Faith Soulh Wesl is a chartty. registered in England and Wales. The nature of the
charity's operations and rts principal activtties are set out in the Ttustees report on pages 3-7.
The financial slatements have been prepared in accordan￿ with Accounting and reporting by
Charities= Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland
{FRS 102) (effective 1 January 2019F (Charities SORP IFRS 102)).
The charity meets the definition of public benefii entty under FRS 102. Assets and liabilities are
initially recognised at historical cost or Iransaction value unless otheThYise 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 a(￿[ValS 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°A 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 al 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
insignfficant risk of change in value.
1.7 Creditors
Creditors and provisions are recognised there the charity has a present obligation resulting from
a past event Ihat wll probably result in the transfer of funds lo a third paty and the amount due to
settle the obligation can be measured or estimated reliably- Creditors and provisions are
recognised at their settlement amount.
Prepared By Albert Goodman LLP

Klngdom Faith South West
Notes to the Financial Statements
For the Year Ended 31 D￿mber 2023
Accounting policies {continued)
1.8 Taxation
The cornp8ny is a registered charity and is therefore not liable to corporation lax on its charitable
activities to the extent that income and gains are applied to charitable purposes.
1.9 Fund accounting
General funds are unrestricted funds receivable or generaled for the objects of the company
without further specified purpose and are available as general funds.
Restricted funds are to be used for Spect￿ purposes as laid down by the donor. Expenditure
which meets this criterion is charged to the fund. together with a fair allocalion of management
and support costs.
1.10 Financial Instrumenls
The charity only holds basic financial instruments as defined by FRS102. The financial assets and
liabilities of the charity and their measurement basis are as follows..
Financial assets- trade and olher debtors are basic financial instruments and are debt instruments
measured at amortised w5t. Prepayments are not financial instrurnents.
Cash at bank and in hand- is classified as a basic finan(aal instrument and is measu￿￿ at face
value.
Financial liabilities- trade creditors. accruals, and other creditors are financial instrurnents and are
measured at amortised cost. Taxation and social security are not included in the financial
instruments disclosure definition.
Donations
Unres-
Res-
tricled tricted
Total
2023
Unres-
Res-
tiicted tricted
Total
2022
Tithes & offerings
Tithes & offerings lax recovered
Restricted gifts
Restricted gifts tax recovered
Mortgage donations
Miscellaneous income
250.449
38,258
250,449
38.258
7,498
2,267
3,900
257
181,097
38.3C
181,097
38,306
2,667
607
1,910
420
7,498
1,224
2,667
214
1,043
3,900
157
393
1,910
420
100
293,807
8.822
302,629
222,126
2,881
225,007
Prepared By Albert Goodman LLP
12

Kingdom Faith South West
Notes to the Financial Statements
For the Year Ended 31 December 2023
Expenditure on charitable actlwtie5
Unres-
Res-
tricted tricted
Total
2023
Unres.
Res-
tricted tricted
Total
2022
Grants
KFGifts
Mission gift5
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
MLJSIC
Faith projects
Conferen¢e$
Accomodation
Subsistence
Miscellaneous
2,550
2.550
12.152
1.000
11,579
1.621
12.152
3.468
3,468
1,000
15,482
375
1,C(JO
3,070
1,439
1.000
5,111
375
8,509
182
10.371
114
14
114
14
250
79
250
79
3,300
3,300
2,090
6,812
2,090
6,812
1,996
5,461
312
3,454
1,996
5,461
312
3,454
4,058
3.442
3.442
7,123
7,123
4,050
98,813
1,340
1,093
98.813
1,340
1.093
95,198
1,532
95,198
1,532
41
150
607
270
928
41
150
1,003
270
928
428
922
428
922
396
2,348
145
2,348
145
261
110
292
261
110
292
259
65
20
259
65
20
Depreciation
Support costs
Govemance costs
43,875
83,103
2.985
43,875
83,103
2,985
41.045
74.725
2,510
41,045
74,725
2,510
257,906 27,966
285.872
239,284 18,285
257,569
Prepared By Albert Gi)odman LLP
13

Kingdom Faith South West
Notes to the Financial Statements
For the Year Ended 31 December 2023
Expenditure on charitable activities (continued)
Support costs
Salaries and pensions
Telephone and intemet
Publicity and advertising
Software
Printing and stationery
Postage
Travel
Equipment repairs
Furniture and soft fumishings
Other expenses
Bank charges
Mortgage interest and charges
59,515
2,699
163
1,334
388
13
22
1,900
1.687
2,356
324
12.702
59,515
2,699
163
1.334
56,020
2,723
961
1.342
449
40
292
274
3,134
247
292
8,951
56.020
2,723
961
1,342
449
40
292
274
3,134
247
292
8,951
13
22
1,900
1.687
2.356
324
12.702
83.103
83.103
74.725
74,725
Governance costs
Professional fees
Accountancy fee
Independent examinalion fee
945
1.290
750
945
1.290
750
540
1,260
710
540
1.260
710
2.985
2.985
2,510
2,510
Wages and salarfes
Total
2023
Total
2022
Wages and salanes
Social security wsts
Pension costs
130,482 124,726
7,550
7,447
20,296
19,045
158,328 151,218
The Church employs three full time and two part time members of staff. Two truslees are employed by
the charity for ministerial and administration services. not for their roles as trustees. Remuneration for
these individuals amounted to £99,222 (2022- £95.469) and those payrnents are permitted by the
charity's governing document. The charty paid pension contributions into a defined contribution pension
scheme for the benefft of the staff, including the Trustees employed by the charity.
No individual earned over £60.000 {2022- nil). The key management personnel of the Church is
considered to be the iwo pastors, for vthich total remuneralion amounted to £104,131 {2022= £100,198).
Prepared By Abert Goodman LLP
14

Kingdom Faith South West
Notes to the Finana21 Statements
For the Year Ended 31 December 2023
Tangible Assets
Freehold
Freehold
Property Improvements Equipment
Total
Cost
Al 1 January 2023
AdditK)ns
603.452
290.322
17.382
109,054 1,002,828
12,082
29,464
At 31 December 2023
603.452
307,704
121,136 1,032.292
Depreciation
At 1 January 2023
Charge for the year
36.207
12.￿9
70,010
26,158
105,424
5,648
211,641
43,875
Al 31 December 2023
48,276
96,168
111,072
255,516
Net book value
At 31 December2023
555.176
211,536
10,064
776,776
At 1 January 2023
567.245
220,312
3,630
791,18g
Debtors
Total
2023
Total
2022
Gift aid lax recoverable
Prepayments
Other deblors
9.380
1,802
392
8,293
1,696
538
11,574
10,527
Preparèd By Albert Goodman LLP

Kingdom Faith South West
Notes to the Financial Statements
For the Year Ended 31 Oecember 2023
Creditors: amounts falling due within one year
Total
2023
Total
2022
Other Creditors
Accruals
Mortgage due < 1 year
10,547
2,486
19.188
2,756
2,367
14.907
32,221
20,030
Creditors: amounts falling due after one year
Total
2023
Total
2022
Mortgage
130,326
167,848
130,326
167,848
Statement of funds
Opening
Incoming
Outgoing
Balance Resources Resources
Transfers
Closing
Balance
31112123
01101123
Restrlcted funds
Mission
Mongolia
Help
CH
Baby Bank
Meet for BBQ
Move of God
1,110
530
3.347
600
2.857
263
115
(6,1521
{10,0001
12.438)
15,263)
(2,071)
(1,8601
(1821
5,042
9,470
2,365
3.274
4,663
1,597
67
Total restricted funds
2,365
8,822
(27.966)
20,839
4,060
Unrestricted funds
General fund
1%,578
292,222
1218,4501
(67.950) 202,400
Deslgnated funds
Property
604,802
4.741
(39.456)
47,111
617,198
Total funds
803,745
305,785
(285,8721
823,658
Prepared By Albert Goodman LLP
16

Kingdom Faith South West
Notes to the Financial Ststemenls
For the Year Ended 31 December 2023
Statgment of fund& 2022
Opening Incomlng
Outgoing
Balance Resources Resources
01101122
Transfers
Closing
Balance
31112122
Restri¢led funds
MissKin
Mongolia
Help
CH
Baby Bank
Meet for BBQ
Move for God
670
281
627
613
578
100
12
13,4681
19,0001
2,798
8,719
1,738
2,365
14,0501
(1.3711
{3561
(401
3,437
448
256
28
345
Total restricted funds
2,083
2.881
{18,285)
15.686
2,365
Unrestricted funds
General fund
275,459
220.416
{215,258)
{84,039}
196,578
Designated funds
Property
558,221
2,254
{24,026}
68,353
604,802
Total funds
835,763
225,551
{257,5691
803,745
The property restricted fund was holding the church which vras 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 wth paragraph 2.12 of the 2019 SORP. The book value of the church. less the
mortgage secured on it. is now held wtlhin a designated fund.
The Mission restricted fund is income r￿1ved 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 sheeL the purchase of these has been taken to
discharge the restriction, wilh the amount being transferred out to general funds.
The Help fund is money received from church members dLtring the pandemic and since for the purpose
of helping people (primarily wtthin 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 gtven for the upkeep or development of Crescent House
and are spent as such.
Prepared By Albert Goodman LLP
17

Kingdom Faith South West
Notes to the Financial Statements
For the Year Ended 31 December 2023
The Baby Bank fund relates to money received and spent to provide baby supplies to families in need.
The Food Bank fund is donations received and expenditure relating to providing food and suppli8S to
families requiring support.
The designated fund is the book value of the church, less the mortgage secured on il.
10
Analysis of net assets between funds
Unres-
Res-
tricted trlcted
Total
2023
Unres-
Res-
tricted tricted
Total
2022
Tangible assets
Nel cu￿ent assets
Long term liabilities
776,776
173,148
{130.326)
776,776
791,189
177,208
178,039
(130.326) {167,848)
791,189
180,404
1167,848)
4,060
2,365
819,598
4.060
823,658
801,380
2,365
803,745
11
Related party transactions
Two Trustees are employed by the charity for roles unconnected with their posttion as Ttustees as
disclosed in note 4.
Trustees and related parties provided donations to the charity amounting to £49,012 without
condition12022.' £26,836). There are no outstanding balances wlth any related party as al the
year end {2022.' £nill.
Prepared By Albert Goodman LLP
18