Kingdom Faith South West
Annual Report and Financial Statements
For the Year Ended 31 December 2024
Charlty Reglst•Md In England and Wales Number: 1107721

Kingdom Falth South West
Contents
For the Year Ended 31 December 2024
Contents
Reference and Administrative Details
Trustees, Annual Report
Independent Examlner's Report
statement of Financial Activitles
8alance Sheet
10
Notes to the Finanaal Statements
Prepared By Abert Goodman LLP

Kingdom Faith South West
Reference and Administrative Details
For the Year Ended 31 December 2024
Trustees
M A Baker
J C Butler
A K Kitchingman
S E Mathers
MB Watt
Principal Office
Crescent House
>7 The Mount
Taunton
Somerset
TA13NR
Registered Office
Crescent House
&7 The Mount
Taunton
Somers&t
TA13NR
Independent Examin•r
Michelle Ferns Bsc (Hons) FCA DChA
Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA12PX
Prepared By Albert Goodman LLP

Kingdom Faith South West
Trustees, Report
For the Year Ended 31 December 2024
The Trustees present their annual report together with the report on Ihe accounts for Kingdom Faith
South West (the charity) for the year ended 31 December 2024.
The Charity is a trust formed under declaration of trust dated 23rd December 2004 and suppleffRnted by
the Charilable Trust Deed dated 9th October 2017 and approved by the Charity Cornmission. Trustees
are appointed by the existing Trustees provided they are approved by the StAritual Leadershlp of the
church. and are appointed on the basis of their expertise and involvement in furthering the objects of the
charity.
The finanaal statements have been prepared in accordance with the accounting pollcies set out in note 1
to the financial statements and compty with the Charities Ad 2011, the Trust Deed, and Accounting and
ReportirvJ by Charities: Statement of Recommended Practice applicable in the UK and Republic of
Ireland (FRS 102) {effeclive 1 January 2019).
Structuro, governance and management
Kingdom Faith South West is governed by a Trust Deed dated 23ryJ December 2004 with a
supplementary Trust Deed dated 19th October 2017 and operates as a charity registered in the UK.
The trustees have considered the key operational, financial and strategic rlsks that have a beariro on the
charity. Suitable management information Is available to the trustees on a regular basis to monitor these
risks and allow any appropriate actlon be taken to address them.
The Iruslees who served during the year are as ksted on page 2 of this report.
The church vlsSon and directions are led by the leadershlp 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 Iheir
assoclated responsibility as trustees. The Trustees meet approxlmately 3 tirr￿ a year lo review
performance, operating plans, budgets and building matters. Operational decisions are taken by Ihe
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 Fallh London
KFSW continues to have a glob81 perspective and works with some indivlduals and grouFxs across the
world which align with the charity's vision and objectives, including:
Asian Foundation (Mongolia) l Mongolian Children's Foundation
Hamsayeh - supwrt of individuals y￿rkIng wth Christians from countries where Christianity
Suffe￿ persecution
Samaritans Purse- donations to disaster relief and humanitarian support throughout the world.
CAP - Christians Against Poverty - support to reduce wverty in the UK.
Prepared By Abert Goodman LLP

Kingdom Faith South West
Trustees, Report
For the Year Ended 31 December 2024
Objectives and Activities
The objects of the chaTity laid down in the trust deed are, for the benefft of the publc:
3.2.1 To athiance the Christian farth (in accordance with the statement of beliefs) in such ways
and in such parts of the United Kingdom or the world as the Ttustees from time to time may think
3.2.2 To relieve sickness and financial hardship and to promote and preseNe go¢xl health by
the provision of funds, goods or services of any kind including Ihrough 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 worfd
as the Trustees from lime to time may think fit.
These obj'ectlves have been revtewed to ensure they continue lo reflect our aims arKI they have
remained unchanged since the lasl annual report of the trustees.
The Trustees have due regard to the public benellt guidance issued by the Chafity Commission.
The maln strategies adopled for ensurlng th6 aims and objectives of the ch8rity are outworked are:
Conduding meetings
Running a church centre
Oigani5irvJ activities, groups and mlsslons
Working with other Christian organisats'ons
Achlevements and P•rfomiance
The church has seen significant numerical growth in the church over the last 2 yeats, particularly within
the children's ministries, which has been very encouraging. A reorganisation of the middle floor of
Crescent House was carried out to facilitate this growth, including a dedicated room for parenis with
under 1s. This reconfiguratlon has been successfvl and continued to facilitate the growlh.
The church has also seen considerable growth in the youth minlstry (Elevate) thSs year. Some of our
young people attended SPREE (a youth festival held In June for young people to build strong frlendships
and explore the Christian failh togelher). This was a huge success, and acknowledgement and thanks
are given to the amazing leam of KFSW Voluntee￿ who organised and attended.
The following key events took place throughout the year:
Prayer Academy {3 sessions duriro March - May) for the church on 'how to pray,.
A small team went to Mongolia for the first time since before Covid specifically to support and
encourage the team working for Mongolan Children's Foundation and conduct leadership
training.
A fun day was held for Superkids (4-9 years olds) which included crafts, games, competitions
and a BBQ. It was a great relationship building day for the kids a￿1 team.
In September the church launched several events sp8cifjcally for our local comrnunty.
Healthy Soul- 3 evenings to help people overcome the anxieties and negative emolions in life
Life Worth LiviNJ - we relaunched this &week course in October with more planned for the new
year
Prepared By Abert Goodman LLP

Kingdom Faith South West
Trustees, Report
For the Year Ended 31 December 2024
As in previous years KFSW conlinues to provide support to our local community through 2 outreach
projects:
Baby Bank
hardship
startright- a weekty parent and toddler group during ternFtime.
In addition to the above community projects, the church became a reccrfJnised Money Coach Centre with
Christians Against Poverty during 2024. Money Coaching is a free service that KFSW now offers lo the
church and the community in partnership with CAP designed lo empower people with the knowledge.
skills, tools and confidence to t*tter manage their finances. The first Money Coaching Day was held in
October for church membern (fully booked) with dates planned for 2025 for both church and community.
The Trustees continue to admire the flexibility and 8daptalylity of Ihe whole church while all the above
has taken place, who have enabled church life to continue despite disruption to some areas of the
building.
which provides nappies and wipes to families who are experien¢lng financial
Staff and Volunteers
The Trustees greatly appreciate the way the Pastors and Support Staff have served the church and
communlty In the past year.
The Trustees honour the way that staff and volunteers serve the mlssion and objectives of the church on
a continual basis.
Three trustees are volunteers who give considerable input to enable KFSW Church to carry out its duties
to what we consider to b8 a very high standard.
Futurè Developments for 2025
The following developments are 8ntlclpated during the comlng year to ensure that Crescent House and
Its facilities continue to selve the vision of the church.
Replacement of the top floor lighting and emergency IwJhting. This includes removal of aged UV
strip lighting and the installation of new energy efficient and considerate lighting.
Repair and replacement of Ilat roof situated above the srte office and adjacent to the toilet block.
This will rectify ongoing leak issues of the past y88r.
Upgrade of the Iwo ground floor toilets.
A refresh of the communal areas within the buikjing including signage, redecoration of some
areas of the middle floor and ground floor offices.
A routine lift servlce has highllghted some expenditure Is needed to upgrade and Improve
aspects of the lift to keep up with Brftlsh Standards. This work Is being costed up and will be
implemented throughout the year.
Prepared By Albert Goodman LLP

Kingdom Faith South West
Trustees, Report
For the Year Ended 31 December 2024
Financial Review
The statement of financial aLtivities is set out on page 9 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 m8mbers. IncludirvJ this, total
unrestricted income for the year was £255,807 (2023: £296,963) and total restricled income was £8.763
(2023: £8,822).
The deficit generated in the year was £23,147 P023: surplus of £19,913), with total r6seNes being
£800,511 <2023: £823,658). Of these reserves carried forward, £4,520 was restricted, leaving £795,991
unreslricted <2023: £4,060 restricted and £819,598 unrestrided>,
Inves1ment policy
The charity has adopted a Iow-risk investment strategy with accounts whth Kingdom Bank. Investments
are reviewed annualty.
Fund raising
The charlty relies on voluntary donations from its members for Tts income. The charty does not employ
professional fund raising bodies.
Restrlcted funds
Oetsils of the restricted fijnds 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 a
level which equat8S to approximately three months unrestricted expenditure, This provldes sufficienl
furKJs to cover management, adnNnistration and supports costs,
3 months unrestricted expenditure would equate to approximately £60k. The free reseNes of the charity
at the end of the year were £201,869 {unrestricted funds less fixed assets, add back loans laken out to
fund those assets).
The charity intends to use some funds for overpaying the mortgage, complelion of the upgrade to the
lollet facilities on the ground floor, upgrading the Streaming systems, as well as holding additional
reserves for future building repairs.
It's expected that adapts'on and fiexiLxlity will remain key In the church's approach for the next year with
the increasing costs of living and as a resuEt we will keep all income and expenditure under review to
ensure the continued well-being and appropriate financial health of KFSW.
Prepared By Albert Goodman LLP

**Kingdom Faith South West Trustees' Report For the Year Ended 31 December 2024** 

## **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.** 

**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  20 July 2025** 

**A K  Kitchingman Trustee** 

a **Prepared By Albert Goodman LLP** 



**Kingdom Faith South West Independent Examiner's Report For the Year Ended 31 December 2024** 

## **Independent examiner's 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 2024.** 

## **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 Michelle Ferris BSC (Hons) BSc (Hons) FCA DChA FCA DChA Albert Goodman LLP Albert Goodman LLP Goodwood House Goodwood House Blackbrook Park Avenue Blackbrook Park Avenue Taunton Taunton TA1 2PX Somerset Date: TA1 2PX 31 July 2025 

8 

Prepared By Albert Goodman LLP 



Klngdom Faith South West
Statement of Financial Activities
For the Year Ended 31 December 2024
Unrns-
trfct•d
Res•
Total UnYes-
2024 trlcted
Total
2023
Notes
Income and endowfflents
Donations
Investment income
252,293
3,514
8,763 261,056
3,514
293,807
3,126
8,822 302,629
3,126
Total income
255,807
8,763 264,570
296,963
8,822 305,785
Exp•nditure
Expenditure on charitsble
activrties
279,313
8,404 287,717
257,906
27,966 285,872
Total expenditur•
279,313
8.404 287,717
257,906
27,966 285,872
Net in¢om•1(exp•ndi￿rO)
(23,506)
359 (23,147)
39,057 (19,144) 19,913
Transfers b&tween fvn(h
(101)
101
(20,839)
20,839
Net n￿Vern1nt In funds
{23,807
460 (23,14n
18,218
1,696 19,913
Reeoneiliati¢)n ol funds
Fund balances at 1 January
2024
819,598
4,060 823,658
801,380
2,365 803,745
Fund balances at 31
DKemb•r 2024
795,991
4.520 800,511
819,698
4,080 823,868
The results for the year derlve from continulng activiti88 and there are no gains or losses other than
those shown atM)ve.
Prepared By Albert Goodman LLP

## **Kingdom Faith South West Balance sheet As at 31 December 2024** 

||||**Total 2024**||**Total 2023**|
|---|---|---|---|---|---|
||**Notes**||£||£|
|**Fixed assets**||||||
|**Tangible fixed assets**|**5**||**729,909**||**776,776**|
|**Current assets**||||||
|**Debtors**|**6**|**13,094**||**11,574**||
|**Cash at bank and in hand**||**200,096**||**197,855**||
|||**213,190**||**209,429**||
|**Creditors**||||||
|**Amounts falling due within one year**|**7**|**(25,989)**||**(32,221)**||
|**Net current assets**|||**187,201**||**177,208**|
|**Long term liabilities**|**8**||**(116,599)**||**(130,326)**|
|**Net assets**|||**800,511**||**823,658**|
|**The funds of the charity**<br>**Restricted funds**|**9**||**4,520**||**4,060**|
|**Unrestricted funds**|**9**||**795,991**||**819,598**|
||||**800,511**||**823,658**|



**Approved by the Board for issue on 20 July 2025 and signed on its behalf by:** 

> **[AK Kitchingman]** · 

**M Baker Trustee** 

**Trustee** 

**Prepared By Albert Goodman LLP** 

10 



Kingdom Faith South West
Notes to the Financial Statements
For the Year Ended 31 December 2024
Accounting pollcies
1.1 General infomiation and basis of accounting
Kingdom Faith South West is a charity, registered in England Wales. The nature of the
charity's operations and its principal activities ale set out in the Trustees report on pages >7.
The fjnancial 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) (effedive 1 January 2019)- (Charities SORP (FRS 102)).
The charity meets the dellnltion of public benefft entity under FRS 102. Assets and liabilities are
initialSy recognised at historical cost or transaction value unless otherwise stated in the relevant
accountlng policy.
1.2 Income
Income from donations is recognised upon receipl.
Incorne from Investments is accounted for when recelvable.
1.3 Expenditur•
Expendilure is accounted for on the accruals basis. LlaL¥litles are recognised In the accountlng
pefiod to which they relate.
Support costs are those funclions which assist the work of the charity but do not dlrectly
undertake charitable aLlivities. These costs have been allocaled to expenditure on charitable
activities.
1 ,4 Fixed a$￿tS
Fixed assets are v85ued at cost less depreciation.
Depreaatlon Is calculated to wrlte off the cost or valuatlon of fixed assets over their estimated
useful Iwes at the following rate: _
Freehold property
2% straight line
Freehold improvements - 10% straight line
Equipment
25Q/o slraight line
1.5 Debtors
Trade arHJ 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 high
liquid investments that are readily convertible to a known amount of cash and are subject to an
insignifjcant risk of Cha￿Je in value.
1.7 Creditors
Creditors and provisions are recognised where the charity has a present otjigation resutting 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.
Prepared By Albert Goodman LLP

Kingdom Faith South West
Notes to the Financial Statements
For the Year Ended 31 December 2024
Accounting policies Iconlinued)
1.8 Taxation
The company is a registered charity and is therefore not liable to corporation tax on its charitable
activities to the extent that income and gains are applied to charitable purposes.
1.9 Fund accounting
General funds are unrestricled 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 speclfic 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 Flnancial Instruments
The charity only holds basic financial instruments as defined by FRS102, The financial assets and
liabilities of the charity and thelr measurement basis are as follows:
Flnanclal assets- trade and other detrtors are basic11nancSal Inslruments and are debt instruments
m8asured at amortised cost. Prepayments are not financial Instruments.
Cash at bank and in hand- 15 classlfied as a baslc financial Instrument and is measured at face
value.
Financial liabilities- trade creditor8, accruals, and other creditors are financAal instfuments and are
measured at amortised cosl. Taxatlon and social security are not included in the financial
instrurnents disclosure definition.
Donatlons
Unr•s-
R•$.
tricted trlc
Total
2024
Unr•s•
R•s-
tricted triatad
Total
2023
Tithes & offerings
Tithes & offerings tax recovered
Restricted gifts
Restricted gifts tax recovered
Mortgage donalions
M6cellaneous income
207,059
41,302
828
597
2,360
147
207,059 250,449
41.302
38.258
8,019
2.169
2,360
147
250,449
38,258
7,498
2,267
3,900
257
7,191
1,572
7,498
1,224
1,043
3,900
157
100
252,293
8,763 261.056 293,807
8,822
302,629
Prepared By Albert Goodman LLP
12

Kingdom Faith South West
Notes to the Financial Statements
For the Year Ended 31 December 2024
Expenditure on charitable activities
Unres-
Res-
tricted tricted
Total
2024
Unres-
Res-
tricted tricted
Total
2023
Grnnts
KFGifts
Mission gifts
Israel
Benevolence
Miscellaneous
Resources
Puichases
Miscellaneous
Spukers
Gifts
Cr•scent House
Buildings insurance
Electriuty and gas
Water rates
Cleaning
Property repairs
Mlnistry
Wages and salaries
Refreshments
Children and Youlh
Pastoral
Sundays
Special events
Audio
Music
Farth projects
Conferences
Accomodation
Subsistence
Miscellaneous
Mission
Travel
Supplies
2,550
2,550
12,152
1,000
11,579
1,621
4,120
2,062
15,149
275
1,247
5,367
2,062
19,015
275
12,152
1,000
3,070
1,439
3,866
8,509
182
97
259
97
259
114
14
114
14
1,450
1,450
54
2,186
7,361
454
3,190
3,922
2,186
7,361
454
3,190
4,681
2,090
6,812
364
3,442
2,090
6,812
3,442
7,123
759
7,123
102,290
1,461
467
102,290
1,461
815
98,813
1,340
1,093
98,813
1,340
1,093
348
227
802
126
11
52
227
995
126
11
52
428
922
806
2,348
145
428
922
806
2,348
145
193
568
281
187
261
110
292
261
110
292
281
187
204
266
1,991
2,195
266
Depreciation
Support costs
Govemance costs
46.867
82,951
2.028
46,867
82.951
2,028
43,875
83,103
2,985
43,875
83,103
2,985
279,313
8,404 287,717 257,906 27.966 285,872
Prepared By Albert Goodman LLP
13

Kingdom Faith South West
Notes to the Financial Statements
For the Year Ended 31 December 2024
Expenditure on charitable activities (continued)
Support costs
Salaries and pensions
Telephone and internet
Publicty and advertising
Soflware
Printing and ststionery
Postage
Travel
Equipment repairs
Fumiture and soft fumishings
Other expenses
Bank Gharges
Mortgage interest and charges
63,322
2,366
726
955
578
19
106
505
1,285
138
297
12,654
63,322
2,366
726
955
578
19
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
388
13
22
1,900
1,687
2,356
324
12,702
505
1,285
138
297
12,654
82,951
82,951
83,103
83,103
Govèmance costs
Professional fees
Accountancy fee
Independent examination fee
945
1,290
750
1,278
750
1,278
750
1,290
750
2,028
2,028
2,985
2,985
Wages and salaries
Total
2024
Total
2023
Wages and salaries
Social security costs
Pension costs
135,350 130,482
8,155
7,550
22,107
20,296
165,612 158,328
The Church employs three full time and Iwo part time mernbe￿ of staff. Two trustees are employed by
Ihe chatity for ￿￿nISte￿al and administration services, not for their roles as trustees. Remuneration for
these individuals amounted to £103,447 (2023: £99,222) and those payments are permitted by the
charity's governing document. The charity paid pension conttibutlons into a defined contribution pension
scherne for the benefit of the staff. including the two Trustees employed by the charity.
No individual earned over £60,000 (2023: nil). The key management per3onnel of the Church is
considered to be the two pastors, for which total remuneration amounted to £108,582 (2023.. £104,131).
Prepafed By Ajbert Goodman LLP
14

Kingdom Faith South West
Notes to the Financial Statements
For the Year Ended 31 December 2024
Tangible Assets
Freehold
FreelK•ld
Property Impnlvements Eguipment
Total
Cost
At 1 January 2024
Additions
603,452
307,704
121,136 1,032,292
At 31 December 2024
603,452
307,704
121,136 1,032,292
Depreciation
At 1 January 2024
Charge for the year
48,276
12,069
96,168
30,770
111,072
4,028
255,516
46,867
At 310ecember 2024
60,345
126,938
115,100
302,383
Net IM)ok value
At 31 Decemb8r 2024
543,107
180,766
6,036
729,909
At 1 January 2024
555,176
211,536
10,064
776,776
Debtors
Total
2024
Total
2023
Gift aid tax recoverable
Prepayments
Other debtors
10,519
1,916
659
9,380
1,802
392
13,094
11,574
Prepared By Ajbert Goodman LLP
15

Klngdom Faith South West
Notes to the Financial Statements
For the Year Ended 31 December 2024
Creditors: amounts falling due within one year
Total
2024
Total
2023
Other creditors
Accruals
Mortgage due < 1 year
4,365
2,436
19,188
10,547
2,486
19,188
25,989
32,221
Creditors: amounts falling due after one year
Total
2024
Total
2023
Mortgage
116,599 130,326
116,599 130,326
Statement of funds
Opening Incoming Outgolng
Balanc• Resources Resources
01101124
Trnnsfers
Closing
Balanc•
31112124
Restricted funds
Mission
Mongolia
Help
CH
Baby Bank
SPREE
SK Fun Day
1,245
1 ,968
993
750
2,933
730
144
(1,247)
(1 ,991)
(500)
(759)
(2,966)
(748)
(193)
23
3,274
3,767
786
753
18
49
Total restricted funds
4,060
8,763
(8,404)
101
4,520
Unrestricted funds
General fund
202,400
252,504
(275,906)
28,907
207,905
Designated funds
Property
617.198
3,303
(3,407)
(29,008) 588,086
Total lund$
823,658
264,570
{287,717)
800,511
Prepared By Albert Goodman LLP
16

Kingdom Faith South West
Notes to the Financial Statements
For the Year Ended 31 December 2024
Statement of funds- 2023
Openin9 Incoming
Outgolng
Balance Resournis Resources
01101123
Translers
Closing
Balance
31112123
Restrfcted funds
Mission
Mongolia
Help
CH
Baby Bank
Toilet Upcycle
Youth Camp
1,110
530
3,347
600
2,857
263
115
(6,152)
(10,000)
(2,438)
(5,263)
(2,071)
(1,860)
{182)
5.042
9,470
2,365
3,274
4,663
1,597
67
Total restrlcted funds
2,365
8,822
(27,966)
20,839
4,060
Unrnstrlcted funds
General fund
196,578
292.222
(218,450)
(67.950) 202,400
Deslgnated funds
Property
604,802
4,741
{39,456)
47,111
617,198
Total funds
803,745
305,785
(285,872)
823,658
The property restrlcted fund was holding the church which was purchased some years ago. Thera is no
requirement for thls to be held in a restricted fund and therefore in 2019 the trustees elected to transfer
this out in accordance Vlith paragraph 2.12 of the 2019 SORP. The book valuo of the church, less the
mortgage secured on it, is now held within a designated fund.
The Mission re5trlcted fund is income received for mission work which has been fulty 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
fijlly spent on outreach projects In Mongolia and the overspend Iransferred in from unrestricted funds.
The Church fund is money received for the upkeep of the church. Where amounts were fully spent on
caiital items which have been casitalised 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 Help fund is money recelved from church members durlng the pandemic and since for the purpose
of helping people (primarily within the church) who face financial hardship. Money will not necessarity be
used within the financial yeai given but as genuine need arises.
The CH fund comprises gifts that have been given for the upkeep or develosxnent of Crescenl 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 2024
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 supplies to
families requiring support.
The designated fund is the book value of the church. less the mortgage secured on it.
10
Analysis of net assets betwéen funds
Unres-
Res.
trictsd trict•d
Total
2024
Unres-
Res-
trict•d trfcted
Total
2023
Tangible assets
Net current assets
Long term liabilities
729,909
182,681
(116,599)
729,909
776,776
187,201
173,148
(116,599) (130,326)
776,776
177,208
(130,326)
4,520
4,060
795,991
4,520 800,511
819,598
4,060 823,658
11
Relatad party transactions
Two Trustees are employed by the charity for roles unconnected wlth thelr posltion as Trustees as
dlsclosed in note 4.
Trustees and related parties provided donations to the charity amounting to £30,380 without
condition (2023: £49,012). There are no outstsrKling balances with any related party as at the
year end (2023: £nil).
Prepared By Albert Goodman LLP
18