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← Word International Ministries UK

2023-12-31-accounts

Company registration number: 05011765 Charity registration number: 1110939

Word International Ministries, UK

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 December 2023

Field Sullivan Limited 9 Hare & Billet Road Blackheath SE3 0RB

Word International Ministries, UK

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 9
Independent Examiner's Report 10 to 11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Financial Statements 14 to 24

Word International Ministries, UK

Reference and Administrative Details

Trustees Glenda Inocencio
Rosario Lim
Shiela Loctugan
Secretary Stefan Tiran
Charity Registration Number 1110939
Company Registration Number 05011765
The charity is incorporated in England and Wales.
Registered Office 155A Kings Road
Chelsea
London
SW3 5TX
Independent Examiner Field Sullivan Limited
9 Hare & Billet Road
Blackheath
SE3 0RB
Bankers Barclays Bank
Stanmore
1 The Broadway
Stanmore
Middlesex
HA7 4DB

Page 1

Word International Ministries, UK

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 December 2023.

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Secretary:

Glenda Inocencio Rosario Lim Shiela Loctugan Stefan Tiran

Structure, governance and management

Nature of governing document

The chairty is a company limited by guarantee.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

The charity operates under the guidance of pastors: Rene Nepomuceno; and Stefan Tiran, and the board of trustees. All ministerial matters are spearheaded by the senior pastor in consultation with the other pastors, the board of trustees and the general members of the charity. All financial and legal matters are decided by the board of trustees with the guidance of the senior pastor.

In common with many churches, Word International Ministries UK is heavily reliant on the services of volunteers and greatly appreciates the work they undertake.

Recruitment and appointment of trustees

Trustees are selected from amongst the leaders of the church and appointed by majority decision by the trustees and the pastors. The pastors of the church are Rene Nepomuceno, Stefan Tiran, Mon Caseria, Ricardo Araneta and Nordy Loctugan.

Page 2

Word International Ministries, UK

Trustees' Report

Major risks and management of those risks

Overview

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to major risks.

Objectives and activities

Objects and aims

The charity's objects are:

  1. To encourage and promote worship of God, the edification of believers in the Christian faith; to provide a basis of fellowship among but not limited to Filipino Christians, promote and encourage the propagation of the Gospel of Jesus Christ in different social and ethnic communities; establish and maintain such ministerial, educational, social and charitaable projects and means such as orphanages and hospice, necessary for the promotion and expression of the love of God and the Gospel of Jesus Christ, in England and Wales and in foreign lands.

  2. To gather, assemble and unite together Christians as well as non-Christians who wish to embrace the aims and purposes of the association.

  3. To administer and manage all monies and properties of the association in such a manner that is considered wise or expedient for the advancement of the Gospel of Jesus Christ.

The aim of the charity is to spread the message of the Christian Gospel and in doing so to strengthen families who are members of the chuch and local community through various seminars and family activities and to reach out and minister to young people who need guidance and directions in making decisions for their future.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

When considering the aims and objectives in general and those that were to apply for the year, the Trustees have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charites for the advancement of religion.

Page 3

Word International Ministries, UK

Trustees' Report

Financial review

Policy on reserves

It is the policy of the charity that unrestricted funds held in net current assets which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's of unrestricted fund expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised.

Three month's expenditure on unrestricted funds, excluding designated funds, is budgeted to amount to approximately £42,000 (2022: £34,500, 2021: £33,000). Reserves held in net current assets which were not restricted or designated for specific purposes were £186,372 (2022: £158,138, 2021: £129,219) and represented approximately 9 months unrestricted fund expenditure and this policy has therefore been adequately complied with.

Financial instruments

Objectives and policies

The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The trustees (who are also the directors of Word International Ministries, UK for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

Page 4

Word International Ministries, UK

Trustees' Report

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Page 5

Word International Ministries, UK

Trustees' Report

TRUSTEES AND LEADERS PLANNING MEETING

The year began with two planning and vision meetings named Re.Vision organised on Sunday 27th November 2022 (online) and Saturday 10th December 2022 (face-to-face), focused on the themes of looking back, looking forward and looking up in prayer. Key points were reflection on challenges and learnings during the past year, presentation of the church vision, ratification of church events and plans, and the financial status of the charity. The planning meetings were attended by the trustees, the pastoral staff, ministry leaders and other key workers of the church. Follow up meetings were organised online throughout the year.

WORSHIP

The charity continued to conduct its weekly worship services in the six congregations located in London Chelsea, London Hounslow, Gillingham, West Bromwich, Aylesbury, and Manchester. The new church in Cambridge started organising monthly worship gatherings in October 2023.

• Cambridge: Monthly worship gatherings at St Mary’s Magdalene Church Hall (Church Lane, Brampton, Huntington PE28 4PF).

The worship services held at Chelsea Methodist Church were livestreamed, giving members and friends of the church the option of joining services from home whenever in-person attendance was not possible.

NURTURE AND PRAYER

Family Centre’s

The purpose of the charity is to nurture the faith and values of its members in accordance with the Bible and our Christian tradition. To achieve this objective, house groups (called Family Centre’s / FCs) met under the guidance of the pastors, in-person and online. The warm and welcoming environment provides people the opportunity to share experiences, encourage each other, study Scripture, and pray together. Single members of the church and young people were also encouraged to join FCs.

FC meetings and Sunday worship gatherings are not only important for the spiritual wellbeing of the community, but help strengthen marriages, tighten family relationships, encourage excellency at work and support Christian values more generally.

The pastors prepared weekly discussion guides based on the Sunday sermons, which were used during FC gatherings.

Word International School of Leadership (WISL)

The charity continued its leadership programme in collaboration with London School of Theology (LST). The module taught in 2023 was Introduction to Theology. About 20 leaders joined the sessions offered in the course over four separate sessions.

Page 6

Word International Ministries, UK

Trustees' Report

Prayer Meetings

The year started with a week of prayer and fasting. Furthermore, on every first Saturday of the month, members of WIN congregations in the UK met online to share personal testimonies and concerns, pray for each other, for the church, and the world.

PASTORAL CARE

With the help of the pastoral staff and key leaders, the charity provided pastoral care to its members through teaching in Family Centres, preaching on Sundays, counselling, mentoring and other special religious services. The pastors conducted approximately 30 counselling sessions with couples and young adults, 7 child dedications, and led over 250 Sunday worship services, including special services such as funerals, as well as Easter and Christmas celebrations.

Through pastoral care and religious services, the sacredness and timeless importance of life and relationships has been being emphasized. They also form an essential reminder for the community of the enduring relevancy of Christ's teachings and the priceless value of building joyful, close-knit families.

MISSION AND EVANGELISM

The charity remains wholly committed to sharing the love of God through word and deed. Its faith and beliefs are not limited merely to religious activities, but it also upholds that the Biblical teachings and principles are key ingredients for a meaningful and happy life and peace among all people.

• Spain Mission The charity remained committed in its support of Pastor Diosdado Sabado, the head pastor in Barcelona, Spain. The financial support is to assist him in providing for the needs of his children and ministry expenses.

• Bridges of Hope (Tulay ng Biyaya) The charity continued its support of Bridges of Hope a programme seeking to assist financially poor and underprivileged people in the Philippines.

FAMILY AND COMMUNITY ENHANCEMENT PROGRAMMES

The charity remained committed in preserving and strengthening families as primary witnesses of the Christian faith. In 2023 it organized or participated in the following events and activities:

• Men’s and Ladies’ Fellowships, to support men and women in the church community, address specific needs, and strengthen friendships.

CHILDREN’S MINISTRY

The aim of the Sunday school curriculum is three-fold:

• To help children understand that they too can participate in the redemption plan of God by believing that Christ is their Saviour.

• To guide children in their faith steps to yield to the person and transforming power of the Holy Spirit who seeks to conform them to the image and character of Christ.

• To encourage the children to discover and develop their talents and skills to prepare them for a life of loving service in their family, the church, and community.

Page 7

Word International Ministries, UK

Trustees' Report

In 2023, the kids in the seven WIN UK congregations continued to meet via Zoom for KIDZ time and face-to-face. Every Sunday between 11am and 12noon they spent time learning Bible stories, singing, and sharing in small groups, using the Dig In - Foundations of Faith curriculum. This was complemented with in-person teaching and activities in the local churches. KIDZ time was led by a team of experienced Sunday school teachers composed of volunteers from all WIN UK congregations. The average weekly attendance was about 40 kids.

YOUTH MINISTRY

Paulo Villanueva, Nicole Adriano, Maschil DeGuzman, Dalton Mabesa, Patrick Malanog and Toni Orozco led the youth ministries in London, Aylesbury, Gillingham, and West Bromwich. These leaders provide important spiritual, character and career development support to the young people of the community. To achieve this objective, the following activities were organized:

• Regular Bible studies: gathering regularly to study the Bible and grow as disciples of Jesus, aspiring for purposeful lives that will benefit society. About 40 young people attended these online and in-person gatherings.

• Social outings: watching movies, bowling outings, trips to the seaside, hiking excursions, and more.

• Worship services: aside from regular contributions to Sunday worship services (music, media team, support with kids’ ministry), the youth also led the Good Friday worship service and contributed to the Easter and Christmas services of the church.

European Youth Camp

Around 65 youths and 15 adult volunteers from our churches in the UK attended the WIN-EU Regional Youth Camp in Barcelona, Spain, from 31st July to 4th August, 2023. The theme of the camp was ‘Set Apart’ and the camp topics focused on widening the understanding of what it means to live as a Christian youth in today’s world.

YOUNG ADULT MINISTRY

The ministry for young adults continues to support young professional as they adjust to life after university. It has a strong emphasis on personal development, character formation, career support and mentoring that is provided by the pastors of the churches.

• Bible Studies: Young adults met online for fellowship and Bible study, supported by the pastors of the church.

• Social Gatherings: organized quarterly.

SOCIAL OUTREACH

The charity continued in 2023 to promote a biblical understanding of the role of social ministry as part of our worship and devotion to God. Families within and outside the WIN UK community who were affected by illness and unemployment were supported in various practical ways, including financial assistance.

20th ANNIVERSAY CELEBRATIONS

In 2023 WIN London the first church of Word International Ministries, UK celebrated its 20th anniversary. The celebration took place over two events: a worship gathering for all WIN UK churches held at London School of Theology on the 25th June 2023 and a thanksgiving dinner for all our WIN London volunteers and members held at Ollie’s House on the 1st July 2023.

Page 8

Word International Ministries, UK

Trustees' Report

MEDIA TEAM

Under the leadership of Christine Inciong, the media team continued to facilitate a professional online presence for WIN UK through a regular hybrid set-up for gatherings, the church website, and through engagement on various social media platforms. The media team operate in four departments: comms, website, creative, and technical. The vision of the ministry is to use the internet and social media to serve the church communities.

MEMBERSHIPS WITH THE EVANGELICAL ALLIANCE UK, CCLI AND CCPAS

The charity continues its membership with the Evangelical Alliance in the UK; the membership number is 230013.

It is also a member of CCLI (Christian Copyright Licensing International), which is an online subscription service providing chord sheets, lyrics and samples of songs that are used during the Sunday worship services. Finally, the charity is member of Thirtyone:eight, the churches’ Child Protection Advisory Service, receiving important advice around safeguarding.

The annual report was approved by the trustees of the charity on 4 May 2024 and signed on its behalf by:

......................................... Glenda Inocencio Trustee

Page 9

Word International Ministries, UK

Independent Examiner's Report to the trustees of Word International Ministries, UK ('the Company')

I report to the charity trustees (who are also Directors for the purpose of company law) on my examination of the accounts of the Word International Ministries, UK (‘the charitable company’) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and related notes. 12 24

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity’s trustees of Word International Ministries, UK you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of Word International Ministries, UK are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of Word International Ministries, UK as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Page 10

Word International Ministries, UK

Independent Examiner's Report to the trustees of Word International Ministries, UK ('the Company')

...................................... Timothy Sullivan - ICAEW 9 Hare & Billet Road Blackheath, SE3 0RB

Date:.............................

Page 11

Word International Ministries, UK

Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Investment income
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15		 Unrestricted
£
196,429
263
196,692
(168,423)
(168,423)
28,269
174,408
202,677		 Restricted
£
5,043
-
5,043
(12,882)
(12,882)
(7,839)
8,316
477		 Total
2023
£
201,472
263
201,735
(181,305)
(181,305)
20,430
182,724
203,154		 Unrestricted
£
157,855
-
157,855
(128,878)
(128,878)
28,977
145,431
174,408		 Restricted
£
11,822
-
11,822
(16,303)
(16,303)
(4,481)
12,797
8,316		 Total
2022
£
169,677
-
169,677
(145,181)
(145,181)
24,496
158,228
182,724

All of the charity's activities derive from continuing operations during the above two periods.

The funds breakdown for 2022 is shown in note 15.

The notes on pages 14 to 24 form an integral part of these financial statements. Page 12

Word International Ministries, UK

(Registration number: 05011765) Balance Sheet as at 31 December 2023

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
13
Creditors: Amounts falling due within one year
14
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
15		 2023
£
3,505
75,842
154,784
230,626
(30,977)
199,649
203,154
477
202,677
203,154		 2022
£
4,881
62,344
132,166
194,510
(16,667)
177,843
182,724
8,316
174,408
182,724

For the financial year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 12 to 24 were approved by the trustees, and authorised for issue on 4 May 2024 and signed on their behalf by:

......................................... Glenda Inocencio Trustee

The notes on pages 14 to 24 form an integral part of these financial statements.

Page 13

Word International Ministries, UK

Notes to the Financial Statements for the Year Ended 31 December 2023

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

The address of its registered office is: 155A Kings Road Chelsea London SW3 5TX

These financial statements were authorised for issue by the trustees on 4 May 2024.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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) - Second edition October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

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

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Page 14

Word International Ministries, UK

Notes to the Financial Statements for the Year Ended 31 December 2023

Judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Page 15

Word International Ministries, UK

Notes to the Financial Statements for the Year Ended 31 December 2023

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £150.00 or more are initially recorded at cost.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Fixtures, Fittings & Equipment 2-4 years on a straight line basis

Cash and cash equivalents

Cash and cash equivalents 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 16

Word International Ministries, UK

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 17

Word International Ministries, UK

Notes to the Financial Statements for the Year Ended 31 December 2023

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Gift aid reclaimed		 Unrestricted funds
Designated
£
General
£
35
163,566
-
32,828
35
196,394		 Restricted
funds
£
5,043
-
5,043		 Total
2023
£
168,644
32,828
201,472		 Total
2022
£
139,677
30,000
169,677

4 Investment income

Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
263		 Total
2023
£
263

5 Expenditure on charitable activities

Note
Church rent
Depreciation of fixtures and fittings
Staff training
Travelling
Office rent
Insurance
Ministry expenses
Other conferences & training
Special events
Church camp
Grants to individuals
Grants to institutions
Staff costs
9
Support costs
6		 Unrestricted
General
£
21,760
2,232
304
9,748
-
1,094
4,471
644
21,720
16,943
7,368
9,691
63,132
9,316
168,423		 Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
12,882
-
12,882		 Total
2023
£
21,760
2,232
304
9,748
-
1,094
4,471
644
21,720
16,943
7,368
9,691
76,014
9,316
181,305		 Total
2022
£
16,864
1,540
120
7,439
1,650
1,074
3,388
1,577
9,142
-
7,145
9,734
76,942
8,566
145,181

Page 18

Word International Ministries, UK

Notes to the Financial Statements for the Year Ended 31 December 2023

6 Analysis of governance and support costs

Support costs

Administration expenses
Accountancy		 Unrestricted
funds
General
£
6,904
2,412
9,316		 Total
2023
£
6,904
2,412
9,316		 Total
2022
£
6,304
2,262
8,566

7 Grant-making

Below are details of material grants made to institutions

Below are details of material grants made to institutions
2023 2022
Name of institution £ £
Word International Germany 6,484 6,484

8 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

Page 19

Word International Ministries, UK

Notes to the Financial Statements for the Year Ended 31 December 2023

9 Staff costs

The aggregate payroll costs were as follows:

9
Staff costs
The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2023
£
72,600
294
3,120
76,014		 2022
£
72,853
969
3,120
76,942

The monthly average number of persons (including senior management team) employed by the charity during the year on a head count basis was as follows:

2023 2022
No No
Pastoral 4 4

No employee received emoluments of more than £60,000 during the year.

During the year the charity made the following transactions with key management personnel:

Pastors

The Pastors received remuneration of £51,000 (2022: £51,272)

10 Taxation

The charity is a registered charity and is therefore exempt from taxation.

Page 20

Word International Ministries, UK

Notes to the Financial Statements for the Year Ended 31 December 2023

11 Tangible fixed assets

Cost
At 1 January 2023
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
12 Debtors
Prepayments
Other debtors
13 Cash and cash equivalents
Cash on hand
Cash at bank		 Furniture and
equipment
£
8,978		 Total
£
8,978
8,978
3,240
2,233
5,473
3,505
5,738
2022
£
-
62,344
8,978
3,240
2,233
5,473
3,505
5,738
2023
£
400
75,442
75,842
2023
£
617
154,167
154,784
62,344
2022
£
879
131,287
132,166

Page 21

Word International Ministries, UK

Notes to the Financial Statements for the Year Ended 31 December 2023

14 Creditors: amounts falling due within one year

Other taxation and social security
Other creditors
Accruals
15 Funds
Unrestricted
General
General Funds
Designated
Building Fund
Foreign Mission Fund
Benevolent Fund
Total unrestricted
Restricted
Regional Fund
Salary Fund
Philippines Calamity Fund
Total funds		 Balance at 1
January 2023
£
158,138
14,700
674
896
16,270
174,408
7,839
-
477
8,316
182,724		 Incoming
resources
£
196,657
-
35
-
35
196,692
-
5,043
-
5,043
201,735		 2023
£
1,559
1
29,417
30,977
Resources
expended
£
(168,423)
-
-
-
-
(168,423)
(7,839)
(5,043)
-
(12,882)
(181,305)		 2022
£
1,878
-
14,789
16,667
Balance at 31
December 2023
£
186,372
14,700
709
896
16,305
202,677
-
-
477
477
203,154

Page 22

Word International Ministries, UK

Notes to the Financial Statements for the Year Ended 31 December 2023

Unrestricted
General
General Funds
Designated
Building Fund
Foreign Mission Fund
Benevolent Fund
Total unrestricted
Restricted
Regional Fund
Salary Fund
Seeds of Hope Fund
Total funds		 Balance at 1
January 2022
£
129,219
14,700
616
896
16,212
145,431
11,320
-
1,477
12,797
158,228		 Incoming
resources
£
157,695
-
160
-
160
157,855
4,261
7,561
-
11,822
169,677		 Resources
expended
£
(128,776)
-
(102)
-
(102)
(128,878)
(7,742)
(7,561)
(1,000)
(16,303)
(145,181)		 Balance at 31
December 2022
£
158,138
14,700
674
896
16,270
174,408
7,839
-
477
8,316
182,724

The specific purposes for which the funds are to be applied are as follows:

Regional Fund - this is for the support of the work of the international network of Word International Ministries overseas.

Salary Fund - this represents funds provided for the support of employees of the charity.

Philippines Calamity Fund - this fund was for the support of victims of the typhoon disaster in the Philippines but has been re-named so as to cover funds raised for any future disasters in the Philippines.

Page 23

Word International Ministries, UK

Notes to the Financial Statements for the Year Ended 31 December 2023

16 Analysis of net assets between funds

16 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
3,505
230,149
(30,977)
202,677
Unrestricted
funds
General
£
4,881
186,194
(16,667)
174,408		 Restricted
funds
£
-
477
-
477
Restricted
funds
£
-
8,316
-
8,316		 Total funds at
31 December
2023
£
3,505
230,626
(30,977)
203,154
Total funds at
31 December
2022
£
4,881
194,510
(16,667)
182,724

17 Related party transactions

During the year donations of £9,200 (2022: £8,750) were recieved from trustees and related parties.

Page 24