2023-03-31-accounts

Company number 06481224

Kingswood Church Annual Report and Unaudited Financial Statements

for the year ended 31 March 2023

Company number 06481224

KINGSWOOD CHURCH

CONTENTS

	Page
Company Information	1
Trustees' report	2-3
Independent examiner's Report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7-10

KINGSWOOD CHURCH

COMPANY INFORMATION

Directors/Trustees

J R Edwards E D Field R J Field A M Jerman

Company Secretary

Robert John Field

Governing Document Memorandum and Articles of Association dated 23 January 2008 Company Registration Number 06481224 Charity Registration Number 1122959 Registered Office Kingswood Church Church Road Welshpool Powys SY21 7LN

Independent Examiner

Rachel Pittaway RW Accounts Ltd 3 The Terrace Welshampton, Ellesmere SY12 0PL

Bankers

HSBC Plc 23 Broad Street Welshpool Powys SY21 7RN

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KINGSWOOD CHURCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The Directors/Trustees present their report and financal statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the Accounting policies set out in note 1 to the financial statements and comply with the charitie's memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practices applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016).

Objects of the charity

The charity's objects are to advance the Christian Faith through teaching and training . To relieve sickness and financial hardship and preserve good health through the provision of counselling and support.

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

Achievements and performance

Apart from regular Christian meetings, Kingswood Church is used throughout the week. We have available through the bookshop, resources to help and equip churches, schools and Christians to live in and serve their local communities.

We also run a Trussell Trust affiliated Foodbank from the premises to serve local people in short term financial crisis. Distributing well over 24 tons of food to local charities and almost 1,400 clients in this financial year. We also partner with FareShare in order to minimise food waste from Supermarkets that would otherwise go to landfill. Since we started the partnership, we have collected almost 9 tons of food which has a meal equivalent of 22 thousand meals. Over 40 agencies refer clients to us who we endeavour to support with additional advice and resources as well as food, toiletries, and cleaning products.

In planning the activities the Directors/Trustees have had regard to the guidance issued by the Charity Commission in December 2008 on Public benefit.

Financial Review

Income for the year was £70,816 and expenditure was £82,984, resulting in a deficit for the year of £12,168. Fund balances at the end of the year totalled £190,539, which included fixed assets at net book value of £145,962.

The Board of Directors/Trustees have established a policy whereby free reserves held by the charity should be maintained at a level sufficient to meet its obligations in light of the current level of giving. The Directors/Trustees belive that the current level of free reserves held is sufficient at present.

The Directors/Trustees have reviewed the risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

2

Structure, governance and management

The charity is a company limited by guarantee.

The trustees, who are also directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: J R Edwards

E D Field

R J Field A M Jerman

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

This report was approved by the Directors/Trustees and signed on their behalf by:

R J Field Trustee Dated:

3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

KINGSWOOD CHURCH

I have examined the accounts for the year ended 31st March 2023 on pages 5 to 10 following which have been prepared on the basis of the accounting policies set out on page 7.

Respective Responsibilities of Directors/Trustees and Examiner

The directors/trustees of the company are responsible for the preparation of accounts; they consider that the audit requirements under section 144 of the Charities Act 2011 do not apply but that an independent examination is needed. I have been appointed to conduct an Independent Examination required by section 145 of the Charities Act, 2011 and to report in accordance with the regulations made under section 145 of that Act. It is my responsibility to examine the accounts, without performing an audit, and to report to the trustees.

Having satisfied myself that the company is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

(1) examine the accounts under section 145 of the Charities Act 2011;

(2) follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011;

(3) state whether particular matters have come to my attention.

Basis of Examiner's Statement

This report is in respect of an examination carried out under section 145 of the Charities Act 2011, and in accordance with the general directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity, and a comparison of the accounts presented with those records. It also includes a review of the accounts and making such enquiries as are necessary for the purpose of this report. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Examiner's Statement

Based on my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect, accounting records have not been kept in accordance with section 386 of the Companies Act 2006, or that the accounts presented do not accord with those records, or comply with the accounting requirements of section 396 of the Companies Act 2006. No matter has come to my notice in connection with my examination to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts.

Rachel Pittaway

For and on behalf of: RW Accounts Ltd 3 The Terrace Welshampton Shropshire SY12 0PL

2023

4

KINGSWOOD CHURCH

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2023

Summary Income and Expenditure Account

		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
	Note			2023	2022
		£	£	£	£
Income
Incoming resources from generated funds
Donations and legacies	3	22,286		22,286	20,150
Charitable activities	4		29,205	29,205	35,828
Bookshop	5	12,957		12,957	7,483
Other income	6	6,369		6,369	4,738
Total Incoming Resources		41,611	29,205	70,816	68,199
Expenditure
Costs of generating voluntary income
Raising funds	7	15,329	0	15,329	7,383
Charitable activities	8	60,043	7,612	67,655	48,017
Total Resources Expended		75,372	7,612	82,984	55,400
Net Movement in Funds		(33,760)	21,593	(12,168)	12,799
Fund balances at 1st April 2022		167,589	35,117	202,706	189,907
Fund balances at 31 March 2023		133,829	56,710	190,539	202,706

Movements on reserves and all recognised gains and losses are shown above.

The notes on page 7-10 form part of these accounts.

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Company number 06481224

KINGSWOOD CHURCH BALANCE SHEET

as at 31 March 2023

Note FIXED ASSETS Tangible assets 11 CURRENT ASSETS Stocks 12 Debtors 13 Cash at bank CURRENT LIABILITIES Liabilities falling due within one year 14 Net Current Assets NET ASSETS FUND BALANCES Unrestricted funds Restricted Funds 15	2023 £ £ 145,962 23,389 1,541 22,886 47,816 (500) 47,316 193,278 136,568 56,710 193,278	2022 £ £ 149,876 26,922 2,387 24,021 53,330 (500) 52,830 202,706 167,589 35,117 202,706	2022 £ £ 149,876 26,922 2,387 24,021 53,330 (500) 52,830 202,706 167,589 35,117 202,706
			202,706
			167,589 35,117
			202,706

For the year ended 31st March 2023, the company was entitled to the exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

Responsibilities of directors/trustees:

• a. The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with Section 476 of the Companies Act -- however, in accordance with Section 145 of the Charities Act 2011 the accounts have been examined by an independent examiner whose report forms part of this document.

• b. The directors/trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Directors and signed on their behalf on 2023 by:

--------------------------------------R J Field

Company number: 06481224

The notes on page 7-10 form part of these accounts.

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Company number 06481224 KINGSWOOD CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting Policies

Charity information

Kingswood Church is a private company limited by guarantee incorporated in England and Wales. The registered office is Kingswood Church, Church Road, Welshpool, Powys, SY21 7LN, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparinig their accounts in accordance with the financial Reporting Standard applicable in the UK and Replublic of Ireland (FRS 102) (effectve January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provision in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The finacial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in the these financial statrments are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probalbe that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not know, the legacy is treated as a contingent asset.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to each category of expense shown in the Statement of Financial Activities. Expendure is recognised when the following criteria are met:

• there is a present legal or constructive obligation resulting from a past event;

• it is more likely than not that a transfer of benefits will be required in settlement;

• the amount of the obligation can be measured or estimated reliably

1.6 Tangible fixed assets

• Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of valuation of assets less their residual values over their useful lives

Freehold land and buildings 1.6% straight line Fixtures and fittings 20% reducing balance Motor vehicles 20% reducing balance

The gain or loss on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of the impairment loss (if any).

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Company number 06481224 KINGSWOOD CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

1.8 Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketings, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tem liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provision of Setion 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basis financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

• 2 Critical accounting estimates and judgements

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 period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies General giving Other	Unrestricted Total Total Funds 2023 2022 £ £ £ 12,312 12,312 15,684 9,973 9,973 4,466
	22,286 22,286 20,150

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Company number 06481224 KINGSWOOD CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

4 5 6 7 **8 **	Charitable activities Donations Bookshop Bookshop sales Other income Raising funds Bookshop cost of sales Operating charity shops Charitable activities Food bank Employee costs Premises costs Repairs, renewals and maintenance Ministry and Travel expenses Legal & professional Sundries Depreciation Charitable giving- institutions Administration, subscriptions ,telephone and internet Bank Charges Insurance Accounts Analysis by fund Unrestricted funds Restricted funds Renewable Heat Incentive	Foodbank Foodbank 2023 2022 29,205 35,828
		Unrestricted Unrestricted Funds Funds £ £ 2023 2022 12,957 7,483
		Unrestricted Unrestricted Funds Funds £ £ 2023 2022 6,369 4,738
		Unrestricted Unrestricted Funds Funds £ £ 2022 2021 15,329 7,383
		15,329 7,383
		Church and Church and foodbank foodbank 2023 2022 7,612 711 12,272 11,230 4,547 4,100 20,798 13,047 5,221 2,717 193 377 25 673 9,790 10,169 0 400 5,273 2,876 259 71 1,163 1,147
		67,155 47,517 500 500
		67,655 48,017
		98,712 167,588 56,710 35,117
		155,422 202,706

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year as a result of being a trustee. Robert Field was paid in his capacity as Pastor.

10 Employees

Number of employees

The average monthly number of employees during the year was:

Employment costs Wages and salaries	2023 2022 Number Number 1 1
	2023 2022 12,272 11,230

No employees were paid in excess of £60,000

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Company number 06481224 KINGSWOOD CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

11 Tangible Fixed Assets

**11 **	Tangible Fixed Assets
						Total
			Freehold
			land and	Fixtures	Motor
			buildings	and fittings	vehicles	2023
	Cost		£	£	£	£
	At 1st April 2022		150,000	51,094	13,858	214,952
	Additions			5,877		5,877
	At 31 March 2023		150,000	56,971	13,858	220,829
	Depreciation and impairment
	At 1st April 2022		31,200	28,240	5,637	65,077
	Depreciation charged in the year		2,400	5,746	1,644	9,790
	At 31 March 2023		33,600	33,986	7,281	74,867
	Carrying amount
	At 31 March 2023		116,400	22,985	6,577	145,962
	At 1st April	2022	118,800	22,854	8,221	149,875
**12 **	Stock				2023	2022
					£	£
	Books and other resources for resale				19,750	17,951
	Foodbank stocks				3,639
					23,389	17,951
**13 **	Debtors and Prepayments				2023	2022
					£	£
	Amounts falling due within one year:
	Trade debtors				0	1,769
	Other debtors				1,541	1,288
					1,541	3,057
**14 **	Creditors: amounts falling due within one year
					2023	2022
					£	£
	Accruals and deferred income				500	500
**15 **	Restricted funds
	The income funds of the charity include restricted funds comprising			the following unexpended balance of donations and
	grants held on trust for specific purposes:
		Movement in funds			Movement in	funds
				Balance at			Balance at
		Incoming	Resources	31 March	Incoming	Resources	31 March
		resources	expended	2023	resources	expended	2022
	Foodbank	29,205	(7,612)	56,710	35,828	(711)	35,117

The foodbank fund represents restricted income received for running the foodbank.

16 Related party transactions

There were no disclosable related party transactions during the year (2022 - none)

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