Kingswood Church Annual Report and Unaudited Financial Statements for the year ended 31 March 2024
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
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KINGSWOOD CHURCH
COMPANY INFORMATION
Directors/Trustees
JR Edwards E D Field R J Field AM Jerman
Company Secretary
Robert John Field
Governing Document
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 OPL
Bankers
HSBC Plc
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23 Broad Street Welshpool Powys SY21 7RN
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KINGSWOOD CHURCH
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024
The Directors/Trustees present their report and financal statements for the year ended 31 March 2024.
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 applicabie 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 counsellina 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 continued to make available through the bookshop, resources to help and equip churches, schools and Christians to live in and serve their local communities. It has been decided by the trustees to begin to run down the bookshop in the next financial year, donating most of any remaining stock to Oswestry Christian Bookshop (Registered Charity 1102538) by the end of year ending March 2025. 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 1,600 clients in this financial year (almost a 20% increase on the previous year). We also partner with FareShare in order to minimise food waste from Supermarkets that would
otherwise go to landfill.
Over 40 agencies refer clients to us who we endeavour to support with additional advice and rasniirces as well as fand toiletries and cleaning nroadicts 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 £69,641 and expenditure was £79,404, resulting in a deficit for the year of £9,763. Fund balances at the end of the year totalled £183,513, which included fixed assets at net book value of £137.650.
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.
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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.
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: JR Edwards E D Field R J Field AM Jerman
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and quarantee 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: 12 (2]Zor
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| INDEPENDENT EXAMINER'S REPORT : TO THE TRUSTEES OF | KINGSWOOD CHURCH
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| have examined the accounts for the year ended 31st March 2024 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. | 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 | 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 SY12Shropshire OPL (S Necous hy r/ 2024
KINGSWOOD CHURCH
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
Summary Income and Expenditure Account
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| Note | 2024 | 2023 | |||
| £ | £ | £ | £ | ||
| Income | |||||
| Incoming resources from generated funds | |||||
| Donations and legacies | 3 | 27,680 | 27,680 | 22,286 | |
| Charitable activities | 4 | 3,045 | 3,045 | 29,205 | |
| Bookshop | 5 | 13,145 | 13,145 | 12,957 | |
| Other income | 6 | 2,525 | 2,525 | 6,369 | |
| Total Incoming Resources | 43,350 | 3,045 | 46,395 | 70,817 | |
| Expenditure Costs of generating voluntary income |
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| Raising funds | 7 | 13,076 | 0 | 13,076 | 15,329 |
| Charitable activities | 8 | 58,069 | 6,097 | 64,166 | 67,655 |
| Total Resources Expended | 71,145 | 6,097 | 77,242 | 82,984 | |
| Net Movement in Funds | (27,795) | (3,052) | (30 847) | (12,167) | |
| Fund balances at 1st April 2023 | 130,456 | 35,117 | 165,573 | 177,740 | |
| Fund balances at 31 March 2024 | 102,661 | 32,065 | 134,726 | 165,573 |
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
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KINGSWOOD CHURCH
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| BALANCE | SHEET | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| as | at 31 March 2024 | ||||||||
| Note | 2024 | 2023 | |||||||
| £ | £ | £ | £ | ||||||
| FIXED ASSETS | |||||||||
| Tangible assets | 11 | 137,650 | 145,962 | ||||||
| CURRENT ASSETS | |||||||||
| Stocks | 12 | 24,053 | 23,389 | ||||||
| Debtors | 13 | 3,054 | 1,541 | ||||||
| Cash at bank | 21,019 | 22,886 | |||||||
| 48,126 | 47,816 | ||||||||
| CURRENT LIABILITIES | |||||||||
| Liabilities falling due within one year | 14 | (500 | (500) | ||||||
| Net Current Assets | 47,626 | 47,316 | |||||||
| NETASSETS | 185,275 | 193,278 | |||||||
| FUND BALANCES | |||||||||
| Unrestricted funds | 153,210 | 136,568 | |||||||
| Restricted Funds | 15 | 32,065 | 56,710 | ||||||
| 185,275 | 193,278 |
For the year ended 31st March 2024, 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:
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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.
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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.
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Approved by the Directors and signed on their behalf on iz Nez 2024 by:
Usd | Gl
R J Field
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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 2024
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1 Accounting Policies
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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.
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1.1 Accounting convention
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- 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 treland (FRS 102} {effectve January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
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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.
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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.
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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 foreseeabie future. Thus the trustees continue to adopt the going
concern basis of accounting in preparing the financial statements.
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1.3 Charitable funds
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- 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.
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Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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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.
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- 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.
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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:
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= there is a present legal or constructive obligation resulting from a past event;
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«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
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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 4.6% straight line Fixtures and fittings 20% reducing balance Motor vehicles 20% reducing balance
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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 KJNGSWOOD CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
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 col'ldition. 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, otller short-tern liquid investments witll original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The charily 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 chanty 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.
Bas;s 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.
89s1c financial liabillties
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.
I raoe creoI1ors are 00IIgatIons to pay tor goocts or services that have oeen acquired in me ordinary course ot 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 Crit cal 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 liabilil<es that are not readity 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
3 Donations and legacies Unrestricted Total Total Funds 2024 2023 £ £ £ General giving 12,446 12,446 12,312 01:ller 15 234 15 234 9[,] 973 27 680 27680 22,285 rn
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Company number 06481224 KINGSWOOD CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
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| 4 | Charitable activities | Foodbank | § Foodbank |
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| Donations | 2024 3,045 |
2023 29,205 |
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| 5 | Bookshop | ||
| Unrestricted | Unrestricted | ||
| Funds | Funds | ||
| £ | £ | ||
| Bookshop sales | 2024 13,145 |
2023 12,957 |
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| 6 | Otherincome | ||
| Unrestricted Funds £ |
Unrestricted Funds £ |
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| 2024 | 2023 | ||
| Renewable HeatIncentive | 2,525 | 6,369 | |
| 7 | Raising funds | ||
| Unrestricted | Unrestricted | ||
| Funds | Funds | ||
| £ 2024 |
£ 2023 |
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| Bookshop cost ofsales | |||
| Operating charityshops | 13,076 | 15,329 | |
| T3,076 | 15,329 | ||
| 8 | Charitable activities | ||
| Church and | Church and | ||
| foodbank | foodbank | ||
| 2024 | 2023 | ||
| Food bank | 4,870 | 7,812 | |
| Employee costs | 13,983 | 12,272 | |
| Premisescosts Repairs, renewalsand maintenance |
8,231 16,684 |
4,547 20,798 |
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| Ministryand Travetexpenses | 3,881 | §,221 | |
| Legal! & professional Sundries Depreciation |
180 729 8,312 |
193 25 9,790 |
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| Charitable giving-institutions Administration, subscriptions ,telephoneand internet |
[e} 5,429 |
0 5,273 |
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| Bank Charges | 239 | 259 | |
| Insurance | 1,128 | 1,163 | |
| Accounts | 63,666 500 |
67,153 500 |
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| Analysis byfund | 64,166 | 67,653 | |
| Unrestricted funds | 58,069 | 60,040 | |
| Restricted funds | 6,097 | 7,612 | |
| 64,166 | 67,653 |
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Foodbank § Foodbank
20243,045 202329,205
Unrestricted Unrestricted
Funds Funds
£ £
202413,145 202312,957
Unrestricted Unrestricted
Funds Funds
£ £
2024 2023
2,525 6,369
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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:
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2024 2023
Number Number
Employment costs 2024 2023
Wages and salaries 13,983 12,272
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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 2024
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11 Tangible Fixed Assets
Total
Freenoia
land and Fixtures Motor
buildings and fittings vehicles 2024
Cost £ £ £ £
At 1st April 2023 150,000 56,971 13,858 220,829
Additions ee.
At 31 March 2024 150,000 56,971 13,858 220,829|
Depreciation and impairment
At 1st April 2023 33,600 33,986 7,281 74,867
Depreciation charged in the year 2,400 4,597 1,315 8,312
At 31 March 2024 36,000 38,583 8,596 83,179
Carrying amount
At 31 March 2024 114,000 18,388 5,262 137,650
At 1st April 2023 116,400 22,985 6,577 145,962
12 Stock 2024 2023
£ £
Books and other resources for resale 18,652 19,750
Foodbank stocks §,401 3,639
24,053 23,389
13 Debtors and Prepayments 2024 2023
£ £
Amounts falling due within one year:
Trade debtors 0 0
Other debtors 3,054 1,541
3,054 1,541
14 Creditors: amounts falling due within one year
2024 2023
£ =
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
Foodbank resources 3,045 expended09 2024 53,658 resources29,205 expended7612) 2023 56,710
The foodbank fund represents restricted income received for running the foodbank.
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16 Related party transactions
There were no disclosable related party transactions during the year (2023 - none)
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