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2021-11-30-accounts

Intrachartered Ltd.

BUSINESS ADVISORS • CHARTERED ACCOUNTANTS •

Mrs Adenike Duro-Ishola Standard House 107 - 115 Eastmoor Street London SE7 8LX Kingsword International Church Ltd

27 September 2022

Dear Adenike,

Accounts for Period ended 30/11/2021

Please find attached final accounts for Kingsword International Church Ltd for the period ended 30/11/2021 [including filleted/abbreviated accounts if appropriate].

Please review the attached carefully and if you are happy that the accounts can be approved please print out a set of each of the attached documents, obtain appropriate signatures at the foot of each Balance Sheet [and Directors Report, if relevant] and return the signed documents to this office.

Please do not hesitate to contact us if you have any queries.

Yours sincerely,

Oluseye Mabogunje

Kingsword International Church Ltd

Charity No. 1152925

Trustees' Report and Unaudited Accounts

30 November 2021

Kingsword International Church Ltd Contents

Pages
Trustees' Annual Report 2 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Accounts 11 to 16
Detailed Statement of Financial Activities 17 to 18

Page 1

Kingsword International Church Ltd Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 30 November 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1152925

Principal Office

Standard House 107 - 115 Eastmoor Street London SE7 8LX

Trustees

The following trustees served during the year:

A.O. Oragbade O.A. Osinoiki A.J. Popoola

Founder

Dr Kayode Adeyeye Ijisesan

Key Management Personnel

Minister in Charge Pastor Emmanuel Akinlaja

Accountants

Intrachartered Ltd 85 Great Portland Street London W1W 7LT

Bankers

Barclays Bank 1 Churchill Place Canary Wharf London E14 5HP

Solicitors

David & Vine Solicitors Suite 8, 63 Broadway Stratford London E14 4BQ

Page 2

Kingsword International Church Ltd Trustees Annual Report

OBJECTIVES AND ACTIVITIES

The purpose of the charity as set out in its governing document: - The advancement of the Christian religion worldwide.

Public Benefit Statement

In determining how best to pursue these objectives the trustees have taken on board the Charity Commission's general guidance on public benefit and in particular its supplementary public benefit guidance on the advancement of religion for public benefit.

It pursues these objects by the operation of a centre for Christian worship at its premises in Charlton, London. The charity runs a number of community-based vehicles of transformation that focus on assisting the disadvantaged & less well off in its local communities and abroad. Our site is a venue that's accessible to all when programmes are being run, and events cater to people from all works of life. We run youth, marriage, children, men and women-based events.

Ministry and Outreach Departments

KingsWord International Church benefits the public by currently providing services through our various ministries which are available to members of the church and the wider community. The services include:

During the Year the following programmes were held in furtherance of the Charity's objectives:

Succeeding At & Beyond University Seminar

We organised two seminars for international post graduate students who recently arrived in the UK. The purpose of the conference was to educate international students on the differences in the UK education system and how to effectively transition from their studied to a working life in the UK. This event was open to the public, and well received by the delegates a majority of which were not members of the church.

Page 3

Kingsword International Church Ltd Trustees Annual Report

I mmigration Seminar

With all the recent changes in the UK, we organised a visa and immigration seminar with an immigration solicitor who shared the different visa routes and answered questions on the various cases that were shared. The event was open to the public and the majority of attendees were not members of the church.

Worship Conference - Proskuneo (A night dedicated wholly to praise, worship and prophecy)

With the lockdown well over, we were able to meet together again and we also streamed our worship conference to viewers around the UK and the globe. It was a time for people from all works of life and the community to gather together in worship.

E mpowerment Session

This event was organised to support people in or with relationship and marriages. With the impact of the pandemic, people’s relationships and marriage were sometimes adversely affected.

Christmas Appeal

The charity raised funds and provided food items, toys and other items to 101 families in a local primary school within 1 mile of the church as part of their Christmas appeal. Funds were raised from the members of the church and some members of the public.

Other activities

There were other activities held during the course of the year, some of which are:

As part of their pastoral remit, our Pastors and ministers look after the spiritual well-being of the members and adherents at the church, and this would include the regular conduct Connect group meetings, well-being visits, babptisms and christening ceremonies.

The charity raised money and contributed to other charities in the UK during the year including Kenneth Copeland Ministries, House on the Rock London and the Greenwich Foodbank – The Trussell Trust. We continue to identify and support more individuals, families, and charities.

The charity relies on volunteers to support the activities that are run through the year. Over 30 volunteers served in the various church departments during the year. The trustees are very grateful to the many volunteers who help by staffing our prayer sessions, meetings, and conferences. Other activities carried out solely by our volunteer resource includes weekly multimedia production and projection activities, welfare and benevolence support, outreach and evangelism, hospitality (catering for guests at services), children and teenage church volunteers.

Page 4

Kingsword International Church Ltd Trustees Annual Report

ACHIEVEMENTS AND PERFORMANCE

Due to the lockdown through part of 2021, many of the church’s annual activities were carried out online. However, key activities were organised in person later in the year to support individuals and families in the community. Throughout the year we continued to broadcast our services for viewers in the UK and around the world.

FINANCIAL REVIEW

Principal Funding

The charity's principal funding is through members' contributions and donations.

There was a £26,575 improvement in gross income to £128,988 (2021) compared to £102,413 (2020). However the net expenditure was (£24,561) a deficit of £33,191 compared to a net income of £8630 in the prior year. The expenditure for the year ended is £153,549 and therefore the targeted reserves should be £25,592 as against the current reserves of (£11,746). However, the trustees are of the opinion that with the lifting of the Covid-19 lockdown and normalisation of activities the charity is in a position to continue to meet its obligations and build back its reserves.

Reserves Policy

The Trustees recognise that reserves are required in order to ensure the long-term viability of the charity against an unforeseen reduction in income or increase in expenditure and to ensure the continuity of the charity's objects.

The trustees maintain unrestricted funds which have not been designated for specific use at a level equivalent to two months’ expenditures. The trustees consider that reserves at this level will ensure that, in the unlikely event of a significant drop in funding, they will be able to continue with the charity's current activities while consideration is given to ways to which additional funds may be raised.

PLANS FOR FUTURE PERIODS

The charity plans continuing the activities outlined above in the forthcoming years and will continue to develop the infrastructure required to support the charity. Having taken up residence in a new facility, the charity has plans to provide more community-based events and activities relevant to local residents. There are also plans to support local food banks in the community.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The church is constituted under a Trust Deed dated the 6th of March 2013 and is a registered Charity in the UK with number 1152925.

Page 5

Kingsword International Church Ltd Trustees Annual Report

Organisational Structure and Decision Making

The church is organised such that the day to day running of the church has been delegated to the parish Pastor and the spiritual leadership. The trustees are consulted on all issues that are material in nature and determine the strategic direction of the charity’s affairs. Trustees meet formally and when required to review the church's operations. The trustees are required by the trust deed to meet at least twice a year.

Connected Charities

KingsWord International Church is a member of KingsWord Ministries International which has parishes in different countries across Africa and the United States of America. The relationship is governed by an 'Agreement of common purposes' between the parishes and KingsWord Ministries International.

Risk Management

The Trustees have assessed the major risks to which the charity is exposed, particularly, those related to the operations and the finances of the charity. The trustees believe that by establishing a reserve and ensuring controls exist over key financial systems and by examining the operational risks faced by the charity, they have established effective systems to mitigate the charities exposure to these risks.

Recruitment and appointment of trustees

Methods of Appointment or Election of Trustees

The management of the Church is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Policies Adopted for the Induction and Training of Trustees

New trustees are issued with an induction pack that details their legal obligations under charity law, the charities decision -making processes and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Charities commission bulletins /updates are also forwarded to Trustees as and when issued.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

Kingsword International Church Ltd Trustees Annual Report

The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. The trustees 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.

Signed on behalf of the charity's trustees

A.O. Oragbade Trustee 26 September 2022

Page 7

Kingsword International Church Ltd Independent Examiners Report

Independent Examiner's Report to the trustees of Kingsword International Church Ltd

I report to the trustees on my examination of the financial statements of Kingsword International Church Ltd for the year ended 30 November 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.

I report in respect of my examination of the charity's financial statements 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 Act.

Independent examiner's statement

I have completed my examination. I can 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:

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 financial statements to be reached.

Oluseye Mabogunje

Oluseye Mabogunje FFA, FIPA

Intrachartered Ltd 85 Great Portland Street London W1W 7LT

26 September 2022

Page 8

Kingsword International Church Ltd Statement of Financial Activities

for the year ended 30 November 2021

Notes
Income and endowments
from:
Donations and legacies
3
Charitable activities
4
Investments
5
Other
6
Total
Expenditure on:
Charitable activities
7
Other
8
Total
Net gains on investments
Net (expenditure)/income
9
Transfers between funds
Net (expenditure)/income
before other gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds		 Restricted
funds		 Total funds Total funds
2021 2021 2021 2020
£ £ £ £
88,837 3,400 92,237 78,897
17,117 - 17,117 14,500
4 - 4 -
19,630 - 19,630 9,016
125,588 3,400 128,988 102,413
46,436 - 46,436 22,752
89,535 17,578 107,113 71,031
135,971 17,578 153,549 93,783
- - - -
(10,383) (14,178) (24,561) 8,630
- - - -
(10,383) (14,178) (24,561) 8,630
(10,383) (14,178) (24,561) 8,630
(1,363) 14,178 12,815 4,185
(11,746) - (11,746) 12,815

Page 9

Kingsword International Church Ltd Balance Sheet

at 30 November 2021

Charity No. 1152925
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors:Amount falling due within one year
13
Net current (liabilities)/assets
Total assets less current liabilities
Net (liabilities)/assets excluding pension asset or liability
Total net (liabilities)/assets
The funds of the charity
Restricted funds
14
Restricted income funds
Unrestricted funds
14
General funds
Reserves
14
Total funds		 2021
£
9,654
9,654
16,749
3,772
20,521
(41,921)
(21,400)
(11,746)
(11,746)
(11,746)
-
-
(11,746)
(11,746)
(11,746)		 2020
£
2,801
2,801
16,749
4,502
21,251
(11,237)
10,014
12,815
12,815
12,815
14,178
14,178
(1,363)
(1,363)
12,815

Approved by the trustees on 26 September 2022

And signed on their behalf by:

A.O. Oragbade Trustee 26 September 2022

Page 10

Kingsword International Church Ltd Notes to the Accounts

for the year ended 30 November 2021

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Page 11

Kingsword International Church Ltd Notes to the Accounts

Expenditure

Taxation

The charity is exempt from tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixtures and fittings 33.3%% Straight line

All assets costing more than £1000 are capitalised. Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting 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 normally recognised at their settlement amount after allowing for any trade discounts due.

Page 12

Kingsword International Church Ltd Notes to the Accounts

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

2 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Charitable activities
Other
Total
Expenditure on:
Raising funds
Charitable activities
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
3
Income from donations and legacies
Tithes and Offerings
4
Income from charitable activities
Graceland Rentals		 Unrestricted
£
88,837
88,837		 Unrestricted
funds
2020
£
75,832
14,500
9,016
99,348
2,066
91,717
93,783
5,565
5,565
5,565
(6,928)
(1,363)
Restricted
£
3,400
3,400
Unrestricted
£
17,117
17,117		 Restricted
funds
2020
£
3,065
-
-
3,065
-
-
-
3,065
3,065
3,065
11,113
14,178
Total
2021
£
92,237
92,237
Total
2021
£
17,117
17,117		 Total funds
2020
£
78,897
14,500
9,016
102,413
2,066
91,717
93,783
8,630
8,630
8,630
4,185
12,815
Total
2020
£
78,897
78,897
Total
2020
£
14,500
14,500

Page 13

Kingsword International Church Ltd Notes to the Accounts

5 Income from investments

6
Other income
7
Expenditure on charitable activities
Expenditure on charitable
activities
Graceland Rentals
Governance costs
Accounting Fees
Legal & Professional
Bank Charges
8
Other expenditure
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs		 Unrestricted
£
2,860
72,613
3,008
11,054
89,535		 Unrestricted
£
4
4
Unrestricted
£
733
18,834
63
19,630		 Total
2021
£
4
4
Total
2021
£
733
18,834
63
19,630		 Total
2020
£
-
-
Total
2020
£
-
8,591
425
9,016
Unrestricted
£
12,120
18,366
13,758
1,033
13
1,146
46,436
Restricted
£
-
17,578
-
-
17,578		 Total
2021
£
12,120
18,366
13,758
1,033
13
1,146
46,436
Total
2021
£
2,860
90,191
3,008
11,054
107,113		 Total
2020
£
5,035
9,200
5,462
1,032
2,023
-
22,752
Total
2020
£
232
62,696
2,066
6,037
71,031

Page 14

Kingsword International Church Ltd Notes to the Accounts

9
Net (expenditure)/income before transfers
This is stated after charging:
Depreciation of owned fixed assets
Independent Examiner's fee
10 Staff costs
No employee received emoluments in excess of £60,000.
11 Tangible fixed assets
Cost or revaluation
At 1 December 2020
Additions
At 30 November 2021
Depreciation and
impairment
At 1 December 2020
Depreciation charge for the
year
At 30 November 2021
Net book values
At 30 November 2021
At 30 November 2020
12 Debtors
Other debtors
13 Creditors:
amounts falling due within one year
Other loans
Trade creditors
Other creditors		 2021
£
3,008
1,033
2021
£
16,749
16,749
2021
£
5,272
36,213
436
41,921		 Fixtures and
fittings
£
16,257
9,861
26,118
13,456
3,008
16,464
9,654
2,801		 2020
£
2,066
1,032
Total
£
16,257
9,861
26,118
13,456
3,008
16,464
9,654
2,801
2020
£
16,749
16,749
2020
£
10,634
-
603
11,237

Page 15

Kingsword International Church Ltd Notes to the Accounts

14 Movement in funds

14 Movement in funds
At 1
December
2020
Incoming
resources
(including
other
gains/losses
)
£
Restricted funds:
Restricted income funds:
Grace Givers
14,178
3,400
Total
14,178
3,400
Unrestricted funds:
General funds
(1,363)
125,588
Total funds
12,815
128,988
Purposes and restrictions in relation to the funds:
Restricted funds:
Grace Givers
Payment of Church building related expenses
15 Analysis of net assets between funds
Fixed assets
Net current assets
16 Reconciliation of net debt
At 1
December
2020
£
Cash and cash equivalents
4,502
4,502
Borrowings
(10,634)
(10,634)
Net debt
(6,132)		 Incoming
resources
(including
other
gains/losses
)
£
3,400
3,400
125,588
128,988		 Resources
expended
£
(17,578)
(17,578)
(135,971)
(153,549)		 At 30
November
2021
£
-
-
(11,746)
(11,746)
At 1
December
2020
£		 Unrestricted
funds
£
9,654
(21,400)
(11,746)
Cash flows
£		 Total
£
9,654
(21,400)
(11,746)
At 30
November
2021
£
4,502 (730) 3,772
4,502
(10,634)		 (730) 3,772
(5,272)
5,362
(10,634)
(6,132)		 5,362
4,632		 (5,272)
(1,500)

Page 16

Kingsword International Church Ltd Detailed Statement of Financial Activities

for the year ended 30 November 2021

Income and endowments from:
Donations and legacies
Tithes and Offerings
Charitable activities
Graceland Rentals
Investments
Other
Total income and endowments
Expenditure on:
Charitable activities
Graceland Rentals
Governance costs
Accounting Fees
Legal & Professional
Bank Charges
Total of expenditure on charitable
activities
Motor and travel costs
Travel and subsistence
Premises costs
Rent
Light, heat and power
Premises repairs and
maintenance		 Unrestricte
d funds
2021
£
88,837
88,837
17,117
17,117
4
4
733
18,834
63
19,630
125,588
12,120
18,366
13,758
44,244
1,033
13
1,146
2,192
46,436
2,860
2,860
49,422
22,398
793
72,613		 Restricted
funds
2021
£
3,400
3,400
-
-
-
-
-
-
-
-
3,400
-
-
-
-
-
-
-
-
-
-
-
17,578
-
-
17,578		 Total funds
2021
£
92,237
92,237
17,117
17,117
4
4
733
18,834
63
19,630
128,988
12,120
18,366
13,758
44,244
1,033
13
1,146
2,192
46,436
2,860
2,860
67,000
22,398
793
90,191		 Total funds
2020
£
78,897
78,897
14,500
14,500
-
-
-
8,591
425
9,016
102,413
5,035
9,200
5,462
19,697
1,032
2,023
-
3,055
22,752
232
232
62,307
-
389
62,696

Page 17

Kingsword International Church Ltd Detailed Statement of Financial Activities

General administrative costs,
including depreciation and
amortisation
Depreciation of Fixtures and
fittings
Equipment expensed
General insurances
Information and publications
Software, IT support and related
costs
Stationery and printing
Sundry expenses
Telephone, fax and broadband
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net (expenditure)/income
Net (expenditure)/income before
other gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 3,008
6,223
-
2,137
874
1,104
236
480
14,062
89,535
135,971
-
(10,383)
(10,383)
-
(10,383)
(1,363)
(11,746)		 -
-
-
-
-
-
-
-
-
17,578
17,578
-
(14,178)
(14,178)
-
(14,178)
14,178
-		 3,008
6,223
-
2,137
874
1,104
236
480
14,062
107,113
153,549
-
(24,561)
(24,561)
-
(24,561)
12,815
(11,746)		 2,066
1,439
64
1,956
560
652
785
581
8,103
71,031
93,783
-
8,630
8,630
-
8,630
4,185
12,815

Page 18