## **Kingsword International Church**
**Charity No. 1152925**
**Trustees' Report and Unaudited Accounts**
**30 November 2022**
**Kingsword International Church Contents**
||Pages|
|---|---|
|Trustees' Annual Report|3 to 5|
|Independent Examiner's Report|6 to 6|
|Statement of Financial Activities|7 to 7|
|Balance Sheet|8 to 8|
|Notes to the Accounts|9 to 14|
|Detailed Statement of Financial Activities|15 to 16|
Page 1
**Kingsword International Church Trustees Annual Report**
The trustees present their report with the unaudited financial statements of the charity for the year ended 30 November 2022.
## **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 S. Osinoiki A.J. Popoola
## **Founder**
Dr. Kayode Adeyeye Ijisesan
## **Key Management Personnel**
Minisiter 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 Trustees Annual Report**
## **OBJECTIVES AND ACTIVITIES**
- The Charity's main objectives for the year were:
- The continuous spread of the Christian faith.
- To achieve and maintain active engagement with our community and the surrounding boroughs.
- • Developing the charity's online engagement, reaching out and engaging with our community of online followers.
- To appoint, train and develop new volunteers into various key roles to improve ministry to people.
- The strategies employed to achieve these objectives include:
- Regular review of performance against the charity's objectives.
- Monthly prayer and inspirational meetings with church members.
- Improving and developing the charity's outreach in the local community as well as online and on social media
## **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 charity relies on volunteers to support the activities that are run through the year. 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.
## **ACHIEVEMENTS AND PERFORMANCE**
Notable activities during the year:
The church’s annual activities were carried out both in person and online.
- **Succeeding At & Beyond University Seminar** - We organised two seminars for international post graduate students in the UK.
- **Supernatural Europe** - A three day conference dedicated to the teaching and preaching of key principles from the Christian faith, and celebration in music.
- **Worship Conference** - It was a time for people from all works of life and the community to gather in worship.
- **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.
There were other activities held during the year.
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 of 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.
Page 3
**Kingsword International Church Trustees Annual Report**
## **FINANCIAL REVIEW**
The total income for the year ended 30 November 2022 was £202,120 a 57% increase compared to the income from the previous year of £128,988. The total expenditure was £190,364 (££153,549 - 2021) resulting in a net income of £11,756 as against a net expenditure of £24,561 in the previous year. Given the total expenditure for the year the targeted reserves should be £31,727 as against the current reserves of £10. However, the current level of reserves represents an 90% improvement over the reserves level in the previous year and in line with the trustees plan to improve the Charity's reserves position.
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 month's 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.
## Principal Funding
The charity's principal funding is through members' contributions and donations.
## **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. There are plans to support local food banks in the community.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## Constitution
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. 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.
## 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.
Page 4
**Kingsword International Church Trustees Annual Report**
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.
The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the situation 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 2023
Page 5
**Kingsword International Church Independent Examiners Report**
## **Independent Examiner's Report to the trustees of Kingsword International Church**
I report to the trustees on my examination of the financial statements of Kingsword International Church for the year ended 30 November 2022.
## **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').
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:
- the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- the financial statements do not accord with those records; or
- the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Oluseye Mabogunje FIFA, FIPA Intrachartered Ltd 85 Great Portland Street London
W1W 7LT 26 September 2023
Page 6
**Kingsword International Church Statement of Financial Activities**
## **for the year ended 30 November 2022**
|**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 income/(expenditure)**
9
Transfers between funds
**Net income/(expenditure)**
**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**|
|---|---|---|---|---|---|
|||**2022**|**2022**|**2022**|**2021**|
|||**£**|**£**|**£**|**£**|
|||||||
|||147,989|3,480|151,469|92,237|
|||21,390|-|21,390|17,117|
|||867|-|867|4|
|||28,394|-|28,394|19,630|
|||198,640|3,480|202,120|128,988|
|||||||
|||75,487|-|75,487|46,436|
|||111,397|3,480|114,877|107,113|
|||186,884|3,480|190,364|153,549|
|||-|-|-|-|
|||11,756|-|11,756|(24,561)|
|||-|-|-|-|
|||11,756|-|11,756|(24,561)|
|||||||
|||11,756|-|11,756|(24,561)|
|||||||
|||(11,746)|-|(11,746)|12,815|
|||10|-|10|(11,746)|
|||||||
|||||||
|||||||
Page 7
**Kingsword International Church Balance Sheet**
## **at 30 November 2022**
|**Charity No. 1152925**
**Fixed assets**
Tangible assets
11
**Current assets**
Debtors
12
Investments
13
Cash at bank and in hand
**Creditors:**Amount falling due within one year
14
**Net current liabilities**
**Total assets less current liabilities**
**Net assets/(liabilities) excluding pension asset or liability**
**Total net assets/(liabilities)**
**The funds of the charity**
**Restricted funds**
15
**Unrestricted funds**
15
General funds
**Reserves**
15
**Total funds**|**2022**
**£**
9,036
9,036
16,749
9,445
1,429
27,623
(36,649)
(9,026)
10
10
10
10
10
10|**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)|
Approved by the trustees on 26 September 2023
And signed on their behalf by:
A.O. Oragbade Trustee 26 September 2023
Page 8
**Kingsword International Church Notes to the Accounts**
## **for the year ended 30 November 2022**
- 1 **Accounting policies**
## **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**
- Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
- Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
- Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
## **Income**
- Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
- Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
- Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
- Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
- Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable.
Page 9
**Kingsword International Church Notes to the Accounts**
## **Expenditure**
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.
## **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, fittings and 33.3% Straight line equipment
## **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 10
**Kingsword International Church 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
Investments
Other
**Total**
**Expenditure on:**
Charitable activities
Other
**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**
Donations
Tithes & offerings|**Unrestricted**
**£**
2,305
145,684
147,989|**Unrestricted**
**funds**
**2021**
**£**
88,837
17,117
4
19,630
125,588
46,436
89,535
135,971
(10,383)
(10,383)
(10,383)
(1,363)
(11,746)
**Restricted**
**£**
-
3,480
3,480|**Restricted**
**funds**
**2021**
**£**
3,400
-
-
-
3,400
-
17,578
17,578
(14,178)
(14,178)
(14,178)
14,178
-
**Total**
**2022**
**£**
2,305
149,164
151,469|**Total funds**
**2021**
**£**
92,237
17,117
4
19,630|
|---|---|---|---|---|
|||||128,988
46,436
107,113|
|||||153,549|
|||||(24,561)|
|||||(24,561)|
|||||(24,561)
12,815|
|||||(11,746)|
|||||**Total**
**2021**
**£**
3,400
88,837|
|||||92,237|
Page 11
**Kingsword International Church Notes to the Accounts**
## 4 **Income from charitable activities**
|Graceland rentals
5
**Income from investments**
Interest earned
6
**Other income**
Exchange rate gain
Gift Aid
Sundry Income
7
**Expenditure on charitable activities**
_Expenditure on charitable_
_activities_
Honorarium & Pastor's
Allowance
Events & service costs
Missions giving, Other
donations & welfare
_Governance costs_
Accounting fees
Legal & Professional
Bank Charges|**Unrestricted**
**£**
21,390
21,390
**Unrestricted**
**£**
867
867
**Unrestricted**
**£**
195
28,199
-
28,394|**Total**
**2022**
**£**
21,390
21,390
**Total**
**2022**
**£**
867
867
**Total**
**2022**
**£**
195
28,199
-
28,394|**Total**
**2021**
**£**
17,117|
|---|---|---|---|
||||17,117|
||||**Total**
**2021**
**£**
4|
||||4|
||||**Total**
**2021**
**£**
733
18,834
63|
||||19,630|
|||||
||**Unrestricted**
**£**
25,526
37,700
10,694
1,200
72
295
75,487|**Total**
**2022**
**£**
25,526
37,700
10,694
1,200
72
295
75,487|**Total**
**2021**
**£**
12,120
18,366
13,758
1,033
13
1,146|
||||46,436|
Page 12
**Kingsword International Church Notes to the Accounts**
8 **Other expenditure**
|Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
9
**Net income/(expenditure) before transfers**
This is stated after charging:
Depreciation of owned fixed assets
Depreciation of assets held under finance
leases and hire purchase contracts
Independent Examiner's fee
Other fees paid to the auditor or
independent examiner
10 **Staff costs**
No employee received emoluments in excess
11 **Tangible fixed assets**
**Cost or revaluation**
At 1 December 2021
Additions
At 30 November 2022
**Depreciation and**
**impairment**
At 1 December 2021
Depreciation charge for the
year
At 30 November 2022
**Net book values**
At 30 November 2022
At 30 November 2021
12 **Debtors**
Other debtors|**Unrestricted**
**£**
8,162
86,886
4,957
11,392
111,397
of £60,000.|**Restricted**
**£**
-
3,480
-
-
3,480
**2022**
**£**
-
4,957
1,033
167
**2022**
**£**
16,749
16,749|**Total**
**2022**
**£**
8,162
90,366
4,957
11,392
114,877
**Fixtures,**
**fittings and**
**equipment**
**£**
26,118
4,339
30,457
16,464
4,957
21,421
9,036
9,654|**Total**
**2021**
**£**
2,860
90,191
3,008
11,054|
|---|---|---|---|---|
|||||107,113|
|||||**2021**
**£**
3,008
-
-
-
**Total**
**£**
26,118
4,339|
|||||30,457|
|||||16,464
4,957|
|||||21,421|
|||||9,036|
|||||9,654|
|||||**2021**
**£**
16,749|
|||||16,749|
Page 13
**Kingsword International Church Notes to the Accounts**
## 13 **Current asset investments**
|Investments
14 **Creditors:**
amounts falling due within one year
Other loans
Other creditors
15 **Movement in funds**
**Restricted funds:**
**Restricted income funds:**
_Total_
**Unrestricted funds:**
**General funds**
**Total funds**
16 **Analysis of net assets between funds**
Fixed assets
Net current assets|**At 1**
**December**
**2021**
-
-
(11,746)
(11,746)|**2022**
**£**
9,445
9,445
**2022**
**£**
-
36,649
36,649
**Incoming**
**resources**
**(including**
**other**
**gains/losses**
**)**
**£**
3,480
3,480
198,640
202,120|**Resources**
**expended**
**£**
(3,480)
(3,480)
(186,884)
(190,364)
**Unrestricted**
**funds**
**£**
9,036
(9,026)
10|**2021**
**£**
-|
|---|---|---|---|---|
|||||-|
|||||**2021**
**£**
5,272
36,649|
|||||41,921|
|||||**At 30**
**November**
**2022**
**£**
-|
|||||-|
|||||10|
|||||10|
|||||**Total**
**£**
9,036
(9,026)|
|||||10|
Page 14
**Kingsword International Church Notes to the Accounts**
## 17 **Reconciliation of net debt**
|17 **Reconciliation of net debt**||||
|---|---|---|---|
|Cash and cash equivalents
Borrowings
Net debt|**At 1**
**December**
**2021**
**£**|**Cash flows**
**£**|**At 30**
**November**
**2022**
**£**|
||3,772|(2,343)|1,429|
||3,772
(5,272)|(2,343)|1,429
-|
|||5,272||
||(5,272)
(1,500)|5,272
2,929|-|
||||1,429|
|||||
Page 15
**Kingsword International Church Detailed Statement of Financial Activities**
## **for the year ended 30 November 2022**
|**Income and endowments from:**
Donations and legacies
Donations
Tithes & offerings
Charitable activities
Graceland rentals
Investments
Interest earned
Other
Exchange rate gain
Gift Aid
Sundry Income
**Total income and endowments**
**Expenditure on:**
Charitable activities
Honorarium & Pastor's Allowance
Events & service costs
Missions giving, Other donations
& welfare
Governance costs
Accounting fees
Legal & Professional
Bank Charges
**Total of expenditure on charitable**
**activities**
Motor and travel costs
Travel and subsistence
Premises costs
Rent
Rates
Light, heat and power|**Unrestricte**
**d funds**
**2022**
**£**
2,305
145,684
147,989
21,390
21,390
867
867
195
28,199
-
28,394
198,640
25,526
37,700
10,694
73,920
1,200
72
295
1,567
75,487
8,162
8,162
74,017
2,946
5,000|**Restricted**
**funds**
**2022**
**£**
-
3,480
3,480
-
-
-
-
-
-
-
-
3,480
-
-
-
-
-
-
-
-
-
-
-
3,480
-
-|**Total funds**
**2022**
**£**
2,305
149,164
151,469
21,390
21,390
867
867
195
28,199
-
28,394
202,120
25,526
37,700
10,694
73,920
1,200
72
295
1,567
75,487
8,162
8,162
77,497
2,946
5,000|**Total funds**
**2021**
**£**
3,400
88,837|
|---|---|---|---|---|
|||||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|
Page 16
## **Kingsword International Church Detailed Statement of Financial Activities**
|Premises repairs and
maintenance
General administrative costs,
including depreciation and
amortisation
Depreciation of Fixtures, fittings
and equipment
Equipment expensed
Information and publications
Software, IT support and related
costs
Stationery and printing
Subscriptions
Sundry expenses
Telephone, fax and broadband
**Total of expenditure of other costs**
**Total expenditure**
Net gains on investments
**Net income/(expenditure)**
**Net income/(expenditure) before**
**other gains/(losses)**
Other Gains
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|4,923
86,886
4,957
4,432
3,306
1,150
679
609
63
1,153
16,349
111,397
186,884
-
11,756
11,756
-
11,756
(11,746)
10|-
3,480
-
-
-
-
-
-
-
-
-
3,480
3,480
-
-
-
-
-
-
-|4,923
90,366
4,957
4,432
3,306
1,150
679
609
63
1,153
16,349
114,877
190,364
-
11,756
11,756
-
11,756
(11,746)
10|793|
|---|---|---|---|---|
|||||90,191|
|||||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)|
Page 17