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← Kingsword International Church

2023-11-30-accounts

KingsWord International Church Charity

No. 1152925

Trustees' Report and Unaudited Accounts

30 November 2023

KingsWord International Church Contents

Pages
Trustees' Annual Report 3 to 6
Independent Examiner's Report 7
Statement of Financial Activities Balance 8
Sheet 9
Statement of Cash flows 17
Notes to the Accounts 10
Detailed Statement of Financial Activities 18 to 19

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 2023.

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

Minister in Charge Pastor Emmanuel Akinlaja

Accountants

Intrachartered Ltd 82a James Carter Road Mildenhall, Suffolk IP28 7DE

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

TheCharity'sobjectivesare:

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 center for Christian worship at its premises in Charlton, London. The charity runs several community-based vehicles of transformation that focus on assisting the disadvantaged & less well off in its local communities.

The Charity's main objectives for the year were:

The strategies employed to achieve these objectives include:

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. 50 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.

Page 3

KingsWord International Church Trustees Annual Report

ACHIEVEMENTS AND PERFORMANCE

Notable activities during the year:

The church’s annual activities were carried out both in person and online.

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.

FINANCIAL REVIEW

The total income for the year ended 30 November 2023 was £273587 a 35% increase compared to the income from the previous year of £202,120. The total expenditure was £237319 (£190,364 - 2021) resulting in a net income of £36,268 as against a net income of £11,756 in the previous year. Given the total expenditure for the year the targeted reserves should be £39,553 as against the current reserves of £36,278 a shortfall of £3,275. However, this represents a marked improvement on the level of reserves in the previous year £10.

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.

Page 4

KingsWord International Church Trustees Annual Report

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 the 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 charity's 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.

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 5

K4ngsWord International Church Trustees Annual Report The trustees are required to Pfepare financial statement5 for each linancial year, which give a true and fair vlew of the sltuation ol the charlty and the incoThing re30UTces and application ol resources, including the nel Income or expenditurp ol the charity foT the year. In preparing those financial statefflents, the trustees are required to: "select sultable accounting policies and then appty them consislenlly. 'make judgements and estlmales thal are Teasonable and prudent., 'state whether applicable accountlng stanLlards and slatemenls ol iecommended PTactlce have been tollowed, subjeEt lo any mateiial departures disc105ed and explalned in the financial staternents-, and "prepare the financial statements on a Doing concern basis unless rt Is inappropriate to presume thal the charlty wlll conllnue In operation. The trustees are responsible for keeping proper accounting recoids whlch dlsclose with reasonable accuiacy at any tlme the financial position of the charlty and which enafjle them lo ensure thal the fillanclal statement8 comply with the Charltie5 Act 2011, the Charity (Accounts and Reports) Regulations and the provislons of the trust deed. The trustees are also responsible for safeguarding the assets ol the charlty and hence loi taking reasonable steps lor the prevention and detection of fraud and other ifregularities. Signed behalf ol the charlty's trustees A.0. Oragbade TFuslee 24 September 2024 Page 6

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 2023.

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

As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by being a qualified member of FIFA, FIPA.

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 FIFA, FIPA Intrachartered Ltd 82a James Carter Road Mildenhall, Suffolk

IP28 7DE 24 September 2024

Page 7

KingsWord International Church Statement of Financial Activities

for the year ended 30 November 2023

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
9
Transfers between funds
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		 Unrestricted
funds		 Restricted
funds		 Total funds Total funds
2023 2023 2023 2022
£ £ £ £
215,742 3,450 219,192 151,469
23,270 - 23,270 21,390
39 - 39 867
31,086 - 31,086 28,394
270,137 3,450 273,587 202,120
122,637 - 122,637 75,487
111,232 3,450 114,682 114,877
233,869 3,450 237,319 190,364
- - - -
36,268 - 36,268 11,756
- - - -
36,268 - 36,268 11,756
36,268 - 36,268 11,756
10 - 10 (11,746)
36,278 - 36,278 10

Page 8

Iringsword Intèmatlonal Churth Balanie Sheet at 30 November 2023 Charity No. 1152925 2023 2022 Fixed assets Tanglble assels 11 6,728 6.728 9,036 9.036 Current assets Debtors Investments Cash at bank and In hand 12 13 16.749 9.445 34,433 60.627 131.0771 29,550 36,278 36,278 16,749 9,445 1,429 27.623 136.6491 19,0261 10 Credrlors: Amount falllng due wlthln one yeaT Net current assetsllliabilitiés) Total a55*ts less curyent liabiltties 14 Net assets exduding pension asset or liability 10 Total net assets 36.278 10 The funds of the tharity Restrlcted fund5 15 Unre5trirted funds General funds 15 36,278 36,278 10 10 ResÈrvÈs 15 Total funds 36,278 10 Approved by the tTUStees on 24 September 2024 And slgned on their behalf by= A.0. Oragbade Trustee 24 Septemtier 2024 Page 9

KingsWord International Church Notes to the Accounts

for the year ended 30 November 2023

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

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. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 10

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. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.

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

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

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.

Page 11

KingsWord International Church Notes to the Accounts

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 12

KingsWord International Church

Notes to the Accounts

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
4
Income from charitable activities
Graceland rentals		 Unrestricted
£
27,637
188,105
215,742		 Unrestricted
funds
2022
£
147,989
21,390
867
28,394
198,640
75,487
111,397
186,884
11,756
11,756
11,756
(11,746)
10
Restricted
£
3,100
350
3,450
Unrestricted
£
23,270
23,270		 Restricted
funds
2022
£
3,480
-
-
-
3,480
-
3,480
3,480
-
-
-
-
-
Total
2023
£
30,737
188,455
219,192
Total
2023
£
23,270
23,270		 Total funds
2022
£
151,469
21,390
867
28,394
202,120
75,487
114,877
190,364
11,756
11,756
11,756
(11,746)
10
Total
2022
£
2,305
149,164
151,469
Total
2022
£
21,390
21,390

Page 13

KingsWord International Church

Notes to the Accounts

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
£
39
39
Unrestricted
£
-
31,071
15
31,086		 Total
2023
£
39
39
Total
2023
£
-
31,071
15
31,086		 Total
2022
£
867
867
Total
2022
£
195
28,199
-
28,394
Unrestricted
£
31,753
77,022
12,404
1,200
32
226
122,637		 Total
2023
£
31,753
77,022
12,404
1,200
32
226
122,637		 Total
2022
£
25,526
37,700
10,694
1,200
72
295
75,487

Page 14

KingsWord International Church Notes to the Accounts

General Insurance
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
9
Net income before transfers
This is stated after charging:
Depreciation of owned fixed assets
Depreciation of assets held under finance
leases and hire purchase contracts
10 Staff costs
No employee received emoluments in excess
11 Tangible fixed assets
Cost or revaluation
At 1 December 2022
Additions
At 30 November 2023
Depreciation and
impairment
At 1 December 2022
Depreciation charge for the
year
At 30 November 2023
Net book values
At 30 November 2023
At 30 November 2022
12 Debtors
Other debtors
8
Other expenditure		 Unrestricted
£
945
2,303
77,089
8,896
21,999
111,232
of £60,000.		 Restricted
£
-
-
3,450
-
-
3,450
2023
£
8,896
-
2023
£
16,749
16,749		 Total
2023
£
945
2,303
80,539
8,896
21,999
114,682
Fixtures,
fittings and
equipment
£
30,457
6,588
37,045
21,421
8,896
30,317
6,728
9,036		 Total
2022
£
-
8,162
90,366
4,957
11,392
114,877
2022
£
-
4,957
Total
£
30,457
6,588
37,045
21,421
8,896
30,317
6,728
9,036
2022
£
16,749
16,749

Page 15

KingsWord International Church Notes to the Accounts

13 Current asset investments

Listed investments
14 Creditors:
amounts falling due within one year
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
17 Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1
December
2022
-
-
10
10		 2023
£
9,445
9,445
2023
£
31,077
31,077
Incoming
resources
(including
other
gains/losses
)
£
3,450
3,450
270,137
273,587
Unrestricted
funds
£
6,728
20,105
26,833
At 1
December
2022
£		 Resources
expended
£
(3,450)
(3,450)
(233,869)
(237,319)
Restricted
funds
£
-
9,445
9,445
Cash flows
£		 2022
£
9,445
9,445
2022
£
36,649
36,649
At 30
November
2023
£
-
-
36,278
36,278
Total
£
6,728
29,550
36,278
At 30
November
2023
£
1,429 33,004 34,433
1,429
1,429		 33,004
33,004		 34,433
34,433

Page 16

KingsWord International Church Statement of Cash flows

for the year ended 30 November 2023

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
Decrease in trade and other payables
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Dividends, interest and rents from investments
Net cash from investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
36,268
8,896
(31,125)
(5,572)
8,467
(6,588)
31,125
24,537
-
33,004
1,429
34,433		 2022
£
11,756
4,957
(29,261)
-
(12,548)
(4,339)
29,261
24,922
(5,272)
7,102
3,772
10,874
Components of cash and cash equivalents
Cash and bank balances 34,433 1,429
34,433 1,429

Page 17

KingsWord International Church Detailed Statement of Financial Activities

for the year ended 30 November 2023

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
Other expenditure
General Insurance
Motor and travel costs
Travel and subsistence
Premises costs
Rent		 Unrestricte
d funds
2023
£
27,637
188,105
215,742
23,270
23,270
39
39
-
31,071
15
31,086
270,137
31,753
77,022
12,404
121,179
1,200
32
226
1,458
122,637
945
945
2,303
2,303
61,550		 Restricted
funds
2023
£
3,100
350
3,450
-
-
-
-
-
-
-
-
3,450
-
-
-
-
-
-
-
-
-
-
-
-
-
3,450		 Total funds
2023
£
30,737
188,455
219,192
23,270
23,270
39
39
-
31,071
15
31,086
273,587
31,753
77,022
12,404
121,179
1,200
32
226
1,458
122,637
945
945
2,303
2,303
65,000		 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

Page 18

KingsWord International Church Detailed

Statement of Financial Activities

Rates
Light, heat and power
Premises repairs and
maintenance
General administrative costs,
including depreciation and
amortisation
Depreciation of Fixtures, fittings
and equipment
Equipment expensed
Information and publications
Postage and couriers
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
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 3,603
6,271
5,665
77,089
8,896
2,161
6,784
79
4,084
1,212
5,957
-
1,722
30,895
111,232
233,869
-
36,268
36,268
-
36,268
10
36,278		 -
-
-
3,450
-
-
-
-
-
-
-
-
-
-
3,450
3,450
-
-
-
-
-
-
-		 3,603
6,271
5,665
80,539
8,896
2,161
6,784
79
4,084
1,212
5,957
-
1,722
30,895
114,682
237,319
-
36,268
36,268
-
36,268
10
36,278		 2,946
5,000
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

Page 19