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← Kingsword International Church

2024-11-30-accounts

Charity Registration Number : 1152925

KINGSWORD INTERNATIONAL CHURCH

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

KINGSWORD INTERNATIONAL CHURCH

CONTENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

Trustees' Report

Independent Examiner's Report

Statement of Financial Activities

Balance Sheet

Notes to the Financial Statements

KINGSWORD INTERNATIONAL CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 30 NOVEMBER 2024

Trustees A.O Oragbade
S Osinoiki
A.J Popoola
Charity Number 1152925
Registered Ofce Standard House
107-115 Eastmoor Street
LONDON
SE7 8LX
Founder Dr Kayode Adeyeye Ijisesan
Minster in charge PastorEmmanuel Akinlaja
Bankers Barclays Bank
1 Churchill Place
Canary Wharf
E14 5HP
London
Solicitors Solicitors David & Vine Solicitors
Suite 8
63 Broadway
Stratford
E14 4BQ
London
Independent Examiner Intrachartered Ltd
82A James Carter Road
Mildenhall
Sufolk
IP28 7DE

Page 1 of 13

KINGSWORD INTERNATIONAL CHURCH

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

The trustees present their annual report and financial statements for the year ended 30 November 2024 .

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with the Charities Act 2011 andthe Charities Statement of Recommended Practise (SORP) - Accounting and Reporting by Charities (issued in March 2005).

Structure, Governance and Management

Constitution

The church is constituted under a Trust Deed dated the 6th of March2013 and is a registered Charity in the UK with number 1152925.

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.

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, Canada,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 establishedeffective systems to mitigate the charities exposure to these risks.

Objectives and activities

The Charity’sobjectives are:

In determining how best to pursue these objectives the trustees havetaken on board the Charity Commission's general guidance on public benefit andin particular its supplementary public benefit guidance on the advancement ofreligion for public benefit. It pursues these objects by the operation of a centre for Christianworship at its premises in Charlton, London. The charity runs several community-basedvehicles of transformation that focus on assisting the disadvantaged & lesswell off in its local communities and abroad.

The Charity's main objectives for the year were:

The continuous spread of the Christian faith.

To achieve and maintain active engagementwith 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 intovarious key roles to improve ministry to people.

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The strategies employed to achieve these objectives include:

Regular reviewof performance against the charity's objectives. Monthly prayerand inspirational meetings with church members.

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 arerun throughout the year, 45 volunteers served in the various church departmentsduring the year. The trustees are very grateful to the many volunteers who helpby 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.

  1. Leeds and Nottingham church - We established churches in the city of Leeds andNottingham as an extension of the church’s ministry in the UK aimed at meetingthe charity’s objectives.

  2. Supernatural Europe - A2-day conference dedicated to the teaching and preaching of key principles fromthe Christian faith.

  3. Worship Conference - A time for people from all works of life and thecommunity to gather in worship and music.

  4. School of theWord – A school of discipleship and ministry focusedon educating people from within and outside the charity on the ways of theChristian life.

  5. Christmas Appeal - Thecharity raised funds and provided food and other items to over 100 families inlocal children’s centres within 5 miles of the church as part of their objectiveto bless the less privileged.

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 thiswould include marriage counselling, naming ceremonies, teaching, etc.

The charity raised money and contributed to other charities in the UKduring the year including Kenneth Copeland Ministries, House on the Rock, andAndrew Wommack Ministries. We continue to identify and support moreindividuals, families, and charities.

Financial Review

The total income for the year ended 30 November 2024 was £353,281 (£273,587 - 2023). The total expenditure was £330,673 (£237319 - 2023) resulting in a net income of £22,608 as against a net income of £36,268 in the previous year.

Given the total expenditure for the year the targeted reserves should be£55,112as against the current reserves of£58,886which not only exceeds the target but is also an improvement over the previous year's reserves of £36278.

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 Charitys' 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.

Reserves Policy

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

The trustees maintain unrestricted funds which have not beendesignated for specific use at a levelequivalent to one month's expenditures. The trustees consider that reserves atthis level will ensure that, in the unlikely event of a significant drop infunding, they will be able to continue with the charity's current activitieswhile consideration is given to ways to which additional funds may be raised.

Principal Funding

The charity'sprincipal funding is through members' contributions and donations.

Plans

The charity plans to continue the activities outlined above in theforthcoming year and will continue to develop the infrastructure required tosupport the charity. The charity plans to establish its outreaches in Leeds andNottingham.

Statement of Responsibilities of The Trustees

The trustees are required to prepare financial statements for eachfinancial year, which give a true and fair view of the situation of the charityand the incoming resources and application of resources, including the netincome or expenditure, of the charity for the year. In preparing thosefinancial statements, the trustees arerequired to:

Page 3 of 13

The trusteesare responsible for keeping proper accounting records which disclose with reasonableaccuracy at any time the financial position of the charity and which enable themto ensure that the financial statements comply with the Charities Act 2011, theCharity (Accounts and Reports) Regulations and the provisions of the trustdeed. The trustees are also responsible for safeguarding the assets of thecharity and hence for taking reasonable steps for the prevention and detectionof fraud and other irregularities.

This report was approved by the trustee and signed on its behalf by:

A.O Oragbade Trustee

Date : 26 September 2025

Page 4 of 13

KINGSWORD INTERNATIONAL CHURCH

INDEPENDENT EXAMINER'S REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

Independent Examiner’s Report to the Trustees of Kingsword International Church

I report to the Charity Trustees on my examination of the accounts of the charity for the year ended 30 November 2024 which consists of the statement of financial activities,balance sheet and the related notes

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act')

I report in respect of my examination of the charity's accounts carried out under section 145 of the 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

The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of IFA

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:

Name: Oluseye Mabogunje for and on behalf of Intrachartered Ltd Date: 23 September 2025

Page 5 of 13

KINGSWORD INTERNATIONAL CHURCH

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 NOVEMBER 2024

Recommended
categories by activity
Notes
Income and
endowments from:
Donations and legacies
2
Charitable activities
3
Investments
4
Other
5
Total
Expenditure on:
Raising funds
Charitable activities
6
Other
8
Total
Net
income/(expenditure)
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted
funds
£
324,399
-
2,063
-
326,462
54,759
242,351
6,744
303,854
22,608
22,608
36,278
58,886		 Restricted
income funds
£
4,056
22,763
-
-
26,819
13,320
13,500
-
26,819
-
-
-
-		 Total Funds
2024
£
328,455
22,763
2,063
-
353,281
68,079
255,851
6,744
330,673
22,608
22,608
36,278
58,886		 Total Funds
2023
£
250,263
23,270
39
15
273,587
49,501
178,922
8,896
237,319
36,268
36,268
10
36,278

Page 6 of 13

KINGSWORD INTERNATIONAL CHURCH

BALANCE SHEET

FOR THE YEAR ENDED 30 NOVEMBER 2024

Recommended categories by
activity		 Notes Unrestricted funds
£		 Total Funds 2024
£		 Total Funds 2023
£
Fixed assets
Tangible assets 9 9,248 9,248 6,728
Investments 10 21,429 21,429 9,445
Total fixed assets 30,677 30,677 16,173
Current assets
Debtors 11 16,749 16,749 16,749
Cash at bank and in hand 12 34,637 34,637 34,433
Total current assets 51,386 51,386 51,182
Creditors: amounts falling due
within one year		 13 23,177 23,177 31,077
Net current assets/(liabilities) 28,209 28,209 20,105
Total net assets or liabilities 58,886 58,886 36,278
Funds of the Charity
Unrestricted funds 14 58,886 58,886 36,278
Restricted income funds 14 - -
Endowment funds 14 - -
Total funds 58,886 58,886 36,278

Page 7 of 13

KINGSWORD INTERNATIONAL CHURCH

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

1. Accounting Policies

The principal accounting policies adopted by the Charity, which is a public benefit entity, in the preparation of the accounts are as follows.

1.1 Basis of preparation

These accounts have been prepared under the historical cost convention, as modified by the inclusion of charitable properties and fixed asset investments and investment properties at valuation.

These accounts have been prepared in accordance with “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

These accounts are presented in pounds sterling and rounded to the nearest pound.

1.2 Going concern

The Trustees have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Income from donations or grants

Income from donations and grants is recognised when the charity is entitled to the funds, the receipt is probable and the amount can be measured reliably. For donations, this is usually on receipt. For grants, this is usually when a formal o'er is made in writing. If a donation or grant contains terms and conditions outside of the charity’s control which must be met before the charity is entitled to the funds, or if the donor specifies that the funds must be used in future time periods, then the income is deferred.

1.4 Tax reclaims on donations and gifts

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

1.5 Donated goods

Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so.

Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable.

a) Donated goods for distribution to beneficiaries

The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt and they are recognised on receipt. In the reporting period in which the stocks are distributed, they are recognised as an expense at the carrying amount of the stocks at distribution.

b) Donated goods for resale

Donated goods for resale are measured at fair value on initial recognition, which is the expected proceeds from sale less the expected costs of sale, and recognised in 'Income from other trading activities' with the corresponding stock recognised in the balance sheet. On its sale the value of stock is charged against 'Income from other trading activities' and the proceeds from sale are also recognised as 'Income from other trading activities'.

c) Donated goods and services capitalised as Tangible fixed assets

Goods donated for on-going use by a charity in carrying out its activities are recognised as tangible fixed assets with the corresponding gain recognised as income from donations within the SoFA.

1.6 Donated services and facilities

Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably.

Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading in the SOFA.

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1.7 Income from charitable activities

Income from charitable activities is recognised over the period to which the income relates. Concert fees are recognised at the date of the event. Membership fees are recognised over the period of the membership. Rent is recognised over the period to which it relates. Any amounts relating to future periods are deferred.

1.8 Investment income

Dividends are included in the Statement of Financial Activities when they are declared at an amount which includes the tax credit recoverable from HM Revenue and Customs.

1.9 Investment gains and losses

This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

1.10 Expenditure

Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be estimated reliably. It is inclusive of VAT which cannot be recovered.

Direct costs are those costs which directly attribute to its activities. Wages and salaries are allocated to direct costs based on an estimate of time spent on charitable activities by staff members.

Support costs include staff costs and are those which do not produce a direct output. Staff costs relate to specific activities and this is reflected in the allocation of payroll costs based on the percentage of time spent.

All costs, including governance costs, are allocated between the expenditure categories of the charity on a basis designed to reflect the use of the resource. Costs relating to a particular activity are charged directly; others are apportioned on an appropriate basis.

Support costs and overheads have been calculated by allocating staff time to the level of involvement in the various activities of the Charity.

1.11 Taxation

The organisation is a registered charity and has no liability to income tax or corporation tax on its charitable activities during the year.

Value added tax is accounted for on an accruals basis.

1.12 Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts.

1.13 Fund accounting

Unrestricted funds are those funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

1.14 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

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1.15 Tangible fixed assets

Tangible fixed assets, such as land and buildings, plant, vehicles and equipment, are held to provide an on-going economic benefit to a charity through their contribution, directly or indirectly, to the provision of goods or services by the charity.

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 on the following basis:

Name Rate (%) Year Method
Fixtures, fttings and equipment 33.33 Reducing balance

1.16 Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.

1.17 Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

1.18 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 taken into account in arriving at net income/expenditure.

2. Income from Donations and Legacies

Analysis
Unrestricted funds
Restricted income
funds
£
£
Donation
and gifts
-
180
Gift Aid
35,618
-
Tithes &
Oferings
288,781
3,876
324,399
4,056
3. Income from Charitable Activities
Analysis
Restricted income
funds
£
Let-out of non-investment property
22,763
22,763
4. Income from Investments
Analysis
Unrestricted funds
£
Interest income
2,063
2,063		 Total funds 2024
£
180
35,618
292,657
328,455
Total funds 2024
£
22,763
22,763
Total funds 2024
£
2,063
2,063		 Total funds 2023
£
30,737
31,071
188,455
250,263
Total funds 2023
£
23,270
23,270
Total funds 2023
£
39
39

3. Income from Charitable Activities

4. Income from Investments

Page 10 of 13

5. Other Income

Analysis
Other		 Total funds 2024
£
-
-		 Total funds 2023
£
15
15

6. Expenditure on Charitable Activities

Analysis
Advertising and marketing
Honorarium & Pastor's Allowance
Service and events costs
Missions giving, other donations & welfare
Legal/Professional
Support Costs		 Total funds 2024
£
14,569
36,174
112,038
22,524
1,947
68,599		 Total funds 2023
£
6,784
31,753
77,022
12,404
32
50,927
255,851
178,922

7. Support Costs

Analysis
Printing and stationery
General Insurance
Travel and subsistence
Premises costs
Equipment expensed
Postage/Couriers
Software/IT Support and related costs
Subscriptions
Telephone, fax and broadband
Governance Costs
Bank charges
Accountants fees		 Total funds 2024
£
1,836
1,000
2,903
115,438
2,340
-
3,809
5,232
3,599
520
-		 Total funds 2023
£
1,212
945
2,303
80,539
2,161
79
4,084
5,957
1,722
226
1,200
136,677
100,428

8. Other Expenditure

Analysis
Depreciation Charge for the Year -
Fixtures & Fittings
Other Expenditure		 Unrestricted funds
£
6,728
16
6,744		 Total funds 2024
£
6,728
16
6,744		 Total funds 2023
£
8,896
-
8,896

Page 11 of 13

9. Tangible Fixed Assets

9.1 Cost or valuation
At 01 December 2023
Additions
Disposals
Revaluations
Transfers
At 30 November 2024
9.2 Depreciation and impairments
At 01 December 2023
Charge for the year
Disposals
Revaluations
Transfers
At 30 November 2024
9.3 Net book value
At 01 December 2023
At 30 November 2024
10. Investments
Cash &
Carrying(fair) value at beginning of period
Add: additions to investments during period*
Less: disposals at carrying value
Less: impairments
Add: Reversal of impairments
Add / (deduct): transfer in/ (out) in the period
Add / (deduct): netgain / (loss)on revaluation
Carrying(fair) value at end of year		 Fixtures &
Fittings
£
37,045
9,248
-
-
-
46,293
30,317
6,728
-
-
-
37,045
6,728
9,248
Cash Equivalents
£
9,445
10,000
-
-
-
-
1,984
21,429

11. Debtors: Amounts falling due within one year

Other debtors Total funds 2024
£
16,749
16,749		 Total funds 2023
£
16,749
16,749

Page 12 of 13

12. Cash at bank and in hand

Total funds 2024
£
Cash at bank and in hand
34,637
34,637
13. Creditors: Amounts falling due within one year
Total funds 2024
£
Other creditors
23,177
23,177
14. Charity funds		 Total funds 2023
£
34,433
34,433
Total funds 2023
£
31,077
31,077

14.1 Details of material funds held and movements during the CURRENT reporting period

Fund names
Fund
balances
brought
forward
Income
Expenditure
Transfers
Gains and
losses
Fund
balances
carried
forward
£
£
£
£
£
£
Unrestricted
funds
36,278
326,462
303,854
-
-
58,886
Restricted
income funds
-
26,819
26,819
-
-
-
Total
36,278
353,281
330,673
-
-
58,886
14.2 Details of material funds held and movements during the PREVIOUS reporting
period
Fund names
Fund
balances
brought
forward
Income
Expenditure
Transfers
Gains and
losses
Fund
balances
carried
forward
£
£
£
£
£
£
Unrestricted
funds
10
270,137
233,869
-
-
36,278
Restricted
income funds
-
3,450
3,450
-
-
-
Total
10
273,587
237,319
-
-
36,278		 Fund
balances
brought
forward
Income
Expenditure
Transfers
Gains and
losses
Fund
balances
carried
forward
£
£
£
£
£
£
36,278
326,462
303,854
-
-
58,886
-
26,819
26,819
-
-
-		 Fund
balances
brought
forward
Income
Expenditure
Transfers
Gains and
losses
Fund
balances
carried
forward
£
£
£
£
£
£
36,278
326,462
303,854
-
-
58,886
-
26,819
26,819
-
-
-		 Fund
balances
brought
forward
Income
Expenditure
Transfers
Gains and
losses
Fund
balances
carried
forward
£
£
£
£
£
£
36,278
326,462
303,854
-
-
58,886
-
26,819
26,819
-
-
-
36,278
353,281
330,673
-		 - 58,886
10
273,587
237,319
-		 - 36,278

Page 13 of 13