ISAIAH 58 TRUST Accounts- 31st March 2023
ISAIAH 58 TRUST
Charity number: 1164983
Accounts – 31st March 2023
INDEX
-
1-2. Report of the Trustees and General Information 3. Independent Examiner’s Report to the Trustees
-
Statement of Financial Activities
-
Balance Sheet
-
6-11. Notes to the Accounts
ISAIAH 58 TRUST
REPORT OF THE TRUSTEES for the year ended 31st March 2023
The Trustees are pleased to present their annual report and financial statements of the charity for the year ended 31st March 2023.
The Financial Statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and complies with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (Second Edition) and the Financial Reporting Standard FRS 102.
Reference and Administration Details
The charity’s name is Isaiah 58 Trust and also operates under the name of Kings Way Church .
Charity Registration Number: 1164983
Registered Office: 324 Washway Road, Sale, M33 4RT.
Trustees
The Trustees and officers who served during the year and since the year end were as follows:
I Skrzypiec-Allen D Dean T Hack W Price S Green
Objectives and Activities
The main objects of the charity are:
-
a) The advancement of the Christian faith and proclamation of the gospel of Jesus Christ.
-
b) The advancement of education in accordance with Christian principles.
-
c) Protection of health and the relief of poverty, distress and sickness.
-
d) Advancement of Christian worship.
-
e) Promote and fulfil such other charitable purposes beneficial to the community.
The main activity of the trust is the running of a Christian church in the Manchester area together with related community projects.
In planning the activities of the charity the trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.
The trusts activities of education and prevention or relief of poverty and the religious activities are available to people in the North of England and elsewhere.
Achievements and Performance
In accordance with its objectives, financial support was given to a number of projects involved in the relief of hardship and suffering, both in the UK and abroad, including Europe and Africa. Educational projects in the UK, Europe and Africa were also supported as were community transformation initiatives in Trafford, in Greater Manchester, and other parts of the UK. We employed someone to increase our community work in the local area. This will initially be on a 2 year contract. The CIO continues to work with five other local churches including Life Church and partnering with Christians Against Poverty (registered charity 1097217) to provide debt counselling free of charge to local residents. We have secured funds to expand our work by opening a Job Club to help residents back into work. The CIO is the lead organisation and holds the finances for the centre. The primary source of income for the CIO is from donations.
ISAIAH 58 TRUST
REPORT OF THE TRUSTEES for the year ended 31st March 2023
Financial Review
The total income for the year was £59,729 and total expenditure on charitable activities amounted to £76,866 The balance on General Funds at the year end was £497,804 and on designated funds £111,400 and on restricted £23,031
Reserves Policy
The trustees have continued the policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 2 and 3 months of expenditure. The trustees consider that this should be £25,000 in general funds. The reserves are needed to meet the working capital requirement of the charity and the trustees are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding. The present level of the reserves available to the charity are in excess of the desired amount. The trustees have continued to maintain the reserves at this level by monitoring income and expenditure on a monthly basis, and only making donations from surplus funds. Additional reserves of £8,500 are needed for the Debt Centre to continue to function for 3–4 months in case of loss of income. These are held in restricted funds.
Structure, Governance and Management
Governing Document
Isaiah 58 Trust is registered as a Charitable Incorporated Organisation with the Charity Commission. It was formed under a Trust Deed registered on 23rd December 2015.
Appointment of Trustees
The trustees keep the composition of the board under review and will seek to appoint additional members with appropriate skills, expertise and Christian values, should the need arise. Interested parties are given details of the background of the charity in order to make them aware of current activities.
Signed on behalf of the trustees:
I Skrzypiec-Allen
……………………………… I Skrzypiec-Allen - Trustee
Manchester
10 December 2023
ISAIAH 58 TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
I report to the trustees on my examination of the accounts of Isaiah 58 Trust for the year ended 31st March 2023.
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 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 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 accounts to be reached.
A P Williams
AP Williams BSc FCCA A J Carter & Co Chartered Accountants
22b High Street Witney Oxon OX28 6RB
15 December 2023
ISAIAH 58 TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st March 2023
| Note Income from: Donations 3 Coronavirus job retention scheme grant Income from other trading activities 4 Investments 5 Total incoming resources Expenditure on: Charitable activities 6 Total expenditure Net income/(expenditure) and net movement in funds for the year Transfer between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Restricted Total Funds Funds Funds 2023 £ £ £ 30,369 27,454 57,823 - - - 1,361 - 1,361 545 - 545 32,275 27,454 59,729 41,995 34,871 76,866 41,995 34,871 76,866 (9,720) (7,417) (17,137) - - - (9,720) (7,417) (17,137) 618,924 30,448 649,372 £609,204 £23,031 £632,235 |
Total Funds 2022 £ 57,796 1,824 490 8 |
|---|---|---|
| 60,118 | ||
| 51,920 | ||
| 51,920 | ||
| 8,198 - |
||
| 8,198 641,174 |
||
| £649,372 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The notes on pages 6 to 11 form part of these financial statements
ISAIAH 58 TRUST
BALANCE SHEET as at 31st March 2023
| Note Fixed assets Tangible assets 10 Total fixed assets Other assets Loans 11 Current assets Debtors 12 Investments 13 Cash at bank and in hand Total current assets Liabilities Creditors falling due within one year 14 Net current assets Total assets less current liabilities Total net assets 15 The funds of the Charity Total restricted funds 16 Unrestricted income funds-General 16 Unrestricted income funds-Designated 16 Total unrestricted funds Total charity funds |
2023 £ 3 3 530,000 530,000 855 85,558 17,689 104,102 1,870 102,232 632,235 £632,235 23,031 497,804 111,400 609,204 £632,235 |
2022 £ 1,022 |
|---|---|---|
| 1,022 | ||
| 530,000 | ||
| 530,000 | ||
| 681 50,975 68,374 |
||
| 120,030 1,680 |
||
| 118,350 | ||
| 649,372 | ||
| £649,372 | ||
| 30,448 | ||
| 507,024 111,900 |
||
| 618,924 | ||
| £649,372 |
These accounts were approved by the trustees and authorised for issue on: 10 December 2023 and are signed on their behalf by:
I Skrzypiec-Allen
...................................................... I Skrzypiec-Allen - Trustee
The notes on pages 6 to 11 form part of these financial statements
ISAIAH 58 TRUST
NOTES TO THE ACCOUNTS for the year ended 31st March 2023
1. Accounting Policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a) Basis of Preparation
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Public Benefit Entity
The Isaiah 58 Trust meets the definition of a public benefit entity as defined by FRS 102.
Going Concern
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
b) Income Recognition Policies
Items of income are recognised and included in the accounts when all of the following criteria are met:
-
The charity has entitlement to the funds;
-
any performance conditions attached to the items of income have been met or are fully within the control of the charity;
-
there is sufficient certainty that receipt of the income is considered probable; and
-
the amount can be measured reliably.
Income received in advance of a specific performance or provision of other specified service is deferred until the criteria for income recognition are met.
Income from Government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. In respect of the furlough grant; all conditions, with respect to the eligible costs being claimed, need to be met.
c) Donated Services and Facilities In accordance with the Charities SORP (FRS 102) the general time of volunteers is not recognised in the accounts.
- d) Interest Receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
ISAIAH 58 TRUST
NOTES TO THE ACCOUNTS
for the year ended 31st March 2023 (continued)
-
e) Fund Accounting
-
Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted funds of the Charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for the particular areas of the Charity’s work or for specific projects being undertaken by the Charity.
-
f) Expenditure and Irrecoverable VAT
-
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
-
Expenditure on Charitable activities includes the cost of running the activities of Kings Way Church and associated projects.
-
Other expenditure represents those items not falling into any other heading.
-
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
- g) Tangible Fixed Assets
Individual fixed assets costing £1,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:
Asset Annual Category Rate Equipment (costing over £1,000) 25% per annum Equipment (costing less than £1,000) Written off in year of acquisition
- h) Debtors
Trade and other debtors are recognised at the settlement amounts due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
-
i) Cash at Bank and in Hand Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
-
j) Creditors and Provisions
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.
- k) Pensions
The Charity operates a defined contribution scheme, the assets of which are held outside the Charity. The contributions by the Charity in the year are detailed in note 7.
2. Legal Status of the Charity
Isaiah 58 Trust is a registered Charitable Incorporated Organisation and was formed under a Trust Deed registered on 23rd December 2015.
ISAIAH 58 TRUST
NOTES TO THE ACCOUNTS
for the year ended 31st March 2023 (continued)
3. Income from donations
| Gifts and donations | 2023 £ 57,823 £57,823 |
2022 £ 57,796 |
|---|---|---|
| £57,796 |
Of the £57,823 received in 2023 (2022: £57,796) £ 27,454 was restricted funds (2022: £24,816) and £30,369 (2022: £32,980) unrestricted funds.
The charity benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with FRS 102 and the Charities SORP (FRS 102) the economic contribution of general volunteers is not recognised in the accounts.
4. Income from other trading activities
| Income from other trading activities Concert income Sundry income |
Unrestricted 2023 £ 1,361 - £1,361 |
Unrestricted 2022 £ 430 60 |
| £490 |
5. Investment income
All of the Charity investment income arises from money held in deposit at CAF bank.
6. Analysis of expenditure on charitable activities
| Gifts, grants and expenditure in furtherance of charity activities CAP expenditure Property costs Computer peripherals and equipment Conference, resources and training Ministry support Stationery and publicity Catering and hospitality Sundry and travel expenses Subscriptions Bank charges Depreciation Accountancy Total |
Church 2023 activities Total £ £ 19,546 19,546 7,680 7,680 13,720 13,720 1,570 1,570 364 364 27,005 27,005 1,113 1,113 971 971 506 506 1,442 1,442 190 190 1,019 1,019 1,740 1,740 £76,866 £76,866 |
2022 Total £ 15,747 7,240 3,486 2,550 50 15,826 1,475 873 423 1,321 228 1,021 1,680 |
|---|---|---|
| £51,920 |
Of the £76,866 expenditure in 2023 (2022: £51,920) £41,995 was charged to unrestricted funds (2022: £24,611) and £34,871 to restricted funds (2022: £27,309).
ISAIAH 58 TRUST
NOTES TO THE ACCOUNTS
for the year ended 31st March 2023 (continued)
7. Analysis of staff costs and trustee remuneration, expenses and transactions
| Salaries and wages Social security costs Employer contribution to Defined Contribution Pension Scheme |
2023 £ 26,604 - 401 £27,005 |
2022 £ 15,555 - 271 |
|---|---|---|
| £15,826 |
No employees had emoluments in excess of £60,000 (2022: £60,000). Pension costs are allocated to activities in proportion to the related staffing costs incurred.
During the year one Trustee's close relative was paid £Nil (2022: £130) for cleaning duties.
During the year 2 trustees also received expenses in relation to pastoral costs totalling £161 (2022: £111 1 trustee).
During the year the trustees and their spouses donated £11,340 (2022: £12,982) to the charity in total.
During the year a gift of £500 was made to 1 trustee in respect of travel costs.
8. Staff numbers
The average monthly number of employees during the year was as follows:
| 2023 | 2022 | ||
|---|---|---|---|
| Number | Number | ||
| Ministry | support | 2 | 1 |
9. Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
10. Tangible fixed assets
| Cost: As at 01.04.2022 Additions As at 31.03.2023 Depreciation: As at 01.04.2022 Charge for year As at 31.03.2023 Net book value: As at 31.03.2023 As at 31.03.2022 |
Equipment £ 4,085 - 4,085 3,063 1,019 4,082 £3 £1,022 |
Total £ 4,085 |
|---|---|---|
| 4,085 | ||
| 3,063 1,019 |
||
| 4,082 | ||
| £3 | ||
| £1,022 |
ISAIAH 58 TRUST NOTES TO THE ACCOUNTS
for the year ended 31st March 2023 (continued)
11. Loan
In previous years the Isaiah 58 Trust lent LifeChurch Manchester, a charitable company limited by guarantee and operating as a church, the sum of £550,000. The loan is secured by a second charge over that church's property. There are no fixed repayment terms but LifeChurch intend to commence repaying the loan as soon as funds are available and there is an understanding that if the Isaiah 58 Trust requires repayment of the loan (in full or in part) all attempts will be made for repayment. No interest is due on the loan as the Isaiah 58 Trust have free use of part of the building for its own church activities. During previous years the sum of £20,000 was repaid on the loan.
12. Debtors
| Prepayments Other debtors |
2023 £ 176 679 £855 |
2022 £ 168 513 |
|---|---|---|
| £681 |
- Current asset investments
| Cash on deposit 14.Creditors: amounts falling due within one year Accruals 15.Analysis of net assets between funds |
2023 £ 85,558 £85,558 2023 £ 1,870 £1,870 |
2022 £ 50,975 |
|---|---|---|
| £50,975 | ||
| 2022 £ 1,680 |
||
| £1,680 | ||
| Fixed Assets Building fund loan Cash at bank and in hand Other net current assets/(liabilities) Total |
General Designated Restricted Fund Funds Funds Total £ £ £ £ 3 - - 3 420,000 110,000 - 530,000 4,088 1,400 12,201 17,689 73,713 - 10,830 84,543 |
|---|---|
| £497,804 £111,400 £23,031 £632,235 |
ISAIAH 58 TRUST
NOTES TO THE ACCOUNTS
for the year ended 31st March 2023 (continued)
16. Analysis of charitable funds
Analysis of movements in restricted funds
| CAP Turkish Earthquake fund Gloves for Ukraine soldiers Bulgaria donations Total |
Balance Incoming Resources Funds 01.04.2022 resources expended Transfers 31.03.2023 £ £ £ £ £ 29,772 25,623 (32,590) - 22,805 - 938 (938) - - - 418 (418) - - 676 475 (925) - 226 |
|---|---|
| £30,448 £27,454 £(34,871) £- £23,031 |
Name of restricted fund Description, nature and purposes of the fund
The CAP restricted funds are for the running of the Debt relief centre.
The other restricted funds are for specific projects in the churches activities and pastoral care.
Analysis of movements in unrestricted funds
| General fund Buildings Fund Loan Deborah Arise Total |
Balance Incoming Resources Funds 01.04.2022 resources expended Transfers 31.03.2023 £ £ £ £ £ 507,024 32,275 (41,495) - 497,804 110,000 - - - 110,000 1,900 - (500) - 1,400 |
|---|---|
| £618,924 £32,275£(41,995) £- £609,204 |
Name of unrestricted fund Description, nature and purposes of the fund
General fund
The 'free reserves' after allowing for all designated funds.
Buildings Fund Loan
In prior year's £130,000 of the building fund was lent to LifeChurch Manchester and formed part of the £550,000 loan (see above). The £130,000 has therefore been transferred from the building Fund to the Building Fund Loan and is held in the form of a loan to LifeChurch Manchester. In previous years £20,000 was repaid on this loan and therefore a corresponding £20,000 was released back to the general reserves.
Deborah Arise A specific project undertaken by the church.