REGISTERED CHARITY NUMBER: 1177912
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2023
for
ALL NATIONS CHURCH SWANSEA
Lee & Capital Partners Ltd Chartered Certified Accountants 25 South Lane New Malden Surrey KT3 5HU
ALL NATIONS CHURCH SWANSEA
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
ALL NATIONS CHURCH SWANSEA
Report of the Trustees
for the Year Ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principle purpose of charity is the advancement of the Christian faith according to the principle of the Congregational Federation to include the advancement of education, community service and such other general charitable purposes in such parts of the United Kingdom and the world as the Church shall determine.
In order to archive the principle objective, which iss set out above, the Church provides a variety of activities both to its membership and to community in general. The aim to show the love of Jesus Christ in both word and deed to bring people into a closer relationship with Him as living God.
FINANCIAL REVIEW
Financial position
The results for the financial period are set out in the statement of Financial activities.
Overall the charity income totalling £52,964 (2022:£50,048) with expenditure on charitable activities (including other costs) £37,738 (2022: £28,454), resulting in a net surplus as at 31 December 2023 of £15,226 (2022:£21,594)
Total funds as at 31 December 2023 are £60,534 (2022: £45,308).
Reserves policy
The trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside fund unnecessarily.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Risk management
The trustees recognize the duty to identify and review risks to which the charity is exposed and to ensure suitable controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1177912
Principal address
19 Lon Mefus Sketty SWANSEA SA2 9EU
Trustees
Rev K H Cho Trustee S Boosheri Trustee Rev B Son (resigned 30.9.24) C Baek (appointed 30.9.24)
Page 1
ALL NATIONS CHURCH SWANSEA
for the Year Ended 31 December 2023
Report of the Trustees
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner Byung Hun Lee, FCCA Lee & Capital Partners Ltd Chartered Certified Accountants 25 South Lane New Malden Surrey KT3 5HU
Approved by order of the board of trustees on 29 October 2024 and signed on its behalf by:
Rev K H Cho - Trustee
Page 2
Independent Examiner's Report to the Trustees of ALL NATIONS CHURCH SWANSEA
Independent examiner's report to the trustees of ALL NATIONS CHURCH SWANSEA
I report to the charity trustees on my examination of the accounts of ALL NATIONS CHURCH SWANSEA (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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 Trust 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.
Byung Hun Lee, FCCA
Lee & Capital Partners Ltd Chartered Certified Accountants 25 South Lane New Malden Surrey KT3 5HU
29 October 2024
Page 3
| ALL NATIONS CHURCH SWANSEA | ALL NATIONS CHURCH SWANSEA | ||
|---|---|---|---|
| Statement of Financial Activities | |||
| for the Year Ended 31 December | 2023 | ||
| 31.12.23 | 31.12.22 | ||
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 52,964 | 50,048 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitble activities | 37,738 | 28,454 | |
| NET INCOME | 15,226 | 21,594 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 45,308 | 23,714 | |
| TOTAL FUNDS CARRIED FORWARD | 60,534 | 45,308 | |
| The notes form part of these financial statements | |||
| Page 4 |
ALL NATIONS CHURCH SWANSEA
Balance Sheet
31 December 2023
| 31.12.23 Unrestricted funds Notes £ FIXED ASSETS Tangible assets 5 60,370 CURRENT ASSETS Cash at bank and in hand 1,179 CREDITORS Amounts falling due within one year 6 (1,015) NET CURRENT ASSETS 164 TOTAL ASSETS LESS CURRENT LIABILITIES 60,534 NET ASSETS 60,534 FUNDS 7 Unrestricted funds 60,534 TOTAL FUNDS 60,534 |
31.12.22 Total funds £ 44,614 1,740 (1,046) 694 45,308 45,308 45,308 |
|---|---|
| 45,308 |
The financial statements were approved by the Board of Trustees and authorised for issue on 29 October 2024 and were signed on its behalf by:
S Boosheri - Trustee
The notes form part of these financial statements
Page 5
ALL NATIONS CHURCH SWANSEA
Notes to the Financial Statements for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvement to property : 20% on reducing balance basis Plant & machinery: 20% on reducing balance basis Fixtures & fitting : 20% on reducing balance basis
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
continued...
Page 6
| ALL NATIONS CHURCH SWANSEA | ALL NATIONS CHURCH SWANSEA | ||
|---|---|---|---|
| Notes to the Financial Statements-continued | |||
| for the Year Ended 31 December 2023 | |||
| 3. | STAFF COSTS | ||
| The average monthly number of employees during the year was as follows: | |||
| 31.12.23 | 31.12.22 | ||
| Staff | 1 | 1 | |
| No employees received emoluments in excess of £60,000. | |||
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
| Unrestricted | |||
| funds | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 50,048 | ||
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitble activities | 28,454 | ||
| NET INCOME | 21,594 | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 23,714 | ||
| TOTAL FUNDS CARRIED FORWARD | 45,308 | ||
5. TANGIBLE FIXED ASSETS
| Improvements Short to Plant and leasehold property machinery £ £ £ COST At 1 January 2023 1 50,493 3,470 Additions - 29,306 1,018 At 31 December 2023 1 79,799 4,488 DEPRECIATION At 1 January 2023 - 10,639 694 Charge for year - 13,832 759 At 31 December 2023 - 24,471 1,453 NET BOOK VALUE At 31 December 2023 1 55,328 3,035 At 31 December 2022 1 39,854 2,776 |
Fixtures and fittings £ 2,479 525 3,004 496 502 998 2,006 1,983 |
Totals £ 56,443 30,849 |
|---|---|---|
| 87,292 | ||
| 11,829 15,093 |
||
| 26,922 | ||
| 60,370 | ||
| 44,614 |
continued...
Page 7
| ALL NATIONS CHURCH SWANSEA | ALL NATIONS CHURCH SWANSEA | |||
|---|---|---|---|---|
| Notes to the Financial Statements-continued | ||||
| for the Year Ended 31 December 2023 | ||||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 31.12.23 | 31.12.22 | |||
| £ | £ | |||
| Other creditors | 1,015 | 1,046 | ||
| 7. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.1.23 | in funds | 31.12.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 45,308 | 15,226 | 60,534 | |
| TOTAL FUNDS | 45,308 | 15,226 | 60,534 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 52,964 | (37,738) | 15,226 | |
| TOTAL FUNDS | 52,964 | (37,738) | 15,226 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.1.22 | in funds | 31.12.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 23,714 | 21,594 | 45,308 | |
| TOTAL FUNDS | 23,714 | 21,594 | 45,308 | |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 50,048 | (28,454) | 21,594 | |
| TOTAL FUNDS | 50,048 | (28,454) | 21,594 |
continued...
Page 8
ALL NATIONS CHURCH SWANSEA
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
7. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.22 | in funds | 31.12.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 23,714 | 36,820 | 60,534 |
| TOTAL FUNDS | 23,714 | 36,820 | 60,534 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 103,012 | (66,192) | 36,820 |
| TOTAL FUNDS | 103,012 | (66,192) | 36,820 |
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
Page 9
| ALL NATIONS CHURCH SWANSEA | ||
|---|---|---|
| Detailed Statement of Financial Activities | ||
| for the Year Ended 31 December 2023 | ||
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 52,964 | 50,048 |
| Total incoming resources | 52,964 | 50,048 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 7,500 | 7,500 |
| Mission support | 1,517 | - |
| Speakers | 120 | 90 |
| Food and community service | 1,391 | 1,377 |
| 10,528 | 8,967 | |
| Support costs | ||
| Management | ||
| Rent | 667 | 1,773 |
| Insurance | 2,318 | 442 |
| Travel | 1,468 | 1,551 |
| Repairs & renewals | 2,472 | 1,915 |
| Computer costs | 293 | 144 |
| Subscription | 230 | - |
| Sundries | 365 | 258 |
| Light & heat | 2,511 | 1,213 |
| Printing, post & Stationery | 465 | - |
| Telephone | 196 | - |
| Improvements to property | 13,832 | 9,963 |
| Plant and machinery | 759 | 694 |
| Fixtures and fittings | 502 | 496 |
| 26,078 | 18,449 | |
| Governance costs | ||
| Accountancy and legal fees | 1,132 | 1,038 |
| Total resources expended | 37,738 | 28,454 |
| Net income | 15,226 | 21,594 |
| This page does not form part of the statutory financial statements | ||
| Page 10 |