OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Charity number: 1178640 Company number: 11319564

(England and Wales)

KICC THE FOUNTAIN OF GRACE

Report of the Trustees and Unaudited Financial Statements

For the year ended 31 March 2022

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

KICC THE FOUNTAIN OF GRACE Contents Page For the year ended 31 March 2022

Report of the Trustees 1 to 2
Independent Examiner's Report to the Trustees 3
Statement of Financial Activities 4
Statement of Financial Position 5
Notes to the Financial Statements 6 to 11
Detailed Statement of Financial Activities 12

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

KICC THE FOUNTAIN OF GRACE Report of the Trustees

For the year ended 31 March 2022

The Trustees, who are also directors for the purposes of company law, present their report and the financial statements for the charitable company for the year ended 31 March 2022. 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's Objects are, for the benefit of the public:

1.The advancement of the Christian religion; and

2.The furtherance of the charitable work of the charity by the advancement of such other charitable purposes as the Trustees shall from time to time decide.

Statement on public benefit

The trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.

Volunteers

The charity has volunteers who assist the church in achieving its objectives.

ACHIEVEMENTS AND PERFORMANCE

Significant activities

Life slowly started to return to some form of normality midway into the year under review, after the prolonged periods of COVID-19 lockdown restrictions, which again affected the level and number of activities we could carry out for the benefit of our members and our community.

We held our actual face to face Sunday weekly services at All Saints Centre, Grays in Essex, which were also broadcasted live on our YouTube Channel, KICCTFOG Online and also held our mid-week evening services on Tuesdays and Thursdays online and virtually via Zoom throughout the year under review. We also successfully held a Special Reunion/Special Guests and BBQ Sunday Service in early September 2021 that featured a Guest Speaker, and which was very well attended.

We continued to provide food bank services and other welfare support for people who are going through financial hardships and other community support services in the Grays area of Thurrock. We also participated in the annual Christmas Hamper Challenge, a Kingsway International Christian Centre Christmas initiative that distributes 1000 Christmas Hampers to needing families every year, and among others, we gave ten Hampers to the Thurrock Homeless Support Sanctuary for Single Mothers, Grays, which is next door to us by All Saints Centre. We also donated useful provisions and groceries to two Old Peoples' Homes in Chadwell St Mary, Grays, as well as donating the sum of £5,000 in total to Haiti Temporary Shelters Project through the Support A Nation (SAN) charity, the DEC Ukraine Appeal Fund, and Home for The Needy charity during the year under review.

The other significant achievement to report for the year to 31 March 2022 is the successful equipping and furnishing of our place of worship, All Saints Centre, with a wide LED Screen, video cameras and streaming equipment for streaming our Sunday Services on YouTube, acoustic drapes, face and stage lighting, as well as the upgrading of our PA and cabling systems.

FUTURE PLANS

In addition to providing pastoral care, career and educational counselling and ministry to our members and worshippers, we plan to engage in several outreach and evangelistic events and activities, identify ways to collaborate with other churches and denominations through Transformation Thurrock in supporting the homeless and offering support services to elderly peoples' homes in the Grays area. We plan to continue to provide food bank services and other welfare support for people who are going through financial hardships and other community support services in the Grays area of Thurrock. Having completed the renovation and furnishing of All Saints Centre, we are now planning to hold a Special Dedication Service on a Saturday evening in July 2022 that will feature some Guest Gospel Artistes and Pastor Matthew Ashimolowo, the President/Founder of Kingsway International Christian Centre (KICC) as Guest Speaker and Dedicator with the Mayor of Thurrock and other Councillors in attendance.

FINANCIAL REVIEW

The charity reported a total income of £175,938 and a net surplus of £81,881 in the year to 31 March 2022, having kept its expenditure to the barest minimum. As of 31 March 2022, accumulated funds were £257,932, all of which were unrestricted funds.

Incoming resources were mainly donations that we received in our weekly services in the form of tithes and offerings from our members and worshippers and gift aid claimed from HMRC during the period under review.

Reserves

The trustees aim to retain sufficient free reserves at a level which enables the Charity to:

. finance fixed assets and day to day operating activities.

. enable the Charity to cope financially during times of below average performance and cover operational overheads and salaries for at least six months.

. have additional resources available to cope with revenue and capital requirements arising in the next few years as the charity strives to grow and expand in size in terms of its membership and the level of services it provides.

. have enough funds to enable the Charity to acquire its own premises in the Thurrock area in the near future.

1 of 12

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

KICC THE FOUNTAIN OF GRACE Report of the Trustees Continued For the year ended 31 March 2022

Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is a charitable company, limited by guarantee. It was incorporated on 19th April 2018 and registered as a charity on 5th June 2018. The Company was established under a Memorandum and Articles of Association that established the charitable company's objects and powers and by which it is governed.

The charity, although incorporated on 19th April 2018, only commenced operations on 6th January 2019. The governance of the charity is undertaken by the Board of three trustees who hold regular meetings, while the Resident Pastor has responsibility for pastoral matters and the day-to-day operations of the charity with the support of a number of volunteers.

Recruitment and appointment of trustees

Under the provisions of the Memorandum and Articles of Association, the trustees are appointed to serve for a fixed term of three years. A retiring trustee may be re-appointed.

REFERENCE AND ADMINISTRATIVE INFORMATION

Name of Charity KICC THE FOUNTAIN OF GRACE Charity registration number 1178640 Company registration number 11319564 Principal address All Saints Centre John Street Grays Essex RM17 6ED

Trustees

The trustees and officers serving during the year and since the year end were as follows:

Mr Abimbola Odunsi Mr Samuel Okwuonu Mrs Amelia Dumaka Independent examiner Tolu Obisesan ANS Accounts 82A James Carter Road Mildenhall Suffolk IP28 7DE

Approved by the Board of Trustees and signed on its behalf by

............................................................................. 23 November 2022

Mr Abimbola Odunsi

2 of 12

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

KICC THE FOUNTAIN OF GRACE Independent Examiners Report to the Trustees

For the year ended 31 March 2022

I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 March 2022.

Responsibilities and basis of report

The charity Trustees, who are also directors for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiners statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Tolu Obisesan ANS Accounts 82A James Carter Road Mildenhall Suffolk IP28 7DE

23 November 2022

3 of 12

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

KICC THE FOUNTAIN OF GRACE

Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2022

Notes
Income and endowments from:
Donations and legacies
2
Investments
3
Total
Expenditure on:
Charitable activities
4/5
Total
Net income/expenditure
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
175,545
18
175,563
)
(93,682
)
(93,682
81,881
176,051
257,932		 Restricted
funds
£
375
-
375
)
(375
)
(375
-
-
-		 2022
£
175,920
18
175,938
)
(94,057
)
(94,057
81,881
176,051
257,932		 2021
£
140,964
99
141,063
)
(74,191
)
(74,191
66,872
109,179
176,051

4 of 12

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

11319564

Registered Number :

KICC THE FOUNTAIN OF GRACE Statement of Financial Position As at 31 March 2022

Notes
Fixed assets
Tangible assets
11
Current assets
12
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Net assets
The funds of the charity
Unrestricted income funds
14
Total funds		 £
2022
62,779
62,779
7,548
192,643
200,191
)
(5,038
195,153
257,932
257,932
257,932
257,932		 £
2021
12,203
12,203
5,778
161,631
167,409
)
(3,561
163,848
176,051
176,051
176,051
176,051

For the year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board and signed on its behalf by:

Mr Abimbola Odunsi Trustee 23 November 2022

5 of 12

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

KICC THE FOUNTAIN OF GRACE Notes to the Financial Statements For the year ended 31 March 2022

1. Accounting Policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Companies Act 2006.

KICC THE FOUNTAIN OF GRACE meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

Funds

Incoming resources are mainly donations that we received in our weekly services in the form of tithes and offerings from our members and worshippers and gift aid claimed from HMRC during the period under review.

Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

Resources expended

Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the charity to the expenditure.

Charitable activites

Charitable activities are those costs relating to activities carried out to meet the objectives of the charity and include directly attributed costs as well as support costs.

Allocation and appointment of costs

Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets

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:

Plant and machinery 25% per annum on cost Computer equipment 25% per annum on cost Fixtures and fittings 25% per annum on cost

2. Income from donations and legacies

Donations received Unrestricted
funds
£
175,545
175,545		 Restricted
funds
£
375
375		 2022
£
175,920
175,920		 2021
£
140,964
140,964

6 of 12

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

KICC THE FOUNTAIN OF GRACE Notes to the Financial Statements Continued

For the year ended 31 March 2022

3. Investment income

Unrestricted funds
Bank interest receivable
osts of charitable activities by fund type
Charitable Activity
Support costs
osts of charitable activities by activity type
Support costs
Charitable Activity
nalysis of support costs
Charitable Activity
Support costs
Governance costs		 Unrestricted
funds
£
26,890
66,792
93,682
Activities
undertaken
directly
£
27,265		 Restricted
funds
£
375
-
375
Support costs
£
66,792		 2022
£
18
18
2022
£
27,265
66,792
94,057
2022
£
94,057
2022
£
65,992
800
66,792		 2021
£
99
99
2021
£
15,982
58,209
74,191
2021
£
74,191
2021
£
57,369
840
58,209

4. Costs of charitable activities by fund type

5. Costs of charitable activities by activity type

6. Analysis of support costs

7 of 12

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

KICC THE FOUNTAIN OF GRACE Notes to the Financial Statements Continued

For the year ended 31 March 2022

7. Net income/(expenditure) for the year

This is stated after charging/(crediting):

Depreciation of owned fixed assets
Accountancy fees
taff costs and emoluments
Employees		 2022
£
10,180
800
2022
1
1		 2021
£
2,500
840
2021
1
1

8. Staff costs and emoluments

Employees give their time freely and are not paid any remunerations.

9. Trustee remuneration and related party transactions

There were no Trustees remuneration in the year or the prior year.

There were no related party transactions in the year or the prior year.

10. Comparative for the Statement of Financial Activities

Income and endowments from:
Donations and legacies
Investments
Total
Expenditure on:
Charitable activities
Total
Net income/expenditure
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
140,250
99
140,349
)
(73,477
)
(73,477
66,872
109,179
176,051		 Restricted
funds
£
714
-
714
)
(714
)
(714
-
-
-		 2021
£
140,964
99
141,063
)
(74,191
)
(74,191
66,872
109,179
176,051

8 of 12

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

KICC THE FOUNTAIN OF GRACE Notes to the Financial Statements Continued For the year ended 31 March 2022

11. Tangible fixed assets

Cost or valuation
At 01 April 2021
Additions
At 31 March 2022
Depreciation
At 01 April 2021
Charge for year
At 31 March 2022
Net book values
At 31 March 2022
At 31 March 2021		 Plant and
machinery
£
5,757
47,828
53,585
891
6,467
7,358
46,227
4,866		 Fixtures and
fittings
£
8,304
5,370
13,674
1,749
2,664
4,413
9,261
6,555		 Computer
equipment
£
1,598
7,558
9,156
816
1,049
1,865
7,291
782		 Total
£
15,659
60,756
76,415
3,456
10,180
13,636
62,779
12,203

12. Debtors

Amounts due within one year:
Prepayments and accrued income
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2022
£
7,548
7,548
2022
£
577
4,461
5,038		 2021
£
5,778
5,778
2021
£
1,536
2,025
3,561

13. Creditors: amounts falling due within one year

14. Movement in funds

Unrestricted Funds

Designated
General
General		 Balance at
01/04/2021
£
176,051
176,051		 Incoming
resources
£
175,563
175,563		 Outgoing
resources
£
)
(93,682
)
(93,682		 Balance at
31/03/2022
£
257,932
257,932

9 of 12

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

KICC THE FOUNTAIN OF GRACE Notes to the Financial Statements Continued

For the year ended 31 March 2022

Unrestricted Funds - Previous year

Designated
Gereral D
General
General		 Balance at
01/04/2020
£
-
109,179
109,179		 Incoming
resources
£
500
139,849
140,349		 Outgoing
resources
£
)
(500
)
(72,977
)
(73,477		 Balance at
31/03/2021
£
-
176,051
176,051

Purpose of unrestricted Funds

Gereral D

Designated funds are unrestricted funds that the trustees have set aside for a particular purpose and as such are restrictive in their use. Such funds can be undesignated or re-designated.

General

Unrestricted funds are available for use at the discretion of the Committee in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted Funds

General
Restricted Funds - Previous year
General		 Incoming
resources
£
375
375
Incoming
resources
£
714
714		 Outgoing
resources
£
)
(375
)
(375
Outgoing
resources
£
)
(714
)
(714		 Balance at
31/03/2022
£
-
-
Balance at
31/03/2021
£
-
-

Purpose of restricted funds

General

Restricted funds are subject to specific conditions set out by donors as to how those funds may be used.

10 of 12

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

KICC THE FOUNTAIN OF GRACE Notes to the Financial Statements Continued For the year ended 31 March 2022

15. Analysis of net assets between funds

Unrestricted funds
General
General
Restricted funds
Previous year
Unrestricted funds
General
General
Restricted funds		 Tangible fixed
assets
Net current
assets /
(liabilities)
Net Assets
£
£
£
62,779
195,153
257,932
62,779
195,153
257,932
Tangible fixed
assets
Net current
assets /
(liabilities)
Net Assets
£
£
£
12,203
163,848
176,051
12,203
163,848
176,051

16. Company limited by guarantee

KICC THE FOUNTAIN OF GRACE is a company limited by guarantee and accordingly does not have a share capital.

11 of 12

Doc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0

KICC THE FOUNTAIN OF GRACE Detailed Statement of Financial Activities

For the year ended 31 March 2022

INCOME AND ENDOWMENT
Donations and legacies
Tithes
Offerings
Gift Aid
Other Income
Investments
Bank Interest Receivable
Total incoming resources
EXPENDITURE
Charitable activities
Charitable Donations
Honorarium
Hospitality
Welfare Expenses
Evangelism And Special Events
Ministry Expenses
Missions Support
SUPPORT COSTS
Support costs
Depreciation - Owned Assets
Office And Administrative
Rent
I.T. Expenses
Advertisement And Promotion
Insurance
Legal & Professional Fees
Premises Costs
Repairs And Maintanance
Card Processing Charges
Heat And Light
Website, Email & Broadband Services
Sundry Expenses
Bank Charges
Governance costs
Accountancy Fees
Total resources expended
Net Income		 £
2022
124,194
25,317
26,034
375
175,920
18
18
175,938
)
(17,382
)
(1,150
)
(358
-
)
(2,900
)
(388
)
(5,087
)
(27,265
)
(10,180
)
(150
)
(36,000
)
(699
)
(304
)
(567
)
(5,628
)
(3,695
)
(4,123
)
(75
)
(3,058
)
(1,137
)
(249
)
(127
)
(65,992
)
(800
)
(800
)
(94,057
81,881		 £
2021
99,543
18,771
21,436
1,214
140,964
99
99
141,063
)
(14,003
-
-
)
(1,000
)
(360
)
(619
-
)
(15,982
)
(2,500
)
(7
)
(21,000
)
(637
-
)
(539
)
(1,344
)
(24,469
)
(775
)
(387
)
(4,275
)
(750
)
(460
)
(226
)
(57,369
)
(840
)
(840
)
(74,191
66,872

12 of 12 This page does not form part of the statutory financial statementsDoc ID: f7dd2c3ac542a3a9befba4568b89354f983c0de0