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 2023
Document ID: 1afa6e35-5c42-4985-aa71-22c6fbd51c51
KICC THE FOUNTAIN OF GRACE Contents Page For the year ended 31 March 2023
|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|
Document ID: 1afa6e35-5c42-4985-aa71-22c6fbd51c51
KICC THE FOUNTAIN OF GRACE Report of the Trustees
## For the year ended 31 March 2023
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 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 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**
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 our first Christmas and Crossover Services on 25th and 31st December 2022, which were 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 continued to participate 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 £2,500 to Home for The Needy charity and provided welfare support for our members to the tune of £6,000 during the year under review.
The other significant achievement to report for the year to 31 March 2023 is the formal Dedication of All Saints Centre church building and premises, themed, REHOBOTH on Saturday, 30th of July 2022. Pastor Matthew Ashimolowo, the President/Founder of Kingsway International Christian Centre (KICC) carried out the dedication ceremony and also spoke on the topic, How To Maximise Grace. It was a glorious service with some 240 people in attendance and another 95 participating online via our YouTube Channel, KICCTFOG Online. About ten Councillors from Thurrock Council also attended this Special Dedication Service.
In addition to providing pastoral care, career and educational counselling and ministry to our members and worshippers, we plan to engage in a number of outreach and evangelistic events and activities, identify ways to collaborate with other churches and denominations 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 our members and other people who are going through financial hardships and other community support services in the Grays area of Thurrock. We also plan to hold our inaugural Children's Summer Camp at our Church premises at All Saints Centre, Grays during the month of August 2023. In preparation for this Summer Camp and our other summer events like the Family Fun Day/BBQ, we are planning to returf and carry out some paving work, as well as create flower beds in the All Saints Centre compound in June/July 2023.
## **FINANCIAL REVIEW**
The charity reported a total income of £146,260 and a net surplus of £28,379 in the year to 31 March 2023. As of 31 March 2023, accumulated funds were £286,311, 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.
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Document ID: 1afa6e35-5c42-4985-aa71-22c6fbd51c51
KICC THE FOUNTAIN OF GRACE Report of the Trustees Continued For the year ended 31 March 2023
## **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**
The directors of the company are also charity trustees for the purpose of charity law. 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 Ltd 82A James Carter Road Mildenhall Suffolk IP28 7DE
Approved by the Board of Trustees and signed on its behalf by
............................................................................. 22 November 2023 Mr Abimbola Odunsi
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Document ID: 1afa6e35-5c42-4985-aa71-22c6fbd51c51
## KICC THE FOUNTAIN OF GRACE Independent Examiners Report to the Trustees
## For the year ended 31 March 2023
I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 March 2023.
## **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 Ltd 82A James Carter Road Mildenhall Suffolk IP28 7DE
22 November 2023
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Document ID: 1afa6e35-5c42-4985-aa71-22c6fbd51c51
## KICC THE FOUNTAIN OF GRACE
## Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2023
|**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**
**£**
144,996
445
**145,441**
)
(117,062
**)**
**(117,062**
**28,379**
257,932
**286,311**|**Restricted**
**funds**
**£**
819
-
**819**
)
(819
**)**
**(819**
**-**
-
**-**|**2023**
**£**
145,815
445
**146,260**
)
(117,881
**)**
**(117,881**
**28,379**
257,932
**286,311**|**2022**
**£**
175,920
18
**175,938**
)
(94,057
**)**
**(94,057**
**81,881**
176,051
**257,932**|
|---|---|---|---|---|
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Document ID: 1afa6e35-5c42-4985-aa71-22c6fbd51c51
Registered Number : 11319564
## KICC THE FOUNTAIN OF GRACE Statement of Financial Position As at 31 March 2023
|**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**|**£**
**2023**
60,219
**60,219**
6,905
223,865
**230,770**
)
(4,678
**226,092**
**286,311**
**286,311**
286,311
**286,311**|**£**
**2022**
62,779
**62,779**
7,548
192,643
**200,191**
)
(5,038
**195,153**
**257,932**
**257,932**
257,932
**257,932**|
|---|---|---|
For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
- The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records
- and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Mr Abimbola Odunsi Trustee
22 November 2023
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Document ID: 1afa6e35-5c42-4985-aa71-22c6fbd51c51
KICC THE FOUNTAIN OF GRACE Notes to the Financial Statements
For the year ended 31 March 2023
## **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**
Expenditure is recognised as resources expended when there is a legal or constructive obligation committing the charity to the expenditure.
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.
All expenditure is inclusive of irrecoverable VAT.
## **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.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities and other income to the extent that such income or gains are applied exclusively to charitable purposes.
## **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 Computer equipment Fixtures and fittings
25% per annum on cost 25% per annum on cost 25% per annum on cost
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## KICC THE FOUNTAIN OF GRACE Notes to the Financial Statements Continued
For the year ended 31 March 2023
## **2. Income from donations and legacies**
|Donations received|**Unrestricted**
**funds**
**£**
144,996
**144,996**|**Restricted**
**funds**
**£**
819
**819**|**2023**
**£**
145,815
**145,815**|**2022**
**£**
175,920
**175,920**|
|---|---|---|---|---|
## **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**
**£**
30,184
86,878
**117,062**
**Activities**
**undertaken**
**directly**
**£**
31,003|**Restricted**
**funds**
**£**
819
-
**819**
**Support costs**
**£**
86,878|**2023**
**£**
445
**445**
**2023**
**£**
31,003
86,878
**117,881**
**2023**
**£**
117,881
**2023**
**£**
86,028
850
**86,878**|**2022**
**£**
18
**18**
**2022**
**£**
27,265
66,792
**94,057**
**2022**
**£**
94,057
**2022**
**£**
65,992
800
**66,792**|
|---|---|---|---|---|
## **4. Costs of charitable activities by fund type**
## **5. Costs of charitable activities by activity type**
## **6. Analysis of support costs**
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Document ID: 1afa6e35-5c42-4985-aa71-22c6fbd51c51
KICC THE FOUNTAIN OF GRACE Notes to the Financial Statements Continued For the year ended 31 March 2023
## **7. Net income/(expenditure) for the year**
This is stated after charging/(crediting):
|Depreciation of owned fixed assets
Accountancy fees
**taff costs and emoluments**
Staff
Staff give their time willingly and are unpaid.|**2023**
**£**
22,800
850
**2023**
1
**1**|**2022**
**£**
10,180
800
**2022**
1
**1**|
|---|---|---|
## **8. Staff costs and emoluments**
## **9. Trustee remuneration and related party transactions**
There were no trustees remuneration in either year.
There were no related party transactions in either 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**
**£**
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**|
|---|---|---|---|
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## KICC THE FOUNTAIN OF GRACE Notes to the Financial Statements Continued For the year ended 31 March 2023
## **11. Tangible fixed assets**
||**Plant and**|**Fixtures and**|**Computer**||
|---|---|---|---|---|
|**Cost or valuation**|**machinery**|**fittings**|**equipment**|**Total**|
||**£**|**£**|**£**|**£**|
|At 01 April 2022|53,585|13,674|9,156|76,415|
|Additions|10,626|9,614|-|20,240|
|At 31 March 2023|**64,211**|**23,288**|**9,156**|**96,655**|
|**Depreciation**|||||
|At 01 April 2022|7,358|4,413|1,865|13,636|
|Charge for year|15,388|5,166|2,246|22,800|
|At 31 March 2023|**22,746**|**9,579**|**4,111**|**36,436**|
|**Net book values**|||||
|At 31 March 2023|**41,465**|**13,709**|**5,045**|**60,219**|
|At 31 March 2022|**46,227**|**9,261**|**7,291**|**62,779**|
## **12. Debtors**
|**Amounts due within one year:**
Prepayments and accrued income
**13. Creditors: amounts falling due within one year**
Other creditors
Accruals and deferred income
**14. Movement in funds**
**Unrestricted Funds**
_General_
General|**Balance at**
**01/04/2022**
**£**
257,932
**257,932**|**Incoming**
**resources**
**£**
145,441
**145,441**|**2023**
**£**
6,905
**6,905**
**2023**
**£**
941
3,737
**4,678**
**Outgoing**
**resources**
**£**
)
(117,062
**)**
**(117,062**|**2022**
**£**
7,548
**7,548**
**2022**
**£**
577
4,461
**5,038**
**Balance at**
**31/03/2023**
**£**
286,311
**286,311**|
|---|---|---|---|---|
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Document ID: 1afa6e35-5c42-4985-aa71-22c6fbd51c51
KICC THE FOUNTAIN OF GRACE Notes to the Financial Statements Continued For the year ended 31 March 2023
## **Unrestricted Funds - Previous year**
|_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**|
|---|---|---|---|---|
## **Purpose of unrestricted Funds**
## Gereral Designated
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 trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
## **Restricted Funds**
|General Restricted
**Restricted Funds - Previous year**
General Restricted|**Incoming**
**resources**
**£**
819
**819**
**Incoming**
**resources**
**£**
375
**375**|**Outgoing**
**resources**
**£**
)
(819
**)**
**(819**
**Outgoing**
**resources**
**£**
)
(375
**)**
**(375**|**Balance at**
**31/03/2023**
**£**
-
**-**
**Balance at**
**31/03/2022**
**£**
-
**-**|
|---|---|---|---|
## **Purpose of restricted funds**
## General Restricted
Restricted funds are subject to specific conditions set out by donors as to how those funds may be used.
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## KICC THE FOUNTAIN OF GRACE Notes to the Financial Statements Continued For the year ended 31 March 2023
## **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**
**£**
**£**
**£**
60,219
226,092
286,311
**60,219**
**226,092**
**286,311**
**Tangible fixed**
**assets**
**Net current**
**assets /**
**(liabilities)**
**Net Assets**
**£**
**£**
**£**
62,779
195,153
257,932
**62,779**
**195,153**
**257,932**|
|---|---|
## **16. Company limited by guarantee**
KICC THE FOUNTAIN OF GRACE is a company limited by guarantee and accordingly does not have a share capital.
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## KICC THE FOUNTAIN OF GRACE Detailed Statement of Financial Activities
For the year ended 31 March 2023
|**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**|**£**
**2023**
94,375
25,377
26,063
-
**145,815**
445
**445**
**146,260**
)
(14,557
)
(2,769
)
(148
)
(6,000
)
(3,582
)
(333
)
(3,614
**)**
**(31,003**
)
(22,800
)
(640
)
(36,000
)
(334
)
(200
)
(633
)
(6,372
)
(12,166
)
(250
-
)
(4,522
)
(1,588
)
(341
)
(182
**)**
**(86,028**
)
(850
**)**
**(850**
**)**
**(117,881**
**28,379**|**£**
**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**|
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> Document ID: 1afa6e35-5c42-4985-aa71-22c6fbd51c51 This page does not form part of the statutory financial statements