Registered Charity no. 1184540
## **Living Word Church Network**
**Trustees Annual Report and Accounts Year Ended 31st December 2023**
## **Living Word Church Network**
**Year Ended 31st December 2023**
## **Contents Page**
||**Page**|
|---|---|
|Legal and Administrative Information|**1**|
|Trustee's Annual Report|**2**|
|Independent Examiners Report|**6**|
|Statement of Financial Activities|**7**|
|Statement of Financial Position|**8**|
|Statement of Cash Flows|**8**|
|Notes to the Financial Statements|**9**|
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Legal and Administrative Information**
## **Reference**
The Charity is called “Living Word Church Network” and is registered with the Charity Commission for England and Wales. The Charitable Incorporated Organisation was registered with the Charity Commission in England and Wales on 23 July 2019, and the activity and assets were transferred from its predecessor unincorporated charity (charity number 1170104) on 1 September 2019.
**Registered Charity Number** 1184540 **Registered Office** 18 High Street Titchfield Fareham PO14 4AF **The Trustees** Jane Cresdee (Appointed 25 March 2023) Colin Gallagher Monique Gallagher (Appointed 25 March 2023) Tracey Wickland **Primary Bankers** CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ **Independent Examiner** Nigel Wyatt BSC FCA Wyatt & Co Chartered Accountants 125 Main Street Garforth Leeds LS25 1AF
1
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Trustee's Annual Report**
## **Main Activities**
Teaching, preaching, discipleship, training, equipping, educational, worship, pastoral care, prayer ministry, evangelism, and other outreach activities, community projects, church planting and publishing (in hard copy and digitally). Leading and participating in mission teams, both in the UK and overseas. Networking and engaging with other churches, organisations and people sharing our vision, values and doctrine.
## **Governance**
The Charity is a CIO with a Foundation Constitution. The Trustees are responsible for the policy and strategy of Living Word Church Network. They have regard to the guidance issued by the Charity Commission on public benefit. Selection of new Trustees are through recommendation to the Chair of Trustees by the existing Trustees. Trustees are committed members of the Network who are well known to the Trustees and Senior Pastors.
## **Object, Vision, and Mission**
To advance the Christian faith to all people both children and adults and to teach sound biblical doctrine by all means possible and under the guidance of the Holy Spirit at any time and anywhere in the world including through the administration of all existing and future churches forming part of the Living Word Church Network. To provide support to those in need including the alleviation of poverty, suffering and persecution anywhere in the world.
## **Achievements and Performance**
This year LWCN continued congregational worship at our Titchfield, Fareham, Bridgemary and Purbrook church plants providing benefit to members, visitors, local communities and the public in general in line with our charitable purposes. In this regard, the trustees have given due consideration to the Charity Commission’s published guidance on public benefit.
Across our congregations we have 4 paid employees, 14 volunteer leaders and approximately 30 volunteers in other serving capacities.
This year we continued our ‘Feed My Sheep’ initiative both spiritually and practically.
Spiritually, we continued to produce recorded material including topically and sequential bible studies via You Tube, Facebook and Pod Bean. We made contacts within wider church circles and were involved in provision of in-person, television, zoom and pre-recorded materials to Christians and Christian leaders both nationally and globally. We provided online devotionals periodically during the year and throughout advent. We began supporting a number of small house fellowships across the country with encouragement and practical advice.
2
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Trustee's Annual Report**
We hosted another prayer ministry course which produced, trained and equipped new leaders within the network. This enabled us to increase our one-to-one pastoral care, hospital and home visits.
We began our third year of the allotment. We hosted a no-dig three-day course which was fully attended by both members and local individuals and delivered several talks at a local ‘Green’ group. We meet with several other groups undertaking similar projects. Volunteers joined the project from our network, other churches and the general community. From the produce we supplied our own church congregations, family, friends, neighbours, five local food banks and an overflow food bank from the church building steps in Titchfield. We also began supplying a local farm shop and generated some income for the project. This has also extended our community engagement. We provide a welfare space at the project for food, rest and prayer whilst working the land. A few people who visited camped and made use of the Prayer Farm as a mini retreat space. We provided a Harvest supper for volunteers and a public Harvest Festival for the community. Proceeds were donated to a local food bank charity
We had a number of interested community and church leaders visit the site from across the UK with a similar vision of self-sufficiency and food security coupled with a praying community.
Our Titchfield building is also a collection point for our local food bank with donations from our congregations and the wider community being delivered regularly to the Hub.
This year we also began providing a free cooked meal between our services which has proved very popular.
Week on week we run a community coffee morning and warm space, a ladies sewing group, Bible studies, prayer meetings and home groups.
We continue to do an outreach session in the town center once a month to offer an ear and prayer to the community.
This year saw the beginning of our weekly whole day of prayer in the form of ‘Prayer School’ which teaches and engages in different forms of prayer.
We enjoyed a number of one-off events such as the celebration of Passover, Pentecost and Tabernacles.
Sunday school continued from the Titchfield Building with the youth group enjoying a weekend away in June.
3
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Trustee's Annual Report**
We hosted a weekend church camp in September at the Prayer Farm with attendees from our own as well as other churches.
In September we hosted a well-attended MacMillan Coffee morning and also joined a local Relay for Life Cancer event. We regularly supported a missionary family in Kenya and another in Guatemala.
In December we hosted a Christmas Day Dinner for singles and elderly people in the local community and delivered plated meals to the housebound. We also hosted a mobile Carol service around the village with a live nativity.
We maintained relationships with Jewish charities, MDA and international missions and Christian lobbying groups remotely and in person.
We gave 10% of our income to community and Christian projects outside of our network and continue an additional specific relief fund for individuals in need - predominantly through provision of supermarket vouchers.
We undertook both funerals and weddings this year and held a number of baptism services throughout the year at the Titchfield Building and at the Prayer Farm. We provided a number of couples with a six-week pre-marital course. We lent out our building to various other churches locally.
We continue to be involved in several local Churches Together communities and took part in Easter and Christmas services together and hope to extend our joint participation in the future.
4
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Trustee's Annual Report**
## **Financial Review**
An income of £186,506 was received during the period and expenditure was £199,145, generating a deficit of £12,639 (2022: £21,298 deficit). At the reporting date the charity had total reserves of £1,802,574 of which £12,095 was restricted and £974,786 represents the book value of the property held by the church.
## **Reserves Policy**
The charity aims to maintain sufficient reserves to cover a minimum of six months' running expenses (approximately £100,000). As of the year-end, the reserves held, excluding restricted funds and the value of the property, amounted to £39,208 (2022: £51,078).
## **Approved by the Trustees**
colin Gallaugher Name of Trustee: ________________________________ Singed on behalf of the Trustees: ________________________________ Date of approval: ________________________________11/12/2024
5
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Independent Examiners Report**
I report to the trustees on my examination of the financial statements of Living Word Church Network ('the charity') for the year ended 31 December 2023.
## **Responsibilities and Basis of Report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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**
Although the charity’s gross income does not exceed £250,000 and there is no requirement for the examiner to be a member of a body listed in Section 145 of the 2011 Act, I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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.
Nigel Wyatt BSC FCA Date: 11/12/2024 Independent Examiner 125 Main Street Garforth Leeds LS25 1AF
6
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Statement of Financial Activities**
|**Statement of Financial Activities**||||||
|---|---|---|---|---|---|
||||**2023**||2022|
|||Unrestricted|Restricted|**Total**|Total|
|||Funds|Funds|**Funds**|Funds|
||**Note**|£|£|**£**|£|
|**Income**||||||
|Donations and legacies||173,493|9,733|**183,226**|191,524|
|Charitable activities||3,280|-|**3,280**|-|
|||`──────────`|`──────────`|`──────────`|
`──────────`|
|**Total Income**|**2**|176,773|9,733|**186,506**|191,524|
|||`──────────`|`──────────`|`──────────`|
`──────────`|
|**Expenditure**||||||
|Expenditure on charitable activities|**3**|188,466|10,679|**199,145**|212,822|
|||`──────────`|`──────────`|`──────────`|
`──────────`|
|**Total Expenditure**||188,466|10,679|**199,145**|212,822|
|||`──────────`|`──────────`|`──────────`|
`──────────`|
|||`──────────`|`──────────`|`──────────`|
`──────────`|
|**Net Income and Net Movement in Funds**||(11,693)|(946)|**(12,639)**|(21,298)|
|||`──────────`|`──────────`|`──────────`|
`──────────`|
|**Net Income and Net Movement in Funds**||||||
|Total funds brought forward|**11**|1,082,172|13,041|**1,095,213**|1,116,511|
|Transfers|**11**|-|507|**507**|-|
|||`──────────`|`──────────`|`──────────`|
`──────────`|
|**Total Funds Carried Forward**|**11**|1,070,479|12,602|**1,083,081**|1,095,213|
|||`──────────`|`──────────`|`──────────`|
`──────────`|
All income and expenditure derive from continuing activities.
7
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Statement of Financial Position**
|**Statement of Financial Position**||||
|---|---|---|---|
|||**2023**|2022|
||**Note**|**£**|£|
|**Fixed Assets**||||
|Tangible fixed assets|**8**|974,786|992,628|
|||`──────────`|`──────────`|
|||974,786|992,628|
|**Current Assets**||||
|Debtors|**9**|38,060|39,993|
|Cash at bank and in hand||76,819|71,791|
|||`──────────`|`──────────`|
|||114,879|111,784|
|**Creditors: Amounts Falling Due Within One Year**|**10**|7,091|9,199|
|||`──────────`|`──────────`|
|**Net Current Assets**||107,788|102,585|
|||`──────────`|`──────────`|
|**Total Assets Less Current Liabilities**||1,082,574|1,095,213|
|||`──────────`|`──────────`|
|**Net Assets**|**12**|1,082,574|1,095,213|
|||`──────────`|`──────────`|
|**Funds of the Charity**||||
|Restricted funds||12,602|13,041|
|Unrestricted funds||||
|General fund||39,385|51,078|
|Designated funds||1,031,094|1,031,094|
|||`──────────`|`──────────`|
|**Total Charity Funds**|**11**|1,083,081|1,095,213|
|||`──────────`|`──────────`|
|**Name of Trustee:**|Colin Gallaughet|||
|───────────────────────────────────────────────────||||
|**Signed on Behalf of the Trustees:**||||
|───────────────────────────────────────────────────||||
|**Date of Approval:**|11/12/2024|||
|───────────────────────────────────────────────────||||
8
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Notes to the Financial Statements**
## **1 Accounting Policies**
## **Basis of Preparation**
The finical statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities Financial Reporting Standards applicable in the UK and Republic of Ireland (Charities SORP 2019 FRS 102) and the Charities Act 2011.
## **Assessment of Going Concern**
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
## **Fund Accounting**
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have set aside resources for a specific purpose.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or the term of specific appeal, often know as a ‘special offering’ in the church.
Further explanation of the nature and purpose of each fund is included in the notes to the accounts.
## **Incoming Resources**
All incoming resources are recognised once the charity has entitlement to the resources. It is probable that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.
• All voluntary income from members of the church are recognised as donations and are included in full, with associated Gift Aid receivable in the Statement of Financial Activities.
• Grants where entitlement is not conditional on the delivery of specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant.
• Income resources from charitable trading activities such as the letting are accounted for when invoices are drawn up (as the point of entitlement).
• Donated services and facilities are included at the value to the charity where this can be quantified.
• Gifts in Kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.
• Volunteer time, the value of voluntary support for the work of the church is not included in the accounts but is described in the Trustees' annual report.
- Investment Income is included in the accounts when receivable.
9
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Notes to the Financial Statements**
## **Resources Expended**
Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.
## **Liability Recognition**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
## **Tangible Fixed Assets**
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Tangible fixed assets costing more than £750 are capitalised and included at cost including any incidental expenses of acquisition. Gifted assets are shown at the value to the charity on receipt. Depreciation is provided on all tangible assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows:
Depreciation is provided on fixed assets to spread the cost over the estimated useful lives of the relevant assets at the following rates:
Computer equipment: 25% Reducing Balance Buildings and fixtures: 2.5% Straight Line
Land: Nil
## **Pensions**
The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.
## **Operating Leases**
Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Financial Instruments**
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities, including creditors, are initially measured at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
10
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Notes to the Financial Statements**
|**2 **|**Analysis of Income**||||
|---|---|---|---|---|
|||Unrestricted|Restricted|**Total Funds**|
|||Funds|Funds|**2023**|
|||£|£|**£**|
||**Donations and legacies**||||
||Donations|131,137|8,314|**139,451**|
||Gift aid|42,356|1,419|**43,775**|
|||`──────────`|`──────────`|`──────────`|
|||173,493|9,733|**183,226**|
||**Charitable activities**||||
||Ministry activities|2,180|-|**2,180**|
||Youth camp|1,100|-|**1,100**|
|||`──────────`|`──────────`|`──────────`|
|||3,280|-|**3,280**|
|||`──────────`|`──────────`|`──────────`|
||**Total Income**|**176,773**|**9,733**|**186,506**|
|||`──────────`|`──────────`|`──────────`|
|||Unrestricted|Restricted|**Total Funds**|
|||Funds|Funds|**2022**|
|||£|£|**£**|
||**Donations and legacies**||||
||Donations|148,642|19,607|**168,249**|
||Gift aid|20,990|2,285|**23,275**|
|||`──────────`|`──────────`|`──────────`|
|||169,632|21,892|**191,524**|
||**Charitable activities**||||
||Ministry activities|-|-|**-**|
||Youth camp|-|-|**-**|
|||`──────────`|`──────────`|`──────────`|
|||-|-|**-**|
|||`──────────`|`──────────`|`──────────`|
||**Total Income**|**169,632**|**21,892**|**191,524**|
|||`──────────`|`──────────`|`──────────`|
11
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Notes to the Financial Statements**
|**3 **|**Expenditure on charitable activities by fund type**||||
|---|---|---|---|---|
|||Unrestricted|Restricted|**Total Funds**|
|||Funds|Funds|**2023**|
|||£|£|**£**|
||Administration|9,987|-|**9,987**|
||Allotment|-|2,839|**2,839**|
||Building and premises|18,732|1,685|**20,417**|
||Church running costs|27,287|-|**27,287**|
||Depreciation|25,683|-|**25,683**|
||Donations and gifts|12,082|3,074|**15,156**|
||Foodbank|-|3,081|**3,081**|
||Legal and professional fees|2,020|-|**2,020**|
||Outreach and publicity|14,623|-|**14,623**|
||Staff related costs|6,631|-|**6,631**|
||Staff salary costs|71,421|-|**71,421**|
|||`──────────`|`──────────`|`──────────`|
|||188,466|10,679|**199,145**|
|||`──────────`|`──────────`|`──────────`|
|||Unrestricted|Restricted|**Total Funds**|
|||Funds|Funds|**2022**|
|||£|£|**£**|
||Administration|8,755|-|**8,755**|
||Allotment|-|-|**-**|
||Building and premises|20,489|-|**20,489**|
||Church running costs|26,490|-|**26,490**|
||Depreciation|24,893|-|**24,893**|
||Donations and gifts|19,289|11,920|**31,209**|
||Foodbank|55|-|**55**|
||Legal and professional fees|4,945|-|**4,945**|
||Outreach and publicity|14,340|-|**14,340**|
||Staff related costs|6,191|-|**6,191**|
||Staff salary costs|75,455|-|**75,455**|
|||`──────────`|`──────────`|`──────────`|
|||200,902|11,920|**212,822**|
|||`──────────`|`──────────`|`──────────`|
## **4 Volunteers**
The church benefits greatly from the voluntary contributions of time and money by its formal members and regular attendees. Please refer to the trustee's report for further details about volunteer contributions in the organisation.
12
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Notes to the Financial Statements**
## **5 Independent Examination Fees**
Fees payable to the independent examiner for:
**2023** 2022 £ £ Independent examination and preparation of the financial 1,620 1,680 statements
## **6 Staff Costs**
The total staff costs and employee benefits for the reporting period are analysed as follows:
||**2023**|2022|
|---|---|---|
||£|£|
|Wages and salaries|57,689|71,666|
|Social security costs|5,869|830|
|Employer contributions to pension plans|1,505|1,454|
|Self employed staff costs|6,358|1,504|
||`──────────`|`──────────`|
||71,421|75,454|
||`──────────`|`──────────`|
The average headcount of employees during the year was as follows:
**2023** 2022 Average headcount 5 5
The number of employees who received employee benefits of more than £60,000 during the year was as follows:
More than £60,000
|**2023**|2022|
|---|---|
|-|-|
The Charity also utilised the services of some self employed contractors during the year.
## **Key Management Personnel**
The charity considers its key management personnel to be the Senior Pastors of the Church. The total employee benefits received by key management were as follows which include employers pension contribution and employers national insurance contribution:
||**2023**|2022|
|---|---|---|
||£|£|
|Key management personnel employee benefit|67,483|57,261|
13
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Notes to the Financial Statements**
## **7 Trustee Remuneration and Expenses**
During the year one trustee received remuneration as an employee of the charity. Tracey Wickland was employed by the Church as a pastor and was not remunerated for the role as trustee. The total remuneration received during the year including employers pension contribution was £30,560.
During the year two trustees incurred out of pocket expenses for the day to day running of the Charity. The total expenses claimed during the year was £1,923. The type of expenses incurred related to church running costs, building and premises costs and pastoral costs.
During the year the total aggregated donations made to the charity by the trustees during the year was £14,900.
## **8 Tangible Fixed Assets**
|**Tangible Fixed Assets**||||
|---|---|---|---|
||Land and|||
||buildings|Equipment|**Total**|
||£|£|£|
|**Cost**||||
|At 1 January 2023|1,022,453|21,316|1,043,769|
|Additions|-|7,841|7,841|
||`──────────`|`──────────`|`──────────`|
||1,022,453|29,157|1,051,610|
||`──────────`|`──────────`|`──────────`|
|**Depreciation**||||
|At 1 January 2023|41,123|10,018|51,141|
|Charge for this year|20,898|4,785|25,683|
||`──────────`|`──────────`|`──────────`|
||62,021|14,803|76,824|
||`──────────`|`──────────`|`──────────`|
|**Carrying amount**||||
|**At 31 December 2023**|960,432|14,354|974,786|
||`──────────`|`──────────`|`──────────`|
|At 31 December 2022|981,330|11,298|992,628|
||`──────────`|`──────────`|`──────────`|
Trust property held in connection with Titchfield Evangelical Church (charity number 239492-1) was transferred to Living Word Church Network on 14 July 2020. The valuation of £1,000,000 is the one used for land registry purposes on 4 September 2020. Of this amount, £800,000 is estimated to be the value of the buildings, which are being depreciated over 40 years.
14
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Notes to the Financial Statements**
## **9 Debtors**
||**2023**|2022|
|---|---|---|
||**£**|£|
|Accrued Income|32,138|36,626|
|Other debtors|5,672|3,367|
|Member loan|250|-|
||`──────────`|`──────────`|
||38,060|39,993|
||`──────────`|`──────────`|
|**Creditors: Amounts Falling Due Within One Year**|||
||**2023**|2022|
||**£**|£|
|Tax and social security|2,216|2,807|
|Other creditors and accruals|4,875|6,392|
||`──────────`|`──────────`|
||7,091|9,199|
||`──────────`|`──────────`|
## **10 Creditors: Amounts Falling Due Within One Year**
15
## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Notes to the Financial Statements**
## **11 Analysis of Charitable Funds**
||1 Jan 2023|Income|Expenditure|Gains / loss|Transfers|**31 Dec 2023**|
|---|---|---|---|---|---|---|
||£|£|£|£|£|**£**|
|**Unrestricted Funds**|||||||
|General funds|51,078|176,773|(188,466)|-|7,321|**39,385**|
||`──────────`|`──────────`|
`──────────`|`──────────`|`──────────`|`──────────`|
||51,078|176,773|(188,466)|-|7,321|**39,385**|
|**Designated**|||||||
|Building and fixed asset
fund|981,330|-|-|-|(7,321)|**981,330**|
|Storehouse|12,000|-|-|-|-|**12,000**|
|Building repair fund|37,764|-|-|-|-|**37,764**|
||`──────────`|`──────────`|
`──────────`|`──────────`|`──────────`|`──────────`|
||1,031,094|-|-|-|(7,321)|**1,031,094**|
||`──────────`|`──────────`|
`──────────`|`──────────`|`──────────`|`──────────`|
|**Total Unrestricted**|**1,082,172**|**176,773**|**(188,466)**|**-**|**-**|**1,070,479**|
||`──────────`|`──────────`|
`──────────`|`──────────`|`──────────`|`──────────`|
|**Restricted Funds**|||||||
|Storehouse|13,041|3,747|(5,920)|-|-|**10,868**|
|Gift days|-|4,808|(3,074)|-|-|**1,734**|
|Prayer farm building|-|1,178|(1,685)|-|507|**-**|
||`──────────`|`──────────`|
`──────────`|`──────────`|`──────────`|`──────────`|
|**Total Restricted**|**13,041**|**9,733**|**(10,679)**|**-**|**507**|**12,602**|
||`──────────`|`──────────`|
`──────────`|`──────────`|`──────────`|`──────────`|
||`──────────`|`──────────`|
`──────────`|`──────────`|`──────────`|`──────────`|
|**Total Funds**|**1,095,213**|**186,506**|**(199,145)**|**-**|**507**|**1,083,081**|
||`──────────`|`──────────`|
`──────────`|`──────────`|`──────────`|`──────────`|
## **Fund Transfers**
Transfer from the building and fixed asset fund to the general fund of £7,321 so that the closing fund balance matches the closing fixed asset net book value at the year end.
## **Fund Descriptions**
Church Building Fund: This represents the book value of the church building transferred on 14 July 2020.
Building Repair Fund: This represents monthly funds set aside for the maintenance of the old building.
Storehouse Fund (Restricted): This consists of funds donated specifically for the provision of food for the poor and needy within the church community.
Storehouse Fund (Designated): This consists of funds set aside for the Storehouse project.
Gift Days Fund: This is a fund for specific requests for the congregations to give at a particular point, for a particular need.
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## **Living Word Church Network**
## **Year Ended 31st December 2023**
## **Notes to the Financial Statements**
## **12 Analysis of Net Assets Between Funds**
||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2023**|
||£|£|£|
|Tangible fixed assets|974,786|-|974,786|
|Current assets|102,277|12,602|114,879|
|Creditors less than 1 year|(7,091)|-|(7,091)|
||`──────────`|`──────────`|`──────────`|
||1,069,972|12,602|1,082,574|
||`──────────`|`──────────`|`──────────`|
||Unrestricted|Restricted|**Total Funds**|
||Funds|Funds|**2022**|
||£|£|£|
|Tangible fixed assets|992,628|-|992,628|
|Current assets|111,784|-|111,784|
|Creditors less than 1 year|(9,199)|-|(9,199)|
||`──────────`|`──────────`|`──────────`|
||1,095,213|-|1,095,213|
||`──────────`|`──────────`|`──────────`|
## **13 Related Party Transactions**
During the year, several related party transactions occurred:
Christopher Wickland is considered a related party as he is both an employee of the charity and a close family member of trustee Tracey Wickland. The total remuneration received during the year, including employer pension contributions, amounted to £31,060.
Serenity Wickland is a related party due to her provision of paid services to the charity and her close family relationship with trustee Tracey Wickland. The total payments made during the year for cleaning services amounted to £1,640.
Zach Wickland is a related party due to his provision of travel expenses to the charity and her close family relationship with trustee Tracey Wickland. The total payments made during the year for travel expenses amounted to £2,662.
Mission Guatemala is a related party as Tracey Wickland serves as a mutual trustee, and Christopher Wickland, a close family member of Tracey Wickland, is also a trustee of Mission Guatemala. The total donations made by the Church to Mission Guatemala during the year amounted to £2,081.
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