## Kingsway Church
Report and Accounts Year Ended 31st December 2023
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
## **KINGSWAY CHURCH**
## **LEGAL & ADMINISTRATIVE DETAILS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
ADDRESS FOR CORRESPONDENCE 18 Rectory Road Beckenham Kent BR3 1HW GOVERNING DOCUMENT Constitution dated 30th September 2021 CHARITY REGISTRATION NUMBER 1196128 TRUSTEES RESPONSIBLE FOR Kevin Palmer MANAGING THE CHARITY Joel Vian Appointed 12th October 2021 Sharon Tucker
BANKERS INDEPENDENT EXAMINER
NatWest Lisa Darby FCA Stewardship 1 Lamb's Passage LONDON EC1Y 8AB
## **INDEX**
Page 1 Legal & Administrative Details Pages 2 - 4 Trustees' Report Page 5 Independent Examiner's Report Page 6 Receipts and Payments Account Page 7 Statement of Assets & Liabilities Pages 8 - 9 Notes to the Accounts
Page 1
## **KINGSWAY CHURCH**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
The Trustees have pleasure in submitting the Report and Accounts for the year ended 31st December 2023.
## **Objects of the charity**
The charity, which is a church, is governed by a constitution and is constituted as a charitable incorporated organisation. The charity's principal objects, as set out in its governing document, is to advance the Christian religion throughout England and Wales.
## **Vision**
To birth a Church, committed to realigning the practices & beliefs of its members, with what is taught in the bible. Specifically upholding the principles of the Reformation emphasizing the five sola’s. Scripture Alone, through Faith, Grace & Christ alone to the Glory of God alone.
## **Objectives for 2024**
To grow the congregation to 40 adult members, to start charitable works hosted at the premises, to maintain Sunday morning & Thursday evening meetings, to rebrand the Church logo, and relaunch the website, and related digital platforms, namely, you tube, Facebook, Instagram, et. To name and appoint Deacons, to assist with the leadership of the Church.
## **Maintain principles in 2023 the church was established upon.**
- A Church Committed and defined by Scripture in both believe and practice.
- Being Open & having strong relationships.
- A community where God could dwell by his spirit.
- Those who honoured the ancient ways.
- Reformed in our traditions & Beliefs.
- Justification by faith as our central focus.
- With Evangelism at our core, with a vision to build a glorious Church.
- With a sense of excitement for building something new, from the timeless truths of scripture
## **Year two, 1st Jan 2023 -31st December 2023 Accomplishments**
Having taken a lease for new premises, at 18 Rectory Road, Beckenham, in January 2022, Kingsway Church has completed its first year of occupation 31st December 2022. (Refurbishment works JanMarch 2022, move in and take occupation 1st April 2022).
The 2nd year of Kingsway Church started, with the comfort of being at 18 Rectory Road, a facility which provides 7 day a week unhindered access for holding public meetings.
In March 2023, Kingsway Church started a period of transition, from the leadership of John Wheeler to Joel Vian. This process was completed and implemented in June 2023. The leadership team was disbanded, and the Church was being led by a single elder leader Joel Vian. The intension to name other Elders & appoint deacons in 2024.
Kingsway Church, continued throughout 2023 to hold weekly, Sunday morning services, and Thursday evening mid-week prayer meets, all from the facilities at 18 Rectory Road.
As per their objectives, Kingsway Church hosted a full week of Easter services in 2023 & put on a Christmas production. The Christmas production was well attended, with an audience of around 70.
Kingsway Church looked into charitable works that could be facilitated from their building. Many avenues have been investigated, including running a homeless shelter, assisting with the local poppy appeal and others.
The target of reaching 40 Adult members, has not been reached, whilst attracting around 5 new members, the same amount has left. As such membership has remained constant at around 30.
Page 2
## **Financial Review**
During the period the charity had income of £55,955 (2022:£58,251) and expenses of £19,699 (2022:£37,217), resulting in a surplus at 31st December 2023 of £36,256 (2022:£21,034). The total funds held at 31st December 2023 were £57,290 (2022: £21,034) which is held in the charity's bank accounts as unrestricted funds. Of these funds held, £35,100 is held for a designated purpose (2022: £4,500).
At the end of 2023 we had £32,212 in our current account and £25,078 in our savings account. Giving a total amount of monies held by Kingsway Church of £57,290. Monthly outgoings include but are not limited to the following which amount to around £650 per calender month, all of which are paid up to date.
Utilities – Gas, Electricity, Water Telecoms – Telephone landline, broadband, mobile phone Building Services – cleaning, fire extinguishers, gas safety certificate, general maintenance Web Services – CCLI, Sound Cloud, Gsuite Google, You Tube, Pro Presenter Subscriptions – ICO, Church Suite, Evangelical Alliance, Insurances – Public & Employers, Property All Risks, Equipment Breakdown, Products, Trustees Events – Easter, Christmas, Fund Raisers
Rent monies due from September 2022 to December 2023, amounting to £31,500, are being held in reserve due to incorrect bank details being provided for the Trust who own the building. Once this issue has been resolved monies will be paid out.
## **Reserves Policy**
The trustees are considering a reserves policy for formal adoption in the future. With rent monies being ring fenced we currently hold £22,190 at the end of 2023 surplus to requirements. Our projected income / donations during 2024 are placed at around £40,000 based on last year’s giving. This gives Kingsway Church ample funds to cover the estimated outgoings for 2024 estimated at £31,200.
## **Structure, Governance & Management**
John Wheeler steps down as leader June 2023, Joel Vian appointed as leader. Kevin Palmer steps down from the leadership team June 2023 Emile Francis & Micheal Liburd step down and leave the leadership team during 2023. Responsibility for setting policy and for making operating decisions rest with the trustees who meet regularly to monitor the activities of the charity. New trustees are recruited and appointed by the existing trustees, by a majority vote.
## **Trustee Board**
There are three volunteer trustees. Kevin Palmer (Chair) Joel Vian Sharon Tucker
## **Congregation Size, Membership**
Kingsway Church consists of around 30 Adult attendees.
Page 3
## **Risks Policy**
The charity is exposed to various risks - be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.
During 2023 we heard of trouble at Metro Bank from the mainstream media. A decision was made to withdraw all funds and bring them back into our current account. On 02 October 2023 an amount of £13,451 was transferred from Metro Bank to the NatWest Current account, which left £50 remaining in the Metro Bank account.
The decision was made at that time to set up a savings account with NatWest so monies being ring fenced could be held separately. On completion of this process an amount of £25,000 was then deposited into the NatWest savings account on 01 December 2023.
## **Responsibilities of trustees**
Charity law requires us as Trustees to prepare financial statements for each accounting year which record the receipts and payments of the charity for the year.
We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable us to ensure that the financial statements comply with the Charities Act 2011.
We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud or any other irregularities.
## **Approval**
This report was approved by the trustees and signed on their behalf by:
## Kevin Palmer
Kevin Palmer (Oct 23, 2024 15:54 GMT+1)
___________________________
Kevin Palmer
Oct 23, 2024 Date:_______________________
Page 4
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF**
## **KINGSWAY CHURCH**
I report to the trustees on my examination of the accounts of Kingsway Church ('the charity') for the year ended 31 December 2023 on pages 6 to 9 following.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 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 2011 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:
1. accounting records were not kept in accordance with section 130 of the 2011 Act; or
2. the accounts do not accord with the accounting records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Lisa Darby FCA Stewardship 1 Lamb's Passage LONDON EC1Y 8AB
Date:
Page 5
## **KINGSWAY CHURCH**
## **RECEIPTS AND PAYMENTS ACCOUNT**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
|||||||||14 mth period|
|---|---|---|---|---|---|---|---|---|
|||||Notes|General
Funds
£
Unrestricted||ending
Designated
Restricted
31st Dec
31st Dec
Funds
Funds
2023
2022
£
£
£
£
Funds||
|**_Income receipts_**|||||||||
|Donations|||||55,702|||-
-
55,702
58,251|
|Gift aid receipts|||||225|||-
-
225
-|
|Bank interest|||||28|||-
-
28
-|
|Other|||||-|||-
-
-
-|
|**_Total receipts_**|||||55,955|||-
-
55,955
58,251|
|**_Payments_**|||||||||
|Payments
in
relation
to
activities undertaken directly|||charitable|2|17,933|||-
-
17,933
33,287|
|Grants
paid
in
relation
to
activities undertaken by others|||charitable|3|1,167|||-
-
1,167
1,100|
||||||19,099|||-
-
19,099
34,387|
|Purchase of fixed assets|||||600|||-
-
600
2,030|
|Loans made|||||-|||-
-
-
800|
||||||600|||-
-
600
2,830|
||||||||||
|**_Total payments_**|||||19,699|||-
-
19,699
37,217|
|Net of receipts / (payments) before|||||36,256|||-
-
36,256
21,034|
|Transfers between funds||||5|(30,600)||30,600
-
-
-||
|**Net movement in funds**|||||5,656||30,600
-
36,256
21,034||
|Cash funds as at|last year|end|||16,534|||4,500
-
21,034
-|
|**Cash funds at this year end**||||A|22,190||35,100
-
57,290
21,034||
The notes on pages 8 - 9 form part of these accounts.
Page 6
## **KINGSWAY CHURCH**
## **STATEMENT OF ASSETS AND LIABILITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
**----- Start of picture text -----**
Unrestricted Funds
General Designated Restricted
funds funds funds 2023 2022
Notes £ £ £ £ £
A Cash funds
Cash at bank with immediate access 22,190 35,100 - 57,290 21,034
- - - - -
Petty cash
22,190 35,100 - 57,290 21,034
B Other monetary assets
Gift aid due to charity 1,826 - - 1,826 8,610
Other debtors 800 - - 800 800
2,626 - - 2,626 9,410
C Liabilities
Falling due within one year
Rents liability - 35100 - 35,100 11,700
Trade creditors - - - 1,552
Fee for Independent Examination 1,500 - - 1,500 690
Accrued expenses 800 - - 800 -
2,300 35,100 - 37,400 13,942
D Assets retained for charity's own use
Cost
£
Church Equipment and Furniture 22,731
Assets have been valued at cost.
**----- End of picture text -----**
## **E Guarantees and secured debts**
The charity has not given any guarantees and has not provided its assets as security for any liabilities.
The accounts were approved by the trustees and signed on their behalf by:
## Kevin Palmer
Kevin Palmer (Oct 23, 2024 15:54 GMT+1)
___________________________________Kevin Palmer
## Oct 23, 2024
Date:_______________________
The notes on pages 8 - 9 form part of these accounts.
Page 7
## **KINGSWAY CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1 Accounting policies**
The accounts have been prepared on a receipts and payments basis and comprise a statement that shows the charity's receipts and payments, a statement that summarises the charity's assets and liabilities and related notes. The accountancy profession have determined that only accounts prepared in accordance with applicable accounting standards present a 'true and fair' view and, as these receipts and payments accounts have not (and cannot) be prepared in accordance with accounting standards, these accounts do not present (and are not intended to present) a 'true and fair' view of the charity's financial activities and state of affairs.
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
|**2**
**Payments in relation to charitable activities undertaken directly**
Ministry expenses (including events)
Technology expense
Rent
Maintenance of buildings & equipment
Utilities
Insurance
Independent examination
Printing and Stationery
Broadband costs
Other costs|Unrestricted Fun
General
funds
£
2,981
1,255
-
1,831
10,531
438
-
130
738
29
17,933|ds
Designated
funds
£
-
-
-
-
-
-
-
-
-
-
-|Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-|Total
2023
£
2,981
1,255
-
1,831
10,531
438
-
130
738
29
17,933|14 Mths
Total
2022
£
2,520
736
1,150
24,884
864
394
-
-
2,522
217
33,287|
|---|---|---|---|---|---|
**----- Start of picture text -----**
3 Grants paid in relation to charitable activities undertaken by others
Grants for:
Ukraine Fund (Anerley Team Ministry) - - 1,100
Global Care 1,167 - - 1,167 -
1,167 - - 1,167 1,100
**----- End of picture text -----**
## **4 Transactions with related parties**
There were no payments to trustees or related parties during the period, other than the reimbursements of expenses incurred on the charity's behalf with no profit element.
Page 8
## **KINGSWAY CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **5 Movement of funds**
|General funds
Designated funds
Church Fund
Unrestricted funds
Restricted funds
Total funds|Opening
balance
£
16,534
4,500
21,034
-
21,034|Receipts
£
55,955
-
55,955
-
55,955|Payments
£
(19,699)
-
(19,699)
-
(19,699)|Transfers
£
(30,600)
30,600
-
-
-|Closing
balance
£
22,190
35,100
57,290
-
57,290|
|---|---|---|---|---|---|
The Church fund has been created to set aside funds towards rental commitments.
Page 9