| Page | ||||
|---|---|---|---|---|
| Reference and administrative details |
||||
| Report ofthe trustees | 2 | to | 4 | |
| Report ofthe independent auditors |
5 | to | 7 | |
| Consolidated statement offinancia activities |
||||
| Consolidated balance sheet |
||||
| Consolidated cash flow statement |
10 | |||
| Notes to the consolidated cash flow statement |
||||
| Notes to the consolidated financial statements |
12 | to | 22 | |
| Consolidated detailed statement offinancial |
activities | 23 | to | 24 |
| Year ended | ||||||
|---|---|---|---|---|---|---|
| 31March | Year ended 31 | |||||
| 2022 | March 2021 | |||||
| Unrestricted | Restricted | Total funds | Total funds | |||
| funds | fund | |||||
| Notes | ||||||
| INCOMING RESOURCES | AND | |||||
| EvlDOW ME%IS | ||||||
| Donations and legacies |
109,043 | 904 | 109,947 | 47,511 | ||
| Charitable activities |
||||||
| Sale ofChristian Literature |
5478,657 | 5478,657 | 4,168,280 | |||
| Investnx:nt incoire |
67,082 | 67,082 | 81,110 | |||
| Other income | 13,615 | 13,615 | 173,591 | |||
| Total incoming resources |
5,768+97 | 904 | 5,769801 | 4,470,492 | ||
| RESOURCES EXPEvlDED | ||||||
| Raising funds | 49,100 | 49,100 | 29,978 | |||
| Charitable activities |
||||||
| SaleofBibles and Christian | Literature | 6 | 5,777,035 | 5,777,035 | 4,435202 | |
| Direct grant support | 1,018 | 1,018 | 1,101 | |||
| Total resources expended |
5+26,135 | 1,018 | 5,827,153 | 4,466381 | ||
| NEr(OUTGOING/INCOMING | ||||||
| RESOURCES | (57,738) | (114) | (57+52) | 4+11 | ||
| RECONCILIATION OFFUNDS | ||||||
| Total funds brought forvvard |
2,910,098 | 114 | 2,910+12 | 2,906,001 | ||
| TOTAL FUNDS CARRIED | FORWARD | 2452360 | 2852 60 |
2,910212 |
| KINGSWAY CLC TRUST | KINGSWAY CLC TRUST | KINGSWAY CLC TRUST | |||
|---|---|---|---|---|---|
| CONSOLIDATED BALANCE SHEET |
|||||
| 31March | 2022 | ||||
| 2022 | 2021 | ||||
| Unrestricted | |||||
| Restricted fund | Total funds | Total funds | |||
| funds | |||||
| Notes | |||||
| FIXEDASSKTS | |||||
| Tangible assets | l3 | 1,719,959 | 1,719,959 | 1,744,328 | |
| CURRENT ASSETS | |||||
| Stocks | 15 | 1,698,700 | 1,698,700 | 1,896,948 | |
| Debtors | l6 | 584,988 | 90 | 585,078 | 389,323 |
| Cash at bank | 140821 | 140821 | 85,086 | ||
| 2,424,009 | 90 | 2,424,099 | 2,371,357 | ||
| CREDITORS | |||||
| Amounts falling due within one year |
17 | (1,055,139) | (90) | (l,055/29) | (1,159,640) |
| NET CURRENT ASSETS | 1/68,870 | 1/68/70 | 1,211,717 | ||
| TOTAL ASSKTS LESSCUIUQKT | |||||
| LIABILITIES | 3,088,829 | 3,088,829 | 2,956,045 | ||
| CREDITORS | |||||
| Amounts falling due aller more than |
|||||
| one year | (236,469) | (236,469) | (45,833) | ||
| NET ASSETS | 2/52/60 | 2,852360 | 2,910,212 | ||
| FUNDS | 20 | ||||
| Unrestricted funds |
2/52/60 | 2,910,098 | |||
| Restricted funds | |||||
| Justice and Mercy | 114 | ||||
| TOTAL FUNDS | 2,852/60 | 2,910,212 |
| Year ended 31 | Year ended31 | ||||||
|---|---|---|---|---|---|---|---|
| March 2022 | March 2021 | ||||||
| Notes | |||||||
| Cash flovvs from operating | activities | ||||||
| Cash generated from operations |
(297,638) | (131,403) | |||||
| Net cash (used in)/provided | by operating | activities | (297,638) | (131,403) | |||
| Cash flovvs from investing | activities | ||||||
| Purchase oftangible fixed |
assets | (17,960) | (42,376) | ||||
| Net cash used in investing |
activities | (17,960) | (4?„376) | ||||
| Cash flovvs from flnancing | activities | ||||||
| New loans in year |
405,000 | 50,000 | |||||
| Loan repayments in year |
(34,167) | ||||||
| Net cash provided by financing activities |
370,$33 | 50,000 | |||||
| Change in cash and cash equivalents reporting period |
in | the | 55+35 | (123,779) | |||
| Cash and cash equivalents reporting period |
at the beginning | ofthe | 85,0$6 | 208,865 | |||
| Cash andcash equivalents reporting period |
at the endof | the | 140421 | 85,086 |
| RECONCILIATION | OF NEI' | INCOME TO NEf CASH FLOW FR | OM OPERATING AC | TIVITIES |
|---|---|---|---|---|
| Year ended 31 | Year ended 31 | |||
| March 2022 | March 2021 | |||
| Net income for the reporting financial activities) |
period (as per the Statement of | (57,852) | 4711 | |
| Adjus tments for: | ||||
| Depreciation charges |
42+29 | 43301 | ||
| Donations received |
in kind | (36840) | (35,6i1) | |
| Decrease/(increas e) |
in stocks | 198248 | 1626,571) | |
| Decrease/(increase) | in debtors | (159,415) | 109,384 | |
| Increase in creditors |
(284,60$) | 373,983 | ||
| Net cash (usedin)/providedby | operations | (297,638) | (131,403) |
| At 1.4.21 | Cash flow | At310.22 | ||
|---|---|---|---|---|
| f | ||||
| Net cash | ||||
| Cash at bank | 85,086 | 55435 | 140321 | |
| 85,086 | 55435 | 140+21 | ||
| Debt | ||||
| Debts falling due within | 1year | (34,167) | (180,197) | (214464) |
| Debts falling due after | 1 year | (45,833) | (190,636) | (236,469) |
| (80,000) | (370,833) | (450,833) | ||
| 5,086 | (315498) | (310,512) |
| Freehold property | not provided |
|---|---|
| Improvements to property |
5%on cost |
| Plant and machinery | 10%- 33.3%on cost |
| Fixtures and fittings | 10% - 20%on cost |
| Computer equipment |
20% - 33.3%on cost |
| INCOME | FR | OM | CHARI | TAB | LE AC | TIVITIES | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||||
| Activity | |||||||||||
| Wholesale | sales | Sales ofBibles and Christian | Literature | 4,462,826 | 3,070,745 | ||||||
| Mission worship conference | Sales ofBibles and Christian | Literature | (47719) | 4,456 | |||||||
| Online sales | Sales ofBibles and Christian | Literature | 1,116,840 | 1,087,869 | |||||||
| Royalties income | Sales ofBibles and Christian | Literature | 3770 | 5,210 | |||||||
| 5578 657 | 4,168,280 | ||||||||||
| RAISING | FUNDS | ||||||||||
| Raising donations | and legacies | ||||||||||
| 2022 | 2021 | ||||||||||
| Advertising | ~49 100 | 29,978 | |||||||||
| CHARITABLE ACTIVITIES | COSTS | ||||||||||
| Grant | Support | ||||||||||
| Direct costs funding of |
costs | ||||||||||
| activities | (see note | 7) Totals |
|||||||||
| Sales ofBibles | and Christian | Literature | 5,078,640 | 698495 5,777,035 |
|||||||
| Direct grant | support | 1,018 | 1,018 | ||||||||
| 5,078,640 | 1,018 | 698395 5,778,053 |
|||||||||
| SUPPORT COSTS | |||||||||||
| The breakdown | ofsupport costs, included | in the above, are | as follows: | ||||||||
| Year ended | Year | ended | |||||||||
| 31.03.2022 | 31.03.2021 | ||||||||||
| Sales of | Sales of | ||||||||||
| Bibles and | Bibles and | ||||||||||
| Christian | Christian | ||||||||||
| Other support | costs | Literature | Literature | ||||||||
| Rent, rates | &utilities | 56,435 | 29,987 | ||||||||
| Telephone | l5+14 | 11398 | |||||||||
| Repairs | 26490 | 13,703 | |||||||||
| lns urance | 19398 | 13,932 | |||||||||
| Cleaning | 9332 | 8,445 | |||||||||
| Travelling | and | motor expenses | 20,928 | 7,439 | |||||||
| Event costs | l0471 | 360 | |||||||||
| Advertising | and promotion | 63,685 | 27377 | ||||||||
| Print and stationery | 4,113 | 3,971 | |||||||||
| Subscriptions | and | donations | 3,029 | 3,704 | |||||||
| Credit card | charges | 6377 | 7,068 | ||||||||
| Tramtng costs | 830 | 1,789 | |||||||||
| Bad and doubtful debts | 9,630 | ||||||||||
| Computer | licencing | &maintenance | 70,687 | 49,924 |
| Year ended | Year ended | |||||
|---|---|---|---|---|---|---|
| 31.032022 | 31.03.2021 | |||||
| Sales of | Sales of | |||||
| Bibles and | Bibles and | |||||
| Christian | Chris tian | |||||
| Other support | costs | Literature | Literature | |||
| Equipment maintenance |
5+04 | 3,455 | ||||
| Welfare expenses | 6+80 | 3,158 | ||||
| International | office field | contribution | 39,413 | 15/41 | ||
| Bank charges | 22,041 | 23,333 | ||||
| Sundry | 7+35 | 1,831 | ||||
| Management | recharge - CLCUK | (16,353) | ||||
| Depreciation | oftangible | fixed assets | 42+29 | 43300 | ||
| 439,421 | 252,862 | |||||
| Year ended | Year ended | |||||
| 31.03.2022 | 31.032021 | |||||
| Governance | Sales of | Sales of | ||||
| Bibles and | Bibles and | |||||
| Christian | Christian | |||||
| costs | Literature | Literature | ||||
| Gross salaries | 231803 | 209,752 | ||||
| Auditors' remuneration |
17+40 | 19+50 | ||||
| Legal and professional Conferences Ectrustee |
fees meetings |
6,767 3,464 |
3,644 ~497 |
|||
| 258,974 | 232,149 | |||||
| 8. | NET INCOME/(EXPENDITURE) | |||||
| Net income/(expenditure) | is stated after charging/(crediting): | |||||
| 2022 | 2021 | |||||
| Auditors' remuneration |
17,240 | 19,250 | ||||
| Depreciation | - | owned assets | ~42 29 |
~43 201 |
| STAFF COSTS | |||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Employment costs |
|||||
| Wages and salaries | 886,563 | 745,468 | |||
| Social security costs | 70,063 | 62,013 | |||
| Other pension costs | 23 | 163 | 21,025 | ||
| 979 | 789 | 828.606 | |||
| The average monthly |
number ofemployees | during the year was as follows: | |||
| 2022 | 2021 | ||||
| Full time and part time | 45 | 39 |
| COMPARATIVES FORTHE STATEM | ENT OF FINANCIAL | ACTIVITIES | |
|---|---|---|---|
| Unrestricted | Restricted | Total funds | |
| funds | fund | ||
| INCOMING RESOURCES AND | |||
| ENDOWMHvITS | |||
| Donations and legacies |
46,436 | 1,075 | 47+11 |
| Charitable activities |
|||
| Sale ofChristian Literature |
4,168+80 | 4,168+80 | |
| Investnmnt inconm |
81,110 | 81,110 | |
| Other inconx: | 173+91 | 173+91 | |
| Total incoruing resources |
4,469,417 | 1,075 | 4,470,492 |
| RISOURCES EXPHvIDED | |||
| Raising funds | 29+78 | 29,978 |
| 12. | COMPARATIVES | FORTH | E STATEMEN | T OF FINANCIAL | ACTIVI | TIES - | continued | |
|---|---|---|---|---|---|---|---|---|
| Charitable activities |
||||||||
| Sale ofBibles and Christian | Literature | 4,435+02 | 4,435402 | |||||
| Direct grant support | 1,101 | 1,101 | ||||||
| Total resources expended |
4,465,180 | 1,101 | 4,4662.81 | |||||
| NEI' INCOMING/(OUI'GOING) | ||||||||
| RESOURCES | 4,237 | (26) | 4,211 | |||||
| RECONCILIATION | OFFUNDS | |||||||
| Total funds brought | forward | 2,905,861 | 140 | 2,906,001 | ||||
| TOTAL FUNDS CARRIED | FORWARD | 2,910,098 | 114 | 2,910+12 | ||||
| 13. | TANGIBLE FIXED | ASSETS-Group and | Company | |||||
| Improvements | ||||||||
| Freehold | to | Plant and | ||||||
| property | property | machinery | ||||||
| COST | ||||||||
| At 1 April 2021 |
1,407,176 | 253/99 | 22,706 | |||||
| Additions | 4 720 | 1209 | ||||||
| At 31 March 2022 | 1407176 | 258 019 | 23 915 | |||||
| DEPRECIATION | ||||||||
| At 1 April 2021 | 18,599 | 14,638 | ||||||
| Charge for year | 14479 | 1646 | ||||||
| At 31 March 2022 | 33078 | 16284 | ||||||
| NET BOOKVALUE | ||||||||
| At 31 March 2022 | 1407176 | 224 941 | 7631 | |||||
| At 31 March 2021 | 1.407,176 | 234,700 | 8,068 |
| TANGIBLE FIXEDASSETS - continued | |||
|---|---|---|---|
| Fixtures | |||
| and | Computer | ||
| fittings | equipment | Totals | |
| COST | |||
| At 1 April 2021 | 113@66 | 30,185 | 1,826,732 |
| Additions | 12031 | 17960 | |
| At 31March 2022 | ~113 6 |
42 216 | 1 844692 |
| DEPRECIATION | |||
| At 1 April 2021 Charge for year |
29,264 ~l9 14 |
19,903 6990 |
82,404 ~42 29 |
| At 31 March 2022 | 48 478 | 26893 | 124733 |
| NET BOOK VALUE At 31 March 2022 |
64888 | ~15 23 | 1719959 |
| At 31 March 2021 | 84,102 | 10282 | 1,744,328 |
| Interest | in |
|---|---|
| gfoiip | |
| undertakings |
| 15. | STOCKS | |||||||
|---|---|---|---|---|---|---|---|---|
| Group | Company | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| f | f | f | ||||||
| Stocks | 1,698,700 | 1,896,948 | 1 695 139 | 1,892,820 | ||||
| During the period the trustees revalued | wholesale slow-moving |
stock to net realisable value. Included |
in the | |||||
| accounts is an impairment | provision | totalling $141,000(2021; | f73,000). | |||||
| 16. | DEBTORS:AMOUNTS | FALLING | DUE WITHIN ONE YEAR | |||||
| Group | Company | |||||||
| 2022 | 2021f | 2022f | 2021 | |||||
| Trade debtors | 539402 | 367,613 | 539+02 | 367,635 | ||||
| Other Debtors &prepaynx:nts | 37+16 | 11,689 | 47+48 | 11,689 | ||||
| ' | 8'AT | 8360 | 10,021 | 8960 | ||||
| 585,078 | 389,323 | 595,110 | 388,991 | |||||
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||||
| Group | Company | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| f | ||||||||
| Bank loans (see note 19) | 9364 | 4,167 | 9464 | 4,167 | ||||
| Other loans (see note 19) | 205,000 | 30,000 | 205,000 | 30,000 | ||||
| Trade creditors | 681,711 | 854,973 | 681,711 | 854,973 | ||||
| Social security and other | taxes | 16,019 | 15,672 | 16,019 | 15,672 | |||
| Sundry creditors and accruals |
143,135 | 254,828 | 143,047 | 253,391 | ||||
| 3,055329 | 1,159,640 | 1,055,141 | 1,158303 | |||||
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | |||||||
| 2022 | 2021 | |||||||
| f | ||||||||
| Bank loans (see note 19) | 36,469 | 45,833 | ||||||
| Other loans (see note 19) | 200 OM | |||||||
| 236 469 | 45,833 | |||||||
| 19. | LOANS | |||||||
| An analysis ofthe maturity | ofloans | is given below: | ||||||
| 2022 | 2021 | |||||||
| Amounts falling due within |
one year | on demand: | ||||||
| Bank loans | 9/64 | 4,167 | ||||||
| Other loans | 205 000 | 30,000 | ||||||
| 214 64 | 34,167 |
| LOANS - continued | |||
|---|---|---|---|
| 2022 | 2021 | ||
| f | |||
| Amounts falling between one |
and two years: | ||
| Bank loans - 1-2years | 9,714 | 10,000 | |
| Other loans - 1-2years | 200 000 | ||
| 200714 | 10,000 | ||
| Amounts falling due between |
two and five years: | ||
| Bank loans - 2-5 years | 26 755 | 35,833 |
| MOVEMENT IN FUNDS | |||||
|---|---|---|---|---|---|
| Net movement | |||||
| At 1.4.21 | in funds | At | 31.3.22 | ||
| Unrestricted funds |
|||||
| General fund | 2,910,098 | (57,738) | 2+52@60 | ||
| Restricted funds | |||||
| Justice and Mercy | 114 | (114) | |||
| TOTAL FUNDS | |||||
| Net nmvens:nt in funds, included |
in the above are as follows: | ||||
| Incoming | Resources | Movement | |||
| resources f |
expended f |
in | funds f |
||
| Unres tricted funds | |||||
| General fund | 5,768+97 | (5+26,135) | (57,738) | ||
| Restricted funds |
|||||
| Justice and Mercy | 904 | (1,018) | (114) | ||
| TOTAL FUNDS | |||||
| Comparatives for ntomment |
in funds | ||||
| Net movement | |||||
| At 1.4.20 | in funds | At | 31.3.21 | ||
| f | f | ||||
| Unres tricted funds | |||||
| General fund | 2,905+61 | 4+37 | 2P10,098 | ||
| Restricted funds | |||||
| Justice and Mercy | 140 | (26) | 114 | ||
| TOTAL FUNDS | 2,906,001 | 4 11 |
2 | 10 12 |