##
||||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||9,667|
|||||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|
##
##
##
##
##
##