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REGISTERED COMPANY NUMBER: 01093879 (England and Wales)
REGISTERED CHARITY NUMBER: 265612










KINGSWAY CLC TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






KINGSWAY CLC TRUST






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Reference and administrative details 1

Report of the trustees 2 to 4

Report of the independent auditors 5 to 7

Statement of financial activities 8

Balance sheet 9

Cash flow statement 10

Notes to the cash flow statement 11

Notes to the financial statements 12 to 21

KINGSWAY CLC TRUST

REFERENCE AND ADMINISTRATIVE DETAILS
for the year ended 31 March 2024



TRUSTEES P V Dalton
Mrs E Dowey
W H M MacKenzie (resigned 13.9.23)
W E Owen
Mrs L M Owen
J M Watkins
H Y Lessous
S L Banner (appointed 13.9.23)


COMPANY SECRETARY W E Owen


REGISTERED OFFICE Unit 5 Glendale Avenue
Sandycroft Industrial Estate
Sandycroft
Deeside
CH5 2QP


REGISTERED COMPANY
NUMBER
01093879 (England and Wales)


REGISTERED CHARITY
NUMBER
265612


AUDITORS Berringers LLP
Lygon House
50 London Road
Bromley
Kent
BR1 3RA

KINGSWAY CLC TRUST (REGISTERED NUMBER: 01093879)

REPORT OF THE TRUSTEES
for the year ended 31 March 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. 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 Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trust's object as defined by its Memorandum and Articles of Association is "to advance the Christian Faith by such lawful means as the Foundation may determine". The activities carried out in furtherance of this object are wholesale, publishing and dealing in Christian literature, distributing Christian films and music, conducting Christian bookshops and running Christian conferences.

Public benefit
The charity's trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to Public Benefit guidance published by the Charity Commission. The charity delivers public benefit by virtue of the activities described above. The Trustees receive no private benefits from the charity and those in poverty are not excluded from benefiting from the charity's services.

STRATEGIC REPORT
Achievement and performance
Charitable activities
The trustees are pleased to present a more encouraging set of accounts following the previously disappointing 2022/3 financial year result.

The 2023/4 financial year has seen very significant sales growth (£6,908,901 compared to £6,385,350), a growth of +8.1%.

The stated aim of the Trust is to be able to distribute Christian literature and other resources to bring people to faith and maturity in Jesus Christ. We are very thankful that we have been able to continue to do that in this financial year, and specifically we are very grateful to be one of the largest distributors of Bibles in the UK.

Strategic relationships with key Christian publishers based both in the UK and the US has been a mainstay to this activity. Also the key customer relationships that the Trust has developed over recent years with many Christian bookshops has helped to maintain a flow of Christian resources to many high streets across the UK and beyond.

We have also developed the opportunity to sell direct through our three websites: re-vived.com, equippingthechurch.com and aslanchristianbooks.com. We recognise that there is further opportunity to support local churches and individuals through this online ministry.

We are also pleased to support the wider international CLC family, as we make a financial contribution to their mission across the world. Having developed a print on demand facility we are now also able to offer the opportunity to external third parties to print Christian resources in house.

We are grateful to be able to support these varied ministries with a solid infrastructure, owning our own warehouse in Chester, supported by established IT systems, and employing an experienced and stable team committed to the ministry. In particular the team remain excited to be able to distribute God's word, and other evangelical literature and media, which point people to the good news of the life, death and resurrection of Jesus Christ.

The trustees are wholeheartedly committed to the further development of this ministry, and to ensuring and maintaining the financial stability of the organisation and are certainly encouraged by the financial performance achieved in the most recent months of the 2024/5 financial year.

The Trust has now also developed new relationships with four additional Christian publishers, which will further help to provide an even wider cross section of evangelical Christian resources to our customer base.

In summary we remain dependent upon God as we seek to faithfully serve Him, and be guided by Him, in obedience and faith.

KINGSWAY CLC TRUST (REGISTERED NUMBER: 01093879)

REPORT OF THE TRUSTEES
for the year ended 31 March 2024


STRATEGIC REPORT
Financial review
Financial position
The Trust has gone through a challenging period from a financial perspective, having suffered a large deficit in the 2022/3 financial year. The 2023/4 financial year, has seen an improvement in this performance, having generated a small surplus of £3,454.

We are grateful to WEC International and CLC International (UK) for their financial support in the year. Specifically the capital investment that was required to develop the dedicated print on demand facility within the Chester warehouse.

We have established robust and realistic provisions for both slow moving stock and any bad debt risk and have a rigorous approach to managing and controlling our cost base. We are also pleased to be able to report that the financial position of the organisation continues to improve into the new financial year.

It is our desire to start to reduce the Trust's inventory level over time, and thus start to pay back the loan received from CLC International (UK).

It also remains our desire to continue to support CLC worldwide, and again over time, be able to make a greater contribution to that important mission activity.

Reserves policy
The directors have examined the charities requirements for reserves in the light of the main risks to the organisation and the expansion of activities as outlined earlier in this report. A level of three-month general expenditure not directly related to turnover is considered desirable. The directors are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Organisational structure
The charity is a company limited by guarantee. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements are listed on page 1 under the heading Trustees.

The directors of the company are also the charity trustees and comprise the management committee. Each year at the general meeting one third of the trustees since their last election or appointment, retire from office, but are then eligible for re-election.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Related parties of Kingsway CLC trust include CLC International UK, a charity with shared trustees.

The trustees report was approved by the Board of Trustees.

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Kingsway CLC Trust for the purposes of company law) are responsible for preparing the Report of the trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


KINGSWAY CLC TRUST (REGISTERED NUMBER: 01093879)

REPORT OF THE TRUSTEES
for the year ended 31 March 2024


STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS
The auditors, Berringers LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a Strategic report, approved by order of the board of trustees, as the company directors, on 8 October 2024 and signed on the board's behalf by:





W E Owen - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KINGSWAY CLC TRUST

Opinion
We have audited the financial statements of Kingsway CLC Trust (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Report of the independent auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the trustees has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KINGSWAY CLC TRUST


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of trustees
As explained more fully in the Statement of trustees' responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the independent auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and error, we considered the following:

· the nature of the industry, control environment and business performance;
· results of our enquiries to management about their own assessment of the risks of fraud and error;
· the matters discussed among the audit engagement team regarding how and where fraud may occur in the financial statements and any potential indicators of fraud.
Our procedures to respond to risk include the following:
· reviewing the financial statement disclosures and testing to supporting documentation;
· performing analytical procedures to identify any unusual or unexpected areas that may indicate risks of material misstatement due to fraud or error;
addressing the risk of fraud and error through management override of controls, testing the appropriateness of journals, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KINGSWAY CLC TRUST


Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Allan BSocSc FCA (Senior Statutory Auditor)
for and on behalf of Berringers LLP
Lygon House
50 London Road
Bromley
Kent
BR1 3RA

8 October 2024

KINGSWAY CLC TRUST

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
for the year ended 31 March 2024

2024 2023
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 226,713 43,251

Charitable activities 4
Sales of Bibles and Christian Literature 6,908,901 6,385,350

Investment income 3 98,323 79,811
Other income 15,000 8,400
Total 7,248,937 6,516,812

EXPENDITURE ON
Raising funds 5 76,776 66,833

Charitable activities 6
Sales of Bibles and Christian Literature 7,168,707 6,915,598
Total 7,245,483 6,982,431

NET INCOME/(EXPENDITURE) 3,454 (465,619 )


RECONCILIATION OF FUNDS
Total funds brought forward 2,386,739 2,852,358

TOTAL FUNDS CARRIED FORWARD 2,390,193 2,386,739

KINGSWAY CLC TRUST (REGISTERED NUMBER: 01093879)

BALANCE SHEET
31 March 2024

2024 2023
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Tangible assets 12 1,858,969 1,685,932

CURRENT ASSETS
Stocks 13 1,534,298 1,734,367
Debtors 14 644,852 687,653
Cash at bank and in hand 244,251 81,898
2,423,401 2,503,918

CREDITORS
Amounts falling due within one year 15 (1,125,708 ) (1,276,642 )

NET CURRENT ASSETS 1,297,693 1,227,276

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,156,662

2,913,208

CREDITORS
Amounts falling due after more than one year 16 (766,469 ) (526,469 )

NET ASSETS 2,390,193 2,386,739
FUNDS 18
Unrestricted funds 2,390,193 2,386,739
TOTAL FUNDS 2,390,193 2,386,739


The financial statements were approved by the Board of Trustees and authorised for issue on 8 October 2024 and were signed on its behalf by:





W E Owen - Trustee

KINGSWAY CLC TRUST

CASH FLOW STATEMENT
for the year ended 31 March 2024

2024 2023
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 95,397 (216,696 )
Net cash provided by/(used in) operating activities 95,397 (216,696 )

Cash flows from investing activities
Purchase of tangible fixed assets (228,170 ) (10,213 )
Interest received 92 50
Net cash used in investing activities (228,078 ) (10,163 )

Cash flows from financing activities
New loans in year 305,034 185,000
Loan repayments in year (10,000 ) (10,001 )
Net cash provided by financing activities 295,034 174,999

Change in cash and cash equivalents in
the reporting period

162,353

(51,860

)
Cash and cash equivalents at the
beginning of the reporting period

81,898

133,758
Cash and cash equivalents at the end of
the reporting period

244,251

81,898

KINGSWAY CLC TRUST

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 March 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2024 2023
£    £   
Net income/(expenditure) for the reporting period (as per the
Statement of financial activities)

3,454

(465,619

)
Adjustments for:
Depreciation charges 55,133 44,241
Interest received (92 ) (50 )
Decrease/(increase) in stocks 200,069 (39,228 )
Decrease/(increase) in debtors 42,801 (92,543 )
(Decrease)/increase in creditors (205,968 ) 336,503
Net cash provided by/(used in) operations 95,397 (216,696 )


2. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 81,898 162,353 244,251
81,898 162,353 244,251

Debt
Debts falling due within 1 year (99,364 ) (55,034 ) (154,398 )
Debts falling due after 1 year (526,469 ) (240,000 ) (766,469 )
(625,833 ) (295,034 ) (920,867 )
Total (543,935 ) (132,681 ) (676,616 )

KINGSWAY CLC TRUST

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared 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' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The charity constitutes a public benefit entity as defined by FRS 102.

Going concern
The trustees have reviewed the post year end financial information available at the time of approving these financial statements, and have concluded that the financial statements should be prepared on a going concern basis.

Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Turnover from the sales of Bibles and Christian literature is brought into account as receivable for the period and excludes VAT.

Donations, legacies and gifts are recognised when received or when the charity becomes legally entitled to them having been notified in writing of both the amount and settlement date. Donations are allocated specifically at the request of the donor, or to the general fund for volunteers. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either of those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the
charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can
be measured reliably. All expenditure is accounted for on an accruals basis, exclusive of any VAT.

Expenditure which is directly attributable to specific activities has been included in these cost categories. Costs have been allocated to specific departments on a usage basis, as a result no further allocation of costs is required. There are no costs to be allocated to the cost of generating voluntary income.

Distributions to volunteers and centres are recognised on commitment to payment and are included in charitable expenditure. Staff costs have been included in charitable expenditure.

Allocation and apportionment of costs
In accordance with SORP FRS 102, governance costs have been included within support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to statutory audit and legal fees together with the apportionment of overhead and support costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - not provided
Improvements to property - 5% on cost
Plant and machinery - 10% - 33.3% on cost

KINGSWAY CLC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Tangible fixed assets
Fixtures and fittings - 10% - 20% on cost
Computer equipment - 20% - 33.3% on cost

Fixed assets donated from CLC International (UK) were initially included within fixed asset additions at the net book value as per the audited financial statements of CLC International (UK) and then depreciated over their useful economic lives with reference to the relevant depreciation policy (as detailed above).

Freehold property is included in the financial statements at fair value as at the balance sheet date. No depreciation is provided in respect of the freehold properties. This policy of non-depreciation, is, in the opinion of the trustees, necessary for the financial statements to give a true and fair view in accordance with applicable accounting standards as the properties are included in the financial statements at appropriate value. The properties will maintain a long useful economic life and high residual value through the policy of regular maintenance and repair (charges for which are recognised in the Statement of Financial Activities) such that the assets are kept to the previously assessed levels.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds comprise of a general fund which can be used in accordance with the charitable objectives at the discretion of the trustees, and a revaluation fund which is realised and transferred to the general fund upon the sale of the revalued property or properties to which the fund relates.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. At the balance sheet date there were no restricted funds held by the charity.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


Operating Leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charges as incurred.

Pension costs and other post-retirement benefits
Employees of the charity may be entitled to join a defined contribution scheme. The costs of the defined contribution scheme are included within support and governance costs and charged to the unrestricted funds of the charity.

The plan is managed by The People's Pension Trustee Limited and invests the contributions made by the employee and employer in an investment fund to build up over the term of the plan. The pension fund is converted into a pension upon the employee's normal retirement age which is defined as when they are eligible for state pension. The charity has no liability beyond making its contributions and paying across the deductions for the employee's contributions.

Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on property sales are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.


KINGSWAY CLC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Charitable activities
Costs of charitable activities include costs in connection with the sale of Bibles and Christian literature, governance costs and an apportionment of support costs as shown in note 7.

Trade and other creditors
Trade and other creditors are recognised in the accounts are fair value on the date of the transaction. Impairments are recognised in the Statement of Financial Activities in the reporting period.

Critical accounting estimates and judgements
In application of the charity`s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2. DONATIONS AND LEGACIES
2024 2023
£    £   
Donations 224,979 43,251
Gift aid 1,734 -
226,713 43,251

3. INVESTMENT INCOME
2024 2023
£    £   
Rents received 67,603 47,122
Service charges received 30,628 32,639
Interest receivable 92 50
98,323 79,811


KINGSWAY CLC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

4. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £    £   
Wholesale sales Sales of Bibles and Christian Literature 5,416,946 5,025,661
Educational conference Sales of Bibles and Christian Literature 48,008 9,469
Online sales Sales of Bibles and Christian Literature 1,418,996 1,347,110
Royalties income Sales of Bibles and Christian Literature 10,852 3,110
POD income Sales of Bibles and Christian Literature 14,099 -
6,908,901 6,385,350

5. RAISING FUNDS

Raising donations and legacies
2024 2023
£    £   
Advertising 76,776 66,833

6. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 7) Totals
£    £    £   
Sales of Bibles and Christian Literature 6,310,138 858,569 7,168,707

7. SUPPORT COSTS

The breakdown of support costs, included in the above, are as follows:

Other support costs


Year ended 31.3.24
Year ended
31.3.23


Sales of Bibles and
Christian
Literature

Sales of Bibles and
Christian Literature
£ £
Rent, rates & utilities 69,209 48,915
Telephone 12,853 10,945
Repairs 38,427 18,829
Insurance 3,500 21,114
Cleaning 12,772 10,839
Travel & motor expenses 36,406 34,694
Event costs 3,352 23,700
Advertising & promotion 119,005 113,147
Printing & stationery 2,199 6,931
Subscription and donations 3,450 6,882
Credit card charges 6,503 7,649
Training costs 1,774 843
Bad and doubtful debts 21,999 3,778
Computer licencing & maintenance 55,243 86,148
Equipment maintenance 4,877 8,744
Welfare expenses 6,557 8,858
International office field contribution 34,693 31,706
Bank charges 36,439 24,762
Sundry 4,448 8,857

KINGSWAY CLC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

7. SUPPORT COSTS - continued

Interest on CLC loan 25,177 5,212
POD Costs 28,560 -
Depreciation of tangible fixed assets 55,133 44,241
582,576 526,794


Governance costs

Year Ended
31.3.24
Year Ended
31.3.23


Sales of Bibles
and Christian
Literature
Sales of Bibles
and Christian
Literature
£ £
Salaries 249,668 229,564
Auditors' remuneration 17,400 16,300
Legal and professional fees 7,036 12,430
Conferences & trustee meetings 1,889 4,148
275,993 262,442

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Auditors' remuneration 17,400 16,300
Depreciation - owned assets 55,133 44,240

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.


Trustees' expenses

Included within Trustees, conference and committee expenses are expenses claimed by trustees for travelling to trustees meetings of £467 (2023: £170).


KINGSWAY CLC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

10. STAFF COSTS

2024 2023
Employment costs £ £

Wages and salaries 1,186,180 1,002,615
Social security costs 90,941 70,080
Other pension costs 23,551 22,810
1,300,672 1,095,505

The average monthly number of employees during the year was as follows:

2024 2023
Full time and part time 55 49

No employees received emoluments in excess of £60,000.

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 43,251

Charitable activities
Sales of Bibles and Christian Literature 6,385,350

Investment income 79,811
Other income 8,400
Total 6,516,812

EXPENDITURE ON
Raising funds 66,833

Charitable activities
Sales of Bibles and Christian Literature 6,915,598
Total 6,982,431

NET INCOME/(EXPENDITURE) (465,619 )


RECONCILIATION OF FUNDS
Total funds brought forward 2,852,358

TOTAL FUNDS CARRIED FORWARD 2,386,739

KINGSWAY CLC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

12. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2023 1,407,176 258,019 27,178
Additions - 120,972 92,055
At 31 March 2024 1,407,176 378,991 119,233
DEPRECIATION
At 1 April 2023 - 47,557 18,394
Charge for year - 18,830 6,978
At 31 March 2024 - 66,387 25,372
NET BOOK VALUE
At 31 March 2024 1,407,176 312,604 93,861
At 31 March 2023 1,407,176 210,462 8,784

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 113,366 49,166 1,854,905
Additions 1,029 14,114 228,170
At 31 March 2024 114,395 63,280 2,083,075
DEPRECIATION
At 1 April 2023 67,692 35,330 168,973
Charge for year 18,665 10,660 55,133
At 31 March 2024 86,357 45,990 224,106
NET BOOK VALUE
At 31 March 2024 28,038 17,290 1,858,969
At 31 March 2023 45,674 13,836 1,685,932

The freehold property was valued in 2018 by the trustees of CLC International (UK) using market data to ensure that the carrying value was at fair value in accordance with FRS 102. Following the donation of the property to the charity on 1 August 2019 the trustees of both charities reviewed the carrying amount and concluded there was no material change in fair value since the last valuation. The trustees continue to believe that there has been no material adjustment in the carrying value since that date.


KINGSWAY CLC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

13. STOCKS
2024 2023
£    £   
Stocks 1,534,298 1,734,367

During the period the trustees revalued wholesale slow-moving stock to net realisable value. Included in the
accounts is a impairment provision totalling £205,800 (2023: £188,800).

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 533,761 617,822
Other debtors and prepayments 67,328 68,307
VAT 43,763 1,524
644,852 687,653

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 17) 9,364 9,364
Other loans (see note 17) 145,034 90,000
Trade creditors 701,523 926,644
Social security and other taxes 19,474 20,535
Sundry creditors and accruals 250,313 230,099
1,125,708 1,276,642

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 17) 16,469 26,469
Other loans (see note 17) 750,000 500,000
766,469 526,469

17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year on demand:
Bank loans 9,364 9,364
Other loans 145,034 90,000
154,398 99,364
Amounts falling between one and two years:
Bank loans - 1-2 years 9,714 9,714
Other loans - 1-2 years 750,000 500,000
759,714 509,714

KINGSWAY CLC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

17. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 6,755 16,755

18. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 2,386,739 3,454 2,390,193

TOTAL FUNDS 2,386,739 3,454 2,390,193

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 7,248,937 (7,245,483 ) 3,454

TOTAL FUNDS 7,248,937 (7,245,483 ) 3,454


Comparatives for movement in funds

Net
movement At
At 1.4.22 in funds 31.3.23
£    £    £   
Unrestricted funds
General fund 2,852,358 (465,619 ) 2,386,739

TOTAL FUNDS 2,852,358 (465,619 ) 2,386,739

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 6,516,812 (6,982,431 ) (465,619 )

TOTAL FUNDS 6,516,812 (6,982,431 ) (465,619 )

KINGSWAY CLC TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

19. RELATED PARTY DISCLOSURES

CLC International (UK) is a related party due to mutual trustees. By an Asset Transfer Agreement on 1 August 2019, CLC transferred assets totalling £3,179,349 to Kingsway CLC Trust, a Charity Company limited by guarantee. During this process CLC transferred its wholesale and ecommerce divisions as well as its warehouse and offices in Sandycroft, warehouse stock, trade debtors and creditors. 32 CLC employees were transferred to Kingsway under the TUPE arrangement, with the remaining employees transferred during the year ended 31 March 2021.

During 2024 there were management charges to CLC of £15,000 (2023: £8,400) and no goods were sold to them (2023: £nil). As at 31 March 2024, £895,034 was owed to CLC International (UK), relating to a short term loan of £145,034, due within one month of the year end, and a long term loan of £750,000. Interest is accruing at the Bank of England rate, with £25,177 charged for the year.

CLC International is a related party due to a mutual trustee. A Mission Support Contribution of £34,693 (2023: £31,706) was paid to CLC International during the year.

Christian Focus Publications Limited is a related party due to a mutual trustee. During the period purchases amounting to £90,902 (2023: £93,722) were made by Kingsway CLC Trust, with £1,442 (2023: £13,549) outstanding at the year end.

The activities of Re-vived.com label were held in a separate account in the name of Re-vived.com Resources Ltd but are treated as activities of the Kingsway CLC Trust. Re-vived.com Resources Ltd was dormant, limited by guarantee and closed down during the year. The trustees of Kingsway CLC Trust were the guarantors.

Key management personnel

Included in wages and salaries is the remuneration paid to key management personnel of the charity during the financial period with the total employment benefits including employer pension contributions being £249,668 (2023: £229,564).