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REGISTERED COMPANY NUMBER: 02943269 (England and Wales)
REGISTERED CHARITY NUMBER: 1040198


















REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

THE WAY INTERNATIONAL (UK) LTD

THE WAY INTERNATIONAL (UK) LTD






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Report of the Trustees 1 to 3

Independent Examiner's Report 4

Statement of Financial Activities 5

Balance Sheet 6

Notes to the Financial Statements 7 to 13

THE WAY INTERNATIONAL (UK) LTD (REGISTERED NUMBER: 02943269)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 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 30 June 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 Charitable company was incorporated on 28 June 1994 with the objectives to advance the Christian religion and, in particular to undertake Biblical research, teaching and fellowship ministry. The Charitable company makes significant use of volunteers in the course of undertaking its charitable and income generating activities.

During each financial period, the charitable company implements a yearly "Word Over the World" plan which directs specific yearly activities. During the 2023-2024 year, their plan included three major areas: Growing in God's Word, Moving God's Word, and Training Leadership. The plan includes studying monthly themes which correspond to the yearly study theme (Abide in Truth); supporting qualified individuals for the Advanced Class; and running Foundational, Intermediate, and other Advanced Studies classes in each branch to strengthen their disciples.

The members confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the guidance on public benefit published by the Charity Commission.

Public benefit
The trustees confirm that they have referred to the Charity Commission's guidance on public benefit, and specifically the additional guidance for Charities for the advancement of religion, in deciding what activities the Charity should undertake, in line with its aims and objectives.

The Way International (UK) Limited promotes public benefit through promotion of the Christian religion and, in particular undertaking biblical research and teaching.

ACHIEVEMENT AND PERFORMANCE
Major achievements and developments included training and leadership development of current and aspiring fellowship coordinators as we anticipate the growth of the work of the ministry in the UK. A monthly training call with volunteers has focused on the fundamentals of their responsibilities as fellowship coordinators and assistants as well as reaching out to people in our neighbourhoods and communities with Christian teachings. Volunteers were also instructed in The Way Tree booklet which outlines a framework for the Church of the Body's operation, focusing on leadership, organisational development, and individual spiritual growth. As a guide to ecclesiastical practice, this booklet was sent to each volunteer and made available for purchase to the general public.

Regular Biblical research and teaching fellowships were conducted across the UK where participants studied "Abide in Truth" with a focus on John 17:17.

The charity saw two individuals who graduated from the Advanced Class in June 2024. Because the charity has consistently offered foundational and intermediate classes in their local area, these students were able to achieve their personal goal of graduating from the Advanced Class in record time. In the period from July 2023 to June 2024, a record number of Biblical classes were conducted throughout the United Kingdom: two Power for Abundant Living Today Foundational Classes (PFALT) in Newton Heath, Greater Manchester; two PFALT Foundational Classes in Stratford, East London; two PFALT Foundational, two Intermediate, and one Defeating the Adversary Classes in Camden/Shoreditch, North London; on PFALT Foundational Class in Lewisham, South London; and one PFALT Foundational Classes in Chandler's Ford (Southampton). Miss Victoria Bianchi travelled to these locations to support the classes and train new, qualified class coordinators. Many of the local volunteers are now qualified to coordinate future classes.

A Countrywide meeting was held at Salford University in May 2024 to celebrate Pentecost. Participants travelled from Scotland and from various parts of England to attend. This was the first time we have held a larger meeting towards the North of England since the charity was incorporated in the 1990s. The location was favourable as it allowed participants who live in Manchester, Leeds, Doncaster and Scotland to travel a shorter distance. This event benefited from local outreach with new people in attendance.

The charity sent a delegation to the conference on God's Word in Culture Worldwide held in March 2024 in the United States by the parent charity. The delegation represented London, Manchester, and Southampton. Participants shared their experience with others in their local area.

As full-time employee and Country Coordinator, Miss Victoria Bianchi travelled throughout England, and to Northern Ireland, the Republic of Ireland and Sweden to support classes, visit fellowships, promote the Christian religion and train leadership. The visits were profitable to identify areas for future growth and to support the local leadership with teachings and training on a variety of topics.


THE WAY INTERNATIONAL (UK) LTD (REGISTERED NUMBER: 02943269)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2024

FINANCIAL REVIEW
Financial position
During the year the Charity raised income totalling £93,382 (2023: £84,461) and had Charitable expenditure totalling £102,432 (2023: £100,733). The unrestricted funds incurred a deficit of £8,809 (2023: £16,272 deficit).

Reserves policy
At the year end, unrestricted funds amounted to a surplus of £383,927 (2022: £392,977).

The long term policy of the Charity is to accumulate reserves to a sustainable level, sufficient to cover the charity's annual expenditure on meeting its objects. this position will be reviewed regularly, in light of the charity's circumstances and the level of its income security.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Way International (UK) Limited is a company limited by shares and is governed by its Memorandum and Articles of Association dated 28 June 1994. It is registered as a charity with the Charity Commission.

The Board of Trustees oversees the running of the charitable company and meets regularly to manage its affairs.

The Board of Trustees has adopted a policy of risk management, covering both commercial and financial aspects of the charitable company. This policy will be reviewed and updated when appropriate, by the Board of Trustees.

The Holding company of The Way International (UK) Limited is The Way International, a charitable company formed in the USA. The Way International (UK) Limited promotes the charitable activities of the group in the UK.

The Trustees have delegated the responsibility of the day to day management of the charity to Miss V D Bianchi.

Recruitment and appointment of new trustees
Potential new trustees are selected from those known to have the appropriate experience and qualifications. New trustees are provided with a copy of the Memorandum of Association and are fully informed of their legal obligations under charity and company law. Trustees are encouraged to attend appropriate external courses to enable them to carry out their role.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02943269 (England and Wales)

Registered Charity number
1040198

Registered office
First Floor
Chilworth Point
1 Chilworth Road
Southampton
Hampshire
SO16 7JQ

Trustees
Mr M Masampu
Reverend V W Edwards
Reverend S P Crommett
Ms M A Lombardi

Company Secretary
Ms M A Lombardi

Independent Examiner
Lisa Wilson FCA
Rothmans LLP
Chartered Accountants
Chilworth Point
1 Chilworth Road
Southampton
SO16 7JQ

Approved by order of the board of trustees on 8 January 2025 and signed on its behalf by:

THE WAY INTERNATIONAL (UK) LTD (REGISTERED NUMBER: 02943269)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2024






Ms M A Lombardi - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE WAY INTERNATIONAL (UK) LTD

Independent examiner's report to the trustees of The Way International (UK) Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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 matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.








Lisa Wilson FCA

Rothmans LLP
Chartered Accountants
Chilworth Point
1 Chilworth Road
Southampton
SO16 7JQ

Date: .............................................

THE WAY INTERNATIONAL (UK) LTD

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 81,083 74,598

Other trading activities 4 7,947 5,347
Investment income 5 4,352 1,346
Other income - 3,170
Total 93,382 84,461

EXPENDITURE ON
Raising funds 6 2,048 1,025

Charitable activities 7
Conferences and meetings 3,147 17,192
Travel & subsistence 6,731 2,792
Bank charges 35 67
Foreign exchange differences 4,471 1,484
Affiliate fee 4,411 4,474
Accountancy 7,072 2,572
Independent examination 1,664 1,600
Office and professional costs 12,154 12,215
Relocation fees - (5,312 )
Legal fees 719 1,113
Staff costs 58,790 60,015
Hire of plant and machinery - 1,237
Penalties & Interest 750 -
Depreciation 440 259
Total 102,432 100,733

NET INCOME/(EXPENDITURE) (9,050 ) (16,272 )


RECONCILIATION OF FUNDS
Total funds brought forward 392,977 409,249

TOTAL FUNDS CARRIED FORWARD 383,927 392,977

THE WAY INTERNATIONAL (UK) LTD (REGISTERED NUMBER: 02943269)

BALANCE SHEET
30 JUNE 2024

2024 2023
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Tangible assets 13 1,801 973

CURRENT ASSETS
Stocks 14 12,185 8,876
Debtors 15 2,112 3,530
Cash at bank 378,243 385,347
392,540 397,753

CREDITORS
Amounts falling due within one year 16 (10,414 ) (5,749 )

NET CURRENT ASSETS 382,126 392,004

TOTAL ASSETS LESS CURRENT LIABILITIES 383,927 392,977

NET ASSETS 383,927 392,977
FUNDS 17
Unrestricted funds 383,927 392,977
TOTAL FUNDS 383,927 392,977

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 8 January 2025 and were signed on its behalf by:





Ms M A Lombardi - Trustee

THE WAY INTERNATIONAL (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

The Way International (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02943269, the registered charity number is 1040198 and its registered office address is 1st Floor, Chilworth Point, 1 Chilworth Road, Southampton, SO16 7JQ.

2. 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.

The functional and presentation currency is £ sterling.

INCOMING RESOURCES
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

CHARITABLE ACTIVITIES
Direct charitable expenditure comprises services supplied and activities undertaken which are identifiable as wholly or mainly in support of the Charity's objectives.

GOVERNANCE COSTS
Governance costs comprise the costs which are directly attributable to the management of the Charity's assets, organisational procedures and the necessary legal procedures for compliance with statutory requirements.

ALLOCATION AND APPORTIONMENT OF COSTS
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs are allocated the one charitable activity.

TANGIBLE FIXED ASSETS
All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is provided at rates calculated to write off the costs less residual value of each asset over its expected useful life, as follows:

Computer Equipment- 20% straight line

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement.

STOCKS
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.


THE WAY INTERNATIONAL (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

STOCKS
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the income statement.

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

FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

There have been no judgements and estimates which have had the significant effect on amounts recognised in the financial statements during the year

3. DONATIONS AND LEGACIES
2024 2023
£    £   
Voluntary income 81,083 74,598

4. OTHER TRADING ACTIVITIES
2024 2023
£    £   
Classes/Bookstore income 7,947 5,347

5. INVESTMENT INCOME
2024 2023
£    £   
Deposit account interest 4,352 1,346


THE WAY INTERNATIONAL (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. RAISING FUNDS

RAISING DONATIONS AND LEGACIES
2024 2023
£    £   
Bookstore and educational material 5,357 3,214


OTHER TRADING ACTIVITIES
2024 2023
£    £   
Opening stock 8,876 6,687
Closing stock (12,185 ) (8,876 )
(3,309 ) (2,189 )

Aggregate amounts 2,048 1,025

7. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 8) Totals
£    £    £   
Conferences and meetings 3,147 - 3,147
Travel & subsistence 6,731 - 6,731
Bank charges - 35 35
Foreign exchange differences - 4,471 4,471
Affiliate fee 4,411 - 4,411
Accountancy - 7,072 7,072
Independent examination - 1,664 1,664
Office and professional costs 12,154 - 12,154
Legal fees 68 651 719
Staff costs 58,790 - 58,790
Penalties & Interest - 750 750
Depreciation - 440 440
85,301 15,083 100,384

8. SUPPORT COSTS
Governance
Management Finance costs Totals
£    £    £    £   
Bank charges - 35 - 35
Foreign exchange differences - 4,471 - 4,471
Accountancy - - 7,072 7,072
Independent examination - - 1,664 1,664
Legal fees 651 - - 651
Penalties & Interest - 750 - 750
Depreciation - 440 - 440
651 5,696 8,736 15,083

THE WAY INTERNATIONAL (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


9. NET INCOME/(EXPENDITURE)

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

2024 2023
£    £   
Depreciation - owned assets 427 259
Hire of plant and machinery - 1,237
Independent examination fee 1,664 1,600

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.


TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023.


11. STAFF COSTS
2024 2023
£    £   
Wages and salaries 40,848 52,356
Social security costs 14,508 5,915
Other pension costs 3,434 1,744
58,790 60,015

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

2024 2023
Administrative staff 1 1

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

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 74,598

Other trading activities 5,347
Investment income 1,346
Other income 3,170
Total 84,461

EXPENDITURE ON
Raising funds 1,025

Charitable activities
Conferences and meetings 17,192
Travel & subsistence 2,792
Bank charges 67
Foreign exchange differences 1,484
Affiliate fee 4,474
Accountancy 2,572
Independent examination 1,600
Office and professional costs 12,215

THE WAY INTERNATIONAL (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
fund
£   
Relocation fees (5,312 )
Legal fees 1,113
Staff costs 60,015
Hire of plant and machinery 1,237
Depreciation 259
Total 100,733

NET INCOME/(EXPENDITURE) (16,272 )


RECONCILIATION OF FUNDS
Total funds brought forward 409,249

TOTAL FUNDS CARRIED FORWARD 392,977

13. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 July 2023 1,297
Additions 1,255
At 30 June 2024 2,552
DEPRECIATION
At 1 July 2023 324
Charge for year 427
At 30 June 2024 751
NET BOOK VALUE
At 30 June 2024 1,801
At 30 June 2023 973

14. STOCKS
2024 2023
£    £   
Stocks 12,185 8,876

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 442 -
Other debtors 1,670 3,170
Prepayments - 360
2,112 3,530


THE WAY INTERNATIONAL (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Social security and other taxes 4,524 -
Pension Contribution 286 286
Other creditors 1,265 1,291
Accruals and deferred income 4,339 4,172
10,414 5,749

At the balance sheet date unpaid pension contribution amounts to £286.19

17. MOVEMENT IN FUNDS
Net
movement At
At 1.7.23 in funds 30.6.24
£    £    £   
Unrestricted funds
General fund 392,977 (9,050 ) 383,927

TOTAL FUNDS 392,977 (9,050 ) 383,927

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 93,382 (102,432 ) (9,050 )

TOTAL FUNDS 93,382 (102,432 ) (9,050 )


Comparatives for movement in funds

Net
movement At
At 1.7.22 in funds 30.6.23
£    £    £   
Unrestricted funds
General fund 409,249 (16,272 ) 392,977

TOTAL FUNDS 409,249 (16,272 ) 392,977

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 84,461 (100,733 ) (16,272 )

TOTAL FUNDS 84,461 (100,733 ) (16,272 )


THE WAY INTERNATIONAL (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

18. RELATED PARTY DISCLOSURES

At the beginning of the year the balance owed to The Way International, a Charity formed in the USA, which is the Charity sole shareholder was £1,290. During the year £13,746 was paid to The Way International and after withdrawing £13,721, an amount of £1,265 was owed to The Way International and is included within 'creditors, amounts falling due within one year'.

19. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The Way International, a Charity formed in the USA, which is the Charity's sole shareholder.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:


Class

Number
Nominal
Value

2024

2023


Ordinary 1,000 £1 1,000 1,000

This amount is included within the general fund balance.