KING'S CHURCH, ST PAUL'S CRAY REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2024 King'8 Church, St Paul's Cray Reference and Admlnistration Information Official Charity Name King's Church, St Paul's Cray Charity Reglstration Numbor 1059986 Principal Office Addre88 Kings Church, 159 Chipperfield Road, St Paul's Cray, Orplngton 8R5 2PZ Trustee8 Dr Ade Magaji (Chairman) Gideon Ojo Devalletta Nathan Bankers Barclays Bank 167 High Street, Bromley Accountants JC Tawse FCA Northview, The Street, Plaxtol. TN15 OQJ Klng's Church, St Paul's Cray Truste68' Annual Report For the year ended 31 st December 2024 The Trustees present their report along with the financial statements of the Charity for the year ended 31st December 2024.The financial statements have been prepared in accordance with applicable accounting standards and follow recommendations in the Statement of Recommended Practice.. Accounting by Charities FRS 102 snd are in accordance with the Charities Act 2011. Structure, Governance and Management The charity received charitable status on 10th December 1996, under reference 1059986 and is constituted by trust deeds. The address for comrnunication with the charity and its trustees is given at the end of this report. There were no special trusts or restricted funds. other than in respect of the property, at the year-end. The trustees are appointed by the elders of Kings ChLJrch, Sl. Paul's Cray. Al 31 December 2024 these were Timothy Akinluyi, Edward Demi Ejegi, Kenny Iranoye, Didi Akin1uyi, Tayo Daramola and Tope Adebisi-Daniel and all significant decisions are made in conjunction with the elders of King's Church. The trustees do not receive specific training but are encouraged to attend relevant courses, At the Trustees, meetings held during the year the Trustees agree the strategy and areas of activity for the Charity. including consideration of grant making. investment, reserves and risk management policies and performance. All major risks including third party risks are insured. The Trustees consider future expenditure carefully and do not enter into a contract until satisfactory funding is in place. Monthly acKounting information is issued to the leaders of the church, The funds held by the charity are invesled with a major UK bank. Objective8 and Actlvitie8 The objectives of the charity are 10 promote evangelical Christianity and to minister lo the needs of the poor in the Cray Valley area. The church continues to do this through its meetings on a Sunday and mid-week, together with involvement in specific activities in the wider community. Gifts to exlemal organisalions and individuals are considered by the Trustees on the basis of neèd and fulfilment of the charitable objectives, There is no upper limit of support. Achievements and performanco The trustees are delighted with the progress made during the period, particularly in respect of continued refurbishment of the church buildings. The charity currently employs one full £nd three parl time staff. The trustees consider that the church is having an increasing impact on the local community, particularly arising from the availability of its building The trustees look forward to continuing with their work in the community during the forthcoming year. King's Church, St. Paul's Cray has continued to be part of the family of churches within New Frontiers International (Charity Number.. 10069401 however there is no legal relationship be￿een the parties. King's Church, St Paul's Cray Trustees, Annual Report For the year ended 31 December 2024 Public Benefit The charity is actively invclved in the local community with its building being a base for this service. Below are some of the activities.. Over 60s coffee morning on Fridays Two Alpha Courses per year, each lasting 14 weeks for interested Members of the community A bi-weekly youth club on Sunday afternoon which is open to young people of primary and secondary school age in the local community Support for some local churches in the immediate vicinity and beyond Counselling Free training courses on issue5 such as Christian marriage, raising Christian children and how to study effectively (for secondary and post secondary students) Helping some elderly pecple in the community with their shopping and providing free meals from time lo time. In addition, the charity makes grants lo oth&r charities, operating internationally amongst the poor. Financial Revlew The trustees report a surplus of £97,18012023. surplus of £78,414} for the year. This is the result of utilisation of the building extension which was completed in the prior year to be used for public benefit. The Church look forward lo further achieving the charitable objectives during the forthcoming year. The trLSStees are particularfy appreciative of the ongoing generous giving of members during the year, in a difficult economic environment. In the coming year the plan is to use the accumulated reseNes to do major repair to the roofing of the Church House and Office which was last changed in 1965. Re88rves The church has a policy of rnaintaining unrestricted reserves, other than as set 8side for the building project. within the range of a minimum of 3 months, to a maximurn of 12 rnonlhs of average expenditure. Where Ihe reserves fall outside this range. then a strategy needs to be formulated by the Trustees to bring them back into line. At the balance sheet date, the charity'5 unrestricted reserves fell within these limits, excluding money ring fenced for the roofing project due to commence in 2025. The trustees continue lo monitor the financial position carefully and believe that the charity 15 generating sufficient funds lo meet its liabilities as they fall due over the next 12 months. The Trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available to fulfil their obligations. Volunteers The trustees acknowledge the work of a large number of unpaid volunteers who assist in the weekly activities of the church and look forward to the continuation of the charity's obiectives during the forthcoming year. King's Church, St Paul's Cray Trustèes. Annual Report For the year ended 31 December 2024 Rl$k Management The trustees actively review the major risks which the charity might face, in particular those relating to governance, reputation, operations and fi'nance, The charity reviews its insurance annually, including the type of cover and overall levels of cover. The trustees put great emph8sis on the active monitoring of ils financial risks, including maintaining liquid funds to settle debts as they fall due. This has been managed closely during the building refurbishment project. Maintaining free reserves al the levels referred to above is key to our financial management. As we return lo live services and 10 the undertaking of activities during the week, our key risks are the health and safety ol allenders and participants. Key to this are our safeguarding controls over those adults who lead events involving children or vulnerable adults. Future Plan8 Our future plans revolve around being able to open up our completed buildings and Gontinue to hold public services on a Sunday together with events during the week, including those put on by local organisations, utilising the church fully to support the commun ity. Tru$t•es' R•sponsibillties Charity law requires th8 Trustees to prepare financial statèments for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing these financial slaternenls, we. as Trustees, have selected suitable accounting policies and applied them consistently, and judgements 2nd estimates that have been made are reasonable and prudent We are also responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity, and which enable us to ascertain the financial position of the charity and to ensure that the financial ststements comply with Charity Law, We are also responsible for the safeguarding of the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities, The Trustees confirm that the accounts are prepared in accordanGe with applicable accounting standards and follow recommendations in the Ststement of Recommended Practice.. Accounting by Charities FRS 102 and are in accordance with the Charities Act 2011, By order of the Trustees. Dr Ade Magaji Trustee 159 Chipperfield Road: St Paul's Cray.. Orpington BR5 2PZ King's Church, St Paul's Cray Report 01 The Independent Examiner to the Trustees of King's Church, St Paul's Cray I report to the Trustees on my examination of the financial statements of King's Church, St Paul's Cray (the charity} for the year ended 31 st December 2024 Responsibllitie8 and basls of report As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("Ihe Act'i. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions giv8n by the Charity Commission under section 145(5llbl of the Act. Independent examin&rf8 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 that In any material respect.. accounting records weré not kept in respect of the charity as required by section 130 of the 2011 Act". or the financial statements do not accord with those records, or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. S have no concerns anLY have come acress no other matters in connection with Ihe examlnation to which attention should be drawn in this report in order to enable a proper undèrstanding of the financial ststements to be reached. Joanna Tawse BS¢ FCA 30 October 2025 Northview The Street, PLAXTOL King's Church, St Paul's Cray Statement of Financlal Activities For the year •nded 31st December 2024 Note 2024 2023 Incoming Resources 11b> Voluntary income Investment income 365,409 6,312 360,061 3,004 371,721 363,065 Resources usod 1{c) Charitable activitlè5'. ministerial outreach support grants 172,024 15,551 81,457 2,511 167,059 17,076 96,321 1,988 Governance costs Adrninistration Interest on secured loan Professional fees 1,298 507 1,700 1.700 2,998 2,207 Total resources used 274,541 284,651 Net Incomlng Resources for th8 year 97,180 78,414 General Funds At 1st January 2024 Income for the year 1.614.502 97,180 1,536,088 78,414 At 31st December 2024 1,711,682 1,614,502 The notes on pages 8 to 11 form part of these accounts. Charity No. 1059986 King's Church, St Paul's Cray Balance Sheet as at 31st December 2024 Note 2024 2023 Fixed Assèts Property, plant and equipment Current As8ets 1,198,316 1,224,644 Tax Recoverable 12,985 14,708 P￿-paYmentS and other deblors C8sh at bank and in hand 1,50D 1,500 500.631 375,400 515,116 391,608 Credltors, amounls falling due within one year 1,750 Not Current Assets 513,366 38S,858 Total Assats Le88 Current Llabilities 1,711,682 1,614,502 Not Assets 1,711,682 1,614,502 Repro$•nted by Unreslricled Fund Restricted Fund 513,366 1,198,316 389,858 1,224,644 Total charity funds 1,711.682 1,614,502 These financial statements were approved by the board on 30 October 2025 G.OJO TRUSTEE ADE MAGAGI TRUSTEE King's Church, St Paul's Cray Flnancial Statements for the year ended 31st December 2024 Notes to the accounts Accounting Policies These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note and with the Charities Act 2011, The Charity is 8 Public Benefit Entity as defined by FRS 102. The principal accounting policies adopted are set out below. (a} Going concern Going concern At the lime of approving the accounts. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue lo adopt the going concem basis of accounting in preparing the accounts. (b) Incoming resources Income including donations made under Gift Aid are taken into account when received by the Charity. Income received in circumstances where a clalm for repayment of tax has been or will be made to HM Revenue and Customs is grossed up for the tax recoverable. Any amounts of tax not yet reclaimed from HM Revenue and Customs are shown within the charity's debtors. Interest inGome is tsken into account when receivable by the charity, regardless of when payment is made. (c} Resources expended Expenditure is accounted for on an accruals basis and allocated to the appropriale heading in the accounts. Grants and donations payable are taken into account at the earlier of when they are paid or become legally enfor￿abl6. Other than the norrnal commitments under contracts of employment there are no contractual or constructive obligations to future expenditure at the balance sheet date. Where the trustees have authorised expenditure which is not yel legally enforceable or before constructive obligations have arisen, amounts are set aside into funds designated for the purpose. (d) Fixed Assets and Depreciation Fixed assets costing over £500 are capitalised and carried at cost. They are depreciated on straight line basis over the following periods.. Land: Buildings.. Plant.. Equipment., Motor vehicles 50 years 10 years 5 year5 3 years King'8 Church, St Paul's Cray Financial Statements for the year ènded 315t December 2024 Notes to the accounts (continued) le> Governance costs Governance costs relate to the general running of the charity as a legal entity and are not connected with generating income or charitable expenditure. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estrmates and assumpttons about the carrying amoLJnt of assets and liabilities that are not readily apparent from other sources. The estirnales and associatéd assumptions are based on historical experience and other factors that are considered 10 be relevant. Actual results may differ from these estimates The eslimates and underlying assumptions 8re reviewed on an ongoing basis Revisions to accounting estimates are recogni5ed in the period in which the estimate is revised where the revision affects only that period, or in thè period of the revision and future periods where the revision affects both current and future periods, Propertyi plant and equipmant Freeh I Pro Pla Mo vehicl Fixtur and Fittin Tot Cost At 1st January 2024 Additions 1,500,000 318,469 2.381 2,650 99.801 1,920,920 2,381 At 31st December 2024 1,500,000 320,850 2,650 99,801 1923,301 Depreciation Al 1st January 2024 Charge for Ihe yeai 310,000 20,000 283,825 8,709 2,650 99.801 4,567 696.276 43,830 At 31st December 2024 330 000 292.534 2,650 696,276 Net book value At 31st December 2024 1,170,000 28.31S 1.1g8,316 At 31st December 2023 1,190,000 34.844 1,224,644 Voluntary Incom• 2024 2023 Offerings Tax recoverable Rental income Other income 267,715 56,052 41.642 6,312 259,842 54,453 42,504 3,262 371,721 360,061 The principal Sour￿ of income comes from offerings at the Sunday SeN*￿S. together with tax relief where Gift Aid is relevant. King'$ Church, St Paul's Cray 10 Financial Staternents for the year ended 31st December 2024 Notes to the account8 (continued) Charltable Activities An analysis of the direct charitsble expenditure is as follows,. 2024 2023 Ministerial: -staff -social security costs -pensions 147.188 12.589 11,180 133,517 14,609 17.624 Leaders expenses and conferences and travel 170,937 1,087 165.750 1,309 172,024 167,059 The average number of employee5 during the year was 412023.. 3. One member of staff earned over £60,000 during the year. Pension contributions are paid to defined contribution arrangements. 2024 2023 Outreach: catering evangelism - coffee shop expenses 3,922 10,559 1,070 6,261 9,427 1,388 15,551 17,076 Outreach costs relate to the Church's activities outside of ils Sunday meetings. 2024 202 Support: music building expenses st8tionery, copying and telephone training equipment and repairs utilities - sundry expenses website development depreciation 2,888 10.565 456 2,593 19,040 12,548 1,704 2,954 28,709 385 17,523 234 1,076 19,125 11,018 357 2,773 43,830 81,457 96.321 Support costs represent the costs of operating church meetings and the running of an office. Grants paid to individuals relate to visiting speakers and specific hardship circumstances. King's Church, St Paul's Cray 11 Financlal Statements for the year ended 31st December 2024 Notes to the accounts (continued) Creditors, amounts falling due within one year 2024 2023 Accruals Other creditors 1,750 1,750 1,750 1,750 Funds Unrestricted General Fund Restricted Buildin Fund As at 1 st January 2023 Deficit/Surplus for the year Transfer fromlllol building fLJnd As at 31 Decernber 2023 Deficiusurpius for the year Transfer froml(to) building fund As at 31st December 2024 275,833 78,414 35,811 1,260,255 (35,611> 389,858 97,180 26,328 1,224,644 26,328 513,366 1.198,316 As at 31st December 2024 the net assets of the charity comprised.. neral Fun Buildin Fun Fixed assets Debtors Creditors Cash 1,198,316 1,198,316 14,485 11,7501 500,631 14,485 (1,7501 500,631 513,366 1,198.316 1,711,682