Reports & Financial statements For the year ended 31 August 2020 King's Church London Company Regl$tsotlon Number: Charity Regislrallon Number.. 4074651 1082666 Contents Trustees. Report Independent Auditor's Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Flnan¢lal Statements 1-19 20-22 23 25 26-36
King's Church London Trustees, report For the year ended 31 August 2020 The Trustees, who act as directors for the purposes of company law. present their annual report and the audited financial statements of King's Church London I'the charity'l for Ihe 12 months from I September 2019 to 31 August 20201'the year'l. REFERENCE AND ADMINISTRATION INFORMATION Charlty name Company reglslratlon Number Charlty reglstratlon Number Truslees Kings Church London 4074651 1082666 Simon Linley Odunayo Oyabayo William E)alziel Osbert Klass Roberta Walker (appointed 28107120201 Kwaku Osafo lappointed 28107120201 steve Tibbert (resigned 11102120201 Nigel Mumford King's Church 21 Meadowcourt Road Lee London SE3 9DU Secretary Reglstered offlce Sollcltors Wellers Tenison House Tweedy Road Bromley Kent BRI 3NF Bankers HSBC Bank plc 149 Rushey Green Catford London SE6 4BQ Audltors Mazars LLP 2nd Floor, 6 Sutton Plaza Sufton Court Road Sutton Surrey SMI 4FS
King's Church London Trustees, report For the year ended 31 August 2020 I. STRUCTURE, GOVERNANCE AND MANAGEMENT l.I Slructure The charity is an incorporated charity limited by guarantee. It was incorporated on 20 September 2000 and registered as a charity on 28 September 2000. King's Church London is a diverse Christian church based in South-East London. It is part of the Newfrontiers family of churches as well as being a part of Ihe Baplist Union and the Evangelical Alliance. 1.2 Governance The Trustees of King's Church London have overall legal and financial responsibility for the charily. They have delegated responsibility for the spiritual and strategic direction of the church as well as its day to day running to a team of Elders including the Senior Pastor. The Trustees are regularly apprised of the financial posifion of the charity and at their formal meetings discuss ond review any major changes in the direction of the charity or on policy issues as they evolve and develop. Trustees are selected by existing Trustees. in consultation with the Elders. They are responsible people who demonstrate a strong Christian faith. They are those with a parficular area of expertise / business acumen in their secular workplace which is relevant in overseeing a significant charity which is also a Christian church. When appointing new Truslees of the charity they are first invifed to attend existing Trustees, meetings to understand how the charity operates. Where appropriate they also attend formal training days and conferences in Ihe first few months of their appointment which are taken by external companies with specialist experience in running a charity. Existing Trustees will also attend organised training from time to time lo refresh their knowledge and skills as well as learning informally from one anofher, Iheir own external networks and the Company Secretary. The Eldership meets regularly to discuss and oversee the affairs of the church. They work with the other full and part time members of staff and a wide range of volunteers to implement the vision. values and objects of the charity. In addition to this there is a Management Team of six, led by Steve Tibbert, the Senior Pastor who coordinote the day-to-day activities of the church on behalf of the Trustees and Eldership. Currently Trustees and Elders are discussing ways of broodening and diversifying the leadership of the charity so that it reflects in some measure the diversity of church membership. This hos been fulfilled in part bul there is still more work to be done. The charity has six Trustees and seven Elders.
King's Church London Trustees, report For the year ended 31 August 2020 1.3 Rlsk Management Trustees have recognised the importance of assessing and managing risk associated with the charify's objectives. The process of identifying risk is on-going and is an essential part of the work of the Trusfees and Management Team. The charity has a set of policy and procedure documents in place to ensure on-going identification and management of foreseeable risks. These documents will be regularly reviewed to ensure that they continue to meet the needs of the organisation. Those relating to Ihe operalions and finances of the charity are of particular importance and a risk register has been developed based on a risk assessment procedure in line with Chority Commission guidance. 1.4 Other Pollcles and procedures The board of Truslees have an established cyclical rhythm of review in regard to the key policies of the charity. These include safeguarding, Health & Safety. Risk Management. delegated aulhority, property management, GDPR, HR and remuneration. In specific relation to remuneration, we have considered the five recommendotions of the "Report of Inquiry into Charity Senior Executive Pay and Guidance for Trusfees on Setting Remuneration" published in April 2014, and endorsed by the Charities Commission, and sought to implement these as appropriate to our situation. All policies and procedures are under regular review to ensure best practice and compliance nof just for staff but for all those who take part in the community life of. andlor visit the church. 2. AIMS AND OBJECTIVES The main objectives of King's Church London as stated in the Trust Deed are the 'advancement of Ihe Chrislian Faith 2.1 Vlslon / Mlsslon A liftle over 20 years ago King's Church experienced a 'defining moment, when Sleve Tibbert, who leads the church, shared with a corigregation of 200 or so, meeting in a rather run-down building, a vision part of which was a call from God to build a one thousand member church. In January 2012 there was a similar 'defining moment, by which time Sunday attendance had grown to over 1,200 across 3 well equipped modern buildings. as Steve again shored wifh fhe Church a 'word for now, lifting the church's eyes to fhe possibility of a church where 5,000 people attend each Sunday. a vision 'that is one worth giving our lives to seeing fulfilled
King's Church London Trustees, report For the year ended 31 August 2020 2.1 Vlslon / Mlsslon (contlnued) In September 2018, with Sundoy attendance averaging almost 1,500, we launched Vision 2030 which is our vision for King's Church in the years towards 2030. At this time, we also launched another site in Beckenham making King's a church of four sites. Vision 2030 is based around three key themes of Reach. Resource and Restore, each of Ihese worked out under two different headings. Reach Come and See We believe we are called to build a church of 5,000 believers, each of them known by Jesus and precious to Him. We will continue to encourage everyone at King's to invite friends, family and neighbours to Sunday meetings. especiolly at key moments such as Christmas and Easter. Hundreds of people have already visited King's in direct response to an invitation to 'come and see" Jesus for Ihemselves,. for many this has been the first step in their own journey to faith. "Go and Tell" We want each of us at King's lo play our part in fulfilling Jesus, Great Commission to His church- to 'go and make disciples of all nations We believe this is a call to the many not the fewl With that in mind, we will seek to equip every believer lo be able to share their faith. We will encourage people to reach out in their communities, families and workplaces, to initiate other outreach activities, and to take every opportunify to invite people lo "come and see" We also believe we should be involved in spreoding the Gospel not just in London and the UK, but in the nations beyond. King's and its members already have links with churches in other nations, including Romania, China. DRC, South Africa and Zimbabwe. Restore 'Inside Over the years, King's has seen thousands of people who have come through our doors experience healing and restoration. Ivlany have come to faith here, and as we have grown as disciples we have had our lives radically transformed by meeting Jesus in the midst of His people. We want this to multiply and to deepen in the future.
King's Church London Trustees, report For the year ended 31 August 2020 Reslore (contlnued) There are a number of ways we currently express the Gospel that have been particularly powerful in seeing lives change. Obviously, this includes our Sunday meetings, but also settings like Alpha, our groups, and courses such as The Marriage Course, Restored Lives Ifor anyone separated or divorced) and Freedom in Christ. We want to extend and develop these to help bring restoralion in new areas. This will include parenting. helping people find freedom from addictions such as pornography, and numerous other courses. 'Outside" We have contributed towards restoration in our local community through fhe Jericho Road Project, which we want to continue. However, we want to broaden what we do in the local community so that ourwork is not only amongst the most disadvantaged, as vital as that is, but affects other sections of society as well. Some of these projects will be initiated, financed and overseen through the leadership of the church, whether they are expressed at all sites (like Big Red Boxl or only one site. This will include working with young people on the margins of society who are endangered by the threat of serious youth violence. We will partner with charities that have particular expertise, such as the mentoring scheme for children run by Transforming Lives for Good. In oddition, we hope to see many 'mini restore projects develop, led by individuals from King's, supported by their group. Resource Nationally We believe King's has an important role to play in the UK. Some of this comes from the facl thal we are a large, urban and diverse church. and we can therefore help other churches with our example and our experience (even as we continue to learn ourselvesll. Our resources- Sunday teaching, material for groups. courses. articles, books, videos and the like- already reach widely, and we expect this to increase. We also have a part to play in the wider Newfrontiers family we are part of. This includes the leadership given by Steve Tibbert, our Senior Pastor, and the theological influence of Andrew Wilson, our Teaching Pastor. We believe it goes well beyond this. however. and will include coaching pastors. hosting conferences, training interns. providing financial support, sharing besl practice. strengthening churches. and so on.
King's Church London Trustees, report For the year ended 31 August 2020 Resource (conlinued) Globally The Gospel crosses international boundaries, and so does our responsibility as a church. Again, some of the ways in which we work Ihis out will be very specific. The Newfrontiers family connects us with 2,000 churches worldwide, and we will serve many of them with practical, theological. financial and leadership resources. We continue to have a close relationship with River of Life Church in Harare. We have a number of things in common with this church- size, influence, urban context, diversity, apostolic base, focus on mercy ministry among the poor, and so on- as well as many historic links with Harare and the Ebenezer Project. steve Tibbert, our Senior Pastor has been asked to facilitate the global fellowship of the Newlrontiers family of churches. This will lake effect from autumn 2020 and is an encouraging confirmalion of our call beyond the UK. Yet we want to look beyond this. Our calling is not just to the UK, or even our family ol churches. but to the nations. and the commission Jesus gave His church to go into all the world and make disciples. At times this will mean sending missionaries. teachers, money and skills overseas, without losing sight of our local church in London. 2.2 Values The Trustees and Elders have sought to work out how best to express the Mission and Vision Statements in the context of week-to-week church activities. values and life. At the same time, they wanted to produce such statemenls in a form that would, if possible, provide an appropriate way to express the financial affairs of the charity. The following three value statements aim to summarise what the charity is about, namely: to promote and encourage our members to live a life of Worship to God,. to build a multi-cultural Corr)munity of believers who are mature in their faith and who will be a blessing to the wder community in which they live and work., and to encourage members to be involved in Outreach to Ihose who have not yet accepted Jesus os fheir Lord and Saviourwith the message of reconciliation., to demonstrate Ihe love of God through helping the disadvantaged; and through the planting of new churches. These three headings Worship, Community and Outreach are used as main headings for summarising the activities of the charity and thus its financial reporting procedures and accounts.
King's Church London Trustees, report For the year ended 31 August 2020 2.3 Volunteers The Trustees would like to continue to acknowledge and thank the many people within King's who freely give of their time and make all thal we achieve together possible, We cannot attempt to place a value on the immensely significant contribulion thal our volunteers make, and we are grateful to them for their time and commitmenl to our Mission and Vision. 2.4 Publlc Benefit The Trustees ore aware of their duty and seek to identify in both the report and accounts their regard to the Charities Act 201 l on Public Benefit. It is in fact a central part of our vision, that we provide support, encouragement and practical help for those disadvantaged in our local communities as well as other members of the community, not just our members. 3. ACTIVITIES. OUTPUTS AND IMPACTS COVID-19 The result of Covid-19 part way Ihrough the year had a significont impact upon King's as a church both pastorally and operationally. Pastorally, we were direcfly involved in supporting many in our church that were experiencing bereavement due to Covid-19, as well as dealing with the loss of some within our own congregation. Operationally. we were forced to adjust how we deliver our Sunday meetings and group aclivities. Since March 2020 we have been producing online services each week. along with other resources for both adults and children. The team have had to remain flexible as we have adapted to the changes in the way that we 'meet' as a church and the different way of working. This continued to be a changing picture with initiatives needing to start and stop as the various restrictions tightened or eased. In whal follows we summarise how the church seeks to implement its vision, values and objectives on a week-by-week basis, and the resull of activities in each area. Inevifably the pandemic impacted the way in which we have needed to run as a church. so the rest of this report reflects that in differing ways. This Report, as well as reporling the statistics that relate to the on-going work and growth of the charily, also seeks to give examples and testimonies of where lives are different due to the activities of the charity thereby demonstrating its commitment fo Public Benefit, and the impact it is having amongst its members, in the local communily and beyond.
King's Church London Trustees, report For the year ended 31 August 2020 3.1 Worshlp Worship is the thrust of our Sunday meetings where. Ihrough singing. prayer and teaching that is relevant to people's lives today, we encourage people who call King's their local church. to live a life of worship to God. The meetinos also provide a context for individuals lo share personal testimony. respond to the claims of the Christian faith and for adult baptism. Prior to the Covid-19 pandemic we were holding seven morning meetings, three at our Catford site, two at our Downham site and one each at our Lee and Beckenham sites. Atlendance had increased with us regularly having around 1600 people present on a Sunday. Since the pandemic we have needed to change our focus to allow us to provide online Sunday services, which are accessible via our website. These have been well 'attended' with an estimated 2000-2500 people on a Sunday with additional people viewing the service across the following week. This reflects the fact that there is a strong core of the church who continue to attend online. along with the extensive reach that we have as a church in attracting new people. There is children's work for ages O-4, 5-8 and 9-10 and youth work for ages 11-14 and 15- 18. This children's work continues to flourish. We are enjoying bringing Jesus to the children through fun games, worship, bible teaching and looking at the bible as well as completing craft activities each week. We are seeing good numbers of children each week and we work hard at developing our teams and our team leaders. In each of the children's work areas we follow bright and varied curriculums which are age appropriate. We are enjoying seeing these brought to life by leaders creatively communicating them to the children. Our children's work is structured to get Ihe best from our children and help parents feel comfortable leaving their children in our care as they feel confident their child is being well cared for. With many of our Sunday activities moving online we have provided resources and content to support all our age groups each Sunday. An example of this would be our Kings al Home series aimed at those aged between 0-9. This includes weekly videos providing fun activities and teaching to help keep families and those with young children connected into the life of the church during the pandemic.
King's Church London Trustees, report For the year ended 31 August 2020 3.1 Worshlp (contlnued) As part of a ministry for the Deaf community al King's each week we interpret the worship and teaching into BSL, in the 9.30 meeting at the Catford Sile. During Ihe pandemic we hove ensured that there are specific online services with BSL interpretation as we continue to support this community. The deaf community. when allowed, also meet in Iheir own meeting once a month al the Lee site. The needs of the disadvantaged in society are always a challenge and so we continue to work hard to serve our deaf community nol leasl by training those who are able to sign in our worship services on a Sunday morning. 3.2 Communlty Community life is worked out in o number of ways at King's Church. 3.2.1 The Group syslem This is an opportunity for individuals from the diverse backgrounds who call King's Iheir local church to meet together, often in homes, but also at our sites. We encourage people to develop friendship and work out their Christian faith, not just in discussion but in act ond deed. Some of the groups will have a more specific reason for meeling together such as, the Wednesday Welcome meeting and lunch for the elderly in our community, and the BSL small group where deaf and hearing come together. We hove an established youth work with around 40 1 I s-18s attending each week. This runs on the Catford and Lee sites. To support our youth work during lockdown we have made the best use of zoom to keep connection and engagement levels high. There have been weekly zoom calls, as well as hosting online midweek bible study groups and Iwo youth alpha courses. In addition to this the youth team use social media channels lo upload content that aim encourage and equip the young people on a regular basis. We also have a thriving 18's-30's work called United. This regularly gathers around 80 people on a weekly basis across the Catford, Downham and Lee siles. All our sites have a number of Groups where people can meet regularly. These groups serve many purposes including helping those attending the church to get to know one anolher and for regular friendship and encouragement. We put a lot of work into launching and promoting these groups due to our commitment to 'group life, within the church. The results of this continue to be extremely encouraging with over l fflo adults attending groups each week from a good cross section of our community. Due lo the pandemic our groups are currently meeting online.
King's Church London Trustees, report For the year ended 31 August 2020 3.2.2 A wide range of servlng opportunltles There are many opportunities which allow most of the congregation to have some involvement in expressing their Christian faith practically as they work together and serve others. This might be through being a part of the Welcome Team seTving on a Sunday at one of our sites, working on an Alpha catering team, as part of 'the Feasl team, helping fhose who are less fortunate amongst us. Or perhaps as a part of the Worship group on a Sunday or working with ID on a Friday night where the I I to 18 age range meets in a relaxed otmosphere to support the needs of young people as they mature into tomorrow's adult population. 3.2.3 Courses, Semlnars and Tralning opportunilles We have found that more and more people like to be part of our community by joining and taking part in short term courses and seminars. 'Freedom in Christ, is a discipleship course for Christians lasting 9 weeks which we run twice a year. The course lays a biblical foundation for Christians about their identity in Christ ond how that should affect their thinking, how they handle their emotions as well as their spiritual life. There is also teaching which aims to help them process past hurtful events, forgive and receive emotional healing. There are other courses which aim to help people to grow in God and equip them to make good life choices, for example.. The Marriage Course- an annual course which helps to enrich people's marriages. This usually attracts around 25 couples.. this is deliberately kept sma51 fo moke it manageable and personal. Relationship Matters which helps people build strong relationships and prepare for marriage. stewardshlp- an annual seminar about handling money wisely. Leadershlp Training- we provide several opportunities which help people fulfil their potential and thereby also help the church grow and expand. Membership Mornlngs- we encourage people to become members of the church and we facilifate this by hosting sessions which explain this regularly. 10
King's Church London Trustees, report For the year ended 31 August 2020 3.3 Outreach Whilst there are aspects of worship and community that relate to reaching out to others, there are a number of activities where this is specifically focused. 3.3.1 The Alpha Course Alpha has been running at King's every term since September1996. During that period over 3450 people have attended and at least 830 people have responded to the Gospel. As the lockdown took effect we transitioned from running our Alpha courses in our buildings to running them online over zoom. From September 2019 until August 2020, we ran eight Alpha courses with approximately 195 guests, attendance11 or more eveningsl. We had around 7 people come to Christ and several people who either attended physically or began to attend our online service were helped to establish a firm foundalion in their faifh. We also hod around 10 people deepen their relationship with God and be filled with the Spirit. Alpha has attracted people from across the country and has also served people in other parts of the world, so it truly has had both a national and international reach. Subsequent to the Alpha course. we have had approximately 35 people attend our New Life course directly after the Alpha course which is focussed on the basics of Christian discipleship. A number of people who have become Christians are now considering baptism and many have taken steps to deepen their walk with God by joining a group al King's where they can conlinue fo find friends and glow in their faith. 3.3.2 The Jerlcho Road Project The Jericho Road Project IJRPI seeks to provide support to the disadvantaged in Lewisham and Greenwich. Much of our work goes into the on-going running of six low support housing units which allow us to help 28 individuals from rough sleeping and homeless backgrounds. Every resident completes a support plan and meets regularly with a key worker to ensure progress is being made. The demand for places on Ihe housing project is very high and we receive referrals from a wide range of services in South East London.
King's Church London Trustees, report For the year ended 31 August 2020 3.3.2 The Jerlcho Road Project (continued) In this last year we have responded to the Covid-19 pandemic by supporting our residents particularly with their own wellbeing. The consequence was a lower than normal 'move- on, with our residents into their own accommodation. We have run "The Feast" a weekly Drop-ln for anyone who is rough sleeping, homeless. vulnerable or lonely since January 2002 as a drop-in. At the start of the lockdown. we turned the Feast into a delivery service. We cook all the meals at our Cafford building and then feams send them out across Lewisham borough to vulnerable people. We reached our capacity of 400 hot meals every week wth 30 delivery teams over 3 nights of the week. Our goal was to encourage people to stay indoors, have nutritious food and provide hope. We have helped people wilh mental health issues, learning difficulties, in temporary accommodation, elderly, familie5 and people who have lost their income. One elderly lady in April was in a ward- all 4 had Covid- she was the only survivor. She describes the moment our volunteers rang her doorbell as the highlight of her week. Through donations from many supermarkets, we are able to add in extras like fresh flowers. On many occasions we have been able to provide specific support through these regular connections. It was our twelfth year of Klng's Chrlstmas Trees and we sold 820 trees, our biggest year. Customers purchase their Christmas tree online and choose whether they have it delivered to their door or collect and choose their free from one of our four collection sites. There are three aims of the Christmas Tree initiative.. l. Raise money. 2. Raise awareness of rough sleeping issues. 3. Engage our residents and contacts in volunteering for King's Christmas Trees. All the profit from this project goes to support the JRP. We also had 25 runners fundraising in 'The Big Half 'in March. These events help us to support the re5ider)ts. We took a group of 22 people from the JRP away on an aclivily trip to Chepstow in March. We continue to play a significant role in reducing rough sleeping in the borough and our staff toke part in the bi-monlhly Lewisham street counts. 12
King's Church London Trustees, report For the year ended 31 August 2020 3.3.2 The Jericho Road Project (contlnued) Another key initiative for the JRP is the Blg Red Box project, a Christmas initiative supporting those in the South East London community who might othewise go without. During the festive period we collected food and distributed Christmas hampers through partner organisations to those less fortunate than ourselves. We continued to streamline the project lo reflecf the size and significance that it holds in the community. We were able to send out over 2000 boxes. This has continually proven to be a popular project within the church, with over l 00 volunteers coming forward to support the project across the Christmas period. Overall. this has been a year when we have shown Ihat the JRP can respond to the needs of the neediest people in our community even in the midst of a pandemic. We have three words to describe all we do- Relief, Hope and Connection. Relief is our front- line work- feeding and housing. Hope is found though our support of individuals, paying for people to get to training. And connection is the wider support residents need when they move on. We have increased our relief work this year but have also continued to provide hope and connection in all we do. There are significant opportunities for disadvantaged and vulnerable to be helped in our community and this is essential in our commitment to provide a Public Benefit lo the communities around us. 3.3.3 Trolnlng and other Involvement wlthln Newfrontlers Kings continues to host a number of training events for the benefit of both Kings, other local churches and other churche5 in the Newfrontiers family. We also continue to be involved internationally, supporting ministries in India, Romania and China. We have continued, and are increasing, our involvement in Zimbabwe in particular with a number of people having visited the church and associated projects there across the year. 13
King's Church London Trustees, report For the year ended 31 August 2020 4. ACHIEVEMENTS AND PROGRESS DURING THE PERIOD A5 Stated earlier in this report the Covid-19 pandemic has had a significant impact on the running of*he church, both forthe staff and those who call King's Church their local church. As such we have adapted the way we work in every area of church life producing online services each week, along with many olher resources for bolh adults and children. This has enabled us to continue to function as a church in reaching our existing congregation, as well as reaching many others and seNing our community during a challenging season. The staff team have adapled extremely well to all of the changes both in terms of handling the changes to the ways in which we 'meet' as a church and the different way of working. We are particularly pleased by the hard work and impact of the various activities undertaken by the Jericho Road Project who are doing to a phenomenal job of helping to meet the needs of the more vulnerable in both the church and our local community. The Inlernational Academy of Greenwich continues to lease part of our building with the lease running until the end of August 2021 at which point it will conclude have reached the full term of the lease. We are investigating options for the future leasing of the space currently used by the school or how best we can utilise it for the benefit of the church. The refurbishment of the ground floor of the Catford site has been poslponed with some smaller essential works being done at this time. We have continued with some maintenance projects on our buildings to er)sure that they are still maintained in good order. steve Tibbert, our Senior Pastor has now taken on the responsibility to facilitate the global fellowship of the Newfrontiers family which, as previously stated, is an encouraging confirmation of our mission and call beyond the UK. So, in what has been a challenging year for the church we are encouraged by the response of both the people who call King's their home church and the staff team. In the midst of what has been a difficult period for so many, people remain in good heart and are still extremely supportive of the church and a51 that we are doing. We look fomard to a year of eased restrictions and the return to normality in due course. 14
King's Church London Trustees, report For the year ended 31 August 2020 5. FINANCIAL REVIEW 5.1 Ovenilew The year ended 31 August 2020 had a surplus of income over expenditure ond the unrestricted surplus after transfers has been added to Ihe General Fund. The outlook is for continued surpluses. The particular slrength of the financial activities has been the continued growth in giving income. To date. this is currently holding up despite the impact of the coronavirus pandemic. For the past four years the letting of surplus space to a school has provided additional income and this will continue for a further year at which point the lease will conclude having reached its full lerm. The charity refains a strong balance sheef. At the end of the year, it had a strong asset base compared to its long-term liabilities and strong liquidity with substantial cash holdings. During Ihe year, the charity restructured its long-term debt to reduce outgoings. It is planned to utilise some of the cash holdings to reduce debt and further eslablish a firm financial foundation for the charity. The Trustees consider that there will be no significant impact on the Church as a result of the United kingdom wilhdrawing from the European Union. 5.2 Prlnclpal funding sources King's relies very largely on the generosity of its congregation to fund its activities. The total of given income was £2.151.752. up from £2.054.782 for the previous year, an increase of 4.7%. In addition, the letting of the first floor at Lee provided temporary additional income of £327.774 in the year (previous year: £291,727). 5.3 Related parties King's Church London is part of the family of churches known as Newfrontiers. Newfrontiers is a network of churches who partner together on a mission. steve Tibbert. the Senior Pastor, continues to be a member of the international apostolic gathering of Newfrontiers and continues as a Direclor of the Newfrontiers charity. He receives no remuneration from Newfrontiers. Transactions with related parties are detailed in note 9 of the financial statements.
King's Church London Trustees, report For the year ended 31 August 2020 5.4 Investment powers and pollcy The Trustees take appropriate advice related to inveslment as and when required in order to maximise the effective slewardship of our income and our reserves, including keeping funds above our immediate needs placed on the money market lo earn an appropriate rale of interest. 5.5 Reserves policy The balances in the General Fund and Designated Property Fund represent the unrestricfed funds arising from past operations of the charity. The trustees believe that an amount equivalent to a minimum of two to three months gross expenditure is needed in Reserve for use as working capital. This will provide for regular fluctuations in income and expenditure throughout the year. The balance on the General Fund af 31 August 2020 was £778.475 with Free Reserves of £755,184. These higher than normal reseNes are mainly a resull of stopping planned refurbishment works at our Catford Sile due to the impacl of Covid-19. Income and expenditure budgets and forecasts are produced on a rolling five-year basis and these are reviewed monthly. The General Fund expenditure budget for the 2020121 yeor is approximately £2,2W,000. Based on the above, ongoing reserves of between £370,000 and £560,000 are appropriate. In addition, enhanced reserves were retained at Ihe year end to counfer uncertainly over the effects of the coronavirus pandemic and to gather resources for a large project. As the pandemic continues to evolve and hopefully, comes to an end, the Trustees are reviewing plans to utilise the additional reserves. 5.6 Restricted Funds Restricted Funds are given for restricted purposes and are set aside for specific projecls at the request of the donor. The two main Restricted Funds are social ocfion work (the Jericho Road Project) and Vision 2030. In addition, a new restricted fund was opened during the year. the Hope Fund, to offer support and relief lo members of the local community severely affected by coronavirus. The Jericho Road Project showed a small deficit of £4,300 for the year. 16
King's Church London Trustees, report For the year ended 31 August 2020 Restricted Funds (contlnved) The purpose of the Vision 2030 fund is to help ministry expansion on our existing sites and the development of more sites in the future. The consistent giving into this fund has firstly enabled the charity to fulfil its loan repaymenl schedule to our funding partner. Triodos Bank, and secondly to fund further development. There has been initial expenditure on professional fees in respect of further development planned for the Catford site. This was put on hold at the lime of the coronavirus pandemic as a measure to protect our reserves and con be reinstated when appropriate. The Hope Fund had external donations of £36,847 in the yeor, of which £18,456 had been disbursed by the year end. 5.7 Grant-making policy Donattons are made to both institutions and individuals by the charity, as part o* achieving its activities and objectives. Gifts to individuals represent responses to particular needs and support for those working overseas. 6. PLANS FOR FUTURE PERIODS As the Covid-19 pandemic has continued the Chority continues to review capital expendifure. new staffing and general operating costs. The review includes plans for the re-opening of worship at our premises and for staff to return to the offices once il is permissible to do so following government guidelines. One result of the review has been to protect a very strong reserve base. A part of the reserves will be utilised to reduce debt and the remaining reserves will be preserved going forward. This enables the church to maintain consistent operalional delivery. Currently, the year to August 2021 is forecasl to produce a modest surplus of income over expenditure. The 5-year forecast also continues to indicate robust finances to undergird the work of the church going foward and the church will continue to work out and develop its vision as spelled out earlier in this report. As part of the church's response lo the Covid-19 pandemic it has participated in the Love Your Neighbour project in participation with Holy Trinity Brompton to provide large-scale practical support to the localities in which the church operates. This requires substantial resources to be found from within the church and is a further call on the remarkable generosity of those committed to the church. 17
King's Church London Trustees, report For the year ended 31 August 2020 6. PLANS FOR FUTURE PERIODS (continued) We will also continue lo review our general processes and staffing structures to ensure we are constantly meeting the current needs of Ihe church. The overall financial aim is to realise further expansion whilst continuing to pay off the church's bonk debt at least as fast as the existing schedule. 7. STATEMENT OF TRUSTEES, RESPONSIBILITIES This Trustees, Report and audited financial statements are prepared in accordance with the Memorandum and Articles of Association, the Companies Act 2006. the Charities Act 2011 and the Charities Statement of Recommended Practice IFRSI 0212019, Law applicable to charities in England and Wales requires the Truslees to prepare financial statements for eoch financial year which give a true and fair view of Ihe charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and: select suitable accounting policies and then apply them consistently; make judgements and estimates which are reasonable and prudent; state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charily and which enable them to ensure fhat the financial statements comply with the Companies Act 2006. Being responsible for safeguarding the assets of the charity they ensure reasonable steps are in place to prevent and detect fraud and other irregularities. Each of the Trustees at the date of approval of this report confirms that: so far as the Trustees are aware, there is no relevant audit information of which the charity's auditors are unaware.. and 2. the Trustees have taken all the steps that they ought fo have taken to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of thal information. This confirmation is given. and should be interpreted in accordance with, the Companies Act 2006.
King's Church London Trustees, report For the year ended 31 August 2020 8. AUDITORS Mazars LLP have indicated their willingness lo continue in office cs auditors. Approved by the Trustees on and signed on their behalf by Simon Linley
Independent auditor's report to the members of King's Church London Opinion We have audited the financial statements of Kings Church London (the 'ch8rity') foi. the ye2ll' ended 31 August 2020 which comprise th¢ Stateinent of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to tlie financial statements, including a summary of significant accounting policies. The financial repoiting ft'amework that has been applied in theii. pi'eparation is applicable law and United Icingdom Accounting Standw'ds, including FRS 102 "The Financial Repoiting Standai'd applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Pi'actice). In oui. opinion, the financial statements: give a tive and fail. view of the state of the ch'ity'S affaiiB as at 31 August 2020 and of its income and cxpenditure foi. the ye. then ended. have been properly prepai'ed in accoi'dance with United Kingdom Generally Accepted Accounting Pi-actice. and have been prepared in accoi'dance with the i'equirements of the Cornpanies Act 2006. Basis for opinion We conducted our audit in accoi'dance with International Stand'ds on Auditing (UIC) (ISAS (UK)) and applicable law. Oui. i'esponsibilities under those standards are furthei. desci'ibed in the Auditoi s i'esponsibilities for the audit of the financial statements section of our report. We are independent of the chai'ity in accoi'dance with the ethical i'equirements that are iylevant to our audit of the financial ststements in the UIC, including the FRC'S Ethical Standard and we have fulfilled oui. othei. ethical i'esponsibilities in accordance with these requii'ements. 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 We have nothing to i'eport in respect of the following mattels in i'¢lation to which the ISAS (UK) i'equii'e us to i-eport to you whei-e.. the tsustees, use of the going conceiTt basis of accounting in the preparation of the financial stateinents is not appi'opi'iate; oi. the tiustees have not disclosed in the financial statements any identified material unceitainties that may cast significant doubt about the eharity's ability to contiiiue to adopt the going concei'n basis of accounting for a period of at least twelve months fi'om the date when the financial statements are authorised foi. issue. 20
Independent auditor's report to the members of King's Church London other information The tiustees al'e responsible for the other infonnation. The other infonnation compi'ises the infoiynation included in the annual repoit, other than the financial staterllents and oui. auditor's report thereon. Our opinion on the financial statements does not cover the othei. infoimation and, except to the extent othcrwise explicitly stated in our report, we do not expi'ess any foiyn of assurance conclusion thcrcon. In connection with oui. audit of the financial statements, our responsibility is to l'ead the other infoiination and, in doing so, consider whether the othei. infoiination is materially inconsistent with the financial statements oi. our lu]owledge obtained in the audit or otheiwise appears to be materially misstated. If we identify such matei'ial inconsistencies or app.ellt matei'ial misstatements, we are i'equired to detem]ine whethei- thei'e is a matei'ial misstatement in the fLnancial statements oi- a matei-ial rnisstatement of the other inforn]ation. If, based on the work we have performed, we conclude that there is a rnatei-ial misstatement of this other information, we are requii'ed to report that fact. We have nothing to i'eport in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the worli undertalcen in the course of the audit: the information given in the Trustees, Report which includes the Directoi's, Report pi'epai'ed for the puwoses of company law, for the financial year for which the financial statements pi-epared is consistent with the financial statements; and the Dii'ectoi's, Repoil included within the TISteeS, Report has been prepared in accordance with applicable legal requii'ements. Matters on which we are required to report by exception n light of the l(nowledge and undei'standing of the charity and its envii'onment obtained in the course of tlie audit, we have not identified material misstatements in the Dii'ectoi's, Report included within the Tn]stees' Repoit. We have nothing to iypoit in iespect of the following matters in relation to which the Companies Act 2006 l'equii'es us to i-eport to you if, in oui. opinion: adequate and pi'opei accounting i'eeoi'ds have not been kept, or ieturns adequate foi. oui. audit have not been received from bi"anches not visited by us. or the financial statements al'e not in agi'eement with the accounting i'ecords and returns. oi. certain disclosui'es of ts'ustees, remunei-ation specific by law are not made. or we have not received all the infoi'mation and explanations we i'equire foi. oui. audit. the ti'ustees were not entitled to piepare the financial statements in accoi"dance with the small companies, i'egime and take advantage of the small companies, exemption in preparing the Trustees, Report and from the requirement to prepare a Strategic ReporL 21
Independent auditor's report to the members of King's Church London Responsibilities of Trustees As explained mol'e fully in the tsustees, i'esponsibilities statement set out on page l 8, the tt'ustees (who 'e also the dii'ectors of the chai'itable company for the pwposes of cornpany law) i-esponsible foi. the pi'eparation of the financial statements and for being satisfied that they give a tsile and fair view, and for such intei-nal conts'ol as the ti'ustees deteimine is necessary to enable the pi'epai'ation of financial stat¢ments that al'e fi'ee fi'om material misstatement, whethei- due to fraud or error. In pi'epai'ing the financial statements, the ti'ustees are responsible for assessing the charity's abÉlity to continue as a going concei-n, disclosing, as applicable, matters related to going concein and using the going concei-n basis of accounting unless the ts'ustees eithei. intend to liquidate the charity oi- to cease opei'ations, oi. have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Oui. objectives al'e to obtain i'easonable assui'ance about whethei- the financial statements as a whole 'e fl-ee fi-om matei'ial misstatemcnt, whether due to fraud oi- en'oi., and to issue an auditor's repoit that includes our opinion. Reasonable assurance is a high level of assui2llce, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a matei'ial misstatement when it exists. Misstatements can arise from fi-aud oi- error and al'e considei'ed matei-ial if, individually or in the aggi'egate, they could i'easonably be expected to influence the economic decisions of usei's talcen on the basis of these financial statements. A fuithcr description of our i'esponsibilities foi. the audit of the financial statements is located on the Financial Repoiting Council's website at www.frc.or .uklauditorsres nsibilities. This desci'iption fonns part of ow. auditor's i'eport. Use of the audit report This report is made solely to the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Oui. audit woi'k has been undertalcen so tliat we might state to the company's membei-s those matters we are i'equii'ed to State to them in an auditor's i'eport and foi. no othei. pui'pose. To the fullest extent permitted by law, we do not accept or assume t'esponsibility to anyone other tELan the company and the company's members as a body for oui. audit woi'k, for tliis repoit, or foi the opinions we have fomied. Signed.. Name.. David Hoose (Senioi. Statutory Auditor) foi. and on behalf of Mazais LLP chtered Accountants and Statutory Auditor 2nd Flooi., 6 Siitton Plaza, Sutton Couit Road, Sutton, Swrey, SMI 4FS Date: 07-Apr-2021 22
King's Church London statement of financial aclivities For the year ended 31 August 2020 Unre5triGted funds Re$l[ted fund5 Total 2020 Unreslrdèd funds ReslridÈd funds Total 2019 Notes Income Donations 1,691,074 460,678 2,181,782 1.565,837 488,945 2,054,782 Charitabl& activities Community & Outreach 174,298 174,298 118,462 118.462 Other trading OGtiwlle$ Premises rental income other 329.480 4,392 239,909 102,910 569,389 107,302 298,912 4,172 234,085 77,811 S32,997 81,983 Total Income 2,199.244 803,497 3,002,741 1,987,383 800,841 2.788.224 Expendlture on charftable actlvlt188 Costs ofadiwties in furthéranc6 ofthe objec15 Of Ihe tharity". Worship Community Oulrea¢h 796,197 666,920 7Q2,448 796.197 666,920 1,204,444 821.318 632.242 697.039 821,318 632,242 1,160,117 501,998 463,078 Total charltabl8 8xpendltur• 2.165.565 501,996 2.667,561 2.150,599 463.078 2,613,677 N•t Incomè I (0xndIture) 15 33,679 301,501 335,180 1163.2161 337.783 174,547 Transfers between funds 15. 17 282,426 1282,4261 318,950 1318.9501 Not movem¢nt In funds 316,105 19,075 336,180 155,734 18.813 174,647 Roconclllatlon ol fund8'. Total furKls brought forward 81 fj September 2019 5.699.535 872,391 6,571,926 5,543,801 853.578 6,397,379 Totsl fund$ carrlad fOard at 31 August 2020 6,015,640 891,466 6,907,106 5.699,535 872.391 6,571,926 All Iranso¢tlons are derived from conllnuing aclivilies. All recognised gains and 1055es are induded in the statent of financial adivili&s. The Statement of financlal ac0v1t$ also complies with the requirements for an incoma and 8xp8nditur8 account under the Companlés Act 20. 23
King's Church London Balance sheet as at 31 August 2020 Company number 4074651 2020 2019 Notes Flxed assets 10 7.467,594 7,639.656 Currènt assets Debtors Cash at b8nk and in hand 11 379,215 1,254,288 1.633,503 371,554 682,249 1,053.803 Creditors: Amounts falllng du• wlthln one year Net ujrrent assets 12 1237.0021 1,396,501 1479,543) 574,260 Total assets less current liabilities 8,864,095 8,213,916 Credltors: Amounts falllng due after more than on8 year 13 11,956.9891 11.641,9901 Net assets 8,907,106 6,571,926 Rtprèsèntèd by Fund8 Unrestri¢ted Funds General Fund Designated Property Fund 15, 16 15, 16 778.475 5,237,165 8,015,640 481,423 5,238,112 5,699,535 Restricted Funds 17 891.466 872,391 Totsl fund8 6,907.106 6.571,926 2qbL Approved by the Trustees on ....................................... and signed on I ir behalf by Simon Llnlèy 24
King's Church London statement of Cash Flows For the year ended 31 August 2020 2020 2019 Cashflows from operatin9 actbvitiès Net income 335.180 174,547 Adju8tsnents for.. Depreciation Inter88t axpansè Trade and other re1vabS Trade and other payaNes 194.434 61,879 17,6611 11,2141 186,977 71,694 1245,0451 286 Cash flows generated from operatlon8 Interest paid 582.618 188,459 161,8791 171.6941 Net cashflow from operattng aetivitas 520,739 116,765 Cashflows from Invo$tlng actlvltlès Purchase of property plant and equiprn8nt 122,3721 138,4311 Ca$hflow8 from finaneing Capital repayments on bank ltsans Capital repayments of other loans PrOedS from new b2nk loans ProedS from n8W Oth8r loans 1107,1111 190,0001 270,783 1252,1271 1140,0001 90,QKIO 73,672 1302,1271 223,7931 Iner•a80 I Idocroasel In cash 572,039 Not• to th• cashflow120201 At I September 2019 Cash flows Al 31 August 2020 Cash at bank 882,249 572.039 1,254.288 Deduct loans.. Loans falling du& urilhin one year Loans falling due after more than on8 year N8t rash 1361,1481 11.641,9901 11,320,889) 241.328 314,999 498,368 1119,8201 1,956,989 1822,521 Note to tht ca#hftow120191 At I September 2018 Cash flows At 31 August 2019 Cash at bank 906.042 1223,7931 682,24g Dèduet loans.. Loans falling due wthln one year Loans falling due after more than one year Nel c88h 1392,1261 11,913,139) 11.399,2231 30,978 271,149 78,334 1361.1481 11,641,990) 11,320.889 25
King's Church London Notes to the financial statements For the year ended 31 August 2020 Accountlng pollcies The financial slalemen18 have b88n prepared in aCG0rdan wlth the Companies Act 2006, Charities Act 2011 and thè Finan¢ial Reporting Standard 1021'FRS102"1 and th& related Slalemenl of Recornmended Practice ap1¢able to Charities120191. King's Church London is a publ5¢ benefit entity 88 defined by FRS102. 1.1 Attountlng conwnllon$ Golng concern The Iruslees consider that there are no m8terial UrertalntS about the ¢hariiws abS1ily lo ¢onllnue as a golng concem and 8xist8nce of the cuirenl ¢oron3virus epidemic does not aller the applicability of this basis for IhÈ following reasons. 1. The church carries substantial liquid serveS in actord2nce wilh its reserves policy., 2. Although a modest Impact on income has b88n 8xp&rienced since lo¢kdown, this is Insufficient lo r4uire remedial aclk)n to the church's rinances. however. further reductions in income are p05sible'. and 3. The church has the flexibility to defersubstanlk81 Capital programs thus preserving liquid reserves. Hlstorlcal ¢ost convention The financial statements hav8 been prepar8d under th8 historical cost convention, as modlfied by the revaluallon of rtaIn rixed assets. 1.2 Funds The G8n8r81 Fund and the Designated Property Fund represent the funds of th& charity that are not subj8Ct to any restrictions regarding their use and are available lo further the objectives of the charity. The purposes of the Reslri¢led Funds are shown in note 17 of the financi81 slaternents. The Designated Prop8rty Fund represen15 the book value of the charitys interest in land and buiklings. less oulslandir& loans which were incuired for the purchase and development of property Inoles 10, 14, 15 and 161. 1.3 Income Oonalions ar8 recognised when re¢elved. Income tax recAJv&rabLg on gift ahl donatnS is recognised whsn the income is recogni5ed. Grants and18gaci8s ar8 8ccount8d forwhen the charfty 1$ novfled of ils entllbments, the amount dua i8 quanlifiabl& and receipt is reasonab5y certain. Other ineome is a¢counted for on a recewable basis. 1.4 Apportl*Jnment of re8ourc•s Staff costs have been apporlone¢ across the activily areas and governanca using a Siaff Cost Ratio (note 81. The Staff Cost Ratio is cal¢ulated by assessing th& contribution each employe8 mak8S to èach activty. 26
King's Church London Notes to the flnancial statements For the year ended 31 August 2020 1.5 Propertles Valuatlon of properties Properties are either included at cost or valuation logetherwllh subsequent development expenditure subject io impairment VieW. FUrtr dÈtai18 are provid in not8 10. Depreciatio Depreciation is calculalwj to write off the $1 of depre¢lable assets in equal instalments over I1r estimated useful lives. Eslimaled useful lives are as follfWJS'. Buildin95 Fixtures, fithngs and equipment Computer equlr4nenl 50 3to 10 years years years Afull yearfs depreuation is ¢harged in the year of acquisits'on and none In the year of (51sposal. Capitallsatlon The capitafisation thShd is £10.0 for indildual assets, although assets of lesservalue may be Caw'tslised if they form part of a group. 1.6 Conc•sslonary loans re¢elvod Intere51 flee loans reiVed are slated al the amount received unless measurement of the carrying amount of Ihe liability as 8 financial instrumentwould be materially different. 1.7 Penslon$ Pension costs relate lo paym8nts to personal Tnoney purthase schemes of employees indudlng 10 aultrenroknent stheme and are charged in the finan¢lal stslemenls when they become payable. 1.8 Lèases Finance Lease$ Assets held uncler hire purchase and finance leases and th8 related leas8 obligations ar8 indud8d at the fair value of the leased assets at the In¢eptlon of Ihe18ase. Operating leases Rentals p8yabla U8[ JratIng leases are ¢harged on a stravJht-line basis ovar th8 term of the leas8. 27
King's Church London Notes to the flnancial statements For the year ended 31 August 2020 Incom• 2 Don8tlon$ Unrè8t¥l¢tod funds Rostrtcted fund8 Total 2020 Unréstrlcted funds Rostrlcted funds Total 2Q19 Regu12r giving Income tax iecoverabk? Regular giving- Vision 2030 Incom8 tax recoverabk- Vision 2030 Legaaes 1,378,585 264,068 64,657 9,605 336,927 49,489 1,443,242 273.673 336,927 49,489 48.421 1.307,782 257.729 44.757 5.528 376.279 62.381 1.352,539 263,257 376.279 62.381 326 48,421 326 1,691,074 460.678 2.151.752 1,565.837 488,945 2.054,782 Donatlons of £155,738 were received from key management personnel (see note 81 in the year12019.' £183.7251. 3 Communlty & Ouirsach Inm9 Unrestrlctèd funds Restrittèd funds Total 2020 Unrestricted funds Ro$tri¢ted funds Total 2019 PChang gifts Churth actim1$ 9,749 69,881 9,749 69.881 15.113 62,147 15,113 62.147 Grants.. Furfough receipts Other income 79,891 14,777 79.891 14.777 41.202 41,202 174,298 174.298 118,462 118.462 Exyftditura on eharltablè actlvltlès 4 Worshlp Unrtsstrlctèd funds R08trlcted fund5 Total 2020 UnTestriGted funds Restricted funds Total 2019 Dire¢l staff costs (not8 81 Church 8cliwlies PrlSe$ apportionment Administration apportionm8nt 348,874 39.1x5 I64,6 243,872 348.874 39.095 164.556 243.872 312.427 69,183 189.751 249.957 312.427 69.1 189.751 249.957 796,197 796.197 821,318 821.318 28
King's Church London Notes to the financial statements For the year ended 31 August 2020 S C¢)mmunlty Unre$tri¢ted fund5 R88trlctèd funds Total 2020 Unr05trlctgd funds Rgstrlct&d funds Total 2019 Dlre¢t Staff costs (note 81 Church actI1t[e8 Prernise5 apportionment Admlnl8lratbn apportionment 290.057 32.923 138,574 205.366 290,057 32.923 138,574 205,366 237,851 53,617 147,057 193.717 237,851 53,617 147.057 193.717 666.920 666,920 632,242 632,242 6 Outreach Unr&8trl¢ted funds Rostrfctod funds Total 2020 Unrestrictèd funds Rt8trid8d funds Total 2019 Direct stsff costs Inote 81 Chur¢h activitie8 270,046 30.884 125,560 .153 395,608 g6,017 225.450 50.157 105,008 38,938 330,458 89.095 Grants payable". Zimbabwe Is88 also note 17) South Africa, Romania & China Newfrontiers Other giving 33.742 9,500 7,500 28,354 4,711 38,453 9,500 7.500 28,354 50,017 10.5 7,500 34,628 16,458 66,475 10.500 7,500 34,878 250 Premises appOrQnDt Admlnistralion apportionment 129,912 192.530 274.794 31,778 404.706 224,308 137,569 181,218 292,514 9,910 430.083 191.128 702.448 501,996 1,204,444 697,039 463,078 1.160.117 7 Gov8Tnaneè 2020 2019 Governant8 costs include.. Audilovs remuneration 14.851 8,605 Governan¢8 costs are allocated lo charitable a¢livilles within AdmIntra.On costs. 29
King's Church London Notes to the financial statements For the year ended 31 August 2020 B Staff Costs 2020 2019 staff costs is comprised of Wages and salaries Social security costs Pension costs Staff expenses Trdining costs 1.183,119 109,858 155,569 22.408 6,444 1,086.1( 93,870 141,769 20.250 18,464 1.477,398 1,340.459 Alloeatlon by actlvlty All staff costs 2020 Unrestrlcted staff costs ratios 2019 Worship Cornmunity Outreach 348,674 290.057 395,6( 1.034,337 312,427 237.851 330.458 880,736 32 fjoo Administration Governan (allocated wthin the Administration apportionmanti Premise8 400,531 24,466 18.064 418.478 23,664 17.581 1.477,398 1,340,459 The staff costs ratlos are calculated by assessing the contribution each employee makes to each activity. The Unrestricted staff costs ratios h8v8 b88n used as the basis lor apportioning unrestricted prémises, administration and church activity costs Inotes 4, 5 & 61. Restricted staff (osts are allocated specifically. The 8ver8ge monthly number of employees during the year w89 4312019.. 401. The 8verag8 monthly number of full time equivalent employees during the year was 3312019.. 311. Ther8 wère two plOYa&S whose salary entitment in the year was in the range £60,000 to £70,00012019.' nill, no employees in the range £80,000 to £90,000120fj9.' on&) and on& 8mployee whose salary entitlement was in the range £90,000 to £1CQ,Th)012019'. nill. Kay manag•m•nt p•rsonn•l The church's key management personnel compris8 the trust888, the S8nior Pastor. the As80¢iate Pastor and the E%Ul1v8 Pastor. The total Smpltsyée benefits lincludino pension) of the key management personnel for tha yèar wérè £243,81012019.' £230,842>. 30
King's Church London Notes to the financial statements For the year ended 31 August 2020 9 Trustees and relatèd partle$ Tru8te8 remuneration Remuneration Wds P8id to one Directorttrustee ol the charity in his employed role as Senior Pastor under clause 5.1.5 of the Memorandum of Association. for part ol the year. His rernuneration whilst a Truste8 was as follows.. 2020 2019 Stephen Tibbert Salary Pension contributions Incom8 Protection Policy 35,519 10,784 95 74,375 24,000 211 Tru8tee8' expense8 Expenses have be8n incurred in respect ol one employed Trustee totalling 214,12712019.. £28,145) lor travelling (both UK and overseas) and other out ol pocket expenditur8. These ar8 expenses incurred whilst fulfilling his employm&nt and are not related to his role as a Trustee. Ralated partles- Trustees The following clos8 family membérs ol Trustses were employed by the churth in the year.. William Dalziel's spouse, Hilary Dalzi81 w88 employ8d as a pastor". Stèphèn Tibbarvs spousè, Dèborah Tibbsrtwas employed as 8 pastoral 85SlStant," stsphen fibbert's son Joshua was employed as a worship assistant and Stephan Tibbert's son Samu61 was employed on an intemship. All the above appointments were cleared with the Charity Cornmission. The staff listed above reiVed emoluments whilst their family memb8rwas a Trustee in the year of £19.42212019.' £18,248). Ralat6d partle8- Newfrontler8 King's Church London is part of the family ol church apostles known as Newfront*rs. Stephen Tibbert, 8 Trustee of this charity for part of thè y88r is also 8 Diréctor of New Frontiers International Trust Ltd I"Newfrontl8rs'l. This is 8 UK-based charity wth which this charity had dealings in that part ol the year that Steph6n Tibbertwas a Trustee ol this charity, as follows.. 2020 2019 Sums paid from Itol Newfrontiers.. Contributions to the work of N8wfronti8rs Reimbursement ol eosts Conference costs. etc Movement in period 17,5001 5,665 11,8501 13,6851 (7,5001 22,089 16.0231 8,566 31
King's Church London Notes to the flnancial statements For the year ended 31 August 2020 10 Fixed assets Fixturts, fittings and equlpmenl Land and buildings Total Cost or valuatlon At 1 September 2019 Additions at cost At 31 August 2020 9,244,139 350,710 22,372 373.082 9,594,84g 22.372 9,617,221 9.244,139 Depreciation At I September 2019 Charge for ihe year At 31 August 2020 1,614.953 184.883 1,799,836 340.240 9.551 349,791 1,955.193 194.434 2,149,627 Net book valués At 31 August 2019 7,629.186 10,470 7,639.656 At 31 August 2020 7,444,303 23,291 7.467,594 Land and buildings Land and buildings at 31 Augusl 2020 is compri88d of.. Cost or valuatltsn Depreciation Net book value Property at Catford Hill Property at Meadowcourt Road Property at Downh8m Way 1.991,881 6.652,258 600,000 9.244,139 569,696 1,105,140 125.000 1,799.836 1,422,185 5,547.118 475,000 7,444,303 Valuation of land and bulldlngs The mosl recent sile valu8tions of the above properbes are.. Property at Calford Hill Property at Meadowcourt Road Property 8t Downham WAY 3,900,000 Valued by Savills in 2016 7,850,000 Valued by Jon8s Lang L8Salle in 2019 785,000 Valued by Sawlls in 2018 12,535,000 The prop8rty at Meadoweourt Road has the Triodos bank loans secured on it156e nottrs 12, 13 and 141. The firsl floor and part of the ground floor ol the property at Meadowcourt Road havè beèn let externally pendlng It being negded for the church's own purposes. The titl6 deeds to the Catlord Hill and Downham Way properties ar6 held by The London Baptist Property Board Limit&Y undèr trust deeds by whith King's Church London Is entitled to occupy, enjoy and have Ihe benefit of the trust pr8mises. The London Baptist Property Board has a minority interest in the v81ue of the Cattord Hill property as disclosed in note 19. 32
King's Church London Notes to the financial statements For the year ended 31 August 2020 11 Debtors 2020 2019 Deblors (including prop8rty lets) Housing suptK)rt scheme Prepaid expenditure Income tax recov8r8blÈ on Glft Aid 49,653 258,787 48,330 22,445 379,215 32,783 258,787 57,831 22,153 371,554 12 Creditors: Amounts falllng due wlthln one year 2020 2019 Loans.. Triodos bank loans Inot8 141 Other loans Inota 141 Accruals.. HM Revenue & Customs PAYE & NIC Other accruals & defer Income Other creditors 109.820 10.OQO 261.148 100,0(M) 30,077 37.249 49,856 237,002 25.544 34,196 58.655 479,543 13 Cr•dltors: Amount8 falllng due after morè than on• yèar 2020 2019 Triodos bank loans (note 141 1,956,989 1,641,990 1.956,989 1,641,990 14 Loan8 2020 2019 Analysis ol loan maturity.. In one year or less In rn0 than one year but less than five years In more than five years 119,820 474,316 1,482,673 2,076.809 361,148 1,141,444 500,54S 2,003,138 Loans indude interest free loans of £10.00012019.' £100,000>. The Triodos bank loans were refinanced in the year and an additional sum of £261.590 was borrwd in connection with the housing support scheme. The current loans are payab18 15 yèars trom drawdown and are at a rate of 2.3¥a over base, wlth a mlnimum 013.05%. The loans ai8 S8cur8d on property as referred lo in note 10. 33
King's Church London Notes to the financial statements For the year ended 31 August 2020 15 Unr•striet•d fund$ 2020 2019 General fund Designated prortY fund 7otal unre5trlcted funds General fund Designated property fund Total unrostriGt¢d fund5 N•t Incom• I l•xp•ndltur•l 218,562 1184,8831 33,679 21,667 {184,8831 1163,2161 Tr8nsfet5 between funds 98.490 183.936 282.426 121,6081 340,558 318,950 Net movement in funds 317,052 19471 316,105 59 155.675 155,734 Reconeiliation of funds.. Total fund5 at 1 September 2019 461,423 5,238,112 5,899,S35 461,364 5,082,437 5,543,801 Totsl funds at 31 August 2020 778,475 5.237.165 6,015.640 461,423 5,238,112 5.699,535 Expènditur6 in thè Designated Property fund preSentS depreciation on prop8rti83. Th8 transfer of £183.936 into the Designated Property Fund represents the reduction in proparty-related liabilities during the period. 16 Analys18 of net assets by fund General Designated fund property fund Restricted funds 2020 Total funds Tangible fixed assets 22.291 7,056.387 287,6 7,467,594 Current assets.. Debtois Cash at bank and in hand 367.565 760.622 11,0 493.666 379.215 1.254.288 Creditors.. Amounts falling due within one year 1125.1621 1110,0541 11,7861 1237,W21 Creditors.. Amounts falling due after rnore than on8 year 1247,8411 11,709,148) 11.956.989) Total net ass8 778.475 5,237.165 891,466 6,907.106 17 R•strlcted fund8 Transfer (tol unr8Strict?d Balance at fund$ 31 Au9U$t 2020 Balance at 1 S¢ptèmbér 2019 Movement In resources In¢ome Expondlture Social Action Jericho Road Project Vi810n 2030 Hope FurKJ Other South Lee Church Fund 72.977 375.539 386.416 36,847 4,$9S 1362.5561 1116,2731 {18.4561 14,7111 117,2831 1270,1431 5,000 88,677 23,39fj 1,638 797,760 1.654 797,760 Total restricted fund8 872,391 803,497 1501,9*1 1282,4261 891,466 34
King's Church London Notes to the flnancial statements For the year ended 31 August 2020 17 Restrfcted funds leontlnu•dl Soclal Actlon Jerl¢ho Road Prolèet This fund supports Klng's Church London's ministrie5 to the p¢)or in London. The net transfer out ol this fund is comprised ol.. £25.000 donation in from King's Church London's general fund £42.283 administration costs incurred by Kin9's Church London's gen8ral fund Vlslon 2030 This fund provides for the refurbishment. acquksition and investment in new and existing sltes and r81ated costs. Th8 purchas8 8nd developmenl ol the property at Meadowcourt R08d was funded in large part by borrowng and as result the will be an ongoing expense until 2035. The loan is held in the designated property fund. Hope Fund A fund h85 been opened to assist church members and the wider communty generally to support th08e severely impacted by covid. 2010to 2019 Summ¥ry Of Vlslon 2030 Fund to datè Total 2020 Income Purchase and refurbishment of property Other expenditure, incjuding loan interest Amount to be raised in future years 6,528.448 17,365,578) 1,165,680 2,002,810 386,416 6,142,032 143,1641 17,322,414) 73,109 1,092,571 270.143 2,272,953 othèr Various donations for other purposes. including offering5 towards projects in Zimbabwe. South Lee Church This fund identifies the proceeds of the South Lee Church building which was sold in 2004, whith is inv8si8d in property and otherwise in the charitys charitable purposes. 18 Lease ¢omml¢ments At 31 August 2020, the charity wa3 cornmitt8d to m8kino the followng payments wthin one year un(5er operallng leases expiiing. Flxture8, fittings and equlpment Land and bulldlngs 2020 Totsl 2019 Totsl Within onè year BeNveen one and five years 5,659 8,208 5,659 8,208 5,659 13,643 13,867 13,867 19,302 35
King's Church London Notes to the financial statements For the year ended 31 August 2020 19 Mlnorlty Interest 2020 2019 The London Baptist Property Board De¢l8r8lion of trust dated 2004 Minority Interest in property at Catford Hill (not8 101 387,936 387,936 387,936 387,936 This fomis that part ol the South Lee chh restrictsd fund Isè6 note 171 that is investèd in pmp8rty. 36