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2023-08-31-accounts

Reports & Financial Statements

For the year ended 31 August 2023

King's Church London

Company Registration Number: 4074651
Charity Registration Number: 1082666
Contents
Trustees' Report 2-17
Independent Auditor's Report 18-22
Statement of Financial Activities 23
Balance Sheet 24
Statement of Cash Flows 25
Notes to the Financial Statements 26-35

King’s Church London

Trustees’ report For the year ended 31 August 2023

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 (‘the Charity’) for the 12 months from 1 September 2022 to 31 August 2023 (‘the year’).

REFERENCE AND ADMINISTRATION INFORMATION

Charity name Kings Church London Company registration Number 4074651 Charity registration Number 1082666 Trustees Simon Linley Odunayo Oyabayo William Dalziel Osbert Klass Roberta Walker Kwaku Osafo Secretary Nigel Mumford Registered office King’s Church 21 Meadowcourt Road Lee London SE3 9DU Solicitors Wellers Tenison House Tweedy Road Bromley Kent BR1 3NF Bankers HSBC Bank plc 149 Rushey Green Catford London SE6 4BQ Auditors Sayers Vincent LLP 110 Golden Lane London EC1Y 0TG

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King’s Church London

Trustees’ report For the year ended 31 August 2023

1. STRUCTURE, GOVERNANCE AND MANAGEMENT

1.1 Structure

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 the Baptist Union and the Evangelical Alliance.

1.2 Governance

The Trustees of King’s Church London have overall legal and financial responsibility for the charity.

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 position of the charity and at their formal meetings discuss and 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 particular 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 Trustees of the charity they are first invited to attend existing Trustees meetings to understand how the charity operates. Where appropriate they also attend formal training sessions which are taken by external companies with specialist experience in running a charity. Existing Trustees will also attend organised training from time to time to refresh their knowledge and skills as well as learning informally from one another, their 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 coordinate the day-to-day activities of the church on behalf of the Trustees and Eldership.

Trustees and Elders are continuing discussions on ways of broadening and diversifying the leadership of the charity so that it reflects in some measure the diversity of church membership. This has been fulfilled in part but there is still more work to be done.

The charity has six Trustees and six Elders.

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1.3 Risk Management

Trustees have recognised the importance of assessing and managing risk associated with the charity’s objectives. The process of identifying risk is on-going and is an essential part of the work of the Trustees 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 are regularly reviewed to ensure that they continue to meet the needs of the organisation.

Those risks relating to the safeguarding, the finances, and the operations of the charity are of particular importance and a risk register has been developed to ensure these and other risks are mitigated against. The risk register is based on a risk assessment procedure in line with Charity Commission guidance.

1.4 Other Policies and procedures

The board of Trustees have an established cyclical rhythm of review in regard to the key policies of the charity. These include safeguarding, Health & Safety, Risk Management, delegated authority, property management, GDPR, HR and remuneration.

In specific relation to remuneration, we have considered the five recommendations of the “Report of Inquiry into Charity Senior Executive Pay and Guidance for Trustees on Setting Remuneration” published in April 2014, endorsed by the Charities Commission, and we have sought to implement these as appropriate to our situation. This includes an annual remuneration review by the Trustees, as well as a tri-annual review of our salary scales to ensure that our benchmarking continues to be consistent and accurate.

All policies and procedures are under regular review to ensure best practice and compliance not just for staff but for all those who take part in the community life of the church.

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2. AIMS AND OBJECTIVES

The main objectives of King’s Church London as stated in the Trust Deed are the “advancement of the Christian Faith”.

2.1 Vision / Mission

Over 25 years ago King’s Church experienced a ‘defining moment’ when Steve Tibbert, who leads the church, shared with a congregation of 200 or so, meeting in a rather rundown 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 1200 across 3 well equipped modern buildings, as Steve again shared with the Church a ‘word for now’ lifting the church’s eyes to the possibility of a church where 5,000 people attend each Sunday, a vision “that is one worth giving our lives to seeing fulfilled”.

In September 2018, with Sunday attendance averaging almost 1,500, we launched Vision 2030 which is our vision for King’s Church in the years towards 2030.

The church currently has four sites which run a total of six Sunday morning services, with a plan for that to increase to seven services from early 2024.

Vision 2030 is based around three key themes of Reach, Resource and Restore, each of these 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, especially 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 themselves; for many this has been the first step in their own journey to faith.

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“Go and Tell”

church: to “go and make disciples of all nations”.

We believe this is a call to the many not the few! With that in mind, we will seek to equip every believer to 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 opportunity to invite people to “come and see”.

We also believe we should be involved in spreading 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, 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. Many 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.

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 CAP money coaching, The Marriage Course, Restored Lives (for anyone separated or divorced), Re:Purpose (for those planning retirement) and Freedom in Christ.

We want to extend and develop these to help bring restoration in new areas, for example parenting, helping people find freedom from various addictions, and other courses.

“Outside”

We are continuing to contribute towards restoration in our local community through the Jericho Road Project. However, we want to broaden what we do in the local community so that our work is not only amongst the most disadvantaged, as vital as that is, but affects other sections of society as well.

the church, whether they are expressed at all sites 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.

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In addition, we hope to see many “mini restore projects” develop, led by individuals and groups from King’s in order to serve both King’s and our local community.

Resource

Nationally

We believe King’s has an important role to play in the UK. Some of this comes from the fact that we are a large, multi-site, urban and diverse church, and we can therefore help other churches with our example and our experience (even as we continue to learn ourselves!). Our resources such as Sunday teaching, material for groups, courses, articles, books, videos and the like already have a wide reach, and we hope that this will 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. Beyond this it also includes coaching pastors, hosting conferences, training interns, providing financial support, sharing best practice, strengthening churches, and so on.

Globally

The Gospel crosses international boundaries, and so does our responsibility as a church. Again, some of the ways in which we work this 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 and the Ebenezer Project. We have a number of things in common with the church – size, influence, urban context, diversity, apostolic base and a focus on mercy ministry among the poor.

Steve Tibbert, our Senior Pastor was asked to facilitate the global fellowship of the Newfrontiers family of churches. This took effect from autumn 2020 and is an encouraging confirmation of our call beyond the UK.

We believe our calling is not just to the UK, or even our family of 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.

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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 statements 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:

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.

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 that we achieve together possible. We cannot attempt to place a value on the immensely significant contribution that our volunteers make. They continue to be a crucial part of all that we do and we are grateful to them for their time and commitment to our Mission and Vision.

2.4 Public Benefit

The Trustees are aware of their duty and seek to identify in both the report and accounts their regard to the Charities Act 2011 and the Charity Commission’s general guidance 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.

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3. ACTIVITIES, OUTPUTS AND IMPACTS

Following the Covid-19 pandemic the church is now almost back as it was in terms of attendance before it took its toll. This is very encouraging and a positive reflection of the commitment and stability of the church.

People do still engage with the online service but we encourage people to attend in person and meet with fellow Christians if at all possible.

The staff team is strong and doing well having now settled following some moves and recruitments following the pandemic.

In what follows we summarise how the church seeks to implement its vision, values and objectives on a week-by-week basis, and the result of activities in each area.

This report as well as reporting the statistics that relate to the on-going work and growth of the charity, also seeks to give examples and testimonies of where lives are different due to the activities of the charity thereby demonstrating its commitment to Public Benefit, and the impact it is having amongst its members, in the local community and beyond.

3.1 Worship

Worship is the thrust of our Sunday meetings where, through 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 meetings also provide a context for individuals to share personal testimony, respond to the claims of the Christian faith and for adult baptism.

We now have 6 Sunday services across the church, two each at the Catford and Downham sites and one at Lee and Beckenham.

However due to the growth at the Lee site we are planning to increase to two services each week from early 2024.

In September 2023 we averaged 1400 people in attendance on a Sunday with an estimated 140 people engaging with the online service.

There is children’s work for ages 0-4, 5-8 and 9-10 and youth work for ages 11-14 and 1518. This continues to flourish. We enjoy sharing the truth of the Bible with the children through fun games, worship, bible teaching and looking at the bible as well as completing craft activities each week. 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 the 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.

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As part of a ministry for the Deaf community at King’s each week we interpret the worship and teaching into BSL. This currently takes place at the 10:30 meeting at the Lee Site. When the change to two services takes place in early 2024 this will be at the 9:30 service.

In addition to this they have their own monthly meeting also based at the Lee site.

We have continued to ensure that there are specific online services with BSL interpretation as we continue to support this community.

The needs of the disadvantaged in society are always varied and a challenge therefore we continue to work hard to serve our deaf community.

3.2 Community

Community life is worked out in a number of ways at King’s Church.

3.2.1 The Group system.

This is an opportunity for individuals from diverse backgrounds who call King’s their local church to meet together, often in homes, but also at four sites. We encourage people to develop friendship and work out their Christian faith, not just in discussion but in act and deed. Some of the groups will have a more specific reason for meeting 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 have a mix of groups, some online and some in person, which helps people stay connected and be part of a smaller community.

We have an established youth work with around 55 11s-18s attending each week, this runs centrally at the Catford site.

We also have a thriving 18’s-30’s work. This regularly gathers around 30 people on a weekly basis across all of the sites.

We put a lot of work into launching and promoting these groups as a result of our commitment to ‘group life’ within the church. The results of this continue to be extremely encouraging with around 950 adults signed up for groups.

All of 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 another and for regular friendship and encouragement.

3.2.2 A wide range of serving opportunities

There are many opportunities which allow most of the congregation to have some involvement in expressing their Christian faith practically as they work together to serve the church and the wider the community.

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This might be through being a part of the Welcome Team serving on a Sunday at one of our sites, working on an Alpha team, as part of the Feast team, helping those who are less fortunate amongst us. Or perhaps as a part of the Worship team on a Sunday or working in ID on a Friday night where the 11 to 18 age range meet in a relaxed atmosphere to support the needs of young people as they mature into tomorrow’s adult population.

3.2.3 Courses, Seminars and Training opportunities

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.

There are various courses that run at differing frequencies, these aim to help people to grow in God and equip them to make good life choices, for example:

‘ Freedom in Christ ’ is a discipleship course for Christians lasting 9 weeks which we run once a year when able to do so. The course lays a biblical foundation for Christians about their identity in Christ and 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.

The Marriage Course – an annual course which helps to enrich people’s marriages. This course is deliberately kept to a small number of couples to make it manageable and personal.

Restored Lives – a divorce recovery group we run once a year which also serves the wider community.

Relationship Matters which helps people build strong relationships and prepare for marriage.

Re:Purpose for those looking to grow as a disciple in retirement

Stewardship – an annual seminar about handling money wisely as well as running the CAP money course (a practical course on budgeting and managing your money) and the Financial Freedom Course which helps people with next steps of planning, saving and investing for their future.

– Leadership Training we provide a number of opportunities which help people fulfil their potential and thereby also help the church grow and expand.

Membership Mornings – we encourage people who would like to make King’s their home church to become members. We facilitate this by hosting sessions which explain our vision and values as well as what it means to be a member of King’s Church.

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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 for over 25 years.

During that period over 3600 people have attended and around 900 people have responded to the Gospel.

From September 2022 to August 2023 we ran four Alpha courses with 167 people attending across all four sites. Each course averaged an attendance of 40 people. We estimate that 10 people came to Christ. Alpha has provided a context for people to ask the big questions about life and faith and to receive teaching about Christianity, who Jesus is and the work of the Holy Spirit.

We also ran three New Life courses across the year.

This is a discipleship course which acts as a follow-up to Alpha. As a result of both this and Alpha a number of people have made the decision to be baptised.

3.3.2 The Jericho Road Project

The Jericho Road Project (JRP) aims to provide support to individuals facing disadvantages in Lewisham and Greenwich.

Our main focus is operating six low-support housing units that accommodate 24 individuals who have been homeless or rough sleeping. Each resident completes a support plan and meets regularly with a key worker to ensure that progress is being made.

The demand for places in our housing project remains high, and as of June 2022, we are a direct referral project for Lewisham Local Authority in South-East London. We continue to serve and support some of the most vulnerable and marginalised people in the boroughs of Lewisham and Greenwich.

Many of our residents have experienced, or are currently dealing with, challenges such as addiction and mental health issues, which have limited their alternative housing options.

During the pandemic years, there was a reduction of 'move on' to independent accommodation for our residents. However, this last year has seen six clients move out to their own settled accommodation, with a further five currently undergoing the application process. We are well-prepared to continue this trend in the future.

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The Feast, an initiative that enables the project to serve the community while offering volunteering opportunities to people who would struggle to offer their services in other volunteering settings, continues to run every Wednesday between 7 and 9 pm for 48 weeks per year.

It is well-supported by the wider church and has a team of approximately 60 volunteers. Recently, a good number of new volunteers have stepped in to assist.

In the previous period we had initiated the "Thursday morning drop-in" group, which has been a tremendous success. The group runs from 10-12 and provides specific access to advice workers at the Catford site for our contacts and neighbours. This means that we often have a DWP worker, a drug and alcohol support worker from CGL (Change Grow Live) Lewisham, and a general advice worker from Thames Reach attending the group.

The "Thursday morning drop-in" gives people in the local community safe access to community resources. It has resulted in more people being signposted to the church and has provided an opportunity for the community to learn more about Jesus.

The Jericho Road Project continues to play a crucial role in reducing rough sleeping in the Lewisham borough. Our staff participates in the bi-monthly street counts, and we host the Lewisham Homeless Forum at the Catford site.

This year, we have shifted our focus to providing more direct care for people in need. Our three core values - Relief, Hope, and Connection - define all that we do.

Relief is our front-line work that involves providing hot and cold food and housing.

Hope is our support for individuals in our housing project and contacts from the Feast, mainly around advice.

Finally, Connection is the wider support we offer to residents when they move on into independent living. We are delighted to continue our efforts to be a significant support and help to those who are disadvantaged and vulnerable in our local community.

3.3.3 Training and other involvement within Newfrontiers

Through hosting events, leadership and theological training we continue to be a resource for the benefit of Kings, other local churches and churches in the Newfrontiers family.

We also continue to be involved internationally, supporting ministries in India and Romania as well as our continued involvement with, and support of, projects in Zimbabwe.

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4. ACHIEVEMENTS AND PROGRESS DURING THE PERIOD

The pandemic increasingly becomes more of our history rather than our day to day living. It has been a very encouraging year for the church and through this period we have seen an ongoing return to normal church life at Kings.

In person Sunday attendance has continued to increase at all four of our sites and our six meetings in Catford, Downham, Lee and Beckenham. As we close the period we are now very close to having returned to pre-pandemic levels of attendance.

Beyond Sunday attendance there are many other positive indicators that show healthy church life has returned which we have seen through an increase in our midweek activities as well as an increase in the financial giving to the church.

The Jericho Road Project continues to do an excellent job in helping meet the needs of the more vulnerable in both the church and our local community, through housing support, the Feast, drop in advice services and foodbank opportunities.

We have a strong and dedicated staff team which currently consists of 40 staff who are all committed to the vision of the church and in reaching the communities around us. We continue to monitor and review the staffing structure to ensure that it meets both our current and future needs.

We continue to carry out works across all of our sites to ensure their ongoing maintenance and suitability for the church’s needs.

With the first floor of our Lee building now fully vacant this has been a great opportunity for further church activities such as youth work, additional worship band rehearsal space and recording space for our Communication Department.

Overall it has been an extremely encouraging year of progress for the church as a whole, the staff team and the communities around us. It has also now given us the platform to look ahead where we can begin to actively and strategically respond to growth and continue to fulfil the vision we have as a church.

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5. FINANCIAL REVIEW

5.1 Overview

The year ended 31 August 2023 had a surplus of income over expenditure and the result has been added to the General Fund. The outlook is to continue to maintain a surplus.

The strength of the financial activities remains the consistency in giving income.

The charity retains a strong balance sheet. 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.

5.2 Principal funding sources

King’s receives most of its income from its congregation in order to fund its activities. The trustees are committed to maintaining the highest legal and ethical standards in the way it undertakes its fundraising activities. All fund raising takes place in-house and the charity does not use any professional fundraisers or commercial participators.

The total given income was £2,526,759 which is an increase compared to £2,102,134 for the previous year. Kings is mindful it its approach to fundraising to ensure the protection of its congregation, including vulnerable people from unreasonably intrusive or persistent approaches, and undue pressure to donate. Were any complaint to arise with our fundraising practice it would be taken very seriously by the team and our complaints policy would be followed. There were no complaints in 2023 (2022:0)

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 Director of the Newfrontiers charity. He receives no remuneration from Newfrontiers.

Transactions with related parties are detailed in note 9 of the financial statements.

5.4 Investment powers and policy

The Trustees take appropriate advice related to investment as and when required in order to maximise the effective stewardship of our income and our reserves. This may include keeping funds above our immediate needs placed on the money market to earn a rate of interest as and when it is appropriate to do so.

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5.5 Reserves policy

The balances in the General Fund and Designated Property Fund represent the unrestricted funds arising from the past operations of the charity. The Trustees believe that an amount equivalent to a minimum of two to three months gross expenditure is kept in reserve. In addition, funds are needed for use as working capital which provides for regular fluctuations in income and expenditure throughout the year.

Income and expenditure budgets and forecasts are produced on a rolling five-year basis and these are reviewed monthly. The expenditure budget for all funds for the 2023/24 year is approximately £2,350,000. Based on the above, an ongoing reserve of between £390,000 and £590,000 is appropriate.

The balance on the General Fund as at 31 August 2023 was £738,464 with Free Reserves of £727,705. Thus currently, reserves are above the required range.

5.6 Restricted Funds

Restricted Funds are given for restricted purposes and are set aside for specific projects at the request of the donor. The two main operative Restricted Funds are social action work (the Jericho Road Project) and Vision 2030.

The Jericho Road Project showed a deficit of £4,271 for the year.

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 repayment 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 time of the coronavirus pandemic as a measure to protect our reserves and can be reinstated when appropriate.

In other Restricted Funds, the restricted fund opened at the start of the pandemic, the Hope Fund, continued to offer support and relief to those locally and internationally who are severely affected by coronavirus or other crisis needs. The Hope Fund had external donations of £23,185 in the year and at the year-end a balance of £16,576 remained to be disbursed.

We continue to receive and disburse funds through our Ukraine fund to support those impacted by the ongoing conflict in Ukraine.

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5.7 Grant-making policy

Donations are made to both institutions and individuals by the charity, as part of 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 stated earlier in this report it has been a very encouraging year of progress at King’s. As we look ahead, we plan to respond to growth by launching a second meeting at our Lee Site, holding meetings at 9.30am and 11.30. This is planned to take place in March 2024. King’s would then be providing seven Sunday meetings across four sites.

At the same time of launching a second meeting at Lee, we will be changing the timings of our two meetings at our Catford Site to 10am and 12pm which will help facilitate growth there. In addition to this we will also begin to strategically review and resurrect the historic refurbishment plans for this Site which were put on hold through the pandemic.

We have continued to protect a very strong reserve base now and going forward. This enables the church to maintain consistent operational delivery. Currently, the year to August 2024 is forecast to produce a surplus of income over expenditure in the General Fund, Jericho Road Project and the Vision2030 Fund.

The 5-year forecast also continues to indicate robust finances to undergird the work of the church going forward and the church will continue to work out and develop its vision as spelled out earlier in this report.

We will also continue to review our general processes and staffing structures to ensure we are constantly meeting the current needs of the church.

The overall financial aim is to realise further expansion whilst continuing to pay off the church’s bank debt at least as fast as the existing schedule.

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King’s Church London Trustees’ report For the year ended 31 August 2023

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 (FRS102) 2019.

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements 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 financial statements giving a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that 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:

  1. 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 to have taken to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

This confirmation is given, and should be interpreted in accordance with, the Companies Act 2006.

8. AUDITORS

Sayer Vincent LLP have indicated their willingness to continue in office as auditors.

Approved by the Trustees on 23 April 2024 and signed on their behalf by

Waly Simon Linley

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Independent auditor’s report to the members of Kings Church

London

Opinion

We have audited the financial statements of King’s Church London (the ‘charitable company’) for the year ended 31 August 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

18

King’s Church London

Trustees report For the year ended 31 August 2023

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

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

19

King’s Church London

Trustees report For the year ended 31 August 2023

Responsibilities of trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

20

King’s Church London

Trustees report For the year ended 31 August 2023

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

21

King’s Church London

Trustees report For the year ended 31 August 2023

Use of our report

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

Noelia Serrano (Senior statutory auditor) 22 May 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

22

King's Church London

Statement of financial activities For the year ended 31 August 2023

Notes
Income
Donations
2
Charitable activities
Community & Outreach
3
Other trading activities
Premises rental income
Other
Total income
Expenditure on charitable activities
Worship
4
Community
5
Outreach
6
Total charitable expenditure
Net income / (expenditure)
15
Transfers between funds
15, 17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Costs of activities in furtherance of the
objects of the charity:		 £
2,151,277
192,782
24,665
-
2,368,724
978,278
700,103
775,636
2,454,017
(85,293)
211,400
126,107
5,944,292
6,070,399
Unrestricted
funds		 £
375,482
-
255,859
13,000
644,341
-
-
430,377
430,377
213,964
(211,400)
2,564
888,517
891,081
Restricted
funds		 Total 2023
£
2,526,759
192,782
280,524
13,000
3,013,065
978,278
700,103
1,206,013
2,884,394
128,671
-
128,671
6,832,809
6,961,480		 £
1,686,563
93,299
13,051
-
1,792,913
873,081
646,895
808,893
2,328,869
(535,956)
231,870
(304,086)
6,248,378
5,944,292
Unrestricted
funds		 £
415,571
2,500
279,207
79,292
776,570
-
-
570,622
570,622
205,948
(231,870)
(25,922)
914,439
888,517
Restricted
funds		 Total 2022
£
2,102,134
95,799
292,258
79,292
2,569,483
873,081
646,895
1,379,515
2,899,491
(330,008)
-
(330,008)
7,162,817
6,832,809

All transactions are derived from continuing activities.

All recognised gains and losses are included in the Statement of financial activities.

The Statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

23

King's Church London

Company number 4074651

Balance sheet as at 31 August 2023

2023 2022
Notes £ £
Fixed assets 10 6,923,836 7,128,628
Current assets
Debtors 11 232,901 505,533
Cash at bank and in hand 1,398,352 915,334
1,631,253 1,420,867
Creditors: Amounts falling due within one
year 12 ( 163,015) (213,797)
Net current assets 1,468,238 1,207,070
Total assets less current liabilities 8,392,074 8,335,698
Creditors: Amounts falling due after more
than one year 13 ( 1,430,594 ) ( 1,502,889 )
Net assets 6,961,480 6,832,809
Represented by Funds
Unrestricted Funds
General Fund 15, 16 738,464 470,984
Designated Property Fund 15, 16 5,331,935 5,473,308
6,070,399 5,944,292
Restricted Funds 17 891,081 888,517
Total funds 6,961,480 6,832,809

Approved by the Trustees on 23 April 2024 and signed on their behalf by

Simon Linley

24

King's Church London

Statement of Cash Flows For the year ended 31 August 2023

Cashflows from operating activities
Net Income / (expenditure)
Adjustments for:
Depreciation
Interest expense
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Cash flows (used in)/ generated from operations
Interest paid
Net cashflow from operating activites
Cashflows from investing activities
Purchase of property plant and equipment
Interest received
Purchase of property, plant and equipment
Cashflows from financing
Capital repayments on bank loans
Proceeds from new bank loans
Increase / (decrease) in cash
Note to the cashflow (2023)
At
Cash at bank
Deduct loans:
Loans falling due within one year
Loans falling due after more than one year
Net cash
Note to the cashflow (2022)
At
Cash at bank
Deduct loans:
Loans falling due within one year
Loans falling due after more than one year
Net cash		 £
128,671
204,792
51,425
272,632
(42,599)
-
-
( 80,478 )
-
1 September
2022
915,334
(84,600)
(1,502,889)
(672,155)
1 September
2021
£
1,092,508
(90,853)
(1,500,565)
(498,910)		 2022
£
(95,822)
( 51,425 )
(147,247)
( 25,998 )
( 3,929 )
Cash flows
At 31 August
2023
£
1,398,352
(76,417)
(1,430,594)
(108,659)
Cash flows
At 31 August
2022
£
915,334
(84,600)
(1,502,889)
(672,155)
( 177,174)
( 34,939 )
5,448
(25,998)
-
2023
£
614,921
( 51,425 )
563,496
£
( 330,008 )
212,252
51,425
£
483,018
(177,174)
-
( 80,478 )
483,018
( 93,279 )
89,350
6,253
(2,324)
(173,245)
8,183
72,295
563,496
£		 2022
£
(95,822)
( 51,425 )
(147,247)
( 25,998 )
( 3,929 )
( 177,174)
(672,155)

25

King's Church London

Notes to the financial statements For the year ended 31 August 2023

1 Accounting policies

The financial statements have been prepared in accordance with the Companies Act 2006, Charities Act 2011 and the Financial Reporting Standard 102 ("FRS102") and the related Statement of Recommended Practice applicable to Charities (2019). King's Church London is a public benefit entity as defined by FRS102.

Statutory information

King's Church London is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is 21 Meadowcourt Toad, Lee, London, SE3 9DU

1.1 Accounting conventions

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern for the following reason. 1. The church carries substantial liquid reserves in accordance with its reserves policy.

Historical cost convention

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets.

1.2 Funds

The General Fund and the Designated Property Fund represent the funds of the charity that are not subject to any restrictions regarding their use and are available to further the objectives of the charity.

The purposes of the Restricted Funds are shown in note 17 of the financial statements.

The Designated Property Fund represents the book value of the charity's interest in land and buildings, less outstanding loans which were incurred for the purchase and development of property (notes 10, 14, 15 and 16).

1.3 Income

Donations are recognised when received. Income tax recoverable on gift aid donations is recognised when the income is recognised.

Grants and legacies are accounted for when the charity is notified of its entitlements, the amount due is quantifiable and receipt is probable.

Other income is accounted for on a receivable basis.

1.4 Apportionment of resources

Staff costs have been apportioned across the activity areas and governance using a Staff Cost Ratio (note 8).

The Staff Cost Ratio is calculated by assessing the contribution each employee makes to each activity.

26

King's Church London

Notes to the financial statements For the year ended 31 August 2023

1.5 Properties

Valuation of properties

Properties are either included at cost (or valuation previously taken as deemed cost) together with subsequent development expenditure subject to impairment review. Further details are provided in note 10.

Depreciation

Depreciation is calculated to write off the cost of depreciable assets in equal instalments over their estimated useful lives. Estimated useful lives are as follows:

Estimated useful lives are as follows:
Buildings 50 years
Fixtures, fittings and equipment 3 to 10 years
Computer equipment 2 years

A full year's depreciation is charged in the year of acquisition and none in the year of disposal.

Capitalisation

The capitalisation threshold is £10,000 for individual assets, although assets of lesser value may be capitalised if they form part of a group.

1.6

Concessionary loans received

Interest free loans received are stated at the amount received unless measurement of the carrying amount of the liability as a financial instrument would be materially different.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.10 Pensions

Pension costs relate to payments to the personal money purchase schemes of employees including to the auto-enrolment scheme and are charged in the financial statements when they become payable.

1.11 Leases

Finance Leases

There are currently no Finance Leases

Operating leases

Rentals payable under operating leases are charged on a straight-line basis over the term of the lease.

1.12 Judgements in applying accounting policies and key sources of accounting estimates

In applying the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The key estimate and assumption made in these financial statements is considered to be depreciation, which is provided at rates calculated to write off the cost less the estimated residual value of each fixed asset over its estimated useful life.

27

King's Church London

Notes to the financial statements For the year ended 31 August 2023

Income

2 Donations

Regular giving
Income tax recoverable
Regular giving - Vision 2030
Income tax recoverable - Vision 2030
Legacies
 £
1,703,455
292,804
-
-
155,018
2,151,277
Unrestricted
funds		 Restricted
funds
£
47,765
9,047
266,054
52,616
-
375,482		 Total 2023
£
1,751,220
301,851
266,054
52,616
155,018
2,526,759
£
1,441,964
244,299
-
-
300
1,686,563
Unrestricted
funds		 £
81,426
11,273
267,207
55,665
-
415,571
Restricted
funds		 Total 2022
£
1,523,390
255,572
267,207
55,665
300
2,102,134

Donations of £162,420 were received from key management personnel (see note 8) in the year (2022: £194,285).

3 Community & Outreach income

Preaching gifts
Church activities
Grants:
Furlough receipts
Love Your Neighbour grant
FP Impact Training fees
Other income
 £
55,085
124,575
-
-
-
13,122
192,782
Unrestricted
funds		 Restricted
funds
£
-
-
-
-
-
-
-		 Total 2023
£
55,085
124,575
-
-
-
13,122
192,782
£
24,915
66,283
(19,484)
-
750
20,835
93,299
Unrestricted
funds		 £
-
-
2,500
-
-
2,500
Restricted
funds		 Total 2022
£
24,915
66,283
(19,484)
2,500
750
20,835
95,799

Expenditure on charitable activities

Direct staff costs (note 8)
Church activities
Premises apportionment
Administration apportionment
 £
388,449
68,926
213,194
307,709
978,278
Unrestricted
funds		 Restricted
funds
£
-
-
-
-
-		 Total 2023
£
388,449
68,926
213,194
307,709
978,278
£
368,365
47,495
175,162
282,059
873,081
Unrestricted
funds		 £
-
-
-
-
-
Restricted
funds		 Total 2022
£
368,365
47,495
175,162
282,059
873,081

28

King's Church London

Notes to the financial statements For the year ended 31 August 2023

5
Community
Direct staff costs (note 8)
Church activities
Premises apportionment
Administration apportionment
 £
282,907
48,753
150,795
217,648
700,103
Unrestricted
funds		 Restricted
funds
£
-
-
-
-
-		 Total
2023
£
282,907
48,753
150,795
217,648
700,103
£
271,593
35,318
130,248
209,736
646,895
Unrestricted
funds		 £
-
-
-
-
-
Restricted
funds		 Total
2022
£
271,593
35,318
130,248
209,736
646,895

6 Outreach

Outreach
Direct staff costs (note 8)
Church activities
Grants payable:
Ukraine relief
Zimbabwe
Kenya famine relief
South Africa, Romania & China
Newfrontiers
Gifts to Church Plants
Other giving
Premises apportionment
Administration apportionment
 £
281,946
50,433
4,434
10,000
-
8,250
7,500
5,644
26,280
155,996
225,153
775,636
Unrestricted
funds		 £
143,454
20,894
-
-
-
-
-
-
-
259,168
6,861
430,377
Restricted
funds		 Total
2023
£
425,400
71,327
4,434
10,000
-
8,250
7,500
5,644
26,280
415,164
232,014
1,206,013
£
304,156
38,970
1
17,794
-
9,500
7,500
36,485
19,331
143,723
231,433
808,893
Unrestricted
funds		 £
158,593
52,381
49,114
-
10,037
-
-
-
-
299,607
890
570,622
Restricted
funds		 Total
2022
£
462,749
91,351
49,115
17,794
10,037
9,500
7,500
36,485
19,331
443,330
232,323
1,379,515

7 Governance

Governance costs include:
Auditor's remuneration
- previous year under accrual		 2023
£
12,600
-		 2022
£
9,744
1,347

Governance costs are allocated to charitable activities within Administration costs.

29

King's Church London

Notes to the financial statements For the year ended 31 August 2023

8
Staff costs
Staff costs is comprised of
Wages and salaries
Social security costs
Pension costs
Staff expenses
Training costs
Allocation by activity
Unrestricted staff costs ratios
%
Worship
41
Community
29
Outreach
30
100
Administration
Governance (allocated within the Administration apportionment)
Premises		 2023
2022
£
£
1,289,272
1,274,489
124,965
128,723
181,583
176,824
35,030
34,864
12,270
9,761
1,643,120
1,624,661
2023
2022
£
£
388,449
368,365
282,907
271,593
425,399
462,749
1,096,755
1,102,707
504,709
481,988
26,109
24,753
15,547
15,213
1,643,120
1,624,661
All staff costs		 2022
£
1,274,489
128,723
176,824
34,864
9,761
1,624,661
1,102,707
481,988
24,753
15,213
1,624,661

The staff costs ratios are calculated by assessing the contribution each employee makes to each activity.

The Unrestricted staff costs ratios have been used as the basis for apportioning unrestricted premises, administration and church activity costs (notes 4, 5 & 6). Restricted staff costs are allocated specifically.

The average monthly number of employees during the year was 40 (2022: 42).

The average monthly number of full time equivalent employees during the year was 33 (2022: 34).

There were two employees whose salary entitlement in the year was in the range £60,000 to £70,000 (2022: two), no employees whose salary entitlement was in the range of £90,000 to £100,000 (2022: one) and one employee whose salary entitlement was in the range £100,000 to £110,000 (2022: zero).

Key management personnel

The church's key management personnel comprise of the Trustees (who are not remunerated) and the Senior Leadership Team. The total employee benefits (including pension) of the key management personnel for the year were £389,558, 5 personnel (2022: £228,963, 3 personnel).

9 Trustees and related parties

Trustees' expenses

No expenses have been incurred by the Trustees (2022: £Nil).

Related parties - Trustees

William Dalziel's spouse, Hilary Dalziel continues to be employed as a pastor by the church, receiving emoluments of £13,336 (2022: £10,385).

30

King's Church London

Notes to the financial statements For the year ended 31 August 2023

10
Fixed assets
Cost or valuation
At 1 September 2022
Additions at cost
Revaluations
Disposals
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
Eliminated on revaluation
Eliminated on disposal
At 31 August 2023
Net book values
At 31 August 2022
At 31 August 2023
Land and buildings
Land and buildings at 31 August 2023 is comprised of:
Property at Catford Hill
Property at Meadowcourt Road
Property at Downham Way		 Land and
buildings
£
9,269,054
-
-
-
9,269,054
2,170,597
185,380
-
-
2,355,977
7,098,457
6,913,077
Cost or
valuation
£
1,991,881
6,677,173
600,000
9,269,054		 Fixtures,
fittings and
equipment
£
425,038
-
-
-
425,038
394,867
19,412
-
-
414,279
30,171
10,759
Cumulative
Depreciation
£
689,208
1,505,770
161,000
2,355,977		 Total
£
9,694,092
-
-
-
9,694,092
2,565,464
204,792
-
-
2,770,256
7,128,628
6,923,836
Net book
value
£
1,302,673
5,171,403
439,000
6,913,077

Valuation of land and buildings

The most recent site valuations of the above properties are:

Property at Catford Hill
Property at Meadowcourt Road
Property at Downham Way		 £
3,900,000
Valued by Savills in 2016
7,850,000
Valued by Jones Lang LaSalle in 201
785,000
Valued by Savills in 2016
12,535,000

The property at Meadowcourt Road has the Triodos bank loans secured on it (see notes 12, 13 and 14).

The title deeds to the Catford Hill and Downham Way properties are held by The London Baptist Property Board Limited under trust deeds by which King's Church London is entitled to occupy, enjoy and have the benefit of the trust premises. The London Baptist Property Board has a minority interest in the value of the Catford Hill property as disclosed in note 19.

31

King's Church London

Notes to the financial statements For the year ended 31 August 2023

11
Debtors
Debtors (including property lets)
Housing support scheme
Prepaid expenditure
Income tax recoverable on Gift Aid
12
Creditors: Amounts falling due within one year
Loans:
Triodos bank loans (note 14)
Other loans
Accruals:
HM Revenue & Customs PAYE & NIC
Other accruals & deferred income
Other creditors
13
Creditors: Amounts falling due after more than one year
Triodos bank loans (note 14)
Other loans
(note 14)
14
Loans
Analysis of loan maturity:
In one year or less
In more than one year but less than five years
In more than five years		 2023
£
36,865
137,000
37,743
21,293
232,901
2023
£
76,417
-
29,666
31,312
25,620
163,015
2023
£
1,430,594
-
1,430,594
2023
£
76,417
371,115
1,059,479
**1,507,011 **		 2022
£
61,721
345,787
43,900
54,125
505,533
2022
£
84,600
-
27,453
26,511
75,233
213,797
2022
£
1,502,889
-
1,502,889
2022
£
84,600
328,396
1,174,493
1,587,489

The Triodos bank loans are payable over 15 years and are at a rate of 2.3% over base, with a minimum of 3.05%. The loans are secured on property as referred to in note 10.

An additional loan of £50,000 was advanced by Triodos in 2022, in connection with the housing support scheme. This loan is over 20 years and is at a rate of 2.3% over base, with a minimum of 3.05%.

32

King's Church London

Notes to the financial statements For the year ended 31 August 2023

15 Unrestricted funds 2023 2022
General Designated Total
General		 Designated Total
fund property unrestricted
fund
property		 unrestricted
fund funds fund funds
£ £ £ £ £ £
Net (expenditure) / income 100,088 (185,381) (85,293) (350,575) (185,381) (535,956)
Transfers between funds 167,392 44,008 211,400 125,506 106,364 231,870
Net movement in funds 267,480 (141,373) 126,107 (225,069) (79,017) (304,086)
Reconciliation of funds:
Total funds at 1 September 2022 470,984 5,473,308 5,944,292 696,053 5,552,325 6,248,378
Total funds at 31 August 2023 738,464 5,331,935 6,070,399 470,984 5,473,308 5,944,292
Expenditure in the Designated Property fund represents depreciation on properties.
The transfer of £44,008 into the Designated Property Fund represents the reduction in property-related liabilities during the period.
16 Analysis of net assets by fund General Designated Restricted 2023 Total
fund property fund funds funds
£ £ £ £
Tangible fixed assets 10,759 6,525,141 387,936 6,923,836
Current assets:
Property held for sale - - - -
Debtors 222,533 - 10,368 232,901
Cash at bank and in hand 905,575 - 492,777 1,398,352
Creditors: Amounts falling due within one year (96,069) (66,946) - (163,015)
Creditors: Amounts falling due after more than one year (304,334) (1,126,260) - (1,430,594)
Total net assets 738,464 5,331,935 891,081 6,961,480

33

King's Church London

Notes to the financial statements For the year ended 31 August 2023

17
Restricted funds
Balance at
1 September 2022
£
Social Action Jericho Road Project
74,869
Vision 2030
-
Hope Fund
14,200
Ukraine
-
Other
1,688
South Lee Church Fund
797,760
Total restricted funds
888,517		 Movement in Expenditure
£
(298,089)
(131,479)
(809)
-
-
-
(430,377)
resources		 Transfers
between
Balance at
funds
31 August 2023
£
£
(4,210)
70,598
(187,190)
-
(20,000)
16,576
-
4,459
-
1,688
-
797,760
(211,400)
891,081		 Transfers
between
Balance at
funds
31 August 2023
£
£
(4,210)
70,598
(187,190)
-
(20,000)
16,576
-
4,459
-
1,688
-
797,760
(211,400)
891,081
Income
£
298,028
318,669
23,185
4,459
-
-
644,341
891,081

Social Action Jericho Road Project

This fund supports King's Church London's ministries to the poor in London.

The Housing Benefit income could be treated as Unrestricted Funds, however the income received from Housing Benefit is directly used to fund the housing project and forms part of the annual Housing Benefit application and therefore it is treated as Restricted Funds.

The net transfer of (£4,210) from this fund is comprised of:

Vision 2030

This fund provides for the refurbishment, acquisition and investment in new and existing sites and related costs.

The purchase and development of the property at Meadowcourt Road was funded in large part by borrowing and as a result there will be an ongoing expense until 2035. The loan is held in the designated property fund.

Summary of Vision 2030 Fund to date
Income retained in fund
Purchase and refurbishment of property
Other expenditure, including loan interest
Amount to be raised in future years		 Total
£
7,408,701
(7,578,649)
(1,333,970)
(1,503,918)		 2023
£
318,669
(57,538)
(73,941)
187,190		 2010 to
2022
£
7,090,032
(7,521,111)
(1,260,029)
(1,691,108)

Hope Fund

This fund is used to assist church members, the wider community both locally and internationally to generally support those severely impacted by covid.

Ukraine

This fund is used to bring aid and relief to those severely impacted by the war in Ukraine.

34

King's Church London

Notes to the financial statements For the year ended 31 August 2023

17 Restricted funds (continued)

Other

Various donations for other purposes, including offerings towards projects in Zimbabwe.

South Lee Church

This fund identifies the proceeds of the South Lee Church building which was sold in 2004, which is invested in property and otherwise in the charity's charitable purposes.

18 Lease commitments

At 31 August 2023, the charity had non-cancellable commitments under operating leases as follows

Land and
buildings
£
Within one year
56,400
Between one and five years
225,600
282,000
19
Minority interest
The London Baptist Property Board Declaration of trust dated 2004
- Minority Interest in property at Catford Hill
(note 10)		 Fixtures,
fittings and
equipment
£
-
-
-		 2023
Total
£
56,400
225,600
282,000
2023
£
387,936
**387,936 **		 2022
Total
£
3,754
237
3,991
2022
£
387,936
387,936

This forms that part of the South Lee Church restricted fund (see note 17) that is invested in property.

35