Reports & Financial Statements For the year ended 31 August 2024 King's Church London Company Reglslratlon Number: Charity Reglstratlon Number.. 4074651 1082666 Contents References and Administration Informatlon Trustees. Report Independent AuditoPs Report Statement of Financial Actlvltles Balance Sheet Statement of Cash Flows Notes to the Flnancial Statements 2-17 18-21 22 23 24 25-34
References and Administration Information King's Church London For the year ended 31 August 2024 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'l for the 12 months from I September 2023 to 31 August 2024 {'the year'l. REFERENCE AND ADMINISTRATION INFORMATION Charity name Company reglstration Number Charlty reglslratlon Number Trustees Kings Church London 4074651 1082666 Ossie Klass Odunayo Oyabayo William Dalziel Simon Linley (Resigned 04.01.251 Roberta Walker Kwaku Osalo Secretary Registered office Nigel Mumford King's Church 21 Meadowcourt Road Lee London SE3 9DU Solicitors Wellers Tenison House Tweedy Road Bromley Kent BRI 3NF Bankers HSBC Bank plc 149 Rushey Green Catford London SE6 4BQ Audltors Sayers Vincent LLP Invicta House I l O Golden Lane London ECIYOTG
King's Church London Trustees, report For the year ended 31 August 2024 I. STRUCTURE, GOVERNANCE AND MANAGEMENT l.I 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 Paslor. The Trustees are regularly apprised of the financial position of the charity and at Iheir 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.
King's Church London Trustees, report For the year ended 31 August 2024 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 ond 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 environmenlal impact, both regulatory and economical, operational management, including HR and Health & Safety, reputalional risk, safeguarding and financial controls are of particular importance. In line wilh the Charity Commission's guidance a risk register has been developed and through strong policies, regular audits, financial oversight, and active Trustee involvement these and other risks are mitigated against. This ensures effective management and stability throughout Kings. 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, delegaled authority, property management, GDPR, HR and remuneration. In specific relation to remuneration. we have considered the five recommendalions of the Report of Inquiry into Charity Senior Execulive 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.
King's Church London Trustees, report For the year ended 31 August 2024 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 Vislon / 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 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 altendance had grown lo 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 seven Sunday morning services. 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 lo 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.
King's Church London Trustees, report For the year ended 31 August 2024 "Go and Tell We want each of us at King's to 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 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 Iransformed by meeling 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), The Bereavement Journey 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 lo broaden what we do in the local community so that our work is not only amongst the most disadvanlaged, 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 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 through partnering with charities that have particular expertise, such as the mentoring scheme for children run by Transforming Lives for Good.
King's Church London Trustees, report For the year ended 31 August 2024 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.
King's Church London Trustees, report For the year ended 31 August 2024 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. Al 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: to promote and encourage our members to live a life of Worship to God", to build a mulli-cultural Community of believers who are mature in their faith and who will be a blessing to the wider community in which they live and work; to encourage members to be involved in Outreach to Ihose who have not yet accepted Jesus as their Lord and Saviour with the message of reconciliation; to demonstrate the love of God through helping the disadvantaged; and through the planting of new churches. These three headings Worship, Communily 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 Iheir duly 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, thal 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.
King's Church London Trustees, report For the year ended 31 August 2024 3. ACTIVITIES, OUTPUTS AND IMPACTS In what follows we summarise how the church seeks lo 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 loday, we encourage people who call King's their local church, to live a life of worship to God. The meelings also provide a context for individuals to share personal testimony, respond to the claims of the Christian faith and for adult baptism. We currently have 7 Sunday services across the church, two each at the Catford, Downham and Lee sites and one at Beckenham. In September 2024 we averaged 1580 people in attendance on a Sunday which is an encouraging + l Ofo increase on the same time last year. There is children's work for ages 0-4, 5-8 and 9-10 and youth work for ages 11-14 and 15- 18. 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.
King's Church London Trustees, report For the year ended 31 August 2024 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 9:30 meeting at the Lee Site. In addition to this they have their own monthly meeting, also based at the Lee site. We have continued to ensure Ihal 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, oflen in homes, but also at four siles. We encourage people to develop friendship and work out their Christian faith, not just in discussion but in act and deed. Some of Ihe 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 80 1 I s-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 60 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 lo 'group life, within Ihe church. The results of Ihis continue to be extremely encouraging with around 900 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 wlde 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.
King's Church London Trustees, report For the year ended 31 August 2024 This might be through being a part of the Welcome Team serving on a Sunday at one of our sites, working on an Alpha leam, 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 I I 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 opportunltles We have found that more and more people like to be part of our communily 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 Iheir 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 lo make it manageable and personal. Restored Lives - a divorce recovery group we run once a year which also serves the wider community. Relationshlp Matters which helps people build strong relationships and prepare for marriage. The Bereavement Journey A course which gently guides people bereaved at any time through the most common aspects of grief and bereavement, enabling them to process the implications for themselves and discern next steps. New Llfe A group which discusses key themes for effective Christian growth and discipleship, which follows on from Alpha. It is aimed at new Christians and anyone wanting to go Ihrough some basic Christian discipleship principles. stewardshlp- an annual seminar about handling money wisely as well as running the CAP money course {a practical course on budgeting and managing your moneyl 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 5ike 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. 10
King's Church London Trustees, report For the year ended 31 August 2024 3.3 Oulreach Whilst there are aspects of worship and community that relate to reaching out to others, there are a number of activilies where this is specifically focused. 3.3.] The Alpha Course We continue to run the Alpha course, which has been running at King's for over 25 years. During that period over 3700 people have attended with over 900 people responding to the Gospel. In the last year we have run three Alpha courses with around l 00 people attending. We estimate that 15 people came to Christ. As result of this a number of those people made the decision to be baptised. Alpha has provided a context for people to ask the big questions about life and faith and to receive leaching about Christianity. who Jesus is and the work of the Holy Spirit. 3.3.2 The Jerlcho Road Project The Jericho Road Project (JRPI aims to provide support to individuals facing disadvantages in Lewisham and Greenwich. Our three core values are Relief, Hope, and Connection. this helps define all that we do. We operate six low-support housing units that can accommodate up to 25 individuals who have been homeless or rough sleeping. 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. 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 we are a direct referral project for Lewisham Local Authority in Soulh-East London. The Feast is 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. This 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. The "Thursday morning drop-in" group continues to be a great provision for our wider community. The group runs from l Oam-12pm 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.
King's Church London Trustees, report For the year ended 31 August 2024 This group gives people safe access to community resources. It has also 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 support the reduction of rough sleeping in the Lewisham borough by hosting the Lewisham Homeless Forum at the Catford site. Through this project we continue to serve and support some of the most vulnerable and marginalised people in the boroughs of Lewisham and Greenwich. 3.3.3 Tralnlng and other involvement wilhln Newfrontlers 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. 12
King's Church London Trustees, report For the year ended 31 August 2024 4. ACHIEVEMENTS AND PROGRESS DURING THE PERIOD There have been many highlights through this period, with increasing signs of health in what is a growing. vibrant and diverse church. Sunday attendance has been extremely encouraging with +1 Oyo increase on the same time lost year. We introduced a second Sunday morning service at our Lee site, as well as implementing a change of meeting times at our Calford Site. Both of which have been a great success and means we now have 7 Sunday services across the church. In line with this we no longer provide a full online Sunday service due lo the numbers now attending in person since Ihe Covid pandemic. However, both audio and video versions of the Sunday messages are available from our website. This also includes a version of the video with BSL translalion. Attendance at groups is healthy with many people getting involved in church life in that way. We hope this will continue to grow in step with the increase in Sunday attendance. We have a strong and dedicated staff team which currently consists of 41 staff who are all committed to the vision of the church and in reaching the communities around us. We regularly monitor and review the staffing structure to ensure that it meets bolh 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. Towards the end of the period we began a significant refurbishment of our Catford site. This included re-roofing part of the auditorium and a refurbishment of the majority of the ground floor. The expectation is that all of these works are to be completed through the forthcoming period. The boiler has also been planned to be replaced as part of these works, and it is expected that this will be completed through the Spring of 2025. Overall it has been another very encouraging year of progress for the church, the staff team and the communities around us and we look forward to the future with faith.
King's Church London Trustees, report For the year ended 31 August 2024 5. FINANCIAL REVIEW 5.1 Overview The year ended 31 August 2024 had a deficit of income over expenditure and the result has been deducted from the General Fund. The deficit was due to the additional expenditure required for the refurbishment works at the Catford Sile. This was taken from our strong cash reserves and Ihe outlook is to return to a surplus once the project is completed. 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 fundlng 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 £2,474,042 which is a decrease compared to £2,526,759 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 202412023.01 5.3 Relaled partles 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.
King's Church London Trustees, report For the year ended 31 August 2024 5.4 Investment powers and pollcy The Trustees take appropriate advice related to investment as and when required in order to maximise Ihe 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. 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 charily. 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 2024/25 year is approximately £2.500,000. Based on the above, an ongoing reserve of between £415,000 and £625,000 is appropriate. The balance on the General Fund as at 31 August 2024 was £711,463 with Free Reserves of £528,71 o thus currently, reserves are within the required range. 5.6 Restricted Funds Restricted Funds are given for reslricted 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 surplus of £5,367 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. The further development planned for the Catford site commenced in July 2024 and was completed in November 2024. In other Restricted Funds, the restricled 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 £13,624 in the year and at the year-end a balance of £18,755 remained lo be disbursed. We continue to receive and disburse funds through our Ukraine fund to support Ihose impacted by the ongoing conflict in Ukraine.
King's Church London Trustees, report For the year ended 31 August 2024 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 with healthy growth at all four of our sites. As we look ahead, we continue to plan to respond to growth and strengthen the church by reviewing and increasing our midweek groups, courses and seminars that serve our church community. foster friendship encourage them in their faith. Completing the major refurbishment of the Catford Site will remain a priority to ensure that it has a new lease of life and serve what remains our most attended site. We will also be reviewing the suitability of our current Beckenham venue as it continues to gather more people and grow. We also find ourselves on the cusp of a significant generational change in leadership of the church with the baton being passed to Joe Macnamara who will become Lead Pastor from September 2025. steve Tibbert the currenl Senior Pastor, will remain an integral part of the leadership and eldership team for the next few years to help retain strength and experience in the team and the church. The church has been extremely positive about the planned changes so plans are continuing to progress to ensure a smooth transition. We have continued to protect a very strong reserve base now and going forward. This enables the church to maintain consistent operational delivery. The 5-year forecast also continues lo 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.
King's Church London Trustees, report For the year ended 31 August 2024 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 IFRS10212019. 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 ils 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 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: l. 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. AtrTr£L 10 Appr ve by the Trustees on and signed on their behalf by Osbert Klass
Independent auditor's report To the members of King's Church London for the year ended 31 August 2024 Oplnion We have audited the financial statements of King's Church London (the 'charitable company,) for the year ended 31 August 2024 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.. Give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirements of the Companies Act 2006 Basls 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 golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accou nting 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 ai least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 18
Independent auditor's report To the members of King's Church London for the year ended 31 August 2024 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 i nconsistencies or apparent material m isstatements, we are requ ired 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 requ ired to report that fact. We have nothing to report in this regard. Opinions on other Matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit- The information given in the trustees, annual report for the financial year for which the financial statements are prepared is consistent with the financial statements., and The trustees, annual report has been prepared in accordance with applicable legal requirements. 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: Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or The financial statements are not in agreement with the accounting records and returns- or Certain disclosures of trustees, remuneration specified by law are not made., or We have not received all the information and explanations we require for our audit- or The directors were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the trustees, annual report and from the requirement to prepare a strategic report.
Independent auditor's report To the members of King's Church London for the year ended 31 August 2024 Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities set oui 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 stalements that are free from material misstatement, whether due to fraud or error. In prepari ng the financial statements, the trustees are res ponsible for assessi ng the charitable com pany'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, includ i ng fraud. The extent to which ou r procedu res are capable of detecti ng i rregu larities, 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- We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to.. Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance., Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud-, The i nternal controls established to m itigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. 20
Independent auditor's report To the members of King's Church London for the year ended 31 August 2024 We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We reviewed any reports made to regulators. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We performed analytical procedures to identify any unusual or unexpected relationships that may indicale risks of material misstatement due to fraud. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting esiimates are indicative of a potential bias and tested significant transactions that are Ltnusual or those outside the normal course of business. Because of the inherent limitations of an audit, there is a rlsk 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.or .uk auditorsres onsibilities. This description forms part of ou r auditor's report. 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 Serrano1Senior statutory aud itor) Date: 20 May 2025 for and on behalt ot sayer Vincent LLP, Statutory Auditor I l O Golden Lane, LONDON, ECI Y OTG 21
King's Church London stalemenl of flnancial activities For the year ended 31 August 2024 Unrestricted funds Reslricled funds Total 2024 Unreslrieled funds Reslricled funds Total 2023 Notes Income Donations 2,044,281 429,761 2,474,042 2,151,277 375,482 2.526,759 Charflable activities Community & Oulrea¢h 200,804 400 201,204 192.782 192,782 Other trading aclivilies Premises rental Income Olhor 43,306 400 250,522 3.499 293,828 3.899 24,665 255,859 13,000 280,524 13.000 Total Incom• 2,288,791 684,182 2.972,973 2,368,724 644.341 3,013.065 Expènditure on charltabl• actlvltl8$ Costs of aclivities in furtheran of the objects of the ch8rily'. Worship Communlty Outreach 1.037.707 742.863 850.221 1.037,707 742,863 1,326,848 978.278 700,103 775.636 978,278 700,103 1.206,013 476,627 430.377 Total charltable •xp•ndlturè 2,630,791 476.627 3,107,418 2.454,017 430,377 2.884,394 Net {exp¢ndlturell Income 15 {342.0001 207.555 1134,4451 185,2931 213.964 128,671 Tr8nsfers belween funds 15, 17 196.564 1196,564} 211,4aO 1211.4001 N•t movement In funds {145,4361 10,991 {134,4451 126,107 2,564 128,671 Reconclll8tl¢n of funds: Total funds brought forward 6.070,399 891,081 6,961.480 5.944,292 888,517 6,832.809 Total funds ¢arrt•d fonvard 5,924,963 902.072 6,827.035 6,070,399 891,081 6,961,480 All transactions are derived from continuing aclivili8s. All recognised gains and losses are Induded in the Slalemenl of financS81 actlvltles. The Slalemenl of financial activities also complies with tho r$quirements for an income and expenditure account under the Companies Act 2006. 22
King's Church London Balance sheet as at 31 August 2024 Company number 4074651 2024 2023 Notes Fixed assets 10 6,910,449 6,923,836 Current assets Debtors Cash at bank and in hand 11 265,306 1,293,841 1.559,147 232.901 1,398,353 1,631,254 Creditors: Amounts falling duo wlthln ono ar Net current assets 12 1295,777 1,263,370 163,016 1.468,238 Total assets less Gurrent liabilities 8,173,819 8,392,074 Creditors: Amounts falllng due after more than one year 13 11,346,784) (1,430,594) Net assets 6,827,035 6,961,480 Represented by Fund$ Unreslrtcted Funds Gener81 Fund Designated Propety Fund 15, 16 15, 16 711,463 5,213.500 5,924,963 738,464 5,331,935 6,070.399 Restricted Funds 17 902,072 891,081 Total funds 6,827,035 6,961,480 Approved by the Trustees on Osbert Klass 23
King's Church London statement of Cash Flows For the year ended 31 August 2024 2024 2023 Cashflows from operating activitles Ntsl (Expendilurell income { 134,4451 128.671 Adjustmenis for= Depreciatlon Interest expense D$crease in Trade and other recoivables Increase In Trade and other payables 219,635 111.245 { 32,405) 325,368 204.792 51,425 272.632 42,5981 Cash Ilows (provlded by) I generated from opèratlons Interest paid 289,398 614,922 {111.2451 151,425} Nèt cashflow from operatlng a¢tlvltlès 178.153 563,497 Cashflows from Investlng a1vItIeS Purchas8 of prop8rty plant and equiprnenl Disposal of property plant and equipment Proceeds on disposal of property plant and eoulpment Interest receivad Net cash (used inl Invesllng 8Ctivilies 1206,2481 1206.2481 Cashflows from financing Capital repayments on bank loans Capltal repaymènls of other loans Proceeds from new bank loans Nel cash (used in) financing a¢livllies Chang• In cash and cash equlvalent In thè year Cash and cash ¢quSvalents at the beginnlng of thè yèar Cash and cash equivalents at th8 ènd of the year {76,417) { 80,4781 176.417) 180,4781 483,019 104,512 1.398,353 1,293.841 915,334 1,398,353 Notè to th• cashflow12024} At 1 September 2023 Cash flows At 31 August 2024 Cash al bank 1.398.353 1104.5121 1.293,841 Deduct loans.. Loans falling duè wthin one year Loans falling due after morè Ihan one year Net cash {76.4171 11,430,594 108,658 17,393) 83,810 28,095 183.8101 1,346.7841 136.753 Note to tha cashflow12023) At 1 Sèptember 2022 Cash flows At 31 August 2023 Cash al bank 915,334 483,019 1,398.353 Deduct loans.. Loans falling duts wthin one year Loans falling due after morè than one year Net cash {84,6001 11,502,889 672,155 8,183 72,295 563,497 176,4171 {1,430,5941 108.658 24
King's Church London Noles to the financial statements For the year ended 31 August 2024 Accountlng pollcle$ The financial slalemenls have been prepared in accordance with the Companies Act 2006, Charities Act 20118nd the Financial Reportlng Standard 1021"FRS102"18nd Ihe related Slalemenl of Recommended Praclice appllcable lo Charities 120191. King's Church London is a public benefit entity as defined by FRS102. 1.1 Accountlng conventlons Golng concern The trustees consider that there are no material uncertalnlles about the charity's ability lo conllnue as a going concem for the following reason. 1. The church carries subslanlial liquid reseNes in accordance with its reserves policy. Hlstorical cost conventlon The financial statements have been prepared under the historical cosl convention, as modified by the revaluation of certain fixed assets. 1.2 Funds The General Fund and the Deslgnaled Property Fund represent the funds of the charlly that are not subject to any reslriclions regarding their use and are available to further the objectives of the charity. The purposes of the Reslricled Funds are shown in note 17 of the financial statements. The Designated Property Fund represents the book value of the charills interest In land and buildings, less oulstandlng loans which were incurred for the purchase and development of property Inoles 10, 14, 15 and 161. 1.3 Income Donations are recognised when received. Income lax recoverable on gift aid donatlons is recognised when the income is recognls&d. Grants and legacias are accounted for when the charity is notified of its enlillements, the amount due Is quantifiable and receipt is reasonably certain. Other income is accounted for on a receivable basls. 1.4 Apportlonment of resources Staff costs have been apportloned across the aclivlly areas and governance uslng a Staff Cost Ratio {nole 81. The Staff Cost Ratio is calculated by assessing the contribution each employee makes to each aclivily. 25
King's Church London Notes to the financial statements For the year ended 31 August 2024 1.5 Propartlo$ & Flxed Assets Valuatlon of properties Propertles are either included at cost or valuation together with subsequent development expenditure sublecl to impairment revlew. Further details are provided in note 10. Valuatlon of Fixed Assets Fixed Assets are valued using the Costs Basls Model. Depreclatlon Depreciation 18 calculated lo write off the cost of depreciable assets in equal inslalments over their eslimaled useful lives. Eslimaled useful lives are as follows: Buildings Fixtures, fittings and equipment 50 31010 years years A full yearfs depreciation is charged in the year of acquisition and none in the year of disposal. Capltallsatlon The capitslisalion threshold is £10,000 for Indlvidual assets, although assets of lesser value m8y be capilalised if they form part of a group. 1.6 Concgssionary loans recgived Interest free loans received are staled 8t the amount received unless measurement of the carrylng amount of the liablllly as a financial instrument would be materially different. 1.7 Penslons Penslon cosis relate to payments lo the personal money purchase schemes of employees including to the aulo-enrolmenl scheme and are charged in the financial ststemenls when they become payable. 1.8 Leases Flnance Leases There are currently no Finance Leases Opgrating leases Rentals payable under oporaling leases ar8 charged on a slralghl-line basis over the term of the lease. 1.9 Judgements In applylng accountlng pollclo$ and key sources of accounting estlmates In applying the charlly's accounting pollcies, the Trustees are required lo make judgements, eslimales and assump11ons In determining the carrying amounts of assets and liabilities. The key estimate and assumption mado in these financial slalements is considered to be depreciation. which is provided at r81es calculated lo write off the cost less the estimated residual value of eaGh fixed asset over its eslim8t8d useful life. 26
King's Church London Notes to the financial statements For the year ended 31 August 2024 Income 2 Donatlons Unrestricted funds R8Strlcted funds Total 2024 Unrestrlcted funds Restrlctèd funds Total 2023 Regular glving Incoma lax recoverabl8 Regular glvlng - Vision 2030 Income lax recoverable - Vision 2030 Legacies 1,739,178 305,003 47,404 6,884 314,449 61.024 1.786.582 311,887 314,449 61,024 100 1,703.455 292,804 47,765 9,047 266,054 52,616 1.751,220 301,851 266.054 52,616 155,018 100 155,018 2,044,281 429,761 2,474,042 2,151,277 375,482 2,526,759 Donations of £153,563 were received from key management personnel in the year (2023= £162,420). 3 Communlty & Outroach Income Unrestrl¢tèd funds Restricted funds Total 2024 Unrestrl¢t8d funds Restrlcled funds Total 2023 External Ministry Support Church aclivilles FP Impact Training fees Other Income 73.663 108,340 73,663 108,340 400 18,801 55.085 124,575 55,085 124,575 400 18,801 13,122 13.122 200,804 400 201,204 192,782 192.782 Expenditurè on charitable activitles 4 Worshlp Unreslrlcted funds Restrlcted funds Tot812024 Unrestricted funds Rèstrleted funds Total 2023 Direct staff costs {note 8) Church activities Premises apportionment Administration apportionment 391.009 82,370 257,882 306,446 3QI,009 82,370 257,882 306,446 388.449 68.926 213,194 307,709 388.449 68,926 213.194 307,709 1,037,707 1,037,707 978,278 978,278 27
King's Church London Notes to the financial statements For the year ended 31 August 2024 5 CommunSty Unrestrlcted funds Re5trlcted funds Total 2024 Unrestrlcted funds Restrlctèd funds Total 2023 Direct staff costs Inole 81 Church activities Premlses 8PPOrtionmenl Administration apportlonment 285,443 58,262 182,404 216.754 285,443 58,262 182.404 216,754 282,907 48.753 150,795 217.648 282,907 48.753 150,795 217,648 742.863 742,863 700,103 700.103 6 Outreach Unrestricted funds Restrlcted funds Total 2024 Unrestri¢tèd funds Rèstrlcted funds Total 2023 Direct staff costs {nole 81 Church activities 284,553 60.270 115.464 26,849 400.017 87,119 281,946 50,433 143,454 20,894 425.400 71,327 Gifts Ukraine relief Zimbabwe South Africa, Romania & China Newfrontiers Gifts lo Church Plants Other giving 3,045 15,200 4,500 15.000 8,609 46.120 3,045 15.200 4,500 15.000 8,609 46.120 4.434 10,000 8.250 7,500 5,644 26,280 4,434 10,000 8,250 7,500 5,644 26,280 Premises apportionment Adminlslralion apportionment 188,695 224,229 331,173 3.141 519.868 227,370 155,996 225,153 259,168 6.861 415.164 232,014 850,221 476.627 1.326,848 775,636 430.377 1,206,013 7 Govemance 2024 2023 Governance costs include: Auditor's remuneration 13.450 12.600 Governance costs are allocated to charitable activities wthln Admlnlslralion costs. 28
King's Church London Notes to the flnancial statements For the year ended 31 August 2024 8 Staff costs 2024 2023 staff costs Is eomprlsed of Wages and s¥lari¢s Social security costs Pension ¢osis 1.309.376 128,722 166,856 1,289,272 124,965 181,583 Staff expenses Tralnlng costs 40.488 10,190 35,030 12,270 1,655,632 1.643.120 Allocatlon by actlvjty All staff costs 2024 Unreslricled slaff costs ratios 2023 Worshlp Community Outreach 41 29 30 100 391.009 285.443 400,018 1.076,470 388.449 282,907 425.399 1,096,755 Adminislralion Govornance (allocated Tmlhln tho Administration apportlonmanll Prernise8 496.944 25,193 57,025 504,709 26.109 15,547 1.655,632 1,643,120 The staff costs ratios are calculated by assessing the conlribullon each employee makes to each acllvlly. The unreslricled stsff costs ratios have beèn used as Ihe basis for apportionlng unreslricled premis85, administration and chur¢h activily costs Inoles 4, 5 & 61. Reslricted staff costs are allocaled specAfically. The averagè monthly number of employees duHng the year was 3812023.. 401. The average monthly number of full lime oquivalent employees during the year was 32 12023.. 331. Thtsra were no employees whose $818ry entitlement in the year was in Ihe range £60,000 10 £70,00012023= bNo), there were 2 employees whose salary enlillement was in the range of £70,000 to £80.000 {2023- zero), and one employee whose s810ry entillement was in the rangè of £go.000 to £100,00012023'.on61 Key managemènt personnel The church's key management personnel comprise of the Trustees Iwho are not remunerated) and the Senlor Leadership Team. The lolal employee benefits {including pension) of the key management personnel for the year Were £393,195, 5 personnel 12023.. £389,558. 5 peTsonnell. Donations of £153,563 were received from ktsy management personnel In the year {2023.' £162,420). Terrnlnatlon payrnents There were no termination paymanls In the year12023.' nlll. 9 Trustees •nd rèlated part5es Trusteès. exp¢ns•$ No expenses have been incurred by th8 Trustees12023= £NIII. Ralat•d partles - Tru$te•$ William Dalziel's spouse, Hilary Dalziel was employed as a pastor by the church lo 08.09.24, receiving emoluments of £12,22212023= £13.3361. Durlng the year, King's Church London received £65.873 from New Frontiers for cost recharges related lo shared resources. Steve Tlbbert, Senior Pastor of Klng's Church London Is also a Director of New Frontiers. 29
King's Church London Notes to the financial statements For the year ended 31 August 2024 10 Fixed 4ss•ls The cost model is followed for valuation of Flxed Assets. Flxtures, fittings and équlpment Land and bulldings Total Cost or valuatlon Al 1 September 2023 Additions al cost Al 31 August 2024 9,269,054 425,038 206.248 631.286 9.694,092 206,248 9,900,340 9,269,054 Depr#¢latlon At 1 September 2023 Charge for the year At 31 August 2024 2.355,977 185,381 2.541,358 414,279 34,254 448,533 2,770,256 219,635 2,989.891 Nèt book value$ At 31 August 2023 6,913.077 10,759 6,923,836 At 31 August 2024 6,727,696 182,753 6,910,449 Land and bulldlngs Land and buildings al 31 August 2024 is comprised of.. Cost or valuallon Cumulative D&preclatlon Nèt book value Property al Catford Hlll Property al Meadowcourt Road Properly al Downham Way 1,991,881 6.677,173 600.000 9.269.054 689,208 1.505.770 161,000 2,355,977 1,302,673 5.171.403 439.000 6,913.077 Valuation of land and buildlngs The most recent slle valuations of the above prop6rt1es are= Property at Cafford Hill Property al Meadowcourt Road Proparty al Downham Way 3.900,000 7,850,000 785,000 12,535.000 Valued by Savills in 2016 Valued by Jones Lang Lasalle in 2019 Valued by Savills in 2016 The property al Meadowcourt Road has the Trlodos bank loans 8tscured on il (see notes 12, 13 and 141. The lille deeds lo the Carford Hill and Downham Way propertSes are held by The London Baptist Property Board Limited under trust deeds by which King's Church London is entitled lo occupy, enjoy and have the benefit of thè trust premises. The London Baptist Property Board has a mlnorlty interest in the valua of the Catford Hlll property as disclosed in note 19. 30
King's Church London Notes to the financial statements For the year ended 31 August 2024 11 Debtors 2024 2023 Debtors (including property lets) Housing support scheme Prepaid exptsndllure Income tax recoverable on Gift Aid 29,448 137,000 33,539 65,319 265,306 36,865 137.000 37.743 21,293 232,901 12 Credltors: Amounts f•lllng du8 wlthln one year 2024 2023 Loans.. Triodos bank loans (note 141 Accruals.. HM R6venue & Customs PAYE & NIC Olher accruals & deforred incorne Olhgr creditors 83,810 76,417 30.999 32,332 148.636 295,777 29.666 31,312 25.621 163,016 13 Credltors: Amounts falllng due aftor more than one y•ar 2024 2023 Triodos bank loans Inole 141 1.346,784 1,430,594 1,346,784 1,430,594 14 Loans 2024 2023 Analysis of loan malurily.. In one year or less In more than one year but less than five yaars In more Ihan five years 83,810 404,352 942,432 1,430,594 76,417 371,115 1,059,479 1,507,011 The Triodos bank108ns are payable over 15 years and are at a rale of 2.3Wo ovor base, with a minimum of 3.05¢A. Tho loans are secured on property 8s referred to in note 10. 31
King's Church London Notes to the financial statements For the year ended 31 August 2024 15 Unr•strtct•d funds 2024 2023 General fund Dfjsignaled property fund Totsl Gener81 fund De5ign8ted property fund Total unrestrict8d funds unrestricted fund5 Not lexpendllurel I Income 1156,6191 1185,3811 {342,0001 100.088 1185.3811 185,2931 Transfers between funds 129,618 66,946 196,564 167.392 44,008 211.400 Net m¢vom•nt In funds 127,0011 {118,4351 1145,4361 267,480 {141,3731 126.107 R¥¢onclllatlon of funds.. Total funds al 1 September 2023 738,464 5.331,935 6,lJ70,399 470.984 5.473,308 5,944,292 Total funds al 31 August 2024 711,463 5.213.500 5,924.963 738,464 5.331.935 6.070.399 Expendllure Sn the Designated Property fund represents depreclallon on properties. The transfer of £66,946 into thè Dèsignated Property Fund represents the reduction in property-relaled liabilities during the period. 16 Analysls Of n81 assets by fund General Deslgnated fund property fund Restrlcted funds 2024 Total funds Tangible fixed ass8ts 182.753 6.339,760 387.936 6.910.449 Current 8ssets'. Property held for sale Dablors 254,938 10,368 265,306 Cash at bank and in hand 790,073 503,768 1,293,841 Creditors- Amounts fallSng due thIn one year 1222,4441 173.3331 1295,777} Creditors= Amounts falling dua after more than one year 1293,8571 11.052.927) {1,346,7841 Total net assets 711.463 5,213,500 902.072 6,827.035 32
King's Church London Notes to the financial statements For the year ended 31 Augusl 2024 17 Restrt¢ted funds Transfers between Balance at funds 31 August 2024 Balanc8 at 1 September 2023 Movement in resources In¢ome Expendlture Soclal A¢tlon Jerfcho Road Project 70.598 291.640 {271.3991 114.8731 75.966 Vision 2030 Hope Fund Ukralne Other Soulh Lee Church Fund 375,473 13,625 3.044 400 (203,7821 11,4461 {171,6911 110,0001 16,576 4,459 1,688 797.760 18,755 7,503 2,088 797.760 Total restricted funds 891.081 884,182 1476.6271 1196.564 902.072 So¢lal A¢tlon J•rl¢ho Road Prolg¢1 This fund supports Klng's Church London's mlnlslrSes to Ihe poor in London. The Housing Benefil income could be treated as Unrestricted Funds, however the income received from Housing Benefit is directly used lo fund the housSng prolect and forms part of the annual Housing Benefil application and therefore it is Irealed as Reslricled Funds. The nel Iransler of1£14,8731 from thSs fund Ss comprised of.. £25.000 donation in from King's Church London's general fund, plus £10.000 donation in from the Hope fund. less £49,873 payment ol admlnistration costs incurred by King's Church London's general fund Vlslon 2030 Thls fund provides for the refurbishment. acquisition and inveslrnenl in new and existing siles and related costs. The purchase and development of the property al Meadowcourt Road was funded in large part by borrowng and 8$ a resull there will be an ongoing expense until 2035. The loan is htsld in the designated pioperty fund. 2010to 2023 Summary of Vlslon 2030 Fund to date Total 2024 Incorne received in fund Purchase and refurbishment of property Other expenditure, Including loan inleresl Amount to be raised in future years 7,465,505 17,636,990) 1.347,9321 1.519,417 375,473 7,090,032 {1 fj5,8791 17,521,111) 187.9031 1,260.029 171,691 1.691.108 Hope Fund Th13 fund provides specific support to ihe vulnerable and those mosl in need. This is primarily distributed locally through the Jericho Road Project and also InlernalSon8lly In response to crisis. Ukralne This fund Is used to bring aid and relief lo those severely Impacted by the war In Ukraine. 33
King's Church London Notes to the financial statements For the year ended 31 August 2024 17 Restrlcied fund$ {¢ontlnuadl other Various donations for olher purposes, inclLJding offerings towards projects in Zimbabwe. South Lee Church This fund identifies the procéeds of Ihe South Lee Church buSldSng which was sold in 2004, which is invested in property and otheiSe in the charllls charitable purposes. 18 Lease commitments Al 31 August 2024. the charity had no operating leases Flxtures, ritlings and equipment Land and bulldlngs 2024 Total 2023 Total Within one year Between one and five years 56,400 169,200 56.400 169,200 56.400 225,600 225,600 225.600 282.000 19 Minority Int•r•st 2024 2023 The London Baptist Property Board Declaration of trust dated 2004 Minorily Interest in property at Catford Hill (note 101 387,936 387.936 387,936 387,936 This forms that part of thè South Lee ChLJrch restricted fund Isaa note 17) that Ss invested in property. 34