KING’S CHURCH (MILTON KEYNES)
Accounts – 31st March 2024
KING’S CHURCH (MILTON KEYNES)
A company limited by guarantee and not having a share capital
Charity number: 1102341 Company number: 5014713
Accounts – 31st March 2024
INDEX
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1-2. Report of the Directors and General Information
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Independent Examiner’s Report to the Directors
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Statement of Financial Activities
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Balance Sheet
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6-11. Notes to the Accounts
Registered in England and Wales No: 5014713
KING’S CHURCH (MILTON KEYNES)
REPORT OF THE DIRECTORS
for the year ended 31st March 2024
The Directors are pleased to present their annual report and financial statements of the charitable company for the year ended 31st March 2024 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s governing document, the Charities Act 2011, the Companies Act 2006, the Memorandum & Articles of Association and the Charities Statement of Recommended Practice (“Charities SORP) (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland; FRS 102) issued in October 2019.
Reference and Administration Details
The charity’s name is King’s Church (Milton Keynes).
Charity Registration Number: 1102341 Company Number: 5014713 Registered Office: King’s Church Community Centre Creed Street Wolverton Milton Keynes MK12 5LY
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The Trustees and officers who served during the year and since the year end were as follows:
A M Forbes C J Clare D A Forbes S Samuel
Objectives and Activities
The main objects of the charity are:
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a) The advancement of the Christian faith in the UK and overseas.
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b) To relieve persons in conditions of need, hardship and who are aged or sick.
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c) To advance education in accordance with Christian principles.
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d) To promote other charitable objects as decided by the Trustees from time to time.
In planning the activities of the charitable company the directors have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.
Achievements and Performance
The charity continues to run a local Church seeking to serve the community of Milton Keynes and the surrounding area. By the grace of God, congregation numbers are moderately up versus the previous year, which was heavily affected by Covid. Demand for our charity services continues to grow further, a reflection on a continuing need in the community we serve.
During this financial period, the charity has continued with its adaptations to its social outreach initiatives which positively impact the local community, focusing on Lunch Take-Aways (providing takeaway hot meals) for more vulnerable members of society and being one of the busiest members of the Milton Keynes Food Bank.
KING’S CHURCH (MILTON KEYNES)
REPORT OF THE DIRECTORS
for the year ended 31st March 2024 ( Continued)
Achievements and Performance (Continued)
Rental income has been steady throughout the period, and the building is typically busy for large portions of the week. Rental income is used to maintain the buildings, cover associated overheads, and support the wider activities of the charity. We have benefitted once more from several local government and charitable grants, and gifts from companies and individuals.
Financial Review
The total income for the year was £173,329 and total expenditure on charitable activities amounted to £191,587.
Reserves Policy
The directors seek to keep 2 months’ regular expenses and costs (£20,000) in reserve as cash or near cash (e.g. money claimable from HM Revenue & Customs in respect of gift aid). As at 31st March 2024 the directors regard that sufficient funds were held to meet this policy.
The directors also seek to review this policy every 12 months to ensure this amount remains appropriate.
Structure, Governance and Management
Governing Document
King’s Church (Milton Keynes) is a company limited by guarantee governed by its Memorandum and Articles of Association dated 14th January 2004. It is registered as a charity with the Charity Commission. Members of the charitable company guarantee to contribute amounts not exceeding £10 to the assets of the charitable company in the event of winding up.
This report has been prepared in accordance with the special provisions relating to companies subject to the Small Companies Regime within part 15 of the Companies Act 2006.
Approved by the directors on 11th December 2024 and signed on its behalf by:
C J Clare
………………………………….. C J Clare - Director
Milton Keynes
KING’S CHURCH (MILTON KEYNES)
INDEPENDENT EXAMINER’S REPORT TO THE DIRECTORS
I report to the trustees on my examination of the accounts of King’s Church (Milton Keynes) for the year ended 31st March 2024.
Responsibilities and Basis of Report
As the charity’s trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent Examiner’s Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
A P Williams BSc FCCA A J Carter & Co Chartered Accountants
22b High Street Witney Oxon OX28 6RB
17th December 2024
KING’S CHURCH (MILTON KEYNES)
STATEMENT OF FINANCIAL ACTIVITIES
(including an income and expenditure account) for the year ended 31st March 2024
| Note Income from: Donations and legacies 3 Investments 4 Other income 5 Total incoming resources Expenditure on: Charitable activities 6 Total expenditure Net income/(expenditure) and net movement in funds for the year Transfer between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Restricted Total Funds Funds Funds 2024 £ £ £ 91,641 - 91,641 79,335 - 79,335 2,353 2,353 173,329 - 173,329 191,587 - 191,587 191,587 - 191,587 (18,258) - (18,258) - - - (18,258) - (18,258) 487,166 - 487,166 £468,908 £- £468,908 |
Total Funds 2023 £ 83,001 83,299 - |
|---|---|---|
| 166,300 | ||
| 185,948 | ||
| 185,948 | ||
| (19,648) - |
||
| (19,648) 506,814 |
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| £487,166 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The notes on pages 6 to 11 form part of these financial statements
Registered in England and Wales: 5014713
KING’S CHURCH (MILTON KEYNES)
BALANCE SHEET as at 31st March 2024
| Note Fixed assets Tangible assets 12 Total fixed assets Current assets Debtors 13 Cash at bank and in hand Total current assets Liabilities Creditors falling due within one year 14 Net current assets Total assets less current liabilities Creditors:falling due after more than 1 year 15 Provisions for liabilities Total net assets 16 The funds of the Charity Restricted income funds Unrestricted income funds 17 Total charity funds |
2024 £ 630,834 630,834 10,096 20,621 30,717 9,029 21,688 652,522 183,614 £468,908 - 468,908 £468,908 |
2023 £ 631,535 |
|---|---|---|
| 631,535 | ||
| 17,506 35,459 |
||
| 52,965 11,072 |
||
| 41,893 | ||
| 673,428 186,262 |
||
| £487,166 | ||
| - 487,166 |
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| £487,166 |
For the year ended 31st March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors Responsibilities
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
The directors acknowledge their responsibilities for complying with the requirements of the act with respect to the accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions relating to companies subject to the Small Companies Regime within part 15 of the Companies Act 2006.
These accounts were approved by the board of directors and authorised for issue on: 11th December 2024 and are signed on their behalf by:
C J Clare
...................................................... C J Clare - Director
The notes on pages 6 to 11 form part of these financial statements
KING’S CHURCH (MILTON KEYNES)
NOTES TO THE ACCOUNTS
for the year ended 31st March 2024
1. Accounting Policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a) Basis of Preparation
The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Reporting Financial Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective October 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b) Public Benefit Entity
King’s Church (Milton Keynes) meets the definition of a public benefit entity under FRS 102.
- c) Going Concern
The Directors consider that there are no material uncertainties about the Charity’s ability to continue as a going concern
d) Income Recognition Policies
Items of income are recognised and included in the accounts when all of the following criteria are met:
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The charity has entitlement to the funds;
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any performance conditions attached to the items of income have been met or are fully within the control of the charity;
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there is sufficient certainty that receipt of the income is considered probable; and
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the amount can be measured reliably.
Interest Receivable
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e) Interest Receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
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f) Fund Accounting
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Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted funds of the Charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for the particular areas of the Charity’s work or for specific projects being undertaken by the Charity.
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g) Expenditure and Irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
KING’S CHURCH (MILTON KEYNES)
NOTES TO THE ACCOUNTS
for the year ended 31st March 2024 (continued)
h) Tangible Fixed Assets
Individual fixed assets costing £1,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on the straight line basis as follows:
Asset Annual Category Rate
Furniture and equipment 20% per annum
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i) Stock Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised in income when the items are sold.
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j) Debtors
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Trade and other debtors are recognised at the settlement amounts due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
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k) 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.
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l) 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.
2. Legal Status of the Charity
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.
- Income from donations
| Gifts and donations Other gifts and income |
2024 £ 89,386 2,255 £91,641 |
2023 £ 61,386 21,615 |
|---|---|---|
| £83,001 |
4. Income from investments
| Rental income Interest |
2024 £ 79,089 246 £79,335 |
2023 £ 83,129 170 |
|---|---|---|
| £83,299 |
KING’S CHURCH (MILTON KEYNES)
NOTES TO THE ACCOUNTS
for the year ended 31st March 2024 (continued)
5. Other income
| Other income | 2024 £ 2,353 £2,353 |
2023 £ - |
|---|---|---|
| £- |
6. Analysis of expenditure on charitable activities
| Ministry support Motor and travel Telephone Gifts and donations Equipment repairs and maintenance Youth and children Stationery, post and advertising Outreach and church events Premises costs and light and heat Property renovation and repairs Insurance Refund rent deposit Sundry Bank charges and interest Loan interest Depreciation Professional fees Accountancy Total Net income/(expenditure) for the year This is stated after charging: Depreciation Loan interest payable Accountancy services |
2024 Total £ 97,237 2,841 3,426 2,427 3,955 - 1,774 9,568 34,924 9,578 6,525 350 3,650 302 12,281 701 668 1,380 £191,587 2024 £ 701 12,281 1,380 |
2023 Total £ 90,774 2,839 2,292 2,790 4,566 258 1,503 11,239 27,249 20,714 6,235 350 2,960 357 8,998 877 627 1,320 |
|---|---|---|
| £185,948 | ||
| 2023 £ 877 8,998 1,320 |
7. Net income/(expenditure) for the year
KING’S CHURCH (MILTON KEYNES)
NOTES TO THE ACCOUNTS
for the year ended 31st March 2024 (continued)
8. Analysis of staff costs and trustee fees
| Salaries and wages Employer contribution to defined contribution pension scheme |
2024 £ 53,659 2,146 £55,805 |
2023 £ 47,306 1,892 |
|---|---|---|
| £49,198 |
No employees had emoluments in excess of £60,000 (2023: Nil).
The charity trustees were paid as follows:
| A Forbes Fees Expenses (detailed below) |
2024 £ 41,000 3,783 £44,783 |
2023 £ 41,000 3,767 |
|---|---|---|
| £44,767 |
During the year under review the trustee, A Forbes, had fuel expenses £1,997 (2023: £2,315), telephone costs of £724 (2023 £618) and travel costs of £630 (2023 £259) paid on his behalf by the charity for expenses incurred in carrying out his work as a pastor for the charity.
The charity also paid for his personal tax work of £432 (2023 £576).
9. Staff numbers
The average monthly number of employees during the year was as follows:
| 2024 | 2023 |
|---|---|
| Number | Number |
| 3 | 2 |
10. Related party transactions
The charity employs a Mr S Forbes, brother of the trustee Mr A Forbes, Mrs L Tocknell, daughter of the trustee Mr A Forbes and Mrs F Clare, wife of the trustee C J Clare. During the year, the charity paid these three related parties a total of £53,659 (2023: £47,306).
During the year under review trustees and close relatives made unrestricted donations totalling £31,700 (2023: £20,349).
11. Corporation tax
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
KING’S CHURCH (MILTON KEYNES)
NOTES TO THE ACCOUNTS
for the year ended 31st March 2024 (continued)
12. Tangible fixed assets
| Cost: As at 1 April 2023 Additions As at 31 March 2024 Depreciation: As at 1 April 2023 Charge for year As at 31 March 2024 Net book value: As at 31 March 2024 As at 31 March 2023 13.Debtors Gift Aid Debtors Prepayments 14.Creditors: amounts falling due within one year Mortgage Accruals 15.Creditors: amounts falling due after more than one year Mortgage |
Freehold Property £ 628,030 - |
Equipment £ 43,940 - 43,940 40,435 701 41,136 £2,804 £3,505 2024 £ 2,425 4,704 2,967 £10,096 2024 £ 4,277 4,752 £9,029 2024 £ 183,614 £183,614 |
Total £ 671,970 - |
|---|---|---|---|
| 628,030 | 671,970 | ||
| - - |
40,435 701 |
||
| - | 41,136 | ||
| £628,030 | £630,834 | ||
| £628,030 | £631,535 | ||
| 2023 £ 3,620 11,213 2,673 £17,506 |
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| 2023 £ 5,906 5,166 £11,072 |
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| 2023 £ 186,262 £186,262 |
KING’S CHURCH (MILTON KEYNES)
NOTES TO THE ACCOUNTS
for the year ended 31st March 2024 (continued)
16. Analysis of net assets between funds
| Tangible fixed assets Cash at bank and in hand Other net current assets/(liabilities) Creditors of more than one year Total |
General Designated Restricted Fund Funds Funds Total £ £ £ £ 630,834 - - 630,834 12,308 8,313 - 20,621 1,067 - - 1,067 (183,614) - - (183,614) |
|---|---|
| £460,595 £8,313 £- £468,908 |
17. Analysis of charitable funds
Analysis of movements in unrestricted funds
| General fund Designated Fund Total |
Balance Incoming Resources Funds 31.03.23 resources expended Transfers 31.03.24 £ £ £ £ £ 455,964 171,074 (188,443) 22,000 460,595 31,202 2,255 (3,144) (22,000) 8,313 |
|---|---|
| £487,166£173,329£(191,587) £- £468,908 |
The designated fund represents the Wesley Building Fund.