**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**
- 1-2. Report of the Directors and General Information
3. Independent Examiner’s Report to the Directors
4. Statement of Financial Activities
5. Balance Sheet
- 6-11. Notes to the Accounts
**Registered in England and Wales No: 5014713**
1.
## **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:
- a) The advancement of the Christian faith in the UK and overseas.
- b) To relieve persons in conditions of need, hardship and who are aged or sick.
- c) To advance education in accordance with Christian principles.
- 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)**
2.
## **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:
1. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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)**
4.
## **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|
|||£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
5.
## **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|
|||£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
6.
**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:
- The charity has entitlement to the funds;
- any performance conditions attached to the items of income have been met or are fully within the control of the charity;
- there is sufficient certainty that receipt of the income is considered probable; and
- the amount can be measured reliably.
## **Interest Receivable**
- 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.
- f) **Fund Accounting**
- 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.
- 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)**
7.
## **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
- 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.
- j) **Debtors**
- 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.
- 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.
- 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.
3. **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)**
8.
## **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**
9.
## **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)**
10.
## **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|
||||2023
£
5,906
5,166
£11,072|
||||2023
£
186,262
£186,262|
**KING’S CHURCH (MILTON KEYNES)**
11.
## **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.