Charlty r•9i#trntlon numb•r 1106273 Company reg15tAtlon numb•r 05124435 IEngl*nd and Wal•#l KINGSGATE COMMUNITY CHURCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
KINGSGATE COMMUNITY CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Dlrnctorn and Trust• Or David Smilh (Chairman) Mr Norman Paskin Mr Barry F8alherstone Mr M8tthw Negus Mr Samson Abioye Ms Lydia Qpayinka (Appointed 8 January 2023) Secrntary Mrs SaNy Dufy Multl¥lt• Strt•gy T•4m Dr Dawid Smith Mrs Karen Smith Mr Slmon Deeks rs Sally Oufy Mr Jim Thody Mrs Jasmine Allen Mr Phil fimson Mrs Zi8 Deeks Mr$ Sharon Keogh Mr Simon Benn Charfty numb•r 1106273 Comp•ny numb•r 05124435 Prlnclpal office 2 Slaplee Way Parnwell Pel¢rboroLtgh Llniled lfjngdom PE14YT Audltrr A2el$Audil Serwce$ Westpoint Lychwood Pelerborough Cambrid9e$hire PE2 6FZ Unhed Kingdom Bank•r¥ Allied Irish Bank 61162 The Mall London United Kingdom W5 3TA
KINGSGATE COMMUNITY CHURCH LEGAL AND ADMINISTRATNE INFORMATION Sollcltors Hegarty LLP 48 Broath¥ay Pelerborough Uniled Kingdom PE1 1YW The diredors of the charitable company Ilhe thantyl are 11$ Iru$legs for the purpose of charlty law and throughout this report are collectivoly T¢fvrred to as ils twslees. LJ
KINGSGATE COMMUNITY CHURCH CONTENTS Pag• Trustees. repwt Stal&menl of trustees. respon$ibilities Independont auditorfs report 8-10 Statement of fManrAal aclivities Balance sheo1$ Statemenl of Cash flows 14 Notes to the fin8n(yal Slalemenlo 15-37
KINGSGATE COMMUNITY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financi81 stalernenls lor the year ended 31 December 2023. The financial statements have been prepared in accordan¢e with the a¢¢ounling policies sel out in note 1 to the ffinancial slalements and comply with thè charity's Memoiandurn and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Chaiilies.. Slalement of Recommended Practice applicable to charities pieparing their accounts in acco¥dance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" (as amended for accounting periods commenang from 1 January 20191 Obj•ctiv•s and activitiès The Ob'ectives of The Chari The charity's purposes, as set out in the objects contained in the company's memorandum of assocAation, ale". The adv8n¢emenl of the Christian faith in accordance wrth the doctrine set out in the undewritten Fourth Schedule and the wo¥ship of God in the said county and elsewhere by any means whatsoever including Ibul not by way of limilationl the preaching and proclamation of the Christian gospel, Ihe leaching of the Christian Doctrine and prinaples, the pastoral eare of Christian people 8nd the printing and distribulion ol the Bible and Christian litèrature including video. and audio recordings and by any other media which is, or may becomè, available. 2. The relief of persons who are in Conditions of need. hardship. OT dislress or who are aged or sick. 3. The advancement of education on the basis of Christian principles and. without prejudice. lo the generality of the foregoing, the provision of such education in any educational èstablishment and, if the Trustees so decAde, the provision of one or more charitable educational eslablishmenls for the general education of children and adults on the basi$ of such Christs'an prinoples. Visi nd In 2023. the Slrategic Leaderghip Team of KingsGale Community Church reaffirmed the vision. value5. and strategic prioritie5 of the Church as.. slon: 'Transforming Lives from OLtr Neighbourh¢)ods lo the Nglions by the Power of God's Love.. Valu•s'. Word, Spirit, Worship, Prayer, Fellowship. Di$ciple5hip. Mission, and Stewardship. Strnt¥gi¢ Prioriti•s: In 2023 we continued to focus on our core mission. which as a church is "TRANSFORMING LWES from our neighbourhoods to the nations, by the power of God's love" with an emphasis on being RADICAL DISCIPLES who". Keep on ENCOUNTERING Jesus (Knowing Godl 2. Keep on FOLLOWING Jesus (Living In Freedornl 3. Keep on GRoMnNG logelhei in Jesus (Growing in Communtyl 4. Kegp on MISSION with Jesus (Making a differencel The main activty continues to be teaching via Sunday s•r4ie•s and Lif• Groups both In peY¥on •nd online. Other activities in 2023 included.. Sunday Ser¥lc•s: In-person $etMces lake place every Sunday with two setvice5 being held at KingsGate Pelerborough and sèrvi¢È$ al KingsGalè Cambridge and KingsGale Leicester. Online seNicas continue lo be provided vi8 YouTube and the Church Online platform. Average attendance In 2023 was 1,962 across all in person services. a 29. increase on 2022. LJ
KINGSGATE COMMUNITY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 LifeGroup$.' LrfeGroups continue to be the core way we pa$lorally care for people wrthin th ¢hur¢h family and the main way thèy grow in their discipleship with Jesus. LifeGroups have continued lo meet regularly, either in-person andlor online. and in 2023 we had 1236 adLtlts in LifeGroups. The work on diversifying LrfèGroups has continued with all Campuses working on launching and developing pilot groups which aim lo provide a mid-week community, wrth discipleship al Ils heart. bul with the option of being cenlered around a different locus, other than the Sunday me558ge. We recognise the vital part our volunteer leaders play in providing pastoral support lo those in our church family through LifeGroups. The developmènt of the Leadership Cornrnunily has become an important place for leaders to find input, community and accounlabilily. As we move into 2024. we are now developing a specialist pastoral team who ale able to work alongside LifeGroup leaders to provide more specrfic support tailoied Its the needs of individuals. We are deeply gratelul lo all the leaders for what they do in shepherdjng those under their care. Community Actiori.. The KingsGale Community Actn team is focused on supporting peopl6 who are struggling against poverty and does this through a range of projects that provide pra'Cal support lo address food insecurity. furniture poverty. homelessness, and soual isolation. Durin9 2023. Comrnunity Action projects re¢eived the following donations of food and tsrne.. Foodbank- 103.4 tonnes worth £245,058 Food Pantry- 6.22 lonnes worth £14,741 are Zone- 3.000 furniture items worth approximately £230.000 188 volunteers gavè ovèr 20,000 hours. serwng the projects during 2023. Care Zone, Peterborough" The fLJrnilure bank lakes donations from the public of essential fvrnilure. household goods and clothing and gives Ihem free of charge to families facing fumiture poverty. In 2023, Care Zone provided luiniture for 844 properties and supported 1729 people. Care Zone experienced 23•A inaSe in demand for 5UPPOrt. reflecting a broader rise in people lacing homelessness localty. Foodbank. Peterborough.. Peterborough Foodbank is a partnership of 5 thurches and is part of the Trussell Trust Foodbank neork. The project helps peoplè in erisis by providing three days. emergency food. In 2023. the foodbank distributed 6483 food parcels and processed 108.78 tonnes ol food. The Financial inclusion project funded by Twssell Trust is now embedded into the loodbank and in 2023. the partnership with Citizens Advice Pèlerborough sUPPOrted 867 households and achVed £850,954 income gains. Dèbt Advlcè. Due to staffing challenges, the KingsGate Communty Money Advi¢e Connect Centre operated al ieduced paCIty in 2023. However, desprte this. the team managed lo write off £49,466.21 of dèbt foi 14 htsusehojds. Christmas Harnpers.. KingsGate was part of the national 'Love Christmas. campaign, receiving match funding from the Rewtalise Trust and gave away 2000 hampers 8¢ross all our campuses. KingsGate worked with approximately forty community partners lo ensure th81 the hampers went to families facing dfficultie5 and the leedback from lamFlies was that the harnpers were a mUche1c0Med r•mindei that they are cared for. Food Pantry. Pèttrborough". The food pantry exi51s lo support families struggling against lonlenn food insecurity by providing J¢¢ess lo healthy food al reduced prices, giving dignity, choice, and hope. In 2023, Ihe project expanded to open all day and by the end of the year, 120 lamilies had Joined the food pantry. Communlty Actbon. Cambridge.. A volunteer team from KingsGate Cambridge continue lo run the Tiumpinglon distribution cenlre of Cambridge City Foodbank. KingsGalè Cambridge also partnered with Besom lo run several Besom projects where teams supported local familie5 lacing pressures by undertaking gardening and decorating projects. Youth.. 2023 has been an exciting year across the youth ministy. Friday night gatherings and Sunday prowsion has grown by 25°/ts. Youth Camp grèw by 30°h. with 105 young people attending the annual camp and 75 also attending the Satellites summer Camp. 18 young people were baptised in 2023. The Friday ministry model changèd to incorpoiale the LifeGroup Programme. releasing Tuesday nights to focus on leadership development. The Youth work NOCN level 2 online course was developed through Ihe e-learning plarform, wrth the first cohorl of leaders working through Ihis training. In addition. 13 Youth team have started the wider KingsGate Minislry training, to better support the ministry rwed5 of our young people.
KINGSGATE COMMUNITY CHURCH TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Young Adults." The Young Adults ministry has been si9nifi¢anlty slrenglhened Ihrough new leadershlp in 2023 and has gone from strength to strength. with an In¢851ng sense of communrty and opportunities for encounter. There are 95 young adutts in LifeGroups. Of these, during the year, S4 completed Next Sleps. 17 came into Partnership, 18 got baplised and we trained 11 nèw LG leadtris and have 18 on wider KingsGate Ministry training. Children's Ministry." The Children's minisiry continues to offer both in-person and online resources lo support lamilies helping their children lo encounter God. The leaching program continu8S to mirror main auditorium teaching across all ages. 2023 has been a yèar of significant growth in Kids work and numbeis are now exceeding pre-pandemi¢ levels across all campuses. Much of the fo¢us has been on managing thi8 growth, wrth the nèed to Taise and train team and expand and launch new groups. We have relaunched our Mini Movers Group in Pelerborough which is proving populaw and a good bndging activity lor those with young familie5. The atternalive Halloweèn event 'Lighl Up the Night, was a huge success, along Wrth Family Filrns. We are now seeing families engaging with church who had their first contact through these activities. We have beèn delighted lo expand our group of mith¥eek volunteers who come f8rthfully every week to hèlp us prèpaie and wrrte malerials. Overseas Mission: 2023 has been even more Challenging than 2022 lor our key overseas partners. Bulernbu. in Eswatini continuèd lo fa on90ing issues through the combination of the severe economic challenges created by the pandemic and the ongoing war in Ukraine. 11 anything. conditions have been even more difficurt for the team in Heart for Lebanon as, on the back of rapid inllation and a collapsing economy, they found Ihemselves caught up in the conflict beiween HezbLillah and Israel as a direcr consequèn¢e of the fighting beeen Israel and Hamas. Bolh organisations, however, have proven to be rèmarkably resilient and continue to be grateftjl for our supporl as they hold out hope to thousands of people in their respectrve nations. A$ a iesull of this. our giving last year again went lo help meet Immediate need for things such as food. dc*lhing and sheher. Many childrèn continue lo be sponsored by individuals within lfj'ngsGatÈ through the work of Compassion in many regions of the world. We were also able to respond to global crises by giving financial gifts lo World Vi510n 10 5UPPOrt Iheir work in Sudan and the Middle East. and for Tearfund for relief work in Turkey. 2023 Radleal Dl$cipl¢$ Special Offering In March 2023 we gave inlo'Th8 Church We Seg, Special offering. 85°k of ihe offering raised allowed us to make a one-off payment on the mortgage of £598.931.48. 5°h of the offering went into our body needs fund £34,878.68. Vve additionally transferred 10•A of this offering, into our Mission Fund. This helps to resource our Communty Action projects, as well as resourcing our partnerships with overseas mission piojec15. as detailed above. The trustees have paid due regard to 9uidance issued by tt)e Charty Commission in deadin9 what adivilies the charity should undertake.
KINGSGATE COMMUNITY CHURCH TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnancial revlew Incorne Total income, both roslii¢ted and unrestricted. of £4.79 million was re¢eivèd in 2023. an 18.3Dk increase from 2022 1£4.05 million In 20221. Trading income was £363,286 in 2023, a 48.9ty10 from 2022 {£243.338 in 20221. Total income excjuding Irading income for 2023 was £4.43 million. a 16.3°k increase on 2022 (£3.81 million in 20221. The charity's main income stream is from tithes and offerings given by church members and fegular attendees. In 2023, unr&stricted tithes and offering5 were £2.845.602 which was a 9.44/0 inuease compared lo 2022 (£2,599,602 in 20221. This included £594.355 of unrestricted offènngs rèceived by the Cambridge campus. a 6.3°/o Increase compared to 20221£558,940 in 20221. It also included £87.655 of unrestricted offerings from our Leicester campus, a 0.6°/0 increase comparèd to 20221£87.126 in 20221. Restricted offerings were £958,730, which was a 41.6°/o increase on 20221£677,152 in 20221. Ex enditure Expendrture for the year totalled £3,674,300 {2022 - £3,508.6241 exduding commercial operations in Ihe trading subsidiary. During 2023, salaries (excluding salanes wilhin the commerc¢al operations) accounted lor 48.3'/0 of 2023 expenditure. £1.77 million, cOMpad to 47.8 /0 of 2022 expendilure 1£1.68 million). The chaTrty employs both ministry-based positions. such a5 pastors. children and youth workèrs and ¢ommunily action workers. as well as adminislralion and management staff, all of which wot* under the overall direction of the Strategic Leadership Team. Reserves Policy 11 is the policy of the eharrty lo work towards and then maintain unrèstricted funds. which are the free reserves of the charity, at a level which equates to approximately three months vnreslricted expenditure exduding cèrtain discretionary spend. This would provide sufficient lunds to ¢over $alaiies and building running costs for three months. Unrestricted fvnds ol the charrty were £1.08m on 31$1 December 2023 lexduding interest in land & propertyl. The current reserves level is £6OOk more than the minimum reserves required. The need lor the charity to hold signifJ¢anl reserves is generated by the employment of 57 lull and part lime pemianent employees along with building running cos15 of the KingsGale Pelerborou9h building. It is the charity's policy lo moniloi growlh and income slatistics COl11Y at7d if in¢ome were lo continue to fall significantly, take immediate measures lo minimise risk. The trustees have assessed the major risks the tharty 15 exposed lo and are satisfied that systèms are in place lo miligale exposure lo the major risks. Future Plans In 2024 we will bè continuing lo focus on our core mission, which as a church is'TRANSFORMING LIVES from our neighbourht)ods to the nation5. by Ihe power of God's love. with an emphasis on going BIGGER AND BEYOND with a particular focus on.. Eltective MISSION Strengthening DISCIPLES Developing pioneering LEADERS 11
KINGSGATE COMMUNITY CHURCH TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structurn, governanc• and managem•nt ovemin cum KingsGate Community Church is a ¢ompany limited by Guarantee with no share capital. 11 was incorporated as Petert)orough Community Church on the 11 May 2004 and was registered with the Charity Commission on the same day.11 ¢hanged rts name lo KingsGate Community Church from 1st February 2008. None of the trustees have any beneficial interest in tha ¢ompany. All the twslees are members of ihe company and guarantee lo contribute such amount as may bè iequire(J (nol exceeding £101 to the company's assets in lh¢ evenl of a winding up. King$Gatè Community Church business is conduded under the framework of its govèming mèmorandurn and articles of a5SOCAation. prepared under the Companies Act 1985. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the d*e ol signatur& of the financi81 statements were.. Dr Damd Smith (Chairman) Mr Nomian Paskn'n Mr Barry Featherstone Mr Matthew Negus Mr Samson Abioyè Ms Lydia Opayinka (Appointed 6 January 20231 clors The Iruslees, who have sewved during the year and since the year end, are set out on page 2. Trustees are appointed by the board and each year, one third tsre by rotation and erther new trustees are identified. or previous serving trustees are reappointed. Trustee Induction and Trainin AII twsleas are offered extemal training which will help them lo undertake their roles and responsibilities. None of the trustees has any beneficial inleresl in the company. ol the trustees arè membèrs of the ¢ompany and gu8ranlee lo conlribute £1 in the evenl of a winding up. The board of trusteès meel at least four lirnes a year. Tru51ees ensu that the charity remains solvent, 1$ w$ll- fun, and delivering the charrtable oulcornes lor the benefrt of the public for which it has been set up. The Strategic LÈadeiship Team. which 1$ made up of the Senior Leadership Team and the Multisite Strategy Team. are iÈsponsiblè for the d8y-tO-day running ol the organisalion. Key strategies identthed by thè Sènior Lèadership Team and the Muhisile Slralègy Team are ratified by Trustees before implementation. ed Parties lQngsGate Trading Ltd, a wholly owned subsidiary, was èstsblished on 26th January 21X)7. This subsidiary was incorpofated lo manage the business act4Vities of the ¢harity including the provision of conference facjlities. sale of books and resources. KingsGate Community Church granted a 'licence to use. the building lo KingsGate Trading Ltd who started to hirè out the building from 1st June 2008. KingsGat6 Tradin9 Ltd will be makin9 a dtslribution to the parent company under gift aid of £50.8891£9,374 was given rn 2023 with a further £41.515 in 20241 and also paid a management charge of £36,168 for the trading period 12022 - £3.144 distribution under gift aid. £23.664 management charge). KingsGate Trading Ltd iecorded profil for the year of £84.680 before distribution to the parent company under gift aid12022 a profrt of £42,661).
KINGSGATE COMMUNITY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Auditor In ac¢ordance with the companV8 artides. a resolution proposin9 that A281$Audil S8Ncos be reappoSnted as auditor of the company wim be PLrt al a General Mgeling. Dl$¢lo¥urg of Inforni•tlon to audltor Each of the Iruslees has confimied Ihal there Is no Infomi8lion of which they are aware which is ielevant lo the audit. bul of which Ihg auditor Is unaware. They havo further confirmed that they have taken appropri81& steps lo identify $u¢h r•levanl information and lo e8labli8h that the audstor is awarè of such infomiation. The trustees, report was approvèd by the Board of Tru¥lees. Mr 8*rry F•ath•r•tone Tru$t88 Dated.. 23
KINGSGATE COMMUNITY CHURCH STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, who are also the dlrectors of Kingsgale Communty Church IOT the purpose of company law, are responsible for preparing the Tiuslees, Report and the fjnancial statements in accordance with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prac1. Company Law requires the trustees to prepare financial statements for eaeh financial year which give a true and fair ew of the stale of affairs ol the charity and ol the Incoming resource5 and application of resources, including thè income and expendrfU, of the charilaL4e company for that year. In preparing these ffinancial slalemenls, the trustees are required to.. select suilable aco)unting policies and then apply them )nSiStenI1y". - observe the methods and principles in the Chafrties SORP,. make judgements and eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards have b&&n followed. subject lo any material departufes disdosed and explained in the finanal slalemenls". and prèparè thè financial stslements on the going Concern basis unless il is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounling records thal disclosè with rèasonable accuracy al any lime the financial position of the charty and enable them lo ensure Ihal the finanual statements comply wrth the Companies Act 2006. They are also resptsnsible for safeguarding the a55e15 01 the charity and hence for taking reasonable steps lor the prevention and detection ol fraud and other Irregularilie5. LJ
KINGSGATE COMMUNITY CHURCH INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KINGSGATE COMMUNITY CHURCH Opinion We have aL*dited the accounts of Kingsgale Comrnunily Church Ilhe 'charity'l and it's subsidiary for the year ended 31 December 2023 which compiisè the Group Slalement of Financial Activities. the Group and Parent Charitable Company Balance Sheets. the Group and Parent Charitable Company Cash Flow Statements and the notes lo t a¢counls, iTrcluding a summary of significant accounting poli¢ies. Thè finan¢i81 reporting Iiamewoth Ihat has been applied in their prèparation is applicable law and Unrted Kingdom AG¢ounling Standards, induding Finan¢ial Reporting Standaid 102 The Financial Reporting Slandard appIale in the UK and Repubhc ol Irelan(J (Unrted Kingdom Generally Accepted Accounting Pra¢ti¢el. In our opinion, the finanual $18lemenls'. give a tnje and lair view ol the slate of the Group and Parent charilable companys affairs as al 31 December 2023 and of Ils in¢oming resources and application of resources. for the year then ended.. have been properly prèpared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in a¢cordance with the requirements ofthe Companies Act 2006. B•$i$ for opinion We conducted our audit in 8rdance with Inlemalional Standards on Auditing {UKI IISAS IUK)} and applicablè law. Our rèsponsibilities undei those standards are furiher described in the Audrforfs Trsponsibililies for the aiidil of the financial stètgmenls section of our report. We are indendent ol the charity in accordance with the ethical requirements Ihal are relevant to our audrt 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 btrlieve that the audit evidenc£ we have obtainèd is suffient and appropriate to provide a basis for our opinion. Conclusion$ r•lating to going concern In auditing the financial stataments. we have conduded that Ihe trustees. use of the going nCeM basis of accounting in the préparation of the financial slalements is appropriate. Based on the work we have perfomied. we have nol identified any material uncertalfklies relating to events Of conditions that. individualty or collectively, may cast significant doubl on Ihe charity's abilily to conlinue as a going concern for 8 period ol at least hyelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in Ihe relevant sections of this report. Other Inforniallon The other infomialion comprises the information included in Ihe annual report other than thè financial 51alements and our audrtorfs rèport thereon. The Iru5tees are responsible for the other infom)ation containèd within the annual report. Our opinion on the ffinancial statements does not cover the other information and, except lo Ihe extant othetwise explicitty statèd sn our report. we do not express any fomi of assurance conclusion Ihereon. Our rasponsibility is lo read the olhei infoirnalion and. in doing so, consider whelhgr the other information is materially inconsistent with the financial statements or our knowledge obtained in the couise of the audit, or otherwise appears to be maleiially misstaled. If we identify such material inconsistenciès 01 apparÈnl malerlal mi5Statements, wè arè required lo determine whether this gives rise lo a material misstslemenl in the finanal slatemenls themselves. If. based on the work we have perfomied, we conclude that thei& is a rnalerial mi55taternent of this other infomiab"on, we are required to report that fact. We have nothing to report in this regard. Oplnlons on oth•r mattèrs prnscribed by the Companlos Act 2006 In our opinion. based on the work undertaken in the course of our audrt.. e inforrnation given in the Irustees. report for the finan¢ial year for which the financial slalements are prepared. which includes the directors, report prèparèd for the purposes ol company law. is consistent with the financial statements.. and the diTeclois' report included within the truslees, report has b•en prepared in a¢¢ordan¢e wlh applicable legal requirements. ij
KINGSGATE COMMUNITY CHURCH INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE MEMBERS OF KINGSGATE COMMUNITY CHURCH Matter¥ on whi¢h we are required to report by exG•ption In the Iighl of the knowwge and understanding of the Group and Parenl charitablè company and its environment obtained in the course of Ihe audit, we have not identified material misstatements in the Dire¢tois' Report included within the Tru5tees' Report. We have nothing lo report in respect ol the following matter5 in ielalion to which the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounling re¢ords have not been kept, or returns adequate for our audit have not been received from branche5 not w511ed by us.. or the financial stalement$ are not in agreement with the accounting records and returns., or certain disclosures ol trusteès. MuneratIon spetyfied by law ale not made.. or we have not received all the information and explanations we require for our audit.. or the Iruslees were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Iruslees, ieport and from the requirement Io Prepare a stratègic report. R¢$pon$lbllWe$ ol tru$tse$ As explained more fully in the statemènt ol Iruslees, responsibilrtie5. the Iru51ee5. who are also the directors of the charity for the purposè of ¢ompany law. are responsible for the preparation of the financial statements and for bèing satisfied that they give a truè 8nd lair view. and for such internal control as the trustees determine is nè¢essary lo enablè the preparation of financial slalements that are free from material misstatement. whether due lo fraud OT error. In pieparing the financial stalemenls, the l¥ustees are responsible for assessing the chaiity's ability to continue a5 8 going concem, disclosing, as applicable, matters related to going con¢ern and using the going concern basis ol accounling unless the trvstees either intand to liquidate the ¢h8rilable company or to cease operatr'ons, or have no realistic altèmativè but lo do $0. Auditoe$ responsibilities for th• audit of thg financlal statements Our objectives are to obtain reasonable assurance about whether the finanal slalements as a whole are free from material misstatement, whether due lo fraud or error. and to issue an audito¢5 report that indudes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee thal an audil conducted in a¢¢ordance with ISAS IUKI will always detect a material misslaternent when it exists. Misstatements can arisè from fraud or error and ale considered matenal rf, individually or in the aggregate. they could reasonably b• expacled to influence the economic dec*sions ol users taken on the basis of these financial statements. A further description ol our responsibilities 1$ available on the Financial Reporting Council's website at.. https..11 www.frc.ofg.uklauditorsresponsibilities. This des¢iiplion foms part ol oui audilorfs report.
KINGSGATE COMMUNITY CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF KINGSGATE COMMUNITY CHURCH Extent to which the audit was considerod capable of detectlng Irregularltles. Includlng fraud llregularities. including fraud, are instances of non-compliance with laws and regulations. WÈ design procedures in line with our responsibilities, outlined above and on the Financial Reporting CounrAI's websrte. lo detect material misstatements in rèspect ol irregularities, indudin9 fraud. We obtain and update our understanding of the entity, ils adiwties. its control environment, and likely future developments, incjuding in relation lo the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misslalement of the financial statements. whether duè lo fraud or error. dèsign and perform audit procedures iesponsive lo those risks, and obtain audit èvidence that is sufficient and appropriate lo provide a basis for our opinion. This indudes ¢on$ideralion of the risk of a¢ls by the entity th81 were conlr8ry10 applicable laws and regulations, induding fraud. In response to the risk of irregularities and non•compkance with laws and regulations, induding fraud, we designed procedures which induded.. Enquiry of managemènt and thosè charged wrth governan¢e around actual and potential litigation and daims as well as actual. suspe¢ted and alleged fraud.. Reviewing minutes of rneeling5 of those charged with govemance.. Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity Ihrough enquiry and inspeelr'on,. Reviewing financial stalemenl disclosures and testing to supportin9 documenlatson lo as$e$s compliance with applicable laws and regulations., Perfomiing aL*dit work over the nsk of mana9èmenl bias and override of controls. including testing ol joumal entries and other adjuslmenls for appropnalene55, evaluating the business rationale of significant transactions outside the normal course of bu5ines5 and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is rèmoved from the events and transactions reflected in Ihe financial slatements, as wè will be less likely lo become awa of instances of non-compliance. The risk of not dètecting 3 material misstalemenl resulting frgrn fraud is higher than foi one re5ulling from error. as fraud may involve wllusion, forgery. inlentlonal tsmissions. misrepre5enlalions. or the override of internal control. Use of our report This report is made solely lo Ihe charitsble company'5 rnembers. as a body. in accordance wth Chapter 3 of Part 16 of the Comp8nies Act 2006. Our audit work has been undertaken so that we might state lo the charrtablè ¢omp8ny's mernbers those matters we are required to state to them in an audilorfs report and for no other purpose. To the ftrllesl extent permitted by law, we do not accepl or assume responsibilrty to anyon& 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. Tracey Richardson Bsc (Honsl FCA Isènlor Statutory Audltorl lor and on behalf of Azets Audlt Ser¥5ces /G/2 Chartered Accountants Statutory AudStor Westpoint Lynch Wood Petewborou9h Cambridgèshirè United Kingdom PE2 6FZ Ll 10-
KINGSGATE COMMUNITY CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 urrent financial year Unrestricted Unr•strlct•d R•strictsd funds lunds fund$ 9on¥ral doslgnated 2023 2023 Totsl Total 2023 2023 2022 Notss Intome and èndowm¢nts from: Donations and le9acie$ Charitae activities Other trading activities Other income 2,676,093 109.500 362.286 1,298 1,328,059 4,004.152 315,907 425,407 362,286 1.298 3,277,002 524.648 243.338 7,206 Total income 3,149.177 1,643,966 4,793,143 4,052.194 enditure on- Raising funds 278.417 278.417 201,671 Chanlable 8¢1iwlie$ 2,408.464 246,712 1,019,124 3.674.300 3,508,624 Total •xp•nditurn 2,686.881 246,712 1.019,124 3.952,717 3.710,295 Net incomlng resources bèfor• transf•vs 462.296 1246,7121 624,842 840.426 341,899 Gross transfers betsyeen funds 1345,3481 1,019.679 1674.3311 Net incomellexp•nditur•l for thè yèorl Net movement in funds 116,948 772.967 149,4891 840,426 341.899 Fund balances at 1 January 2023 965,786 7.259,794 1,270.710 9,496,290 9,154.391 Fund l¥ne•S at 31 Dttcember 2023 1,082,734 8,032.761 1,221.221 10,336.716 9,496,290 The statement of financial activities includes all gains and lossès wogniwd in the year. All income and expenditure derive from continuing activrties. The statement of financial aclivltres also Complies with the requirements for an income and èxpènditure accouni under the Compani&s Act 2006. Ll 11
KINGSGATE COMMUNITY CHURCH STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Prior financial year Unrestricted Unrostrlcted RMtrf¢ted funds funds fund$ general designated 2022 2022 Total 2022 2022 Notès Incorne and endowments from: Donations and lega¢ies Charitable aclivities Other trading act+vities Olhef inrne 2,599.849 106.796 243,338 7,206 677,153 3.277.002 417,852 524,648 243,338 7,2 Totsl Incom• 2,957.189 1,095.005 4,052,194 nditurn on.. Raising funds 201,671 201.671 Charitable acliwlies 2,508,451 253,578 746.595 3.508,624 Total èxp8ndlture 2,710,122 253,578 746,595 3,710,295 Net In¢omlng mources before transfers 247,067 1253.5781 348.410 341,899 Gross transfers between funds 1320.741} 612,152 {291.4111 Net in¢om¢llexpenditUTO1 for the yearl N•t movèmènt In fund$ 173.6741 358,574 56,999 341.699 FurKI balances al 1 January 2022 1,039,460 6,901,220 1.213,711 9.154,391 Fund balanc•s at 31 D•c•mb•r 2022 5,786 7.259,794 1.270.710 9,496.290 12
KINGSGATE COMMUNITY CHURCH BALANCE SHEETS AS AT31 DECEMBER 2023 Group 2023 Charity 2023 Group 2022 Charity 2022 Nots$ Flxèd assets Tangible asse15 Investments 16 17 8,246,195 9,143,152 8.372,459 9,266.453 8.246.195 9.143,153 8.372.459 9,266,454 Current assets Stocks Oeblor5 Cash at bank and in hand 19 4,505 168.916 2.463.224 9.872 158,986 2.395,538 115.561 2,439.711 148,945 2,358,930 2,636,645 2,S55,272 2,564,3 2.507.875 Creditors: amounts falling due within one year 21 1546,1241 {508,4661 1606.7241 1575.225} Net culnt assets 2.090.521 2.046.806 1.957.672 1,932,650 Total ass•ts l•ss curr•nt liablliti•s 10,336,716 11.189,959 10,330,131 11,199.104 Cr•dltors: amounts falllng duè aft•r morè than one year 22 1833.8411 1810,4321 Nèt a¥$ets 10.336.716 11.189.959 9.496,290 10,388.672 Incom• funds Restricted funds nre ricte fund Designated funds General unrestricted fvnds 25 1,221,221 1,221,221 1,270,710 1,270,710 26 26 8,032.761 1.082.734 8,929.718 1,039.020 7.259,794 965,786 8,153.788 964.174 10.336.716 11.189.959 9.496.290 10,388,672 Th& financial ststements wèiè appiovtrd by th& board ol direclois and aulhori5ed for issue on are signed on rts bèhaw by". and Mr Barry Featherston& Trustee Compony Rtrgl$tr•tlon No. 05124435 IJ 13-
KINGSGATE COMMUNITY CHURCH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Group 2023 Charlty 2022 Group 2022 Charity Not• C••h 110 from 0ratIng a¢tlvStle• Cash 9onerat8d from op8ralions 32 1,118.438 1.102,124 514.729 Inv•8tlng a¢tlvltle• Pur¢ha$& ol tangible fixed assets Proceeds on disposal of tangible fixed a$sols 1123,4111 1123.4111 1106,0471 {106.04n 1,298 1,298 7,374 7,374 Net calh uwl In Inve•tlng actlvlll•• 1122,113} {122,1131 198.6731 198,6731 Fln•nclng a¢tlvlll•$ Repayfflenl of bank loan$ {928.6391 (899.230} 1505,830) 1505,239 Net cash uud In fln•nclng ctiviii (928.6391 1899,2301 1505.8301 1505,2391 N•t Incr•as•lldKr•as•l In u•h •nd ¢•8h •qulval•nts 67.686 80,781 189,774) 198,8181 Cash and cash equtvalenls at beginning of ygar 2,395,538 2,358,930 2,485,312 2,457.748 Cash and ca•h •qulv•l•nts at •nd of y•ar 2,463.224 2.439,711 2.395,538 2,358.930 LJ 14-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policle8 Chorlty Infomiation Kingsgate Community Church is a private company lirniled by guarantee incorporated in England and Wales. The registered office is 2 Staplee Way. P8mwell. Pelerborough, PE14YT, United Kingdom. 1.1 Accounting convention The accounts have been prepared in accordance wilh the charity's governing document. the Companies Act 2006 and 'Accounting and Reporting by CharilEs." Statement of Recommendèd Practicè applicable to charities preparing their accounts in accordance with the Finan¢ial Report1ng Standard applicable in the UK and Republic ol Ireland IFRS 1021. las amended for accounting periods MMencing from 1 January 20191. The charity is a Publi¢ Benefrt Entjty as defined by FRS 102. The financial stalemenls are prepared in st8rling, which is the functional ¢urren¢y of the charity. Monetary amounts in these financial statements are rounded lo the nearesl £. The aecount$ have been prepared under the historical cost convenlion, modified to include certain iloms at f8ir value. The wincipal aUntIng policies adopted are set out below. 1.2 Group financial $tat•m•nts The finanrial stalemenls consolidale the f&sults of th& charitable company and its subsidiary undertaking KingsGale Trading Limited on a line-by line basis. Intra-group salès and profits 81e eliminated fully on consOlallOn. A separate Slatemenl of Financial A¢tNiti&s and Income and Expenditure Account for the charity has nol been presèntéd bècause the chaiity has taken advantage of the exernplion afforded by section 408 01 the Companies Act 2006. 1.3 Going concern At thè timè of approwng the financial statemen15. Ihe Iruslee5 have a reasonable expeciation that the ¢harty has adequate SoUrceS lo continue in operational existence for the foreseeable future. Thus thè Iruslees continue lo adopl the going concern basis of accounting in preparing the financial statements. 1A Chorltsbl• funds Unrestricted funds arè available for use al the diretIOn of the tn151ee5 in furtherance of their charrtabl8 obpctivès. Designated fvnds - these arè fvnds set aside by the tnJslee5 tyul of unre51ricted general funds for spècffic future purposes or projects. Restricted funds are subject to spècrfic condrtions by donors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes lo the fin8nci81 slalemenls. 1.5 Income Income 15 recognised when the charity is legally enlA18d to il after any perfom)ance conditions have been mel, Ihe amounts can be measured reliably, and it is probable Ihat income will be received. Donated facilities and donated professional services are reryjgnised in income at their fair value when their economic benefrt is probable. rf can be measured reliabty and the charity has control over the item. Fair value 15 determined on the basis of the value of the gift lo the charity. For example the amount thè charity would be willing lo pay in the open market for such facilities and services. A corresponding amount is iecognised in expenditure. No amount is Included in the financial slalemenls for volunteer time in line with th8 SORP IFRS 1021. The chanty benefits from many voluntary hours and undaimed out-ol-pocket expenses contributed by a number of supporters. The charrty is extremely grateful for all these gifts in kind. 15-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles (Contlnuedl The ¢harity ie¢eivtr$ grant$ in respect of ils activities. Income from grants are recognised al fair valuè when the Charity has enlillemenl after any performance conditions have been met, it is probable that the income will received and the amount can be measured reliably. If entidemenl is not met then these amounts are deferred. Income from Irading adivilies is received in exchange for supplying goods and services in order lo raise funds and is recognised when entitlemenl has oc¢urred. Investment income is accounted for in the period in which the charity is enlilled lo r11. 1.6 Exp•nditur• Expenditure is recognised once there is a legal or constructive obligation to transfer e¢onomic benefit to a third party, rt is probable that a transfer of economic benefrts will bè rèquirèd in sètuemènt, and the amount of Ihe obligatson can bg measured reliabty. Expenditure is elassified by a¢tivty. The costs of each aclivrty are made up of the total of direct eosts and Sha(f $1$. induding support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly lo that aclivily. Shared costs which contribute to more than one activity and support costs which are not attributable to a single actiwly are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocat8d on the basis of lime spent, and depreaation charges are allocat•d on the portion ol the a$sÈl'$ use. All expenditure is ac£ounted for on an accruals basis an(J has beèn dassifièd under headings that aggregate all costs related to th& category. Expenditure is recognisèd where the is a lègal or conslruclive obligation to make payments to third part$, il is probable that the settlement will be required and the amount of the obligation ¢an be measured reliabty.11 is calegonsed under the following headings.. Costs ol raising funds, Expenditur& on chantable activities.. and Other expenditure which represents Ih05e items not falling into the categories above. Irre¢overable VAT is charged 8$ an expense sgainsl the activity for which expenditure aros8. Support costs are those that assist the work ol the ¢harity birt do not dire¢lly represent ¢h8rrtable actiwties and indude offtce Costs, govèmance ¢osls and other adrninislr8tive ¢0s15. ere support cosls cannot be dirèctly attributed lo particulai heading5 they have been allocated lo cost of raising funds and expendituro on charitable actiwlies on a basis consislenl with use of the resources. 1.7 TangIb fix•d a8s•ts Tangible fixed assets are initialty mèasurèd al cost and sub$¢quenlly mga$ure<l al cost 01 valualion. nel of depreciation and any impairment lossès. All assets costing more than £250 a caprtalised. No depreciation is piovided on freehold land. Depreciation is recognised so as to wrile off the cost or valuatyon ol assets less their sidual values over their useful lives on the following bases.. Freehold bUdingS Offiee equipment Computer equipment 10A p.a. straight ling 25°A p.a. reduc4ng balance 25'h p.a. slraighl line The gain or loss arising on th& disposal of an asset is detèmsned as the difference between the sale proceeds and the carrying value ol the asset. and 1$ recognise¢J in the statement of finanrial 3ctivities. 16-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Aeeounting poli¢ies IContlnu•dl 1.8 Fixed asset investments A subsidiary is an enlrty controlled by the charty. Control 15 the power lo govem the ffinanaal and opèrating policies of the entity so as to obtain benefits from rts activitses. Investments in subsidiaries are measurèd at cost less impaiimènt. 1.9 Impalmwnt of fix•d a$s•ts Al each reporting end date, the charrty rewews the carying amounts of rts tangible assets to delemine whether there is any indication that thos& assèts have SLrff&rèd an impairm&nt loss. If any su¢h indication exists. the recoverable amount of the asset is estimated in order lo delemine the exlenl of the impairment loss lif any). 1.10 Stocks Stocks are staled at the k*wer ol cost and estimatèd selling price less costs to complètè and sell. Cost includes all costs of purchasè. costs of Conversion and other costs in¢Urd in bnnging Stock lo its present ioeation and condilion. Cost 1$ Calculated using the first in. fir51 out forfflula. Provision is made for damaged, obsolete and slow-moving stock wheTe appropriate. 1.11 Cash and cash •quivalents Cash and cash equivalen15 include cash in hand. deposit5 held at call wilh banks. and other short-tgrm liquid inveslmenls with original malurilies of three months or less. 1.12 Flnanclal Instrum•nts The charity has elected to apply the provisions of Section 11 'Basic Finanaal Instruments, at)d Section 12 'Other Finanual Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognisèd in the ¢harity's balance sheet when the charity becomes party lo Ihe contractual provisions ol the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements. wh&n there is a legally enlorceable right to set off the recognised amounts and there is an intention to settlè on a nel ba51s or lo realise the asset and setue the liability simultaneously. Basle flnanclalass•ts Basic financial assets, which include debtors and cash and bank balances, are initialty mèasured al transaction price including transaction costs and are subsequentty carried at amortised co$1 using the effective interest method unless the arrangement constittjtes a financing transaction, whèrè tha transaction is measured at the present value of the future receipts diseounted at a markel ratè ol intèrest. Financial assets dassiffied as receivabl& within on¢ y&ar are not amortised. Ba$1¢ flnan¢lalllabllltles Basie financial liabilitiès, including ¢d((Or$ and bank loans arè rnitially re¢ognised al transaction price unless the arrangèmènt eonslilules a financing transaction, where the debt inslwtnenl is Tneasured al the present value of the lulure payments discounted al a rnarkel rale of intere51. Financial liabilities classified as payable wilhsn one year are not amortised. Debl instruments are subsequently carried al amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acqLtired in the ordinary course of operations from suppliers. Amounts payable ale dassified as current liabilities rf payment is duè within one year or less. If not, they are presented as non-ojrrent liabilities. Trade creditors are COgnised in(tially at transaction price and subs8quenlly measured at amortised cost using the effective interest method. 17
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEAIBER 2023 A¢¢ountin9 poli¢les IContlnu•dl Derecognition of financial liabilllies Financial liabilities are derecogni5ed when the charity's contractual obligations expire or are dis¢h8rgeil cancelled. 1.13 Taxation The charity is ari exempt charity within the meaning of schedule 3 of the Chanties A¢t 2011 and is considered to pass the tests sel out in Paragraph I Schedule 6 Finance Ad 2010 and Ihereloie il rneels the definition of charitable company for UK ¢orporalion tsx purpose$. 1.14 Prov•sions Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event. il is probable Ihal the charity will be required lo settle that obligation and a reliable astimale Can be made of the amount of the obligalion. The amunl recognisèd as a provision is tho b&st èstimatè of the consideration qUired lo settle the present obligation at the reporting end date, taking Into a¢¢ounl the risks and uncertainties surrounding the obligation. ere the effect of the lime value ol rnoney is material. the amount expected lo be required to settle the oblig81ion is recogni5ed al pTesenl value. When a prowsion is measufed at PTesenl value, the unwinding of the discount is iecognised as a finance cosl in nel incomellexpendilurel in Ihe period in which it arises. 1.1S Employ•• b•noffts The cost of any unused holiday entitlement is recognised in the period in which the employée's service5 are reived. Tem)ination benefrts are reeognisèd immediatety as an expensè when the charity 1$ demonstrabty commthed lo lemiinate th& employment of an employee or lo provide lemiin81ion ben&fit5. 1.16 Leases Rentals payable under operating leases. including any lease incentives feceived. are charged as an expense on a sliaighl line basis over the lerrll of the Televant lease. Critical accounting estimat•s and judg•m•nts In the applicatitsn of the charrty's accounting policies, the Iruslees are requ&red to make judgements, eslimates and assumptions about the ¢arrying 8mounl of assets and Iiabililies that are not readily apparent from othe sour¢e$. The esbrnales and associated assumptions are based on historical experience and olher factors that are considered to be relevant. Actual results may differ from these eslimales. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions lo a¢coLtnltn9 estimales are recognised in the period in which the estimate is revised where the revision a¢15 only that period, or in Ihe period of Ihe revision and future periods where the revision affect$ both current and future periods. 18-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and1oga¢ie Unrestrictèd R•strletèd funds funds Totsl 2023 Total 2022 Gifts and offerings Covenants and gift aid Income tax repayments Giants Tecewed 757,507 1,476.154 442.432 245,850 1,003,357 766,084 2,242.238 141.988 584,420 174,137 174,137 685,603 1,992,391 503.399 95,609 For th• y•ar •nd•d 31 D¢¢•mber 2023 2,676,093 1.328,059 4,004.152 3,277,002 For th• y•4r ended 31 Oecember 2022 2,599.849 677.153 3.277,002 The chanty benefits from a number of voluntary hours, undaimed out-ol-pocket &xp•nses and grfts in kind contributed by a number of supporters which ale not accounted for. The charity is extremely grateful for all these gifts in kind. Grnnts ro¢•ivable for core activities Peterborough City Counal The Trussell Trust Church Reiritalisation Trust Other 71,569 92,140 10.CM)O 428 71,569 92,140 10,OQO 428 13,619 51,750 10.500 19,740 174,137 174,137 95,609 Charitablè aetlvltles 2023 2022 Courses and event5 Foodbank income Community action income LeaiTTring cornmunities Miscellaneous income 46,632 96,370 43.167 219.537 19.701 32,250 132,101 22.843 311.837 25,617 425,407 524.648 Analysls by fund Unrestricted funds Reslri¢led funds 709.51)0 315,907 106.796 417.852 425,407 524.648 19-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Oth•r tradlng actlvlil•• 2023 2022 CommeKi81 operations in tr8ding subsidiary 362,286 243,338 Oth•r Incom• Unmtri¢t•d Unrutrlet•d nd8 fund• gon•r•l genornl 2023 2022 Ng19ain on disposal of tangiblg fixod assgt$ 1.298 7,206 Islng lund¥ 2023 2022 Commer¢lal operallons In Iradlng subsidLgry Staff costs Dir8ct costs Administrative expenses 164,134 96,9CKJ 17.383 130,379 48,272 23.020 278.417 201.671 -20.
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Char5table actlvltles 2023 2022 Staff costs Depierjalion Outreach and CommunityA¢lion Sunday Experience and Conne¢t Pastoral Care Equip and Leadership Development Ove15eas Mjssion Fa¢ililies 1,773.247 246,712 407.117 259,289 170,940 296,585 109.922 281.591 1,678,691 253.578 323,250 264.231 146.801 293,090 122,957 301,712 3.545,403 3.384,310 Share of support costs Isee note 9) Share of governance c051s Isee note 91 117,607 11.290 112,499 11,815 3,674,300 3.508.624 Analysis by fund Unrestncled funds Unrestricted funds- designat8d Reslricted funds 2.408.464 246,712 1,019,124 2.508.451 253.578 746,595 3.674.300 3.508.624 Support ¢osts Support Goveman¢• ¢o$ts ¢o¥ts 2023 2022 Office costs Printing, postage and stationery Photocopying Audrt and a¢¢ountancy fees 105.072 5,133 7.402 105,072 5.133 7,402 11.290 102,580 3.282 6,637 71,815 11.290 117,607 11,290 128,897 124,314 10 Trustee8 Trustees, remuneration is pem)itted under certain limited cireumstanees, if paid as an employee, iJndÈr the terms of the charity's governing documènt. During the yèar, remunèration was paid to one Trustèe arn(iunting to £79,21212022 - £79,046). Employèr pension Contribut5 lor this Tru$l¢e wtrrtr £12,621 {2022 - £7,406). No Twslees waived any iemuneralion. ij One Tru$lee12022- one) is accruing pension arr8ngement$. 21
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Tru¥tg•• (Continu•dl During the year Iruslees received reimbursement of expenses amounting lo £872 12022 one trustee recelved £440) of whlch £412022- £niD was outstanding al the year end and induded within trade cr8drtors. 11 Audltorfs v•mun•r•tton The analysls of audtto¢$ remuneralion18 as follows.. 2023 2022 Audit of the charty$ annual acrAwr 7,795 7.250 Oth•r servl¢o• to the group - th8 audit of lh• subsidiary 2,950 2,750 Total audlt f••• 10,745 10,C<KJ Non•audlt ¥•r¥l¢ All other nonthaudil seN1r- charity l other non-audil seNices- subsidiary 3.495 1,2(x) 3,250 1,100 Totsl non4udlt f• 4.695 4.350 t2 Surplu• for th• fln•n¢l•l y•ar AS permitted by section 408 of the Comp4ni8s Act 20C6, th8 holding company's surplus has not beon induded in these financial statements. The surplus for the financAal year is made up as follows.. 2023 2022 Hokiing o)mpanls gross Income for the financlal yeai 4,476,399 3.835.664 Holdlng MpanY'S surplus for the finan¢i¥l year 801,287 326.185 22-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Commerc5al operatTrons In tradlng substdlary The wholly owned trading subsidiary. KingsGale Trading Limited. which is incorporated in England and Wales, pay5 a proportion of ils profit5 to the charity by gift aid. KingsGate Trading Limited operates the resources ntre and room hire al KingsGale Community Church. The charity owns the entire issued share capital of 1 ordinary share at £1 each. A summary of the trading results is shown below. 2023 2022 King$Gat• Tradlng Limit•d Prnfit & Los$ A¢¢ount Turnover Cost of sales Administration costs Other income and interest reeeived Interesl payable 361.728 1261.0341 117.5771 619 14541 242,742 1181.795} 115,618} 15391 Nel profit Add.. sales rnade to charity Less.. management charges pa to charity 83.282 812 136,168) 45,386 123.6641 47,928 19,3741 22,716 13.1441 Ch'vid8nd paid to charity 38.552 587 19,572 (3,7191 Tax on loss on ordinary a¢twilies Retained in the subsidiary 39,139 15,853 2023 2022 KlngsGate Tradlng Llm5ted Balance Sheet Fixed assets Current assets Current Isabililie$ Long temi liabilities 7,717 106,428 162,713} 10.680 103,629 178.8071 123.409} Totsl nel assets 57.432 12,293 A99reg8le share caprt81 and reserves 51.432 12,293 14 Taxation The charty is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxalion of Chargeable Gains Act 1992 to the extent that these are applied lo its charitabla objects. -23-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 16 Employ•e• Numbor olemploy• The average monthty number of employeets during the year was.. 2023 Number 2022 Number Kin9sGate Cornmunty Churd) KingsGale Trading Limited 57 15 20 74 Employm•nt costs 2023 2023 Charfty Sub•ldl•ry 2023 Group 2022 Group Wages and salaries Soaal security ¢o$ls Other pension costs 1,552,640 146,259 74.348 152,169 8,129 3,836 1,704,809 154.388 78,184 1,588,495 149,788 70.787 1,773,247 164,134 1,937.381 1,809,070 The number of employees whose annual remuneratlon wa8 £80,CM)O or more w•r8'. 2023 Number 2022 Numbw £60.001- £70,CM)o £70,001 . £80.IJOO The above employees participated in th& penslon stheme. During thè year 8nded 31 Oecember 2023. pension ntributionS for these employe& amounted lo £18,098 {2022- £7,406). -24-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEAIBER 2023 16 Tanglbl• Ilx•d ass•ts GIOUP Freehold Plant and land and equipment bu51dings Total Cost Al 1 January 2023 Additions 8,951,827 9,801.846 123,411 10.753,673 123.411 At 31 December 2023 8.951.827 1,925.257 10,877.084 Depreciation At 1 January 2023 Depreciation charged in the year 1,099,570 1,281,644 83,871 165,804 2.381.214 249,675 At 31 December 2023 1.183.441 1.447.448 2,630,889 Carrying amourit At 31 December 2023 7,768.386 477.809 8,246,195 At 31 December 2022 7,852,257 520.202 8.372.459 Charlty Freehold Plant and land and aqulpmgnt bulldlngs Totsl Cost Al 1 January 2023 Addrtions 9.856.501 1.722.349 123.411 11,578,850 123.411 At 31 December 2023 9.856.501 1,845.760 11.702,261 Dèpr•ciation Al 1 January 2023 Depieci8lion chaige<l in the year 1.099.570 1,212.827 83.871 162.841 2,312,397 246.712 Al 31 December 2023 1,183,441 1,375,668 2,559,109 Carylng amount Al 31 December 2023 8.673,Q60 470,092 9,143,152 Al 31 December 2022 8.756,931 509,522 9.266.453 All asset$ are used for dI¢t charitablè purpts$e$. Induded within land and buildings is an amount of £1.472,00012022- £1.472,0001 in Spect of18nd which is not depre¢ialed. 25-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2023 17 Flxéd asset Investsnents Inv•stmènt in $ub$ldl#riè$ Group Cost or valuation At 1 January 2023 & 31 Decernber 2023 Charrty Cost or valuation Al 1 January 2023 & 31 December 2023 The investment represents 8 100OA sh81eholding in King$Gale Trading Limited, a Company incorporated in England and Wales. For details of the principal activty and results for the year. see note 13. 18 Finantlal Instrumènts Group 2023 Charfty 2023 Group 2022 Charty 2022 Carrying amount of financl41 a¥sets Trade debtors Other debtors Amounts due from subsidiary undertakings Bank and $h Fixed asset investmènts 59,045 1,523 20,056 1.523 74,564 4,299 24.523 4,299 47,108 2,358.930 2.483.224 2.439.711 2,395.538 Measured al cost 2.523.792 2,461.291 2.474.401 2.434,861 Carying amount of financial liabilities Trade creditors Accruals Bank loans 44.859 1fj4.897 230,347 40.347 158.007 230,347 41,058 81.319 1,158,986 35,463 77.481 1,129,577 Measured al cost 440.103 428.701 1.281.363 1.242,521 19 Stocks 2023 Group 2023 coMnY 2022 Group 2022 Company Finished goods and goods for rèsalÈ 4,505 9.872 26-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 D•btors 2023 Group 2023 Charity 2022 Group 2022 Charfty Afflounts falling due within on• y•ar. Trade debtors Income lax recovèrable Amounts due from subsidiary undertakings Olhei debtors PpayMents and acerued income 59,045 46,773 20,056 46,773 74,564 38.566 24,523 38.566 47,108 4,299 34,449 t,523 55,814 1.523 47,209 4,299 36.383 163.155 5,761 115,561 153.812 5,174 148.945 Deferred tax assel 168,916 115,561 158,986 148,945 21 CY•dltors: amounts falling du• within on¢ y¢ar 2023 Group 2023 Charfty 2022 Group 2022 Charlty Notss Bank loans Other laxalion and social security Deferred in¢ome Trade creditors Amounts due to subsidiary undertakings Olhef creditors Accruals 23 230,347 50,806 18,588 44.859 230,347 37,729 3.750 42.347 2.390 35,896 156,007 325,145 46.932 78,200 41,058 319,145 39,208 70,699 35,463 36,627 164.897 34.070 81,319 33,229 77,481 546,124 508.466 606,724 575,225 Deferred income for Ihe charity is income received for Learnin9 Communtties that ielales lo the year ended 31 December 2023. Additional deferred income for the group rglales lo deposits for room hire bookings reiVed in advance. 22 Cr•ditorn.' amounts fa115ng due aft•r morn than on• y•ar 2023 Group 2023 Charity 2022 Group 2022 Charity Notss Bank loans 23 833,841 810,432 -27-
COMMUNITY CHURCH FINANCIAL STATEMENTS (CONTINUED) I ENDED 31 DECEMBER 2023 erdrafts 2023 Group 2023 Charity 2022 Group 2022 Charity 230,347 230.347 1,158,986 1,129,577 one yèar ne year 230,347 230.347 325,145 833.841 319,145 810.432 Ik b¢xrowin9s are sewred over the assets of thè group. After the year end the loan was paid labilities 2023 Group 2023 Charity 2022 Group 2022 Charity ion 5,761 5,174 2023 nuary 2023 {5,1741 {5871 at 31 December 2023 {5,7611 x asset set OLrt above is expected to reverse within the foreseeable futur8 and ielates to the 10$5es against future expected profrts of the same p&riod. -28-
y r in ¢D * ro tsrOLrJ ¢DNIOrO¢o moc (• tr) Ir>00 Off&0 (ry¢J) 0> Or ¢D O P) rifir Vr Lr) o 00 Y CQ ¢7) ¢DerJ (¢? Ll (D2 (n CL ¢NLI(L C) LJ
uj lLCLUu
N ¢0 (No f4 GJ iNo Lri t£$ * 14N¢D ¢J)
I I I I
IN ¢ryrO< 111- m¢ )mm 4 c 40 (Y 7J C 111- r ¢0 {• v)
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 29 Control No one indiwdual has overall control of the charity. 30 Operating lease commitments Group and charlty At the reporting end date the charity had outstanding commitments fof future minimum lease payments uniler non-cancellable operating Jeasgs, whh lall due as follows.. 2023 2022 Within one year Befvffen two and five yeaTs 35,985 22.710 39,762 58,695 58,695 98,457 31 R•lat•d party transactions Remunèration of kèy manay•m•nt personnel The total amount ol employee benefits lineluding employefs pènsion contributions) feceNed by key management personnel is £504.34912022 £478,478). The charity ¢onsiders Ils key management personnel ¢omprises tsf the mèmbers of the Multisile Strategy team. Tfansactions with related parties During the year management Charges of £36.168 12022 - £23.6641 were charged lo KingsGale Trading Limited. a substdiary company. Wages costs are recharged between the Charity and Ils subsidiary, resulling in nel income lo the Charity of £15,79412022 - net income of £18.0901. A gift aided donation of £9,37412022 - £3.1441 was also received from KingsGale Trading Limited with a further £41,51512022 - £nill to be paid after the year end. Induded within creditors is £2,390 due to KingsGale Trading Limited12022 - includèd in othèr debtors is £47.108 due from KingsGate Trading Limited) Donations of £111,125 {2022- £90,220} were received during the year from sevèn Twstees or Diredofs of the Subslary eompany12022- eight). No conditions were attached to Ihese donations. Duiing a prior year the charity had an 8ftangemenl with a third party lo ueale videos based on a book authored by D Srnilh. a Iruslee, Many ¢hurche5 and individuals beneffitted frorn the videos, as did KingsGate. The creation ol the vide05 piomoled books sales and therefore rnay have impacted on royatties earned by D Smith. bul it is not possible lo quantify the effect. A proportion ol royalties from Ihe book eamed by D Smrth will be gifted back to the project and the church will receive an equal share of any surplus generated fiom deo sales over and above costs incurred. 36-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 32 Cash gen¢r*ted from operations 2023 Group 2023 Charity 2022 Group 2022 Charlty Surplus for the year 840,426 801,287 341,899 326,046 Adju$tmenls for.. Gain on disposal of tangible fixed assets Depreciation of tangible fixed assets 11,298) 249,675 11,2981 246.712 17,2061 257.140 17.3741 253,578 Mtsvemènts in working capital". Decrease in stod(s Ilncreaselldecrease in debtors IDecreasel in creditor5 5.367 19,9301 34,198 4.670 163,5821 {18,1921 33,384 22,039 140.9591 126.1971 Ca$h g•n•rat•d from op•ratlons 1.118.438 1,102.124 514.729 505,094 33 Analysi$ of ¢hJng•$ in n•t fvnd$ Group At 1 January Z023 C88h flo Ai 31 D¢¢•rnb•r 2023 Cash al bank and in hand 2,395,538 67,686 2,463,224 Loans falling due within olle year Loans fallin9 due after more than one year {325,1451 1833.8411 94.798 833,841 1230,3471 1,236,552 996.325 2,232,877 Charity At 1 January 2023 cash Ilows At 31 Doc•mb•r 2023 Cash at bank and in hand 2,358,930 80,781 2.439,711 2.358.930 80.781 2,439.711 Loans laling due within one yèar Loans falling due aftèr more than one yèar 1319.1451 1810,4321 88.798 810,432 1230,347 1.229.353 980.011 2,209.364 37-
KINGSGATE COMMUNITY CHURCH MANAGEMENT INFORMATION - CHURCH ONLY FOR THE YEAR ENDED 31 DECEMBER 2023
KINGSGATE COMMUNITY CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEldBER 2023 Unrestricted Unr8Strictsd R•stri¢t•d funds funds funds 9on¢ral designated Total 2023 Total 2022 Not•$ Income and endowments from: Donations and le93¢ies Charitable actiwties Other trading activrties Other income 2.862,691 183,834 1429,8341 1,298 1,328,059 315.907 4.190,750 3.427.669 499,741 589,632 1429.8341 1472,1261 1.298 7,206 Total In¢ome 2.617,989 1,643,966 4.261,955 3,552,381 Ex nditure on: Raising funds 1262,1101 1262,1101 1310.6021 Charitablè acttvilies 2.414.247 246.712 1,019.124 3,680.083 3,517,683 Total expenditure 2,152,137 246,712 1,019.124 3,417,973 3.207.081 M•t incomrng r•$our¢•$ bèfor• tran$fèr¥ 465.852 1246.7121 624,842 843,982 345,300 Gross transfer5 betsyeen fvnds (349,1511 1,023,482 1674.3311 Not incomell•Xnditurn1 for th• yearl Net movement in funds 116,701 776,770 {49.4891 843.982 345,300 Fund balanees at 1 January 2023 945,533 8,150.551 1,270,710 10.366,794 10,021,494 Fund balances at 31 Dgc•mbgr 2023 1,062,234 8,927,321 1,221,221 11,210,776 10.366,794 The statemenl ol financial activities includes all gains and losses recognisèd in the year. All income and èxpenditurè dèrivè from continuing activities. The statemernl ol financial actiwties 8150 complies wilh Ihe requirements for an income and expenditure account under the Companiès Acl 2006.