Charlty reglstration number 1106273 Company registration number 05124435 (England and Wales) KINGSGATE COMMUNITY CHURCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
KINGSGATE COMMUNITY CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Directors and Trustees Dr David Smith (Chaimian) Mr Norman Paskin Mr Barry Featherstone Mr Matthew Negus Mr Samson Abioye Ms Lydia Opayinka Secretary Mrs Sally Duffy Multisite Stratsgy Team Dr David Smith Mrs Karen Smith Mr Simon Deeks Mrs Sally Dufy Mr Jim Thody Mrs JasmineAllen Mr Phil Tim50n Mrs Zia Deeks Mrs Sharon Keogh Mr Simon Benn Charity number 1106273 Company number 05124435 Principal offlce 2 Staplee Way Pamwell Peterborough United Kingdom PE14 Auditor Azets Audit Services Westpoint Lychwood Peterborough Cambridgeshire PE2 6FZ United Kingdom Bankers Bardays Bank PLC Leicester United Kingdom LE87 2BB Solicltors Duncan A Pickering 4 Southfields Boume Lincolnshire United Kingdom PE10 gTZ The directors of the charrtable company (the charity) are its trustees for the purpose of charty law and throughout this report are collectively referred to 8S Its trustees.
KINGSGATE COMMUNITY CHURCH CONTENTS Page Trustees. report Independent auditor's report 8-10 Statement of financial activrties Balance sheets 13 ststement of cash flows 14 Notes to the financial statements 15-37
KINGSGATE COMMUNITY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting poliues set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and 'Accounting and Reporb'ng by Charities: Statement of Recommended Practice applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK arKI Republic of Ireland (FRS 102)° (as amended for accounting periods commencing from 1 January 2019) Objectlves and activities The Ob ectives of The Chari The charity's purposes, as set out in the objects contained in the company's memorandum of association, are.. 1. The advancement of the Christian faith in accordance with the doctrine set out in the underwritten Fourth Schedule and the worship of God in the said county and elsewhere by any means whatsoever including (but not by way of limitation} the preaching and proclamation of the Christian gospel, the teaching of the Christian Doctrine and principles, the pastoral care of Christian people and the printing and distribution of the Bible and Christian literature including video, and audio recordings and by any other media which 15, or may become, available. 2. The relief of persons who are in conditions of need, hardship, or distress or who are aged or sick. 3. The advancement of education on the basis of Christian principles and, without prejudice. to the generalty of the foregoing, the provision of such education in any educational establishment and, rf the Trustees so decide, the provision of one or more charitable educational establishments for the general education of children and adults on the basis of such Christian principles. 2024 Valu rioritie In 2024, the Strategic Leadership Team of KingsGate Community Church reaffirmed the vision, values, and strategic priorities of the Church as.. Vision: Trdnsforming Lives from our Neighbourhoods to the Nations by the Power of God's Love,. Values: Word, Spirit, Worship. Prayer, Fellowship, Discipleship, Mission, and Stewardship. Strategic Prlorities: In 2024 we continued to focus on our core mission, which as a church is "TRANSFORMING LIVES from wr neighbourhoods to the nations, by the power of God's love. with an emphasis on being RADICAL DISCIPLES who: 1. Keep on ENCOUNTERING Jesus (Knowing God) 2. Keep on FOLLOWING Jesus (Living in Freedom) 3. Keep on GROWING together in Jesus (Growing in Community) 4. Keep on MISSION with Jesus (Making a difference) 2024 A ivities.. The main activity continues to be teaching via Sunday servlces and Life Groups both in person and online. other activtties in 2024 included: Sunday Servlces In-person service5 tske place every Sunday, with two services held at KingsGate Peterborough and additional services at KingsGate Cambridge and KingsGate Leicester. Online services continue to be provided via YouTube and the Church Online plattom. In 2024, the average attendance across all in-person ServIS was 2,267, marking a 160A increase from 2023, which had an average attendan of 1,962.
KINGSGATE COMMUNITY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 LifeGroups LifeGroups had a particularly fruitful year in 2024 as we continued to create more opportunities for people to be cared for and discipled. By the end of 2024, 1,388 adults were actively engaged in LifeGroups. One of our key strategic initiatives across all campuses was maximizing the ALIVE 'Big Idea, ¢ampsign post-Easter. As part of this initiative, the Peterborough Campus piloted in-person and online Central Groups, designed to facilitate small group discipleship within a larger setting. The pilot proved SucsSfUl, and we plan to implement Central Groups again in 2025. Another major focus was enhancing our group leader pathway by identifying and equipping new leaders through our discipleship pathway, specifically among new KingsGate Partners. This approach enabled around 25 individuals to take their first leadership steps and begin leading new groups. We remain deeply grateful to all our pastoral leaders for their dedication and commitment to shepherding those in their care. Communlty Actlon A5 a church we are dedicated to supporting individuals and families struggling with poverty through a variety of impactful projects. These initiatives provide practical assistance to address food insecurity, furniture poverty, homelessness, and social isolation. Using 8 holistic approach called °Crisis Cause - Care," we offer comprehensive support to families. This approach not only provides emergency assistance for essential items such as food and furniture but also helps families tackle the root causes of their crises. By offering access to high-quality information and advice through the KingsGate Debt Advi project and our partnership with Citizens Advice Peterborough, we empower families to overcome their challenges and achieve long-term stabilty. A few of our projects.. Care Zone, Peterborough.. The Care Zone furniture bank accepts donations of essential furniture, household goods, and clothing and provides them free of charge to families experiencing furniture poverty. In 2024, Care Zone furnished 874 properties and supported 1,729 individuals. A total of 3,607 furniture items, valued at approximately £270,000, were distributed. Foodbank, Petèrborough: Peterborough Foodbank, a partnership of five churches and part of the Trussell Foodbank network, assists people in crisis by providing three days, worth of emergency food. In 2024, the foodbank distributed 6,307 food parcels and processed 127 tonnes of food, valued at £354,183. The Financial Inclusion Project, funded by Trussell, was expanded to include a debt advice role. In partnership with Citizens Advice Peterl)orough. the project supported 738 households and achieved £974,356 in income gains for families by addressing 3,854 issues. Debt Advlce: In 2024, a Debt Advice C¢>ordinator was appointed with an initial focus on rebuilding the team's capacity. In September 2024, 8 client café was launched at KingsGate in partnership with Citizens Advice Peterborough to provide face-to-face support for 21 families facing unmanageable debts. By the end of 2024, the debt advice team, consisting of 10 active Money Mentors, had helped families write off £42,000 of debt. Chrlstmas Hampers: KingsGate participated in the national 'Love Christmas, campaign. receiving match funding from the Revitalise Trust. Across all campuses, 2,679 hampers were distributed. KingsGate collaborated with sixty-six community p8rtners to ensure the hampers reached families in need. Feedh9ck from recipients indicated that the hampers were a much-welcome reminder that they are cared for. Food Pantryy Peterborough.. The food pantry supports families struggling with long-term food insecurity by providing access to healthy food at reduced prices, offering dignity, choice, and hope. By the end cl 2024, 93 families were regularly attending the project. Throughout the year, there were 2,818 visits, and 42,270 meals were distributed. Many families attending the pantry had relocated from other local authorities in the UK and found themselves in a new city without support networks or local knowledge of available assistance. For these families, the food pantry has become a vital support system, offering friendship and signposting to other services. Communlty Actlon, Cambrldge.. A volunteer team from KingsGate Cambridge continues to wn the Trumpington distribution centre of Cambridge City Foodbank. Additionally, KingsGate Cambridge partnered th Besom to undertake several Projects, where teams supported local families facing pressures by providing gardening and decorating services.
KINGSGATE COMMUNITY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Youth 2024 has been an incredible year of growth for our youth programs. Friday Night gatherings have seen an unprecedented 70Yo increase in attendan, with average weekly attendance of 169 young people every Friday night. We also hosted an Illuminate schools tour week, which saw over 600 young people attend the fnal night. Our Sunday provision has also grown by 19%, with a culture that is incomparable to previous years. This growth is largely attributed to the sucsS of our Friday night gatherings and the launch of the Young Leaders Community, where 45 young people meet every Tuesday evening. The Satellites summer festival saw 117 young people attending, a 64% increase. Our youth camp also saw significant growth. Additionally. we celebrated the bapts.sm of 32 young people, marking a significant milestone in their spiritual journeys. Young Adults In 2024, our Young Adult programs have experienced exciting growth and development. The average WklY attendance has increased by 290A, and YA LifeGroups have multiplied. with 151 young adults now participating in weekly LifeGroups. This year also saw the completion of two Young Adult leadership huddles. where 16 Young Adult leaders were mentored and developed. We welcomed 12 Young Adults into partnership, celebrated the baptism of 18 individuals, and developed 5 new LifeGroup and Assistsnt LifeGroup Leaders across our 10 Young Adult LifeGroups. The Young Adults community is vibrant and meets weekly, hosting new regular evangelistic nights, worship nights, and social evt$ throughout the year. Chlldren's Ministry 2024 saw significant growth across all campuses, with record attendance figures for children. In Peterborough, rapid growth required a specific plan, involving group relocations to ensure sufficient space and a successful recruitment drive brought in many new team members, helping accommodate the rising number of children. Our message, "Anytime, Anywhere, Anybody can be a KingsGate Kid," is reinforced by our online presence and YouTube content, ensuring children don't miss out if they can't attend church. Teaching mirrors mainstsge ntent, fostering family discussions at home. Our kids feel integrated into the whole church. We lebrated the success of the Children's Touching Heaven event, which empowered chIldn during our church prayer season. Our altemative Halloween outreach saw nearly 1,000 attendees, with many responding to the gospel. Outreach at the Peterborough campus is developing, with regular assembly slots and school visits. The Earfy Years Team's Mini Movers group is fully booked weekly. and the team is seeking guidance for expansion. Overseas Mlssion IAÈ have continued to support our key overseas mission partners, Bulembu in Eswatini and Heart for Lebanon. 2024 has been a particularly challenging year for both chartties. Bulembu has faced ongoing issues due to rising infiation and a government-backed initiative to retum as many orphans as possible to their familie5. Meanvthile, the team at Heart for Lebanon has encountered even more drfficult conditions. Amid a collapsing economy, they found thernselves caught up in the conflict between Hezbollah and Israel, a direct consequence of the fighting beeen Israel and Hamas. This situation has led to a significant increase in the number of diSplacj people within Lebanon, both from other countries and wFthin Lebanon itself. Despite these challenges, both organisations have proven to be remarkably resilient and continue to be gratefijl for our support as they hold out hope to thousands of people in their respective nations. During 2024, we contributed £109,414 from our mission nd to overseas organisations. This includes our mission pathers, supporting a church plant in Cluj, Romania, and in response to crises around the world. Additionally, individuals within KingsGate continue to sponsor children through the work of Compassion, supporting many regions globally.
KINGSGATE COMMUNITY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Think Bigger and Beyond Speclal Offerlng In March 2024 V gave into the 'Think Bigger and Beyond, Special offering. 60% of the offering raised was used to develop the Peterborough Building, including the fit out of an additional 336 seats in the auditorium plus associated AV requirements, and the installation of a new toilet block. 20Yo was set aside into a fund to finan a fvture Cambridge Building and 100/0 was used to set up a Leadership Academy to develop new leaders. We additionally transfeed 100A of this offering, into our Mission Fund. This helps to resource our Community Action project5. as well as resourcing our partnerships with overseas mission projects, as detailed above. 2024 Financlal Review Income Totsl income, both restricted and unrestricted, of £5.81 million was received in 2024, an 21.30A increase from 2023 (£4.79 million in 2023). Trading income was £610,825 in 2024, a 68.6 % from 2023 (£362,286 in 2023). Total income excluding trading income for 2024 was £5.2 million, a 17.3% increase on 2023 (£4.43 million in 2023). The charty's main income stream is from tithes and offerings given by church members and regular attendees. In 2024, unrestricted tithes and offerings were £3.1 million which was a 9.40/0 increase compared to 2023 (£2.8 million in 2023). This induded £646,810 of unrestricted offerings reiVed by the Cambridge campus, an 8.80 increase compared to 2023 {£594,355 in 2023). It also included £124,802 of unrestricted offerings from our Leicester campus, a 42.40/ts increase compared to 2023 (£87,665 in 2023). Restricted offerings were £810,478, which was a 15.4°A decrease on 2023 (£958,730 in 2023). Up until March 2024, when we paid off the mortgage, we received restricted offerings into our Peterborough building fund, which were then used to help finance the mortgage. These offerings are now longer received into this fund. enditure Expenditure for the year totalled £4,017.935 (2023 - £3,674,300) excluding commercial operations in the trading subsidiary. During 2024, salaries (excluding salaries within the commercial operations) accounted for 49 7% of 2023 expenditure, £2.00 million. compared to 48.3% of 2023 expenditure (£1.77 million). The charty employs both ministry-based positions, such as pastors, children and youth workers and community action workers, as well as administration and management staff, all of which work under the overall direction of the Strategic Leadership Team. Mortgage Update In January 2024, we made our final mortgage payment and are now debt free. Land Sale In July 2024, KingsGate sold a small strip of land of 956 m2 to the north-east of the main church car park, near the boundary with the Tesco Distribution Warehouse, to Staplee Way Management Company Limited, for £800,000. After transferring 10 % of these funds to our mission fund, these funds are now held in a cbsignated fund for future usage.
KINGSGATE COMMUNITY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves Pollcy It is the policy of the charity to wort( towards and then maintsin unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately three months unrestricted expenditure excluding certain discretionary spend. This would provide sufficient funds to cover salarie5 and building running costs for three months. Unrestnded funds of the charty were £1.23m on 31st December 2024 (excluding interest in land & propety). The current reserves level is £457k more than the minimum reserves required. The need for the charity to hold significant reserves is generated by the employment of 59 full and part time permanent employees along with building running costs of the KingsGate Peterborough building. It is the charitls policy to monitor growth and income statistics carefully and if income were to fall significantly, take immediate measures to minimise risk. na em The trustees have assessed the rnajor risks the charity is exposed to and are satisfied that syste6 are in place to mitigate exposure to the major risks. Futuro Plans In 2025 we will be continuing to focus on our core mission, which as a church is 'TRANSFORMING LIVES from our neighbourhoods to the nations, by the power of God's love. with an emphasis on going BIGGER AND BEYOND with a particul8r focus on.. Effective MISSION strengthening DISCIPLES Developing pioneering LEADERS Structure, Governance and Management Govemin Document KingsGate Community Church is a company limited by Guarantee with no share capital. It was incorporated as Peterl)orough Communty Church on the 11th May 2004 and was registered with the Charity Commission on the same day. It changed its name to KingsGate Community Church from 1 st February 2008. None of the trustees have any beneficial interest in the company. All the trustees are members of the company and guarantee to contribute such amount as may be required (not exceeding £10) to the companws assets in the event of a ldIng up. KingsGate Community Church business is concluded under the framework of its governing memorandum and arlicles of association, prepared under the Companies Act 1985. The trustees, who are also the directors for the purpose of company law, and served during the year and up to the date of signature of the financial statements were: Dr David Smith (Chairman) Mr Norman Paskin Mr Barry Featherstone Mr Matt Negus Mr Samson Abioye Mrs Lydia Opayinka intment of Trus Directors The trustees, who have served 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 retire by rotation and either new trustees are identified, or previous serving trustees are reappointed.
KINGSGATE COMMUNITY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 te ucti nin All trustees are offered external training which will help them to undertake their roles and responsibilities. The board of trustees meet at least four times a year. Trustees ensure that the charity remains solvent, is well- run, and delivering the charitable outcomes for the benefit of the public for which it has been set up. The Strategic Leadership Team, which is made up of the Senior Leadership Team and the Multisite Strategy Team, are responsible for the day-to-day running of the organisation. Key strategies identified by the Senior Leadership Team and the Multisite Strategy Team are ratified by Trustees before implementation. ted Parti KingsGate Trading Ltd, a wholly owned subsidiary, was established on 26th January 2007. This subsidiary wa8 incorporated to manage the business activities of the charty including the provision of conference facilities. KingsGate Community Church granted a 'licence to use, the building to KingsGate Trading Ltd who started to hire out the building from 1st June 2008. KingsGate Trading Ltd will be making a distribution to the parent company under gift aid of £155,672 (£41,515 was given in 2024 in respect of the 2023 distribution} and also paid a management charge of £61,519 for the trading period {2023 £36,168 management charge). KingsGate Trading Ltd recorded a profit for the year of £178,832 before distribution to the parent company under gift aid (2023 a profit of £48,513). Trustees. responsibilitles in relatlon to the financial ststements The trustees, who are also the directors of Kingsgate Community Church for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charty and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently. - obseNe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent., and prepare the financial statements on the going concem basis unless it is inappropriate to PresUe that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put st a General Meeting. Disclosure of Infomiation to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audii, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
KINGSGATE COMMUNITY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees, report was approved by the Board of Trustees. Mr Barry Featherstone Trustee Dated..
KINGSGATE COMMUNITY CHURCH INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KINGSGATE COMMUNITY CHURCH Oplnlon We have audited the accounts of Kingsgate Community Church (the 'charity') and it's subsidiary for the year ended 31 Dernber 2024 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group and Parent Charitable Company Cash Flow Statements and the notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the Group and Parent charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with Untted Kingdom Generally Accepted Accounting practi,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with Intemational Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditorfs responsibilit188 for the audit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the finanaal statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial ststements, we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charty's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibiltties and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The other information comprises the information included in the annual report other than the finala1 statements and our auditor's report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial ststements does not cover the other information and, except to the extent otheise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otheise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescrlbed by thè Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the infomation given in the trustees, report for the financial year for which the financial slatements are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the financial statements., and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements.
KINGSGATE COMMUNITY CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF KINGSGATE COMMUNITY CHURCH Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the Group and Parent charitable company and its environment obtsined in the course of the audit, we have not identified material misstatements in the Directors, Report included within the Trustees, Report. We have nothing to report in respect of the following matters in relation to vthich the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been reiVed from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all th8 information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities, the truste8s, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitsble company or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbilities for the audlt of the financlal stat•ments Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran but is not 8 guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be exp8Cted to influence the economic decisions of users taken on the basis of these financial statements. A further descriplion of our responsibilities is available on the Financial Reporting Council's website at.. https:11 w.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report.
KINGSGATE COMMUNITY CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF KINGSGATE COMMUNITY CHURCH Extentto which the audit was considered capable of detecting irregularitles. includlng fraud Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Bssed on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfom audit procedures responsive to those risks, and obtain audit evidence that is SLrfFicient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations. including fr8ud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud. we designed protsdures which included.. Enquiry of management and those charged with govemance around actual and potential litigation and claims as well as actual, suspected and alleged fraud. Reviewing minutes of meetings 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 ststements or the operations of the entity through enquiry and inspection., Reviewing financial statement di10$ureS and testing to supporting documentation to assess compliance with applicable laws and regulations., Perforniing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business 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 regulstion is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instsnces of noTrcompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitalle companvs members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not acpt or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Tracey Richardson Bsc (Hons) FCA (Senior Statutory Auditor} for and on behalf of Azets Audit Services Chartered Accountsnts Statutory Audltor Westpoint Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ 10-
KINGSGATE COMMUNITY CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Current financlal year Unrestricted Unrestrfctod Restrlcted funds funds funds general designated 2024 2024 Total Totsl 2024 2024 2023 Notes e and endowm Donations and legacies Charitable activities Other trading activities Investments Other income 2,730,823 135,297 610,825 89,348 461 9,348 1,484,319 4.224,490 175,848 311,145 610,825 89,348 572,418 3,940,600 425,407 362,286 63,552 1,298 571,957 Total Income 3,566,754 581,305 1,660.167 5,808.226 4,793,143 diture on. Raising funds 376.236 376.236 278,417 Charitsble activities 2.788,627 237,497 991,811 4,017,935 3,674,300 Total expenditure 3,164,863 237,497 991,811 4,394,171 3,952,717 Net incomlng r•sources before transfers 401,891 343,808 668,356 1,414,055 840,426 Gross transfer5 between funds (248,579) 611,110 (362,5311 Net Income for the yearl Net movement in funds 153,312 954,918 305,825 1,414,055 840,426 Fund balanS at 1 January 2024 1,082,734 8.032,761 1,221,221 10,336,716 9,496.290 Fund balances at 31 December 2024 1,236,046 8,987,679 1,527,046 11,750,771 10,336,716 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 11
KINGSGATE COMMUNITY CHURCH STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Prior financial year Unrestricted Unrestrlcted Restricted funds funds funds general designated 2023 2023 Total 2023 2023 Notes Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other income 2,612,541 109.500 362,286 63,552 1,298 1,328.059 315,907 3,940,600 425,407 362,286 63,552 1.298 Total income 3,149,177 1,643,966 4,793,143 Ex endi re Raising funds 278,417 278,417 Charitable activities 2,408,464 246,712 1,019,124 3,674,300 Total expendlture 2,686,881 246,712 1,019,124 3,952,717 Net Incomlng resources before transfers 462,296 (246,712) 624.842 840.426 Gross transfers befften fijnds (345,348) 1,019,679 (674.331 } Net income for the yearl Net movement in funds 116,948 772,967 (49,489) 840.426 Fund balanS at 1 January 2023 965,786 7,259,794 1,270,710 9,496,290 Fund balances at 31 December 2023 1,082,734 8,032,761 1,221,221 10,336,716 12-
KINGSGATE COMMUNITY CHURCH BALANCE SHEETS AS A T 31 DECEMBER 2024 Group 2024 Charlty 2024 Group 2023 Charlty 2023 Notes FFxed assets Tangible assets Investments 17 18 8,419,212 9,318,099 8,246,195 9,143.152 8,419,212 9,318,100 8.246.195 Current assets Stocks Debtors Cash at bank and in hand 9,143.153 20 21 4,270 150,284 3.501,034 4,505 168,916 2,463.224 171,325 3,269,088 115,561 2,439,711 3,655,588 3,440,413 2.636,645 Credltors: amounts falllng due within one year 2,555,272 22 (324,029) {267,107) (546,124) (508,486) Net current assets 3,331,559 3,173,306 2,090,521 2,046,806 Total assets 16ss current liabllltles 11,750,771 12,491,406 10,336,716 11,189.959 Income funds Restricted fvnds nre nds- Designated funds General unrestricted funds 25 1,527,046 1.527,046 1,221,221 1,221,221 en 26 26 8.987.679 1,236,046 9,886,566 1,077,794 8,032.761 1,082,734 8,929,718 1,039.020 11,750,771 12,491,406 10,336,716 11.189,959 The financial statements were approved by the board of directors and authorised for issue on are signed on its behalf by.. 8nd Mr Barry Featherstone Trustee Company Reglstration No. 05124435 13-
KINGSGATE COMMUNITY CHURCH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Group 2024 Charlty 2023 Group 2023 Charity Notes Cash flows from operating actlvltles Cash generated from operations 32 1,039,570 831,137 1,054,886 1,038,572 Investlng activftles Purchase of tangible fixed assets Pro¢eeds on disposal of tangible fixed assets Interest received (433.534) (433,534) (123,411) (123,411) 600,816 89,348 600,816 89,348 1,298 63,552 1,298 63,552 Net cash generated fromllused in investlng actlvlties 256,630 256,630 (58,561) (58,561) Financlng activltles Repayment of bank loans (230,347) {230,347) (928,639) (899,230) Net cash used in flnancing activities (230,347) (230,347) (928,639) {899,230) Net increase in cash and cash equivalents 1,065,853 857,420 67,686 80,781 Cash and cash equivalents at beginning of year 2,463,224 2,439,711 2,395,538 2,358,930 Cash and cash equlvalents at end of year 3,529,077 3,297,131 2,463,224 2,439,711 14-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles Charlty Information Kingsgate Community Church is a private company limited by guarantee incorporated in England and Wales. The registered office is 2 Staplee V*ay, Parnwell, Peterborough, PE14YT, United Kingdom. 1.1 Accounting conventlon The accounts have been prepared in accordance with the charivs goveming document, the Companies Act 2006 and "Accounting and Reporting by Charities= Ststement of Recommended Practice applicable to charities preparing th8ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention, modified to include certain items at fair value. The principal accounting policies adopted are set out below. 1.2 Group flnanclal statements The financial statements consolidate the results of the charitsble company and its subsidiary undertaking KingsGate Trading Limited on a line-by line basis. Intr&group sales and profits are eliminated fully on consolidation. A separale Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the CompaniesAct 2006. 1.3 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existen for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.4 Charftable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds Ihese are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. Restricted funds are subject to specific conditions by donors as to how they may be used. The purtoses and uses of the restricted funds are set out in the notes to the financial ststements. 1.5 Income Income is recognised when the charity is legally entitled to it after any performanGe conditions have been met, the 8mounts can be measured reliably, and it is probable that income will be received. Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and th8 charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charty would be willing to pay in the open market for such facilities and servIs. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP {FRS 102). The charity benefits from many voluntsry hours and unclaimed out-of-pocket expenses contributed by a number of supporters. The charity 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 2024 Accounting pollcles (Contlnued) The charity reiVeS grants in respect of its activities. Income from grants are recognised at fair value when the charity has entitlement after any perfomiance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Income from trading activities is received in exchange for supplying goods and seNices in order to raise funds and is recognised when entitlement has occurred. Investment income is accounted for in the period in which the charity is entitled to reipt. 1.6 Expenditure Expenditure is recognised once there 15 a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activty are made up of the totsl of direct costs and shared costs, induding support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allOted on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: Costs of raising funds- Expenditure on charitable activities., and Other expenditure which represents those rtems not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and other administrative costs. Vvhere support costs cannot be directly altributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. 1.7 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. All assets costing more than £250 are capitalised. No depreciation is provided on freehold land. Depreciation is recognised so 8S to write off the cost or valuation of assets less their residual values over their useful lives on the following bases-. Freehold buildings Office equipment Computer equipment 1 D/0 p.a. straight line 250/0 p.a. reducing balance 250/0 p.a. straight lin@ The gain or loss arising on the disposal of an asset is detemiined as the difference beeen the sale proed$ and the carrying value of the asset, and is recognised in the statement of financial activities. 16-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policles (Continued) 1.8 Flxed asset investments A subsidiary is an entity controlled by the charity. Control is the power to govem the financial and operating policies of the entity so as to obtain benefits from its activities. Investments in subsidiaries are measured at cost less impainnent. 1.9 Impaimient of flxed assets At each reporting end date. the charity reviews the carrying amounts of its tsngible assets to detemiine whether there is any indication that those assets have SLrffered an impairment loss. If any such IndatIOn exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (rf any). 1.10 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. 1.11 Cash and eash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less. 1.12 Financlal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc flnancial assets Basic financial sssets, which include debtors and cash and bank balances, are initially measured at transaction pri including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financlal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 17-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (Contlnued) Derecognition of financlal liablllties Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.13 Taxatlon The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of charitable company for UK corporation tax purposes. 1.14 Provisions Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding ttE obligation. Where the effect of the time value of money is material, the amount expected to be required to *ttle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net incomel(expenditure) in the period in which it arises. 1.15 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charty is demonstrably committed to terminate the employment of an employee or to provide temination benefits. 1.16 Leases Rentals payable under operating leases, including any lease incentives r1ved, are charged as an expense on a straight line basis over the term of the relevant lease. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions aboLrt the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. 18-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donatlons and legacies Unrestricted Unr•strlcted funds funds Restrlctsd general designated funds Total 2024 Total 2023 Gifts and offerings Covenants and gift aid Income tax repayments Grants reiVed 618,985 1,600,981 510.857 9,348 168,198 796,531 798,816 2,399,797 125.429 636,286 391,876 391,876 939.805 2,242,238 584,420 174,137 For the year endod 31 December 2024 2,730.823 9.348 1,484,319 4,224.490 3,940,600 For the year ended 31 December 2023 2,612,541 1,328,059 3,940,600 The charity benefits from a number of voluntary hours, unclaimed out-of-pocket expenses and gifts in kind contributed by a number of supporters which are not accounted for. The charity is extremely grateful for all these gifts in kind. Grants recelvable for core activities Peterborough City Council The Trussell Trust Church Revitalisation Trust People's Postcode Lottery Cummins Grant Other 148.250 138,088 56,250 30,000 19,288 148,250 138,088 56,250 30,000 19.288 71,569 92,140 10,000 428 391,876 391,876 174,137 19-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities 2024 2023 Courses and events Foodbank income Community action income Learning communities Miscellaneous income 72,999 79,108 31,314 96,740 30,984 46,632 96,370 43,167 219,537 19,701 311,145 425.407 Analysls by fund Unrestricled funds Restricted funds 135,297 175,848 109,500 315,907 311,145 425,407 Investments Unrestricted Unrestricted funds funds general general 2024 2023 Interest receivable 89,348 63,552 Other trading activities 2024 2023 Commercial operations in trading subsidiary 610,825 362,286 Other Income Unrestrlcted Unrestrlcted funds funds general designated 2024 2024 Totsl Unrestrlcted funds generdl 2023 2024 Net gain on disposal of tangible fixed assets 571,957 572,418 1,298 -20-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Raislng funds 2024 2023 Commercial o eration staff costs Direct costs Administrative expenses in tradin subsidia 208,375 151,362 16,499 164,134 96,900 17,383 376,236 278,417 Charitable actlvltles 2024 2023 Staff costs Depreciation Outreach and Community Action Sunday Experience and Connect Pastoral Care Equip and Leadership Development Overseas Mission Facilities 1,997,711 230,192 538,484 318,825 211,626 167,821 109,414 301,340 1,TT3,247 246,712 407,117 259,289 170,940 296,585 109,922 281,591 3,875,413 3,545,403 Share of support costs (see note 10) Share of govemance costs (see note 10) 131,222 11.300 117,607 11,290 4,017,935 3.674,300 Analysls by fund Unrestricted funds Unrestricted funds - designated Restricted funds 2,788.627 237.497 991,811 2,408,464 246,712 1,019,124 4.017,935 3,674,300 21
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Support costs Support Governance costs costs 2024 2023 Office costs Printing, postage and stationery Photocopying Audit and accountancy fees 118,691 5,101 7,430 118,691 5,101 7,430 11,300 105,072 5,133 7,402 11,290 11,300 131,222 11,300 142,522 128,897 11 Trustees Trustees. remuneration is permitted under certain limited circumstanos, if paid as an employee, under the terms of the charity's goveming document. During the year, remuneration was paid to one Trustee amounting to £79,425 (2023 - £79,212). Employer pension contributions for this Trustee were £24,640 {2023 - £12,621). No Trustees waived any remuneration. One Trustee (2023 - one) is accruing pension arrangements. During the year a ttustee reiVed reimbursement of expenses amounting to £931 (2023 - two trustees received £672) of which £7 {2023 - £4) was outstanding at the year end and included within trade creditors. 12 Audito¢s remuneratlon The analysis of auditor's remuneration is as follows.. 2024 2023 Audit of the charity's annual accounts 8,200 7,795 Other servlces to the group the audit of the subsidiary 3,100 2,950 Total audit fees 11,300 10,745 Non-audit services All other non-audit services - charity All other non-audit services - subsidiary 3,700 1,275 3.495 1,200 Total non-audltfees 4,975 4,695 22-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Surplus for the flnanclal year As permitted by section 408 of the Companies Act 2006, the holding company's surplus has not been included in these financial statements. The surplus for the financial year is made up as follows: 2024 2023 Holding company's gross income for the financial year 5,255,649 4.476,399 Holding company's surplus for the financial year 1,301,446 801,287 -23-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Commerclal operatlons In trading subsidiary The wholly owned trading subsidiary, KingsGate Trading Limited, which is incorporated in England a1 Wales, pays a proportion of its profits to the charity by gift aid. KingsGate Trading Limited operates the resources centre and room hire at KingsGate Communty 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. 2024 2023 KingsGate Trading Limited Profit & Loss Account Tumover Cost of sales Administration costs Other income and interest reiVed Interest payable 608,794 {359,737) 116,862) 2,031 361,728 (261,034) (17,577) 619 (4541 Net profit Add- sales made to charity Less: management charges paid to charity 234.226 5,762 (61,519) 83,282 812 {36,168) 178,469 (66,224) 47,926 (9,374) Dividend paid to charity 112,245 363 38,552 587 Tax on loss on ordinary activities Relained in the subsidiary 112,608 39,139 2024 2023 KlngsGate Tradlng Llmited Balance Sheet Fixed assets Current assets Current liabilities Long term liabilities 5,787 273,160 (114,907) 7,717 83,763 {40,048) Total net assets 164,040 51,432 Aggregate share capital and reseNes 164,040 51,432 15 Taxatlon 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. -24-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Employees Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Numbor KingsGate Community Church KingsGate Trading Limited 59 20 20 79 74 Employm•nt costs 2024 2024 Charity Subsidiary 2024 Group 2023 Group Wages and salaries Social security costs Other pension costs 1,727,482 170,045 100,184 191,786 10,663 5.926 1,919,268 180,708 106,110 1,704,809 154,388 78,184 1,997,711 208,375 2,206,086 1,937,381 The number of employees whose annual remuneration was £60,000 or more were.. 2024 Number 2023 Number £60,001- £70,000 £70,001- £80,000 The above employees participated in the pension scheme. During the year ended 31 December 2024, pension contributions for these employees amounted to £31,185 (2023 - £18,098}. -25-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Tangible fixed assets Group Freehold Plant and land and equipment bulldlngs Total Cost At 1 January 2024 Additions Disposals 8,951,826 1,925,257 337,965 95,569 {28,043} (133,081) 10,877,083 433,534 (161,124) At 31 December 2024 9,261,748 1,887,745 11,149,493 Depreclatlon At 1 January 2024 Depreciation charged in the year Eliminated in respect of disposals 1,183,437 1,447,448 87,250 144,872 (132,726) 2,630,885 232.122 (132,726) At 31 December 2024 1,270.687 1,459.594 2.730.281 Carrying amount At 31 December 2024 7,991,061 428,151 8,419,212 At 31 December 2023 7,768,386 477.809 8.246,195 Charlty Freehold Plant and land and equipment buildings Total Cost At 1 January 2024 Additions Disposals 9,856,500 1,845,760 337,965 95.569 {28,043) (133,081) 11,702.260 433,534 (161,124) At 31 December 2024 10,166,422 1,808,248 11,974,670 Depreciatlon At 1 January 2024 Depreciation charged in the year Eliminated in resped of disposals 1,183,437 1,375,668 87.250 142,942 (132,726) 2,559,105 230,192 {132,726) At 31 December 2024 1,270,687 1,385,884 2.656,571 Carrylng amount At 31 December 2024 8,895,735 422,364 9,318,099 At 31 December 2023 8,673,060 470,092 9,143,152 -26-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Tanglble fixed assets (Continued) All assets are used for direct charitable purposes. Included within land and buildings is an amount of £1,443,957 {2023 - £1,472,000) in respect of land which is not depreciated. 18 Flxed ass•t Investments Investment in subsidiaries Group Cost or valuatlon At 1 January 2024 & 31 December 2024 Charlty Cost or valuatlon At 1 January 2024 & 31 December 2024 The investmenl represents a 1000/0 shareholding in KingsGate Trading Limited, a company incorporated in England and Wales. For details of the principal activty and results for the year, see note 13. 19 Flnancial instruments Group 2024 Charlty 2024 Group 2023 Charity 2023 Carying amount of financial assets Trade debtor5 other debtors Amounts due from subsidiary undertakings Bank and cash Fixed asset investments 45.761 15 17,092 59,045 1,523 20.056 1,523 57,985 3,269,088 3,501,034 2,463,224 2,439,711 Measured at cost 3,546,810 3,344,181 2,523,792 2,461,291 Carrying amount of financial Ilabllltles Trade creditors Accruals Bank loans Amounts due to subsidiary undertakings 33.021 187,755 27,356 177,079 44,859 164,897 230,347 40,347 158,007 230,347 2,390 Measured at cost 220,776 204,435 440,103 431.091 -27-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Stocks 2024 Group 2024 Charity 2023 Group 2023 Charity Finished goods and goods for resale 4,270 4,505 21 Debtors 2024 Group 2024 Charity 2023 Group 2023 Charity Amounts falling due within one year: Trade debtors Income tax recoverable Amounts due from subsidiary undertakings other debtors Prepayments and accrued income 45,761 50,486 17,092 50.486 57,985 15 45,747 59,045 46,773 20,056 46,773 15 47,898 1,523 55,814 1,523 47,209 144,160 6,124 171.325 163,155 5,761 115,561 Deferred tax ass8t 150,284 171,325 168,916 115,561 22 Creditors: amounts falling due within one year 2024 Group 2024 Charity 2023 Group 2023 Charlty Notes Bank loans Other taxation and social security Deferred income Trade creditors Amounts due to subsidiary undertakings other creditors Acuuals 23 230,347 50,806 18,588 44,859 230,347 37,729 3,750 42,347 2,390 35,896 156,007 57,090 23,812 33,021 39,989 2,550 27,356 22,351 187,755 20,133 177,079 36,627 164,897 324,029 267,107 546,124 508,466 Deferred income for the charity is income received for Learning Communities that relates to the year ended 31 December 2025. Additional deferred income for the group relates lo deposits for room hire bookings received in advance. 28-
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Loans and overdrafts 2024 Group 2024 Charity 2023 Group 2023 Charlty Bank loans 230,347 230,347 Payable within one year 230,347 230,347 During the year the loan has been repaid in full. The charity bank borrowings were secured over the assets of the group. 24 Provision for Ilabilltles 2024 Group 2024 Charity 2023 Group 2023 Charity Deferred taxatlon Balance$: Tax losses 6,124 5.761 2024 Movements In the year: Liabiltyl{Asset) at 1 January 2024 Credit to profit or loss {5,761 } {363) Liabilityl(Asset) at 31 Dember 2024 {6,124) The deferred tax asset set out above is expected to reverse within the foreseeable future and relates to the utilisation of tax losses against future expected proffts of the same period. -29-
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KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 29 Control No one individual has overall control of the charity- 30 Operatlng lease commitments Group and charlty At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Imthin one year Beeen and five years 22,710 35,985 22,710 22,710 58,695 31 Related party transactlons Remuneratlon of key management personnel The totsl amount of employee benefits {including employer's pension contributions) received by key mansgement personnel is £573,140 (2023 - £504,349}. The charity considers its key management personnel compnses of the members of the Multisite Strategy team. Transactions with related partles During the year.. Management charges of £61,519 (2023 - £36,168) were charged to KingsGate Trading Limited. Wages costs are recharged between the Charity and KingsGate Trading Limited, resulting in net income to the Charity of £4,765 (2023 - £15,794). A gift aided donation of £66,224 (2023 - £9,374) was also received from KingsGate Trading Limited with further £155,672 {2023 - £41,515) to be paid after the year end. Included within debtors is £57,985 (2023 - £2,391) due from KingsGate Trading Limited. Donations of £135,254 (2023 - £111,125) were received during the year from six Trustees or Directors of the subsidiary company (2023 - seven). No conditions were attached to these donations. During a prior year the charity had an arrangement with a third paty to create videos based on a book authored by D Smith, a trustee. Many churches and individuals benefitted from the videos, as did KingsGate. The creation of the videos promoted books sales and therefore may have impacted on royalties eamed by D Smith, but it is not possible to quantify the effect. A proportion of royalties from the book eamed by D Smith will be gifted back to the project and the church will receive an equal share of any surplus generated from video sales over and above costs incurred.
KINGSGATE COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 32 Cash generated from operatlons 2024 Group 2024 Charity 2023 Group 2023 Charity Surplus for the year 1,414,055 1,414,055 840,426 801,287 Adjustments for: Investment income recognised in statement of financial activities Gain on disposal of tangible fixed assets Depreciation of tangible fixed assets (89,348) {572.418} 232,122 (89,348) (572,418) 230,192 {63,552) {1,298) 249,675 (63,552> (1,298) 246,712 Movements in working capital.. Decrease in stocks (Increase) in debtors Increase in creditors 235 22,708 3,028 235 22,708 3,028 5,367 (9,930) 34,198 33.384 22,039 Cash generatsd from operatlons 1,010,382 1,008,452 1,054,886 1,038,572 33 Analysis of chang88 in net funds Group At 1 January 2024 Cash flows At 31 December 2024 Cash at bank and in hand 2,463.224 1,037.810 3,501,034 Loans falling due within one year (230,347) 230,347 2,232,877 1.268,157 3,501,034 Charity At 1 January 2024 Cash flow5 At 31 Decèmber 2024 Cash at bank and in hand 2,439,711 829,377 3,269,088 2,439,711 829,377 3,269.088 Loans falling due within one year (230,347) 230,347 2,209,364 1,059,724 3,269,088 -37-