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← The King's Church Mid-Sussex

2024-03-31-accounts

Registered number: 5370689 Charity number: 1110018

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 5
Independent auditors' report on the financial statements 6 - 9
Consolidated statement of financial activities 10
Consolidated balance sheet 11 - 12
Company balance sheet 13 - 14
Consolidated statement of cash flows 15
Notes to the financial statements 16 - 37

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees

C Upton P T Wright C R Jones Ms M Dennis-Smith

Ms Daniellia Kunnath (appointed 8 September 2024)

Company registered number

5370689

Charity registered number

1110018

Registered office

The King's Centre 33-35 Victoria Road Burgess Hill West Sussex RH15 9LR

Company secretary

P T Wright

Independent auditors

Baldwin Scofield Ltd Chartered Accountants Statutory auditors 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU

Page 1

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the Company for the 1 April 2023 to 31 March 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

Policies and objectives

The principal object of the charity is to advance and proclaim the Christian religion for the benefit of the public of Mid-Sussex and elsewhere, mainly, but not exclusively, through evangelism and by the preaching and teaching of the Gospel of God concerning Jesus Christ and for other charitable purposes as the charity shall see fit.

The charity pursues its objectives in a number of ways, the details of which are set out in the remainder of this report.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

Review of activities

One of the most significant events during the year was, under the Trustees encouragement, the three month sabbatical, for our lead elder, Jim Partridge. This took place from June-August 2023. It was the first time he had stepped away from the role of Senior Pastor for any length of time, and it was three months of refreshment, space and time with his family. He reflected “I was very grateful for this opportunity and found it beneficial in many ways”.

Obviously, this had an impact on the staff team who stepped up to ensure that church life continued in his absence. We are very grateful to each one of them who took on extra responsibility to enable him to take this season of sabbatical rest.

Sadly, whilst he was away, one of our staff elders suffered a serious cycling accident which required a significant period of recovery and, in the same period, received the devastating news that his wife had been diagnosed with cancer. This was, understandably, challenging news to absorb.

The life of a local church is full of encouragements and challenges and often they occur alongside one another; this is certainly true of our experience this year.

Page 2

THE KING'S CHURCH MID-SUSSEX (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

Review of activities (continued)

During this year, another of our staff pastors (Kieran Dunne) spoke honestly of his ongoing struggle to fulfil the role he has whilst living with the impact of a historic brain injury. Changes were required and so we re-drafted his job description, relinquishing his eldership responsibilities. Kieran will also take a sabbatical in 2024 and when he returns his role will change to reflect reduced responsibility and hours.

We have also lived through a challenging season financially. Rising interest rates have had a significant impact on our mortgage repayments and the increase in fuel prices in recent years, alongside a levelling off on giving, has meant we have needed to utilize our reserves to enable church life to continue.

We are looking at long-term solutions to our financial situation, which include seeking investment into our other property in Mill Road to enable us to pay off one of our two mortgages.

We are, however, incredibly grateful for a legacy gift that was given in the previous financial year that has swelled our reserves and enabled us to continue all that we are doing. Some money from this gift was also used to develop a new dedicated Prayer Room at The King’s Centre.

Much of church life continued as per previous years. Our Love Your Neighbour ministries continued to serve people in need in our community. They are led by passionate and committed individuals, but we still need to improve the support structure around these teams and see new leaders come through in some areas.

We were also involved again in the annual Christmas Hamper Project; our building being used as the base for compiling and distributing the hampers. We were also able to host local school Nativity Carol Concerts. We always dreamed of our building being a resource for the local community and it is so encouraging when that happens.

Fundraising policies

The church does not undertake any formal fundraising activity with the public nor employ a professional fundraiser to generate funds for its activities. The vast majority of the income of the charity is donations freely given by members of the church who are under no obligation to give.

Financial review

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Reserves policy

The Trustees have reviewed the level of reserves held. At the year end this totalled £2,113,005 (2023 - £2,161,207) of unrestricted reserves which included £1,507,398 (2023 - £1,579,204) which has been designated by the Trustees to represent a building fund, £12,049 (2023 - £24,903) has been designated to a social action fund, £14,830 (2023 - £14,830) for a multiplication fund to support future growth and a sustainability fund of £5,000 (2023 - £Nil). The Trustees aim for a level of reserves sufficient to safeguard the future operations of the charity and as a minimum level they deem this should be equal to three months expenditure. Currently this equates to approximately £190,000. The Trustees are pleased to report that the unrestricted reserves are in excess of this amount.

Page 3

THE KING'S CHURCH MID-SUSSEX (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

Constitution

The King's Church Mid-Sussex is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

Methods of appointment or election of Trustees

The management of the Group and the Company is the responsibility of the Trustees who are elected and coopted under the terms of the Memorandum of Association.

Organisational structure and decision-making policies

The day to day running of the Company is delegated to the church leadership who are appointed by the Trustees.

Financial risk management

The Trustees have assessed the major risks to which the Group and the Company are exposed, in particular those related to the operations and finances of the Group and the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

The financial situation continues to have a significant implication for the next year. We are, once again, anticipating a large deficit in our budget. This puts some pressure on the expenditure and limits us in areas that we’d like to strengthen on the staff team.

We recognize that there are some key areas that we need to strengthen in church life, focusing this year on discipleship and growing our mid-weeks groups. We have a vision to double the number of groups that we have available by September 2025.

We plan to look again at leadership development; how we can encourage and strengthen our leaders as well as identify and release new leaders. We hope to strengthen both the Board of Trustees and Eldership Teams with new team members in the next 12 months.

We also want to think more intentionally about unity and diversity; how we are growing a diverse church that grows in depth of relationships and unity in mission.

Jim Partridge continues to serve on the New Ground core team, serving churches in the UK and in other nations. This is an important part of who we are as a local church, part of a wider apostolic family seeking to encourage, strengthen and plant churches around the world, including nations such as Brazil and South Africa.

We will continue to do our best to Love God and Love People in order to see lives and communities transformed.

Members' liability

The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up.

Page 4

THE KING'S CHURCH MID-SUSSEX (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Baldwin Scofield Ltd, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 30 January 2025 and signed on their behalf by:

P T Wright

Page 5

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE KING'S CHURCH MID-SUSSEX

Opinion

We have audited the financial statements of The King's Church Mid-Sussex (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 6

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE KING'S CHURCH MID-SUSSEX (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material 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 to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial 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 Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 7

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE KING'S CHURCH MID-SUSSEX (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are those that relate to the reporting framework in conformity with the requirements of the Companies Act 2006 and Charities Act 2011 and the relevant direct and indirect tax compliance regulations in the United Kingdom.

We understood how King's Church Mid-Sussex is complying with those frameworks by making enquiries of management to understand how the charitable company maintains and communicates its policies and procedures in these areas and corroborated this by reviewing supporting documentation and minutes of meetings of those charged with governance.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override to be a fraud risk. In addition, we considered the risk of management override by sampling from the entire population of journals, identifying specific transactions which did not meet our expectations based on specific criteria and investigated these to gain an understanding and then agree back to source documentation.

Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved verifying that material transactions were recorded in compliance with Financial Reporting Standards in conformity with the requirements of the Companies Act 2006 and Charities Act 2011.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 8

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE KING'S CHURCH MID-SUSSEX (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Baldwin Scofield Ltd

Chartered Accountants Statutory auditors 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU 30 January 2025

Baldwin Scofield Ltd are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
Charitable activities
8
Total expenditure
Net expenditure
Transfers between funds
20
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Gains on sale of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
745,181
46,853
256,786
1,893
1,050,713
181,380
912,795
1,094,175
(43,462)
(5,000)
(48,462)
260
(48,202)
2,161,217
(48,202)
2,113,015		 Restricted
funds
2024
£
27,652
-
-
-
27,652
-
39,755
39,755
(12,103)
5,000
(7,103)
-
(7,103)
21,854
(7,103)
14,751		 Total
funds
2024
£
772,833
46,853
256,786
1,893
1,078,365
181,380
952,550
1,133,930
(55,565)
-
(55,565)
260
(55,305)
2,183,061
(55,305)
2,127,766		 Total
funds
2023
£
699,482
46,100
224,079
541
970,202
145,169
867,880
1,013,049
(42,847)
-
(42,847)
-
(42,847)
2,225,908
(42,847)
2,183,061

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 16 to 37 form part of these financial statements.

Page 10

THE KING'S CHURCH MID-SUSSEX (A company limited by guarantee) REGISTERED NUMBER: 5370689

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible Fixed Assets
13
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 3,920
66,854
138,439
209,213
(124,101)		 2024
£
3,082,207
85,112
3,167,319
(1,039,563)
2,127,756
14,751
2,113,005
2,127,756		 2,640
55,572
178,171
236,383
(97,008)		 2023
£
3,128,708
139,375
3,268,083
(1,085,022)
2,183,061
21,854
2,161,207
2,183,061

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 11

THE KING'S CHURCH MID-SUSSEX (A company limited by guarantee) REGISTERED NUMBER: 5370689

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the Trustees on 30 January 2025 and signed on their behalf by:

P T Wright

The notes on pages 16 to 37 form part of these financial statements.

Page 12

THE KING'S CHURCH MID-SUSSEX (A company limited by guarantee) REGISTERED NUMBER: 5370689

COMPANY BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 79,841
116,749
196,590
(114,880)		 2024
£
3,081,683
10
3,081,693
81,710
3,163,403
(1,039,563)
2,123,840
14,751
2,109,089
2,123,840		 80,127
151,178
231,305
(86,047)		 2023
£
3,127,905
10
3,127,915
145,258
3,273,173
(1,085,022)
2,188,151
21,854
2,166,297
2,188,151

The Company's net movement in funds for the year was £ (64,311) (2023 - £(70,456)) .

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 13

THE KING'S CHURCH MID-SUSSEX (A company limited by guarantee) REGISTERED NUMBER: 5370689

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the Trustees on 30 January 2025 and signed on their behalf by:

P T Wright

The notes on pages 16 to 37 form part of these financial statements.

Page 14

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 16 to 37 form part of these financial statements		 2024
£
46,303
260
(41,805)
(41,545)
(44,490)
(44,490)
(39,732)
178,171
138,439		 2023
£
50,524
-
(2,112)
(2,112)
(52,450)
(52,450)
(4,038)
182,209
178,171

Page 15

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. General information

King's Church Mid-Sussex is registered as a charitable company limited by guarantee (Company No: 5370689) and was set up by a Memorandum of Association. It is registered as a charity by the Charity Commission; registration number 1110018.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The King's Church Mid-Sussex meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 16

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is 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 activity are made up of the total of direct costs and shared costs, including 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 allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Expenditure is inclusive of irrecoverable VAT.

2.4 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 17

THE KING'S CHURCH MID-SUSSEX (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property - 2% straight line
Audio visual equipment - 33% straight line
Furniture and equipment - 25% straight line
Computer equipment - 25% straight line
Coffee House - 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 18

THE KING'S CHURCH MID-SUSSEX (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 19

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
596,759
Legacies
108,003
Similar incoming resources
40,419
745,181
Unrestricted
funds
2023
£
Donations
623,861
Government grants
8,500
Similar incoming resources
37,889
670,250		 Restricted
funds
2024
£
17,619
-
10,033
27,652
Restricted
funds
2023
£
29,232
-
-
29,232		 Total
funds
2024
£
614,378
108,003
50,452
772,833
Total
funds
2023
£
653,093
8,500
37,889
699,482

4. Income from charitable activities

Unrestricted
funds
2024
£
Rental income
46,853
Unrestricted
funds
2023
£
Rental income
46,100		 Total
funds
2024
£
46,853
Total
funds
2023
£
46,100

Page 20

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2024
£
Rental income and cafe sales
256,786
Unrestricted
funds
2023
£
Rental income and cafe sales
224,079
6.
Investment income
Unrestricted
funds
2024
£
Investment income - local cash
1,893
Unrestricted
funds
2023
£
Investment income - local cash
541
7.
Analysis of grants
Grants to
Institutions
2024
£
Grants
65,870		 Total
funds
2024
£
256,786
Total
funds
2023
£
224,079
Total
funds
2024
£
1,893
Total
funds
2023
£
541
Total
funds
2024
£
65,870

Page 21

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. Analysis of grants (continued)

Grants to Total
Institutions funds
2023 2023
£ £
Grants 104,457 104,457

8. Analysis of expenditure on charitable activities Summary by fund type

Unrestricted
funds
2024
£
Direct costs of charitable activities
912,795
Unrestricted
funds
2023
£
Direct costs of charitable activities
840,925		 Restricted
funds
2024
£
39,755
Restricted
funds
2023
£
26,955		 Total
2024
£
952,550
Total
2023
£
867,880

9. Analysis of expenditure by activities

Activities Grant
undertaken funding of Support Total
directly activities costs funds
2024 2024 2024 2024
£ £ £ £
Charitable activity costs 767,706 65,870 118,974 952,550

Page 22

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Analysis of expenditure by activities (continued)

Activities Grant
undertaken funding of Support Total
directly activities costs funds
2023 2023 2023 2023
£ £ £ £
Charitable activity costs 671,981 104,457 91,441 867,879

Analysis of direct costs

Staff costs
Depreciation
Property running costs
Conferences and training
Repairs and equipment
Book and CDs
Restricted expenditure
Motor expenses
Outreach
Hospitality
Staff expenses
Youth work
Advertising and marketing
Conference running costs
Recruitment costs
Legal and professional fees
Debt Advice Centre		 Activities
2024
£
463,426
87,698
84,108
23,538
1,251
229
39,755
1,188
12,100
2,254
6,163
5,088
6,478
11,330
2,980
7,146
12,974
767,706		 Total
funds
2024
£
463,426
87,698
84,108
23,538
1,251
229
39,755
1,188
12,100
2,254
6,163
5,088
6,478
11,330
2,980
7,146
12,974
767,706

Page 23

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Property running costs
Conferences and training
Repairs and equipment
Books and CDs
KAR restricted expenditure
Motor expenses
Outreach
Hospitality
Debt Advice Centre
Staff expenses
Youth work
Advertising and marketing
Conference running costs		 Activities
2023
£
407,814
92,523
60,025
19,785
7,777
1,060
26,955
1,612
7,856
2,283
20,055
4,966
5,047
4,254
9,969
671,981		 Total
funds
2023
£
407,814
92,523
60,025
19,785
7,777
1,060
26,955
1,612
7,856
2,283
20,055
4,966
5,047
4,254
9,969
671,981

Analysis of support costs

Finance costs
Sundry expenses
Telephone
Printing, post and stationery
Insurance
Bank charges
Audit and accountancy		 Activities
2024
£
88,696
7,986
9,579
5,061
2,297
1,605
3,750
118,974		 Total
funds
2024
£
88,696
7,986
9,579
5,061
2,297
1,605
3,750
118,974

Page 24

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Finance costs
Sundry expenses
Telephone
Printing, post and stationery
Insurance
Bank charges
Audit and accountancy
10.
Auditors' remuneration
Fees payable to the group's auditor for the audit of the group's
accounts
11.
Staff costs
Group
2024
£
Wages and salaries
492,340
Social security costs
37,260
Contribution to defined contribution pension
schemes
37,792
567,392		 annual
Group
2023
£
418,437
31,759
29,909
480,105		 Activities
2023
£
60,388
8,067
8,538
6,736
2,040
1,672
4,000
91,441
2024
£
5,000
Company
2024
£
399,350
32,166
31,910
463,426		 Total
funds
2023
£
60,388
8,067
8,538
6,736
2,040
1,672
4,000
91,441
2023
£
4,750
Company
2023
£
352,045
28,453
27,316
407,814

Page 25

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Staff costs (continued)

The average number of persons employed by the Company during the year was as follows:

Church
Cafe staff in subsidiary		 Group
2024
No.
17
6
23		 Group
2023
No.
16
5
21		 Company
2024
No.
17
-
17		 Company
2023
No.
16
-
16

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 1 1

The key management personnel includes the senior pastor who together with his wife are both employed by the charity. Together their total remuneration amounts to £63,899 (2023 - £61,655). Employers pension contributions attributable to them are £5,504 (2023 - £4,802).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 26

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Tangible fixed assets

Group

Cost or valuation
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
property
£
3,881,956
29,953
-
3,911,909
764,027
78,235
-
842,262
3,069,647
3,117,929		 Audio
visual
equipment
£
64,186
2,077
-
66,263
63,733
992
-
64,725
1,538
453		 Furniture
and
equipment
£
166,124
1,518
(2,710)
164,932
160,715
3,652
(2,710)
161,657
3,275
5,409		 Computer
equipment
£
18,124
8,257
-
26,381
13,207
5,427
-
18,634
7,747
4,917		 Other fixed
assets
£
95,129
-
-
95,129
95,129
-
-
95,129
-
-		 Total
£
4,225,519
41,805
(2,710)
4,264,614
1,096,811
88,306
(2,710)
1,182,407
3,082,207
3,128,708

Page 27

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Tangible fixed assets (continued)

Company

Cost or valuation
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
property
£
3,881,956
29,953
-
3,911,909
764,027
78,235
-
842,262
3,069,647
3,117,929		 Audio
visual
equipment
£
64,186
2,077
-
66,263
63,733
992
-
64,725
1,538
453		 Furniture
and
equipment
£
140,202
1,189
(2,710)
138,681
135,487
3,096
(2,710)
135,873
2,808
4,715		 Computer
equipment
£
17,041
8,257
-
25,298
12,233
5,375
-
17,608
7,690
4,808		 Other fixed
assets
£
95,129
-
-
95,129
95,129
-
-
95,129
-
-		 Total
£
4,198,514
41,476
(2,710)
4,237,280
1,070,609
87,698
(2,710)
1,155,597
3,081,683
3,127,905

Page 28

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. Fixed asset investments

Company
Cost or valuation
At 1 April 2023
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Investments
in
subsidiary
companies
£
10
10
10
10

Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name Company Registered office or principal Principal activity
number place of business
Kings Trading Limited 10646691 33-35 Victoria Rd, Burgess Hill Rental and cafe sales
Class of Holding Included in
shares consolidation
Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit/(Loss) Net assets
£ £ / Surplus/ £
(Deficit) for
the year
£
Kings Trading Limited 256,971 247,780 9,191 4,109

Page 29

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Stocks

Group Group
2024 2023
£ £
Finished goods and goods for resale 3,920 2,640

16. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Amounts owed by SeeKenya
Other debtors
Prepayments and accrued income
Tax recoverable		 Group
2024
£
20,569
-
1,056
12,517
4,670
28,042
66,854		 Group
2023
£
19,181
-
-
11,583
2,179
22,629
55,572		 Company
2024
£
12,450
21,193
1,056
12,430
4,670
28,042
79,841		 Company
2023
£
3,950
30,857
-
20,512
2,179
22,629
80,127

17. Creditors: Amounts falling due within one year

Bank overdrafts
Bank loans
Other loans
Trade creditors
Amounts owed to SeeKenya
Other taxation and social security
Pension contributions due
Other creditors
Accruals and deferred income		 Group
2024
£
2,517
47,504
10,000
6,943
-
22,115
4,371
8,229
22,422
124,101		 Group
2023
£
2,077
46,535
10,000
4,486
9
13,844
3,880
3,035
13,142
97,008		 Company
2024
£
2,517
47,504
10,000
3,533
-
9,626
4,371
15,907
21,422
114,880		 Company
2023
£
2,077
46,535
10,000
-
9
9,424
3,880
3,045
11,077
86,047

Page 30

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. Creditors: Amounts falling due after more than one year

Group
2024
£
Bank loans
1,039,563
Included within the above are amounts falling due as follows:
Group
2024
£
Between one and two years
Bank loans
50,136
Between two and five years
Bank loans
182,296
Over five years
Bank loans
807,131		 Group
2023
£
1,085,022
Group
2023
£
50,027
174,289
860,706		 Company
2024
£
1,039,563
Company
2024
£
50,136
182,296
807,131		 Company
2023
£
1,085,022
Company
2023
£
50,027
174,289
860,706

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Payable or repayable by instalments Group
2024
£
807,131
807,131		 Group
2023
£
860,706
860,706		 Company
2024
£
807,131
807,131		 Company
2023
£
860,706
860,706

The bank loans amounting to £1,087,067 are secured on the freehold properties of the charity at 33-35 Victoria Road, Burgess Hill and 12 Mill Road, Burgess Hill.

The loans are due to be repaid in 2037 and bear interest at the current rates of between 4.5% and 6.75%.

19. Financial instruments

Group Group Company Company
2024 2023 2024 2023
£ £ £ £
Financial assets
Financial assets measured at fair value
through income and expenditure 138,439 178,171 116,749 151,178

Financial assets measured at fair value through income and expenditure comprise bank balances.

Page 31

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

20. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Building fund
Social Action
fund (LYN)
Multiplication
fund
Sustainabilty
fund
General funds
General fund
Share capital
Reserves
Total
Unrestricted
funds
Restricted
funds
King's Auto
Repairs fund
Barnabas fund
Clothes swap
fund
Directed gifts
fund		 Balance at 1
April 2023
£
1,579,204
24,903
14,830
-
1,618,937
547,352
10
(5,092)
542,270
2,161,207
12,062
15
45
9,732
21,854		 Income
£
-
120
-
-
120
793,622
-
256,971
1,050,593
1,050,713
8,536
-
1,497
17,619
27,652		 Expenditure
£
(71,806)
(12,974)
-
-
(84,780)
(761,615)
-
(247,780)
(1,009,395)
(1,094,175)
(14,084)
-
(1,299)
(24,372)
(39,755)		 Transfers
in/out
£
-
-
-
5,000
5,000
(10,000)
-
-
(10,000)
(5,000)
5,000
-
-
-
5,000		 Gains/
(Losses)
£
-
-
-
-
-
260
-
-
260
260
-
-
-
-
-		 Balance at
31 March
2024
£
1,507,398
12,049
14,830
5,000
1,539,277
569,619
10
4,099
573,728
2,113,005
11,514
15
243
2,979
14,751

Page 32

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

20. Statement of funds (continued) Total of funds 2,183,061 1,078,365 (1,133,930) - 260 2,127,756

Page 33

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Building fund
Social Action fund (LYN)
Multiplication fund
General funds
General fund
Share capital
Reserves
Total Unrestricted funds
Restricted funds
King's Auto Repairs fund
Barnabas fund
Clothes swap fund
Directed gifts fund
Total of funds		 Balance at
1 April 2022
£
1,651,010
44,958
15,000
1,710,968
528,055
10
(32,701)
495,364
2,206,332
19,360
15
77
124
19,576
2,225,908		 Income
£
-
-
-
-
716,892
-
224,078
940,970
940,970
8,560
-
318
20,354
29,232
970,202		 Expenditure
£
(71,806)
(20,055)
-
(91,861)
(749,066)
-
(145,168)
(894,234)
(986,095)
(15,858)
-
(350)
(10,746)
(26,954)
(1,013,049)		 Transfers
in/out
£
-
-
(170)
(170)
51,470
-
(51,300)
170
-
-
-
-
-
-
-		 Balance at
31 March
2023
£
1,579,204
24,903
14,830
1,618,937
547,351
10
(5,091)
542,270
2,161,207
12,062
15
45
9,732
21,854
2,183,061

Page 34

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Restricted funds		 Balance at 1
April 2023
£
1,618,937
542,270
21,854
2,183,061		 Income
£
120
1,050,593
27,652
1,078,365		 Expenditure
£
(84,780)
(1,009,395)
(39,755)
(1,133,930)		 Transfers
in/out
£
5,000
(10,000)
5,000
-		 Gains/
(Losses)
£
-
260
-
260		 Balance at
31 March
2024
£
1,539,277
573,728
14,751
2,127,756

Summary of funds - prior year

Designated funds
General funds
Restricted funds		 £
1,710,968
495,364
19,576
2,225,908		 Income
£
-
940,970
29,232
970,202		 Expenditure
£
(91,861)
(894,234)
(26,954)
(1,013,049)		 Transfers
in/out
£
(170)
170
-
-		 Balance at
31 March
2023
£
1,618,937
542,270
21,854
2,183,061

22. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
3,082,207
Current assets
194,462
Creditors due within one year
(124,101)
Creditors due in more than one year
(1,039,563)
Total
2,113,005		 Restricted
funds
2024
£
-
14,751
-
-
14,751		 Total
funds
2024
£
3,082,207
209,213
(124,101)
(1,039,563)
2,127,756

Page 35

THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period
Unrestricted
funds
2023
Restricted
funds
2023
£
£
Tangible fixed assets
3,128,708
-
Current assets
214,530
21,853
Creditors due within one year
(97,008)
-
Creditors due in more than one year
(1,085,022)
-
Total
2,161,208
21,853
23.
Reconciliation of net movement in funds to net cash flow from operating activities		 Total
funds
2023
£
3,128,708
236,383
(97,008)
(1,085,022)
2,183,061
Net expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Increase in stocks
Increase in debtors
Increase in creditors
Net cash provided by operating activities
24.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 Group
2024
£
(55,565)
88,306
(1,280)
(11,282)
26,124
46,303
Group
2024
£
138,439
138,439		 Group
2023
£
(42,847)
93,197
(540)
(6,332)
7,046
50,524
Group
2023
£
178,171
178,171

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THE KING'S CHURCH MID-SUSSEX

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

25. Analysis of changes in net debt

Cash at bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year
Debt due after 1 year		 At 1 April
2023
£
178,171
(2,077)
(60,415)
(1,085,022)
(969,343)		 Cash flows
£
(39,732)
(440)
(1,460)
45,459
3,827		 At 31 March
2024
£
138,439
(2,517)
(61,875)
(1,039,563)
(965,516)

26. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £37,792 (2023 - £29,909). Contributions totalling £4,371 (2022 - £3,880) were payable to the fund at the balance sheet date and are included in creditors.

27. Related party transactions

The King's Church Mid-Sussex is related to SeeKenya by virtue of common trustees.

During the year expenditure was incurred on behalf of SeeKenya amounting to £7,240 (2023 - £59,564) and income of £Nil (2022 - £Nil) was collected. At the year end the amount owed by SeeKenya was £1,056 (2023 - £9 owed to SeeKenya). During the year no donations were made to SeeKenya (2022 - £Nil).

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