COMPANY REGISTRATION NUMBER: D5539255 CHARITY REGISTRATION NUM BER: 1112820 THE KINGSBOROUGH CENTRE Company Limited by Guarantee Financial Statements 31 March 2024 K B M UK LIMITED Chartered Certified Accountants & statutory auditor 1 Concord Business Centre Concord Road London UK W3 OTJ
THE KINGSBOROUGH CENTRE Company Llmited by Guarantee Flnanclal Statements Year ended 31 March 2024 Page Trustees, annual port (incorporating the directorts report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) Statement of financial position 15 19 20 Statement of cash flows 21 Notes to the financial statements 22
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) Year ended 31 March 2024 Reference and administralive detsils Board of DirectorslTrustses Reverend B A Adedeji - Chair Pastor N O MureSe Pastor V D Omonedo Pastor C Balogun Charfty registrat'ion number 1112820 Company registratlon number 05539255 Registered office 4 New Windsor Street Uxbridge Mlddle5ex UB8 2TU Company secretary Pastcr O Ba1ogun Auditor K B M UK Limited Chartered Certified Accountsnts & Ststutory Auditors 1 Concord Business Centre Concord Road London UK W3 OTJ Bankers Barday Bank 142 h igh Street 268-270 High Street Uxbridge UK UB8 1JX HSBC Bank PLC 268-270 High Street Uxbridge UK UB818Y
THE KINGSBOROUGH CENTRE Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Dlrector's Report) (contlnued) Year ended 31 March 2024 The yearly audited financial statement and report ofthe Kingsborough Centre, a charitable company, for the fiscal year ending on March 31, 2024, is submitted by the Board ofTrustees, who, under the Charlty Act, also seNe as directors of the Charity, The Board of Trustees unequivocally attest to the factthatthe said report and audited financial statement are in accordance with the provisions and requirements stated In the Companies Act 2006, Charity Act 2011, Charities Act 2022, the Gharitsble companVs governing document, and the Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard {FRS 102) applicable in the UK, as well as other extant statutory requirements. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION By virtue of a Memorandum and Articles of Association aéopted on August 16, 2005, and amended on August 10, 2020, the Charitable Organisation was duly incorporated as a charitable entity with charity number 111292 and company number 0553925. In accordance with the Companies Act 2006, the Charity as a company limited by guarantee is duly regulated by its governing doGument, the Articles of Association. The governing document and other extensive statutory regulation6 serve a8 the oround for formulating policie8 that control the daily operations of the organlsation. METHOD OF APPOINTMENT OR ELECTION OF BOARD OF TRUSTEES The charitable companWs management is the responslbility ofthe Board of Trustees, are appoln'led and GO-OPted under the terms of the Articles of Associa(ion. In accordance wilh Section 3(7) of the Articles ofAssociation, the Trustees are empowered to appoint additional trustees. Still, the total number oftrustees must not exceed nine and cannot be less than three. In the year under review, the Board noted that one of the Trustees may relinquish her position as she has indicated her intention to retire soon. Two intending trustees are being considered for appointment by the Board. This appcintment would Increase the number cf tNstees, enhance the robu5tne5s of the trustees, deliberations when considerlng issues, and fill the vacancy that would be created when the trustee resigns. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF BOARD OF TRUSTEES The induction process for anyone who was newly appointed member ofthe Board of Trustees entails a meeting )Mth the Chair and other Trustees. After that, the Trustee(s) meets with the Chief Executive to familiarise them self with the authorities and obligations of the Trustees. The Trustee is at the stage given an Induction Pack, which contains the goveming documents ofthe charitable company and relevant excerpts from the Charlty Commission Guidelines, includlng DOC CC3 and CC11, i.e., the Essential Trustee,. Vvhat you Need to Know and Ihe Trustees Expenses and Payrrent. The Trustee is expected to occasionally participate in various tyaining events, refresher courses with current trLlStee5, Conferences, and seminars, These events are tailored to enhance their governance skills fvrther and ensure they are updated on their responsibilities and any sector-related changes. These procedLires will ease their ability to adhere to important statutory prowsions and boost their Confidence and effectiveness in discharging their obligations,
THE KINGSBOROUGH CENTRE Company Llmlted by Guarantee TNstees' Annual Report (Incorporatlng the Directorfs Report) (continugdj Year ended 31 March 2024 ORGANISATIONAL STRUCTURE AND DECISION-MAKING While acknowledging the presence and impact of a spiritual pastor, the affeirs of the charitable organ18ation are 601ely regulated by the provisions of the company's Articles of Associatlon. Hence, the Board of Trustees meets regularly to cversee the affairs ofthe charity, vthich Is in accordance wlth the Gharty's organisational strLlCture, The charlty's day-to-day adminlstrationlmanagement is delegated to the Chiet Executive, who promptly reporLs on the charlty's operatlons to the trustees. The Board ofTrustees' continuous involvement is essential and prudent in ensuring the well-b6ing ofthe Gharity, especially In scenarios where the charlty may be exposed to enormous risk and the potential implications it may have on the Charity. RISK MANAGEMENT The trustees fully comprehend the extent of their responsibility to notice and evaluate potential risks to which the charitsble organisation could be exposed and adopt preventive methods to forestall any likely exposure to fraud and errors. The Board of Trustees uses a rlsk-preventive approach that involves Consistent and detailed systematic means for assessing, identifying and evaluating potential risks, Thls process enables the Board of Trustees to initiate plans to curb any identified risk effectively. One such systematic means employed involves conducting periodic legal checks to ascertain the Current operational status of the organisatlon. The trustees are confident that the Current organisation structure and modLlS operandi are capable of mitigating the organisation's exposure to significant risks and 8re flexible enough ta adapt to minimise the gravity of any potential risks quickly. Notwithstanding, the trust'ees have assessed any possible primary risk the Charity may face. Such identifiable risks include the need for a constant governance check to ensure the competencies of existing trustees, evaluating where new skills and training forthe board are necessary, and ensuring the financial system has adequate control in place, particularly those related to payments, as well as managing litigious exposure as it conGerns subsidiaries. The Trustees have considered the identified risks and are implementing adopted methocls aimed at mitigating the possibility of the charity being exposed to such risk. PERSONS WITH SIGNIFICANT CONTROL REGISTER In accordance with the provision of Part 21A of the Companies Act 2006 relating to individuals with slgnificant control over the charltable companyl and or Relevant Legal Entities (RLES) with slgnificant control, the charitable company declares It is not aware of any registrable person or registrable entity in relation to the charitabl& company.
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) {continuodJ Year ended 31 March 2024 OBJECTIVES AND ACTIVITIES OBJECTIVES The objects of the Kingsborough Centre are.. 1. The advancement of the Christian Faith INorldwide for the public benefit through establishing churches and Chri6tian Community Hubs, carrying out Missionary activities, holding Bible Studies, Prayer Meetings, Trainlng in Christian Minlstry, public celebratlonB of Chri6tlan religious Festivals, producing and/or distributing Ilterature and audio-visual materials on Christianity to enlighten others about Christian faith. 2. The rellef of those In need because of youth, age, ill-health, disability, financlal hardship, or other disadvantsge$. For example, setting upladmlnistertng or supporting day nurseries, playschools, and other educational establishments for economically disadvantaged familles. 3. The prevention or relief of poverty wOr1lde by provSding grants, items, and SeICe8 to individuals in need andlor charities or other organisations working to prevent or relieve poverty, including developing the capacity and skills of members of the community who are socially and economlcally disadvantaged in such a way that they are better able to identify, and help meet, thelr own needs and to participate more fully In society. It 18 imperative al this juncture to acknowledge the immense contribution made by the charitable organisation's Church leaders, various team leaders and volunteer workforce, vthich were pivotal to Ihe strides the organisation has achieved over the year under review. The Synergy amongst the workforce in all strata of the organisation has resulted in a smooth and effective implementation of strategies to meet the charitable purpose. The Church leaders, Team lead8rs, Production team, IT Team, and esteemed Volunteers have displayed an unwavering commitment and undivided attention towards the pursuit of the charity's lofty charitable purpose, STRATEGIES FOR ACHIEVING OBJECTIVES Following the landmark celebration of the 20th anniversary, it was time to review and reposition the organisatlon to maintaln and improve its methods of achieving it5 charitable purposes. To effectively carry out its objectives. the organisation has initiated a well-researched and thought-out fve-year strategic plan. This plan is further broken into three phases for easy implementation and assessment: 12 Months Plan: CommenGe and complete the church expanslon programme Create compelling and functional Church departments. Implement a new operational structure. The new organogram Mll provide a detailed channel of comimunication and office responsibilitles, ensuring Seamless operation and accountabillty within the organisation. Have new Church office space. Engage in CAP operations As51gn the control of different, aspects of ministry operations to Directorate Heads. Establish media and music18bels. Appoint Kingsman and Hadassah's presidents, respectively, with a team of iwo or three around ihein. Appoint ELC ministry leaders for areas of Advocacyl Ccmmunity Engagement, Enterprise, Word Lounge and Creative Intercession. Hosting an online relationship ministry and having an online monthly workshop & quarterly dinner. Employ Business Deve5opmenVCompliance officer.
THE KINGSBOROUGH CENTRE Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnuedj Year ended 31 March 2024 Engage the services of a consultantto develop and implement a business plan for primary school. Develop and implement an efficient system Istructure for CMC. Open CMC Hounslow Target a 200-occupancy across Uxbridge. Hayes and Hounslow. Have a franchise park opened wlhin a year. 2 Years Plan: Complete expansion proje Increase incoming generation initiatives Have a strong ambassador community Raise or attract at least 20 strong business owners to become members of the organisation Have at least 50 public leaders across the board who are members ofthe organisation. Develop a businesslpublic leadership curriculum vthi¢h would both prepare leaders and equip them with the right skills for service. Operate a thriving media and music label studio Increase membership strength to at least 300 Embark on an annual cruise as part of trie relationship ministy event. Open five Nurseries Open five Franchises Open One Primary School. 5 Years Plan: Have 500 strong membership Consolidate the achievements from the two years plan. Develop a new strategy for the next five years. The Organogram of the church was also restructured to enhance performance and accountability. The Kingsborough Church
THE KINGSBOROUGH CENTRE Company Limlted by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) {contlnued). Year ended 31 March 2024 ACTIVITIES FOR ACHIEVING OBJECTIVES In the year under review (April 2023 to March 2024), the organisation, wtth resilience and, in some areas, reinvention, 8u¢cessfully navigated the challenges it encountered to improve and achieve a higher level than the preceding year. Uslng the theme cf the year 'MANIFESTATION' as a guide, the Organisation aimed to change the narrative conceming its financial 8tatus, community impact, and spiritual and physical structure. This also prompted the Management Board to initlate strategic planning for the next five year8. To effectlvely undertake this task, Rev Yemi Adedeji was engaged a mandate to consult for the Kingsborough Centre and guide it through this Grucial phase by participating in reshaping the vision statement and implementing strategic initiatives to rejuv.enate the Church. The organisation anticipates that these efforts wll ignite a renewed energy wllhin the congregation, fostering a more substantial ommltment to the vlsion. To reposition the organisation to embrace and accommodate membership expansion and have space for other operational activlties and community-lmpactful projects, the 8oard is exploring the possibility of expanding the Church premlses at 4 New Windsor Street to accommodate the growing needs of our congregation and enhance our ability to provide diversified services. There are al80 advanced deliberations and efforts to acquire another structure that can fit this expansion plan. The organlsation is also mindful of the role of an unambiguous vision ststement in achieving its objective. This prompted the setting up of an ad hoc committee to work on upgrading its vision state ment. This process aims to align the organisation's collectlve asplrations and define a clear path forward for the Church. The crganisation is, therefore, focused on creating an environment where members can fully embrace the vision and actlvely contrlbute to its reali5ation. The Implementa11on of strategies derived from the Lipgraded vision statement is undenvay. There ha5 also been an intentional drive to promote transparent communication with the congregation, which remains a priorlty. To keep the members well-informed, regular updates on the Strategic planning progress, expansion project, and olher vital initiatives are disseminated through various channels. Feedback from Ihese channels of communication 15 duly evaluated and put into consideration where appllcable. PUBLIC BENEFIT STATEMENT The Board of Trustees confirms thatthey have met their duts'es in strict compliance with the provisions of sections 4 and 17 of the Charities Act 2011 and have had due regard to the Charity Commission'8 general guidance on public benefit. Particular consideration ha6 been given to the Charity Commission's supplementary public guidance provisions on the advancement of religion for the public benefit.
THE KINGSBOROUGH CENTRE Company Limlted by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) (contsnu8dJ Year ended 31 March 2024 ACHIEVEMENTS AND PERFORMANCE REVIEW OF ACTIVITIES 2023 was a landThiark year for the Kingsborough Church, tnarked by the theme of MANIFESTATION. This theme not only encapsulated the vision for the year but also highlighted the church's joumey over the past 20 years, showcasing the signlficant impact it has had within the community. The 20th-anniversary celebration was meticulously planned and execute under the guidance of the trustees and church leadership, emphasising gratiknde, reflection, and strategic planning for the fvture. The church's mlssion statement, °sent to ralse and release kingdom giants fDr community influence, en¢apsulates its activities in the past year. Confronting the challenge of members, fatigue toward kingdom activiti85, the church embarked on a fasting and prayer program to revive members, zeal and commitment. Leaders were also allowed to reconsider area5 they would prefer to serve and be more creative and producttve. This has led to a breath of freshness and high performance in the church's operational activities. As a community-oriented church, the food bank has retalned Its operational code of'feeding local people and changlng lives In the communlty,. To confjnue providing services that would impact the immediate community in all its ramifications. the food bank's scope of operations was enlarged to include other initiatives such as 'lhe 'more than food initiab've,, 'finance workshops,, work readiness programs,, etc. The operational structure of the *ood bank wa5 also revlewed to ensure a robust and efficlent administrative structLire was in place to handle the additional operations of the food bank. To further underscore its drive to positively impact the communrty, the Coat of Many Colours Nursery has expanded to three locations, with the openSng ofthe CMC Hounslow. Below is a summary of some ofthese ackn'vities: . 3.1.1. Kingsborough's 20th Annlversary Painting the future was a pivotal event that provided an opportunity to reflect on the church's joumey since its inception. This Session was dedicated to assessing the church's progress, identifying 8reas for iinprovement, and str8tegizing for the future. The Anniv8rsary Thanksgiving brought together the church community and its friends to celebrete the milestone event. Part of the anniversary celebration included: Presentation of leaders selected for ministry training and ordination. Academic Lectures in partnershlp with Brunel University, with Dr Sam Adeyemi delivering the keynote lec'iure. Apostolic consecration of Senlor Pastor Tunde and Toyin Balogun. Ordination of f5ve pasto and appointment of eleven deacons as church leaders. Award Dinnerl Christmas Party to honour those who have meritoriously served the organi8ation over the years. 3.1.2 Expansion and Restructuring New Windsor Street Development: As part of the church's long-term vision, we are exploring restructuring and expansion POBsibilities at 4 Newwindsor Street. A specialist small space architect firm has been recommended to help develop the srte for the nursery and primary school. The church will use the premise8 cn weekend8 and for unique community oollaborations.
THE KINGSBOROUGH CENTRE Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) (contin1rf) Year ended 31 March 2024 Further negotiation8 are being made with the arGhitectural firm to arrive at a mutU811y agreeable aangement on how best to reStrUre the building and make it more functional and cost-effe¢tive. 3.1.3. Hillingdon Food Bank: As part of the organisation's core purpose to support those living in povety, the Hillingdon Fcod Bank has been an effects've tool in reaching out to families in need and providlng them wlth essenti81 Items such aB food and cloth items. The mixed messages from the new ovvner of the Hillingdon Foodbank building have made us intensify effortB to Consider an alterna'le place forthe food bank. Hence, we have continued to explore and follow up on the possibility of purchasing a joint space for both the Hillingdon Foodbank and the bfjngsborough Centre Community Hub. This exciting prospect is vigorously pursued while utilising Hillingdon Food's present location in the best possible way5. The Introduction of ULEZ has Ilmtted the use of the foodbank bus, whlch makes It Imperative to replace it as soon as possible with-in the following calendar year. NolthStandIng, the Foodbank, in partnership with the Citizen Advice Bureau (CAB), is engaged in provldlng financial counselling to members of the Hllllngdon Communlty. A representative of the Citizen of Advice BureaLi uses the Hillingdon Food Bank place to provide financial counselling on a weekly ba8lB. Th6 positive feedback from the counselling sessions has been encouraging. 3.1.4. Coat of Many Colours Hounslow: We have acquired GreatWe¢tern Nursery, a distre8sed business, to rebrand it as the ihird branch ofthe CMC nursery. HSBC, which is financing the project, has agreed to fund the takeover, and CMC Hounslow offi¢lally open In the first quarter of 2024. The lo¢atlon has a lot of potenllal, and the opening of CMC Hounslow will further boosl th8 chances of parents within and around Hounslow returning to work and advancing their careers. 3.1.5. Kingsborough Prfmary School Project. With assistance from the Christian Concem body, a comprehensive review of different primary school education models has been conducted. This process Is necessaryto ensure that the model adopted fits the organisation's vlslon and mlsslon. The organisatlon is still interacting and consulting with relevant bodies to ensure a smooth take-off of the Primary. 3.1.6. Oulrea¢h Ministry: Connect Magazine's success has been a cornerston8 of our outreach efforts. The outreach team uses the magazine extensively during their 8treet and door-to-door evangelism every Saturday. The outreach team consistently goes out every Saturday morning with the mlssion of winning souls and inviting people to the church. Their dedication has led to significant comrrunity engagement, with many new attendees and members joining the church as a result ofthese efforts. To futher enhance our outreach, we are forming a Strateglc Operational Delivery SeNi¢e by collaborating among various mlni5tries'. Connect Magaane Editorial Team CAP (Christians Agairist Poverty) Project Outreach Team Musiclmedia Training Centre There is also 8 plan to dedicate Saturdays to The Broom Tree Café, which will serve as a hub for volunteer training and community services. However. the expansion of this initiative is contingent on resolving logistical challenges related to space.
THE KINGSBOROUGH CENTRE Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 March 2024 3.1.7. CAP (Christians Against Poverty) Initiative: AS part of our ongoing commltment to community support, Klngsborough Church has strengthened its partnership with Christians Against Poverty (CAP). This year, we are excited to announce that iwo volunteers from the church will be representing Ffjngsborough at CAP training sessions. These volunteers are being trained as CAP Coaches, equlpplng them Mrith the skllls and knowledge needed to provide invaluable support to indlvlduals and familie8 facing financial difficulties. Once trained, these Coaches will play a crucial role in expanding our CAP ministry, offering personalised debt counselling and pracfjcal assistance to those in need within our communFty. 3.1.8. Legal Matters. Kingsborough v$. Hillingdon Council.. Kingsborough Church initiated a PSPO Judicial Revlew Case against Hillingdon Council, supported by Christian Concern. The goal is to review the PSPQ to fully understand the restriGtions, exemptions, and permits. Rather than pursuing a pro-longed legal battle, we acoepted an invitation from Hillingdon Council to meet at the Civic Cenlre. We also requested a three-month stay on the PSPO'S implementation to allow for an amicable resolution outside 'the Courts. 3.1.9. Kingsmen The Kingsmen Ss a voluntary assoclaticn of men under the collective fold of Kingsborough Church, Thelr goal is to create a godly environment where men Can gather and share personal stories and provide mutual assistance. The Kingsmen adopted an online meeting method using the Zocm platform, butthey meet briefly onsite whenever the need arises. At thelr meetings, parti¢lpant5 engage in lively and in-depth discussions on various issues that affect their daily lives and offer mutual support to each other. The utilisation of Zoom has enabled the Kingsmen to establish secure and convenient connections and foster a sense of com'munily even though they are physically apart, As part ofthis organisation's core charitable objeGtive, the Kingsmen engage5 In selfless a¢'vI.eS that benefit the community around the Kingsborough Church. 3.1.10. Hadassah The goal of the Hadassah group Is to support and ald women Mrithin and around the Kingsborough Church. They h old regular meetings on the first Friday of each month, called Hadassah Travail. It is a tinie set aside to uphold one aiiother and their families in the place of prayers. They also adopted an onllne meetlng where participants gathered in a conducive environment to discuss and address different aspects of a woman's health and well-being. During these gatherings, they offer mutual support and encouragement to one another. In addition, the group maintains a private web forum for further discussion and support outside of in-person meetings. Hadassah group is an excellent resource for anybody looking for a supportive group that encourages personal growth and a winning mentality. Hadassah actively takes part in several initiatives that help the Kingsborough Centre fvlfil its charitable objective of spreading Christianity f'aith across the world. Through a few chosen projects, the Hadassah group has also made a substantial contribution to reducing poverty in the local community. Also, over the years, it has extended its activities and fellowship to involve women who are non-members of the Kingsborough church but Ilve Sn the surrounding area.
THE KINGSBOROUGH CENTRE Company Llmlted by Guarantee TNstees' Annual Report (Incorporating the Dlrector'5 Report) (contlnued) Year ended 31 March 2024 3.1,11. Hangout GrouplNXGN The Hangout group is the yOLlth and teen group that meets atThe Kingsborough Centre. This group al80 referred to as the Next Generation activities, including the Sunday worship, are coordinated by a Pastor. The NXGN is comprised ofyoung adults, including both young professionals who are actively employed in ttle workforce and students who are presently enrolled in higher educgtlon, They help young people come together and receive bibllcal advice by using biblical principles to explain Gurrent events and tOPiC8. This allows them to develop their spirltual ties to God and become better citizens. The gospe1s' emphasls on brotherly Sove is reflected in the youth and young adult group's sense of unity. It is a very successful strategy for encouraging young people to grow In their Christian faith. 3.1.12. Chlldren's Church The Children's Church group has constantly and diligenily ingrained fundamental Christian values in Children, such as Ihe values of doing well and treating others with respect. The lfjngsborough Children's Church has Greated an educational program Ihat consists of several scheduled classes focused on the church'6 maln topic. These classes aim to assist kids in their spiritual development and provlde them with the confidence to communitrate their faith confidently their class-mates. Chlldren have been instructed on the significance of showing their parents thanks with both verbal and tangible expressions. They are also glven the opportunity to express thelr gratitude by creatlng poems and performing musical performances in honour of Mother's Day and Father's Day, respectively. These programs have been designed to strengthen this organisation's core principles.11 has been encouraging and fulfilling to see the commitment made to support the children's Intellectual growth in the neighbourhood. 3.1.13. Monthly Vigils and PrayerslPrayer Meetings The church hosts prayer and worship vigil events once a month, on the third Friday when all members of the c()ngregation come together to pray as a group. In addition, members participate in an online prayer conference called 'Prayer Calls using a free conference c811 number. This Prdying Network System takes place at five a.m. on Mondays and Vvednesdays. To further encourage and engage members who dre willing to pray, the congregation meets in person or electronioally on Sundays at 9:00 AM to pray before the 10..00 AM service starts. A large per¢entage of these initiatives were carried out via social media within and outside the church. The organisaÉion understands the effica¢y of prayers and Ihe value they bring, so it constantly engages In pray&rs as it continues to pursue tho charitable purpose of spreading the Christian Faith around the globe. 3.1.14. Leaders Meetings and Training The Team Leaders gather for breakfast once a month. This meeting 18 usually held on the first or second Saturday of the month, starting at 8-00 AM and ending at 10',00 AM. At the meetings, there are discussions on team plans, group prayer, a shared dinner, and departmental reports to turn in. In the year under review, the leaders and all staff ofthe organisation had access to CPDS through Noodle now to refresh their memories of the organisation's policies and procedures and self-development.
THE KINGSBOROUGH CENTRE Company Llmlted by Guarantee Trustees, Annual Report (Incorporatlng the Dlrectofs Report) (conllnuedj Year ended 31 March 2024 3.1.15. Care and Evènts Team The Kingsborough Church has had the privileged opportunity to receive outstanding assistance from a committed group of people whose efforts have been crucial to the accomplishment of numerous church initiatives. The team In charge of Care and Events organises the different events and programs th8t take place at the church. Their expertise in logistic6 management and event coordlnation has been instrumental in putting together llawless events that have had a profound effect on attendees and the neighbourhood. The tealy's unwavering commitment to meeting high standards has shown to be a priceless asset to Kingsborough Church, and their contributions are highly valued. 3.1.16. Saturday Word Lounge The Kingsborough Church has an C¢nline platform called Saturday Word Lounge. which is only held on Saturdays. To facilitate an in-depth and age-appropriate discussion of the subjects covered during the Wednesday Bible Study, the parttcipants are separated into three age groups. This demographic cohort consists of people between the ages of 26 and 25. the next cohort consists of people between the ages of 3$ and 45., and the last cohort consists OF people who are 46 and older. This platform allows partlclpants to voice their opinions and ask quesllons, whlch further boosts the ongolng conversation. This initiative has also helped us achieve our charitable goal of encouraging the spread of Christianity throughout the world. As mentioned earlier. this effect has been 8ttained by enabling the growth and solidification of more profound relationships with God through reflectlon and understandlng of Christian doryirine and practice in various contexts, 3.1.17. Sunday Morning Life The Sunday service at Kingsborough Church is known f'or Starng on time, with a start time of preoisely 10 a.m. and ending at 11',30 a.m, The workers and ministers meet between g.'oo and 9:30 a.m. for a session of illuminating lessons before the start ofthe service. The workers and ministers at the meeting ar& invited to share their thoughts and questions on the topic discussed, and the pastor or any minister provides further elL4cidation to ensure the topic is well understood by everyone and questions are thoroughly answered. Thls offers an exce.llent opportunity for the workforce to engage in meanlngful Conversation with church leaders and provide something worthwhlle to Ihe service as a whole. The Kingsborough Church extends a warm invitation to new members, who are asked to fill out a fr)rm that will help increase communication and create a feeling of communily. Priority is given to our members and online visitors during services, and we make sure they have access to all the iiiformation they need. When visltor6 first arrive at The Kingsborough Church, they are greeted wlth warmth and asked to fill out brief form. If they decide to stay affiliated, this form Mrill help with communication in the future and help newcomers settle in. Vve do not exclude anyone from the Sunday service or make them feel uncomfortable in our community if they choose to join through our online platforms. This work is crucial to achievlng the charity's goals because it improves the main service provided by the Klngsborough Centre In term5 of its structure, organisation, and efficacy, Another benefit to this welcome approach is that it usually increases the number of new members. In addition, anyone participating in the church's aclivities is free to voice their opinions and any worries they may have regarding the church. Encouraging openness and l<nowledge exchange improves members, perceptions ofthe group and their level of trust. 10-
THE KINGSBOROUGH CENTRE Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conunued) Year ended 31 March 2024 3.1.18. Social Media Presence & Website Attraction The Kin9sborough Centre has utillsed various Social media plafforms to facilitate contact and offer spiritual support servi¢es to members and non-members who visit these platforms. These sites include Facebook, Instagram, Twitter, and WhatsApp groups, In 8ddition, the website funGtions as an Invaluable resource hub, giving users access to a wlde array of beneficlal Informa,on, such as the entire library of magazine editi'ons for the 2023-2024 timeframe. Tlie Kingsborough Centre is highly effective at connecting with its Community across a variety of channels, which makes it easier for people who are actlvely looking for information to receive it. The Kingsborough Centre has malntained ongoing communication with current and prosp&ctive members through various social media accounts and online platforms. For. example, its diverse WhatsApp groups ensure that all individuals are informed about the Church's activlties and commemorate essential mSlestones, amongst other functions of the WhatsApp groups. Also, individuals who are part of our organisatlon and Ihose who are not affiliated with it can aGGess recorded replays of our services. This can be done by logging into our online platforms and participating in our services. Additionally, they can also access playback recordings of Dur servlces. In line wlth our charltable goal vthich include poverty prevention and Gommunity education regarding the daily challenges individuals encounter. we employ various methods to further disseminate actionable information, advice. and recommendations that would help us achieve this goal. 3.1.19. Church Tithingl Benevolence Giving The church promotes selfless and voluntsry giving, including tithing and cheerful contributions, whlch are In line with Biblical teachings, HenGe, gifts and donatlons are meant to be joyfijl contributlons to demonstrate the falthful's steadfast adherence to the values upheld by religious belief. This reporting year, the church has been impacted by the continuous economic falloLIt of the COVID-19 pandetnic. In response to the financial challenges, it has engaged in Blble teachings on the essence of glving and contlnually encouraged members to put the Bible's lessons into practice by cheerfijlly giving gits. However, the Charitable Organization still regularly sets aside 8 percentage of its earnings for Charitable endeavours. It consistently makes financial contribution5 to churches, communlty projects, and educational program5 that support the organisation's goals and mission, These activities are essential for funding the Christian community and 5imllar group , which ultimately helps us achieve our charitable objective of reducing poverty on a local and worldwide scale. Conclusion The Kingsborough Centre has concluded its second decade ofoperation wlth yet another fantastic year. This accomplishment 18 attributable to the hard work of its members, who have encouraged the centre's expansion by drawing In new members and contrlbuting significantly to the neighbourhood over the years. Our deliberate effort to engage godly administrators like Rev Yemi Adedeji and others in strategic planning and propose an expansion project demonstrates our strong faith in our abllity to adlust and prosper numerlcally and financially, even in these trying times, The Charitable organisation has continuously stayed true to its mission. making poverty alleviation and ChristSan faith promotion its top prioril'ies.
THE KINGSBOROUGH CENTRE Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Director's Report) fcontlnued) Year ended 31 March 2024 INVESTMENT POLICY AND PERFORMANCE The Board of Trustees is Committed to keeping the organisation's funds in interest-bearing accounts while considering safe and suitsble investments with higher returns. To this end, the Trustees undertake to engage the servlces of legal and financial experts before considering investment alternatives. This is to ensure that investment decisions are only made after Considering expert opinions ond best practices. FACTORS RELEVANT TO ACHIEVE OBJECTIVES A key factor in achieving our pUoSe is creatlng an atmosphere that enhances spiritual enlightenment, financial management accountabllity, and Improved understanding among tlie trustees of thelr strateglc and fiduciary obligations, The underlying purpose here Is that a sizeable portion ofthe support neaded to achieve our purposes Gan be derived from divine inspiration, deliberate and detsiled planning, and accountable leadership. FINANCIAL REVIEW The immediate financi81 position of the charitable company is good, and the long-term position is stable. RESERVE POLICY The Board of Trustees initiated a 'Yree reseNes" policy that allows the charitsble company to maintsin unrestricted fvnds. In the year under review. these free reserves have been reviewed downwards to the equivalent of one month (instead of the prevtous Ihre8 manlhs) of annual expenditure, excluding any funds already committed or invested in tangible fixed assets. The Board of Trustees unequivocally believes that the charitable organisation's ongoing operations can be sustsined even if its financial resources are considerably reduced. The Board of Trustees will continue to review the reserve poliGy to ensure it aligns with the organisab'on's overall strategic plans. This periodic review helps to verify whether the current reserve level aligns with the organisation'$ 'ffinancial position based on incomes and expenditures in the year under review and takes into consideration any strateglc plans that have yet to be implemented. The Board of Trustees is confident thatthe organisation currently possesses financial reserves allocated for the specific objectives outlined in its forthcoming initiatives. PRINCIPAL FUNDING This is provided mainly through contributions and donations from members. 12
THE KINGSBOROUGH CENTRE Company Limlted by Guarantee Trustees, Annual Reporl (Incorporating the Directof s Report) (contlnued) Year ended 31 March 2024 PLANS FOR THE FUTURE FUTURE DEVELOPMENTS As part of ilB expansion plan, the organisation 15 ¢urrently planning to purchase a property that can accommodate both the Kingsborough Centre Church and the Food Bank. The charitable organisation wlll remain steadfast in adopting measures that will ultlmately lead to fulfilllng its knndamental objectives contained in frts governing documents. The charitable organisation will also consider further methods thatwill in¢rease the resources and community impact of its Gharitable activities and deploy the proceeds in further pursuit of its charitable objectives. The Charity is Steadfastly committed to partnerlng wlth and rendering financial aid to like-lnlnded initiatives across various churches, non-governmental organisations, groups, events, and conferences wlthin the United Kingdom and ulobally, provided always that these initiatives remain driven by the ultimate aim of spreading the Christian Faith and its creed around the world, BOARD OF TRUSTEES, RESPONSIBILITIES STATEMENT The Board of Truslee8, who also serve as directors of the Kingsborough Centre for Company law purposes,15 responsible for preparlng the report and financial statements per relevant legislation and the United Kingdom Accountlng Standard8 (UK Generally Accepted Accounting Practice). The Board of Trustees is statutorily obligated to prepare financial statements for every fiscal year. The Company law a150 empowers the Board of Trustees to withhold consent for finanoial statements if they fail to provide an accurate and unbiased representation of the charitable company's current status. The Board of Truste88 is also expected to include in its report the inflow and outflow of resources, including Income and expenses, within the fiscal year. Furthermore, the Board of Trustees are to consider the following factors while preparing these financial sl8tements'. Meticulously pick accounting policies and consistently apply them. Painstskingly observe the methods and prlnciples listed in the Charities Statement of Recommended Practice (SORP). Exercise sound judgment and make reasonable and cautious estimates. Indicate and explain in precise terms if there were any significant devlations from UK Accounting Standards in financlal statements and or if they were strictly followed. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue operating. The Board of Trusteesls mainly responsible for keepin9 sufficlent accounting records that contain a detailed and reagonably accurate descriptlon of the charity company's financial positlon at any given time. Thi6 enables the Board to ensure that the financial statements comply with the Companies Act 2006. The Board of Trustees 18 also liable for safeguarding the charitable coimpany's assets and must follow necessary procedures to prevent and identify fraud and other forms of mlsconduot. 13
THE KINGSBOROUGH CENTRE Company Llmlted by Guarantee Trustees, Annual Report (Incorpornting the DirectOS Report) {contlnuod) Year ended 31 March 2024 DISCLOSURE OF INFORMATION TO THE AUDITOR To the best of the Board of Trustees, knOedge, the report ha8 been approved under the following conditions.. There is no material audit information that the charitable company or Kingsborough Centre auditors are unaware of, The Board of Trustees has adopted all required mea8ures to ensure it Is entirely up to date with all relevant audit information. It confirms that the auditor is also aware of Such information. 10. AUDITORS The charitable ¢ompanVs auditors, KBM UK Ltd, have indicated their llingneSS to continue in office and offer themselves for re-appointment at the next Annual General Meeting. In preparlng thls report, the Board of Trustees has taken advantage ofthe sinall companSes' exemptlons prcvlded by section 415A of the Companies Act 2006, ard of Trustees on 1.7...of .D........kw< 2024 and signed on its This report was approved by the behalf by- Pastor Nlyi Murele Or7 behalf of the ustees -14-
THE KINGSBOROUGH CENTRE Company Llmited by Guarantee Independent Audltofs Report to the Members of THE KINGSBOROUGH CENTRE Year ended 31 March 2024 Opinion We have audited the financial stBtements ofTHE KINGSBOROUGH CENTRE (the 'charTrty') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial POBition, statement of cash flows and the related notes, including a summary of significant accounting pollcles. The financial reporting framework that has been applled In thelr preparation is applicable law and United Kingdom Accounting Standards, Including FRS 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 ofthe state of the Gharity's affairs a5 at 31 March 2024 and cf It5 incomlng resources and application of resources, Includlng Its income and expenditure, for the year then ended,, have been properly prepared in accordance wlth Unlted Kingdom Generally AcG'epteé Accounting Practlce,, have been prepared in accordanGe wlth the requlrements of the Companies A1 2006. Bas for oplnion We Conducted our audit in accordance with International Standard8 on Audittng (UK) (ISAB (UK)) and applicable law. Our responsibilrties under those standards are further described In the auditor's responsibilities for the audit of the financial sktements section of our report. We are independent of the charity In accordance with ihe ethical requirements that are relevant to our audit of the financial statements in the Uk<, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evldence we have obtalned Is sufficient and appropriate to provide a basis for our oplnion. Conclusions relating to golng concern In audlting the financial statements, we have concluded that the trustees, UBe ofthe going concern basis of accounting in the preparation ofthe financial statements is approprfate. Based on the work we have performed, we have not identlfied any materlal uncertainties relating to events or conditions that, indlvidually or collectively, may cast significant doubt on th6 charitls ability to continue as a going concern for a period of at least twelve months from when 'the financial statements are &uthori8ed for issue. Our responslbilities and the responsibilities of the trustses with respect to going concern are described in the relevant sèctions of this report, 15-
THE KINGSBOROUGH CENTRE Company Llmited by Guarantee Independent Audltorfs Report to the Members of THE KINGSBOROUGH CENTRE [contsnuedJ Year ended 31 March 2024 other infomiation The other Informatlon comprises the information included in the annual report, other than the finanGial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other Information and, except to the extent o'therwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. I n connection wlth our audit of the financial statemen'ts, our responsibility is to read the other information and, In doing so, consider whether the other information is materially inconsistent wilh the financial statements or our knowledge obtained in the audil or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material mi5Statemenls, we are required to detef mine whether there is a material mlsstatement In the financial sl'atements or a materia5 misstatement of the other information. 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinlon, based on the work undertaken in the course of the audit.. the informatlon glven in the trustees, report for the financial year for which the financial Btstements are prepared is consistent with the financial statements. 8nd the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are requ ired to report by exceptlon In the light of Ihe knowledge 811 d understandlng of the charlty and its environ ment obtained in the course ofthe audit, we have not identified material misstatements In the trustees, report. We have nothing to report in respect of the following matters in relation to which 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 received 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 speclfied by law are not made. or we have not received all the information and explanations we require for OLir audit. or the trustees were not entitled to prepare the financial statements in accordance wvith the small companies regime and take advantage of the sm811 companies, exemptions in preparing the directors, report and from the requlrement to prepare a strateglc report. 16
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Independent Auditorfs Report to the Members of THE KINGSBOROUGH CENTRE (contlnugd) Year ended 31 March 2024 Respon5ibilrties of trustees As explained more fiJlEy in the trustèes, responsibilities statement, the trustee8 (who are e180 the directors for the purposes of cornpany law) are responsible for the preparation of the financial ststements and for being Sa8fied that they give a true and fair view, and for such internal con'trol as the trustees determlne 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 charlty's abllity to continue as a going concern, disclosing, as applicable, matters related t'o going concern and using the going concern basis of accountlng unle5S the trustees elther intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements OLJr objectives are to obtaln reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to traud or error, and to issue an audltor's report that Includes our oplnion. Reasonable assurance is a high level of assur&nce, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a materlal misstatementwhen It exlsts. Misstatements can arise from fraud or error and are considered ma'terial 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 instance8 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irreoularlties, iiicluding fraud, The extent to which our procedures are capable of dete¢tlng Irregularities, including fraud is detailed below- The engagement partner ensured that they engagement team collectively had the appropriate competence, capabilib'e8 and skills to identify or recognise non-compliance with applicable laws Ènd regulations., We identified the laws and regulations applicable to the charltable company through discussion with Trustees and other management and rewew of appropriate industry knowledge. We assessed the extent of compliance Mrith laws and regulations identSfied above through making enquiries of management and reviewlng all relevant correspondence. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain profe65ional scepticism throughout the audif. We also: Identify and assess the risks of material misstatement of the firiancial ststements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audlt evidence that is sufficient and appropriate to provide a basls for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one regulting from error, a8 fraud may involve collusion, forgery, intentional omissions, mlsrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal Control, Evaluate the appropriateness of accounting policies used and the reasonableness of accountlng estimates and related disclosures made by the trustees, 17
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Independent Auditor's Report to the Members ofTHE KINGSBOROUGH CENTRE {¢onfinued) Year ended 31 March 2024 Conclude on the appropriateness ofthe trustees, use ofthe going concem basis of accounting and, based on the audit evidence oblainod, whether a matèrial uncertainty exists related lo events or conditions that may cast signif ic8nt doubt on the charity's abilily to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opi nion. Our conclusions are based on the audit evidence obtained up to the date of our auditor'5 report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate th8 overall presentation, structure arid content of the financial stal&ments, including the disclosures, and whether the finaiicial statements represent the underlying transaction5 and events in a manner that achieves fair presentation. We communicate with those charged with gov6rnanc8 regarding, among other matters, the planned scope and timing of the audit and significant audil findings, including any significant defi¢iancies in internal control that we identify during our audit. Use of our r8port This report is made solely to the charity'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 charily's m6mbers those matters we are required to state lo Ihem in an auditor's report and for no other purpose. To the fijllest extent permitted by law, we do not accept or assume responsibility to anyone other than the charty and the charity's members as a bady, for our audit work, forthis report. orforthe opinions we have formed. Mr. Mohammed Afzaal Bhatli {Senior Statutory Auditor) FCCA For and on b6half of KBM UK LTD 1 Concord Business Cenlre Concord Road London UK W3 OTJ 1711212024 18.
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Statement of Financial Activities (includlng Income and expendlture account) Year ended 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Incomo and endowments Donations Other trading activities Investment income Other income 208,583 906.028 1,880 4,875 1,121,366 1,865 210,448 906,028 1,880 4,875 1,123,231 242,800 876,631 366 Total income 1,865 1,120,797 Expenditurn Expendlture on raising funds.. Costs of raising dondtions Costs of other trading activities Expenditure on charitable activities Total èxpenditure 16,385 764,796 369,592 1,150,773 16,385 777,161 373,124 1,166,670 11,985 620,211 321,676 12,3fj5 3,532 15,897 10,12 953,872 Net (expendits4re)lincome and net movement in funds (29,407) (14,032) (43,439) 168,925 Reconciliation of funds Total funds brought forward Total funds carried fonmard 617.045 16,844 633,889 590,450 466,963 587,638 2,812 633,389 The statement of financlal activi11es includes all gains and losses recognised in the year. All in Goine and expenditure derive from continuing acttvlties. The notes on pages 22 to 31 ft)rm part of these flnanclal statements. 19
THE KINGSBOROUGH CENTRE Company Limited by Guarantee statement of Flnanclal Posltlon 31 March 2024 2024 2023 Nots Fixed assets Tangible fixed assets 17 2,687,836 2,439,603 Current assets Debtors Cash at bank and in hand 18 30N94 38,232 68,726 8,037 121,065 129,102 Creditors: amounts falling due within one year Net cu rrent liabilities 20 382,407 262,114 313.681 133,012 2,306,591 Total assets less current liabilities 2,374,155 Credltors. amounts falling due after more than one year 21 1,783,705 1,672,702 Net assets 590,450 633,889 Funds of the charity Restrlcted funds Unrestricted funds 2,812 587,638 590,460 16,844 617.045 Total charlly funds 22 633,889 These financial statements have been prepared In accordance wlth the provlslons applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on oar Pastor Niyi MLire On behalf of th ard of I"rustees The notes on pages 22 to 31 form part of these flnanclal statements. -20-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating actlvities Net (expenditure)fincome (43,4391 166,925 Adjustments for.. Depreciab'on of tangible fixed a8sets other interest receivable and similar income Accrued expenses 46,778 {1,880) 10,978 2¥,475 (3661 6,382 Changes in.. Trade and oth8r debtors Trade and other oreditors {22,457} 13,072 3,052 983 (115) 199,264 Cash generatsd from operations I nterest received 1,880 4,932 366 Net cash from operating activities 199,630 Cash f lows from inve51ing activitles Purchase of tangible assets Net cash used In investing a¢tivities (295,011) {295,011) (19,283) (19,283) Cash flows from financing activitles Proceeds trom borrowlngs Net cash froml(us8d in) financing acl£vlties 207,245 207,245 {60,406) (60,4Q61 Net (decrease)lincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (82,834) 121,065 119,941 1,124 121,065 38,231 The notes on pages 22 to 31 form part of these flnanclal statements. 21
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Flnanclal Statements Year ended 31 March 2024 General infomiation The charity is a public benefft entity end a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address ofthe registered office is 4 New Windsor Street, New Windsor Street, Uxbrldge, Mlddlesex, UB8 2TU, England. Statement of compliance These financial stgtements have been prepared in compliance with FRS 102, 'The Fin8noial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportsng Standard applicable in the UK and Republlc of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companle6 Act 2006. Accounting policies Basi$ of prèparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain finanGial assets and liabilities and investment properties mea8Lired at fair value through Income or expenditure. The financlal statements are prepared In sterling, which is the funckn'onal currency of the entity, Going concem There are no material uncertainties about the cherity's ability to continue. Fund accounting Unrestiicted funds are available for use at the dlscretion of the trustees to fvrther any of the charity's purposes. Designated fund8 are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted fvnds are subjected to restrictlons on thelr expen diture declared by the donor or through the terms of an appeal, and fall into one of iwo sub-classes.. restricted income funds or endowment funds. -22-
THE KINGSBOROUGH CENTRE Company Llmited by Guarantee Notes to the Financial Statements (conllmJed) Year ended 31 March 2024 AGcounting policies (contlnugdj Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,, it is probable that the economic bene'fits associated Mth 'the transaction will flow to the charity and the amount can be reliably measured. The followlng specifi¢ policies are applied to particular categories of income.. income from donations or grants is recognised en there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy Income is recognised when receipt is probable and entitlement is established. Income from donated goods Is measured at the falr value of the goods unless this is Impractical to measure reliably, in which ¢a$e the value is derived from the cost to the donor or the e6timated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contrlbution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted ndS unless there Is a contractual requirement for it to be spent on a particular purpose and relurned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure Is recognlsed on an ac¢ru8lF basls as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates= expenditure on raising funds includes the costs of all fijndraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charlty In undertaklng activities that further its charilable aims for Ihe benefit of its beneficiaries, including those support costs and costs relating to the governance of the ¢h8rity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raislng fund5 for the Gharity nor part of its expenditure on charltable activrties. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and conslstent basis. -23-
THE KINGSBOROUGH CENTRE Company Lirnited by Guarantee Notes to the Financial Statements [tonllnu8dJ Year ended 31 March 2024 Accounting policies (eontlnugd) Tangible assets Tangible assets are initlally re¢orded at cost, and subsequently staled at cost less any ac¢umulated depreciation and impairment losses. Any tangible assets Carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase In the carrying amount of an asset as a result of a revaluation, is recognlsed In other recognised gains and losses, unless it reverses a charge for impairment that has previously been r&¢ogni8ed as expenditure within the Statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, Is recognised in other recogn5sed gains and losses, except to whlch it offsets any previous revaluatlon gain, in which ¢ase the loss is shown wkthln other re¢ognised gains and losses un the statement of financial activities. Depreciation Depreciaifon 43 calculated so as to wrrte off the c05t or valuation of an asset, less residual value, over the useful economic life of that asset as follows: Plant & Machinery Freehold Building Leasehold Property 250/0 reducing balance 2.OYo of building element only 18 Years straight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable arnount being estimated where suth indicators exist. Where the carrying value exceeds the recoverable amount, the asset is Impaired accordlngly. Prlor impairments are also reviewed for possible reversal at each reporting date. For Ihe purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unlt to vthich the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash infiows that largely independent of the cash inflows from other assets or groups of assets. For Impairment testing of goodwill, the goodwill acquired in a business combination is, from the acqLliSltion date, allocated to each of the cash-generating units that gre expected to benefit from the synergies ofthe Gombination, irrespective 0fether other assets or liabilities ofthe charity are assigned to those units. Govemment grants Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received. Where the grant does not impose Specified futLire performance-related conditions on the recipient. it is recognised in income when the grant proceeds are received or receivable, Where the grant does impose specified fvture performance-related conditions on the recipient, it is recognised In income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
THE KINGSBOROUGH CENTRE Company Llmlted by Guarantee Notes to the Flnanclal Statements fcondnugd) Year ended 31 March 2024 Accounting policies fcontlnued) Financial instrumen15 A financial asset or a finanoial liability is recognlsed only when 'the charity becomes a party to the contractual provisions of Ihe instrument. Basic financlal Instruments are initially recognised at the amount receivable or payable including any related transac'on costs. Current assets and current liabilities are subsequently m6asured atthe cash or other considereljon expected to be paid or received and not discounted. Debt instruments are subsequently measured at amorl'ised cost. IAlhere investments In shares are publicly traded or their fair value can otherimse be measured reliably, the investment 1$ 6ubsequently measured at fair value wilh changes in fair value recognised in income and expendlture, All other such investments are subsequently meaBured at cost less impairment. Other financial in8truinents, including derivatives, are initially recognised at fair value, unless payment for an asset is defeed beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently mea8ured at fair value, with any changes recognised In the statement of inancial actlvlties, with the exception of hedging instNment8 in a designated hedging relationship, FinanGial assets that are measured at cost or amortised cost are reviewed for objective evidence of Impairment at the end of each reporting date. If. there is objective evidence of impairment, an impairment loss is recognised under the appropriate h eading in the Statement of financial activities in which the initial gain was recognised, For all equify instru ments regardles5 of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed indlvidually or grouped on the basis of similar credit risk characteristics. Any reversals of impalrment are recognSsed immedlately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrylng amount would have been had the irnpairment not previously been recognised. Donations and legacies Unresiricted Fund5 Restricted Total Funds Funds 2024 Donation5 Donations - Thanksgiving Donations - Tithes, Offerlngs & Other Donation Donations - Gift Aid Donations - Building Fund 7,293 160,443 40,847 7,293 160,443 40,847 1,865 210,448 1,865 208,583 1,865 -25-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 Donations and legacies (continued) Unrestrldted Funds Fiestricted Total Funds Funds 2023 Donations Donations - Thanksgivlng Donations - Tithes, Offerings & Other Donation Donations - Gift Ald Donations - Building Fund 7,532 176,959 54,447 7,532 176,959 54,447 4,662 243,800 4,862 4.,862 238,938 other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 CMC Nursery Income 906,028 906,028 876,831 876,631 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 1,880 1,880 366 366 Other income Unrestrictsd Total Funds Unrestrided Total Funds Funds 2024 Funds 2023 Rental Income 4,875 4,875 Costs of raising donations Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Support costs (note 11) 16,385 16,385 11,985 11,985 -26-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements (conunuedj Year ended 31 March 2024 Costs of other trading activities Unrestrrcted Funds Restricted Total Funds Fund8 2024 Fundraising trading- CMC nursery Support costs (note 11) 662,467 102,329 662,467 114,694 777,161 12,365 764,796 12,365 Unre5trlcted Funds Restricted Total Funds Funds 2023 Fundraising trading - CMC nur8ery Support costs 536,315 71,531 536,315 83,896 12,365 607,846 12,365 620,211 10. Expendlture on charltable activitles Unrestricted Funds Restri¢t.ed Total Funds Fund8 2024 DireGt Gharitsble cost Support costs (note 11) 317,229 29,238 346,467 317,229 32,770 349,999 3,532 3,532 Unrestricted Funds Restricted Totsl Funds Funds 2023 Direct charitable cost Support costs 285,565 20,438 285,565 23,970 3,532 306,003 3,532 309,535 27-
THE KINGSBOROUGH CENTRE Company Llmlted by Guarantee Notes to the Financial Statements fcontlnu6d) Year ended 31 March 2024 11. Supporl costs Cost of generating voluntary Income Total Support Cost 2024 Cost of charitable Fund raising 8Qtivities trading Bank fees Cleaning Depreclation & Impairment Insurance IT sofvare and consumables Light, power, heating Motor vehicle expense Motor vehicle hire Pensions costs Postage & courier Printh'ng & stationery Repair & maintenance Staff training Subscriytion Telephone & Internet 1,164 3,673 7,519 2,9Q4 631 2,919 1,075 1,492 2,962 10 2,751 2,343 1,390 994 942 4,075 12,855 28,318 10,164 2,210 10,217 3,763 5,223 10,365 34 9,629 8,200 4,866 3,479 3,295 582 1,836 3,760 1,452 316 1,460 538 746 1 ,481 5,822 18,365 37,597 14,620 3,167 14,596 5,375 7,462 14,808 49 13,756 11,714 6,951 4,969 4,708 1,376 1,171 695 497 471 32,770 114,894 16,385 163,848 12. Govemance costs Unrestricted Total Funds Total Funds Funds 2024 2023 Ac¢ountancy fees Audit fees Legal & professional cost 6,69Q 2,700 13,735 6,690 2,700 13,735 5,462 2,700 3,979 12,141 23,125 23,125 13. Net Income Net (expenditure)lincome is stated after chargingl(crediting)'. 2024 2023 Depreciatlon of tangible fixed assets 48,778 25,475 14. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 2,700 2,700 28-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements (¢onllnued) Year ended 31 March 2024 15. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follc¢WS'. 2024 2023 Wages and Salaries Social security costs Other pension costs 650,758 46,390 11,710 708,858 570,675 38,512 10,526 619,713 2024 2023 The average Monthly Number of employees during the year 27 29 Only one employee, Mr, Babatunde Balogun, was pald £75,408 (2023.. £74,792) 16. Trustee remuneration and expenses No salaries or wages have been pald to trustees, except the remuneration paid to Pastor O Balogun of£40,429 per year for working in her capacity es charity managing director. 17. Tangible fixed assets Land and buildings Equipment Total Cost At l April 2023 Additions 2,523,401 259,702 168,8S8 35,309 204,177 2,692,269 295,011 2,987,280 At 31 March 2024 2,783,103 Depreciatlon At l April 2023 Charge for the year At 31 March 2024 107,233 32,092 145,433 14,686 160,119 252,666 46,778 299,444 139,325 Carrying amount At 31 March 2024 2,643,778 2,416,168 44,058 23,435 2,687,836 2,439,603 At 31 March 2023 29-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2024 18. Debtors 2024 2023 Trade debtors other debtors 14,244 16,260 30,494 8,027 8,037 19. Cash and cash equivalents Cash and cash equivalents comprise the following,, 2024 2023 Cash at bank and in hand 38,232 38,232 121,065 121,065 20. Creditors: amounts falling due within one year 2024 2023 Bank loans and overdrafts Accruals and deferred income Social securily and other taxes Other creditors 218,167 93,143 52,089 19,008 131,243 82,165 29,698 19,008 262,114 382,407 21. Creditors: amount5 falllng due after more than one year 2024 2023 Bank loans and overdrafts other creditors 1,614,512 189,193 1,783,705 1,494,191 178,511 1 ,672,702 -30-
THE KINGSBOROUGH CENTRE Company Lirnited by Guarantee Notes to the Flnanclal Statements fcontlnugd) Year ended 31 March 2024 22. Analysis of charitable funds Unrestricted fund5 At 1 April 2023 At Income Expenditure 31 March 2024 General funds 617,045 1,121,366 (1,150,773) 587,638 At 1 April 2022 Income Expendlture 31 March 2023 General funds 439,084 1,115,935 (937,974) 617,045 Restricted funds At 1 April 2023 At Income Expendlture 31 March 2024 Restricted funds 16,844 1,865 (15,8971 2,812 At 1 April 2022 At Income Expenditure 31 March 2023 Restricted funds 27,879 4,862 (15,897) 16,844 24. Analysis of changes in nel debt Unrestricted Funds Restricted Total Funds Total Funds Funds 2024 2023 Tanglble flxed assets Current assets Creditors less than 1 year Creditors greater than l year Nel assets 2,685,Q24 68,726 (382,407) <1,783,705) 587,638 2,812 2,687,838 2,439,603 68,726 129,102 (382,407) (262,114) (1,783,705) (1,672,703) 590,450 633,889 2,812 25. Financial instruments The carrying amount for each category of financlal instrument is as followw6= 2024 2023 Financial assets measured at fair value through Income and expendFtura Financial assets measured at fair value through income and expenditure Financial liabilities measured at fair value through income and expendil'ure FinanGial liabilities measured at fair value through income and expenditure 38,232 121,065 2,166,112 1,934,816 26. Related Party Transactions Other Creditors includes interest free loan of £188,201 from Mr Babatunde Balogun & Paster B Oluwatoyin as assistance to secure the Mortgage at 4 New Windsor Street. 31
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Detailed Statement of Flnanclal Actlvitles Year ended 31 March 2024 INCOMING RESOURCES Voluntary Income Total Fiinds Total Funds 2024 2023 Donations Donation5 - Thanksging Donations - Tithes Donations - Offerings Donations - Other Donatioii Donations- Gift. Aid Donations - Building fund Donatlons- Hadassah Donations- Seed of Gratitude Donations- Kingsmen Donations- Welfare Donations- Screen Project Donatlons- Honorarium 7,293 111,814 20,290 24,093 40,848 1,865 1,175 7,532 125,147 18,227 23,687 54.,447 4,862 1,147 475 2.382 595 5,299 1,985 1,085 210,448 243.800 Activities for Generating Funds Total Funds Total Funds 2024 2023 CMC Nursery Income 906,028 876,631 906,028 876,631 Investment Income Total Funds Total Funds 2024 2023 Bank interest receivable 1,880 366 Other Income Total Funds Total Funds 2024 2023 Rental Income 4,875 Total Incoming Resources 1,123,231 1.120,797 32-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Detalled Statement of Fi nancial Activities (contlnugd) Year ended 31 March 2024 RESOURCES EXPENDED Fundraising Trading Cost Total Funds Total Funds 2024 2023 Rent Employment Cost Nursery Misc. Expense Interest Paid 2,763 609,875 18,035 131,794 421,201 17,521 97,593 662,467 536,315 Cost of Charltable Activlty Total Funds Total Funds 2024 2023 Charitable donallon FOL & Out Reach Hadassah Expenses Honorarium Hospltality & Retreat Music & Choir Expense Employment Cost Rent & Rates Consulting Travelling: International & Loc81 Advertising & Marketing Welfare Expense Miscellaneous (including Interest) 24,633 3,566 219 18,709 10,711 3,660 184,886 17,081 26,098 7,218 6,700 5,783 933 188,581 1,408 2,691 24,066 1,058 25,631 7,115 3,000 13,030 21,028 317,231 285,565 Govemance Cost Total Funds Total Funds 2024 2023 AountancY fees Audit fees Legal fees 6,690 2,700 13,735 5,462 2,700 3,979 23,125 12,141 33-
THE KINGSBOROUGH CENTRE Company Limlted by Guarantee Detailed Statement of Flnancial Activities (contlnuèd) Year ended 31 March 2024 Support Cost Total Funds Total Funds 2023 2022 li Light, Power, Heating Insurance IT Cost Printlng, Sfationery and Postage Bank Interest and Charges Motor Expenses Repairs & Maintenance Cleaning Depreciation Subscription Telephone 14,594 14,820 3,157 13,804 5,822 12,837 11,714 18,365 37,597 4,970 4,708 7,352 13,46g 1,117 5,723 2,005 11,365 11,100 17,720 25,475 5,303 5,365 Human Resource: Pension Cost Staff Tralning Recruitment Expenses 14,808 6,951 10,526 3,332 163,847 119,852 1,166,671 953,872 Totsl Outgoing Resources -34-