COMPANY REGISTRATION NUMBER: 05539255 CHARITY REGISTRATION NUMBER: 1112820 THE KINGSBOROUGH CENTRE Company Limited by Guarantee Financial Statements 31 March 2025 K B M UK LIMITED Chartered Certified Accountants & statutory auditor 1 Concord Business Centre Concord Road London UK W3 OTJ
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Financial Statements Year ended 31 March 2025 Page Trustees, annual report (incorporating the director's report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) 14 18 Statement of financial position 19 Statement of cash flows 20 Notes to the financial statements 21
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2025 Reference and administrative details Board of DirectorslTrustees Reverend B A Adedeji- Chair Pastor N O Murele Pastor V D Omonedo (Resigned 31 January 2025) Pastor O Balogun Mr D Tabiri (Appoinled 1 April 2024) Ms M Lanre-Akinsiun (Appointed 1 April 2024) Charity registration number 1112820 Company registration number 05539255 Registered office 4 New Windsor Street Uxbridge Middlesex UB8 2TU Company secretary P8Stor O Balogun Auditor K B M UK Limited Chartered Certified Accountants & Statutory Auditors 1 Concord Business Centre Concord Road London UK W3 OTJ Bankers Barclay Bank 142 high Street 268-270 High Street Uxbridge UK UB8 1JX HSBC Bank PLC 268-270 High Street Uxbridge UK UB8 18Y
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) fcontlnued) Year ended 31 March 2025 The yearly audited financial statement and report ofthe Kingsborough Centre, a charitable company, for the fiscal year ending on March 31, 2025, is submitted by the Board of Trustees, who, under the Charity Act, also serve as directors of the Charity. The Board of Trustees here attests that the report and audiled financial slalemenls comply wilh the provisions of the Companies Aci 2006, the Charities Acl 2011, the Charities Act 2022, the charitable company's governing document, and the Statement of Recommended Practice {SORP) for charities preparing accounts in accordance with the Financial Reporting Standard (FRS 102) applicable in the UK, and all other relevant statutory requirements. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION By virtue of a Memorandum and Articles of Association adopted on August 16, 2005, and amended on Aug ust 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 limiled by guarantee is duly regulaled by ils governing document, the Articles of Association. The governing documenl and other eenSIVe statutory regulations serve as the ground for formulating policies that control the daily operations of the organisation. METHOD OF APPOINTMENT OR ELECTION OF BOARD OF TRUSTEES The management of the charitable company rests wilh the Boafd of Trustees, who are appointed or co-opted in accordance with the Articles of Associalion. Pursuant to section 3(7) of the Articles of Association, Ihe Trustees have the authority to appoint additional trustees. However, the number of trustees must not exceed nine and shall not be fewer than three. In the year under review, following the resignation of Pastor Vero Omonedo, the Board appointed two new trustees, Mrs Dupe Akinisun and D8niel Tibiri. The latter is an experienced accountant, while the former has vast experience in Human Resources. The Board is pleased with the fact that the inclusion of these two new trustees has broadened the skill matrix of the Board, thereby making the Board more equipped to carry out its governance obligalions efficienlly. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF BOARD OF TRUSTEES The induction process for anyone who was newly appointed as a member of the Board of Trustees entails a meeting wilh the Chair and other Truslees. After that, the Trusiee(s) meei with the Chief Executive to familiarise themself with the authorities and obligations of the Trustees. The Trustee is at this stage given an Induction Park, which contains the governing documents of the chariiable company and relevant excerpts from the Charity Commission Guidelines. including DOC CC3 and CC11, i.e. the Essential Trustee: Vwhat you Need to Know and the Trustees, Expenses and Payment. The Trustee is expected to occasionally participate in various training events, refresher courses with current trustees, conferences, and seminars. These events are tailored to enhance their governance skills further and ensure they are updated on their responsibilities and any sector-related changes. These procedures will ease their ability to adhere to important statutory provisions and boost their confidence and effectiveness in discharging Iheir obligations.
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees, Annual Report {Incorporating the Directorfs Report) (¢ondnued) Year ended 31 March 2025 To support the effective preparedness of newly appointed Trustees, the Board organised an on-boarding programme Ihal included a Iraining session on governance and trustee obligalions, facilitated by Dr. Uche Iloka of Greydern Associated. ORGANISATIONAL STRUCTURE AND DECISION-MAKING ile acknowledging the presence and impact of a spiritual pasior, the affairs of the charitable organisation are solely regulated by the provisions of the company's Articles of Association. Hence. the Board of Trustees meets regularly to oversee the affairs of the charity, which is in accordance with the charity's organisational structure, The charity's day-to-day administrationlmsnagement is delegated to the Chief Executive, who promptly reports on the charity's operations to the trustees. The Board ofTrustees' continuous involvement Is essential and prudeni in ensuring the well-being of the charity, especially in scenarios where the charity may be exposed to enormous risk and the potential implications it msy have on the charity. RISK MANAGEMENT The trustees fully comprehend the eent of Iheir responsibility to notice and evaluate potential risks to which the charilable organisation could be exposed and adopt prevenlive methods lo forestall any likely exposure to fraud and efrors. The Board of Trustees uses a risk-preventive approach that involves a consistent and detailed systematic means for assessing, identifying and evaluating potential risks. This process enables the Board of Trustees to initiate plans to curb any identified risk effectively, One systematic means employed involves conducting periodic legal checks to ascertain the organisation's current operational status. The trustees are confident Ihat the current organisation structure and modus operandi can mitigaie the organisation's exposure to significant risks and are flexible enough 10 adapt quickly to minimise the gravity of any potential dangers. Notwithstanding, the trustees have assessed any possible primary risk the Charity may face. Such identifiable risks include the need for constant governance checks lo ensure the competencies of existing trustees, evalualing where new skills and training for Ihe board afe necessary, and ensuring the financial system has adequate control in place, particularly Ihose relaied to paymenls. The Irustees are also managing litigious exposure as it concerns subsid iaries. The Trustees have Considered identified risks and are implementing adopled methods aimed at mitigating the possibility of the charity being exposed to such risks. PERSONS WITH SIGNIFICANT CONTROL REGISTER In accordance with the provisos of Part 21A of the Companies Act 2006 relating to individuals with significant control over the charitable companyl and or Relevant Legal Entities (RLES) with sign ificant control, the charitable company declares it is not aware of any registrable person or registrable entity in relation to the charitable company.
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcontlnued) Year ended 31 March 2025 OBJECTIVES AND ACTIVITIES OBJECTIVES The objects of the Kingsborough Centre are: 1 , The advancement of the Chrisiian Faith Worldwide for Ihe public benefil Ihrough establishing churches and Christian Community Hubs, carrying out Missionary activities, holding Bible Studies, Prayer Meetings, Training in Christian Ministry, public celebrations of Chrisiian religious Festivals, producing andlor distributing literature and audio-visual materials on Christianity to enlighten others about the Chrislian faith. 2. The relief of those in need because of youth, age, ill-health. disability. financlal hardship, or other disadvantages. For example, setting upladministering or supporting day nurseries, playschools, and other educational establishments for economically disadvantaged families. 3. The prevention or relief of poverty worldwide by providing grants, items, 8nd services to individuals in need andlor charities or other organisations working to prevent or relleve poverly, including developing the capacity and skills of members of the community who are socially and economically disadvantaged in such a way that they are better able to identify, and help meet, their own needs and to participate more fully in society, The progress achieved so far is largely attributed to the invaluable contributions of the organisalion leaders, team leaders, and dedicaled volunteer workforce, all of whom have been insirumenial 10 the orgaiiisation's achievements. The synergy demonstrated across all levels of the organisalion has enabled the smooth and effective execution of initiatives aimed at fulfilling the Charity's objectives. In particular, the church leaders, production team, IT team, and committed volunteers have shown unwavering dedication and focus in advancing the Charity's mission. STRATEGIES FOR ACHIEVING OBJECTIVES A5 part of its commitment to achieving ils objectives, the Board adopled a five.ye8r slrategic plan, which the organisalion diligently follows. A review of the first phase of the plan indicates Ihat the organisaiion has achieved a significant part of Ihe plan within the firsl 12 months. The Board is, therefore, optimistic in projecting that the two-year strategic plan timeline will be met. The said Iwo-year plan is reproduced here. 2-Year Plan 1. Complele expansion projecl 2. Increase incoming generation initialives 3. Have 8 Strong ambassador community 4. Raise or attract at least 20 strong business owners to become members of the organisation 5. Have at least 50 public leaders across the board who are members of the organisation. 6. Develop a businesslpublic leadership curriculLJm which would bolh prepare leaders and equip them with the right skills for setvice. 7. Operate a thrimng media and music label studio 8. Increase membership strength to al least 300 g. Embark on an annual cruise as part of the relationship ministry event. 10. Open five Nurseries 11. Open five Franchises 12. Open One Primary School.
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (conunued) Year ended 31 March 2025 ACTIVITIES FOR ACHIEVING OBJECTIVES During the year under review, the trustees continued to provide stralegic leadership and oversight of the charily's work. ensuring ils activities remained aligned with ils charitable objectives and complia nt with applicable stalutory requirements. The Board priorilised long-term planning a nd sustainabilily, embedding governance practices that strengihened both organisational structure and accountability. A central focus was refining operational policies to enhance programme delivery, community engagemenl Ihrough foodbank services, and institutional growth. The Trustees oversaw Ihe implementalion of frameworks that ba lance spiritual, social, and developmental initiatives, with particular attention to responsible resource stewardshlp, as can be gleaned from the financial reports. The Board also strengthened its governance by updating internal controls. refining risk management strategies, and engaging professional services where necessary. This provided a solid foundation for informed decision-making and ensured the effective monitoring of all activities undertaken during the year. The synergy between governance, strategic planning, and day-to-day operations has been vital in enabling Ihe charily lo pursue its objectives with renewed focus. The truslees remain committed to sustaining Ihese efforts while continuously evaluating organisational effectiveness in line with best practices and regulatory guidance. As always, Ihe trustees understand the nexus between their functions and Ihe church congregation. Hence, they make steadfast efforts io keep the congregation well-informed of planned activities and Ireat feedback as a vital part of the process, which ensures good governance and transparency. PU8LIC BENEFIT STATEMENT- COAT OF MANY COLOURS NURSERY As a registered charity, our nursery operates with the core purpose of advancing early year's education and supporting families in our community. We do not exist to generate private profit., rather, we reinvest all surpluses into the quality of care, education, and wellbeing of children. Our operaiions clearly meet the primary purpose trading test, and the impact of our work provides measurable public benefit. How We Deliver Public Benefit 1, Free Meals for Funded Children All children accessing 15-hour funded places receive nutritious meals at no additional cost, ensuring that no child is excluded from healthy ealing due to financial barriers. 2. Affordable and Flexible Funding We support families who struggle io pay childcare fees by offering affordable rates, flexible funding models, and payment options that remove financial obstacles. 3. Flexible Hours for Parents We offer adaptable hours to suit parents, working schedules, making high-quality childcare more accessible and reducing stress for working families. 4. 5nvestment in Staff Development We provide Iraining and professional development opportunilies for staff, including unqualified team members, enabling them to grow and provide better care.
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) feontlnued) Year ended 31 March 2025 5. Living Wage Employer Unlike many profit-driven nurseries, we pay the London Living Wage, even to unqualified staff, supporting staff retention, morale, and long-lerm commitment. 6. Employment Opportunities We create local jobs and invesl in workforce developmenl, helping individua Is progress in their careers while strengthening our community. 7. Free Kixx Sessions All children benefit from free Kixx sports and physical education sessions, promotlng health, fitness, and teamwork skills as part of their early development. 8. Educational Outings We organise reglilar outings and enrichment trips (to parks, farms, museums, and Oiher cultural sites>, broadening children's experiences beyond the classroom. 9. Inclusive SEND Support We support children wtth additional needs through referrals to the Specialist Advisory Service (SAS), personalised observations, and inclusive practice, ensuring equal access to education, 10. Parental and Community Engagement We partner with parents by sharing learning records {via Tapestry), supporting school transitions, running workshops, and signposting families to community services such as foodbanks and advisory support. Comparison with Non-charitable Providers Unlike non-charitable nurseries that may: Charge additional fees for meals, snacks, or activities for children in the 15 hours funded places. Pay unqualified staff the apprentice rate to maximise profits, Exclude families who are unable lo afford the full fees, Conclusion Our nursery provide5 a Service that is educational, inclusive, and community-focused, demonstrating both primary purpose Irading and clear public benefit. Every child, regardless of background, is given the opportun ity to thrive in a nurturing, high-quality enmronment that reflects our charitable mission.
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (condnued) Year ended 31 March 2025 Charilable Giving Report As part of our charitable purpose, we are commitied nol only lo advancing early years education and supporting families locally but also to exiending our impact through regular donations to other charities and community initiatives. This reflects our ethos of Kingdom building, communily regeneralion, and public benefit beyond our direct nursery services. Monthly Charitable Contribulions Each month, we donate a total of £2,000 to a number of regislered charities and failh-based org8nis8tions whose work aligns with our values.. Vopio Ltd - Supporting community initiatives and social impact projects. Ahavah Providing resources and oulreach for vulnerable families and individuals. CCFON Limited (Christian Concern for Our Nation) - Advanclng Christian values and advocacy al a national level. Hillingdon Brain Tumour Group- Supporting families affected by brain tumours and contributing to local heallh-related causes. National Church Initiatives - Partnering with wider church movements to strenglhen failh-bssed community projecls across the UK. Neighbourhood Prayer Network- Encouraging prayer, unity, and transformation within local communities. The Emmanuel School - Supporting access to quality Christian education for children. OAC - Creative Evangelism - Contributing to evangelistic outreach and global mission. Annual Impact At £2,QOO per monlh, our total charitable giving amounts to £24,000 annually. These donations are made from our charilable income and are reinvested into causes thal advance education, community wellbeing, faith, and public good. Public Benefit Alignment These contributions demonstrate our commitment io ensuring Ihat,. Our charitable resources reach beyond our immediate beneficiaries, supporting wider public and community benefit. We actively contribute to local, national, and international initiatives that align with our mission. We extend our impact by partnering with trusted charities and ministries working to meet physical, educational. and spiritual needs.
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (condnued) Year ended 31 March 2025 ACHIEVEMENTS AND PERFORMANCE REVIEW OF ACTIVITIES Over the past year, Kingsborough Centre has continued to provide a vibrant place ofworship. teaching, and spiritual empowerment. Key events such as the Viclory Encounter Retreat, the Go for Gold, and a Special Resurrection weekend concerts and services enriched weekly services. Alongside in-person gatherings, online participants grew sleadily Ihrough Victory Voice broadcasis and intercessory prayers on KingsboroughLive TV. The Coat of Many Colours (CMC) Nursery expanded its provision of inclusive year-round education with the opening of a new branch in Hounslow in May 2024, which grew from four to over thirty children. Together with the Uxbridge and Hayes branches, CMC serves children from three months to school age, including those with SEND, while offering funded places, free meals, seasonal celebrations, and family excursions. A major mllestone was the purchase of Technology House in February 2025. This property will serve as the new headquarters for the Hillingdon Foodbank, a communily hub, and a Church auditorium, providing further stability and capacity for growth. Community ministries also flourished In the past year. The Foodbank responded to Ihe increasing pressure of the cost of living crisis by assisting hu ndreds of familie5 each month, supported by donation drives, volunteer training, and partnerships wilh supermarkets and local sponsors. The NxGe, Hardaash group, and Kingsmen provided spiritual growth, leadership development, and family support. The 247 Community Engagement Initiative further strengthened links with local seNices by promoting mental health awareness 8nd support. Below is a summary of some of these activities: 4.1.1. Kingsborough's Notable Eventslservice 4.1.1.1 Valentine Celebration: "Femme Love at Valentine" This evenl marked a heartfelt start to the year with the celebration themed "Femme Love al Valenline." Held in February 2024, it emphasised the importance of expressing God's love among the brelhren and wilhin the broader community. The event was both joyful and reflective, encouraging spiritual bonding and warm fellowship. 11 was widely regarded as a memorable celebration and was well attended by members of the congregation. 4.1.1.2. Annual Academic Lecture The highlight of the autumn calendar was the Annual Academic Lecture, themed "An Intersection of Failh and Social Care., This thought provoking forum featured a panel of distinguished guest speakers.. Reverend Urmila Kurkalang Reverend Canon Yemi Adedeji Professor Keith Brown Danielle Farrers The event was further honoured by the presence ofcllr Philip Corthorne, Deputy Mayor of Hillingdon, as the Special Guest of Honour. It provided deep insights into how faith communities can engage more effectively with soclal care praGtiGes, 5parKing meaningful dialogue among aiten(Jees.
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conllnued) Year ended 31 March 2025 4.1.1.3 Christmas Celebrations and Year-End Services The festive season at Kingsborough was filled with a series of celebrations and spiritual adivilies: The joint Chrislmas party for church members and the Coat of Many Colours Nursery staff brought the community together in warmth and gratitude. A Carol SeNice was held io reflect on the birth of Christ through music and worship. The "Go for Gold" year-end message and the Crossover Service marked the transition into the new year with powerful declarations and thanksgiving. 4.1.1.4 Disciple Conference The Disciple Conference 2025 was a major leadership and capacity building gathering for all Kingsborough workers. The event focused on equipping the workforce with spiritual and operaiional guidance for the year ahead. Guest speakers included.. Pastor Femi Atoyebi Canon Yemi Adedeji Their sessions were impactful, setting a spiritual tone of commitment and excellence among the workers. 4.1.2. EXPANSION AND RESTRUCTURING 4.1.2.1. Technology House Acquisition In a landmark development, Kingsborough Centre purchased Technology House, a new property to house the Hillingdon Foodbank HQ, Community Hub, and Church Auditorium. This move represents a strategic step toward gr0h, permanence, and improved service delivery. 4.1.2.2. Hillingdon Food Bank: The Foodbank continued its vital work, distributing food pa rcels to those in crisis. Wth Ihe rising cost of living, demand increased, and the team responded by.. Hosting additional donation drives and volunteer tralning Receiving support from local supermarkets and sponsors Expanding outreach, with hundreds of families assisted monthly Presentation of New Food Bank Van In the spring of 2024, the Kingsborough Food Bank received a significant boost with the unveiling of a new van generously gifted to the organisation. Mayor Shehryar graced the auspicious and inspirational ceremony, which was allended by stakeholders, volunteers, and community members. This new addition greatly enhanced the food bank's logistics and outreach capabilities. Food Bank Harvest Collection The annual food bank harvest collection campaign look place during the late summer months. This vital initiative engaged the Kingsborough congregation particularly the Kingsmen in active participation. The collection season served as a reminder of our mission to support those in need and fostered unity through shared purpose and generosity.
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (condnued) Year ended 31 March 2025 4.1.2.3. Coat of Many Colours Hounslow: The Coat of Many Colours (CMC) Nursery continued its commitment to excellence in early childhood education and care. Some major highlights this year are: The establishment of a new branch in Hounslow in May 2024, beginning with four children and expanding to over 30 children by March 2025 The three branches (Uxbridge, Hayes & Hounslow) provided inclusive early years education for children aged 3 months to school age, including those with SEND Continued offering of 15- and 30-hour funded places for eligible children, with free cooked meals for those on 15-hour places Celebrated seasonal events including graduations, Father's & Mother's Day, and Christmas parties involving parents Organised major excursions to destinations such as Hobbledown, Legoland, and other local attractions 4.1.2.4. Kingsborough Primary School Project: Building on the success of the Coat of Many Colours (CMC) Nursery, the trustees are still committed to the plan to establish Kingsborough Primary School. The school will provide continuity of education for children who leave the CMC nursery or other nurseries to start primary school. The Primary School will operate in a high-quality learning environment that meets the needs of families and strengthens the community. The organisation is still consulting with education specialisis and local stakeholders, along with financial plann ing, lo ensure sustainabilily. 4.1.2.5. Connect Magazine & Publication: The organisalion continued to use the publicalions and media to communicate its mission and strengthen community engagement, In the year under review, the Kingsborough Church achieved the following.. Published four editions covering spirituality, women's issues, community impact, and upcomlng event5 {e.g. IWD & Mother'5 Day) Featured series.. Marriage relaiionship support, health awareness, and spiritual encouragement. Launch of The GIST., The new year, declared "Our Year of Enlargement" began with the launch of The GIST - The Kingsborough Internal Newsleller. This publicatlon serves as a vilal communicalion and inspiralion tool for Ihe church community, sharing updates, testimonies, and upcoming programs. KingsboroughLiveTV continued to broadcast and stream services, sermons, and prayers, exiending the church's reach digitally. 4.1.2.6. Kingsmen As the Kingsborough Centre's men's ministry, the Kingsmen organise spiritual and leadership forums. These fofums equip men to strengthen their faith, build strong families, and conlribute positively lo the church and the community. The Kingsmen were actively involved in this year's foodbank outreach events thereby demonstrating practical application of teachings they receive in their men's forums. 4.1.2.7. Hadassah The Hadassah group in the year under review, focused on spiritual growth, family and community engagement. Through conferences, workshops, Bible studies. and social initiatives, they empowered women to develop leadership skills, slrengthen families, and foster personal and spiritual growih. The Hadassah Travail programme was very engaging. It is a weekly online prayer meeting that creates an enabling atmosphere where members exercise their faith and support each other in prayer.
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2025 4.1.2.8. NXGN The NXGN is the youth and leen group of Kingsborough Centre. This group provides a safe and engaging space for young people to grow spiritually, socially, and personally. Through worship sessions, mentorship, games and developing activities, they equip youth with leadership skills, faith-based guidance, 2nd Ihe opportunily to contribute positively to the community. The leadership have been able to attract more youths to the church through evenls thal resonates with their generation, 4.1.2.9. Children's Church The Children's Church at Kingsborough Centre provides age appropriate spiritual learning activities, fostering faith, values, and community engagement. Annual events such as Falher's Day or Motherfs Day and other special occasions are celebrated with the children, thereby helping children and their families build lasting memories and strengthen community bonds. In accordance with safeguarding policies and best practices, all activities are conducted in strict adherence to safeguarding policies, ensuring a safe and supportive environment for the children to thrive. 4.1.2.10. Sunday Morning Life The Sunday sefvice at Kingsborough Church forms the cornerstone of the church's worshlp and teaching programme. 11 is designed to meet the congregation's diverse spiritual needs, providing opportunities for praise, prayers, and fellowship in 8 blissful environment. To heighten expectations and enrlch the service experience, Sunday Setvices have varioLFS ihemes, such as.. Thanksgiving, Communion and Testimony Service Sunday Special Anointing Service Sunday Family and Friends Service Sunday Just Worship Service Sunday The Great Commission (soul winning service) Through this range of services, the church seeks to nurture faith and strengthen community bonds. All services are complemented by livestreaming via KingsboroughLiveTV, which ensures accessibilily for members who cannot attend in person and promotes engagement across the local and online community. To further provide a platform for spiritual development for people of all ages and backgrounds, the Kingsborough Church services are spiced and enriched by a variety of Guest minislers who complement the teachings and aposlolic gifts of the Senior Paslors Ihrough Iheir scripture inspired messages. 4.1.2.11. Church Tithingl Benevolence Giving Al Kingsborough Centre, members coniribute during services and through digital channels. The church promotes selfless and voluntary giving, includ ing tith ing and cheerful contribulions, in accordance with biblical teachings. Hence, gifts and donations are meant to be given joyful as such contributions are vit81 expression of fatth. 4.2 Conclusion The period under review has been marked by spiritually enriching, community cenired, and growth-ofiented events. Each activity has contribuled meaningfully to The Kingsborough Centre's mission and outreach into the community. The Board acknowledges and appreciates the support of the pastoral team and look forward to more impactful programs in the coming year. 10
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢ontlnued) Year ended 31 March 2025 5. INVESTMENT POLICY AND PERFORMANCE The Board of Trustees is commtited to keeping the organisation's funds in interest bearing accounls while considering safe and suitable inveslments with higher reiurns. To this end, the Trustees undertake to engage the services of legal and financial experts before considering investment alternatives. This ensures that investment decisions are only made after considering expert opinions and best practices. 6. FACTORS RELEVANT TO ACHIEVING OBJECTIVES As Trustees, we recognise thal strong leadership and governance are essential to ensuring that all activities align with Ihe church's mission, comply with legal requirements, and supporl strategic priorities. It IS 81so essential to ensure that adequate infrastructure, prudent financi81 management, and strict safeguarding policies are in place lo maintain high quality services, continuity, and the successful development of future initiatives. Furthermore, as Trustees, we understand our fiduciary duties to act in the best interest of the charily, monitor compliance, manage risks. and maintain strong governance. 7. FINANCIAL REVIEW The immediate financial position of the charitable company is good, and the long term position is stable. 7.1. RESERVE POLICY The 808rd of Trustees initiated a "free resetves" policy that allows the charitable company to mainlain unrestricted funds. In the year under review, these free reserves have been reviewed downwards to the equivalent of one month (instead of the previous three months) of annual expenditure, excluding any funds already committed or invested in tangible fixed assels. The Board of Trustees unequlvocally believes that the charitable organisation's ongoing operations can be sustained even if ils fin8nci81 resources are considerably reduced. The Board of Trustees will continue io review the reserve policy to ensure it aligns with the organ isation's overall strategic plans. This periodic review helps lo verify whether the current reserve level aligns wtih the organisation's financial position based on incomes and expenditures in Ihe year under review and takes into consideration any slrategic plans that have yel to be implemenled. The Board ofTrustees is confident that the organisation currently possesses financial reserves allocated for the specific objeclives outlined in ils forthcoming initiatives. 7.2 PRINCIPAL FUNDING This is provided mainly through contributions and donations from members.
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conunued) Year ended 31 March 2025 8. PLANS FOR THE FUTURE 8.1. FUTURE DEVELOPMENT Kingsborough Centre aims to expand its educational and community services. Key priorities include upgrading facilities at Uxbridge, esiablishing a Primary School to provide inclusive, high quality education, and developing additional preschool care pathways, including a SEN unit. The church will continue to grow its digital platforms, make Connect Magazine and event media archives fully accessible online and expand the use of Technology House as a community hub. These plans are designed to sirengthen outreach and ensure sustainable growth while continuing to meet the needs of Ihe community. The charitable organisation will remain steadfast in adopting measures that will ultimately lead to fulfilling its fundamental objectives contained in ils governing documents, The chariiable organisation will also consider further methods that will increase the resources and communily impact of ils charilable aciivilies and deploy the proceeds in further pursuit of ils char¢iable objectives, 9. BOARD OF TRUSTEES, RESPONSIBILITIES STATEMENT The Board of Trustees, who also setve as directors of the Kingsborough Centre for company law purposes, is responsible for preparing the report and financial statements in accordance with relevant legislation and the United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice). The Board of Trustees is statutorily obligated to prepare financial statements for every fiscal year. The Company law also empowers the Board of Trustees to withhold consent for financial statements ifthey fail lo provtde an accurate and unbiased representation of the charitable company's current status. The Board of Trustees 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 statements.. Meticulously pick accounting policies and consistently apply them. Painslakingly observe the melhods and principles listed in the Charities Stalement of Recommended Practice (SORP). Exercise sound judgment and make reasonable and cautious estimates. Indicate and explain in precise terms if there were any significant deviations from UK Accounling Standards in financial statements. a nd or if they were strictly followed. Prepare the financial statements on a going concern basis unless it is inappropriale to presume that the charitable company will conlinue operaling. The Board of Trustees is mainly responsible for keeping sufficient accounting records that contain a detailed and reasonably accurate description of the charity company's financial position at any given time. This enables the Board lo ensure that the financial statemenls comply wilh the Companies Act 2006. The Board of Trustees is also liable for safeguarding the charitable company's assets and must follow necess8ry procedures to prevent and identify fraud and olher fonns of misconduct. 12-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Trustees. Annual Report Ilncorporating the Directorfs Report) (condnued) Year ended 31 March 2025 10. DISCLOSURE OF INFORMATION TO THE AUDITOR To the best of the Board of Trustees, knowledge, the report has been approved under the following conditions.. There is no maierial audit information that the charitable company or Kingsborough Centre auditors are unaware of. The Boafd of Trustees has adopted all requ ired measures to ensure it is entirely up io date with all relevant audit information. It confirms that the auditor is also aware of such informalion. 11. AUDITORS The charitable company's auditors, KBM UK Ltd, have indicaled their willingness to continue in office and offer themselves for re-appointment at the next Annual General Meeting. In preparing this report, the Board of Trustees has taken 8dv8ntage of the small companies, exemplions provided by section 415A of the Companies Act 2006. This report was approved by the Board of Trustees on .6. .of .October... behalf by.. 2025 an(1 slgned on its Rev. Yemi Adedeji Chair 13-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Independent Auditorfs Report to the Members of THE KINGSBOROUGH CENTRE Year ended 31 March 2025 Opinion We have audited the financial statemenis ofTHE KINGSBOROUGH CENTRE (the'charity,) forthe Year ended 31 March 2026 which comprise the statement of financial activities (including income and expendilure account), statement of financial posilion, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework thal has been applied in their 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 ofthe charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance wlth the requlrements of the Companies Act 2006. 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the 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 believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinlon, 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 condilions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial siatements 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. 14-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Independent Auditorfs Report to the Members of THE KINGSBOROUGH CENTRE (conllnued) Year ended 31 March 2025 Other infomiation The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial slatemenls does not cover the other information and. except to the extent olherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Oihef information and, in doing so, consider whether the olher information is materially inconsistent with the financial slalements or our knowledge obtained in ihe audit or otherwise appears to be maieri8lly misst8ted. Ifwe Identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 8 material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misst8temeni of this other information, we are required to report that faci. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on ihe work undertaken in the course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the tnjstees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and undersianding of the charity and its environment obtained in the course of the 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 noi visited by us; or the financial st8tements are not in agreement with the accounting records and returns., or certain disclosures oftrustees, remuneration specified by law are not made., or we have not recelved all the Information and explanations we require for our audit; or the trustees were noi entilled to prepare the financial statements in accordance with the small companies regime and take advantage of Ihe small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. 15-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Independent Auditor's Report to the Members of THE KINGSBOROUGH CENTRE (conunued) Year ended 31 March 2025 Responsibilities of trustees As explained more fully in the truslees, responsibilities Statement, the trustees (who are also the directors for the purposes of company law) are responsible for Ihe preparation of the financial statements and for being saiisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary io enable the preparation of financial statements Ihat are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, dlsclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternalive but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or In ihe aggregate, they could reasonably be expected to influence the economic decisions ofusers taken on the basis of these financial statements. Irregulartties, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined 8bove, to detect material mlsstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularities, including fraud is detailed below: The engagement partner ensured that they engagemenl team collectively had the appropriate competence, capabilities and skills to identlty or recognise non.compliance with applicable laws and regulations., We identified the laws and regulations applic8ble to the charitable comp8ny through discussion with Trustees and other management and review of appropriate industry knowledge. We assessed the extent of compliance with laws and regulalions ideniified above through making enquiries of management and reviewing all relevant correspondence. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of malerial misstatement of the financial slatemenis, whether due to fraucl or error, design and perform audit procedures responsive to those risks, and oblain audit evidence Ihal is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intenlional omissions, misrepresenlations, or the override of intemal control. Obtain an understanding of intemal control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of accounling policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 16-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Independent Auditorfs Report to the Members of THE KINGSBOROUGH CENTRE (conllnued) Year ended 31 March 2025 Conclude on the appropriateness ofthe trusiees, use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainly exisis related to events or conditions Ihal may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exisls, we are required to draw attention in our auditor's report to the related disclosures in the financial siatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obiained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in Internal control thal we idenlify during our audil. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those mailers we are required to stale to them in an auditor's report and for no other purpose. To the fullesl exient permitted by law, we do nol accept or assume responsibility to anyone olher than the charity and the charity's members as a body, for our audit work, forlhis report, or for the opinions we have formed. Mr. Mohammed Afzaal Bhatti (Senior siatuiory Auditor) FCCA For and on behalf of KBM UK LTD 1 Concord Business Centre Concord Road London UK W3 OTJ 06..Qctobor.2025...... 17-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Restricted funds Total funds Toi81 funds 2024 Unrestricted funds Note Income and endowments Donations Other trading activities Investment income other income 223,013 1,226,872 516 34.988 14,240 237,253 1,226,872 516 34,988 1,499,629 210,448 906,028 1,880 4,875 Tolal income 1,485,389 14,240 1,123,231 Expenditure Expenditure on ralslng funds,. Costs of raising donations Costs of other trading activities Expenditure on charitable actlvlties Total expenditure 16,498 962,010 413,071 16,498 973,819 416,445 1,406,762 16,385 777,161 373,124 11,809 3,374 10,11 1,391,579 15,183 1,166,670 Net incomel(expenditure) 93,810 (943) 92,867 (43,439) Reconciliation of funds Total funds brought forward Tolal funds carried fOard 587,638 2,812 590,450 833,889 681,448 1,869 683,317 590,450 The statement of financial activities includes all gains and losses recognised in ihe year. All income and expenditure derive from continuing activities. The notes on pages 21 to 30 form part of these financial statements. 18-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Statement of Financial Position 31 March 2025 202S 2024 Note Fixed assets Tangible fixed assels 17 4,766,595 2,687,836 Current assets Debtors Cash al bank and in hand 18 32,096 30,494 38,232 88,726 32,096 Creditors: amounts falling due within one year Net current liabilities 20 731,183 382,407 699,087 4,067,508 313,681 Total assets less current liabillties 2,374,155 Creditors: amounts falling due after more than one year 21 3,384,191 683,317 1,783,705 Nel assets 590,450 Funds of the charity Restricted funds Unrestricted funds 1,869 681,448 683,317 2.812 587,638 Toial charity funds 23 590,450 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companles, regime. These financial statemenls were approved by the board of trustees and authorised for issue on .Q.F..Q.Gt2.Q2.5.... and are signed on behalf of the board by: Rev. Yemi Adedeji Chair The notes on page5 21 to 30 form part ofthese financial statements. 19
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flovts from operating activities Nel incomel(expenditure) 92,867 (43,439) Adjustments for.. Depreciation of tangible fixed assets Olher interesi receivable and similar income Accrued expenses 47,922 (516) 4,994 46,778 (1 ,880) 10,078 Changes in.. Trade and other deblors Trade and other creditors (1,6021 174,127 317,792 (22.457) 13.072 Cash generated from operations 3,052 Interest recelved 616 1,880 Net cash from operaiing activities 318,308 4,932 Cash flows from investing activitles Purchase of tangible assets Net cash used in investing activities 12,126,681) (295,011) (2,126,681) (295.011) Cash flovds from financing activilies Proceeds from borrowings Net cash from financlng 8Ctivitles 1,762,564 1,762,564 207,245 207,245 Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 155,809) 38,232 (82,834) 121,065 38,232 117,677) The notes on pages 21 to 30 form part of these financial statements. 20-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General infonnation The chafity is a public benefrt entity and a private company limited by guaranlee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 4 New Windsor Streel, New Windsor Street, UxbrKlge, Middlesex, UB8 2TU. England. statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial 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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Ch8rities SORP {FRS 102)> and the Companies Act 2006, Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assels and liabilities and inveslment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functlonal currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Fund accounting Unrestricted funds are available for use at the discrelion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected io restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one oftwo sutFclasses: restricted income funds or endowment funds. 21
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements (condnuedj Year ended 31 March 2025 Accounting policies (¢ondnuedJ Incoming resources All incoming resources are included in the statement of financial activilies when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow lo the charity and the amounl can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably, leg8cy income is recognised when receipt is probable and entitlement is established. Income from donated goods Is measured at Ihe fair value of the goods unless ihis is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value csn be reli8bly measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of seNlces is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless ihere is a contractual requirement for il to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expendlture is recognised on an accruals basis as 8 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 811 fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activilles includes all costs incurred by 8 charity in undertaking 8Ctivities that further its charitable aims for the benefit of ils beneficiaries, including those support costs and costs relating to the governance of Ihe charity apportioned io charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs attribuiable to a single activily are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 22-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 Accounting policies (¢ontlnued) Tangtble asseis Tangible assets are initially recorded at cost, and subsequently staled at cost less any accumulated depreciation arsd impairmenl losses. Any iangible assets Carried at revalued amounts are recorded at the fair value at the date of revalualion less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in Ihe carrying amount of an asset as a result of 8 revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised 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 recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown wilhin other recognised gains and losse5 on the statement of financial activities. Depreciatlon Deprecialion is calculaied so as lo write off Ihe cost or valualion of an asset, less ils residual value. over the useful economic life of thai asset as follows., Plant & Machinery Freehold Build ing Leasehold Property 25010 reducing balance 100 Years straight line - 350A 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 amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of Ihe recoverable amount of the cash-generating unit to which the assel belongs. The cash-generating unil is the smallesl identifiable group of assets that includes the asset and general8s cash inflows that largely indep8ndenl of the cash Inflows from other assets or groups of assets. For impalrment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespe1Ve of whether other asseis or liabilities of the charity are assigned to those units. Government grants Government grants are recognised at the fair value ofthe 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. ere the grant does not impose specified future perfomance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. INhere the grant does impose specified future perfomiance-related conditions on the recipienl, it is recognise(J in income only when the performance-related conditions have been met. Vvhere grants received are prior to satisfying the revenue recognition criteria. they are recognised as a liability. 23-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements (condnued) Year ended 31 March 2025 Accounting policies (contlnued) Financial instruments A financial asset or a financial liability is recognised only when the charily becomes a party to the contractual provisions of the instrument. Basic financial instruments are inilially recognised ai the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. ere investments in shares are publicly traded or their fair value can othetwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expendilure. All Other such investments are subsequently measured at cost less impairment. Other financi81 instruments, Including derivatlves, are initlally recognlsed at fgir value, unless paymenl for an assel is deferred beyond normal business terms or financed at a rale of interest Ihai is noi a market rate, in whlch 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 measured at fair value, with any changes recognised in the statement of financial aciivities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are revlewed for objective evidence of impairment at Ihe end of each reporting date. If there is objective evidence of Impairment, an impairment loss is recogn ised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets Ihat are individually significant, these are assessed individually for impairmenl. Other financial assets are either assessed individually or grouped on the basis of similar Cfedit risk characteristics. Any reversals of impairment are recognised immediately, lo Ihe extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Donations and legacies Unrestricted Funds Restricled Total Funds Funds 2025 Donations Donations - Thanksgiving Donations- Tithes, Offerings & Other Donation Donations - Gift Aid Donations- Building Fund 8,829 170,285 43,899 8,829 170,285 43,899 14,240 237,253 14,240 223,013 14,240 24-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements fconllnued) Year ended 31 March 2025 Donations and legacies (confinued) Unrestricted Funds Restricted Total Funds Funds 2024 Donations Donations- Thanksgiving Donations- Tithes, Offerings & Other Donation Donations - Gift Aid Donations - Building Fund 7,293 160,443 40,847 7,293 160,443 40,847 1.865 1,865 208,583 1,865 210,448 Other trading activities Unreslricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 CMC Nursery Income 1,226,872 1,226,872 906,028 906,028 Investment income Unrestrled Total Funds UnStrICted Total Funds Funds 2025 Funds 2024 Bank Interest receivable 516 616 1,880 1,880 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2026 Funds 2024 Rental income 34,988 34,988 4,875 4,875 Costs of raising donations unrestried Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Support costs (nole 11) 16,498 16,498 16,385 16,385 -25-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 Costs of other trading activities Unrestricted Funds Resiricted Total Funds Funds 2025 Fundraising trading-CMC nursery (see details ge 33) Support costs (note 11) 858,335 103,675 858,335 115.484 11,809 962,010 11,809 973,819 Unrestricted Funds Restricled Total Funds Funds 2024 Fundraising trading-CMC nursery {se8 dèlails on 33) Support costs 662,467 102,329 662,467 114,694 12,365 764,796 12,365 777,161 10. Expenditure on charitable activities Unrestricted Funds Resiricied Total Funds Funds 2025 Direct charitable cost (s88 details on p8ge 33) Support costs (note 11) 357,392 29,622 387,014 357,392 32,996 390,388 3,374 3,374 Unrestricted Funds Restricted Total Funds Funds 2024 Direct charit8ble cost (sg8 de18il$ on p•g8 33) Support costs 317,229 29,238 317,229 32,770 3,532 346,467 3,532 349,999 26-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements (conunued) Year ended 31 March 2025 11. Support costs- Cost of generating voluntary Income Total Support Cost 2026 Cost of ch8rilable Fund raising activities trading Bank fees Cleaning Depreciation & Impairment Insurance IT software and consumables Light, power, heating Motor vehicle expense Motor vehicle h ire Pensions costs Printing & stationery Repair & maintenance Recruitmenl expenses staff training Subscription Telephone & internet 403 3,639 9,584 3,216 514 2,579 971 298 3,212 1,791 2.481 480 1,127 1,239 1,463 1,409 12,735 33,545 11,255 1,799 9,025 3,399 1,043 11,241 6,268 8,683 1,880 3,944 4,337 5,121 201 1,819 4,792 1,608 257 1,289 486 149 1,606 895 1,240 240 563 620 732 2,013 18,193 47,922 16,079 2,569 12,893 4,856 1,489 16,059 8,955 12,404 2,400 5,634 6,195 7,316 32,996 115,484 16,498 164,978 12. Governance costs Unrestricted Total Funds Total Funds Funds 2025 2024 Accountancy fees Audit fees Legal & professional cost 6,341 2,700 17,015 6,341 2,700 17,015 26,056 6,690 2,700 13,735 23,125 26,056 13. Net Income Net (expenditure)lincome is stated after chargingl(crediling)'. 2025 2024 Depreci8tion of tangible fixed assets 47,922 46,778 14. Auditors remuneration 2025 2024 Fees payable for the audit ofthe financial statements 2,700 2,700 27-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 15. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2025 2024 Wages and Salaries Social security costs Other pension costs 751,720 55,035 16,059 822,814 650,758 46,390 11,710 708,858 2025 No. 2024 No. The average Monthly Number of employees during the year 35 27 Only one employee, Mr. Babatunde Balogun, was pald £71,254 (2024.. £75,408) 16. Trustee remuneration and expenses No salaries or wages have been pald to trustees, excepl the remuneration paid to Pastor O Balogun of £40,015 per year for working in her capacily as charity Director of Operalions. 17. Tangible fixed assets Land and buildings Equipment Tolal Cost At 1 April 2024 Additions 2,783,103 2,104,245 4,887,348 204,177 22,436 226,613 2,987,280 2,126,681 5,113,961 At 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 139,325 31,298 160,119 16,624 299,444 47,922 170,623 176,743 347,366 Carrying amount At 31 March 2025 4,716,725 49,870 44,058 4,766,595 At 31 March 2024 2,643,778 2,687,836 28-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements (eondnuèd) Year ended 31 March 2025 18. Debtors 2025 2024 Trade debtors Other debtors 15,846 16,250 14,244 16,250 32,096 30,494 19. Cash and cash equSvalents Cash and cash equivalents comprise the following: 2025 2024 Cash at bank and in hand Bank overdrafts 38,232 (17,577) (17,577) 38,232 20. Creditors: amounts falling due within one year 2025 2024 Bank loans and overdrafts Accruals and deferred income Social security and other taxes Other creditors 400,426 112,873 67,884 160,000 731,183 218,167 93,143 52,089 19,008 382,407 21. Creditors: amounts falling due after more than one year 2026 2024 Bank loans and overdrafls Other credilors 3,202,394 181,797 1,614,512 169,193 3,384,191 1,783,705 22. Deferred income 2026 2024 Amount deferred in year 14,736 -29-
THE KINGSBOROUGH CENTRE Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 23. Analysis of charitable funds Unrestricted funds At l April 2024 At Transfers 31 March 2025 Income Expenditure General funds 587,638 1,485,389 (1,391,579) 681,448 At 1 April 2023 At Transfers 31 March 2024 Income Expenditure Gener81 funds 617,045 1,121,366 (1,150,773) 587,638 Restricted funds At 1 April 2024 At Transfers 31 March 2026 Income Expenditure Restricted funds 2,812 14,240 (15,183) 1,869 At 1 April 2023 At Transfers 31 March 2024 Income Expenditure Restrithed funds 16,844 1,865 (15,897) 2,812 24. Analysis of changes in net debt Unrestrlcted Funds Restricted Total Funds Total Funds Funds 2025 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greaier than 1 year Net assets 4,764.726 32,096 1731,183) (3,384,191) 681,448 1,869 4,766,S95 2,687,836 32,096 68,726 1731,183) (382,407) (3,384,191) (1,783,705) 683,317 590,450 1,869 25. Financial instruments The carrying amount for each category of financial instrument is as follows: 2025 2024 Financial assets measured at fair value through income and expenditure Financial assets measured at fair value through income and expenditure Financial liabilities measured at fair value through income and expenditure Financial liabilities measured at fair value through income and expenditure 38,232 4,097,798 2,166,112 26. Related Party Transactions Other Creditors includes interest free loan of £181,797 from Mr Babatunde Balogun & Paster B Oluwatoyin as a5515tanGe to seGure Ihe Mortgage at 4 New Windsor Street. -30-