Company registration number: 05998496 Charity registration nwnber: 1118251 Kings People's Church (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2024 A03 'AE7JGNJM• 2510712025 COMPANIES HOUSE KM Chartered Accountants I st Floor, Block C The Wharf Manchester Road Burnley Lancashire BBII IJG
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Kings People's Churcb Contents Reference aTJd Administrative Details Trustees, Report 2to8 Statement of Trustees, Responsibilities Independent Auditors, Report Ioto 13 Statement of Financial Activities 14 Balance Sheet 15 Statement of Cash Flow5 16 Notes to the Financial Statements 17to28
Kings People's Church Reference and Administrative Details Trustees Mr A Bladen Mr P Denney Mr A Dougherty Mrs R Eden Mrs R Fisher Mr l J Scholes Charity Registration Number 1118251 Company Reglstratlon Number 05998496 The charity is incorporated in England and Wales. The Mill Bury Road Bolton BL2 6QE KM Chartered Accountants I st Floor, Block C The Wharf Manchester Road Bumley Lancashire BBII IJG Registered Offi¢e Audltor Bankers Barclays I S Market Street Bolion BLI IBU Page I
Kings People's Church Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial slatements and auditors, report of ihe charitsble company for the year ended 31 December 2024. Trust¢¢s Mr A Bladen Mr P Denney M.r A Dougherty MTS R Eden m.rs R Fisher Mr l J Scholes Mr D M Smith (resigned 2910112025) Introduction Kings Church is a lively> thriving community, embra¢ing people from every generation and walk of life. With seven congregations meeting across the North West, wt believe that church should be a vibrant, life-filled space where individuals are energised and equipped to fulfil the purpose for which God created them. We are committed to serving the communities in which each of our congregations are based, undertaking activities to bui Id and foster deep and meaningful relationships and ¢onn¢¢lions in accordance with our Christian faith. Structure* governance and management Kings People's Church (also known as Kings Church) is incorporated a5 a charitable company limited by guarantee and governed by its Memorandum and Articles of Association. It is also a registered charity with charity number 1118251. Governance of Ihe organisation resides with the trustees who are responsible for.. Strategie Oversight: Ensuring the organisalion operates wiihin the Vision set by the Core Team. Leadership Aecountabillty: Holding leaders, including the Core Team, accountable for the perfoman¢e of the organisation and effective management of the staff team. Financial Stewardship and Resource Allotation". Overseeing the financial health of the organisation, ensuring funds are managed prudently and align with the charity's vision and values. Ensuring resources are allocated effectively to achieve the charity's objectives. Compliance: Ensuring the charity complies with all legal and regulatory requi Risk MAn8gemenl: Identifying and managing risks to the organisation's operalions and reputation. Covernance and Ethics: Upholding high standards of governance and ethical behaviour within the organisalion. Impact Assessmenl: Monitoring and evaluating the impact of the charity's activities to ensure they meet the intended goals. Policy Development: Developing and approving key policies to guide the organisation's operations and activities. ements. Stakeholder Engagement: Engaging with stakeholders, including donors, beneficiaries, and the community, to build trust and support. Page 2
Kings People's Church Trustees, Report Govemance, structure and management are continually monitored by ihe board, and revised govemance policies have been written and implemented over the past financial year. The church are seeking to expand the expertise on its board of Trustees and are considering future appointments in 2025 in line with Charity Commission guidance. The trustees make decisions about stralegic matters such a5 buildings, fmance, staff appointm¢ntS, setting pay and remuneration of the charity's Staff and key personnel. The Core Team has spiritual oversight of the organisation and makes decisions about church activities and direction in accordance with the Vision. The Core Team was expanded in December 2023 to deepen the breadth of experience of the eldership of the church. The Core Team and Trustees work closely logether in the overall running and oversight of the church, wilh the Core Team having particular responsibility in the following areas- Spiritual Leadership.. Provide spiritual guidance and oversight to the congregation, ensuring that the ¢hurch's teachings and practices align with biblical principles. Visionary Guidance: Setting the Vision of KinEs Church, and providing general direction and oversight as to our key areas of focus a5 a church. Pastoral Care: Oversight over pastoral support and care to church members. Teaching and Preaching: Setting the doctrine of Kings Church, ensuring teaching and preaching is undertaken by spiritually mature leaders who are accountable to the Core Team, nurturing the spiritual growth of the congregaiion, Governance: Participate in the governance and decision-making processes of the church, providing direction and wisdom and working closely with the Trustees. Prayer 8nd Intercession: Lead and engage in prayer and intercession for the church, its members, and the broader community. Community Engagement: Represent the church in the wider community and encourage outreach and service initiaiives. Kings Church is atTiliated 10 the Assemblies of God (AOG) to whom we look for good practice in both spiritual and operating activities. Senior Pastor Derek Smith was appointed to the National Leadership Team of AOG in 2023 with a focus on the area of Church Health. His appointment was approved at board level so as not to compromise ongoing activities of Kings People's Church and services delivered to Users. Objectives and activities The objects of the church are to: Advance the Christian Faith in accordance with the Statement of Beliefs, in Bolton, Blackpool, Liverpool, Salford, Wigan, Warrington and the Persian community based in Bolton, and in such other parts of the United Kingdom or the world as the trustees may from time to time think fit. To provide and assist in the provision of facilities for the benefit of the community in which each of its congregations are based and the surrounding neighbourhood, which facilities may, without limitation, include the provision of food, childcare services and meeting5. lectures, classes and other forn)s of education, training in life skills, recr¢ation and leisure-time occupation without distinction of race, sex, political, religious or other opinion and with the objective of improving the conditions of life for the said inhabitants as the trusiees may from time to time think fit. Through our Sunday services and midweek programme, training events and other activities, OUT aim is to bring adults, young people and children into a greater spiritual, intellectual and moral awaren¢5s and to advance the practical application of Christianity. We seek both to mobilise the people of God and express the love of God to those within and outside our ongregation through all of our church activities. Page 3
Kings People's Cburch Trustees, Report We expect to see people's lives changed for the better as they experience God's help in their daily lives and the companionship and practical help of others in our supportive group5 and gatherings. We expect people to be better equipped in life skills through our training and education. We also expect beneficial changes in the lives of those both within and outside our congregation who receive practical help or 8ifts of food and Clothing and of those who receive help from gifts made to overseas aid and famine relief. Our vision statement is: Kings Church exists to establish Jesus-centred faith communities that Reach, Teach, Lead and Release, All other charitable activities undertaken by the church are to further the attainment of the Vision and the above objectives, Activities and Achievements In 2024, Kings Church embarked on a significant journey of consolidation, following the launch of our new Vision Statement in 2023. This year has been characterised by the implementarion and adoption of a new staff handbook and new policies and procedures across our organisalion, aimed at fortifying our foundation and enhancing our operational efficiency. Our primary focus has been on refining and excelling in the areas where we truly shine, concentraling our efforts and resources on what we do best. We have seen attendance at all of our campuses grow over the past year. Over 900 people call Kings their home, and attend one of our church services each week. In April thi5 year, we were thrilled to launch our seventh campus, Kings Church Warrington. This exciting expansion was made possible through a merger with an existing church community in Warrington, known as Urban Church. The senior leadership of Urban Church sought to expand their congregation and enhance their impact within ihe Warrington community. Recognising our shared vision, values, and charithble objectives, they chose io partner with Kings Church, allowing u5 10 unite our strengths and further our mission together. In 2024, Kings Church celebrated a momentous achievement with the launch of our worship album, Iyeshua,. This collection of original songs, written and performed by members of our Persian campus, marks the first ever Farsi-speaking worship album to be streamed globally. We are incredibly proud of this accomplishment, which not only showcases the talent and dedication of our Persian carnpus but also enables us to reach and inspire communities worldwide. In April we were excited io welcome new campus pastors to lead our growing Blackpool campus. In particular, the new pastors have overseen the launch of a second Sunday service dedicated io serving the large Filipino community in Blackpool. We are committed to the development of our leaders across Kings Church, and are proud to partner with AOG funding training on Ihe 'Ministers in Training, programme for 7 of our leaders across our campuses. Historically, Kings Church has partnered with the Caleb Foundation and New Life Church in Oradea, Romania, sending teams on short-term mission to the communities there. For the first time since COVID travel restrictions abruptly halted this ministy, we were able to send a team again to serve the community in Romania. Internalionally, our Persian Campus were able to partner with Hoop Church in Gemiany to run another successful revival conference. Page 4
Kings People's Church Trustees, Report We launched Compassion Sunday across all our campuses, and as a church collectively agreed to sponsor 79 new children through the Compassion programme. Our Secret Angels ministy, which has been established to serve and provide for the communities in which our congregations are based, re-launched under new branding and with a refreshed vision. Each campus has a dedicated volunteer ambassador for Secret Angels, and the re-launch saw the number of regular supporters more than double. We Continue with our regular discipleship and community activities, each campus running connect groups, toddler groups and coffee momings (in various guises) to serve both their congregations and campuses. We are further developing our community partnerships. Our COnnunIty Grocery partnership with the Message Trust continues at our locations in Bolton and Blackpool, giving much needed provision to the community there. We remain proud of our young people and children's ministy. Our Encounter Youth programme for ages 11-18's runs every Friday night and sees attendance nol only from the young people who regularly attend Kings Church on a Sunday, but also from other teenagers from across the North West and in the communities in which we operate. The youth week away in April 2024 was run in conjunction with Wave Church in Cornwall and was attended by over 120 young people. Additionally, our children's weekend away, 'wild and free, was attended by 70 young people, Volunleers At Kings People's Church, our dedicated volunteers are the heart and soul of our community. Each Sunday service across our campuses is made possible through the tireless efforts of nearly 250 committed volunteers. These individuals embody the very spirit of our church's vision. Our midweek activities thrive under the leadership of our p855ion8te volunteers. They are rigorously vetted, with DBS checks ¢ondu¢ted where necessary, and receive continued training and guidance. This ensures that every volunteer is well-prepared to contribute meaningfully to our community. Furthem)ore, our charity and local community outreach initiatives are driven by our volunteers. These activities are expertly coordinated by a paid staff member, ensuring that our outreach is impactful and well-organised. The invaluable contribution of our volunteers is a testament to the strength of. our church community. Their dedication allows us to coniinually fulfil our mission and make a positive impact both within and beyond our church. Financial review Tithes and offerings across the organisation enjoyed good gr0h with the Persian campus enjoying a second successive year of strong growth. The Salford campus also enjoyed a very positive year, The flagship Bolton campus. levels of giving remained healthy and improved on 2023. It remains the strongesi campus numerically in terms of giving and really supports the campus model of Kings Church. The addition of our seventh campus, Kings Church Warrington, went well. The campus enjoyed a very encouraging start and is expected to go from strength to strength. The building at Warrington, formerly belonging to charity Oasis Warrington, known as Urban Church, transferred to Kings in April 2025 further adding to our portfolio. In 2024 the organisation was able to complete loan repayments and subsequently purchase some large capital items including the audio visual equipment and air conditioning systems at The Mill, home to the Bolton and Persian campuses and the organisation's headquarters. Consolidation of the organisations, debt has helped to str¢amline our expense5 a5 we face the commercial pressures of ever-rising costs. Page 5
Kings People's Church Trustees, Report The Trustee5 Consider that the continued development of The Mill prernises will attract further business opportunities and will enable us to achieve our ambitions to provide hope and help to people in our local community and beyond providing new space not only for our O-18s programme but also significant increase in our community outreach programmes. Blackpool, Warrington and Salford assets provide significant opportunity for community Outreach development and room hire business to fund the costs of the buildings, with a view that donations will be spent on ministry and mission. At the end of the year Ihe financial statements showed a surplus of £134,805 (2023.. deficit of £150,336) of which £120,369 w&s unrestricted and £14,436 was restricted. The funds carried forward at the year end totslled £851,035 made of up £809,428 unrestricted funds and £41,607 restricted funds. Reserves policy As part of the ongoing governance review, the reserves policy was updated in January 2023 as follows.. The church aims to maintain free and available reserves equating to IO¢/*• of the annual net operating costs. Reserves will be re-assessed regularly and specifically in the following circumstances: A significant change in the core operaiions of Kings Church. Inforn]ation coming to light ihat ¢a5ts doubt on future income flows. A signifi¢ant ¢hang¢ to the wider environment in whi¢h Kings Church operaies, including the overarching economic climate- Annually, in the event that no other re-assessment has taken place. Evenls afier the reporting period During the year, the charity merged with another church in Warrington (Urban Church). As part of the merger the charity took ownership of the propety, however due to issues with the mortgage and the Church Of England having a lot of the inforniation needed to complete the transfer, it took a while for it to fully complete. The mortgage was not offically completed until April 2025, al which point the property became the legal responsibility of the charity. Fundraising The majority of funds have traditionally come as voluntary donations (tithes & offerings). As our ¢ommunity engagement is part of our core activities, we rely on voluntary donations to meet the majority of our expenditure. There has been no professional fundraising in respect of ordinary actlv,itie. Related parties The church maintains good working relationships with other churches and community outreach groups in the areas surrounding our campus locations, and also nationally. There is regular co-operation in pursuit of our mutual charitable objectives. None of these are deemed to be related parties. Public benefit disclosure Throughout the reporting period, the activities of the charity have been centred on six campus locations Bolton, Blackpool, Wigan, Salford, Warrington and Liverpool. All of the activities of the charity are deemed to be in the intercst of the public benefit. Our goveming document requires that our activities include the provision of facilities expressly for the benefit of people in the communities where we are located. All our community engagement activities have this as the primary objective. We work c105ely with The Messag¢ Trust in our Community Grocery at both The Mill, Bolton and Blackpool. Page 6
Kings People's Church Trustees, Report Kings Church continues to expand and review the efficacy of its activities and in April 2024 the trustees were delighted to launch a new campus in Warrington. In accordance with Charity Commission guidelines and procedures, Kings People's Church merged with an existing church community in Warrington, called Urban Church (operaling under charity Oasis Warrington). The senior leadership of Urban Church wished to grow their congregalion and impact in ihe community of Warrington and chose to partner with Kings as a charity aligned with its own vision, values and charitable objectives. Throughout the reporting period the two charities have merged activities and resources under the heading of Kings Church, Warrington Campus. A fvll legal merger of the charities will be completed in the first few months of 2025. Other examples of the commitment lo meeting our public interest objectives include the ministries of Christians Against Poverty (money management), Secret Angels, Clothes Bank, Love Does, Who Let the Dads Out, Community café and Connect groups, Community events, Warni Spaces, Community Locker, Coffee mornings, Mini-Giants (parent & loddler midweek groups), Cookin8 at Kings, Neon nights, family fun days ihroughout the year, summer holiday kids, clubs, and family film nights. Socigl investment The church's activities continue to expand, and this ensures continued focus on the need to consider the suitability of social investment. Currently debt financin8 is obtained via Kingdom Bank who support church and charity investments, secured against property. We maintain research on opportunitles with other grant and fund providers to help finan¢e fvture and potential social investment projects. Key risks Ind untertainties diselosur¢s The Trustees have assessed the risks that they consider are facing the charity and note the following.. Cost of living continues to be a challenge, both for our expenditure ias an organisation and for the members of our congregation. Challenges with developing space and growing our room-hire business. We should seek people who wanl to use the space we have, rather than tying to develop space to suit what the room-hirers are requesting. Expenditure and budgeting are being kept under close review to ensure best stewardship of our resources. Potential for capital expenditure on outdat¢d infrastructure. Maintenance of buildings and assets need5 10 be constantly monitored. Plans for future perlods There have been changes in, our staff team with the appointment of an Associate Pastor in January 2025. with a specific remit of overseeing our largest campus at Bolton. We are excited to see how the Bolton Campus develop5 over the next year wilh this investment, and anticipate work to enable the ¢on8regation to grow and develop in their own giftings and ministy areas. Our Warrington campus will be one year old in April 2025, and we look forward to developing the Children's ministry and becoming a hub for families in the local community. As a church, we are experiencing growth and expansion, and we are excited to explore new ways of approaching pastoral care and discipleship on a larger scale. While our current practices have served us well in a smaller setting, we are eager to refme and broaden our strategy to ensure our church continues to thrive and bless fvture generations. Page 7
Kings People's Church Trustees, Report Disclosure of information lo auditor Each trustee h&s taken steps thal they ought to have tsken as a trustee in order to make themselves aware of any relevant audit infomation and to establish th'at the charity's auditor is aware of that information. The trustees confm that there is no relevant infomiation that they know of and of which they know the auditor is unaware. The annual report was approved by the trustees of the charity on 14 July 2025 and signed on its behalf by.. Mr l J Scholes Trustee Page 8
Kings People's Church Statement of Trustees, Responsibilities The trustees (who are also the directors of Kings People's Church for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law Tequires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial siatements unless they are satisfied ihat they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting poli¢ie$ and apply them consistently. observe the methods and principles in the Charities SORP; make judgements and estirnates that are reasonable and prudent. state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial stalem¢n15' and prepare the financial statements on Ihe going concern basis unless it is inappropriale to presume thai the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial inforn)ation included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements rnay differ from legislation in oiher jurisdictions. Approved by the trustees of the Charity on 14 July 2025 and signed on its behalf by: Mr l J Scholes Trustee Page 9
Kings People's Chureh Independent Auditor's Report to the Members of KiDgs People's Cburcb Opinion We have audited the fmancial statements of Kings People's Church (the 'charity') for the year ended 31 December 2024, which comprise the Statement of Financial Aclivilies, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Stsndards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the stale of the charity's affairs as al 31 December 2024 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 with United Kingdom Generally Accepted Accounting Praciice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Internaiional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with th¢ ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fijlfilled our other ethical responsibilities in accordance with these requiremenls. We believe thai the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conelusions 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 perfornied, we have not identified any material uncertainlies,relaling to events or conditions thai, individually or collectively, may casl significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial sl"alements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going ¢on¢ern are des¢ribed in the relevant sections of this report. Other information The trustees are responsible for the other inforniation. The oiher information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial siaiements, our responsibility is to read the other infomiation and, in doing so, ¢on5ider whether the olher infomialion is materially inconsistent wilh the financial statements or our knowledge obtained in ihe audit or otherwise appears to be materially misstated. If we identify such material knconsistencies or apparent material mi55tatements, we are required to determine whether there is a material misstatement in the fmancial statement5 or a material 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 Ihat fact. We have nothing to report in this regard. Page 10
Kings People's Church IDdepeDdeDt Auditor's Report to tbe Members of Kings People's Church Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infom)ation given in the Trusiees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matlers on whith we are required to report by exeeption In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audil, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respeci of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kep¢ or returns adequate for our audit have not been received from branches not visited by us. or the financial statemenls are not in agreement wilh the accounting records and rern$. or certain disclosures of trustees remuneration specified by law are not made; or we have not received all the infomialion and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities (set out on page 9), the trustees are responsible for the preparation of the financial statements and for being salisfied that ihey give a true and fair view, and for such internal control as the trustee5 detennine is necessary to enable the preparation of financial statemenls ihat are free from material missthtement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either iniend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor 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 misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a malerial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibililies, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagernent and the extent to which these are capable of deiecting irregularities. including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement respect of irregularities, including fraud and non-compliance with laws and regulations. was as follows.. the engagement partner ensured that the engagement team collpxtively had the appropriate competence, apabilities and skills to idenlify or recognise non-compliance with applicable laws and regulations- we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the charity sector. Page 11
Kings People's Church Independent Auditor's Report to the Members of Kings People's Cburcb we focussed on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and we identified laws and regulations which were communicated within ihe audit team regularly and the team remained alert to instances of non-compliance throughout the audit, We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by= making enquiries of management as to where they considered there wa5 susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address ihe risk of fraud through management bias and override of controls, we: perfomied ana11¢al procedures on material balances for which robust, substantive analytical procedures have been undertaken to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions. and investigaled the rationale behind significant or unusual transactions. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing slandards also limit the audit procedures required to identify non-compliance with laws and regulalions to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material missiaiements that arise due io fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A rther descripiion of our responsibilities for the audit of the financial stslements is located on the Financial Reporting Council's website at: www.frc.OTg.uklauditorsresponsibilities. This description forms part of our auditor's report. Page 12
Kings People's Cburch Independent Auditor's Report to the Members of Kings People's Cburch Use of our report This report is made solely to the charitable company's trustees, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the Ilest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. Mark Heaton FCCA DchA (Senior Ststulory Auditor) For and on behalf of KM, Statutory Auditor I si Floor, Block C The Wharf Manchester Road Burnley Lancashire BBI I IJG 14 July 2025 Page 13
Kings People's Chvrcb St4tement of FiDaDciAI Activities for the Year Ended 31 Deeenhber 2024 n¢ludlng lD¢Om¢ Expenditure A¢¢ount Ind Statement of Total Relognised Gainj and Losses) Unrt51rleled funds Rtsirltted funds Total 2024 Unrtstrlcted lund$ R¢$lrl¢ied runds Totsl 2023 No¢¢ Income from: Donation$ 960.071 72,391 3,027 220 707 18.859 978.930 72,398 3,027 220,907 843.876 50,573 806 216223 23,986 867.862 50.573 806 216223 Investment ineome Other income 200 Total income ,256,203 19,059 1275 262 1,135,464 Exp¢ndltur¢ on.. Charirable aciivilie5 4,623 28,383 1285 8001 Total expenditure 4,623 28,383 1,285,800 Nel in¢om¢ll¢xp¢nditurel Transfers beNeen fimds 120.369 14.436 134,805 {4,3971 1150,336) 12,54 Nel movement in funds 120.369 14,436 134.803 (133,3971 116,9391 1150,336) Reeon¢lllilloTr offuTrdJ Total funds brought forward 689.059 716,230 851035 822,456 689 059 866,566 Total fundy Carried foTWnTd 20 809.428 41,607 716230 All of the chaTIty'5 activities derive from continuing operaiions during the obove two periods. The fund8 breBkdown for 2023 is shown in note 20. The notes on pa8es 17 10 28 fomi an inie8ral PArt of these fJnxnciAI $l&trm¢nts, Page 14
Kings People's Church (Registration number: 05998496) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Tangible assets 14 990,563 1,018,923 Current assets Debtors Cash at bank and in hand 15 73,857 279,107 94,651 166,679 352,964 261,330 Creditors: Amounts falling due within one year 16 58,178 122,130 Net current 4ssets 294,786 139,200 Total assels less curren¢ liabilities 1,285,349 1.158,123 Creditors: Amounts f811ing due after more than one year 17 (434,314) (441,893) Net a5set$ 851,035 716,230 Funds of the charlty: Restrlcted Ineome fund$ Restricted funds 41,607 27,171 Unrestricted income funds Unrestricted funds 809,428 689,059 Total funds 20 851035 716230 The financial statements on pages 14 to 28 were approved by the trusiees, and authorised for issue on 14 July 2025 and signed on their behalf by: Mr l J Scholes Trustee The notes on pages 17 to 28 fomi an integral part of these fmancial statements. Page 15
Kings People's Cbureh Statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Note Cash flows from operating actlvities Net cash incomel(expenditure) 134,805 (150,336) Adjustments to cash flows from non-eash items Deprectation Investment income 34,624 3,027) 104,654 806) (46,488) 166,402 Worklng capilal adjustments Decrease/(increase) in debtors Increase in credilors (Decrease)/increase in deferred income Net cash flows from operating activities Cash flows from Investlng actlvitles Interest receivable and Similar income Purchase of tsngible fixed assets Sale of tangible fixed assets 15 16 17 20,794 5,184 5,750 (15,032) 5,750 20,375 186,630 35,395 3,027 (6,264) 806 (26,907) 28,107 14 Net cash flows frorn investing activities 3,237 2,006 Cash flows from financing activities Repayment of bank borrowings Proceeds from new bank borrowings during the period Repayment of capital element of finance leases and HP contracts Net cash flows from financing activities (6,701) (49,986) 248,400 65,143 18 70,965) 133 271 Net increase in ¢ash and ¢ash equivalents 112,428 99,882 Cash and cash equivalents at l January 166,679 66,797 Cash and cash equivalents at 31 December 279,107 166,679 All of the cash flows are derived from continuing operations during the above two periods, The notes on pages 17 to 28 forni an integral part of these fmancial statements. Page 16
Kings People's Church Notes to the Financial Statements for the Year Ended 31 December 2024 I Charity Status The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £ I towards the assets of the Charity in the event of liquidation. The address of its registered office is.. The Mill Bury Road Bolton BL2 6QE These finan¢ial statements were authorised for issue by the trustees on 14 July 2025. 2 Aeeounting pollele$ Summary of significant accounting policle5 and key occounling ¢$timate$ The principal accountiT]g policies applied in the preparation of these financial slalements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement ofeompllanee The financial stalements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Kings People's Church meets the definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the eharity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Income All income is recognised once the charity has entitlement to the inrome, il is probable that the income will be received and the amount of the income receivable can be measured reliably. Donallons Donations are recognised when the charity has been notified in writing of both the amount and settlernent date. In the event that a donation is subject to conditions that require a level of perforn]ance by ihe charity before the harity is entitled to the funds, the income 15 deferred and not Tecognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Page 17
Kings People's Church Notes to the Finallcial Statements for the Year Ended 31 December 2024 Granls receivable Grants are Tecognised when the charity has an entillemenl to the funds and any conditions linked to the grants have becn met. Where perfomance conditions are attached to ihe grant and are yet to be mel the income is recognised as a liability and included on the balance sheet as deferred income to be released. Deferred Income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been re¢eived. Such income is only deferred when: The donor specifies that the grant or donation must only be used in future accounting periods. or The donor has imposed conditions which must be Met before the charity has unconditional entitlement. Expenditure All expenditure is recognised once there is a legal or tonstruciive obligaiion to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attribuled lo particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on ihe portion of the asset's use. Other support Costs are allocated based on the spread of stsff costs. Cliarltable aclivltles Charitable expenditure comprises those costs incurred by the charity in Ihe delivery of its activilies and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to 5UPPQrt them. Governance eosts These include the costs attribulable to the charity's compliance with constitutional and Statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets Ihe definition of a Charilable company for UK corporation tax purposes. Accordingly, the charity IS Potentially exempt from laxation in respect of in¢ome or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax A¢t 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairnient losses. Page 18
Kings People's Church Notes to the Financial Statements for the Year Ended 31 December 2024 Depreeiation and amortlsation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Buildings Leasehold improvements Fixtures and fittings" Equipment Deprecialion method and rate Not depreciated Depreciated over the life of the leasehold 250/0 per annum straight line basis 250/0 per annum straight line basis Trade debtors Trgde debiors are amounts due from customers for services perfonned in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured al amortised cost using the effective interest method, less provision for impaimeni. A provision for the impairment of trade debtors is established when there is objecrive evidence that the charity will not be able to collect all amount5 due according to the original ternis of the receivables. Cash and eash equlvalents Cash and cash equivalents Comprise cash on hand and call deposits, and other short-tern) highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificanl risk o! change in value. Trade Creditors Trade ¢Teditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabililies if the charity does noi have an unconditional right, at the end of the reporting period, to defer settlemenl of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting dale, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest meihod. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaclion costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective inlerest method and is included in interest payable and similar charges. Borrowings are classified as curreni liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in fvrtherance of the objectives of the charity. Page 19
Kings People's Churcb Notes to tbe Finallcial Statements for the Year Ended 31 December 2024 Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are rhose donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Pensions and oiher post retirement obligations The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficieni assets to pay all employees the benefits relatin8 to employee service in the current and prior periods. Contributions to defined contribution plans are recogmised in the Statement of Financial Activilies when they are due. If contribution payments exceed the contribution due for s¢rvic¢, the excess is recognised a5 a prepayment. 3 Judgements and key source5 of estimation uncertainty Judgements In the applicalion of ihe charity's accounting policies. the trustees are required to make judgements, estimates and assumptions aboul the canying amount of assets and liabilities ihat are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Depreciation The depreciation expense is the recognition of the decline in the value of the asset and allocation of the cost of the asset over the periods in which the asset will be used. Judgements are made as to the estimated useful lif¢ of the assets- these are regularly reviewed to reflect the changing environment. Deferred and accrued Income Deferred and accrued income is based on the assumption that the amounts received or to be received are recognised in the period in which the work related. Any amounts estimaled are based on past experiences and amounts received after the year end. These judgements are regularly reviewed to reflect the changing environment. Page 20
Kings People's Church Iyotes to the Financial Statements for the Year Ended 31 December 2024 4 Ineome from donations Unrestrieted funds Designated General Restricted funds Total 2024 Total 2023 Donations from individuals Gift aid reclaimed Grants 9,618 803,193 147,260 60 ,812,871 147,260 18,799 716,564 125,452 25,846 18,799 9,618 950,453 18,859 978,930 867,862 5 Tneome from charilable attivltles Unrestrieled funds Designated General Total 2024 Total 2023 Courses and training Evenls and activites income 2,001 69,957 440 2,441 9,610 440 72,398 6 Investmen¢ income Unrestricted funds Cener#l Total 2024 Total 2023 Interesi receivable and similar income 3,027 3,027 806 7 Other ineome Unrestricted (unds Designated General Restricted funds Total 2024 Total 2023 Miscellaneous income Room hire Renlal income 21,819 5,168 92,181 101,539 198,888 200 27,187 92,181 101.539 20,213 100,997 95,013 21,819 200 220,907 216,223 Page21
Kings People's Church Notes to tbe Financial Statements for the Year Ended 31 December 2024 8 Expendlture on charltable aetivities Unrestrieted funds Designated General Restricted funds Total 2024 Total 2023 Note Premises costs Administration costs Ministy expenses Training and development Governance cosls 37,034 515,392 74,999 410,866 17,669 5,750 2,883 555,309 74,999 485,530 18.869 5,750 520,526 155,884 590,337 14,063 72,924 1,200 ,740 111,158 1,024,676 4,623 1,140,457 1,285,800 9 Analysis ofgovernance and support costs Governinee costs Unrestricted funds General Total 2024 Total 2023 Audil of the financial statements Accounlancy fees 5,150 600 5,150 600 4,000 990 5,750 5,750 4,990 10 Truslees remuneration And expenses During the year, one trustee received remuneration from employment with the charity. Payment was made to Mr D Smith under the terms of Kings People's Church standard tern)s of employment for his role as Senior Pastor. The amount of the remuneration paid during the year was £47,269 (2023: £50,865) together with pension contributions of £5,052 (2023.. £5,048). Page 22
Kings People's Church Notes to the Financial Statements for the Year Ended 31 December 2024 I I Staff costs The aggregate payroll costs were as follows- 2024 2023 Staff Costs during the year were: Wages and salaries Social security Costs Pension costs 354.375 14,510 9,278 418,249 21,530 10,657 378,163 450,436 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed as full time equivalents was as follows.. 2024 2023 Number of staff 27 28 No employee received emoluments of more than £60,000 during the year. 12 Auditors, remuneration 2024 2023 Audit of the financial statements 4,000 13 Taxation The charity is a registered charity and is therefore exempt from laxation on its charitable a¢tivitie5. Page 23
Kings People's Church Notes to the Financial Statements for the Year Ended 31 December 2024 14 Tangible fjxed assets Buildings and leasehold improvements Fixlures, rittings and equipment Total Cost At l January 2024 Additions 1,138,693 577,464 1,716,157 6,264 At 31 D¢¢ember 2024 138,693 583,728 1722 421 Depreciation At l January 2024 Charge for the year 126,313 25,883 570,921 8,741 697,234 34,624 At 31 December 2024 152,196 579,662 731,858 Net book value At 31 December 2024 986,497 4,066 990,563 At 31 December 2023 1,012,380 6,543 ,018,923 Included within the net book value of land and buildings above is £651,236 (2023 £651,236) in respect of freehold land and buildings and £335,261 (2023 £361,145) in respect of leaseholds. IS Debtors 2024 2023 Trade debtors Prepayments Accrued income 18,868 44,135 10,854 18,856 . 44,228 31,567 73,857 94,651 Page 24
Kings People's Church Notes to the FiDaDcial Statements for the Year Ended 31 December 2024 16 Creditors: amounts falling due wilhin one year 2024 2023 Bank loans Trade creditors Hire purchase and finance leases Other taxation and social security VAT grant repayable Other creditors Accruals Def¢ed income 7,456 11,018 6,578 9,066 64,264 5,315 2.891 4,414 9,227 20,375 5,585 (2,461) 8,034 13.921 14,625 58,178 122,130 17 Creditors: amounts falling due after one year 2024 2023 Bank loans 434,314 441,893 The loans balance relates to two mortgages the charity has for its campus in Blackpool and Salford. The Blackpool mortgage is being paid off monthly at an interest of 9.350/0 and is expecled io be fully paid by November 2041. The Salford mortgage is being paid off monthly al an interest of 7.950/0 and 15 expected to be fully paid by September 2053. 18 Obligations under leases The total value of future minimum lease payments Was as follows: 2024 2023 Within one year In two to five years In over five years 321,676 1,286,704 ,991,306 3 599,686 257,341 1,029,363 1,786,579 3,073,283 19 Pension and other schemes Defined contribution pension scheme The charity operates a defined contribution pension scheme. The pension cost Charge for the year represents contributions payable by the charity lo the scheme and amounted to £9,278 (2023 - £10,657). Page 25
Kings People's Church Notes to the Financial Statements for the Year Ended 31 December 2024 20 Fund$ Balance at 31 December 2024 Balante at I January 2024 Ineoming resources Resourees expended Transfers Unrestrieled funds General General 133,643 1.152,808 (1,024,676) (29,287) 232,488 Deslgnaled Projects, Missions and Events Fixed asset reserve 35,910 519.506 103,395 (111,158) 28,147 548,793 29,287 555,416 103,395 111,158 29,287 576,940 Total unrestricled funds 689,059 1,256,203 1,135,834 809,428 Restrlcted funds CAP Life Skills Household Support Fund Grant SFD Winter Welcome Other small smmaterial funds Bolton Council Wann Spaces Garfield Weston The Beatrice Laing Trust P27 Trust Blackpool Council - Ward Funding Greenlands 4.077 4,077 350 1.473 (143) (94) 207 1,379 3,031 420 (1,697) 1,754 740 15,000 2,500 2.440 (1,490) 1,690 15,000 2,500 15,000 15,000 1,199 27,171 19,059 4,623 Total funds 716,230 1,275,262 1.140,457 851,035 Many of the restricted funds recieved during the year, as well as balance5 from the previous year, such as Garfield Weston and P27 Trust, are fijnds received in the aid of developing the main campus in Bolton (known as The Mill). The funds have been accumulated over the year and following the year end have started to be spent, as the work on The Mill has begun. Page 26
Kings People's Church Notes to the Financial Statements for the Year Ended 31 December 2024 Balance at Other 31 recognised December Transfer$ gains/(losses) 2023 Balanee at l January Incoming Resources 2023 resour¢es expended Unrestrieted funds General General 10,926 1,028,757 (1,178,092) 273,252 (1,200) 133,643 Designaled Projects, Missions and Events Fixed asset reserve 42,752 768.778 82,721 (78,125) (11,438) (249,272 35.910 519,506 811530 260 710 82721 555,416 Total unrestrlcted funds 822,456 1 111,478 1,256,217 12,542 1,200 689,059 Restricted funds Sydney and Sheila Mcghee Charilable Trust Bolton CVS Summer Holiday Activities CAP Life Skills Household Support Fund Grant SFD Winter Welcome ' Olher small immaterial funds Garfield Weston The Beatrice Laing Trust Bolton Council Warm Spaces 3,508 (3,508) 304 9,317 (304) (6,240) 1,000 4,077 1,000 850 (650) (146) 350 ,473 769 29,131 1,837 15,000 2,500 (15,395) (12,542) 3,031 15,000 2,500 2,140 740 44,110 23,986 _ 27,171 Tot81 funds 866,566 1,135,464 (1,284,600 1,200) 716,230 Page 27
Kings People's Cbureh Notes to the Financial Statements for the Year Ended 31 December 2024 21 An8lysi$ of net assets between funds Total funds at 31 Deeember 2024 Unrestricted funds General Designated Restricted funds Tangible fixed assets Current assets Current liabilities Creditors over l year 990,563 28,147 (7,456) 434,314) 990,563 352,964 (58,178) (434,314) 283,210 (50,722) 41,607 Total net assets 232,488 576,940 41,607 851,035 Total funds at 31 December 2023 Unrestrieted funds General Designaled Restrieled funds Tangible fixed assets Current assets Curreni liabilities Creditor$ over l year ,018,923 35,910 {57.524) 441,893 1,018,923 261,330 (122,130) 441,893 198,249 (64,606) 27,171 Total net assets 133,643 555,416 27,171 716,230 22 Related party transactions There were a few related party transactions that took place during the year. Mr l J Scholes is a trustee of Kings People's Church and a director of IJS Venlures Ltd, This company provides the charity with phone line services. The total expenditure incurred during the year was £202 (2023: £1,542). Mr D Smith was a truslee of Kings People's Church before resigning following the year end. The spouse of Mr D Smith is Mrs G Smiih, who is employed within the charity. The total remuneration received, including employer's National Insuran¢e and employer's pension, amounted to £31,263 (2023.. £28,353). Mrs R Fisher is a trustee of Kings People's Church. The spouse of Mrs R Fisher is Mr T Fisher, who is employed within the charity as the Finance Manager. The total remuneration received, including employer's National Insurance and employer's pension, amounted to £20,849 (2023: £19,527). Page 28