Char]ty reglstratlon nurnber 1119560 Company regislratlon number 06212770 (England and Wales) KINGS COMMUNITY CHURCH (SOUTHAMPTON) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 chartered Certified Accountants
KINGS COMMUNITY CHURCH (SOUTHAMPTON) LEGALAND ADMINISTRATIVE INFORMATION Trustee8 Mr I Chiddle M5 E Curtayn8 Mr P Grant Mr R Hemmlng M8SLau Mr S Mclntyre Mrs H Quarshie MrJ Treachér Mr lan Conabeer (Appointed 29 Jenuary 2024} Secr•tary Mr G Brombley Charlly number 1119580 Company numbgr 06212770 Regi8tDred offlce Sovereign Place Upper Northam Road Hedge End South&mplan Hampshlre S030 4BZ Audltor SumerAudit Piper House 4 Dukes Court Bognor Road ChiBhe8ter West Sussax P019 8FX 8ankern Barclays Bank plc POBox612 Bar¢l8y8 House Southampton Hampshire BX3 2BB Triodos Bank NV Deanery Road Bristol BS15AS
KINGS COMMUNITY CHURCH (SOUTHAMPTON) CONTENTS Pag• Trust888' rèport Indepèndent audltofts report statement of flnanclal 8Ctlvllie8 10-11 Balance sheel 12- 14 Slatsment of cash flows 15 Notes to the fin8ftcl81 statement8 16-36
KINGS COMMUNITY CHURCH (SOUTHAMPTON) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The tnJstee5 pra5enl their annual report and financial statements for the yeaf ended 31 March 2024,. The financial slatements have been prepared in accord8nce wlth th8 accounting policies set out In note 1 to the financial statements and Eomply with tha charlty's Mamorandum and Arbcles of As50clallDn, the Companles Act 2008 gnd "Accounllng and Roportlng by Charltles.. Statement of Recommended Pracllca appllcable to charltles preparlng thelr a¢counls in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" {effecliv8 1 January 20191. Oblactlvts and a¢tlvltle8 The Iruste&s regularly review the 8tms, obl8Ctlves and actlvltles of the charlly. They have consldered th6 Ch2rity Commis51on's general guidgnce on public benefit and Its supplementsry guldance on thè advancément of religlon for the publlc benefit. King's Cornmunily Church (Soulharnpton) Is a member of the nalion21 body of the Evgngellcal Alliance, as well 84 being a part of the New Frontlers and Catalyst groups of ehurches. The Church Is besl described as a blble bellevlng charlsmallc Christian church. As such, its highest purpose is to honour Jesus Christ as Lord by seeklng to lov8 and serve God. e3ch other in the church and those In Ihe world around u8. Spèclflcally we alm lo: Encourage 5pliitual growth In Chrfst. Provld6 pastoral care and fellowshlp. Provlde opportunltle5 to develop mlnlstry abillty 8nd seNlce. Outreach In the communliy around us. Engage In Intematlonal mlsslon. Wo $8ek to further these objects by provldlng meeting8 for corporate worshlp, fellow8hlp and prayèr. Nore Intlmate fellowshlp and sharing opportunltles come In thé regul8r connect group meetings. There are speciflc Iralnlng courses for new Chrlstlans and for various mlnlsty skills useful In tho church. We have a number Df actlvltles for young paople from the church and local community. These Include events for youth and PTirnary 5¢hool aged chlldran, Chuckles for parent& and toddlers, a8 well 8s Small group rneetlngs for bible 8tudy and worshlp. Our aim is to make all these meetlngs relevant lo young people so that they are able to comè to a personal experience of thé lov8 of God and find expre88ion for thelr fAlth In hlm. Our outreach to the ¢ommunlty Includes a ministy for the elderly. a8 well as a varlgly of evanls that will appeal to those who ale unchurched. Church members are involved in various voluntary groups, tharitsble organlsations and also direct evangellcal enterprlses to wln people lo Chrlst. Agaln, our PUTpose is for people Df all ages lo come to a place of fallh in Christ. The trustess have pald due regard lo guidance Issued by the Charity Commlssion in de¢kllng what activlÉies th8 charlly should undertake. Grant making poll¢y The tru5tee5 conslder the making ol grants to be an effective way of provldlng support primarily to overseas churches. In conlunclion with Ihe eldeTS they revlew commitmen15 each year as part of the budget settlng process. If additional needs arise, Ihe3e are presented to the church and an offerlng Is taken up. Applications for grants are not Invtted. Volunt¢ers rhe church is Involved in a wide range of ministry to the local community and Internationally. Thls would not be possible without the voluntary efforts of 8 large number of the thurch's members and the trusteés are grateful for all ihe lirnè Ih8y have given, often saciifiryally. Achievements and performance The Church hss continued to grow throughout the year and now we regularly see over 900 people attendlng scross our 2 locations and 3 meetlngs {2 in Hedge End, 1 in Totton). There have been multlple times in the la51 year when in person Sunday attendance Is over 1000.
KINGS COMMUNITY CHURCH (SOUTHAMPTON) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 We are seelng conllnued growlh at our Totton slte with an average attendance of around 70 adults and ¢hlldren, we are conttnulng to work towards our larget of 100. At (he end of the 2023124 financlal year we started a churd) In Weston, Hope City Church Southampton. This was started in partnership wih the local Anglican Church. Holy Trfnity Weston and W6slon Communlly Youth Project, together we successfulty applled for granl fundlng which enabled the new church to be stsrt¢d, This was one of Ihe organisational goals for the year. The majoTlly of ihe soclal acllon mlnl8tries that Klng'8 Community Church run5 in Weston from the Hope C&ntre, wlll ba transferr8d to the new church in the next financial year. Approximately 35 adults 8nd chlldr8n moved from King'B Communlty Church to Hope Cty Church, the trustees feel thls wlll have small Impact on olwlng throughout the comlng year whlch has been taken into a¢Ut throughout the budgeting proces5. We look the sad d8clslon to clos8 part of our elderly mlnl81ry due lo the increased skllls, Iralning and experlence required of the team. Those attendlno were Increasingly fraglle and the requlremenl8 were becomlng un8chievablo with unpald staff. The construction of a sensory room has been delayed. The Trujtses have dec5ded to pause the project until the flnancial picturè is clearar duè to Blgnlflcant Increa8es In the build costs. It Is our hope that thls PTOjOCt wlll be completed within the next financi81 year. Our Communlty Outreach acllvltSe8 have been 8USt&ined throughout the year, supportlng people In need In our local sre?. Our Food Centre has seen slgnificanlly Incr8ased actlvlty and we are grateful for the many organisaticns and Indlvldu816 that have supporte(i It through grant3 anLa donations of food, La81 year120231 the Increaslng number of volunteers at Hedge End made up 1423 food parcels. provldlng food lo 4299 local people and in Weston made up 835 parcels , provldlng food to 1707 people. We are keeplng our soc181 acllon mlnlstry under review and have appolnted a naw member of staff lo overseè our work and wlth the oblectlve of putting together a vlsion and plan for our communlty outreach minislries going forward. We are cpnllnulng to encourage personal evangellsm among the church membeis and have plans in place for 2024125 to BUPPQrt thls effort Wa dld not achieve our goal of incregsing the nurnber of volunteers on 8aNlng le4m8 by 300k with 700A of members serving in at least one rol8. We endèd the nnanclal year with 550k of church membèrs servlng, whlch Is slmilar lo the percenta9e from Ihe previous year, FlnanGlal rovlew A substantl81 proportlon of the church's Sncome come5 from the regular giving ol 115 membBr5 for which the plders gnd trusteès are extremely grateful. This exceeded expectafjon$ and was £1,173.969 an Increase of 13% from the previous year {2023:£1,036,797) The Special offerlng In 2024 was £149,768 and was for use towards the Core costs Df the church including community Outreach minlstrle5 and the mortgage repayments. The speclal offering has been classed as unrestrlcled fvnds. As part of Ihls offoring, we often receive pledges of future doneilon5' these 8re recognlsed upon receipt and henca wlll fall into the 2024125 acGounts. Our conferencing and cafe act[tY has p8rform8d well and achieved a prolit of £82,608 (2023.. £80,642). This year we beneflled from a le8se settlement because one of our large office rental lea58S was terminated early, resultlng In hlgher rental income than in previous years, In the comlng year, this will result In a reduclion in recurrlng infjome of approxlmately £70,000, and we are looking to recover part of this by lelting some of the vacated office space. Expenditure has been kept Constantly under revlew wlth the priority being to continue as much mlnlslry as p0551ble within the bounds of financial prudence. The church owns the propety, 9 Upper Notham Close IGlenbauffle), Ihls is an Investment in the account8 as it is no longer being used for ministy and is being let oul tD ten£nts. The trustees intend lo sell Ihis property in 2024125 financial year wlth some remedial work5 being done in the first half of 2024125.
KINGS COMMUNITY CHURCH (SOUTHAMPTON) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The total fund8 held by the charitable group at the balance Sheet da18 are £3,388,93812023'. £3,336.7981. Indudèd In th18 are £113,339 (2023.. £128,811) held In restricted fijnds and £2,844,954 (2023.. £2.895,980) held in designated funds. The trustees have considered a number of factors In reviewlng ihe level of reseN8s requlred.. The current economlc cllmat8 Th8 leval of regu12r giving by church members The requlremenl for worklng caphal The amount of re5erve8 tied up in fixed assets The 8blllty lo r8ls8 addltional fulld5 should th8 church face financial dlfficuSty The Irustees conslder that the level of free ieserves. after allowing for unrestri¢ted reserves tied up In fixed assets and Investments. should be bétween one and threè months éxpendlture. Free resetves are £342,396 for the Church and £430,645 for the group, whlch Is around 3 months of expenditure. The trustees h8ve a risk managemant gtrategy Ihat indude8 an ?nnual revlew of the PTlnclple risks and uncertalntles faclng tha chArfly and Its subsldlar188 and the establishment of pollrie8 and procedures to mitigate those rlsks. Plan• for future perlodg The Irustè8s feel we are well placed to continue our growth slratsgy and fulfil our mission of preachlng the gospel acr085 the Solent aréo. OUT oblectlve8 for the comlng year ar8: SeH 9 Upper Northam Close (Gl&nbournel. • To start the build of thé sènsory room projèct. Slart lo overpay on Ihg mortg8g8, To contlnue to develop our Sundays 8nd the rélaled 6ervlng teams. To Invest in Staff and leadershlp weNbeing. Continue to develop a clear plpeling of leaders. To have a vlslon and plan for our communily outreach rnlnlstrlès. structuvè, govom#n¢e and man2gem8nt The church was originally establlshed by 8 Declaratlon of Trust dated 20 January 1986 and tha assets and Ilabllllles were transferred to Kings Communlly ChLbrch (Southamploni. a company limited by guaranlee, on 1 April 2008 in order to improve the admin181r8llon of the charlty, The trustees, who are also the dlreclors for the purpose of company law. and who served durlng the year and up to Ihe date of slgnalure of the financial statements were.. Mr I Chiddle Ms E Curtayne Mr M Fakley Mr P Grant Mr R Hpmmlng MsSLau Mr S fvAclntyre bjrs H Quarshie Mr J Treacher Mr lan Conabeer (Reslgned 27 November 20231 (Appointed 29 January 20241
KINGS COMMUNITY CHURCH (SOUTHAMPTON) TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The elders of the church are tho members of the company and they appolnt the trustees, who remain in offl thereafter. The Iru8l&es of the charlty are drawn from the actlvo mgmbers of thé church wtth the approprtate ski115 for BCrd membershlp. None of the trustees has any beneficial interest in the company. The truste68 focus their allentlon on strateglc and poliw Issu86 includlng key financial declsltsns. The day lo day management of the charlly18 delegAt6d to a mgnagement leHm consisllng of Andrew Johnston, Nichola5 Brennan and Emma RobertB. Spiritual maller8 are ov@rsean by Ihe elders of the GhuTch. The trustees meet from tlmè to time wlth the èlders to ensurè thal strategy gnd policy are conslstent wlth the splrltual alms of the church, The elders of Ihe church durlny the year were.. Sam Afari ChfistopherAlllson John Banks Nicholas Brennan Martln Hughes Andrew Johnston Chrlslopher Johnston Victor Lau MauilGe Redmlll Tom Wllliams The elders of the church are the members of the cpmpany and guarantse lo conliibute £1 In the event of 8 wlnding The Iraining of elders and trustees Is dlscussed al their maetlnys and the church budget Includes provlslon for the costs of any required training lo be met, The remuneratlon of k8y management Is revSewed 8nnually by the Trustees. Each role within the church is subject lo an evaluallon proce88 that considers Its responsibilities and the skllls and experience requlrèd to fulfil 11. Pay scales are compared wlth the mark818nd similar organlsallons, Pay leve13 are generally sel below the average for the private & publlc Bectors. The Tru8t683 have adopted th& Charlty Governance Code and used an asse88ment template to understand Ihe current level of compliance. An improvement adlon plan has been prepared and progrè85 will be monitored durlng the comlng year. The church has one wholly owned 8ubsidiary, KCC Enlerpri59s Ltd, whl¢h undertakes commercial oCtlvltl88 on behalf of the church. Asset cover forfunds Note 30 sets out an anslysis 8ttribulable to the varlous funds and a de$¢rfptlon of the trusts. These assets are suffrcSent to meet the chBrity's obllgafjons on a fund by fund basis.
KINGS COMMUNITY CHURCH (SOUTHAMPTON) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Staloment of trustees, responslbllltles The trustees. who Ére also the directors of King3 Communlly Church ISouth8mplon) for the purpose of company law, are responsible for preparlng the Truslees, Report and Ihe financisl statements in accordance with applicable law and United Klngdom Accourrtln9 Stsndards (Unlted Klngdom Generolly Accepted Accountlng PTacllce). Cornpany Law reqLtire$ the trustees to prepare flnancial statements for efjch flnanclal year which glve a true and fair vlew of the slate of affalrs of the charity and of the incoming resources and appllcation of resour8, including the Income and Éxpenditure. of the charitable company for Ihat year. In prep8rlng these finandal 818temenl8, Ihe trustee5 are requlred to.. 5elecl sultable occountlng pollcies and then apply them conslstently-, obseNe tha m6thods and princlples In the Charltlas SORP., make Judgements and e8timal88 thot are reasonable and prudent., 8tate whether applicable UK Accounting Standards have been followed, 8ubjeci to any mAlerfal departures disd05ed 8nd explalned Sn the Itnanclal $18teFnenl8', and prepare the ffnanclal statements on the going concern basls unless It 1$ Inappropriate to presume that the charlty will conlinue in operation. The trustees are responslble for keep5ng adequate accounllng records that dSsclose reasonable accuracy at avry time th8 finan¢ial position of the charity and enable them to Bnsure that the financlal statements comply with the Companies Act 2006. They are also re8ponslble for safeguardlng Ihé assets of the charity and hence for taklng reasonable steps lor the prevention gnd delectlon Of fraud and other Irregularille8. Audl*or The auditor, SumerAudlt, is deemed to be re-appointed under 848712) ot the Compani88 Acl 2006. 01sclosuro of Information lo audltor Each of the TrustlX16 has confirmed that there Is no Informatlon of whlch they are aware whlch 55 rel?vant to Ihe audlt, but of whlch the auditor Is unaware. They have further confimed that they have laken appropriete steps to identify any such relevant Information and lo estab116h that the auditor Is aware Df such inlormallon. rt. has been prepared in accordance with the Speclal provi8ions relallng io small companie5 wilhln Part 15 ompani8sAct2006. Thi oft e8s' port was approved by the Board of Trustees. Mr P Grant Tru?tee Oate...a,i ..,.Q.&+...,2D.14
KINGS COMMUNITY CHURCH (SOUTHAMPTON) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KINGS COMMUNITY CHURCH (SOUTHAMPTON) Oplnlon We have audlled the financtal slalements of Kings CommUnY Church (Southampion) (the 'charity and the group,) for the year ended 31 March 2024 whlch comprise the statement of financial actlvltlés, the balance sheet. the ststemenl of cash flows and notes to the financlgl statement5, IncludSng 8ignlficant accounllng pollae$. The financlal reporting framework that has been applied In thelr preparation is appllcable 18w and United Kingdom Accountin9 Standards. includlng Financial Reportlng Standard 102 The Flnancial Reporting Standard applicable in th8 LJK and Republic of I19nd (United Klngdom Generalty Accepted Aceounting pract1). In our oplnlDn, the finandal stalÈmenl$: glve a Irue and fair vlew of the state of the chaTlt8ble company and group's affairs as at 31 March 2024 and of its inceming resources and appllcat]on of resourte8, includlng its Income and 8xpendilure, for Ihe yBar then ended: have been properly prepared in accordanEe wllh United Klngdom Generally Accepted Accountlng Pracllce; and have been pr8pared In accordence with the requirem&nts of the CompanSes Act 2006. Ba81s lor oplnlon We conducted our audit In accordancè wlth Internatlonal Standards on Audlting (UK) {ISAs IUKII ond appllcable law. Qur responsibllllle8 under those standards are further d¢scrlbecl in the Auditors tssponsiblllties for the audit of the financial statements section of our r8POrt. We Bre Independent of the Charlly and the group in accordance with the ethlcal requir8menl8 thot are relevant to Dur audit of the Itnandal ?lalements In the UK, Including Ihe FRC'S Ethlcal Standard, and we have fulfilled oui other elhic81 r8spon8ibilltles in accordance wllh these raqulremenls. Wo belSeve that Ihe audit 8vldence we have obtalned Is suffi¢lent and appropriale to provide a ba8is for our oplnlon. Concluslons relatlng to golng concom In 8udlling the financlal slatsments, we have concluded that the trustee5' use ol the golng concern ba81s of accounllng In the preparatScn of the flnan¢io1 sl&t8ments13 approprfate. Ba8ed on the work we have performed, we have not identrfi8d any malarl81 uncertalntles r8lallng to ev8nts or conditions that, individually or collectively. may cas18ignificanl doubi on the charfly's and the group's abllily lo conllnue as g golng concern for a peTIDd ol at le851 Iwelve monlhs from when the flnancial statements are authorlsed lor issue. OUT responsibilities and the re6ponsiblllties of the trustees wlth respect to golng concern 8re descrlbed in the relevant séctlon8 of thi$ report. other Informatlon The trustee5 are rvsponslbl8 for the olhor informallon. The other Informatton comprises the informatlon Included In the annual report other than the financial statéménts and Dur auditor's report thereon. The trustee5 are responsible for the other information contained wlthln the annual report. Our opinlon on the fin8ncial statements does not cover the other Information and. except to Ihe exlent othe[Se explicitly slated in our report, we do not express any form of assurance concluslon Ihereon. In Connectlon with our audit of the financial 61atemenls. our responsibility is to read the Other Informalion and. In doing so, consider whether the other Informallon is maletlalty inconslstent with the flnanclal statements or our knoOdge obtained in the course of the audit, or otherwise appears to be materially mi551ated, If we ldenfy such materSal Incon51slencies or apparent rnatèrlal misslatements, we are requlred lo determine whether Ihls glves rise to a rnateri21 mls5tatement In the financial slatem6nts Ihemselves. If, based on the work we have perfonn8d, we conclude that there is a material rni5stslement of this other Infomiatton, we are requlred lo report that fact. We have nothing to report In thi5 regard.
KINGS COMMUNITY CHURCH (SOUTHAMPTON) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF KINGS COMMUNITY CHURCH (SOUTHAMPTON) Oplnlon$ on other matters prescrlbèd by the Companles Act 2006 In OUT opinion, based on the work undertaken in the course of our audiL' the infom131ion glven in the trustees. report for the finandal year for whlch Ihe fjnancial ststéments are prepared, whlch includes the dlreclors, report prepared for the purposes of company law, Is consistent with the tlnanclal statsments-, and the dirgctors, report included within the truslees, report has been prepared in accordance wlth applicable legal requirement5. Matters on whl¢h we requlred to report by exc&ption In the lighl of Ihg knowledge and underslanding of the charlty and the group and Its envlronment obtslned In the course of the aud. we have not Sdentified materlal misstatements in thé directors, report Included wlthin the truslees report. Wè have nothing to report In respect of the following matter8 in relaOn to whlch th8 Companle8 Act 2006 requires U8 to report to you if, in our opinlon.. adequate accounting re¢ard8 have not been kept. or returns adequate for our audit hav8 not been recelved from branches not vlslted by us; or the Ilnancial 8latementS 8r8 not In agreement with the accountlng record5 and rebjrns,. or 8rtaln d16clo8ure8 of twstees, remuneration spo¢1figd by law are nol made,. or we have nDt received all the infarmailon and explanations we requlre for our audSt; or the trustees were not FntTilad lo prepara the Iln8ncial statements In accordance with th8 small compani88 reglm& and take advantage of the small companles, exemptlons Sn pr8parlng the tru$tee6' report and from the requlrement tp prepare a strategic report. Respon¥lbllllleB of tru9tses AS explained more fully In the statement of trust8e8' responsibllitles, the tru8teas, who are also the dlrectors ol the charlty for the PUTPOSe of company law, are re8ponslble for the preparallon of Ihe financlal statements and for being satlsfied that they glve a true and f8lr view, 8nd for 8uch intemal Gontrol as lh8 trustees determlnels necessary to enabl8 the preparation Df finsncial statements thal are free from mat8rlal misstatement, whether due to fraud or error. In preparing the financi81 statemerrts, Ihe trustees are responslble for assessln9 the charity's and group's abillty lo continue as a goinG concam, discloslng, as applicable, matl8rs related lo going concern and using the golng conc6m bas18 of accounts'ng unle55 the trustee8 ellheT Intend to Ilquidate the chailtable company or lo cease operatlons. or hove no reallslic altematlve but lo do $0. Audltoes re$ponslbilitiès for the audlt of the flnanclal 8tatemanl8 Our obJe¢lives are to obtain reasonable assurance aboul whether the financial statements a8 a whole ar8 free from material mlsslatament, whether due to fraud or error, and to issue an audiloV5 Teport that Includes our opinion. Reasonable assurance is a hlgh level of assurance but is not a guarantee that an audit conducted In accordance with ISAS (UK) will always delect a material mSsstatement when It exists. Misstalements can arfse from fraud or èrror and Bre conskjered rnateri81 rf. indlvldually or In the aggregate, they could reasonably be expected to Inlluence Ihe ewnoTniC deciBions of users taken on Ihe basls of Ihese financlal statements.
KINGS COMMUNITY CHURCH (SOUTHAMPTON) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF KINGS COMMUNITY CHURCH (SOUTHAMPTON) Identiflcatlon and asse88ment of Irregularftle8 5ncludlng Iraud Irragularllies, Including fraud. 8re Instances of non-compllance th laws and regulation5. We deslgned procedures in line wlth our responsibililles, outtlned above. to detect materigl misslatemenls in respect of irregularities, includlng fraud. The extènt lo whlch our procedur8s were capable of delecling irregularities, Including fraud Is delalled below: we focu8ed on speelfic laws and regulatlon$ which w8 consldered fflay have a dlrect materlal effect on the financial statements or the operations of the charity and the group, Induding The Companles Act 20Q6. we obtaln?d an understanding of the legal and regulatory framework applicablè to the enlily and how the entity is oomplying wlth that framgwork by maklng appropriale enqulrlès of management as well as con8iderlno lh8 Internal controls In place to miligate rlsks of fraud and non-compliancE with laws and regulations., we mpde enqulrle8 of those charged wllh governance and man8gemenl ¢oncemlng-. the risks of fraud., Instances of non-¢ompllance wllh lows and regulallons or knowledge of aGlus1, suspected, or Blleged fraud18 documented durfng the perlod., we allocaled an engagement l•am thal we ¢on51dered collectlvely had the appropriete competence and capabililies lo identify or rocognise nonry¢ompllance wllh18ws hnd regulations. Audlt re8ponse to the rl8k of Irregularltle9 Includlng fraud Based on the resultg of our rlgk as885smenl, our procedur&s Induded, but were not Ilmlted to,, performlng analytical procedures to Identify any unusual or unexpected relationshlp8. evaluallng whether the 8electlon and applicallon of account5ng polldes by the entity thet may be indlcative of fraudulent financlal reporting resulting from management's effort to manage eamlngs. ass85slng whether judgements and assumptlDns made in d8t8rmlnlng the accounllng esllmates set oul In note 2 were indicativg of polentsal bias. agreelng flnanaal ststement d15¢1osures to undèrlylng supportlng documenlatlon. reading the minute5 of me8tlngs of Ihose charg8d wllh governance. reviewing the ¢orr88pondence with relevant regulatory bodles. tesllng of journal entrie8 to address the rlBk of fraud Ihrough management overrlde. incorporating an element of unpredictability in the selecllon of the nature. timing, and extent ol our audli procedures. COFroboralino the buslness rationale for trangactlons outside the noTmal course Df buslness. Coneluslons regarding th• rlsks of Irregularltles Includlng fraud There are Inherent limitatlons In our audit procedures described above. The more removed that laws and regulations ar& from flnancial transactions, the less likely il 15 that we would become aware of non-compliance. Materlal misstalements that arise due to fraud can be harder lo deteci than those Ihat arise from error as they may involve dellberate concealment or colluslon. We con51d8red our audlt was capable of datèctlng ITregularfUes due to.. the effectiveness of the entity's intern81 controls., the nature. timing and exlenl of audit procedures performed. and the absènce of contradictory evldence.
KINGS COMMUNITY CHURCH (SOUTHAMPTON) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF KINGS COMMUNITY CHURCH (SOUTHAMPTON) A further description of our responsibilities Is available on the Flnendal Reporting Council's webBile £1.. httPS'.11 .fre.0r9.Uklauditorresp0nslbl1it19s, Th15 descriptsDn forrns part of our aud(torfs r8port. U$9 ol our report Thi5 report15 made solely lo the compan9 and group'8 members, as a body, In acoordance wtth Chapter 3 of Part 16 of the Companies Act 2006. Our audlt work ha6 been undertaken so that we mighl 8tale lo the company's members those m2tters we are requlred to state to Ihem in an audlloes report and for no other purpos6. To the fullest ext8nt penmitted by law, we do not accept or a55ume responslbilty to anyone other than the company and the ompany's members a5 a body, for our audll work, for thls reporL or for the opinion6 we have form8d. Robin Evan8 BA FCA CTA DChA Isenlor 8tstutory Audltor) forand on behalf of SumerAudit Chartèred Certlllod Accountants Statutory Audltor Piper House 4 Dukes Court 8ognor Road Chichesler We51 Su¥sex P019 8FX SumerAudlt Is a tradlng nam¢ of Sumer Audltco Llmlled
KINGS COMMUNITY CHURCH {SOUTHAMPTON) STATEMENT OF FINANCIAL ACTIVITIES (CONSOLIDATED) INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 UnMtrlcl•d Rostrf¢ted funds fundg 2024 2024 Totsl Unrestricted Restrlcled funds funds 2023 2023 Total 2024 2023 Notes Incom Don8ilons and legacles Charltable 80tlv115es Other Ir8dlng actlvlues Investments Other Incorne 1,137,243 48,010 59,728 570 1,196.969 48,580 980,894 21.324 84,718 1,416 1,065,612 22.740 295,941 3,213 114,977 295,941 3.213 114,g77 221,748 583 108,601 221,748 563 108,801 Totsl Income 1.597.384 60,296 1,657.680 1,333,130 88,134 1.419,264 Ex •ndlture on: Ralslng fundB 198,730 198,730 146,762 146,762 Charitable acllvllles 1,334,305 72,505 1,406,810 1.179.090 117,888 1,296,958 Totsl èxpgndlturo 1,533,035 72,505 1,805,540 1,325.852 117.888 1,443,720 Net galnslllosses) on invBStments 15 297,900 297,900 Net Incomlnglloutgolngl rosourcos b8for8 transfers 64,349 {12,2091 52,140 305,178 (31.734) 273,444 Gross transfers between funds 19 1,263 11,2631 121,069 {121,0691 Not Incomellexpenditurnl forthe year Net movement In fvnds 65,612 113,4721 52,140 426,247 11 $2,803) 273,444 Fund balancgs at 1 April 2023 3,209,987 128,811 3,336,798 2,783,740 279,614 3,063,354 Fund balances at 31 March 2024 113.339 3.388.95& 3,209,g87 12S,811 3,338.798 All income and expenditu derive from continuing actsvities. The st8ternent of financlal actlvlties also complles with the requlremonts for an income and expendlture account under the Companies Act 2006. 10-
KINGS COMMUNITY CHURCH (SOUTHAMPTON) STATEMENT OF FINANCIAL ACTIVITIES (CHARITY ONLY) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlctod Rostrlcled fund9 funds 2024 2024 Total Unrestrlcted Re8trfcted fund8 funds 2023 2023 Total 2024 2023 Not08 Donatlons and legacies Charitable adiviti8S Investments Other Income 1,137,243 46.010 79.085 129,579 59.726 570 1,196,989 46,580 79,085 129,579 980,894 21.324 563 108,101 84,718 1,416 1,065.612 22,740 563 108,101 Total In¢ome 1.391,917 80,296 1,452,213 1,108.882 88,134 1,195,018 ndItU ¢tri- Charitable activities 1,334.305 72,505 1,408,810 1,179,090 117,868 1,296,958 Total oxpendlturo 1,334,305 72,505 1.406.810 1,179,090 117,86B 1,296,958 Net galnsl{losse8) on Investments 16 297,900 297,900 Net Incomlnglloutgolng resources before tran8fers 57,612 112,209) 45,403 227,692 131,734) 195,958 Gross transfer6 between funds 29 1,263 (1,263) 121.069 {121,069) Net incomgllexpendituroj for the year Nel movement In funds 58.875 113.4721 45,403 348.761 (152,803) 195,958 Fund balances 811 Aprfl 2023 3,128,475 126,811 3,255,288 2,779,714 279,814 3,059,328 Fund balances ot 31 March 2024 3,187,3¥ 113,339 3,300,689 3,128.475 126.8'11 3.255,286 All income and expendlture derlve Irom Continuing activliiéÈ. The statement of financial activitiés also complies wlth the requirements for an income and expenditure account under the Companies Act 2008. 11
KINGS COMMUNITY CHURCH (SOUTHAMPTON) BALANCE SHEET ICONSOLIDATED) ASAT31 MARCH 2024 2024 2023 Notes FIX asset Tangible assets Inv8StFrtent property 17 19 4,781,017 495.000 4,934,580 495.1)00 5,278,017 5,429,580 Cuntnt a¥s•ts Stocks Debtors Cg8h 8t bank and In hand 20 21 2,581 113.423 521,427 774 225,311 362,821 637,431 588,906 CredllorA: amouits falllnq due wlthln one yoor 22 (157,4521 <237,886) Not current assets 479,979 351,020 Total agjets less CUTrnnt Ilablllll•s 5.755.996 5,780,800 Credftor8: amounts falllng due alter more than ono year (2,387,058} (2,443,802) N•1 a•••t• 3.388,93a 3,336,798 Incomo funds Reslricted funds ted lunds Designated funds: Flxed Asset fund Mortgage fund Slck pay reserve 29 113,389 126,811 2,812.954 15.000 17.000 2,895,960 30 2,844,954 430.645 2,895.960 314,027 General unr8$trlcted funds 3.,275,599 3,388,938 These flnanclal statements hav8 been ppared in accordance wilh the PTOVtsion8 applicable to companies subject to the small companles r8glmè. 12
KINGS COMMUNITY CHURCH (SOUTHAMPTON) BA NCE SHEET (CONSOLIDATED) T31 MARCH 2024 clal.sl Mr P Grant Truatse Cornpany rogl8tratlon number 06212770 13-
KINGS COMMUNITY CHURCH {SOUTHAMPTON) BALANCE SHEET (CHARITY ONLY) ASAf31 MARCH 2024 2024 2023 NoteA Flxèd 1s90ts Tanglb18 assets InveBtment propèty Investments 17 19 4,777,858 495,000 1,000 4.930,368 495,000 1,000 5,273,858 5,428,368 Current a$8at• Debtois Cosh at bank and In hand 21 110,194 438,418 177.833 330,861 548,810 508,494 Credltor¥: •mounts falllng du• wlthin ono year 22 (154,721) (236,774) Net Quent assets 393,889 272,720 Total assèts le8B current Ilabllltle8 S,687,747 5,8Q9,088 Credltors.. amounts falllng du8 after more than one year 23 (2,367,058) (2,443.802) Nel A88el• 3,500,889 a,255,286 Incom? fund8 Restrl¢ted fund8 113,339 126,811 Designated fund5'. Flxed Assel fund Mortgage lund Slck pay reseNe 2,812,954 15.000 17,000 2,895,980 30 2,844,9S4 342.398 2,895.960 232,515 GenerBI uniestrlded funds 8,187,350 3,128,475 2,300,689 3,255,286 14-
KINGS COMMUNITY CHURCH {SOUTHAMPTON) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Ca8h flows Irom oporatlng actlvltles Cash gen¢raled from op8ratlons 28 240,101 80,680 Inve$Th9 adlvltlo Purchase Df tsngiblÉ fixed assets Investment Income recelved 16,809> 3.213 (46.724) 583 Net cash ug?d In In¥estlng a¢tlvltleg (3.5981 {46.161) Financing aetlvltles Repayment of bank loan8 177,899> (93,293} N•t eaih u6•d In financlng actlvltles 177,899) 193,293) Nèt Increa8el(dacrS0) In cash and equlvalonts 158,806 (58,774) Cash gnd cash 8qufval8nts 8t b8glnnlng of year 362,821 421,595 Ca8h and ea#h equlvalents at end of year 521,427 362.821 16-
KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IWARCH 2024 Accounling pollcles Company Inforniatlon Kings Community Church (Southamptonl is a private company limlled by gu8rantee Incorporated In En9land and Walès governed by its Memorandum and Artlcles of A3s0clation dated 13 Aprll 2007. Thè registered office is Sovereign Place, Upper Northam Road, Hedge End, Southamplon, Hampshire, 8030 4BZ. 1.1 Accountlng conventlon The ffnanctal $18tements hav8 been prepared in accordance with the chsrity's goveminy document, the Companles Act 2008, FRS 102 "The Financlal Reporting Standard appllcable in the UK and Republic of Ireland" fFRS 102.) and the Charitles SORP 'Accountlng and Reporting by Charit18s' Statement of Recomm8nd8d Practlce applicable lo charllles prepaTing Ihalr accounts accordanco with the Flnancial Reporting Standard applicable In ihe UK and Republlc of Irèland {FRS 1021. leffeclive 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102, The financial statements are prepared In sterling, whlch the funcllonal currency of the charity. Monglary amounts In thèse tln8nclal statements are rounded to the nearest £. The ffnanclal &latem8nt8 have b&en prepared under the h18toric81 cost convantlon, Imodlfled lo Include the revaluatlon of Ireehold propertlès and lo include inveslrnent properties and certain financlal instruments at falr valuel. The princlpal accounting pollcles adopt&d are get out below. 1,2 Golng concern Al the tlm8 of approvlng the financlal Blalemenls, the tru$lee8 have a reasonable pxp8clatlon th81 the Charlty has adequate r8$ources lo continuo In operational exlslence for the foreseeable fuluie. Thus the tru$tee$ continue to sdopt the golng concern b881s of accounling In preparing the fin8nclal statements. 1.3 Charltable fund9 Unrestricted funds are avallable for use at the dlgcrelion of th8 trustees In furtherance of their charitable objectives. Deslgnated funds enmprise funds which havo been set aside al the discretlon cf the Irustees for speclfic purposes. The purpDses and uses of the dèsignated funds are sel oul in th8 notes lo Ihe finanGial statements. Reslricled funds are subject to speclfic condltlons by donDrs a3 to how they may bè used. The purposes and uses of the restrlded funds are set out in the not&s to the flnanaal statements. 1.4 Incomo Income including grants 55 recognlsed when the charity is legalty enlilled lo il after any performance condltlons have b8én mel the amounts can be measured reliabty, and It Is probable thal incorne w(11 be received. Cash donatlons are recognised on receipt. Other donatlons are rècognlsed once the chadty has been notified of the donation, unless performance conditions require deferral of Ihe amount. Income tax recoverable in relation to donation$ received under Gifl Nid or deeds of covenant Is recogn188d at the lime of the donation. Legacie5 are recDgnls9d on ffceipt or ottrenNlse if the rharity has been nollfied of an Impending distribution, the amount is known, and receipt is exp8Cted. If the amount 15 not known, the legacy is treated as contingent 0S5et. 16-
KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (CoDtlnu•d) 1.5 Expendlture Expenditure is recognlsed once thor6 Is a legal or constructive obllgatlon to transfer economic banefit to thlrd paty, It Is probgble thal a transfer of economlc benefits wlll be iequired in s8ttlernent, and the amount of the obligation can b8 measured rèllably. Expènditure is classlfied by acllvity. The costs of each actlvlty ere made up of the tolal of dlrect Costs and shared costs, Including 8upport costs Involved in undertaklng each Bctlvity. Dlrect co$ls attiibutable lo a slnole activity are allocated directly to that aclivlty. Shared costs whlch conlrlbuto to more than one activlty and support costs which arg not altribulable to a single activity are apportioned between those activitses on a basis onslstenl wllh the use of resources. Central slaff costs are allocated an the bas1$ of Ilrne spent, and depr?ciation charges are allocated on the portlon of the asset's use. 1.6 Tanglble flxed a88et• Tangible flxed assets are Inltlally me88ured at cost and subsequentty mea8ured 81 cost or valuation, net of depreci?tion and any lrnpairmenl Iossos. Depr8datlon 18 recogni88d $0 as to write off the cost or valuation of assets le85 Ihelr reslduol values over thelr US8ful liveg on the following basls., Freehold18nd and bulldlngg Flxlures and Itttlngs Motor vehlrles 20k Stralght Line 20Q/g Stralghl Llne 20•19 Reduclng Balance The gain or loss ari$lng on th8 dlsposal of an 88S8t18 detemilned as the dlffer8nc8 between the sale proceeds and tha carrying value of the asset, and is recognised in the statement of financi81 acllvltles. Assets purchased are capltall8ed If they are anbcipated to be ug8d within the Church'8 actlvitieo for at le88t 12 months, and cost in excess of£1,000 (net ofVAT). 1.7 Investment property Investment property, thlch is property held lo earn rentals andlor for capital appreciation, is initi8lly re¢ogni8ed Bt cost. lch Includes the purchase co8t and any directly attrlbutable expendlture. Subsequently it Is measured at fair value at the reportlng end dats. The surplus or defficit on revaluation is recognised In profrt or1088. 1.8 Impaimient of flxed a88ets At each reportlng end date, the charity reVIe the c8rrying amounts of Its tsngible asset$ to determine ether there is any Indication that those asset8 have suffered an Impalrment loss. If any such indlcation exlsts, the recoverable amount of the assét Is estlmaled In order to detsrmine the extent of the Impairment loss lif any). 1.9 Stocks stocks are stated at the lower of c05t and estlmated sèlllng price less CDsI8 to complete and sell. Cost comprises direct materials and, where applicable, dired18bour costs and those overheads that have been Incurred In bringing Ihe sloGk5 lo Iheir present location and condition. Items held for dlstrlbulon at no or nominal consideration are measured Ihe lower of replacement cost and cost. Net realisable value is the estimated selling prlce less 811 estimated costs of completion and costs to b8 incurred in marketing. selllng and di8tstbution. 17
KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accoumlng poll¢les fConllnu6d> 1.10 Cash and c8$h equlvalents Cash and cash equlvalents include cash In hand, d8poslls h8td at call banks, other short-term liquld InvéslmentS Wlth original meturllles of three rnonths or less, and bank ovardrafis. Bank overdrafts are shown wilhln borrowings In current Ilabililies. 1.11 Flnanclal Inslrurnents The charily has elected to apply the provlslons of Sedion 11 'Basic Financial Instrumants, and Sectlon 12 'Olhor Flnancl£l Instruments Issues. of FRS 102 to all of Its financiol Instruments. Financlal Inslrumenls are recognised In the chaTIty's balance sheet when the r*ahty becomes party to Ihe contractual provision8 of the Snslrument. Financial a558ts and Ilabilltles are offset, with the nel amounts presented in the financtal Btatement5, when there is a legally enforceable right Io s8t off the recognlsed amounts and thèra Is an Inlonllon to sèttle on a net basis or to reall8e the £58el 2nd settle the liability slmullaneously. Baslc flnan¢lal assets Baslc ItnanGlal assels, whlch include debtors and cash and bank balances. are initially me8sured at transaction prlce inGludlng transactlon co8ls and are subsequently carri@d at amortised cost using the efferlive interest mèthod unless the arrangement constltute8 a financlng transaction, where the Iransactlon Is measured at the presenl valua of the future recelpts dlscounted at a market rate of intere31. Financial assets clas8111ed as recelvable within one year Bre not gmortlgod. Basic financlal Ilabllltles Baslc financial liabilities, Includlng credilor8 and bank loans are InlallY recognised at Iranssctlon pric8 unless the airanoement constltutès a fin8ncing transaction, where the debt in8trument is measured at the prèyént value of the future payments dlscounted al a maTket rate of Intsresl. Financlal liabllities cla581fied a8 payable within one year arè not 8morti8ed. D8bl in8trurnents are subsequ6ntly carrled at amortised c05t, using the effecilve Interest rale m8lhod. Tr8de creditors are obligations to pay for goods or seNl¢es Ihat have been acqulred In the ordinary course of operation8 from supplier8. Amounts payable are ciassified as current liabilities if payment Is due within Dne year or less. If not, they are pr8s8nled a5 non-currenl 11gbllllle¥. Trade cieditors are rewgnised inltially at transactlon pr1 and subsequenlty measured at amorused CDSt using the effective interest method. Derecognition of financlal Ilablllties Flnancial Ilabilltles are derecognlsed whan the charfty's contraclual obligallons explre or ara discharged or cancelled. 1.12 Employèé benefits The c05t of any unused holiday entlllemenl15 recognised in the pedod in whlch the employee's seNi¢es ere recelved. Termlnatlon benefrt5 are recognised immedlal8ly as an expense when the charlty Is d8monstrably committed to temiinale the employment of an employee or to provide tsrmination benefits. 1.13 Rotlroment beneffts Payments to defined contrlbution retirement benefit schernes are charged 05 an expense as they fall due. 18-
KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crltlcal accountlng e8tlmates and Judgements In the applicallon of the charity's accounting policles, the trustees aro r6qulred to make ludgemenls, esllmat8S and assumptions about the canylng amount of assets and Ilabililies that ar8 not read1 apparent from Other sources. The estlmate8 and associaled as8umplions are based on historical experlenco and other factor5 that are considered to be relevant. AGtual results may dHfer from these esllrnales. The estlmates and undertylng assumptlonB are revlewed on an ongoing basls. Revisions to accounting estimates are recognlsed In thé p8rlod In which the estimate is revised where the revision aifecls only that perlod, or In the period of the revision and future periodg where thè rèvIsI affects both current and future perlods. Oonatlons and leg4cles UnM8trl¢ted R88trlcted funds funds Total Unre6tricted RestF6cted funds fund5 Total 2024 2024 2024 2023 2023 2023 Donatians and glfts Grant Income 1,137,243 36.726 1,173,989 23.000 23.000 974,698 6,196 62,og9 1,036,797 22,619 28,815 1,137,243 5g,726 1,19q.969 84,718 1,085,612 19-
KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 othor tradlng a¢llvitie8 Unr6$lrfcted Unrestrioted fund8 fund• 2024 2023 Non-charitable trading acllvllle8 vla subsldlary company 295,941 221,748 Invè&thients Unre81rlctsd Unrestrlcted funds fund• 2024 2023 Interest recalvable 3,213 563 The chorily onty Statement of Flnanclal Actlvtti&s also Indudes dlslrlbullon6 recelved from th8 trading subsldlary 01 £76,872 {2023.' £0). other Incom? Unrestrlcted Unrestrlcted lunds funds 2024 2023 Cer pa r8ntal and miscellaneous income Offlce rent income Othar Income, Includlng coronaviru6 grants 27,744 87,233 17,912 2,500 114,977 108.601 The charlty only Stslement of Flnancial Aclivilles also includes a recharge lo the subsldiary for rent, utilities and administration support of £14,60212023'. £0). 21
KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Exp•ndilure on ralslng lund8 Unro8trfcted Unrestricted funds funds 2024 2023 Tradlng costs Operatlng trading cornpany undertakSng non-charltabl8 tradlng activity Staff costs Suppotl costs 67,181 77,583 1,998 7.450 146,782 Charltable actlvltles Church Youth Work Communltylnternatlonal Adlvitles outrèach outr•a¢h Total 2024 Total 2023 2024 2024 2024 2024 Staff c¢8t8 Acllvitie8 undertaken dlreclly Pastoral c06ts Office ?nd admlnistration costs Property & 8qulpment running and mainlenance 330,298 76,676 41,287 5,898 454,159 398,132 45,538 3,453 38,727 52 27,437 417 3,725 115,427 3,922 97,295 4,247 (23) 2,190 28 7,139 10,044 74,325 1,762 6,885 82.gS5 111,551 458,558 117,194 78,196 9.654 663,602 621,269 Grant funding of actlvitles (seg note 101 8,627 4,823 66,528 69,978 78.801 Share of Bupport costs (see note 11) Share of governance costs (see note 11) 440.322 121,224 82.029 9,095 653,680 573,930 13.169 3,626 2.483 272 19,550 22.958 242,054 168,531 75,549 1,406.81Q 1.296,958 Anaty31s by fund Unrestrtcled funds Restricted funds 915,984 4,892 242,054 132,352 36,179 43,915 1,334,305 31,634 72,505 1,179,090 117,868 92Q,076 242,054 fÈ&.531 75,549 1.406,810 1,296,958 22-
KINGS COMMUNITY CHURCH {SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charftable actlvttl¢• Icontlnued For the y?Ir onded 31 March 2023 Church Youth Work Communltylnternational Actlvitla8 outroach outreach Totsl 2023 Staff costs Activitles undertaken dlrecty Ppstoral cost5 Offlce and adminlstration costs Propety & équlpment Tunnlng and malntenance 289,550 28,903 1,670 5,954 67,217 36,173 272 1.015 36.194 25.821 2,305 3,021 5,171 ,398 398,132 97,295 4,247 10,044 54 105,048 1,434 5,069 111,551 431,125 106,111 72,410 11.623 621.289 Gfant fundlng of gCtlvllle81gee note 10) 9,456 7,795 61,550 78.801 Share of support costs (see note 111 Share of govemance costs (588 note 111 392,334 15,694 96,582 3,863 74,457 2,978 10,577 423 573,930 22.958 208,536 157,640 84,173 1,296,958 Anaiybl8 by fund Unre3trirted funds Re8lricled lunds 8.37.,738 10,871 206,536 11.8,645 38,996 18,171 1,179,090 117,868 848,809 206,538 157,640 84,173 1.296,958 -23-
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KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Support ¢Q8to Support Govèman¢? costs costs 2024 Support Governancé costs ¢osts 2023 Staff costs DepreGiation other costs Pastoral costs Office and admlni6tr8lion costs Property & equipment running and mainlenanco Grant related costs 135,659 159,319 16,852 902 135,659 159,319 16,852 902 118,926 167,186 15,728 1,519 116,926 187,186 15,728 1,519 262,885 262,885 192,403 192,403 70.689 7,374 70,689 7,374 69,550 8,618 69,550 8,618 Audll fees Accountancy Legal and professlonal 6.040 14,560 e.400 8.040 14.580 6,400 5,790 18,208 958 5,790 18,208 958 .853,68CJ 27,000 680,680 573,930 24,956 598,886 d.betwee Trading Charllable actlvi1188 7,450 19,550 7.450 673,230 1,998 22,958 1.998 598,888 653,68Q 573,930 653.680 27,000 680,680 573,930 24.gS6 598,886 12 Net movement In funds 2024 2023 Thè n8t movemonl In funds 58 slated after chargingllcr8dlngl. Fees payable for the audil of the chaTIIy's fln8nclal slat8monts Oepreciallon of owned tanglble Ilxed asBets 6,040 160,372 5,790 170,280 13 Trustee8 The Articles of Assoclatlon provide for a minority of the Irustses to be pald. None of th8 Irustees received &ny rernuneralion during the year foi Ihelr mle as trustees. Durlng the year. one trustee received a payment of £152 for casual work done durfng the periad of thelr trusteeship. Emma Curtayne has been employed as a Childn,8 Work and her total remuneration for the year was £16.01412023: £9.334). Totsl expenses of £407 were reimbursed to Iruslee8, and Iheir related partles, foT Church running and operational costs PD23 £3,187). Idenlffiable donations from trustees, anij their related partles. amounted to £46,409 during the year 12023- £26,E89. This excludes amounts whete the donor 15 not identifiable, Whe the donations were given in cash etc. 25-
KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Employees The average monthty number of employ888 durlnll the year, calculated on a fUll-rne equlvalont basls, was.. 2024 2023 Number Number Church a1VIe3 Youth work Community outreach Management and admlnlstratlon Subsidiary companles Total 19 20 Employmont Gogts 2024 2023 Wag&s and Salaries Social se¢urfly COSt$ Other pen8lon costs e34,46 33,483 26,709 538,986 32,127 23,548 694,657 594,641 During th8 year there were redundancy costs of £5,961 (2023.. £0). There wer6 no employees whose annual r8muner8tion was mor6 than £SO,000. 16 Net galn81(1088081 on Invg¢tm8nt8 Total Unrn8tr1cted lunds 2024 2023 Revaluation of Investmenis Se8 note 19 for oddltlonal detail. 16 TaxaOn The charlty15 exempt from tax on income and gains falling wilhin 5eGtion 505 of the Taxes Act 1988 OF section 252 of the Taxatlon af Chargeable Galns Act 1992 to the extent that these are applled io its ¢harllable oblects. 26-
KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Tanglble flxed assots Group Freehold Fixtures and land and flttlngs bulldln98 Molor vehS¢leg Total Cost At 1 April 2023 Additlons 6,167,029 2.844 544,067 3,965 4,000 6.715,096 6,809 At 31 March 2024 6,169,873 548,032 4,ooa 6,721,905 Depre¢latlon gnd Impalrmgnt At 1 April 2023 Depredallon charged In the year 1,310.481 114.133 486,035 46,239 4,000 1,780,516 160,372 At 31 March 2024 1,42d,614 512,274 4,000 1,940,888 Carrylng amount At 31 March 2024 4,746,259 35,758 4.781,017 At 31 March 2023 4,856,548 76,032 4.934,580 Charlty only FreeholdFlxture8 and land and flttlng8 bulldlng8 Motor vehlcles Total C08t At 1 April 2023 Additions 8,167,029 2.844 499.014 3,965 4,000 6,870,043 6,809 At 31 MRrch 2024 6,169.873 502,979 4,000 6,676.852 Depreciatlon and Impairnient At 1 April 2023 Depredatlon charged In the year 1,310.481 114,133 425,194 45,186 4.DOO 1,739,675 159,319 At 31 March 2024 1,424,e14 470,880 4.000 1,898,994 Carrylng amount Al 31 March 2024 4,745,259 32.599 At 31 March 2023 73,820 4,930.368 The freehold land and buildings 8re sublect to 8 charge In favour of Triodos Bank NV., 27-
KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Flxèd asset Invéstments Charlty only Other Investments Cosl or valuatlon At 1 April 2023 & 31 March 2024 1,000 Carrylng amount Al 31 March 2024 1,000 Al 31 March 2023 1,000 Other Investments above indudes Ihe £1,000 of share c8pltal held in KCC Enterprlses Ltd. Ihe subBldlary of the maln Charlty. Th8se investments have been eliminated on consolidation, 19 Investmont property 2024 Falr value At 1 Aprll 2023 and 31 March 2024 495,00.0 Investment propety ¢omprlses ol the properfy known as Glenboume. The falr value of the Investm6nt propety has been arrived at on the basis of a valuation carried out al 18 May 2022 by Eddisons Chartered Surveyors, who are not connected th the charfty. The valuatlon was made on an open market valu8 ba81s by reference to market evidence of transaction prlces for slmilar propertf68. The trustees do not consider that Ihls valu8 altered materially by the year end. If Investment properties werè slated on an historlcal cost ba&ls rather than o falr value basi¥, the amoun15 would have been included a6 follow8,. 2024 2023 Cost Accumulated depreciation 273,750 187.6001 273,750 182,1251 Carrylng amount 186.150 191,625 2024 2023 Freehold 495,000 495 000 28-
KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Stocks Group 2024 Charity 2024 Group 2023 Charlty 2023 Finished goods and goods for resale 2,581 774 21 Debtors Qroup 2024 Charlty 2024 Group 2023 Charlty 2023 Amounts falllng due wlthin oné year. Trade debtors Amounts owed by Subsldiary und&rtaklng8 other debtors Prepayments and accrued Sncome 23.828 4,055 17.382 76.343 12,414 60,255 914 11,663 159,755 5,301 78.e34 12.881 159.755 5,301 113,423 110,194 225,311 177,633 22 Credltorn: amounts falllng due wtthln one year Group 2024 Charfty 2024 Group 2023 Charfty 2023 Nots Bank loans Other taxation and 8ttclal security Trade creditors Amounts owed to sub81dlary undertakings Other credltors Accruals and d8f8rred incorne 84,450 10.654 23,554 84,450 10,654 21,873 85,6Q5 9,214 48,372 85,805 9,878 44,269 2,327 15.258 78,437 4,789 34.025 4,769 32,975 15,258 79,437 157,452 154,721 237.888 235,774 23 Credltors.. amoun18 lalllng due after more than one year 2024 2023 Notes Bank loans 2,367,058 29-
KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Loan$ and overdrafts 2024 2023 Bank loans 2,451,508 2,529,407 Payable thin one year Payable 8fter one year 84.450 2,367,058 85,605 2,443,802 Amounts Included above which fall due after five years., Pay8blg by instalments 1,080,157 2,034,859 The Church has a long term loan from Trfodos Bank NV, which 15 secured on Ils freehold land and buildings. Tho loan 15 al a varlable intere8t rale of base rate + 2.75% and Is repayable on 8 reducing balance basls. On g Aprfl 2020 it was agreed thal betwean Aprll 2020 and March 2021 there would be monthly Interest onty rèpayments. The would then be Interest and capital repayments unlll August 2039. Durlng the year thero were Interest paymen15 on Ihls108n of £194,68012023'. £130,535). 25 Retlremerrt benèflt schemes Deflned ¢ontrfbutlon gchame$ The charity operates a deflnod contribution pension s¢hem6 for all qualifying 8mployees. The assets of the sch8mg are held separatety from Iho$e of the charity In an indepondenlly adrninislered fund. The charge la profit Dr1088 in respect of defined contrlbutlon SGh8mes was £28,70912023.' £23.548).- 26 Operatlng lease commltments Al the reporting end dale the charty had outstanding commltment8 for future minimum lease payments under non-cancellable operating leases. whtch fall due as follows.. 2024 2023 Withln one year Between Iwo and five years 1.380 4,139 5,519 -30-
KINGS COMMUNITY CHURCH (SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 27 Related party transactions Remuneratlon of k8y management personnel The r8munerallon of key menagemenl personnel 15 as follows.. 2024 2023 Aggregate compensatlon 146,225 154,836 Durlng the year th& spou88 of a trustee w88 employed, In operauonal Church dudes. The salary paid for the perlod in question was £19,842 (2023.. £7,487). During the year the Church Teceived £75,872 {2023.' £0) 85 a distribution from KCC Ent8rprSses Ltd, 8 1 O0Yo subsidlary. The Church recharged sslary costs of £104.839 12023.. £77,250) to KCC Enterprlses Ltd, 88 well as a contribution lowards ulilily and prémlses costs of £14,80212023.' £0). Idn Chlddlè Is a trustee of Care and Rellef for the Young Ltd. Durlng the year the Church made don8tlons to Car8 and Rellef for the Young Ltd of £12,23212023.' £2,000) and received recharges of £2.705 from them lor office facilitles provlded {2023: £3,018). 28 Cash g?norat•d from operallon8 2024 2023 Surplus for the year 52,140 273,444 Adluslments for.. Investrnent income rp¢ogni8ed In sl812menl of Ilnanclal aclivilles Falr value gains and losses on investments Depreciallon and impairment of lan9ible fL¥ed 855ets (3,2131 1563) (297,900) 167.186 160,372 Movemenls In wothin9 capltal.. Ilncrease) in stocks Decreasellincrea5e> in debtors IDecrease}Ilncrease in credilors (1,8071 111,888 179.279) 175,520) 14,033 C83h generated from operations 240,101 80,68D 31
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KINGS COMMUNITY CHURCH {SOUTHAMPTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 32 Subsldlarles These financial statements are consolldatad charky financlal statementB for the King's Communlty ChuTGh Isouthamptonl group. Det811s of the charity's subsid18Yle$ at 31 March 2024 are as follow8". Name of undertaklng Reglsterèd offl¢e Nature of buslnegs Class ol Va Held shar09 h•ld Dlr•ct Indlrect KCC Enterprtses Ltd England Corporate events and runnlng Ordlnary ofacaf 100.00 Th? results for KCC Enterprises Ltd have been consolidated into those accounts, with charity-only flgures Shown for clarity. In the charty-only Balance Sheal, thg inveslrnent 15 Slated at cost. The regls18r8d offlc8 of KCC EntÉrprtse8 18 the Same as thé parent 115 ¢ompany number Is 7992952. The accounts for KCC Enterpr18es Ltd show the followlng Informallon at 31 Maich 2024 and for Ihe year then ended.. Total assets Total liabilities Tolal funds 109,362 20,113 89,249 Total turnover Total ex endllure ProfiVILossl for the ye8r> 295.942 213,334 82,608 33 Analy818 of changes In net (debtyfunds At f Aprll 2023 Cash flow8At 31 March 2024 Cash at bank and in hand 362.821 158,606 521.427 Loans falllno due wlthln anè year Loan8 falllng due after more than ono year 185.6051 (2,H3.802) 1.155 76.744 (84,450) (2,367,058) (2,166,586) 23S.505 (1,9.30,081) -36-