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2023-12-31-accounts

THE KING'S CHURCH EPSOM

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

CHARITY REGISTRATION No: 1127019

COMPANY REGISTRATION No: 6745861

Independent Examiners Ltd

Unit 2 The Broadbridge Business Centre

Delling Lane Bosham West Sussex PO18 8NF

1

THE KING'S CHURCH EPSOM
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Pages 3 to 7 Report of the Directors
Page 8 Statement of Financial Activities
Page 9 Balance Sheet
Pages 10 to 18 Notes to the Financial Statements
Page 19 Independent Examiners Report to the Trustees

2

THE KING'S CHURCH EPSOM
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1127019
COMPANY REGISTRATION NUMBER 6745861
START OF FINANCIAL YEAR 1 January 2023
END OF FINANCIAL YEAR 31 December 2023
DIRECTORS WHO SERVED Mr P Rice (resigned 22 May 2023)
DURING THE YEAR TO Mrs E Akojie (resigned 17 April 2023)
31 DECEMBER 2023 Mr A Olalekan
Mr M Brook (appointed 17 April 2023)
Mr P Varugese (appointed 17 April 2023)
COMPANY SECRETARY Mr P Rice
REGISTERED ADDRESS Longmead Road
Epsom
Surrey
KT19 9BU
DATE OF INCORPORATION 11 November 2008
GOVERNING DOCUMENT Memorandum and Articles of Association dated 11 November 2008
BANKERS CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling ME19 4JQ
INDEPENDENT EXAMINER Independent Examiners Ltd
Unit 2 The Broadbridge Business Centre
Delling Lane
Bosham
West Sussex
PO18 8NS
OBJECTS As set out in the Directors annual report

3

THE KING'S CHURCH EPSOM (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, Governance and management:

The King's Church Epsom is an incorporated company limited by guarantee; company number 6745861.

The church is governed by the Spiritual Authority of the church, which is made up of ministries and elders. Ministries and Elders are elected by a Special Resolution of a church members meeting. Membership of the church is open to all who profess a true repentance of sin and faith in the Lord Jesus Christ and whose lives give evidence of it; have agreed with the church's doctrinal basis of faith; are enthusiastically able to embrace the vision of the church having normally followed our ‘Into the family’ course and whose applications have been agreed by the church council.

Objectives and Activities

The Charity’s objects (“the Objects”) are:-

(a) To advance the Christian faith in accordance with the Statement of Beliefs in the Schedule to the Articles hereto attached in such ways and in such parts of Epsom and Ewell, the United Kingdom or the world as the Trustees from time to time may think fit;

(b) To relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services of any kind, including through the provision of counselling and support in such parts of Epsom and Ewell , the United Kingdom or the world as the Trustees from time to time may think fit;

(c) To advance education in such ways and in such parts of the United Kingdom or the world as the Trustees may from time to time think fit;

(d) To provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life in such parts of Epsom and Ewell, the United Kingdom or the world as the Trustees may from time to time think fit.

We meet every Sunday to worship God and teach the gospel. We maintain a full programme throughout the week, including prayer meetings and home groups for fellowship and bible study. We run extensive youth programmes for all ages for both the youth in the church and the community. We run regular training sessions to equip and raise up leaders. We touch the lives of the community through clubs for old and young, and via outreach on the streets.

We are actively engaged in supporting overseas ministry through indigenous churches and leaders.

Introduction

In pursuing our activities for the year ended 31 December 2023, the Elders and Trustees of The King's Church Epsom have had due regard to the Charity Commission's guidance on operating for the public benefit. This report outlines our achievements, performance, and key developments across all areas of church life and operations.

Financial Review

Our principal source of funding remains regular giving from Church members. We typically organise gift days and special offerings approximately twice a year for specific needs. In addition, we receive donations for the use of our building from the outside community.

For the year ended 31 December 2023:

Total income was £258,253 (compared to £233,672 in 2022) Total expenditure was £245,000 (compared to £219,232 in 2022)

This resulted in a surplus of £13,253 for the year (compared to a surplus of £14,440 in 2022)

Total free reserves as represented by unrestricted net current assets as of 31 December 2023 were £14,023 (compared to £47,112 at the end of 2022). If unrestricted designated "ringfenced" funds are also included, these figures are £50,574 at 31st December 2023 (£46,990 at the end of 2022).

We continue to make regular repayments on our Triodos loan, which is forecast to be completed by January 2030.

It is the policy of the Church to maintain enough reserves to cover three months of expenses including salaries and running costs. This currently equates to reserves of around £60,000. We are currently just below this target.

4

THE KING'S CHURCH EPSOM (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Governance and Administration

The Trustees underwent changes in 2023 to ensure ongoing compliance with Charity Commission requirements and best practices in church governance. We welcomed new Trustees and appointed a new chair, strengthening our leadership team.

The church developed and implemented a Sabbatical Leave Policy, which was applied for our Senior Pastor's three-month sabbatical from July to September 2023.

Staffing and Volunteers

The investment in salaries and building maintenance enables us to run the weekly programme to meet the needs of the Church and the community. Beyond this, we are blessed with a significant amount of volunteer time given to enabling the Church to operate effectively.

Key staffing updates:

We continue to appreciate and seek to expand our dedicated team of volunteers across various ministries.

Achievements and performance against Charitable Objects

Object 1: To advance the Christian faith…

Object 2: To relieve sickness and financial hardship and to promote and preserve good health…

Object 3: To advance education…

5

THE KING'S CHURCH EPSOM (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Object 4: To provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals

Building and Facilities

The church explored eco-friendly options to help manage energy costs, including the possibility of installing additional solar panels on the church roof.

Worship and Church Life

We continued to develop our worship ministry, focusing on enhancing the quality and inclusivity of our services. We are grateful for our dedicated worship team and audio-visual volunteers, and we continue to encourage participation in these important ministries.

Spiritual leadership is provided by a team of Elders, with the Pastor as the lead Elder. We are pleased to report that a new elder has been appointed, further strengthening our leadership team.

The church had approximately 120 to 130 Members during the year.

Looking Ahead

Key areas of focus for the future include:

  1. Continuing to expand Life Groups participation.

  2. Resourcing the Children, Youth and Family ministry

  3. Developing training and discipleship programmes.

  4. Implementing focused and targeted outreach in multiple fields.

  5. Enhancing volunteer engagement across various church teams.

  6. Increasing church presence at future Commission Festivals.

  7. Continuing to develop our leadership capabilities to support church growth and ministry.

Conclusion

In conclusion, The King's Church Epsom demonstrated resilience, growth, and a commitment to its mission throughout 2023. The church adapted to meet the needs of its congregation and community, while maintaining a strong focus on spiritual growth and outreach. The financial position improved compared to the previous year, and significant steps were taken in governance and staffing to ensure the continued effective operation of the church.

The church made notable progress across all its charitable objects, balancing spiritual nurture with practical support and community engagement.

As we move into 2024, we are well-positioned to build on these achievements and further our mission, guided by our commitment to advancing the Christian faith and serving our local and global community.

6

THE KING'S CHURCH EPSOM (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Director's responsibilities:

The Charities Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are also responsible for the contents of the trustees’ report, and the responsibility of the independent examiner in relation to the trustees’ report is limited to examining the report and ensuring that , on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

I approve the attached statement of financial activities and balance sheet for the year ended 31 December 2023, and confirm that I have made available all information necessary for its preparation. Date: i7 "09°: 2024 comes YAN ~ ,

----- Start of picture text -----
comes YAN ~ ,
Print name: Adeshina Olalekan
----- End of picture text -----

7

THE KING'S CHURCH EPSOM

(A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
FROM:
Donations and Legacies
2a
Charitable Activities
2b
Investments
2c
Other
2d
TOTAL INCOME
EXPENDITURE ON:
Raising Funds
3a
Charitable Activities
3b
Other
3c
EXPENDITURE
NET INCOME/(EXPENDITURE)
Transfers between funds
NET MOVEMENT IN FUNDS
Reconciliation of funds:
Total Funds Brought Forward
TOTAL FUNDS CARRIED FORWARD
INCOME AND ENDOWMENTS		 Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2023
2022
£
£
£
£
£
221,991
3,930
4,250
230,171
211,930
25,581
1,669
0
27,250
21,217
778
0
0
778
190
54
0
0
54
335
248,404
5,599
4,250
258,253
233,672
86
0
0
86
863
219,300
18,480
7,134
244,914
218,307
0
0
0
0
62
219,386
18,480
7,134
245,000
219,232
29,018
(12,881)
(2,884)
13,253
14,440
(202,430)
212,312
(9,882)
0
0
(173,412)
199,431
(12,766)
13,253
14,440
1,193,157
(162,880)
16,477
1,046,754
1,032,314
1,019,745
36,551
3,711
1,060,007
1,046,754

Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.

The notes on pages 10 to 18 form part of these financial statements.

8

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |THE|KING'S|CHURCH|EPSOM| |ceconPpany|EIMITED|BY|GUARANTEE|)| |COMPANY|NO:|6745861| |BALANCE|SHEET| |AS|AT|31|DECEMBER|2023| |Unrestricted|Designated|Restricted|31-Dec-23|31-Dec-22| |Funds|Funds|Funds|Total|Total| |Note|£|£|£|£|£| |Fixed|Assets| |Tangible|assets|6|1,135,818|0|0|1,135,818|1,146,045| |Current|Assets| |Debtors|7|10,608|225|0|10,833|9,949| |Cash|at|bank and|in|hand|8|____48,933|36,326|3,711|88,970|84,385,| |Total|Current Assets|—__59,541|36,551|3,711|99,803|94,334| |Creditors:|amounts|falling|due|9|45,518|0|0|45,518|30,867| |within|one|year| |NET CURRENT|ASSETS|14,023|36,551|3,711|54,285|63,467| |TOTAL ASSETS|less|current|liabilities|1,149,841|36,551|3,711|1,190,103|1,209,512| |Creditors:|amounts|falling|10|130,096|0|0|130,096|162,758| |due|in|more|than|one|year| |NET ASSETS|1,019,745|36,551|3,711|1,060,007|1,046,754| |a|DS|ST| |Funds|of|the|Charity| |Genera!|Funds|1,019,745|0|0|1,019,745|1,193,157| |Designated|Funds|11|0|36,551|0|36,551|(162,880)| |Restricted|Funds|12|0|0|3,711|3,711|16,477| |Total|—| |Funds|1,019,745|36,551|3,711|1,060,007|1,046,754| |SE|a a|kent! Rate ata!|lhl|fall|

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OIRECTORS' RESPONSIBILITIES:

The charitable company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The Directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an eudit for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears on page 19. The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preperation of financial statements.

Approved by the Directors on the VL OF + 2024 Signed on their behalf by MUR.

Print Name: Adeshina Olalekan

9

THE KING'S CHURCH EPSOM

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparation:

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP.

The King's Church Epsom has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement.

The King's Church Epsom meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.

Preparation of accounts on a going concern basis

Preparation of the accounts is on a going concern basis. The Trustees are of the view that the level of reserves will support the charity going forward.

The charity has opted to use the natural classification of categories in its accounts.

Changes to accounting estimates

No changes to accounting estimates have occurred in the reporting period

Material prior period errors

No material prior year errors have been identified in the reporting period.

The particular accounting policies adopted are set out below.

1. ACCOUNTING POLICIES

Income

Recognition of Income

These are included in the Statement of Financial Activities (SOFA) when:

Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Grants and Donations

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).

Grants and Donations

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).

Volunteer Help

The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report

Income from interest, royalties and dividends

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

10

THE KING'S CHURCH EPSOM (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Investment Income

This is included in the accounts when receivable.

Investment Gains and Losses

This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

Government Grants

The charity has not received government grants during the year.

Expenditure and liabilities

Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Governance Costs

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Legal status of the charity

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Pension Scheme

The charity operates a government backed defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. The charity is under no further obligation to make any extra payments irrespective of how that pension fund performs.

Assets

Tangible fixed assets for use by the charity:

These are capitalised if they can be used for more than one year, and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.

Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The estimated useful lives/rates applied are as follows:

Church Premises
Furniture and Equipment
Land
2. INCOME AND ENDOWMENTS FROM:
a) Donations and Legacies
BACS Giving
Gift Aid Tax Reclaim
Offerings
Other Voluntary Income
Special Offerings
b) Charitable Activities
Other Charitable Activities
Rental Income
Youth Work		 150 years straight line
15% straight line
Not depreciated
Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2023
2022
£
£
£
£
£
154,248
0
0
154,248
148,316
34,774
225
0
34,999
25,972
24,587
0
0
24,587
21,200
1,565
735
0
2,300
0
6,817
2,970
4,250
14,037
16,442
221,991
3,930
4,250
230,171
211,930
1,940
0
0
1,940
0
23,641
0
0
23,641
16,408
0
1,669
0
1,669
4,809
25,581
1,669
0
27,250
21,217

11

THE KING'S CHURCH EPSOM

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

2. INCOME AND ENDOWMENTS FROM:
c) Investments
Bank Interest
d) Other
Miscellaneous Income
3. EXPENDITURE ON:
Note
a) Raising Funds
Publicity
b) Charitable Activities
Activities undertaken directly
Caring/Tea and Chat
Catering and Cleaning
Children and Youth
Donations to Commission
Missions:
Home
Overseas
Visiting Speakers
SUB TOTAL		 Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2023
2022
£
£
£
£
£
778
0
0
778
190
778
0
0
778
190
54
0
0
54
335
54
0
0
54
335
Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2023
2022
£
£
£
£
£
86
0
0
86
863
86
0
0
86
863
135
0
3,600
3,735
4,982
9,587
0
0
9,587
7,080
1,297
5,732
0
7,029
8,984
6,000
0
0
6,000
10,639
2,539
0
0
2,539
8,513
30,650
1,200
0
31,850
25,350
5,997
0
0
5,997
17,805
56,205
6,932
3,600
66,737
83,353

12

THE KING'S CHURCH EPSOM (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

3. EXPENDITURE ON:
Note
SUB-TOTAL BROUGHT FORWARD
Support Costs
Conferences
Depreciation
Equipment
Fees and Subscriptions
Flowers
Insurance
Literature and Supplies
Maintenance
Mortgage Interest
Motor and Travelling
Personnel Expenses
Printing, Postage, Stationery, Photocopy
Sundry Expenditure
Telephone
Utilities
Wages and Salaries
13
Governance Costs
Independent Examiner's Fees
Legal and Professional Fees
TOTAL CHARITABLE ACTIVITIES
c) Other
Miscellaneous Expenditure		 Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2023
2022
£
£
£
£
£
56,205
6,932
3,600
66,737
83,353
6,028
0
0
6,028
1,111
10,227
0
0
10,227
8,682
7,677
0
0
7,677
1,414
3,148
0
0
3,148
3,981
223
0
0
223
0
3,361
0
0
3,361
3,019
177
0
0
177
144
26,391
0
0
26,391
9,603
0
11,548
0
11,548
6,904
870
0
0
870
173
210
0
0
210
2,044
1,292
0
0
1,292
1,505
0
0
0
0
252
924
0
0
924
1,373
14,563
0
0
14,563
5,083
86,014
0
3,534
89,548
88,136
217,310
18,480
7,134
242,924
216,777
1,590
0
0
1,590
1,530
400
0
0
400
0
1,990
0
0
1,990
1,530
219,300
18,480
7,134
244,914
218,307
0
0
0
0
62
0
0
0
0
62

4. SUPPORT AND GOVERNANCE COSTS

Office and administration
Independent examiners fees		 Support
Governance
Total
£
£
£
242,924
400
243,324
0
1,590
1,590
242,924
1,990
244,914

5. DETAILS OF CERTAIN TYPES OF EXPENDITURE

Independent examiner’s fees

Assurance services other than audit or independent examination Tax advisory fees

Other fees (for example: financial advice, consultancy, accountancy services) paid to the independent examiner

2023 2022
£ £
1,590 1,530
0 0
0 0
0 0

13

THE KING'S CHURCH EPSOM (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

6. TANGIBLE FIXED ASSETS Church Church Furniture & TOTAL
Premises Premises Equipment
Land element Building element
Title No: SY515754 Title No: SY515754
£ £ £ £
Cost at 01-Jan-23 175,106 1,075,650 28,292 1,279,048
Additions 0 0 0 0
Cost at 31-Dec-23 175,106 1,075,650 28,292 1,279,048
Depreciation at 01-Jan-23 0 119,939 13,064 133,003
Charge 0 7,171 3,056 10,227
Depreciation at 31-Dec-23 0 127,110 16,120 143,230
Net Book Value 31-Dec-23 175,106 948,540 12,172 1,135,818
Net Book Value 31-Dec-22 175,106 955,711 15,228 1,146,045

Church Premises

The land for the church site was acquired in November 1982 for approximately £14,000. The original building was constructed in May 1983 at an approximate cost of £85,000. Additional loans from UKET and NWB were utilised towards the extension and furnishing of the buildings on the site and was completed in May 1993. All loans relating to these costs were cleared by September 2000. The property was revalued by Jonathan Berney Consultant Surveyors and Valuers on 5 August 2009. An additional loan from Triodos Bank was taken out during 2009 to fund an extension of the church buildings and further drawdowns were taken from Triodos Bank during 2010. The percentage split shown above between the land and building element is calculated based on the original cost prices.

7. DEBTORS AND PREPAYMENTS

HMRC Gift Aid Tax Recoverable
HMRC Employer Allowance under-claimed		 Unrestricted
Designated
Restricted
Total
Total
Fund
Fund
Fund
31-Dec-23
31-Dec-22
£
£
£
£
£
10,608
225
0
10,833
1,412
0
0
0
0
8,537
10,608
225
0
10,833
9,949

8. CASH AT BANK AND IN HAND

Current Accounts
Deposit Accounts
Petty Cash		 Unrestricted
Designated
Restricted
Total
Total
Fund
Fund
Fund
31-Dec-23
31-Dec-22
£
£
£
£
£
10,737
36,326
3,711
50,774
47,304
37,884
0
0
37,884
36,888
312
0
0
312
193
48,933
36,326
3,711
88,970
84,385

14

THE KING'S CHURCH EPSOM

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

9. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accruals
Independent Examiners Fees
Triodos Loan under 1 year		 Unrestricted
Designated
Restricted
Total
Total
Fund
Fund
Fund
31-Dec-23
31-Dec-22
£
£
£
£
£
10,632
0
0
10,632
7,677
1,590
0
0
1,590
1,530
33,296
0
0
33,296
21,660
45,518
0
0
45,518
30,867

10. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR

Triodos Loan over 1 year Unrestricted
Designated
Restricted
Total
Total
Fund
Fund
Fund
31-Dec-23
31-Dec-22
£
£
£
£
£
130,096
£
0
0
130,096
162,758
130,096
0
0
130,096
162,758

In 2009, the Church began a building project to extend the Church premises. The Church obtained a loan with Triodos bank. The church repays Triodos bank on a monthly basis. In 2023 these repayments totalled £32,573.83. Periodic interest of £11,548.22 was added to the loan by Triodos in 2023. The amount outstanding at 31st December 2023 was £163,391.54.

11. DESIGNATED FUNDS - MOVEMENT CURRENT YEAR

Children and Youth Work
New Beginnings Children's Home (Albania)
Building Project
Tea and Chat		 Balance
Transfers
Balance
01-Jan-23
Income
Expenditure
Btw Funds
31-Dec-23
£
£
£
£
£
590
2,404
(5,732)
3,050
312
(548)
0
(1,200)
1,748
0
(163,144)
3,195
(11,548)
207,514
36,017
222
0
0
0
222
(162,880)
5,599
(18,480)
212,312
36,551

11. DESIGNATED FUNDS - MOVEMENT PREVIOUS YEAR

Children and Youth Work
New Beginnings Children's Home (Albania)
Building Project
Tea and Chat
Designated Funds are represented by:
Cash at bank and in hand
Debtors (gift aid)
Short term liabilities (Triodos loan)
Long term liabilities (Triodos loan)		 Balance
Transfers
Balance
01-Jan-22
Income
Expenditure
Btw Funds
31-Dec-22
£
£
£
£
£
(294)
884
0
0
590
(248)
0
(300)
0
(548)
(188,369)
2,812
(6,904)
29,317
(163,144)
222
0
0
0
222
(188,689)
3,696
(7,204)
29,317
(162,880)
31/12/2023
31/12/2022
£
£
36,326
21,476
225
62
0
(28,847)
0
(155,571)
36,551
(162,880)

In 2023 the Trustees discussed and agreed to remove the Triodos loan from unrestricted designated funds, by way of a transfer from unrestricted general funds to unrestricted designated funds. The inclusion of the Triodos loan in designated funds resulted in the designated building fund showing a deficit each year, which the Trustees felt could be misleading to the reader of the accounts.

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THE KING'S CHURCH EPSOM

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

12. RESTRICTED FUNDS - MOVEMENT CURRENT YEAR

----- Start of picture text -----
Balance Transfers Balance
01-Jan-23 Income Expenditure Btw Funds 31-Dec-23
£ £ £ £ £
New Beginnings Children's Home (Albania) 28 0 0 0 28
Samaritans 3,124 1,225 (3,600) 0 749
Karuna Action (formerly Kingscare) 1 0 0 0 1
Pastoral Fund 1,008 2,424 (3,432) 0 0
Adhoc Fund 11,231 601 (102) (8,797) 2,933
Children and Youth 1,085 0 0 (1,085) 0
16,477 4,250 (7,134) (9,882) 3,711
12. RESTRICTED FUNDS - MOVEMENT PREVIOUS YEAR
Balance Transfers Balance
01-Jan-22 Income Expenditure Btw Funds 31-Dec-22
£ £ £ £ £
New Beginnings Children's Home (Albania) 28 0 0 0 28
Samaritans 5,347 475 (2,698) 0 3,124
Karuna Action (formerly Kingscare) 1 0 0 0 1
Pastoral Fund 200 2,424 (1,616) 0 1,008
Adhoc Fund 6,376 7,825 (2,970) 0 11,231
Children and Youth 870 215 0 0 1,085
12,822 10,939 (7,284) 0 16,477
----- End of picture text -----

Any restricted funds in deficit will be replenished in the following financial year.

The New Beginnings Fund relates to the upkeep of a Children's Home in Tirana, Albania.

Karuna Action (Formerly Kingscare) is a Christian relief charity.

Restricted Funds are represented by:

Cash at bank and in hand 31-Dec-23
31-Dec-22
£
£
3,711
16,477
3,711
16,477

An internal review of funds exercise was carried out by the Church during 2023. This exercise revealed some historic misallocations between funds, ie - Income posted to one fund and the relevant payments out posted to another fund. The following fund transfers occurred in 2023 to correct these misallocations:

Ad-Hoc
Ad-Hoc
Kids Youth		 General
Designated
Restricted
Fund
Fund
Fund
£
£
£
(1,564)
0
1,564 To Correct Misallocation of Income & Expenses between funds
10,361
0
(10,361)
To Correct Misallocation of Income & Expenses between funds
0
1,085
(1,085)
To Correct Misallocation of Income & Expenses between funds
8,797
1,085
(9,882)

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THE KING'S CHURCH EPSOM (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

13. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL

THE COST OF KEY MANAGEMENT PERSONNEL
2023 2022
£ £
Gross Wages and Salaries 79,668 79,440
DWP 0 120
Employer's National Insurance Costs (after annual allowance) 4,464 3,159
Employer's Pension Contributions 5,416 5,417
89,548 88,136
Average number of employees who were engaged in each of the following activities:
2023 2022
TOTAL TOTAL
Activities in furtherance of organisation's objects 2.67 2.5

At the start of the period, the church employed two full time staff members and one part time staff member. At the end of the period, the church employed two full time staff members and one part time staff member.

No employees received emoluments in excess of £60,000. Staff are paid through the PAYE system. (2022: None).

The charity operates a government backed defined contribution pension scheme. Employer contributions are charged to the Statement of Financial Activities (SoFA) as they become payable in accordance with the rules of the scheme. The charity is under no further obligation to make any extra payments irrespective of how that pension fund performs. The amount charged to the SoFA during this financial year was £5,416 (2022: £5,417).

The key management personnel of the charity comprise the Board of Trustees and Senior Pastors. No Trustees are remunerated. The total employee benefits (including salaries, employer national insurance and employer pension contributions) paid to the key management personnel of the charity was £61,264.

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THE KING'S CHURCH EPSOM (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed Assets
Net Current Assets
Long Term Liabilities
Tangible Fixed Assets
Net Current Assets
Long Term Liabilities		 Unrestricted
Designated
Restricted
TOTAL
Funds
Funds
Funds
2023
£
£
£
£
1,135,818
0
0
1,135,818
14,023
36,551
3,711
54,285
(130,096)
0
0
(130,096)
1,019,745
36,551
3,711
1,060,007
Unrestricted
Designated
Restricted
TOTAL
Funds
Funds
Funds
2022
£
£
£
£
1,146,045
0
0
1,146,045
47,112
(122)
16,477
63,467
0
(162,758)
0
(162,758)
1,193,157
(162,880)
16,477
1,046,754
PREVIOUS YEAR
CURRENT YEAR

15. DIRECTORS AND OTHER RELATED PARTIES

Out of pocket expenses were repaid to directors. No other payments were made to directors or any persons connected with them during this financial period. No material transaction took place between the organisation and a director or any person connected with them.

Aggregate giving to the Church totalling £18,332 was received from 4 directors in 2023. There were no conditions attached to these donations.

16. RISK ASSESSMENT

The directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

17. RESERVES POLICY

The directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily. The policy is described in more detail in the directors report.

18. PUBLIC BENEFIT

The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the directors report. The directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

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INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS

I report to the trustees on my examination of the accounts of The King's Church Epsom for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity’s trustees of the charitable company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the charitable company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.

The charitable company’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a member of The Association of Charity Independent Examiners.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:

I have no other concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: FCIE

Date: 18 September 2024

Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF

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