A charity r•glst•red In England and Wal Charlty Number: 1130094 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KEERING CHRIST THE KING ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KETfERING CHRIST THE KING YEAR ENDED 31 DÈCEMBER 2023 CONTENTS Page Referen and Admlnistrative details Annual Report of the Parochial Church Council Independent Examlner's Report Statement of Financial Activities Balan Sheet Accounting Policies 9-10 Notes to Accounts 11-12 Page I
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KerrERING CHRIST THE KING YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Charlty Registratlon Numbor 1130094 Prlnclpal pla of Operatlons Deeble Road Ketterlng Northampton5hire NN15 7AA Webslte www.ctk.org.uk Incumbent The Revd Canon Dr Rob Bewley Associate Vlcar The Revd Sarah Bennett Churchwardens Julia Welch Steve Atkin5 Secretsry Maureen Lleplns Treasurer Robert Dore (until 15 May 2023) Kate Oxford (from 15 May 2023) Mlke Oxford (from 15 May 2023) Xndependent Examiner Brett Cook FCCA ACA Headlands House l Klngs Court Ketterlng Bankers Vlryin Money [prevlously Yorkshlre Bank] Page 2
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KETTERING CHRIST THE KING YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Parrfhial Church Councll The members of the Parottlal Church Council are its Charity Trustees. Those who served durlng the year and to the date of this report (unless othernlse stated) are as follows: The Revd Canon Dr Rob 8ewley t Steve Atkins * Matt Bell The Revd Sarah Bennett Marsh?11 Bonneval-cox Andrew Bubeer t Robert Brown t Ady Carman Sablna Davles steve Dodman t Robert Dore stefanle Gardner Helen Hames lan Hames t Roger Hamlet t Steven HS11 t Andrew Hotchln Ruth Jame5 Kate Oxford Karen Robinson Mark Robinson Carole Smlth Kal-Nneka Townsend Julia Welch stuart Welch (Chalr) (Vi-chaIr) (untll 15 May 2023) (Deanery Synod from 15 May 2023) (until 15 May 2023) (untll 15 May 2023) (untll 30 November 2023) (until 30 November 2023) (until 31 Dernber 2023) (from 15 May 2023) (from 15 May 2023) (from 15 May 2023) (from 15 May 2023) (untll 15 May 2023) (until 15 May 2023) (from 15 May 2023 t Deanery Synod Representative Ex-officio (Members of the Clergy, and the Churchwardens are ex-offiuo members of the Council) Page 3
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KEERING CHRIST THE KING YEAR ENDED 31 DECEMBER 2023 REPORT OF THE PAROCHIAL CHURCH COUNCIL The member5 of the Pa rochial Church Council present their annual report as trustees of the charity for the year ended 31 December 2023, together with the accounts for the year. The accoLJnts have been prepared in accordance with the Church Accounting Regulations 1997 and the Charities Act 2DII, which requires the methods and principles of the Charities Statement of Recommended Practice (SORP) to be followed. Reference and Adminlstrative Information The church was formed in 1969 as a daughter church of the neighbouring Parish of St Botolph's. In 1987 the current church building was dedicated and in 1995 Christ the King became a Parish in its own right. It is now a registered charity (no. 1130094). Reference and administrative detalls are shown on pages 3-4, Structure. Governance and Management Members of the PCC are eletted at the Annual Parochial Church Meeting for a period of one year, other than Deanery Synod representatives who serve a three-year term. The PCC is empowered to co-opt additional members until the next APCM if there are vacancies. The PCC nomially meets monthly. The PCC is required by law to have a Standing Committee, which normally meets slx times a year. Its membership comprises the Incumbent, Wardens, Treasurer and one congregational representative. Objectives and Actlvltles The PCC of Christ the King has the responsibility of sharing with the incumbent the oversight and development of the whole mission of the church within its ecclesiastical Parish. In practical terms this will include providing a church buildingi Staff and other resource5 to provide and grow Christian (Anglican) worshlp, prayer and teaching that is accessible to all. We will offer pastoral support and community outreach activities within the parish and nearby area within the context of a Christian ethos and support Christian mission beyond the parlsh. More detsils about the Church'5 vision can be foLbnd on its website www.ctk.org.uk. Achlevements and Performance The ministries have continued to stabilise and we have started to see slgns of regrowth. We have been able to make meaningful progress towards our annex build, compSeting and funding all major construction works. Reports from clergy and other Church groups for the year are publlshed separately at the Annual Parochial Church Meeting a nd are available from the Church Office. Financial Review The Church's principal source of income is the voluntary giving of its members. When this is gift alded, the church is able to reclaim basic rate income tax on the givingi UP to 25010 of the net gift. The results for the year are shown in the attached accounts. The net incoming resources for the year amounted to a deficit of £356,459 inclusive of money ralsed for the Building Fund (2022 £29,828). Page 4
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KEThERING CHRIST THE KING YEAR ENDED 31 DECEMBER 2023 REPORT OF THE PAROCHIAL CHURCH COUNCIL A deficit of £6,621 (2022 - £20, 166 surplus) was incurred in respect of the ordinary artivities of the Church (i.e. excluding restrlcted funds). The PCC Is working actively to encourage Increased giving income and to manage expenditure and considers it has sufficient resources to maintain the existing mission activity of the church at the present time. Reserves Pollcy Under the reserves policy adopted by the PCC it was determined that the charity should maintain between two and three months ordinary income as free reserves in order to enable the church's cash resources to be managed efficlently (l.e. a IlquSdity reserve) and a contingency reserve sufficient to cover (i) up to 18 months of income shortfall in circumstances where there is uncertainty as to futu operating Surpluses (li) contingent liabilities and costs that could occur in the case of the church having to restructure (e.g. redundancy) and (iii) against any emergency. Free reserves are represented by the balance on the General Fund which at 31 December 2023 amounted to £87,869. The PCC has reviewed its reserves and considers them to be sufficient as required under the reseNes policy. statement of Trustees. Responslbllltles The law applicable to charitles in England & Wales requlres the Trustees to prepare financlal statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Trust will continue in business, The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for ta king reasonable steps for the prevention and detertion of fraud and other irregularities. Approved by the Parochial Church Council on 15th April 2024 and signed on their behalf by: Vice Chair Page 5
ZNDEPENDENT EXAMINeR'S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARXSH OF KErrERING CHRIST THE KING Thls report on the accounts of the Parochlal Church Council for the year ended 31 December 2023. which are set out on pages 7 to 12, is in respect of an examlnatlon carrled out under Regulatlon 3(3) of the Church Accountlng Regulatlons 1997 and 5.145 of the Charlties Act 2011. Respectlve responslbilities of trust$ and examlner As the members of the Parochial Church Council you are responslble for the preparatlon of the accounts; you conslder that the audlt requlrement of Regulation 3(3) of the Church Accounting Regulations 1997 and sectlon 144 of the Charltles Act 2011 (the Act) do not apply and that an Independent examlnation is needed. The Church's gross Income exceeded £250,000 and l am qualified to undertake the examination by being a qualifSed member of the Institute of Chartered Accountants in England and Wales. It is my responslblllty to issue thls report on those accounts in accordance with the terms of the regulatlons made under sectlon 154 of the Act. Basls of Independent examIneS statement My examlnation was carried out In accordance with General Directions glven by the Charlty Commission. An examination Includes a review of the accounting records kept by the Parochlal Church Councll and a comparison of the accounts presented wlth those records. It also Includes consideration of any unusual Items or disclosures In the accounts and seeking explanatlons from the trustees concernlng any such matters. The procedures undertaken do not provlde all the evidence that would be qUIred In an audit. and consequently I do not exp5$ an audlt opinion on the accounts. Independent examlner's statement In the course of my examination, no matter has come to my attention: (l) which glves me reasonable cause to believe that, In any materlal SpeCt, the Parochlal Church Councll have not met the requirements to ensure that: proper accountlng records are kept In accordance wlth sertlon 41 of the Act. and accounts are prepared whlch agree wlth the accountlng records and comply with the accounting requlrements of the Art,. or (li) to which, In my oplnlon, attentlon should be drawn in order to enable a proper understsnding of the accounts to be reached. Brett Cook FCCA ACA Hea(Ilands House, l Kings Court. Kettering Date: I¥ MV 2oLf Page 6
PAROCHIAL CHURCH COUNCIL OF CHRIST THE KING, KEThERING YEAR ENDED 31 DECEMBER 2023 STATEMENT OF FINANCIAL ACTIVITIES Unrestritted Funds Restricted Funds 2023 Total 2022 Total Note Incoming resources: From generated fvnds Voluntary income Inve5trnent income 280,899 2,852 135,093 13,148 415,992 16,000 307,682 2,276 From Church activities 14,478 14,478 12,316 Other Income 28,001 Total Incomlng resources 298 229 148 241 446 470 350 275 Resources expended: Church activities 304,850 498,079 802,929 320,447 rotsl resources expended 304 850 498 079 802 929 Net movement in funds 6,621 349,838 356,459 29,828 Reconcillatlon of Funds Total funds brought forward 94,490 556,854 651,344 621,516 Total funds carrled forward 207 016 294 885 The notss on pages 9 to 12 form part of these Accounts Page 7
PAROCHIAL CHURCH COUNCIL OF CHRIST THE KING, KEThERING YEAR ENDED 31 DECEMBER 2023 BALANCE SHEET Note 2023 2022 Fixed assets: Tangible assets Current assets: Debtors Cash at bank and in hand 19,796 282,938 302,734 661 562 Liabilities: Creditors: amounts falling due in les5 than one year (7,849) (10,218) Net current assets 294,885 651,344 Net Assets 294.885 Funds of the charity: Restricted funds Unrestricted funds 207,016 87,869 556,854 94,490 Total Charity funds 651,344 Approved by the PCC on 17th June 2024 and signed on their behalf by.. Steve Atkins Vice Chair Mike and Kate Oxford Treasurers The notes on pages 9 to 12 fomi part of these Ac¢ouftts Page 8
PAROCHIAL CHURCH COUNCIL OF CHRIST THE KING, KETfERING YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES 8¥1$ of preparatlon The financial statements have been prepared under the historical cost conventlon and in accordance with the Church Accounting Regulatn5 1997 together with Accountlng and Reportlng by Charltle$ Statement of Recommended Prartlce applicable to charlties pParIng their accounts In accordance wlth the Flnanclal Reportlng Stsndard appllcable In the UK and Republic of Ireland IFRS102} leffectlve l January 2015- Icharities SORP (FRS102)), the Financial Reportlng Standard applicable In the UK and Republic of Ireland {FRS102). The accounts Include all transartions, assets and Ilabilities for whlch the PCC Is spOns[ble In law. They do not Include the accounts of church groups that owe their maln afflliatiun to another body nor those that are Inft*mial gatherSngs of Church members. Funds Any grants or donatlons recelved for a speclflc purpose are treated as restritted fiJnds. Detalls are glven In the to the accounts. Any funds deslgrtated for a spedftc purpose by the PCC are treated as unrestricted, The General Fund represents the funds of the PCC that are not subjett to any restrlctlons re9arding thelr use and are avallable for appllcatlon on the general purposes of the PCC. Incoml#g rawurces Voluntary Income aftd ¢atytal sources Collectlons are recognlsed when CeIved by or on bèhalf of the PCC. Planned glvlng receivable under covenant Is recognlsed only when recelved. Income tax recoverable on covenants or glft aid donatlons is recognlsed when the income Is recognised. Grants and legacles to the PCC are accounted for as soon as the PCC Is notifled of legal entitlement and the amount due. Fund5 ralsed by evènts and attlvltles are accountsd ftTrr gross. Other ordinary income Rental Income from the lettlng of church premises is recognised when the rental Is due. Ttcket sales for events, conferences or courses are recognlsed on the date of the event Income from Investments Interest Is accounted for when recelvable. Tax recoverable on suth incorne Is recognlsed in the same accountiny year. Resources used Grants Grants and donatlons are a¢counted for when pald over, or when awarded, If that awanl creates a blndlng obllgation on the PCC. Activitles directly latIng to the work of the Church The Parlsh Share Is accounted for when pèyable. Any portlon unpald ot the year end Is provlded for In these accounts In recognltlon of an tsperational {but not a legal) Ilab111ty. Plx•d as$et$ Consecrated land and bulldlngs and movable church furnlshlngs Consecrated and beneflced property is excluded from the accounts by s.10(2)(a) of the Charltles Act 2011. othÈr fi)tures, flttings and Offi e4u1pnnt Equipment used withlt) the church premlses Is depre¢lated on a stralght Ilne basis over 4 yèar5. Indivldual items of equlpment with a purchase pdce of £1,000 or less are wrftten off when the asset is acqulred. No value Ss placed on movable thurch furnishln9s held by the churchwardens on special twst for thè PCC and whkh Quire a faculty for dlsposal Since the PCC conslders thls to be inalienable pn>perty. All expendlture Incurred durin9 the year on ttsnsecrate¢J or beneflce bubldings and movable Church furnlshlngs, whether MaIntenan or improvement. is wrlttert off as expenditure in the SOFA and separately d15¢1osed. Current assets Short temi deposlts include cash held on deposlt elther wlth cc or at the bank. OperatSng leas•s Rentals appllcable to operating leases are charged to the Statement of Flnanclal Artlvlties on a stralght Ilne ba51s over the perlod in whlch the cost is incurred. Page 9
PAROCHIAL CHURCH COUNCIL OF CHRIST THE KING, KErrERING YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POUCIES contlnued Christ the Klng Church partlcipJte5 In the Penslon Bullder Scheme section of CWPF ftr lay staff. CWPF Is admlnistÈred by the Church of Engljnd Penslons Board, whl¢h hold5 the WPF asset5 separately frorn those of the Employer and other partttipating employe CWPF has tbyo sÈctions: i. the Defined Benefits Scheme 2. the penslon Bullder Scheme whlch has two subsections; a. a deferred annuity 5ertlon known as Penslon 8uilder Classlc, and b. a cash balance 5ertlon known as Pen51ons 3ullder 2014. Pen$lon Bulld•r Scheme 80th 5ectlons of the Penslon 8ullder Scheme a ¢lassed as defined benefit sthemes. Penslon aulldér Classlc provldes a pension, accumulated trom ¢ontrfbutlons pald and converted Into deferred annu4ty during employment based on terms set and revlewed by the Church of England Penslons Board from tlme to tlme. Dlscretionary increases may also be added, dependlng on Investment returns and other factors. Penslon Bullder 2014 Is a cash balance s¢heme that provkles a lump sum whlch member5 Use to provide beneflts at retyrement. Penslon contribuuons are recordèd in an account for each member. Dlscreuonary bonuses may be adée(I before retirement, dependlng on Investment rettsms and other fartors. The accoun1 plus any bonuses declared Is payable. unreduced, from age 65. There Is no sub-division of assets between employers In eath 5ecLlon of the Penslon 8ultder Scheme. The stheme Is consldered to be a multl-employer scheme as de5Cbe In Sectlon 2B of FRS 102. Thls Is because it Is nol possible to attribute the Pension Builder Scherne's assets and Ilabllitles ro 5peciflc employers and means th& contributlons are èc¢tsunted for as If the Scheme were a defined contrlbutlon scheme. The pensions costs Charged to the SOFA In the year are the contributions payable (2023: É4563 and 2022: £1716). A valuauon of the Pension Bullder Stheme Is carrted out On every three years. The most recent valuatlon wa5 caryled out as at 31 December 2019. For the Penslon Bullder Classi¢ sectlon, the 2019 valuatlon revealed a defldt of É4.8m on the ongolt)g assumpttons used. At the most recent annual review effertlve l JanLtary 2024. the Board chose to grant dlscretionary bonus of 6.7% to both pensions not yet In payment and pensions In payment in respect of servlce prior to April 1997; and a bonus on penslons In payment in respert of post Aprll 2006 5ervSce so that the penslon 5ncrease was 5% (where usually it would be calculated based on Snnatltsn up to 2.5%). Thls lolioweil Improvements In the funding posltitsn over 2023. There is no requiiefflent for deflclt payment5 at the current tsffle. For the Pen51on Bullder 2014 sertlon. the 2019 valuatlon revealed a surplus of £5.5m on the ongoing assumpknons used. There Tr5 no requlrement for deftdt payments at the cuent tlme. The T*xt valuatlon Is due as at 31 December 2022. Calculatlons for this are currenuy under way. The le9al strurture ol the scheme Is such that if another employer fai15, the Parochlal Church Council of Chrfjst the King Church could become responsible for paylng a share of the falled employerfs penslon Ilabfjlltfjes. Page 10
PAROCHIAL CHURCH COU14CIL OF CHRIST THE KING. KErrERING YEAR ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS VOLUNTARY INCOME UnreStcted Funds Restricted Funds 2023 Total 2022 T¢)tal Planned 9lvlng Glft ald recelved Plate offerin95 Speclal offerln95 Grants and other voluntary income 221,955 47,015 2,303 7,447 221,955 69,384 2,303 116,056 12l,846 51,400 4,777 25,221 22,369 108.609 2BO 899 135 093 415 992 307 682 2. INCOME FROM CHURCH AcnvITJES Unrestrlrted Funds Restrkt•d Funds 2023 Total 2022 Total Church and communlty aCtivleS Childrens and youth artSvit*s Tralning courses Servlce fee5 Hlre of church other 170 7.259 170 7,259 90 5.622 3,674 3,375 3.674 3,375 4,242 2,117 245 RESOURCES EXPENDED UnreSrted Funds Restritted Funds 2023 Total 2022 Total Note Charitable glvlng Staff costs Padsh shar¢ Church activltles Suppert costs 27,384 84,256 155,275 8, 176 10,363 7,16S 37.747 91.421 155,275 9,313 3b 39,246 81,144 155,275 11,130 3c 3d 1,137 304 850 325 354 3a Charftable givlng.. Mlssionary support Other 27.384 8.825 36,209 37,346 3b staff costs staff salarfes and NIC penOn contributlons Total employment costs Stsff houslng Recruotment. tralnlng and expen 80.843 5,840 86,683 76.263 63.406 5,840 89,246 78,979 850 Church artlvitles Worship & pastoral care Disclple5hip trainlng Youth and chlldrens ministries Community events 3,164 428 4,584 1,137 4,301 428 4,584 5,579 1.129 4.422 Pau¥ 11
PAROCHIAL CHURCH COUNCIL OF CHRIST THE KING, KETTERING YEAR ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS Unrestricted Fund5 Restritted Funds 2023 Total 2022 Total 3d Support Costs Administration and insurance Commuriications and equipment Bulldlng and grounds malntenance 5,077 6.253 7,235 l L,194 5,077 6,253 9,074 11,194 5,389 8,337 10,665 9,261 1,839 Depreclation 3e Beyond these Wall Projert Annex - initial build phase 477 575 477 575 477 575 477 575 GOVERNANCE COSTS None of the trustees reiVed any remuneration or expenses for acting as trustee during the year. FIXED ASSFrs MusSc Equipment Annex other Total s at l Janu)ry 2023 Additlons as at 31 December 2023 21,222 21,309 42,531 21,222 21,309 42,531 as at L January 2023 Additions as at 31 December 2023 21,222 21,309 42,531 21,222 21,309 42,531 as at l January 2023 as at 31 December 2023 DEBTORS 2023 2022 Income tax receivable Other dèbtor5 and prépayments 19,796 7. CREDITORS 2023 2022 Accrued expenses 8. SUMMARY OF FUND MOVEMENTS Transfer between funds Balance at l Jan 2023 ReX>ur5 expended Balottr at 31 Dec 2023 Incomlng r¢e$ Restrirt•(J Funds Bullding Fund Direrted gifts 534,640 22,2L4 556.854 127,217 21,024 148,241 1477,5751 20,504 (498,0791 3,000 3,000 187,282 19,734 207,016 Unrestrirted fvnds Genernl Fund 94,490 298 229 304.850 87,869 Total Funds 651,344 446 470 802,929 294,885 Page 12