A charlty registered In England and Wales Charity Number: 1130094 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KETTERING CHRIST THE KING ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KErrERING CHRIST THE KING YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Reference and Administrative details Annual Report of the Parochial Church Council Independent Examiner's Report Statement of Financial Activities Balance Sheet Accounting Policies 9-10 Notes to the Accounts 11-12 Page I
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KEThERING CHRIST THE KING YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Charlty Registration Number 1130094 Prlnclpal Place of Operatlons Deeble Road Kettering Northamptonshire NNIS 7AA Webslte www. ctk. org. uk Incumbent The Revd Canon Dr Rob Bewley Assoclate Vlcar The Revd Sarah Bennett Churchwardens Julia Welch Steve Atkins Secretary Maureen Liepins Treasurer Kate Oxford Mlke Oxford Independent Examlner Brett Cook FCCA ACA Headlands House l Klngs Court Kettering Bankers Virgin Money [prevlously Yorkshire Bank] Page 2
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KETTERING CHRIST THE KING YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Parochlal Church Council The members of the Parochial Church Council are its Charity Trustees. Those who ser4ed during the year and to the date of this report (unless otherwlse stated) are as follows.. The Revd Canon Dr Rob Bewley t* Steve Atkins t Matt Bell The Revd Sarah Bennett Andrew Bllney Marshall Bonneval-cox Corlnne Broughton t Andrew Bubeer t Ady Carman Sablna Davies Steve Dodman t Steven Hlll t Andrew Hotchln Ruth James Diane Johnson Russell Kaye Kate Oxford Mlchael Oxford Karen Robinson Mark Robinson Adrian Weal Julia Welch Stuart Welch (Chair) (Vice-chair) (from 13 May 2024) (until 13 May 2024) (from 13 May 2024) (until 21st October 2024) (until 13 May 2024) (until 6 December 2024) (untll 13 May 2024) (from 13 May 2024) (from 13 May 2024) (from 13 May 2024) (from 13 May 2024) t Deanery Synod RepsentatiVe Ex-officio (Members of the Clergyi and the Churchwardens are ex-officio members of the Council) Page 3
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KEThERING CHRIST THE KING YEAR ENDED 31 DECEMBER 2024 REPORT OF THE PAROCHIAL CHURCH COUNCIL The members of the Parochial Church Council present their annual report as trustees of the charity for the year ended 31 December 2024, together with the accounts for the year. The accounts have been prepared in accordance with the Church Accounting Regulations 1997 and the Charities Act 2011, which requires the methods and principles of the Charities Statement of Recommended Practice (SORP) to be followed. Reference and Admlnlstrative 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 details are shown on pages 3-4. Structure, Governance and Management Members of the PCC are elected at the Annual Parochlal 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 addltional members untll the next APCM if there are vacancles. The PCC normally meets monthly. The PCC is required by law to have a Standlng Committee, whlch normally meets six times a year. Its membership comprises the Incumbent, Wardens, Treasurer and one congregational representative. Objectives and Activltles The PCC of Christ the King has the responslblllty of sharSng wlth the Incumbent the oversight and development of the whole mlsslon of the church wlthln Its eccleslastlcal Parish. In practlcal terms thls will Include providlng a church buildingi Staff and other resources to provide and grow Christlan (Angllcan) worship, prayer and teachlng that is accessible to all. We will offer pastoral support and communlty outreach actlvlties within the parlsh and nearby area within the context of a Chrlstian ethos and support Christian mission beyond the parish. More details about the Church's vision can be found on its website www.ctk.org.uk. Achlevements and Performance There has continued to be growth across our ministries, however the year has been challenging for the church, which has resulted in limitations for some areas. Further works have been undertaken on the annexe build and we have completed first fix. Unrestricted income was lower than anticlpated for the year, decisions were taken to reduce expenditure to ensure reserve balances were within policy. Reports from clergy and other Church groups for the year are published separately at the Annual Parochlal Church Meetlng and are available from the Church Office. Financial Revlew The Church's princlpal source of income is the voluntary giving of its members. When this is gift aided, the church is able to reclaim basic rate income tax on the giving, up to 250/0 of the net gift. Page 4
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KEThERING CHRIST THE KING YEAR ENDED 31 DECEMBER 2024 REPORT OF THE PAROCHIAL CHURCH COUNCIL The results for the year are shown in the attached accounts. The net incoming resources for the year amounted to a deficit of £191,220, inclusive of money raised for the Building Fund (2023 £356,459 deficit). A deficit of £24,043 (2023 - £6,621 deficit) was incurred in respect of the ordlnary activities of the Church (i.e. excluding restricted 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 determlned 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 efficiently (l.e. a Ilquldlty reserve) and a contingency reserve sufficient to cover (i) up to 18 months of income shortfall in clrcumstances where there Is uncertainty as to future operating surpluses (li) contingent liabllltles and costs that could occur in the case of the church having to restructure (e.g. redundancy) and (lil) against any emergency. Free reserves are represented by the balance on the General Fund whlch at 31 December 2024 amounted to £63,826. The PCC has revlewed its reser4es and conslders them to be sufficient as required under the reserves policy. Statement of Trustees, Responslbllltles The law appllcable to charltles In England & Wales requSres the Trustees to prepare flnancial statements for each flnanclal year which glve a true and fair vlew of the state of affairs of the charity and of the Incoming resources and appllcatlon of resources of the charity for that period, In preparlng these financial statements, the Trustees are requlred to: Select suitable accounting pollcies and then apply them conslstently. Observe the methods and principles in the Charltles 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 materlal departures disclosed and explained in the flnanclal statements. Prepare the financial statements on a going concern basls 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 tlme the financial position of the charity and enable them to ensure that the financlal statements comply with the Charities Act 2011. 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. Approved by the Parochial Church Council on and signed on their behalf by: Vice Chair Page 5
INDEPENDENT EXAMINER'S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KEERING CHRIST THE KING This report on the accounts of the Parochial Church Council for the year ended 31 December 2024, which are set out on pages 7 to 12, is in respect of an examination carried out under Regulatlon 3(3) of the Church Accounting Regulations 1997 and s.145 of the Charities Act 2011. Respectlve responslbllltles of trustees and examiner As the members of the Parochial Church Councll you are responslble for the preparation of the accountsi you consider that the audit requirement of Regulation 3(3) of the Church Accountlng Regulations 1997 and section 144 of the Charities Act 2011 (the Act) do not apply and that an Independent examlnation is needed. The Church's gross income exceeded £250,000 and I am qualifled to undertake the examination by being a quallfied member of the Institute of Chartered Accountants In England and Wales. It is my responslblllty to Issue thls report on those accounts Sn accordance wlth the terms of the regulations made under section 154 of the Act. Basls of Independent examlner's statement My examlnat5on was carried out In accordance with General Directions given by the Charity Commlssion. An examlnatlon includes a review of the accountlng records kept by the Parochial Church Council and a comparlson of the accounts presented with those records. It also Includes consideratlon of any unusual Items or disclosures In the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provSde all the evldence that would be required In an audlt, and consequently I do not express an audlt opinion on the accounts. Independent examlner's statement In the course of my examlnatlon, no matter has come to my attentlon: (l) which glves me reasonable cause to believe that, in any materlal respect, the Parochlal Church Councll have not met the requirements to ensure that: proper accounting records are kept in accordance with section 41 of the Act. and accounts are prepared which agree with the accounting records and comply wlth the accountlng requirements of the Act; or (11) to which, In my opinion, attentlon should be drawn in order to enable a proper understandlng of the accounts to be reached. Brett Cook FCCA ACA Headlands House, l Kin85 Court, Kettering Date: 26 2olJ Page 6
PAROCHIAL CHURCH COUNCIL OF CHRIST THE KING, KETTERING YEAR ENDED 31 DECEMBER 2024 STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds Restricted Funds 2024 Total 2023 Total Note Incoming resources: From generated funds Voluntary income Investment income 224,257 4,218 49, 140 922 273,397 5,140 415,992 16,000 From Church activities 9,242 9,242 14,478 Other income Total Incomlng resources 237 717 287 779 446 470 Resources expended: Church activltles 261,760 217,239 478,999 802,929 Total resources expended 261 760 217 239 478 999 802 929 Net movement In funds (24,043) (167,177) (191,220) (356,459) Reconclllatlon of Funds Total funds brought forward 87,869 207,016 294,885 651,344 Total funds carrled forward 103 665 294 885 The notes on pages 9 to 12 form part of these Accounts Page 7
PAROCHIAL CHURCH COUNCIL OF CHRIST THE KING, KETTERING YEAR ENDED 31 DECEMBER 2024 BALANCE SHEET Note 2024 2023 Fixed assets: Tangible assets 2,340 Current assets: Debtors Cash at bank and in hand 1,749 118 157 119,906 19,796 282 938 302,734 Liabilities: Creditors: amounts falllng due In less than one year (18,581) (7,849) Net current assets 101,325 294,885 Net Assets 103 665 294 885 Funds of the charity: Restricted funds Unrestricted funds 39,839 63,826 207,016 87,869 Total charity funds 103,665 294,885 Approved by the PCC on and signed on their behalf by: Steve Atklns Vice Chair Mike and Kate Oxford Treasurers The notes on pages 9 to 12 ftirm part of these Accounts Page 8
PAROCHIAL CHURCH COUNCIL OF CHRIST THE KING, KEThERING YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparation The flnanclal statements have been prepared under the hlstorlcal cost convention and In accordance with the Church Accounting Regulations 1997 together wlth Accounting and Reportlng by Charlties Statement of Recommended Practlce appllcable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective l January 2015- (Charities SORP (FRS102)), the Flnanclal Reporting Standard appllcable in the UK and Republic of Ireland (FRS102). The accounts include all transactions, assets and Ilablllties for which the PCC Is responsible In law. They do not include the accounts of church groups that owe their main affillatlon to another body nor those that are Informal gatherlngs of Church members. Funds Any grants or donatlons recelved for a speclflc purpose are treated as restrlcted funds. Detalls are glven In the notes to the accounts. Any funds deslgnated for a speclflc purpose by the PCC are treated as unrestrlcted. The General Fund represents the funds of the PCC that are not subject to any restrlctlons regardlng thelr use and are avallable for appllcatlon on the general purposes of the PCC. Incomlng resources Voluntary Income and capltal sources Collections are recognlsed when received by or on behalf of the PCC. Planned glvlng recelvable under covenant Is recognlsed only when recelved. Income tax recoverable on covenants or glft aid donatlons Is recognlsed when the Income Is recognlsed. Grants and legacles to the PCC are accounted for as soon as the PCC Is notlfled of Its legal entitlement and the amount due. Funds ralsed by events and actlvltles are accounted for gross. Other ordlnary Income Rental Income from the lettlng of church premlses Is recognlsed when the rental Is due. Tlcket sales for events, conferences or courses are recognised on the date of the event Income from Investments Interest Is accounted for when recelvable. Tax recoverable on such Income Is recognlsed In the same accountlng year. Resources used Grants Grants and donatlons are accounted for when pald over, or when awarded, If that award creates a blndlng obllgatlon on the PCC. Actlvltles directly relatlng to the work of the Church The Parish Share Is accounted for when payable. Any portlon unpald at the year end Is provlded for In these accounts In recognitlon of an operational (but not a legal) Ilablllty. Flxed assets Consecrated land and bulldlngs and movable church fumlshlngs Consecrated and beneflced property Is excluded from the accounts by s. 10(2){a) of the Charitles Act 2011. Other fixtures, fittlngs and offlce equipment Equipment used wlthin the church premlses is depreclated on a straight Ilne basls over 4 years. Indlvldual Items of equipment with a purchase price of £1,000 or less are written off when the asset is acquired. No value Is placed on movable church furnlshlngs held by the churchwardens on special trust for the PCC and whlch requlre a faculty for dlsposal since the PCC considers thls to be inalienable property. All expenditure Incurred durlng the year on consecrated or benefice bulldlngs and movable church furnishings, whether maintenance or Improvement, Is wrltten off as expendlture in the SOFA and separately disclosed. Current assets Short term deposits Include cash held on deposit either wlth CCLA or at the bank. Operating leases Rentals applicable to operatlng leases are charged to the Statement of Financial Actlvities on a straight line basis over the period in which the cost is incurred. Page 9
PAROCHIAL CHURCH COUNCIL OF CHRIST THE KING, KEThERING YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES continued Chrlst the King Church participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the WPF assets separately from those of the Employer and other partlcipating employers CWPF has two sertlons: i. the Defined Benefits Scheme 2. the penslon Bullder Scheme whlch has two subsectlons; a. a deferred annulty section known as Penslon Builder Classlc, and a cash balance sectlon known as Pensions 8ullder 2014. Penslon Bullder Scheme Both sections of the Pension Bullder Scheme are classed as deflned benefit schemes. Penslon Bullder Classlc provides a penslon, accumulated from contrlbutlons paid and converted into a deferred annulty during employment based on terms set and revlewed by the Church of England Pensions Board from time to tlme. Discretionary Increases may also be added, depending on Investment returns and other factors. Penslon Bullder 2014 is a cash balance scheme that provldes a lump sum whlch members use to provide beneflts at retlrement. Penslon contrlbutlons are recorded In an account for each member. Dlscretlonary bonuses may be added before retlrement, dependlng on Investment returns and other factors. The account, plus any bonuses declared Is payable, unreduced, from age 65. There is no sub-dlvSslon of assets between employers In each sectlon of the Penslon Bullder Scheme. The scheme Is consldered to be a multl-employer scheme as descrlbed In Sectlon 28 of FRS 102. Thls is because It Is not posslble to attrlbute the Penslon 8ullder Scheme's assets and Ilabllltles to speclflc employers and means that contrlbutlons are accounted for as If the Scheme were a defined contributlon scheme. The penslons costs charged to the SOFA In the year are the contrlbutlons payable (2024: £2,177 and 2023.. £2,563). A valuatlon of the Penslon Bullder Scheme Is carrled out once every three years. The most recent valuatlon was carrled out as at 31 December 2022. For the Pension Bullder Classlc sectlon, the valuatlon revealed a surplus of £34.8m on the ongolng assumptlons used. At the most recent annual revSew effective l January 2025, the Board chose to grant a d15cretlonary bonus of 6.7Q/o to both penslons not yet In payment and pen51ons In payment in respect of servlce prlor to Aprll 1997. and a bonus on penslons In payment In respect of post AprS12006 servlce so that the penslon Increase was 2.7010 (where usually it would be calculated based on Inflatlon up to 2.50/0). Thls followed improvements In the funding position over 2024. There Is no requirement for deficit payments at the current tlme. The next valuation Is due as at 31 December 2025. For the Pension Bullder 2014 section, the valuatlon revealed a surplus of £8, sm on the ongolng assumptlons used, There is no requlrement for deficit payments at the current tlme. The legal structure of the scheme is such that if another employer falls, the Parochial Church Council of Christ the King Church could become re5ponslble for paying a share of the falled employer's pension Ilabilities. Page 10
PAROCHIAL CHURCH COUNCIL OF CHRIST THE KING, KerrERING YEAR ENDED 31 DECEMBER 2024 NOTES TO THE ACCOUNTS VOLUNTARY INCOME Unrestricted Funds Restrlrted Funds 2024 Total 2023 Total Planned glvlng Gift aid received Plate offerings Special offerings Grants and other voluntary Income 176,033 36,323 4,955 4,125 176,033 44,170 4,955 45,418 221,955 69,384 2,303 116,056 7,847 41,293 224 257 273 397 415 992 2. INCOME FROM CHURCH AcfiviTIES Unrestricted Funds Restricted Funds 2024 Total 2023 Total Church and communlty activitles Childrens and youth actlvlties Training courses Servlce fees Hire of church other 170 7,259 4,887 4,887 1,294 3,061 1,294 3,061 3,674 3,375 3. RESOURCES EXPENDED Unrestrlcted Funds Restrlrted Funds 2024 Total 2023 Total Note Charltable glvlng Staff costs Parlsh share Church actlvltles Support costs Beyond these Walls 3a 3b 27,254 92,176 95,581 7,719 39,030 9,047 36,301 92,176 95,581 10,056 39,503 205 382 478 999 37,747 91,421 155,275 9,313 31,598 477 575 802 929 3c 3d 3e 2,337 473 205 382 217 239 261 760 Charltable olvlng.. Misslonary support Other 27,254 8,962 85 36,216 85 36,209 3b Staff costs staff salarles and NIC Pension contrlbutlons Total employment costs Staff houslng Recrultment, tralnlng and expenses 88,320 88,320 86,683 90,497 90,497 89,246 3c Church activities Worship & pastoral care Dlsclpleship and training Youth and chlldrens mlnistrles Communlty events 3,288 441 3,990 1,890 5,178 441 4,437 4,301 428 4,584 447 Page11
PAROCHIAL CHURCH COUNCIL OF CHRIST THE KING, KErrERING YEAR ENDED 31 DECEMBER 2024 NOTES TO THE ACCOUNTS Unrestricted Funds Restricted Funds 2024 Total 2023 Total 3d Support costs Administration and insurance Communications and equipment Building and grounds maintenance utilities Depreciation 13,077 6,483 9,890 9,580 13,077 6,483 10,363 9,580 5,077 6,253 9,074 11,194 473 473 3e Beyond these Wall Project Annexe - bulld phase Annexe - professlonal fundraiser 201,224 201,224 477,575 205 382 205 382 477 S75 4, GOVERNANCE COSTS None of the trustees recelved any remuneration or expenses for actlng as trustee during the year. 5. FIXED ASSETS Muslc Equipment other Total s at l January 2024 Additlons as at 31 December 2024 21,222 21,309 42,531 21,222 24,429 45,651 s at l January 2024 Additions s at 31 December 2024 21,222 21,309 780 22,089 42,531 780 43,311 21,222 as at l January 2024 as at 31 December 2024 DEBTORS 2024 2023 Income tax recelvable other debtors and prepayments 19,796 7. CREDITORS 2024 2023 Accrued expenses 8. SUMMARY OF FUND MOVEMENTS Transfer between fund5 Balance at l jan 2024 Resources expended Balance at 31 Dec 2024 Incomlng resources Restrlcted Funds Building Fund Directed gifts 187,282 40,214 (205,382) 22,114 207,016 50,062 (217,239) 39,839 Unrestricted funds General Fund 237 717 261 760 Total Funds 294 885 287 779 478 999 103 665 Page 12