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2022-08-31-accounts

Annual Report and Financial Statements for the Year Ended 31 August 2022

Kingdom Faith Church London

Charity registration number: 1131257

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

KINGDOM FAITH CHURCH LONDON

CONTENTS

Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 15

KINGDOM FAITH CHURCH LONDON

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

Jonathan Croft Simon Coles Paul Karslake

Charity Registration 1131257 Number Principal Office Foundry Lane Horsham West Sussex RH13 5PX Independent Examiner K Gomes Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF Bankers HSBC 46 The Broadway Ealing London W5 5JR

Page 1

KINGDOM FAITH CHURCH LONDON

TRUSTEES' REPORT

The Trustees present the annual report together with the financial statements of the charity for the year ended 31 August 2022.

Structure, governance and management

Nature of governing document

Kingdom Faith Church London is a registered charity, number 1131257, and is constituted under a Trust deed.

Organisational structure

The governing body of Kingdom Faith Church London is the Trustees who are legally responsible for the governance and management of the Trust, working in close consultation with the Elders of Kingdom Faith Church London.

The Trustees are responsible for setting strategies and policies and for ensuring that these are implemented.

Authority to conduct the day-to-day operations of Kingdom Faith Church London is delegated by the Trustees to the leaders of Kingdom Faith Church London. The Elders are responsible for the implementation of policies and strategies on behalf of the Trustees.

Risk management

The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Objectives and activities

Objects and aims

The principal object of the Trust is the advancement of the Christian Faith.

Objectives, strategies and activities

Public benefit

The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 2

KINGDOM FAITH CHURCH LONDON

TRUSTEES' REPORT (CONTINUED)

Achievements and performance

Review of activities

The Church has continued to move forward during 2021/2022 despite the difficult circumstances in the Post Covid world. Through Jonathan & Helena Croft leadership the Church has continued to develop into a community, looking out for each other and those within their own communities.

Kingdom Faith has continued to stream all the services, as we have a growing number of regular online attendees from several parts of the world. Australia, Romania, Israel, Spain, India to name a few countries that join us on a regular basis. Our in House attendance has been up and down as people now have an alternative as they can watch the service online at their convenience which can be a challenge for the leadership in how to disciple everyone.

We continue to have small groups across London as we believe this is crucial in keeping people connected. Alongside the small groups, we also have continued to place everyone in a prayer triplets or prayer quads and this has proved a great way for people to feel part of the wider community.

Our Encounter nights have begun again In Person at Mary Sumner House, once a month. These are times when we come together to Pray and Worship and these times can be very encouraging to all who attend.

As a community, we have had times of prayer and fasting and we have continued to use the online platforms to facilitate these times together.

Craig and Nikolle have begun to arrange day trips out of London during the summer months for the church community and for those that are attached to the Church in some way. These have been very successful in developing a community spirit.

As a church family we have also gone away for a few days, joining in with thousands of other Christians at the Big Church Festival in Sussex.

We continued to provide financial to support Persis Pawlose in India. Persis along with her husband Shajin and the family, run an orphanage and a school, which Jonathan Croft visited some time ago.

Kurt Erickson, a pastor, runs a charity called Church without Walls (Elios Trust), a charity that helps the homeless. Kingdom Faith has supported this work throughout the year with a number of the team joining this work on a Saturday Morning in Victoria.

Kingdom Faith church have also partnered with Streetlight UK; a charity looking to help those trapped in prostitution. A number of the congregation have joined this team to help support this work.

Financial review

Income for the year amounted to £112,486 (2021: £139,408) and expenditure £127,624 (2021: £115,578). The deficit of £15,138 was added to fund brought forward, with the year end unrestricted fund balance being £31,429.

Page 3

KINGDOM FAITH CHURCH LONDON

TRUSTEES' REPORT (CONTINUED)

Policy on reserves

The Trustees have determined that, in line with their belief that God provides for the work to which he calls His people, no reserves are actively maintained by the charity.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Statement of Responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the Trustees to prepare financial 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:

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, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The Trustees 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 annual report was approved by the Trustees of the charity on 14 June 2023 and signed on its behalf by:

......................................... Simon Coles Trustee

Page 4

KINGDOM FAITH CHURCH LONDON

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KINGDOM FAITH CHURCH LONDON

I report to the Trustees on my examination of the accounts of Kingdom Faith Church London for the year ended 31 August 2022.

Responsibilities and basis of report

As the charity Trustees of Kingdom Faith Church London you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Kingdom Faith Church London's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of Kingdom Faith Church London as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.

I have no 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.

...................................... K Gomes Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF

14 June 2023

Page 5

KINGDOM FAITH CHURCH LONDON

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

Note
Unrestricted
funds
£
Income and Endowments from:
Donations and legacies
2
111,111
Other trading activities
142
Investment income
3
11
Total income
111,264
Expenditure on:
Charitable activities
4
126,958
Net
(expenditure)/income
(15,694)
Net movement in funds
(15,694)
Reconciliation of funds
Total funds brought
forward
47,123
Total funds carried
forward
12
31,429		 Restricted
funds
£
1,222
-
-
1,222
696
526
526
-
526		 Total
2022
£
112,333
142
11
112,486
127,654
(15,168)
(15,168)
47,123
31,955		 Total
2021
£
139,407
-
1
139,408
115,578
23,830
23,830
23,293
47,123

The notes on pages 8 to 15 form an integral part of these financial statements. Page 6

KINGDOM FAITH CHURCH LONDON

BALANCE SHEET AS AT 31 AUGUST 2022

Note
Fixed assets
Tangible assets
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: Amounts falling due within one year
10
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
12		 2022
£
2,898
2,898
1,255
37,965
39,220
(10,163)
29,057
31,955
526
31,429
31,955		 2021
£
2,938
2,938
1,986
48,105
50,091
(5,906)
44,185
47,123
-
47,123
47,123

The financial statements on pages 6 to 15 were approved by the Trustees, and authorised for issue on 14 June 2023 and signed on their behalf by:

......................................... Simon Coles Trustee

The notes on pages 8 to 15 form an integral part of these financial statements. Page 7

KINGDOM FAITH CHURCH LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Kingdom Faith Church London meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Going concern

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Gift aid

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 8

KINGDOM FAITH CHURCH LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (CONTINUED)

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Furniture and equipment 25% on cost
Computer equipment 33% on cost

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 9

KINGDOM FAITH CHURCH LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (CONTINUED)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Liabilities

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Fund structure

Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2 Income from donations and legacies

Donations and legacies;
Donations to major
appeals
Gift aid reclaimed		 Unrestricted
funds
General
£
93,377
17,734
111,111		 Restricted
funds
£
1,222
-
1,222		 Total
2022
£
94,599
17,734
112,333		 Total
2021
£
121,496
17,911
139,407

Page 10

KINGDOM FAITH CHURCH LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (CONTINUED)

3 Investment income

Unrestricted
funds
General
£
Interest receivable and similar income;
Interest receivable on bank deposits
11		 Total
2022
£
11		 Total
2021
£
1

4 Expenditure on charitable activities

Note
Ministry
expenses
Rent and rates
Guest speakers
Israel tour
Communications
Travel and
subsistence
Print, post and
stationery
Insurance
Equipment and
maintenance
Legal and
professional
Bank charges
Sundry expenses
Independent
examination
Depreciation,
amortisation and
other similar
costs
Grant funding of
activities
5
Staff costs
7		 Unrestricted
funds
General
£
5,032
23,225
318
2,331
720
4,215
59
-
954
1,899
77
155
540
1,810
16,604
69,019
126,958		 Restricted
funds
£
696
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
696		 Total
2022
£
5,728
23,225
318
2,331
720
4,215
59
-
954
1,899
77
155
540
1,810
16,604
69,019
127,654		 Total
2021
£
4,161
17,015
250
-
743
2,218
93
513
2,214
1,934
63
129
510
1,220
19,115
65,400
115,578

Page 11

KINGDOM FAITH CHURCH LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (CONTINUED)

5 Grant-making

Analysis of grants

Grants Grants to institutions
2022
£
2021
£
12,004
15,305		 Grants to individuals
2022
£
2021
£
4,600
3,810

6 Trustees remuneration and expenses

The pastor, Mr Jonathan Croft, a Trustee, and his wife are employees of the charity as permitted by clause 8 of the Trust Deed. Their gross income for the year amounted to £64,050 (2021: £61,000).

During the year, Mr Jonathan Croft, a trustee, and his wife also received benefits by way of pension contributions amounting to £3,329 (2021: £3,108).

No Trustees received reimbursement of expenses in the current year, (2020: £Nil).

7 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2022
£
64,050
1,640
3,329
69,019		 2021
£
61,000
1,292
3,108
65,400

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Ministry staff 2022
No
2		 2021
No
2

No employee received emoluments of more than £60,000 during the year

Page 12

KINGDOM FAITH CHURCH LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (CONTINUED)

8 Tangible fixed assets

Furniture
and
equipment
£
Cost
At 1 September 2021
8,790
Additions
-
Disposals
-
At 31 August 2022
8,790
Depreciation
At 1 September 2021
6,549
Revaluations
-
Charge for the year
871
Eliminated on disposals
-
At 31 August 2022
7,420
Net book value
At 31 August 2022
1,370
At 31 August 2021
2,241
9 Debtors
Prepayments
Accrued income
Other debtors
10 Creditors: amounts falling due within one year
Trade creditors
Accruals		 Furniture
and
equipment
£
8,790
-
-		 Computer
equipment
£
1,615
1,770
(570)
2,815
918
939
-
(570)
1,287
1,528
697
2022
£
-
1,172
83
1,255
2022
£
8,735
1,428
10,163		 Computer
equipment
£
1,615
1,770
(570)
2,815
918
939
-
(570)
1,287
1,528
697
2022
£
-
1,172
83
1,255
2022
£
8,735
1,428
10,163		 Total
£
10,405
1,770
(570)
11,605
7,467
939
871
(570)
8,707
2,898
2,938
2021
£
650
1,336
-
8,790
6,549
-
871
-
7,420 1,287
1,370 1,528
2,241 697
2022
£
-
1,172
83
1,255
2022
£
8,735
1,428
10,163
1,986
2021
£
4,450
1,456
5,906

Page 13

KINGDOM FAITH CHURCH LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (CONTINUED)

11 Pension and other schemes Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to - £3,329 (2021 £3,108).

12 Funds

Unrestricted funds
General
General Funds
Restricted funds
Purse for the poor
Total funds
Unrestricted funds
General
General Funds
Restricted funds
Purse for the
poor
Total funds		 Balance at
1
September
2021
£
Incoming
resources
£
Resources
expended
£
47,123
111,264
(126,958)
-
1,222
(696)
47,123
112,486
(127,654)
Balance at
1
September
2020
£
Incoming
resources
£
Resources
expended
£
Transfers
£
23,293
138,550
(114,397)
(323)
-
858
(1,181)
323
23,293
139,408
(115,578)
-		 Balance at
31 August
2022
£
31,429
526
31,955
Balance at
31 August
2021
£
47,123
-
47,123

Page 14

KINGDOM FAITH CHURCH LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (CONTINUED)

13 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
2,898
38,694
(10,163)
31,429
Unrestricted
funds
General
£
2,938
50,091
(5,906)
47,123		 Restricted
funds
£
-
526
-
526
Restricted
funds
£
-
-
-
-		 Total funds
at 31
August
2022
£
2,898
39,220
(10,163)
31,955
Total funds
at 31
August
2021
£
2,938
50,091
(5,906)
47,123

Page 15