Company Registration Number. 07161926 Charity Registration Number. 1136061 KING'S CHURCH AMERSHAM KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 ACILPL94 21112r2023 COMPANIES HOUSE A19
CONTENTS PAGE Trustees. Annual Report Independent Audrtors. report to the Members Statement of finanoal activities (including an income & expendrture account) 10 Balance sheet 11 Cash Fk)w 12 Notes to the finanaal statements 13
Page 1 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2023 The Trustees present theirAnnual Report tcgetherwith the audited accounts ofthe charity for the year ended 31st March 2023. REFERENCES AND ADMINISTRATIVE DETAILS Reglstered charlty name Charity registration nwnber King's Church Anvsham 1136061 Company registralion number 07161926 Principal office Raans Road. Amersham. Bucks. HP6 6LX Reglstered offlce Raans Road. Amer5harn. Bucks. HP6 6LX Company Bankers Handelsbanken, Tudor House, 651 London Road. High Vlycornbe HP11 1 EZ Company Lawyer5 Company Secretary Stone King. 16 St John's Lane, London EC1 M 4BS Julian Dagnall STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is constituted as a company limited by guarantee whose governing document is its articles of association. Its aclivities are managed by the body of church Elders (who are also the members of the Company). and by the Board of Trustees. who are CUrntty etght in number. The 8 Trustee positions are currently occupied by 5 non-Elders (from whom the Chairman musl be appointed), who are all members of King's Church Amersham. and 3 Elders. who may at no time be in the majority. The power to appoint and rfrappoint Trustees and Elders lies with the Elders, who are the members of the company, and who guarantee to contribute £1 in the event of a winding-up. Trustees are establish8J church members who are appointed on the basis of character and expertise, and receive no further formal training. On appointment they are fully familiarised wrth the existing articles. policies. govemance procedures and financial situation of the company. THE TRUSTEES The Trustees who served the Company during the year were as folk)ws: Simon Harding Chair and Member of the Congregation Paul Thomas Elder and Pastor Julian Dagnall Ekler. Pastor and Company Secretsry Kathy Nussbaum Elder Simon Rose Member of the Congregation David Patterson Member of the Congregalion Vicki Hamilton Member of the Congregation (resigned Dernber 2022) Callie Tomlins Member of the Congregation Alistsir Youngrnan Member of the Congregation (appointed 1 March 2023)
Page 2 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT {contlnuedl FOR THE YEAR ENDED 31sf MARCH 2023 The Trustees met four times during the urse of the year to oversee the financial and legal matters Telating to the Company. The Trustees serve for a period of 3 years and retire by rotats.on each year at the AGM. Trustees may be reappointed for a further 3 year period. At the AGM held on 11 December 2022, Julian Dagnall and Vicki Hamilton resigned. Julian Dagnall was r&elected for a further 3 year period. Alistair Youngman was appointed with effect from 1 March 2023. The Trustees ddegate the day to day management of the CoMpanS actprftties, i.e. the operation of King's Church Amersham as a functioning church. as explained below. to the Pastors and to the body of church Elders. The Pastors are remunerated employees of the company. but none of the Trustees has any beneficial interest in the company. THE ELDERS The Elders who seprfed during the year we: Paul Thomas Pastor Julian Dagnall Pastor (part time) lan Lamb Kathy Nussbaum Timothy Patterson Neil Suggett Katrina Williamson There is no fixed temi appointmert for tr* posith)n of Elder but the composition of the Ehjers is reviewed annually. In addition to th8 Eklers and Trustees. during the year. the chartty operated with 4 full tirne employees and 8 part-time employees. There are no connected charities as defined by the SORP. AIMS AND PURPOSES OF KING'S CHURCH AMERSHAM King's Church Amersham is a local Christian Church based in Amersham. Bucks. Wrth a congregation of around 500 people, f( meets on a Sunday moming and at various other b'mes during the week to leam about the Christian faith and encourage one another to live lives in conformity with the teaching of Jesus. As an expression of the people's faith, the Church operates a number of Community projects. supplementing the programmes and events spectfically deSIgr for Church members. King's Church Amersham seeks to have a positive spiritual and social impact on the town of Amersham and the surrounding areas by encouraging people in Iheir faith and enabling them to demonstrate this faith in kYa¢tical ways, including helping to serve those in most need in the wider local communty. I spiritual matters relating to the Church are overseen by a group of Elders. who also are the members of the Cornpany, and include at least one full-time Pastor. The financial and al matters are overseen by a group of Trustees, whose job it is to ensure the Church is run on a sound financial basis and in confomity with all laws.
Page 3 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT (continued FOR THE YEAR ENDED 31ST MARCH 2023 Church Activities for Church Members The Church runs the following groups and activities for Church members and the wider communty.. Sunday Services (in person and You Tube broadcasts) Worship nights Prayer Meetings midyek Communty Group Meetings Cedars - a weekly meeting for people aged over fifty Men's and ladies, events Youth Events for young people and chrfdren includir¥J Connect, Encounter. Kid's Church, Oasis, Mini Church, Holiday Club & The Vineyard DTI week Events and courses rdating to bereavement and grief. Church Activities for the Communlty The Church runs the folbwing meetings and prcMJrammes for the local Communty: Oasis Oasis is a Motherlcarer and Toddler group that meets three times a week and is attended by approximately 90 Motherslcarers atKI 90 Toddlers. CAP Christians A ainst Pove Working in conjunction with CAP UK. the Church provides a tefriending and advisory Servi for local people viith serious debt probleffls. The Furniture Pro The Furniture Project provides good quafity second hand fijmtture free of charge to members of the local communty in need. It provided furnitu to over 50 people and families during the year. 's Church Amersham Football Club KCAFC Working in conjunction bwth a wide range of members of the local communty, a number of Church Members sit on the KCAFC Club Cornmittee. The Club. founded by KCA fflefflbers in 1999 exists to provide football training and organised matches, participating in the Chiltem Church Junior League. In the 2022123 season the Club has had over 300 members across 20 squads. for children aged 5 to 16. Al ha Courses The Church organises a study course forthose people interested in finding out more alx)ut the Christian fatth. cial Ev The Church organises a number of special events to reach out into the communty. Restorin Homes and Garden The church offers a free, low-key service where we can decorate one or rooms in a house. or provide a garden clearing service to local people in need. especially for those who are elderty. orwith restrided mobilty. Make Lunch The Church continued with this initiative that provides hot meals for children and their rerS during the h0o1 holidays for children who receive free school dinners.
Page 4 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (contlnuedl FOR THE YEAR ENDED 31ST MARCH 2023 Bereavement Su ort The Church offers bereavement supwt and holds an annual seThice for the bereaved to remember loved ones who have d. The Ukraine In response to the humanitarian refugee crisis fesulting from the Russian invasion of the Ukraine. £23,910 was donated in support of organisations and individuals working to alleviate the situation. The vast majority of the donations were gifted to the Church for this SF*cfft purpose and more detail is provided in note 3. Achievements and Perforniance. Financial Revlew The Church meets in a purpose-buill faulty that was cornped in November 2013 funded by the sale proceeds of the fomer Baptist Chapel. congregalion giving and bank loans amounting to £830.000 from Handelsbanken. At 31 March 2023 the totsl loan outstanding amounted to £323,280. Under nomal circumstances, the Church meets in this facilty which has continued to attract a growing number of people to its Sunday Services and other activities. It5 YouTube ser4ices have attracted an even wider audience. The number of people attending ServiGes on a Sunday moming has expanded to such an exient that from September 2023 there will be two moming servi$ to facilitate furttyr growth. Income and Expenditure During theyeartheGroup had a suwus of£11.528. ltstotal wenuewas£751.913'. ofthis £639.757 resulied from regular gwing to the work of the Church. £34.498 was donated towards specific projects and activities, £35.289 was raised from hiring the buikling and £42,369 from commercial trading operations. Expenditure amounted to £740.385,' of this £683,750 was in respect of church activities (including the non-cash depreciation cost of £97,502), £44,579 on commercial adivrf(ies and £12.056 on fees. Balance Sheet ljuring the year the group's cash reserves decreased from £115,123 to £83.996. The Trustees are confidenl of their ability to manage the financial posttion in the medium tem allhough they anticipate there may be significant monthly fluctuab'ons. Reserves Policy The Trustees review the Reserves pdicy of the company year. Under the Charity Commission's definition of unrestricted reseNes and the structure of the companls financing tt has negative unrestricted reserves of £908,238. If one discounts the endowment funds of £751.626 and the bank loan payable after 12 months of £269,940. there is a surplus of unrestricted fijnds of £113.828. The company's policy is that net current less restricted reserves should a minimum of £60,000 and that the amount of cash hek1 in rts bank accounts should be a minimum of £80,000. At 31 March 2023 the company exceeded these hurdles by £53,328 and £3.996 respectivety. Bulldlng Ownership The Church Building is jointly owned by King's Churth Arnersham and Old Town Baptist Chapel Trust Amersham and their respective ownetship percentages are governed by a Declaration of Trust signed by both parties on 9th September 2012. On September 29th 2015, with all the capital costs for the new Church building expended and quantthable. the Trustees of KCA Ltd and the Trustees of the OTBCTA agreed that the respective ownership percentsges of the Church building are: King's chUh Amersham 80.780h (based on a capital contribution of £3,911,144.54) OTBCTA 19.22% {based on a caprtal contribution of £751.626.00)
Page S KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT Intinued) FOR THE YEAR ENDED 31ST MARCH 2023 Rlsk Management During the year, the Trustees regulaty VIeW the financial and operational Tisks facing the Company. All the restrictions imposed by the COVICL19 pandemic have been removed and activtties have expanded beyond pre-pandemic levels. The Trustees and the Eldets have agreed a thre&year budget plan to enable the Church to seize the opwrtunities and meet the challenges ahead. As a consequence, the Trustees are satisfied that the Company remains on a finanal footing and also has a variety of contingency plans in place in the event of a redudion in income. The Company has robust heatth and safety procedures in place and these are reviewed at each Trustee meeting. Thwe are currently no swjnificant risks of concem to the Trustees. Outlook for 2023123 The Elders and Trustees are encouraged by the way the Church's income has been maintained through the challenges of the past two years and are hopefvl that revenue from room hire will return to pre-pandemic levels. The Church ha5 been able to SuMe its full range of activities wtth some extra safeguards in place. The Church continues to seek to inCaSe nurnber of ways it engages with the Communty and works wtth some of the neediest people in the localty. The Church continues to seek oul opportunities and imaginative ways to develop its social adion projects in the areas of food povety, debt counselling. rnItUre distribution. holiday lunch clubs and visiting vulnerable elderty members of Ihe communty. For the foreseeable future online activilies (Including brOad$t services and Alpha) will continue to be an integral part of the activities. RESPONSIBILITIES OF THE TRUSTEES The Tnjstees (who are also the d1clOr5 of Kings Church Amersham for the purposes of company law) are responsible for preparing the Trustees. Annual Report and the financial statements in accordan with applicable law and United lQ'ngdom Accounting Standards (United Kingdorn Generally ACpted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charitable Gompany and of the incoming resources and application of resources, including the incorne and expenditure, of the charitable company for that period. In preparing these financial ststements, the Trustses are required to.. select suitable accounting policies and then apply them consistenty; observe the meth¢xls and principles in the Charrties SORP: make judgements and eslimates thal are reasonable and prudent" state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements: prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tiffle the financial posrtion of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company a1 hen for tsking reasonable steps for the prevention and detection of fraud and other irgU18r1ties.
Page 6 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT Iconlinuod) FOR THE YEAR ENDED 31ST MARCH 2023 In so far as Ihe Trustees are aware- there is no relevant audit information of which the Charrtab company's auditor is unaware of.. ar¥J the Trustees have tsken all sleps that they ought to have taken to make themselves aware of any relevant audit infomation arKI to estsblish that the audrtor is aware of that infonnation. Sign on behaw of the Trustees Sim Harding Chairman of the Board of Trustees
Page 7 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF KING'S CHURCH AMERSHAM Opinlon We have audited the financial statements of Kings Church ArrErsham (the 'parent charitable company.) and its subsidiaries (the 'group') for the year ended 31 March 2023 vthich comprise the Group Statement of Financial Activities. and the Group and the Parent Charttable Company Balance Sheet. the Group and the Parent Charitable Company Cash Flow and notes to the financial ststements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standards. including Financial Reportirw Standaid 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and parent charitable company's affairs as at 31 March 2023, and ofthe gTOUP'S incoming resources and applicab.on of resources. including its income and expenditure. for the year then ended.. have been properfy prepared in accordan with United lQngdom Generally Aepted Accounting Practice- and have been prepared in accordance with the requirements of the Companbes Act 2Crf)6. Ba$1$ for opinion We conducted our audit in accordance yth Intemational Standards on Auditing (UK) {ISAs (UK}) and applicable law. Our responsibilitbes under those stsndards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group arKI parent charitable company in acrdance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and approKwiate to Provide a basis for our opinion. ConGlusions relating to going Concern We have nothing to rewrt w) respect of the following matters in relation to which the ISAS (UK) require us to report to you where". the Trustees. use of Ihe going concem basis of accounting in the preparation of the financial statements is not appropriate- or the Trustees have not disclosed in the financial statements any identrfied material uncertainties that may cast significant doubt about the group's or parent charitable company's abilty lo continue to adopt the going concern basis ofaccounting for a period of at least twelve months from the date when the finanaal ststements are authorised for issue. Other infomiation The Trustees are responsible for the other infonnation. The other infonration comprises the infomation included in the Trustees. annual report. other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly staled in our report. we do not express any fom of assurance conclusion thereon. In ¢onnection with our awjit of the financial statements. our responsibilty is to read the other infonnation
Page 8 and. in doing so. consider whether the other infonnation ts materialty inconsistent with the financial statements or our knowledge obtained in the audit or Othe¥1$e appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. V are required to determine whether there is a material misstatement in the financial statements or a malerial misstatement of the other information. If. based on the work we have performed, we conclude that there is a Material mtsststement of this other infomiation, are required to report that fact. We have nothing to port in this regard. Opinlons on other matters prescrlbed by the Companles Act 2006 In our OniOn. based on the Y[ undertaken in the course of the audit.. the information given in the Trustees. report (incorporating the directors. report) for the financial year for which the finaneAal ststements are prepared is consistent Vdith the"financial statements.. arKI the directors, report has been prepared in accordance wrth applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understsnding of the group arKI parent charitable company and its environment obtained in the course of the audit, have not identified material misstatements in the directors, report. We have nothing to port in resped of the followng matters in relation to which the CoMpanS Act 2006 requires us to report to you rf, in our opinion.- adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us., or the parent charilable company's financial statements are not in agreement wtth the accounting records and retums., or certain disclosures of directors, remuneration specified by law are not made; or we have not reIVed all the infomation and explanations we require for our audit. Responsibilities of Trustees As explained more fulty in the Trustees, responsibilities statement Iset OLrt on page 51, the Trustees (who are also the directors of the group and charitable company for the purposes of company law) are responsible ft)r the preparation of the financial statements and for being sats-sfied that they give a true and fair view. and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whelher due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the group's arKI parent tharilable companls ability to continue as a going concem, disdosing, as applicable, matters related to going concern and using the going concem basis of accounting unS the Trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. AuditoS responsibilities for the audlt of the financlal statements We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act. Our objectives are to obtain reasonable assuran about vthether the financial statement5 as a whole are free from malerial misslatement. whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordan with ISAS {UK) will always detect a material misstatement when tt exists. Misstatements can arise from fraud or error and are considered material rf, individually 01 in the aggregate.
Page 9 they could reasonabty be expected to infiuence the economic decisions of users tsken on the basis of these financial statements. As part of an audit in accordance wth ISAS (UK). we exerctse professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial ststements. whether due to fraud or error, design and perfomi audit procgJures responsive to Ihose risks. and obtain audit evidence that is suffEcient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is tther than for one resulting from error. as fraud may involve collusion. forgery. intentional omissions, misrepresentations. or the override of internal control. Obtain an understsnding of internal control relevant to the audft in order to design audit procedures that are appropriate in the urcumstan5, but not for the purpose of expressing an opinion on the effectiveness of the group's intemal control. Evaluate the appropriateness of accounting policies used and the reasonabbeness of accounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going concem basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that rnay cast signifficant doubt on the group's or charitable company's ability to continue as a going concem. Ifwe conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or. rf such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or condrtions may cause Ihe group or parent charitable company to se to continue as a going concem. Evaluate the overall presentation. structure and content of the financial staternents. including the disclosures, and vthether the finanal statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain Sufflent appropriate a11 evidence regarding the financial information of the entilies or business activities within the group to exwess an opinion on the consolidated financial statements. We are responsible for the direction, superviSn and perfomiance of the group audrt. We remain solely responsible for our audrt opinion. We communicate wtth those charged wilh govemance regarding. among other matters, the planned scope and timing of the audit and significant audit findings. induding any sBnificant deficiencies in internal control that we identify during our audrt. Use of our report This report Fs made solely to the group's and charitable companWs members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companws Trustees those matters we are required to state to them in an audilor's report and for no other purpose. To Ihe fullest extent permitted by law, V do not accept or assume responsibility to anyone other than the charitable company and the charitable companws Trustees as a body for our audit work, for this report, or for the opinions we have fomied. Mr Moganarden Pillay Chefvanaigum Senior Statutory Auditor For and on behalf of SKS Audit LLP Chartèred Accountants & Business Advisors 3 Sheen Road Rhmod upon Thames T9 1AD SKS Audit LLP is eligible to act as an auditorin t8S of secthjn 1212 of th8 Companies Ad 2006. Date.. 13. 1?.26
Page 10 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including consolidated income & expenditure account) FOR THE YEAR ENDED 31ST MARCH 2023 LY•strkled RtriCtd EndmOnt lundB Totsl l>¢yy Total Group 2023 2023 2022 2023 2023 Ineomè Donabons and gifts 582A16 57h41 639.757 544204 Ineomè frt#h eharltsbk act Towards church actiiities 34263 235 34,498 39,359 Incomo from oth•r trad5ThJ Hiw Offacile$ Commefaal trading actiiibe5 3S289 4L169 35,289 42,369 8.195 32.300 Other operating incane Go4Emmentgrants 1M76 estment Income- inlerest 24 Tot•1 kncome 694237 57.676 751.913 625.158 Exp8nditur• Church acti%itie5 Commeraal actiI4ties F80$ 626.717 "4479 12AIS6 57M33 r•83,750 44.579 12,056 607.581 36.068 9.621 Total expendttwe 683JS2 571133 740,385 653.270 N•t IOrne1•xpOndl1uTe) 11A28 128,1121 Net fflov2ment in lund 10 11A28 (28,112) Fund balances at l pril 2022 14 2.187107 14A78 7S1 ffi26 2963.911 2.982.023 nd tsal•nces •¢ 31 M•r6h 2023 14 2.198.692 15,121 751 ffi26 28539 2,953.911 The ststsmentof finanaal aL*"I4b"es indudes all gains and losses re¢))gnised in the Soar. Al ofth8 aGtiiities ofth¢ Gharityare dassed as cont"rbuing.
Page 11 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE (Company number 07161926) CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31ST MARCH 2023 Charfty 2023 2022 Flxed Awts Tangitle A$$et$ Inwtments 3.106.930 3,194.832 3.104,149 3,194.553 3.106.930 3.194.832 3.104,150 3,194,554 Current assets Stock Debt Cash al bank and in haTh 315 60.297 115.123 175.735 129.209 131,931 66.333 109,910 176,243 214.070 212,S37 Credltorx amountsf•lling due within one year q84621) (93.3761 185.1981 (92.449) Not ¢ur¥ent as59ts 128.449 82.359 127.339 83.794 Total a8eots1o* lnt liabilities 3.277.191 3.231,489 Crnditorx amountsfalling due after ono y•ar 10 1269,910) {323.2801 1269.9401 1323.260} Ngt a509ts 14 2.965.439 2.953,911 2.%1,549 2.955,Cfj8 Income funds Restricted fijnds 11 14121 14.478 1S121 14,478 Unrestricted fur•Js 2,198,692 2.187.807 11x802 2.188. EndovKnent Funds 12 751.626 751.626 751.626 751,626 Totsl church fvnds 1965.439 2,953.911 1961,549 2,955,C68 The accoLmts were apd by the Tnlee$ w iaJi.13 Simon Harding Trus199 Julian Dag Tntho
Page 12 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE CONSOLIDATED AND CHARITY CASHFLOWS FOR THE YEAR ENDED 31ST MARCH 2023 Group Charity 2023 2023 2022 Cath fflows from op•rating activities Net cash prosided byl{used in) opeTrting aclimties 15 452 163 63.797 Cash flow from invesling activities slment inccthe - interest Purchase offjxed assets Bar* Loan paymentS 24 (10.0281 (70.1751 155 15,643 {61.9791 233 19.6191 (70.175) .6tyJ) 161.979) Net cash used in In$111¥3 actrdlies (T1,$19) (80.179) 167.467) (79.561) Chang• In cash and cash equivalents in th• rnporfing period 131.127) (11.8741 {29,3041 (15.764) Cash and Cash eqUilent$ at 1 A11 114123 113.244 109,910 125.674 Cash and cash equIlentS at 31 Mwch 115.123 109.910
Page 13 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31ST MARCH 2023 Accountlng Policies 1.1 Basis of preparallon The financial statements have been prepared urKler the historical cost convention and in accordance with applicable United Kingdom accounting standards. the Charities Act 2011. the Statement of Recommended Practice applicable to charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS1021{Charities SORP FRS 1021 (as updated for periods commencing on 1 January 2019) and the Companies Act 2006. The financial statements are presented in sterling which is the functional currency of the charitable company and rounded to the nearest pound. Based on the level of reser4es the Trustees have no uncertainties as to the charity's ability to continue as a going concem. 1.2 Basls of consolidation These financial statements consolidate the resums of the charty and its vtholly-owned subsidiary, KCA Roast Ltd. a company registefed in England and Wales under number 09216215 on a line by line basis. A separate Statement of Finanaal ActNities, or Income and Expenditure account for the Charity itself is not presented beuse the Charity has taken advantage of the exempts'ons afforded by section 408 of the Companies Act 2006 and paragraph 24 of Charities SORP FRS102. The def1t dealt with in the charrty onty SOFA was £32.198 {2022.' Sutplus £30.782). 1.3 Income Income represents funds received by the Charity fortre support ofts objectr¥es and activities. Donations are recognised when receipt is more likety than not and incoffe tsx recoverable is recognised on an accruals basis. Legacies from a Ferson's death estate are recognised when the receipt is considered more likely than not. 1.4 Expendlture Expenditure is recognised vthen incurred, indusNe of VAT which is not recoverable. 1.6 Tanglble flxed assets and depreciatlon Tangible fixed assets are stated at cost less depreciation. Depreciation is provKled at rates calculated to vKite off the cost less estimated residual value of each asset over its expected useful life, as follows.. Freehold Buildings Church equipment 50 years. Behveen 1 and 10 years Individual items of fumiture or equipment are capitslised where the benefit of the expenditure will extend for a minimum of three accounting rIodS. 1.6 Stocks Stocks are valued at the l¢)wer of cost arKI net realisable value. 1.7 Penslons Employees are enrolled in the Nest pension scheme and the pension costs charged in the financial statements represent the contributions payable by the charity during the period.
Pago 14 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 315T MARCH 2023 1.8 Fund accounting The funds held by the charity are: Unrestrided general furKJs - these are furKls which can be used in accordan V*ryth the objects of the charity at the discretion of the Trustees. Endowment Funds - these represent the funds hekl by Old Town Baptist Chapel Trusl Amersham. a linked charity (see note 12). Restricted furKJs - these are funds vthtch can onty be used for particular purposes within the objects of the charty. Restrictions arise when Scified by the donor or when funds are raised for particular restricted purposes. Gift aid related to restricted donations is treated as restricted income. 1.9 Taxatlon The Church is not subject to income Tax. It is entitled to daim from H M Revenue & Customs the tax associated with income reIVed under grft aid. 2.0 Connected charilles The church is closety linked with the Amersham Old Town Christian {Baptists) Fellobvship Trust but no grants were made to or from this Trust during the year. Z Church Actlvltles Strff Dgprg¢iation Olh•r co {note S) 2023 Tolal Total 2023 2023 2023 2022 Grdnts payae- See te 3 Chwch Ministry - see note belu Church actiKities - direct Administration.. Church mainlenancelorthtirq costs Church administration 46.437 18.445 46.437 248.213 86,565 20,730 235,768 72.323 229.768 10,281 64.031 97.502 66.186 173.969 128,566 161.195 117,565 97.$02 281168 683.750 607,581 Church Ministry include cost of Pastors, Ycrtrth Children ¥Krfkers' salaries. perts15 and expenses aTrJ the cost of bisitirvJ Speakers. The cost of ottw emrloyees is irKILvJed in AthInistratn. The amount of chUh acti4ti.es - direct of £86. P022.. È72.323) IlLS £31.925 (2022.. È15,759} fmm restricted fimds prmi(led specthcally tr the purposes fix wkntch the fvnd5 were ed.
Page15 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 Grants Payable ilnrestrletsd Restricted funds fvnds 2023 2023 Unr8strrcted Restricted fijnds Ands 2022 2022 Tolal 2023 Total 2022 Grants io insi11lOns.' KiThJ's ChLwch Ghana Ukraine Retjgee Relief Open Doots Edge Ministries EKery Life St George's Fcth ba New Hope Other 21.874 1.915 23.910 3.615 1,700 200 140 76 216 216 216 193 216 164 12.609 25.101 37.717 Grants to iThJiiiduats {11 grants) 6.261 6.389 12.8)) 21.329 25.108 46.437 14,341 6.389 20,730 Fees 2023 2022 Autht ke$ Payroll fees - Cald11e5 Consultant fees 400 3.381 3.275 3.381 1.200 9.621 None of the fees paid during the year were paid from restricted funds. Employ$ and Trustees 2023 2022 EM1)yee costs during the year Cincluding key mr).. Wages arJ SaIleS Social security costs Other pensi¢)n costs 270.544 18.440 15,139 304. 123 249,0 17,631 14,527 281,158 AKerage mc¥rthty numtr ofper50ns employ. Numb•r Nnber Continuing Operations 14 13 One employee, receNed employee benefts of more than £60.(MX)12022: 11: Paul Thomas £64,30712022: £60.8001.
Page 16 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 2023 Y22 Key management compensalion: TNslees' eMdumtS Trustees expenses Other salaries and short4am emrAoyee twefits Post*mployment beneffts 91.175 2,407 42.063 2.524 138.169 83,265 2.175 40.556 128,456 Trustees, emoluments relate to two Trustees who are employed as Pastors of the Church: Paul Thomas (the hiEhest pald employeel and Julian Dagnall. other Trustees did not receive any emoluments in respect of seNices to the company12022- £nill. In addition, Paul Thomas was reimbursed expenses amounting to £l,01012022: £1.1481 and Julian Dagnall £1,39712022: £1.0261. No other Trustee received expenses. During the year Trustees, donations to the Church amounted to £71.12712022: £82.4241: none of which were made with any special conditions attached. Tanglble flxed assets FreelM)Id Land & Ildlngs Church Tolal equipment Al 1 April 2022 Additions SFX)sal$ 3.744.641 7,079 3.957 4,035.686 9,600 12,639) (2,6391 At 31 Al•rch 2023 3.744,641 286.970 11.036 4.042.647 DeprerAation At 1 April 2022 Charge for year Disr•)sals 614.( 74.893 219. 21,154 P.639) 840.854 97,502 P.6391 1.455 At 31 March 2023 688.961 238A01 825S 936.717 Not book valu?: At31 Marth 2023 3.055.680 48.469 1781 3,106,930 Al 31 March 2022 3.130,573 279 3,194.832 The Charity owns all the ab)ve a55et5 eXpt the coffee shop Sets which are owned by KCA Roast Ltd.
Page 17 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 Investments KCA Roast Limited (registered numter: 09216215) is a fulty owned subsidiary that operates a coffee shop on the Church premises operating under the name of lfjng's Roast. The charity has loaned funds to KCA Roast Limited to enable rt to purchase the fixed assets required and to provide it with working capital to operate. The income arKI expenditure of KCA Roast to 31 March 2023 and 31 March 2022 are included in the accounts of the company. At 31 March 2023 its total assets were £7.620 {2022: £6.497), its Irabilities were £3.729 (2022.. £7,653) and its reserves were £3.890 (2022: Negative £1,157). In the year ended 31 March 2023 its tumover was £49,781 {2022'. £39.287). rts total expendtture amounted to £44,579 (2022: £36,C68) and it made of profit of £5,047 {2022: £4.086). The address of KCA Roasl Limited is the same as Kng's Church Amersham, which can be found on page 1 of these financial statements. KCA Roast Limrted was exempt from the requirements of the Companies Acl 2016 relating to the audtt of tts individual accounts by virtue of section 479A. Debtors Group Charfty 2023 2022 2023 2022 IrKome tax recowra1e Deb¢oTS due greater Ihan 12 months Trade Deb¢ors Other (lebtLVS 35.027 34.403 4.650 690 20,554 60.297 3S.027 4,650 89.698 129.209 93.004 27,280 66,333 9. Credltors: amounts falling due within one year 2023 2022 2023 2022 Taxes & SOCI security costs HarKlelsbanken loan 6.324 61.979 25,073 93,376 6,786 6,324 61.979 24,146 Accwals and deferred in¢ome 2S.495 25,072 10. Creditors: amounts falling due after more than one year 2023 2022 2023 2022 Handelsbar*en loan 269,940 269.940 323.280 323.280 269.940 269.940 323,280 323,280 Loans payate 1-2 years Loans payable 2-5 years Loans payable after 5 years 53,340 160.020 53.340 160.020 109.920 53,340 160,020 $6,580 53,340 160,020 109,920
Page 18 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 The ¢ompany has a 10 year loan of £750,0(YJ with Handelsbanken to finance the cortstruction of its building at a floating rate wth repayments fixed at £13,335 per quarter. The loan is secured against the value of the building. A further loan of £80,000 was made by Handelsbanken to enable the company to install air condib"oning to all facillties within its building and this additional loan was repaid during the year. The charty plans to repay this loan by 30 April 2024 and up to 30 November 2023 £250.00S has been repaid with £73,275 outstaThJing. 11. Restricted Fun(ts The income funds of the charty include restricted funds comprising the followng unexpended balanS of donations and grants held on trust for specific purposes.. Balanu al Incoming Re>)w¢es Oirtgoing 1 April 2022 R•souff¢8s Expended Transf•rs Balance at 31 PAarGh 2023 Specific donations 14.478 14.478 5T,676 57.676 157,0331 IS7.0331 15,121 15.121 Bale 1 Apnl 2021 kncomry Outgwing Trnnsfers Balance al 31 March 2022 Specilc dcaticS 18.773 17,653 P1.948) 14,478 18,773 17,653 (21.948) 14,478 Specific Donations Donations have been received for speufic other pur[e$ and these fu1$ have been kept separate. They will be paid out in accordan vrith the purposes for which they Yre given. In rtain instances they were paid out as grants arKI such items are included in the analysis of grants in note 3. 12. Endov4ment Funds The Old Town Baptist Chapel Twst Amersham {OTBCTA), formerfy 1824 Trust. was established in 1824 and since that date owned one principal asset in the fomi of the Baptist Chapel in Old Amersham. Followng agreement with the Charity Cornmission. in November 2012, this building was sold to raise funds for the new churd) building. Under the direclion of the Charity Commission, OTBCTA {Ihe linked charity.) should be treat&J as forning part of the charity called King's Church Amersham ('Ihe reporting entity), so that the Trustees are required to prepare a single set of accounts for the whole entlty. OTBCTA received £751,626 from the sale of the Bapts'st Chapel, which represents the balance of endowment funds hekl at both 31 March 2023 and 2022. 13. Related Parties Apart from its close links with the Amersham Okl Town Christian (Baptists) Fellowship Trust, the company has no other fom)al associations with other charitEs but works closely with several other Christian charities.
Page 19 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31ST MARCH 2023 14. Analysis of net assets between funds Totsl Group lkn$trkt•d Ilestri¢lod ETh)¥M•nt funds funds Total Fund balances 8t31 Marth 2023 arè repfesenled by. Non-currentassets 2J55,304 198.949 185,6211 1269,9401 2,198,692 751.626 3.106,930 214.070 185,6211 1269.9401 2.96SN39 Currentassets 15.121 Creditors.. amounts falling due within one Jear Creditsrs". amounts falling due afterrn0 ihan one Jear 15.121 751,826 Fund balanLS at 31 March 2022 are repseIed by. Non¤tassets 2,4432r 161257 {93.376) 1323280} 2,167,807 751.626 3.194.832 175,735 193.3761 1323,2801 2.953.911 Currentassets 14.478 Creditsrs.. amounts tsllin9 due within one sear Creditor3.' amounts tsllin9 due albrmow than one Jear 14.478 751.626 Charlty Lkwè$trictsd R•strkt•d Endowment fwMI$ Total Fund bolan ai 31 Ntsrch 2023 •re fèprnsenlttd ty. Non-oJrrenta53ets 2,352,524 197,416 {8S,198} 1269,9401 2,194,802 751.626 3,104,150 21237 18S,1981 1269,9401 2,98149 Current assets 1S.121 CditorS.. amounts falling duewithin one year Creditors.. amounts frdlling due afterrn0 than one sear 15.121 751.626 Fund balanc4s at31 V2rch 2022 are repre5entAd by. Non-cJJrrent assets 2,442.928 1612S7 (93,3761 (3232801 2,187.S29 751.626 3.194.554 175.735 193.3761 1323,2801 2,953,633 Currentassets 14,478 Creditors.. amounts falling due within one se¥r Creditors.. amounts falling due after more Ihan one sear 14.478 751,626
Page 20 KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARApifEE NOTES TO THE HNANCIAL STATEMEKrs FOR THE YEAR ENDED 31ST MARCH 2023 16. Reconclliation of surplus to net cash Infiow from operatlng activities Group Charlty 2023 Mot movement in fund$ Add back depreciation L&%$ imestment inwne Increase in stock IncreasellDecrease) in debt5 {IncyDec in C41¥$ excl bank (28.112) 96.167 124) 165) 130) Q481 91047 {155) (32,198) 95,7081 {233) (550) (69.116) 16&598) Nat cath used in operating activities 163 63,797 16. Detall of prior year Statement of Flnancial Actlvltles Ihw•strlcted PMtrKted Endwrnont Toi•l (knp In¢omo Donab'ons and gits 526¥1 17.683 $44204 Income Irom eharltable Toward$ church 8CtiI4tséS 39J59 39359 Incom• oth•rtrakng aetlb4tl•s Hirè oflacilities Commefctal tsdiThJ aclimes 8.195 8.195 32AI)O r opgratlng income Go¥emmentgrants 8knent In¢om•- Int•r•gt 11176 1076 Total kn¢om• 607,SOS 17.653 625.158 Expen(Iture Church actiI4ts"8S Comrnor¢ial a¢b"¥ilies G0manCe Costs-dIt& al kns Total •xp•nditur• 585.633 36.068 9.621 607,581 36.068 9,621 653270 631.322 21ye Not Incomeugxpendlturel 123M171 {4295) (28.112) N•t rn0?nt kn fund¥ 123.8171 (4295} 128.112} Fund tsalan at 14>ri12021 2211h24 18.773 751.626 2.982.023 Fund balan¢•¥ •131 Ilar¢h 2022 2.187,807 14A78 7S1.626 2953.911 The statementoffinan¢ial a4be$ in¢ludes all gains and losses recogni5ed in the 3T. Al oflhe acb'wties ofthe charityarn dass•d as ts)nts"nuin9.