Company Registration Number: 07161926 Charity Registratlon Number: 1136061 KING'S CHURCH AMERSHAM KING'S CHURCH AMERSHAM COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 'ADTERIK9* 0210112025 COMPANIES HOUSE CONTENTS PAGE Trustees. Annual Report Independent Auditors. report to the Members Consolidated Statement of Financial Activities 11 Balance Sheet and Consolidated Balance Sheet 12 Statement of Cash Flow and Consolidated Slatement of Cash Flow 13 Notes lo the Consolidated Flnancial Statements 14 Pagè 1 KING'S CHURCH AMERSHAM TRUSTEES, REPORT{INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31ST MARCH 2024 The Trustees present their Annual Report together with the audited accounts of the group for the year ended 31st March 2024. The financial statements have been prepared in accordance with the accounting policies set out In note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association. the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable In the UK and Republic of Ireland (FRS 102)" (effective l January 2019). REFERENCES AND ADMINISTRATIVE DETAILS Reglstered charity name Charlty r•glstrallon number King's Church Amersham 1136061 Company reglslratlon number 07161926 Prln¢lpal office Raans Road, Amersham, Bucks, HP6 6LX Reglstered offlce Raans Road. Amersham, Bucks. HP6 6LX Webslte www.kca.church Company Bankers Handelsbanken. Tudor House. 651 London Road, High Wycombe HP111 EZ Stone King, 16 St John's Lane, London EC1M 48S Company Lawyers Company Secretary Julian Dagnall Senlor Statutory Audltor Mogan8rden Pillay Chelvanaigum Audltor SKS Audit LLP 3 Sheen Road Richmond upon Thames London, rw9 1AD STRUCTURE. GOVERNANCE AND MANAGEMENT The charity is constltut8d as a company Ilmited by guarantee whose governlng documént is ils articles of assoclation. Its acts'vities are managed by the l)ody of church Elders (who are also the members of the Company). and by the Board of Trustees. who are currently eight in number. The 8 Trustee positions are currently occupied by 5 non-Elders (from whom the Chairman must be appointed), who are all members of Klng's Church Amersham, and 3 Elders, who may at no time be in the majority. The power to appoint and re-appoint Trustees 8nd Elders lies with the Elders, who are the members of the company, and who guarant8e to contrlbute £1 in the event of a winding-up. Trusiees are established church members who are appointed on the basis of character and expertise, and receive no further formal training. On appointment they are fully familiarised with the existing articles, policies, governance procedures and financial situation of the company. Page 2 KING'S CHURCH AMERSHAM TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024 THE TRUSTEES The Trustees who served the company during the year were as follows.. Simon Harding Chair and Member of the Congregation Paul Thomas Elder and Pastor Julian Dagnall Elder, Pastor and Company Secretary Kathy Nussbaum Elder Simon Rose Member of the Congregation David Patterson Member of the Congregalion Callie Tomlins ember of the Congregation Alistair Youngman Member of the Congreg8tion The Trustees met four times during the course of the year lo oversee the flnancial and legal matters relating to the Company. The Trustees serve for a period of 3 years and retire by rotation each year at the AGM. Trustees may be reappointed for a further 3-year period. At the AGM held on 3 December 2023, Simon Harding, Kathy Nussbaum and Callie Tomllns resigned. Simon Harding, Kathy Nussbaum and Callle Tomlins were re-elected for a further 3-year perlod. The Trustees delegate the day-to-day management of the company's actIvIt￿es. i,e. the operatlon of King's Church Amersham as a functioning church. as explained below, to the Pastors and to the body of church Elders. The Pastots are remunerated employees of the company, but none of the Trustees has any beneficial interest in the company. THE ELOERS The Elders who served during the year were.. Paul Thomas Pastor Julian Dagnall Pastor (part tlme) lan Lamb Kathy Nussbaum Timothy Patterson Neil Suggett Katrina Williamson There is no fixed term appointment for the position of Elder but the cornposition of the Elders is reviewed annually. In addition to the Elders and Trustees, during the year, the charty operated with 4 full time employees and 8 part-lime employees. There are no connected charitles as defined by the SORP. Page 3 KING'S CHURCH AMERSHAM TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024 AIMS AND PURPOSES OF KING'S CHURCH AMERSHAM King's Church Amersham is a local Christian Church based in Amersham, Bucks. With a congregation of over 500 people, it meels on a Sunday morning and al various other limes during the week to learn 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 Communily projects, supplementing the programmcG and ovcnt• vpocifically de￿•Igned for Church membcro. Klng,. Church Amcroham seeks to have a positive spiritual and social impact on the town of Amersham and the surrounding areas by encouraging people in their faith and enabling them to demonstrate this faith in practical ways, including helping to serve those in most need in the wider local community. All spirltual matters relating to the Church are overseen by a group of Elders, who also are the members of the Company, and include at least one full-tirne Pastor. The financial and legal matters are overseen by a group of Trustees, whose job it is to ensure the Church is run on a sound financial basig and in conformity wlth all laws. Church Actlvltles for Church Members The Church runs the following groups and activities for Church members and the wider community: Sunday Services (in person and You Tube broadcasts) Worship nights Prayer Meetings Midweek Community Group Meetings Cedars - a weekly meeting for people aged over fifty Men's and ladies, events Youth Events for young people and children Including Connect, Encounter, Kid's Church, Oasis, Mlni Church, Holiday Club & The Vineyard DTI week. Events and courses relating to bereavement and grief. Church Actlvltles for the Communlty The Church runs the following meetings and programmes for the local Community: Oasis Oawis a Mothorlcaror and Toddlor group thai Moot￿ throo tlmoa a wcok and 18 atlendod by approximot61y 90 Motherslcarers and 90 Toddlers. CAP Christians A ainst Povert Working in conjunction with CAP UK, the Church provides a befrlendlng and advisory servlce for local people with serious debt problems. The Fumiture Pro'ect TTrie Furiiilure Projecl yruvidgs good quality second hand furriituie free uf Glidrge to niembers of the local communhy in need. It provided furniture to over 50 people and families durlng the year. Kin hurch Amersham Football Club AFC Working in conjunction with a wide range of members of the local community, a number of Church Members sit on the KCAFC Club Committee. The Club, founded by KCA Members in 1999 exists to provide football training and organised matches, participating in the Chiltern Church Junior League. In the 2023123 season the Club has had over 300 memb8rs across 20 squads, for children aged S to 16. Al ha Courses The Church organises a study course for those people interested in finding out more about the Christian faith. Page 4 KING'S CHURCH AMERSHAM TRUSTEES, REPORT(INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024 ecial Events The Church organlses a number of speclal events to reach out inlo the community. Home. Starter Packs The church offers a new home starter pack for people being moved into shelter8d housing with no money available for general household items. Make Lunch The Church continued with thls initiative that provides hot meals forchildren and their carers during the school holidays for children who ffjceive free school dinners. Ber nl The Church offers bereavement support and holds an annual seNice for the bereaved to remember loved ones who have died. Achlevements and Performance, Flnanclal Review The Church meets in a purp05e-buill facility that was compleied in November 2013 funded by the sale proceeds of the fomer Baptist Chapel, congregation giving and bank loans amounting lo £830,000 from Handelsbanken. At 31 March 2024 the total loan outslanding amounled to £35,275.. which was repaid at the beginning of May 2024, Under normal clrcumstances, the Church meets in this facllity which has contlnued to attract a growing number of people to its Sunday Services and other activities. Its YouTube services have attracted an even wider audience. The number of people attending Servlces on a Sunday morning has expanded lo such an extent that from Seplember 2023 Ihere are two morning seNices to facilitate further growth. Income and Expendlture During the year the Group had a surplus of £141,895. Its total revenue was £945,585; of this £814,198 resulted from regular giving to the work of the Church. £44,827 was donate(J towards specific projects and ac￿vIties, £34,276 was raised from hiring the building, £51,141 from commercial trading op8rations and £1.143 from investment activitles. Expenditure amounted to £803,690; of thls £739,717 was In respect of church activities (including the non-cash depreciation cost of £96,913), £53.639 on commercial activities and £10,334 on fees. Balance Sheet During the year the group's cash reserrfes increased from £83,996 to £108.503. The Trustees are confident of their ability to manage the financial position in the medium term although they anticipate there may be slgnificant monthly fluctu8tions. Rosorves Pollcy The Trustees review the ReseNes policy of the company each year. The company's policy is ihat net current assets less restrlcted reserves should be a minimum of £60,000 and that the amount of cash held in its bank accounts should be a minimum of £80.000. At 31 March 2024 the charity has free reserves of £47,681 and cash held at bank was £108,503. For the purposes of short- and medium-temi financial management, the trustees are closely monitorlng the management for working capital and the working capital positlon is in line with their policy of building free resources sufficient to fund ongoing unrestricted expenditure. Page 5 KING'S CHURCH AMERSHAM TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024 Building Ownership The Church Building is jointly owned by King's Church Amersham and Old Town 8aptist Chapel Trust Amersham and their respective ownership percentages are governed by a Declaration of Trust signed by both parties on 9, September 2012. On September 29th 2015, with all the capital costs for the new Church building expended and quantiflable, the Trustees of KCA Ltd and the Trustees of the OTBCTA agreed that the respective ownership percenlages of the Church building are.. 80.780/. (based on a capital contribution of £3,911,144.54) 19.22°/0 (based on a capital contribution of £751,626.00) King's Church Amersham OTBCTA Rlsk Management During the year, the Trustees regularly review the financial and operational risks facing the Company. The Trustees and the Elders have a9reed a Ihree-year budget plan to enable the Church to seize the opportunities and meet the challenges ahead. As a consequence. the Trustees are satisfied that the Company remains on a firm financial fooling and also has a variety of contingency plans in place in the event of a reduction in sncome. The Company has robust health and safety procedures in place and these are reviewed at each Trustee meeting. There are currently no significant risks of concern to the Trustees. Outlook for 2024125 The Elders and Trustees are encouraged by the way the Church's income has increased and are hopeful that this trend will continue in the future. The Church continues to seek to increase the number ot ways it engages wilh the Community and works with some of the neediest P60ple in the locallty. The Church continues to seek out opportunities and imaginaiive ways to develop ils social action projects in the areas of food poverty, debt counselling, furniture distribution, holiday lunch clubs and visiting vulnerable elderly members of the community. For the foreseeable future online activlllas (lncludlng broadcast servlces and Alpha) will continue to be an integral part of the activitles. Statement of trustees. responsibllltles The Trustees (who are also the directors of Kings Church Amersham for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Truste8S to prepare financial statements for each financial yèar which glve a true and fair view of the stale of affairs of the charitable company and of the incoming resources and appliGation ol resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are requlred to: select suitable accounting policies and then apply them consistently; obse￿9 the methods and principles in the Charilies SORP; make judgements and estimates that are reasonable and prudent" state whether applicable UK Accounling Standards have been followed. subject to any material departures disclosed and exp18ined in the financial slatements; prepare the financial statements on the going concern basis unless it Is inappropriate to presume thal the charitable company will continue in operation. The Trustees are responslble for keeping proper accounting records that dlsclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial ststements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. Page 6 KING'S CHURCH AMERSHAM TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024 The Trustees are responsible lor maintenance and integrity ol the corporate and financial Information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of flnancial statements may differ from legislabon in other jurisdictions Statement of dlselosure to Audllor In so f8r as the Trustees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware of., and the Trustees have taken all steps that they ought to have laken lo make themselves aware of any relevant audit information and lo establish that Ihe auditor is aware of Ihal information Auditor In accordance with the company's artlcles. a resolution proposing that SKS Audit LLP be reappointed as auditor of the company will be pul at a Genefal Meeting. Thi3 ieport has been prepared in accordance with the special provision8 of Part 15 of the Comp8ni85 Acl 2006 relating lo small companles. Approved and Signed on behalf of the Trustees Sirnon Harding Chairrnan of the 8oard of Tru8tee8 Oate: 23" Oecember 2024 Page 7 KING'S CHURCH AMERSHAM INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF KING'S CHURCH AMERSHAM Opinion We have audited the financial slatemenls of Kings Church Amersham (the 'parent charitable company.) and its subsidiaries (Ihe 'group') for the year ended 31 March 2024 which comprise the Group Statement of Financial Activities. and the Group and the Parent Charltable Company Balance Sheet, Ihe Group and Ihe Parent Charitable Company Cash Flow and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework thal has been applied in their preparelion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 tru8 and fair view of Ihe state of the group's and parent charitable company s affairs as at 31 March 2024, and of the group's incoming resources and application of resources, including ils income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requlremenls of the Companles Act 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responslbilities for the audit of the fSnancial statements section of our report, We are independent of the group and parent charitable company in accordance wlth the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provlde a basis for our opinion. Con¢luslons relatlng to golng concern We have nothing to report In respect of the followlng matters In relation to whlch the ISAS (UK) requlre us to report to you where.. the Trustees, use of the going concern basis of accounting in the preparation of the financial statements Is not appropriate; or the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or parent charitable company's ability to continue to adopt the going concern basis ol accounting for a period of at least bNelve rnonlhs from the date when the financial statements are authorised for issue. Other informatlon The Trustees are r8sponsible for the other information. The other Information comprises the information included in the Trustees, annual report. other than the financtal statements and our auditor's report thereon. Our opinion on the financial stalements does not cover the other informalion and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 8 KING'S CHURCH AMERSHAM INDEPENDENT AUDITORS, REPORT ICONTINUED) In connection with our audit of the financial staiemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is malerially inconslstent with the financial stalements or our knowledge obtained in the audit or otherwise appears lo be malerially rnisstated. If we identify such material inconsistencies or apparent rnalerial misstatements. we are required lo determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there 15 a malerial misstatement of this other information, we are required to report that facl. We have nothing to report in this regard. Opinlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work 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 financial statements are prepared is consistenl with the financial statements,. and the directors, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audlt, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to whlch the Companles Act 2006 requires us to report to you if, in our opinion: adequate and sufficient accounting records have not been kept by the parent Charitab￿ company, or returns adequate for our audit have not been received from branches not visited by us; or th8 parent charitable company's financial staiernents are not in agreement with the accounting records and returns. or certain disclosures of directors. remuneration specified by law are not made: or we have not received all the Informatlon and explanatlons we requlre for our audlt. Responsibillties of Trustees As explained more fully in the Trustees, responslbi15ties statement Iset out on page 5], the Trustees (who are also the directors of the group and charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vlew. and for such Internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, In preparing the financial statements. the Trustees are responsible for assessing the group's and parent charilable company's ability to continuo as a going concorn, disclooing, a= applicablc, mattcr= rclatcd to going concorn and Uoing Iho going GonGorn batsiae of accounting unloGS tho Trustees either intend to liquidato the group or the parent charitable company or to cease operalions, or have no realistic alternative but to do Page 9 KING'S CHURCH AMERSHAM INDEPENDENT AUDITORS, REPORT {CONTINUEO) Auditor's responsibllities for the audit of the financial statements We have been appoinled auditor under the Companies Act 2006 and report in accordance wlth th15 Acl. -urancc about whethcr tho financial *tatomonte a wholc arc Our objcctivcs are to obtain rea￿Onable a:" free frorri niiilerial rTiisslateniei Il, wl Igltrier due lo fi of the Companies Act LOO6. Date: 23rd December 2024 Page 11 KING'S CHURCH AMERSHAM CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {Including consolidated income & expendlture account) FOR THE YEAR ENDED 31ST MARCH 2024 Unr•¥trlct•d Restrlct•d Endowm¢rt funds funds funds Tolal C*oup Total Group 2024 2024 2024 2024 2023 Note• In¢ome Donallons and glfts 526,311 287,887 814,198 839,757 ID¢ome Ir¢)rn ¢horltabl• •ctlvl•¥ Towards church activities 44,827 44.827 34,498 Incomo Irom oth•r tr•dlng 8ctlvitl¢$ Hlre olfacililles Commerclal trading aclmtleg 34,276 51,141 34,276 51,141 35.289 42.369 Inw•tm•nt In¢om•- Int•i••t 1,143 1,143 Total Inc¢)m• 657,698 287,887 945,585 751.913 Exp•ndltur• ChurGh acl1￿11•$ Commercial ac11￿1]8$ Fees 700,039 53,639 10,334 39,878 739,717 53,639 10,334 683.750 44.579 12,056 Tol•l •xp•ndttur• 764,012 39.678 803,690 740,385 Not Incomel(expendftur•) (106,3141 248,209 141.895 11.528 N•1 mov•m•nt In fund$ 1106,3141 248,209 141,895 11.528 Fund b818nces al 1 Pprll 2023 15 2.198,892 16,121 751.626 2,965.439 2,953.911 Loan rePa￿ent 228,000 1228,0001 Fund bal•nc•8 at 31 Mar¢h 2024 15 2,320,378 3S,330 751.626 3.107.334 2,965,439 The statement offinanci81 a￿1￿1)eS Includ8s all gains and losses recognlsed In tho par. JI ol tho acll¥Atlo) of tho oharlty oro clo¢ood oc conllnulng. The notes on page5 14 to 24 form partofthe$e financial statements. Page12 KING'S CHURCH AMERSHAM CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 ST MARCH 2024 GroyD rhaflty 2024 2023 2024 2023 Notes Fixed Assels Tan9ible A85ei$ Inveslmenls 3.024,323 3,106,930 3,022,997 3.104.149 3.024.323 3, 106.930 3.022,998 3 104 1.$0 Current assets Siock Debtors Cash at bank and In hand 1,210 46.843 108,S03 156,556 865 129.209 83.996 214.070 48,709 105.969 154.678 131.931 80,606 212.537 Creditors: arnountg falllng du¢ wllhln on• yoor 173.5451 185.6211 172,7771 185 1981 Net curfeni assets 83,011 128.449 81.901 127.339 Tolal as$ot8 1•88 curreni Ilabllltles 3,107 334 3,235.379 3,104,899 3.231.489 Cr•dltorn: •rnounts falling due aftor one year 10 1269,9401 1269,9401 Net 49s0ts 14 3,107,334 2,965,439 3,104,899 2,961.S49 Ineome funds Restricted funds 11 35,330 15.121 JS.330 15.121 Unre$tricied lur (14.306 (288,0051 Net cash used in in*sling actl￿tieS {301,168) {67,467) Change In eash and cash •qulvalents In the reportlng porlod 24,507 {31.1271 25,363 (29,3041 Cash and cash equ5￿18Th1$ at 1 Aprti 83,996 115,123 80,606 109,910 Cash and cash equivdlents at 31 March 108,503 83,996 105,969 80,606 Analy¥l$ of change In nel debt Group Al 1 Aprll 2023 Cajhflow At 31 March 2024 Net Ca Cash at bank and In hand 83,996 83,996 24.507 24,507 108,503 108,503 Debts Debts lalling dug within one year Debts falling due after one year 53,340 269.940 323.280 {18,065) (269,940) 1288,005) 35.275 35,275 Charity At 1 April 2023 Cashflow At 31 Mar¢h 2024 Not C•& Cash at bank and In hand 80,606 80,606 25,363 25.363 105,969 105,969 Debts Debts falllng due ￿1th1n one year D8bts falling due after one year S3,340 269.940 323,280 (18,065) (269,9401 <288,005) 35.275 35.275 Page 14 KING'S CHURCH AMERSHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Accounting Policles 1.1 Basis of preparation The financial slalements have been prepared in accordance with appllcable Unlted Kingdom accounting standards. the Charittes Act 2011, the Statement of Recommended Practice applicable to charities preparing the accounts in accordance with the Financial Reporting Standard applicable in Ihe UK (FRS102) {Charities SORP FRS 102) (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 lo the nearest pound. The account5 (financial statemenls) have been prepared under the hlstorical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policy note{s) lo these accounts. 1.2 Basis of consolldatlon These flnancial slatements consolidate Ihe results of the charity and its wholly-owned subsldi8ry, KCA Roast Ltd, a company registered in England and Wales under number 09216215 on a line by line basis. A separate Statement of Flnancial Actlvities, or Income and Expenditure account for the Charity itself is not presented because the Charity has taken advantage of the exemptions afforded by section 408 of the Companles Acl 2006 and paragraph 24 of Charitles SORP FRS102. The surplus shown In the chadty only SOFA was £143,350 (2023: £6,481). 1.3 Going concern The consolidated statement of financial aclivitles shows a net surplus of £141.895 for the year (2023: net Surplus of £11.528). The management ar8 of the view that these results have secured the immediate future of the Group for the next 12 to 16 months and on this basis the Group is a going concem. The Trustees have assessed whether the use of the golng concem basls is appropriate and hava considered possible events or conditions thal might cast signrficant doubt on the ability of the charty to continue as a going concern. Trustees will continue to monltor and ensure spendlng to be done in line with income in order to maintain target level of reserves. The review of cashfiow for 12 months from the date of approval of the financial statements, the associated assumptions that underpin it, secured income and the steps that could b8 taken to reduce expendlture should this be necessary. We reviewed the reserve policy and available free reserves as well as modelled scenarios for actual and budgeted results to understand the impact of varlous income and expenditure. For the purposes of short- and medium-terrn financial management, Ihe Trustees are dosely monitoring the management of worklng capital and the working capital position is in line with thelr policy of building free resources sufficient to fund ongoing unrestricted expenditure. Based on the information above the Trustees have a reasonable expectation that the company has adequate resources to continue in operatlon for the foreseeable future and will remain profilable in future periods. Therefore, the trustees have adopted the going concem basis in preparing these accounts Page 15 KING'S CHURCH AMERSHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3151 MARCH 2024 1.4 Income Income represents funds received bythe Charity for the support of its objectives and activlties. Donations are recognised when receipt is more likely than not and gift aid recoverable is recognised on an accrual's basis. Legacies from a person's death estate are recognised when the re￿Ipt is considered more likely than not. Interest income is recognised on receipts basls. Hall hire income Hall hire income are credited to income in the year in which they are receivable. 1.5 Expendlture .Expendilure is recognised once Ihera is a legal or constructive obligation to transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in selllement, and the amount of the obligation Can be measured reliably. Expenditure on charitable activities include expenditure associated with the main objectives of the Charity and include both direct costs and their associated support costs. IrrecoveTable VAT is charged as a cos1 against the activity for which the expenditure was incurred. Grants and donations are accounted for when paid over, or when awarded, It that award creates bindings obligation on the Church. 1.6 Tanglble flxed assets and depreclatlon Tangible fixed assets are Slated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: Freehold Bulldings 50 years. Church equipment Between 1 and 10 years Indlvldual items of furnlture or equlpment are capllallsed where the beneflt of the expenditure will extend for a minimum of three accounting periods, 1.7 Investmont In Subsldlary Investment In subsidiary undertaking Is recognised at cost less any provision for Impairment 1.8 Stocks Stocks are valued at the lower of cost and net realisable value.. 1.9 Penslons Employees are enrolled in the Nest pension scheme and the pension costs charged in the financial statemenis represent the contributlons payable by the charlty durlng the perlod. 1.10 Fund accounting The funds held by the charity are: Unrestricted general funds - these are funds which can be used in accordance wlth the obj'ects of the charity at the discretion of the Trustees. Endowment Funds these represent the lunds held by Old Town Baptist Chapel Trust Amersham, a linked cha￿ty (see note 14), Restricted funds - these are funds which can only be used for particular purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restrlcted purposes. Gift aid relaled to restricted donations is treated as restricted income Pago 16 KING'S CHURCH AMERSHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 1.11 Taxatlon The Church is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is consldered to pass Ihe tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. It is entilled to claim from H M Revenue & Customs the tax associated with income received under gift aid. 1.12 Connected charities The church is closely linked with Ihg Am8r5ham Old Town Christian (Baptists) Fellowship Trust but no grants were made to or from this Trust during the year. 1.13 Debtors Trade and sundry debtors are recognised at Ihè settlement amount due, Prepayments are valued at the amount repaid net of any trade discounts due. 1.14 Credltors and Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in Ihe transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 1.15 Cash at Bank and In hand Cash at bank and In hand includes cash and short-term cash d8posIts. 1.16 Financlal Instruments The charity only has financl81 assets and financial liabilities of 8 kind that quallfy as baslc financial instruments. Basic flnancial Instruments are inltlally recognlsed at transaction value and subsequently measured at their settlement value with the excepiion of bank loans which are subsequently measure dl uiiiui lisgd Lus1 usii IH 11 i¥ ell¥Llive iiilvresl iiielliud. 1.17 Judgement and Key Sources of Eslimatlon Uncertalnly In the application of the company's accounting policies. the charity is required to make Judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimales and associated assumptlons are based on historical experlence and other factors that are consldered to be relevant. Actual results may dlffer from these estimates. The company makes estlmates and assumptions concernlng the future. The resulting accountlng estimates will. be definitlon, seldom 8qual the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying a mounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets are sensltive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re- assessed annually. They are amended when necessary. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the period in which the estimate is revised where Ihe revlsion affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Page 17 KING'S CHURCH AMERSHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Donatlons and gifis Unrèstrlcted funds 2024 Restrlcted funds 2024 Endowment funds 2024 Total 2024 Total 2023 Regular giKqng Gifi aid on regular gi￿n9 Gift days Gift 81d on glft days Communlty proiecls Gifl aid on community projects Gifts receiKed IDr Ukraine Gift ald on glfts for Ukralne Gifts for Open Doo Gift$ for oth8r charities Legacies 424,910 85.942 10,000 2,500 424,910 85,942 227,941 42,308 31,299 2,592 355,975 71,443 70,474 13.618 26,173 2.745 20,624 1,250 1,865 1,590 74.000 639,757 217,941 39,808 31,299 2.592 200 47 200 47 (1,041) 814,198 (1,041) 522,311 291,887 Church Actlvltles Staff costs Deproclatlon Other Costs Total Total {not• 5> 2024 2024 2024 2024 2023 Grants payabl8 - see note 4 Church Ministry - see not8 below Church actfvitie5 - dlrect Administration.. Church rnairtenar￿elOperatir0 costs Church admlnistration 20,153 27,504 109,163 20,153 260,061 109,163 46.437 248.213 86.565 232,557 11,457 78,084 96,913 95,289 68,597 203.659 146,681 173,969 128,566 322,098 96,913 320,706. 739.717 683,750 Church Ministry includ8 the cost of Pastors, Youth arKI Chlldren workers, Salarles. perslons and e>per6es and the cost of vlslting speakers. cost of oltror employees is included In Administration. amount of Clwrch actlwtles - dlrect of £109,163 (2023.. £86,565) includes £34,126 (2023.. £31,925) from restricted funds provided specifically for the purposes for wlich t￿ funds were used. The amount of Church administration of £146,681 {2023: £1•8,566) includes £1,512 {2023: nil) from reslrlcted furKIs relatlng to earty loan repayment charges. Page 18 KING'S CHURCH AMERSHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Grants Payable Unr•stri¢l•d funds 2024 R•strict•d funds 2024 Unfeslricted Reslricled nds fvnds 2023 2023 Total 2024 Total 2023 Grants lo inslilulions: Klng¥ Church Ghana Gram Seed Ministries Ukraine Refvgee Relief Reslore Hope L81imer Malhletes Tru81 Open Doors Edge Ministrles E￿ry Life Si G8orge'$ Food bank New Hope Other 10,000 1,000 10.000 1.000 7.450 7,500 2,036 21.874 23.910 500 soo 487 500 687 200 1,700 1.260 140 1.915 3.815 1.260 216 500 500 218 126 126 76 500 500 193 235 235 23 12,613 3,500 435 3,605 13,048 7,105 12.609 8.720 25.108 37.717 8.720 Grants lo Indi￿dual$lll grants) 18,113 4,040 20,153 46,437 5. F906 2024 2023 Audit fees Payroll fees . Cansdalos Consultant fees 5,640 3,047 1,647 10.334 5,400 3,381 3,275 12,056 None of the fees pald durln8 the year were paid frorn restricted funds. Employ•e8 and Truslees 2024 2023 Employee co$ts during the year {Includlng key management): Wages and salaries Soclal securfty costs Other pension cost8 287.501 18.794 15,803 322.098 270,544 18.440 15,139 304,123 Avarage monthly number of porsons employed: Number Number Continuing Operations 14 14 One employee, received employee benefits of more than £60,00012023: 11. Pa9e 19 KING'S CHURCH AMERSHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Employees and Trustees continued 2024 2023 Key management compensallon: TTUStees' emoluments TNstees expenses Other salaries and short4errn employee benefils Post-employment benefit$ 94.260 2,768 43,745 2,625 143,398 91,175 2.407 42,IA3 2,$24 138,169 Trustees, emoluments relate to two Trustees who are employed as Pastors of the Church. The other Trustees did not receive any emolument5 in respect of services to the company12023.' £nill. In addition, two trustees were reimbursed expenses amounting to £2,768 {2023.' £2,407). No other Trsjstee received reimbursement of expenses. Durin8 the year Trustees, donatlons to the Church amounted to £86,761 (2023.. £71,127); none of whlch were made with any special tondition5 attached. Tanglble flxed a$8ets Fr•ehald Land & Bulldlngs Church equlpmertt Coffe¢ thop Total Coat Al 1 April 2023 Addilions 3,744,641 286,970 14,306 11.036 4,042,847 14,306 At 31 March 2024 3,744,641 301,276 11,036 4,058,993 Dgprèclallon Al 1 Apiil 2023 Charge *Jr year 688,961 76,714 238,501 18,744 8,255 1.455 935,717 96,913 Al 31 MarGh 2024 765.675 257,245 9,710 1,032.630 Net book valua: At 31 March 2024 2,978,966 44.031 1,326 3,024.323 At 31 Mwch 2023 3,055,680 48,469 2,781 3.106,930 The Charity owns all the above assets except the coffee shop 355ets whlch are owned by KCA Roast Ltd: Pago 20 KING'S CHURCH AMERSHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Invèstments KCA Roast Limited (registered number.. 09216215) is a fully owned subsidiary ihat operates 3 coffee shop on the Church p.remises operating under the name of King's Roast. The chariiy has103ned funds to KCA Roast Limlted to enable it to purchase the fixed assets required and to provide it with working capital to operate. The. income and expen.dlture ol KCA Roast to 31 March 2024 and 31 March 2023 are in¢luded In the accounts of the ¢()mpany. At 31 March 2024 its total assets. Were £7,602 (2023.. £7,620), its liabilities were £5,166 (2023. £3,729) and its reserves were £2,435 (2023.. £3,890). In Ihe year ended 31 March 2024 Its turnover was £56,181 <2023: £49.781), its. total expenditure amounted to £53,639 (2023.. £44.,579) and It made a profit of £2,475 (2023.. £5,047), Out of its retained earnings, It has ma.de a distribution of £3,980 (2073.. £NII) to its parent ch'arlty under glft aid. The addfess of KCA Roast Limited is the same as King's Church Amersham. wh￿h can be lound on page 1 of these financial statements. KCA Roast Limited was exempl from the requirements ol the Companies Act 2016 relating to the audit ol Its indivldual accounts by vlrtue of section 479A. D•btor8 Group Charlly 2024 2023 2024 2023 Income lax ra¢ovarable Debtors due greater than 12 morth$ Trade Deblor Other debtors 27,587 3,900 2,529 12,827 35.027 3,900 27,587 3,900 35,027 3.900 89,698 129,209 17.222 48.709 93,004 131,931 10. CreditOf8: amount8 falllng due wlthln on• yoar 2024 2023 2024 2023 Taxes & social se¢(rity costs Hand818banken10on Accruals ard deferred irKome 6,982 35,275 31.288 6,788 53.340 25,495 85.621 6,982 35.275 30.520 72,777 6,788 53,340 25.072 73.545 85.198 11. Credltors: amounts falling due aftor more than one y•ar 2024 2023 2024 2023 Handelsbanken loan 269,940 269,940 269,940 269,940 Loar6 payable 1-2 years LoaTh8 payable 2-5 years Loans payabl8 after 5 years 53,340 160,020 56,580 53,340 160,020 56.580 The company had a 10 year loan of £750,000 wilh Handelsbanken to finance the constructlon of its building at a floatlng rate wlth repayments fixed at £13.335 per quarter. The loan was secured against the value of Page 21 KING'S CHURCH AMERSHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 the building. A further loan of £80,000 was made by Handelsbanken to enable the company to install air Gonditioning lo all facilities within its building. A special gift day was held in November 2023 to enable the Church to repay this loan. At the year end £35,275 was outstanding which was repaid in May 2024. 12. Restrlcted Funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Balance at 1 Aprll 2023 Incoming ReSoUr￿S Resources Expended Outgoin9 Transfors Balance at 31 March 2024 SpeGific donations 15,121 15,121 287,887 287,887 {39,678) (39,678) (228.000) {228,000} 35,330 35,330 Balance al 1 Apnl 2022 Incoming Resources Resources EX￿nded Outgoing Transfers Balance al 31 March 2023 Specific donations 14.478 14,478 57,033 157,033 15,121. 15,121 57.676 Speciflc Donallons Donatlons have been received for specific other purposes and these funds have been kept separaie. They will be paid out in accordance with the purposes for which they were given. In certain instances, they were paid out as grants and such item8 are included In the analysis of granls in noie 3, 13. Unr•strl¢ted Funds The vast majority of the income of the charity is from gifts and donations which are to support the overall woi-k of tliti tsliÉ*l ily williuut any restrict￿nS as to their use: Group Balan¢e at 1 Aprll 2023 Incomlng Re3our¢e$ Roaour¢•• Oulgoiftg Trand•rs B•lan¢e at 31 March 2024 Expended General donatlons and gifts 2,198.692 2,198,692 657,698 657,698 228,000 228,000 2,320.378 2,320,378 1764,012) 8818nce at l April 2022 Incoming Resources Rgsource$ Expended Oul90ing Transfers Balance at 31 March 2023 General d￿TratIOns and gifts 2,187,807. 2,187,80T 694,237 694,237 683.352 683,352 2.198,692 2.198,692 Page 22 KING'S CHURCH AMERSHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Charlty Balance al 1 April 2023 Incoming Resources Resources Expendod Outgoing Trangf•rs 8alance at 31 March 2024 General donations and gifts 2,194 802 2,194,802 - 610,554 610,554 715,413 1715,413} 228.000 228,000 1317,943 2,317,943 Balance at 1 Aprll 2022 Incomlng Resourc8S Resources Expended Outgoing Transfers Balance al 31 Ma￿h 2023 General donatlons and gifts 2 188,984 2,188,964 652,023 652,023.. 646,185 {646_, 185 2,194,802 2,194.802 14. Endowment Fund8 The Old Town Baptist Chapel Trust Amersham (OTBCTAI, formerly 1824 Trust, was eslablished In 1824 and since that dale owned one principal asset in the form of the Baptist Chapel in Old Amersharn. Following agreement with the Charity Commission, in November 2012. this building was sold to raise funds for the new church buildlng. Under Ihe directlon of the Charity Commlsslon, OTBCTA {'the linked charity,) should be treated as forming part of the charity called King's Church Amersham ('Ihe reporting entity,). so that the Trustees are required lo prepare a single sel of accounts for the whole entity. OTBCTA received £751,626 Irom the sale of the Baptist Chapel. which represent5 the balance of endowment funds held at both 31 March 2024 and 2023. 15. Related Parties Apart from its close links with the Amersh8m Old Town Chrlstlan (Baptists) Fellowshlp Trust, the cornpany has no other formal assoclatlons with other charlties but works closely with several other Christian charities. Details of transactions with trustees and senior management are in note 6. 16. Analysis ol net asséts between funds Group Unr•itrlctod ftestrlcted lund$ lunds Endowment funds Totsl Fund btslonc•s at 31 March 2024 ar• reprnsenlod by: Flxod assets 2.272.697 121.228 173,545) 2,320,378 751,626 3,024,323 150,558 173,5451 3,107,334 Current a$$8t9 35.330 Crodltors: amounls falllng dug wlthln ona year 35.330 751.626 Fynd balon¢•¥ •t 31 March 2023 ar• r•pr•sent•d by.. Flxéd assots Current asgetg Credltors.. amounts falllng due wlthln onft year Cradltors.. amounts falllng du• afl¢r marg th•n on• year 2,355.304 198,949 185,621) 1269,940) 2.198,692 751.626 3,106.930 214.070 (85,621) (269,YO) 2,965,439 15.121 15,121 751.626 Page 23 KING'S CHURCH AMERSHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Charlty Unr•$trlct•d funds •$trl¢ted lunds Endowment tunds Totsl Fund balancès at 31 MaTch 2024 are repfesenled by.. Flx•d assets 2,271,372 119,348 172,7771 2.317.943 751.626 3,022,998 154,678 172,777} 3,104.899 Curr•nl asset$ Cr•dltors'. amounts falllng duè wllhln one year 35.330 35.330 751.626 Fund b•l•n¢o9 &131 March 2023 ar• r8pre$•nt•d by.. Flxed assets 2.352,524 197,416 185,198) 1269,940) 2.194,802 751,626 3,104,150 212,S37 {85,1981 <269,9401. 2,961,549 Curronl a$g•tg 15,121 Credllors.. amounts falllng due wlthln ¢no ygor Cr•dltor$.' afftounts falllng du8 aft•r mwo Ihan one y•ar 15,121 751,626 17. Re¢on¢lllatlon ol surplus to not cash inflow from operatlng actlvlti•s Group 2024 Charlty 2024 2023 2023 Net movemenl In lund8 Add back depreciation Less inveslment iru>me Increase in stock (Incr8aseyDecreasa in debtors IndlDec) in creditors excl bankloons Not ¢a8h u8•d In operatlng actfvltles 141,895 96,913 {1,1431 (345) 82,366 5.989 11.528 97,502 143.350 95,458 11,210) 6.481 96.047 (1551 {550) (69,1161 1,088 83,222 5,644 (65,598) 1,388 325,675 40,452 326,464 38,163 Page 24 KING'S CHURCH AMERSHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 18. Detall of prior year Statement of Flnancial Activities Unr•strktod R•$trl¢l•d Endowm•nt nd8 lund$ fund• Total &oup Not•$ In¢omo Oonat'ons and glfts 582.316 57N41 639,757 Incom• fram charltsb￿ a¢tlvlo¥ Towords Ghurch acliwfjes 34,263 233 34,498 Incom• from oth•r tradSng actlvltles HSre ol facilitieg Commerclal trading actimes 35,289 42.369 35,289 42.369 Tolal In¢om• 694,237 57.676 751,913 Expendlture Church a¢tiMlles Commerci818cts'vilio8 Gov8man¢a co8t8 . hudil & legal foe Total •xp•ndltur• 626.717 44,579 12,OS6 683.352 57.033 683.750 44,579 12,056 57,033 740.38S Nét InGomolloxyndltur• 10,885 643 11,52 N•t m¢v•m•nt In fund8 10,885 643 11,528 Fund bal•nc¢$ 811 Ipdl 2022 2,187,807 14878 751,620 2,953.911 Fund balanGe$ at 31 Mar¢h 2023 2,198.692 15.121 751.626 2,965,439 Th• ststemenl ol Ilnoncial acUK4tle$ Includes all galn$ and losses recognised in the ￿ar. Al of the acti￿118$ of the ch8rityare cla¥$od as conllnulng. 19. Share capltal The charity is corbstituted as a company limited by guarantee and does not have a share capital divided by shares. 20. Ultlmate Controlllng Party The charity was under the control of Board of Trustees throughout the year.