2020-12-31-accounts - Kings Cross Church

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				Page
Legal and	administrative	information
Report of	the Council			4-8
Auditors Report				9-12
Statement	of Financial	Activities
(including	Income & Expenditure		Account)	13
Balance Sheet				14
Cash flow	statement
Accounting	policies			16-18
Notes to the Financial Statements				18-32

		Unrestricted	Restricted	Total funds	Total funds
	Notes	funds	funds	2020	2019
INCOME
Donations and legacies		1,007,691	276,292	1,283,983	1,088,778
Charitable activities		68,277		68,277	63,583
KXC Facilities Ltd (external income)					8,386
KXCoworking Ltd (external income)		241,137		241,137	272,755
Investment income		800		800	1,026
Otherincome		5,393		5,393	2,780
TOTAL INCOME		1,323,298	276,292	1,599,590	1,437,308
EXPENDITURE
Charitable activities	6	1,129,060	210,665	1,339,725	1,247,053
TOTAL EXPENDITURE		1,129,060	210,665	1,339,725	1,247,053
NET INCOME FOR THE YEAR
BEFORETRANSFERS		194,238	65,627	259,865	190,255
TRANSFERS BETWEEN FUNDS		(43,563)	43,563
NET INCOME FOR THE YEAR		150,675	109,190	259,865	190,255
TOTAL FUND BALANCES BROUGHT FORWARD		377,061	100,807	477,868	287,613
TOTAL FUND BALANCES CARRIED FORWARD	14&15	527,736	209,997	737,733	477,868

			Group		Charity
			2020	2019	2020	2019
		Notes
FIXED ASSETS
Tangible assets			842,803	838,729	838,479	828,034
Investments		10			2	2
CURRENT ASSETS
Debtors			73,666	93,285	53,781	96,884
Cash at bank and in hand			713,492	398,815	631,909	337,609
			787,158	492,100	685,690	434,493
CREDITORS: amounts	falling
due within one year		12	(190,375)	(135,709)	(151,450)	(85,067)
NET CURRENT ASSETS			596,783	356,391	534,240	349,426
CREDITORS: due in more than one year		13	(701,853)	(717,252)	(701,853)	(717,252)
NET ASSETS			737,733	477,868	670,868	460,210
FUNDS
Unrestricted funds		15	527,736	377,061	460,871	359,403
Restricted funds		14	209,997	100,807	209,997	100,807
TOTAL FUNDS		16	737,733	477,868	670,868	460,210

	CONSOLIDATED CASHFLOW	STATEMENT FOR THE YEAR ENDED 31DEC	EMBER 2020
			2020		2019
		Notes	f		f
	NET CASH FLOW PROVIDED BY	OPERATING ACTIVIT IES	370,207		962,559
	CASH FLOWS FROM INVESTING	ACTIVITIES
	Interest received		800		1,026
	CASH FLOWS FROM INVESTING	ACTIVITIES
	Fixed asset additions		(16,532)		(828,747)
	CASH FLOWS FROM FINANCING	ACTIVITIES
	Repayments ofborrowing		(39,798)
	NET CASH FLOW		314,677		134,838
	Change in cash and cash equivalents in the year		314,677		134,838
	Cash and cash equivalent at start ofthe year		398,815		263,977
	Cash and cash equivalents at the end ofthe year		713,492		398,815
	NOTES TOTHE CASHFLOW STATEMENT FOR THE YEAR ENDED 31DECEMBER 2020
2	NET CASH FLOW PROVIDED BY	OPERATING ACTIVITIES
	Net movement in funds for	the year	259,865		190,255
	Interest received		(800)		(1,026)
	Depreciation		12,458		53,807
	Loss on disposal offixed assets				375
	(Increase)/decrease in debtors		19,619		(6,577)
	(Decrease)/increase in creditors		79,065		725,725
	Net cash flow from operating activities		370,207		962,559
2	ANALYSIS OF CASH AND CASH EQUIVALENTS		2020		2019
			f.		f
	Cash at bank and in hand		713,492		398,815
			713,492		398,815
3	ANALYSIS OF CHANGES IN NET DEB'T		At		AL31
			1Jan 2020	Cash flows	31Dec2020
	Cash at bank and in hand		398,815	314,677	713,492
	Debt due within one year		(36,407)	24,399	(12,008)
	Debt due after one year		(717,252)	15,399	(701,853)
			(354,844)	354,475	(369)

3	DONATIONS AND LEGACIES	DONATIONS AND LEGACIES	Unrestricted	Restricted	Totalfunds	Total funds
			funds	funds	2020	2019
			f	f	f	f
	Non gift aid donations		182,370	34,870	217,240	195,474
	Gift aid donations		658,228	142,650	800,878	709,737
	Gift aid recoverable		164,701	35,872	200,573	183,313
	Special appeals		2,392		2,392	254
	Grant income			62,900	62,900
			1,007,691	276,292	1,283,983	1,088,778
4	CHARITABLE ACTIVITIES INCOME		Unrestricted	Restricted	Total funds	Total funds
			funds	funds	2020	2019
			f		f	f
	Church Weekend	Away	44,291		44,291	41,648
	Other event income		4,726		4,726	2,957
	Book and Media	income	19,260		19,260	18,978
			68,277		68,277	63,583
5	STAFF COSTS				2020	2019
	Wages and salaries				384,432	361,346
	Social security costs				23,885	25,529
	Pension				17,613	15,111
	Accommodation	and other costs			23,510	36,580
					449,440	438,566

EXPENDITURE			Unrestricted	Restricted	Total funds	Total funds
			funds	funds	2020	2019
				6	6	6
Direct costs
Worship			22,314	1,572	23,886	15,902
Sunday services			5,338	936	6,274	7,243
Song writing	and production		21,573	3,440	25,013	1,468
Live events						1,821
Festival services			9,759	2,025	11,784	11,494
Prayer			833	11,379	12,212	1,109
Apprenticeship		year	1,976		1,976	5,441
Hubs and pattern			5,589		5,589	4,256
Conferences	and events		74,313		74,313	60,269
Family life			3,124	1,986	5,110	7,217
Students			1,434		1,434	1,551
Leadership development			1,007	634	1,641	5,246
Pastoral			2,089	48	2,137	2,572
Newcomers			711		711	3,466
Compassion	and local missions		9,823	18,765	28,588	11,472
Evangelism			556		556	2I313
Grants			43,300		43,300	58,821
Hub mission			300		300	464
Church Planting			22,993	5,449	28,442	10,568
Church Planting		—St Saviours assets gifted		31,262	31,262
Church Planting		—St Mary's assets gifted		36,571	36,571
KXCFacilities	Ltd (external costs)		117,609		117,609	180,875
KXCoworking	Ltd (external costs)		110,321		110,321	77,569
Total direct costs			454,962	114,067	569,029	471,137

EXPENDITURE (continued)	EXPENDITURE (continued)	EXPENDITURE (continued)	EXPENDITURE (continued)	Unrestricted	Restricted	Total funds	Totalfunds
				funds	funds	2020	2019
				6	6	6	6
Direct costs (see	previous page)			454,962	114067	569029	471,137
Support costs
Venue hire				41,733	838	42,571	88,045
Shared equipment		and consumables		2,279	1,083	3,362	5,590
Hospitality				786		786	4,583
Office costs				11,773	9,888	21,661	28,631
Travel and subsistence				2,086	602	2,688	2,024
Staff training and	recruitment			11,401		11,401	13,083
Owned and leased		facilities		19,917	5,224	25,141	15,971
Finance				105		105	1,688
Communications	and		media	8,569	3,236	11,805	7,059
Facilities planning					14,434	14,434	270
Clergy housing				16,952	12,000	28,952	20,164
Curate and ordinand			costs	39,900		39,900	47,428
Wages and salaries				419,036	30,404	449,440	438,566
Common fund				85,200		85,200	82,800
Trustee expenses				854		854	1,900
Accountancy fee				6,898		6,898	6,965
Payroll fees				1,368		1,368	1,152
Bank charges and	loan interest			1,071	18,523	19,594	5,905
Depreciation				2,721	366	3,087	3,521
Loss on disposal							375
Sundry costs				579		579	196
Total support costs				674,098	96,598	770,696	775,916
Total expenditure				1,129,060	210,665	1,339,725	1,247,053

	2020	2019
	E	E
Kings Cross Church
XLP	10,000	10,000
Christians Against Poverty	3,700	7,520
Open Doors	1,200	1,200
Choices Islington	6,800	4,697
Growing Hope	11,000	11,445
London City Mission	2,400	2,400
Crux Conversations		5,000
Assembly ofGod	1,800	1,800
Liv UK	2,880	2,880
KXCoworking Ltd
Choices Islington		4,510
Ella's Home		1,395
KXC - Home Ground		4,510
Help on Your Doorstep	1,000

		2020	2019
		E	E
Turnover		137,333	181,469
Administration	expenses	(111,120)	(162,127)
Taxation		(6,993)	(13,392)
Net profit / (loss)		19,220	5,950

		2020	2019
		E	E
Turnover		241,137	278,714
Administration	expenses	(203,308)	(261,045)
Taxation		(6,941)	(2,958)
Net profit		30,888	14,711

	NOTES TO THE ACCOUNTS FOR THE	YEAR ENDED 31DECE	MBER 2020
9	TANGIBLE FIXEDASSETS
			land and		Furniture and
	Charity		buildings	Equipment	fittings	Total
			f	f	f	f
	COST
	At beginning ofyear		827,368	15,353	1,930	844,651
	Additions			13,532		13,532
	Disposals
	At end ofyear		827,368	28,885	1,930	858,183
	DEPRECIATION
	At beginning ofyear			14,687	1,930	16,617
	Charge for the year			3,087		3,087
	On disposals
	At end ofyear			17,774	1,930	19,704
	NET BOOK VALUE
	At end ofyear		827,368	11,111		838,479
	At beginning ofyear		827,368	666		828,034
		Land and	Leasehold		Furniture and
	Group	buildings	improvement	Equipment	fittings	Total
		f	f	f	f	f
	COST
	At beginning ofyear	827,368	191,337	15,861	12,361	1,046,927
	Additions			13,532	3,000	16,532
	At end ofyear	827,368	191,337	29,393	15,361	1,063,459
	DEPRECIATION
	At beginning ofyear		183,364	14,715	10,119	208,198
	Charge for the year		7,973	3,257	1,228	12,458
	At end ofyear		191,337	17,972	11,347	220,656
	NET BOOK VALUE
	At end ofyear	827,368		11,421	4,014	842,803
	At beginning ofyear	827,368	7,973	1,146	2,242	838,729

	NOTES TOTHE ACC	OUNT	S FOR THE YEAR ENDED 31DECEMB	ER2020
10	INVESTMENTS			Group		Charity
				2020	2019	2020	2019
				f.	f	f	f
	Investment in subsidiary		undertakings
	Historic cost at end ofyear					2	2
11	DEBTORS			Group		Charity
				2020	2019	2020	2019
				f	f	f
	Trade debtors			7,293	18,993
	Prepayments			7,194	35,377		8,369
	Amounts due from subsidiary undertakings					13,352	68,352
	Gift aid recoverable			24,630	16,923	24,630	16,923
	Other debtors			34,549	21,991	15,799	3,240
				73,666	93,284	53,781	96,884
12	CREDITORS: amounts	falling	due within one year	Group		Charity
				2020	2019	2020	2019
				f	f	f	f
	Trade creditors			14,835	5,184	11,097	125
	Taxation and other social security costs			18,936	21,218
	Accruals and deferred income			19,211	46,080	6,500	44,437
	Other creditors			125,385	26,820	121,845	4,098
	Bankloans			12,008	36,407	12,008	36,407
				190,375	135,709	151,450	85,067
13	CREDITORS: amounts	falling	due in more than one year	Group		Charity
				2020	2019	2020	2019
				f	f	f	f
	Bank loans			451,853	467,252	451,853	467,252
	Otherloans			250,000	250,000	250,000	250,000
				701,853	717,252	701,853	717,252
	The bank loans are secured on the freehold property concerned,			plus a debenture	over Kings	Cross Church.
	The other loans are secured on the freehold property concerned.
	Amounts falling due for payment after more than five years:
				Group		Charity
				2020	2019	2020	2019
				f	f	f	f
	Bankloans			398,748	416,801	398,748	416,801
	Otherloans			250,000	250,000	250,000	250,000
				648,748	666,801	648,748	666,801

RESTRICTED FUNDS			Funds				Funds
			b/fwd	Income	Expenditure	Transfers	c/fwd
			f		f	f	f
TENT			6,009		(371)		5,638
KXC Plant restricted		fund	36,571		(44,134)	7,563
Building fund			15,439		(14,434)		1,005
Home Ground			4,510	5,000	(2,793)		6,717
Resource Church	Funding		7,016	35,000	(30,503)		11,513
St Saviours			31,262		(31,262)
St Basil's				110,477	(64,273)	30,000	76,204
KXCventure				30,000			30,000
KXCare				12,528	(7,995)	6,000	10,533
Rebuilders				68,387			68,387
Foodbank				10,500	(10,500)
COVID-19 fund				4,400	(4,400)
TOTAL RESTRICTED		FUNDS	100,807	276,292	(210,665)	43,563	209,997

UNRESTRICTED FUNDS		Funds				Funds
		b/fwd	Income	Expenditure	Transfers	c/fwd
		f		f		f
Building designated	fund	46,340			30,000	76,340
Missions designated	fund	44,222		(43,315)	28,892	29,799
Church Planting		47,500	629	(16,667)	(24,167)	7,295
Curate house		98,709			14,798	113,507
Total designated funds		236,771	629	(59,982)	49,523	226,941
KXC Facilities Ltd		(11,117)		(117,609)	137,334	8,608
KXCoworking Ltd		28,775	241,137	(110,321)	(101,334)	58,257
General funds		122,632	1,081,532	(841,148)	(129,086)	233,930
Total general funds		140,290	1,322,669	(1,069,078)	(93,086)	300,795
TOTAL UNRESTRICTED FUNDS		377,061	1,323,298	(1,129,060)	(43,563)	527,736

LYSIS OF GROUP NET ASSETS BETWEEN FUNDS
	Unrestricted	Restricted	Total
2020	funds	funds	2020
	f	f	f
Tangible fixed assets	841,122	1,681	842,803
Debtors	69,573	4,093	73,666
Bank and cash	508,559	204,933	713,492
Creditors due within one year	(189,665)	(710)	(190,375)
Creditors due in more than one year	(701,853)		(701,853)
	527,736	209,997	737,733
2019	Unrestricted	Restricted	Total
	funds	funds	2019
	f		f
Tangible fixed assets	838,729		838,729
Debtors	93,285		93,285
Bank and cash	298,008	100,807	398,815
Creditors due within one year	(135,709)		(135,709)
Creditors due in more than one year	(717,252)		(717,252)
	377,061	100,807	477,868

	Unrestricted	Restricted	Total funds
	funds	funds	2019
INCOME
Donations and legacies	970,078	118,700	1,088,778
Charitable activities	63,583		63,583
KXC Facilities Ltd	8,386		8,386
KXCoworking Ltd	272,755		272,755
Investment income	972	54	1,026
Other income	30	2,750	2,780
TOTAL INCOME	1,315,804	121,504	1,437,308
EXPENDITURE
Charitable activities	1,157,343	89,710	1,247,053
TOTAL EXPENDITURE	1,157,343	89,710	1,247,053
NET INCOME FORTHE YEAR
BEFORETRANSFERS	158,461	31,794	190,255
TRANSFERS BETWEEN FUNDS	(11,667)	11,667
NET INCOME FOR THE YEAR	146,794	43,461	190,255
TOTAL FUND BALANCES BROUGHT FORWARD	230,267	57,346	287,613
TOTAL FUND BALANCES CARRIED FORWARD	377,061	100,807	477,868

RESTRICTED FUNDS	RESTRICTED FUNDS		Funds				Funds
			b/fwd	Income	Expenditure	Transfers	c/fwd
			f		f	f	f
TENT			6,009				6,009
Church Planting			6,482		(649)	(5,833)
RCC Grant fund			1,666		(1,666)
KXCCommunity	Fund		2,899	5,658	(8,557)
KXC Plant restricted		fund	27,175	16,701	(16,472)	9,167	36,571
Building Fund			13,115	2,324			15,439
Home Ground				4,510			4,510
Resource Church	funding			17,500	(10,484)		7,016
StSaviour's				58,811	(35,882)	8,333	31,262
Mission Fund				10,000	(10,000)
Sabbatical fund				6,000	(6,000)
TOTAL RESTRICTED		FUNDS	57,346	121,504	(89,710)	11,667	100,807

UNRESTRICTED FUNDS	UNRESTRICTED FUNDS	Funds				Funds
		b/fwd	Income	Expenditure	Transfers	c/fwd
		f	f	f	f	f
Building designated	fund	58,000			(11,660)	46,340
Missions designated	fund	14,147		(64,763)	94,838	44,222
Church Planting					47,500	47,500
Curate house					98,709	98,709
Total designated funds		72,147		(64,763)	229,387	236,771
KXC Facilities Ltd		(17,068)	8,386	(180,875)	178,440	(11,117)
KXCoworking Ltd		14,065	272,755	(77,569)	(180,476)	28,775
General funds		161,123	1,034,663	(834,136)	(239,018)	122,632
Total general funds		158,120	1,315,804	(1,092,580)	(241,054)	140,290
TOTAL UNRESTRICTED FUNDS		230,267	1,315,804	(1,157,343)	(11,667)	377,061

	2020	2019
INCOME	E
Donations and legacies	1,283,983	1,088,778
Charitable activities	68,277	63,583
Investment income	800	1,026
Other income	5,393	7,290
TOTAL INCOME	1,358,453	1,160,677
EXPENDITURE
Charitable activities	1,147,795	991,083
TOTAL EXPENDITURE	1,147,795	991,083
NET INCOME FOR THE YEAR	210,658	169,594