##
##
##
||||Page|
|---|---|---|---|
|Legal and administrative|information|||
|Report ofthe Council|||4-8|
|Independent
Auditors
Report|||9-12|
|Statement
of Financial|Activities|||
|(including
Income 8, Expenditure||Account)|13|
|Balance Sheet|||14|
|Cash Flow Statement||||
|Notes to the Financial|Statements||16-32|
##
##
##
##
|||||lain Alexander|||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||Sarah Eccleshall|||||||
|||||Sophie Guthrie|||||||
|||||Frank Harper (Chairman)|||||||
|||||Revd. Peter Hughes|||||||
|||||Michael Kent|||||||
|||||Revd. Canon Michael|||Mitton||||
|||||John Parmiter|||||||
|||||Rachel Hylton|(appointed|||28|February|2022)|
|Company||Secretary||Richard Spens|||||||
|Company||Number||07416629|||||||
|Charity|Number|||1141658|||||||
|Registered||Office||242 Pentonville||Road|||||
|||||London|||||||
|||||N1 9NG|||||||
|Church|Leaders (responsible|||Revd. Peter Hughes|||and|Mrs. Bee Hughes.|||
|for leadership|||ofthe church's||||||||
|activities)|||||||||||
|Bankers||||NatWest
Bank|||||CAF Bank||
|||||Upper Street|||||25 Kings|Hill Avenue|
|||||London|||||West Mailing||
|||||N1 OPQ|||||Kent||
||||||||||ME194JQ||
|||||Virgin Money|||||||
|||||Jubilee House|||||||
|||||Gosforth|||||||
|||||Newcastle
upon||Tyne|||||
|||||NE3 4PL|||||||
|Auditors||||Chris Goodhead||FCA|||||
|||||Knight Goodhead||Ltd|||||
|||||7 Bournemouth|Road||||||
|||||Chandler's
Ford|||||||
|||||Hampshire|||||||
|||||60533DA|||||||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||Unrestricted|Restricted|Total funds|Total funds|
|---|---|---|---|---|---|
||Notes|funds|funds|2021|2020|
|INCOME||||||
|Donations
and legacies||1,188,438|595,279|1,783,717|1,283,983|
|Charitable
activities||23,632||23,632|68,277|
|KXC Facilities Ltd (external income)||||||
|KXCoworking
Ltd (external income)||268,389||268,389|241,137|
|Investment
income||159||159|800|
|Other income||1,125||1,125|5,393|
|TOTAL INCOME||1,481,743|595,279|2,077,022|1,599,590|
|EXPENDITURE||||||
|Charitable
activities|6|1,215,092|116,110|1,331,202|1,339,725|
|TOTAL EXPENDITURE||1,215,092|116,110|1331,202|1,339,725|
|NET INCOME FOR THE YEAR||||||
|BEFORETRANSFERS||266,651|479,169|745,820|259,865|
|TRANSFERS BETWEEN FUNDS||509,537|(509,537)|||
|NET INCOME FOR THE YEAR||776,188|(30,368)|745,820|259,865|
|TOTAL FUND BALANCES BROUGHT FORWARD||527,736|209,997|737,733|477,868|
|TOTAL FUND BALANCES CARRIED FORWARD|14&15|1,303,924|179,629|1,483,553|737,733|
##
##
||||Group||Charity||
|---|---|---|---|---|---|---|
||||2021|2020|2021|2020|
|||Notes|||||
|FIXED ASSETS|||||||
|Tangible assets||9|1,620,770|842,803|1,616,719|838,479|
|Investments||10|||2||
|CURRENT ASSETS|||||||
|Debtors|||223,179|73,666|165,028|53,781|
|Cash at bank and in hand|||564,440|713,492|453,890|631,909|
||||787,619|787,158|618,918|685,690|
|CREDITORS: amounts|falling||||||
|due within one year||12|(239,047)|(190,375)|(192,044)|(151,450)|
|NET CURRENT ASSETS|||548,572|596,783|426,874|534,240|
|CREDITORS: due in more than one year||13|(685,789)|(701,853)|(685,789)|(701,853)|
|NET ASSETS|||1,483,553|737,733|1,357,805|670,868|
|FUNDS|||||||
|Unrestricted
funds||15|1,303,924|527,736|1,178,176|460,871|
|Restricted funds||14|179,629|209,997|179,629|209,997|
|TOTAL FUNDS||16|1,483,553|737,733|1,357,805|670,868|
##
##
||CONSOLIDATED
CASHFLOW|STATEMENT FOR THE YEAR ENDED 31DECEMBE|R 2021|||
|---|---|---|---|---|---|
||||2021||2020|
|||Notes|6||E|
||NET CASH FLOW PROVIDED BYOPERATING ACTIVITIES||652,876||370,207|
||CASH FLOWS FROM INVESTING|ACTIVITIES||||
||Interest received||159||800|
||CASH FLOWS FROM INVESTING|ACTIVITIES||||
||Fixed asset additions||(788,266)||(16,532)|
||Disposal proceeds||1,617|||
||CASH FLOWS FROM FINANCING|ACTIVITIES||||
||Repayments
of borrowing||(15,438)||(39,798)|
||NET CASH FLOW|1|(149,052)||314,677|
||Change
in cash and cash equivalents
in the year||(149,052)||314,677|
||Cash and cash equivalent
at start ofthe year||713,492||398,815|
||Cash and cash equivalents
at|the end ofthe year|564,440||713,492|
||NOTES TO THE CASHFLOW STATEMENT FOR THE YEAR ENDED 31DECEMBER||2021|||
|2|NET CASH FLOW PROVIDED BYOPERATING ACTIVITIES|||||
||Net movement
in funds forthe year||745,820||259,865|
||Interest received||(159)||(800)|
||Depreciation||8,618||12,458|
||Loss on disposal offixed assets||64|||
||(Incease)/decrease
in debtors||(149,513)||19,619|
||(Decrease)/increase
in creditors||48,046||79,065|
||Net cash flow from operating|activities|652,876||370,207|
|2|ANALYSIS OF CASH AND CASH EQUIVALENTS||2021||2020|
||||E||6|
||Cash at bank and in hand||564,440||713,492|
||||564,440||713,492|
|3|ANALYSIS OF CHANGES
IN NET DEBT||At||At 31|
||||1Jan 2021|Cash flows|31Dec2021|
||Cash at bank and in hand||713,492|(149,052)|564,440|
||Debt due within one year||(12,008)|(626)|(12,634)|
||Debt due after one year||(701,853)|16,064|(685,789)|
||||(369)|(133,614)|(133,983)|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|3|DONATIONS
AND LEGACIES|DONATIONS
AND LEGACIES|Unrestricted|Restricted|Total funds|Total funds|
|---|---|---|---|---|---|---|
||||funds|funds|2021|2020|
||||6|6|6|6|
||Non gift aid donations||384,357|107,081|491,438|217,240|
||Gift aid donations||635,809|118,898|754,707|800,878|
||Gift aid recoverable||165,108|32,396|197,504|200,573|
||Special appeals||3,164||3,164|2,392|
||Grant income|||336,904|336,904|62,900|
||||1,188,438|595,279|1,783,717|1,283,983|
|4|CHARITABLE ACTIVITIES INCOME||Unrestricted|Restricted|Total funds|Total funds|
||||funds|funds|2021|2020|
||||6||6|6|
||Church Weekend|Away|14,524||14,524|44,291|
||Other event income||895||895|4,726|
||Book and Media|income|8,213||8.213|19,26D|
||||23,632||23,632|68,277|
|5|STAFF COSTS||||2021|2020|
||Wages and salaries||||442,797|384,432|
||Social security costs||||32,974|23,885|
||Pension||||22,320|17,613|
||Accommodation|and other costs|||19,043|23,510|
||||||517,134|449,440|
##
##
|6|EXPENDITURE|||Unrestricted|Restricted|Total funds|Total funds|
|---|---|---|---|---|---|---|---|
|||||funds|funds|2021|2020|
|||||6|6|6|6|
||Direct costs|||||||
||Warship|||27,201|3,420|30,621|23,886|
||Sunday services|||4,161||4,161|6,274|
||Sang writing|and|praductian|2,627||2,627|25,013|
||Live events|||200||200||
||Festival services|||4,873||4,873|11,784|
||Prayer|||2,516||2,516|12,212|
||Apprenticeship
year||||||1,976|
||Hubs and pattern|||2,517||2,517|5,589|
||Conferences|and|events|14,736||14,736|74,313|
||Family life|||7,384|216|7,600|5,110|
||Students|||3,472||3,472|1,434|
||Leadership|development||683||683|1,641|
||Pastoral|||2,321||2,321|2,137|
||Newcomers|||973||973|711|
||Compassian|and|local missions|9,876|6,250|16,126|28,588|
||Evangelism|||1,506|888|2,394|556|
||Grants|||53,785|1,062|54,847|43,300|
||Hub mission||||||300|
||Church
Planting|||2,259|2,500|4,759|28,442|
||Church
Plantmg||—St Basil's assets gifted||76,204|76,204||
||Church
Planting||- StSaviours assets gifted||||31,262|
||Church
Planting||- St Mary's assets gifted||||36,571|
||KXC Facilities Ltd||(external costs)|82,839||82,839|117,609|
||KX Coworking
Ltd (external costs(|||157,667||157,667|110,321|
||Total direct|casts||381,596|90,540|472,136|569,029|
##
##
|6|EXPENDITURE (continued)|EXPENDITURE (continued)|EXPENDITURE (continued)|EXPENDITURE (continued)||Unrestricted|Restricted|Total funds|Total funds|
|---|---|---|---|---|---|---|---|---|---|
|||||||funds|funds|2021|2020|
|||||||6|6|E|E|
||Direct costs (see|previous page)||||381,596|90,540|472,136|569,029|
||Support costs|||||||||
||venue hire|||||31,290|2,000|33,290|42,571|
||Shared equipment||and consumables|||2,997||2,997|3,362|
||Hospitality|||||4,116||4,116|786|
||Office costs|||||16,848|347|17,195|21,661|
||Travel and subsistence|||||2,111||2,111|2,688|
||Staff training
and|recruitment||||12,291||12,291|11,401|
||Owned and leased||facilities|||70,546||70,546|25,141|
||Finance|||||494||494|105|
||Communications|and||media||10,393||10,393|11,805|
||Facilities planning|||||14,513|5,361|19,874|14,434|
||Clergy housing|||||1,084||1,084|28,952|
||Curate and ordinand|||costs||39,900||39,900|39,900|
||Wages and salaries|||||517,134||517,134|449,440|
||Common fund|||||85,200||85,200|85,200|
||Trustee expenses|||||891||891|854|
||Legal and professional||||fees|7,200||7,200|870|
||Accountancy fee|||||6,194||6,194|6,898|
||Payroll fees|||||1,572||1,572|1,368|
||Bank charges and|loan|||mterest|1,006|17,862|18,868|19,594|
||Depreciation|||||7,052||7,052|3,087|
||Loss on disposal|||||64||64||
||Sundry costs|||||600||600|579|
||Total support costs|||||833,496|25,570|859,066|770,696|
||Total expenditure|||||1,215,092|116,110|1,331,202|1,339,725|
##
##
##
||2021|2020|
|---|---|---|
||E|E|
|Kings Cross Church|||
|Assembly ofGod|1,650|1,800|
|Bridge the Gap|1,000||
|Christians
Against Poverty|3,700|3,700|
|Choices Islington|10,500|6,800|
|Crux Conversations|3,462||
|Growing Hope|10,167|11,000|
|UM|1,100||
|Liv UK|2,880|2,880|
|London City Mission|2,400|2,400|
|Open Doors|1,200|1,200|
|Power the Fight|1,200||
|Tree of Ufe|2,880||
|XLP|10,000|10,000|
|KKCoworklng
Ltd|||
|ARKfor Good|8,845||
|Help on Your Doorstep||1,000|
##
##
##
|||2021|2020|
|---|---|---|---|
||||E|
|Turnover||121,060|137,333|
|Administration|expenses|(84,287)|(111,120)|
|Distribution to King's Cross Church||(5,000)||
|Taxation||1,448|(6,993)|
|Net profit/(loss)||33,221|19,220|
##
|||2021|2020|
|---|---|---|---|
|||E|E|
|Turnover||268,389|241,137|
|Administration|expenses|(236,506)|(203,308)|
|Taxation||(6,221)|(6,941)|
|Net profit||25,662|30,888|
##
##
##
||Land and|Leasehold||Furniture
and||
|---|---|---|---|---|---|
|Charity|buildings
E|impravements
f|Equipment
f|fittings
E|Total
f|
|COST||||||
|At beginning
ofyear|827,368||28,885|1,930|858,183|
|Additions||737,574|9,965|39,434|786,973|
|Dispasals|||(2,017)||(2,017)|
|At end ofyear|827,368|737,574|36,833|41,364|1,643,139|
|DEPRECIATION||||||
|At beginning
ofyear|||17,774|1,930|19,704|
|Charge for the year|||6,284|768|7,052|
|On disposals|||(336)||(336)|
|At end ofyear|||23722|2,698|26,420|
|NET BOOK VALUE||||||
|At end ofyear|827,368|737,574|13,111|38,666|1,616,719|
|At beginning
ofyear|827,368||11,111||838,479|
||Land and|Leasehold||Furniture
and||
|Group|buildings|improvements|Equipment|fittings|Total|
||E|f|f|f|E|
|COST||||||
|At beginning afyear|827,368|191,337|29,393|15,361|1,063,459|
|Additions||737,574|9,965|40,727|788,266|
|Dispasals|||(2,017)||(2,017)|
|At end afyear|827,368|928,911|37,341|56,088|1,849,708|
|DEPRECIATION||||||
|At beginning
ofyear||191,337|17,972|11,347|220,656|
|Charge forthe year|||6,453|2,165|8,618|
|On disposals|||(336)||(336)|
|At end ofyear||191,337|24,089|13,512|228,938|
|NET BOOK VALUE||||||
|At end ofyear|827,368|737,574|13,252|42,576|1,620,770|
|At beginning
ofyear|827,368||11,421|4,014|842,803|
##
##
||NOTES TO THE|ACC|OUN|TS|FO|R THE YEAR ENDED 31DEC|EMBER 2021||||
|---|---|---|---|---|---|---|---|---|---|---|
|10|INVESTMENTS||||||Group||Charity||
||||||||2021|2020|2021|2020|
||||||||E|E|E|E|
||Investmentin|subsidiory|||undertakings||||||
||Historic cost at end of|||year|||||2|2|
|11|DEBTORS||||||Group||Charity||
||||||||2021|2020|2021|2020|
||||||||E|E|E|E|
||Trade debtors||||||22,424|7,293|||
||Prepayments||||||23,600|7,194|6,623||
||Accrued income||||||117,500||117,500||
||Amounts
due from subsidiary|||||undertakings||||13,352|
||Gift aid recoverable||||||15,166|24,630|15,166|24,630|
||Other debtors||||||44,489|34,549|25,739|15,799|
||||||||223,179|73,666|165,028|53,781|
|12|CREDITORS: amounts||falling||due|within ane year|Group||Charity||
||||||||2021|2020|2021|2020|
||||||||E|E|E|E|
||Trade creditors||||||94,784|14,835|91,644|11,097|
||Taxatian
and other social||||security costs||15,422|18,936|||
||Accruals and deferred|||income|||31,443|19,211|6,666|6,500|
||Other creditors||||||84,764|125,385|81,100|121,845|
||Bankloans||||||12,634|12,008|12,634|12,008|
||||||||239,047|190,375|192,044|151,450|
|13|CREDITORS: amounts||falling||due|in more than ane year|Group||Charity||
||||||||2021|2020|2021|2020|
||||||||E|E|E|E|
||Bankloans||||||435,789|451,853|435,789|451,853|
||Otherloans||||||250,000|250,000|250,000|250,000|
||||||||685,789|701,853|685,789|701,853|
|Amounts
falling due far payment
after|more than five years:||||
|---|---|---|---|---|
||Group||Charity||
||2021|2020|2021|2020|
||E|E|E|E|
|Bankloans|394,725|398,748|394,725|398,748|
|Otherloans|250,000|250,000|250,000|250,000|
||644,725|648,748|644,725|648 748|
##
##
|14|RESTRICTED FUNDS||Funds||||Funds|
|---|---|---|---|---|---|---|---|
||||b/fwd|Income|Expenditure|Transfers|c/fwd|
||||6||E||6|
||TENT||5,638||(1,420)||4,218|
||Building fund||1,005|272,500|(4,488)|(197,017)|72,000|
||Home Ground||6,717|(6,717)||||
||Resource Church|Funding|11,513|35,000|(17,861)||28,652|
||St Basil's||76,204||P6,204)|||
||KXCventure||30,000|1,950|(4,450)|(10,000)|17,500|
||KXCare||10,533|949|(2,782)||8,700|
||Rebuilders||68,387|206,386|(687)|(274,086)||
||Foodbank|||2,990|(4,048)|1,058||
||COVID-19 fund|||5,000|(2,708)||2,292|
||Claudesely
Building Fund|||76,238|(1,246)|(29,492)|45,500|
||First Fridays|||983|(216)||767|
||TOTAL RESTRICTED FUNDS||209,997|595,279|(116,110)|(509,537|179,629|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|15|UNRESTRICTED FUNDS|UNRESTRICTED FUNDS||Funds||||Funds|
|---|---|---|---|---|---|---|---|---|
|||||b/fwd|Income|Expenditure|Transfers|c/fwd|
|||||6|6|6|E|6|
||Building designated||fund|76,340||(12,913)|(63,427)||
||Missions designated||fund|29,799||(68,534)|89,014|50,279|
||Church
Planting|||7,295||(6)|10,000|17,289|
||Curate house|||113,507|||15,437|128,944|
||King's House||||||737,573|737,573|
||Growth
Fund||||175,000||(15,000)|160,000|
||Total designated|funds||226,941|175,000|(81,453)|773,597|1,094,085|
||KXC Facikties Ltd|||8,608||(82,839)|116,060|41,829|
||KXCoworking
Ltd|||58,257|268,389|(157,667)|(85,060)|83,919|
||General funds|||233,930|1,038,354|(893,133)|(295,060)|84,091|
||Total general funds|||300,795|1,306,743|(1,133,639)|(264,060)|209,839|
||TOTAL UNRESTRICTED FUNDS|||527,736|1,481,743|(1,215,092)|509,537|1,303,924|
##
##
##
##
##
##
|LYSIS OF|GRO|UP NET ASSETS BETWEEN FUNDS||||
|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total|
|2021|||funds|funds|2021|
||||f|f|f|
|Tangible|fixed|assets|1,620,770||1,620,770|
|Debtors|||105,679|117,500|223,179|
|Bank and|cash||502,311|62,129|564,440|
|Creditors|due|within one year|(239,047)||(239,047)|
|Creditors|due|in more than one year|(685,789)||(685,789)|
||||1,303,924|179,629|1,483,553|
|2020|||Unrestricted|Restricted|Total|
||||funds|funds|2020|
||||E|f|E|
|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)||P01,853)|
||||527,736|209,997|737,733|
##
##
||Unrestricted|Restricted|Total funds|
|---|---|---|---|
||funds|funds|2020|
|INCOME||||
|Donations
and legacies|1,007,691|276,292|1,283,983|
|Charitable
activities|68,277||68,277|
|KXCoworking
Ltd|241,137||241,137|
|Investment
income|800||800|
|Other income|5,393||5,393|
|TOTAL INCOME|1,323,298|276,292|1,599,590|
|EXPENDITURE||||
|Charitable
activities|1,129,060|210,665|1,339,725|
|TOTAL EXPENDITURE|1,129,060|210,665|1,339,725|
|NET INCOME FOR THE YEAR||||
|BEFORETRANSFERS|194,238|65,627|259,865|
|TRANSFERS BETWEEN FUNDS|(43,563)|43,563||
|NET INCOME FOR THE YEAR|150,675|109,190|259,865|
|TOTAL FUND BALANCES BROUGHT FORWARD|377,061|100,807|477,868|
|TOTAL FUND BAiANCES CARRIED FORWARD|527,736|209,997|737,733|
##
##
|RESTRICTED FUNDS|RESTRICTED FUNDS||Funds||||Funds|
|---|---|---|---|---|---|---|---|
||||b/fwd|Income|Expendrture|Transfers|c/fwd|
||||E||E|E|E|
|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|
|StSaviour's|||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|
||||E||E|E|E|
|Buildmg 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|
##
##
##
##
##
##
##
|8elow are summarised|results for Kings Cross Church, excluding the subsidiary|companies:||
|---|---|---|---|
|||2021|2020|
|INCOME||E|6|
|Donations and legacies||1,788,717|1,283,983|
|Charitable activities||23,632|68,277|
|Investment
income||159|800|
|Other income||1,125|5,393|
|TOTAL INCOME||1,813,633|1,358,453|
|EXPENDITURE||||
|Charitable
activities||1,126,696|1,147,795|
|TOTAL EXPENDITURE||1,126,696|1,147,795|
|NET INCOME FOR THEYEAR||686,937|210,658|