KENSINGTON UNrrED REFORMED CHURCH ALLEN STREET KENSINGTON LONDON W8 6BL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Minister Reverend Sall Thomas Treasurer Mrs Gifty Saba Church Secre Izumi Nishizono Assistant Church Secre David Nyarko Bankers Barclays Bank Lloyds Inde endent examiner M B Boydell FCA Boydell & Co Chartered Accountants 146B Chiswick High Road London W4 IPU
KENSINGTON UNITED REFORMED CHURCH REPORT OF THE CHURCH ELDERS FOR THE YEAR ENDED 31 MARCH 2024 The Church Elders present the annual report with the financial statements for the year ended March 31st 2024. Kensington United Reformed Church, one of the constituent churches of the Thames North Synod 0£ the United Reformed Church is registered as 'Kensington United Reformed Church Charity, (Charity no:1145107) under the Charities Act (2011). Princi al Activities To provide reguIar acts of Christian worship each Sunday during the year and at other times in accordance with the liturgical procedures of the United Refornied Church. To offer pastoral support to church members, members of the congregation and to those seeking assistance. To provide a friendly welcome to alI visitors to the church. To Iet the church Meeting Space, sanctuary and halls when available to local organisations, both charitable and commercial, as a service to the community and also as a means of suppIementing the income of the church. To maintain in good order the buildings and equipment of the Kensington United Refornied Church. To maintain and develop links with other Christian churches through the Churches Together Kensington and Chelsea and with other faith groups. To ensure Kensington United Reformed Church is represented at the meetings of the Thames North Synod of the United Reformed Church and other appropriate councils of the United Reformed Church. The EIders have held reguIar meetings during the past year to consider the pastoral care and the task of maintaining the worship services of the church and the day to day running of the building and finances. The Revd Sally Thomas started the ministry of our church on 1st February 2020. Her ministerial position is jointly held with St Paul's Bayswater URC with a scoping of 75 % . Minister: Reverend Sally Thomas Church Secretary: Ms Izumi Nishizono Treasurer - Mrs Gifty Saba AssIstat Church Secretary: Mr David Nyarko Serving Church EIders (2023-24) Mrs Amy Augustin, Mr David Nyarko, Ms. Izumi Nishizono, Mrs Gladys Osei, Mrs Evelyn Quartey-Papafio, Mrs Gifty Saba, Mrs Sarah Worburton. Miss Kathy Donaldson (from 26th November 2023)
KENSINGTON UNITED REFORMED CHURCH REPORT OF THE CHURCH ELDERS CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Elders Elders elected are elected to serve by the Church Meeting. Under the constitution of the Kensington United Refornied Church, Elders wiIl also act as Trustees to the KensingEon United Reformed Church Charity. Inde endent Examiner Mr M B Boydell FCA Boydell & Co. Chartered Accountants 146B Chiswick High Road London W4 IPU Bankers - Church Barclays Bank Leicester LE87 2BB Bankers - Church halls Lloyds Kensington High Street London W8 Financial re ort The accounts have been prepared to comply with the requirements of the Charities Act 2011 and the Statement of Recommended Practice for Charities and with the regulations made under the Church Accounting ReguIations 2006. They are prepared on an accruaIs basis and they are subject to a report by an Independent Examiner. Review of this ear's activities We continue to hold regular services and meetings in-person. We held one outdoor service followed by a picnic in Holland Park in July, and a Christmas caroI service in our church in December. The Christmas Day service and the joint bible study group with St Paul's Bayswater URC were held every other week on Zoom. The church attendance at Sunday services has declined since 2020, and is a serious concern. A variety of groups use our premises. Eden Montessori Nursery holds leases to use the halls during the week. Other regular hiIers include children's groups, toddler groups, self-help groups, concert organisers, and two other Christian denominations. There were also a number of one-off lettings. The income from hires is doing well and helps our finances. Rooms were Iet to most groups at a commercial rate, and to self-help groups (Alcoholics knonymous and Gamblers Anonymous) at a reduced rate. We are pleased to be abIe to support AA and GA in this way.
KENSINGTON UNrrED REFORMED CHURCH REPORT OF THE CHURCH ELDERS CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Review of this ear's activities continued The church decided to apply to the Council for a licence for same-sex marriages in February 2024. We continue to welcome former members and new visitors to our services. We hope to develop further and restore congregation growth in prayer. Future Activities The EIders wish to focus on: Improving provision for pastoral care with the help of our minister, the Revd SalIy Thomas, together with the members of the congregation. Trying to identify mission and outreach in the local community and implementing them with the help of our minister. Making the sanctuary and the Meeting Space available for church-related activities during the week. Continuing with the current programme to improve the financial position of the church and to create a surplus of income over expenditure. Risk Mana ement The Church Elders are continuing to identify major risks which impact on the work of the church, especially in regard to the security of the church's financial assets. It was discovered that the columns that support the upstairs gallery are leaning. Similarly, the height of the balustrade is too low. We have been tying to address these two issues and hope they could be dealt with in the new fiscal year. The building project on the adjacent land affects our buiIding. The issues during this fiscal year were the right to light, and the protection of the 19th century windows during the digging phase. With help from Rapleys, our surveyor, both issues will be dealt with in the new fiscal year. The Elders are mindful that safeguarding procedures in line with the current legislation for all who work with children must be maintained. A new safeguarding policy replaced the old one in February 2024. On behalf of the Church Elders Izumi Nishizono (Church Secretary/Church EIder) 2024
KENSINGTON UNITED REF0IUD CHURCH STATEMENT OF FINANCIAL AcfIvITIES FOR THE YEAR ENDED 31 MARCH 2024 Umestricted Restricted TOTAL Funds Funds 2024 TOTAL 2013 Notes INCOME AND E)ENDITuRE INCOMING RESOURCFS Offerings Donations and grants Investment income and interest Property income Other income Income tsx recoverable (2) 7,592 152 18,728 115,434 7592 152 18,728 115,434 7,536 461 15,235 109,282 1,501 1501 TOTAL INCOMING RESOURCES 143,407 143,407 132519 RESOUR5 USED Ministry & Mission fund contributions Ministers, expenses & local ministry l)remises costs Other expenses Donations (3) 34,596 780 67,180 17,496 102 34,596 780 67,180 17,496 102 24,625 1,412 64,311 19,679 500 TOTAL RESOURCES USED 120,154 120,154 110527 NEf INCOMING/(OUTGOING) RESOUR 23,253 23,253 21,992 GAINS AND LOSSES (note l) UnreaLised Gain/ (LO) 27,883 27,883 (17,264) NET MOVEMENT IN FUNDS 51,136 51,136 4,728 BALAN bought forward At l April 2023 566,618 567,666 562,938 BALANCES carried forward At 31 March 2024 £ 617,754 £ 1,048 £ 618A02 £ 567,666 The notes on pages 6 to 10 form part of these accounts.
KENSINGTON UNITED REFORMED CHURCH BALANCE SHEET AT 31 MARCH 2024 Notes 2024 2023 TANGIBLE FIXED ASSEts (i) (4) (5) Investtnent assets Church equipment 421,934 3,149 394,051 4,199 425,083 398,250 CURREWf ASSETS Debtors Cash at bank (6) 31,277 167887 30,904 143,759 199,164 174,663 CREDITORS: amounts falling due within one year (7) (5,445) (5,247) NET CURRENT ASSET5 193,719 169A16 £ 618,802 £ 567,666 FUNDS Unrestricted Restricted 617,754 1,048 566,618 1,048 (8) £ 618B02 £ 567,666 Approved by the Church EldeTS onuqp ftuFvs1 2024 and signed on their behalf by Gifty Saba - Treasurer/Elder Izumi Nishizono - Church Secretary/Elder The notes on pages 6 to 10 fonn part of these accounts.
KENSINGTON UNITED REFORMED CHURCH NOTES TO THE FINANCIAL ACTIVITIES FOR TFtE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES The financial statements have been prepared in accordance with the Statement of Recognised Practice - Accounting Eor Charities (2015) and the Church Accounting Regulations 2006. The financial statements have.been prepared under the histOTical cost convention except for the valuation of investment assets, which are shown at market value. Funds Unrestricted funds represent the funds that are not subject to any restrictions regarding their use and are available for use in furtherance of the objectives of the Church. Restricted funds are those donated for use in a particular area or for specific purposes. The accounts indude all transactions, assets and Iiabilities for which the Elders are responsible in law. They do not include the accounts of church groups that owe their main affyliation to another body nor those that are informal gatherings of Church members. Incomin Resources Voluntary income and capital sources.. Collections are recognised when received by or on behalf of the Church. Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on Gift Aid is recognised when the income is recognised. Grants and legacies to the Church are accounted for when the Church is notified of its legal entitlement and the amount due. Pro er income Rental income from the letting of church premises and the Manse is recognised when the rental is due. Income from investments Dividends and interest are accounted for when receivable. Tax recoverable on such incon (if any) is recognised in the same accounting year. Gains and losses on investments Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 March. Resources used Grants: Grants and donations are accounted for on an accrnals basis. Activities directly relating to the work of the Church The Ministry & Mission contributions are accounted for when payable.
KENSINGTON UNITED REFORMED CHURCH NOTES TO THE FANCIAL ACTIVITIES cowrINUED FOR THE YEAR ENDED 31 MARCH 2024 Fixed assets Consecrated land and buildings and moveable church fvTnishings: Consecrated and beneficed property is exduded from the accounts by s.10(2)(a) and (c) of the Charities Act 2011. No value is placed on movable church furnishings held by the Elders on special trust for the Church since the Elders consider this to be inalienable property. All expenditure incurTed during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed. Other fixtures fittin and office e ui ment Equipment used within the church pren)ises is depreciated on a straight-line basis over 4 years except for individual items of equipment with purchase price of £2,000 or less which are written off when the asset is acquired. Investments Investments are valued at market value at the year end. Current assets Amounts owing to the Church at 31 March in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectible. INCOMING RESOURCES Unrestricted Restricted Funds Funds TOTAL TOTAL 2024 2023 Offerings Freewill offering scheme Loose offerings Income tsx recoverable 4,852 2,740 1,501 4,852 2,740 1,501 4,370 3,166 9,093 9,093 7,536 Donations and grants '. Charitable donations Miscellaneous income Grant received 152 152 461 152 152 466 Investment income and interest Rental and hirAng income Other income 18,728 115,434 18,728 115A34 15.235 109,282 134,162 134,162 124,517 TOTAL INCOmG RFSOURCFS 143,407 143,407 132,519
KENSINGTON UNrrED REFORMED CHURCH NOTES TO THE FINANCIAL ACTIvfTIES CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Funds Funds TOTAL 2024 TOTAL 2023 RESOURCES USED Ministry and Mission Fund contributions 34,596 34,596 24,625 34,596 34596 24,625 Ministry: Vtsiting ministers/local ministry 780 1,412 780 780 1,412 Premises costs: aeaning Manse Expenses Heat and light Insurance Church building repairs and maintenance Administration of halls Council Tax License fees Water 13,100 4,168 13,607 7,592 10,414 16,776 1,221 145 157 13,100 4,168 13,6U7 7,592 10,414 16,776 1,221 145 157 15,918 14,773 6,435 11,522 14,188 1,320 155 67,180 67,180 64,311 Other expenses: Organist, choir and music Telephone and broadband Printing. stationery, copier and computer costs Sundry expenses Independent examinerfs fee Professional fees Book-keeping Depreciation 3559 IA40 818 634 3,559 4A55 1274 818 751 3,420 5,477 2.000 IAOO 3,540 4,055 2,000 1,050 4,055 2,000 1,050 17,496 17,496 19,679 Donations: MiscelIaneous 102 102 500 102 102 500 TOTAL RESOURCES USED 120,154 120,154 110,527
KENSINGTON UNITED REFORMED CHURCH NOTES TO THE FINANCIAL AcfIvITIES CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT FIXED ASSETS Market value: At l April 2023 Additions at cost Disposals Net Gain on annual revaluation 394,051 27,883 At 31 March 2024 £ 421,934 The InveStnThts are all quoted on a UK St( exchange. CHURCH E UIPMENT Balance l Apri12023 Additions - 9,659 9,659 Depreciation as at 01 April 2023 Depreciation charge for the year 5,460 1,050 Depreciation as at 31 March 2024 610 Balance 31 MaTch 2024 £3,149 DEBTORS 2024 2023 Prepayments URC Thames North Trust 603 30,674 1,498 29,406 £ 31,277 £ 30,904 CREDrroRS: AMOUNfs FALLG DUE wfIHtN ONE YEAR 2024 2023 Accruals Other Creditors 3,420 1,827 1,905 £ 5,445 £ 5,247
10. THE KENSINGTON UNITED REFORMED CHURCH NOTES TO THE FINANCIAL ACfIVITIES CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 RFSTRICTED FUNDS Movements on restricted funds during the year were as follows: Funds: B/f Received Expended Transfer C/f Bursary Fund for Young peoples, Christian education/ conferences Fund from funerals for church niission 849 199 199 £ 1,048 £ 1,048 DEVELOPMENT OF CHURCH BUtLDINGS Kensington United Refornied Church and Church Hall are owned by URC Thames North Trust, a registered charity, number 1022551. Kensington United Reformed Church (through its EIders) is responsible for maintaining the premises and it is perniitted to retain any rental income derived therefro Monies accruing to the building development are held on behalf of Kensington United Refornied Church by the URC Thames North Trust. The financial statements record the income from letttngs and the adniinistration and maintenance costs and the cost of furnishings and equipment. 10. THE ENKINS LEGACY URC Thames North Trust has been holding funds derived from "The Jenkins Legacsrf,. Following discussions with them and because they hold these funds on trust for Kensington United Refonned Church, it was agreed that the fudS held by them as at l April 2009 amounting to £ 34,264 should be treated as income in the financial statements as at that date and they would be included as debtors. Interest arising and admitratiOn charges from that date are induded in the Statement of Financial Activities. 11. CFIURCH ELDERS EMOLUMENTS Two of the church elders received emoluments during the year for their senTices. The church secretary, Izumi Nishizono received a6,776 (2023 £14,188) for the administration of the hall lettings and the church treasurer, Gifty Saba received £ 2,000 (2023 £2,000) for book-keeping services.
11. THE KENSINGTON UNITED REFORMED CHURCH INDEPENDENT EXAMINER'S REPORT TO THE ELDERS OF KENsGTON UNITED REFORMED CHURCH This report on the accounts of the Church for the year ended 31 March 2024, which are set out on pages 5 to 10, is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 ("the Regulations") and section 145 of the Charities Act 2011 ("the Act"). Res ective res onsibilities of trustees and examiner The Church Elders as Charity Trustees for the Church are responsible for the preparation of the accounts. They consider that the audit requirement of the ReguIations and section 144(2) of the Act does not apply and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act and the Regulations. to follow procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of 2011 Act. and to state whether particular matters have come to my attentio Basis of this re ort My exarnination was carried out in accordance with the General Directions given by the Charity Commissioners. That examination includes a review of the accounting records kept by the Church Elders and a comparison of the accounts with those records. It also indudes considering any unusual items or disclosures in the accounts and seeking explanations from the Elders as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequendy I do not express an audit opinion on the view given by the accounts. Inde endent examinerfs statement: In connection with my examination, no matter has come to my attention: (l) which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the 2011 Act, and to prepare accounLs which accord with the accounting records and to comply with the re(lrernents of the Act and the Regulations have not been met. or {2} to which, in my opinion attention should be drawn in order to enable a proper understanding of the accounts to be Teached. M B Boydell FCA Boydell & Co Chartered Accountants 146B Chiswick High Road London W4 IPU ql'l 2024
12. THE KENSINGTON UNITED REFORMED CHURCH APPENDIX TO THE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 The following InforntiOn regarding the Church Halls and Nursery is included in the property income and expenditure shown in the Statement of Financial Activities on page 4 of the financial statements. Income 2024 2023 Hall lettings 115,434 109,282 enditure Administration- by self employed individuals Cleaning Manse expenses Independent examination and accountancy (20 % proportion) Insurance (say 20°k proportion) Council Tax Heating & lighting (say 50°A proportion) Repairs and maintenance (say 50°A proportion) Telephone 16,776 13,100 4,168 14,188 15,918 684 1,287 lJ20 7B87 5,761 1,274 1,518 1,221 6,804 5,207 1,840 51 J42 47,819 PROFIT of income over expenditure re Halls £ 64,092 £ 61,463