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2020-12-31-accounts

Charity Registration No. 1150014

Company Registration No. 08227302 (England and Wales)

THE KING'S CHURCH, STOWMARKET ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE KING'S CHURCH, STOWMARKET

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr N Carlton Smith
Mr A Greer (Chair)
Mrs P Hart
Secretary Mr N Carlton Smith
Charity number 1150014
Company number 08227302
Principal address The Wildwood Centre
Lower Road
Onehouse
Stowmarket
Suffolk
IP14 3BX
Registered office Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
Independent examiner Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
Bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4TA

THE KING'S CHURCH, STOWMARKET

CONTENTS

Page
Trustees report 1 - 2
Statement of trustees responsibilities 3
Independent examiners report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 12

THE KING'S CHURCH, STOWMARKET

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

Introduction

The trustees present their report and financial statements for the year ended 31 December 2020. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the King's Church constitution, the Companies Act 2006 and the Charities SORP (FRS 102) second edition.

Background

King’s Church Stowmarket is a community of Christian believers from Stowmarket and the surrounding area. The church is part of a family of churches called Relational Mission, which in turn is part of the Newfrontiers movement of churches. Newfrontiers is a worldwide network of about 1500 churches in over 60 nations.

Structure, governance and management

As a legal entity, King’s Church is constituted as a charitable company limited by guarantee, and run by a board of trustees who oversee the church’s legal and financial responsibilities. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr N Carlton Smith

Mr A Greer (Chair) Mrs P Hart

Objectives and activities

The charity's objects ('The objects') are for the public benefit and are restricted to the following:

(a) To advance the Christian faith in accordance with the beliefs in the schedule hereto attached in such parts of Stowmarket, the United Kingdom or the world as the trustees may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the charity;

(b) To relieve persons who are in conditions of need, financial hardship or sickness and who may be aged and to relieve the distress caused thereby in the said location and in such other parts of the United Kingdom or the world as the trustees may from time to time think fit;

(c) To provide or assist in the provision of facilities in the interests of social welfare for recreation of other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.

THE KING'S CHURCH, STOWMARKET

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees, who are also the directors of The King's Church, Stowmarket for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the The King's Church, Stowmarket and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the The King's Church, Stowmarket and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the The King's Church, Stowmarket and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE KING'S CHURCH, STOWMARKET

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE KING'S CHURCH, STOWMARKET

I report to the trustees on my examination of the financial statements of The King's Church, Stowmarket for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the The King's Church, Stowmarket (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the The King's Church, Stowmarket are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the The King's Church, Stowmarket’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

I note that the production of the accounts and independent examinations are provided by the same firm, but there are arrangements in place to ensure the independence aspect of the independent examination.

Gascoynes

Chartered Accountants Gascoyne House Moseleys Farm Business Centre Fornham All Saints Bury St Edmunds Suffolk IP28 6JY

Dated: 11 June 2021

THE KING'S CHURCH, STOWMARKET

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income from:
Donations and legacies
11
39,441
1,000
Investments
12
-
-
Total income
39,441
1,000
Expenditure on:
Charitable activities
15,911
1,500
Net income/(expenditure) for the year/
Net movement in funds
23,530
(500)
Fund balances at 1 January 2020
28,138
1,814
Fund balances at 31 December 2020
51,668
1,314		 Total
2020
£
40,441
-
40,441
17,411
23,030
29,952
52,982		 Total
2019
£
32,797
1
32,798
26,860
5,938
24,014
29,952

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

2020 2019
Notes £ £ £ £
Fixed assets
Tangible assets 3 404 609
Currentassets
Debtors 4 13,728 6,559
Cash at bank andinhand 40,860 23,684
54,588 30,243
Creditors: amounts fallingdueWithinone 5
year 2,010 900
Netcurrent assets 52,578 29,343
Total assets lesscurrentliabilities 52,982 29,952
--
Income funds
Restricted funds 1,314 1,814
Unrestricted funds 51,668 28,138
52,982 29,952

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

The King's Church, Stowmarket is a private company limited by guarantee incorporated in England and Wales. The registered office is Gascoyne House, Moseleys Farm Business Centre, Fornham All Saints, Bury St Edmunds, Suffolk, IP28 6JY.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, 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 Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The The King's Church, Stowmarket is a Public Benefit Entity as defined by FRS 102.

The The King's Church, Stowmarket has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Recognition of Incoming Resources

These are included in the Statement of Financial Activities (SOFA) when:

the charity becomes entitled to income;

the Directors believe it is probable they will receive the income; and the monetary value can be measured with sufficient reliability

Income with related expenditure

Where income has related expenditure the income and related expenditure are reported gross in the SOFA

Grants and donations

Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the income.

Tax reclaims on donations and gifts

Income from tax reclaims are included in the SOFA in the same financial period as the gift to which they relate.

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

(Continued)

Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report.

1.5 Resources expended

Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Governance costs

Include costs of the preparation and examination of statutory accounts, the costs of the Directors' meetings and cost of any legal advice to Directors on governance or constitutional matters.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost , net of depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

IT Equipment 25% straight line Other fixed assets 25% straight line

Depreciation in the year of purchase is calculated on a pro rata basis from the date of acquisition.

At each reporting end date, the The King's Church, Stowmarket reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

Cash and cash equivalents represent funds held at call in the charity's bank accounts.

1.9 Financial instruments

The The King's Church, Stowmarket has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are carried at transaction price .

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are carried at transaction price .

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the contractual obligations expire or are discharged or cancelled.

The average monthly number of employees during the year was:

2020 2019
Number Number
- -
3 Tangible fixed assets
IT Equipment Other fixed Total
assets
£ £ £
Cost
At 1 January 2020 1,019 1,150 2,169
At 31 December 2020 1,019 1,150 2,169
Depreciation and impairment
At 1 January 2020 410 1,150 1,560
Depreciation charged in the year 205 - 205
At 31 December 2020 615 1,150 1,765
Carrying amount
At 31 December 2020 404 - 404
At 31 December 2019 609 - 609
4 Debtors
2020 2019
Amounts falling due within one year: £ £
Gift aid tax recoverable 13,728 6,559

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Creditors: amounts falling due within one year
2020 2019
£ £
Accruals and deferred income 2,010 900

6 Restricted 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:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
1 January 2020 resources expended 31 December
2020
£ £ £ £
Benevolent fund 1,814 1,000 (1,500) 1,314

The Benevolent account is to hold funds that have been raised to support those people, that are known to the members of the church, who are experiencing financial hardship.

The restricted funds are represented by cash reserves of the charity.

7 Related party transactions

Two trustee directors received reimbursements totalling £ 1,184.04 for purchases made on behalf of the church (201 9: Two trustee directors received £ 1,228.90 for purchases made on behalf of the church ). These were in respect of licence fees for various ICT apps used by the church and other sundry church expenses. In addition the church paid course fees of £650 (2019 - £650) on behalf of one of the trustees for the LEAD church leadership development programme run by Relational Mission.

No other payments were made to directors or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them .

8 Risk assessment

The directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out an annual basis will provide sufficient resources in the event of adverse conditions. The directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

9 Reserves policy

The directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.

10 Public benefit

The charity acknowledges its requirement to demonstrate clearly that it must have charitable purpose or 'aims' that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

11 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£
Gift aid/other donations and gift aid recoverable
39,441
1,000
39,441
1,000
For the year ended 31 December 2019
32,797
-		 Total
2020
£
40,441
40,441		 Total
2019
£
32,797
32,797
32,797

12 Investments

Unrestricted Total
funds 2019
£ £
Interest receivable - 1

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

13
Charitable activities
Ministry costs
Gifts - Tithe to Relational Mission
Gifts - Other
Training and conferences
Church leader expenses
Visiting speakers
Hospitality and catering
Children's work
Other costs
Other governance costs comprise:
Premises hire
Administration, equipment and other sundry expenses
Accountancy
Insurance
Depreciation of fixed assets
Bank charges
Other costs		 2020
£
3,000
2,655
2,720
1,459
470
360
70
10,734
£
1,781
1,609
1,164
298
205
120
-
5,177		 2019
£
3,300
3,229
3,094
4,195
2,224
1,818
324
18,184
£
4,426
2,510
1,132
283
205
120
-
8,676

The accountancy costs are made up as follows:-

Independent examiners fees - £660 (2019 - £630) Other financial services provided - £504 (2019 - £502)

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

13
Restricted costs
Gifts		 2020
£
1,500
1,500		 2019
£
-
-