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← The King's Church, Stowmarket

2023-12-31-accounts

Charity registration number 1150014

Company registration number 08227302 (England and Wales)

THE KING'S CHURCH, STOWMARKET

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

THE KING'S CHURCH, STOWMARKET

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr N Carlton Smith
Mr A Greer (Chair)
Mr Bryan Hilton (Appointed 29 June 2023)
Secretary Mr N Carlton Smith
Charity number 1150014
Company number 08227302
Principal address The Barn
White Cottage Farm
Combs Lane
Stowmarket
Suffolk
IP14 3BN
Registered office Gascoynes House
Moseleys Farm Business Centre
Fornham All Saints
Suffolk
IP28 6JY
Independent examiner Gascoynes
Gascoynes House
Moseleys Farm Business Centre
Fornham All Saints
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 2023

Introduction

The trustees present their report and financial statements for the year ended 31 December 2023. 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 (Resigned 29 June 2023) Mr Bryan Hilton (Appointed 29 June 2023)

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

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

The church met regularly at "The Barn" on Sunday mornings during the year, with a core of member and regular visitors averaging around 45. Our preaching series included Esther and the Gifts of the Spirit; we also launched a Revelation series, which will continue over the next few years, interspersed with other themes.

We ran regular activities for children and teenagers in parallel with part of our services, and during the Summer we took some of our youngsters to the Newday 2023 Festival at the Norfolk Showground.

We ran a Light Station outreach event at Hallow'en on one of the housing estates in the town, which was well received by the children and adults who visited the light station.

Further afield, we continued to support one of our senior church members in his role of strengthening and encouraging churches on mainland Europe. We also continued our financial and prayer support for the missionary organisation Empart. Our church leader Justin Vince attended a European-wide Empart conference in Slovenia in April,

In October 2023 we commissioned Pip Scott as an elder of the church to work alongside Justin Vince. Establishing an eldership team was a significant milestone in the life of the church.

We give thanks to God for His goodness to us during the year!

Financial review

There was a surplus of income over expenditure for the year on unrestricted funds of approximately £12.5k. The expenditure for the year was £43.4K, which is analysed in more detail at note 7 to the accounts. Income for the year was £55.5k, representing donations from members and visitors, supplemented by recovery of tax via gift aid, and also contributions to costs of the Newday 2003 Festival. Unrestricted reserves at the year-end were £91.6k.

The church also maintained a hardship fund (the “restricted funds”). There were a few transactions into and out of this fund during the year, leaving a year-end balance of £2k.

Reserves

The reserves policy as at the date of this report is that unrestricted funds should be maintained at a level equivalent to between three and six month’s expenditure. This level of reserves was comfortably maintained in 2023.

The trustees report was approved by the Board of Trustees.

Mr A Greer (Chair) Chairman of the trustees Dated: 23 September 2024

THE KING'S CHURCH, STOWMARKET

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

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 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 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 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 2023.

Responsibilities and basis of report

As the trustees of 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 financial statements of 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 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 Gascoynes House Moseleys Farm Business Centre Fornham All Saints Suffolk IP28 6JY

Dated: 23 September 2024

THE KING'S CHURCH, STOWMARKET

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and
reimbursement of costs
6
52,370
-
Investments
9
1,519
-
Total income
53,889
-
Expenditure on:
Charitable activities
7
41,829
1,270
Gross transfers
between funds
-
-
Net income/(expenditure) for
the year/
Net movement in funds
12,060
(1,270)
Fund balances at 1 January
2023
79,586
3,586
Fund balances at 31
December 2023
91,646
2,316		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
52,370
42,178
1,263
1,519
81
-
53,889
42,259
1,263
43,099
32,561
1,445
-
(2,454)
2,454
10,790
7,244
2,272
83,172
72,342
1,314
93,962
79,586
3,586		 Total
2022
£
43,441
81
43,522
34,006
-
9,516
73,656
83,172

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.

THE KING'S CHURCH, STOWMARKET

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
3
Current assets
Debtors
4
Cash at bank and in hand
Creditors: amounts falling due within one
year
5
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
Unrestricted funds		 2023
£
9,826
84,699
94,525
1,012		 £
449
93,513
93,962
2,316
91,646
93,962		 2022
£
4,627
79,437
84,064
892		 £
-
83,172
83,172
3,586
79,586
83,172

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

No members have required the company to obtain an audits of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:

Mr A Greer (Chair)

Trustee

Company Registration No. 08227302

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 Gascoynes House, Moseleys Farm Business Centre, Fornham All Saints, 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 King's Church, Stowmarket is a Public Benefit Entity as defined by FRS 102.

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 amounts 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

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:

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.

Volunteer help

The value of any voluntary help received is not included in the accounts.

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

(Continued)

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.

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, except where the charge is not material, in which case the depreciation is added to the charge for the following year.

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

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.

Derecognition of financial liabilities

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

Number of employees

There were 0 employees during 2023 (0 employees during 2022)

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

3
Tangible fixed assets
IT Equipment
Other fixed
assets
£
£
Cost
At 1 January 2023
1,019
1,150
Additions
449
-
At 31 December 2023
1,468
1,150
Depreciation and impairment
At 1 January 2023
1,019
1,150
At 31 December 2023
1,019
1,150
Carrying amount
At 31 December 2023
449
-
At 31 December 2022
-
-
4
Debtors
2023
Amounts falling due within one year:
£
Gift aid tax recoverable
9,826
5
Creditors: amounts falling due within one year
2023
£
Accruals and deferred income
1,012		 Total
£
2,169
449
2,618
2,169
2,169
449
-
2022
£
4,627
2022
£
892

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6
Donations and reimbursement of costs
Unrestricted
Restricted
funds
funds
£
£
Gift aid/other donations
41,146
-
Newday contributions
1,270
-
Gift aid recoverable
9,954
-
For the year ended 31 December 2022
42,178
1,263
7
Charitable activities
2023
Ministry costs
£
Gifts - Tithe to Relational Mission
3,000
Gifts - Ukraine (Lighthouse Community)
-
Gifts - Empart
2,400
Gifts - Stowmarket foodbank
-
Gifts - Other
160
Gifts - Newday charity
2,500
Gifts - Turkey/Syria Earthquake appeal
1,000
Mainland Europe - Church support
2,437
Newday festival
4,370
Training and conferences
3,049
Church running costs
10,857
Leadership costs
10,780
40,553
Other costs
£
Accountancy
918
Insurance
358
1,276		 Total
2022
£
43,441
Total
2023
£
41,146
1,270
9,954
2022
£
3,000
7,597
2,400
1,000
250
-
-
1,629
2,322
3,001
10,028
-
31,227
£
1,027
307
1,334

The accountancy costs are made up as follows:-

Independent examiners fees - £846 (2022 - £650) Other financial services provided - £72 (2022 - £377)

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

8
Restricted costs
2023
£
Gifts
1,270
1,270
9
Investments
Unrestricted
funds
£
Interest receivable
1,519		 2022
£
1,445
1,445
Total
2022
£
81

10 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 Transfers Balance at Resources Balance at
1 January 2022 resources expended 1 January 2023 expended 31 December
2023
£ £ £ £ £ £ £
Benevolent
fund 1,314 1,263 (1,445) 2,454 3,586 (1,270) 2,316

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 Giving to Missions fund holds monies given specifically to support missions.

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

11 Related party transactions

One trustee director received reimbursements totalling £1,658.60 for purchases made on behalf of the church (2022: £1,663.77). These were in respect of licence fees for several IT based services used by the church and other sundry church expenses.

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.

THE KING'S CHURCH, STOWMARKET

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

12 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.

13 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.

14 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.