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 2024
THE KING'S CHURCH, STOWMARKET
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr N Carlton-Smith Mr A Greer Mr B Hilton (Chair) Mr E Hargin (appointed 2024)
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 Gascoyne House Moseleys Farm Business Centre Fornham All Saints Suffolk IP28 6JY Independent examiner Gascoynes Gascoyne 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 2024
Introduction
The trustees present their report and financial statements for the year ended 31 December 2024. 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 Mr B Hilton (Chair) Mr E Hargin (appointed 2024)
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.
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THE KING'S CHURCH, STOWMARKET
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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 50. Our preaching series included The Minor Prophets and the early chapters of Revelation. 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 2024 Festival at the Norfolk Showground.
Our Life Groups met regularly in church members’ homes during the week. The ladies’ prayer meeting took place most weeks and the monthly men’s breakfasts and ladies social evenings happened throughout the year.
We ran several outreach events during the year, including a Summer BBQ and a Light Station at Hallow'en. We were pleased to partner with other local churches in running the Reignite worship evenings during the year. We also helped to lead Carnival Praise at the Stowmarket Carnival.
Further afield, we continued to support one of our senior church members in his role of strengthening and encouraging churches in the UK and on mainland Europe. We also continued our financial and prayer support for the missionary organisation Empart.
We give thanks to God for His goodness and faithfulness to us during the year!
Financial review
There was a surplus of income over expenditure for the year on unrestricted funds of approximately £4.8k. The expenditure for the year was £48.1K, which is analysed in more detail at note 7 to the accounts. Income for the year was £53k, and is analysed in more detail at note 6 to the accounts.
Unrestricted reserves at the year-end were £97k. The church also maintained a hardship fund (the “restricted funds”). This fund had 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 months expenditure. This level of reserves was comfortably maintained in 2024.
The trustees report was approved by the Board of Trustees.
Mr B Hilton (Chair)
Chair of the trustees Dated: 9 September 2025
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THE KING'S CHURCH, STOWMARKET
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that The King's Church, Stowmarket will continue in operation.
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.
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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 2024.
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:
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1 accounting records were not kept in respect of The King's Church, Stowmarket as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 Suffolk IP28 6JY
Dated: 9 September 2025
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THE KING'S CHURCH, STOWMARKET
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||
| Notes | £ | £ | £ | £ | £ | £ | |
| Income from: | |||||||
| Donations and | |||||||
| reimbursement of | |||||||
| costs | 6 | 50,981 | - | 50,981 | 52,370 | - | 52,370 |
| Investments | 9 | 2,038 | - | 2,038 | 1,519 | - | 1,519 |
| Total income | 53,019 | - | 53,019 | 53,889 | - | 53,889 | |
| Expenditure on: | |||||||
| Charitable activities | 7 | 48,161 | - | 48,161 | 41,829 | 1,270 | 43,099 |
| Net income for the year/ | Net income for the year/ | ||||||
| Net movement in funds | 4,858 | - | 4,858 | 12,060 | (1,270) | 10,790 | |
| Fund balances at 1 January | Fund balances at 1 January | Fund balances at 1 January | |||||
| 2024 | 91,646 | 2,316 | 93,962 | 79,586 | 3,586 | 83,172 | |
| Fund balances at 31 | |||||||
| December 2024 | 96,504 | 2,316 | 98,820 | 91,646 | 2,316 | 93,962 |
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.
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THE KING'S CHURCH, STOWMARKET
BALANCE SHEET
AS AT 31 DECEMBER 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Tangible assets | 3 | 337 | 449 | ||||
| Current assets | |||||||
| Debtors | 4 | 19,018 | 9,826 | ||||
| Cash at bank and in hand | 80,847 | 84,699 | |||||
| 99,865 | 94,525 | ||||||
| Creditors: amounts falling due within | 5 | ||||||
| one year | 1,382 | 1,012 | |||||
| Net current assets | 98,483 | 93,513 | |||||
| Total assets less current liabilities | 98,820 | 93,962 | |||||
| Income funds | |||||||
| Restricted funds | 2,316 | 2,316 | |||||
| Unrestricted funds | 96,504 | 91,646 | |||||
| 98,820 | 93,962 |
For the financial year ended 31 December 2024 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 9 September 2025 and are signed on its behalf by:
Mr B Hilton (Chair) Trustee
Company Registration No. 08227302
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THE KING'S CHURCH, STOWMARKET
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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, 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:
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the charity becomes entitled to income;
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the Directors believe it is probable they will receive the income; and
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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.
Volunteer help
The value of any voluntary help received is not included in the accounts.
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THE KING'S CHURCH, STOWMARKET
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(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
This represents the costs of the preparation and examination of the statutory accounts.
1.6 Tangible fixed assets
Tangible fixed assets above a de-minimis amount of £500 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.
1.7 Cash and cash equivalents
Cash and cash equivalents represent funds held at call in the charity's bank accounts.
1.8 Financial instruments
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.
2 Employees
Number of employees
There were 0 employees during 2024 (0 employees during 2023)
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THE KING'S CHURCH, STOWMARKET
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
| 3 | Tangible fixed assets | |||
|---|---|---|---|---|
| IT Equipment | Other fixed | Total | ||
| assets | ||||
| £ | £ | £ | ||
| Cost | ||||
| At 1 January 2024 | 1,468 | 1,150 | 2,618 | |
| At 31 December 2024 | 1,468 | 1,150 | 2,618 | |
| Depreciation and impairment | ||||
| At 1 January 2024 | 1,019 | 1,150 | 2,169 | |
| Depreciation charged in the year | 112 | - | 112 | |
| At 31 December 2024 | 1,131 | 1,150 | 2,281 | |
| Carrying amount | ||||
| At 31 December 2024 | 337 | - | 337 | |
| At 31 December 2023 | 449 | - | 449 | |
| 4 | Debtors | |||
| 2024 | 2023 | |||
| Amounts falling due within one year: | £ | £ | ||
| Gift aid tax recoverable | 19,018 | 9,826 | ||
| 5 | Creditors: amounts falling due within one year | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Accruals and deferred income | 1,382 | 1,012 | ||
| 6 | Donations and reimbursement of costs | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Donations | 40,740 | 41,146 | ||
| Newday contributions | 1,050 | 1,270 | ||
| Gift aid recoverable | 9,191 | 9,954 |
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THE KING'S CHURCH, STOWMARKET
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 7 | Charitable activities | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Ministry and Church Running Costs | £ | £ | |
| Insurance | 375 | 358 | |
| Gifts - Tithe to Relational Mission | 3,190 | 3,000 | |
| Gifts - Lighthouse Community Ukraine | 1,000 | - | |
| Gifts - Empart | 2,400 | 2,400 | |
| Gifts - Other | 100 | 160 | |
| Gifts - Newday charity | - | 2,500 | |
| Gifts - Turkey/Syria Earthquake appeal | - | 1,000 | |
| UK & Mainland Europe - Church support | 3,856 | 2,437 | |
| Newday festival | 4,203 | 4,370 | |
| Training and conferences | 4,279 | 3,049 | |
| Church running costs | 14,265 | 10,857 | |
| Leadership costs | 13,145 | 10,780 | |
| 46,813 | 40,911 | ||
| Governance costs | £ | £ | |
| Accountancy | 1,348 | 918 | |
| 1,348 | 918 |
The accountancy costs are made up as follows:-
Independent examiners fees - £1276 (2023 - £846) Other financial services provided - £72 (2023 - £72)
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THE KING'S CHURCH, STOWMARKET
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
8 Restricted costs
| 8 | Restricted costs | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Gifts | - | 1,270 | |
| - | 1,270 | ||
| 9 | Investments | ||
| Unrestricted | Total | ||
| funds | 2023 | ||
| £ | £ | ||
| Interest receivable | 2,038 | 1,519 |
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 | ||||
| Balance at | Incoming | Balance at | ||
| 1 January 2024 | 1 January 2024 | resources | 31 December | |
| 2024 | ||||
| £ | £ | £ | ||
| Benevolent fund | 2,316 | - | 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 restricted funds are represented by cash reserves of the charity.
11 Related party transactions
One trustee director received reimbursements totalling £1,103.46 for purchases made on behalf of the church (2023: £1,658.60). These were in respect of licence fees for several IT based services used by the church and other sundry church expenses.
Family members of two of the other trustee directors received reimbursements totalling £86.40 and £197.50 in respect of sundry church expenses during this financial period.
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.
12 Risk assessment
The directors have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to these risks.
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THE KING'S CHURCH, STOWMARKET
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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