KING'S (CHURCH L O U King's Church Loughborough Annual Report and Financial Statements For the year ended 31st March 2024 Registered Charity No. 1160234
KING S CHURCH LOUGHBOROUGH TRusfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Trustees, Annual Report 3-16 Independent Examiner's Report 17 Statement of Financial Activities 18 Balance Sheet 19 Statement of Cash Flows 20 Notes to the Accounts 21-33 21Page
KING'S CHURCH LOUGHBOROUGH TRusfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 REFERENCEAND ADMINISTRATIVE DETAILS The name of the Charity is King's Church Loughborough. The Charity's registered number is 1160234. The Charity's principal address is: The H UB Project 22-23 Market Street Loughborough Leicestershire LE113ER During the year ended 31 March 2024 the following persons served as Trustees of the Charity.. MrA Hulley Mr G Duffty Mrs C Henderson Mr G Parker The Leader of the Church during the year ended 31 March 2024: Apostle MrA Hulley King's Church is managed on a day-to-day basis by MrA Hulley. Until it's closure, the Small World Nursery was managed on a day-to-day basis by Mrs M Whitley. Both are overseen by the Trustees. Independent Reviewer: Andrew Russell FFA FMAAT APR Accountancy Serrfi Shan House 80-86 North Street Keighley BD213AF Bankers: Santander Bank plc Leicester Corporate Carlton Parf( Building 4. Level 1 Nayborough Leicester LE19 OAL Solicitors: Askews Legal LLP 5 & 6 The Quadrant Coventry CV12EL
KING'S CHURCH LOUGHBOROUGH TRusfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present the report and financial statements of King's Church Loughborough for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities. 2019 (FRS102) in preparing the annual report and financial statements of the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity was established by a Deed of Constitution as a Charitable Incorporated Organisation (CIO) on 29 January 2015. Recruitment and Appolntment of Trustse8 Trustees are appointed by the existing Trustee Board. Apart from the first Charity Trustees, all Trustees must be appointed for a term of three years by a resolution passed at a properly convened meeting of the Charity Trustees. In selecting individuals for appointment as Charity Trustees, the Charity Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. This prOsS would take account of the recommendations from the recognised spiritual leaders of the CIO. The senior spiritual leader automatically will be appointed as an ex-officio Charty Trustee for as long as he or she holds that offi. At the end of a temi of three years, any person retiring as a Charity Trustee is eligible for reappointment. Apart from the first Charty Trustees. a Charity Trustee who has served for three consecutive terms may not be reappointed for a fourth consecutive term, but may be reappointed after an interval of at least one year. All new Charity Trustees receive a copy of the Deed of Constitution, a copy of the most recent Trustees, Annual Report and Ststement of accounts, and copies of the CIO Policy and Procedures documents. 41Page
KING S CHURCH LOUGHBOROUGH TRUSfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Organisation The Charity is govemed in law by the Trustees and decisions may be taken either at a meeting of the Charity Trustees, or by resolution in writing or electronic fonm agreed by all of the Charity Tiustees. The minimum number of Trustees is three, and a maximum of twelve. The spiritual welfare and direction of the Church community and its activities are the responsibility of the Church Leader(s) (one of whom is an ex-officio Trustee), acting with the advice and support of the Trustees. The Trustees remain responsible for ensuring that the activities directed by the Church Leader(s) are commensurate to the goals of the CIO as stated In the Deed of Constitution. The CIO has powers to do anything which is considered to further its objects, or is conduce or incidental to doing so. Risk Management The Trustees have reviewed the major risks to which the Charity is exposed and systems have been established to mitigate those risks. Significant external risks to income are reviewed every six months to ensure that sufficient funds are in place. Intemal risks are reviewed and minimised by the Trustees, by the implementstion of produre8. Dats Protection Our policies and procedures are written to comply with the GDPR regulations, to ensure safe handling and use of personal data, within the organisation, and are updated at least on an annual basis, or more regularly rf necessary. 51Pag-
KING'S CHURCH LOUGHBOROUGH TRUSFEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES The Deed of Constitution limits the Charity's operation to specific objectives and purposes. The objectives of the Charity are as follows: The advancement of the Christian Faith and the worship of God in Loughborough, LeIstershire and elsewhere. The relief of persons in need, hardship or distress or who are aged or sick. The advancement of education on the basis of Christian principles. In shaping our objectives and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a Charity (PB2)' and the activities we provide fully reflect the purposes for which the CIO was set up. The vision Statement is: Following Jesus, Fomping communities. Transftin77ing the wortd. The values that underpin our Church famity are.. We see church as a vibrant community living as a loving family. Our vision is that everyone will understand God's purpose, be passionately in love with Jesus and live authentic Spirit-filled lives. We believe some of the greatest resources people have are their dreams and gifts. We believe these come from God and are His way of expressing His love for us, involving us in His plan for the whole of treation. We are committed to helping people discover and thrive in their dreams and the use of their gifts. We desire to cultivate an environment of faith, hope and love, and express these through our joy, generosity. care and sense of adventure. 61Page
KtNG S CHURCH LOUGHBOROUGH TRusfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 We encourage everyone to live a Jesus-centred lrfe and, as His apprentices, respond to His commission in the context of community. We want to help people find a pla to belong and experience the powerful effect of God's love and grace. We are motivated in every activity we do as a church family by Jesus, love, life and mission. This shapes our very existence, knowing that just as the Father sent Him so Jesus sends us. The Charity's values therefore are: Going Demonstrating a complete commitment to discipleship - both to be discipled and to disciple o Prioritising an intentionally missional way of lrfe A commitment to hospitality and servanthood A commitment to 'sowing' people into communities, cities and nations Developing ways of blessing people through our creative generosity Growing In love with God and people In our Christ-likeness In lifestyle-based knowledge of God's nature and purpose In the dreams and grfts God has put in us In our ability to serve and prioritise other people and God's will over our own o In our relationships through accountability with each other and various gifts as revealed in Ephesians chapter 4 In numbers and influen
KING'S CHURCH LOUGHBOROUGH TRusfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENTSAND PERFORMANCE Following the hugety signsficant challenges and changes that both the CIO and congregation faced last year, the Board of Trustees ft)cus this year was three-fold." 1) Development of faith and worship A small number of people indicated the desire to gather as a 'house church,, which is how the congregation first started in the 1980's. A focus on small groupslhouse churches as a method for growing numbers of people and the ongoing spiritual fomiation of members has been key both historically and in more rent times. Therefore, key aspects of work have been to re-group members and set into pla essential rhythms and routines in estsblishing a house-church or 'disciple-making community, to help promote faith and engage people in worship. 2) Small World Nursery Unfortunately, after pursuing a number of unsucSsful avenues in the attempt to keep the Small World Nursery open. it closed in July 2023. Afirm of employment law experts, previously appointed by the CIO, were contracted to guide the redundancy process. Thankfully, the majority of staff went straight into other employment. After nearly 30 years of the nursery playing an important role within the community, its regrettable closure evoked many fond memories shared by adults, who as children had attended the nursery, some of whom their own children were now little leamers there. However, the overall feel was one of huge loss and sadness. 3) Strategic planning for the future of the CIO and its assets Due to the huge reduction in income anrj inability to generate other income streams to fund the upkeep of the building, the sale prOsS was initiated. Following the Charty Commission's legal requirements of the Charities Act 2011, a Disposal Report was prodUd and followed by reputable local property consultants, Mather Jamie. Due to its size and town ntre location the SchofEld Centre sold quickly, 81Page
KING'S CHURCH LOUGHBOROUGH TRusfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 though completion took longer than the initial timescale outlined. Reserves, kept in line with King's Church CIO policies, came into play. enabling the CIO to keep functioning. Trustees agreed that all physical assets no longer needed by the CIO, due to down-sizing the churches activities and the Small World Nursery's closure, should be either sold or donated to other charities with similar objectives. Extra Trustee meetings were held to discuss strategic plans created to ensure the HUB Project was able to continue functioning. The sale agreement, which made allowance for the HUB to lease the Schofield Centre basement for up to three years, facilitated the ongoing functioning of the HUB Project. This arrangement provided the necessary time to find an altsrnative venue. not only for the HUB Project but for future church gatherings. After viewing a few potential properties and weighing up the variables, the lease for the most suitable venue was signed in August 2023. It had previously been used as nightclub and therefore needed a significant amount of work to make it suitable to be used as a communty centre for a WKle range of people with varying needs. Through the incredible hard work of the dedicated staff and volunteers the doors opened in February 2024. Having use of the Schofield Centre basement (the HUB Project's original headquarters) until the opening of the new propety meant that the move was seamless, with the HUB only closing for two weeks. The HUB Project manager and staff team skilfully involved stakeholders into the renovation prOsS of the new venue. using it as a narrative for the work of the Project itself. Pictures of each stage and plans of how the new propety would be used were shared. with the views and opinions of stakeholders solicited and taken on-board. The HUB Project The demand for the HUB Project services continued to grow as the national cost-of- living crisis emerged following the pandemic.
KING S CHURCH LOUGHBOROUGH TRusfEES' ANNUAL REPORT (continued) FOR TrIE YEAR ENDED 31 MARCH 2024 In November we were awarded a matched funding grant from the National Lottery Comrnunty Fund of £240,000. This funding began in January 2024 and will run for 3 years. We moved into the new building at the beginning of February and had an official 'launch week, at the end of that month. Receiving funding from the Lottery meant we could employ more members of staff to work alongside and support our volunteers. Staffing numbers increased from 4 to 11 , mostly part-time and working in the various projects within the HUB Project. Volunteer numbers fluctuate according to people's availabilty and at the end of March were around 14 people across all the projects. Working hours were extended to accommodats the demand and increase in membership numbers. Membership at the end of March 2024 stood at 495 households overall with the monthly footfall in March approximately 510 adults and 200 children. These numbers DO NOT include pantry, café and boutique users. Our support of local asylum seekers also continued to develop as we provided communty space and clothing for a number of families and individuals from various nations. The Neurodiverse support group continues to provide peer support and outside specialist help where appropriate. The number of members for this group stands at 197. The group meets twice a month and each meeting averages between 6 and 14 people. 4 training course were run during this period, and approximately 10 people receNed help with completing fonns and applications for Education and Health Care Plans (EHCPS) and Disabilty Living Allowan (DLA). IOIPage
KING'S CHURCH LOUGHBOROUGH TRusfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 International Mission A small number of previous members of King's Church were sponsoring children in the Bangalore Orphanage, India. This support continued despite the sponsors moving to different congregations. Relationships with the church in Zambia have continued to develop with a focus on working with local, regional and national leaders to develop not only the building project but also nurturing young and emerging leaders. The development of the communty facility for the ZOE Project is a significant investment into a small yet developing town and as such has elicited the favourable attention from local tribal and civic authorities which in tum has enabled the work in Lufwanyama to impact yet more people living there. Such relationships with authorities are hugely significant, and have built on trust gained as a result of the sustained hard work by the ZOE Project leaders, facilitated by the support we have provided for over twenty years, and more so during 2023-2024. Volunteern The house4hurch and HUB Project would struggle to function without the voluntary participation and the good will of its members. Engagement of volunteers in the transformation of the new venue for the HUB Project created a sense of ownership for members and sped up the renovation process. One volunteer in particular that invested his time and abilities was Alan Tilley, a kind, unassuming and skilled man that deserves special mention, without whom the restoration work would have cost considerably more have taken much longer. We are deeply appreciative for the many many hours he dedicated to the project. Where voluntary workers are responsible for children or vulnerable adults, each volunteer's history is first checked with the Disclosure and Barring Service before starting. I11Pae
KING S CHURCH LOUGHBOROUGH TRUSFEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Diversity and Inclusion Within the HUB Project, we have adapted the ServIS to ty and meet the needs of a wide variety of different service users through regular conversation with them. We are conscious that there are a range of religions and cultures represented amongst our HUB community and are mindful of certain times of the year such as Eid and Ramadan and ask what we can offer that would be useful during these times such as extra oil for cooking which is usually a limited item. In the community pantry we keep halal meat separate for those that require it as well as stock spices and tinned items such as lentils and chickpeas as these are regularly requested items. We also make sure we have frozen fish and vegetarianlvegan items kept aside so that we can always offer something rf we don't have halal meat. We get a range of different cultural foods from Fareshare such as Polish meats, cheeses and snack foods. One of the schools that we work closely with has a very diverse cultural mix of families and is situated in what is considered to be one of the financially poorest areas in Charnwood. The school have referred several families to us and we have attended school open days to promote the HUB and invite people to visit. Amongst our team and community members we have a number of people of various identities such as trans and non-binary. One of our non-binary volunteers has specifically said that it has felt a welcoming and safe space to come and volunteer. We have made the Spa as accessible as possible for wheelchairs, frames and pushchairs; we have a lift to aCsS the HUB and we have widened doorways and made sure that all access routes and communal areas are clear and spacious. 121Page
KING'S CHURCH LOUGHBOROUGH TRusfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 We are conscious of our growing neurodiverse communty and make sure to keep to our appointment slots, not overcrowding the pantry and communal areas or making the space too loud, all of which provides a calm and not over stimulating environment. Safeguarding The Trustees take their responsibilities for safeguarding very seriously and continue to review the safeguarding procedures on a regular basis at Trustee meetings. Safeguarding personnel are adequately trained and are supported by the leadership team. Safeguarding for Small World Nursery was reviewed termly and annually by Trustees in line with OFSTED requirements. Plans for 2024 and beyond Advanclng Faith and the Worshlp of God Building on the initial stages of meeting as a 'house church'fdisciple-making community, we have identified a number of rhythms, routines and resources to help as we gather with the intention to grow in faith and help facilitate the worship of God. We will also use the HUB Project building for public acts of w0ry6hip, prayer, teaching workshops and shared meals. Partnerships Working with other groups, charities and church networks for public benefit has, and continues to be, key. Where there is a natural overlap with another organisation's aims, or existing or potential relationships with leaders of groups, we continue to explore how we can partner: either in short or long-tem agreements, to further the work we engage with to fulfil our aims. Name change for the CIO A change of name for the CIO is permitted within the scope of the Agreed Articles and will be pursued this coming year. 131
KING S CHURCH LOUGHBOROUGH TRusfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW King's Church Loughborough is dependent on donations, fees and charges to meet its operational costs. An annual budget is prepared, and aclual results against this budget are reviewed quarterly by the Trustees. There are a number of factors affecting the Tithes and Offerings, including people moving away and the current economic climate, along with people passing away. Due to the regular review process any reduction in planned Tithes and Offerings mean that budgets are able to be adjusted as neSSary in order to safeguard the Charty and its reserves. At 31 March 2024 the Charity had total reserves of £666,907 (2023: £393,767), of which £3,000 (2023: £2,628) was restricted, with cash at bank and in hand of £725,317 (2023: £125,798). The current cash reserves are within the allowable boundaries identified in the reserves policy. Reservos Pollcy The policy for holding some cash on reserve has been made for the following reasons,. 1. To accommodate the monthly fluctuations in income and expenditure e.g. the quarterty gift aid tax claim and the seasonal income from the Small Workl Nursery. 2. To provide a buffer in the event of a significant loss of church membership and associated giving, from whom about 60¥0 of the total Trust income is generated. 3. To enable continuity of the Small World Nursery in the event of a sudden reduction in child attendance (30 % of total income). 4. To provide immediate funds to support the implementation of new projects in furtherance of the trust's aims as and when the opportunty arises. 141Page
KING'S CHURCH LOUGHBOROUGH TRusfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Level of Reserves The Trustees feel that in order to fulfil the requirements noted in points 1 to 4 above, it would be approprtate to hold a minimum cash reserve of 1 month's total Trust expenditure and a maximum cash reserve of 3 month's total Trust expenditure. In 202312024 the total Trust expenditure was approximately £738.792 (2023: £521,809). This would equate to a minimum cash reserve of £61,566 (2023.. £43,484) and a maximum cash reserve of £184,698 (2023: £130,452). At the end of the 2023r2024 financial year the cash reserves included an amount of prepaid income of £8,957 (2023.. £40,394) for the first quarter of the next financial year, and dedicated funds of £1,081, mainly in relatiorb to the development and opening of Cupboard on the Comer. Deducting these from the cash reserrfes total, the remaining cash reserves were approximately 2.8 times (2023: 2.0) above the minimum cash reseNe, which the Trustees consider adequate. Annual budgets are prepared in advance of each financial year, such that expected income and expenditure are balanced, thereby providing no net increase or decrease in the amount of cash reseNes outside of the policy. The level of reserve5 will be monitored on a regular basis at the normal Trustees, meetings. Adjustsnents to budgets will be made in advance of each financial year to ensure that the trust maintains its reserves within the prescribed limits. The Reserves Policy will be reviewed annually in association with the production of annual accounts and changes to the reserves policy will be agreed by Trustees and minuted accordingly. 151Page
KING S CHURCH LOUGHBOROUGH TRUSfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS Law applicable to charities in England and Wales require the Trustees to prepare financial statements for each financial year which give a true and fair view of the financial activities of the Charity during the year, and of the financial position of the Charity at the end of the year. In preparing financial ststements giving a true and fair view, the Trustees should follow best practice and: Select suitsble accounting policies and then apply them consistently; Make sound judgements and estimates that are reasonable and prudent; and State whether applicable accounting standards and Statements of Recommended Practice have been followed, subject to any departures disclosed and explained in the financial statements; Prepare the financial ststements on the going concern basis unless it is appropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ensure that the financial statements comply with applicable regulations. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Andrew Hulley th Dated ". 29 January 2025 Rebecca Allen Dated .' 29 January 2025 161P3ge
KING S CHURCH LOUGHBOROUGH TRusfEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 I report on the accounts of t1 Charlty for the year ended 31 March 2023 which are set out on pages 15 to 30. Respective responsibilltles of Tnjstees and Examiner As the Charitys Trustees you are responsible for the pparatn of the accounts in accordan wlth the requirements of the Charfties Act 2011 CThe Art? which give a true and fair view. The Charity s Trustees consider that an audlt Ss not requlred for the year end&1 31 March 2023 under section 144(2) of the Charltles Act 2011 and that an independent examInan Is needed. Slno the Charlty's gross Income exceeded £250,000 your examiner must be a member of a b)dy listed in section 124 of the Act. I confirm that I am quallfied to undertake the eXaminan, being a member of the Institute of Financlal Accountsnts, which Is one of the11sted bodies. It Is my sponSIbIlty to . (i) examine the accounts under sectlon 145 of the 2011 Act,. to follow the procedures lald down in the general Dlrectlons glven by the Charlty Commission under seLtlon 145(S)(b) of the 2011 Act; and to state wFEther partlcular matters have corne to my attention. Basls of Independent Examlnerfs Report My examlnatlon was carrled out in accordance wlth the generdl DlrectSons glven by the Charity Commls5ton. An examlnatlon indudes a revlew of the accountlng records kept by the Charfty and a comparison of the accounts presented with those records. It also Includes consideratlon of any unusual Items or dlsdosures In accounts, and seeklng explanatjons from you as Trustees COnMIng such matters. The proureS undertaken do N)t provkle all the eVIden that would be requlred Sn an audit and consequently no oplnion Is given as to Whetrr the accounts present a ue and falr vlew" and the report Is Ilmited to those matters set out in the statement below. Independent Examlnerfs Statement I have completed my eKamlnatlon. I conflmi that no materlal matters have come to my attentlon Sn connertion with the examination giving me cause to believe that In any materlal aspect . l. the ar£ountlng records were not kept in resFect of the (hrfty as requlred by sertlon 130 of the 2011 Act; 2. the accounts do not accord wfth those records; or 3. the accounts do not comply wtth the applicable wuirements cOnrnIng the fonn and content of accounts set out In the tharttles (Accounts and Reports) Regulations 2008, other than any requirement that the accounts give a kne and falr vlew", whlch ts not a matter nsldered to be part of an Indewdent examination. I have no conM5 and have come acn)ss no other mattets In connectton with the examination to which attention should be drawn In thls pOrt in order to Emable a proper undeT5tanding of the accounts to be reached. Andrew Russell FFA FMPAT APR Accountan Services Llmited Shan House, 80-86 North Str Keighley West Yorkshire, BD213AF FFA FMAAT Dated . 29 January 2025 171pao-
FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds Fundg Income Donakns & gift akl 16 11,628 3n lic 41324 L032 43356 Small World Nursery 3510 92.348 78,946 61 331157 24.605 718 340,605 4936 718 19 24946 61 25231 other charFtslJte projects Other Income Bank Interest 20J54 20.954 L369 1.369 Rentsl Irtoma 26,a38 26,338 LS71 .148 L571 J4,148 Sale of Jssets 7,223 Tot•1 IOrnI R•wur 53,881 LOII.932 434,n4 34,711 469A45 Expendlture Ch•rlt•We actlvlU•• Maln Church Small World Nursery Cupbtsard on the Cmr Other tharltsble projetts 17 18 463,763 192,386 28373 760 463.763 195.896 78,373 760 128,30S 3C6,669 50.851 729 LO52 129,338 31S,117 76.082 1,272 310 25,231 543 17 53510 486,SSS 35.254 52L9 Net lncomel(exp•j boforn translers 272.768 a72 273.140 ISL821) 15431 1513641 {133 Net MOvets In lundA 271768 372 273.140 150.4841 IL8801 1523641 Reconclllatlon of Fundj Totrdl furtds brought forward at 31 March 2023 39LWJ 2.628 393,767 44L623 446,ts1 Totsl fjjnds carried tcffward at 31 March 2024 3.IXM> fj66.907 391.139 1628 393,767 The Statement of finanaal actiwtes IndUcS all alIoSEe5 in ttE year. All irKome and experKlttwe derives frcn fxntinuing aciivttie& Page 18
KINGS CHURCH LOUGHBOROUGH S AT 3114ARCH 2024 2024 2023 L974 343,736 Current Assets Debtors Cash at bank and In hand 107,276 725,317 17.552 130,319 83U93 147.871 Cred- amounts falllNJ due wlthln one year 118.246 27.142 NEf CURRENT ASSETS 714,347 120,729 CredIto- amounts lalllng due after more than one Jr 8.720 334 NEf ASSErs 707.601 446,131 THE FUNDS OP THE CHARITY . Speclal Offerlws & other restrfcted funds 14 4.508 ilnr••trlctsd Funds Capltal Fund Deslgnated Funds Genernl Fund 14 14 14 1374 L081 701546 343.736 1,087 96,8lY) TOTAL CHARrrY FUNDS 446.131 accounts on pages 12 to 21 were apwoved by the Tntstos on 29th January 2025. arKI were sIgd on their t*half by . Andrew Hullev The notes on Foge5 21 ID 33 form part of these ltrwndal Page 19
KINGS CHURCH LOUGHBOROUGH srATEMEpif OF CASH FLOWS AS AT 31 MARCH 2024 2024 2023 Cash flo from operntlng xtivlu Net movement of fun(ts for the year Depreciation Invesfment Income (Iwease)/decrease In debtors InCre/(deCleaSe) In cred6tors 273.140 1.240 122.8581 189.7241 8L4 183,6471 17.938 124A611 7586 ISOA291 Net cash proth byl(used In) operntlng acuvities 243.288 {133,0131 sh flow lyom Inv•n9 a(tMU Rentsl Income Bank Intsrest Sale of tanglble flxed assets Purchase of tsn91b tlxed assets 24,224 237 20.954 325,938 2.914 Net cash pro¥ed tyl(used th) 351.710 24,461 Net Incr•aMI{d•cr•a•e) In ush and equlvalents 594.998 1108,5521 Cash and cash equlvalents at l Aprfl 2023 130.319 234871 Cash and cash equfvalents at 31 March 2024 72S,317 130,319 Cash and cash equlvatents conslsts of . Cash at bank and In hand ns,317 130,319 Page 20
KING'S CHURCH LOUGHBOROUGH N(yfES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 I. ACCOUtirING POUCIES Basls of preparatlon The charity constr'tutes a public health tenefit enttty as defined by FRS102. The finanaal statements have been prepared under the hlstrolcal cost conventlon and In accordan vith Accounting and Reporting I Charitles . Ststsment of Recommended Pracb'ce arvlicable to charities preparing their accounts in accordan with the Flnancial RekyJtlng knndard apiCate In the UK and Republlc of Ireland Issued In October 2010 (Charlties SORP FRS102), the Charttles P£t 2011 and UK Generally ACpted Accwnb'ng Pracilce The finanaal statements are prepared on a golng contrm ba$ under ts hlstodcal cost conventlon, and are presentaj In stertlng (see note 13). Assets and liabllities are Inityally rniSed at hlstorical cost or transartlon value unless Otherlse statetl in ts relevant accountlng w)Ilry note(s). Flxed A¥ts Flxej assets are stated at cost less deweclatlon. Assets IntrjU1 from ts prevlous TFitst have been Included at net took value. Depreciatlon Is calculated to Ymte down the cost or valuation of tsnglble flxed asts to their esbmated resldual values over thelr estlmatoj useful Ilves at fdlowlng annual rates . Freehold prope Improvements to frhold property Offfitr fl>Jtures and frtlngs computer equlpment 2% d cost 10% of cost 20% of cost 20% of cost Income recognltlon All income is recognised On the charfty has legal entitlement to th eincm, wtEn there Is gjffldent rtaInty of rlpt and the amount of income receivable can be rneasur lIably. Donatlons are recognlsed receipt and dasslfled at that polnt as dtrEr unrestrFCted or restrlcteo If the donation is for a 5pedfic purpjse. No amounts are Induded In the flnandal siatanents for senlces drmated by volunteers. Interest on funds held on depost is IrKluded un nOt[faLlOn of the Interest P31d or payable by the Bank. Expendltum recognltlon Liabllities are recognlsed as exFendlture as XK)n as there15 a legal or constructive obligation commlttlng the char5ty to that expenditure, It is probable that settlwtht wlll be requlyed and ts amount of the ob15gation can be measured rdla1y. Expenditure is accounted fc* on an ac(ruals basis and has teen Ilsted undw heading5 that aggregate all the costs related to that actlvity, induding suprort and governan costs. For more infonnation on thls allocation refer to the note "allc(ation of governan and supwt costs. below. Where costs cannot be directly attributed they have been allc(ated to actimties on a bas15 consistent w6th the use of resour. Charitable actvity •iture are the costs incurred in attractirNJ voluF)lary income, and indude expenditure directly asSrlated with indivldual prOJts and supwrrt costs lating to those aclivitses. Page 21
KINGS CHURCH LOUGHBOROUGH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 I. ACCOUNTING POUCIES (c<•ntlnued} Allocatlon of governance and support costs Governance costs are those incurred In a)nnectlon vlth the mana9emert of the tharity and Its assets organlsatronal adrninistration and o)mpliantr with constitutional and statutory requlrements. Support costs Include centrdl funcuons and have been alkxatal to cost (ategorfts on a basls cs{stent wlth their use of resour. The allocadon of governan and support co#s ts analysed In note 4. Church Actlvlues Church actlvitles Indude the C(S Incurred in holdlng urth meettngs, outreach misslon atxl other acuvltles of a stmilar nature. Le4M and Hlre Purchase Contracts Tanglble fixed assets acqulrexl under flnan leases and hlre purchase contracts are capttsllsed at the estlmated falr value at the date of Inceptton of each lease or contracL The totsl finan charges are allocated ow the perlcrfl of lease In gjch a way to glve a reas¢)naNy constsnt charge on the outstandlng liabllty. Operatlng Leases Rentals paid under operating leases are charged agalnst on a stralght Ilne basls over the temi of the lease. TatIon Taxation has not been wovEded for on the result for the year of the Charfty on the grounds that Section 505 of the Income and Corporation Taxes Art 1988 applles {exemp#on of Charltles from tsxation). Restrlcted Funds Restrfcted funds are accounted for In accordan with the pacular terms of trust arisFFvJ from e¥press or Implfed wlshes of the donors In so far as these are intended to be bindlng to the Truee& Capltsl Fund In order that funds awallable for general purposes are not overstated In the accounts, the Caprtal Fund represents that part of Church's hjnds which are ti&J up in fixed assets purchased out of unreslricted income, adjusted for depreciatlon. This Is because wch funds coukl onty be realiwj by the sale of the assets concerned. Genernl Fund Free reserves that are those avaialble for general wrp05es of the Chuch, after deduotion of restricted funts, designated funds and the Capitsl Fund. Page 22
KING'S CHURCH LOUGHBOROUGH NOTES TO THE AccouKrs FOR THE YEAR ENDED 31 MARCH 2024 2. GKANTS RECEIVED 2024 2023 Cupboard on the Corner Natlonal Grld ESO Grant Natlonal Lottery grant Crowdfunder grants Other grants 9,763 9,600 2,405 2,250 Restrirted Restrlcted 50,000 24,018 The Cupboard in the Corner project whlch alms to to redu foc¥J waste and tackte ftyjd p)verty across Loughborough, opened In June 2021. Page 23
KINGS CHURCH LOUGHBOROUGH Ni7fES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 3. ANALYSIS OF EXPENDrniRE ON CHARrrABLE AcrivmES undertaken Governance & Total dlrectly support costs 2024 Totsl 2023 a) Analysis of expenditure on Charltable artlvltleg. unre%trlctedldeslgtMted funth Main Church Small World Nursery Cuptv)ard on the Comey Other charitsble projects 218,001 184,938 28J73 245,762 463,763 192,386 28A73 760 128,306 306,669 50,851 729 432,072 253,210 685,282 486,555 2023 unrestrltt 360,226 126J29 486,555 Anafysls ol expendlture on Charltable actlvitles - Restrlrted fvndl Maln Church Small World Nursery Cuptrf)ard on the Comer Other charftsble projects 1,575 8,448 25,231 3,510 50,IM)O 3,510 53,510 53,510 35,254 2023 unrestrkt 35,254 35,254 485.582 2S3,210 738,792 521,809 b) Analysts of support costs Offlc• PromlM• Total DeprodJtlon 2024 Totsl 2023 Maln Church Small World Nursery 57.889 1891 30,537 1,554 1,240 92,557 97,567 6,911 Totsl support costs 57,889 8.785 32,091 1,240 100,C(15 104,478 zx Totsl support costs 2023 58,250 21,780 17,798 104,478 Support costs a all allocated on the basls of usageltime ¥)enL Page 24
KING'S CHURCH LOUGHBOROUGH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 3. ANALYSIS OF EXPENDrnIRE ON CHARITABLE ACTIvrrIES (contlnued) c) Analysls of Governance 2024 2023 Legal & professional fees Independent review fees Accountancy fees - Main Church Accountancy fees - Small World Nursery Apportionment of supry>rt costs 660 3,868 5,667 4,179 2,335 2,269 9,204 14,374 d) Anatysls of other rwourn expended conferen costs 4. NEf INCOMEI(EXPENDmiRE) Net Incomel(expenditure) for the year Is state(J after charglng . Irhdependent RevlewlAudltorfs remunerat Depreclation Operatlng leases 660 17,798 1,240 3,941 5. Af4ALYSIS OF sfAFF cosrs Employee costs durlng the year Vre Ministerlal support Salaries Social Securlty Pension Agency staff 215,330 159,345 5,114 3,471 7,700 304,406 12,274 5,518 383,260 329,898 The average head count of employees durirKJ the year was 26 (2023: 26) There We no employees received enohjments of m(Ye than £60,000 duriThJ the year (2023 £nll) 6. INDEPENDENT REVIEWER'S REMUNERATION The independent reviewerfs remuneration consisbj of itu*ndent examinati( costs £600 (2023 £660) Page 25
KINGS CHURCH LOUGHBOROUGH IIOTES TO THE ACCOUIITS FOR THE YEAR ENDED 31 MARCH 2024 7. TANGIBLE FIXED ASSETS Improvements Freehold to Freehold Thxtures & Computer Property Prop¢rty Flttlngs Equipment Total Cost or ¥aluatlon . As at l Aprll 2023 Additlons Dlsposals 409,687 53,481 13ffi7 3,214 (300) 3,223 480,058 3,214 {463,468) (409,687) (53,481) As at 31 Marth 2024 16,581 3,223 19,804 D¢pr4cl•tlon . As at l Aprll 2023 Charge for year Dlsposals 95,IXKI 41230 13,667 1,240 (300) 154,120 1,240 (137,530) (95,IXIO) (42,230) As at 31 March 2024 14,607 3,223 17,830 Net book valu• . As at 31 March 2023 314,687 11.251 325,938 As at 31 March 2024 1,974 1,974 All matertal assets are hehj for the Charlt<s own use. 8, DEBTORS 2024 2023 Income tsx recoverable on Gwt Akl Prepayments Other debtors Loan to Nettle Hlll 1,623 8,875 6.173 10,000 778 1,240 105,258 107,276 26,671 9. CREDrroRS . Amounts falllng due wlthln one year erred Income AccnMIs Bank loans Taxatlon and sodal seoJrlty 8,957 1,260 40,394 4,529 3,470 17,913 101,939 118,246 7106 CREDrroRS: Amountsfalling due after morn than one year Bank loans 2-5years 13,334 10. CAPITAL COMMfrMEKfs AND posr BALANCE SHEEf EVENTS There were no (Zpital Commitm at 31 Maffh 2024. Page 26
KING'S CHURCH LOUGHBOROUGH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
11. RELATED PARTY TRANSACTIONS
None of the Trustees have been paid any remuneration in their role as a Trustee. However, the following have been paid remuneration or received other benefits from an employment with the charity or as a worker.supplier for the charity in accordance with the Deed of Incorporation of the CIO.
2024 2023 £ £ Mr A Hulley 45,500 5,893
No other Trustee or related party received any remuneration in respect of the years ended 31 March 2024 and 31 March 2023.
REIMBURSED EXPENSES
No Trustee received any reimbursed expenses in the year to 31 March 2024 or 2023.
OTHER RELATED PARTY TRANSACTIONS
During the year the Trustees and Related Parties have made donations to the Charity amounting to £Nil (2023 : £18,481).
Page 27
KING S CHURCH LOUGHBOROUGH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 12. OPERATING LEASE COMMrrMENTS At 31 March 2024, the Charfty td annual commltments under nonnlIable operattng leases on . 2024 2023 Operating leases whlth expire . Withln one year Two to five years 1,169 1,271 3,153 a2 13. GOING CONCERN At the time of approvlng the flnandal ststements, the Trustees have a reasonable expectstion that the ao has adequate resour to conts'nue In operatlonal existen for the foreseeable future, thus the golng conrn basls conrlnues to remaln appropriate. 14. ANALYSIS ON NEf ASSETS BETWEEN FUNDS Axed Current Restrfcted fund• Special offerfngs & other restricted funds 3,000 Unrestrlcted Funds Capltal funds Deslgnated funds General funds 1,974 1,974 1,081 701,546 1,081 828,512 (126,966) At 31 March 2024 1,974 832,593 (126,966) 707,601 Page 28
KINGS CHURCH LOUGHBOROUGH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 15. REsfRzcfED FUNDS MOVEMEprf ANALYSIS Balance at Funds Retalned or Balance at Bangalore Orphanage Zambia Ministry support OpporTINity Indivlduals I small funds 372 372 2,128 500 2,128 500 2,628 372 3,000 *J Ongolng project supp)rt In Bangalo, Zambla and lool fc¥xl povety. Page 29
KINGS CHURCH LOUGHBOROUGH KG's CHUR(JI INCOME & EXPENDMIRE FOR THE YEAR ENDED 31 MARCH 2024 16. l Dewnated liestrirfthl Total Urwe5trkW Restr Total Funds Funds Funds Funtts Funts 2024 20 2024 2023 2023 2023 In¢ome 6,140 4,148 6,140 4,148 Offertngs ftAld Heap Offerlr#J 25,604 9,504 7,216 9,504 7,216 372 3n other proJeLts Playttme Revolutyon Kingzone Mew UrCh KJTWS Café 1,032 1,032 61 61 pptyt fund Rental fncome 222 Other Income 26,338 26.338 Ents 1,554 Soiar Panel Feed In Tarlff EaSndranAMaZon Srn 4,161 1,750 4,161 1,750 86 1,226 1,157 17 17 Bank Interest Profft on Sale of lId1j 1,226 1.157 20,914 804,148 20,914 804,148 840,226 372 840.598 77,760 1,032 78,792 Page 30
KXNGS CHURCH LOUGHBOROUGH KING'S CHURCH INCOME & ExpeNDrnJRE FOR THE YEAR ENDED 31 MARCH 2024 17. l Designated Restrlcted Totsl Funds Funds FurKIs Unrestrlcted RestriLtsI Funds Funds Total Funds 2024 2024 2024 2023 2023 2023 Expendlture Going Mission Special offerlngs dtstharged Messy Church Church Catedng Events Church Travel Playtfme Heap Offerlng Support fund Grnnts Growlng KlngzI)ne Revolutlon Leadershlp Cwelopment Church Partnershlps Tralnlng Mlnlstry Expenses Runnlng costs Rent Heat & Ltght Rates and Watrr Insuran Bulldlng Malntenan & aeènlng Webslts so 2,432 2,432 1,032 1032 705 3,041 705 3,041 1,733 (34) 1,733 (34) 391 391 729 543 1,272 100 loo 150 192 102 260 150 192 102 260 (io) (io) 782 n,000 4,8S9 905 1,365 72,000 4,859 905 1?65 12,267 1,681 12,267 1,681 4,584 24,773 3.671 3,671 2,891 20,211 2,891 20,211 3,900 7,633 3,900 7,633 660 911 177 1,019 58,250 Professlonal Fee5 Independent Examlnauon Muslc Llonces & PA FNldty Bank charyes Salaries Redundancy Payments Sut(ontracted Ser¥[ Mintstry Support & Tlthe of Trthes DeFKedation 309 911 177 1,019 58,250 1,159 57,889 10,823 1,159 57,889 10,823 46,738 215,330 1,240 215,330 1,240 7.700 17,798 17,798 Totsl Expendlture 464,523 464,523 129,035 1,575 130,610 Net Surplusl(Oefldt) 375,703 3r2 376,075 (51,275) ($43) (51,818) Page 31
KINGS CHURCJI LOUGHBOROUGH SMALL WORLD INCOME & EXPENDifuRE FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted l Deslgnated Rutrlcted Totsl Funds Funds nds 18. (knre51rktsJ Restrlctgj Total Funds FuTrJs Funds 2024 2024 2024 2023 2023 Income Parentsl income Govemment furKfed plac45 Charfty fvndraLslr¥J Grant irthme Other income Bank Interest recebMI 172,222 155,152 172,222 163,476 124 46,763 3,510 50,273 8,324 124 (4,956) 6.TJ5 (4,956) 6,735 4,783 212 212 Total Zn¢ome 8878 3,510 92.388 331369 340,817 Éxwd1e Salaries ReduThJancy Payments AgenLry Staff HR Consultsncy Pupll Premlum expendlture 109.556 57,1) 110.041 57,OC(I 2S9,231 4,717 263,948 3,269 3.269 2,949 2,525 542 3,456 3,456 3,607 7,766 4,629 3,607 2,525 542 Consumables Language and Ilt Heat & Ught Waste l)15rxwl Equipment Resources & Toys Small Equlpment Photography Tralnlng Mlleage Advertssing and Mathetin9 7,766 4,629 50 4,161 1299 674 242 1,807 1,554 2,367 4,161 674 242 1,807 129 129 23 645 1,431 3,656 750 878 1,200 265 502 124 7,991 377 528 127 403 514 645 1,431 3,656 1750 878 4,835 4,835 854 icr 5,894 438 Glfts (chlldren & Staff) Ildlng Malntenance Health & Safety Stsff Uniforrn5 arity FundralslNJ ofessonal Fees & ZnwrarKe Bank charges 8ounce Bath Loan Interest Hèrdshlp furKI Sundry expenses d Debts Pad Debfs Recovered DeprJatIOn 438 260 265 9J2 76 1,067 155 343 124 1,(I57 155 343 180 3CQ 7.991 377 528 127 403 514 Totsl Expendltur• 192,386 3,510 195,896 315,117 Net Surplus/(Deflclt} (103,XQ) (103,X*) 25,7thJ 25,7 Page 32
KING'S CHURCH LOUGHBOROUGH CUPBOARD ON THE CORNER INCOME & EXPENDrnIRE FOR THE YEAR ENDED 31 MARCH 2024 19. l Designated Restsitt Totsl Funds Funds Funds Funds Jnds Funds 2024 2024 2024 2023 2023 2023 Income t%Jnations Heap Offerlngs Pantry vistt dOnaonS Grant funding Membership Release of funds 5,814 5,814 13,5TI 13,577 1,213 8,366 24,018 70 2,592 1,213 23,015 23,015 50,IJOO 117 50,( 24,018 117 2,592 Totsl Income 28,946 50,Tr)0 78,946 24,605 25,231 49,836 Expendlturn Wages Fareshare Food & supplles ResouTtrS Sodal medla Clothes bank Bank charges Set-up costs Building upJrade work Café set up costs Mileage Telephone 13,459 10,750 19,310 32,769 10,750 35,294 35,294 4,706 21,817 941 720 30,690 6,342 941 15,475 150 1,231 166 150 1,231 992 992 20 9,756 9.756 1,173 120 936 936 360 1.173 120 Totsl Exyndlturn 28,373 78,373 50,851 25.231 76,082 Net SurplusllDefidt) 5T3 S73 (26,246) (26,246) Page 33