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2024-12-31-accounts

REGISTERED CHARITY NUMBER: 1183216

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KING'S CHURCH NEWPORT

Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

KING'S CHURCH NEWPORT

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 16
Detailed Statement of Financial Activities 17

KING'S CHURCH NEWPORT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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) (effective 1 January 2019).

General

The King's Church is based in Newport, South Wales and focuses its attention presenting the Christian message and empowering people to reach their God-given potential, in addition to trying to help meet the practical needs of the communities that constitute the city of Newport.

Principle Activities

The charity's main activities can be summarised as follows:

The vision of our Church is to be:

The Church remains completely focussed through its principle activities to continue in its objectives to further the Christian Church in all of its activities and services.

Achievements & Performance Ministry Update

In line with the vision of our Church, the following took place in 2024:

1. People Reaching

The Great Commandment

Care & Support -We continued to offer care and support to our congregation members; prioritising face to face Sunday services as a means of care, support and instruction. Hospital visitations, individual pastoral sessions and pre-marriage counselling also took place throughout the year. We also ran a 6-week Parenting Course for teenage age children in person and online.

To help people come together for fellowship, we held 3 church lunches in 2024 which were well attended with between 144 - 223 people.

Connect Group s - We continued to encourage our church congregation to get involved within connect groups as they are an integral part of reaching towards one another and are a great source of care and support for those who wish to take part. Throughout 2024, 119 adults and 16 children people met when able across 13 connect groups both online and in homes for fellowship: with an average attendance of 45 people meeting each fortnight.

The Great Commission

Evangelism - We held 2 evangelism training evenings in the year and hosted a team from The Message School of Evangelism for 3 days of mission in May. We were invited to a local school to share with their students in June, and also were invited to sing and talk with patients at Royal Gwent hospital in December. We also continued to regularly go out on the streets in Newport to share the

love of Jesus.

Alpha - We had 13 team members involved in running in person and online Alpha courses from Jan to April, with 45 individuals attend varying sessions over the 13 week period.

Prison Ministry - We were delighted to be invited to hold 8 services in 4 prisons to share the gospel with prisoners, where between 60 and 70 priso ners attend each service.

Coffee Morning - We started a weekly coffee morning in February which is open for members of the public as well as our own congregation. This now has an average of 90 people per week in attendance

Page 1

KING'S CHURCH NEWPORT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Jesus Cares - Jesus Cares has continued to play a vital role in helping to provide practical relief and support to those living in poverty and deprivation across South Wales. Throughout the course of the year, we delivered food and other essential provisions to a network of over 103 organisations. Jesus Cares continued to provide meaningful involvement opportunities for members of the community who wanted to help make a difference in the lives of others.

This year we had the privilege of working with 168 volunteers in Jesus Cares who contributed 12,216 volunteer hours to the project.

In 2024 Jesus Cares distributed:

Ministry Support - This year, we continued to provide support to ministries for the relief of poverty and preaching of the Gospel both in the UK a nd overseas.

2. Life Renewing

Sunday Services - Sunday services are the focal point for teaching our congregation. Throughout the year we saw our Sunday attendance steadily increase and by the end of the year we saw on average 295 people in each service. During 2024, 123 new people gave us their details.

Throughout the year we continued live streaming services via YouTube, enabling people to enjoy services if they are unable to attend in person and we also offer a catch up on demand service via Facebook and YouTube with links being sent to our congregation each week. On average we are seeing 156 people watching our services via YouTube and 110 people watching via Facebook each week.

We baptised 13 people and dedicated 10 children during our Sunday services in 2024.

Children's Provisions - We welcomed 136 children to King's Kids in 2024. and by the end of the year we saw an average attendance of 44 chil dren each week across these groups.

Sunbeams - We started a weekly parent and toddlers' group in August and saw 12 babies/toddlers come along with their parents/carers during 2024.

Identity Youth - Every Friday night and every fortnight on a Sunday morning our young people gathered. A total of 63 young people engaged in our Friday night youth provision and 71 on a Sunday throughout 2024, with an average attendance by the end of the year of 23 on a Friday and 24 on a Sunday. We also have 1 of our young people serving in teams on a weekly basis.

Men & Women - We held a Men's night with 17 in attendance, and six day trips for our over 55's ladies to enjoy.

Encounter Israel - We held 4 midweek meetings throughout 2024, with teaching focussed around Israel with an average of 43 people in attend ance each night.

Prayer - There were opportunities to meet to pray for the needs of our congregation and others. We have a team who pray individually throughout the week as well as a prayer meeting before our Sunday service. We also have a group that meets monthly to pray specifically for Israel.

Students/Young Adults - In September we reached out to local university students during Freshers Week, culminating in a weekend of planned activities at end of September. We have held events throughout the year for this group and also have a dedicated connect gro up where 14 members meet regularly.

Page 2

KING'S CHURCH NEWPORT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

3. Gift Releasing

Volunteers - We had 34 new people from church join teams in 2024 and over the year a total of 174 people from our congregation faithfully served within our ministry team both on a Sunday and during the week to help meet the needs of our church family and also our community. In addition, we had 118 volunteers from our community give their time exclusively to helping within Jesus Cares.

Future plans

Looking to the future, King's Church plans to continue activities that help us achieve our charitable objectives. We also plan to continue with our upgrades and refurbishment to areas of our Church buildings.

Public benefit

The King's Church was established as a CIO in May 2019, after operating as a registered charity (of the same name) since 1999. The Object of the Church is, for the public benefit, to advance the Christian religion in the UK and such parts of the world as the Charity Trustees may think fit, including by but not limited to, the enrichment of lives through support, training, care and guidance in line with the teachings of the Christian Bible.

How do activities contribute to the achievement of its stated aims and objectives?

Spreading the gospel and following the teachings of Jesus is at the heart of all activities, aims and objectives of King's Church. Strategically, any development of a new activity or review of an existing activity which has that core purpose will be in line with the charity's aims and objectives.

How will achievement of aims further its legal purpose?

King's Church's charitable aim is to reach others with the Gospel of Jesus. The Church makes a clear statement that it believes the Bible cover-to-cover. The achievement of its aims through the programme of activities ensures that anyone who encounters the work of the charity understands the sole purpose is to advance the gospel.

Financial review

Income
Expenditure
Actual Operating results		 Unrestricted
£235,105
(£192,964)
£42,141		 Restricted
£186,928
(£175,952)
£10,976		 Total 2024
£422,033
(£368,916)
£53,117

Reserves policy

It is the policy of the charity to maintain unrestricted funds to cover 6 months management and administration costs and to respond to applications for donations which arise from time to time.

Reserve levels will be monitored monthly throughout the year. In this way the management team will be aware of the build up of excess reserves or of reserves being unexpectedly or rapidly depleted. If the charity has excess reserves, the trustees will ensure that they do not misrepresent the urgency or need for funds.

Unrestricted reserves at year end were £1,287,105 (2023: £1,197,788). The charity's free reserves available at the year end totalled £105,320 (2023: £99,277).

Principal funding sources

The charity's principal funding sources are tithes and offerings and gift aid.

Investment policy

Under the trust deed the charity has the power to make any investment which the trustees see fit.

Risk management

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The key risks identified by the charity during the year were:

Page 3

KING'S CHURCH NEWPORT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Organisation

At the end of the year the charity has three trustees who are responsible to manage the affairs of the Church.

The responsibility of running and operating the charity on a day to day basis is delegated to an administration team who work from the premises in 71 Lower Dock Street, Newport overseen by Pastor David & Faye Edwards.

Delegation of duties

The trustees have the responsibility to make decisions affecting the charity's submission of major grant applications, major building works and purchases of capital assets and are consulted when changes in personnel occur. Small grants applications are approved by the Management Team and all general purchases are authorised by the Lead Pastors.

To be appointed as a Charity Trustee a person must, in the opinion other Lead Pastor:

i. be interested in furthering the Object;

ii. subscribe to the Statement of Faith and demonstrate their adherence by their life style; iii. be an active and participating member of the congregation of the Church; iv. give regular financial donations to the work of the Church; and

v. be committed to embodying the character traits described in 1 Timothy 3:1-7 to the best of their ability.

In selecting individuals for appointment as a Charity Trustee regard must be had to the skills, knowledge and experience needed for the effective administration of the Church.

In order for decisions to be made there needs to be a minimum of three trustees in place. When a trustee resigns, the lead pastor appoints a replacement before any other matters are considered. A new lead pastor is appointed by the existing lead pastor, contingent to the regulations set out in the governing document.

New Trustees meet individually with Pastor David Edwards giving opportunity for a lengthy discussion regarding the charity, its operations and future plans. Arrangements are then made for the trustee details and signature to be passed to the relevant bodies for inclusion in charity documents.

Remuneration policy

The charity undertake pay reviews annually with the following considered when setting the salary of its key management personnel:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity was registered as a Charitable Incorporated Organisation (CIO) on 1st May 2019 under charity registration number 1183216. The Charity�s governing document is based on a Foundation Model Constitution.

Key management personnel

David Edwards - Lead Pastor

Faye Edwards -Associate Lead Pastor and Jesus Cares Project Coordinator

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1183216

Page 4

Bevan::Buckland LLP Chartered accountants. lax and financial planners KING'S CHURCH NEWPORT REPORT OF THE TRUSTEES FOR THE YEAR ENOEO 31 DECEMBER 2024 Prlnclpal addr• 71 Lower t>)d( Street NewFQrt Gwent NP20 1EH Mr J Wwright Mr P B Marshall Mr Dwood IrKl•p&nd&nt Examlner Michael Jones Bevan Buckl3nd LLP GmrKJ Floor Cardigan Houss Castle Court Swansea Enterprise Park Swansea SA7 9LA Approved by ¢xder ofthe board oftrustees on .... and signed on Its t*half by.. (i> Mr J W Wn'ght- Trustee Pg9& 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KING'S CHURCH NEWPORT

Independent examiner's report to the trustees of King's Church Newport

I report to the charity trustees on my examination of the accounts of King's Church Newport (the Trust) for the year ended 31 December 2024.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

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

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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 accounts to be reached.

Michael Jones

The Association of Chartered Certified Accountants

Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

Date:

Page 6

KING'S CHURCH NEWPORT

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Charitiable Activites
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Charitable activities
Charitiable Activites
NET INCOME
Transfers between funds
11
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
222,762
3,895
-
8,448
-
235,105
192,964
42,141
40,081
82,222
1,197,788
1,280,010		 Restricted
funds
£
-
186,928
-
-
-
186,928
175,952
10,976
(40,081)
(29,105)
417,352
388,247		 2024
Total
funds
£
222,762
190,823
-
8,448
-
422,033
368,916
53,117
-
53,117
1,615,140
1,668,257		 2023
Total
funds
£
222,055
230,913
5,700
4,418
200
463,286
389,170
74,116
-
74,116
1,541,024
1,615,140

The notes form part of these financial statements

Page 7

KING'S CHURCH NEWPORT

BALANCE SHEET 31 DECEMBER 2024

Notes
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
11
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
728,905
15,637
543,049
558,686
(7,581)
551,105
1,280,010
1,280,010		 Restricted
funds
£
211,497
-
176,750
176,750
-
176,750
388,247
388,247		 2024
Total
funds
£
940,402
15,637
719,799
735,436
(7,581)
727,855
1,668,257
1,668,257
1,280,010
388,247
1,668,257		 2023
Total
funds
£
970,373
14,222
636,810
651,032
(6,265)
644,767
1,615,140
1,615,140
1,197,788
417,352
1,615,140

The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by:

............................................. Mr J W Wright - Trustee

The notes form part of these financial statements

Page 8

KING'S CHURCH NEWPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Capital grants are released to the Statement of Financial Activities in the year of receipt. Fixed assets relating to capital grants are capitalised, and depreciation charged is offset against the grant income, in a restricted fund.

Income from room hire and events is recognised in the period to which the service is provided and the event is held.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost - Fixtures and fittings 20% on cost and Straight line over 4 years Motor vehicles - Straight line over 4 years

The company has a capitilisation policy of assets being capitlised over £1,000.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Donated goods for distribution

The charity receives donated food and goods from various sources all of which are distributed to its beneficiaries for a nil consideration.

Page 9

continued...

KING'S CHURCH NEWPORT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Financial instruments

The company 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.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Page 10

continued...

KING'S CHURCH NEWPORT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities

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

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Employee benefits

The charity provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined benefit and defined contribution pension plans.

Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

2. DONATIONS AND LEGACIES

3.

Donations
Gift aid
OTHER TRADING ACTIVITIES
Room Hire		 2024
£
194,539
28,223
222,762
2024
£
-		 2023
£
190,473
31,582
222,055
2023
£
5,700

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continued...

KING'S CHURCH NEWPORT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

4. INVESTMENT INCOME

2024
£
Interest receivable
8,448
5.
INCOME FROM CHARITABLE ACTIVITIES
2024
Charitiable
Activites
£
Grants
186,928
Events
3,895
190,823
Grants received, included in the above, are as follows:
2024
£
Moondance
40,000
National Lottery Community Fund, People and Places 3
143,523
GAVO - Newport Council Warm Spaces
2,080
Newport City Council Community Cohesion
1,325
186,928		 2023
£
4,418
2023
Total
activities
£
228,658
2,255
230,913
2023
£
90,000
138,658
-
-
228,658

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

During the year 3 trustees made donations totalling £5,040 (2023: 3 trustees donated £6,360)

7. STAFF COSTS

The average monthly number of employees during the year was as follows:

Employees
No employees received emoluments in excess of £60,000.		 2024
5		 2023
5

Key management personnel

The key management personnel as detailed in the trustees report received benefits (including gross salary, employers national insurance and employers pension contributions totalling £105,956 (2023 : £102,333).

Page 12

continued...

KING'S CHURCH NEWPORT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

8. TANGIBLE FIXED ASSETS

COST
At 1 January 2024 and 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Freehold
property
£
1,043,136
93,794
20,863
114,657
928,479
949,342		 Fixtures
and
fittings
£
26,621
19,062
4,209
23,271
3,350
7,559		 Motor
vehicles
£
19,595
6,123
4,899
11,022
8,573
13,472		 Totals
£
1,089,352
118,979
29,971
148,950
940,402
970,373

Land buildings were revalued at 30 June 2012 by the Bryan Long Partnership who are independent valuers not connected with the charity on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms similar properties.

The valuation was deemed by the Trustees as still being reasonable at transition to FRS 102 on 1 January 2015 and was used as deemed cost on transition.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors
Prepayments and accrued income
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors		 2024
£
9,719
5,918
15,637
2024
£
7,581		 2023
£
10,121
4,101
14,222
2023
£
6,265

Page 13

continued...

KING'S CHURCH NEWPORT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

11. MOVEMENT IN FUNDS

At 1.1.24
£
Unrestricted funds
General fund
99,277
Designated fund - Fixed Asset Fund
748,511
Designated fund - Project Fund
150,000
Designated fund - Facilities Fund
200,000
1,197,788
Restricted funds
National Lottery Community Fund, People and
Places 3
30,044
Awards for All Wales
8,220
Moondance
171,992
Newport City Council Property
207,096
Newport City Council Community Cohesion
-
417,352
TOTAL FUNDS
1,615,140
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Designated fund - Fixed Asset Fund
Restricted funds
National Lottery Community Fund, People and
Places 3
Awards for All Wales
Moondance
Newport City Council Property
Newport City Council Community Cohesion
GAVO - Newport Council Warm Spaces
TOTAL FUNDS		 Net
movement
in funds
£
58,867
(16,726)
-
-
42,141
40,615
(439)
(26,013)
(4,172)
985
10,976
53,117
Incoming
resources
£
235,105
-
235,105
143,523
-
40,000
-
1,325
2,080
186,928
422,033		 Transfers
between
funds
£
(59,919)
-
50,000
50,000
40,081
(30,000)
(3,415)
(6,666)
-
-
(40,081)
-
Resources
expended
£
(176,238)
(16,726)
(192,964)
(102,908)
(439)
(66,013)
(4,172)
(340)
(2,080)
(175,952)
(368,916)		 At
31.12.24
£
98,225
731,785
200,000
250,000
1,280,010
40,659
4,366
139,313
202,924
985
388,247
1,668,257
Movement
in funds
£
58,867
(16,726)
42,141
40,615
(439)
(26,013)
(4,172)
985
-
10,976
53,117

Page 14

continued...

KING'S CHURCH NEWPORT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.1.23
£
Unrestricted funds
General fund
101,769
Designated fund - Fixed Asset Fund
769,034
Designated fund - Project Fund
100,000
Designated fund - Facilities Fund
160,000
1,130,803
Restricted funds
National Lottery Community Fund, People and
Places 3
19,499
Awards for All Wales
11,494
Moondance
166,640
Newport City Council Property
212,588
410,221
TOTAL FUNDS
1,541,024
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Designated fund - Fixed Asset Fund
Restricted funds
National Lottery Community Fund, People and
Places 3
Awards for All Wales
Moondance
Newport City Council Property
TOTAL FUNDS		 Net
movement
in funds
£
57,508
(20,523)
-
-
36,985
40,545
(3,274)
5,352
(5,492)
37,131
74,116

Incoming
resources
£
234,628
-
234,628
138,658
-
90,000
-
228,658
463,286		 Transfers
between
funds
£
(60,000)
-
50,000
40,000
30,000
(30,000)
-
-
-
(30,000)
-
Resources
expended
£
(177,120)
(20,523)
(197,643)
(98,113)
(3,274)
(84,648)
(5,492)
(191,527)
(389,170)		 At
31.12.23
£
99,277
748,511
150,000
200,000
1,197,788
30,044
8,220
171,992
207,096
417,352
1,615,140
Movement
in funds
£
57,508
(20,523)
36,985
40,545
(3,274)
5,352
(5,492)
37,131
74,116

Fixed asset fund

This fund represents the net book value of the charity's unrestricted fixed assets.

Project fund

This fund represents funds designated for the new projects and the sustainment of existing church activities.

Facilities fund

This fund represents funds designated for the maintenance/improvement and long term sustainment of church properties.

National Lottery Community Fund, People and Places 3

This restricted fund represents monies received for the charity to help fund its Jesus Cares Project. In accordance with the terms and conditions of the grant, each year £30k is transferred from restricted funds to cover overhead costs.

Awards for All

Page 15

continued...

KING'S CHURCH NEWPORT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

11. MOVEMENT IN FUNDS - continued

The restricted fund represents monies received for the charity to help fund activities.

Moondance fund

This restricted fund represents monies received for the charity to help fund its Jesus Cares Project.

Newport City Council Property

The restricted fund represents a capital grant received to assist in the refurbishment of the office premises. This grant is being written off in line with the depreciation policy over the life of the asset.

Community Cohesion / Winter Warmers

This restricted fund represents funds designated for weekly coffee morning's and relevant equipment that are held in the church.

12. RELATED PARTY DISCLOSURES

Except for those noted in note 6, there are no further related party transactions for the year ended 31st December 2024.

Page 16

KING'S CHURCH NEWPORT

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Other trading activities
Room Hire
Investment income
Interest receivable
Charitable activities
Grants
Events
Other income
Sundry income
Total incoming resources
EXPENDITURE
Charitable activities
Staff Costs
Jesus Cares Project
Administration Costs
Mission Donations
Premises Costs
Event Costs
Support costs
Management
Staff Costs
Audit and Accountancy Fees
Finance
Bank charges
Other Depreciation
Freehold property
Fixtures and fittings
Motor vehicles
Total resources expended
Net income		 2024
£
194,539
28,223
222,762
-
8,448
186,928
3,895
190,823
-
422,033
141,580
83,870
7,233
1,200
35,148
29,865
298,896
35,395
3,810
39,205
844
20,863
4,209
4,899
29,971
368,916
53,117		 2023
£
190,473
31,582
222,055
5,700
4,418
228,658
2,255
230,913
200
463,286
128,339
95,298
8,288
2,113
56,276
28,327
318,641
32,085
6,966
39,051
564
20,866
5,149
4,899
30,914
389,170
74,116

This page does not form part of the statutory financial statements

Page 17

Virtual Cabinet Portal Digital Signatures

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Signature 1

Signed by James Wright using authentication code Q2MySHdTOGllcFJk at IP address 86.128.217.207, on 2025/07/07 11:54:26 Z.

James Wright's e-mail address is: jameswright@gottalife.com.

James Wright added the following comments:

"Trustee"