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2025-03-31-accounts

Trustees’ Report and Accounts for the year to 31[st] March 2025

King’s Road Church Charitable Incorporated Organisation

Charity registration number: 1186968

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Table of Contents

Trustees’ Report ................................................................................................................... 3 Structure, Governance and Management .......................................................................... 4 Objectives and Activities ................................................................................................... 5 Achievements and Performance ....................................................................................... 8 Financial Review ............................................................................................................. 10 Statement of Trustees’ Responsibilities .............................................................................. 14 Statement of Financial Activities ......................................................................................... 20 Balance Sheet .................................................................................................................... 21 Statement of Cash Flows ................................................................................................... 22 Notes To The Accounts ...................................................................................................... 23 Note 2 Prior year SOFA ...................................................................................................... 26

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Trustees’ Report

For the year to 31[st] March 2025

King’s Road Church is a Charitable Incorporated Organisation registered with the Charity Commission, registered charity number 1186968.

Trustees

Mr Stephen Ronald White (Chair) Dr Hilary Willard Dr Richard Walker Mr Robert Alexander (Treasurer) Miss Patricia Edwards (from 5[th] February 2025) Mr Martin Warner (from 11[th] February 2025)

Principal address

Kings Road Berkhamsted Herts HP4 3BD

www.krc.org.uk admin@krc.org.uk

Bankers

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Auditor

Summers Morgan Sheraton House Lower Road Chorleywood Herts WD3 5LH

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Structure, Governance and Management

Incorporation of King’s Road Church

King’s Road Church (the charity) was registered with the Charity Commission on 16 December 2019 as a Charitable Incorporated Organisation (CIO). The charity’s activities began on 1 September 2020 when it took over the activities of the unincorporated charity, King’s Road Evangelical Trust (registered charity number 1039585). The membership and activities of the church have remained the same and the purposes and beneficiaries of the two charities are materially the same.

The purpose of the change of legal form from unincorporated charity to CIO was to establish the charity as a legal entity in its own right and to reduce the personal liability of the trustees.

Trustee selection details

Trustees must be members of the church. Trustees are appointed on agreement of a majority of existing trustees in accordance with the procedures in the constitution. Proposed new trustees are presented to the church and a period of one month is given for church members to feed back on the proposed appointment.

Related parties

There were no transactions with related parties in the year, except donations and offerings from trustees and their relatives in their capacity as church members.

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Objectives and Activities

Summary of the purposes of the charity

The purposes of the charity as set out in its constitution are:

To advance the Christian religion in accordance with the Statement of beliefs in Schedule 1 of the constitution, for the benefit of the public, mainly but not exclusively by:

The trustees confirm that they have had regard to the Charity Commission guidance on public benefit.

Summary of activities during the period

During 2024-25 the church continued to meet on Sundays at Bridgewater School with numbers continuing to grow. There was opportunity for members to join the meeting online, and one of our missionary partners regularly joined us from Cambodia. This facility also allowed the volunteers in the creche room to see and hear the service. Sunday morning musical worship flourished and the team has grown.

The Tuesday night “Upper Zoom” prayer meeting continued with up to 10 people logging on and a new monthly “Upper Room” in person prayer meeting was introduced. Other prayer activity included participation in Berkhamsted wide Week of Guided Prayer and the monthly Berkhamsted wide churches monthly Prayer Breakfasts which we hosted twice. A Prayer Vigil and several Prayer & Fasting prayer sessions were held during the year.

A Women’s Weekend Away was held in June 2024 and was a great success.

‘The Big Red Bus’ Barbecues in the summer have provided a good stepping stone event to introduce new people into the church family. Overall church membership grew in the year reflected in Newcomers lunches and Baptism classes & baptisms.

Home Groups each week continued to be very important to the life of the church.

There was a monthly Convergence meeting for everyone at the Kings Road Building to focus on prophecy, prayer and worship – a source of much encouragement for many church members.

The Christmas Fair in December was a great success bringing together a wide number of people in the town community. The funds raised were given to the missionaries that the church supports. The Christmas Carol Service held in the Civic centre was particularly well attended.

Various Creative Initiatives took place helping members to value and affirm the creative talent within the church and involving the local community. These included Cooking workshops and “Knit & Natter” twice each month.

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Various health and fitness related groups took place in the year including inter alia: Fit for Purpose Pilates, PAWS monthly walks and Weight Loss & Fitness classes.

In support of spiritual growth there was a Frontline course and a Prayer Retreat Day, both in the autumn.

As part of growing the church community, and connecting with the town community, social events included, Movie nights for Men & Women’s groups, Men’s breakfast events, the Annual Garden Party, Men’s curry nights and cooking events.

During the year a 24-hour prayer event was held in the KRC building - a time of creativity, inspiration and reflection.

The ministry with children and young people took several forms. On most Sundays there were regular children’s talks before they left for their classes. Meeting at Bridgewater has provided much more space to run activities for children and young people and we have been able to make use of the outdoor space. This year the team organised a “Teddy Bears’ Picnic” for the Seedlings group. The ‘Rise’ group for older ones met regularly. Much creativity was evident in these activities. Several of the church’s children attended excellent residential camps in the summer.

The Ark Baby and Toddlers’ group , was held regularly on Tuesday mornings with a strengthened team, and attracted good numbers of adults and children. This has provided many opportunities for pastoral contact. The reputation of the toddler group is high within the town.

The Foodbank ministry continued to make a significant difference to people in need locally. It provided regular support to individuals, couples or families, who receive a package of food on a fortnightly basis. The “Christmas in a bag” Christmas lunches were again provided to those in food poverty. A total of 226 visits to collect food or deliveries of food during the period. The foodbank food distributions are a combination of donated food from church members and members of the public and from collections from harvest festivals at local schools, plus purchased food funded by financial donations from church members, members of the public and a contribution from church general fund.

Divorce Care continues to be a much needed and valuable support group for many struggling with the consequences of marital breakdown. Being online the course attracts participants both local and international, and continues to grow to meet the increasing need, particularly via word of mouth.

The church continued in its support of several ministries around the world, with connection and support being primarily via the Kings Road Church International team. All the main overseas missionaries were able to visit and speak in church services during the year and featured both lunches and seminars to increase awareness of the valuable work being done abroad. The annual Christmas Fair was held as usual in December and raised significant funds to help support these ministries.

The project to demolish and rebuild the church building in Kings Road progressed during the year. The architect has designed a building with much greater capacity which would accommodate much larger church services as well as space for children’s work, community outreach and offices. After various reports, surveys and other pre-planning consultation with local planning officers had taken place a design was submitted for planning approval. The decision on this was awaited at the year end.

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Various Summer activities were organised or participated in with support from volunteers including Children’s summer camps, Summer open air services & picnic at a local pond made available by a member. The New Wine national event was well attended by members and families.

Gifts given to Mission partners totalled £20,967 (Note 4) - previous year: £12,504.

Contribution made by volunteers

The church had three employees throughout the year: two full time Pastors (one moved from part to full time during the year), and a part-time administrator plus an additional part-time administrator who commenced in January 2025. Volunteers continued to be integral to every ministry and initiative, and indicative of the health and vigour of the church.

All church activities were run with extensive volunteer support, mainly from members of the church. Activities undertaken by volunteers included inter alia:

Achievements and Performance

Summary of the main achievements of the charity

The church has helped new and existing members to practice and develop their faith. Through its various outreach activities, it has helped those without a firm faith to explore and understand Christianity. There were many new faces in church over the year, and numbers steadily grew, enriching and extending the spiritual life of the body. Opportunities for service increased and much effective discipleship took place, particularly in the smaller ministry contexts.

The church continued to be outward looking, and the prior appointment of Sue Gorst as Community Pastor reflects this desire to reach out to the community.

The foodbank and support for missionaries overseas have helped to provide food, advice, improved housing, medical support and education for those in need.

The Divorce Care group has provided emotional support and fellowship for those experiencing marital breakdown, and was open to all, whether they had a Christian faith or not.

Achievements against objectives set

The main objectives for the period and the achievements against them were:

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Performance of fundraising activities against objectives set

The principal fund-raising objective was to maintain sufficient revenue to cover the costs of running the church, including staff salaries, and to continue supporting the overseas missionaries. There was also a fundraising drive for the building redevelopment project which resulted in £1,039,109 being received in 2024-25.

The majority of the church’s income is from voluntary donations from church members and most funds raised were from church members. The only exceptions were the Christmas Fair, which was open to members of the public, and donations to the food bank.

Most fundraising events have the dual purpose of bringing church members, guests, and the wider community together as well as raising money. The main events in 2024-25 were:

Investment performance against objectives

As planned, cash not immediately required was invested in deposit accounts with banks and building societies in accounts with up to two years' notice to maximize interest obtained. The funds were split between different accounts to ensure that all were covered by the FSCS guarantee. In March 2024 a decision was made to open a CAF-introduced savings platform operated by Flagstone and the migration of funds to that platform was largely completed during 2024/25. This has the twin benefit of obtaining a higher net rate as well as maintaining the FSCS guarantee.

The interest obtained from these investments and short term deposits was in line with expectations.

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Financial Review

Financial position at the end of the period

Surplus and income sources:

King’s Road Church (KRC) reported a surplus of £1,060,588 for the year ended 31 March 2025, compared to £434,796 in 2023–24. £1,016,479 relates to unrestricted funds and £51,609 is attributed to restricted funds. Additionally, a £7,500 adjustment was made to the fund balance to correct capitalised costs. As a result, the total net funds carried forward amounted to £1,068,088 (2023–24: £480,550). Further details can be found in the SOFA.

Total income for the year was £1,276,664 (2023–24: £625,066). Donations and gifts, including Gift Aid, remained the primary source of income, amounting to £1,214,352 (2023–24: £591,387). The majority of these contributions were designated for the church building extension project, totalling £1,000,000 (2023–24: £286,453). KRC also received unrestricted and non-designated donations amounting to £145,518 (2023–24: £151,212). In addition, the charity received gifts-in-kind—comprising goods, facilities, and services—valued at £16,724 (2023–24: £35,195) £7,500 for the architect's fee, £2,880 for hire property, and £6,344 for the food bank.

In addition, total interest income amounted to £35,429. Of this, £8,352 was earned from longterm deposits classified as investments (2023–24: £20,074), while a further £27,076 was generated from other interest sources. short-term deposits (investments convertible into cash within 90 days). See account note 3c for more details.

The church also generated income through its charitable activities, including fundraising events mainly attended by church members. These events raised a total of £26,883 (2023– 24: £13,605), supporting various initiatives such as the building project, missionary work, and the costs associated with the toddlers' group, foodbank, events, and away days. Refer to note 3b for further details.

Expenditure:

Total expenditure for the year amounted to £216,075 (2023–24: £190,270). For further details, please refer to note 4.

The main areas of expenditure were:

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Fixed Assets:

The fixed assets include freehold land and buildings, fixtures and fittings (F&F), and assets under construction (AUC). For more information, refer to note 6.

Freehold and fixtures & fittings relate to the church and Manse properties owned by KRC, including capital improvements made to the Manse. The fixtures and fittings specifically reflect refurbishment work on the Manse. There were no additions or disposals during the year; the only change in value resulted from depreciation. As of 31 March 2025, the net book value was £596,529 (2024: £492,514).

Assets Freehold land and building (FLD) as well as Asset under construction (AUC) saw the addition of £898,094 and £58,350 (2023–24: £114,179). This amount represents relevant costs incurred over financial year 2024–25 covering architect’s fees, surveys, professional fees, and advisory costs related to the new building extension project.

The total net book value on 31 March 2025 was £1,552,973 (2024: £606,693)

Current Assets and Current Liabilities:

The total balance of cash, cash deposits, and cash equivalents amounted to £1,115,578 compared to £919,100 as at 31 March 2024. This total comprises cash held at bank and in hand, as well as current asset investments. The funds were held across a current account, multiple deposit accounts, and the Flagstone savings platform.

The main items of other current assets are prepayments and accrued income, totalling £26,866 (2024: £80,532), The foodbank stock was valued at £4,728 (2024: £2,554).

Accruals and deferred income totalled £39,261 (2024: £12,898). Other creditors amounting to £2,522 (2024: £5,706) mainly due to the timing of HMRC direct debits, related to payroll.

Reserves policy and reserves held at period end

The charity had total reserves of £2,658,363 (£1,590,275 on 31 March 2024).

The Unrestricted designated funds totalled £2,511,205 (2023-24: £1,429,759). The main reason for this increase was the transfer of freehold asset-related funds from donations designated for the KRC building project. See note 10 for further details. Key highlights are as follows:

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Historically, the trustees’ policy has been to hold an unrestricted reserve of a minimum of three months’ non-discretionary expenditure to cover committed monthly outgoings, (202324: £27,000). The growth of members, attendees and activities plus the planned expenditure on redevelopment mean that a significantly larger future “buffer” would be prudent. A review has been commenced which will address whether the year end current general balance of £134,658 is adequate to provide for risk of any decline in income, giving the church time to either raise additional funds or reduce expenses, including covering any one-time costs aimed at lowering ongoing expenditures.

Going concern

The trustees consider that the charity is a going concern. The forecast for 2025-26 forecasts surplus position on unrestricted income and expenditure. In addition, there are substantial free reserves which would comfortably cushion even a significant deterioration in this position. The charity is fortunate that it is not heavily dependent on fundraising activities. The trustees anticipate that the church’s recent growth will continue but are mindful of the potential impact of inflation on church members’ ability to give and on rising costs and will monitor the position closely.

Investment policy and objectives

In setting their investment policy and strategy, the trustees operate within statutory provisions and the requirements of the constitution.

The funds available for investment are the proceeds of the sale of assets and any balance on unrestricted funds.

The main investment objectives are to preserve the capital value of funds and ensure they are available for use when needed.

The charity does not currently have significant funds to be held for the long term for the purpose of providing income or funding future activity. Therefore, the charity will not invest in any investment that has risk of significant capital fluctuations, such as stocks and shares, or corporate bonds.

The balance on the unrestricted general fund is held to meet any shortfalls of income over expenditure and a balance up to £30,000 should be held in an instant-access account because it may be needed at short notice.

Funds above this level will be held in the deposit accounts or bonds with banks and/or building societies, or National Savings and Investments to the extent that they accept deposits from charities. The current preferred approach is to place deposits with the Flagstone Deposit Platform for charities to whom we were introduced via CAF (only investment institutions where the funds will be protected by the Financial Services Compensation Scheme (FSCS) will be used).

The trustees will aim to maximise the interest rates working within these parameters, whilst maintaining prudent cash flow management to meet operating overheads, larger events and the ongoing building project.

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The amount invested with each banking institution must not exceed the amount protected by the FSCS.

Principal risks

The main risks facing the charity are:

The trustees are satisfied that adequate measures are in place to reduce these risks to an acceptable level within their risk appetite.

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Statement of Trustees’ Responsibilities

Charity law requires the trustees to prepare financial statements for each financial year, which show a true and fair view of the state of affairs of the charity, and its financial activities for that period. In preparing those financial statements, the trustees are required to:

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees by

Stephen Ronald White, Chair of Trustees

16th December 2025

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KING’S ROAD CHURCH

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF KING’S ROAD CHURCH

Opinion

We have audited the financial statements of King’s Road Church (the ‘Charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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KING’S ROAD CHURCH

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF KING’S ROAD CHURCH

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 require us to report to you if, in our opinion:

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KING’S ROAD CHURCH

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF KING’S ROAD CHURCH

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/auditassurance/auditor-s-responsibilities-for-the-audit-of-the-fi. This description forms part of our auditor's report.

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KING’S ROAD CHURCH

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF KING’S ROAD CHURCH

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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KING’S ROAD CHURCH

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF KING’S ROAD CHURCH

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and management and the inspection of regulatory and legal correspondence, if any.

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulation 2008. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................................

Nicholas Corden ACA (Senior Statutory Auditor) for and on behalf of Summers Morgan Chartered Accountants Statutory Auditor First Floor, Sheraton House Lower Road Chorleywood Hertfordshire WD3 5LH

Date: 18th December 2025

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ACCOUNTS FOR KING’S ROAD CHURCH CIO FOR THE YEAR TO 31 MARCH 2025

Statement of Financial Activities

Note
INCOMING RESOURCES
Donations
3a
Charitable Activities
3b
Other Income
3c
Investment income
3c
Total Income
RESOURCES EXPENDED
Charitable Activities
4, 5
Total Expenditure
NET INCOME/(EXPENDITURE)
Transfers between funds
10
Fund balance Adjustment
(capitalised costs)
NET MOVEMENT IN FUNDS
RECONCILIATION IN FUNDS:
Funds brought forward
10
FUNDS CARRIED FORWARD
10		 Unrestricted
Funds
Restricted
Funds
Year to 31
March 2025
Year to 31
March 2024
£
£
£
£
1,162,743
51,609
1,214,352
591,387
26,883 -
26,883
13,605
27,076
27,076
8,998
8,352 -
8,352
11,076
1,225,055
51,609
1,276,664
625,066
216,075 -
216,075
190,270
216,075
-
216,075
190,270
1,008,979
51,609
1,060,588
434,796
-
-
7,500
7,500
45,754
1,016,479
51,609
1,068,088
480,550
1,590,275 -
1,590,275
1,109,724
2,606,754
51,609
2,658,363
1,590,275

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Balance Sheet

Note
FIXED ASSETS
Tangible assets
6
Total fixed assets
CURRENT ASSETS
Stock
Debtors
8
Investments
7
Investments Convertible into cash within 90
days
7
Cash in bank and in hand
Total current assets
Creditors: amounts falling due within one
year
9
Net current assets
Total net assets
FUNDS OF THE CHARITY
Restricted Income Funds
2b,10
Unrestricted Income Funds
2b,
10
TOTAL CHARITY FUNDS		 Unrestricted
Restricted
Year As at
31 March
2025
Year As at
31 March
2024
£
£
£
£
1,552,973
-
1,552,973
606,693
1,552,973
-
1,552,973
606,693
4,728
-
4,728
2,554
26,866
-
26,866
80,532
326,720
-
326,720
271,870
709,328
709,328
497,310
79,530
-
79,530
149,921
1,147,172
-
1,147,172
1,002,186
41,782
-
41,782
18,605
1,105,390
-
1,105,390
983,581
2,658,363
-
2,658,363
1,590,275
-
-
-
-
2,658,363
-
2,658,363
1,590,275
2,658,363
-
2,658,363
1,590,275

The notes at pages 18 to 30 form part of these accounts.

Approved by the Trustees on …15th December 2025 and signed on their behalf by:

…………………………. Stephen White Trustee

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Statement of Cash Flows

Cash flows from operating activities:
Notes
Net cash provided by operating activities
13
Cash flows from investing activities:
Purchase of fixed asset
Purchase of investments
Sale of investments
Interest from investments convertible into cash within 90 days
Interest from investments
Net cash provided by investing activities:
Change in cash or cash equivalents in reporting period
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March
14		 Year to 31
March 2025
Year to 31
March 2024
£
£
1,109,993
359,277
(948,944)
(68,423)
(326,720)
(271,870)
271,870
485,810
27,076
8,998
8,352
11,076
(968,365)
165,591
141,628
524,868
647,231
122,363
788,857
647,231

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Notes To The Accounts

1 Accounting Policies

(a) Basis of preparation and assessment of going concern

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

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 £.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements.

Comparatives

The charity was established as a CIO on 16 December 2019 as a successor charity to the unincorporated King’s Road Evangelical Trust (registered charity number 1039585). The accounts for the period to 31 March 2024 cover the 12 months from 1 April 2023.

Assessment of going concern

The financial statements are prepared on a going concern basis. The trustees do not consider that there are any material uncertainties related to events or conditions that cast significant doubt on the charity’s ability to continue as a going concern.

(b) Fund’s structure

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed.

Unrestricted funds can be spent or applied at the discretion of the trustees to further any of the charity’s purposes. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

Further details of each fund are disclosed in note 10.

(c) Income recognition

Income is recognised in the accounts when:

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Interest income is included in the accounts when receipt is probable, and the amount receivable can be measured reliably.

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(d) Donated goods and gifts in kind

Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so.

The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt and they are recognised on receipt. In the reporting period in which the stocks are distributed, they are recognised as an expense at the carrying amount of the stocks at distribution.

Gifts in kind for use by the charity are included as income from donations when receivable.

(e) Expenditure recognition

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 settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accrual’s basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

(f) Support and governance costs

Support and governance costs for the charity include all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to fees payable for the independent examination of the accounts together with other administrative expenses.

All these costs are met out of unrestricted funds.

Further details of these costs can be seen in note 4.

(g) Pension costs

The charity contributes to defined contribution pension schemes for its employees. Contributions are expensed in the period in which they are earned. Any contributions unpaid at the period end are recognised as a liability.

Pension expenses are allocated to unrestricted and restricted funds on the same basis as other employee related costs. These are all allocated to unrestricted reserves.

(h) Volunteer help

The value of any voluntary help received is not included in the accounts, but the contribution of volunteers is described in the trustees’ annual report.

(i) Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

24

(j) Fixed Assets

Fixed Assets are capitalised if they can be used for more than one year and cost at least £3,000. Fixed assets are measured at cost less accumulated 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:

Buildings, including extensions: 50 years straight line Fixtures and fittings: 10 years straight line Assets under construction: Depreciate on completion are depreciated when they are completed

Land is considered to have an indefinite useful life.

(k) Cash and investments

Cash at bank and in hand is held to meet short-term cash requirements as they fall due. It includes cash on deposit with a maturity date of less than three months.

Cash on deposit and cash equivalents with a maturity date of less than one year from the balance sheet date are classified as current asset investments.

Cash on deposit and cash equivalents with a maturity date of more than one year from the balance sheet date are classified as fixed asset investments.

(l) Stock

Stock consists of purchased or donated food held for distribution at the balance sheet date. It is valued at the lower of net realisable value adjusted for any impairment and replacement cost.

(m) Financial instruments

The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.

(n) Debtors

Debtors are recognised at the settlement amount less any trade discounts due.

(o) Creditors

Creditors are recognised at their settlement amount less any discounts due.

(p) Provisions and contingent liabilities

Provisions for liabilities are recognised when the charity has a legal or constructive obligation and either the timing or the amount of the future expenditure required to settle the obligation is uncertain. The amount recognised as a provision is the best estimate of the expenditure required to settle or to transfer it to a third party at the reporting date.

Contingent liabilities are recognised when there is a possible but uncertain obligation or a present obligation that is not recognised because:

25

Note 2 Prior year SOFA

Statement of Financial Activities
Note
INCOMING RESOURCES
Donations
3a
Charitable Activities
3b
Other trading
Other Income
Investment income
3c
Total Income
RESOURCES EXPENDED
Charitable Activities
4, 5
Total Expenditure
NET INCOME/(EXPENDITURE)
Transfers between funds
10
Fund balance correction (capitalised
costs)
NET MOVEMENT IN FUNDS
RECONCILIATION IN FUNDS:
Funds brought forward
10
FUNDS CARRIED FORWARD
10		 Unrestricted
Funds
Restricted
Funds
Year to 31
March 2024
Year to 31
March
2023
£
£
£
£
580,028
11,359
591,387
228,124
13,605 -
13,605
-
-
-
-
13,804
8,998
-
8,998
-
11,076 -
11,076
7,714
613,707
11,359
625,066
249,642

178,109
12,161
190,270
158,633
178,109
12,161
190,270
158,633
435,598
(801)
434,796
91,009
287,406
(287,406)
-
-
45,754
-
45,754 -
768,758
(288,207)
480,550
91,009
821,517
288,207
1,109,724
1,018,715
1,590,275
-
1,590,275
1,109,724

26

Note 3 Analysis of income

Note 3 Analysis of income
3a DONATIONS
Donations and gifts
Gift aid
Donated goods, facilities and services
Others
Total
3b CHARITABLE ACTIVITIES
Hire out property
Toddlers group
Fundraising
Events and awaydays
Total
3c INCOME FROM INVESTMENTS
Interest From Investment Convertible
into Cash within 90 Days
Interest From Investment-Long-Term-
Deposit
Total
TOTAL INCOME		 General
Designated
Funds
Restricted
Funds
Year to
31 March
2025
Year to
31 March
2024
£
£
£
£
£
118,055
791,741
51,609
961,405
443,343
27,464
208,759
236,223
112,849
16,724
16,724
35,195
145,518
1,017,225
51,609 1,214,352
591,387
General
Designated
Funds
Restricted
Funds
Year to
31 March
2025
Year to
31 March
2024
£
£
£
£
£
5,757
5,757
2,301
1,047
1,047
1,381
9,130
8,671
17,801
6,357
2,279
2,279
3,566
18,212
8,671
-
26,883
13,605
General
Designated
Funds
Restricted
Funds
Year to
31 March
2025
Year to
31 March
2024
£
£
£
£
£
27,076
27,076
8,998
8,352
8,352
11,076
35,429
-
-
35,429
20,074
199,159
1,025,896
51,609 1,276,664
625,066

27

Note 4 Analysis of expenditure

Staff costs
Utilities, insurance and cleaning
Repairs and maintenance
Support to missionaries
IT costs
Foodbank
Foodbank GiK Expense
Church services, events and
outreach
Professional fees
Examiner's Fees
Audit Fees
Facilities and services GiK Exp
Telephone and internet
Pastoral support
Pastor expenses
Hire of property
Toddlers
KRC rebuilding project
Fundraising
Other admin costs
Depreciation
TOTAL EXPENDITURE		 General
Designated
Funds
Restricted
Funds
Year to 31
March 2025
Year to 31
March2024
£
£
£
£
£
106,965
106,965
82,284
9,260
9,260
9,838
3,714
3,714
428
20,967
20,967
12,504
4,306
4,306
1,955
760
760
2,309
4,170
4,170
10,295
15,234
15,234
12,880
4,648
4,648
2,033
-
-
858
9,000
9,000
-
10,380
10,380
24,900
1,469
1,469
1,283
-
-
996
996
2,047
8,776
8,776
7,490
678
678
219
-
-
-
-
-
1,533
4,588
4,588
7,250
10,164
10,164
10,164
170,394
45,681 -
216,075
190,270

28

Note 5 Staff costs

Salaries and wages
Social security costs (ER
NI)
Pension costs
Total		 General
Designated
Funds
Restricted
Funds
Year to 31
March
2025
Year to 31
March 2024
£
£
£
£
£
97,083
-
-
97,083
76,208
4,318
-
-
4,318
1,751
5,563
-
-
5,563
4,325
106,965
- -
106,965
82,284

The charity claims employment allowance which covered all but £4,318 of Employers’ National Insurance Contributions in 2024-2025.

The charity claims employment allowance which covered all but £1,751 of Employers’ National Insurance Contributions in 2023-2024.

There were 4 employees in current year (3 in previous year)

Note 6 Fixed assets

Note
Cost
As at 1 April 2024
Additions
As at 31 March 2025
Depreciation
As at 1 April 2024
Charge for the period
As at 31 March 2025
Net book value
As at 1 April 2024
As at 31 March 2025		 Freehold
land and
buildings
Fixtures
and
fittings
Asset under
construction
As at 31
March
2025
As at 31
March
2024
£
£
£
£
£
485,699
41,067
114,179
640,945
526,766
898,094
58,350
956,444
114,179
1,383,793
41,067
172,529
1,597,389
640,945
-
20,905
13,347
34,252
24,088
6,057
4,107
10,164
10,164
26,962
17,454
-
44,416
34,252
-
464,794
27,720
492,514
502,678
1,356,832
23,613
172,529
1,552,973
606,693

Note 7 Investments

As at 31 March 2025, the total investments were £1,036,048 (2024: £769,179). Of this, £709,328 was convertible into cash within 90 days (2024: £497,310). The funds are placed with various different financial institutions each maintained at a figure of less than £85,000 - allowing the church to maintain the FSCS guarantee for each institution.

29

Note 8 Debtors

Prepayments and accrued income
Total		 As at 31 March 2025
Year to 31 March 2024
£
£
26,866
80,532
26,866
80,532

All debtors were receivable within one year.

Note 9 Creditors

Accruals and deferred income
Other creditors
Total		 As at 31 March 2025
Year to 31 March 2024
£
£
39,261
12,898
2,522
5,706
41,782
18,605

All creditors were due within one year.

30

Note 10 Charity Funds
Note
RESTRICTED FUNDS
New Building Fund
a
AV Equipment
b
Total restricted funds
UNRESTRICTED FUNDS
Designated funds
Building fund
c
Building fund-KRC
d
Pastoral Staff Fund
e
Missionary Fund
f
Gift-in-kind Goods,
facilities and services
g
Asset Fund - Freehold
h
Asset Fund - Under
construction
i
Total designated fund
Non-designated funds
General fund
j
Total Non-designated
funds
TOTAL FUNDS		 Balance
at 1 April
2024
Income/additions
Expenditure
Transfers
Adjustment
Balance
at 31
March
2025
£
£
£
£
£
£
39,109
(39,109)
-
-
12,500
-
-
-
12,500
-
51,609
-
(39,109)
-
12,500
399,077
65,000
464,077
286,453
1,000,000
-
(909,835)
376,618
137,537
-
-
(20,000)
117,537
-
9,171
(20,967)
11,796
-
-
16,724
(14,550)
(2,174)
-
492,515
(10,164)
890,594
7,500
1,380,444
114,179
-
58,350
172,529
1,429,759
1,025,896
(45,681)
93,731
7,500
2,511,205
160,516
199,159
(170,394)
(54,622)
134,658
160,516
199,159
(170,394)
(54,622)
-
134,658
1,590,275
1,276,664
(216,075)
-
7,500
2,658,363

31

a) The total donation, including Gift Aid, has been allocated to the restricted reserve fund for the New Building project.

b) The total gift, including Gift Aid, has been allocated to a newly restricted reserve fund for AV equipment.

c) The Designated Building Fund comprises the proceeds from the sale of Beulah Chapel discretionary plus additional transfers from General Funds and is set aside for capital development of buildings.

d) The Designated KRC Building Fund comprises donations, Gift Aid, and interest income allocated specifically for the church’s current building extension project.

e) The Designated Pastoral Staff Fund consists of donation income set aside to support the funding of pastoral staff.

f) The Designated Missionary Fund comprises donation income allocated for missionary salaries and was fully utilised during the year.

g) The Gift-in-Kind Facilities and Services Fund reflects the value of office space and professional services received. It consistently holds a nil balance, as the benefits are fully utilised within the year.

h) The Designated Freehold Asset Fund of the Kings Road Church's freehold fixed assets. Depreciation charged during the period is expended from this fund.

i) The Designated Asset Under Construction Fund contains the capitalised costs associated with the extension of Kings Road Church.

j) The General Fund comprises unrestricted funds that may be used for any of the charity’s objectives.

32

Note 11 Analysis of net assets between funds

ote 11 Analysis of net assets between funds
General Designated Restricted As at 31
Funds Funds March
2025
£ £ £ £
Fund balances at 31 March 2025 are represented by
Fixed assets 1,552,973 - 1,552,973
-
Current assets 188,941 958,231 - 1,147,172
Liabilities (41,782) - - (41,782)
Total 147,158 2,511,205
2,658,363
-
General Designated
Funds		 Restricted
Funds		 As at 31
March
2024
£ £ £ £
Fund balances at 31 March 2024 are represented by
Fixed assets - 606,693 - 606,693
Current assets 179,120 823,066 - 1,002,186
Liabilities (18,605) - - (18,605)
Total 160,515 1,429,759 - 1,590,275

Note 12 Trustees’ expenses and remuneration

The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (prior period: £nil). The Trustees donated £821,590 of unrestricted donations to the charity in the year (2024: £213,430). Trustees have incurred expenses of £252 that were reimbursed by the charity (2024: £nil).

33

Note 13 Reconciliation of net movement in funds to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per Statement of Financial Activities)
Adjustment for:
Depreciation
Interest income from non operating activities
(Increase)/decrease in debtors
(Increase)/decrease in foodbank stock
Increase/(decrease) in creditors
Net cash provided by /(used in) operation activities:		 Year to 31
March 2025
Year to 31
March 2024
£
£
1,060,588
434,796
10,164
10,164
(35,429)
(20,074)
53,666
(71,285)
(2,174)
(704)
23,177
6,380
1,109,993
359,277

Note 14 Analysis of cash and cash equivalents

Cash at bank and in hand
Investments convertible into cash within 90 days
Total cash and cash equivalents		 Year to 31
March 2025
Year to 31
March 2024
£
£
79,530
149,921
709,328
497,310
788,858
647,231

34