**Charity number: 278746**
## **KINGDOM FAITH CHURCH**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
## **KINGDOM FAITH CHURCH**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 5|
|**Independent auditors' report on the financial statements**|6 - 9|
|**Statement of financial activities**|10|
|**Balance sheet**|11|
|**Statement of cash flows**|12|
|**Notes to the financial statements**|13 - 30|
## **KINGDOM FAITH CHURCH**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Trustees**
Mr. Jeremy Blake (resigned 2 October 2023) Mr. Simon Coles Mr. Jonathan Croft Mr. Jon Elliott Mr. Clive Urquhart Mrs Sophie Coppeard
## **Charity registered number**
278746
## **Principal office**
Foundry Lane Horsham West Sussex RH13 5PX
## **Independent auditors**
Baldwin Scofield Ltd Chartered Accountants Statutory auditors 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU
## **Bankers**
National Westminster Bank plc 16 The Boulevard Crawley West Sussex RH10 1GL
## **Solicitors**
PDT Solicitors 36 - 48 Queen Street Horsham West Sussex RH13 5AD
Page 1
## **KINGDOM FAITH CHURCH**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
The Trustees present their annual report together with the audited financial statements of the Kingdom Faith Church for the 1 January 2022 to 31 December 2022.
## **Objectives and activities**
## **Policies and objectives**
The principal object of the Trust is the advancement of the Christian Faith.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Achievements and performance**
## **Review of activities**
Jan 2022 started with 21 days of prayer and fasting, incorporating encounter nights and prayer meetings. These were held in a combination of all four congregations together as well as in each local congregation. We also encouraged families to meet in their own homes with others and gather for prayer and communion on Friday evenings.
We continued to live stream from our Horsham congregation every week, which helps to support Church in the Home, partnering churches and those who live further away and want to connect in on Sundays and Wednesday night encounters.
During 2022 we continued to run Alpha and Bereavement courses in person and online.
Burgess Hill and Worthing congregations met bi-weekly in their homes, and the other weeks in their respective buildings. Horsham and Crawley congregations met every week in their respective buildings.
The relationships with our partnering church leaders continued to grow and develop. This was through corporate monthly zoom calls, regular individual church zoom calls, in person ministry visits, Leaders gathering in May and Leadership team training in October, both held in Horsham.
Our individual Partners have continued to be faithful supporters in terms of prayer, attendance and financial giving. Due to our services and prayer meetings continuing online that has enabled many others across the UK, Europe and other parts of the World to connect into Kingdom Faith.
The Child Contact Centre continued to operate every other Saturday allowing a separated parent to see their child in a safe and friendly environment. This also included supervised contact during the week and weekends.
Roffey Place is now being used as a homeless shelter by Turning Tides, who are a Christian charity based in West Sussex. The building is on a 5-year lease at a peppercorn rental and Turning Tides have management agreement to run the facility on behalf of Horsham District Council. Turning Tides expect the facility to be able to house 50 residents and their plan is to help eradicate homelessness in the Mid Sussex region.
Page 2
## **KINGDOM FAITH CHURCH**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Financial review**
## **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **Reserves policy**
The Trustees have a reserve policy of £100,000 to be held in cash, to help smooth out cash flow timings. At year end this was just being met as the total cash balance was £100,423 which is a decrease on 2021 when the balance was £178,470.
## **Results**
The current period produced a total deficit of £64,723 (2021: surplus £172,136). This was after non-cash depreciation charge of £12,543 (2021- £6,820). As reflected in the increased depreciation figures for 2022 we have invested in computers and equipment out of ongoing cash flow.
We expect that going forward we will run a general budget surplus.
## **Principal risks and uncertainties**
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are sartisfied that systems and procedures are in place to mitigate our exposure to major risks. These assessments are subject to ongoing review and monitoring.
## **Structure, governance and management**
## **Constitution**
Kingdom Faith Church is a registered charity, number 278746, and is constituted under a Trust deed dated 21 September 1979. The Trustees were incorporated as a body on 4 May 2006 in the name "The incorporated Trustees of Kingdom Faith Church".
## **Methods of appointment or election of Trustees**
Under the terms of the revised trust deed dated 27 April 2009, the Trustees are authorised to appoint new Trustees provided they are approved by the executive team of Kingdom Faith Church as defined in clause 5.8.1 of that deed.
New Trustees are appointed on the basis of their expertise and involvement in furthering the objects of he charity.
Page 3
## **KINGDOM FAITH CHURCH**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Structure, governance and management (continued)**
## **Organisational structure and decision-making policies**
The governing body of Kingdom Faith Church is the Trustees who are legally responsible for the governance and management of the Trust, working in close consultation with the Executive team of Kingdom Faith Church.
The Trustees are responsible for setting strategies and policies and for ensuring that these are implemented. Authority to conduct the day to day operations of Kingdom Faith Church is delegated by the Trustees to the Executive Team. The Executive Team are responsible for the implementation of the policies and strategies on behalf of the Trustees.
## **Policies adopted for the induction and training of Trustees**
The Trustee induction process is considered sufficient at this time. New Trustees are briefed by the Executive team and are provided with the accounts of the Turst, a copy of the trust deed and an explanation of the history of the Trust.
## **Related party relationships**
The Trust has connections with Lamplugh House Trust up until its closure in November 2016, the incorporated charity, The Way of the Spirit and Kingdom Faith South West Trust.
New charities were established for Kingdom Faith London and Kingdom Faith Yorkshire and with effect from 1 September 2009, the activities and accumulated funds were transferred to those charities.
## **Financial risk management**
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
## **Plans for future periods**
The plans for the Trust in the year ahead were set out during the Kingdom Faith vision Sunday held in person January 8th 2023, the recording of which is available on the Church website.
As mentioned above Roffey Place is being Leased to Turning Tides as a homeless shelter. During this lease period we are looking at various options for sale and disposal of Roffey Place with planning. Our medium-term plans are to consolidate from the 2 current facilities we own to a new facility as part of the North Horsham development, (Mowbray).
Page 4
## **KINGDOM FAITH CHURCH**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
## **Auditors**
The auditors, Baldwin Scofield Ltd, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on 27 October 2023 and signed on their behalf by:
## **Mr. Clive Urquhart**
Page 5
## **KINGDOM FAITH CHURCH**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGDOM FAITH CHURCH**
## **Opinion**
We have audited the financial statements of Kingdom Faith Church (the 'charity') for the year ended 31 December 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
## In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 Auditors' responsibilities for the audit of the 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 United Kingdom, including the Financial Reporting Council'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.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 6
## **KINGDOM FAITH CHURCH**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGDOM FAITH CHURCH (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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.
Page 7
## **KINGDOM FAITH CHURCH**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGDOM FAITH CHURCH (CONTINUED)**
## **Auditors' 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 Auditors' 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.
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:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable trust and determined that the most significant are those that relate to the reporting framework in conformity with the requirements of the Chatities Act 2011 and the relevant direct and indirect tax compliance regulations in the United Kingdom.
We understood how Kingdom Faith Church is complying with those frameworks by making enquiries of management to understand how the charity maintains and communicates its policies and procedures in these areas and corroborated this by reviewing supporting documentation and minutes of meetings of those charged with governance.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override to be a fraud risk. In addition, we considered the risk of management override by sampling from the entire population of journals, identifying specific transactions which did not meet our expectations based on specific criteria and investigated these to gain an understanding and then agree back to source documentation.
Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved verifying that material transactions were recorded in compliance with Financial Reporting Standards and the Charities SORP in conformity with the requirements of the Charities Act 2011.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 8
## **KINGDOM FAITH CHURCH**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGDOM FAITH CHURCH (CONTINUED)**
## **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) Regulations 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 and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Baldwin Scofield Ltd**
Chartered Accountants Statutory auditors 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU
27 October 2023
Baldwin Scofield Ltd are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9
## **KINGDOM FAITH CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
8
**Total expenditure**
**Net (expenditure)/income**
Transfers between funds
19
**Net movement in funds before other**
**recognised gains**
**Other recognised gains:**
Gains on revaluation of fixed assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2022**
**£**
**1,500**
**47,359**
**-**
**-**
**48,859**
**-**
**66,738**
**66,738**
**(17,879)**
**8,141**
**(9,738)**
**-**
**(9,738)**
**19,661**
**(9,738)**
**9,923**|**Unrestricted**
**funds**
**2022**
**£**
**-**
**961,413**
**12,741**
**964**
**975,118**
**9,141**
**1,012,821**
**1,021,962**
**(46,844)**
**(8,141)**
**(54,985)**
**-**
**(54,985)**
**2,844,453**
**(54,985)**
**2,789,468**|**Total**
**funds**
**2022**
**£**
**1,500**
**1,008,772**
**12,741**
**964**
**1,023,977**
**9,141**
**1,079,559**
**1,088,700**
**(64,723)**
**-**
**(64,723)**
**-**
**(64,723)**
**2,864,114**
**(64,723)**
**2,799,391**|_Total_
_funds_
_2021_
_£_
_176,007_
_1,040,878_
_6,973_
_-_|
|---|---|---|---|---|
|||||_1,223,858_|
|||||_10,234_
_1,041,488_|
|||||_1,051,722_|
|||||_172,136_
_-_|
|||||_172,136_
_30,090_|
|||||_202,226_|
|||||_2,661,888_
_202,226_|
|||||_2,864,114_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 13 to 30 form part of these financial statements.
Page 10
## **KINGDOM FAITH CHURCH**
## **BALANCE SHEET AS AT 31 DECEMBER 2022**
|**Note**
**Fixed assets**
Tangible assets
13
**Current assets**
Stocks
14
Debtors
15
Current asset investments
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
19
Unrestricted funds
19
**Total funds**|**3,885**
**22,614**
**50,349**
**50,074**
**126,922**
**(50,772)**|**2022**
**£**
**2,723,241**
**76,150**
**2,799,391**
**2,799,391**
**9,923**
**2,789,468**
**2,799,391**|_5,002_
_23,585_
_-_
_178,470_
_207,057_
_(57,516)_|_2021_
_£_
_2,714,573_
_149,541_|
|---|---|---|---|---|
|||||_2,864,114_|
||||||
|||||_2,864,114_|
|||||_19,661_
_2,844,453_|
||||||
|||||_2,864,114_|
The financial statements were approved and authorised for issue by the Trustees on 27 October 2023 and signed on their behalf by:
## **Mr. Simon Coles**
The notes on pages 13 to 30 form part of these financial statements.
Page 11
## **KINGDOM FAITH CHURCH**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Funds placed on fixed deposit
**Net cash (used in)/provided by investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 13 to 30 form part of these financial statements|**2022**
**£**
**(59,786)**
**-**
**(21,211)**
**(50,349)**
**(71,560)**
**-**
**(131,346)**
**175,634**
**44,288**|_2021_
_£_
_122,555_
_30,951_
_(30,787)_
_-_
**164**
**-**
**122,719**
_52,915_
_175,634_|
|---|---|---|
Page 12
**KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1. General information**
Kingdom Faith Church is a registered charity, number 278746, and is constituted under a Trust deed dated 21 September 1979. The Trustees were incorporated as a body on 4 May 2006 in the name "The incorporated Trustees of Kingdom Faith Church".
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Kingdom Faith Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Page 13
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **2. Accounting policies (continued)**
## **2.3 Expenditure (continued)**
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.5 Tangible fixed assets and depreciation**
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
`Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Freehold property Not depreciated - Plant and machinery 25% straight line - Fixtures and fittings 25% straight line - Computer equipment 25% straight line
## **2.6 Stocks**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **2.7 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.
## **2.8 Cash at bank and in hand**
Cash at bank and 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.
Fixed term bank deposits of more than three months and less than 12 months are shown as current asset investments.
Page 14
**KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **2. Accounting policies (continued)**
## **2.9 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.10 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.11 Pensions**
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
## **2.12 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 15
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **3. Income from donations and legacies**
|Grants
Grants
**Income from charitable activities**
Income from charitable activities - Kingdom Faith Church
Income from charitable activities - Ministry
Income from charitable activities - Kingdom Faith Church
Income from charitable activities - Ministry|**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
1,500
-
_Restricted_
_funds_
_2021_
_Unrestricted_
_funds_
_2021_
_£_
_£_
_8,000_
_168,007_
**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
28,096
813,957
19,263
147,456
47,359
961,413
_Restricted_
_funds_
_2021_
_Unrestricted_
_funds_
_2021_
_£_
_£_
_7,750_
_859,694_
_29,274_
_144,160_
_37,024_
_1,003,854_|**Total**
**funds**
**2022**
**£**
**1,500**|
|---|---|---|
|||_Total_
_funds_
_2021_
_£_
_176,007_|
|||**Total**
**funds**
**2022**
**£**
**842,053**
**166,719**|
|||**1,008,772**|
|||_Total_
_funds_
_2021_
_£_
_867,444_
_173,434_|
|||_1,040,878_|
## **4. Income from charitable activities**
Page 16
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **5. Income from other trading activities**
## **Income from non charitable trading activities**
|**Unrestricted**
**funds**
**2022**
**£**
Trading income
12,741
_Unrestricted_
_funds_
_2021_
_£_
Trading income
_6,973_|**Total**
**funds**
**2022**
**£**
**12,741**|
|---|---|
||_Total_
_funds_
_2021_
_£_
_6,973_|
## **6. Investment income**
|**Unrestricted**
**funds**
**2022**
**£**
Investment income - local cash
964
**Analysis of grants**
**Grants to**
**Institutions**
**2022**
**£**
Grants, Kingdom Faith Church
-
Grants, Ministry
102,329
102,329|**Total**
**funds**
**2022**
**£**
**964**
**Grants to**
**Individuals**
**2022**
**£**
298
30,670
30,968|_Total_
_funds_
_2021_
_£_
_-_|
|---|---|---|
|||**Total**
**funds**
**2022**
**£**
**298**
**132,999**|
|||**133,297**|
## **7. Analysis of grants**
Page 17
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **7. Analysis of grants (continued)**
|Grants, Kingdom Faith Church
Grants, Ministry|_Grants to_
_Institutions_
_2021_
_£_
_-_
_47,840_
_47,840_|_Grants to_
_Individuals_
_2021_
_£_
_2,039_
_40,105_
_42,144_|_Total_
_funds_
_2021_
_£_
_2,039_
_87,945_|
|---|---|---|---|
||||_89,984_|
## **8. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Revival College
Kingdom Faith Church
Ministry
Revival College
Kingdom Faith Church
Ministry|**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
-
(820)
-
779,229
66,738
234,412
66,738
1,012,821
_Restricted_
_funds_
_2021_
_Unrestricted_
_funds_
_2021_
_£_
_£_
_-_
_(2,058)_
_4,618_
_796,496_
_35,311_
_207,121_
_39,929_
_1,001,559_|**Total**
**2022**
**£**
**(820)**
**779,229**
**301,150**|
|---|---|---|
|||**1,079,559**|
|||_Total_
_2021_
_£_
_(2,058)_
_801,114_
_242,432_|
|||_1,041,488_|
Page 18
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **9. Analysis of expenditure by activities**
|Revival College
Kingdom Faith Church
Ministry
Revival College
Kingdom Faith Church
Ministry|**Activities**
**undertaken**
**directly**
**2022**
**£**
(820)
778,931
114,135
892,246
_Activities_
_undertaken_
_directly_
_2021_
_£_
_(2,058)_
_799,075_
_83,335_
_880,352_|**Grant**
**funding of**
**activities**
**2022**
**£**
-
298
132,999
133,297
_Grant_
_funding of_
_activities_
_2021_
_£_
_-_
_2,039_
_87,945_
_89,984_|**Support**
**costs**
**2022**
**£**
-
-
54,016
54,016
_Support_
_costs_
_2021_
_£_
_-_
_-_
_71,152_
_71,152_|**Total**
**funds**
**2022**
**£**
**(820)**
**779,229**
**301,150**
**1,079,559**
_Total_
_funds_
_2021_
_£_
_(2,058)_
_801,114_
_242,432_
_1,041,488_|
|---|---|---|---|---|
Page 19
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **9. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Staff costs
Depreciation
Telephone
Administration
Premises repairs and renewals
Motor and travel
Printing, postage and stationery
Ministry costs
Computer expenses
Utilities
Housekeeping
Catering and team costs
Venue costs
Bad debts|**Revival**
**College**
**2022**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
(820)
(820)|**Kingdon**
**Faith**
**Church**
**2022**
**£**
688,812
-
-
7,692
24,534
-
1,422
14,561
-
-
-
15,278
26,632
-
778,931|**Ministry**
**2022**
**£**
-
12,543
13,359
-
14,897
17,053
5,867
-
19,251
29,313
1,852
-
-
-
114,135|**Total**
**funds**
**2022**
**£**
**688,812**
**12,543**
**13,359**
**7,692**
**39,431**
**17,053**
**7,289**
**14,561**
**19,251**
**29,313**
**1,852**
**15,278**
**26,632**
**(820)**
**892,246**|
|---|---|---|---|---|
Page 20
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **9. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs (continued)**
|Staff costs
Depreciation
Telephone
Administration
Premises repairs and renewals
Motor and travel
Printing, postage and stationery
Ministry costs
Computer expenses
Finance and interest charges
Utilities
Housekeeping
Catering and team costs
Venue costs
Bad debts
**Analysis of support costs**|_Revival_
_College_
_2021_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_(2,058)_
_(2,058)_|_Kingdom_
_Faith Church_
_2021_
_£_
_711,017_
_-_
_-_
_17,087_
_40,285_
_-_
_-_
_7,813_
_-_
_-_
_-_
_-_
_6,664_
_16,209_
_-_
_799,075_|_Ministry_
_2021_
_£_
_-_
_6,820_
_16,926_
_-_
_(12,903)_
_12,252_
_5,757_
_-_
_24,420_
_286_
_28,730_
_1,047_
_-_
_-_
_-_
_83,335_|_Total_
_funds_
_2021_
_£_
_711,017_
_6,820_
_16,926_
_17,087_
_27,382_
_12,252_
_5,757_
_7,813_
_24,420_
_286_
_28,730_
_1,047_
_6,664_
_16,209_
_(2,058_|
|---|---|---|---|---|
|||||_880,352_|
||||||
|Insurance
Legal and professional
Administration
Bank charges
Audit fee|**Ministry**
**2022**
**£**
22,090
18,259
5,212
3,655
4,800
54,016|**Total**
**funds**
**2022**
**£**
**22,090**
**18,259**
**5,212**
**3,655**
**4,800**|
|---|---|---|
|||**54,016**|
Page 21
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **9. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
|Insurance
Legal and professional
Administration
Bank charges
Audit fee
**10.**
**Auditors' remuneration**
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts|_Ministry_
_2021_
_£_
_18,848_
_40,281_
_3,048_
_4,175_
_4,800_
_71,152_
**2022**
**£**
**4,800**|_Total_
_funds_
_2021_
_£_
_18,848_
_40,281_
_3,048_
_4,175_
_4,800_|
|---|---|---|
|||_71,152_|
|||_2021_
_£_
_4,800_|
## **11. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2022**
**£**
**595,503**
**43,843**
**49,466**
**688,812**|_2021_
_£_
_628,798_
_44,776_
_37,443_|
|---|---|---|
||||
|||_711,017_|
The average number of persons employed by the Charity during the year was as follows:
||**2022**|_2021_|
|---|---|---|
||**No.**|_No._|
|Administrative and ministry|**25**|_24_|
Page 22
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **11. Staff costs (continued)**
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
||**2022**|_2021_|
|---|---|---|
||**No.**|_No._|
|In the band £80,001 - £90,000|**1**|_2_|
|In the band £100,001 - £110,000|**1**|_-_|
Two trustees are included in the salary banding above. The Senior Pastor, his wife, son and daughter are all remunerated as employees of the church. The total remuneration and benefits package of all of them in aggregate are included in the totals disclosed in note 11 below.
## **12. Trustees' remuneration and expenses**
During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Charity. The remunerated Trustees are employed as the Senior Pastor and Executive Pastor as permitted under clause 8 of the charity trust deed. The value of Trustees' remuneration and other benefits was as follows:
|||**2022**|_2021_|
|---|---|---|---|
|||**£**|_£_|
|Mr. Simon Coles|Remuneration|**76,886**|_76,651_|
||Pension contributions paid|**6,400**|_5,234_|
||Other benefits|**7,952**|_5,533_|
||Remuneration including close|||
|Mr. Clive Urquhart|family members|**97,391**|_79,251_|
||Pension contributions paid|**8,112**|_5,666_|
||Other benefits|**7,433**|_5,327_|
During the year ended 31 December 2022, no Trustee expenses have been incurred _(2021 - £NIL)_ .
Page 23
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **13. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2022
Additions
At 31 December 2022
**Depreciation**
At 1 January 2022
Charge for the year
At 31 December 2022
**Net book value**
At 31 December 2022
_At 31 December 2021_|**Freehold**
**property**
**£**
**2,683,000**
**-**
**2,683,000**
**-**
**-**
**-**
**2,683,000**
_2,683,000_|**Plant and**
**machinery**
**£**
**116,554**
**14,930**
**131,484**
**85,320**
**11,838**
**97,158**
**34,326**
_31,234_|**Fixtures and**
**fittings**
**£**
**12,948**
**-**
**12,948**
**12,948**
**-**
**12,948**
**-**
_-_|**Computer**
**equipment**
**£**
**39,610**
**6,281**
**45,891**
**39,271**
**705**
**39,976**
**5,915**
_339_|**Total**
**£**
**2,852,112**
**21,211**|
|---|---|---|---|---|---|
||||||**2,873,323**|
||||||**137,539**
**12,543**|
||||||**150,082**|
||||||**2,723,241**|
||||||_2,714,573_|
The freehold land and buildings comprising Roffey Place, Horsham and National Revival Centre, Foundry Lane, Horsham were valued by Mr Daniel Berrisford for and on behalf of Ibbett Mosely Consultants LLP on 9 July 2010.
The properties have been valued at market value net of purchases cost of the freehold with vacant possession. The trustees are of the opinion that the valuation at the balance sheet date is not materially different to the value at the date of the valuation report.
The carrying amount under the cost model of the assets which have been revalued would have been £2,448,482 _(2021 - £2,448,482)_ .
## **14. Stocks**
||**2022**|_2021_|
|---|---|---|
||**£**|_£_|
|Raw materials and consumables|**3,885**|_5,002_|
Page 24
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **15. Debtors**
|**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income
**16.**
**Current asset investments**
Bank fixed deposits
**17.**
**Creditors: Amounts falling due within one year**
Bank overdrafts and credit cards
Trade creditors
Other taxation and social security
Pension fund contributions payable
Other creditors
Accruals and deferred income
**18.**
**Financial instruments**
**Financial assets**
Financial assets measured at fair value through income and expenditure|**2022**
**£**
**25**
**2,504**
**20,085**
**22,614**
**2022**
**£**
**50,349**
**2022**
**£**
**5,786**
**12,235**
**11,395**
**9,056**
**7,500**
**4,800**
**50,772**
**2022**
**£**
**100,423**|_2021_
_£_
_-_
_-_
_23,585_|
|---|---|---|
||||
|||_23,585_|
|||_2021_
_£_
_-_|
|||_2021_
_£_
_2,836_
_6,687_
_11,814_
_5,879_
_25,500_
_4,800_|
||||
|||_57,516_|
|||_2021_
_£_
_178,470_|
Financial assets measured at fair value through income and expenditure comprise bank and cash balances.
Page 25
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **19. Statement of funds**
**Statement of funds - current year**
|**Unrestricted funds**
General fund
Revaluation fund
**Restricted funds**
Child contact centre fund
Storehouse fund
Mission fund
Israel fund
New building fund
Specific gifts
**Total of funds**|**Balance at 1**
**January**
**2022**
**£**
**2,609,935**
**234,518**
**2,844,453**
**12,698**
**213**
**-**
**-**
**6,750**
**-**
**19,661**
**2,864,114**|**Income**
**£**
**975,118**
**-**
**975,118**
**20,512**
**910**
**581**
**1,744**
**-**
**25,112**
**48,859**
**1,023,977**|**Expenditure**
**£**
**(1,021,962)**
**-**
**(1,021,962)**
**(30,099)**
**(3,387)**
**-**
**(6,933)**
**(519)**
**(25,800)**
**(66,738)**
**(1,088,700)**|**Transfers**
**in/out**
**£**
**(8,141)**
**-**
**(8,141)**
**-**
**2,264**
**-**
**5,189**
**-**
**688**
**8,141**
**-**|**Balance at**
**31**
**December**
**2022**
**£**
**2,554,950**
**234,518**|
|---|---|---|---|---|---|
||||||**2,789,468**|
||||||**3,111**
**-**
**581**
**-**
**6,231**
**-**|
||||||**9,923**|
||||||**2,799,391**|
Page 26
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **19. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
General fund
Revaluation fund
**Restricted**
**funds**
Child contact
centre fund
Storehouse fund
Foyer
refurbishment
fund
Mission fund
Israel fund
New building
fund
**Total of funds**|_Balance at_
_1 January_
_2021_
_£_
_2,356,499_
_234,518_
_2,591,017_
_9,036_
_1,616_
_58,686_
_1,250_
_283_
_-_
_70,871_
_2,661,888_|_Income_
_£_
_1,178,834_
_-_
_1,178,834_
_35,924_
_850_
_-_
_-_
_1,500_
_6,750_
_45,024_
_1,223,858_|_Expenditure_
_£_
_(1,011,793)_
_-_
_(1,011,793)_
_(32,262)_
_(2,253)_
_-_
_(1,250)_
_(4,164)_
_-_
_(39,929)_
_(1,051,722)_|_Transfers_
_in/out_
_£_
_56,305_
_-_
_56,305_
_-_
_-_
_(58,686)_
_-_
_2,381_
_-_
_(56,305)_
_-_|_Gains/_
_(Losses)_
_£_
_30,090_
_-_
_30,090_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_30,090_|_Balance at_
_31_
_December_
_2021_
_£_
_2,609,935_
_234,518_|
|---|---|---|---|---|---|---|
|||||||_2,844,453_|
|||||||_12,698_
_213_
_-_
_-_
_-_
_6,750_|
|||||||_19,661_|
|||||||_2,864,114_|
## **Restricted funds**
The Israel, Storehouse, mission and church gift funds represent funds raised and spent on ministry projects of the church.
The child contact centre fund receives donations and uses the funds raised for running the project.
The new building fund represents funds raised for the purpose of acquiring a new building in the future.
Page 27
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **20. Summary of funds**
## **Summary of funds - current year**
|General funds
Restricted funds|General funds
Restricted funds|**Balance at 1**
**January**
**2022**
**£**
**2,844,453**
**19,661**
**2,864,114**
_Income_
_£_
_1,178,834_
_45,024_
_1,223,858_|**Income**
**£**
**975,118**
**48,859**
**1,023,977**
_Expenditure_
_£_
_(1,011,793)_
_(39,929)_
_(1,051,722)_|**Expenditure**
**£**
**(1,021,962)**
**(66,738)**
**(1,088,700)**
_Transfers_
_in/out_
_£_
_56,305_
_(56,305)_
_-_|**Transfers**
**in/out**
**£**
**(8,141)**
**8,141**
**-**
_Gains/_
_(Losses)_
_£_
_30,090_
_-_
_30,090_|**Balance at**
**31**
**December**
**2022**
**£**
**2,789,468**
**9,923**|
|---|---|---|---|---|---|---|
|||||||**2,799,391**|
|||||||_Balance at_
_31_
_December_
_2021_
_£_
_2,844,453_
_19,661_|
|**Summary of funds - prior year**|||||||
|General funds
Restricted funds|_Balance at_
_1 January_
_2021_
_£_
_2,591,017_
_70,871_
_2,661,888_||||||
|||||||_2,864,114_|
## **21. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
-
2,723,241
9,923
116,999
-
(50,772)
9,923
2,789,468|**Total**
**funds**
**2022**
**£**
**2,723,241**
**126,922**
**(50,772)**|
|---|---|---|
|||**2,799,391**|
Page 28
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **21. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Restricted_
_funds_
_2021_
_£_
_-_
_19,661_
_-_
_19,661_|_Unrestricted_
_funds_
_2021_
_£_
_2,714,573_
_187,396_
_(57,516)_
_2,844,453_|_Total_
_funds_
_2021_
_£_
_2,714,573_
_207,057_
_(57,516)_
_2,864,114_|
|---|---|---|---|
## **22. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the year (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
Decrease in stocks
Decrease/(increase) in debtors
Decrease in creditors
**Net cash provided by/(used in) operating activities**
**Analysis of cash and cash equivalents**
Cash in hand
Overdrafts and credit cards
**Total cash and cash equivalents**|**2022**
**£**
**(64,723)**
**12,543**
**1,117**
**971**
**(9,694)**
**(59,786)**
**2022**
**£**
**50,074**
**(5,786)**
**44,288**|_2021_
_£_
_172,136_
_6,820_
_7,297_
_(2,773)_
_(60,925)_
_122,555_
_2021_
_£_
_178,470_
_(2,836)_
_175,634_|
|---|---|---|
## **23. Analysis of cash and cash equivalents**
Page 29
## **KINGDOM FAITH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **24. Analysis of changes in net debt**
|Cash at bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year
Bank fixed deposits|**At 1**
**January**
**2022**
**£**
**178,470**
**(2,836)**
**(5,879)**
**-**
**169,755**|**Cash flows**
**£**
**(128,396)**
**(2,950)**
**(3,177)**
**50,349**
**(84,174)**|**At 31**
**December**
**2022**
**£**
**50,074**
**(5,786)**
**(9,056)**
**50,349**
**85,581**|
|---|---|---|---|
## **25. Pension commitments**
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £49,466 (2021 - £37,443) Contributions amounting to £9,056 (2021 - £5,879) were payable to the fund at the balance sheet date and are included in creditors.
Pension contributions payable in respect of the trustees are more fully disclosed in note 11.
## **26. Post balance sheet events**
As indicated in the trustees' report, the church is exploring the acquisition of new premises in the North Horsham Development, Mowbray. Gifts received after the year end together with the gift aid attributable have enabled the trustees to set aside a designated building fund which when added to the restricted fund mean that the building funds available to facilitate the purchase of a new building now stands at slightly more than £2 million.
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