Charity registration number 1127055
Company registration number 06730025 (England and Wales)
KINGSLAND CHURCH COLCHESTER
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
KINGSLAND CHURCH COLCHESTER
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Gbolahan Alaka
Margaret Andrew
Andrew Courtier
Mee Foong Purser
Gemma Ferris
Secretary
Neil Loxley
Charity number
1127055
Company number
06730025
Registered office
86 London Road
Colchester
CO3 9DW
Auditor
Streets Whittle & Partners LLP
The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
Bankers
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4QJ
KINGSLAND CHURCH COLCHESTER
CONTENTS
Page
Trustees' report
1 - 2
Statement of trustees' responsibilities
3
Independent auditor's report
4 - 7
Statement of financial activities
8
Balance sheet
9 - 10
Statement of cash flows
11
Notes to the financial statements
12 - 28
KINGSLAND CHURCH COLCHESTER
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity's objects are to advance the Christian Faith in accordance with the statement of beliefs in the memorandum, to relieve those who are in need, hardship or are aged or sick and to promote and fulfil other purposes beneficial to the community. The main area of the charity's operations is the county of Essex.

During the year under review this has been carried out by receiving and using donations towards the running of the centre and operations of the church in Lexden in Colchester. The centre is being used as a church base for the benefit of the wider community. In 2021 we acquired the long leasehold of the site at 86 London Road. This includes the space currently occupied under lease to Aldi and IKAS. The lease payments will reduce the mortgage and the purchase will enable us in coming years to expand our community activities into some or all of that space.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The trustees are satisfied with the financial situation and achievements of the charity.

Financial review

The trustees have examined the charity's requirements for reserves in the light of the main risks to the organisation and consider that whilst the long term loans are being repaid the charity should have net current assets, excluding loans, of between 3 to 6 months expenditure.

 

The trustees review all the salaries each year when the budgets are set with no employee's annual remuneration being £60,000 or more.

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

Plans for future periods

The trustees continue to develop the ministry at 86 London Road in Lexden and on line.

Structure, governance and management
The charity is a company limited by guarantee incorporated on 22 October 2008 and registered as a charity. The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.
KINGSLAND CHURCH COLCHESTER
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Gbolahan Alaka
Margaret Andrew
Andrew Courtier
Neil Loxley
(Resigned 12 May 2022)
Mee Foong Purser
Gemma Ferris
The organisation of the work of Kingsland Church is in the hands of the Trustees. The governing documents provide for new trustees to be appointed by the current trustees.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees work with the core leadership team and the small group of ministry leaders and partners of the church.

The leadership teams of the congregations are committed to enabling as many people to worship with our church and to become part of our church community. As trustees we are aware of the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for advancement of religion.

 

We try to enable ordinary people to live out their faith as part of our community through mutual encouragement, teaching worship and prayer. We seek to provide pastoral care and opportunities to be involved in mission and outreach work and to facilitate this we maintain the fabric of the Church.

 

All are welcome to attend our regular services. During the year we have sought to provide a breadth of opportunities for worship appropriate for the mix of ages and backgrounds of the people within the orbit of the church.

 

Our weekly activities have continued and include those very suitable for anyone in the area who choose to attend. The various youth groups, choir, men's breakfasts, women's meetings, alpha courses etc. are available to all as appropriate. We provide grants for various people and projects in the area and across the world in line with our charity objectives for the promotion of the Christian faith and the relief of poverty. As well as that reflected in financial terms in the accounts we have various collections of food, clothing, shoeboxes and, of course, encourage volunteering for local and international charities.

The trustees' report was approved by the Board of Trustees.

Andrew Courtier
Trustee
29 September 2023
KINGSLAND CHURCH COLCHESTER
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The trustees, who are also the directors of Kingsland Church Colchester for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KINGSLAND CHURCH COLCHESTER
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF KINGSLAND CHURCH COLCHESTER
- 4 -

Opinion

We have audited the financial statements of Kingsland Church Colchester (the ‘charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:

-

give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 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 Companies Act 2006.

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 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 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.

 

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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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 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.

KINGSLAND CHURCH COLCHESTER
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF KINGSLAND CHURCH COLCHESTER
- 5 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, 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 charitable company 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.

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. 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 obtained an understanding of the laws and regulations applicable to the Charity and the sector in which they operate. We determined that the following laws and regulations were the most significant: the Charities Act 2011, UK GAAP, Charities SORP and tax legislation.

 

In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: employment law and data protection. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of Those Charged with Governance and other management and inspection of regulatory and legal correspondence if any.

 

We considered management’s opportunities for fraudulent manipulation of the financial statements (including revenue recognition and the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates.

KINGSLAND CHURCH COLCHESTER
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF KINGSLAND CHURCH COLCHESTER
- 6 -
Audit response to risks identified

In respect of the considerations for fraud we incorporated within our audit testing compliance with the procedures for approving and authorising payments and also reviewed the minutes of the trustee meetings to confirm payments made to approvals at those meetings.

 

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011 and UK tax legislation.

 

Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

 

We made enquiries in relation to the allocation of income and expenditure between restricted and unrestricted funds.

 

We addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

 

The Senior Statutory Auditor has assessed and concluded that the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor's 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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

KINGSLAND CHURCH COLCHESTER
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF KINGSLAND CHURCH COLCHESTER
- 7 -
Rachel Skells BA FCA (Senior Statutory Auditor)
for and on behalf of Streets Whittle & Partners LLP
29 September 2023
Chartered Accountants
Statutory Auditor
The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE

Streets Whittle & Partners LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

KINGSLAND CHURCH COLCHESTER
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
2
393,627
26,026
419,653
357,296
54,157
411,453
Charitable activities
3
139,436
-
139,436
107,894
-
107,894
Investments
4
492,909
-
492,909
489,530
-
489,530
Other income
5
388
1,800
2,188
169
-
169
Total income
1,026,360
27,826
1,054,186
954,889
54,157
1,009,046
Expenditure on:
Charitable activities
6
452,869
42,281
495,150
391,266
14,552
405,818
Other
11
134,522
-
134,522
92,427
-
92,427
Total expenditure
587,391
42,281
629,672
483,693
14,552
498,245
Net gains/(losses) on investments
12
97,794
-
97,794
-
-
-
Net income/(expenditure) for the year/
Net movement in funds
536,763
(14,455)
522,308
471,196
39,605
510,801
Fund balances at 1 April 2022
2,148,352
59,370
2,207,722
1,677,156
19,765
1,696,921
Fund balances at 31 March 2023
2,685,115
44,915
2,730,030
2,148,352
59,370
2,207,722

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
KINGSLAND CHURCH COLCHESTER
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
1,064,275
1,093,838
Investment property
15
4,357,794
4,260,000
5,422,069
5,353,838
Current assets
Debtors
16
34,851
53,672
Cash at bank and in hand
105,000
216,854
139,851
270,526
Creditors: amounts falling due within one year
18
(614,160)
(639,692)
Net current liabilities
(474,309)
(369,166)
Total assets less current liabilities
4,947,760
4,984,672
Creditors: amounts falling due after more than one year
19
(2,217,730)
(2,776,950)
Net assets
2,730,030
2,207,722
Income funds
Restricted funds
21
44,915
59,370
Unrestricted funds
2,685,115
2,148,352
2,730,030
2,207,722
KINGSLAND CHURCH COLCHESTER
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 10 -

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 29 September 2023
Andrew Courtier
Trustee
Company registration number 06730025
KINGSLAND CHURCH COLCHESTER
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(8,343)
29,576
Investing activities
Investment income received
492,909
489,530
Net cash generated from investing activities
492,909
489,530
Financing activities
Repayment of borrowings
(37,200)
(27,800)
Repayment of bank loans
(559,220)
(409,220)
Net cash used in financing activities
(596,420)
(437,020)
Net (decrease)/increase in cash and cash equivalents
(111,854)
82,086
Cash and cash equivalents at beginning of year
216,854
134,768
Cash and cash equivalents at end of year
105,000
216,854
KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
1
Accounting policies
Charity information

Kingsland Church Colchester is a private company limited by guarantee incorporated in England and Wales. The registered office is 86 London Road, Colchester, CO3 9DW.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association. the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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

1.5
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 including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.

KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 13 -
Costs classified as governance relate to the general running of the charity and include the operations of the Board of Trustees and addressing the constitutional audit of the accounts and other matters.
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Land and buildings
2% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

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

 

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes.

KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
Taxation

As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only.

 

The Charity is registered for Value Added Tax (registration number 341581805)

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
2
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
392,265
10,511
402,776
338,344
53,257
391,601

Grants received

-
15,515
15,515
17,718
900
18,618
Other
1,362
-
1,362
1,234
-
1,234
393,627
26,026
419,653
357,296
54,157
411,453
Grants receivable for core activities
Coronavirus Job Retention Scheme
-
-
-
6,218
-
6,218
Colchester Borough Council
-
-
-
11,500
-
11,500
Colchester Catalyst Charity
-
-
-
-
900
900
Other
-
15,515
15,515
-
-
-
-
15,515
15,515
17,718
900
18,618
KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
3
Charitable activities

Ministry & Church

Cafe

Bookstore

Total
2023

Ministry & Church

Cafe

Bookstore

Total
2022
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
£
£
Sales within charitable activities
-
55,360
3,107
58,467
-
38,248
2,976
41,224
Charitable rental income
80,969
-
-
80,969
66,670
-
-
66,670
80,969
55,360
3,107
139,436
66,670
38,248
2,976
107,894
KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
4
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Rental income
492,575
489,440
Interest receivable
334
90
492,909
489,530
5
Other income
Unrestricted
Restricted
Total
Unrestricted
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
Other income
388
1,800
2,188
169
KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
6
Charitable activities

Ministry

& Church

Cafe

Bookstore

Rental

property

Total
2023
Total
2022
2023
2023
2023
2023
£
£
£
£
£
£
Staff costs
223,940
-
-
-
223,940
203,935
Depreciation and impairment
29,563
-
-
-
29,563
29,563

Purchases

-
28,302
1,447
-
29,749
19,614

Costs of ministry

62,766
-
-
-
62,766
25,396

Costs of rental property

-
-
-
6,210
6,210
4,096

Bad debts

1,334
-
-
-
1,334
-
317,603
28,302
1,447
6,210
353,562
282,604
Grant funding of activities (see note 7)
59,998
-
-
-
59,998
44,500
Share of support costs (see note 8)
77,090
-
-
-
77,090
74,964
Share of governance costs (see note 8)
4,500
-
-
-
4,500
3,750
459,191
28,302
1,447
6,210
495,150
405,818
Analysis by fund
Unrestricted funds
416,910
28,302
1,447
6,210
452,869
391,266
Restricted funds
42,281
-
-
-
42,281
14,552
459,191
28,302
1,447
6,210
495,150
405,818
KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Charitable activities
(Continued)
- 19 -
For the year ended 31 March 2022

Ministry

& Church

Cafe

Bookstore

Rental

property

Total
2022
£
£
£
£
£
Staff costs
203,935
-
-
-
203,935
Depreciation and impairment
29,563
-
-
-
29,563

Purchases

-
18,010
1,604
-
19,614

Costs of ministry

25,396
-
-
-
25,396

Costs of rental property

-
-
-
4,096
4,096
258,894
18,010
1,604
4,096
282,604
Grant funding of activities (see note 7)
44,500
-
-
-
44,500
Share of support costs (see note 8)
74,964
-
-
-
74,964
Share of governance costs (see note 8)
3,750
-
-
-
3,750
382,108
18,010
1,604
4,096
405,818
Analysis by fund
Unrestricted funds
367,556
18,010
1,604
4,096
391,266
Restricted funds
14,552
-
-
-
14,552
382,108
18,010
1,604
4,096
405,818
KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
7
Grants payable

Ministry

& Church

Ministry

& Church

2023
2022
£
£
Grants to institutions:
Colchester Foodbank
4,000
2,000
Cry in the Dark
8,000
5,700
CYO
12,000
9,000
Colchester CAP Centre
5,700
5,700
Love in Action
5,000
-
Beacon House
400
400
Operation Mobilisation
675
4,050
International Justice Mission
2,000
2,000
St Johns Church Colchester PCC
2,000
-
Colchester Korban Project
4,000
2,000
Transformed International
2,000
2,000
The Christian Advice Service
2,000
2,000
DNA Leadership Training
-
1,650
Churches Together in Maldon
100
-
Pocket Testament League
25
-
Ukranian Church
500
-
United Christian Broadcasters
100
-
Fusion
500
-
Mission Aviation Fellowship
500
-
KSG Choir
500
-
CSW
500
-
50,500
36,500
Grants to individuals
9,498
8,000
59,998
44,500
Grants are given to a variety of members and organisations around the world who share similar beliefs and values to the charity.  Priority is given to those with personal links with the church.
-
KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
8
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£

Property costs

35,675
-
35,675
32,420
-
32,420

Repairs & renewals

27,005
-
27,005
29,704
-
29,704

Office expenses

9,228
-
9,228
9,687
-
9,687

Other administration costs

4,707
-
4,707
2,452
-
2,452

Professional fees

475
-
475
701
-
701
Audit fees
-
4,500
4,500
-
3,750
3,750
77,090
4,500
81,590
74,964
3,750
78,714
Analysed between
Charitable activities
77,090
4,500
81,590
74,964
3,750
78,714

Governance costs includes payments to the auditors of £4,500 (2022- £3,750) for audit fees.

9
Trustees

One of the trustees received remuneration during the year of £43,470 (2022- £43,470) for his role as a pastor.

 

Three of the trustees loaned the charity a total of £45,000 (2022- £45,000) in respect of the purchase of the new building. These amounts were still outstanding at the year end.

10
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Administration
2
2
Pastors
4
4
Cafe
5
5
Total
11
11
KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Employees
(Continued)
- 22 -
Employment costs
2023
2022
£
£
Wages and salaries
196,234
178,977
Social security costs
7,272
5,342
Other pension costs
1,953
1,565
205,459
185,884
There were no employees whose annual remuneration was more than £60,000.
11
Other
Unrestricted
Unrestricted
funds
funds
2023
2022
Financing costs
134,522
92,427
12
Net gains/(losses) on investments
Unrestricted
Total
funds
2023
2022
£
£
Revaluation of investment properties
97,794
-
13
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
14
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2022
1,478,157
At 31 March 2023
1,478,157
Depreciation and impairment
At 1 April 2022
384,319
Depreciation charged in the year
29,563
At 31 March 2023
413,882
Carrying amount
At 31 March 2023
1,064,275
At 31 March 2022
1,093,838
15
Investment property
2023
£
Fair value
At 1 April 2022
4,260,000
Net gains or losses through fair value adjustments
97,794
At 31 March 2023
4,357,794

Investment property comprises freehold and leasehold properties. The fair value of the investment properties has been arrived at on the basis of valuations carried out in December 2022 by Morley Riches & Ablewhite Chartered Surveyors who are not connected with the charity. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

2023
2022
£
£
Freehold
1,200,000
1,060,000
Long leasehold
3,157,794
3,200,000
Short leasehold
-
-
4,357,794
4,260,000
KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
30,030
52,172
Prepayments and accrued income
4,821
1,500
34,851
53,672
17
Loans and overdrafts
2023
2022
£
£
Bank loans
2,626,950
3,186,170
Other loans
67,000
104,200
2,693,950
3,290,370
Payable within one year
476,220
513,420
Payable after one year
2,217,730
2,776,950

The long-term loans are secured by fixed charges over the freehold land and buildings.

The long term bank loan is repayable over a term of 25 years from 2020 by regular instalments. Interest is charged at 2.5% above the base rate of the Bank of England.

18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
409,220
409,220
Other borrowings
67,000
104,200
Other taxation and social security
26,168
22,591
Deferred income
20
95,382
95,382
Trade creditors
11,834
4,195
Accruals and deferred income
4,556
4,104
614,160
639,692
19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
17
2,217,730
2,776,950
KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
20
Deferred income
2023
2022
£
£
Other deferred income
95,382
95,382

Deferred income is included in the financial statements as follows:

2023
2022
£
£
Deferred income is included within:
Current liabilities
95,382
95,382
Movements in the year:
Deferred income at 1 April 2022
95,382
95,382
Released from previous periods
(95,382)
(95,382)
Resources deferred in the year
95,382
95,382
Deferred income at 31 March 2023
95,382
95,382

Deferred income represents rental income received in advance.

KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
21
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Movement in funds
Balance at
1 April 2021
Incoming resources
Resources expended
Balance at
1 April 2022
Incoming resources
Resources expended
Balance at
31 March 2023
£
£
£
£
£
£
£
Rwanda Orphans
2,609
1,650
(1,897)
2,362
572
(1,213)
1,721
Relief Fund
5,345
57
(368)
5,034
1,795
(4,787)
2,042
Guatemala
4,279
2,000
(1,602)
4,677
-
-
4,677
Love in Action
160
600
(580)
180
120
(120)
180
Precious Bundles
3,367
1,074
(1,526)
2,915
1,000
(81)
3,834
Alaka Support
160
-
-
160
200
-
360
Counselling
3,845
900
(5,579)
(834)
15,515
(10,990)
3,691
Development Fund
-
47,876
(3,000)
44,876
4,494
(22,396)
26,974
Night Pastors
-
-
-
-
2,130
(694)
1,436
Warm Space
-
-
-
-
2,000
(2,000)
-
19,765
54,157
(14,552)
59,370
27,826
(42,281)
44,915

The restricted funds are:

Rwanda Orphans - to support children's education in Rwanda through the provision of school fees.

Relief Fund - for local people in need

Guatemala - to support a health centre in Guatemala

Building Fund - offerings towards the purchase of the investment property in November 2020

Love in Action - Love in Action is a UK charity working with an NGO in Uganda providing education

Precious Bundles - Precious bundles supports young families with the provision of used good quality clothing and some other items

Training - Training supports people in theological training

Alaka Support Income - Alaka support helps Christians under pressure in northern Nigeria

Counselling - Kingsland Counselling provide counselling sessions for local people

Development Fund - For the design and reconfiguration of the whole site at 86 London Road

Night pastors - for the establishment of this service provision

Warm space - grant received to provide a warm safe space during the winter

KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
22
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
1,064,275
-
1,064,275
1,093,838
-
1,093,838
Investment properties
4,357,794
-
4,357,794
4,260,000
-
4,260,000
Current assets/(liabilities)
(519,224)
44,915
(474,309)
(428,536)
59,370
(369,166)
Long term liabilities
(2,217,730)
-
(2,217,730)
(2,776,950)
-
(2,776,950)
2,685,115
44,915
2,730,030
2,148,352
59,370
2,207,722
Restricted funds represent amounts received for specific projects.
KINGSLAND CHURCH COLCHESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
23
Related party transactions

At the balance sheet date one of the trustees, A Courtier, has made a loan of of £10,000 (2022: £10,000) to assist with the purchase of a property.

 

At the balance sheet date one of the trustees, G Alaka, has made a loan of £10,000 (2022: £10,000) to assist with the purchase of a property.

 

At the balance sheet date Lifepond Ltd, a company in which N Loxley, one of the trustees of Kingsland Church, is a director has made a loan of £25,000 (2022: £25,000) to assist with the purchase of a property.

24
Cash generated from operations
2023
2022
£
£
Surplus for the year
522,308
510,801
Adjustments for:
Investment income recognised in statement of financial activities
(492,909)
(489,530)
Fair value gains and losses on investment properties
(97,794)
-
Depreciation and impairment of tangible fixed assets
29,563
29,563
Movements in working capital:
Decrease/(increase) in debtors
18,821
(34,861)
Increase in creditors
11,668
13,603
Cash (absorbed by)/generated from operations
(8,343)
29,576
25
Analysis of changes in net (debt)/funds
At 1 April 2022
Cash flows
At 31 March 2023
£
£
£
Cash at bank and in hand
216,854
(111,854)
105,000
Loans falling due within one year
(513,420)
37,200
(476,220)
Loans falling due after more than one year
(2,776,950)
559,220
(2,217,730)
(3,073,516)
484,566
(2,588,950)
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