Charity registration number SC041380 (Scotland)
Company registration number SC365682 (Scotland)
THE KING'S COMMUNITY FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE KING'S COMMUNITY FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
I Duthie
D Shinnie
T Seal
I Monument
R Fowlie
Charity number (Scotland)
SC041380
Company number
SC365682
Registered office
King's Church Aberdeen
King's Way
Bridge of Don
Aberdeen
AB23 8BL
Independent examiner
Azets Audit Services
Chartered Accountants
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
THE KING'S COMMUNITY FOUNDATION
CONTENTS
Page
Trustees report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 18
THE KING'S COMMUNITY FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 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 Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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

To support and serve its surrounding community and other organisations in the United Kingdom and around the world by accessing, evaluating and meeting the needs of those communities and thereby making a positive difference in the lives of others.

To enhance the living experience of individuals, families and "communities" both locally and globally by addressing issues of exclusion, poverty, marginalisation, lack of education and degeneration.

To align itself with socially marginalised and disconnected people such as the very young, the elderly, those whose nationality may not be of United Kingdom origin, and those who have been set apart from society because of lifestyle choices and behaviours.

The Foundation will seek to provide opportunities for acceptance, connection and/​or integration back into a meaningful contribution to society and identify opportunities where involvement and integration could bring.

 

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

Achievements and performance

During this period, The King’s Community Foundation has received donations and grant funding from multiple external benefactors to support and facilitate the operation of Aberdeen North Food Bank. This service helps tackle food poverty and hunger in the local community.

With the impact of the cost of living crisis forcing many in the city to seek further support, our Foodbank was a vital service to many people. 4,659 parcels were distributed throughout 2023, which fed 11,758 people in need. Donations of food to the foodbank from the general public increased which allowed us to meet this need.

Two of our centres we support closed in 2023 due to our partner’s capacity to run them, which allowed us to consolidate and focus on the remaining centres, to make their foodbank experience as positive as possible. Our Financial Inclusion Project, developed and delivered in partnership with Aberdeen South Foodbank and Aberdeen Citizens’ Advice Bureau, has allowed 417 people to access Citizens Advice Bureau aid through our foodbanks in a time where this support can be difficult to access. We employed a foodbank coordinator to support the work we’re doing.

In 2023 we put over 154 children in 4 schools through The Flourish Project and hired an administrator to organise the project. We have also began hosting lunch clubs in schools and exploring the other ways we can support them.

The main renovation works in The Bridge Centre were completed in 2023, which has allowed the community to start to make use of the building. Since it opened, the Bridge Centre has seen several new and existing initiatives use the building, providing crucial support and opportunities to the local community and we have opened a café, which opened 1 day a week in February 2023 and which we changed to being open 3 days a week in November and we hired 2 staff to run the café.

THE KING'S COMMUNITY FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

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

 

The total unrestricted funds held at the year end were £56,358 (2022 - £108,921).

The total restricted funds held at the year end were £181,603 (2022 - £139,969).

The total funds held at year end were £237,961 (2022 - £248,890).

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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:

I Duthie
D Shinnie
J Grimmer
(Resigned 14 May 2024)
T Seal
I Monument
F Hutchison
(Resigned 20 June 2024)
R Fowlie
Reference and administrative details

Registered company number

SC365682 (Scotland)

 

Registered charity number

SC041380

 

Registered office

King's Church Aberdeen

King's Way

Bridge of Don

Aberdeen

AB23 8BL

 

Independent examiner

Azets Audit Services

Chartered Accountants

Matthew Allan CA

37 Albyn Place

Aberdeen

AB10 1JB

THE KING'S COMMUNITY FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The Trustees report was approved by the Board of Trustees.

T Seal
Trustee
Dated: 3 September 2024
THE KING'S COMMUNITY FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE KING'S COMMUNITY FOUNDATION
- 4 -

I report on the financial statements of the charity for the year ended 31 December 2023, which are set out on pages 5 to 18.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of The King's Community Foundation for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Azets Audit Services
Chartered Accountants
Matthew Allan CA
37 Albyn Place
Aberdeen
AB10 1JB
United Kingdom
Dated: 3 September 2024
THE KING'S COMMUNITY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
118,919
253,479
372,398
293,910
158,059
451,969
Charitable activities
4
20,368
-
20,368
-
-
-
Total income
139,287
253,479
392,766
293,910
158,059
451,969
Expenditure on:
Charitable activities
5
165,275
238,420
403,695
277,996
139,343
417,339
Net (outgoing)/incoming resources before transfers
(25,988)
15,059
(10,929)
15,914
18,716
34,630
Net (expenditure)/income
(25,988)
15,059
(10,929)
15,914
18,716
34,630
Fund balances at 1 January 2023
108,921
139,969
248,890
93,826
120,434
214,260
Gross transfers between funds
(26,575)
26,575
-
(819)
819
-
Fund balances at 31 December 2023
56,358
181,603
237,961
108,921
139,969
248,890

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.
THE KING'S COMMUNITY FOUNDATION
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
40,295
78,637
Current assets
Debtors
10
2,691
2,530
Cash at bank and in hand
212,967
186,895
215,658
189,425
Creditors: amounts falling due within one year
11
(17,992)
(19,172)
Net current assets
197,666
170,253
Total assets less current liabilities
237,961
248,890
Income funds
Restricted funds
12
181,603
139,969
Unrestricted funds
13
56,358
108,921
237,961
248,890

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 December 2023.

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 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 3 September 2024
T Seal
Trustee
Company registration number SC365682
THE KING'S COMMUNITY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
1
Accounting policies
Charity information

The King's Community Foundation is a private company limited by guarantee incorporated in Scotland. The registered office is King's Church Aberdeen, King's Way, Bridge of Don, Aberdeen, AB23 8BL.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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)". The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 not to prepare a Statement of Cash Flows.

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. 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

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

THE KING'S COMMUNITY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
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:

Leasehold improvements
3 years straight line
Fixtures and fittings
3 years straight line
Computers
4 years straight line
Motor vehicles
4 years 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
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).

1.8
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.

1.9
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 assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE KING'S COMMUNITY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Derecognition of financial liabilities

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

1.10
Taxation

The charity is exempt from corporation tax on its charitable activities.

1.11
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.

1.12
Retirement benefits

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

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE KING'S COMMUNITY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
3
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
29,409
68,830
98,239
77,247
-
77,247

Grant income

12,156
104,152
116,308
12,595
158,059
170,654

Donated goods

-
80,497
80,497
126,714
-
126,714
Donated facilities
77,354
-
77,354
77,354
-
77,354
118,919
253,479
372,398
293,910
158,059
451,969
Grants receivable for core activities
Government grant income
-
8,217
8,217
-
71,590
71,590
Other grant income
12,156
95,935
108,091
12,595
86,469
99,064
12,156
104,152
116,308
12,595
158,059
170,654
THE KING'S COMMUNITY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
4
Charitable activities

Cafe

2022
2023
£
£
Ancillary trading income
20,368
-
5
Charitable activities
Direct Activites

Cafe

Total
2023
Total funds
2023
2023
2022
£
£
£
£
Staff costs
50,025
-
50,025
33,283
Depreciation
48,758
-
48,758
45,779

Repairs

16,077
-
16,077
62,260

Subscriptions

41
-
41
55

Rent, rates and water

78,766
-
78,766
78,807

Insurance

1,891
-
1,891
1,760

Light and heat

3,131
-
3,131
5,453

Postage and stationery

416
-
416
558

Sundries

2,846
-
2,846
390

IT software and consumables

1,586
-
1,586
868

Accountancy

9,750
-
9,750
6,217

Motor expenses

1,634
-
1,634
1,637

Flourish project costs

7,722
-
7,722
5,149

Foundation running costs

93,630
-
93,630
133,802

Financial inclusion costs

64,217
-
64,217
28,027

Service charges

9,777
-
9,777
13,294
Other charitable expenditure
-
13,428
13,428
-
390,267
13,428
403,695
417,339
Analysis by fund
Unrestricted funds
151,847
13,428
165,275
277,996
Restricted funds
238,420
-
238,420
139,343
390,267
13,428
403,695
417,339
6
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
THE KING'S COMMUNITY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
7
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Administration
3
1
Employment costs
2023
2022
£
£
Wages and salaries
49,044
32,739
Other pension costs
981
544
50,025
33,283
There were no employees whose annual remuneration was more than £60,000.
8
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.

9
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
123,736
2,871
4,918
12,985
144,510
Additions
7,592
-
2,824
-
10,416
At 31 December 2023
131,328
2,871
7,742
12,985
154,926
Depreciation and impairment
At 1 January 2023
55,231
262
2,806
7,574
65,873
Depreciation charged in the year
42,970
957
1,584
3,247
48,758
At 31 December 2023
98,201
1,219
4,390
10,821
114,631
Carrying amount
At 31 December 2023
33,127
1,652
3,352
2,164
40,295
At 31 December 2022
68,505
2,609
2,112
5,411
78,637
THE KING'S COMMUNITY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
2,691
2,530
11
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
1,311
288
Trade creditors
1,609
7,073
Other creditors
-
138
Accruals and deferred income
15,072
11,673
17,992
19,172
THE KING'S COMMUNITY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
12
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 January 2022
Incoming resources
Resources expended
Transfers
Balance at
1 January 2023
Incoming resources
Resources expended
Transfers
Balance at
31 December 2023
£
£
£
£
£
£
£
£
£
258 North Balnagask Project
120,434
-
(41,407)
-
79,027
625
(72,056)
26,575
34,171
Flourish Project
-
4,590
(5,149)
559
-
35,030
(7,122)
-
27,908
Place Based Investment Fund
-
62,000
(62,260)
260
-
10,000
-
-
10,000
COVID Recovery Fund
-
5,000
-
-
5,000
-
(5,000)
-
-
Financial Inclusion Project
-
83,969
(28,027)
-
55,942
81,039
(56,717)
-
80,264
Winter Hardship Fund
-
2,500
(2,500)
-
-
2,500
(2,500)
-
-
Foodbank Fund
-
-
-
-
-
124,285
(95,025)
-
29,260
120,434
158,059
(139,343)
819
139,969
253,479
(238,420)
26,575
181,603
THE KING'S COMMUNITY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Restricted funds
(Continued)
- 15 -

258 North Balnagask Project

 

This fund relates to the rennovation of the Torry Community Centre.

 

Flourish Project

 

This fund relates to the Flourish Project which aims to equip young people to develop a healthy self-esteem, mental and emotional well-being.

 

Place Based Investment Fund

 

This fund relates to the continued rennovation of the Torry Community Centre.

 

COVID Recovery Fund

 

This fund relates to income to be used to provide food for the foodbank only.

 

Financial Inclusion Grant

 

This fund was received to allow the charity to provide support in the community for those experiencing the worst impact of the cost of living crisis.

 

Winter Hardship Fund

 

This fund was received to maintain the charity's ability to provide its service the during winter and the cost of living crisis.

 

Foodbank Fund

 

This fund relates to income to be used to provide food for the foodbank only.

THE KING'S COMMUNITY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
13
Unrestricted funds

The income funds of the charity include the unrestricted funds comprising the following unexpended balances of donations and grants held without specific purposes:

Movement in funds
Movement in funds
Balance at
1 January 2022
Incoming resources
Resources expended
Transfers
Balance at
1 January 2023
Incoming resources
Resources expended
Transfers
Balance at
31 December 2023
£
£
£
£
£
£
£
£
£
General Fund
93,826
293,910
(277,996)
(819)
108,921
139,287
(165,275)
(26,575)
56,358
93,826
293,910
(277,996)
(819)
108,921
139,287
(165,275)
(26,575)
56,358
THE KING'S COMMUNITY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
14
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 December 2023 are represented by:
Tangible assets
5,516
34,779
40,295
7,523
71,114
78,637
Current assets/(liabilities)
50,842
146,824
197,666
101,398
68,855
170,253
56,358
181,603
237,961
108,921
139,969
248,890
15
Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
2
2
Between two and five years
4
5
In over five years
3
4
9
11
THE KING'S COMMUNITY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
16
Related party transactions
Transactions with related parties

T Seal is a trustee and was reimbursed a total of £24 (2022: £106) for the following expenses;

 

•    Fuel: £Nil (2022: £106)

•    Travel: £24 (2022: £Nil)

 

I Monument is a trustee and was reimbursed a total of £160 (2022: £2) for the following expenses;

 

•    Postage: £Nil (2022: £2)

•    Sundry: £160 (2022: £Nil)

 

I Duthie is a trustee and was reimbursed a total of £182 (2022: £Nil) for the following expenses;

 

•    Cafe: £182 (2022: £Nil)

 

L Seal is a connected person through marriage and was reimbursed a total of £67 (2022: £67) for the following expenses;

 

•    Fuel: £67 (2022: £40)

•    Flourish project: £Nil (2022: £27)

 

During the period funds of £22,950 (2022: £26,000) were received from King's Church Aberdeen, a charity with trustees in common. Additionally, transactions amounting to £1,253 (2022: £724) was received from King's Church Aberdeen. The King's Community foundation paid a total amount of £17,651 (2022: £9,114) to King's Church Aberdeen in the year.

 

17
Ultimate controlling party

The company is controlled by the trustees.

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