KINGSGATE COMMUNITY CHURCH
Latest income
£5.8m
Latest spending
£4.4m
Registered
2004
Accounts read
FY2022
Financial health, per its FY2022 accounts
The accounts state that total income increased by 8.2% to £4.05 million, while total expenditure excluding trading operations rose to £3.51 million, resulting in a net incoming resource of £341,899. The trustees report that unrestricted funds were £964,174, which is £377,000 above the minimum reserves required to meet their policy target of three months' unrestricted expenditure. The auditor confirmed that the charity has adequate resources to continue in operational existence for the foreseeable future with no material uncertainties identified.
What the accounts disclose
Reserves policy: three months unrestricted expenditure excluding certain discretionary spend (held: £964k)
“It is the policy of the charity to work towards and then maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately three months unrestricted expenditure excluding certain discretionary spend.” — page 8
Per its FY2022 accounts as filed with the Charity Commission.
Payments to trustees: During the year, remuneration was paid to one Trustee amounting to £79,046 (2021 - £78,956). Employer pension contributions for this Trustee were £7,406 (2021 - £5,127).
“During the year, remuneration was paid to one Trustee amounting to £79,046 (2021 - £78,956). Employer pension contributions for this Trustee were £7,406 (2021 - £5,127).” — page 25
Per its FY2022 accounts as filed with the Charity Commission.
Related-party transaction: KingsGate Trading Ltd, a wholly owned subsidiary, was established on 26th January 2007. This subsidiary was incorporated to manage the business activities of the charity including the provision of conference facilities, sale of books and resources. KingsGate Community Church granted a ‘licence to use’ the building to KingsGate Trading Ltd who started to hire out the building from 1st June 2008. KingsGate Trading Ltd made a distribution to the parent company under gift aid of £3,144 and paid a management charge of £28,396 for the trading period (2021 no distribution under gift or management charge).
“KingsGate Trading Ltd made a distribution to the parent company under gift aid of £3,144 and paid a management charge of £28,396 for the trading period (2021 no distribution under gift or management charge).” — page 9
“Donations of £90,220 (2021 - £61,122) were received during the year from eight Trustees (2021 - six Trustees). No conditions were attached to these donations.” — page 39
Per its FY2022 accounts as filed with the Charity Commission.
Related-party transaction: Donations of £90,220 (2021 - £61,122) were received during the year from eight Trustees (2021 - six Trustees). No conditions were attached to these donations.
“KingsGate Trading Ltd made a distribution to the parent company under gift aid of £3,144 and paid a management charge of £28,396 for the trading period (2021 no distribution under gift or management charge).” — page 9
“Donations of £90,220 (2021 - £61,122) were received during the year from eight Trustees (2021 - six Trustees). No conditions were attached to these donations.” — page 39
Per its FY2022 accounts as filed with the Charity Commission.
Related-party transaction: During the prior year the charity had an arrangement with a third party to create videos based on a book authored by D Smith, a trustee. Many churches and individuals benefitted from the videos, as did KingsGate. The creation of the videos promoted books sales and therefore may have impacted on royalties earned by D Smith, but it is not possible to quantify the effect. A proportion of royalties from the book earned by D Smith will be gifted back to the project and the church will receive an equal share of any surplus generated from video sales over and above costs incurred.
“KingsGate Trading Ltd made a distribution to the parent company under gift aid of £3,144 and paid a management charge of £28,396 for the trading period (2021 no distribution under gift or management charge).” — page 9
“Donations of £90,220 (2021 - £61,122) were received during the year from eight Trustees (2021 - six Trustees). No conditions were attached to these donations.” — page 39
Per its FY2022 accounts as filed with the Charity Commission.
Trading subsidiary: KingsGate Trading Limited
“KingsGate Trading Ltd, a wholly owned subsidiary, was established on 26th January 2007. This subsidiary was incorporated to manage the business activities of the charity including the provision of conference facilities, sale of books and resources.” — page 9
Per its FY2022 accounts as filed with the Charity Commission.
Structured financials (annual return, FY ending 31/12/2024)
Total income
£5.8m
Total spending
£4.4m
Cost of raising funds
£376k
Reserves (reported)
£1.2m
Employees
79
Register events
- Received assets from another charity (06/10/2022)
Trustees
- Dr DAVID ANDREW SMITHchair
- ADERONKE LYDIA OPAYINKA
- Matthew Negus
- NORMAN PASKIN
- SAMSON OLUWASINA ABIOYE
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/12/2024 | £5.8m | £4.4m |
| 31/12/2023 | £4.8m | £4.0m |
| 31/12/2022 | £4.1m | £3.7m |
| 31/12/2021 | £3.7m | £3.1m |
| 31/12/2020 | £4.0m | £3.3m |
Common questions
Is KINGSGATE COMMUNITY CHURCH financially healthy?
The accounts state that total income increased by 8.2% to £4.05 million, while total expenditure excluding trading operations rose to £3.51 million, resulting in a net incoming resource of £341,899. The trustees report that unrestricted funds were £964,174, which is £377,000 above the minimum reserves required to meet their policy target of three months' unrestricted expenditure. The auditor confirmed that the charity has adequate resources to continue in operational existence for the foreseeable future with no material uncertainties identified. Its FY2022 accounts were audited by Azets Audit Services.
Government & lottery funding
| Funder | Date | Amount | Purpose |
|---|---|---|---|
| Postcode Lottery | 10/11/2023 | £30k | Millionaire Street 2023 11w2 |