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2022-06-30-accounts

CHARITY REGISTRATION NUMBER 1032245 COMPANY REGISTRATION NUMBER 02873415

ASSEMBLIES OF GOD INCORPORATED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

ASSEMBLIES OF GOD INCORPORATED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees
Secretary
Charity number
Company number
Registered office
Auditor
Bankers
Solicitors
Website		 M Wiltshire (Chair)
L Dewhirst
G Barrett
E Whyte
P Weaver
R Ita
D Pearson
1032245
02873415
Assemblies of God Great Britain GF/FL2
No.1-2 The Cottages, Deva Centre
Salford
Manchester
M3 7BE
UHY Hacker Young
6 Broadfield Court
Broadfield Way
Sheffield
S8 0XF
Barclays Bank plc
Level 4, 1 Chapel Quarter
Maid Marion Way
Nottingham
NG1 6HQ
Geldards
Number One Pride Place
Pride Park
Derby
DE24 8QR
www.aoggb.com

ASSEMBLIES OF GOD INCORPORATED

CONTENTS

Page
Trustees' report 1 - 12
Statement of trustees' responsibilities 13
Independent auditor's report 14 - 17
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21 - 41

ASSEMBLIES OF GOD INCORPORATED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2022

The trustees present their annual report and financial statements for the year ended 30 June 2022.

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)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

Objectives

The charitable purposes for which the Company is established (“the Objects”) shall be for the benefit of the public:-

Aims

The objectives and charitable objects which are held by the Board of Directors are worked out through its membership, as directed by the National Leader and National Leadership Team.

AoG aims to serve the people of Great Britain through its network of autonomous local churches. All are committed to connecting people to Jesus through a variety of ministries. Many have comprehensive children's, youth and young adults' ministries as well as teaching, training, church multiplication, UK and international community ministries.

The Assemblies of God is a growing, relevant, and powerful expression of the Church to the community. The Fellowship recognises the importance of the world-wide Church and therefore sees its development in this context.

Public benefit

The Trustees have considered the Charities Commission guidance on public benefit and in particular the specific guidance on charities for the advancement of religion, when reviewing and planning its activities.

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

ASSEMBLIES OF GOD INCORPORATED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Volunteers

Much has again been achieved this year, and this could only have been possible with the help of the growing army of committed individuals who work tirelessly as volunteers. All AoG Inc. volunteers operate under a volunteer agreement and the impact that the volunteers make to the movement is huge. It is impossible to estimate the time committed by volunteers to the work they undertake supporting AoG's charitable objectives, or indeed the monetary or non-financial value of their support

Achievements and performance

The year 2021/22 saw the movement continue to progress through the ongoing impact of the Covid-19 pandemic in the early part of the year, but we were pleased to confirm positive steps forward with the growth of the College and Minister Training programmes.

Glyn Barrett, our National Leader, together with the National Leadership Team (NLT), have continued to make good progress in development of the core ministry vision areas of Leadership Development, Church Health & Missions. We have again been able to invest financially into vision while managing our running costs effectively

The final element of the sale of the National Ministry Centre and Bible College facilities at Mattersey has enabled us to strategically look for new facilities to meet our current and future needs, and work to identify potential new locations is currently ongoing.

There is a strong and effective working relationship between the NLT, Board and the Office of the General Manager (OGM). With governance and ministry leadership activities having very clear focus, those involved in these roles have continued to operate well within their areas of responsibility.

All the above, including a positive number of volunteers engaged, and ongoing growth in the number of new Ministers and Churches, means we are very confident about the future of AoG.

ASSEMBLIES OF GOD INCORPORATED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Activities

Highlights of key activities across the National Leadership Team departments for the year and shown below:

LEADERSHIP DEVELOPMENT REPORT

We can look back on the past year in Leadership Development with much pride and look forward with much faith. This year we have taken huge strides forward in our mission to raise gold-standard leaders in our movement across all ages.

Our Leadership Pipeline is still under construction but is already starting to produce the results that we dream of; culturally aware, theologically astute, relational, wise self-leaders who are invested into the wider AoG vision.

Ministers in Training (MiT)

We are now two years into our new-look MiT programme and have finally been able to gather in-person with our two Cohorts of trainee leaders. Our 31 strong Cohort 23 (C23) completed the entirety of their first year online, and the moment when we finally gathered together in person in September 2021 was a strong achievement! Joined this year by the increased intake of 45 members of C24, and our talented team of Coaches, the Forums were powerful moments of impartation, world-class teaching and outstanding relational connection.

We have interviewed and accepted 59 trainee leaders onto C25, meaning that from September, we will have 135 Ministers in Training plus our 19 coaches gathering at each Forum.

Continual Professional Development (CPD)

We are progressing with our exciting dream of all AoG Ministers being engaged in a process of Continual Professional Development (CPD) and are planning on launching the pilot of this programme in 2023. A formalised and accountable process of lifelong learning and development in every AoG Minister is a huge but thrilling task.

Missio Dei

We have also had a very strong first year of Missio Dei courses. Both our undergraduate and postgraduate courses launched with excellent numbers, and we are delighted with the quality and culture of higher education that AoG is able to provide. Our faculty staff and guest lecturers have delivered a successful first year.

The important combination of delivering higher education training, with the ability for students to remain serving in a local Church, has meant that our undergraduate course is already serving our AoG Churches in a very relevant way.

ASSEMBLIES OF GOD INCORPORATED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Young Lions

In a year of returning to in-person engagement, our Young Lions team were able to deliver two very effective weekends in February and March 2022. Over the two camps, we engaged with over 180 delegates and 80 coaches, with very little momentum lost despite the pandemic.

We now have a very strong base from which to build. We are moving forward with plans for three weekends in 2023 and developing an exciting new initiative: Young Lions Academy.

Greenhouse

Our pilot of ‘Greenhouse for Kids’ has been growing in momentum over the past year. Our 6 Greenhouse Kids churches, who have been recognised for their leading Kids Ministries have been connecting and opening up their in-house training to other AoG Churches to review. The relational network is growing and they’ve hosted two online Zoom gatherings with AoG Kids Ministry Champions.

The Greenhouse Kids team are also working on an exciting new programme: Young Lions Juniors; a version of Young Lions for children in years 6 & 7, with an associated curriculum course. They will be running the pilot course this year for the 6 Greenhouse Kids Churches with the intention of opening it wider next year.

CHURCH HEALTH REPORT

Church Health Survey

In September 2021 we released our Church Health Survey. This has helped us gather information on how our churches operate and how they plan to outwork the 5 areas of a healthy church as defined by our National Leadership Team: Mission, Leadership, Engagement, Environment and Governance. As we reviewed the information we were also able to see the incredible challenges that the Covid pandemic has brought to many local church leaders and just how well churches recovered over this period. Even in the most difficult of settings, many of our churches saw people saved, baptised in water, and stepping forward into kingdom living.

One of the things recognised on the back of the Church Health survey was that we need to help churches identify where they are on the journey of “health” i.e. more than just weekend attendance but all the different areas of the church working in balance together.

Identifying Church Health

To help leaders discover for themselves where their church is on the church health journey, we are working to create a set of questions that can be asked through an AoG Portal which, once implemented, will help leaders see the health of their church. The leader will be able to log onto the Portal, answer a set of questions and then see where their church is at. Once they have this information, we will then help link them with a coach to guide them. We will also be working on a church health training curriculum that can be used alongside the coaching from a church health coach.

ASSEMBLIES OF GOD INCORPORATED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

3DMISSION GB REPORT

Missionaries

We have 80 missionaries in 30 nations. Throughout the last 12 months we have held regular zoom gatherings where church leaders in AoG GB were able to meet and connect with our missionaries personally.

3DMission GB Conference 2021

One of the highlights of the last 12 months was our first ever 3DMission conference in October 2021. 60 Churches were represented and over 150 delegates which stirred our hearts and minds for Kingdom mission. Our hope is that this conference will grow each year and we will see more people in our churches mobilised to mission.

Mission Champions

We have continued to see more mission champions equipped and mobilised. We now have 400 Mission champions across the country receiving regular communication from our Mission Team. Our goal is to have a mission champion in every AoG GB church.

Missio Dei Mission Trips

We are excited to see collaboration between our College and our missionaries. Our Missio Dei students participated in short term mission trips to serve our 3D missionaries in Kosovo and Serbia.

Kairos Course

We have now seen 69 people complete the Kairos course. It is an excellent introduction to Mission theology, history and strategy. We also ran the Loving Your Muslim Neighbour course to equip our churches to understand Muslim communities better.

Chaplaincy

We have over 100 chaplains working across key sectors of society. These next 12 months we will be working on pathways for people to be deployed into chaplaincy, to see more lay chaplains being released from AoG churches to support our communities in more diverse ways.

Impact 25:40

AoG Churches have continued to generously respond to our Impact 25:40 appeals during times of crisis. In the past year we had the heart breaking events of Afghanistan and Ukraine. With giving of over £50,000 and £250,000 respectively, we have been able to send aid and help through our partners on the ground to the most vulnerable in these countries.

ASSEMBLIES OF GOD INCORPORATED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

ENGLAND COUNTRY REPORT

We have 493 churches and 665 ministers in England, and thank those ministerial volunteers who support our movement as Area leaders, Zone leaders, Hub facilitators and administrators. A total of 98 ministers are serving in one of these roles.

South West

In the South West we have seen a new church plant on the Isle of Wight, leadership transitions making way for younger ministers, and ministry collaboration between churches.

South East

By placing a high value on Hub and Zone connection, just before the start of the COVID lockdown, saw our leaders encourage one another, share resources, and ideas and become more connected than ever before. The in-person Area Day on 12th March 2022 had over 120 people attending.

Thames North

The Area Day on the 12th February 2022 had over 130 ministers and leaders in attendance.

Central East

The Central East area held in-person Zone Meetings and a well attended Area Day,

Central West

There have been new initiatives and new projects set up including a community grocery and local mission hub, a full building refurbishment, locations added to existing congregations, provision made for digital discipleship and online services and building projects nearing their final stages.

North

This area had well-attended Zone Events and Area Day with some churches applying to join AOG within our Area and new churches planted

North West

The start of “in person gatherings’’ saw 85 pastors from across the region attend the Area Day.

Hubs

We created an Area Hub Leader role with newly appointed Area Hub leaders to ensure that regular meetings could take place to offer support and a place of friendship, support, accountability and faith.

ASSEMBLIES OF GOD INCORPORATED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

SCOTLAND COUNTRY REPORT

For many churches in Scotland it has been a year of being stretched, but many churches have expanded, not only physically with several new church buildings being constructed, bought and occupied. Also in the context of their community settings, they having reached people with the gospel both practically and digitally in ways they had never done before.

Partnership, Passion and Momentum

Partnership, passion and momentum has continued to build across the churches in Scotland over this last year as we have gathered regularly at local hub level as well as learning from each other at zone events at varying locations across the nation. Over 80% of AoG pastors and leaders attended the One Day Summit in Aberdeen and the Area Day in the central belt.

We acknowledge the fresh challenges ahead as we continue to build healthy churches, develop leaders, and mobilise all our congregations into mission. We have taken up the call to plant fresh churches, and we step forward together with health, strength, expectation and full of faith.

WALES COUNTRY REPORT

Throughout the year our Pastors and churches have continued to work hard to bring the gospel to Wales, gathering at Zone Evenings to be inspired and united, with Hubs providing friendship and personal support. On March 12th 2022 we held our first Wales Country Day where our Pastors throughout the country came together. In Aberystwyth, Freedom Community Church launched their first Sunday service in February 2022.

We remain committed to serving the local pastor in any way we can in building healthy, thriving churches across Wales. We are committed to equipping and empowering our Pastors in a wide range of leadership training. We are committed to helping pastors to repurpose their churches. Travel continues around Wales throughout the year connecting, encouraging and supporting in any way we can. The Wales Team are grateful for the support of Area and Zone leaders, and Hub facilitators.

Financial review

Reserves Policy

The policy agreed by the trustees is to hold sufficient unrestricted cash reserves, not committed or invested in tangible fixed assets (the ‘free’ reserves) sufficient to cover the following areas: buildings upkeep for six months, staff costs for three months, and office running costs for one month. The resulting requirement amounts to £308,000 (2021: £264,000). At 30 June 2022, free reserves amount to £4,278,447 (2021: £1,438,188).

Funding Sources

As in previous years, the main source of funding is donations from churches and individuals. The Missio Dei Leadership & Theological College also contributes to the running costs and delivery of our charitable activities.

ASSEMBLIES OF GOD INCORPORATED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Investment Policy

The Trustees are mindful of the liquidity requirements of running the charity and do not consider that it is prudent to tie up its resources in long term investment at this time. The current policy is to hold funds in cash deposits in a number of banks and building societies, to spread risk. A small proportion of unrestricted funds has also been invested into a long term stocks and shares portfolio with a reputable investment firm, Brewin Dolphin.

Risk Management

The Board of Directors review risks at each Board meeting and at Finance Committee meetings, then update a company Risk Register after each meeting. Risk is also reviewed in National Leadership and College Board of Governor meetings. Where appropriate, systems and procedures are introduced or amended to mitigate identified risks. The Board have reviewed and considered the major financial risks affecting the organisation and taken steps to mitigate those risks as follows:

Principal Non-Financial Risks

The Board of Directors have reviewed and considered that the principal operational and reputational risks affecting the organisation are as follows:

Accreditation of the College

The College continues to maintain a strong working relationship with the University of Chester at a time of growing pressures to deliver the course well. It continues to ensure compliance with the university’s requirements and the appropriate procedures and quality controls. The College has ensured that it has recruited and appointed the necessary qualified and relevantly experienced teaching staff. It continues to monitor student satisfaction in all aspects of their college education and recreational activities, and the feedback to the Trustees has been overwhelmingly positive.

Volunteers – ability to recruit and retain volunteers

There are around 200 occasional or regular volunteers supporting AoG activities. They are actively identified and developed, usually drawn from across the movement for their enthusiasm, abilities, and support of the Fellowship. They are therefore already motivated and prepared to proactively support and lead local, area and national activities as appropriate. There are good mentoring and supervisory links in place.

New Project Delivery

Whilst not as significant a risk as the above, the Directors recognise that key projects such as the Church Health assessment and coaching programme, and the Leadership Development Young Lions Academy or CPD Portal measurement process need to be delivered well to maintain the reputation of the organisation for strong project delivery. Additional staff recruitment and use of experienced teams are good mitigation of any risk in these areas.

ASSEMBLIES OF GOD INCORPORATED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Principal Financial Risks

The Board of Directors have reviewed and considered the principal financial risks affecting the organisation as the ongoing performance of the College in terms of its income and expenditure as it works towards having a full three year complement of students as well as the consequences of the period over which the country, and in particular AoG churches, were impacted by the COVID-19 pandemic.

The Board is satisfied that the current financial income levels of the College are growing now that the new BA course has been successfully implemented. Strong marketing processes will continue to be needed. MA enrolment remains strong and we hope to be able to relaunch our DMin programme in the coming year.

To date, the impact of COVID-19 on the financial resources of the Charity has remained minimal. We continue to monitor this situation closely and adjust budgets accordingly. However, we also recognise that the sale of the Mattersey property has provided a buffer that we will ensure is managed wisely and through professional advice.

As we launch our Church Planting mandate and provide interest-free matched loans to AoG Church Plants there is a default risk on the loans. This will be managed through a robust application process and financial review, alongside a signed loan agreement. The Trustees have recognised this risk and support the furtherance of our charitable objectives through engaging in a nation-shaping church planting initiative.

Although large cash reserves offer a security to the company the Trustees recognise that with high inflation levels there is a risk to reduced purchasing power if the reserves are not invested appropriately. We maintain our commitment to purchasing a new National Leadership Centre and will retain liquid funds in order to facilitate this.

ASSEMBLIES OF GOD INCORPORATED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Future Developments

During the coming year our focus will primarily be on the following:

ASSEMBLIES OF GOD INCORPORATED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Structure, governance and management

Governing Document

The organisation is a company limited by guarantee (Company Number 02873415) and a registered charity (Charity Number 1032245). 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.

The trustees holding office during the year were as follows:

M Wiltshire (Chair) D Millar (Resigned 26 September 2022) K Morley (Resigned 26 September 2022) L Dewhirst G Barrett E Whyte P Weaver R Ita

Trustee Selection

Directors/Trustees are appointed in accordance with the Company’s Articles. Nominees for trustee roles are generally drawn from local Assemblies of God churches, to ensure alignment with the objectives of the Charity.

New trustees are given a formal induction, and training to meet special requirements is available as and when needed.

Organisational Structure

The charity is governed by its Board of Directors who met 6 times during the year and are responsible for the strategic direction and policy of the charity. Operational decisions are also made by the Board, but have delegated authority to senior managers for certain operational issues within their area of responsibility. The Board comprises GC Members appointed for their skill set, specific knowledge and experience, and includes the National Leader.

The National Leader and National Leadership Team are appointed in accordance with the Company’s Articles. The General Council comprises, inter alia, pastors of local Assemblies of God churches and accredited missionaries. These churches are independent charities in fellowship with Assemblies of God in accordance with the Constitution. Nominees for the National Leadership Team are generally drawn from local Assemblies of God churches, to ensure alignment with the objectives of the Charity.

ASSEMBLIES OF GOD INCORPORATED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Functional Committees

Other functional committees exist to provide a regulatory function to ensure compliance either with internal regulation such as the AoG Constitution and Bye-Laws (which set out the expectations of AoG for all its member Ministers and Churches), or with external regulatory and legal obligations. The committees include the College Board of Governors, Professional Standards Team, Appeals Panel and Marital Status Panel. A Finance Committee operates under Terms of Reference as a Committee of the Board, and reports directly to the Board. Membership includes no less than two trustees and others with relevant expertise as necessary.

Company Membership

Members of the General Council are invited to apply for Company Membership in accordance with the Articles through externally moderated application schemes undertaken from time to time in agreement with the Board and National Leadership Team, usually in advance of any requirement for membership votes. Applications are ratified by the Board at the earliest opportunity after closure of each scheme and in advance of membership votes. There were 590 Company Members registered as at 30 June 2022. A register of company members is kept on record at the AoG head offices.

Membership within the Assemblies of God Denomination

Assemblies of God currently operates through three sections of membership:

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

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

M Wiltshire (Chair)

Trustee Dated: 28 November 2022

ASSEMBLIES OF GOD INCORPORATED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2022

The trustees, who are also the directors of Assemblies of God Incorporated 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:

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.

6 Broadfield Court Broadfield Way Sheffield S8 0XF

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASSEMBLIES OF GOD INCORPORATED

Opinion

We have audited the financial statements of Assemblies of God Incorporated (the ‘charity’) for the year ended 30 June 2022 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:

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.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASSEMBLIES OF GOD INCORPORATED CONTINUED

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, 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASSEMBLIES OF GOD INCORPORATED CONTINUED

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

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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charitable company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the charitable company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and the charitable company’s net income for the year.

Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with and reports to the regulators, review of correspondence with legal advisors, enquiries of management, and testing of journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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.

Hackeryoung Chartered Accountants INDEPEIYDENT AUDITOR'S REPORT TO THE MEIVIBERS OF ASSEMBLIES OF GOD INCORPOIL4TED CoNTI￿,lIED A furthcr description of OLir rLsponsibililie5 is available oli the Fiiiancidl Heporiiiii LuuI)cil s ivebsiie ai.. littPs'llwM'M'.frc.org.uLlaudiiorsregponsibilitics. Tliis description forms part of our audil()r's report. Use of our report 'I'his repiiri 15 n)ade ￿UleIN. lo the cliaritable companv's meinber8. as a bod￿. in accordaiice ii'iih Cliaptcr .1 of Part 10 of tl)e Coinpdnies Aci ?006. Our audit wnrk has becn undertakcn 50 tlial we might state to tlie charitable c()Inpan! % mLinbcr.E those tnattcrs we are reqiiircd to statL to th¢m iii ali auditors, rLpun and lor iio other purpo4¢. To Ihc lullcgt cxlcnt perinitted bi. lai¥. we do iiot accLpt or assuiiic I'osponsibilii!" lo anyoiie other than the chi£ ritable compan}. and tlic charitable compan! s nieii)bers a l?od)'. for iiur audii w"()rk. for this report, or for the opiiiton5 M'e have foriiied. Liac Roland Gil'ans (Senior Statutor), Auditor) for and on behalf of Ulll, Ela£ker Young 28 Noveii)b¢r ?0?2 Chthrtered Accounldiit$ Statutorv Auditor

ASSEMBLIES OF GOD INCORPORATED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
1,394,874
623,945
Charitable activities
4
973,802
-
Investments
5
10,761
-
Other income
7
1,418,965
-
Total income
3,798,402
623,945
Expenditure on:
6
Charitable activities
8
1,853,140
487,237
Net gains/(losses) on
investments
12
(42,827)
-
Net incoming
resources before
transfers
1,902,435
136,708
Net movement in funds
1,902,435
136,708
Fund balances at 1 July
2021
3,066,223
82,407
Fund balances at 30
June 2022
4,968,658
219,115		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
2,018,819
978,601
324,654
973,802
512,397
-
10,761
19,919
-
1,418,965
352,971
-
4,422,347
1,863,888
324,654
2,340,377
1,322,733
370,329
(42,827)
-
-
2,039,143
541,155
(45,675)
2,039,143
541,155
(45,675)
3,148,630
2,525,068
128,082
5,187,773
3,066,223
82,407		 Total
2021
£
1,303,255
512,397
19,919
352,971
2,188,542
1,693,062
-
495,480
495,480
2,653,150
3,148,630

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.

ASSEMBLIES OF GOD INCORPORATED

BALANCE SHEET

AS AT 30 JUNE 2022

Notes
Fixed assets
Intangible assets
13
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
22
Unrestricted funds
Designated funds
23
General unrestricted funds		 2022
£
£
49,227
433,015
207,969
690,211
-
135,320
4,773,628
4,908,948
(411,386)
4,497,562
5,187,773
219,115
2,514,087
2,454,571
4,968,658
5,187,773		 2021
£
£
43,761
1,584,276
-
1,628,037
1,175
127,393
1,747,465
1,876,033
(355,440)
1,520,593
3,148,630
82,407
461,646
2,604,577
3,066,223
3,148,630		 2021
£
£
43,761
1,584,276
-
1,628,037
1,175
127,393
1,747,465
1,876,033
(355,440)
1,520,593
3,148,630
82,407
461,646
2,604,577
3,066,223
3,148,630
1,628,037
1,520,593
3,148,630
82,407
3,066,223
3,148,630

The financial statements were approved by the Trustees on 28 November 2022

M Wiltshire (Chair)

Trustee

Company registration number 02873415

ASSEMBLIES OF GOD INCORPORATED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2022

Notes
Cash flows from operating activities
Cash generated from operations
27
Investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed
assets
Purchase of investments
Dividend income reinvested
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
£
740,478
(16,608)
(21,958)
2,566,000
(250,000)
(2,510)
10,761
2,285,685
-
3,026,163
1,747,465
4,773,628		 2021
£
£
186,712
(35,220)
(14,319)
368,516
-
-
19,919
338,896
-
525,608
1,221,857
1,747,465		 2021
£
£
186,712
(35,220)
(14,319)
368,516
-
-
19,919
338,896
-
525,608
1,221,857
1,747,465
525,608
1,221,857
1,747,465

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

1 Accounting policies

Charity information

Assemblies of God Incorporated is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Assemblies of God Great Britain GF/FL2, No.1-2 The Cottages, Deva Centre, Salford, Manchester, M3 7BE.

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 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)” (as amended for accounting periods commencing from 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. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, 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 accounts.

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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

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.

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grants are recognised in full in the Statement of Financial Activities in the year in which they are receivable.

1.5 Expenditure

Resources expended are recognised in the year in which they are incurred inclusive of irrecoverable VAT and are allocated to headings in the Statement of Financial Activities based on their nature. No costs have been apportioned.

Charitable expenditure comprises costs incurred by the charity in the delivery of its activities and includes costs that can be allocated directly to such activities and costs of an indirect nature to support them.

Governance costs are those incurred in connection with the administration of the church and compliance with constitutional and statutory requirements.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Website development costs

Straight line over 5 years

1.7 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:

Freehold buildings 2% straight line Fixtures and fittings 25% reducing balance Computers 33% straight line Motor vehicles 20% straight line

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

1 Accounting policies

(Continued)

Freehold land is not depreciated.

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.

Only assets with an original cost exceeding £250 are capitalised. Items costing equal to or less than £250 are treated as revenue expenditure and written off in the statement of financial activities in the year that the expenditure is incurred.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured at cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

1 Accounting policies

(Continued)

1.11 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.

1.12 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.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

1 Accounting policies

(Continued)

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.

1.13 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.

1.14 Retirement benefits

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

1.15 Operating leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

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.

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
1,394,874
623,945
Donations and gifts
Legacies
462,220
-
Donations and similar
income
46,064
623,349
Assembly offerings
793,562
-
Government furlough
grants received
-
-
Church closures
93,028
-
Distributions received
-
-
Other
-
596
1,394,874
623,945		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
2,018,819
978,601
324,654
462,220
111,381
-
669,413
19,164
324,654
793,562
795,033
-
-
3,023
-
93,028
-
-
-
50,000
-
596
-
-
2,018,819
978,601
324,654		 Total
2021
£
1,303,255
111,381
343,818
795,033
3,023
-
50,000
-
1,303,255

4 Charitable activities

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Missio Dei 414,848 248,403
Gift aid benefit 40,500 36,806
Leadership development 178,755 119,623
Events and conferences 277,177 47,524
Subscriptions 44,570 44,773
Charitable rental income 14,350 11,549
Other 3,602 3,719
973,802 512,397

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

5 Investments
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Investment income 2,510 17,954
Interest receivable 8,251 1,965
10,761 19,919
6 Grant and fee income
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Fee income for taught awards (exclusive of VAT) 366,312 233,901
Fee income for non-qualifying courses (exclusive of VAT) 4,705 12,169
371,017 246,070
7 Other income
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Net gain on disposal of tangible fixed assets 1,418,965 352,971

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

8 Charitable activities

Missio Dei Membership
Services
Other
Charitable
Activity
£
£
£
Staff costs
147,189
576,979
144,457
Depreciation and amortisation
90
37,235
-
Direct costs
156,927
230,011
566,397
304,206
844,225
710,854
Share of support costs (see note 9)
58,261
356,686
54,655
Share of governance costs (see note 9)
2,298
9,192
-
364,765
1,210,103
765,509
Analysis by fund
Unrestricted funds
364,765
1,210,103
278,272
Restricted funds
-
-
487,237
364,765
1,210,103
765,509		 Total
2022
Missio Dei Membership
Services
Other
Charitable
Activity
£
£
£
£
868,625
120,451
563,954
129,260
37,325
630
72,935
-
953,335
75,379
35,694
378,309
1,859,285
196,460
672,583
507,569
469,602
63,972
226,070
15,248
11,490
2,232
8,928
-
2,340,377
262,664
907,581
522,817
1,853,140
262,664
907,581
152,488
487,237
-
-
370,329
2,340,377
262,664
907,581
522,817		 Total
2021
£
813,665
73,565
489,382
1,376,612
305,290
11,160
1,693,062
1,322,733
370,329
1,693,062

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

9 Support costs

Support costs
Support Governance 2022 Support **costs ** Governance 2021
costs costs costs
£ £ £ £ £ £
Advertising and
publicity 10,233 - 10,233 9,074 - 9,074
Premises 19,459 - 19,459 65,827 - 65,827
Travelling
expenses 64,185 - 64,185 13,990 - 13,990
Administrative
expenses 375,725 - 375,725 216,399 - 216,399
Audit and
accountancy fees - 11,490 11,490 - 11,160 11,160
469,602 11,490 481,092 305,290 11,160 316,450
Analysed between
Charitable
activities 469,602 11,490 481,092 305,290 11,160 316,450

Governance costs includes payments to the auditors of £7,390 (2021: £7,160) for audit fees and £4,100 (2021: £4,000) for other services.

10 Trustees

G Barrett received a salary of £74,610 (2021: £72,660) and pension contributions of £5,188 (2021: £3,633) during the time he served as a trustee during the year.

Payments were made to the trustees in accordance with the governing document of the charitable company. None of the other trustees are paid or receive payment for their role as trustees.

The aggregate amount of expenses reimbursed to 3 trustees (2021: 2) in respect of business travel and out of pocket expenses amounted to £670 (2021: £740)

The number of directors to whom retirement benefits are accruing under money purchase pension schemes is 1 (2021: 1).

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

11 Employees

Number of employees

The average monthly number of employees during the year was:

2022 2021 2021
Number Number
Missions 1 1
Campus - 4
Missio Dei 6 5
Central support 24 21
NLT 6 6
37 37
Employment costs 2022 2021
£ £
Wages and salaries 782,462 739,605
Social security costs 55,085 53,329
Other pension costs 31,078 20,731
868,625 813,665

Head of Provider

The Head of the Provider for the Bible College received annualised, full-time equivalent Basic Pay of £39,193 (2021: £37,928) and Pension Contributions of £1,934 (2021: £1,138). The Head of Provider’s annualised basic salary and total remuneration was 1.22 times (2021: 1.23 times) the median pay of staff, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff.

The remuneration package for the Head of the Provider is proposed by the Board of Governors for the Bible College and ratified by the Board of Directors with due consideration of the context the provider operates in and performance levels of the Head of the Provider.

The average full time equivalent number of employees during the year was 23 (2021:24)

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

12 Net gains/(losses) on investments
funds 2021
£ £
Revaluation of investments (42,827)
-
13 Intangible fixed assets
Website development costs
£
Cost
At 1 July 2021 48,630
Additions - separately acquired 16,608
At 30 June 2022 65,238
Amortisation and impairment
At 1 July 2021 4,869
Amortisation charged for the year 11,142
At 30 June 2022 16,011
Carrying amount
At 30 June 2022 49,227
At 30 June 2021 43,761

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

14 Tangible fixed assets

Tangible fixed assets
Freehold Fixtures and Computers Motor vehicles Total
buildings fittings
£ £ £ £ £
Cost
At 1 July 2021 2,204,646 203,272 37,590 2,300 2,447,808
Additions - 1,492 20,466 - 21,958
Disposals (1,739,646) (193,046) (2,802) (2,300) (1,937,794)
At 30 June 2022 465,000 11,718 55,254 - 531,972
Depreciation and impairment
At 1 July 2021 674,664 166,422 20,492 1,955 863,533
Depreciation charged in the year 12,190 1,359 12,596 38 26,183
Eliminated in respect of disposals (627,605) (158,359) (2,802) (1,993) (790,759)
At 30 June 2022 59,249 9,422 30,286 - 98,957
Carrying amount
At 30 June 2022 405,751 2,296 24,968 - 433,015
At 30 June 2021 1,529,981 36,851 17,099 345 1,584,276

15 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 July 2021 -
Additions 250,000
Net movement in valuation during the year (42,031)
At 30 June 2022 207,969
Carrying amount
At 30 June 2022 207,969
At 30 June 2021 -

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

16 Stocks
2022 2021
£ £
Finished goods and goods for resale - 1,175
17 Financial instruments 2022 2021
£ £
Carrying amount of financial assets
Debt instruments measured at amortised cost 59,856 29,616
Instruments measured at fair value through profit or loss 207,969 -
Carrying amount of financial liabilities
Measured at amortised cost 269,993 213,844
18 Debtors
2022 2021
Amounts falling due within one year: £ £
Student fees 31,683 13,947
Other debtors 28,173 15,669
Prepayments and accrued income 75,464 97,777
135,320 127,393
19 Creditors: amounts falling due within one year
2022 2021
Notes £ £
Other taxation and social security 29,153 14,454
Deferred income 20 112,240 127,142
Trade creditors 73,572 50,614
Other creditors 110,555 37,466
Accruals 85,866 125,764
411,386 355,440

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

20 Deferred income

2022 2021
£ £
Deferred income 112,240 127,142

At the balance sheet date the charity was holding income relating to the following year of £62,958 for event income, £917 for minister training. and £48,365 for other deferred income.

21 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £31,077 (2021: £20,731).

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

22 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 Incoming Resources Balance at Incoming Resources Balance at
1 July 2020 resources expended
1 July 2021		 resources expended
30 June 2022
£ £ £ £ £ £ £
Church
planting 3,422 691 - 4,113 443 (3,218) 1,338
Missions 30,250 45,658 (63,523) 12,385 14,090 (4) 26,471
Impact 25:40 88,537 60,102 (88,653) 59,986 370,316 (241,518) 188,784
Missionaries - 218,153 (218,153) - 238,696 (238,696) -
Area funds 3,801 - - 3,801 - (3,801) -
Benevloent
fund 2,072 50 - 2,122 400 - 2,522
128,082 324,654 (370,329) 82,407 623,945 (487,237) 219,115

Church planting

This is for the support of churches, both established and new, and individuals in fulfilling the key aims. Funds are donated by churches and individuals and from the proceeds of churches that wind up or sale of buildings.

Missions

These are funds set aside to top up mission and church planting.

Impact 25:40

These are emergency relief funds to respond to disasters, donated from churches and individuals.

Missionaries

Local church members donate to provide living support to missionaries.

Area Funds

These funds provide support for specific buildings and church groups. Funds are donated by churches and individuals and from the proceeds of churches that wind up or sale of buildings.

Benevolent fund

Funds are donated by churches and individuals to those in the UK who need support in an emergency or bereavement.

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

23 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 July 2020
£
Church planting
53,630
Missions
21,191
Church closures
-
Impact 25:40
26,582
Legacies
-
AoG transformation fund
200,000
301,403		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 July 2021
£
£
£
100
-
53,730
-
-
21,191
-
-
-
735
(1,973)
25,344
111,381
-
111,381
50,000
-
250,000
162,216
(1,973)
461,646		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
30 June 2022
£
£
£
£
-
(23,367)
2,166,555
2,196,918
-
-
-
21,191
93,028
-
(93,028)
-
20,560
-
-
45,904
462,220
-
(573,527)
74
-
-
-
250,000
575,808
(23,367)
1,500,000
2,514,087		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
30 June 2022
£
£
£
£
-
(23,367)
2,166,555
2,196,918
-
-
-
21,191
93,028
-
(93,028)
-
20,560
-
-
45,904
462,220
-
(573,527)
74
-
-
-
250,000
575,808
(23,367)
1,500,000
2,514,087
2,514,087

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

23 Designated funds

(Continued)

Church planting

This is for the support of churches, both established and new, and individuals in fulfilling the key aims. Funds are donated by churches and individuals and from the proceeds of churches that wind up or sale of buildings.

Missions

These are funds set aside to top up mission and church planting.

Impact 25:40

These are funds set aside to top up emergency relief and overheads.

Legacies

All unrestricted legacies are initially held as designated funds until the appropriate use of funds has been determined by the Trustees.

AoG transformation fund

This fund represents monies held toward the future of AOG and the new National Leadership Centre.

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

24 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted funds
Restricted funds
2022
2022
£
£
Fund balances at 30 June 2022 are represented by:
Intangible fixed assets
49,227
-
Tangible assets
433,015
-
Investments
207,969
-
Current assets/(liabilities)
4,278,447
219,115
4,968,658
219,115		 Total
Unrestricted funds
Restricted funds
2022
2021
2021
£
£
£
49,227
43,761
-
433,015
1,584,276
-
207,969
-
-
4,497,562
1,438,186
82,407
5,187,773
3,066,223
82,407		 Total
2021
£
43,761
1,584,276
-
1,520,593
3,148,630

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

25 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:

2022 2021
£ £
Within one year 60,623 61,448
Between two and five years 175,421 236,044
236,044 297,492

26 Related party transactions

Remuneration of key management personnel

The key management personnel of the charitable company comprise the trustees and members of the management committee that are responsible for the day to day running of the charitable company. The remuneration of key management personnel is as follows.

2022 2021
£ £
Aggregate compensation 88,554 84,753

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

26 Related party transactions

(Continued)

During the year the charitable company made purchases of £34,889 (2021: £4,762) from Audacious Church, including Missio Dei venue hire costs. G Barrett (National leader) is a senior pastor of this church.

During the year the charitable company made purchases of £4,300 from Net Church. K Morley (trustee during the year) is a pastor of this church.

During the year the charitable company paid a grant of £2,000 to The Evan Roberts Institute. D Millar is a trustee of the institute.

Payments to other related parties;

Georgia Barrett, related to Glyn Barrett (trustee), received a salary of £8,371 and £527 for expenses during the year.

R Morley, related to K Morley (trustee during the year), received a salary of £13,385 (2021: £12,975) and £661 (2021: £389) for pension contributions as well as £1,847 (2021: £757) for expenses during the year.

E Whyte (trustee) and her husband J Whyte received £382 (2021: £330) support from external donors through AOG World Missions.

ASSEMBLIES OF GOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2022

27
Cash generated from operations
2022
£
Surplus for the year
2,039,143
Adjustments for:
Investment income recognised in statement of financial activities
(10,761)
Gain on disposal of tangible fixed assets
(1,418,965)
Fair value gains and losses on investments
42,827
Depreciation and impairment of tangible fixed assets
37,325
Movements in working capital:
Decrease in stocks
1,175
(Increase)/decrease in debtors
(7,927)
Increase/(decrease) in creditors
72,563
(Decrease) in deferred income
(14,902)
Cash generated from operations
740,478
28
Analysis of changes in net funds
The charity had no debt during the year.		 2021
£
495,480
(19,919)
(352,971)
-
73,565
839
42,185
(30,325)
(22,142)
186,712