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2023-12-31-accounts

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

ACCOUNTS AND ANNUAL REPORT

FOR THE YEAR ENDED

31 DECEMBER 2023

CHARITY NO: 1072227

Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR

Tel: 01509 214163

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD) FOR THE YEAR ENDED 31 DECEMBER 2023

Contents Page
Report of the Trustees 1 - 4
Independent Examiner’s Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes Forming Part of the Financial Statements 8 - 13

- 1 -

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 December 2023.

OBJECTIVES

The objectives of the Charity are:

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

In accordance with the Church’s objectives, the Church is continually involved in day to day Church activities and in many other activities in the local community and further afield. Part of the building is already being used for the various Church activities, mentioned below: -

Pastoral counselling on different levels, dealing with drug abuse, domestic violence, physical, spiritual and emotional issues, mentoring, and general encouragement to set people back on the course of life. This practical help and advice is still very much a part of the Church's ongoing work-

Reaching out to all members of society, both at home and overseas, irrespective of cultural, social and ethnic backgrounds, remains one of the main aims of the Church. Church numbers have remained steady, with continued involvement by the congregation in all aspects of Church life.

We resumed our easter drama which was a huge success.

The Church continues to build a strong relationship with Angel Place Nursery Ltd. The income stream of the Church was unaffected due to member donations increasing.

Ixthus Church Council (ICC) Events (All held at ACC & via live stream)

Other Events – Bible Diploma Course at ACC

- 2 -

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

TRUSTEES REPORT (CONT’D) FOR THE YEAR ENDED 31 DECEMBER 2023

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (Continued)

On-line discipleship

We now hold weekly on-line discipleships throughout the year with over 30 to 40 people attending each week, concluding with a fellowship meal.

Church plants

We have a large Asian population having had over 100 baptisms and planted a Church in America. Translation software was purchased by a member of the congregation to accommodate the various languages spoken within the congregation.

Plans for 2024

FINANCIAL REVIEW

Income increased during the year to £256,777 from £252,282. Expenditure increased during the year from £261,872 to £298,989, which means that this year there has been a deficit of £42,212 (2022 deficit: £3,589).

Risk Management

The Trustees have conducted their own review of the major risks to which the Church is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementation of procedures for authorisation of all financial transactions and projects. These procedures are periodically reviewed to ensure that they still meet the needs of the Charity.

Organisation

The Board of Trustees meet a minimum of twice a year, and when necessary, the Trustees meet in between these times to discuss and act upon any urgent matters which might arise. The day-to-day operational responsibility is delegated to Andrew Sotiriou. However, the spiritual government of the Church fellowship is under the control of the recognised spiritual leadership of the Church.

Related Parties

The Charity has close relationships with a number of organisations that work to achieve compatible objectives within the area, including:

The Metropolitan Police Other local Churches through the Ixthus Council

The Church is continuing to build on the excellent relationship it has with the local Police Force and Enfield Borough Council, who continue to welcome and support the work of the Church. A visit to the Church was made by the Borough Commander of Enfield who met with Archbishop Evangelou and the Senior Pastor to discuss ways of working together in the community.

- 3 -

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

TRUSTEES REPORT (CONT’D) FOR THE YEAR ENDED 31 DECEMBER 2023

REFERENCE AND ADMINISTRATIVE DETAILS

CHARITY NUMBER 107227 PRINCIPAL OFFICE 193 – 195 Angel Place Fore Street Edmonton London NE18 2UD

The trustees serving during the year and since the year end were as follows:

A Sotiriou M Constantinou P Efstathiou A Georgiou

INDEPENDENT EXAMINERS

Cound & Co LLP 1 Princes Court Royal Way Loughborough Leics LE11 5XR

BANKERS National Westminster Bank plc 1302 High Road Whetstone London N20 9JS

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The charity was established by a Declaration of Trust dated 14 September 1998. It was registered as a charity with the Charity Commission on 31 October 1998.

Appointment of Trustees

As set out in the Declaration of Trust, the Church has a minimum of three trustees and it is not subject to a maximum number. New trustees are invited to join the board if they have a particular area of expertise that can help the charity. A majority of trustees need to agree on this.

- 4 -

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

TRUSTEES REPORT (CONT’D) FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Trustee Induction and Training

New trustees are advised of their obligations under charity law, the content of the Declaration of Trust as well as the structure and decision-making process of the committee.

Reserves Policy

The Trustees monitor the financial position of the Church and have established a level of reserves that they believe the Church requires to cover day to day expenditure and also unforeseen emergencies such as repairs to the Church buildings. This level is deemed as being approximately two months’ expenditure, which is not considered excessive.

Approved by the Trustees on 7[th ] March 2024 and signed on their behalf by:

………………………………….

P Efstathiou

- 5 -

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF THE APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

I report on the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5 to 12.

Respective Responsibilities of Trustees and Examiner

The charity’s trustees are responsible for the preparation of the accounts.

The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner’s Statement

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent Examiner’s Statement

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

  1. which gives me reasonable cause to believe that, in any material respect, the requirements:

  2. to keep proper accounting records in accordance with section 130 of the Charities Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act;

has not met; or

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

D R Gradon MA FCA Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR

7[th] March 2024

- 6 -

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

INCOME
Donations and legacies
Donations
Gift Aid tax recoverable
Income from charitable activities
Hall hire
IXTHUS
Income from Investments
Bank Interest
TOTAL INCOME
EXPENDITURE
Charitable activities
TOTAL EXPENDITURE
NET INCOME FOR THE YEAR AND MOVEMENT
IN FUNDS BEFORE GAINS AND LOSSES
Net (Loss)/Gains on the Revaluation of Fixed Assets
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD
Note
The Church also applied resources as follows in respect of capital
Freehold church building
Music and other equipment
Fixtures and fittings		 Unrestricted
Funds
Notes
2023
173861
26884
40502
13980
1550
_
256777
_
2
298989
298989
_
(42212)
4
(80480)
_
(122692)
_
1263713
_
1141021
_
expenditure:		 Total
Total
Funds
Funds
2023
2022
173861
177745
26884
29600
40502
41502
13980
9259
1550
176
_
_
256777
£258282
_
_
298989
261871
__
298989
£261871
_
_
(44412)
(3589)
(80480)
105877
_
_
(122692)
£102288
_
_
1263713
1161425
_
_
1141021
£1263713
_
_
2023
2022
-
-
748
-
1010
13238
_

£1758
£13238

___

- 7 -

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

BALANCE SHEET AS AT 31 DECEMBER 2023


Fixed Assets
Current Assets
Debtors
Cash at Bank and in Hand
Creditors: Amounts falling due within one year
Net Current Assets/(Liabilities)
Total Assets Less Current Liabilities
Creditors: Amounts falling due after more than one year
Net Assets
Unrestricted Funds
General Funds
Revaluation Reserve
Total Funds		 Notes
2023
2022
4
1430031
1528999
5
7099
8672
130962
167786
_

138061
176458

_
6
31234
40725


106827
135733
_
_
1536858
1664732
_
_
7
395837
401019
_
_
1141021
£1263713
_
_
10
578389
620601
10
562632
643112
__
_
1141021
£1263713

___

Approved by the trustees on 7[th] March 2024 and signed on their behalf by:

……………………………………

M Constantinou (Trustee)

- 8 -

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting Policies

The charity constitutes a public benefit entity under FRS102.

Assets and liabilities are initially recognised at historical cost or transactional value unless otherwise stated in the relevant accounting policy note and the financial statements are prepared on a going concern basis. The financial statements are prepared in sterling, which is the financial currency of the charity and rounded to the nearest £1.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the funding provider. The costs of raising and administering such funds are charged against the specific funds.

Office equipment - 30% of net book amount per annum
Music and other equipment - 30% of net book amount per annum
Motor Vehicles - 25% of net book amount per annum

No depreciation has been charged in respect of the freehold church buildings. Freehold church buildings are valued at fair value. The movement in the year is transferred to the Revaluation reserve.

f) Judgements and Estimation Uncertainties

The trustees have given consideration to any judgements and uncertainties in these accounts and the only issue to note is that the Church’s going concern is based on the continued support from its congregation and members, who provide the majority of the income for the Church. However, there is no reason to suspect that this support will not continue in the future.

- 9 -

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

2. Charitable Expenses
2023
2022
Advertising
904
7152
Ministerial expenses
2133
1982
Evangelistic literature
1229
1555
Gas and electricity
19477
7676
Rates
2003
2460
Insurance
3770
2987
Repairs and maintenance
26924
12565
Salaries
168755
164170
Music and audio/CD, tapes and DVDs
-
140
Church functions/events
6094
2376
Travel Expenses
2179
1015
Bank loan interest
31107
18239
Donations (see note 8)
2082
822
Bank charges and interest
1074
1122
Office expenses
-
145
Postage, printing and stationery
1278
1091
Subscriptions
1762
1504
Training Course Fees
233
-
Telephone and internet costs
1245
1107
Legal fees and professional fees
170
169
Accountancy fees
6324
5424
Depreciation - fixtures and fittings
1454
2078
- music and other equipment
13823
19426
- office equipment
4969
6666
__
_
£298989
£261871


Accountancy fees are split between;
Payroll and Bookkeeping services
4524
3624
Independent Examination fees
1800
1800

_
£6324
£5424

 Charitable Expenses
2023
2022
Advertising
904
7152
Ministerial expenses
2133
1982
Evangelistic literature
1229
1555
Gas and electricity
19477
7676
Rates
2003
2460
Insurance
3770
2987
Repairs and maintenance
26924
12565
Salaries
168755
164170
Music and audio/CD, tapes and DVDs
-
140
Church functions/events
6094
2376
Travel Expenses
2179
1015
Bank loan interest
31107
18239
Donations (see note 8)
2082
822
Bank charges and interest
1074
1122
Office expenses
-
145
Postage, printing and stationery
1278
1091
Subscriptions
1762
1504
Training Course Fees
233
-
Telephone and internet costs
1245
1107
Legal fees and professional fees
170
169
Accountancy fees
6324
5424
Depreciation - fixtures and fittings
1454
2078
- music and other equipment
13823
19426
- office equipment
4969
6666
__
_
£298989
£261871


Accountancy fees are split between;
Payroll and Bookkeeping services
4524
3624
Independent Examination fees
1800
1800

_
£6324
£5424

 Charitable Expenses
2023
2022
Advertising
904
7152
Ministerial expenses
2133
1982
Evangelistic literature
1229
1555
Gas and electricity
19477
7676
Rates
2003
2460
Insurance
3770
2987
Repairs and maintenance
26924
12565
Salaries
168755
164170
Music and audio/CD, tapes and DVDs
-
140
Church functions/events
6094
2376
Travel Expenses
2179
1015
Bank loan interest
31107
18239
Donations (see note 8)
2082
822
Bank charges and interest
1074
1122
Office expenses
-
145
Postage, printing and stationery
1278
1091
Subscriptions
1762
1504
Training Course Fees
233
-
Telephone and internet costs
1245
1107
Legal fees and professional fees
170
169
Accountancy fees
6324
5424
Depreciation - fixtures and fittings
1454
2078
- music and other equipment
13823
19426
- office equipment
4969
6666
__
_
£298989
£261871


Accountancy fees are split between;
Payroll and Bookkeeping services
4524
3624
Independent Examination fees
1800
1800

_
£6324
£5424
3624
1800
_
£5424
___

- 10 -

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

3. Staff Numbers and Costs
2023
2022
Salaries
152569
147752
Social Security Costs
18544
18776
Less: Employment Allowance
(5000)
(5000)
Pension Contributions
2642
2642
__
_
£168755
£164170


Average number of employees
2
2
_
____

One of the two employees (P Efstathiou) is a trustee and her remuneration was £76447 (2022: £73294). She receives remuneration for her role as Senior Pastor and not for her role as a trustee.

The number of employees who received total employee benefits (excluding employer pensions costs) of more than £60,000 is as follows:

£60,001 - £70,000
£70,001 - £80,000		 2023
Number
-
2
____		 2022
Number		 2022
-
2
____

The total amount of remuneration benefits for trustees and key management personnel during the year was £155211 (2022: £150394).

- 11 -

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

4. Fixed Assets
Freehold
Church
Building
Cost
As at 1 January 2023
£1463273
Additions
-
Revaluations
(80480)
_
Balance at 31 December 2023
1382793
_
Depreciation
At 1 January 2023
-
Charge for Year
-
__
Balance at 31 December 2023
-
_
Net Book Value
At 31 December 2023
1382793
_
Net Book Value
At 31 December 2022
£1463273
____		 Office
Equipment
£43745
1010
-
_
44755

£28192
4969

33161
_
11594

£15553
 Fixtures
& Fittings
£221819
-
-
__
221819
_
£216974
1454

218428

3391

£4845
___		 Music &
Other
Equipment
Total
£177282
£1906119
748
1758
-
(80480)
__
_
178030
£1827397
_
_
£131954
£377120
13823
20246

_
145777
£397366

_
32253
1430031

_
£45328
£1528999

____		 Total

The Freehold Church building was revalued by the trustees as at 31 December 2023 at its open market value.

The building was valued by NatWest Bank plc in September 2011 as part of financing arrangements by the Church. The trustees have updated this valuation to 31 December 2023 by using land registry house price indices for the local Borough to obtain a fair value.

The historical cost of the building as at 31 December 2023 was £806691 (2022: £806691).

5. Debtors
Trade Debtors
Charitable Loan (see note 9)
Gift Aid Tax Recoverable
Other Debtor
Prepayments		 2023
838
-
5698
100
462
_
£7099
___		 2022
898
1050
6359
100
265
_
£8672
___

- 12 -

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

6. Creditors– Amounts Falling Due Within One Year
2023
2022
Due to HM Revenue & Customs
5728
11220
Accruals
3025
3402
Nursery Rental Deposit
6250
6250
Nursery Rent in Advance
3334
3334
Wages Owing
589
589
Pension Contributions
587
587
Bank Loan
11721
15343
_

£31234
£40725
__
_____
7 Creditors– Amounts Falling Due After One Year
2023
2022
Unity Bank Loan
£395837
£401019
__
____

The Unity Bank Loan is being repaid over 20 years by monthly repayments of £3,628.66. Interest is being paid at 2.5% above bank base rate. The loan is secured by a charge over the freehold property.

8. Donations
British Heart Foundation
Overseas Support
Visiting Ministry
Defibrillator
Food Hampers at Christmas
Churches Together		 2023
100
575
600
807
-
-
_
_
£2082
___		 2022
-
457
150
-
165
50
_
£822
_

9. Related Party Transactions

In 2007 the Church made a loan of £5000 to an employee, Archbishop C C Evangelou. This loan is interest free and was repayable within 3 years. The amount outstanding at 31 December 2022 was £1,050. This loan was repaid during the year to 31 December 2023.

The Church rents office space to another Charity, Community Heart (London). Two of the trustees of the Church (P Efstathiou and M Constantinou) and Archbishop C C Evangelou are also trustees of this charity. During the year the Church received £500 in rent (2022: £1000).

- 13 -

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

9. Related Party Transactions (Continued)

On 6 March 2016 the Church leased the ground floor and basement of the Church building to Angel Place Nursery Limited. P Efstathiou, a trustee of the Church and Archbishop C C Evangelou are also directors of this company. The lease runs for 5 years. The rent received was £40002 (2022: £40002). The nursery was actually operating on an informal rent free basis for a period prior to the lease being signed. The terms of the lease were approved by the Charity Commission.

During the year the Church received donations totalling £6120 (2022: £6120) from Ethical Financial Planning Limited. This is a company controlled by trustee, A Sotiriou.

The Church received total donations from the trustees of £10755 (2022: £11640).

10. Fund Reconciliation
Balance as at
1 January
2023
Income
Unrestricted Funds
620601
256778
Revaluation Reserve
643112
-
_
_
£1263713
£256778
__
____		 Balance as at
Revaluation
31 December
Expenditure
Gains
2023
(298989)
-
578389
-
(80480)
562632
__
_
_
(£298989)
(£80480)
£1141021


___
11. Analysis of Net Assets by Fund
Unrestricted
Revaluation
Total
Funds
Reserve
Funds
Fixed Assets
867399
562632
1430031
Current Assets
138061
-
138061
Current Liabilities
(31234)
-
(31234)
Creditors After More Than One Year
(395837)
-
(395837)
_
_
_
£578389
£562632
£1141021
_
_
_		 Total
Funds

Our Ref: DRG/APO 001

PRIVATE & CONFIDENTIAL

M Constantinou Esq 26 Oakleigh Crescent Whetstone London N20 0BS

2024

Dear Marios

APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)

I enclose your bound copy of the accounts for the year ended 31 December 2023.

I will send you a PDF copy via DOCUSIGN so that you can sign it electronically.

I will arrange for you to assist me with the filing of the 2023 Charity Commission annual return.

In the meantime, I enclose a note of our fees. This fee note has been covered by the monthly standing order payments of £XXX.

Yours sincerely

D R Gradon MA FCA for Cound & Co LLP