APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
ACCOUNTS AND ANNUAL REPORT
FOR THE YEAR ENDED
31 DECEMBER 2024
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 2024
| 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 |
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APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 December 2024.
OBJECTIVES
The objectives of the Charity are:
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To advance the Christian faith (in accordance with its Statement of Belief) in London and elsewhere.
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To relieve persons in hardship or distress in London and elsewhere.
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: -
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Sunday Church Service
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Bible study
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On-line discipleships
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Bible Diploma courses
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Sunday School
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Weddings
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Funerals
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: -
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Bible Study
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Youth Work
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Drama Workshop
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Drug/Racism Awareness Seminar
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 had 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
- ICC Conference in April & October 2024
Other Events – Bible Diploma Course at ACC
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8-week course twice in 2024 was successful
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Christmas meal for the homeless and needy. This was hugely successful with approx. 80 hot meals served.
.
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APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
TRUSTEES REPORT (CONT’D) FOR THE YEAR ENDED 31 DECEMBER 2024
ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE (Continued)
On-line discipleship
We 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
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Weekly discipleship
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Several conferences throughout the year
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Easter Drama
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International trips
FINANCIAL REVIEW
Income decreased during the year to £251,658 from £256,777. Expenditure decreased during the year from £298,989 to £275,838, which means that this year there has been a deficit of £24,180 (2023 deficit: £42,212).
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.
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APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD) TRUSTEES REPORT (CONT’D) FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
TRUSTEES REPORT (CONT’D) FOR THE YEAR ENDED 31 DECEMBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
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 25 March 2025 and signed on their behalf by:
………………………………….
P Efstathiou
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INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF THE APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
I report to the trustees on my examination of the accounts of the charity for the year ended 31 December 2024.
Responsibilities and Basis of Report
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner’s Statement
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act: or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
D R Gradon MA FCA (ICAEW No. 7050835) Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough LE11 5XR 25 March 2025
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APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
| 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 2024 172783 26632 43502 7335 1406 _ 251658 _ 2 275838 275838 _ (24180) 4 617207 _ 593027 _ 1141021 _ 1734048 _ expenditure: |
Total Funds 2024 172783 26632 43502 7335 1406 _ 251658 _ 275838 275838 _ (24180) 617207 _ 593027 _ 1141021 _ 1734048 _ 2024 - 5816 - __ £5816 ____ |
Total Funds 2023 173861 26884 40502 13980 1550 _ 256777 _ 298989 298989 _ (42212) (80480) _ (122692) _ 1263713 _ 1141021 _ 2023 - 748 1010 __ £1758 ____ |
|---|---|---|---|
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APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
BALANCE SHEET AS AT 31 DECEMBER 2024
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 2024 2023 4 2037138 5 8905 7099 103792 130962 _ 112697 138061 _ 6 33834 31234 78663 _ 2116001 _ 7 381953 _ 1734048 _ 10 554209 10 1179839 __ 1734048 ____ |
1430031 106827 _ 1536858 _ 395837 _ 1141021 _ |
|---|---|---|
| 578389 562632 __ 1141021 ____ |
Approved by the trustees on 25 March 2025 and signed on their behalf by:
……………………………………
M Constantinou (Trustee)
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APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. Accounting Policies
- a) These financial statements have been prepared in accordance with the Charities SORP (FRS 102): ‘Accounting and Reporting by Charities, Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS102”) (effective 1 January 2016)’, FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (effective September 2016) and the Charities Act 2011. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
- b) General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
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.
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c) Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. The value of services provided by volunteers has not been included.
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d) Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
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e) Depreciation is charged in such a way as to write off the cost of fixed assets over their estimated useful lives at the following rates:
| 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.
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APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| 2. | Charitable Expenses 2024 2023 Advertising - 904 Ministerial expenses 1337 2133 Evangelistic literature 620 1229 Gas and electricity 24790 19477 Rates 1951 2003 Insurance 3311 3770 Repairs and maintenance 5800 26924 Salaries 172249 168755 Music and audio/CD, tapes and DVDs 1278 - Church functions/events 771 6094 Travel Expenses 219 2179 Bank loan interest 31874 31107 Donations (see note 8) - 2082 Bank charges and interest 1003 1074 Office expenses - - Postage, printing and stationery 1108 1278 Subscriptions 1559 1762 Training Course Fees 217 233 Telephone and internet costs 1277 1245 Legal fees and professional fees 4162 170 Accountancy fees 6396 6324 Depreciation - fixtures and fittings 1017 1454 - music and other equipment 11421 13823 - office equipment 3478 4969 __ _ £275838 £298989 Accountancy fees are split between; Payroll and Bookkeeping services 4596 4524 Independent Examination fees 1800 1800 _ £6396 £6324 |
Charitable Expenses 2024 2023 Advertising - 904 Ministerial expenses 1337 2133 Evangelistic literature 620 1229 Gas and electricity 24790 19477 Rates 1951 2003 Insurance 3311 3770 Repairs and maintenance 5800 26924 Salaries 172249 168755 Music and audio/CD, tapes and DVDs 1278 - Church functions/events 771 6094 Travel Expenses 219 2179 Bank loan interest 31874 31107 Donations (see note 8) - 2082 Bank charges and interest 1003 1074 Office expenses - - Postage, printing and stationery 1108 1278 Subscriptions 1559 1762 Training Course Fees 217 233 Telephone and internet costs 1277 1245 Legal fees and professional fees 4162 170 Accountancy fees 6396 6324 Depreciation - fixtures and fittings 1017 1454 - music and other equipment 11421 13823 - office equipment 3478 4969 __ _ £275838 £298989 Accountancy fees are split between; Payroll and Bookkeeping services 4596 4524 Independent Examination fees 1800 1800 _ £6396 £6324 |
Charitable Expenses 2024 2023 Advertising - 904 Ministerial expenses 1337 2133 Evangelistic literature 620 1229 Gas and electricity 24790 19477 Rates 1951 2003 Insurance 3311 3770 Repairs and maintenance 5800 26924 Salaries 172249 168755 Music and audio/CD, tapes and DVDs 1278 - Church functions/events 771 6094 Travel Expenses 219 2179 Bank loan interest 31874 31107 Donations (see note 8) - 2082 Bank charges and interest 1003 1074 Office expenses - - Postage, printing and stationery 1108 1278 Subscriptions 1559 1762 Training Course Fees 217 233 Telephone and internet costs 1277 1245 Legal fees and professional fees 4162 170 Accountancy fees 6396 6324 Depreciation - fixtures and fittings 1017 1454 - music and other equipment 11421 13823 - office equipment 3478 4969 __ _ £275838 £298989 Accountancy fees are split between; Payroll and Bookkeeping services 4596 4524 Independent Examination fees 1800 1800 _ £6396 £6324 |
|---|---|---|---|
| 4524 1800 _ £6324 ___ |
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APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| 3. | Staff Numbers and Costs 2024 2023 Salaries 156220 152569 Social Security Costs 19048 18544 Less: Employment Allowance (5000) (5000) Pension Contributions 1981 2642 __ _ £172249 £168755 Average number of employees 2 2 _ ____ |
|---|---|
One of the two employees (P Efstathiou) is a trustee and her remuneration was £77448 (2023: £76447). 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 |
2024 Number - 2 ____ |
2023 Number |
2023 |
|---|---|---|---|
| - 2 ____ |
The total amount of remuneration benefits for trustees and key management personnel during the year was £158201 (2023: £155211).
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APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| 4. | Fixed Assets Cost As at 1 January 2024 Additions Revaluations Balance at 31 December 2024 Depreciation At 1 January 2024 Charge for Year Balance at 31 December 2024 Net Book Value At 31 December 2024 Net Book Value At 31 December 2023 |
Freehold Church Building 1382793 - 617207 _ 2000000 _ - - __ - _ 2000000 _ 1382793 ____ |
Office Equipment 44755 - - _ 44755 33161 3478 36639 _ 8116 11594 |
Fixtures & Fittings 221819 - - __ 221819 _ 218428 1017 219445 2374 3391 ___ |
Music & Other Equipment Total 178030 £1827397 5816 5816 - 617207 __ _ 183846 2450420 _ _ 145777 £397366 11421 15916 _ 157198 413282 _ 26648 2037138 _ 32253 £1430031 ____ |
Total |
|---|---|---|---|---|---|---|
The Freehold Church building was revalued on 8 January 2025 at its open market value. The valuation was carried out by Bruton Knowles.
The historical cost of the building as at 31 December 2024 was £820161 (2023: £820161).
| Debtors Trade Debtors Charitable Loan (see note 9) Gift Aid Tax Recoverable Other Debtor Prepayments |
2024 2416 - 6099 100 290 _ £8905 ___ |
2023 838 - 5699 100 462 _ £7099 ___ |
|---|---|---|
5. Debtors
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APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| 6. 7 |
Creditors– Amounts Falling Due Within One Year 2024 2023 Due to HM Revenue & Customs 6442 5728 Accruals 3939 3025 Nursery Rental Deposit 6250 6250 Nursery Rent in Advance 3334 3334 Wages Owing - 589 Pension Contributions 330 587 Bank Loan 13539 11721 _ £33834 £31234 __ _ Creditors– Amounts Falling Due After One Year 2024 2023 Unity Bank Loan £381953 £395837 _ ___ |
|---|---|
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 |
2024 2023 - 100 - 575 - 600 - 807 - - - - _ __ £- £2082 _ _ |
|
|---|---|---|---|
9. Related Party Transactions
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 £1000 in rent (2023: £500).
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APOSTOLIC CHRISTIAN CHURCH (SHEEPFOLD)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 (2023: £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 £4070 (2023: £6120) from Ethical Financial Planning Limited. This is a company controlled by trustee, A Sotiriou.
The Church received total donations from the trustees of £9620 (2023: £10755).
| 10. | Fund Reconciliation Balance as at 1 January 2024 Income Unrestricted Funds 578389 251658 Revaluation Reserve 562632 - _ _ £1141021 £251658 __ ____ |
Balance as at Revaluation 31 December Expenditure Gains 2024 (275838) - 554209 - 617207 1179839 __ _ _ £(275838) £617207 £1734048 ___ |
|---|---|---|
| 11. | Analysis of Net Assets by Fund Unrestricted Revaluation Total Funds Reserve Funds Fixed Assets 857499 1179839 2037338 Current Assets 112697 - 112697 Current Liabilities (33834) - (33834) Creditors After More Than One Year (381953) - (381953) _ _ _ £554209 £1179839 £1734048 _ _ _ |
Total Funds |
|---|---|---|