## **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|
**- 1 -**
## **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:
- To advance the Christian faith (in accordance with its Statement of Belief) in London and elsewhere.
- 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: -
- Sunday Church Service
- Bible study
- On-line discipleships
- Bible Diploma courses
- Sunday School
- Weddings
- 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: -
- Bible Study
- Youth Work
- Drama Workshop
- 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**
- 8-week course twice in 2024 was successful
- Christmas meal for the homeless and needy. This was hugely successful with approx. 80 hot meals served.
.
**- 2 -**
## **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**
- Weekly discipleship
- Several conferences throughout the year
- Easter Drama
- 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.
**- 3 -**
## **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.
**- 4 -**
## **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
**- 5 -**
## **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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act: or
2. the accounts do not accord with those records; or
3. 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
**- 6 -**
## **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
______|
|---|---|---|---|
|||||
**- 7 -**
## **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)
**- 8 -**
## **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.
- 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.
- d) Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
- 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.
**- 9 -**
## **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
_____|
**- 10 -**
## **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).
**- 11 -**
## **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**
**- 12 -**
## **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).
**- 13 -**
## **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|
|---|---|---|