CHARITY REGISTRATION NUMBER 1129633 COMPANYREGISTRATIONNUMBER 06780477 AUDACIOUS CHURCH CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Hackeryoung Chartered Accountsnts
AUDACIOUS CIIURCH Trustees MrSAKeir MrNTSmith Mr D J McPhail Mr J Bracegrdle Mr D K Shae Charlty number 1129633 Company nwnber 06780477 Reglstered office Unit 6 Trinity Way M3 7BB Audltors UHY Hacker Yowig 6 Broadfield Court Broadfield Way Sheffield S8 OXF B*nkers Barclays Bank pl¢ P.0 Box 1385 2 Arena Court Sheffield S9 2WV Manchestcr Ml IPW Sollcltor8 Geldards Number One Pri& Place Pride Park Derby DE24 8QR
AUDACIOUS CHURCH CONTENTS Page Trustees, reprt Statement of tnthes, responsibilitie5 Ind¢pend¢nt auditors. report Conso]idated statement of finan activities 10 state of fManc1 activities 12 Balance Sheet 13 Statement of cash flows 14 Notes to the accounts 15-36
AUDACIOUS CHURCH TRUSTEESY REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report and finallc1 statements for the year ¢nded 31 M8rch 2024. The fAn8n¢ial statements have been Prepared in ac¢ordan¢¢ with the a¢¢ounting policie8 set out in nots I to the financial statements and comply with the charity's Memorandum and Articles of A880ciation, th¢ Companies Act 2006 and "Accounting and Ileporting by awities: Statemeth of Recommended Prdetice app]i¢able to c]wities preparing their accounts in accordance with the Financi Reporting Standard applicable in the UK and Repub]i¢ of Ireland IFRS 102) (effective l January 2019)" Objettlves and Activitiej The cbarity's objectives are s¢t out by th¢ In de¢d a8: th¢ advancement of the Christian faitb. the relief of sickness and fjnancial hardship and to promote and preserve good health by the provision of funds* goods or services of any kind including through the provision of counselling and support. the advancement of education. These objectiv¢s are achieved through the followAng a¢tAvities.' events and etingS to promots the Christian faith which ore designed to be enthu8iasti¢, ]ively, fim and educatiollal. These are held on a regular basis, ar¢ open to all ages and are not dependent on so¢ial offering sw)port and counsel through the clnwch leaders and in meetings to th¢ GhurGh and Community, promoting holistic h¢althy living for body, soul & spiriL' inspiration & impartation to church leadas and other church m¢nthers from the value8 of the Bibl¢ and where possible bringing practical application to the messag¢; including hosting Luminous conference, th¢ Culture sunmll( Audacious College, and itivolvem¢nt in th¢ chuwh's Progrnmmes. The trustees have paid due regard to gui&nce issued by the Charity Commission in deciding what activities th¢ charity should undertake. Detai18 of the activities undertaken by the charity dwing the period arc given under Acbievements and Achtevements and perfornwice Objective l - to advance the Christian faith in ac¢orth¢e with the ststement in 8uch way8 and in such parts of th¢ UK or th¢ world a8 the church leader8bip from time to time may think fit. We currently have fiv¢ ¢ampus¢s of Churc Iwed in Manchester. Cbestsr, Cardiff, Sheffield, and In our Manchester campus. we have three physical locatiODS mttting in Salfor4 Central Manchester, Bury aThl Wilmslow. Across our campuses we are nwning a combined kn physical weekend services across all the lOtiOns. Th¢r¢ are currently around 7,500 people wbo call Audacious their home churcty and we have be avernging an)und 3,000 people in any given week over our weekend serviceB. We have all expectation that tbis figure will continue to increase, as it has done consistently Since the Church startd This continued can be attributed to a strong QWll¢Tship of our church culture of being authentically relationaL intentlonally enthusiastic, uttusually generous, fierL%ly drtenni and scriously fim. Our Church purpos¢ is 'To display th¢ Supern God-. and our church vision is, "A Church that make8 a statemenL growing and grounded in timeless Inrth for this generatiOD and the next." Obj¢ctiv¢ 2 - To rejieve sickness & financial hhIP and to promote and preserve good health by the provisions of funds, go( or services of any kind including through the provision of COUDselling and support in such parts of the UK and the world as the cIllch leaderthp from tim¢.to-time think fit.
AUDACIOUS CHURCH TRUSTEES> REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perforniance (eonthiued) church continues to provide pastoral (xre physically> spiritually. and ¢motionally for its entire congregation, and many from outside the church. We havc strong paTlncTships witb many cknitable organisations: including Auda¢ious Foundatio cOmpaOll UK Chtistian Child developmen( Assemblie$ of God tncorporat¢d and The EV8Dg¢liC Alli8n¢e. a8 we Continue to grow and provide incre&rring level8 of support to tbose in ne There are currently five ¢ampu8e$ of Audacious churc meeting across seven physical locations. In our Manchester Campus we have entlY completed a capital campaign to raise funds that will see a new building project on our current sit4 to facilitats the continued growth of the church. In our Chester eanwus we ar¢ leasing our own premise8 that we have le)vated to becom¢ our churth building to base our proe& and operations each day of the week. In our Sunday services, we continue to see needs met as we pray CO4Kntsly for Jwaltty wholeness, financial and family i&wes. Exh week we receive reports from indiviththls witbin the ¢onrnion who us know of pray rcqucsts that have been re8olved either mirxulously or Practically. Objective 3 - To advance education in such ways and in such part8 of th¢ UK or th¢ worl<L as the church Audacious contInS to train indiv1th]S at all levels of lif¢. Ow w¢ekend services continue to educate and practical application, along with our practical midweek ]ife groups and courses tcach indiwduals tbe value4 vision and culture of our chwch and enables people to choose Practical training that will he]p equip tbeir life. We an annual leadership training retreat for over 400 volunteers in the life of to Ulp th¢m practically to grow and develop in their leadersbip roles.
AI7DACIOUS CHURCH TRUSTEES, REPORT (INCLIJDING DIRECTORS, REPORT) (COIYTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Finan¢ial revleTrv Incoming r¢sour¢e5 during the period totslled £4,Ol9,695 (2023: £3294,138) wbich Iw been at a level sufficient to 8atisfacknily achteve our con]mitments and undertakiw. The Statement of Financial Activities shows a net increase in funds before the revaluation of tangible fixed assets of £570,042 (2023: £112,811). Restricted fimds totalled £4,500,289 (2023: £4,500,654) and unrestricted funds £6,200,974 (2023: £5,630,567). The freely available unrestrictsd fld$ at 31 March 2024 was £1,324,699 (2023: £736,095). The trustees would wish to increase this in the tUre to allow the chwch to contlnue its cumt activities. The Consolidated Statement of Finallcial A¢tAvities sbows a net increase in funds befor¢ the revalu&ion of tall1)le fixed assets of £612,159 (2023: £287,879). Incoming resource5 for the period totslled £A,31KJ,682 (2023: £3,649.643). Restricted funds totslkd £4,5(X),289 (2023: £4,500,654) and unrestrictsd fimds £6,484,517 (2023: £5,871,993). The freely available unreslricted funds at 31 March 2024 was £1,588,500 (2023: £947,696). It 18 the polACy of the cbarity that unrestricted funds which hav¢ nrt b¢¢n d¢$i8nated for 4 sifiC shoithl be nlaintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure thaL in the event of a significant drop in funding, they will be able to COAktinue the dwity's cumt activities while Consideration is given to ways in which additional fimd8 may be raised. The ¢knity cunently has au adequate level of reserves, however, we are seeking to increas¢ these each year. In this period we have continued to repay wital off our church building low and we moved our loan in December 2013 reducing our loan rate as well as our loall terni from 20 to 15 yeaTS, of which we now have four years remaining. We have used the venue to host CODf¢r¢¢S for oth¢T Christian OTganisation& tbat has both a finala1 and partnership benefit to church. as we Seek to work alongside oth¢rs. The trustees have a8se88ed the major risks to wbich the chaTity is exposed and aT¢ satisfied that systems are in place to mitigate exposure to the major risks. The trustees confirm that they have refetted to the guidan¢¢ contsinol iti th¢ Cknity Commission's genernl guidance on public benefit WI reviewitig the trust's aims and objectives ond in planning fikn activities. Future dlrKtlon We have exciting plans to develop our existAng SAte to continue the growth and expansion of the Ch¢ which ll in tum generate additional funds 80 that we can contAnue to help the vu]neTrble and expand our reac The goal is to See a landnwk and i¢oni¢ buil<ling that ¢an be used by all areas of th¢ gat¢ways of our city, with numerous breakout rooms and a car park over multiple Storeys that would fa¢ilitats all our neth as a chw¢h in one sit¢.
AIIDACIOUS CHURCH TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORD (COIYTINUED) FOR THE YEAR EM)ED 31 MARCH 2024 Stru¢tsrfy goverDaDce and management The charlty is a company limited by guarantee and a reEiSter&l charity. The charity was incorporated on 28 Decern 2008 and became a registered charity on 15 May 2009. It commenced activities on l October 2009 wh¢n it took over the a&8¢ty ]iabilities and nMDi of Audacious City Church (clty number 1120164) aThl The Faithworks (charity nwnber 1052562). In 2012 the charitable company changed its name from Audacious City Church to Audacious Church and moved its registernl office to Trinity Way, Mancl*. The trnSte¢ who are also the directh for the pw of comp8ny law, and who served dwing the year alld MrGBa MrSAKeir Mr N T Sn)ith MrRPRay Mr D J McPhail Mr J Bracegirdle (Resigned 31 July 2024) Following AOG guideJin¢s th¢ is required to bav¢ at least three trust¢es at any one tin, on¢ of wl is th¢ s¢nior minist¢r, G. Barrett. Wh¢n a w¢urs th¢ s¢nior minist¢r shall nominat¢ a potential new trustee deemed to have the relett exFrience and Commit and the Church Council s]Mll appoint tbis The clwity is managed by a board of experienced trustee& who are responsiljle for ensuring financial 8tability and PTovi<ting proklon?1 and strategic advi¢¢ on policy and resource maDag¢ment. None of the trustees has any beneficial interest in the company. All of the trustees are menthers of th¢ ornpany and guaranttt to £1 in the ¢v¢nt of winthng up. We have a sthry banding stnkn, lch we use as a benchmark to set all the staff salaries. As well as thc salaried trustees, there is also key rnallagt salari&s of £181,344 (2023: £173,012) which havc an iDfiuence on the decision making of the vision and direction of the organisatio Dls¢lo8ure of Inforn to audltors Each of th¢ trustees Iw confirnied that thff¢ is no ]nfornlOn of whith they are aware which 18 relevant to the audi( but of which th¢ auditor is wwwar¢. Th¢y have fiutbff confirm¢d that they hav¢ tak¢n apprwiate step8 to identify 8uch relevant infornmtion and to ¢8tab]i8h that th¢ auditors are awar¢ of such infonnation. The trusttts, report Wds approved by th¢ BoaTd of TnL8t¢¢s. tse Dated: 19 Der2024
AIIDACIOUS CHURCH STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR EIYDED 31 MARCH 2024 The trustKs, who are also the d]rtorS of Audacii)us Church foT the puw of wmpany Iaw. are responsil)le for preparing th¢ Ttee8. Rq>ort and the accounts in accordan with applicable law and United Kingdom Accounting StgTr18rds (United Kingdom GenallY Acc• A¢counting Praclic¢). Company law r¢quires thc truste to prepare accounts for Cach financial year which give a tn and fair view of the state of affairs of the charitable company and the group and of the incoming resou and applicalion of resource& including the income and eXPditre. of the charitsble group for that year. In preparlng these accounts, the trustees are required to: select suitable accounting p)li¢i¢s and th¢n apply th¢m ¢onsistendy' observ¢ the m¢thods and principk$ in th¢ Charities SORP; makeiudgements and estimates that are reasonable and prud4" state whether app]icable UK Accounting Standards have been follow¢iL subied to any mataial depart disclosed and explained in the accounts; and prepare the accounts on the going concern basis unleBS it is inapprW to presume that the charAtabl¢ any time the fJnati¢ial position of tbe charAtable company and enable them lo ensure that th¢ Kcounts compty WAth the Comwlles Act 2(K16. They ar¢ also r¢sponsil>le for safeguarthng the a88¢ts of the charitabl¢ company and the group and hence for taking reasonable st¢ps for th¢ prev¢ntion and detectAon of fraud and other irregularities.
Hacker Young Charted Accountants 6 Broadfield Court Broadfield Way Sheffield S8 OXF llYDEPENDENT AUDITORS, REPORT TO THE MEMBERS AND TRUSTEES OF AIJDACIOUS CHURCH Oplnlon We have audited the fjnancial Btatements of Authious Church (tbe '¢baritable Company) for the year end¢d 31 March 2024 which conwise the consolidated Statement of Financial Activities, the parent Statement of Financial ActAvities. the conso]idated Balance She¢L the parent Balan¢¢ Sheet the con801idat¢d Stat¢matt of Cash Flows, th¢ par¢nt Stat¢m¢nt of Cash Flows and th¢ Jx)te8 to th¢ acKounts, including a summary of significant aontItig policies. The financial Teporting framework that ]]as b¢¢n applied ill their preparation is applicable law and United Kingdom Accounting StsThlards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable In the UK and Republ1¢ of Ireland (United Kingdom Generally Accepted Accountitig Practice). give a tnie and fair view of the state of the group And the par¢nt dwitabl¢ company'8 affairs as at 31 Mah 2024 alld of its incon]ing resowrces and application of r¢8ourc¢s, for the year then end4. hav¢ been prop¢rly PT¢P8r¢d in accordance with United Kingdom ()enerally Accepted Accounling have been propLY prepared in accothce with the reqllir of tbe Companies Act 2006. Basls for oplnlon We ndUCted our audit in aCcOrdae with ternatIonal Standarth on Auditing (UK) (ISA8 (UK)) and applicabl¢ law. responsibiliti¢8 under those standards are further deScn¢d in the Auditor's responsibilities for the audit of accounts 8e¢tion of our report. We are independent of the charitable ¢ompaDy in 0rd8¢ with the ¢thi¢al requiranents that are relevant to our audit of the accounts in the UK including the FRC'S Ethical Standart and we have fulfilled our othrf ethical responsibilities in accordance vrith th&8e r¢quirn¢nts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Coneluslon relatlng to golng ¢on¢ern In auditing the fu1ClaI statements, we hav¢ COluded that the tru8te¢S' U8e of the going concern basis of accounting in the preparation of the fmancial statements is appropriats. Based on the work we have perforni4 we hav¢ not identified any matsrial uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going con¢m for a p¢riod of at least tw¢lv¢ months from when the financial statements are athised for issue. Our responsibilities and the responsil)ilities of the truste¢s with we¢t to going concern are descrlbed in the relevant sections of tbis reporL
Hacker Young Charter1 Accountants INDEPENDENT AUDITORS, REPORT TO MEMBERS OF AUDACIOUS CHURCH (CONTINUED) Other inforniation The other infornmtion comprises th¢ infonnation includ¢d in the alUal Teport other than the financial statements and our auditor's report thereon. The ttiistees are r¢snSibl¢ for thc other iDforn]ation contained within tbe anDual report. Our opinion on th¢ fin18] statements doe5 not cover the other infom]ation an except to the extent otherwise explicilly ststed in our repo¢ we do not expres3 any forni of as8uran conclusion thereon. Our responsibi]ity is to rcad th¢ other infornmtion and, in doing so. consid¢r Wheth the other infornialion is materially inconsist¢nt with the financial statements or our knowledge obtained in the course of the audi¢ or otherwise appears to bc materially misstate(L If we identify such mala1 inconsistfflcies or apparent material misstatemeDts. we are required to detennine whether this gives rise to a material misstatement in the financial statements themsdv¢s. If. based on the work we have perfornI we conclud¢ that th¢r¢ is a rnat¢Jial misstatement of tbis other inforniation. w¢ aT¢ required to rqrt that fact. We hav¢ nothing to report in this regard. Opinlons on other matters prescrlbed by the Compania Act 2006 In our opinioffj based on the work undertaken in the course of our audit: th¢ inforn]ation 81V in the Trusttts, Rewr( which includes the DirectOTS' Report prepared for the purpos of company 18w, for the fllwKial year of which the accounts are prepared is consistent with the the Director8. Report included within the Trustees, R¢port has been prepared in accord with applicable legal requirements. Matters on whlth we are requlred to report by ex¢¢ptlon In th¢ light of the knowledge and understanding of the ch8rAty and its environment obtained in the course of th¢ audiL we have not identified mataial mlsstatents in the directo, report included within the trust¢¢s' We hav¢ nothing to report in respect of the following maikn in relation to which th¢ Companies Act 2006 requira w to rort to you if, in our opinion: ad4uate accounting recor(ts hav¢ not been W OT retur adequate for our audit have not bccn rcccived from branches not visited by us. or the fancial statements are not in wement with the acCoting records alld returns. OT certain disclosures of tswtee8' r¢muneration specified by law are not nmde; or we have not reLYived all the infornmtion and explanations we require for our audit , or the trustees were not entitl¢d to prepar¢ th¢ financial statements ill aOrdanCe with the small Companies regime and take advantage of the small companies, exempti in preparing the trustees, report and from the requirement to prepare a strategic reporL
Hackeryoung Owrtered Attountants INDEPENDEI¥T AUDITORS, REPORT TO THE MELlfBERS OF AlmACIOUS CHURCH (CONTINUED) Responslbilfitie8 of the tnL9tees As explained more fully in the statement of tru8tee8' responsibilities, the trustees. who are a]so the directors of the chazitable company for the purpos¢ of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a ITh and fair view, and for such internal control as the ttwt¢¢s detennine is necessary to enable the preparation of financial ststements that are fr¢e from matsrial misstatenien( whether due to fraud or error. Jn preparing the fmancial stalements, the trustees are Tesponsible for a8se8sillg the charity's abi]ity to continue as a going coll disclosing* as app]icable, matters related to going concern and using the going Concern bosis of accounting unless the trustees eith¢r intend to liquidate the ¢harAtsble conwany or to Cease operations, or bave no realtstic alternativ¢ but to do so. Audltor's regpoMlbllltie8 for the audit of the fin#ndal ytatements Our objectives are to obtain reasonable a8suratre about whether the fllwicial statements as a whole are free from material misstatement, whether due to frd or error, and to issue an auditofs report that inclwles our opinAoL Reasonable &ssurance 18 a high level of assuran but is not a guardnt¢¢ that an audit conthcted in accord with ISAS (UK) will always detect a materAal misstatement when it exists. Misststements can lSe from fraud or fflTOT and are CODsidered material rf. individually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users laken on the basis of th¢s¢ fjnancial statements. The extent to vA]ich our procedures are capable of detecting irregularities, including 18 detailed below. Based on our understandin8 of the charity and the sector in which it operates, we identified the principal risks of nonwcompliance with laws and regulations related to the acts by tbe clwity, which were contrary to applicable laws and regulations including fra and we ¢onsid¢r¢d th¢ ext¢nt to which non-compliance have a material effect on the fitwicial statements. We also consid¢r¢d th08e laws and regulations that have a direct impact on the preparntion of the financial statements such as the Companies Act 21)06. We evahted management'8 iticentives and opportunities for fraudulent manipulation of th¢ finan¢ial statements (includAng the iisk of override of Controls), and detenbind tbat the principal risks were related to infiated revenue and the charitys Ilet income for the year. Audit Procedures perfonned included: revAew of the fjnallcAal statement disclosures to und¢rfying SUPPOT documentatioffj Teview of COnEspondence with and reports to tbe regulators, incluthng correspondence with the awity Con)mIssio review of correspondence with legal advisors, enquiries of manag¢nwit in so far as they related to the financial statements, aDJ in testing of journals and evaluatitig whether there w88 evidence of bi88 by th¢ tn that r¢pre8cnted a ri8k 0fmateri misstatement to fraud.
Hacker Young Chartered Accountsnts INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF AUDACIOUS CHURCH (CONTINUED) There are inherent limitatioiis in the audit pr(ttdur¢s des1b¢a alN)ve and the further removed non- complian¢e with laws and regulations is from tbe events and traDsa¢tions r¢flect¢d in the finall statement4 the less likely we would 1CoMe aware of it. Also, the risk of not detIng a material mi88tatement to fraud 18 higher than the risk of not d¢tscting on¢ resulting from error, as fraud may involve delib¢rate concealment by. for example, forgery or intentional misrepresentations, or through collu8iOJL A further deSIPtIOn of ourresponsibilities is ayailabk on th¢ Financial R¢poiting Council's website at: bttpsjlwww.frc.org.uklauditorsresponsibilitie8. This descrAPtion forn part of our auditoes reporL U8e of ow report This report is made solely to the charitsbl¢ company's manber& as a body, in accord with Chapter 3 of tbe Part 16 of the Companies Act 2006. Our audit has been undertaken, 80 that we migbt stat¢ to the charAtable company's memkn those matters we ar¢ Tequir¢d to state to th¢m in an auditor's report and for no other pwposes. To the full¢st ext¢nt p¢rniitt¢d by law, we do not accept or &8SUn respon111]1ty to anyone other than the cbaritable company and the clwitsble company's mth 88 a body, for our audit wort for tbis r¢poTL or for the opinions w¢ hav¢ fomje Mlcbael Meallng (Senlor Ststutory Audltor) for and on behalf of IJHY Hacker Young 19 Deeember 2024 Chartered Accountants Stathtory Auditor
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AUDACIOUS CHURCH CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Not Fixed *s8ets Tangible ass¢ts 13 5,395,588 5,556,591 Current assets Debtors Cash al bank and in band 15 1,499282 1,221,118 4 865 468 6,759,051 6,086,586 Creditors: amounts fa]Ilng due wlthln one year 16 529 862 487 092 6 229 189 Total fis8ets less current ]iabllitie8 11,624,777 11,156,085 Credltors: amounts falling due ill more than one year 17 783 438 Net a88ets Income fund8 Reslricted fimds 4,500289 4,500,654 Unrestricted funds 3528,171 2,946,973 2 704 873 Revaluation reserve 6233,044 251473 5,651,846 Non-¢lwitabl¢ trading fimds The financial $tat¢m¢nts w¢re approv¢d by th¢ Trust¢¢s on 19 Decanbff 2024. tee Company Regi8trAtion ly 06780471 12
AUDACIOUS CHURCH BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxed Aijets Tall1)1e assets Jnveslments 5,375,844 5,526,764 14 5,375,846 5.526.766 Current assets Debtors Cash at bank and in ljand 15 1,529,318 5 061194 1.21KI.178 4 670 11)0 6,590,512 5,870,278 Crediton: amounts falllng due wltlthi one year 16 85 Net current assets 5 965 388 Total lesj Current llabllldes IlJ41234 10,914,659 Creditor8: amounts falllng due after more than one year 17 639 971 783 438 Net assets lllcome funds Restiicted funds 19 4.500289 4,500,654 Unrestricted fun General unr¢stsid¢d funds Revaluation resffve 3,496,101 2 704 873 2,925.694 2 704 873 6 200 974 5 630 567 Th¢ financid Statem were approved by the TteeS on 19 December 2024. A Keir tse Company Reglstratlox No. 06780477 13
AUDACIOUS CHURCH STATEMEIIT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 Group 2024 2023 Notrs Cash flow from operatlng aedvltles Cash generated from operations 540,751 504,879 Invesdng Actlvltles Purdwe of tangible fixed as8ets Investment income (69,080) (114,842) et cash generatsd fronLI{u8ed In) Investhig actfvltlel 7,762 (94283) Fintillg activitiei Repayment of bank loazL8 154 12 Net ll8ed In fjnAnelllg acdvldei 154 12 248 388 Net Increlge fin eaih and eagh equivalents 394,301 162208 Casb and cash equivalents at beginning of year 4 865 468 4 703 260 Ca8b and casb equivalents at end of year 2024 2023 Cash flows from operating acilvitles Cash generated from operations 359,694 278269 Investhig actlvltles Purcbase of tangible fixed assets Investment incoll (59,89T) (69,362) Net eash generated from Inve8tlng aedvlde8 185,612 28.095 Fln4ndng aedvltl Repayment of bank loans 154 12 248 388 Net ¢ash used In finandng acdvltles 154 212 248 388 Net inCree in cash and cash equlvalents 391,094 57,976 Cash and cash equivalmts at b¢giDning of y¢ar 4 670 100 4 612 124 Cash and cash equfvalents at end of year 14
AUDACIOUS CHURCH NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting po]iei Company Infornialion Audacious Church is a private comp8ny limited by guarantee incow in England and Wales. The registered office is Unit 6, Da C¢ntr¢, Trinity Way, Man¢1, M3 7BB. 1.1 Accounthg conventlon The fjnancial Stat¢M¢ have been prwred in acrdanCe with the charity's Memorandum and Articles of knso¢Iatio the Companie8 Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Pra¢ti¢e applicabl¢ to clwAties preparAng their accounts in aOrdance the Financial Reporting Stsndard 411¢able in the UK and Republic of Ireland (FRS 102) (¢fftctAve l January 2019)" Th¢ charity is a Public Benefit Entity a5 defmed by FRS 102. Th¢ accounts are prepared in Sterli wbich ig the main fimctional ¢urr¢n¢y of the Compally. Monetary amounts in these financial statem¢nts are mun(kd to the nearest £. The aoUllts have been prepared on the historical efjst convention modifi¢d to include the revaluation of freehold prOrtIeS. The principal accouthg policies adopted are set oul below. 12 GolAg eon¢ern At the time of approving the financial Statents, the irustees have a reasonable expectation that the clwity has adequate resowces to Contin in op¢rational ¢xist¢nc¢ for the foreseeable future. Thus the Inth¢s wttinue to adopt the going Concern basis of accounting in prepari the financial statements. 13 Charltable funds Unrestsicted funds are available for use at the discretion of Ihe tru8t¢¢s in furtherance of their charitable objectives unless the fimds have been designated for other purposes. Rwtri¢ted funds are subject to specifi¢ conditions by donors as to how they may be used. The purrK)ses and u8¢8 of the r¢8tricted funds aTe set out in the notes to the accounts. IA In¢omlng resources Donation4 lewie8 and other fornL4 of voluntary income are recognised as incoming resources wh re1Vable, except insofar as they are incapable of financial m¢&svrement. Income resources ar¢ allocated to the diff¢rnt types of in¢on)ing resou and allocated between r¢strA¢ted and UDTestricted funds ordIng to their nature. Donated assets are recognised at market valu¢. Jnvestm¢nt income is recols as incoming resources when At becomts receivabl¢. Services pmvided by volwtteers are not easity quantifiable and are not included in the finala1 GTrnts are recognised in full in the Stst¢ment of Financial Activities ID the year in which they are receivable. Turnover 18 measured at the fair value of the considmtion rettived or receivable alld represents amounts zeceivable for goods aod s¢Thirxs provided in the nonnal cowse of businesB. 15
AIIDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (COI¥TINUED) FOR THE YEAR EIYDED 31 MARCH 2024 1.5 Re80urees expended Resources expende4L in¢lusive of irr¢o)verable VAT, are regnised in the year in which they are incurred and are analys¢d in th¢ stat¢m¢nt of financial activities aco)rding to the nature of th¢ expense. Trading costs compris¢$ the costs as80¢iat¢d with trading for fundraising puwes. Charitable a¢tiviti¢8 represent the direct wsts incuttd iu the provision of the company's wvic¢s. Support costs represent the indirect costs incurred by the Charitsble LThyny. Governance costs are those ¢osts incmred in ¢onnection with complia¢ with stalutory and constitional requirements. No ¢osts have been app)rtione<L 1.6 Tanglble fixed &8sets and depre¢l4llon Tangible fixed assets are initially rneasur at cost and subs¢qu¢ntly m¢a8ur¢d at cost or valuatiott, net of d¢preciation and any in)pairnThtt losses. Depreciation 18 provided at rate8 calculated to write off the wst of fix¢d assets, le8s their estinted r¢sidual value, over their expected useful jives on the following basis: Freehold land and buildings Leasehold improvements Fixtur¢8, fittings and equipment 20/• straight line IOO/• straight ]ine Th¢ gain or loss arAsing on the disposal of att asset is deterniin¢d as th¢ diff¢ren¢e between tbe sale proceeds and the ca]ng V8h of the as8eL aDd is cOgDIsea in net incomeJ(expendtture) for the year. Assets costing less than £500 are not capitalised but are treated as revenue exndItre ill the year that th¢ expenditure 18 incutted However, the trustees can capitallse iten)8 b¢low this limit at th¢ir 1.7 Flxed Mlet Investments Fixed ass& investments are initially measured at transaction ]Ce excludiDg transartion costy and are subsequently Measu at fair value at each reportitig date. Chattges in fair vaIu¢ are re¢ogDi8ed in net incomel (¢xndItur¢} for the year. Transaction costs are eXSed as incutTe A subsi(liary is an artity controll¢d by the ¢onJpany. Control ig the power to govern the f]nancial and olg po]icies ofthe entity so &8 to obtsin benefits from its activities. Impalrni¢nt of fixed wsets At each reporting end dal¢, the charity r¢vi¢ws the ¢ing amounts of its tallble and Intanble assets to determine whether there is any indication that those &wts have suffered an impairment loss. Jf any such iDdication existy the recoverabl¢ amount of th¢ ass¢t is estimated in order to detennine the extent of tbe impairnmrt loss, rfany. 16
AIJDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIYDED 31 MARCH 2024 1.8 Impalrment of ed assets (eonllnu¢d) R¢wv¢rabl¢ amount is the higber of fair valu¢ I$ costs to 8¢11 and valu¢ in w¢. In &4essing value in use, the estimated future cash flows are disCoud to their tKesent value u8ing a prtrtax discount rate that refiects market assessments of the time value of money and the risL8 specific to the asset for which the ¢81imat¢s of futwe cash flow8 have not been adju8t¢ If the recov¢Tabl¢ amount of an asset is esttmated to be less than its carrying amount, the carrying amount of th¢ ass¢t 18 reduced to its r¢cov¢rabl¢ amounL An impainn¢nt10&8 is reCOlS¢d immediately in incomel(expenditure) for the year, un1¢88 the relevant asset is carried at a revalued amounl in which case the impairni¢nt loss is trted as a ThaluatAon decrease. Recognised Impalrnnt Ios8¢s ar¢ reversed if, and onty if, the re&sons for the impairnent loss hav¢ ¢e&sed to appty. Where an impairMt loss subsequentty reverses, the Carrying amount of the asset is incTeased to the revised e8timate of its recoverable amount, but so that the increased carryAng amount does not exceed the Carrying amount that would have been deter Iwl no impairnot loss b recogDiscd for the asset in prior years. A reversal of an impainncnt Ioss is TecogDised iti)mediat¢ly, unless the relevant 18 Carried in at a revalued anx)unL in which ¢a8e the reversal of tbe in]pairm¢nt loss is ttEated as a revaluation increase. IJ Stock8 Stocks stated at the lower of cost and estim selling price less costs to complet¢ and s¢ll. Cost comprises direct materAals and where applicable, direct labour costs and those overheads that hav¢ b¢¢n incurred in bringing the stocks to their pEsent lo¢10ll and ¢onditioL Items held for distriOn at no or nominal consideration are measured at cosL Net reajisable value is the estlmated selling price less all estimated c08ts of completion and Costs to I incurred in markeiin& Selling and distribution. 1.10 I18 htre purchue eommltments Renta18 payable Under operaling l¢ase8 are charged against income on a straight line basis over th¢ period of the lease. 1.11 Penslons Payments to defined ¢ontnThution relirement benefit schemes are ¢harged as an expense as they fall a. 1.12 of CODaolldallon The financial statents consolidate the accounts of Audacious Church and all of its subsidi und¢rtkngs {'subSidiari'). 1.13 Caih and equlvalents Cash and Cash ¢quival¢nts include Cash in han deposits h¢ld at Call with bank8, other short.tern] liquid investments with original maturities of thtee months or less, and bank overdrafts. Bank overdrafts are shown witbin bornwing in wrrent liabiliti¢s. 1.14 Finaneial inslruments Th¢ wnpany has elected to apply the provisions of S¢¢tion 11 'Basi¢ Financial InstrUnts. and Section 12 '0ther Fitiaticial Instrnments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised the clwity becomes paty to the contractual provAsions of the 17
AUDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (COIYTll¥UED) FOR THE YEAR EIYDED 31 MARCH 2024 1.14 FAnanelal Instnents (Condnued) Financial a$ts aTe offset, with the net amounts presentsd in the accounts whell there is a legalty enforceable right to set off the recognised amounts and there 13 all intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. B481¢ flnan¢l&l assets Basic fingncial assets, which include trade and oth¢r rec¢ivables and Cash and bank balances, are initially measured at transaction price including transaction costs and are subsequ¢ntly carried at anM)rti8ed cost using the effective interest method UDle&8 the arrangement constitutes a financiDg transactio where the transaction is measured at the present value of the futur¢ reIpts discounted at a rate of interest. Finallcial assets, otIr than those beld at fair value througb income and eXpdItUre, are assessed for indicat8 of impairn]ent at each reporting date. Financial assets are impaired wher¢ there is obicctive evidence that, as a result of one or more events that o¢cuned after the initial r¢cogDition of the financial asseL tbe estimatsd future flows have been affectexL If an &88et is impaire(L the impairment loss is th¢ diff¢T¢ll b¢tw¢¢ll the ¢anying amount and tbe present value of the estimated cash flows discounted at th¢ asset's original ¢ffe¢tiv¢ interest rnts. The impairment loss is recogDi8ed in net income/ (expenditure) for the year. If thett is a decrease in the impairment loss arising from an event occu]ng afier the impairment was recognise the impairnient is revffsed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have had the impairn?¢nt not previously been re¢ogDise The lmpairn reversal is recognised in n¢t in¢omd (¢xpenditur¢) for the year. l)erecognilion offinancial assets Financial assets are dereco8nised only when the contractual rights to the cash flows from the asset expire or are settled, when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if som¢ sigDificant risks and rewards of ownersbip are retained but control of the asset has transferred to another paty that is abl¢ to gell the a88et in its elltirety to an unrelated third paty. Ba$le fillqnclal IIAbllldes Basic fiDaDcial jiabilities. including trade and other payable4 are initially recognised at transa unles8 the arrangement constitutes a financing transactio where the debt instrutll¢nt is measrd at the pr¢s¢nt value of the future receipts disCoued at a market rats of intsrest. Debt inStn a 8ub8¢quently carried at amorti8ation coyL u8iDg the effecttve interest rate metho(L Trade payables are oblkgations to pay for g(xids or servAces that have been acquir¢d in the ordinary ¢ours¢ of operation8 from 8uppli¢rs. Accounts payable are classified as current liabi]iti¢8 if payment 18 due within on¢ year or less. If no( they are presented as non-CUTrent liabilities. Trad¢ payables r¢¢ognis¢d initially at transaction price and subsequently measured at amortised cost using the effective interest metho Derecognlrfon ofjlnandal Ilablllrfes Financial liabilities are d¢r¢c08niS en the company's contrtual obligation8 expire or are discharged or cancelled. 18
AIIDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTllYUED) FOR THE YEAR ENDED 31 MARCH 2024 1.15 Employee benefits The cost of my wlljsed holiday entItIennt is recognised in the period in which the employee's 8ervi¢eg are received. Terniinaiion benefits T¢cogni8¢d imm¢diatety as an ¢xp¢ns¢ when th¢ ¢ompany is demonstrably Committed to tennite the enwloyment of an employee or to provide terni1tion benefits. Cr1de atcounthig esthnates and Judgements Jn the appli¢ation of the clwrity's accounting policies, the directors gre r¢quir¢d to mth judgements, estirnates and a&sumptions about the carrying amount of assets and liabilities that ar¢ Jjot readily apparent from other sources. The estimates and associated assumptAOJLq are based on historical experience a1 other factors that aTe considered to be relevant. Actual results may differ from these The estimates and underlying assumptiODS are Teviewed on an ongoing basi8. Revisions to accoullting estimates are recognised in the period in wbich the estimats is revised where the revision affects only that perll or in the period of the revision and future WAods where the revision affects both Currn and future periods. The are no judgallents or estimates which have a sigDificaDt risk of causing n)ateri81 adjustment to the Carying amount of a88ets and liabilitkes. Donallons and legad Group fun¢ts funds funds funds 2023 Donations and gifts Other donations 3.453,617 16.829 3.470,446 2,592,594 358.300 2,950,894 Charity Unrestrfctsd Reffitricted Total UnrestrAeted Re8tr1cted Total nds 124 funds funds 21123 3 327 171 IL522 334401M) 2a£LOO 2862951 19
AUDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTllYUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable acdvltleB Grollp Chaiity 2024 2023 2023 315052 300 116 254 740 Group Chwlty 2024 2023 2024 2023 Endeavour Worldwid¢ Limit¢d Audacious Publithing Ltd Sales ofra8ovrces 303,549 4,723 318,489 7,626 Illv¢¥tm¢nts Group Chaty 2024 2023 2024 2023 Rentsl income 10,000 10,000 158.667 66.898 76 842 20 559 ]nterest rcccivablc 20
AIJDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ralslng funds Group Unreytrlcted Re8tr1eted Total Unrestrithd Reytricted Totsl funds funds 2024 funds funds 2023 Fundraisin and ubli¢i Advertising 3,348 3J48 2,086 1086 Endeavour Worldwidc Ltd 103.585 Audacio Pub]isbin8 Ltd 16,191 Sales of resources 103585 16,191 89.548 15,882 89.548 15,882 Raising fun& include payments to the auditors of £2.376 (2023: £2,629) for 8ervi¢es not connected to the tharity and consolidated grow? accounts. Charfty Unre8tricted ReBtricted Total Unre8tricted Restrleted Totsl funds funds 2024 funds funds 2023 Fundrnisin Advertising 3348 3248 2,086 2,086 Sales of resources 21
AUDACIOUS CHURCH NOTES TO THE FINANCtAL STATEMENTS (CONfINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable acbvfiti Group 2024 arlty 2023 2024 2023 Staff costs 1,436.521 1249.251 210,817 222,872 576,720 627,358 134,950 121,522 105 020 111878 1,436521 1249251 210,817 221872 567,707 622.697 134,950 121.522 105 020 Ill878 Church (kparlments and events Hospitality 2,464,028 2,332,881 2,455,015 1328220 GThllt funding of activiti¢s (SK note 9) 83 J44 75,143 85.143 Share of support Costs (see not£ 10) Sharc of governan costs (sec Iiote 10) 968,400 812,926 845,876 732.580 AnAty8is by fimd 3.497,282 3,072,398 152 96 3,377,5 2,997,391 RestrACted funik Grants pAyable Group 2024 2023 2024 2023 Grants to institutiODS (6 grants): 1262 3.595 2.500 58.787 10.000 1262 3.595 1500 58.787 10.000 1,305 2.793 Everything Church 55.000 55.000 Vision Ill(ling gifts Passion Church New 7Kaland 8.127 8,127 11 76,144 67225 87,644 77225 Grants to indiv1thl6 (2 grants)
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AIIDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 31 MARCH 2024 11 Thte¢S Mr G Bar¢l¢ reIved emolwnents of £75,215 (2023: £70,975) during the year for his Servic to the Chllh and l)as pension contributions paid of £3,701 (2023." £3.701). His wife MTS S BarretL is also an employee of the church and rKeived emOlUllts of £67,968 (2023: £62958) and bad pension Contrttl08 paid of 4921 (2023: £2,921). Their childreffj Miss G Baffett and Mr J Bart aTe also nployee8 of the church and rettived emoluments of £nil (2023: £71) and £1.460 (2023: £1,714) res1VelY. Mr S A Keir had peDSiOll contributions paid of £6(KI (2023: £600). His daughter, Mrs M Say. is also an employee of the church and receiv emoluments of £22,783 (2023: £20,060) and bad pension conknl)utions paid of £827 (2023: £588). His SO Mr E Keir. is also an employee of the church and r¢c¢iv¢d ¢molum¢nts of £1,652 (2023: £2289). Miss S BragIrdI¢, th¢ daughter of Mr J BracerdI¢ (trustee) is an employee of the churth and r¢¢eived emoluments of £nil (2023: £55) during the year. No oth¢r Inthes r¢c¢ived payment for any other ¢xp¢n6¢S. 12 Employees Number of employee8 Th¢ aY¢rnge number of employees dwAng the year was: Crollp 2024 Number 2023 Number 2024 Number 2023 Number Trustees of Audacious Church Thte¢directOrS of subsidiaries Fanployees 61 55 56 25
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AUDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (COF4TINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 TanglbIe fixed assets Group Freehold land and Lealehold fltdngs & bulldIn Improvements equlpment Totsl At l April 2023 Additions at cost Disposals 5,280.000 261,907 1,386264 69,080 39 6,928,171 69.080 At 31 Mawh 2024 Depreciation and impairment At l Apil 2023 Charge for tbe year 105574 105574 130.114 26.348 1,135,892 98,161 1.371.580 230,083 At 31 Mar¢h 2024 21 At 31 Mawh 2024 At 31 March 2023 Freehold laaHI and Leasehold fittlngs & bulldlngs Improvements equipment Totsl At l Apil 2023 Additions at cost At 31 Matth 2024 5,280.INKI 261S¥)7 1338545 6,880,452 Depredallon 2nd 1mpa1rnIt At l Apiil 2023 DewlatiOn charged in the year At 31 March 2024 105,574 105 574 130,114 1,118,0(Ml 1,353,688 210817 Carrylng amount At 31 March 2024 At 31 March 2023 27
AUDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tanglble fixed aB#ets (eonthiued) The church's freehold land and buildings were externally revalued at £5280,0(K) at their open ma value in Awil 2022 by Roger HanNty Chartered Surveyors. The trustees are of the opinion that the valu¢ at 31 Mawh 2024 would not sifiCant1Y differ from thys valuatio All the church's freehold land and buildings are subject to a mortgage with the balanLY owed at 31 March 2024 amounting to ISO/0 (2023: 18 OA) of ts net book valu¢. Comparable btstorlul cost for the land and bulldlng Included at VAluadon: Group & Charity 2024 2023 Cost Accumulated depciatiOn 3201,298 3201298 685 824 At 31 Maroh 2024 14 Flxed asset Investments 2024 2023 At l Apyl 2023 a1 3 l March 2024 Fixed asset invthents represent the cost of share8 held in Endeavour Worldwide Limited and Audacious Publishing Lt& which ar¢ UK conwies both lo/0 owned by the church. 28
AUDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Debtor8 Group 2023 Charfty 2024 2024 2023 Trade d¢bto Amounts th]e from subsidiary undertakings 60,890 53,184 31.627 86.771 192 1167934 1410920 26,864 27,950 1 145 364 438 16 Credfitorj: amounts falllng due wlthln one year Croup 21)23 2024 2024 2023 I40.400 159,923 38.960 151,145 83,705 44,379 140,400 157,391 27,496 124.058 85.722 37,018 151.145 77.868 28.023 26.826 100,922 43,593 Taxation and s(Kial security Amounts owed to subsidiary undtha&iDgs Oth¢r creditors AcCn8 Deferred InMe 93,394 44,146 93,940 59,915 17 Creditors: amounts falllng dlle after more than one year Group & Charlty 2024 2013 Mortgage and loan Analysts of mortgage and loan Not wholly repayable witbin five yeaTS by in8tahnents WIllY repayable within five years 101.771 129.063 780,371 934583 151145 Loan mathrity aDaly&s Debt due in one year or Ie&8 Jn more than one year but not more than two y¢aTS Jn more than two years but not more than fiv¢ years mOTe than fiv¢ yeaTs 140,400 140,400 397,800 151.145 155.222 499,153 Tr mortgages are seowed by a legal Charge held over the freehold prop¢ty owned by the charity, 29
AUDACIOUS CHURCH NOTES TO THE Fll¥ANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Penslon and other postsretlrem¢nt benefit tonunltments Defmed contributlon Grollp 2024 2023 2024 2023 ContrAbutions payable bythe group and clwity for the year The wup operates a defAned ¢ontsibu(ion pension herne. The assets of the scheme ar¢ held s¢paratsly from those of the in indq)endently admiri fimds. The pension cost Ch r contributions payable by the to the fund. 30
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AUDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (COllryllYUED) FOR THE YEAR ENDED 31 MARCH 2024 Analys18 of net assets b¢tr¢¢n funds (¢onthiu¢d) Group and Charlty Unrestrlcted Restrl¢ted funds funds u¢alised gains included above: On tangible fixed assets 2 704 873 2 704 873 unall8¢d gains at l Aptil 2023 and 31 MaTch 2024 2 704 873 2 704 873 21 Operathig lea tommltments payments under non-¢ancellable operating l¢as¢s. which fall du¢ &8 follows: Group 2024 2023 2024 2023 Withill on¢ y Between two and five years 98.508 103 547 173.448 136975 98508 103 173.448 136 22 Capitsl tommitments At 31 March 2024 the chaTity had capital commitments as follows: Group & Charlty 2024 2023 Contracted for but not provAded in tbe financial statements: Acquisition of property, plant and equipment 33
AIIDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Related party transaetlons Remunerallon of key Man¢ellt personnel The reniulleration of key n]anagement personnel, none of whom were trustees, is as follows. Group & Charity 2024 2023 The trustees review payments made to employees in Simi managerial positions in other churches and similar organisations when considering the levels of Wdy for key manw. Th¢ trustees al80 take into consideration the ability of the charitable company to IK able to pay such salaries. Mr S A Keir and Mr G Batrett, trust$ of the churcty w¢ also trustees of Live Audacious, registered clwity number 1108799. DurAng the year Audacious Chwch operated a loan account with Live Audacious. At 31 March 2024 Live Audacious owed Audacious Church £nil (2023: £nil). Mr S A Keir and Mr G Barrett, trStee8 of the chwch, were a180 tru8t¢e8 of AudacIS Foundatio gistered cljarity number 1173786. During the year Audacious Church operated a loan account with Audacious Foundation. At l April 2023, Auda¢AOUS Foundation owed Audacious Church £60.681. During the year, ¢xpen8es paid net of any income received totalled £nil. At 31 March 2024, Audacious Church owed Audacious Foundation £60,681. Subsldlarle8 These financial Statennts are $4)arate company fllmncial statents for Audacious Chuwh. AudacA(XL8 Church owns IOOYO of the share capital of FAKkavour Worldwide Limited, a trading mpany which generate8 fimds for the Chb. Endeavour Worldwide Limited Operat from th¢ church pr¢mis¢s and its wincipal a¢tiVAty is the provision of car parking. At 31 March 2024 the net &8sets of Endeavow Worldwide Limitsd were £249.699 (2023: £218.402). Its turnov¢r for the year ended 31 March 2024 was £303,549 (2023: £318,489). Its total resollr expended were £113,585 (2023.. £99.548) leaving a profit for the year of £189964 (2023: £218,941) before gift aid donation8 to the parent charity. During the year there was a loan account b¢twccn Audacious Church and Enikavour Worldwide Limited. At l AprAI 2023 Audacious Chwch owed Endeavow Worldwide limit £26,826. Due to llve¢nt in th¢ ycar of £97.232, thc balance owing from Audacious Churdl to Endeavour Worldwide Limited at 31 March 2024 was £124,058. Audacious Church owns IOOYO of the shate (Jpitsl of Audacious PublishiDg W a Irading company wbich generates fimds for th¢ church. Athious Publis]Jing Ltd i)p¢rates from the church premises and its principal actsvity is mllsic sales and obtaining royalties. At 31 March 2024 the net &8sets of Audacious Publishing Ltd were £1,777 (2023: £1,745). Its tumow for th¢ y¢ar ¢nd¢d 31 March 202A was £4.723 (2023: £7,626) and other income totalled £11,500 (2023: £10,000). Its total resourc exndl were £16.191 (2023: £15,882) leaving a pmfft for the year of £32 (2023: £1.744) before aid (knations to th¢ paT¢nt ¢haTity. Dwing th¢ y¢ar th¢T¢ was a Iiwi Ount b¢twe¢n Authious Church and Audacious Publishing LtsL At l April 2023 Auda¢ious Pubjishing Ltd owed Audacious Church £1,133. Duc to the movement in the year of £1536, the balanL¥ owing from Audacious Publishing Ltd to Aud&¢ious Church at 31 March 2024 was £2,669.
AIIDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS {ColUD) FOR THE YEAR EM)ED 31 MARCH 2024 On 3 March 2022. Audacious Church created and controls Audacious Switzerland Associatio a church Congregation m¢¢ting in G¢nev4 Swilzerlan& This is a separate legal entity in Switsffland and h&8 a year end of 31 Decallber. At 31 D¢¢eMb 2023 th¢ net ass¢ts of Audacioug SwItzland Associatioll were £32,070 (2022: £21281), its total income resources for the year wae £141,382 (2022: £129,720) and its total rasourtts expended were £130593 (2022: £108,439). The n¢t incr¢as¢ in funds in the year was £10,789 (2022: £21,281). Association. At l A]1 2023 Audaciou8 SwitrAand Association owed Audacious Church £26.817. Du¢ to movement in tbe year of £57,285. the balance owing from Audacious Switzerland Association lo Audacious Church at 31 March 2024 was £84.102. 35
AIJDACIOUS CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTllYUED) FOR THE YEAR ENDED 31 MARCH 2024 Cash generated from operatlons Group 2023 2024 2024 2023 slus for the year 612.955 287.879 571.781 112,810 Adjustm for: Investtnent income cOlS in statement of fillallc1 activitlcs Forei exclwige rate differences Depreciation and 1mpalrnK of tan1¢ fixed assets Movements in wojking capitsl: (76.842) (20.559) (245.509) (796) (1,739) (97,457) 230,083 238525 210,817 221872 (Jncrcascydecreas¢ in debtors Increas(deCreaS¢) in ¢r¢ditors (278,164) (56.644) (329.140) 53 {45.484) Cash generated from operatloD8 26 Allats of ¢haDges In Det funds Group l Aprll 2023 31 March 2024 IIow8 Cash at bank and in hand 4.865.468 394.301 5259,769 (151.145) 783 438 10.745 (140,4(X)) 639 971 Chvdrlty Asat 31 March 2024 l Aprll 2023 Cash Ilo Cash at bank and in hand 4.670,IIK) 391,094 5,061,194 Loans falling due within one year Loans falling aft¢r more than one year (151.145) 10.745 (140.400) 639 971 36