**Charity registration number 1132699**
**Company registration number 06940221 (England and Wales)**
## **THE C3 CHURCH**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **THE C3 CHURCH**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Steve Campbell||
|---|---|---|
||Peter Goodliffe||
||Anna Harvey||
||Stephen Ansa-Addo||
||Elspeth Darley|(Resigned 16 July 2024)|
||Timothy Pilkington||
||Emilton Barzey||
||Angie Campbell|(Appointed 18 July 2023)|
|**Leadership Team**|Steve Campbell||
||Angie Campbell||
||Joshua Campbell||
||Katie Campbell||
||Rebekah Campbell||
||Holly Miller||
||Robert Allin||
||John Wilson||
|**Charity number**|1132699||
|**Company number**|06940221||
|**Registered office**|C3 Centre||
||2 Brooks Road||
||Cambridge||
||Cambridgeshire||
||United Kingdom||
||CB1 3HR||
|**Auditor**|Azets Audit Services||
||Westpoint||
||Lynch Wood||
||Peterborough||
||Cambridgeshire||
||United Kingdom||
||PE2 6FZ||
## **THE C3 CHURCH**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Statement of Trustees' responsibilities|5|
|Independent auditor's report|6 - 8|
|Statement of financial activities|9 - 10|
|Balance sheet|11 - 12|
|Statement of cash flows|13|
|Notes to the financial statements|14 - 28|
## **THE C3 CHURCH**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The Trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
The objects of the charity laid down in the Memorandum and Articles of Association are, for the benefit of the public:
- To advance the Christian faith in accordance with the statement of beliefs;
- To relieve sickness and financial hardship and to promote and preserve good health; and
- To advance education
in such ways and in such parts of the United Kingdom or the world as the Trustees from time to time may think fit.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The core activities undertaken to further the objects of the charity are:
- Conducting meetings across three physical locations as well as online;
- Organising activities and groups that fulfil the mission of C3 Church, to reach and shape a generation with the message and cause of Christ
- Safeguarding procedures associated with children's and youth activities; and
- Working closely with other like-minded organisations.
These activities have been reviewed to ensure they continue to reflect our aims and they have remained unchanged since the last annual report of the Trustees.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the charity continues and that the appropriate training is arranged. It is the policy of the charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
- 1 -
## **THE C3 CHURCH**
## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **Achievements and performance**
Following the challenges of recent years, 2023 was not without it’s own with global events and the ongoing cost of living challenge. The Trustees and the Leadership Team were clear that in order to fulfil the mission and vision of The C3 Church (‘C3’) in this ever changing environment they would need to remain agile and responsive to the needs of the congregations and wider community. They were encouraged by the number of people engaging in in-person meetings as well as the continued growth in online resources. The community and social action work delivered through C3 Impact has expanded across all locations affecting the communities positively. During the year a property was identified in Bury St Edmunds that would make a good site to develop the work of C3 in Bury St Edmunds. After a lot of time and effort from the team unfortunately planning permission was refused in early 2024. We continue to look for the right and appropriate building for our growing Bury location.
Existing and new initiatives that have taken place both online and physically when permitted include:
- The Alpha Course
- Youth and children programmes
- Prayer Events
- WTC Theology Hub
- Baptisms
- Foodbank distribution point
- Breathe Women’s events
- The C3 Academy
- Ascend Men’s events
- Marriage and Parenting Courses
- Wellbeing courses
- C3 Impact Hubs
- Sunday Services
- Parent and toddler support groups
- Leadership training events
- Worship events
- Weddings
- Global Leadership Summit
- Young Adult events
- Business and workplace events
- Discipleship courses
- Griefshare Courses
The above activities and initiatives would not be able to take place without the generous giving through tithes, offerings and other donations of the C3 congregation and community. We are also grateful to have received grant funding during 2023 primarily to support the work of C3 Impact from the following: Cambridge City Council; The Co-op Local Community Fund; Colchester Borough Council; Colchester Borough Homes; Acts 435; Sir Robert McAlpine Foundation; Groundwork UK; Essex Association of Local Councils; Esses County Council; Neighbourly; Dorcus Trust; Essex Community Foundation and Love Your Neighbour/Church Revitalisation Trust.
## **UK Charities and Connections**
As with last year we have continued to develop and strengthen very positive relationships with a number of national charities and groups that are making significant impact on various sectors of society. These include:
- Trussell Trust - An umbrella organisation for the many Foodbanks in the UK. As one of the founding organisations of the Cambridge City Foodbank we continue to be involved in particular acting as a distribution centre.
- Hope into Action - We continued to work with Hope into Action having partnered with them on two houses in the city.
- Transforming Lives for Good - We established a partnership with Transforming Lives for Good working into local schools to bring hope and a future to struggling children.
- Acts 435 - We have been able to secure a number of donations to help those with specific needs who did not have the resources themselves.
- Stewardship Services - Stewardship continue to provide us with a mortgage for our building of the C3 Centre in Cambridge and we continue to have a very positive relationship with them. The C3 Centre has been instrumental in assisting us to expand our activities and community outreach.
- Church Networks - We connect with Ground Level, Assemblies of God UK, The European Learning Community, Global Leadership Network, Mountain Springs Church Colorado, Jubilee Church and Soul Church.
- 2 -
## **THE C3 CHURCH**
## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
Additionally, we have sought to keep a global perspective in working with individuals, groups and churches across the world. This has included:
- Support of two couples in their mission endeavours supporting church planting and discipleship in challenging parts of the world.
- Compassion UK
- Love Moldova
- Samaritans Purse. Primarily through the Shoe Box appeal which runs each Christmas time.
- Donations to various global aid and relief charities including World Vision and Tearfund.
## **Volunteer team**
To continue our activities, we are dependent on volunteers who freely give of their time and skills to ensure the efficient and smooth operation of all that we engage in.
Two Trustees (the ex-officio Trustees) are remunerated as Senior Pastors (one of whom was appointed as a Trustee on 18 July 2023). All other Trustees are volunteers who give considerable input and expertise to enable C3 to carry out its activities.
We are also extremely grateful for the wisdom and input from out International Advisory Board (IAB) of Kemi Koleoso, Senior Pastor Jubilee Church London, Paul Reid, Emeritus Senior Pastor Christian Fellowship Church Belfast, Jeff Lucas, author, speaker and broadcaster, Colorado, USA.
## **Future Developments 2024**
- Having established multisite expressions of C3 in Bury St Edmunds, Cambridge, Colchester and Online we will seek to identify other locations in order to broaden the reach of C3’s work. In addition, microsite expressions will also be explored.
- Further support and enhance the work of C3 Impact in all locations
- Continue to deliver relevant content for the congregation and wider community through a range of digital platforms.
## **Financial review**
The statement of financial activities is set out on page 9 of these financial statements. A summary of the financial results is set out below:
## **Income generation**
The principal source of income comprises tithes and offerings from members. Unrestricted donations and legacies received in the year totalled £1,771,159 (2022 - £1,708,867). Including this, total unrestricted income for the year was £2,042,634 (2022 - £1,960,056) and total restricted income was £133,159 (2022 - £56,692).
## **Investment policy**
The charity has adopted a policy of investing in low risk investment accounts with CAF Bank, Triodos Bank and Kingdom Bank.
## **Fund raising**
The charity relies on voluntary donations from its members for its income.
## **Changes in fixed assets**
Details of fixed asset movements are set out in note 14.
## **Restricted funds**
Details of the restricted funds held in the year are set out in note 23.
- 3 -
## **THE C3 CHURCH**
## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **Reserves policy**
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately two months' unrestricted expenditure. This provides sufficient funds to cover management, administration and support costs. Unrestricted funds were reduced during the year in line with expectations as investment projects were completed. The charity held free reserves of £171,987 (2022 - £192,963) at the year-end which equates to just over one month's unrestricted expenditure. The Trustees have made conscious decisions to rebuild the reserves during 2024.
## **Structure, governance and management**
The Trustees have considered the key operational, financial, and strategic risks that have a bearing on the charity. Suitable management information is available to the trustees on a regular basis to monitor these risks, and allow any mitigating action to be taken to address them.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and since the year end were:
Steve Campbell Peter Goodliffe Anna Harvey Stephen Ansa-Addo Elspeth Darley (Resigned 16 July 2024) Timothy Pilkington Emilton Barzey Angie Campbell (Appointed 18 July 2023)
The church activities are led by the Leadership Team. Trustees are selected by the other members of the Trustee board. New Trustees are approached from amongst the church membership. They are provided with an induction to explain the operations of the charity and their associated responsibility as Trustees. Copies of the Charity Commission guidance are provided. The Trustees meet approximately four times a year to review strategy, performance, operating plans, budgets and building matters. Operational decisions are delegated to the Leadership Team.
## **Auditor**
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
The Trustees' report was approved by the Board of Trustees.
## **Anna Harvey**
## **Timothy Pilkington**
Dated: 26 September 2024
Dated:26 September 2024
- 4 -
## **THE C3 CHURCH**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The Trustees, who are also the directors of The C3 Church for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 5 -
## **THE C3 CHURCH**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE C3 CHURCH**
## **Opinion**
We have audited the financial statements of The C3 Church (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
- 6 -
## **THE C3 CHURCH**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE C3 CHURCH**
## **Responsibilities of Trustees**
As explained more fully in the statement of trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- 7 -
## **THE C3 CHURCH**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE C3 CHURCH**
This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
**Mr Mark Jackson FCA DChA (Senior Statutory Auditor) for and on behalf of Azets Audit Services**
27 September 2024
**Chartered Accountants Statutory Auditor**
Westpoint Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ
Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
- 8 -
## **THE C3 CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**Current financial year**
**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2023**
**2023**
**2023**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
1,357,305
413,854
128,386
Charitable activities
**4**
209,638
15,287
4,773
Investments
**5**
2,145
-
-
Other income
**6**
44,405
-
-
**Total income**
1,613,493
429,141
133,159
**Expenditure on:**
Raising funds
**7**
-
-
6,345
Charitable activities
**8**
2,113,042
182,171
149,073
**Total expenditure**
2,113,042
182,171
155,418
**Net outgoing resources before**
**transfers**
(499,549)
246,970
(22,259)
Gross transfers between funds
478,573
(485,466)
6,893
**Net expenditure for the year/**
**Net movement in funds**
(20,976)
(238,496)
(15,366)
Fund balances at 1 January 2023
192,963
4,023,831
61,923
**Fund balances at 31 December 2023**
171,987
3,785,335
46,557|**Total**
**2023**
**£**
1,899,545
229,698
2,145
44,405
2,175,793
6,345
2,444,286
2,450,631
(274,838)
-
(274,838)
4,278,717
4,003,879|**Total**
**2022**
**£**
1,756,951
205,610
1,161
53,026
2,016,748
9,140
2,175,239
2,184,379
(167,631)
-
(167,631)
4,446,348
4,278,717|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 9 -
## **THE C3 CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**Prior financial year**
**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2022**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
1,294,797
414,070
48,084
Charitable activities
**4**
135,184
61,818
8,608
Investments
**5**
1,161
-
-
Other income
**6**
53,026
-
-
**Total income**
1,484,168
475,888
56,692
**Expenditure on:**
Raising funds
**7**
-
-
9,140
Charitable activities
**8**
1,549,471
567,546
58,222
**Total expenditure**
1,549,471
567,546
67,362
**Net outgoing resources before transfers**
(65,303)
(91,658)
(10,670)
Gross transfers between funds
(7,958)
2,258
5,700
**Net expenditure for the year/**
**Net movement in funds**
(73,261)
(89,400)
(4,970)
Fund balances at 1 January 2022
266,224
4,113,231
66,893
**Fund balances at 31 December 2022**
192,963
4,023,831
61,923|**Total**
**2022**
**£**
1,756,951
205,610
1,161
53,026
2,016,748
9,140
2,175,239
2,184,379
(167,631)
-
(167,631)
4,446,348
4,278,717|
|---|---|
- 10 -
## **THE C3 CHURCH**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2023**_
|**Notes**
**Fixed assets**
Tangible assets
**14**
Investments
**15**
**Current assets**
Stocks
**17**
Debtors
**18**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**20**
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**21**
**Net assets**
**Income funds**
Restricted funds
**23**
Unrestricted funds - designated
**24**
Unrestricted funds - general|**2023**
**£**
**£**
5,216,267
100
5,216,367
7,130
97,978
254,171
359,279
(299,869)
59,410
5,275,777
(1,271,898)
4,003,879
46,557
3,785,335
171,987
4,003,879|**2022**
**£**
**£**
5,588,664
100
5,588,764
4,500
79,229
267,573
351,302
(243,645)
107,657
5,696,421
(1,417,704)
4,278,717
61,923
4,023,831
192,963
4,278,717|
|---|---|---|
- 11 -
## **THE C3 CHURCH**
## **BALANCE SHEET (CONTINUED)**
## _**AS AT 31 DECEMBER 2023**_
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023, although an audit has been carried out under section 144 of the Charities Act 2011.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 26 September 2024
Anna Harvey Timothy Pilkington **Trustee Trustee**
**Company registration number 06940221**
- 12 -
## **THE C3 CHURCH**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
||||**2023**||**2022**||
|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**|**£**|
|**Cash flows from operating activities**|||||||
|Cash generated from operations|**29**|||193,863||176,320|
|**Investing activities**|||||||
|Purchase of tangible fixed assets||(68,672)|||(238,845)||
|Proceeds on disposal of tangible fixed assets||-|||2,000||
|Investment income received||2,145|||1,161||
|**Net cash used in investing activities**||||(66,527)||(235,684)|
|**Financing activities**|||||||
|Repayment of bank loans||(140,738)|||(140,412)||
|**Net cash used in financing activities**||||(140,738)||(140,412)|
|**Net decrease in cash and cash equivalents**||||(13,402)||(199,776)|
|Cash and cash equivalents at beginning of year||||267,573||467,349|
|**Cash and cash equivalents at end of year**||||254,171||267,573|
- 13 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **Charity information**
The C3 Church is a private company limited by guarantee incorporated in England and Wales. The registered office is C3 Centre, 2 Brooks Road, Cambridge, Cambridgeshire, CB1 3HR, United Kingdom.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 14 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
**(Continued)**
Income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
## **1.5 Resources expended**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 4% straight line on buildings. No depreciation on land. Plant and equipment 25% straight line Motor vehicles 10% or 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in net income/ (expenditure) for the year.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
## **1.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
- 15 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.9 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.10 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.11 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
- 16 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.12 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.13 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
|**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**£**
**£**
**£**
Donations and gifts
1,357,305
413,854
128,386
**For the year ended 31 December**
**2022**
1,294,797
414,070
48,084|**Total**
**2023**
**£**
1,899,545|**Total**
**2022**
**£**
1,756,951|
|---|---|---|
|||1,756,951|
- 17 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**4**
**5**
**6**
**7**|**Charitable activities**
Equipping events and ministry income
Resource sales
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated
Restricted funds
**Investments**
Interest receivable
**Other income**
Venue hire
**Raising funds**
Fundraising and publicity
Fundraising agents|**2023**
**£**
142,987
86,711
229,698
209,638
15,287
4,773
229,698
**2023**
**£**
2,145
**2023**
**£**
44,405
**2023**
**£**
6,345
6,345|2022
£
141,254
64,356|
|---|---|---|---|
||||205,610|
||||135,184
61,818
8,608|
||||205,610|
||||2022
£
1,161|
||||**2022**
**£**
53,026|
||||2022
£
9,140|
||||9,140|
- 18 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **8 Charitable activities**
|Staff costs
Audio and visual
Conferences, training and resources
Ministry expenses - telephone
Ministry expenses - travel
Ministry expenses - other
Mission and evangelism
Projects expenditure - vision expenses
Families, children and youth work expenses
Grant funding of activities (see note 9)
Share of support costs (see note 10)
Share of governance costs (see note 10)
**Analysis by fund**
Unrestricted funds - general
Unrestricted funds - designated
Restricted funds
**9**
**Grants payable**
Grants to institutions:
Grants payable in furtherance of the charity's objects|**2023**
**£**
667,016
35,843
146,463
1,088
1,103
1,705
285,230
22,699
76,636
1,237,783
58,115
1,111,357
37,031
2,444,286
2,113,042
182,171
149,073
2,444,286
**2023**
**£**
58,115|**2022**
**£**
632,418
53,339
121,251
1,217
2,141
1,074
174,780
46,303
60,477|
|---|---|---|
|||1,093,000
44,694
1,012,832
24,713|
|||2,175,239|
|||1,549,471
567,546
58,222|
|||2,175,239|
|||**2022**
**£**
44,694|
- 19 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **10 Support costs**
|Staff costs
Depreciation
Interest payable and bank charges
Office expenses
Sundry expenses
Insurance
Light and heat
Maintenance
Marketing
Minibus expenses
Audit fees
Accountancy
Legal and professional
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
281,230
-
441,069
-
107,737
-
60,934
-
3,994
-
21,577
-
99,040
-
75,189
-
15,256
-
5,331
-
-
6,480
-
4,347
-
26,204
1,111,357
37,031
1,111,357
37,031|**2023**
**£**
281,230
441,069
107,737
60,934
3,994
21,577
99,040
75,189
15,256
5,331
6,480
4,347
26,204
1,148,388
1,148,388|**2022**
**£**
252,447
448,675
72,209
32,730
4,229
27,232
68,153
81,104
21,652
4,401
5,880
2,472
16,361|
|---|---|---|---|
||||1,037,545|
||||1,037,545|
Governance costs includes payments to the auditors of £5,492 (2022 - £5,323) for audit fees.
## **11 Trustees and key management personnel remuneration and expenses**
Mr S Campbell, a Trustee, received £55,500 (2022 - £53,850) in respect of salary during the year and was reimbursed expenses of £2,777 (2022 - £2,942).
Mrs A Campbell, a Trustee since July 2023, received £55,500 (2022 - £53,850) in respect of salary during the year and was reimbursed expenses of £171 (2022 - £584).
Three other members of the family of Mr S and Mrs A Campbell, were also employed by the charity. Their total remuneration was £110,838 (2022 - £101,034)
The charity considers its key management personnel to be the eight (2022 - eight) members of the Leadership Team. The total amount of remuneration received by key management personnel (excluding pension) was £310,346 (2022 - £297,000).
- 20 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **12 Employees**
The average monthly number of employees during the year was:
|Ministry
Operations
Other
Total
The full time equivalent number of employees during the year was:
Ministry
Operations
Other
Total
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2023**
**Number**
22
13
3
38
**2023**
**Number**
18
8
1
27
**2023**
**£**
835,151
66,363
46,732
948,246|**2022**
**Number**
21
12
2|
|---|---|---|
|||35|
|||**2022**
**Number**
17
8
1|
|||26|
|||**2022**
**£**
776,636
66,244
41,985|
|||884,865|
Included in wages and salaries above is an amount of £2,216 in relation to reduncancy and termination payments during the year.
There are no employees who received employee benefits (excluding employer pension costs) of more than £60,000.
## **13 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
- 21 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **14 Tangible fixed assets**
|**Cost**
At 1 January 2023
Additions
At 31 December 2023
**Depreciation and impairment**
At 1 January 2023
Depreciation charged in the year
At 31 December 2023
**Carrying amount**
At 31 December 2023
At 31 December 2022
**15**
**Fixed asset investments**
**Cost or valuation**
At 1 January 2023 & 31 December 2023
**Carrying amount**
At 31 December 2023
At 31 December 2022
Other investments comprise:
Investments in subsidiaries|**Freehold**
**land and**
**buildings**
**Plant and**
**equipment**
**£**
**£**
6,938,413
1,342,907
7,738
58,090
6,946,151
1,400,997
1,830,823
877,027
226,038
208,875
2,056,861
1,085,902
4,889,290
315,095
5,107,590
465,880
**Notes**
**28**|**Motor**
**vehicles**
**Total**
**£**
**£**
49,259
8,330,579
2,844
68,672
52,103
8,399,251
34,065
2,741,915
6,156
441,069
40,221
3,182,984
11,882
5,216,267
15,194
5,588,664
**Other**
**investments**
100
100
100
**2023**
**2022**
**£**
**£**
100
100|
|---|---|---|
- 22 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**16**
**Financial instruments**
**Carrying amount of financial assets**
Debt instruments measured at amortised cost
**Carrying amount of financial liabilities**
Measured at amortised cost
**17**
**Stocks**
Finished goods and goods for resale
**18**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**19**
**Loans and overdrafts**
Bank loans
Payable within one year
Payable after one year
The long-term loans are secured by fixed charges over the assets of the charity.
**20**
**Creditors: amounts falling due within one year**
**Notes**
Bank loans
**19**
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income|**2023**
**£**
80,230
1,553,087
**2023**
**£**
7,130
**2023**
**£**
6,595
73,635
17,748
97,978
**2023**
**£**
1,437,843
165,945
1,271,898
**2023**
**£**
165,945
18,680
68,622
11,521
35,101
299,869|**2022**
**£**
64,851|
|---|---|---|
|||1,646,756|
|||**2022**
**£**
4,500|
|||**2022**
**£**
15,273
49,578
14,378|
|||79,229|
|||**2022**
**£**
1,578,581|
|||160,877
1,417,704|
|||**2022**
**£**
160,877
14,593
30,420
951
36,804|
|||243,645|
- 23 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **21 Creditors: amounts falling due after more than one year**
|||**2023**|**2022**|
|---|---|---|---|
||**Notes**|**£**|**£**|
|Bank loans|**19**|1,271,898|1,417,704|
## **22 Retirement benefit schemes**
## **Defined contribution schemes**
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £46,732 (2022 - £41,985).
- 24 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **23 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|**Balance at**
**1 January 2022**
**r**
**£**
C3 Impact asset fund
316
C3 Impact fund
37,718
Amey Community fund grant
1,396
Cambridge City Council grant
9,873
Mission gifts
-
Wellbeing lead salary
15,000
Coop local causes
2,590
66,893|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**£**
**£**
-
-
44,692
(30,783)
-
(762)
-
(527)
2,000
(7,700)
10,000
(25,000)
-
(2,590)
56,692
(67,362)|**Transfers**
**Balance at**
**1 January 2023**
**r**
**£**
**£**
-
316
-
51,627
-
634
-
9,346
5,700
-
-
-
-
-
5,700
61,923|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**£**
**£**
-
(316)
124,684
(138,573)
-
(762)
-
(527)
975
(7,740)
7,500
(7,500)
-
-
133,159
(155,418)|**Transfers**
**Balance at**
**31 December**
**2023**
**£**
**£**
-
-
-
37,738
128
-
-
8,819
6,765
-
-
-
-
-
6,893
46,557|**Transfers**
**Balance at**
**31 December**
**2023**
**£**
**£**
-
-
-
37,738
128
-
-
8,819
6,765
-
-
-
-
-
6,893
46,557|
|---|---|---|---|---|---|
||||||46,557|
The C3 Impact fund represents monies to support community and social action projects.
The Amey Community and Cambridge City Council grants have been expended on community facilities at the C3 centre, but remain restricted due to an ongoing requirement to use the facilities for community purposes for a period of 5 and 11 years respectively.
The mission gifts fund represents donations received for specific missionary beneficiaries overseas.
The Wellbeing Lead salary represents a donation specifically towards the salary and associated costs of the Wellbeing Lead staff position.
Coop Local Causes represent donations received via Cambridge stores that will be applied to Wellbeing Hub activities in our Cambridge location.
- 25 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **24 Designated funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
|**Balance at**
**1 January 2022**
**£**
Vision fund
99,736
Barnabas fund
23,894
Fixed assets: property fund
3,613,569
Fixed assets: other assets
376,032
4,113,231|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance at**
**1 January 2023**
**£**
**£**
**£**
**£**
442,910
(139,715)
(402,931)
-
32,978
(32,828)
-
24,044
-
(225,346)
140,786
3,529,009
-
(169,657)
264,403
470,778
475,888
(567,546)
2,258
4,023,831|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance at**
**31 December**
**2023**
**£**
**£**
**£**
**£**
429,141
(9,417)
(419,724)
-
-
(42,432)
34,434
16,046
-
(95,385)
17,823
3,451,447
-
(34,937)
(117,999)
317,842
429,141
(182,171)
(485,466)
3,785,335|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance at**
**31 December**
**2023**
**£**
**£**
**£**
**£**
429,141
(9,417)
(419,724)
-
-
(42,432)
34,434
16,046
-
(95,385)
17,823
3,451,447
-
(34,937)
(117,999)
317,842
429,141
(182,171)
(485,466)
3,785,335|
|---|---|---|---|
||||3,785,335|
The vision designated fund represents monies set aside by the trustees for future projects to enable the charity to better fulfil its objectives.
The Barnabas designated fund represents funds transferred from the vision fund to provide encouragement and hope to causes at the discretion of the charity's leadership team.
The fixed asset funds represent assets funded from special offerings, the net book value of the property and those other assets not funded from restricted income, less the associated borrowings.
- 26 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**25**|**Analysis of net assets between funds**|||||
|---|---|---|---|---|---|
|||**Unrestricted**|**Designated**|**Restricted**|**Total**|
|||**funds**|**funds**|**funds**||
|||**£**|**£**|**£**|**£**|
||Fund balances at 31 December 2023 are|||||
||represented by:|||||
||Tangible assets|316|5,207,132|8,819|5,216,267|
||Investments|100|-|-|100|
||Current assets/(liabilities)|171,571|(149,899)|37,738|59,410|
||Long term liabilities|-|(1,271,898)|-|(1,271,898)|
|||171,987|3,785,335|46,557|4,003,879|
## **26 Operating lease commitments**
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|Within one year
Between two and five years|**2023**
**£**
23,867
45,228
69,095|**2022**
**£**
23,867
69,095|
|---|---|---|
|||92,962|
The amount shown above includes contributions to a sinking fund required under the terms of the lease.
## **27 Related party transactions**
Other than those transactions disclosed in note 11 of these financial statements, there were no disclosable related party transactions during the year (2022 - none).
## **28 Subsidiaries**
Details of the charity's subsidiaries at 31 December 2023 are as follows:
|**Name of undertaking**|**Registered**|**Nature of business**|**Class of**|**% Held**|
|---|---|---|---|---|
||**office**||**shares held**|**Direct Indirect**|
|C3 IP Ltd|United Kingdom|Dormant|Ordinary|100.00|
- 27 -
## **THE C3 CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**29**
**Cash generated from operations**
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in stocks
(Increase) in debtors
Increase/(decrease) in creditors
**Cash generated from operations**
**30**
**Analysis of changes in net (debt)/funds**
**At 1 January**
**2023**
**£**
Cash at bank and in hand
267,573
Loans falling due within one year
(160,877)
Loans falling due after more than one year
(1,417,704)
(1,311,008)|**2023**
**2022**
**£**
**£**
(274,838)
(167,631)
(2,145)
(1,161)
441,069
448,675
(2,630)
17
(18,749)
(29,143)
51,156
(74,437)
193,863
176,320
**Cash flows At 31 December**
**2023**
**£**
**£**
(13,402)
254,171
(5,068)
(165,945)
145,806
(1,271,898)
127,336
(1,183,672)|
|---|---|
- 28 -