REGISTERED COMPANY NUMBER: 08703834 (England and Wales) REGISTERED CHARITY NUMBER: 1154239
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2024
for
GLOW CHURCH UK LTD
GLOW CHURCH UK LTD
Contents of the Financial Statements for the Year Ended 31 March 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Statement of Financial Position | 7 | to | 8 |
| Statement of Cash Flows | 9 | ||
| Notes to the Statement of Cash Flows | 10 | ||
| Notes to the Financial Statements | 11 | to | 22 |
| Detailed Statement of Financial Activities | 23 | to | 24 |
GLOW CHURCH UK LTD
Report of the Trustees
for the Year Ended 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 Objectives and aims
The objectives of the Charity are :-
a) To advance the Christian faith in accordance with the Statement in such ways and in such parts of the United Kingdom or the World as the directors from time to time may think fit, and
b) To relieve sickness and financial 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 in such parts of the United Kingdom or the World as the directors from time to time think fit, and
c) To advance education in such ways and in such parts of the United Kingdom as the directors from time to time may think fit.
A summary of the activities of the charity as set out on the Charity Commission website is that the charity provides nursery care and hire of facilities that advance public education by mounting lectures, exhibitions and conferences.
Page 1
GLOW CHURCH UK LTD
Report of the Trustees
for the Year Ended 31 March 2024
Objectives and activities Public benefit
Glow Church UK Ltd continued its journey of growth and community impact, with a focus on building on our outreach and fostering an inclusive environment. This report highlights our achievements and developments in key areas of our operations.
Membership Growth
Continuing with our focus on membership growth, 2024 has seen a further significant increase in our church membership. This growth continues to be amongst young families, children, and young people, as well as people from overseas.
This sustainable growth is as a direct result of our welcoming and engaging atmosphere. We continue to place a strong emphasis on creating a vibrant and nurturing environment with a number of special events and attractions.
Diversity and Inclusion
Glow Church UK Ltd continues to focus on growth in the area of diversity and inclusion, with further growth in our generational and cultural profiles. Our commitment to embracing individuals from various ethnic backgrounds has continued in the period, with a number of new overseas individuals and families joining Glow. International Sunday continues to be one of the marquee events in our calendar.
Services in the City of Newcastle
Due to an increased focus on the community needs within the local area, we have taken the considered decision to pause on our plans for a church launch in Newcastle at this time.
Growth in Connect Groups
Our Connect Groups continue to thrive and grow, with new connect groups launching in new geographical locations to better serve our members in their local area.
Outreach to the Local Community
Our commitment to outreach and community engagement remains unwavering. In 2024, we enhanced a number of our initiatives even further, investing in our facilities to further support the needs of the community. In addition to ongoing activities, the church launched "The Gift" an entirely free Christmas production, running over several days in the build up to Christmas. Circa 3,000 people attended the shows during December 2023.
These initiatives continue to be well-received, contributing to our mission of being a beacon of hope and support.
In summary, 2024 has been a year of growth but also consolidation and ensuring sustainability. We also began to define plans for further facility development in 2025.
Page 2
GLOW CHURCH UK LTD
Report of the Trustees for the Year Ended 31 March 2024
Financial review
Principal funding sources
The principal funding sources are; a) donations and gifts to Glow Church UK Ltd, b) provision of nursery care, c) hire of facilities, d) grants.
The Charity does not undertake specific fundraising events. Its main source of funds are the donations of members of the congregation. No significant expenditure is incurred in raising these funds. Regular donations have increased consistently throughout the year - the total of donations and gift aid was £310,879 (2023: £294,934) excluding vision offering donations. A designated vision offering was not taken in the year - total vision offering income for the year was £2,799 from legacies (2023 £26,683) The total for all donations and gift aid in the year was £313,678 (2023 £321,617)
The Charity has a trading subsidiary "Innovate County Durham Limited" which operates conferencing and events on the main site in Newton Aycliffe. The staff are paid although volunteers do provide support from time to time. The conference facilities provided through Innovate County Durham Limited are hired out to other organisations such as the NHS and local firms for education and training purposes as well as mounting exhibitions.
The Charity also utilises any surplus funds from Innovate County Durham Limited.
Reserves policy
The Trustees have determined to increase the level of available reserves in the period. These funds are not restricted and can be allocated to various special projects. Members of the congregation have given donations over and above their normal giving to enable the Charity to fund special projects (e.g. the creation of a sensory room). Unrestricted retained earnings as at 31 March 2024 was £877,002.
The income and expenditure streams, the need to match income with commitments and the nature of reserves have been considered again. Budgets and expenditure have been adjusted to reflect current income levels. The Reserves Policy will be kept under review.
Future plans
As we look ahead to 2025, our major plan, known as “wide open spaces”, will see the church expand our coffee shop facility within the main church building, allowing further space to be freed up for our children’s work as well as expansion for the Little Cubs nursery.
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The Directors of the Company are also Charity Trustees for the purpose of charity law. The Directors have the power to appoint any other person as a Director. During the period, Joel Cave stepped down as Chair and was replaced by Ian Duffew, an existing member of Glow Church with significant board level experience.
Organisational structure
The Charity's legal status is that of a company limited by guarantee and is governed by the company's Memorandum and Articles of Association. The Charity is organised so that the trustees meet regularly to manage its affairs. The day to day management is delegated to the Lead Pastors of Glow Church UK Ltd.
Induction and training of new trustees
New trustees are invited and encouraged to visit the main location to familiarise themselves with the charity and the context in which it operates. They are provided with a Directors pack which contains a copy of the Memorandum and Articles, a job description and details of the trustees' responsibilities together with the latest financial statements and the current financial position. The Glow UK Ltd board meetings quarterly.
Page 3
GLOW CHURCH UK LTD
Report of the Trustees
for the Year Ended 31 March 2024
Structure, governance and management
Key management remuneration
Remuneration is reviewed annually by the Board of Trustees by reviewing rates of inflation, industry factor, real living wage. Any pay awards for all staff including SMT go through a formal approval process.
Related parties
The charitable Company owns 100% of the share capital of Innovate County Durham Limited. Other related parties comprise the Trustees and Glow Church Australia
Risk management
The trustees have developed a risk register, which is a standard agenda item at all board meetings. Controls are in place to provide mitigation and protection against the risks identified.
Reference and administrative details
Registered Company number
08703834 (England and Wales)
Registered Charity number
1154239
Registered office
Glow Uk Long Tens Way Aycliffe Business Park Newton Aycliffe County Durham DL5 6AP
Trustees
S W Mawston J S Cave (resigned 1/3/24) A G Cherrie P A Stanley (resigned 3/5/24) A S Glassbrook F Clack I P E Duffew (appointed 15/5/23) W G Eriksson (appointed 20/2/24)
Company Secretary
K I Earley
Independent Examiner
Lee Harris BSc (Hons) FCCA Mitchell Gordon LLP 43 Coniscliffe Road Darlington Co. Durham DL3 7EH
Approved by order of the board of trustees on 20 December 2024 and signed on its behalf by:
A S Glassbrook - Trustee
Page 4
Independent Examiner's Report to the Trustees of Glow Church UK Ltd
Independent examiner's report to the trustees of Glow Church UK Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Lee Harris BSc (Hons) FCCA
Mitchell Gordon LLP 43 Coniscliffe Road Darlington Co. Durham DL3 7EH
20 December 2024
Page 5
GLOW CHURCH UK LTD
Statement of Financial Activities for the Year Ended 31 March 2024
| Notes Income and endowments from Donations and legacies 3 Charitable activities 6 Charitable activities Other charitable activities 4 Investment income 5 Total Expenditure on Raising funds 7 Charitable activities 8 Charitable activities Total NET INCOME/(EXPENDITURE) Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 307,421 613,722 61,808 382 983,333 - 963,341 963,341 19,992 857,010 877,002 |
Restricted fund £ 6,257 - 8,362 - 14,619 - 14,619 14,619 - - - |
31/3/24 Total funds £ 313,678 613,722 70,170 382 997,952 - 977,960 977,960 19,992 857,010 877,002 |
31/3/23 Total funds £ 321,617 570,467 123,683 16 1,015,783 489 1,042,826 1,043,315 (27,532) 884,542 857,010 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 6
GLOW CHURCH UK LTD
Statement of Financial Position
31 March 2024
| Notes Fixed assets Tangible assets 15 Investments 16 Current assets Debtors 17 Cash at bank and in hand Creditors Amounts falling due within one year 18 Net current assets Total assets less current liabilities Creditors Amounts falling due after more than one year 19 NET ASSETS Funds 22 Unrestricted funds Total funds |
Unrestricted funds £ 2,113,028 1 2,113,029 28,577 110,739 139,316 (215,732) (76,416) 2,036,613 (1,159,611 ) 877,002 |
Restricted fund £ - - - 1,000 7,006 8,006 (8,006) - - - - |
31/3/24 Total funds £ 2,113,028 1 2,113,029 29,577 117,745 147,322 (223,738) (76,416) 2,036,613 (1,159,611 ) 877,002 877,002 877,002 |
31/3/23 Total funds £ 2,139,568 1 2,139,569 14,992 57,641 72,633 (418,650) (346,017) 1,793,552 (936,542) 857,010 857,010 857,010 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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GLOW CHURCH UK LTD
Statement of Financial Position - continued 31 March 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 20 December 2024 and were signed on its behalf by:
A S Glassbrook - Trustee
The notes form part of these financial statements
Page 8
GLOW CHURCH UK LTD
Statement of Cash Flows for the Year Ended 31 March 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Movement on related party balances Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets Interest received Net cash used in investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash provided by/(used in) financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31/3/24 £ 174,673 (109,702) (142,202) (77,231) (17,838) 1 382 (17,455) 272,317 (117,527) 154,790 60,104 57,641 117,745 |
31/3/23 £ 185,031 (52,461) 274,019 406,589 (280,215) - 16 (280,199) 15,000 (98,004) (83,004) 43,386 14,255 57,641 |
|---|---|---|
The notes form part of these financial statements
Page 9
GLOW CHURCH UK LTD
Notes to the Statement of Cash Flows
for the Year Ended 31 March 2024
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
2.
| OPERATING ACTIVITIES | |||
|---|---|---|---|
| 31/3/24 | 31/3/23 | ||
| £ | £ | ||
| Net income/(expenditure) for the reporting period (as per the | |||
| Statement of Financial Activities) | 19,992 | (27,532) | |
| Adjustments for: | |||
| Depreciation charges | 41,447 | 10,434 | |
| Loss on disposal of fixed assets | 2,929 | - | |
| Interest received | (382) | (16) | |
| Interest paid | 109,702 | 52,461 | |
| Gain/loss on revaluation | - | 152,602 | |
| Increase in debtors | (3,789) | (2,513) | |
| Increase/(decrease) in creditors | 4,774 | (405) | |
| Net cash provided by operations | 174,673 | 185,031 | |
| ANALYSIS OF CHANGES IN NET DEBT | |||
| At 1/4/23 | Cash flow | At 31/3/24 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 57,641 | 60,104 | 117,745 |
| 57,641 | 60,104 | 117,745 | |
| Debt | |||
| Debts falling due within 1 year | (105,751) | 68,279 | (37,472) |
| Debts falling due after 1 year | (936,542) | (223,069) | (1,159,611 ) |
| (1,042,293 ) | (154,790) | (1,197,083 ) | |
| Total | (984,652) | (94,686) | (1,079,338 ) |
The notes form part of these financial statements
Page 10
GLOW CHURCH UK LTD
Notes to the Financial Statements for the Year Ended 31 March 2024
1. STATUTORY INFORMATION
The charitable company, a public benefit entity, is limited by guarantee and is registered in England and Wales. The members of the charitable company are the Trustees named on page 4. In the event of the charitable company being wound up, the liability of the guarantee is limited to £1 per member. The registered office of the charitable company is Glow Uk Long Tens Way, Aycliffe Business Park, Newton Aycliffe, Co. Durham, DL5 6AP.
The presentation currency of the financial statements is the Pound Sterling (£).
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared under the going concern basis of accounting.
Preparation of consolidated financial statements
The financial statements contain information about Glow Church UK Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income from charitable activities where related to performance and specific deliverables are accounted for as the Charity earns the right to consideration by its performance. Where income is received in advance of its recognition it is deferred and included in creditors Where entitlement occurs before income being received the income is accrued. No amounts are included in the financial statements for services donated by volunteers.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
continued...
Page 11
GLOW CHURCH UK LTD
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. ACCOUNTING POLICIES - continued
Tangible fixed assets
Freehold property - not provided Plant and machinery - 25% on reducing balance, 20% on reducing balance and Straight line over 10 years Fixtures and fittings - 25% on reducing balance and 15% on reducing balance Computer equipment - 25% on cost and 20% on cost
The property is held at market value, they are maintained regularly throughout the year and for this reason the trustees do not believe it is appropriate to depreciate the property.
Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost.
Taxation and irrecoverable value added tax
The charity is exempt from corporation tax on its charitable activities.
All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
All income and expenditure for the current and prior year relate to unrestricted funds.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Financial instruments
The company 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 company's balance sheet when the company 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
continued...
Page 12
GLOW CHURCH UK LTD
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
2. ACCOUNTING POLICIES - continued
Financial instruments
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financial 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 business 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 company's contractual obligations expire or are discharged or cancelled.
continued...
Page 13
GLOW CHURCH UK LTD
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 3. DONATIONS AND LEGACIES Church donations Gift aid 4. OTHER CHARITABLE ACTIVITIES Other income Operating income 5. INVESTMENT INCOME Deposit account interest 6. INCOME FROM CHARITABLE ACTIVITIES Activity Grants Charitable activities Nursery fees Charitable activities Grants received, included in the above, are as follows: Nursery education grants Glow Cares grant |
31/3/24 £ 266,032 47,646 313,678 31/3/24 £ 33,670 36,500 70,170 31/3/24 £ 382 31/3/24 £ 234,331 379,391 613,722 31/3/24 £ 224,831 9,500 234,331 |
31/3/23 £ 267,535 54,082 |
|---|---|---|
| 321,617 | ||
| 31/3/23 £ 65,288 58,395 |
||
| 123,683 | ||
| 31/3/23 £ 16 31/3/23 £ 242,702 327,765 |
||
| 570,467 | ||
| 31/3/23 £ 242,702 - |
||
| 242,702 |
continued...
Page 14
GLOW CHURCH UK LTD
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
7. RAISING FUNDS
| Other trading activities 31/3/24 £ Direct costs - 8. CHARITABLE ACTIVITIES COSTS Direct Support Costs (see costs (see note 9) note 10) £ £ Charitable activities 757,789 220,171 9. DIRECT COSTS OF CHARITABLE ACTIVITIES 31/3/24 £ Staff costs 604,757 Rates and water 5,432 Insurance 10,961 Light and heat 29,956 Telephone 3,795 Postage and stationery - Repairs and renewals 20,997 Direct costs 81,891 757,789 10. SUPPORT COSTS Information Management technology £ £ Charitable activities 46,177 5,729 Governance Other costs £ £ Charitable activities 157,281 8,145 |
31/3/23 £ 489 Totals £ 977,960 31/3/23 £ 584,687 5,699 9,789 27,822 2,453 704 49,372 82,434 762,960 Human resources £ 2,839 Totals £ 220,171 |
|---|---|
Page 15
continued...
GLOW CHURCH UK LTD
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
10. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
Management
| Printing, postage and stationery Sundries Motor and travel Information technology IT costs Human resources Training Other Bank charges Depreciation of tangible fixed assets Loss on sale of tangible fixed assets Impairment losses for tangible fixed assets Bank loan interest Governance costs Accountancy fees Legal and professional fees Auditors remuneration |
31/3/24 Charitable activities £ 3,907 35,646 6,624 46,177 31/3/24 Charitable activities £ 5,729 31/3/24 Charitable activities £ 2,839 31/3/24 Charitable activities £ 3,203 41,447 2,929 - 109,702 157,281 31/3/24 Charitable activities £ 5,353 2,792 - 8,145 |
31/3/23 Total activities £ 5,604 31,266 1,715 38,585 31/3/23 Total activities £ 6,829 31/3/23 Total activities £ 2,275 31/3/23 Total activities £ 3,128 10,434 - 152,602 52,461 |
31/3/23 Total activities £ 5,604 31,266 1,715 38,585 31/3/23 Total activities £ 6,829 31/3/23 Total activities £ 2,275 31/3/23 Total activities £ 3,128 10,434 - 152,602 52,461 |
|---|---|---|---|
| 218,625 | |||
| 31/3/23 Total activities £ 4,630 4,422 4,500 13,552 |
|||
| 13,552 |
Page 16
continued...
GLOW CHURCH UK LTD
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
11. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31/3/24 | 31/3/23 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 41,448 | 10,434 |
| Deficit on disposal of fixed assets | 2,929 | - |
| Auditors remuneration for audit of the financial statements | - | 4,500 |
| Auditors remuneration for non-audit services | - | 4,630 |
12. TRUSTEES' REMUNERATION AND BENEFITS
During the year A G Cherrie, a trustee, received remuneration of £42,164 (2023: £36,777) in his role as Lead Pastor.
During the year A S Glassbrook, a trustee, received remuneration of £4,300 (2023: £Nil) as Finance Director.
Trustees' expenses
During the year trustee expenses of £Nil (2023: £46) were paid by the charity.
13. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| Wages and salaries Social security costs Other pension costs |
31/3/24 £ 560,862 33,275 10,620 604,757 |
31/3/23 £ 544,938 29,842 9,907 |
| 584,687 |
The average monthly number of employees during the year was as follows:
| 31/3/24 | 31/3/23 | |
|---|---|---|
| Charitable activities | 46 | 39 |
| Management and administration | 1 | 1 |
| 47 | 40 |
No employees received emoluments in excess of £60,000.
14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Income and endowments from Donations and legacies Charitable activities Charitable activities Other charitable activities Investment income Total |
Unrestricted funds £ 321,617 570,467 123,683 16 1,015,783 |
Restricted fund £ - - - - - |
Total funds £ 321,617 570,467 123,683 16 |
|---|---|---|---|
| 1,015,783 |
continued...
Page 17
GLOW CHURCH UK LTD
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL Expenditure on Raising funds Charitable activities Charitable activities Total NET INCOME/(EXPENDITURE) Reconciliation of funds Total funds brought forward Total funds carried forward 15. TANGIBLE FIXED ASSETS Freehold Plant and property machinery £ £ COST OR VALUATION At 1 April 2023 1,850,000 365,721 Additions - 2,324 Disposals - (22,308) At 31 March 2024 1,850,000 345,737 DEPRECIATION At 1 April 2023 - 97,370 Charge for year - 35,981 Eliminated on disposal - (20,158) At 31 March 2024 - 113,193 NET BOOK VALUE At 31 March 2024 1,850,000 232,544 At 31 March 2023 1,850,000 268,351 |
14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL Expenditure on Raising funds Charitable activities Charitable activities Total NET INCOME/(EXPENDITURE) Reconciliation of funds Total funds brought forward Total funds carried forward 15. TANGIBLE FIXED ASSETS Freehold Plant and property machinery £ £ COST OR VALUATION At 1 April 2023 1,850,000 365,721 Additions - 2,324 Disposals - (22,308) At 31 March 2024 1,850,000 345,737 DEPRECIATION At 1 April 2023 - 97,370 Charge for year - 35,981 Eliminated on disposal - (20,158) At 31 March 2024 - 113,193 NET BOOK VALUE At 31 March 2024 1,850,000 232,544 At 31 March 2023 1,850,000 268,351 |
ACTIVITIES Unrestricted funds £ 489 1,042,826 1,043,315 (27,532) 884,542 857,010 Fixtures and fittings £ 18,882 15,094 (3,143) 30,833 4,082 4,067 (2,363) 5,786 25,047 14,800 |
- | continued Restricted fund £ - - - - - - Computer equipment £ 6,779 420 - 7,199 362 1,400 - 1,762 5,437 6,417 |
Total funds £ 489 1,042,826 1,043,315 (27,532) 884,542 857,010 Totals £ 2,241,382 17,838 (25,451) 2,233,769 101,814 41,448 (22,521) 120,741 2,113,028 2,139,568 |
|
|---|---|---|---|---|---|---|
continued...
Page 18
GLOW CHURCH UK LTD
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
15. TANGIBLE FIXED ASSETS - continued
Cost or valuation at 31 March 2024 is represented by:
| Valuation in 2023 Cost |
Freehold property £ (152,602) 2,002,602 1,850,000 |
Plant and machinery £ - 345,737 345,737 |
Fixtures and fittings £ - 30,833 30,833 |
Computer equipment £ - 7,199 7,199 |
Totals £ (152,602) 2,386,371 2,233,769 |
|---|---|---|---|---|---|
A valuation was provided in the prior year for mortgage purposes which had been used to revalue the property. The external valuer noted to rebuild the property the cost would be around £6,670,000 however the current market value is £1,850,000, due to the nature of the property it is very difficult to ascertain a value in use. Management are of the view that the building is worth well in excess of this valuation.
16. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| £ | |
| MARKET VALUE | |
| At 1 April 2023 and 31 March 2024 | 1 |
| NET BOOK VALUE | |
| At 31 March 2024 | 1 |
| At 31 March 2023 | 1 |
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Innovate County Durham Limited
Registered office: Glow Church Long Tens Way, Aycliffe Business Park, Newton Aycliffe, County Durham, DL5 6AP
Nature of business: Management services and conferencing facilities.
| DL5 6AP Nature of business: Management services |
and conferencing facilities. | ||
|---|---|---|---|
| % | |||
| Class of share: | holding | ||
| Ordinary | 100 | ||
| 31/3/24 | 31/3/23 | ||
| £ | £ | ||
| Aggregate capital and reserves | (29,455) | (45,444) |
continued...
Page 19
GLOW CHURCH UK LTD
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31/3/24 £ Trade debtors 9,100 Amounts owed by group undertakings 16,171 VAT 1,124 Prepayments and accrued income 1,000 Prepayments 2,182 29,577 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31/3/24 £ Bank loans and overdrafts (see note 20) 37,472 Trade creditors 14,371 Amounts owed to group undertakings 147,978 Social security and other taxes 6,125 VAT - Other creditors 4,170 Accruals and deferred income 8,006 Accrued expenses 5,616 223,738 19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31/3/24 £ Bank loans (see note 20) 1,159,611 20. LOANS An analysis of the maturity of loans is given below: 31/3/24 £ Amounts falling due within one year on demand: Bank loans 37,472 Amounts falling between one and two years: Bank loans - 1-2 years 37,472 Amounts falling due between two and five years: Bank loans - 2-5 years 56,611 Amounts falling due in more than five years: Repayable by instalments: Bank loans more than 5 years payable by instalments 1,065,528 |
31/3/23 £ 3,705 5,375 - - 5,912 14,992 31/3/23 £ 105,751 11,252 279,385 6,643 1,357 3,612 - 10,650 |
|
|---|---|---|
| 418,650 | ||
| 31/3/23 £ 936,542 |
||
| 31/3/23 £ 105,751 |
||
| 120,148 | ||
| 305,189 | ||
| 511,205 |
continued...
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GLOW CHURCH UK LTD
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
21. SECURED DEBTS
The following secured debts are included within creditors:
| Bank loans Bank loans |
31/3/24 £ 1,197,083 - 1,197,083 |
31/3/23 £ - 995,626 |
|---|---|---|
| 995,626 |
The loans are secured against the property, Glow UK Long Tens Way, Aycliffe Business Park, Newton Aycliffe, DL5 6AP and all undertakings of the Charity.
22. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1/4/23 £ 857,010 857,010 Incoming resources £ 983,333 14,619 997,952 At 1/4/22 £ 884,542 884,542 |
Net movement At in funds 31/3/24 £ £ 19,992 877,002 19,992 877,002 Resources Movement expended in funds £ £ (963,341) 19,992 (14,619) - (977,960) 19,992 Net movement At in funds 31/3/23 £ £ (27,532) 857,010 (27,532) 857,010 |
At 31/3/24 £ 877,002 |
|---|---|---|---|
| 877,002 | |||
| 19,992 | |||
| At 31/3/23 £ 857,010 |
|||
| 857,010 |
continued...
Page 21
GLOW CHURCH UK LTD
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
22. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 1,015,783 1,015,783 |
Resources expended £ (1,043,315 ) (1,043,315 ) |
Movement in funds £ (27,532) (27,532) |
|---|---|---|---|
General fund
Funds are available for use at the discretion of the Trustee to further any of the Charity's purposes.
23. RELATED PARTY DISCLOSURES
At the year end the Charity was owed £16,170 (2023: £5,375) from Innovate County Durham Limited, a company wholly owned by the Charity.
During the year the amounts received from Innovate County Durham Limited which relate to Glow Church UK Ltd total £36,500 (2023: £58,395).
At the year end the Charity owed £147,978 (2023: £279,385) to Glow Church Australia, a member of the Glow Church community. This amount is interest free and repayable on demand.
Page 22
GLOW CHURCH UK LTD
| Income and endowments Donations and legacies Church donations Gift aid Other charitable activities Other income Operating income Investment income Deposit account interest Charitable activities Grants Nursery fees Total incoming resources Expenditure Other trading activities Direct costs Charitable activities Wages Social security Pensions Rates and water Insurance Light and heat Telephone Postage and stationery Repairs and renewals Direct costs Support costs Management Printing, postage and stationery Sundries Motor and travel |
Detailed Statement of Financial Activities for the Year Ended 31 March 2024 |
31/3/24 £ 266,032 47,646 313,678 33,670 36,500 70,170 382 234,331 379,391 613,722 997,952 - 560,862 33,275 10,620 5,432 10,961 29,956 3,795 - 20,997 81,891 757,789 3,907 35,646 6,624 46,177 |
31/3/23 £ 267,535 54,082 |
|---|---|---|---|
| 321,617 65,288 58,395 |
|||
| 123,683 16 242,702 327,765 |
|||
| 570,467 | |||
| 1,015,783 489 544,938 29,842 9,907 5,699 9,789 27,822 2,453 704 49,372 82,434 |
|||
| 762,960 5,604 31,266 1,715 |
|||
| 38,585 |
This page does not form part of the statutory financial statements
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GLOW CHURCH UK LTD
| Detailed Statement of Financial Activities for the Year Ended 31 March 2024 Management Information technology IT costs Human resources Training Other Bank charges Plant and machinery Fixtures and fittings Computer equipment Loss on sale of tangible fixed assets Impairment losses for tangible fixed assets Bank loan interest Governance costs Accountancy fees Legal and professional fees Auditors remuneration Total resources expended Net income/(expenditure) |
31/3/24 £ 5,729 2,839 3,203 35,981 4,067 1,399 2,929 - 109,702 157,281 5,353 2,792 - 8,145 977,960 19,992 |
31/3/23 £ 6,829 2,275 3,128 9,141 931 362 - 152,602 52,461 218,625 4,630 4,422 4,500 13,552 1,043,315 (27,532) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 24