**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:
1. 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
3. 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
4. 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...
Page 7
**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...
Page 20
**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
Page 23
## **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