Bethel Apostolic Church Lowhill Limited
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 August 2024
Bethel Apostolic Church Lowhill Limited
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 15 |
Bethel Apostolic Church Lowhill Limited
Reference and Administrative Details
Charity Registration Number 1192619 Company Registration Number 10347841
The charity is incorporated in Wales.
Registered Office
Bethel Apostolic Church Park Lane Low Hill Wolverhampton West Midlands WV10 9QG
Page 1
Bethel Apostolic Church Lowhill Limited
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 August 2024.
Objectives and activities
Public benefit
The trustees confirm that they have complied with the requirements of charitable regilious activities as required by charity commission of England and Wales.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Mr Jacob Valentine Smith Sylvia Beverley Campbell
Structure, governance and management Financial instruments
Objectives and policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Page 2
Bethel Apostolic Church Lowhill Limited
Trustees' Report
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Bethel Apostolic Church Lowhill Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 27 August 2025 and signed on its behalf by:
Page 3
Bethel Apostolic Church Lowhill Limited
Statement of Financial Activities for the Year Ended 31 August 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 13 Note Income and Endowments from: Donations and legacies 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 13 |
Unrestricted funds £ 56,264 56,264 (29,721) (3,633) (33,354) 22,910 22,910 (22,227) 683 Unrestricted funds £ 54,625 54,625 (28,856) (3,527) (32,383) 22,242 22,242 (21,908) 334 |
Total 2024 £ 56,264 |
|---|---|---|
| 56,264 | ||
| (29,721) (3,633) |
||
| (33,354) | ||
| 22,910 | ||
| 22,910 (22,227) |
||
| 683 | ||
| Total 2023 £ 54,625 |
||
| 54,625 | ||
| (28,856) (3,527) |
||
| (32,383) | ||
| 22,242 | ||
| 22,242 (21,908) |
||
| 334 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 13.
The notes on pages 6 to 15 form an integral part of these financial statements. Page 4
Bethel Apostolic Church Lowhill Limited
(Registration number: 10347841) Balance Sheet as at 31 August 2024
| Note Current assets Debtors 11 Cash at bank and in hand 12 Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 13 |
2024 £ - 683 683 683 683 |
2023 £ (2) 336 |
|---|---|---|
| 334 | ||
| 334 | ||
| 334 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 4 to 15 were approved by the trustees, and authorised for issue on 27 August 2025 and signed on their behalf by:
The notes on pages 6 to 15 form an integral part of these financial statements. Page 5
Bethel Apostolic Church Lowhill Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
1 Charity status
The charity is limited by guarantee, incorporated in Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.
The address of its registered office is: Bethel Apostolic Church Park Lane Low Hill Wolverhampton West Midlands WV10 9QG
These financial statements were authorised for issue by the trustees on 27 August 2025.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Bethel Apostolic Church Lowhill Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Page 6
Bethel Apostolic Church Lowhill Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Page 7
Bethel Apostolic Church Lowhill Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:
1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and
3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Page 8
Bethel Apostolic Church Lowhill Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
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 charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 9
Bethel Apostolic Church Lowhill Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Page 10
Bethel Apostolic Church Lowhill Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Derivative financial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
3 Income from donations and legacies
| Grants, including capital grants; Government grants Regular giving and capital donations Total for 2024 Total for 2023 |
Unrestricted funds General £ 10,609 45,655 56,264 54,625 |
Total funds £ 10,609 45,655 |
|---|---|---|
| 56,264 | ||
| 54,625 |
4 Expenditure on raising funds
a) Costs of trading activities
| Note Other direct costs of activities for generating funds Total for 2024 Total for 2023 |
Unrestricted funds General £ 3,011 3,011 2,923 |
Total funds £ 3,011 |
|---|---|---|
| 3,011 | ||
| 2,923 |
Page 11
Bethel Apostolic Church Lowhill Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
b) Investment management costs
| Note Allocated support costs 6 Total for 2024 Total for 2023 |
Unrestricted funds General £ 6,535 6,535 6,345 |
Total funds £ 6,535 |
|---|---|---|
| 6,535 | ||
| 6,345 | ||
| Total costs £ |
5 Expenditure on charitable activities
| Note Governance costs 6 Total for 2023 |
Unrestricted funds General £ 3,633 3,527 |
Total funds £ 3,633 |
|---|---|---|
| 3,527 | ||
| Total expenditure £ |
In addition to the expenditure analysed above, there are also governance costs of £3,633 (2023 - £3,527) which relate directly to charitable activities. See note 6 for further details.
6 Analysis of governance and support costs
Governance costs
Page 12
Bethel Apostolic Church Lowhill Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
| Staff costs Other staff costs Other governance costs Total for 2024 Total for 2023 7 Net incoming/outgoing resources Net incoming resources for the year include: 8 Trustees remuneration and expenses 9 Staff costs The aggregate payroll costs were as follows: Staff costs during the year were: Wages and salaries Other staff costs |
Unrestricted funds General £ 81 3,552 3,633 3,527 2024 £ 20,175 81 20,256 |
Total funds £ 81 3,552 |
|---|---|---|
| 3,633 | ||
| 3,527 | ||
| 2024 £ 2023 £ 19,588 78 |
||
| 19,666 |
No employee received emoluments of more than £60,000 during the year.
Page 13
Bethel Apostolic Church Lowhill Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
11 Debtors
| Other debtors 12 Cash and cash equivalents Cash at bank 13 Funds Balance at 1 September 2023 £ Unrestricted funds General (22,227) Balance at 1 September 2022 £ Unrestricted funds General (21,908) 14 Analysis of net assets between funds Current assets Current assets |
Incoming resources £ 56,264 Incoming resources £ 54,625 |
2024 £ - 2024 £ 683 Resources expended £ (33,354) Resources expended £ (32,383) Unrestricted funds General £ 683 Unrestricted funds General £ 334 |
2023 £ (2) |
|---|---|---|---|
| 2023 £ 336 |
|||
| Balance at 31 August 2024 £ 683 |
|||
| Balance at 31 August 2023 £ 334 |
|||
| Total funds at 31 August 2024 £ 683 |
|||
| Total funds at 31 August 2023 £ 334 |
Page 14
Bethel Apostolic Church Lowhill Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
15 Analysis of net funds
| 15 Analysis of net funds | |||
|---|---|---|---|
| Cash at bank and in hand Net debt Cash at bank and in hand Net debt |
At 1 September 2023 £ 336 336 At 1 September 2022 £ (21,906) (21,906) |
Financing cash flows £ (336) (336) Financing cash flows £ 21,906 21,906 |
At 31 August 2024 £ - |
| - | |||
| At 31 August 2023 £ - |
|||
| - |
Page 15
Bethel Apostolic Church Lowhill Limited
Statement of Financial Activities by fund for the Year Ended 31 August 2024
Unrestricted Funds
| Unrestricted Funds | ||
|---|---|---|
| Income and Endowments from: Donations and legacies Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total Unrestricted Funds 2024 £ 56,264 56,264 (29,721) (3,633) (33,354) 22,910 22,910 (22,227) 683 |
Total Unrestricted Funds 2023 £ 54,625 |
| 54,625 | ||
| (28,856) (3,527) |
||
| (32,383) | ||
| 22,242 | ||
| 22,242 (21,908) |
||
| 334 |
This page does not form part of the statutory financial statements. Page 16
Bethel Apostolic Church Lowhill Limited
Detailed Statement of Financial Activities for the Year Ended 31 August 2024
| Income and Endowments from: Donations and legacies (analysed below) Total income Expenditure on: Raising funds (analysed below) Charitable activities (analysed below) Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total 2024 £ 56,264 56,264 (29,721) (3,633) (33,354) 22,910 22,910 (22,227) 683 |
Total 2023 £ 54,625 |
|---|---|---|
| 54,625 | ||
| (28,856) (3,527) |
||
| (32,383) | ||
| 22,242 | ||
| 22,242 (21,908) |
||
| 334 |
This page does not form part of the statutory financial statements. Page 17
Bethel Apostolic Church Lowhill Limited
Detailed Statement of Financial Activities for the Year Ended 31 August 2024
| Donations and legacies Committed giving UK Government grants Raising funds Wages and salaries Rent Rates Light, heat and power Insurance Telephone and fax Sundry expenses Travel and subsistence Accountancy fees Legal and professional fees Bank charges Charitable activities Repairs and maintenance Motor expenses Printing, postage and stationery Charitable donations |
Total 2024 £ 45,655 10,609 56,264 (20,175) (2,652) (359) (821) (445) (1,964) (403) (1,373) (177) (885) (467) (29,721) (688) (2,641) (223) (81) (3,633) |
Total 2023 £ 44,325 10,300 |
|---|---|---|
| 54,625 | ||
| (19,588) (2,575) (348) (797) (432) (1,907) (391) (1,333) (172) (860) (453) |
||
| (28,856) | ||
| (668) (2,564) (217) (78) |
||
| (3,527) |
This page does not form part of the statutory financial statements. Page 18