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||Page|Page||
|---|---|---|---|
|Reference and Administrative Details|1|to2||
|Reportofthe Trustees|3|to16||
||||r|
|Reportofthe IndependentAuditors|17|to20||
|StatementofFinancial Activities||21||
|StatementofFinancial Position||22||
|StatementofCash Flows||23||
|Notestothe StatementofCash Flows||24||
|Notestothe Financial Statements|25|to38||
|Detailed StatementofFinancial Activities|39|to41||
##
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|**REGISTERED OFFICE**|3 Cheyne Walk|
|---|---|
||Northampton|
||NN15PT|
|**REGISTERED COMPANY**|00917145 (England and Wales)|
|**NUMBER**||
|**REGISTERED CHARITY**|250306|
|**NUMBER**||
|**AUDITORS**|Shaw Gibbs (Audit) Limited|
||Chartered Certified Accountants|
||Statutory Auditor|
||Eagle House|
||28Billing Road|
||Northampton|
||Northamptonshire|
||NN15AJ|
|**SOLICITORS**|Geoffrey Leaver|
||251Upper Third Street|
||Bouverie Square|
||Central MiltonKeynes|
||Bucks|
||MK91DR|
|**BANKERS**|NatWest Pie|
||Commercial Banking|
||RBSHouse, Grange Park Court|
||Roman Way|
||Northampton|
||NN4 5EA|
||Barclays BankPie|
||Ashton House BusinessCentre|
||497 Silbury Boulevard|
||Milton Keynes|
||MK9 2LD|
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|||||2024|2023|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||funds|funds|funds|funds|
||Notes|£|£|£|£|
|**INCOME AND ENDOWMENTS FROM**||||||
|Donations and legacies|2|10,369,479||10,369,479|9,878,010|
|**Charitable activities**|5|||||
|Youth & Christian Education Dept||92,842||92,842|77,163|
|Women's Ministry Dept||118,703||118,703|125,095|
|Men's Ministry Dept||26,319||26,319|13,319|
|Theological Education & Training Dept||29,564||29,564|26,432|
|Conventions & Conferences||555,717||555,717|456,930|
|Other trading activities|3|109,296|42,994|152,290|140,985|
|Investment income|4|1,104,220||1,104,220|984,745|
|Other income||38,261||38,261|170,127|
|**Total**||12,444,401|42,994|12,487,395|11,872,806|
|**EXPENDITURE ON**||||||
|Raising funds|6|20,454||20,454|37,033|
|**Charitable activities**|7|||||
|Youth & Christian Education Dept||313,167||313,167|322,263|
|Women's Ministry Dept||250,176||250,176|292,276|
|Men's Ministry Dept||38,549||38,549|27,047|
|Theological Education & Training Dept||115,949||115,949|111,832|
|Conventions & Conferences||1,093,136||1,093,136|938,690|
|Provision of church services||9,578,236|42,994|9,621,230|9,190,792|
|Governance costs||518,622||518,622|495,974|
|**Total**||11,928,289|42,994|11,971,283|11,415,907|
|Net gainsoninvestments|||||140,851|
|**NET INCOME**||516,112||516,112|597,750|
|**RECONCILIATION OF FUNDS**||||||
|Total funds brought forward||50,844,319||50,844,319|50,246,569|
|**TOTAL FUNDS CARRIED FORWARD**||51,360,431||51,360,431|50,844,319|
##
|||||2024|2023|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||funds|funds|funds|funds|
||Notes|£|£|£|£|
|**FIXEDASSETS**||||||
|Tangible assets|13|34,071,987||34,071,987|33,684,348|
|Investment property|14|13,554,999||13,554,999|13,554,999|
|||47,626,986||47,626,986|47,239,347|
|**CURRENTASSETS**||||||
|Debtors|15|1,049,155||1,049,155|857,320|
|Cash at bank||11,628,377||11,628,377|12,378,041|
|||12,677,532||12,677,532|13,235,361|
|**CREDITORS**||||||
|Amounts falling due within one year|16|(2,128,420)||(2,128,420)|(1,604,757)|
|**NETCURRENTASSETS**||10,549,112||10,549,112|11,630,604|
|**TOTALASSETSLESSCURRENT**||||||
|**LIABILITIES**||58,176,098||58,176,098|58,869,951|
|**CREDITORS**||||||
|Amounts falling due after more than one||||||
|year|17|(6,815,667)||(6,815,667)|(8,025,632)|
|**NETASSETS**||51,360,431||51,360,431|50,844,319|
|**FUNDS**|21|||||
|Unrestricted funds||||51,360,431|50,844,319|
|**TOTALFUNDS**||||51,360,431|50,844,319|
##
##
|||2024|2023|
|---|---|---|---|
||Notes|£|£|
|**Cash flows from operating activities**||||
|Cash generated from operations|1|1,750,971|1,651 ,958|
|Interest paid||(691,282)|(591,100)|
|Net cash provided by operating activities||1,059,689|1,060,858|
|**Cash flows from investing activities**||||
|Purchaseoftangible fixed assets||(1,197,398)|(155,648)|
|Saleofinvestment property|||344,851|
|Interest received||108,406|105,389|
|Net cash (used in)/provided by investing activities||(1,088,992)|294,592|
|**Cash flows from financing activities**||||
|New loans in year||954,100||
|Loan repayments in year||(1,672,130)|(542,236)|
|New Hire Purchase contract in year|||(3,757)|
|Net cash usedinfinancing activities||(718,030)|(545,993)|
|**Change**In**cash and cash equivalents**||||
|In**the reporting period**||(747,333)|809,457|
|**Cash and cash equivalents at the**||||
|**beginningofthe reporting period**|2|12,114,063|11,304,606|
|**Cash and cash equivalents at the end**||||
|**ofthe reporting period**|2|11,366,730|12,114,063|
##
##
||**ACTIVITIES**|||
|---|---|---|---|
|||2024|2023|
|||£|£|
||**Net Income for the reporting period (as per the Statementof**|||
||**Financial Activities)**|516,112|597,750|
||**Adjustments for:**|||
||Depreciation charges|809,759|828,248|
||Losses on investments||(140,851)|
||Interest received|(108,406)|(105,389)|
||Interest paid|691,282|591,100|
||Increase in debtors|(191,835)|(47,597)|
||lncrease/(decrease) in creditors|34,059|(71,303)|
||**Net cash provided by operations**|1,750,971|1,651,958|
|**2.**|**ANALYSIS OF CASH AND CASH EQUIVALENTS**|||
|||2024|2023|
|||£|£|
||Notice deposits (less than 3 months)|11,628,377|12,378,041|
||Overdrafts included in bank loans and overdrafts falling due within one|||
||year|(261,647)|(263,978)|
||Total cash and cash equivalents|11,366,730|12,114,063|
|**ANALYSIS OF CHANGESINNET FUNDS**||||
|---|---|---|---|
||At 1/1/24|Cash flow|At 31/12/24|
||£|£|£|
|**Net cash**||||
|Cash at bank|12,378,041|(749,664)|11,628,377|
|Bank overdraft|(263,978)|2,331|(261,647)|
||12,114,063|(747,333)|11,366,730|
|**Debt**||||
|Debts falling due within 1 year|(1,244,129)|(491,935)|(1,736,064)|
|Debts falling due after 1 year|(8,025,632)|1,209,965|(6,815,667)|
||(9,269,761)|718,030|(8,551,731)|
|**Total**|2,844,302|~29,303)|2,814,999|
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|**DONATIONS AND LEGACIES**|||
|---|---|---|
||2024|2023|
||£|£|
|Tithes and Offerings|7,773,922|7,483,794|
|Gift Aid reclaim|1,513,640|1,466,685|
|Grants, gifts and donations|375,305|316,062|
|Other Voluntary income|706,612|611,469|
||10,369,479|9,878,010|
##
|**OTHER TRADING ACTIVITIES**|||
|---|---|---|
||2024|2023|
||£|£|
|Raising funds from members|, 114,062|89,111|
|Publication sales|38,228|51,874|
||152,290|140,985|
|**4.**|**INVESTMENT INCOME**|||
|---|---|---|---|
|||2024|2023|
|||£|£|
||Rental income|995,814|879,356|
||Bank interest received|108,406|105,389|
|||1,104,220|984,745|
##
##
|||2024|2023|
|---|---|---|---|
||Activity|£|£|
|Youth & Christian||||
|Education|Youth&Christian Education Dept|92,842|77,163|
|Women's Ministry Dept|Women's Ministry Dept|118,703|125,095|
|Men's Ministry Dept|Men's Ministry Dept|26,319|13,319|
|Theological Education &||||
|Training|Theological Education & Training Dept|29,564|26,432|
|Conventions &||||
|Conferences|Conventions & Conferences|555,717|456,930|
|||823,145|698,939|
##
##
|**Raising donations and legacies**|||
|---|---|---|
||2024|2023|
||£|£|
|Management charges||1,605|
|Publications & Commentaries|20,454|35,428|
||20,454|37,033|
##
|**CHARITABLE ACTIVITIES COSTS**||||
|---|---|---|---|
|||Support||
||Direct|costs (see||
||Costs|note 8)|Totals|
||£|£|£|
|Youth & Christian Education Dept|221,827|91,340|313,167|
|Women's Ministry Dept|158,726|91,450|250,176|
|Men's Ministry Dept|33,513|5,036|38,549|
|Theological Education & Training||||
|Dept|110,945|5,004|115,949|
|Conventions & Conferences|1,093,091|45|1,093,136|
|Provisionofchurch services|9,349,397|271,833|9,621,230|
|Governance costs|1,387|517,235|518,622|
||10,968,886|981,943|11,950,829|
##
|**SUPPORT COSTS**||||||
|---|---|---|---|---|---|
||Staff|Premises ,|Office|Governance||
||Costs|Costs|Services|costs|Totals|
||£|£|£|£|£|
|Youth & Christian||||||
|Education Dept|21,014|69,496|830||91,340|
|Women's Ministry Dept|21,016|69,604|830||91,450|
|Men's Ministry Dept||5,036|||5,036|
|Theological Education &||||||
|Training Dept||5,004|||5,004|
|Conventions &||||||
|Conferences||45|||45|
|Provisionofchurch||||||
|services|50,990|217,885|2,958||271,833|
|Governance costs||||517,235|517,235|
||93,020|367,070|4,618|517,235|981,943|
##
||2024|2023|
|---|---|---|
||£|£|
|Auditors' remuneration|26,500|25,000|
|Depreciation - owned assets|809,759|828,248|
|Hireofplant and machinery|131,670|138,808|
##
|**Trustee**|**Stipend**|**EmployersNI**|**Pension Contributions**|
|---|---|---|---|
|Bishop C Grandison|111,185|14,088|8,400|
|Bishop M Cummins|33,969|3,432|1,019|
|Bishop D A Webley|82,789|10,170|24,066|
|Bishop R S King|48,187|5,395|1,800|
|Bishop L Davis|36,256|3,748|1,088|
|Bishop J Jackson|49,846|5,623|9,000|
|Bishop J Haye|42,950|4,672|1,289|
|Bishop D Allen|33,469|3,363|3,600|
##
##
##
|**STAFF COSTS**|||
|---|---|---|
||2024|2023|
||£|£|
|Wages and salaries|2,936,906|2,900,244|
|Social security costs|262,463|263,765|
|Other pension costs|128,904|117,059|
||3,328,273|3,281,068|
|The average monthly numberofemployees durin|g the year was as follows:||
|---|---|---|
||2024|2023|
|Administration staff|36|39|
|Stipendiary ministers|82|80|
||118|119|
|
£60,000 was:|||
|---|---|---|
||2024|2023|
|£60,001 - £70,000||1|
|£70,001 - £80,000|1|2|
|£80,001 - £90,000|1||
|£90,001 - £100,000|1|1|
|£100,001- £110,000||1|
|£110,001 - £120,000|1||
||4|5|
|Directors' remuneration was as follows:|||
||2024|2023|
||£|£|
|Directors' emoluments|488,913|1,957,012|
|Directors' pension contributions|50,492|78,824|
||539,405|2,046,628|
##
|**STAFF COSTS - continued**|||
|---|---|---|
||£|£|
|Emoluments|111,185|108,867|
|Pension contributions|8,400|8,400|
##
##
||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||£|£|£|
|**INCOME AND ENDOWMENTS FROM**||||
|Donations and legacies|9,878,010||9,878,010|
|**Charitable activities**||||
|Youth & Christian Education Dept|77,163||77,163|
|Women's Ministry Dept|125,095||125,095|
|Men's Ministry Dept|13,319||13,319|
|Theological Education & Training Dept|26,432||26,432|
|Conventions & Conferences|456,930||456,930|
|Other trading activities|140,985||140,985|
|Investment income|984,745||984,745|
|Other income|170,127||170,127|
|**Total**|11,872,806||11,872,806|
|**EXPENDITURE ON**||||
|Raising funds|37,033||37,033|
|**Charitable activities**||||
|Youth & Christian Education Dept|322,263||322,263|
|Women's Ministry Dept|292,276||292,276|
|Men's Ministry Dept|27,047||27,047|
|Theological Education & Training Dept|111,832||111,832|
|Conventions & Conferences|938,690||938,690|
|Provision of church services|9,190,792||9,190,792|
|Governance costs|495,974||495,974|
|**Total**|11,415,907||11,415,907|
|Net gainsoninvestments|140,851||140,851|
|**12.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES• continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES• continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES• continued**||
|---|---|---|---|---|
|||Unrestricted Restricted||Total|
|||funds|funds|funds|
|||£|£|£|
||**NET INCOME**|597,750||597,750|
||**RECONCILIATION OF FUNDS**||||
||Total funds brought forward|50,246,569||50,246,569|
||**TOTAL FUNDS CARRIED FORWARD**|50,844,319||50,844,319|
##
||||Fixtures,|||
|---|---|---|---|---|---|
||Land and|Church|Fittings and|Motor||
||Buildings|Furnishings|Equipment|vehicles|Totals|
||£|£|£|£|£|
|**COST**||||||
|At 1 January 2024|43,338,078|189,460|1,494,840|576,443|45,598,821|
|Additions|1,092,870|10,884|93,644||1,197,398|
|Disposals||||(25,181)|(25,181)|
|At31December 2024|44,430,948|200,344|1,588,484|551,262|46,771,038|
|**DEPRECIATION**||||||
|At 1 January 2024|10,333,399|144,080|885,073|551,921|11,914,473|
|Charge for year|638,559|11,253|140,682|19,265|809,759|
|Eliminated on disposal||||(25,181)|(25,181)|
|At31December 2024|10,971,958|155,333|1,025,755|546,005|12,699,051|
|**NET BOOK VALUE**||||||
|At31December 2024|33,458,990|45,011|562,729|5,257|34,071,987|
|At31December 2023|33,004,679|45,380|609,767|24,522|33,684,348|
##
|Analysis of net book value of landandbuildings:|Analysis of net book value of landandbuildings:||2024|2023|
|---|---|---|---|---|
||||£|£|
|Freehold|||32,474,837|31,983,922|
|Long leasehold|||984,153|1,020,757|
||||33,458,990|33,004,679|
|||Long||Long|
||Freehold|Leasehold|Freehold|Leasehold|
||2024|2024|2023|2023|
||£|£|£|£|
|Stated at historical cost|34,694,505|601,352|33,601,635|601,352|
|Valuationmade1970 to 1980|2,408,430|702,529|2,408,430|702,529|
|Valuation madein1999|5,532.703|491,429|5,532.703|491,429|
||42,635,638|1,795,310|41,542,768|1,795,310|
##
|**INVESTMENT PROPERTY**||
|---|---|
||£|
|**FAIR VALUE**||
|At 1 January 2024||
|and31December 2024|13,554,999|
|**NET BOOK VALUE**||
|At31December 2024|13,554,999|
|At31December 2023|13,554,999|
##
##
|**15.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|---|
|||2024|2023|
|||£|£|
||Gift Aid due|738,728|578,952|
||Other debtors|264,742|257,497|
||Prepayments and accrued income|45,685|20,871|
|||1,049,155|857,320|
|**16.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|||2024|2023|
|||£|£|
||Bank loans and overdrafts (see note 18)|1,997,711|1,508,107|
||Trade creditors||1|
||Other creditors|31,400|20,400|
||Accruals and deferred income|99,309|76,249|
|||2,128,420|1,604,757|
||
placeinthe next financial year.|||
|---|---|---|---|
|||£||
||Balance as at31December 2023|17,318||
||Amount released to incoming resources|(17,318)||
||Amount deferredinyear|41,571||
||Balance as at31December 2024|41,571||
|**17.**|**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**|||
|||2024|2023|
|||£|£|
||Bank loans (see note 18)|6,815,667|8,025,632|
|**18.**|**LOANS**|||
||Ananalysisofthe maturity of loansisgiven below:|||
|||2024|2023|
|||£|£|
||Amounts falling due within one yearondemand:|||
||Bank overdrafts|261,647|263,978|
||Bank loans|1,736,064|1,244,129|
|||1,997,711|1,508,107|
||Amounts falling due between two and five years:|||
||Bank loans - 2-5 years|3,221,360|2,194,225|
##
|**LOANS • continued**|||
|---|---|---|
||2024|2023|
||£|£|
|Amounts falling dueinmore than five years:|||
|Repayable by instalments:|||
|Bank loans more 5 yr by instal|3,594,307|5,831,407|
##
||2024|2023|
|---|---|---|
||£|£|
|Within one year|16,215|16,215|
|Between one and five years|67,164|66,242|
|Inmore than five years|4,608,974|4,626,111|
||4,692,353|4,708,568|
##
##
|2024|2023|
|---|---|
|£|£|
|8,551,731|9,269,761|
##
##
|**MOVEMENTINFUNDS**||||
|---|---|---|---|
|||Net||
|||movement|At|
||At 1/1/24|in funds|31/12/24|
||£|£|£|
|**Unrestricted funds**||||
|General fund|38,674,243|516,112|39,190,355|
|National Facility Fund|514,399||514,399|
|Revaluation Reserve|11,655,677||11,655,677|
||50,8441319|516,112|51,360!431|
|**TOTAL FUNDS**|50,844,319|5161112|511360,431|
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|12,444,401|(11,928,289)|516,112|
|**Restricted funds**||||
|Edmonton Renovations|42,994|(42,994)||
|**TOTAL FUNDS**|12,487,395|{11,971,283}|516,112|
##
|**Comparatives for movementInfunds**||||
|---|---|---|---|
|||Net||
|||movement|At|
||At 1/1/23|in funds|31/12/23|
||£|£|£|
|**Unrestricted funds**||||
|General fund|37,952,845|721,398|38,674,243|
|National Facility Fund|514,399||514,399|
|Revaluation Reserve|11,779,325|(123,648)|11,655,677|
||50,246,569|597!750|50!844!319|
|**TOTAL FUNDS**|50,246,569|597,750|50,844,319|
##
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|infunds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|11,872,806|(11,415,907)|264,499|721,398|
|Revaluation Reserve|||(123,648)|(123,648)|
||11,872,806|(11,415,907)|140,851|597,750|
|**TOTAL FUNDS**|11,872,806|{11,415,907)|140,851|597,750|
##
##
||2024|2023|
|---|---|---|
||£|£|
|Within one year|60,954|95,100|
|Between on and five years|82,000|139,950|
|Inmore than five years|||
||142,954|235,050|
##
||2024|2023|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacles**|||
|Tithes and Offerings|7,773,922|7,483,794|
|Gift Aid reclaim|1,513,640|1,466,685|
|Grants, gifts and donations|375,305|316,062|
|Other Voluntary income|706,612|611,469|
||10,369,479|9,878,010|
|**Other trading activities**|||
|Raising funds from members|114,062|89,111|
|Publication sales|38,228|51,874|
||152,290|140,985|
|**Investment Income**|||
|Rental income|995,814|879,356|
|Bank interest received|108,406|105,389|
||1,104,220|984,745|
|**Charitable activities**|||
|Youth & Christian Education|**92,842**|77,163|
|Women's Ministry Dept|118,703|125,095|
|Men's Ministry Dept|26,319|13,319|
|Theological Education & Training|29,564|**26,432**|
|Conventions & Conferences|555,717|456,930|
||823,145|698,939|
|**Other income**|||
|Insurance proceeds|38,261|170,127|
|**Total Incoming resources**|12,487,395|11,872,806|
|**EXPENDITURE**|||
|**Raising donations and legacies**|||
|Management charges||1,605|
|Publications & Commentaries|20,454|35,428|
||20,454|37,033|
|**Charitable activities**|||
|Wages|2,463,612|2,439,867|
|Carried forward|2,463,612|2,439,867|
##
||2024|2023|
|---|---|---|
||£|£|
|**Charitable activities**|||
|Brought forward|**2,463,612**|2,439,867|
|Social security|208,603|211,043|
|Pensions|107,741|92,364|
|Hireofplant and machinery|80,143|80,415|
|Rent, rates and water|798,510|727,073|
|Insurance|270,996|259,370|
|Telephone|**131,291**|125,629|
|Postage and stationery|77,572|106,201|
|Advertising|**91,224**|46,391|
|Sundries|**426,484**|411,954|
|Travelling|314,747|229,258|
|Staff Welfare & Training|**162,817**|119,789|
|Legal & Professional|33,991|30,049|
|Repairs & Maintenance|1,506,819|1,455,512|
|Motor Expenses|**87,449**|91,205|
|Rent|225,367|237,886|
|Admin Work|93,559|77,321|
|Computer Expenses|41,370|58,991|
|Gifts|**664,730**|729,474|
|Religious Activities|**301,722**|273,798|
|Department Expenditure|184,064|188,280|
|Event Costs|1,195,034|905,436|
|Depreciationoftangible fixed assets|809,759|828,248|
|Bank loan interest|691,282|591,100|
||10,968,886|10,316,654|
|**Support costs**|||
|**Staff Costs**|||
|Wages|85,371|92,760|
|Social security|7,649|8,904|
||93,020|101,664|
|**Premises Costs**|||
|Hireofplant and machinery|51,527|58,393|
|Rates and water|29,391|20,188|
|Insurance|41,808|24,246|
|Light and heat|22,978|39,614|
|Bank charges|84,983|76,739|
|Repairs & Maintenance|66,952|175,688|
|Computer Expenses|69,431|42,787|
||367,070|437,655|
|**Office Services**|||
|Telephone||10,521|
|Carried forward||10,521|
##
||2024|2023|
|---|---|---|
||£|£|
|**Office Services**|||
|Brought forward||10,521|
|Postage and stationery|4,618|16,894|
||4,618|27,415|
|**Governance costs**|||
|Wages|387,923|367,617|
|Social security|**46,211**|43,818|
|Pensions|21,163|24,695|
|Auditors' remuneration|26,500|25,000|
|Accountancy and legal fees|10,950||
|Travel|24,488|34,356|
||517,235|495,486|
|Total resources expended|11,971 ,283|11,415,907|
|**Net income before gains and losses**|516,112|456,899|
|**Realised recognised gains and losses**|||
|Realised gains/(losses) on fixed asset|||
|investments||(15,149)|
|Unrealised gains/losses on investment|||
|property||156,000|
|**Net income**|516,112|597,750|
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