2021-03-31-accounts - The Apostolic Church

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			Page
Trustees'	annual report
Independent auditor's		report to the members	10
Statement	offinancial	activities	14
Statement	offinancial	position	15
Statement	ofcash flows		16
Notes to the financial		statements	17

Reference and administrative	Reference and administrative	Reference and administrative	details
Registered	charity	name	The Apostolic Church
Charity registration		number	284789
Principal office			105Crystal House
			New Bedford Road
			Luton
			LU1 1HS
The trustees
			Rev P Howells
			Rev A Matheson
			Rev D Bird
			Rev C Hopkins
			Rev I Parker
			Rev STaylor
Auditor			Burgess Hodgson	LLP
			Chartered accountants		&statutory	auditor
			Camburgh House
			27 New Dover Road
			Canterbury
			Kent
			CT1 3DN
Bankers			The Royal Bank of	Scotland PLC
			13-14Walter Road
			Swansea
			SA1 5NG
			Barclays Bank (UK) PLC
			Luton George Street 2
			Leicester
			LE872BB
Solicitors			Waldrons
			Wychbury Court
			Bdierley Hill
			DY5 1TA
			Quinn Legal
			The Beacon
			176St Vincent Street
			Glasgow
			G2 5SG

		Yea	r end	ed 31 March	2021
					2021		2020
				Unrestricted	Restricted
			Note	funds f	funds	Total funds 6	Total funds
Income and endowments
Charitable activities			4	4,060,839	259,055	4,319,894	5,712,681
Investment income			5	184,868		184,868	310,840
Other income			6	906,446		906,446	171,503
Total income				5,152,153	259,055	5,411,208	6,195,024
Expenditure
Expenditure on charitable		activities	7,8	3,906,516	489,153	4,395,669	5,495,040
Total expenditure				3,906,516	489,153	4,395,669	5,495,040
Net gains on investments			10	8,439		8,439	2,252
Net income				1,254,076	(230,098)	1,023,978	702,236
Transfers between	funds			(196,061)	196,061
Other recognised	gains and losses
Actuarial losses on	defined	benefit pension
schemes				(115,000)		(115,000)	(87,000)
Net movement in	funds			943,015	(34,037)	908,978	615,236
Reconciliation of	funds
Total funds brought	forward			14,634,484	3,681,298	18,315,782	17,700,546
Total funds carried forward				15,577,499	3,647,261	19,224,760	18,315,782

					Note	2021 6	2020 f
Fixed assets
Tangible fixed assets					15	10,994,116	11,606,230
Investments					16	141,429	572,991
						11,135,545	12,179,221
Current assets
Debtors					17	12,727	373,042
Cash at bank and in hand						11,915,802	9,703,821
						11,928,529	10,076,863
Creditors: amounts	falling		due within one year		18	190,863	182,721
Net current assets						11,737,666	0,894,142
Total assets less current liabilities						22,873,211	22,073,363
Creditors: amounts	falling		due after more than one year		19	1,345,451	1,405,581
Net assets excluding		defined benefit pension		plan liability		21,527,760	20,667,782
Defined benefit pension		plan	liability		20	2,303,000	2,352,000
Net assets including		defined benefit pension		plan liability		19,224,760	18,315,782
Funds ofthe charity
Restricted funds						3,647,261	3,681,298
Unrestricted funds:
Defined benefit	pension		reserve			(2,303,000)	(2,352,000)
Other unrestricted		income funds				17,880,499	16,986,484
Total unrestricted	funds					15,577,499	14,634,484
Total charity funds					21	19,224,760	18,315,782

	Yea	r en	ded 31 March 2	021
				2021 f	2020 f
Cash flows from operating	activities
Net income				1,023,978	702,236
Adjustments for:
Depreciation oftangible fixed assets				95,107	106,680
Net gains on investments				(8,439)	(2,252)
Dividends, interest and rents	from investments			(184,868)	(310,840)
Interest payable and similar	charges			96,820	101,593
Gains on disposal oftangible	fixed assets			(444,482)	(171,503)
Defined benefit pension plan	employer	contributions		(249,000)	(245,000)
Accrued income				(715)	(14,228)
Changesin:
Trade and other debtors				360,315	297,564
Trade and other creditors				(937)	(53,918)
Cash generated from operations				687,779	410,332
Interest paid				(11,820)	(20,593)
Net cash from operating activities				675,959	389,739
Cash flows from investing	activities
Dividends, interest and rents	from investments			184,868	310,840
Purchase oftangible assets				(114,284)	(745,192)
Proceeds from sale oftangible assets				1,075,774	262,000
Proceeds from sale ofother	investments			440,000
Net cash from/(used in) investing activities				1,586,358	(172,352)
Cash flows from financing	activities
Proceeds from borrowings				(50,336)	(81,515)
Net cash used in financing activities				(50,336)	(81,515)
Net increase in cash and cash equivalents				2,211,981	135,872
Cash and cash equivalents	at beginning		ofyear	9,703,821	9,567,949
Cash and cash equivalents	at end of	year		11,915,802	9,703,821

Charitable	activities
			Unrestricted	Restricted	Total Funds
			Funds	Funds 6	2021 f
Donations,	giving and similar income		3,822,944	54,560	3,877,504
Legacy income			56,936		56,936
Fundraising	for buildings			103,097	103,097
Other charitable activity			180,959	100,118	281,077
Conference	income			1,280	1,280
			4,060,839	259,055	4,319,894
			Unrestricted	Restricted	Total Funds
			Funds	Funds f	2020 f
Donations,	giving and similar income		4,252,349	75,374	4,327,723
Legacy income			342,738		342,738
Fundraising	for buildings			417,352	417,352
Other charitable activity			308,877	314,551	623,428
Conference	income			1,440	1,440
			4,903,964	808,717	5,712,681
Investment	income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds f	2021 f	Funds	2020 F
Property income		177,805	177,805	294,432	294,432
Investment	income and interest
received		7,063	7,063	16,408	16,408
		184,868	184,868	310,840	310,840

Other incom	e
				Unrestricted	Total Funds	Unrestricted	Total Funds
				Funds f	2021 6	Funds	2020
Gain on disposal oftangible			fixed
assets held	for charity's	own	use	444,482	444,482	171,503	171,503
Job retention	scheme grant			461,964	461,964
				906,446	906,446	171,503	171,503

Expend	iture	on c	haritable	activities	by fund type
						Unrestricted	Restricted	Total Funds
						Funds	Funds	2021
						5	6
Annual	convention		and conferences
Missionary						19,170	250,621	269,791
Ministerial						2,652,170	151,721	2,803,891
Other						172,521	86,811	259,332
Church	admin					158,642		158,642
Support	costs					904,013		904,013
						3,906,516	489,153	4,395,669
						Unrestricted	Restricted	Total Funds
						Funds	Funds f	2020 5
Annual	convention		and conferences			11,137		11,137
Missionary						1,903	345,333	347,236
Ministerial						3,135,918	279,686	3,415,604
Other						357,647	255,818	613,465
Church	admin					171,373		171,373
Support	costs					936,225		936,225
						4,614,203	880,837	5,495,040
Expenditure		on charitable		activities	by activity type
					Activities
					undertaken		Total funds	Total fund
					directly Support costs F 6		2021 6	2020 f
Annual	convention		and conferences					11,137
Missionary					269,791		269,791	347,236
Ministerial					2,803,891	693,916	3,497,807	4,173,330
Other					259,332		259,332	613,465
Church	admin				158,642		158,642	171,373
Governance		costs				210,097	210,097	178,499
					3,491,656	904,013	4,395,669	5,495,040

Analysis of	suppor	t costs
					Church
		Missionary	Ministerial	Other	admin	Total 2021	Total2020
		F	6		6	6
Staff costs			435,667			435,667	390,708
Premises			187,193			187,193	208,658
Finance costs			11,820			11,820	20,593
Governance	costs	14,432	131,093	56,086	8,486	210,097	178,499
Other expenses			59,324			59,324	130,924
Travel and
accommodation			1,393			1,393	6,843
		14,432	826,490	56,086	8,486	905,494	936,225

	Support c	osts		above relate to	above relate to	specifically	identifiable s	upport activities	.
10.	Net gains	on		investments
							Unrestricted	Total Funds	Unrestricted	Total Funds
							Funds	2021	Funds	2020
							5	6	6
	Gains/(losses)			on listed	investments		8,439	8,439	2,252	2,252
11.	Net income
	Net income is			stated after charging/(crediting):
									2021 f	2020
	Depreciation		oftangible		fixed	assets			95,107	106,680
	Gains on	disposal oftangible				fixed assets			(444,482)	(171,503)
12.	Auditors	remuneration
									2021	2020
										f
	Fees payable			for the audit of		the financial	statements		22,500	24,000

					2021	2020
					6	R
P Doherty	(resigned		1	May 2020)		21,969
P Howells					23,013	22,452
M Chenery						35,705
A Matheson					33,028	32,141
C Hopkins					38,619	37,280
I Parker					32,700	28,000
TJack (resigned		1 May 2020				35,623
A Abiodun	(resigned		6June 2019)			22,159
STaylor					39,660	35,482
					167,020	270,811
Employer	Pension		Contributions
					2021f	2020
P Doherty (resigned			1	May 2020)		659
P Howells					2,231	2,177
M Chenery	(resigned		1 May 2020)			3,461
A Matheson					3,153	2,266
C Hopkins					1.132	1,117
I Parker					950	797
TJack (resigned		1 May 2020)				10,181
A Abiodun	(resigned		6June 2019)			2,010
STaylor					3,810	1,065
					11,276	23,733

				2021	2020f
P Doherty	(resigned		1 May 2020)		1,151
P Howells				110	1,846
M Chenery	(resigned		1 May 2020)		1,145
A Matheson				231	775
C Hopkins					80
I Parker				528	2,657
TJack (resigned		1 May 2020)			3,413
A Abiodun	(resigned		6June 2019)		136
6Taylor				98	927
D Bird				1,350
				2,317	12,130

Tangible fixed assets
		Long
	Freehold	leasehold	Fixtures and
	property	property f	fittings	Total
Cost
At 1 April 2020	12,550,047	128,927	467,133	13,146,107
Additions	109,188		5,096	114,284
Disposals	(683,390)			(683,390)
At 31 March 2021	11,975,845	128,927	472,229	12,57'7,001
Depreciation
At 1 April 2020	1,087,903	4,814	447,160	1,539,877
Charge for the year	87,147	2,579	5,381	95,107
Disposals	(52,099)			(52,099)
At 31 March 2021	1,122,951	7,393	452,541	1,582,885
Carrying amount
At 31 March 2021	10,852,894	121,534	19,688	10,994,116
At 31 March 2020	11,462,144	124,113	19,973	11,606,230

Investments
	Listed	Investment
	investmentsf	properties	Total 6
Cost or valuation
At 1 April 2020	132,991	440,000	572,991
Additions
Disposals Fair value movements	8,438	(440,000)	(440,000) 8,438
At 31March 2021	141,429		141,429
Impairment
At 1 April 2020 and 31 March 2021
Carrying amount
At 31March 2021	141,429		141,429
At 31 March 2020	132,991	440,000	572,991

Debtors
		2021	2020
		5
Prepayments	and accrued income	12,656	6,529
Other debtors		71	366,513
		12,727	373,042

18.	Creditors: amounts	falling due within one year
			2021 f	2020 f
	Bank loans and overdrafis		125,303	115,509
	Accruals and deferred	income	51,420	52,135
	Social security and other taxes		54	54
	Other creditors		14,086	15,023
			190,863	182,721
19.	Creditors: amounts	falling due after more than one year
			2021	2020
			6
	Bank loans and overdrafts		1)345)451	1 405 581

Changes in	the present	the present	the present	value of	the defined	the defined	the defined	benefit	benefit	obligations	are as follows:	are as follows:
										Unfunded		Funded
										Scheme		Scheme	Total
At 1 April 2020										1,190,000		3,626,000	4,816,000
Interest expense										24,000		81,000	105,000
Benefits paid										(121,000)		(159,000)	(280,000)
Remeasurements:
Actuadial	gains		and	losses						223,000		275,000	498,000
At 31 March	2021									1,316,000		3,823,000	5,139,000
Changes in the		fair value of plan			assets are			as	follows:
										Unfunded		Funded
										Scheme f		Scheme	Total
At 1 April 2020												2,464,000	2,464,000
Interest income												56,000	56,000
Benefits paid										(121,000)		(159,000)	(280,000)
Contributions	by		employer							121,000		128,000	249,000
Administrative		costs										(36,000)	(36,000)
Remeasurements;
Return on	plan		assets, excluding			amount		included
in interest	income											383,000	383,000
At 31 March	2021											2,836,000	2,836,000
The total costs		for the year in relation					to defined		benefit plans		are as follows:
			Unfunded		Scheme				Funded	Scheme		Total
				2021 f			2020 f		2021 f		2020 6	2021 6	2020 F
Recognised	in	income		or expenditure:
Net interest
expense				24,000			27,000		25,000		22,000	49,000	49,000
Administrative
costs									36,000		32,000	36,000	32,000
				24,000			27,000		61,000		54,000	85,000	81,000
Recognised	in	other recognised			gains and losses:
Remeasurement			ofthe	liability:
Actuarial gains
and losses				223,000		(137,000)			275,000		(36,000)	498,000	(173,000)
Return on	plan
assets,
excluding
amounts
included in net
interest											260,000	383,000	260,000
				223,000		(137,000)			658,000		224,000	881,000	87,000

The fai	r va	lue oft	he major categories of plan assets are	as follows:
				Funded	Scheme
				2021	2020
Cash and		cash equivalents		5.50	5.12
Insured	annuities		percentage	23.73	26.05
Net current		assets	percentage	70.77	68.83
The return		on plan	assets are as follows:
				Funded	Scheme
				2021	2020
Return	on	assets	ofbenefit plan	439,000	(198,000)

The principal actuarial	The principal actuarial	assumptions	assumptions	as at the statement of	financial position	date were:
				Unfunded	Scheme	Funded Scheme
				2021	2020	2021	2020
						'/o
Discount rate				1.50	2.10	1.90	2.30
Expected rate ofincrease			in pensions			3.30	2.60
Inflation assumption				2.60	2.00	2.50	2.00
Mortality rates:
Current pensioners		at 65 - male		86.80	86.30	86.80	86.30
Current pensioners Future pensioners	at 65 - female at65- male			89.10 87.80	88.20 87.40	89.10 87.80	88.20 87.40
Future pensioners	at 65		- female	90.20	89.50	90.20	89.50

		At				Gains and At
		1 Apr 2020 f	Income	Expenditure	Transfers	losses 31 Mar 2021 f f
General	funds	16986484	4,847,153	(3,765,516)	(196,061)	8,439 17,880,499
Defined	benefit
pension	schemes	(2,352,000)	305,000	(141,000)		(115,000) (2,303,000)
		14,634,484	5,152,153	(3,906,516)	(196,061)	(106,561) 15,577,499
		At				Gains and At
		1 Apr 2019	Income	Expendituref	Transfers f	losses 31 Mar 2020 f
General	funds	16,646,087	5,079,307	(4,471,203)	(269,959)	2,252 16,986,484
Defined	benefit
pension	schemes	(2,429,000)	307,000	(143,000)		(87,000) (2,352,000)
		14,217,087	5,386,307	(4,614,203)	(269,959)	(84,748) 14,634,484

Restricted	funds
		At				Gains and	At
		1 Apr 2020 F	Income F.	Expenditure f	Transfers f	losses F	31 Mar 2021 f
Missionary	fund		54,560	(250,621)	196,061
Building funds		2,727,872	103,097	(151,721)			2,679,248
Other restricted
income		953,426	101,398	(86,811)			968,013
		3,681,298	259,055	(489,153)	196,061		3,647,261
		At				Gains and	At
		1 Apr 2019 F.	Income F	Expenditure 5	Transfers F	losses f	31 Mar 2020
Missionary	fund		75,374	(345,333)	269,959
Building funds		2,590,206	417,352	(279,686)			2,727,872
Other restricted
income		893,253	315,991	(255,818)			953,426
		3,483,459	808,717	(880,837)	269,959		3,681,298

22.	Analysis ofnet ass	e	ts betw	een funds
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2021
					6
	Tangible fixed assets				9,910,653	1,083,463	10,994,116
	Investments				141,429		141,429
	Current assets				9,364,731	2,563,798	11,928,529
	Creditors less than	1	year		(190,863)		(190,863)
	Creditors greater than		1 year		(1,345,451)		(1,345,451)
	Defined benefit pension				(2,303,000)		(2,303,000)
	Net assets				15,577,499	3,647,261	19,224,760
					Unrestricted	Restricted	Total Funds
					Funds	Funds f	2020
	Tangible fixed assets				10,512,661	1,093,569	11,606,230
	Investments				572,991		572,991
	Current assets				7,489,134	2,587,729	10,076,863
	Creditors less than	1	year		(182,721)		(182,721)
	Creditors greater than		1 year		(1,405,581)		(1,405,581)
	Defined benefit pension				(2,352,000)		(2,352,000)
	Net assets				14,634,484	3,681,298	18,315,782
23.	Financial instruments
	The carrying amount		for each	category offinancial	instrument is as follows:
						2021 f	2020 6
	Financial assets measured			atfair value through	income and expenditure
	Listed investments					141,429	132,991

Analy	sis ofchanges in net debt
				At
		At 1 Apr 2020	Cash flows	31 Mar 2021
Cash	at bank and in hand	9,703,821	2,211,981	11,915,802
Debt	due within one year	(115,509)	(9,794)	(125,303)
Debt	due after one year	(1,405, 581)	60,130	(1,345,451)
		8,182,731	2,262,317	10,445,048