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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|
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|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||||
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|||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|
##
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||||||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|
##
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||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|
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|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|
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|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|
##
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|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|
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|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|
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||||||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|
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|||||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|
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|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|
##
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##
|Debtors||||
|---|---|---|---|
|||2021|2020|
|||5||
|Prepayments|and accrued income|12,656|6,529|
|Other debtors||71|366,513|
|||12,727|373,042|
##
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##
|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|
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|Changes
in|the present|the present|the present|value of|the defined|the defined|the defined|benefit|benefit|obligations|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|
##
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##
|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|
##
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##
|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|
##
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##
|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|