2022-03-31-accounts

			Page
Trustees'	annual report
Independent auditor's		report to the members
Statement	offinancial	activities	12
Statement	offinancial	position	13
Statement	ofcash flows		14
Notes to the financial		statements

Reference and administrative	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
				Brierley Hill
				DY5 1TA
				Quinn Legal
				The Beacon
				176StVincent Street
				Glasgow
				G2 5SG

			Year ende	d 31 March	2022
					2022		2021
				Unrestricted	Restricted
				funds	funds	Total funds	Total funds
			Note	8	E	8
Income and endowments
Charitable activities			4	4,535,302	347,849	4,883,151	4,319,894
Investment income			5	257,811		257,811	184,868
Otherincome			6	401,778		401,778	906,446
Total income				5,194,891	347,849	5,542,740	5,411,208
Expenditure
Expenditure on charitable activities			7,8	4,182,368	704,444	4,886,812	4,395,669
Total expenditure				4,182,368	704,444	4,886,812	4,395,669
Net (losses)/gains	on investments		10	(4,488)		(4,488)	8,439
Net income				1,008,035	(356,595)	651,440	1,023,978
Other recognised	gains and losses
Actuarial gains/(losses)		on defined	benefit
pension schemes				228,000		228,000	(115,000)
Net movement in	funds			1,236,035	(356,595)	879,440	908,978
Reconciliation of	funds
Total funds brought	forward			15,577,499	3,647,261	19,224,760	18,315,782
Total funds carried forward				16,813,534	3,290,666	20,104,200	19,224,760

						Note	2022 f	2021f
Fixed assets
Tangible fixed assets						15	10,325,095	10,994,116
Investments						16	136,941	141,429
							10,462,036	11,135,545
Current assets
Debtors						17	64,032	12,727
Cash at bank and in	hand						12,690,209	11,915,802
							12,754,241	11,928,529
Creditors: amounts		falling		due within one year		18	148,906	190,863
Net current assets							12,605,335	11,737,666
Total assets less current				liabilities			23,067,371	22,873,211
Creditors: amounts		falling		due after more than one year		19	1,117,171	1,345,451
Net assets excluding			defined benefit pension		plan liability		21,950,200	21,527,760
Defined benefit pension			plan liability			20	1,846,000	2,303,000
Net assets including		defined benefit pension			plan liability		20,104,200	19,224,760
Funds ofthe charity
Restricted funds							3&591&347	3647 261
Unrestricted funds:
Defined benefit		pension reserve					(1&846,000)	(2,303,000)
Other unrestricted			income funds				18,358,853	17,880,499
Total unrestricted	funds						16,512,853	15,577,499
Total charity funds						21	20,104,200	19,224,760

	Yea	r en	ded 31 March 2	022
				2022	2021
Cash flows from operating	activities
Net income				651,440	1,023,978
Adjustments for:
Depreciation oftangible fixed assets				97,983	95,107
Net (losses)/gains on investments				4,488	(8,439)
Dividends, interest and rents	from investments			(257,811)	(184,868)
Interest payable and similar charges				76,777	96,820
Gains on disposal oftangible	fixed assets			(280,421)	(444,482)
Defined benefit pension plan	employer	contributions		(296,000)	(249,000)
Accrued expenses/(income)				3,603	(715)
Changesin:
Trade and other debtors				(51,305)	360,315
Trade and other creditors				(13,565)	(937)
Cash generated from operations				(64,811)	687,779
Interest paid				(9,777)	(11,820)
Net cash (used in)/from operating activities				(74,588)	675,959
Cash flows from investing	activities
Dividends, interest and rents	from investments			257,811	184,868
Purchase oftangible assets				(106,433)	(114,284)
Proceeds from sale oftangible assets				957,892	1,075,774
Proceeds from sale of other	investments				440,000
Net cash from investing activities				1,109,270	1,586,358
Cash flows from financing	activities
Proceeds from borrowings				(260,275)	(50,336)
Net cash used in financing activities				(260,275)	(50,336)
Net increase in cash and cash equivalents				774,407	2,211,981
Cash and cash equivalents	at beginning		ofyear	11,915,802	9,703,821
Cash and cash equivalents	at end of	year		12,690,209	11,915,802

Charitable	activ	ities
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
				6
Donations,	giving and similar income		4,132,921	42,097	4,175,018
Legacy income			105,062		105,062
Fundraising	for buildings			87,807	87,807
Other charitable		activity	297,319	216,685	514,004
Conference	income			1,260	1,260
			4,535,302	347,849	4,883,151
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			F	F	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	Total Funds	Unrestricted	Total Funds
					Funds 6	2022 8	Funds 6	2021 f
Property	income				254,595	254,595	177,805	177,805
Investment		income	and	interest
received					3,216	3,216	7,063	7,063
					257,811	257,811	184,868	184,868

Other incom	e
				Unrestricted	Total Funds	Unrestricted	Total Funds
				Funds 5	2022 5	Funds f	2021 5
Gain on disposal oftangible			fixed
assets held	for charity's	own	use	280,421	280,421	444,482	444,482
Job retention	scheme grant			121,357	121,357	461,964	461,964
				401,778	401,778	906,446	906,446

Expend	iture on charitable activit	ies by fund type
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2022
		F	5
Missionary		28,828	342,778	371,606
Ministerial		2,791,453	170,819	2,962,272
Other		199,479	190,847	390,326
Church	admin	164,533		164,533
Support	costs	998,075		998,075
		4,182,368	704,444	4,886,812
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2021
			5	5
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	casts	904,013		904,013
		3,906,516	489,153	4,395,669

Expend	iture	on charitable a	ctivities by activity typ	e
			Activities
			undertaken		Totalfunds	Total fund
			directly	Support casts	2022	2021
				F	8	F
Missionary			371,606		371,606	269,791
Ministerial			2,962,272	790,073	3,752,345	3,497,807
Other			390,326		390,326	259,332
Church	admin		164,533		164,533	158,642
Governance		costs		208,002	208,002	210,097
			3,888,737	998,075	4,886,812	4,395,669

Analysis of	suppor	t costs
					Church
		Missionary	Ministerial	Other	admin	Total 2022	Total 2021
			F	F	F	5	F
Staff costs			469,760			469,760	435,667
Premises			239,090			239,090	187,193
Finance costs			9,777			9,777	11,820
Governance	costs	18,009	143,555	38,464	7,974	208,002	210,097
Other expenses			69,926			69,926	57,843
Travel and
accommodation			1,520			1,520	1,393
		18,009	933,628	38,464	7,974	998,075	904,013

10.	Net (loss	es)/g	ains on invest	ments
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2022	Funds	2021
					E	E	E	F
	Gains/(losses)		on listed investments		(4,488)	(4,488)	8,439	8,439
11.	Net income
	Net income is stated after charging/(crediting):
							2022	2021
							E	F
	Depreciation		oftangible fixed	assets			97,983	95,107
	Gains on	disposal oftangible		fixed assets			(280,421)	(444,482)
12.	Auditors	remuneration
							2022	2021
							E
	Fees payable		for the audit of	the financial	statements		23,000	22,500

Staff costs
The total staff	costs	and	employee			benefits for the reporting			period are analysed as		follows:
										2022	2021
										E	E
Wages and salaries										2,251,067	2,315,342
Employer contributions			to	pension		plans				76,649	68,615
										2,327,716	2,383,957
The average	head	count		of	employees		during	the year	was 127	(2021: 133).	The average
number of full-time		equivalent			employees		during the year is		analysed	as follows:
										2022
										No.
Number ofstaff										86

Gross Salary
	2022	2021
P Howells	23,243	23,013
A Matheson	39,471	33,028
C Hopkins	38,141	38,619
I Parker	34,000	32,700
STaylor	39,866	39,660
	174,721	167,020
Employer Pension Contributions
	2022	2021
	E	E
P Howells	2,253	2,231
A Matheson	3,758	3,153
C Hopkins	3,683	1,132
I Parker	959	950
STaylor	3,858	3,810
	14,511	11,276

Y Tangible fixed assets	ear ended 31 March	2022
		Long
	Freehold	leasehold	Fixtures and
	property 6	property	fittings	Total f
Cost
At 1 April 2021	11,975,845	128,927	472,229	12,577,001
Additions	89,165		17,268	106,433
Disposals	(976,300)		(7,289)	(983,589)
At 31 March 2022	11,088,710	128,927	482,208	11,699,845
Depreciation
At 1 April 2021	1,122,951	7,393	452,541	1,582,885
Charge for the year	82,356	2,579	13,048	97,983
Disposals	(298,829)		(7,289)	(306,118)
At 31 March 2022	906,478	9,972	458,300	1,374,750
Carrying amount
At 31 March 2022	10,182,232	118,955	23,908	10,325,095
At 31 March 2021	10,852,894	121,534	19,688	10,994,116

Investments
	Listed
	investments
Cost or valuation
At 1 April 2021	141,429
Additions
Fair value movements	(4,488)
At 31 March 2022	136,941
Impairment
At 1 April 2021 and 31 Nlarch 2022
Carrying amount
At 31 liilarch 2022	136,941
At 31 March 2021	141,429

17.	with a report i Debtors	ssued fr	om the broker.
				2022	2021
				E	E
	Prepayments	and accrued income		1,957	12,656
	Other debtors			62,075	71
				64,032	12,727
18.	Creditors: amounts		falling due within one year
				2022	2021
				E
	Bank loans and overdrafis			93,308	125,303
	Accruals and	deferred	income	55,023	51,420
	Social security	and other taxes			54
	Other creditors			575	14,086
				148,906	190,863
19.	Creditors: amounts		falling due after more than one year
				2022	2021
				E	E
	Bank loans and overdrafts			1,117,171	1,345,451

Changes in the	Changes in the	present value of	present value of	the	defined	defined	benefit	obligations	obligations	are as follows:	are as follows:
									Unfunded		Funded
									Scheme		Scheme	Total
										r.	E	E
At 1 April 2021									1,316,000		3,823,000	6,139,000
Interest expense									19,000		71,000	90,000
Benefits paid									(112,000)		(176,000)	(288,000)
Remeasurements:
Actuarial gains			and losses						(39,000)		(293,000)	(332,000)
At 31 March	2022								1,184,000		3,425,000	4,609,000
Changes in the		fair value of plan		assets are			as follows:
									Unfunded		Funded
									Scheme		Scheme	Total
										E	E
At 1 April 2021											2,836,000	2,836,000
Interest income											54,000	54,000
Benefits paid									(112,000)		(176,000)	(288,000)
Contributions	by		employer						112,000		184,000	296,000
Administrative		costs									(31,000)	(31,000)
Remeasurements:
Return on	plan		assets, excluding		amount		included
in interest	income										(104,000)	(104,000)
At 31 March	2022										2,763,000	2,763,000
The total costs		for the year in relation				to defined benefit plans				are as follows:
			Unfunded	Scheme			Funded		Scheme		Total
			2022 E			2021	2022 f			2021	2022 E	2021 f
Recognised	in	income or expenditure:
Net interest
expense												49,000
Administrative
costs							31,000			36,000	31,000	36,000
			19,000			24,000	48,000			61,000	67,000	85,000
Recognised	in	other recognised		gains		and losses:
Remeasurement			ofthe liability:
Actuarial gains
and losses			(39,000)		223,000		(293,000)			275,000	(332,000)	498,000
Return on	plan
assets,
excluding
amounts
included in net
interest							104,000			383,000	104,000	383,000
			(39,000)		223,000		(189,000)			658,000	(228,000)	881,000

The fair va	lue oft	he major categories of plan assets are a	s follows:
			Funded	Scheme
			2022	2021
Cash and	cash equivalents		7.75	5.50
Insured annuities		percentage	21.17	23.73
Net current	assets	percentage	71.08	70.77
The return	on plan	assets are as follows:

Funded	Scheme
2022	2021
	5
(50,000)	439,000

The principal actuarial assumptions	The principal actuarial assumptions	as at the	statement of	financial position date were:	financial position date were:	financial position date were:
			Unfunded	Scheme	Funded Scheme
			2022	2021	2022	2021
Discount rate			2.50	1.50	2.60	1.90
Expected rate ofincrease in pensions					3.60	3.30
Inflation assumption			3.50	2.60	2.95	2.50
Mortality rates; Current pensioners	at 65- male		86.80	86.80	86.80	86.80
Current pensioners Future pensioners	at 65 - female at65- male		89.10 87.80	89.10 87.80	89.10 87.80	89.10 87.80
Future pensioners	at 65 - female		90.30	90.20	90.30	90.20
Analysis ofcharitable funds
Unrestricted funds
	At				Gains and	At
	1 Apr 2021 F	Income 8	Expenditure f	Transfers F	losses 31 Mar 2022 5
General funds	17880499	4,844,891	(4,061,368)	(300,681)	(4,488)	18,358,853
Defined benefit
pension schemes	(2,303,000)	350,000	(121,000)		228,000	(1,846,000)
	15,577,499	5,194,891	(4,182,368)	(300,681)	223,512	16,512,853
	At				Gains and	At
	1 Apr 2020	Income 8	Expenditure	Transfers F	losses 31 Mar 2021 f 8
General funds	16,986,484	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

Restricted	funds
		At				Gains and	At
		1 Apr 2021	Income	Expenditure	Transfers	losses 31	Mar 2022
			F	E	E	F
Missionary	fund		42,097	(342,778)	300,681
Building funds		2,679,248	87,807	(170,819)			2,596,235
Other restricted
income		968,013	217,945	(190,847)			995,111
		3,647,261	347,849	(704,444)	300,681		3,591,347
		At				Gains and	At
		1 Apr 2020	Income	Expenditure	Transfers	losses 31	Mar 2021
			6	6			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

22.	Analysis of net ass	e	ts betw	een funds
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2022
					F
	Tangible fixed assets				9,409,817	915,278	10,325,095
	Investments				136,941		136,941
	Current assets				10,078,172	2,676,069	12,754,241
	Creditors less than	1	year		(148,906)		(148,906)
	Creditors greater than		1 year		(1,117,171)		(1,117,171)
	Defined benefit pension				(1,846,000)		(1,846,000)
	Net assets				16,512,853	3,591,347	20,104,200
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2021
					5		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
23.	Financial instruments
	The carrying amount		for each	category offinancial	instrument is as follows
						2022	2021
						6	6
	Financial assets measured			at fair value through	Income and expenditure
	Listed investments					136,941	141,429

Analy	sis ofchanges in net debt
				At
		At 1 Apr 2021	Cash flows	31 Mar 2022
			F	6
Cash	at bank and in hand	11,915,802	774,407	12,690,209
Debt	due within one year	(125,303)	31,995	(93,308)
Debt	due after one year	(1,345,451)	228,280	(1,117,171)
		10,445,048	1,034,682	11,479,730