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||||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||
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|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||||
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||||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|
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|||||||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|
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||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|
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|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|
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|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|
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|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||
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|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|
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|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|
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|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|
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|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|
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|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|
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|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|
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|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|