2023-03-31-accounts

			Page
Trustees'	annual report
Independent auditor's		report to the members
Statement	of financial	activities	13
Statement	of financial	position	14
Statement	of cash flows		15
Notes to the financial		statements	16

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 Doherty			(Appointed	28 November	2022)
			Rev P Howells			(Resigned	22 November	2022)
			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
			E872BB
Solicitors			Waldrons
			Wychbury Court
			Brierley Hill
			DY5 1TA
			Quinn Legal
			The Beacon
			176St Vincent Street
			Glasgow
			G25SG

		Yea	r end	ed 31 March	2023
					2023		2022
				Unrestricted	Restricted
				funds	funds	Total funds	Total funds
			Note	2	2	6
Income and endowments
Charitable activities			4	4,651,069	330,896	4,981,965	4,883,151
Investment income			5	304,832		304,832	257,811
Other income			6	500,630		500,630	401,778
Total income				5,456,531	330,896	5,787,427	5,542,740
Expenditure
Expenditure on charitable		activities	7,8	4,744,629	645,329	5,389,958	4,886,812
Total expenditure				4,744,629	645,329	5,389,958	4,886,812
Net losses on investments			10	(6,936)		(6,936)	(4,488)
Net Income				704,966	(314,433)	390,533	651,440
Transfers between	funds			(201,932)	201,932
Other recognised	gains and losses
Actuarial gains on defined		benefit pension
schemes				521,000		521,000	228,000
Net movement in funds				1,024,034	(112,501)	911,533	879,440
Reconciliation offunds
Total funds brought	forward			16,512,853	3,591,347	20,104,200	19,224,760
Total funds carried	forward			17,536,887	3,478,846	21,015,733	20,104,200

						2023	2022
					Note	2	2
Fixed assets
Tangible fixed assets					15	12,519,438	10,325,095
Investments					16	130,005	136,941
						12,649,443	10,462,036
Current assets
Debtors					17	12,125	64,032
Cash at bank and in hand						10,705,106	12,690,209
						10,717,231	12,754,241
Creditors: amounts	falling		due within one year		18	221,484	148,906
Net current assets						10,495,747	12,605,335
Total assets less current			liabilities			23,145,190	23,067,371
Creditors: amounts	falling		due after more than one year		19	1,026,457	1,117,171
Net assets excluding		defined benefit pension		plan liability		22,118,733	21,950,200
Defined benefit pension		plan liability			20	1,103,000	1,846,000
Net assets including	defined benefit pension			plan liability		21,015,733	20,104,200
Funds ofthe charity
Restdcted funds						3,478,846	3,591,347
Unrestricted funds:
Defined benefit pension reserve						(1,103,000)	(1,846,000)
Other unrestricted		income funds				18,639,887	18,358,853
Total unrestricted funds						17,536,887	16,512,853
Total charity funds					21	21,015,733	20,104,200

	Yea	r en	ded 31 March 20	23
				2023	2022
					9
Cash flows from operating	activities
Net income				390,533	651,440
Adjustments for:
Depreciation oftangible fixed assets				124,881	97,983
Net losses on investments				6,936	4,488
Dividends, interest and rents	from investments			(304,832)	(257,811)
Interest payable and similar	charges			79,947	76,777
Gains on disposal oftangible	fixed assets			(344,536)	(280,421)
Defined benefit pension plan	employer	contributions		(290,000)	(296,000)
Accrued expenses				80,730	3,603
Changes /n:
Trade and other debtors				51,907	(51,305)
Trade and other creditors				(575)	(13,565)
Cash generated from operations				(205,009)	(64,811)
Interest paid				(11,947)	(9,777)
Net cash used in operating activities				(216,956)	(74,588)
Cash flows from investing	activities
Dividends, interest and rents	from investments			304,832	257,811
Purchase of tangible assets				(2,647,202)	(106,433)
Proceeds from sale of tangible assets				672,514	957,892
Net cash (used in)/from investing activities				(1,669,856)	1,109,270
Cash flows from financing	activities
Proceeds from borrowings				(98,291)	(260,275)
Net cash used in financing activities				(98,291)	(260,275)
Net (decrease)/Increase in	cash and	cash	equivalents	(1,985,103)	774,407
Cash and cash equivalents	at beginning		ofyear	12,690,209	11,915,802
Cash and cash equivalents	at end of	year		10,705,106	12,690,209

Charitable	activ	ities
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2023
			2		2
Donations,	giving and similar income		4,117,802	71,831	4,189,633
Legacy income			107,862		107,862
Fundraising	for buildings			73,491	73,491
Other charitable		activity	425,405	184,364	609,769
Conference	income			1,210	1,210
			4,651,069	330,896	4,981,965

Charitable	acti	vities (conttnued)
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			2	2
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	Total Funds	Unrestricted	Total Funds
					Funds	2023	Funds	2022
					2	2		2
Property	income				290,103	290,103	254,595	254,595
Investment		income	and	interest
received					14,729	14,729	3,216	3,216
					304,832	304,832	257,811	257,811

						Unrestricted	Total Funds	Unrestricted	Total Funds
						Funds	2023	Funds	2022
						2	2	2
Gain on disposal of		tangible		fixed
assets held	for charity's		own	use		344,536	344,536	280,421	280,421
Job retention	scheme grant							121,357	121,357
Gain on revaluation		of	tangible		fixed
assets held	for charity's		own	use		156,094	156,094
						500,630	500,630	401,778	401,778

Expend	iture	on charitable	activities	by fund type
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2023
					2	2	2
Missionary					15,568	273,763	289,331
Ministerial					3,274,953	258,093	3,533,046
Other					205,027	113,473	318,500
Church	admin				171,644		171,644
Support	costs				1,077,437		1,077,437
					4,744,629	645,329	5,389,958
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2022
					2	2
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
Expenditure		on charitable	activities	by activity type
				Activities
				undertaken		Total funds	Total fund
				directly Support costs		2023	2022
						8	2
Missionary				289,331		289,331	371,606
Ministerial				3,533,046	906,900	4,439,946	3,752,345
Other				318,500		318,500	390,326
Church	admin			171,644		171,644	164,533
Governance		costs			170,537	170,537	208,002
				4,312,521	1,077,437	5,389,958	4,886,812

					Church
		Missionary f	Ministerial 2	Other 2	admin 2	Total 2023 2	Total 2022
Staff costs			500,549			500,549	469,760
Premises			239,951			239,951	239,090
Finance costs			11,947			11,947	9,777
Governance	costs	9,658	124,804	30,345	5,730	170,537	208,002
Other expenses			152,942			152,942	69,926
Travel and
accommodation			1,511			1,511	1,520
		9,658	1,031,704	30,345	5,730	1,077,437	998,075

10.	Net losses o	n Inv	estm	en	ts
								Unrestricted		Total Funds		Unrestricted	Total	Funds
									Funds		2023	Funds		2022
														2
	Gains/(losses)	on listed		investments					(6,936)		(6,936)	(4,488)	(4,488)
11.	Net Income
	Net income is stated after				charging/(crediting):
												2023		2022
	Depreciation	of tangible		fixed		assets						124,881	97,983
	Gains on disposal oftangible					fixed	assets					(344,536)	(280,421)
12.	Auditors remuneration
												2023		2022
												2
	Fees payable	for the audit			of	the financial		statements				24,000	23,000
13.	Staff costs
	The total staff	costs and		employee			benefits for		the reporting		period are analysed as		follows:
												2023		2022
														2
	Wages and salaries											2,441,708	2,251,067
	Employer contributions			to	pension		plans					75,438	76,649
												2,517,146	2,327,716
	The average	head	count		of	employees		during the year			was 125	(2022: 127).	The average
	number of full-time		equivalent			employees		during the year is			analysed as follows:
												2023
												No.
	Number of staff											77

Gross Salary
	2023	2022
P Howells	55,138	23,243
A Matheson	40,655	39,471
C Hopkins	39,993	38,141
I Parker	34,562	34,000
STaylor	41,525	39,866
P Doherty	21,257	19,741
	233,130	194,462
Employer Pension Contributions
	2023	2022
P Howells	3,210	2,253
A Matheson	4,003	3,758
C Hopkins	3,957	3,683
I Parker	997	959
STaylor	4,109	3,858
P Doherty	3,377	2,229
	19,653	16,740

Tangible fixed assets
		Long
	Freehold	leasehold	Fixtures and
	property	property	fittings	'Total
	6	2		6
Cost
At 1 April 2022	11,088,710	128,927	482,208	11,699,845
Additions	2,597,321		49,881	2,647,202
Disposals Revaluations	(548,171) 156,094			(548,171) 156,094
At 31 lillarch 2023	13,293,954	128,927	532,089	13,954,970
Depreciation
At 1 April 2022	906,478	9,972	458,300	1,374,750
Charge for the year	99,574	2,579	22,728	124,881
Disposals	(64,099)			(64,099)
At 31 March 2023	941,953	12,551	481,028	1,435,532
Carrying amount
At 31 March 2023	12,352,001	116,376	51,061	12,519,438
At 31 March 2022	10,182,232	118,955	23,908	10,325,095

Investments
	Listed
	investments
Cost or valuation
At 1 April 2022	136,941
Additions
Fair value movements	(6,936)
At 31 March 2023	130,005
Impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023	130,005
At 31 March 2022	136,941
All investments shown above are held at valuation.
Financial assets held at fair value

17.	with a report issued f Debtors	rom the broker.
			2023	2022
	Prepayments and accrued income		6,340	1,957
	Other debtors		5,785	62,075
			12,125	64,032
18.	Creditors: amounts	falling due within one year
			2023	2022
	Bank loans and overdrafts		85,731	93,308
	Accruals and deferred	income	135,753	55,023
	Other creditors			575
			221,484	148,906
19.	Creditors: amounts	falling due after more than one year
			2023	2022
	Bank loans and overdrafts		1,026,457	1,117,171

		Year en	Year en	Year en	Year en	ded 3	1 March 2	023
20.	Pensions and	other post retirement				benefits	(continued)
	The statement	of financial	position		net	defined	benefit liability is determined			as follows:
		Unfunded		Scheme			Funded Scheme			Total
			2023			2022	2023	2022		2023	2022
			2				2	2		8
	Present value	of
	defined benefit
	obligations	(979,000)		(1,184,000)			(2,691,000)	(3,425,000)	(3,670,000) (4,609,000)
	Fair value of plan
	assets						2,567,000	2,763,000	2,567,000		2,763,000
		(979,000)		(1,184,000)			(124,000)	(662,000)	(1,103,000) (1,846,000)

Changes in the present value ofthe	defined	benefit obligations are as	follows:
		Unfunded	Funded
		Scheme	Scheme	Total
		2	2
At 1 April 2022		1,184,000	3,425,000	4,609,000
Interest expense		28,000	87,000	115,000
Benefits paid		(90,000)	(136,000)	(226,000)
Remeasurements:
Actuarial gains and losses		(143,000)	(685,000)	(828,000)
At 31 Iiilarch 2023		979,000	2,691,000	3,670,000
Changes in the fair value of plan assets are		as follows:
		Unfunded	Funded
		Scheme f	Scheme	Total f
At 1 April 2022			2,763,000	2,763,000
Interest income			73,000	73,000
Benefits paid		(90,000)	(136,000)	(226,000)
Contributions by employer		90,000	200,000	290,000
Administrative costs			(26,000)	(26,000)
Remeasurements:
Return on plan assets, excluding	amount	included
in interest income			(307,000)	(307,000)
At 31 March 2023			2,567,000	2,567,000

Pensions and other post retirement	Pensions and other post retirement	Pensions and other post retirement	Pensions and other post retirement	Pensions and other post retirement	Pensions and other post retirement	benefits	(cuuriuuuu)	(cuuriuuuu)
The total costs for the year in relation						to defined	benefit plans are		as follows:
				Unfunded	Scheme		Funded Scheme			Total
				2023		2022	2023	2022		2023	2022
				2		2	2		2	2	E
Recognised		in income or expenditure:
Net interest
expense				28,000		19,000	14,000	17,000		42,000	36,000
Administrative
costs							26,000	31,000		26,000	31,000
				28,000		19,000	40,000	48,000		68,000	67,000
Recognised	in other			recognised	gains	and losses:
Other costs	in
other recognised
gains/losses		user
defined 1							87,000			87,000
Remeasurement			ofthe liability:
Actuarial	gains
and losses				(143,000)	(39,000)		(772,000)	(293,000)		(915,000)	(332,000)
Return on		plan
assets,
excluding
amounts
included	in	net
interest							307,000	104,000		307,000	104,000
				(143,000)	(39,000)		(378,000)	(189,000)		(521,000)	(228,000)

The fair value ofthe major categories of plan assets are as follows:	The fair value ofthe major categories of plan assets are as follows:
		Funded	Scheme
		2023	2022
		'/0	'/o
Cash and cash equivalents		7.56	7.75
Insured annuities	percentage	17.45	21.17
Net current assets percentage		74.99	71.08
The return on plan assets are as follows:
		Funded	Scheme
		2023	2022
		2
Return on assets	of benefit plan	(234,000)	(50,000)

Pensions and other	Pensions and other	post retireme	post retireme	nt benefits (continued)
The principal actuarial		assumptions		as at the statement of	financial position	date were:
				Unfunded	Scheme	Funded Scheme
				2023	2022	2023	2022
						0/	0/
Discount rate				4.50	2.50	4.50	2.60
Expected rate of increase			in pensions			3.00	3.60
Inflation assumption				2.25	3.50	2.25	2.95
Mortality rates:
Current pensioners		at 65 - male		86.20	86.80	86.20	86.80
Current pensioners		at 65 - female		88.70	89.10	88.70	89.10
Future pensioners	at 65		- male	87.20	87.80	87.20	87.80
Future pensioners	at 65		- female	89.80	90.30	89.80	90.30

		At				Gains and	At
		1 Apr 2022	Income	Expenditure	Transfers	losses 31 Mar 2023
		6		2
General	funds	18358853	5,093,531	(4,603,629)	(201,932)	(6,936)	18,639,887
Defined	benefit
pension	schemes	(1,846,000)	363,000	(141,000)		521,000	(1,103,000)
		16,512,853	5,456,531	(4,744,629)	(201,932)	514,064	17,536,887
		At				Gains and	At
		1 Apr 2021	Income	Expenditure	Transfers	losses 31 Mar 2022
		2				F
General	funds	17,880,499	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

Restricted	funds
		At				Gains and	At
		1 Apr 2022	Income	Expenditure	Transfers	losses 31 Mar 2023
		2		2	2	2	2
Missionary	fund		71,831	(273,763)	201,932
Building funds		2,596,236	73,491	(258,093)			2,411,634
Other restricted
income		995,111	185,574	(113,473)			1,067,212
		3,591,347	330,896	(645,329)	201,932		3,478,846
		At				Gains and	At
		1 Apr 2021 2	Income f	Expenditure 2	Transfers 2	losses 31 Mar 2022 2 2
Missionary	fund		42,097	(342,778)	300,681
Building funds		2,679,248	87,807	(170,819)			2,596,236
Other restricted
income		968,013	217,945	(190,847)			995,111
		3,647,261	347,849	(704,444)	300,681		3,591,347

Analysis of net as	se	t	s betw	een funds
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2023
							6
Tangible fixed assets					11,612,909	906,529	12,519,438
Investments					130,005		130,005
Current assets					8,144,914	2,572,317	10,717,231
Creditors less than	1	year			(221,484)		(221,484)
Creditors greater than			1 year		(1,026,457)		(1,026,457)
Defined benefit pension					(1,103,000)		(1,103,000)
Net assets					17,536,887	3,478,846	21,015,733
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2022
					2	2
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
Financial instruments
The carrying amount		for each		category offinancial	instrument is as follows:
						2023	2022
						6	8
Financial assets measured				at fair value through	income and expenditure
Listed investments						130,005	136,941

Anal	ysis ofchanges in net debt
				At
		At1 Apr 2022	Cash flows	31 Mar 2023
			2	2
Cash	at bank and in hand	12,690,209	(1,985,103)	10,705,106
Debt	due within one year	(93,308)	7,577	(85,731)
Debt	due after one year	(1,117,171)	90,714	(1,026,457)
		11,479,730	(1,886,812)	9,592,918