##
##
##
##
||||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|