CHARITY REGISTRATION NUMBER: 284789
OSCR REGISTRATION NUMBER: SC037835
The Apostolic Church
Financial Statements
31 March 2024
BURGESS HODGSON LLP
Chartered accountants & stalutory auditor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN

The Apostolic Church
Flnanclal Statements
Year ended 31 March 2024
Page
Truslees, 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

The Apostolic Church
Trustees, Annual Report
Year ended 31 March 2024
The Iruslees present their report and the financial statements of the charity lor the year ended
31 March 2024.
Introduction
l am delighted lo present on behalf ol the Trustees of the charity (The Apostolic Church UK) their
report lor the period April 1 sl 2023 to March 31 sl 2024.
There have been extraordinary changes in our world, politically, culturally, even our climate has been
changing. However, one thing has not changed, just as He promised, Jesus has been building His
churchl
Our extensive repositioning and reslrucluring as a ¢harily over the past three years has enabled us to
robust enough lo rise to the challenges and flexible enough to pivot towards the greal
opportunities.
In the following pages, the Trustees seek to outline a picture ol the national church at work from April
2023 to March 2024. We do so with hearts grateful to God for His faithfulness lo His people for their
labours in His Name and lor His Glory.
Rev I Parker
National Leader

The Apostolic Church
Trustees. Annual Report {conllnued)
Year ended 31 March 2024
Reference and administrative details
Registered charity name
The Apostolic Church
Charity registration number
284789
Principal off ice
105 Crystal House
New Bedford Road
Lulon
LU1 1HS
The tru$tees
Rev P Doherty
Rev A Malheson
Rev D Bird
Rev C Hopkins
Rev A Skene
Rev I Parker
Rev S Taylor
(Appointed 18 April 20231
Audltor
Burgess Hodgson LLP
Chartered accounlanls & statutory auditor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT13DN
Bankers
The Floyal Bank ol Scotland PLC
13-14 Walter Road
Swansea
SA1 5NG
Barclays Bank IUKI PLC
Lulon George Sireel 2
Leicester
LE87 2BB
Soll¢ltors
Waldrons
Wychbury Court
Brierley Hill
DY5 1TA
Quinn Legal
The Beacon
176 Si Vincent Sireel
Glasgow
G2 5SG

The Apostolic Church
Trustees. Annual Report {conllnued)
Year ended 31 March 2024
Structure, governance and management
The charity is an unincorporated organisation governed by a constitution, the last amendment of which
was approved in 2018.
The activities of the charity are overseen by Trustees, appointed lor a period consislenl with that ol the
National Leader. Trustees carry responsibility lor the spiritual life of the church as well as the business
and financial activities that undergird ils ministry. The range ol activities is extensive, the geographical
reach is vast, and the level of complexily increases year by year.
The Trustees are supported by the ministry ol apostolic leaders who share the spiritual burden ol
leadership, and a team responsible for the administrative and financial business ol the charity.
As previously reported the Trustees have decided Ihal the present unin¢orporaled structure is no
longer the most appropriate legal slruclure.
The church functions as a single entity with diverse expressions throughout the country. The diversity
of expression is determined by the skillsets ol the leaders and congregations, the nature of the
community in which a local chur¢h may serve and the extenl lo which they are able lo use their
available resources.
Local churches relate to each other through an apostolic leader ol their choice and relate to the
national enlily by means ol a range ol reporting features that lake account of key business and
administrative indicators.
Each local church, though empowered lo be creative and innovative, even unique in its expression,
remains commilled to a primary task, that of communicating the Gospel lo ils community and seeking
lo disciple believers towards Christian malurily.
The church at national level, through ils leadership functions, remains responsible for accrediting
ministers, reviewing performance, appointing officials and stall, developing policy, managing our
properly portfolio, overseeing stall, legal issues, maintaining corporate standards and determining,
shaping and monitoring our financial and business practices, elc.
Public Benefit
The Church conducts its activities in the belief that il serves a public benefit by virtue ol its mission lo
advance the Christian faith and relieve suffering and that ils activtties meet the Charity Commission's
guidance in respect of Public Benefit.

The Apostolic Church
Trustees. Annual Report {conllnued)
Year ended 31 March 2024
Objectives and activities
The charity Ilhe church) exists as a legal entity in which the church conducts ils legal allairs as il
seeks lo lulfil ils missional mandate in the UK and beyond.
In human terms, leadership is paramount, and the church seeks lo prepare, encourage and support
leaders as they seek to bring the ministry of Christ lo various villages, towns and cities across the UK.
The church is made up ol many congregations, each with ils own mission field, and each with ils
resources and slrenglhs. Our key strategy is to provide a support mechanism lor leaders as they seek
to support those they lead. Mission drift is always possible and the church endeavours lo slate and
reslale its primary purpose so that any drill is arrested early.
The primary obje¢live ol the church is lo reveal Christ to the nation through a network ol local
churches. Our main activities are those asso¢iated with the local ¢hurch praying, prea¢hing,
worshipping, learning, serving, and witnessing in many ways. The ¢hurch will. in addition, advo¢ate for
the wellbeing ol Ihe poor and disadvantaged, care for the sick and lonely and address issues that may
have social relevance. The church will seek lo use the plattorm provided by the Gospel to
communicate Christ lo the nation.

The Apostolic Church
Trustees. Annual Report {conllnued)
Year ended 31 March 2024
Achievements and performance
The Trustees believe we are a stronger entity, having learned, and still continuing lo learn, the lessons
from the pandemic, Black Lives Maller IBLMI and other cultural and economic shills. We are not only
stronger, we are also healthier as we've risen lo our true raison d'elre, which is mission
with a
refreshed missional locus and an intergeneralional, inlercullural community ol lailh.
The undergirding ol the local church is an absolute priority, as without the local church there would be
no National Church. We are investing in a national team wiihout burdening the local church with
further costs. This is being done through the rental of surplus properties and means the local churches
gel much more value for their contribution than ever before. The National Church now provides..
An increasingly agile and adept National Office lor the support ol local assemblies.
Additional national roles including a safeguarding offi¢er, operations director, multimedia
communi¢alions specialist, national dire¢lors ol Youth work and Children's work, a dire¢lor of training,
and overseas administrative support for ReACh groups
Training and Leadership Development is delivered through Next Sessions, theological training via
Acts Divinity, and dedicated leaching video resources.
Conferences and gatherings for strengthening and networking.
The benefit ol these changes is being felt in growing local churches.
The CIO
One ol the major areas ol change for The Apostolic Church, was the decision lo reconslilute from an
unincorporated charity lo an incorporated charity, allording us a unique opportunity to further
reslruclure delivery ol our mission.
Overseas trips and field development
The newly formed AC FleACh groups have all begun the process ol collaborating and envisioning
apostolic missional expression in each ol the regions ol the world for which they are responsible. This
has meant the activity ol intentionally reconnecting with existing fields and the pioneering of fresh
missional connections and expression through ReACh groups has begun in earnest. Small teams
have been travelling widely and initial results are very encouraging.
Exarnples ol Ihis collaboration and facilitation, are our ongoing relationships with the Hungary and
Malawi Apostolic churches, bringing relief in times of real crisis. In collaboration with other European
churches we have delivered, through the church in Hungary, aid lor those sullering in Ukraine. In
Malawi. relief money was donated lo help with the ¢risis following the annual cyclone season which
inflicted flooding and devastation across the nation. Causing loss of lrfe and the widespread destruction
of property and crops. Famine became a major issue and so our partnership enabled the Malawi AC
to buy food for starving families using ILJnds generously given by ACUK churches.
Training
ACUK'S training strategy over the previous four years has been to inlensily leadership development
and lill a leadership vacuum by offering two dislincl training pathways, the Balon Course and the
Leadership Academy. Both were excellent courses and between them they delivered over 150
graduates, many now recognised ministers, some church planters, and many officers of the church.
In 2023 the decision was made lo lake a fresh approach lo our leadership development and further

The Apostolic Church
Trustees. Annual Report {conllnued)
Year ended 31 March 2024
extend and capilalise on the great opportunities lor equipping leaders in collaboration with our newly
formed ReACh groups, seeking lo train, or lacililale training overseas.
Dr Jonathan Black and a small team have been working hard lo deliver the new training program,
ACTS Divinity, a Iwo-year course that is entirely built lo amplify AC DNA, doctrinal distinctives, culture
and practice, in a relevant and nurturing environment.
ACTS Divinity was launched in September 2024, and 20 students have begun this course. Courses
will begin in Africa next year, and we believe this training formal will continue to reach and impact
other regions of the world also.
Safeguardlng
An in¢redible effort from our Safeguarding team during this year delivered revised policies, increased
training and greater compliance right across the ¢harily,' as a result ACUK is a safer community lor all.
Safeguarding ¢onlinues lo be a major area of focus, as we seek lo continually demonslrale besl
practice.
Communl¢atlon
We continued to invest in developing our online plallorms to strengthen both internal and external
communications. This has set us on a trajectory for increased ellort lo use a variety of media plallorms
to increase our reach. Investment has had to be made, but we are already seeing the returns. There is
still work lo be done lo further improve our communications. and so this continues to be an area ol
focus lor the Church.
Partners
One ol the posilive ellecls ol lockdown and reslriclions was that our networking opportunities
multiplied and like-minded partners reached out to one another. This year we have significantly
strengthened our relationships with both the European and Worldwide Aposlolic Churches and our
inlerdenominalional links. These partnerships will be vital as together we will be stronger, go further
and achieve lar greater results.

The Apostolic Church
Trustees. Annual Report {conllnued)
Year ended 31 March 2024
Financial review
The trustees report that Ihe accounts lor the year ended 31 March 2024 show a surplus of £629,704
12023.. £911,533). This is slated after Ihe actuarial gains of £148,00012023- £521,000) incurred on the
defined benefit pension schemes. The church had healthy year end reserves 01 £21,645,43712023'.
£21,015,733).
The Iruslees are content that whilst there may be some local difficulties in some local churches the
church overall is able to meet ils obligations, make provision for reserves, achieve a small surplus and
ensure that as much income as possible remains available lor local churches lo conduct their ministry
in and from their local communilies.
Investment pollcy
The Chur¢h's tx)li¢y is to hold ex¢ess funds and reserves in cash, short and medium-lerm
investments. As has been the case lor some time. properties which are surplus to requirements are
sold. The pro¢eeds of the sale ol manses are used to meet our historical obligations. Others are used
to strengthen and enhance the ministry locally and nationally.
Risk management
The Trustees regularly review the risks laced by the Church as it conducts ils varioLJS events and
aclivilies. Risk is managed by developing and implementing policies in respect ol major risks
associated with people and property management. People-related risks are managed through policies
like DBS registration, safeguarding and data protection. The Church has partnered with
Thirtyone-eight as a training provider to extend specialist safeguarding training on a bespoke basis for
all our ministerial and Christian workers.
Our property management policies include appropriate caretaking and security ol buildings, and a
range ol appropriate insurance arrangements lo cover foreseeable risks.
Plans lor future periods
Registration of the new CIO is now finalised with the Charity Commission and preparation is now in
progress lo arrange the transfer of undertakings into the new legal entity. We anticipate and are
working towards the new legal enlily becoming operational from 1 April 2025.
Last year we reported that the closed AG Final Salary Pension scheme was lo be transferred lo an
external provider. This work advanced during the year 2023-24. We expect in 2024125 for an external
provider lo sign a buy-in contract for both the Final Salary and 6171hs scheme.
Tru$tees' re$ponslbllltles statement
The Iruslees are responsible lor preparing the Iruslees, report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom
Generally Accepted Accounting Practicel.
The law applicable lo charities in England, Wales and Scotland requires the charity Iruslees to prepare
financial statements for each year which give a true and lair view ol the slate of allairs of the charity
and ol the incoming resources and application ol resources, of the charity lor that period.

The Apostolic Church
Trustees. Annual Report {conllnued)
Year ended 31 March 2024
In preparing these financial slatemenls, the trustees are required to..
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the applicable Charities SORP.,
make judgments and accounting estimates that are reasonable and prudenl.,
prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume
that the charity will continue in business.
The Iruslees are responsible lor keeping adequate accounting records that are sufficient lo show and
explain the charity's transactions and disclose with reasonable accuracy al any lime the financial
position ol the charity and enable them to ensure that the financial statements comply with the
Charities Act 2011, Charities and Trustees Investments Iscoilandl Act 2005, the Charity Accounts
Iscotlandl Regulations 2006 las amended). and the provisions ol the Trusi Deed. They are also
responsible lor safeguarding the assets ol the charity and hence lor taking reasonable steps for the
prevention and detection ol fraud and other irregularities.
The Iruslees. annual report was approved on 1911212024
trustees by..
and signed on behalf ol the board ol
Rev I Parker
National Leader

The Apostolic Church
Independent Auditor's Report to the Members of The Apostollc Church
Year ended 31 March 2024
Opinion
We have audited the financial slalemenls ol The Apostolic Church Ithe 'charily'l lor the year ended
31 March 2024 which comprise the slalemenl ol financial aclivilies, slalemenl ol financial position,
statement ol cash flows and the related notes, including a summary ol significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and
United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard
applicable in the UK and Republic ol Ireland Iuniled Kingdom Generally Accepted Accounting
Practice).
In our opinion the financial 51atements'.
give a true and fair view ol the state of the charity's affairs as al 31 March 2024 and ol ils
incoming resources and application of resources, including its incom8 and expenditure, for the
year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice-
have been prepared in accordance with the requirements ol the Charities Act 2011, the Charities
and Trustee Investment (Scotlandl Act 2005 and regulation 8 01 the Charities Accounts
Iscotlandl Regulations 2006 las amended).
Basis lor opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the auditor's
responsibilities lor the audit of the financial slalemenls section ol our reporl. We are independent ol
the charity in accordance with the ethical requirements that are relevant lo our audit of the financial
statements in the UK, including the FRC'S Ethical Standard, and we have lullilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate lo provide a basis lor our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Iruslees, use of the going concern
basis of accounting in the preparation ol the financial statements 15 appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating lo
events or conditions that, individually or Collectively, may cast significant doubl on the charily's ability
to continue as a going concern for a period ol al least twelve months from when the financial
statements are authorised lor issue.
Our responsibilities and the responsibilities of the Iruslees with respect to going ¢oncern are des¢ribed
in the relevant sections ol this report.

The Apostolic Church
Independent Auditor's Report to the Members of The Apostollc Church (conllnued)
Year ended 31 March 2024
Other information
The other information comprises the information included in the annual report, other than the financial
statements and our auditor's report Ihereon. The truslees are responsible lor the other information.
Our opinion on the financial statements does not cover the other information and, except lo the extent
otherwise explicitly slated in our report, we do not express any form ol assuran￿ conclusion thereon.
In connection with our audit ol the financial slalemenls, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are
required to determine whether there is a rnaterial misslatemenl in the financial statements or a
material misstatement of the other information. 11. based on the work we have performed, we con¢lude
that there is a material misstatement ol this other information. we are required to report that fa¢l.
We have nothing to report in this regard.
Matters on whlch we are requlred to report by exceptlon
We have nothing lo report in respect ol the following matters where the Charities Act 2011 and the
Charity Accounts (Scollandl Regulations 2006 las amended) requires us to report to YOLJ il, in our
opinion..
the information given in the trustees, report is inconsistent in any material respect with the
financial slalements: or
proper accounting records have not been kept- or
the financial statements are not in agreement with the accounting records and the returns., or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more lully in the trustees. responsibilities slalement, the trustees are responsible for the
preparation ol the financial statements and for being satisfied that they give a true and lair view, and
for such internal control as the trustees determine is necessary to enable the preparation ol financial
statements that are free from material misslalement, whether due lo fraud or error.
In preparing the financial stalemenls, the Iruslees are responsible lor assessing the charity's ability to
continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the
going concern basis of accounting unless the Iruslees either intend to liquidate the charity or to cease
operations, or have no realistic alternative bul to do so.
10-

The Apostolic Church
Independent Auditor's Report to the Members of The Apostollc Church (conllnued)
Year ended 31 March 2024
Auditor's responsibilities for the audit of the financial statements
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole
are Iree from material misslalemenl, whether due lo fraud or error, and lo issue an auditor's report that
includes our opinion. Reasonable assurance is a high level ol assurance, bul is not a guarantee that
an audit conducted in accordance with ISAS IUKI will always delect a material misstalemenl when il
exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions ol users taken on
the basis of these financial slalements.
Irregularities, including fraud, are inslances ol non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, lo delecl material misstatements in respecl
of irregularities. including fraud. The exlenl lo which our procedures are capable of detecting
irregularities, in¢luding fraud is detailed below=
We identify and assess the risks ol material misstatement of the financial statements, whether due lo
fraud or error. and then design and perform audit procedures responsive lo those risks, including
obtaining audit evidence that is sullicient and appropriate to provide a basis for our opinion.
In idenlilying and assessing risks of material misstalemenl in respect ol irregularities, including fraud
and non-compliance with laws and regulations, we have considered., the nature of the industry, control
environment and business performance with particular reference to the Company's remuneration
policies. key drivers lor directors, remuneration, bonus levels and performance targets.
Throughout the audit lesling we are considering the incentives that may exist within the organisation
for fraud. Key areas include liming of recognising income around the year end, posting ol unusual
journals and manipulating the Company's performance measures lo meet largels. In common with all
audits under ISAS IUKI, we are also required to perform specific procedures lo respond lo the risk ol
management override.
We ensure we have an understanding ol the relevant laws and regulations and remain alert to
possible non-compliance throughout the audit. Despite proper planning and audit work in accordance
with auditing standards there are inherent lirNilalions and unavoidable risk that we may not detect
some irregularities and material misslalemenls In the financial stalemenls. We are not responsible for
preventing non-compliance and cannot be expected lo detect non-compliance wilh all laws and
regulations.
As part ol an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also..
Identify and assess th8 risks ol material misslatem8nl of the financial slalements, whether due lo
fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis lor our opinion. The risk ol not
delecling a material misstalemenl resulting from fraud is higher than lor one resulting from error,
as fraud may involve collusion, forgery, inl8nlional omissions, misrepr8senlations, or the override
of internal control.
Obtain an understanding ol internal control relevant lo the audit in order lo design audit
procedures that are appropriate in the circumstances, bul not lor the purpose of expressing an
opinion on the ellecliveness of the internal control.
Evaluate the appropriateness ol accounting policies used and the reasonableness ol accounting
eslimales and related disclosures made by the trustees.

The Apostolic Church
Independent Auditor's Report to the Members of The Apostollc Church (conllnued)
Year ended 31 March 2024
Conclude on the appropriateness ol the Iruslees, use ol the going concern basis ol accounting
and. based on the audit evidence obtained, whether a material uncertainly exists related lo
events or conditions that may cast significant doubt on the charity's ability to continue as a going
concern. 11 we conclude that a material uncertainty exists. we are required lo draw allenlion in
our auditor's report lo the related disclosures in the financial statements or, il such disclosures
are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained
up lo the date ol our auditor's report. However, lulure events or conditions may cause the charity
lo cease lo continue as a going concern.
Evaluate the overall presentation. structure and content ol the financial slalements, including the
disclosures. and whether the financial slalemenls represent the underlying transactions and
events in a manner that achieves lair presentation.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing ol the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with section 144 01 the
Charities Act 2011 and regulations made under section 154 01 that Act, and Regulation 10 of the
Charities Accounts (Scotlandl Regulations 2006. Our audr( work has been undertaken so that we
might stale to the charity's members those mallers we are required to slate to them in an auditor's
report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume
responsibility to anyone other than the charity and the charity's members as a body, lor our audit work,
for this report, or lor the opinions we have formed.
H.3,- Lce
Robert Field FGA CTA (Senior Statutory Audilorl
Iq"" D
For and on behalf of
Burgess Hodgson LLP
Chartered accountants & slatulory audilor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT13DN
loi+
12-

The Apostolic Church
Statement of Flnancial Actlvlties
Year ended 31 March 2024
2024
Reslricled
funds Total funds Total funds
2023
Unreslricled
funds
Note
Income and endowments
Charitable activities
Investment income
Other income
4,834,871
331,348
850,651
378,828
5.213.699
331.348
850,651
4,981,965
304,832
500,630
Total Income
6,016,870
378,828
6,395,698
5,787,427
Expenditure
Expenditure on charitable activities
Total expenditure
7,8 5,377,723
5,377,723
542,336
5,920.059
5.920.059
5,389,958
542,336
5,389,958
Nel gainslllos8esl on investments
10
6,065
6,065
16,9361
Net income
645,212
1163.5081
481,704
390,533
Transfers between funds
165,5811
65,581
Other re¢ognl$ed galns and lo$se$
A¢luarial gains on defined benefit pension
schemes
148,000
148,000
629,704
521,000
911,533
Net movement in tunds
727,631
197,9271
Reconclliation of tunds
Total funds brought lO￿ard
Total funds carried forward
17,536,887
3,478,846 21.015,733 20,104,200
3,380,919 21.645.437 21,015,733
18,264,518
The statement ol financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 16 to 32 torm part of these financial statements.
13-

The Apostolic Church
Statement of Flnanclal Posltlon
31 March 2024
2024
2023
Notè
Fixed assets
Tangible fixed assets
Investments
15 12,687.179 12,519,438
16
130,005
12,687,179 12,649,443
CUr￿n1 assets
Debtors
Cash at bank and in hand
17
411,486
12,125
9,642,884 10,705,106
10,054,370 10,717,231
Creditors- amounts falling due within one year
Net current assets
18
178,972
9.875.398 10,495,747
221,484
Total assets less current liabilities
22,562.577 23,145,190
Creditors: amounts falling due after more than one year
Net assets excludlng deflned beneflt penslon plan asset
19
978,140
1,026,457
21,584,437 22,118,733
Defined benefit pension plan liability
Net assets including defined benefit pension plan asset
20
161.0001 1,103,000
21,645,437 21,015,733
Fund$ of the Charlty
Restricted funds
Unreslricled funds..
Defined benefit pension reserve
Other unrestricted income funds
3,380,919
3,478,846
61,000 11,103,000)
18,203,518 18,639,887
18,264,518 17,536,887
21 21.645.437 21,015,733
Total unregtricted funds
Total charity funds
These financial slalemenls were approved by the board ol Iruslees and aulhorised for issue on
1911￿024
and are signed on behalf of the board by..
Rev I Parker
National Leader
The notes on pages 16 to 32 torm part of these financial statements.
14-

The Apostolic Church
Statement of Cash Flows
Year ended 31 March 2024
2024
2023
Cash flows from operating activities
Nel income
481.704
390,533
Adjustments for..
Depreciation ol tangible fixed assets
Nel gainslllossesl on investments
Dividends, interest and rents from investments
Interest payable and similar charges
Gains on disposal ol tangible fixed assets
Defined benefit pension plan employer contributions
Accrued lincomellexpenses
120.083
124,881
{6.065)
6,936
(331.348)
1304,8321
340.962
79,947
(850,651) 1344,5361
11,345,000)
1290,0001
186,8621
80,730
Ch8nges in.-
Trade and other debtors
Trade and other creditors
(399,361)
49,532
12,027,006)
51,907
15751
1205,0091
Cash generated from operations
Interest paid
Nel cash used in operating activities
111,9621
12,038.9681
111,9471
1216,9561
Cash flows from Investlng actlvltles
Dividends, interest and rents from investments
Purchase of tangible assets
Proceeds from sale of tangible assets
Proceeds from sale of other investments
331,348
304,832
(613,173) 12,647,202)
1,176,000
672,514
136,070
1.030.245 11,669,856)
Nel cash Iromllused in) investing activities
Cash flows from tlnanclng actlvltles
Proceeds from borrowings
Nel cash used in financing activities
153,499)
153.499)
198,2911
198,2911
Net decrea$e In cash and ¢a$h equlvalent$
Cash and cash equivalents at beginning of year
Cash and cash equlvalents at end of year
11,062,222) 11,985,103)
10,705,106 12,690,209
9,642,884 10,705,106
The notes on pages 16 to 32 torm part of these financial statements.
15-

The Apostolic Church
Notes to the Flnanclal Statements
Year ended 31 March 2024
General information
The charity is a public benefit enlily and a registered charity in England, Wales and Scotland and
is unincorporated. The address ol the principal office is Suite 105, Crystal House, New Bedford
Road, Lulon, LU1 1 HS.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial
Reporting Standard applicable in the UK and the Republic of Ireland., the Slatemenl of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities
SORP IFRS 10211 and the Charities Act 2011, Charities and Trustee Investment (Scollandl Act
2005 and the Charity Accounts (Scotlandl Regulalions 2006 las amended).
A¢¢ountlng pollcles
Basls of preparatlon
Fund Accountlng
General funds are unrestricted funds which are available for use at the discretion of the Finance
Committee in furtherance of the general objectives ol the charrty and which have not been
designated for other purposes.
Designated funds comprise unreslricled funds that have been sel aside by the Finance
Commillee for particular purposes. The aim and use ol each designated fund is sel out in Ihe
notes lo the financial stalemenls.
Reslricled funds are funds which are lo be used in accordance with specific reslriclions imposed
by donors or which have been raised by the charity lor particular purposes. The cost ol raising
and administering such funds are charged against the specific fund. The aim and use ol each
reslricled fund is sel out in the notes lo the financial slatemenls.
Going concern
Based on the charity's current financial position and ongoing nature of ils activities there are no
material uncertainties about the charity's ability lo continue.
Judgements and key sources ot estimation Un￿rtaInty
The preparation of the financial statements requires management to make judgements,
eslimales and assumptions that affect the amounts reported. These estimates and judgements
are continually reviewed and are based on experience and other factors, including expectations
ol lulure events that are believed to be reasonable under the circumstances.
16-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
Accounting policies {continuedJ
Judgements and key sources ot estimation uncertainty (continued)
Significant judgements
The judg8ments (apart from those involving eslimationsl that management has made in the
process ol applying the entity's accounting policies and that have the most significant effecl on
Ihe amounts recognised in the financial statements are as follows..
Control of assembly assets and funds
The Trustees delegate powers for local authority lo local Pastors and Leading Elders in relation
to various mallers including day lo day financial control, however the assets and funds held by
the local assemblies are all controlled by the Church as a whole and incorporated into the
Financial Stalemenls.
Key sources ol estimation uncertainty
Accounting estimates and assumptions are made concerning the future and. by their nature, will
rarely equal the related actual outcome. The key assLJmptions and other sources ol estimation
uncertainly that have a significant risk ol causing a material adjuslmenl to the carrying amounts
ol assets and liabilities within the next financial year are as follows..
Legacy income
The Charity recognises legacy income when the receipt is probable and the enlillemenl has been
established. Estimates of legacy income due are based on correspondence received from
solicitors acting on behalf ol estates where a legacy payment lo the Charity is notified during the
year.
Impairment ol fixed assets
The Charity considers whether assets held are impaired. Where an indication ol impairment is
identified ihe estimation ol recoverable value requires estimation ol the recoverable value. The
Trustees evaluate this based on available evidence and reports from relevant experts as
appropriate.
Investment valuation
The Gharily carries investments held al Market Value. The valuation of fixed asset investment
properties has lo be eslimaled and the Trustees base their estimates on expert valuations and
market conditions. Listed investments are valued based on their listed market values.
Defined benefit pension scheme
The Charity has obligations lo pay pension benefits to certain employees. The cost of these
benefits and the present value ol the obligation depend on a number of laclors, including., life
expectancy. asset valuations and the discount rale on investments. Management estimates
these factors in determining the nel pension obligation in the balance sheet. The assumptions
rellecl historical experience and current Irends.
17-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
Accounting policies {continuedJ
Incoming resources
All incoming resources are included in the statement of financial activities when enlitlemenl has
passed to the charity., it is probable that the economic benefits associated with the transaction
will flow lo the charity and the amount can be reliably measured. The following specific policies
are applied to particular categories of income..
income from donations or grants is recognised when there is evidence of enlillemenl lo Ihe
gift, receipt is probable and ils amount can be measured reliably.
legacy income is recognised when receipt is probable and enlillemenl is established.
income from donated goods 18 measured at the fair value ol the goods unless this is
impraelical lo measure reliably, in which case the value is derived from the cost to the donor
or the estimated rosale value. Donated facilities and services are recognised in the
accounts when received il the value can be reliably measured. No amounts are included for
the conlribLJlion of general volLJnleers.
income from ¢onlra¢ls for the supply ol services is recognised wtth the delivery ol the
¢onlracled service. This is Classified as unrestricted funds unless there is a ¢onlra¢lual
requirement lor il lo be spent on a particular purpose and returned il unspent, in which case
il may be regarded as reslricled.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any
VAT which cannot be lully recovered, and is classified under headings ol the statement of
financial activities to which il relates..
expenditure on raising funds includes the costs of all fundraising aclivilies, events,
non-charitable trading activities, and the sale ol donated goods.
expendtture on charitable activities in¢ludes all costs incurred by a charity in undertaking
activities that further its charitable aims for the benefit of ils beneficiaries, in¢luding those
support ¢osts and costs relating lo the governance ol the Charity apportioned to charitable
activities.
other expenditure includes all expenditure that is neither related lo raising funds for the
charity nor part of its expenditure on charitable aclivilies.
All costs are allocated to expendilure categories refleding the use of the resource. Direct cosls
attributable lo a single activtty are allocated directly lo that activity. Shared costs are apportioned
between the activities they contribute lo on a reasonable, jusliliable and consislenl basis.
Tanglble assets
All fixed assets are initially recorded al cost. Certain properties are carried at amounts relating lo
historical insured values. Capital expenditure of less than £5,000 is Irealed as revenue
expenditure.
18-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
Accounting policies {continuedJ
Depreciation
Depreciation is calculated so as lo write off the cost or valuation of an asset, less ils residual
value, over the useful economic life of that asset as follows-
Freehold property
Long leasehold property
Fixtures and fittings
167150 years straight lin8
50 years slraighl line
20 /¢ Straight line
Investments
Unlisted equity investments are initially recorded al cost, and subsequently measured al fair
value. If lair value cannot be reliably measured. assets are measured at cost less impairment.
Listed investments are measured al t￿r value with changes in lair value being recognised in
income or expenditure.
Impalrment of flxed assets
A review for indicators of impairment is carried out al each reporting dale, with the recoverable
amount being estimated where such indicators exist. Where the carrying value exceeds the
recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed lor
possible reversal al each reporting dale.
For the purposes of impairment lesling, when il is not Possible lo estimate the recoverable
amount of an individual asset, an estimate is made ol the recoverable amount of the
cash-generaling unit lo which the asset belongs. The cash-generaling unil is the smallest
idenliliable group of assets that includes the asset and generates cash inflows that largely
independent ol the cash inflows from other assets or groups of assets.
For impairment lesling of goodwill, th8 goodwill acquired in a business combination is, from the
acquisition date, allocated to each ol the cash-generaling units that are expected lo benefit from
the synergies ol the combination, irrespective ol whether other assets or liabilities ol the charity
are assigned lo those units.
Financial instruments
Basic financial instruments are inilially recognised at the amount receivable or payable including
any related transaction costs, unless the arrangement conslitules a financing Iransaclion, where
it is recognised at the present value ol the future payments discounted al a market rale of
interest for a Similar debt instrument.
Current assets and current liabilities are SLJbsequenlly measured al the cash or other
consideration expected lo be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares or preference shares are publicly traded or their lair value can
olhewise be measured reliably, the investment is subsequently measured al lair value with
changes in lair value recognised in income and expenditure. All other such investments are
subsequently measured at cost less impairment.
19-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
Accounting policies {continuedJ
Defined benefit plans
The company recognises a defined net benefit pension asset or liability in the slalemenl ol
financial position as the net total ol the present value ol ils obligations and the lair value ol plan
assets out ol which the obligations are lo be settled. The defined benefit liability is measured on
a discounted present value basis using a rale determined by reference lo market yields at the
reporting dale on high quality corporate bonds. Defined benefit obligations and the related
expenses are measured using the projected unil credit method. Plan surpluses are recognised
as a defined benefit asset only to the extent that the surplus is recoverable either through
reduced contributions in the lulure or through refunds from the plan.
Changes in the net defined benefit asset or liability arising from employee service are recognised
in income or expenditure as a current service cost where il relates to services in the current
period and as a past service cost where it relates lo services in prior periods. Costs relating lo
plan introductions, benefit changes, curtailments and settlements are recognised in income or
expenditure in the period in which they occur.
Nel interest is determined by multiplying the nel defined benefit liability by the discount rate, both
as determined al the start ol the reporting period, taking account ol any changes in the net
defined benefit liability during the period as a result of contribution and benetil payments. Nel
interest is recognised in income or expenditure.
Defined contribution plans
Contributions lo defined contribution plans are recognised as an expense in the period in which
the related service is provided. Prepaid contributions are recognised as an asset to the extent
that the prepayment will lead to a reduction in lulure payments or a cash refund.
When contributions are not expected lo be sellled wholly within 12 months ol the end of the
reporting dale in which the employees render the related seNice, the liability is measured on a
discounted present value basis. The unwinding ol the discount is recognised as an expense in
the period in which il arises.
Charitable activities
Unreslricled
Funds
Restricted Total Funds
Funds
2024
Donations, giving and similar income
Legacy income
Fundraising for buildings
Other charitable activity
Conleren¢e income
4,329,671
184
54.577
4,384,248
184
220,830
607,340
1,097
5,213,699
220.830
102.324
1.097
505,016
4,834,871
378,828
-20-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
Charitable activities (continued)
Unreslricled
Funds
Restricted Total Funds
Funds
2023
Donations, giving and similar income
Legacy income
Fundraising lor buildings
Other charitable activity
Conference income
4,117,802
107,862
71,831
4,189,633
107,862
73,491
609,769
1,210
73,491
184,364
1,210
425,405
4,651,069
330.896
4,981,965
Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds
2024
Funds
2023
Property income
Investment income and interest
received
292,940
292,940
290,103
290,103
38,408
38,408
331,348
14,729
14,729
331,348
304.832
304,832
Other income
Unreslricled Total Funds Unrestricted Total Funds
Funds
2024
Funds
2023
Gain on disposal ol tangible fixed
assets held lor charity's own use
Gain on revaluation of tangible fixed
assets held lor charity's own use
850,651
850,651
344,536
344,536
156,094
156,094
850,651
850,651
500.630
500,630
21

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
Expenditure on charitable activities by fund type
Unreslricled
Funds
Restricted Total Funds
Funds
2024
Missionary
Ministerial
Other
Church admin
Support costs
7,703
3,366,655
335,514
204,301
1,463,550
120,158
291,503
130,675
127,861
3,658,158
466,189
204,301
1,463,550
5,377.723
542.336
5,920,059
Unreslricled
Funds
Restricted Total Funds
Funds
2023
Missionary
Ministerial
Other
Church admin
Support costs
15,568
3,274,953
205,027
171,644
1,077,437
273,763
258,093
113,473
289,331
3,533,046
318,500
171,644
1,077,437
4,744,629
645.329
5,389,958
Expenditure on charitable activities by activity type
Activities
undertaken
directly Support costs
Total funds
2024
Total fund
2023
Missionary
Ministerial
Other
Church admin
Governance Costs
127,861
3,658,158
466,189
204,301
127,861
4,693,717
466,189
204,301
427,991
5,920,059
Apportionment of costs between activity types has been allocated on an actual basis.
289,331
4,439,946
318,500
171,644
170,537
1,035,559
427,991
4,456,509
1,463,550
5,389,958
Analysis ot support costs
Church
admin Total 2024 Total 2023
Missionary Ministerial
Other
Staff costs
Premises
Finance ¢osts
Governance costs
Other expenses
Travel and
accommodation
610,054
270,619
11,962
311,520
141,261
610,054
270,619
11,962
427,991
141,261
500.549
239.951
11.947
170.537
152.942
10,889
88,184
17,398
1,663
1,663
17,398 1,463,550 1,077,437
1.511
10,889 1,347,079
88,184
-22-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
Analysis ot support costs (continued)
Support costs above relate to specifically idenliliable support aclivilies.
10. Net gainslllosses) on investments
Unreslricled Total Funds Unrestricted Total Funds
Funds
2024
Funds
2023
Gainslllossesl on listed investments
6,065
6,065
16,9361
16,9361
11. Net income
Nel income is staled after chargingllcreditingl:
2024
2023
Depreciation of tangible fixed assets
Gains on disposal ol tangible fixed assets
120.083
(850.651)
124,881
1344,5361
12. Audltor$ remuneratlon
2024
2023
Fees payable for the audit ol the financial slalements
24,000
24,000
13. Staff Costs
The total staff costs and employee benefits for the reporting period are analysed as follows..
2024
2023
Wages and salaries
Employer conlributions lo pension plans
2,501,321
67,242
2,568,563
2,441,708
75,438
2,517,146
The average head count ol employees during the year was 131 12023.. 1251. The average
number ol lull-time equivalent employees during the year is analysed as follows..
2024
No.
2023
No.
Number ol staff
85
77
No employee received employee benefits ol more than £60,000 during the year12023'. Nill.
-23-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
14. Trustee remuneration and expenses
Payments to Trustees
No remuneration was paid lo any individual in connection with their services as Trustee.
The remuneration paym8nts made relate entirely lo th8 work carried out as lull or part time
pastors of churches in line with the standard fees auihorised by the charity's governing
document. The level ol salary received is independently determined by the local church
leadership team in line with the guidance issued by the Finan￿ Committee and salary review
board. There is a weighting according lo geographic location and congregation size.
The Charity also makes pension ¢ontribulions as part of the defined ¢onlribulion pension scheme
in place. The totals paid lo Trustees in relation to their roles as ministers were as follows=
Gross Salary
2024
2023
P Howells
A Matheson
D Bird
C Hopkins
I Parker
S Taylor
P Doherty
55,138
40,655
30,637
40,677
37,484
42,102
19,778
39,993
34,562
41,525
21,257
170,678
233,130
Employer Pension Contributions
2024
2023
P Howells
A Malheson
D Bird
C Hopkins
I Parker
S Taylor
P Doherty
3,210
4,003
4,125
4,104
1,072
4,336
3,393
3,957
997
4,109
3,377
17,030
19,653
In addition lo the above paymenls, certain Trustees are provided with living accommodation by
reason of their employment as pastors. This is in line with Customary practice lor ministers of
religion to enable their duties lo be better performed. Those who are not provided with living
accommodation receive a housing allowance as part of their salary in lieu of the church providing
a manse. The housing allowances are included in the gross salaries above.
-24-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
Reimbursed expenses
The following expenses were reimbursed during the year-
2024
2023
P Howells
A Malheson
D Bird
C Hopkins
I Parker
S Taylor
P Doherty
1,207
1,117
592
449
440
5,080
3,341
1,931
4,986
584
957
11,833
8,851
15. Tanglble flxed assets
Long
leasehold Fixtures and
property
fittings
Freehold
properly
Total
Cost
Al 1 April 2023
Additions
Disposals
At 31 March 2024
13,293,954
613,173
1356,8131
13,550,314
128,927
532,089 13,954,970
613,173
(356.8131
532,089 14,211.330
128,927
Depre¢latlon
Ai 1 April 2023
Charge for the year
Disposals
At 31 March 2024
941,953
97,355
131,4641
1,007,844
12,551
481.028
22.728
1,435,532
120,083
(31,4641
1,524,151
12,551
503.756
Carrying amount
At 31 March 2024
12,542,470
116,376
28,333 12,687,179
Ai 31 March 2023
12,352,001
116,376
51,061
12,519,438
On transition to FRS102 the assets have been inclLJded in the financial statements on a historic
cost basis.
Certain property additions incurred by the assemblies between 1992 and 2010 are not included
within the accounts as the accounts prepared during these years did not include the income and
expenditure lor the assembly data.
-25-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
16. Investments
Listed
investments
Cost or valuation
Ai 1 April 2023
Additions
Disposals
Fair value movements
130.005
(136,0701
6.065
At 31 March 2024
Impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
Ai 31 March 2023
130,005
All investments shown above are held at valuation.
Flnanclal assets held at talr value
Listed investments
Fair value adjuslmenls are processed in respect ol the listed investments every 6 months in line
with a report issued from the broker.
17. Debtors
2024
2023
Prepayrllenls and accrued income
Other debtors
7.154
404.332
6,340
5,785
411,486
12,125
18. Creditors: amounts falling due within one year
2024
2023
Bank loans and overdralls
Accruals and deferred income
Social security and other laxes
Other Creditors
80.549
48.891
43.272
6,260
178,972
85,731
135,753
221,484
19. Creditors: amounts falling due after more than one year
2024
2023
Bank loans and overdrafts
978,140
1,026,457
-26-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
19. Creditors: amounts falling due after more than one year (continued)
Various bank loans are secured against properties held by the Church throughout the UK.
20. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined
contribution plans was £67,24212023'. £75,438).
Defined benefit plans
The charity operates two defined benefrfc pension schemes..
The Apostolic Church Unlunded 617th Scheme (the "Unlunded Scheme")
The Apostolic Church Stall Pension Scheme Ilhe "Funded Scheme")
Unfunded Scheme
This is an informal lop up pension arrangement providing benefits based on a standard minimum
lee and reduced for other pension income received by the individual. Under the scheme, the
employees are enlilled lo retirement benefits on reaching retirement age. There are no scheme
assets held separately from those ol the charity. The scheme is closed to new members.
Spouses ol the former employees are also enlilled lo the same level ol benefit upon the death ol
the former employee within the scheme.
Pensions are paid lo the beneficiaries on a Month￿ basis directly from the charity's assets. The
value ol the liabilities al the reporting dale has been delermined on a member by member basis
based on data used by the previous actuary in preparing last year's disclosures and with
allowance lor member movements over the year. A valuation ol the scheme has been carried out
as al 31 March 2023 by a qualified independent actuary.
Funded Scheme
This scheme provides members with pensions in retirement and death benefits. Pension benefits
are linked to a member's final salary and their length of service, al 30 June 2005 or earlier date of
leaving. Since 30 June 2005 the Funded Scheme has been Closed lo new employees.
The Funded Scheme is a registered scheme under UK legislation, is subject lo the funding
requirements outlined in Ihis legislation and was ¢onlracled into the Slate Se¢ond Pension.
The Funded Scheme was established from l July 1981 under trust and is governed by the
Funded Scheme's trust deed and rules. The charity is responsible lor the operation and
governance of the Funded Scheme, including making decisions regarding the FLJnded Scheme's
funding and investment strategy.
The liabilities ol the scheme shown below have been estimated by updating the results ol this
actuarial valuation lo allow lor the passage of lime, benefits paid out of the scheme and changes
in actuarial assumptions.
-27-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
20. Pensions and other post retirement benefits (continued)
The slalemenl of financial position nel defined benefit asset is determined as follows..
Unlunded Scheme
Funded Scheme
Total
2024
2023
2024
2023
2024
2023
Present value ol
defined benefit
obligations
Fair value of plan
assets
1839,0001 1979,0001 12,862,000) 12,691,000) 13,701.0001 13,670,000)
3,762,000 2,567,000 3,762,000 2,567,000
900,000 1124,0001
61,000 11,103,000)
1839,0001 1979,0001
Changes in the present value ol the defined benefit obligations aro as follows-.
Unfunded
Funded
Scheme
Scheme
Total
Ai 1 April 2023
Past service Cost
Interest expense
Benefits paid
Remeasuremenls..
Actuarial gains and losses
At 31 March 2024
979,000
2,691,000
3,670,000
208.000
208,000
42,000
118.000
160,000
178,0001 1143,0001 (221,0001
1104,0001
839,000
112,0001 (116,0001
2,862,000
3,701,000
Changes in the fair value of plan assets are as follows..
Unfunded
Scheme
Funded
Scheme
Total
Ai 1 April 2023
Interest income
Benefits paid
Contributions by employer
Administrative costs
Remeasuremenls..
Return on plan assets, excluding amount included
in interest income
2,567,000
2,567,000
141,000
141,000
178,0001 1143,0001
{221,0001
78,000
1,267,000
1,345,000
1102.0001 (102,0001
32.000
32,000
3,762,000
At 31 March 2024
3,762,000
-28-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
20. Pensions and other post retirement benefits (continued)
The lolal costs for the year in relation to defined benefit plans are as follows..
Unlunded Scheme
Funded Scheme
2024
2023
2024
2023
Total
2024
2023
Recognised in income or expenditure..
Nel interest
expense
Administrative
costs
42,000
28,000
123,0001
14,000
19,000
42,000
102,000
26,000
102,000
121,000
26.000
42,000
28,000
Recognised in other recognised gains and losses-
Experience gain
Ilossl arising on
scheme liabilities
Remeasuremenl ol the liability..
Actuarial gains
and losses
Return on plan
assets,
excluding
amounts
included in nel
interest
79,000
40,000
68.000
126,0001
87,000
(26,0001
87,000
1104,0001 1143,0001
14,000
1772,0001 (90,0001 1915,0001
132,0001
(32,0001
1104,0001 1143,0001 144,0001 1378,0001 (148,0001 1521,0001
307,000
307,000
The lair value of the major categories ol plan assets are as follows-
Funded Scheme
2024
2023
Cash and cash equivalents
Insured annuities percentage
Nel current assets percentage
4.15
11.24
84.61
7.56
17.45
74.99
The return on plan assets are as follows..
Funded Scheme
2024
2023
Return on assets of benefit plan
173,000
1234,0001
-29-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
20. Pensions and other post retirement benefits (continued)
The principal actuarial assumptions as at the slalement ol financial position dale were..
Unlunded Scheme
Funded Scheme
2024
2023
2024
2023
Discount rate
Expected rale ol increase in pensions
Inflation assumption
Mortality rates..
Current pensioners al 65 - male
Current pensioners al 65 - female
Future pensioners at 65 - male
Future pensioners at 65 - female
4.45
4.50
4.45
3.00
2.25
4.50
3.00
2.25
2.25
2.25
86.30
88.70
87.20
89.90
86.20
88.70
87.20
89.80
86.30
88.70
87.20
89.90
86.20
88.70
87.20
89.80
21. Analysis ot Charitsble funds
Unrestrl¢ted funds
Al
1 Apr 2023
Gains and
At
losses 31 IAar 2024
Income Expenditure
Transfers
General funds
Defined benefit
pension schemes 11.103,0001 1,486,000
1470,0001
17,536,887 6,016,870 15.377,7231
18,639,887 4,530,870 14.907,7231
165,5811
6,065 18,203,518
148,000
61,000
154,065 18,264,518
165,5811
Al
1 Apr 2022
Gains and
Al
losses 31 Mar 2023
Income Expenditure
Transfers
General funds
Defined benefit
pension schemes 11.846,0001
1141,0001
16,512,853 5,456,531 14.744,6291 1201,9321
18,358,853 5,093,531 14,603,629) 1201,9321
16,936118,639,887
363,000
521,000 11,103,000)
514,064 17,536.887
-30-

The Apostolic Church
Notes to the Flnanclal Statements (conllnuedj
Year ended 31 March 2024
21. Analysis ot charitable funds (Contin{￿1}
Restricted funds
Al
1 Apr 2023
Gains and
At
losses 31 Mar 2024
Income Expenditure
Transfers
Missionary fund
Building funds
Other reslricled
income
54,577
220,830
1120,1581
1291,5031
65,581
2,411,634
2.340.961
1,067,212
103,421
1130,6751
378,828 1542,3361
1,039,958
3.478,846
65,581
3,380,919
Ai
1 Apr 2022
Gains and
Ai
losses 31 Mar 2023
Income Expenditure
Transfers
Missionary fund
Building funds
Other reslricled
income
71,831
73,491
1273,7631
1258,0931
201,932
2,596,236
2,411,634
995,111
185,574
1113,4731
1645,3291
1,067,212
3,591,347
330,896
201,932
3,478,846
Missionary fund
The missionary fund comprises reslricled income which is related lo missionary work under the
Action Overseas banner, within the lolal fund are amounts allribulable to specific ongoing
projects. The Church has increased spending on missionary activities lo increase awareness
which has caused the fund lo move into a delicil position. The trustees have decided lo transfer
funds from unreslricled reserves to clear the deficit.
Restricted building funds
Represents various building funds managed on a local and national level in relation to various
building projects ongoing al specific individual assemblies.
Other restrl¢ted fund$
Represents various restricted in¢ome and expenditure items managed on a local level at specific
individual assemblies.
31

The Apostolic Church
Notes to Ihe Flnanclal Statements (conllnuedj
Year ended 31 March 2024
22. Analysis ot net assets between funds
Unreslricled
Funds
Restricted Total Funds
Funds
2024
Tangible fixed assets
Investments
Current assets
Creditors less than 1 year
Creditors greater than 1 year
Defined benefit pension
Nel assets
11,787,160
900,019 12,687.179
7,573,470
1178,9721
1978,1401
61,000
2,480,900 10,054,370
(178.9721
{978,1401
61,000
3,380,919 21,645,437
18,264,518
Unreslricled
Funds
Restricted Total Funds
Funds
2023
Tangible fixed assets
Investments
current assets
Creditors less than 1 year
Creditors greater than 1 year
Defined benefit pension
Net assets
11,612,909
130,005
8,144,914
1221,4841
11,026,457)
11,103,000)
17,536,887
906,529 12,519,438
130,005
2,572,317 10,717,231
1221,4841
11,026,457)
11,103,000)
3,478,846 21,015,733
23. Financial instruments
The carrying amount lor each category of financial instrument is as follows=
2024
2023
Finan¢ial a$sets measured at falr value through Income and expendlture
Listed investments
130,005
The lair values ol the listed investments are determined by reference lo the quoted market price.
The remaining financial assets and financial liabilities ol the Charity qualify as basic financial
inslrumenls. These are initially recognised in the Statement of Financial Position at transaction
value and subsequently measured at their selllemenl value.
24. Analysis ot changes in net debt
At
Al 1 Apr 2023 Cash flows 31 Mar 2024
Cash at bank and in hand
Debt due within one year
Debt due after one year
10,705,106 11,062.2221 9,642,884
185,7311
5,182
180,5491
11,026,457)
48,317
(978,140)
9,592,918 11,008,723) 8,584,195
-32-

A411 Full Financial Statements 2024
Final Audit Report
2024-12-19
Created..
2024-12-19
By..
Burgess Ho(Igson lesign@burges5hLKlgson.co.ukl
Sl8lus'.
Signed
Tr8nsaclion ID..
CBJCHBCA4BAAPwX7XmuLYq61Fivpg9glEWIAHBwlSMaq
"A411 Full Financial Statements 2024" History
Document created by Burgess Hodgson {esign@burgesshodgson.co.ukl
2024-12-19- 3..41'.44 PM GMT- IP address.. 80.88.222.146
Document emailed to mh2@burgesshodgson.(x).uk for signature
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Document e-signed by Ivan Parker 1mh2@burgesshodgson.co.ukl
Signature Date.. 2024-12-19- 3..57..28 PM GMT- Time Source.. setver- IP address.. 80.235.211.162
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