2025-03-31-accounts

CHARITY REGISTRATION NUMBER: 284789 OSCR REGISTRATION NUMBER: SC037835

The Apostolic Church Financial Statements 31 March 2025

BURGESS HODGSON AUDIT LIMITED

Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN

The Apostolic Church

Financial Statements

Year ended 31 March 2025

	Page
Trustees' annual report	1
Independent auditor's report to the members	9
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 2025

The trustees present their report and the financial statements of the charity for the year ended 31 March 2025.

Introduction

On behalf of the Trustees of The Apostolic Church UK, I am pleased to present this report for the period from 1st April 2024 to 31st March 2025.

This has been another year of significant advancement for the Movement. We have experienced spiritual, numerical, and financial growth—clear indications of fresh momentum within our fellowship, which, remarkably, will celebrate its 110th anniversary in 2026.

The extensive work undertaken over the past twelve months to adapt our structures and practices, combined with a renewed commitment to our core objectives, has brought about a pronounced phase of renewal. This has resulted in new expressions of ministry, strengthened organisational capacity, and continued expansion across The Apostolic Church UK.

As Trustees, we are deeply grateful to every employee, officer, volunteer, and member for their dedication, service, and passion to see the Church advance—for the glory of God.

In the following pages, the Trustees seek to outline a picture of the national church at work from April 2024 to March 2025. We do so with hearts grateful to God for His faithfulness to His people for their labours in His Name and for His Glory.

Rev I Parker National Leader

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The Apostolic Church

Trustees' Annual Report (continued)

Year ended 31 March 2025

Reference and administrative details

Registered charity name	The Apostolic Church
Charity registration number	284789
Principal office	105 Crystal House
	New Bedford Road
	Luton
	LU1 1HS
The trustees
	Rev P Doherty
	Rev A Matheson
	Rev D Bird
	Rev C Hopkins
	Rev A Skene
	Rev I Parker
	Rev S Taylor
Auditor	Burgess Hodgson Audit Limited
	Chartered accountants & statutory auditor
	Camburgh House
	27 New Dover Road
	Canterbury
	Kent
	CT1 3DN
Bankers	The Royal Bank of Scotland PLC
	13-14 Walter Road
	Swansea
	SA1 5NG
	Barclays Bank (UK) PLC
	Luton George Street 2
	Leicester
	LE87 2BB
Solicitors	Waldrons
	Wychbury Court
	Brierley Hill
	DY5 1TA
	Quinn Legal
	The Beacon
	176 St Vincent Street
	Glasgow
	G2 5SG

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The Apostolic Church

Trustees' Annual Report (continued)

Year ended 31 March 2025

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 for a period consistent with that of the National Leader. Trustees carry responsibility for the spiritual life of the church as well as the business and financial activities that undergird its ministry. The range of activities is extensive, the geographical reach is vast, and the level of complexity increases year by year.

The Trustees are supported by the ministry of apostolic leaders who share the spiritual burden of leadership, and a team responsible for the administrative and financial business of the charity.

As previously reported the Trustees have decided that the present unincorporated structure is no longer the most appropriate legal structure.

The church functions as a single entity with diverse expressions throughout the country. The diversity of expression is determined by the skillsets of the leaders and congregations, the nature of the community in which a local church may serve and the extent to which they are able to use their available resources.

Local churches relate to each other through an apostolic leader of their choice and relate to the national entity by means of a range of reporting features that take account of key business and administrative indicators.

Each local church, though empowered to be creative and innovative, even unique in its expression, remains committed to a primary task, that of communicating the Gospel to its community and seeking to disciple believers towards Christian maturity.

The church at national level, through its leadership functions, remains responsible for accrediting ministers, reviewing performance, appointing officials and staff, developing policy, managing our property portfolio, overseeing staff, legal issues, maintaining corporate standards and determining, shaping and monitoring our financial and business practices, etc.

Public Benefit

The Church conducts its activities in the belief that it serves a public benefit by virtue of its mission to advance the Christian faith and relieve suffering and that its activities meet the Charity Commission's guidance in respect of Public Benefit.

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The Apostolic Church

Trustees' Annual Report (continued)

Year ended 31 March 2025

Objectives and activities

The charity (the church) exists as a legal entity in which the church conducts its legal affairs as it seeks to fulfil its missional mandate in the UK and beyond.

In human terms, leadership is paramount, and the church seeks to prepare, encourage and support leaders as they seek to bring the ministry of Christ to various villages, towns and cities across the UK.

The church is made up of many congregations, each with its own mission field, and each with its resources and strengths. Our key strategy is to provide a support mechanism for leaders as they seek to support those they lead. Mission drift is always possible and the church endeavours to state and restate its primary purpose so that any drift is arrested early.

The primary objective of the church is to reveal Christ to the nation through a network of local churches. Our main activities are those associated with the local church - praying, preaching, worshipping, learning, serving, and witnessing in many ways. The church will, in addition, advocate for the wellbeing of the poor and disadvantaged, care for the sick and lonely and address issues that may have social relevance. The church will seek to use the platform provided by the Gospel to communicate Christ to the nation.

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The Apostolic Church

Trustees' Annual Report (continued)

Year ended 31 March 2025

Achievements and performance

The National Leadership Team and National Office have continued to focus on strengthening the local church. We have enhanced administrative support to assemblies, ensuring compliance with governance and financial responsibilities.

Safeguarding has remained a priority. Our policies and procedures have been updated in collaboration with external specialists, ensuring that training is at its highest level and that oversight across the Movement is greatly improved. The elimination of non-compliance remains a key focus.

Leadership development has once again been central this year. Acts Divinity, our two-year leadership training course, commenced in September 2024 with an initial cohort of twenty culturally diverse men and women, each with the potential to shape the future of The Apostolic Church UK for many years to come.

The Vision Glorious, also launched last year, has now been widely adopted by many of our sister Movements in Europe, Africa, and further afield.

A brand-new AC Discipleship Programme was also launched during this financial year. Early uptake has been highly encouraging, and much more material is being developed as we continue to strengthen our AC identity and family values.

In our desire to bring value to the local church, we continue to invest in our staff and volunteers. Both our Youth and Children’s Directors have continued to strengthen leaders at a local level. Preparations were made for visits to the four nations of the UK to provide greater clarity, information, and inspiration, with the goal of equipping and empowering today’s youth and children’s workers. The Focus Tour is set to commence in May 2026.

Our annual leaders ’gathering, ACMC, held in Bristol in April 2024, was a significant moment of unity, encouragement, and equipping. We believe it has played an important role in the renewed momentum experienced across the Movement in the past year. This event was well attended, and the feedback from our staff has been heartening.

Plans for an induction weekend and a Long Service Retreat were initiated for 2025. The induction weekend is designed to connect new staff with each other and the Movement, for what we trust will be a long and fruitful journey over many years. Informing, equipping, and signposting are all important aspects of this new programme.

On the other hand, the Long Service Retreat is designed to honour many years of service for longstanding staff and their spouses. Held in relaxed surroundings, with plenty of free time, we’ll mutually appreciate the pain and privilege of ministry and look to the future when retirement eventually comes. Helpful conversations about planning for the emotional upheaval and the freedom that comes with retirement will take place, with the help of expertise brought in to share insights into these matters.

It's been a decade since our last general conference, and so a decision was made in June 2024 by the NLT/Trustees to plan for a General Conference in 2026. Called Re-Union, this general conference will celebrate our longevity (110-year Anniversary), our family (gathering all ages from across the Movement), and our destiny (what's next for ACUK). This event is booked and will take place from 8th to 10th April 2026.

The CIO

The decision to transition from an unincorporated charity to a Charitable Incorporated Organisation (CIO) was made some time ago. This change will provide greater flexibility, resilience, and agility to enable growth and development.

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The Apostolic Church

Trustees' Annual Report (continued)

Year ended 31 March 2025

Although the transfer was not completed within this financial year, considerable progress has been made. While the process is complex, our committed National Office staff continue to prioritise this important work, and we anticipate completion in the coming year.

As part of our commitment to continue to bring value to being part of ACUK, the National Office has undergone some restructuring to deliver greater flexibility, efficiency, and improvement to the administrative needs of our growing Movement. In this financial year, longstanding members of staff retired or moved on, and new staff were appointed, creating a window of opportunity for reshaping. As Trustees, we really appreciate the smoothness of that transition, despite the significant challenges. We We commend the office for their incredible work.

Overseas trips and field development

The Apostolic Church ReACh groups have continued to strengthen apostolic and missional expression across their regions of responsibility. Visits have been undertaken to Laos, Kenya, Benin, Malawi, South Africa, Sri Lanka, Hungary, Denmark, Italy, and beyond.

Relationships with indigenous Movements have been strengthened and deepened, with greater opportunities for collaboration emerging organically.

ACUK has significantly invested in reconnecting meaningfully with the AC Worldwide Movement.

As the very first, you might say the source of the AC Worldwide Network, ACUK has, for a number of years, sadly experienced a measure of disconnect. It has been important to recognise this and intentionally make amends to the considerable brokenness that has contributed to the dysfunction of our AC Worldwide family. These efforts have resulted in the healing and strengthening of these vital relationships.

We are truly grateful to our AC Worldwide family for the renewed relationship and the newfound functionality and increased opportunities as a Worldwide Family. These important developments represent the beginnings of a great missional renaissance for the Apostolic Church—a Movement committed to serving the nations and reaching the lost, wherever they may be found.

Training

ACUK's training strategy over the previous four years has been to intensify leadership development and fill a leadership vacuum by offering two distinct training pathways, the Baton 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 to take a fresh approach to our leadership development and further extend and capitalise on the great opportunities for equipping leaders in collaboration with our newly formed ReACh groups, seeking to train, or facilitate training overseas.

Dr Jonathan Black and a small team have been working hard to deliver the new training program, ACTS Divinity, a two-year course that is entirely built to 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 format will continue to reach and impact other regions of the world also.

Safeguarding

An incredible effort from our Safeguarding team during this year delivered revised policies, increased training and greater compliance right across the charity; as a result ACUK is a safer community for all.

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The Apostolic Church

Trustees' Annual Report (continued)

Year ended 31 March 2025

Safeguarding continues to be a major area of focus, as we seek to continually demonstrate best practice.

Communication

We have continued to invest in media and communication platforms, ensuring stronger internal and external engagement. Staff and volunteers are now producing high-quality content across multiple formats, freely available for all generations.

Partners

Collaboration remains at the heart of our mission. A significant development this year has been the establishment of a partnership with Youth for Christ (YFC).

YFC is an outstanding organisation that has been impacting young lives in the UK and internationally for over two decades. Our developing relationship with YFC reflects a shared commitment to meeting the challenge of the “Quiet Revival,” which has seen thousands of young people come to faith across the UK. We look forward with anticipation to the fruit this significant partnership will bear—for the glory of God.

Financial review

The trustees report that the accounts for the year ended 31 March 2025 show a deficit of £115,915 (2024: £629,704 surplus). This is stated after the actuarial losses of £520,000 (2024: £148,000) incurred on the defined benefit pension schemes. The church had healthy year end reserves of £21,516,054 (2024: £21,645,437).

The trustees are content that whilst there may be some local difficulties in some local churches the church overall is able to meet its obligations, make provision for reserves, achieve a small surplus and ensure that as much income as possible remains available for local churches to conduct their ministry in and from their local communities.

Investment policy

The Church's policy is to hold excess funds and reserves in cash, short and medium-term investments. As has been the case for some time, properties which are surplus to requirements are sold. The proceeds of the sale of 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 faced by the Church as it conducts its various events and activities. Risk is managed by developing and implementing policies in respect of 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 of buildings, and a range of appropriate insurance arrangements to cover foreseeable risks.

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The Apostolic Church

Trustees' Annual Report (continued)

Year ended 31 March 2025

Plans for future periods

Registration of the new CIO is now finalised with the Charity Commission and preparation is now in progress to arrange the transfer of undertakings into the new legal entity. We anticipate and are working towards the new legal entity becoming operational from 1 April 2026.

Last year we reported that the closed AC Final Salary Pension scheme was to be transferred to an external provider. This work advanced during the year 2023-24. We expect in 2025/26 for an external provider to sign a buy-in contract for both the Final Salary and 6/7ths scheme.

Trustees' responsibilities statement

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England, Wales and Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.

In preparing these financial statements, 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 prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, Charities and Trustees Investments (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended), and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Rev I Parker National Leader

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The Apostolic Church

Independent Auditor's Report to the Members of The Apostolic Church

Year ended 31 March 2025

Opinion

We have audited the financial statements of The Apostolic Church (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of 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 of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income 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 of the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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The Apostolic Church

Independent Auditor's Report to the Members of The Apostolic Church (continued)

Year ended 31 March 2025

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 and the Charity Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

• the information given in the trustees' report is inconsistent in any material respect with the

• financial statements; 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 fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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The Apostolic Church

Independent Auditor's Report to the Members of The Apostolic Church (continued)

Year ended 31 March 2025

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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 of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of 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 for directors' remuneration, bonus levels and performance targets.

Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company's performance measures to meet targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We ensure we have an understanding of 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 limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

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The Apostolic Church

Independent Auditor's Report to the Members of The Apostolic Church (continued)

Year ended 31 March 2025

• Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of 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 of the Charities Act 2011 and regulations made under section 154 of that Act, and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Field FCA CTA (Senior Statutory Auditor)

For and on behalf of Burgess Hodgson Audit Limited Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN

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The Apostolic Church

Statement of Financial Activities

Year ended 31 March 2025

			2025		2024
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	4	–	6,295	6,295	–
Charitable activities	5	5,176,161	504,187	5,680,348	5,213,699
Investment income	6	368,226	–	368,226	331,348
Other income	7	319,524	–	319,524	850,651
		────────────	─────────	────────────	────────────
Total income		5,863,911	510,482	6,374,393	6,395,698
		════════════	═════════	════════════	════════════
Expenditure
Expenditure on charitable activities	8,9	5,396,937	586,839	5,983,776	5,920,059
		────────────	─────────	────────────	────────────
Total expenditure		5,396,937	586,839	5,983,776	5,920,059
		════════════	═════════	════════════	════════════
Net gains on investments	11	–	–	–	6,065
		────────────	─────────	────────────	────────────
Net income		466,974	(76,357)	390,617	481,704
		════════════	═════════	════════════	════════════
Transfers between funds		(62,889)	62,889	–	–
Other recognised gains and losses
Actuarial (losses)/gains on defined benefit
pension schemes		(520,000)	–	(520,000)	148,000
		────────────	─────────	────────────	────────────
Net movement in funds		(115,915)	(13,468)	(129,383)	629,704
Reconciliation of funds
Total funds brought forward		18,264,518	3,380,919	21,645,437	21,015,733
		─────────────	────────────	─────────────	─────────────
Total funds carried forward		18,148,603	3,367,451	21,516,054	21,645,437
		═════════════	════════════	═════════════	═════════════

The statement of 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 31 form part of these financial statements.

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The Apostolic Church

Statement of Financial Position

31 March 2025

31 March 2025
		2025	2024
	Note	£	£
Fixed assets
Tangible fixed assets	16	12,212,884	12,687,179
Current assets
Debtors	18	20,291	411,486
Cash at bank and in hand		9,883,571	9,642,884
		────────────	─────────────
		9,903,862	10,054,370
Creditors: amounts falling due within one year	19	75,646	178,972
		────────────	─────────────
Net current assets		9,828,216	9,875,398
		─────────────	─────────────
Total assets less current liabilities		22,041,100	22,562,577
Creditors: amounts falling due after more than one year	20	762,046	978,140
		─────────────	─────────────
Net assets excluding defined benefit pension plan asset		21,279,054	21,584,437
Defined benefit pension plan liability	21	(237,000)	(61,000)
		─────────────	─────────────
Net assets including defined benefit pension plan asset		21,516,054	21,645,437
		═════════════	═════════════
Funds of the charity
Restricted funds		3,367,451	3,380,919
Unrestricted funds:
Defined benefit pension reserve		237,000	61,000
Other unrestricted income funds		17,911,603	18,203,518
		─────────────	─────────────
Total unrestricted funds		18,148,603	18,264,518
		─────────────	─────────────
Total charity funds	22	21,516,054 ═════════════	21,645,437 ═════════════

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Rev I Parker National Leader

The notes on pages 16 to 31 form part of these financial statements.

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The Apostolic Church

Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£
Cash flows from operating activities
Net income	390,617	481,704
Adjustments for:
Depreciation of tangible fixed assets	105,506	120,083
Net gains on investments	–	(6,065)
Dividends, interest and rents from investments	(368,226)	(331,348)
Interest payable and similar charges	200,283	340,962
Gains on disposal of tangible fixed assets	(194,649)	(850,651)
Defined benefit pension plan employer contributions	(882,000)	(1,345,000)
Accrued income	(518)	(86,862)
Changes in:
Trade and other debtors	391,195	(399,361)
Trade and other creditors	(49,159)	49,532
	─────────	────────────
Cash generated from operations	(406,951)	(2,027,006)
Interest paid	(14,283)	(11,962)
	─────────	────────────
Net cash used in operating activities	(421,234)	(2,038,968)
	═════════	════════════
Cash flows from investing activities
Dividends, interest and rents from investments	368,226	331,348
Purchase of tangible assets	(251,822)	(613,173)
Proceeds from sale of tangible assets	815,260	1,176,000
Proceeds from sale of other investments	–	136,070
	─────────	────────────
Net cash from investing activities	931,664	1,030,245
	═════════	════════════
Cash flows from financing activities
Proceeds from borrowings	(269,743)	(53,499)
	─────────	────────────
Net cash used in financing activities	(269,743)	(53,499)
	═════════	════════════
Net increase/(decrease) in cash and cash equivalents	240,687	(1,062,222)
Cash and cash equivalents at beginning of year	9,642,884	10,705,106
	────────────	─────────────
Cash and cash equivalents at end of year	9,883,571	9,642,884
	════════════	═════════════

The notes on pages 16 to 31 form part of these financial statements.

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The Apostolic Church

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The charity is a public benefit entity and a registered charity in England, Wales and Scotland and is unincorporated. The address of the principal office is Suite 105, Crystal House, New Bedford Road, Luton, LU1 1HS.

2. 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 Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended).

3. Accounting policies

Basis of preparation

Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Finance Committee in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Finance Committee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Going concern

Based on the charity's current financial position and ongoing nature of its activities there are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

- 16 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Judgements and key sources of estimation uncertainty (continued)

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Control of assembly assets and funds

The Trustees delegate powers for local authority to local Pastors and Leading Elders in relation to various matters including day to 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 Statements.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of 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 entitlement has been established. Estimates of legacy income due are based on correspondence received from solicitors acting on behalf of estates where a legacy payment to the Charity is notified during the year.

 Impairment of fixed assets

The Charity considers whether assets held are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value. The Trustees evaluate this based on available evidence and reports from relevant experts as appropriate.

 Investment valuation

The Charity carries investments held at Market Value. The valuation of fixed asset investment properties has to be estimated 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 to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, asset valuations and the discount rate on investments. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends.

- 17 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to 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 entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

All fixed assets are initially recorded at cost. Certain properties are carried at amounts relating to historical insured values. Capital expenditure of less than £5,000 is treated as revenue expenditure.

- 18 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 167/50 years straight line Long leasehold property - 50 years straight line Fixtures and fittings - 20% straight line Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, 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 for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to 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 fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

- 19 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Defined benefit plans

The company recognises a defined net benefit pension asset or liability in the statement of financial position as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit 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 future 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 it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in income or expenditure in the period in which they occur.

Net interest is determined by multiplying the net defined benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. Net interest is recognised in income or expenditure.

Defined contribution plans

Contributions to 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 future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Donations and legacies

	Restricted	Total Funds	Restricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Grants
Grants income	6,295	6,295	–	–
Charitable activities
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2025
		£	£	£
Donations, giving and similar income		4,596,408	57,009	4,653,417
Legacy income		61,948	–	61,948
Fundraising for buildings		–	219,139	219,139
Other charitable activity		517,805	228,039	745,844
Conference income		–	–	–
		────────────	─────────	────────────
		5,176,161	504,187	5,680,348
		════════════	═════════	════════════

5. Charitable activities

- 20 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

5. Charitable activities (continued)

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Donations, giving and similar income	4,329,671	54,577	4,384,248
Legacy income	184	–	184
Fundraising for buildings	–	220,830	220,830
Other charitable activity	505,016	102,324	607,340
Conference income	–	1,097	1,097
	────────────	─────────	────────────
	4,834,871	378,828	5,213,699
	════════════	═════════	════════════

6. Investment income

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Property income	288,014	288,014	292,940	292,940
Investment income and interest
received	80,212	80,212	38,408	38,408
	─────────	─────────	─────────	─────────
	368,226	368,226	331,348	331,348
	═════════	═════════	═════════	═════════
Other income
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Gain on disposal of tangible fixed
assets held for charity's own use	194,649	194,649	850,651	850,651
Gain on revaluation of tangible fixed
assets held for charity's own use	124,875	124,875	–	–
	─────────	─────────	─────────	─────────
	319,524	319,524	850,651	850,651
	═════════	═════════	═════════	═════════

7. Other income

- 21 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

8. Expenditure on charitable activities by fund type

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2025
	£	£	£
Missionary	2,487	119,898	122,385
Ministerial	3,624,702	337,119	3,961,821
Other	330,764	129,822	460,586
Church admin	183,947	–	183,947
Support costs	1,255,037	–	1,255,037
	────────────	─────────	────────────
	5,396,937	586,839	5,983,776
	════════════	═════════	════════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Missionary	7,703	120,158	127,861
Ministerial	3,366,655	291,503	3,658,158
Other	335,514	130,675	466,189
Church admin	204,301	–	204,301
Support costs	1,463,550	–	1,463,550
	────────────	─────────	────────────
	5,377,723	542,336	5,920,059
	════════════	═════════	════════════

9. Expenditure on charitable activities by activity type

	Activities
	undertaken		Total funds	Total fund
	directly	Support costs	2025	2024
	£	£	£	£
Missionary	122,385	–	122,385	127,861
Ministerial	3,961,821	954,484	4,916,305	4,693,717
Other	460,586	–	460,586	466,189
Church admin	183,947	–	183,947	204,301
Governance costs	–	300,553	300,553	427,991
	────────────	────────────	────────────	────────────
	4,728,739	1,255,037	5,983,776	5,920,059
	════════════	════════════	════════════	════════════

Apportionment of costs between activity types has been allocated on an actual basis.

10. Analysis of support costs

				Church
	Missionary	Ministerial	Other	admin	Total 2025	Total 2024
	£	£	£	£	£	£
Staff costs	–	612,737	–	–	612,737	610,054
Premises	–	187,333	–	–	187,333	270,619
Finance costs	–	14,283	–	–	14,283	11,962
Governance costs	7,048	227,996	54,927	10,586	300,557	427,991
Other expenses	–	140,131	–	–	140,131	141,261
Travel and
accommodation	–	–	–	–	–	1,663
	───────	────────────	────────	────────	────────────	────────────
	7,048	1,182,480	54,927	10,586	1,255,041	1,463,550
	═══════	════════════	════════	════════	════════════	════════════

- 22 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

10. Analysis of support costs (continued)

Support costs above relate to specifically identifiable support activities.

11. Net gains on investments

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Gains/(losses) on listed investments	–	–	6,065	6,065
	════	════	═══════	═══════
Net income
Net income is stated after charging/(crediting):
			2025	2024
			£	£
Depreciation of tangible fixed assets			105,506	120,083
Gains on disposal of tangible fixed assets			(194,649)	(850,651)
			═════════	═════════
Auditors remuneration
			2025	2024
			£	£
Fees payable for the audit of the financial statements			25,000 ════════	24,000 ════════

12. Net income

13. Auditors remuneration

During the year, the company's auditor changed from Burgess Hodgson LLP to Burgess Hodgson Audit Limited following a change in legal structure of the audit firm. The responsible individual remains the same.

14. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2025	2024
	£	£
Wages and salaries	2,569,814	2,501,321
Employer contributions to pension plans	71,596	67,242
	────────────	────────────
	2,641,410	2,568,563
	════════════	════════════
The average head count of employees during the year was 131 (2024: 131).		The average
number of full-time equivalent employees during the year is analysed as follows:
	2025	2024
	No.	No.
Number of staff	81	85
	════	════

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

- 23 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

15. Trustee remuneration and expenses

Payments to Trustees

No remuneration was paid to any individual in connection with their services as Trustee.

The remuneration payments made relate entirely to the work carried out as full or part time pastors of churches in line with the standard fees authorised by the charity's governing document. The level of salary received is independently determined by the local church leadership team in line with the guidance issued by the Finance Committee and salary review board. There is a weighting according to geographic location and congregation size.

The Charity also makes pension contributions as part of the defined contribution pension scheme in place. The totals paid to Trustees in relation to their roles as ministers were as follows:

Gross Salary

Gross Salary
	2025	2024
	£	£
A Matheson	21,232	30,637
D Bird	-	-
C Hopkins	43,329	40,677
I Parker	39,225	37,484
S Taylor	45,983	42,102
P Doherty	20,612	19,778
	170,381	170,678
Employer Pension Contributions
	2025	2024
	£	£
A Matheson	2,032	4,125
D Bird	-	-
C Hopkins	4,241	4,104
I Parker	1,137	1,072
S Taylor	4,420	4,336
P Doherty	3,293	3,393
	15,123	17,030

In addition to the above payments, certain Trustees are provided with living accommodation by reason of their employment as pastors. This is in line with customary practice for ministers of religion to enable their duties to 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.

Reimbursed expenses

The following expenses were reimbursed during the year:

	2025	2024
	£	£
A Matheson	1,138	592
D Bird	557	449
C Hopkins	627	440
I Parker	3,474	5,080
S Taylor	457	3,341
P Doherty	857	1,931
	7,110	11,833

- 24 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

16. Tangible fixed assets

		Long
	Freehold	leasehold	Fixtures and
	property	property	fittings	Total
	£	£	£	£
Cost
At 1 April 2024	13,550,314	128,927	532,089	14,211,330
Additions	240,000	–	11,822	251,822
Disposals	(813,994)	–	–	(813,994)
Revaluations	124,875	–	–	124,875
	─────────────	─────────	─────────	─────────────
At 31 March 2025	13,101,195	128,927	543,911	13,774,033
	═════════════	═════════	═════════	═════════════
Depreciation
At 1 April 2024	1,007,844	12,551	503,756	1,524,151
Charge for the year	86,849	2,579	16,078	105,506
Disposals	(68,508)	–	–	(68,508)
	─────────────	─────────	─────────	─────────────
At 31 March 2025	1,026,185	15,130	519,834	1,561,149
	═════════════	═════════	═════════	═════════════
Carrying amount
At 31 March 2025	12,075,010	113,797	24,077	12,212,884
	═════════════	═════════	═════════	═════════════
At 31 March 2024	12,542,470	116,376	28,333	12,687,179
	═════════════	═════════	═════════	═════════════

On transition to FRS102 the assets have been included 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 for the assembly data.

17. Investments

	Total
	£
Carrying amount
At 31 March 2025	–
	════
At 31 March 2024	–
	════

All investments shown above are held at valuation.

- 25 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

18. Debtors

	2025	2024
	£	£
Prepayments and accrued income	11,770	7,154
Other debtors	8,521	404,332
	────────	─────────
	20,291	411,486
	════════	═════════
Creditors: amounts falling due within one year
	2025	2024
	£	£
Bank loans and overdrafts	26,900	80,549
Trade creditors	373	–
Accruals and deferred income	48,373	48,891
Social security and other taxes	–	43,272
Other creditors	–	6,260
	────────	─────────
	75,646	178,972
	════════	═════════
Creditors: amounts falling due after more than one year
	2025	2024
	£	£
Bank loans and overdrafts	762,046	978,140
	═════════	═════════

19. Creditors: amounts falling due within one year

20. Creditors: amounts falling due after more than one year

Various bank loans are secured against properties held by the Church throughout the UK.

21. 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 £71,596 (2024: £67,242).

- 26 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

21. Pensions and other post retirement benefits (continued)

Defined benefit plans

The charity operates two defined benefit pension schemes:

• The Apostolic Church Unfunded 6/7th Scheme (the "Unfunded Scheme")

• The Apostolic Church Staff Pension Scheme (the "Funded Scheme")

Unfunded Scheme

This is an informal top up pension arrangement providing benefits based on a standard minimum fee and reduced for other pension income received by the individual. Under the scheme, the employees are entitled to retirement benefits on reaching retirement age. There are no scheme assets held separately from those of the charity. The scheme is closed to new members. Spouses of the former employees are also entitled to the same level of benefit upon the death of the former employee within the scheme.

Pensions are paid to the beneficiaries on a monthly basis directly from the charity's assets. The value of the liabilities at the reporting date has been determined on a member by member basis based on data used by the previous actuary in preparing last year's disclosures and with allowance for member movements over the year. A valuation of the scheme has been carried out as at 31 March 2025 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, at 30 June 2005 or earlier date of leaving. Since 30 June 2005 the Funded Scheme has been closed to new employees.

The Funded Scheme is a registered scheme under UK legislation, is subject to the funding requirements outlined in this legislation and was contracted into the State Second Pension.

The Funded Scheme was established from 1 July 1981 under trust and is governed by the Funded Scheme's trust deed and rules. The charity is responsible for the operation and governance of the Funded Scheme, including making decisions regarding the Funded Scheme's funding and investment strategy.

The liabilities of the scheme shown below have been estimated by updating the results of this actuarial valuation to allow for the passage of time, benefits paid out of the scheme and changes in actuarial assumptions.

The statement of financial position net defined benefit asset is determined as follows:

	Unfunded	Scheme	Funded Scheme	Funded Scheme	Total	Total
	2025	2024	2025	2024	2025	2024
	£	£	£	£	£	£
Present value of
defined benefit
obligations	(341,000)	(839,000)	(2,555,000)	(2,862,000)	(2,896,000)	(3,701,000)
Fair value of plan
assets	311,000	–	2,822,000	3,762,000	3,133,000	3,762,000
	─────────	─────────	────────────	────────────	────────────	────────────
	(30,000)	(839,000)	267,000	900,000	237,000	61,000
	════════	═════════	═════════	═════════	═════════	════════

- 27 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

21. Pensions and other post retirement benefits (continued)

Changes in the present value of the defined benefit obligations are as follows:

				Unfunded	Funded
				Scheme	Scheme	Total
				£	£	£
At 1 April 2024				839,000	2,862,000	3,701,000
Interest expense				36,000	124,000	160,000
Benefits paid				(67,000)	(130,000)	(197,000)
Remeasurements:
Actuarial gains and losses				(467,000)	(301,000)	(768,000)
				─────────	────────────	────────────
At 31 March 2025				341,000	2,555,000	2,896,000
				═════════	════════════	════════════
Changes in the fair value of plan assets are as			follows:
				Unfunded	Funded
				Scheme	Scheme	Total
				£	£	£
At 1 April 2024				–	3,762,000	3,762,000
Interest income				–	176,000	176,000
Benefits paid				(67,000)	(130,000)	(197,000)
Contributions by employer				378,000	504,000	882,000
Administrative costs				–	(202,000)	(202,000)
Remeasurements:
Return on plan assets, excluding amount included
in interest income				–	(1,288,000)	(1,288,000)
				─────────	────────────	────────────
At 31 March 2025				311,000	2,822,000	3,133,000
				═════════	════════════	════════════
The total costs for the year in relation to defined benefit plans are as follows:
	Unfunded	Scheme	Funded Scheme		Total
	2025	2024	2025	2024	2025	2024
	£	£	£	£	£	£
Recognised in income or expenditure:
Net interest
income	36,000	42,000	(52,000)	(23,000)	(16,000)	19,000
Administrative
costs	–	–	202,000	102,000	202,000	102,000
	────────	────────	─────────	─────────	─────────	─────────
	36,000	42,000	150,000	79,000	186,000	121,000
	════════	════════	═════════	═════════	═════════	═════════
Recognised in other recognised		gains and losses:
Experience gain
(loss) arising on
scheme liabilities	–	–	(65,000)	(26,000)	(65,000)	(26,000)
Remeasurement of the liability:
Actuarial gains
and losses	(467,000)	(104,000)	(236,000)	14,000	(703,000)	(90,000)
Return on plan
assets,
excluding
amounts
included in net
interest	–	–	1,288,000	(32,000)	1,288,000	(32,000)
	─────────	─────────	────────────	────────	────────────	─────────
	(467,000)	(104,000)	987,000	(44,000)	520,000	(148,000)
	═════════	═════════	════════════	════════	════════════	═════════

- 28 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

21. Pensions and other post retirement benefits (continued)

The fair value of the major categories of plan assets are as follows:

	Funded Scheme	Funded Scheme
	2025	2024
	%	%
Cash and cash equivalents	9.46	4.15
Insured annuities percentage	90.54	11.24
Net current assets percentage	–	84.61
The return on plan assets are as follows:
	Funded Scheme
	2025	2024
	£	£
Return on assets of benefit plan	(1,112,000) ════════════	173,000 ═════════

The principal actuarial assumptions as at the statement of	The principal actuarial assumptions as at the statement of	financial position	date were:
	Unfunded	Scheme	Funded Scheme
	2025	2024	2025	2024
	%	%	%	%
Discount rate	5.40	4.45	5.40	4.45
Expected rate of increase in pensions	–	–	3.00	3.00
Inflation assumption	2.20	2.25	2.20	2.25
Mortality rates:
Current pensioners at 65 - male	86.20	86.30	86.20	86.30
Current pensioners at 65 - female	88.80	88.70	88.80	88.70
Future pensioners at 65 - male	87.20	87.20	87.20	87.20
Future pensioners at 65 - female	89.90 ═══════	89.90 ═══════	89.90 ═══════	89.90 ═══════

22. Analysis of charitable funds

Unrestricted funds

	At				Gains and		At
	1 Apr 2024	Income	Expenditure	Transfers	losses	31 Mar 2025
	£	£	£	£	£		£
General funds	18,203,518	4,805,911	(5,034,937)	(62,889)	–		17,911,603
Defined benefit
pension schemes	61,000	1,058,000	(362,000)	–	(520,000)		237,000
	─────────────	────────────	────────────	────────	─────────		─────────────
	18,264,518	5,863,911	(5,396,937)	(62,889)	(520,000)		18,148,603
	═════════════	════════════	════════════	════════	═════════		═════════════
	At				Gains and		At
	1 Apr 2023	Income	Expenditure	Transfers	losses	31 Mar 2024
	£	£	£	£	£		£
General funds	18,639,887	4,530,870	(4,907,723)	(65,581)	6,065		18,203,518
Defined benefit
pension schemes	(1,103,000)	1,486,000	(470,000)	–	148,000		61,000
	─────────────	────────────	────────────	────────	─────────		─────────────
	17,536,887	6,016,870	(5,377,723)	(65,581)	154,065		18,264,518
	═════════════	════════════	════════════	════════	═════════		═════════════

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The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

22. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
	At				Gains and	At
	1 Apr 2024	Income	Expenditure	Transfers	losses	31 Mar 2025
	£	£	£	£	£	£
Missionary fund	–	57,009	(119,898)	62,889	–	–
Building funds	2,340,961	219,139	(324,819)	–	–	2,235,281
Other restricted
income	1,039,958	234,334	(142,122)	–	–	1,132,170
	────────────	─────────	─────────	────────	────	────────────
	3,380,919	510,482	(586,839)	62,889	–	3,367,451
	════════════	═════════	═════════	════════	════	════════════
	At				Gains and	At
	1 Apr 2023	Income	Expenditure	Transfers	losses	31 Mar 2024
	£	£	£	£	£	£
Missionary fund	–	54,577	(120,158)	65,581	–	–
Building funds	2,411,634	220,830	(291,503)	–	–	2,340,961
Other restricted
income	1,067,212	103,421	(130,675)	–	–	1,039,958
	────────────	─────────	─────────	────────	────	────────────
	3,478,846	378,828	(542,336)	65,581	–	3,380,919
	════════════	═════════	═════════	════════	════	════════════

Missionary fund

The missionary fund comprises restricted income which is related to missionary work under the Action Overseas banner, within the total fund are amounts attributable to specific ongoing projects. The Church has increased spending on missionary activities to increase awareness which has caused the fund to move into a deficit position. The trustees have decided to transfer funds from unrestricted 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 at specific individual assemblies.

Other restricted funds

Represents various restricted income and expenditure items managed on a local level at specific individual assemblies.

- 30 -

The Apostolic Church

Notes to the Financial Statements (continued)

Year ended 31 March 2025

23. Analysis of net assets between funds

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2025
	£	£	£
Tangible fixed assets	11,321,615	891,269	12,212,884
Current assets	7,427,680	2,476,182	9,903,862
Creditors less than 1 year	(75,646)	–	(75,646)
Creditors greater than 1 year	(762,046)	–	(762,046)
Defined benefit pension	237,000	–	237,000
	─────────────	────────────	─────────────
Net assets	18,148,603	3,367,451	21,516,054
	═════════════	════════════	═════════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Tangible fixed assets	11,787,160	900,019	12,687,179
Investments	–	–	–
Current assets	7,573,470	2,480,900	10,054,370
Creditors less than 1 year	(178,972)	–	(178,972)
Creditors greater than 1 year	(978,140)	–	(978,140)
Defined benefit pension	61,000	–	61,000
	─────────────	────────────	─────────────
Net assets	18,264,518	3,380,919	21,645,437
	═════════════	════════════	═════════════

24. Financial instruments

The fair values of the listed investments are determined by reference to the quoted market price.

The remaining financial assets and financial liabilities of the Charity qualify as basic financial instruments. These are initially recognised in the Statement of Financial Position at transaction value and subsequently measured at their settlement value.

25. Analysis of changes in net debt

			At
	At 1 Apr 2024	Cash flows	31 Mar 2025
	£	£	£
Cash at bank and in hand	9,642,884	240,687	9,883,571
Debt due within one year	(80,549)	53,649	(26,900)
Debt due after one year	(978,140)	216,094	(762,046)
	────────────	─────────	────────────
	8,584,195	510,430	9,094,625
	════════════	═════════	════════════

- 31 -