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Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

American International Church

American International Church






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Statement of Financial Position 5 to 6

Statement of Cash Flows 7

Notes to the Statement of Cash Flows 8

Notes to the Financial Statements 9 to 14

American International Church (Registered number: 12074982)

Report of the Trustees
for the Year Ended 31 December 2023


The Trustees present their annual report together with the financial statements of the Charity for the period 1st January 2023 to 31st December 2023 and confirm that they comply with the requirements of the Charities Act 2011, the Charity's Bylaws, and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP 2015).

OBJECTIVES AND ACTIVITIES
The objects of the American International Church are to advance the Christian faith for the benefit of the public by providing for the worship of God, the study of faith and scriptures, the development of Christian community and such other activities that may advance the Kingdom of God.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Charity constitution
The charity is governed by its Articles of Incorporation, which were filed on 28 June 2019.

Recruitment and appointment of new trustees
The Charity's management is the responsibility of the Trustees, who are elected and co-opted under the terms of the Articles of Association. Trustees undergo a selection process via the Nominating Committee of the Charity, and are elected at the Annual General Meeting by all members. New trustees are given a full induction to the Charity and their responsibilities under Charity Law, including safeguarding training and adherence to our Code of Conduct.

Organisational structure
The Church Council acts as Trustees. They meet monthly to review the program and finances, set and approve policy, oversee the church's vision and direction, and ensure best practices of governance and management, in accordance with the Articles of Incorporation and Regulations of the Charity.

Decision making
Some decisions require approval of the Membership of the American International Church. The congregation meets at least once a year to receive the Annual Report, approve the budget, elect new Trustees and address any other business.
The Council delegates the day-to-day operations of the church to the Senior Minister as head of staff, along with other staff and committees.

Key management remuneration
The Charity has two Trustees who are paid members of the staff: Rev. Jennifer Mills-Knutsen, Senior Minister and Rev. Jared Jaggers, Associate Minister. They do not ever form a majority of the trustees, and they recuse themselves from all conversations reviewing their salaries, which are approved separately by the other Trustees. The provisions for their status as Ex Officio Trustees is governed by the Articles of Incorporation. Salaries are reviewed annually, and in line with fair market rates for similar positions.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
12074982 (England and Wales)

Registered Charity number
1188087

Registered office


American International Church (Registered number: 12074982)

Report of the Trustees
for the Year Ended 31 December 2023

Trustees
Stephen Lee Howard
Jared JAGGERS
Nicole Elizabeth JOFFE
Elodie LASSERRE
Michelle MILLER
Rev. Jennifer Mills-Knutsen
Tangy MORGAN
Serge Patrick RAMIN
Emily Dema
Oliver Lewis (appointed 17.3.24)

Company Secretary

Independent Examiner
Brayan and Spencer Associates Limited
25 Leeming Road
Borehamwood
England
WD6 4EB

Approved by order of the board of trustees on 20 September 2024 and signed on its behalf by:





Rev. Jennifer Mills-Knutsen - Trustee

Independent Examiner's Report to the Trustees of
American International Church

Independent examiner's report to the trustees of American International Church ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Pat Sharma
The Association of Chartered Certified Accountants

Brayan and Spencer Associates Limited
25 Leeming Road
Borehamwood
England
WD6 4EB

19 September 2024

American International Church

Statement of Financial Activities
for the Year Ended 31 December 2023

31.12.23 31.12.22
Unrestricted Restricted Total Total
funds fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 476,970 12,000 488,970 489,411

Investment income 3 20,300 - 20,300 20,570
Other income - - - 105,799
Total 497,270 12,000 509,270 615,780

EXPENDITURE ON
Charitable activities 4
Charitable Activities 637,080 - 637,080 519,300

NET INCOME/(EXPENDITURE) (139,810 ) 12,000 (127,810 ) 96,480


RECONCILIATION OF FUNDS
Total funds brought forward 1,323,615 32,507 1,356,122 1,259,642

TOTAL FUNDS CARRIED FORWARD 1,183,805 44,507 1,228,312 1,356,122

American International Church (Registered number: 12074982)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Unrestricted Restricted Total Total
funds fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 181,012 - 181,012 181,012
Investments 9 905,420 - 905,420 1,016,386
1,086,432 - 1,086,432 1,197,398

CURRENT ASSETS
Debtors 10 5,331 - 5,331 50,282
Cash at bank 115,042 44,507 159,549 155,957
120,373 44,507 164,880 206,239

CREDITORS
Amounts falling due within one year 11 - - - (14,515 )

NET CURRENT ASSETS 120,373 44,507 164,880 191,724

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,206,805

44,507

1,251,312

1,389,122

CREDITORS
Amounts falling due after more than one year 12 (23,000 ) - (23,000 ) (33,000 )

NET ASSETS 1,183,805 44,507 1,228,312 1,356,122
FUNDS 13
Unrestricted funds 1,183,805 1,323,615
Restricted funds 44,507 32,507
TOTAL FUNDS 1,228,312 1,356,122

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


American International Church (Registered number: 12074982)

Statement of Financial Position - continued
31 December 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 20 September 2024 and were signed on its behalf by:





Jennifer Mills-Knutsen - Trustee

American International Church

Statement of Cash Flows
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 (107,374 ) 82,769
Net cash (used in)/provided by operating activities (107,374 ) 82,769

Cash flows from investing activities
Purchase of financial investments - (28,527 )
Sale of financial investments 110,966 -
Net cash provided by/(used in) investing activities 110,966 (28,527 )

Change in cash and cash equivalents in
the reporting period

3,592

54,242
Cash and cash equivalents at the
beginning of the reporting period

155,957

101,715
Cash and cash equivalents at the end of
the reporting period

159,549

155,957

American International Church

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2023

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM
OPERATING ACTIVITIES
31.12.23 31.12.22
£    £   
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)

(127,810

)

96,480
Adjustments for:
Decrease/(increase) in debtors 44,951 (13,711 )
Decrease in creditors (24,515 ) -
Net cash (used in)/provided by operations (107,374 ) 82,769


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 155,957 3,592 159,549
155,957 3,592 159,549
Total 155,957 3,592 159,549

American International Church

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. DONATIONS AND LEGACIES
31.12.23 31.12.22
£    £   
Donations (Latchcourt/AICF) 416,486 355,421
Donations 15,338 115,860
Gift aid 5,000 -
Grants 15,000 -
Gifts 37,146 18,130
488,970 489,411

American International Church

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. DONATIONS AND LEGACIES - continued

Grants received, included in the above, are as follows:

31.12.23 31.12.22
£    £   
Grants - Unrestricted (Camden)
15,000 -

3. INVESTMENT INCOME
31.12.23 31.12.22
£    £   
Investment Income 20,300 20,570

4. CHARITABLE ACTIVITIES COSTS
Direct
Costs
£   
Charitable Activities 637,080

5. TRUSTEES' REMUNERATION AND BENEFITS

The Charity has two Trustees who are paid members of the staff: Rev. Jennifer Mills-Knutsen, Senior Minister and Rev. Jared Jaggers, Associate Minister. They do not ever form a majority of the trustees, and they recuse themselves from all conversations reviewing their salaries, which are approved separately by the other Trustees. The provisions for their status as Ex Officio Trustees is governed by the Articles of Incorporation. Salaries are reviewed annually, and in line with fair market rates for similar positions.

The Rev. Jennifer Mills-Knutsen was paid a salary of £59843.20 in 2023. Benefits including tuition for her child and travel reimbursement totalled £13,217.48, and pension and life insurance totalled £2,810.41. In addition, she lives in church-owned accommodation, which is not counted as a benefit because it is a requirement of her employment.

The Rev. Jared Jaggers was paid a salary of £48,862 in 2023.

Trustees' expenses

The two ministers who serve as Trustees receive expenses. Most qualify as routine out-of-pocket expenses and are paid to third parties via a church-owned credit card. One category that requires special disclosure is entertainment costs (usually food and drink for church events or meals), which totalled £2,084.


American International Church

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. STAFF COSTS

The church employed four full-time and three part-time staff throughout 2023, though one full time position was in vacancy from 3 March to 1 October in 2023.
The total costs for all staff were £255,620.

The average monthly number of employees during the year was as follows:

31.12.23 31.12.22
Average number of employees 6 7

One employee, Rev. Jennifer Mills-Knutsen, received compensation in excess of £60,000, totalling £73,060.68.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds fund funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 471,281 18,130 489,411

Investment income 20,570 - 20,570
Other income 105,799 - 105,799
Total 597,650 18,130 615,780

EXPENDITURE ON
Charitable activities
Charitable Activities 519,300 - 519,300

NET INCOME 78,350 18,130 96,480


RECONCILIATION OF FUNDS
Total funds brought forward 1,245,265 14,377 1,259,642

TOTAL FUNDS CARRIED FORWARD 1,323,615 32,507 1,356,122

8. TANGIBLE FIXED ASSETS
Long
leasehold
£   
COST
At 1 January 2023 and 31 December 2023 181,012
NET BOOK VALUE
At 31 December 2023 181,012
At 31 December 2022 181,012


American International Church

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. FIXED ASSET INVESTMENTS
Listed
investments
£   
MARKET VALUE
At 1 January 2023 1,016,386
Disposals (110,966 )
At 31 December 2023 905,420
NET BOOK VALUE
At 31 December 2023 905,420
At 31 December 2022 1,016,386

There were no investment assets outside the UK.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors - 33,815
Other debtors 5,331 16,467
5,331 50,282

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors - 14,515

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
URC LOAN 23,000 33,000

13. MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 1,323,615 (139,810 ) 1,183,805

Restricted funds
Restricted Fund 32,507 12,000 44,507

TOTAL FUNDS 1,356,122 (127,810 ) 1,228,312

American International Church

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 497,270 (637,080 ) (139,810 )

Restricted funds
Restricted Fund 12,000 - 12,000

TOTAL FUNDS 509,270 (637,080 ) (127,810 )


Comparatives for movement in funds

Net
movement At
At 1.1.22 in funds 31.12.22
£    £    £   
Unrestricted funds
General fund 1,245,265 78,350 1,323,615

Restricted funds
Restricted Fund 14,377 18,130 32,507

TOTAL FUNDS 1,259,642 96,480 1,356,122

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 597,650 (519,300 ) 78,350

Restricted funds
Restricted Fund 18,130 - 18,130

TOTAL FUNDS 615,780 (519,300 ) 96,480

American International Church

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.1.22 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 1,245,265 (61,460 ) 1,183,805

Restricted funds
Restricted Fund 14,377 30,130 44,507

TOTAL FUNDS 1,259,642 (31,330 ) 1,228,312

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,094,920 (1,156,380 ) (61,460 )

Restricted funds
Restricted Fund 30,130 - 30,130

TOTAL FUNDS 1,125,050 (1,156,380 ) (31,330 )

14. RELATED PARTY DISCLOSURES

Latchcourt Limited is registered with Companies House as a charitable company. The entirety of Latchcourt shares are owned by the American International Church. The entire net proceeds from Latchcourt are gifted to the church, as it functions as the hiring agent for booking space at the American International Church. Latchcourt has eleven part-time staff.