Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
American International Church |
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 |
Registered Charity number |
Registered office |
American International Church (Registered number: 12074982) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
Trustees |
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 |
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 |
Investment income | 3 |
Other income |
Total |
EXPENDITURE ON |
Charitable activities | 4 |
Charitable Activities | 637,080 | - | 637,080 | 519,300 |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 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 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( |
) | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 13 |
Unrestricted funds | 1,323,615 |
Restricted funds | 32,507 |
TOTAL FUNDS | 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 |
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) |
Donations |
Gift aid |
Grants |
Gifts | 37,146 | 18,130 |
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 |
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 |
Investment income |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
Charitable Activities | 519,300 | - | 519,300 |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 1,245,265 | 14,377 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Disposals | ( |
) |
At 31 December 2023 |
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 |
Other debtors |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
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 | (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 | ( |
) | (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. |