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← Grace Church, Bolton

2021-03-31-accounts

Charity Number: 1049144

Grace Church

Trustees’ Report and Financial Statements

For The Year Ended 31 March 2021

GRACE CHURCH

CONTENTS

Trustees and Professional Advisors 1
Trustees’ Annual Report 2
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10

GRACE CHURCH

TRUSTEES AND PROFESSIONAL ADVISERS

Registered charity name Kings Church Bolton Kings Church Bolton
Working name Grace Church
Address The Grace Centre
Somerset Road
Bolton
BL1 4NE
Charity number 1049144
Trustees Mrs E Cameron Secretary
Mr J J McGregor Treasurer
Mr R Edirisinghe Chairman
Mrs S Bradbrook
Dr S Prout (appointed 17/9/20)
Mrs E Spielmann
Mr M Taylor
Independent examiner N Mason FCA DChA
MHA Moore and Smalley
Richard House
Winckley Square
Preston
PR1 3HP

-1-

GRACE CHURCH

TRUSTEES ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019.

Reference and Administrative Details

Reference and administrative details are shown in the schedule of trustees and professional advisers on page 1 of the financial statements.

The Trustees

The trustees are shown on page 1. Dr S Prout joined as a Trustee in September 2020.

Structure, Governance and Management

The charity is governed by a trust deed dated 30 April 1995.

Recruitment and appointment of new trustees is delegated to the Leadership Team of the church, in accordance with the trust deed.

“The powers of appointment and removal of Trustees shall be vested in the Elders or other governing body of Kings Church Bolton or its successor for the time being.”

(Trust Deed section 10a)

The day to day activity of the charity is directed by the Eldership Team. There is also a Leadership Team which sits under the Elders to assist them in their role. The Trustees appoint a salary committee to review the trust salaries each year. The Salary Committee reports to the full Trustee team in line with the church policy.

The Trustees have a responsibility to report to the Elders on any legal or financial risk they perceive. Outside of those areas the Elders have full responsibility for assessing and acting on the activities of the church. To this end the Elders meet bi-weekly to review our public meetings, pastoral issues and financial position among many other ad hoc issues.

Objectives, Activities and Public Benefit

The objects of the trust are by such means as are charitable:

-2-

GRACE CHURCH

TRUSTEES ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future objectives.

Achievements and performance

Summary of the Main Activities Undertaken

Attendance

Due to the Covid pandemic, the church services of Grace Church were largely online (YouTube) with a small number invited to the church building from September 2020. Hope Church is in Westhoughton has been exclusively online services (using Zoom). The church membership is approximately 110-120 people attending Grace Church and 45 people at the Hope Church in Westhoughton.

Hope Church, Westhoughton

Hope Church has met online each Sunday morning throughout the financial year ended 31 March 2021. This year Hope church have given some financial help to those in need and also supported Urban outreach and other organisations in practical help for the community. Online support has been given to those who used to attend the toddlers group at Hope church. The finances of the Hope Church and Grace Church are still tied together, but their income and expenditure are itemised separately.

Grace Church is responsible for the lease of the Hope Community Centre building, however this is currently under review with Bolton Council and Hope Church have not used the centre since March 2020. The Community Centre, was previously used by several local groups however this has not happened during the financial year. Mark, the Hope Church leader, is employed by Grace Church for five days per week (full-time) and prior to this year the income from the Community Centre supported two of these days. As a result of the reduced income from Centre bookings, Mark has been on part time furlough since November 2020.

Giving

The regular giving from active members of Grace Church has increased and Hope Church has decreased. Grace Church generated donations excluding Gift Aid of £170,574 (2020:£154,373) and Hope Church generated donations excluding Gift Aid of £34,712 (2020: £35,701).

Building Works

The Grace Centre building continues to be an important asset to the life of the church and has had a number of small changes made to allow for live streaming of church services on Sunday mornings. The building has been utilised by a number of community groups during the year when government restrictions have allowed. The Trust successfully applied for a number of grants during the financial year to complete a refurbishment of the kitchen at the Grace Centre. The work commenced on the kitchen refurbishment in the next financial year (May 2021) and was largely complete by September 2021.

-3-

GRACE CHURCH

TRUSTEES ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Toddler Group

The toddler group which is usually held weekly at the church building for local families was put on hold due to Covid. They ran a few sessions on line, however they saved their in person launch for April 2021.

33@GC

The youth group which is usually held on Friday nights, for young people who may or may not attend the Church on a Sunday, moved to online sessions throughout the financial year. The sessions included quizzes, challenges and some bible teaching. The in person sessions returned to the Grace Centre in April 2021.

Senior Citizens Club

The senior citizens club also stopped meeting due to Covid. The attendees were regularly contacted throughout the pandemic to see how they were. The in person meetings returned in the September 2021.

Nativity Morning

The local community was invited to attend an online craft and nativity morning, where craft packs were collected before the event from the church and then used at home during the live session.

Bolton Urban Outreach

This is a Bolton wide charity that supports vulnerable young people in a variety of ways. Urban Outreach have Church members regularly donate items of food for their food bank project which has continued throughout the pandemic, with members dropping off food at various locations. The church supported the Christmas dinner on Jesus initiative again to ensure that those who could not afford Christmas lunch were provided with all the items needed.

Streetsoccer

Dave Kruczek (Lead Elder) continues to sit on the Trustees Board of Streetsoccer Academy. Street Soccer Academy is a professional service provider that specialises in the rehabilitation and reintegration of people with complex and multiple needs. They work on behalf of some of the nation’s hardest to reach groups within our communities including, people with homeless related issues, ex-offenders, those recovering from addictions, mental health conditions and disabilities and the long-term unemployed.

Zambia

We have had around 50 households involved in sponsoring ‘Streetlife’, a charity in Zambia that provides a loving home for children who have lost one or more parents. The sponsorship enables the children to attend primary and secondary school, providing an education they would not otherwise be able to afford.

Help and guidance for employment is provided for all the children who have graduated from school. For these children, a Scholarship fund has now been set up to support employment, education and training.

Relationship with Other Organisations

Grace Church belongs to Newfrontiers, ‘a worldwide family of churches together on a mission’, with over 800 churches worldwide. Grace Church belongs to the Christ Central sphere within Newfrontiers. Rob Coleman, an employee and Elder at Grace Church, also leads a team of 3 people who plan North-West meetings and activities and help provide pastoral care and direction for leaders of those churches.

-4-

TRUSTEES ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

GRACE CHURCH

Grace Church is also a member of the Evangelical Alliance. Locally, the Church participated in Heaton and Halliwell Churches Together and has good working relationships with other local churches.

Grace Church is part of the Bolton 2030 group. This group of churches in Bolton are working together to help Bolton to be a better place to live in and work in by 2030. A number of our members are part of the task and finish groups. A couple of our members helped host online conferences to help equip other churches during lockdown, these were on the topics of children’s work and churches having an online presence.

Safeguarding

Grace Church completed an online safeguarding training refresher for our youth and children’s work leaders this year, and also started work on an international safeguarding policy, to cover our work in Zambia. Events for children and young people were mainly run online due to the coronavirus pandemic, although a few sessions were able to take place in person, as and when restrictions were relaxed. The safeguarding co-ordinators worked with group leaders to ensure both online and in person sessions worked within safeguarding policies and best practice, as well as completing covid risk assessments and using safety measures as needed. The coordinators only dealt with one safeguarding issue during this period, involving a vulnerable adult, partly due to the lack of face to face contact with members; however the coordinators, leadership team and youth and children’s leaders did their best to ensure contact was maintained, and support offered if necessary, to all those in the church during the lockdown periods.

Response to Covid 19

The Trust responded quickly to Covid 19 to carefully manage the ongoing expenditure and to try and protect the income of the Trust. Four members of staff were put on furlough as the closure of the buildings meant that their roles were temporarily not required. The furlough scheme from the government provided income to help the Trust meet the wages of the staff. The Trust approached all members to encourage regular giving online and a crisis fund was started for members to contribute into to help others who may experience hardship over the coming months.

The Grace Centre was closed to user groups for the first half of the financial year and therefore rental income reduced. A small number of user groups returned in September for a period and good communication has been kept in place with user groups almost all groups have returned now that regulations allow. Risk assessments have been taken to ensure that the buildings meet Covid secure standards for those entering in to the buildings.

The Trust’s response to Covid and continued income from members has given the Trustees confidence that the Trust will be able to continue to operate over the next 12 months.

Financial Review

The financial statements are set out on pages 8 to 21.

Total incoming resources on general unrestricted funds were £205,740 (2020: £173,109). Restricted donations and grants of £50,073 (2020: £63,697) were also received and are detailed in the financial statements.

Total resources expended, excluding the depreciation charge on the building revalued in 2015, were £241,074 (2020: £233,922) as shown on the Statement of Financial Activities on page 8. A majority of the expenditure is spent on staff costs, donations, building maintenance and to other individuals and organisations.

The net result for the year was a deficit of £162,840 (2020: £207,801 deficit). Excluding the depreciation charge of £213,354 there is a net surplus of £50,514 (2020: £5,503 surplus).

-5-

GRACE CHURCH

TRUSTEES ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Reserves Policy

At 31 March 2021 the charity held unrestricted free reserves (excluding fixed assets) of £54,436 (2020: £18,501) and restricted reserves of £18,971 (2020: £10,637).

The Trustees consider the charity’s free reserves level should be at least three months staff costs which equates to approximately £26,200 (calculated as 25% of staff costs for this year, see note 4). The free reserves/net current assets for this year is above this target.

14/12/2021

Approved by the trustees on and signed on their behalf by:

............................................................................. Trustee – Mr J J McGregor EPC? ............................................................................. — Trustee - Mrs S Bradbrook

-6-

GRACE CHURCH

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2021 which are set out on pages 8 to 21.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

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 that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

............................................................................. Nicola Mason, FCA, DChA MHA Moore and Smalley Richard House Winckley Square Preston PR1 3HP

14/12/2021 Date: ………………………

-7-

GRACE CHURCH

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2021


Note
Income from:
Donations and legacies
2
Other trading activities
3

Total

Expenditure on:
Charitable activities
4

Total

Net income/(expenditure)

Transfers between funds

Net movement in funds

Funds brought forward at 1 April 2020
Funds carried forward at 31 March 2021		 Unrestricted
funds
£
202,144
3,596
205,740
372,391
372,391
(166,651)
118
(166,533)
1,078,755
912,222		 Restricted
funds
£
50,073
-
50,073
46,262
46,262
3,811
(118)
3,693
10,637
14,330		 Total for
year
ended
31 March
2021
£
252,217
3,596
255,813
418,653
418,653
(162,840)
-
(162,840)
1,089,392
926,552		 Total for
period
ended
31 March
2020
£
218,795
18,011
236,806
444,607
444,607
(207,801)
-
(207,801)
1,297,193
1,089,392

-8-

GRACE CHURCH

BALANCE SHEET

AS AT 31 MARCH 2021

AS AT 31 MARCH 2021
Total Total
Unrestricted Restricted funds funds
funds funds 2021 2020
Note £ £ £ £
Fixed assets
Tangible assets
 10 853,146 853,146 - - 853,146 1,060,254
853,146 853,146 - - 853,146 1,060,254
Current assets
Debtors 11 7,788 7,788 1,229 229 9,017 1,590
Cash at bank and in hand 50,213 213 17,742 742 67,955 32,092
58,001 58,001 18,971 18,971 76,972 33,682

Creditors:Amounts falling due within one		 (3,566) - - (3,566) (4,544)
year 12

Net current assets
 54,435 54,435 18,971 18,971 73,406 29,138
Total net assets
 907,581 907,581 18,971 18,971 926,552 1,089,392
Funds
Unrestricted funds
General fund 13 54,435 435 - - 54,435 18,501
Fixed asset reserve 13 853,146 - - 853,146 1,060,254

Total unrestricted funds		 907,581 907,581 - - 907,581 1,078,755

Restricted funds		 13 - - 18,971 71 18,971 10,637

Total funds		 907,581 907,581 18,971 18,971 926,552 1,089,392

14/12/2021

These financial statements were approved by the trustees on and are signed on their behalf by:

................................................................ ............................................................... Trustee – Mrs S Bradbrook Trustee – Mr J J McGregor

-9-

NOTES TO THE FINANCIAL STATEMENTS

GRACE CHURCH

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

General information and basis of preparation

Grace Church is charitable organisation registered in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are as disclosed in the Trustees’ Report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Funds

Unrestricted funds

Unrestricted funds are funds which are available for use at the discretion of the trustees 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 trustees for particular purposes. The charity currently has no designated funds.

Restricted funds

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 note 11.

Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

-10-

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

GRACE CHURCH

1 Accounting policies (continued)

Income recognition (continued)

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Income from trading activities includes trading activities to raise funds for the charity. Income is received in exchange for rental of church buildings and is recognised when entitlement has occurred.

Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Investment income is earned through holding assets for investment. It comprises bank interest only. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method.

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services, including those costs of an indirect nature necessary to support them.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

The costs of pension contributions to certain employees defined contribution schemes are expensed in the year they are payable.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. The cost of minor additions or those costing below £300 are not capitalised.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures and fittings 25% per annum, straight line Computer equipment 33% per annum, straight line Freehold property and 10% per annum, straight line alterations

-11-

GRACE CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies (continued)

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangements, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest of the charity after deducting all of its liabilities.

Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Judgements and key sources of estimation uncertainty

There have been no significant judgements (apart from those involving estimates) made in the process of preparing the financial statements.

There have been no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

-12-

GRACE CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

2
Income from donations and legacies
Unrestricted
funds
£
Grace Church
General donations
109,225
Donations- Mission family support
-
Donations - Zambia
-
Donations - Stewardship
-
Donations - Scholarship fund
-
Donations - Streetlife fund
-
Donations - Go Zambia
-
Donations - Building development
-
Donations - Kitchen refurbishment
15,500
Gift aid
21,175
Furlough grants
6,842
152,742
Hope Church
General donations
34,712
Gift aid
6,663
Furlough grants
8,027
49,402
202,144
Total for 2020
155,098		 Restricted
funds
£
-
4,130
7,402
-
4,150
23,087
7,080
-
-
4,224
-
50,073
-
-
-
-
50,073
63,697		 Total
2021
£
109,225
4,130
7,402
-
4,150
23,087
7,080
-
15,500
25,399
6,842
202,815
34,712
6,663
8,027
49,402
252,217		 Total
2020
£
93,417
13,905
8,179
5,900
5,794
22,317
4,661
200
-
-
20,888
175,261
35,701
7,833
43,534
218,795
218,795

-13-

GRACE CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

2 Income from donations and legacies

Prior year note

Grace Church
General donations
Donations- Mission family support
Donations - Zambia
Donations - Stewardship
Donations - Scholarship fund
Donations - Streetlife fund
Donations - Zambia apartments
Donations - Go Zambia
Donations - Building development
Gift aid
Hope Church
General donations
Gift aid
Total for 2019 (restated)		 Unrestricted
funds
£
93,417
-
-
-
-
-
-
-
200
17,947
111,564
35,701
7,833
43,534
155,098
172,853		 Restricted
funds
£
-
13,905
8,179
5,900
5,794
22,317
-
4,661
-
2,941
63,697
-
-
-
63,697
80,709		 Total
2020
£
93,417
13,905
8,179
5,900
5,794
22,317
-
4,661
200
20,888
175,261
35,701
7,833
43,534
218,795		 Total
2019
£
109,407
14,891
12,673
10,500
9,415
22,513
1,000
7,410
-
27,963
215,772
30,188
7,602
37,790
253,562
253,562

-14-

GRACE CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

3 Income from other trading activities

Unrestricted
funds
£
Grace Church
Rental income
2,571
Hope Church
Rental income
1,025
3,596
Total for 2020
18,011
4
Expenditure on charitable activities
Grace
Basis of
Church
allocation
£
Staff costs (note 7)
Time spent
69,833
Office costs
Usage
5,594
Property costs
Usage
9,374
Activity costs
Usage
39,868
Mission family support
N/a
4,080
Professional fees
Income
6,203
Gifts
Costs
20,472
Other costs
Costs
2,713
Depreciation
Ownership
213,354
Governance costs (note 5)
Time spent
900
372,391
Total for 2020
389,270
Restricted funds
41,621
Unrestricted funds
330,770
372,391		 Restricted
funds
£
-
-
-
-
Hope
Church
£
34,993
2,594
2,889
351
-
437
4,484
214
-
300
46,262
55,337
-
46,262
46,262		 Total for
year
ended
31 March
2021
£
2,571
1,025
3,596
Total for
year
ended
31 March
2021
£
104,826
8,188
12,263
40,219
4,080
6,640
24,956
2,927
213,354
1,200
418,653
41,621
377,032
418,653		 Total for
period
ended
31 March
2020
£
9,006
9,005
18,011
18,011

Total for
period
ended
31 March
2020
£

104,268

4,092

17,096

51,545

13,905

6,074

25,479

7,644

213,304

1,200

444,607
444,607

61,919

382,688

444,607


























-15-

GRACE CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

4 Income from other trading activities

Prior year

rior year
Grace
Basis of
Church
allocation
£
Staff costs (note 7)
Time spent
70,859
Office costs
Usage
1,030
Property costs
Usage
9,488
Activity costs
Usage
48,892
Mission family support
N/a
13,905
Professional fees
Income
5,834
Gifts
Costs incurred
19,439
Other costs
Costs incurred
5,619
Depreciation
Ownership
213,304
Governance costs (note 5)
Time spent
900
389,270
Total for 2019
(restated)
426,745
Restricted funds
61,919
Unrestricted funds
327,351
389,270
5 Governance costs
Unrestricted
funds
£
Independent examiner fees
1,060
Accountancy support fees
140
1,200













Hope
Church
£
33,409
3,062
7,608
2,653
-
240
6,040
2,025
-
300
55,337
57,919
-
55,337
55,337
Restricted
funds
£
-
-
-		 Total for
year
ended
31 March
2020
£

104,268

4,092

17,096

51,545

13,905

6,074

25,479

7,644

213,304

1,200

444,607


61,919

382,688

444,607
Total
2021
£
1,060
140
1,200		 Total for
period
ended
31 March
2019
£
118,178
7,056
20,056
65,278
14,891
4,530
24,218
9,375
218,076
3,007
484,664
484,664
76,783
407,881
484,664
Total
2020
£
1,060
140
1,200

-16-

GRACE CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

6 Independent examiners remuneration

The independent examiners remuneration amounts to an independent examination fee of £883 exclusive of VAT (2020: £883) and accountancy support fees totalling £1,067 exclusive of VAT (2020: £1,067).

7 Staff costs and employee benefits

Wages and salaries
Social security
Defined contribution pension costs		 2021
£
95,361
3,998
5,467
104,826		 2020
£
97,188
1,577
5,503
104,268

No employees received total employee benefits (excluding employer pension costs) of more than £60,000.

Particulars of employees:

The average monthly number of employees and full time equivalent (FTE) during the year was as follows:

2021 2021 2020 2020
Number FTE Number FTE
Charitable activities 6 3 7 4

8 Trustees’ and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2020: £Nil).

The total amount of employee benefits received by key management personnel is £60,393 (2020: £60,123). The Trust considers its key management personnel compromise the Lead Elder and three Elders.

Expenses of £nil (2020: £nil) were incurred in respect of the Trustees’ meeting expenses.

9 Related party transactions

There were no related party transactions which arose during the period (2020: £nil).

-17-

GRACE CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

10 Tangible fixed assets

Cost
At 1 April 2020
Additions
Disposals
At 31 March 2021
Depreciation
At 1 April 2020
Charge for year
Eliminated on disposals
At 31 March 2021
Net Book Value
At 31 March 2021
At 31 March 2020		 Freehold
property
£
2,108,285
1,429
-
2,109,714
1,051,702
210,864
-
1,262,566
847,148
1,056,583		 Fixtures &
equipment
£
46,355
4,817
-
51,172
42,684
2,490
-
45,174
5,998
3,671		 Total
£
2,154,640
6,246
-
2,160,886
1,094,386
213,354
-
1,307,740
853,146
1,060,254

Certain freehold land and buildings included above were recognised using a previous professional valuation (undertaken by Byrom Clark Roberts) as a deemed cost on transition to SORP (FRS 102). These assets are being depreciated from their valuation date of 2 April 2015 and have a net book value of £847,148 (2020: £1,056,583). The historic cost equivalent of these assets is £325,388 (2020: £325,388).

11 Debtors

11 Debtors
HMRC Gift Aid tax recoverable
12 Creditors: amounts falling due within one year
Sundry creditors and accrued expenses
PAYE and NIC		 2021
£
9,017
9,017
2021
£
1,714
1,852
3,566		 2020
£
1,590
1,590
2020
£
2,643
1,901
4,544

-18-

GRACE CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

13 Funds

Unrestricted funds
Grace Church
Hope Church
Fixed asset reserve
Total unrestricted funds
Restricted funds
Mission family
Stewardship fund
Zambia fund
Scholarship fund
Total restricted funds
Total funds		 At 1 April
2020
£
2,851
15,648
1,060,256
1,078,755
-
661
5,184
4,792
10,637
1,089,392		 Incoming
resources
£
155,313
50,427
-
205,740
4,130
-
41,793
4,150
50,073
255,813		 Outgoing
resources
£
(117,416)
(46,262)
(213,354)
(377,032)
(4,080)
(661)
(32,937)
(3,943)
(41,621)
(418,653)		 Transfers
£
(4,218)
(1,908)
6,244
118
(50)
-
2,757
(2,825)
(118)
-		 At 31
March
2021
£
36,530
17,905
853,146
907,581
-
-
16,797
2,174
18,971
926,552

Unrestricted funds

Whilst income and expenditure is presented separately above, there is no legal requirement for the funds of either church to be spent specifically on Grace Church or Hope Church.

Restricted funds

Mission family

Some members of Grace Church donate money each month to support a family who used to attend the church but are now on mission. These funds are sent to the family in need each month. These donations ended during this financial year.

Stewardship

The Stewardship fund was set up by a member of Grace Church to help pay towards costs of building works and upgrades to equipment that belong to the church. During the financial year funds no funds have been donated and the small amount left from the previous year has been used for architect fees.

Zambia

This fund was established with the purpose of supporting the wider work of Dayspring Ministries International, Kitwe, Zambia, the church administering the Streetlife project, and comprises:

Streetlife project

The Streetlife fund was established in order to sponsor the education of orphaned children in Zambia.

Apartments project

The Apartments project was set up to help fund some new build apartments in Zambia that will host students throughout the academic year.

-19-

GRACE CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Feeding programme

A feeding programme is operated in Kitwe for the most vulnerable children in the area. The children who visit receive a simple meal of rice, porridge or eggs.

Go Zambia Project

The Go Zambia project is a project to send a group of young people to Zambia to assist with the other ongoing projects.

Scholarship fund

This fund was set up for young people who have progressed through the Streetlife project in Zambia. As they complete their schooling the project leaders may recommend a small grant from the fund to help the young person to find or start work, or to set up a small business.

13 Movement in funds – previous year

Unrestricted funds
Grace Church
Hope Church
Fixed asset reserve
Total unrestricted funds
Restricted funds
Mission family
Stewardship fund
Zambia New Frontiers
Scholarship fund
Total restricted funds
Total funds		 At 1 April
2019
£
2,577
15,851
1,271,398
1,289,826
-
-
5,021
2,346
7,367
1,297,193		 Incoming
resources
£
120,570
52,539
-
173,109
13,905
5,900
38,098
5,794
63,697
236,806		 Outgoing
resources
£
(114,047)
(55,337)
(213,304)
(382,688)
(13,905)
(5,239)
(38,049)
(4,726)
(61,919)
(444,607)		 Transfers
£
(6,249)
2,595
2,162
(1,492)
-
-
114
1,378
1,492
-		 At 31
March
2020
£
2,851
15,648
1,060,256
1,078,755
-
661
5,184
4,792
10,637
1,089,392

-20-

GRACE CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

14 Analysis of net assets between funds – previous year

Restricted
At 31
March
Unrestricted general
funds funds 2020
£ £ £
Fund balances at 31 March 2020 are represented by:
Tangible fixed assets 1,060,254 - 1,060,254
Current assets 23,045 10,637 33,682
Creditors falling due within one year (4,544) - (4,544)
Total funds 1,078,755 10,637 1,089,392

-21-

GRACE CHURCH The Grace Centre Somerset Road Bolton BL1 4NE Charity Number: 1049144

MHA Moore and Smalley Richard House 9 Winckley Square Preston PR1 3HP

Dear Sirs

The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your independent examination of the charity’s financial statements for the year ended 31 March 2021. These enquiries have included inspection of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief.

General

Assets and liabilities

Accounting estimates

GRACE CHURCH The Grace Centre Somerset Road Bolton BL1 4NE Charity Number: 1049144

Legal claims

Laws and regulations

Related parties

Subsequent events

Going concern

Grants and donations

Restricted grants and donations are as follows and as listed in the accounts:

Streetlife Fund £23,087

Mission family £4,130

Zambia £7,402

Go Zambia £7,080

Scholarship £4,150

Gift Aid £4,224

Yours faithfully

....................................................................... Trustee – Mrs S Bradbrook

..................................................................... Trustee – Mr J J McGregor

Signed on behalf of the board of trustees

Date14/12/2021