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← Grace Church, Bolton

2023-03-31-accounts

Registered Charity no. 1049144

Kings Church Bolton Also known as Grace Church, Bolton

Trustees Annual Report and Accounts Year Ended 31st March 2023

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Grace Church

Year Ended 31st March 2023

Contents Page

Page
Legal and Administrative Information 1
Trustee's Annual Report 2
Independent Examiners Report 7
Statement of Financial Activities 8
Statement of Financial Position 9
Notes to the Financial Statements 10

Grace Church

Year Ended 31st March 2023

Legal and Administrative Information

Reference

The Charity is called “Kings Church Bolton". The Charity is also known as Grace Church. The Church is a registered Charity with the Charity Commission for England and Wales and was registered on the 13th September 1995.

Registered Charity Number 1049144 Registered Office The Grace Centre Somerset Road Bolton BL1 4NE Website www.gracecentre.org.uk Email Address office@gracecentre.org.uk Trustees Mrs E Cameron Secretary Mr J J McGregor Treasurer Mr R Edirisinghe Chairman Mrs S Bradbrook Dr S Prout Mrs E Spielmann Mr M Taylor Primary Banker CAF Bank 25 Kings Hill Avenue Kings Hill ME19 4JQ Independent Examiner Nigel Wyatt BSC FCA Wyatt & Co Chartered Accountants 125 Main Street Garforth Leeds LS25 1AF

1

Grace Church

Year Ended 31st March 2023

Trustee's Annual Report

The trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 March 2023. 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.

The trustees of the church are appointed by the Elders. The number of Trustees always meets the minimum requirement and additional trustees are added as required and if particular skills sets are needed.

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.

2

Grace Church

Year Ended 31st March 2023

Trustee's Annual Report

Objectives, Activities and Public Benefit

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

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

Grace Church has seen growth in the church during the year ending 31 March 2023 with average attendance 150-160 per week. Hope Church is Westhoughton have an approximate membership of 50 people.

Hope Church, Westhoughton

Hope Church have continued to hire some space in a community centre whilst the building they leased was not fit for purpose. The discussion with the council about the lease of the Hope Community Centre was settled just before the end of the financial year, with the documentation signed and payment of the full and final settlement made in April 2023. Hope Church has since had an offer accepted to buy a premises within Westhoughton. The sale is progressing and it is hoped that the sale will complete by 31 March 2024.

This year Hope Church has given some financial help to those in need. They have also supported Urban Outreach and other organisations in practical help for the community. Despite not having the use of the Hope Community Centre, Hope Church have run open air fun days, services and community giveaways. Hope Church have continued to be a part of the community offering support to those who are part of the congregation and those who are part of the wider community and taking part in community group forums. Mark, the Hope Church leader, is employed by Grace Church for five days per week (full-time).

3

Grace Church

Year Ended 31st March 2023

Trustee's Annual Report

Giving

The regular giving from active members of both for Grace Church has increased, it generated donations excluding Gift Aid and grants of £180,422 (2022: £164,433). Hope Church has seen a small decline and generated donations excluding Gift Aid of £41,940 (2022: £49,618).

Building Works

The Grace Centre building continues to be an important asset to the life of the church. There has not been any major refurbishment during the year, but parts of the building have been updated and repaired to be able to continue to allow the building to be utilised by a number of community groups.

Transformed Supernatural Life school

Grace Church launched the Transformed Supernatural Life school (‘TSL’) in September 2022 which is a nine-month course which seeks to encourage people to live the normal Christian life that Jesus modelled. The course was open to Grace Church members and those from other churches. A total of 29 people graduated from the course in July 2023.

Toddler Group

The toddler group has continued to run and has attracted new parents, carers and childminders. The children enjoy the toys, crafts, stories and singing and eating snacks which takes place during the session.

33@GC

The youth group has continued to see growth from members of the church and the wider community between the ages of 11 and 16. The evenings consist of ball games and other games, snacks and a short reflection on the Bible.

Senior Citizens Club

The senior citizens club, Young at Heart, has continued to run weekly sessions consisting of refreshments, games and chair based exercises. The team work with Age UK to attract wider members from the community.

ESOL

Our free English lessons for speakers of other languages have continued to grow with members of varied levels of language. The attendees have been referred by the council and through word of mouth in the local community. The group have been able to have a couple of social meetings outside of the weekly classes to grow in friendship.

Community café

Café @ GC, our community café, has continued to open weekly and has extended it’s opening hours to include lunchtime. The café has had a number of work experience students from the deaf school, Thomasson Memorial, located next to the Church and enjoyed visits from their nursery group too. In November 2022 we launched our Urban Outreach foodbank collection point from the café so that those with a referral can come and collect their food and enjoy a coffee and a chat with some of the volunteers. The café also opened as a warm space over the winter.

4

Grace Church

Year Ended 31st March 2023

Trustee's Annual Report

CAP Lifeskills

A team of church members restarted the Lifeskills course devised by Christians Against Poverty (CAP). This course covers topics such as managing your finances, cooking on a budget, and having healthy relationships. We have worked in partnership with other local churches this year to deliver the course from the Grace Centre and each week lunch was provided by the Café @ GC.

Fun day

In July 2022 our annual Fun day returned. It was very well attended where all activities and refreshments were provided free of charge. Activities included beat the goalie, bouncy castle, bungie run and pillow bash. Children were treated to festival glitter and craft activities. In addition to drinks and home-made cakes, a BBQ with Halal food was provided to cater for Muslim guests.

Christmas outreach and Connect @ GC

At Christmas the local community were invited to attend a family friendly craft event, with a light meal included, which was very well attended. The children enjoyed learning the true meaning of Christmas during the event. Grace Church also held its annual Carol service which was well attended. In January 2023 our monthly Connect @ GC was launched to provide families a free place to enjoy crafts and activities together, to hear a Bible story and to receive a light meal.

Bolton Urban Outreach

This is a Bolton wide charity that supports vulnerable young people in a variety of ways. In addition to hosting the food collection at the café, the Church members regularly donate items of food for their food bank project. 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.

Zambia

We have had around 71 children sponsored through ‘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 access.

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.

The annual team trips from Grace Church to Zambia returned in April 2022 and March 2023 to check on the Streetlife progress and to provide some business and school teaching as well. In March 2023 the team were also able to provide first aid training and set up a computer course for some students.

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. During the financial year Rob Coleman, an employee and Elder at Grace Church, lead a team of 3 people who plan North-West meetings and activities and help provide pastoral care and direction for leaders of those churches.

5

Grace Church

Year Ended 31st March 2023

Trustee's Annual Report

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.

Safeguarding

Grace Church continued to have two coordinators and an elder overseeing safeguarding during the year. One coordinator attended external training, and both continued to process DBS checks for staff and volunteers. They delivered safeguarding training refreshers for 10 people from Grace Church, and for all the children's team at Hope Church. The coordinators have dealt with 2 safeguarding issues during the year, relating to children, and historical abuse, and have liaised with other agencies as necessary. A trustees representative also had a safeguarding discussion with specific operational queries with Streetlife staff during their visit to Zambia, to check procedures over there were in line with our own.

Financial Review

The financial statements are set out on pages 8 to 9.

Total incoming resources on general unrestricted funds were £258,671 (2022: £235,541). Restricted donations and grants of £61,478 (2022: £141,760) were also received and are detailed in the financial statements.

Total resources expended, excluding the depreciation on the building, were £308,490 (2022: £247,649) as shown on the Statement of Financial Activities on page 10. A majority of the expenditure is spent on staff costs, gifts to others and activity costs.

The net result for the year was a surplus of £11,659 (2022: £1,013,858 including the revaluation gain, £129,652 without the revaluation gain).

Reserves Policy

At 31 March 2023 the charity held unrestricted free reserves (excluding fixed assets) of £93,008 (2022: £83,506) and restricted reserves of £14,383 (2022: £10,349).

The Trustees consider the charity’s free reserves level should be at least three months staff costs which equates to approximately £30,266 (calculated as 25% of staff costs for this year, see note 6). The free reserves/net current assets for this year is above this target.

14/12/2023

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

JOHN JAMES MCGREGOR

6

Grace Church

Year Ended 31st March 2023

Independent Examiners Report

I report to the trustees on my examination of the financial statements of Grace Church ('the charity') for the year ended 31st March 2023.

Responsibilities and Basis of Report

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

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 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 confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no material 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 charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements 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.

Nigel Wyatt BSC FCA Independent Examiner 125 Main Street Garforth Leeds LS25 1AF

Date: 14/12/2023

9

Grace Church

Year Ended 31st March 2023

Statement of Financial Activities

Statement of Financial Activities
2023 2022
Unrestricted Restricted Total Total
Funds Funds Funds Funds
Note £ £ £ £
Income
Donations and legacies 221,691 61,467 283,158 366,006
Trading activities 27,922 - 27,922 11,295
Other income 9,058 11 9,069 -
────────── ────────── ────────── ──────────
Total Income 2 258,671 61,478 320,149 377,301
────────── ────────── ────────── ──────────
Expenditure
Expenditure on charitable activities 3 251,046 57,444 308,490 247,649
────────── ────────── ────────── ──────────
Total Expenditure 251,046 57,444 308,490 247,649
────────── ────────── ────────── ──────────
────────── ────────── ────────── ──────────
Net Income / (Expenditure) Before Gains/(Losses) 7,625 4,034 11,659 129,652
────────── ────────── ────────── ──────────
Gain/(loss) on revaluation of fixed asset - - - 884,206
────────── ────────── ────────── ──────────
Net Income / (Expenditure) After Gains/(Losses) 7,625 4,034 11,659 1,013,858
────────── ────────── ────────── ──────────
Net Income and Net Movement in Funds
Total funds brought forward 11 1,930,061 10,349 1,940,410 926,552
Transfers 11 - - - -
────────── ────────── ────────── ──────────
Total Funds Carried Forward 11 1,937,686 14,383 1,952,069 1,940,410
────────── ────────── ────────── ──────────

All income and expenditure derive from continuing activities.

10

Grace Church

Year Ended 31st March 2023

Statement of Financial Position

Statement of Financial Position
2023 2022
Note £ £
Fixed Assets
Tangible fixed assets 8 1,844,678 1,846,669
Current Assets
Debtors 9 23,635 14,372
Cash at bank and in hand 90,759 84,620
────────── ──────────
114,394 98,992
Creditors: Amounts Falling Due Within One Year 10 7,003 5,251
────────── ──────────
Net Current Assets 107,391 93,741
────────── ──────────
Total Assets Less Current Liabilities 1,952,069 1,940,410
────────── ──────────
Net Assets 12 1,952,069 1,940,410
────────── ──────────
Funds of the Charity
Restricted funds 11 14,383 10,349
Unrestricted funds 11
Unrestricted Grace Church 65,049 51,216
Unrestricted Hope Church 27,959 32,290
Revaluation reserve 1,825,000 1,825,000
Designated funds 19,678 21,555
────────── ──────────
1,937,686 1,930,061
────────── ──────────
Total Charity Funds 1,952,069 1,940,410
────────── ──────────

Trustees Responsibilities

These financial statements were approved by the board of trustees and authorised for issue :

JOHN JAMES MCGREGOR Name of Trustee: Signed on Behalf of the Trustees: Pie Date of Approval: 14/12/2023

───────────────────────────────────────────────────

───────────────────────────────────────────────────

14/12/2023

───────────────────────────────────────────────────

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Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

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.

Assessment of Going Concern

Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Fund Accounting

Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have set aside resources for a specific purpose.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or the term of specific appeal, often know as a ‘special offering’ in the church.

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

12

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

Incoming Resources

All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.

• All voluntary income from members of the church are recognised as donations and are included in full, with associated Gift Aid receivable in the Statement of Financial Activities.

• Grants where entitlement is not conditional on the delivery of specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant.

• Income resources from charitable trading activities such as the letting of the building are accounted for when invoices are drawn up (as the point of entitlement).

• Donated services and facilities are included at the value to the charity where this can be quantified.

• Gifts in Kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.

• Volunteer time, the value of voluntary support for the work of the church is not included in the accounts but is described in the Trustees Annual Report.

• Investment Income is included in the accounts when receivable.

Resources Expended

Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.

Governance Costs

Include costs of the preparation and examination of statutory accounts, the costs of the trustees' meetings and cost of any legal advice to trustees on governance or constitutional matters.

Liability Recognition

Labilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

13

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

Tangible Fixed Assets

Land and buildings are stated on a revaluation basis less any impairment losses. The value of the building is independently verified every few years by a suitably qualified individual with the gain or loss on revaluation recognized in the Statement of Financial Activities.

Fixtures & equipment are stated at cost less accumulated depreciation. The cost of minor additions or those costing below £300 are not capitalised.

Depreciation is charged on all tangible fixed assets at rates calculated on a straight-line basis over time estimated useful live of the asset.

Fixtures and fittings 25% per annum, straight line Computer equipment 33% per annum, straight line

Pensions

The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

Operating Leases

Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.

Taxation

The charity is exempt from tax on its charitable activities.

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.

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.

14

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

**2 ** Analysis of Income
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Donations and Legacies
Grace Church
Donations 129,917 50,505 180,422
Gift aid 30,480 2,605 33,085
Grants 12,570 8,357 20,927
────────── ──────────
──────────
172,967 61,467 234,434
Hope Church
Donations 41,940 - 41,940
Gift aid 6,784 - 6,784
Grants - - -
────────── ──────────
──────────
48,724 - 48,724
Trading Activities
Rental income 12,787 - 12,787
Events income 12,584 - 12,584
Grace Church Café income 2,551 - 2,551
────────── ──────────
──────────
27,922 - 27,922
Other Income
Other income 9,058 11 9,069
────────── ──────────
──────────
9,058 11 9,069
────────── ──────────
──────────
Total Income 258,671 61,478 320,149
────────── ──────────
──────────
Combined Church Donations and Legacies
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Donations 171,857 50,505 222,362
Gift aid 37,264 2,605 39,869
Grants 12,570 8,357 20,927
────────── ──────────
──────────
221,691 61,467 283,158

14

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

**2 ** Analysis of Income(Continued)
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Donations and Legacies
Grace Church
Donations 132,210 32,223 164,433
Gift aid 26,576 4,435 31,011
Grants - 105,102 105,102
────────── ──────────
──────────
158,786 141,760 300,546
Hope Church
Donations 52,279 - 52,279
Gift aid 8,441 - 8,441
Grants 4,740 - 4,740
────────── ──────────
──────────
65,460 - 65,460
Trading Activities
Rental income 10,739 - 10,739
Events income 255 - 255
Grace Church Café income 301 - 301
────────── ──────────
──────────
11,295 - 11,295
Other Income
Other income - - -
────────── ──────────
──────────
- - -
────────── ──────────
──────────
Total Income 235,541 141,760 377,301
────────── ──────────
──────────
Combined Church Donations and Legacies
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Donations 184,489 32,223 216,712
Gift aid 35,017 4,435 39,452
Grants 4,740 105,102 109,842
────────── ──────────
──────────
224,246 141,760 366,006

The kitchen refurbishment grants were received from a number of different funders including Viridor, Congregational and General, the National Lottery, Weston Garfield, Hodge Foundation, Bernard Sunley and All Churches Trust. Included within Grace Church general donations is a gift in kind which was received in January 2022. A member of the church gifted the church a video camera (worth £1,860) in exchange of a fader port which the church no longer required (depreciated value of £673).

15

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

3 Expenditure on Charitable Activities by Fund Type

Unrestricted Restricted Total Funds
Note Funds Funds 2023
Activity costs 38,445 55,258 93,703
Depreciation 7,321 - 7,321
Gifts 44,859 - 44,859
Governance costs 4 1,561 - 1,561
Office costs 7,541 72 7,613
Other costs - - -
Professional fees 6,279 - 6,279
Property costs 18,049 - 18,049
Staff costs 6,390 - 6,390
Salaries 6 120,601 2,114 122,715
────────── ──────────
──────────
251,046 57,444 308,490
────────── ──────────
──────────
Unrestricted Restricted Total Funds
Note Funds Funds 2022
Activity costs 20,895 46,417 67,312
Depreciation 4,911 - 4,911
Gifts 30,411 - 30,411
Governance costs 4 1,115 - 1,115
Mission family support - - -
Office costs 8,190 - 8,190
Other costs 6,745 - 6,745
Professional fees 3,035 - 3,035
Property costs 19,207 - 19,207
Salaries 6 106,723 - 106,723
────────── ──────────
──────────
201,232 46,417 247,649
────────── ──────────
──────────

16

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

Expenditure on Charitable Activities by Fund Type continued

Expenditure on Charitable Activities outlined by fund type split between the two churches.

Unrestricted Restricted Total Funds
Note Funds Funds 2023
Grace Church £ £ £
Activity costs 35,082 55,258 90,340
Depreciation 7,321 - 7,321
Gifts 39,177 - 39,177
Governance costs 4 1,229 - 1,229
Office costs 6,646 72 6,718
Other costs - - -
Professional fees 6,279 - 6,279
Property costs 14,074 - 14,074
Staff costs 4,788 - 4,788
Salaries 6 83,158 2,114 85,272
────────── ──────────
──────────
197,754 57,444 255,198
────────── ──────────
──────────
Unrestricted Restricted Total Funds
Funds Funds 2023
Hope Church £ £ £
Activity costs 3,363 - 3,363
Depreciation - - -
Gifts 5,682 - 5,682
Governance costs 4 332 - 332
Office costs 895 - 895
Other costs - - -
Professional fees - - -
Property costs 3,975 - 3,975
Staff costs 1,602 - 1,602
Salaries 6 37,443 - 37,443
────────── ──────────
──────────
53,292 - 53,292
────────── ──────────
──────────
────────── ──────────
──────────
Total for 2023 251,046 57,444 308,490
────────── ──────────
──────────

17

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

Expenditure on Charitable Activities by Fund Type continued

Unrestricted Restricted Total Funds
Note Funds Funds 2022
Grace Church £ £ £
Activity costs 20,156 46,417 66,573
Depreciation 4,911 - 4,911
Gifts 23,040 - 23,040
Governance costs 4 836 - 836
Mission family support - - -
Office costs 3,974 - 3,974
Other costs 5,316 - 5,316
Professional fees 2,647 - 2,647
Property costs 15,256 - 15,256
Salaries 6 71,941 - 71,941
────────── ────────── ──────────
148,077 46,417 194,494
────────── ────────── ──────────
Unrestricted Restricted Total Funds
Funds Funds 2022
Hope Church £ £ £
Activity costs 739 - 739
Depreciation - - -
Gifts 7,371 - 7,371
Governance costs 4 279 - 279
Mission family support - - -
Office costs 4,216 - 4,216
Other costs 1,429 - 1,429
Professional fees 388 - 388
Property costs 3,951 - 3,951
Salaries 6 34,782 - 34,782
────────── ────────── ──────────
53,155 - 53,155
────────── ────────── ──────────
────────── ────────── ──────────
Total for 2022 201,232
──────────		 46,417
──────────		 247,649
──────────

18

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

Expenditure on Charitable Activities by Church

Grace Hope Total Funds
Basis of allocation Church Church 2023
Activity costs Usage 90,340 3,363 93,703
Depreciation Ownership 7,321 - 7,321
Gifts Costs inurred 39,177 5,682 44,859
Governance costs Time spent 1,229 332 1,561
Office costs Usage 6,718 895 7,613
Other costs Costs inurred - - -
Professional fees Level of income 6,279 - 6,279
Property costs Usage 14,074 3,975 18,049
Staff related costs Time spent 4,788 1,602 6,390
Salaries Time spent 85,272 37,443 122,715
────────── ──────────
──────────
255,198 53,292 308,490
────────── ──────────
──────────
Grace Hope Total Funds
Basis of allocation Church Church 2022
Activity costs Usage 66,573 739 67,312
Depreciation Ownership 4,911 - 4,911
Gifts Costs inurred 23,040 7,371 30,411
Governance costs Time spent 836 279 1,115
Mission family support Usage - - -
Office costs Costs inurred 3,974 4,216 8,190
Other costs Level of income 5,316 1,429 6,745
Professional fees Usage 2,647 388 3,035
Property costs Time spent 15,256 3,951 19,207
Salaries Time spent 71,941 34,782 106,723
────────── ──────────
──────────
194,494 53,155 247,649
────────── ──────────
──────────

19

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

4 Governance costs

Unrestricted Restricted
Total Funds		 Total Funds
Funds Funds 2023 2022
£ £ £
Independent examination 1,560 - 1,560 836
Accountancy support fees - - - 279
────────── ──────────
──────────		 ──────────
1,560
──────────		 -
──────────		 1,560
──────────		 1,115
──────────

For the 2023 accounts the independent examiner also prepare the accounts as well as completing the examination.

5 Volunteers

The church benefits greatly from the voluntary contributions of time and money by its formal members and regular attendees. Please refer to the trustee's report for further detail about volunteer contributions in the organisation.

6 Staff Costs

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

2023 2022
£ £
Wages and salaries 109,683 96,677
Social security costs 4,382 3,799
Employer contributions to pension plans 6,998 6,247
────────── ──────────
121,063 106,723
────────── ──────────

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

2023 2022
Average head count 6 6
Full time equivalent 3 3

The number of employees that received employee benefits of more than £60,000 during the year was as follows:

More than £60,000

2023 2022
- -

Key Management Personnel

The charity considers its key management personnel to be the eldership team which increased to four in January 2023. The total amount of employee benefits received by key management personnel is £62,035 (2022: £58,649).

20

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

7 Trustee Remuneration, Expenses and Donations

The trustees have not received any payment in respect of their duties as trustees during this financial year (2022: £Nil).

During the year the total aggregated donations made to the charity by the trustees was £54,823.

During the year three of the trustees were employed by the charity. All trustees where remunerated for their role within the church and not for their role as a trustee. The total remuneration received during the year was as follows:

2023 2022
£ £
S Bradbrook 16,578 9,490
B Cameron 3,327 4,620
M Taylor 38,266 36,098
────────── ──────────
58,172 50,208
────────── ──────────

8 Tangible Fixed Assets

Freehold Fixtures and
Property Fittings Total
£ £
Cost as at 1st April 2022 1,825,000 71,754 1,896,754
Additions - 5,330 5,330
──────────
──────────		 ──────────
Cost as at 31st March 2023 1,825,000 77,084 1,902,084
──────────
──────────		 ──────────
Depreciation as at 1st April 2022 - 50,085 50,085
Depreciation charge - 7,321 7,321
──────────
──────────		 ──────────
Depreciation as at 31st March 2023 - 57,406 57,406
──────────
──────────		 ──────────
──────────
──────────		 ──────────
Net book value as at 31st March 2023 1,825,000 19,678 1,844,678
──────────
──────────		 ──────────
Net book value as at 31st March 2022 1,825,000 21,669 1,846,669

As detailed earlier in the report, the policy for Freehold Buildings has been updated to that of revaluation basis and not depreciated due to the nature of the building and estimating its useful life is subjective. An independent valuer (Jones Melling) completed a valuation on the building on 1 April 2022. The report deemed that the reinstatement cost of the property was £1,825,000. The historic cost equivalent of these assets is £325,388 (2022: £325,388).

21

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

**9 ** Debtors
2023 2022
£ £
HMRC Gift Aid tax recoverable 10,831 12,730
Loan to church members 5,750 1,000
Accrued income and other debtors 1,820 642
Prepayments 5,234 -
────────── ──────────
23,635 14,372
────────── ──────────
**10 ** Creditors: amounts falling due within one year
2023 2022
£ £
Accruals 4,814 3,250
Other tax and social security 2,189 2,001
Other creditors - -
────────── ──────────
7,003 5,251
────────── ──────────

22

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

11 Analysis of Charitable Funds

1 April 2022 Income Expenditure Gains/Loses Transfers 31 Mar 2023
£ £ £ £ £ £
Unrestricted Funds
Unrestricted
Grace Church 51,216 209,710 (197,754) - 1,877 65,049
Hope Church 32,290 48,961 (53,292) - - 27,959
Revaluation reserve 1,825,000 - - - - 1,825,000
────────── ────────── ──────────
──────────		 ──────────
──────────
1,908,506 258,671 (251,046) - 1,877 1,918,008
Designated
Fixed asset reserve 21,555 - - - (1,877) 19,678
────────── ────────── ──────────
──────────		 ──────────
──────────
21,555 - - - (1,877) 19,678
────────── ────────── ──────────
──────────		 ──────────
──────────
Total Unrestricted 1,930,061 258,671 (251,046) - - 1,937,686
────────── ────────── ──────────
──────────		 ──────────
──────────
Restricted funds
Zambia fund 9,050 14,689 (15,187) - (2,292) 6,260
Zambia Streetlife - 34,991 (37,283) - 2,292 -
Scholarship fund 1,299 3,441 (4,740) - - -
National Lottery -
Community - 8,357 (234) - - 8,123
Programme
────────── ────────── ────────── ────────── ────────── ──────────
Total Restricted 10,349 61,478 (57,444) - - 14,383
────────── ────────── ──────────
──────────		 ──────────
──────────
────────── ────────── ──────────
──────────		 ──────────
──────────
Total Funds 1,940,410 320,149 (308,490) - - 1,952,069
────────── ────────── ──────────
──────────		 ──────────
──────────

23

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

Analysis of Charitable Funds continued

1 April 2021 Income Expenditure Gains/Loses Transfers 31 Mar 2022
£ £ £ £ £ £
Unrestricted Funds
Unrestricted
Grace Church 36,530 170,081 (143,166) - (12,229) 51,216
Hope Church 17,905 65,460 (53,155) - 2,080 32,290
Revaluation reserve - - - 884,206 940,794 1,825,000
────────── ────────── ──────────
──────────		 ──────────
──────────
54,435 235,541 (196,321) 884,206 930,645 1,908,506
Designated
Fixed asset reserve 853,146 - (4,911) - (826,680) 21,555
────────── ────────── ──────────
──────────		 ──────────
──────────
853,146 - (4,911) - (826,680) 21,555
────────── ────────── ──────────
──────────		 ──────────
──────────
Total Unrestricted 907,581 235,541 (201,232) 884,206 103,965 1,930,061
────────── ────────── ──────────
──────────		 ──────────
──────────
Restricted Funds
Zambia fund 16,797 34,052 (42,185) - 386 9,050
Scholarship fund 2,174 2,606 (4,232) - 751 1,299
Kitchen renovation - 105,102 - - (105,102) -
────────── ────────── ──────────
──────────		 ──────────
──────────
Total Restricted 18,971 141,760 (46,417) - (103,965) 10,349
────────── ────────── ──────────
──────────		 ──────────
──────────
────────── ────────── ──────────
──────────		 ──────────
──────────
Total Funds 926,552 377,301 (247,649) 884,206 - 1,940,410
────────── ────────── ──────────
──────────		 ──────────
──────────

24

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

Fund Descriptions

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. As explained earlier in the report, a revaluation gain has been recognised in the accounts as the policy for Freehold Buildings has been updated to that of revaluation basis and not depreciated due to the nature of the building and estimating its useful life is subjective. This revaluation is held in a separate revaluation reserve within unrestricted funds.

Designated Funds

Fixed asset reserve This fund represents the fixed asset netbook value which is not part of the land and building revaluation reserve.

Restricted Funds

Zambia fund This fund was established with the purpose of supporting the wider work of Dayspring Ministries International, Kitwe, Zambia, the church administering the Streetlife project which was established in order to sponsor the education of orphaned children in Zambia. Zambia Streetlife project The Streetlife fund was established in order to sponsor the education of orphaned children in Zambia. 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. National Lottery - This fund is to be used to increase the output of our current Community community programmes and launch some new initiatives. Specifically, Programme this includes increasing our pre-existing ESOL classes, recruiting a new Family Worker, restarting delivering the Christians Against Poverty (CAP) Life Skills course and starting the delivery of the CAP Money course.

Fund Transfers

£2,292 was transferred from the Zambia fund to Zambia Streetlife to bring the Zambia streetlife fund to nil at the end of the year.

25

Grace Church

Year Ended 31st March 2023

Notes to the Financial Statements

12 Analysis of Net Assets Between Funds

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Tangible fixed assets 1,844,678 - 1,844,678
Current assets 100,011 14,383 114,394
Creditors less than 1 year (7,003) - (7,003)
────────── ──────────
──────────
1,937,686 14,383 1,952,069
────────── ──────────
──────────
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Fixed assets 9,014 - 1,846,669
Current assets 99,324 41,457 98,992
Creditors less than 1 year (14,405) - (5,251)
────────── ──────────
──────────
93,933 41,457 1,940,410
────────── ──────────
──────────

13 Related Party Transactions

There were no related party transactions which arose during the period (2022: £nil).

26