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← Grace Church, Bolton

2024-03-31-accounts

Registered Charity no. 1049144

Grace Church, Bolton

Trustees Annual Report and Accounts

Year Ended 31st March 2024 Logo? gia ~~ce~~ chureh

Grace Church

Year Ended 31st March 2024

Contents Page

Page
Legal and Administrative Information 1
Trustee's Annual Report 2
Independent Examiners Report 9
Statement of Financial Activities 10
Statement of Financial Position 11
Notes to the Financial Statements 12

Grace Church

Year Ended 31st March 2024

Legal and Administrative Information

Reference

The Charity is called “Grace 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 of 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 Mr J J McGregor Treasurer Mr R Edirisinghe Chairman Mrs S Bradbrook Dr S Prout Mrs E Spielmann Mr M Taylor Mr J Hoaghton Appointed 12th March 2024 Mrs E Cameron Secretary Resigned 31st July 2024 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 31[st] March 2024

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 2024. 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, under the legal and administrative information.

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. Following the end of the financial year Elizabeth Cameron has resigned as a trustee and Joseph Houghton has been appointed as a trustee.

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 Grace 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 31[st] March 2024

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

Hope Church, Westhoughton

Hope Church average attendance is 40-45 people. Hope Church have continued to hire some space in a Community Centre whilst the purchase of a building in Westhoughton has been progressing. Progress has been slower than we would have hoped for but we hope the sale will be completed within the next couple months.

This year Hope Church have 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 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).

Giving

The regular giving from active members of both for Grace Church has increased, it generated donations excluding Gift Aid and grants of £210,632 (2023: £180,422). Hope Church has also seen an increase and generated donations excluding Gift Aid of £82,994 (2022: £41,940).

3

Grace Church

Year ended 31[st] March 2024

Trustee’s Annual Report

Grace Church attendance

Grace Church has continued to see growth in the church during the year ending 31 March 2024 with a group of 200 people regularly attending and an average Sunday attendance of 150 people. Outside of Sunday morning, members are engaging in prayer meetings on Sunday evenings, on zoom on weekday mornings and on Friday mornings. Some of our members also gather in life groups during the week and other activities such as Bible journaling and breakfast meetings. After the year end (in April 2024) we took a group of 180 people on our church weekend away where we had a wonderful time of teaching, worship and church family time together.

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.

Staffing

As a result of grants from The National Lottery, Garfield Weston received in the previous year and the Bolton Fund received in this year, we were able to employ a number of extra staff to deliver some of our projects including ESOL, Café Revive, Families Worker and CAP course leader.

Our lead Elder, Dave Kruczek, was diagnosed with bowel cancer in May 2023 and as a result had time off to undergo treatment for this. We praise God that he was confirmed to be cancer free in late 2023 and he returned to full time work in January 2024.

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. We have been able to employ some people from the church to run these classes using the funding we received from Garfield Weston and the team has been supported by volunteers too.

Community café

Café @ GC, our community café has continued to open weekly which has included the school holidays with free crafts for children. The deaf school located next to the Church continued to enjoy visiting with their nursery groups. We have seen growth in the number of people collecting food parcels through our Urban Outreach foodbank collection point at the café. Our volunteers have been able to chat with those collecting the parcels and offer a hot drink and toast. The café also opened as a warm space over the winter.

We also received funding through the National Lottery for a families worker and she was able to offer a drop in session at the café for families to come with needs such as housing, benefits and behavioural issues. She has also been able to run some sessions for parents who have children with extra needs.

4

Grace Church

Year ended 31[st] March 2024

Trustee’s Annual Report

Café Revive

We received funding from the Bolton Fund to run a café session for those with mental health problems. The sessions operated on Tuesday afternoons and included drinks and cakes along with activities for visitors to engage with. There were arts and colouring activities each week and in addition different tutors came in to run things such as flower arranging, planting, cake decorating and craft activities. The feedback from visitors is that they went away feeling uplifted from the sessions.

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.

Senior Citizens Club

The senior citizens club, Young at Heart, has seen growth over the year in the weekly sessions which consist of refreshments, games and chair-based exercises. The team work with Age UK to attract wider members of the community.

Transformed Supernatural Life school

Grace Church ran the Transformed Supernatural Life school (‘TSL’) for its second year in September 2023 for nine months where students were equipped 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 11 people graduated from the course in July 2024.

33@GC

The youth group has continued to run during term time for 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. During July 2023 we took a group 31 young people to a festival called Newday in Norfolk. The young people had a great time encountering God and growing in friendship with one another.

Connect @ GC

We continued to run our monthly Connect @ GC sessions until the Summer 2023, these events were a place for families to enjoy crafts and activities together, to hear a Bible story and to receive a light meal. We ran a Connect @ GC Light Party as an alternative to Halloween and a Christmas event and Easter event, all of which were very well attended, attracting members of the church and families from the community to enjoy time and food together without any cost.

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.

5

Grace Church

Year ended 31[st] March 2024

Trustee’s Annual Report

Zambia

We have had around 64 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 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.

A team of people from Grace Church were able to visit at the end of March 2024. They were able to check on the Streetlife progress and treat the children to their annual aquapark trip. The team were able again to provide some business and school teaching, first aid training and progress a computer course.

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. 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 had one coordinator and an elder overseeing safeguarding during the year. DBS checks were continued to be processed for staff and volunteers. The coordinators have dealt with 8 safeguarding situations during the year, relating to children, and historical abuse, and have liaised with other agencies as necessary.

6

Grace Church

Year ended 31[st] March 2024

Trustee’s Annual Report

Financial Review

The financial statements are set out on pages 9 to 26.

Total incoming resources on general unrestricted funds were £229,363 (2023: £258,671). Restricted donations and grants of £139,295 (2023: £61,478) were also received and are detailed in the financial statements.

Total resources expended were £350,682 (2023: £308,490) as shown on the Statement of Financial Activities on page 9. 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 surplus of £17,946 (2023: £11,659).

At the end of the financial year the funds held by Grace Church were:

Unrestricted Funds (Grace Church)
Unrestricted funds (Hope Church)
Revaluation Reserve
Designated funds (fixed assets)
Restricted funds
Total		 £
39,940
18,620
1,829,200
13,441
68,844

1,970,045

Reserves Policy

At 31 March 2024 the charity held unrestricted free reserves (excluding fixed assets) of £58,560 (2023: £93,008), and restricted funds of £68,844 (2023: £14,383).

The Trustees consider the charity’s free reserves level should be at least three months staff costs which equates to approximately £39,698 (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.

Going Concern

The trustees have assessed the major risks facing the Church and are satisfied that there are policies in place to minimize these risks. The financial statements are prepared 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.

7

Grace Church

Year ended 31[st] March 2024

Trustee’s Annual Report

Trustees’ Responsibilities in Relation to Financial Statements

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the Church’s activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practices:

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Church, and which enable them to ascertain its financial position, and which enable them to ensure the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. The trustees are responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

Trustee Approval

Name of Trustee: JOHN JAMES MCGREGOR

Signed on Behalf of the Trustees:

Date of Approval: 21/11/2024

8

Grace Church

Year Ended 31st March 2024

Independent Examiners Report

I report to the trustees on my examination of the financial statements of Grace Church, Bolton ('the charity') for the year ended 31st of March 2024.

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 Date: 21/11/2024 Independent Examiner 125 Main Street Garforth Leeds LS25 1AF

9

Grace Church

Year Ended 31st March 2024

Statement of Financial Activities

Statement of Financial Activities
2024 2023
Unrestricted Restricted Total Total
Funds Funds Funds Funds
Note £ £ £ £
Income
Donations and legacies 201,852 139,295 341,147 283,158
Trading activities 27,072 - 27,072 27,922
Other income 439 - 439 9,069
────────── ────────── ────────── ──────────
Total Income 2 229,363 139,295 368,658 320,149
────────── ────────── ────────── ──────────
Expenditure
Expenditure on charitable activities 3 265,848 84,834 350,682 308,490
────────── ────────── ────────── ──────────
Total Expenditure 265,848 84,834 350,682 308,490
────────── ────────── ────────── ──────────
────────── ────────── ────────── ──────────
Net Income / (Expenditure) Before Gains/(Losses) (36,485) 54,461 17,976 11,659
────────── ────────── ────────── ──────────
Gain/(loss) on revaluation of fixed asset - - - -
────────── ────────── ────────── ──────────
Net Income / (Expenditure) After Gains/(Losses) (36,485) 54,461 17,976 11,659
────────── ────────── ────────── ──────────
Net Income and Net Movement in Funds
Total funds brought forward 11 1,937,686 14,383 1,952,069 1,940,410
Transfers 11 - - - -
────────── ────────── ────────── ──────────
Total Funds Carried Forward 11 1,901,201 68,844 1,970,045 1,952,069
────────── ────────── ────────── ──────────

All income and expenditure derive from continuing activities.

10

Grace Church

Year Ended 31st March 2024

Statement of Financial Position

2024 2023
Note £ £
Fixed Assets
Tangible fixed assets 8 1,842,641 1,844,678
Current Assets
Debtors 9 25,635 23,635
Cash at bank and in hand 120,308 90,759
────────── ──────────
145,943 114,394
Creditors: Amounts Falling Due Within One Year 10 18,539 7,003
────────── ──────────
Net Current Assets 127,404 107,391
────────── ──────────
Total Assets Less Current Liabilities 1,970,045 1,952,069
────────── ──────────
Net Assets 12 1,970,045 1,952,069
────────── ──────────
Funds of the Charity
Restricted funds 11 68,844 14,383
Unrestricted funds 11
Unrestricted Grace Church 39,940 65,049
Unrestricted Hope Church 18,620 27,959
Revaluation reserve 1,829,200 1,825,000
Designated funds 13,441 19,678
────────── ──────────
1,901,201 1,937,686
────────── ──────────
Total Charity Funds 1,970,045 1,952,069
────────── ──────────

Trustees Responsibilities

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

JOHN JAMES MCGREGOR

Name of Trustee:

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

Signed on Behalf of the Trustees: Date of Approval:

─────────────────────────────────────────────────── 21/11/2024

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

11

Grace Church

Year Ended 31st March 2024

Notes to the Financial Statements

Basis of Preparation

Grace Church is a charitable organisation registered in the United Kingdom. In the event of the charity being wound up, the liability with respect to 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 known 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 2024

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 the 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 2024

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 life 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 2024

Notes to the Financial Statements

**2 ** Analysis of Income
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Donations and Legacies
Grace Church
Donations 128,704 81,928 210,632
Gift aid 21,958 9,158 31,116
Grants 760 5,768 6,528
────────── ──────────
──────────
151,422 96,854 248,276
Hope Church
Donations 40,553 42,441 82,994
Gift aid 9,877 - 9,877
Grants - - -
────────── ──────────
──────────
50,430 42,441 92,871
Trading Activities
Rental income 10,216 - 10,216
Events income 13,284 - 13,284
Grace Church Café income 3,572 - 3,572
────────── ──────────
──────────
27,072 - 27,072
Other Income
Other income 439 - 439
────────── ──────────
──────────
439 - 439
────────── ──────────
──────────
Total Income 229,363 139,295 368,658
────────── ──────────
──────────
Combined Church Donations and Legacies
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Donations 169,257 124,369 293,626
Gift aid 31,835 9,158 40,993
Grants 760 5,768 6,528
────────── ──────────
──────────
201,852 139,295 341,147

15

Grace Church

Year Ended 31st March 2024

Notes to the Financial Statements

Analysis of Income continued
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

16

Grace Church

Year Ended 31st March 2024

Notes to the Financial Statements

3 Expenditure on Charitable Activities by Fund Type

Unrestricted Restricted Total Funds
Note Funds Funds 2024
Activity costs 23,926 77,632 101,558
Depreciation 8,683 - 8,683
Gifts 38,185 - 38,185
Governance costs 4 6,621 - 6,621
Office costs 6,702 60 6,762
Other costs - - -
Professional fees 385 - 385
Property costs 20,076 - 20,076
Staff costs 9,620 - 9,620
Salaries 6 151,650 7,142 158,792
────────── ──────────
──────────
265,848 84,834 350,682
────────── ──────────
──────────
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
Mission family support 7,541 72 7,613
Office costs - - -
Other costs 6,279 - 6,279
Professional fees 18,049 - 18,049
Property costs 6,390 - 6,390
Salaries 6 120,601 2,114 122,715
────────── ──────────
──────────
251,046 57,444 308,490
────────── ──────────
──────────

17

Grace Church

Year Ended 31st March 2024

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 2024
Grace Church £ £ £
Activity costs 22,034 77,632 99,666
Depreciation 8,683 - 8,683
Gifts 33,202 - 33,202
Governance costs 4 1,141 - 1,141
Office costs 5,047 60 5,107
Other costs - - -
Professional fees - - -
Property costs 15,791 - 15,791
Staff costs 7,852 - 7,852
Salaries 6 112,946 7,142 120,088
────────── ──────────
──────────
206,696 84,834 291,530
────────── ──────────
──────────
Unrestricted Restricted Total Funds
Funds Funds 2024
Hope Church £ £ £
Activity costs 1,892 - 1,892
Depreciation - - -
Gifts 4,983 - 4,983
Governance costs 4 5,480 - 5,480
Office costs 1,655 - 1,655
Other costs - - -
Professional fees 385 - 385
Property costs 4,285 - 4,285
Staff costs 1,768 - 1,768
Salaries 6 38,704 - 38,704
────────── ──────────
──────────
59,152 - 59,152
────────── ──────────
──────────
────────── ──────────
──────────
Total for 2024 265,848 84,834 350,682
────────── ──────────
──────────

18

Grace Church

Year Ended 31st March 2024

Notes to the Financial Statements

Expenditure on Charitable Activities by Fund Type continued

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
Mission family support 6,646 72 6,718
Office costs - - -
Other costs 6,279 - 6,279
Professional fees 14,074 - 14,074
Property 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
Mission family support 895 - 895
Office costs - - -
Other costs - - -
Professional fees 3,975 - 3,975
Property costs 1,602 - 1,602
Salaries 6 37,443 - 37,443
────────── ────────── ──────────
53,292 - 53,292
────────── ────────── ──────────
────────── ────────── ──────────
Total for 2023 251,046 57,444 308,490
────────── ────────── ──────────

19

Grace Church

Year Ended 31st March 2024

Notes to the Financial Statements

Expenditure on Charitable Activities by Church

Grace Hope Total Funds
Basis of allocation Church Church 2024
Activity costs Usage 99,666 1,892 101,558
Depreciation Ownership 8,683 - 8,683
Gifts Costs incurred 33,202 4,983 38,185
Governance costs Time spent 1,141 5,480 6,621
Office costs Usage 5,107 1,655 6,762
Other costs Costs incurred - - -
Professional fees Level of income - 385 385
Property costs Usage 15,791 4,285 20,076
Staff related costs Time spent 7,852 1,768 9,620
Salaries Time spent 120,088 38,704 158,792
────────── ──────────
──────────
291,530 59,152 350,682
────────── ──────────
──────────
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 incurred 39,177 5,682 44,859
Governance costs Time spent 4 1,229 332 1,561
Mission family support Usage 6,718 895 7,613
Office costs Costs incurred - - -
Other costs Level of income 6,279 - 6,279
Professional fees Usage 14,074 3,975 18,049
Property costs Time spent 4,788 1,602 6,390
Salaries Time spent 85,272 37,443 122,715
────────── ──────────
──────────
255,198 53,292 308,490
────────── ──────────
──────────

20

Grace Church

Year Ended 31st March 2024

Notes to the Financial Statements

4 Governance Costs

Governance Costs
Unrestricted Restricted
Total Funds		 Total Funds
Funds Funds 2024 2023
£ £ £
Preparation of accounts and Indepe 1,621 - 1,621 1,561
Legal Fees 5,000 - 5,000 -
────────── ──────────
──────────		 ──────────
6,621 - 6,621 1,561
────────── ────────── ────────── ──────────

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:

2024 2023
£ £
Wages and salaries 144,564 109,683
Social security costs 6,237 4,382
Employer contributions to pension plans 7,991 6,998
────────── ──────────
158,792 121,063
────────── ──────────

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

2024 2023
Average headcount 8 6
Full time equivalent 4 3

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

2024 2023
More than £60,000 - -

Key Management Personnel

The charity considers its key management personnel to be the Eldership Team. The total amount of employee benefits received by key management personnel was £113,816 (2023: £62,035 ).

21

Grace Church

Year Ended 31st March 2024

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 (2023: £Nil).

During the year three of the trustees were employed by the charity. All trustees were remunerated for their role within the church and not for their role as trustees. The total remuneration received during the year (including pension contributions) was as follows:

2024 2022
£ £
S Bradbrook 18,822 16,578
E Cameron 5,585 3,327
M Taylor 36,888 38,266
────────── ──────────
61,295 58,172
────────── ──────────

During the year the total aggregated donations made to the charity by the trustee's was £59,568 (2023: £54,823).

During the year six trustees incurred out-of-pocket expenses totalling £4,861 which were all incurred for the day-to-day running of the charity's activities (2023: £3,802). The types of expenditure include travel costs, ministry costs and other charitable activity expenditures.

22

Grace Church

Year Ended 31st March 2024

Notes to the Financial Statements

8 Tangible Fixed Assets

Tangible Fixed Assets
Freehold Fixtures and
Property Fittings Total
£ £
Cost as at 1st April 2023 1,825,000 77,084 1,902,084
Additions 4,200 2,446 6,646
──────────
──────────		 ──────────
Cost as at 31st March 2024 1,829,200 79,530 1,908,730
──────────
──────────		 ──────────
Depreciation as at 1st April 2023 - 57,406 57,406
Depreciation charge - 8,683 8,683
──────────
──────────		 ──────────
Depreciation as at 31st March 2024 - 66,089 66,089
──────────
──────────		 ──────────
──────────
──────────		 ──────────
Net book value as at 31st March 2024 1,829,200 13,441 1,842,641
──────────
──────────		 ──────────
Net book value as at 31st March 2023 1,825,000 19,678 1,844,678

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.

9 Debtors

2024 2023
£ £
Accrued income and other debtors 4,568 1,820
HMRC Gift Aid tax recoverable 17,449 10,831
Loan to church members - 5,750
Prepayments 3,618 5,234
────────── ──────────
25,635 23,635
────────── ──────────
Creditors: amounts falling due within one year
2024 2023
£ £
Accruals 4,821 4,814
Other tax and social security 2,447 2,189
Deferred income 11,271 -
Other creditors - -
────────── ──────────
18,539 7,003
────────── ──────────

10 Creditors: amounts falling due within one year

The deferred income relates to accommodation paid for in advance for the church weekend away held in May 2024.

23

Grace Church

Year Ended 31st March 2024

Notes to the Financial Statements

11 Analysis of Charitable Funds

31 Mar
1 April 2023 Income Expenditure Gains/Loses Transfers 2024
£ £ £ £ £ £
Unrestricted Funds
Grace Church 65,049 178,759 (207,176) - 3,308 39,940
Hope Church 27,959 50,604 (58,672) - (1,271) 18,620
Revaluation reserve 1,825,000 - - - 4,200 1,829,200
────────── ────────── ──────────
──────────		 ──────────
──────────
1,918,008 229,363 (265,848) - 6,237 1,887,760
Designated
Fixed asset reserve 19,678 - - - (6,237) 13,441
────────── ────────── ──────────
──────────		 ──────────
──────────
19,678 - - - (6,237) 13,441
────────── ────────── ──────────
──────────		 ──────────
──────────
Total Unrestricted 1,937,686 229,363 (265,848) - - 1,901,201
────────── ────────── ──────────
──────────		 ──────────
──────────
Restricted funds
Grace - Weekend
away		 - 13,818 (5,730) - - 8,088
Grace - Wellbeing
Café		 - 5,768 (3,020) - - 2,748
Grace - Windows &
maintance		 - 2,500 - - - 2,500
Grace - Vision
offering		 - 6,870 (2,070) - (4,800) -
Hope - church
building fund		 - 42,441 - - - 42,441
National Lottery -
Community 8,123 - (4,239) - - 3,884
Programme
Zambia 6,260 15,261 (19,047) - - 2,474
Zambia Streetlife - 43,091 (39,411) - - 3,680
Zambia Scholarship
fund		 - 9,546 (11,317) - 4,800 3,029
────────── ────────── ────────── ────────── ────────── ──────────
Total Restricted 14,383 139,295 (84,834) - - 68,844
────────── ────────── ──────────
──────────		 ──────────
──────────
────────── ────────── ──────────
──────────		 ──────────
──────────
Total Funds 1,952,069 368,658 (350,682) - - 1,970,045
────────── ────────── ──────────
──────────		 ──────────
──────────

24

Grace Church

Year Ended 31st March 2024

Notes to the Financial Statements

Analysis of Charitable Funds continued

31 Mar
1 April 2022 Income Expenditure Gains/Loses Transfers 2023
£ £ £ £ £ £
Unrestricted Funds
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
Scholarship fund - 34,991 (37,283) - 2,292 -
Kitchen renovation 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
────────── ────────── ──────────
──────────		 ──────────
──────────

25

Grace Church

Year Ended 31st March 2024

Notes to the Financial Statements

Fund Descriptions

Unrestricted funds

Whilst income and expenditure are 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 net book value which is not part of the land and building revaluation reserve.

Restricted Funds

Grace - Weekend away Donations made in an extra offering to cover the cost of the church weekend away Grace - Wellbeing Café Grant awarded by Bolton CVS to open a weekly wellbeing café Grace - Windows & maintance Money donated for towards the cost of windows and building maintenance Grace - Vision offering Donations towards the vision offering were to be spent on ministries for young people within the church and supporting young people in Zambia

Hope - church building fund Donations made for the purpose of investing in a church building for the Hope church congregation National Lottery - This fund is to be used to increase the output of our current Community community programmes and launch some new initiatives. Programme Specifically, 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.

Zambia fund

This fund was established with the purpose of supporting the wider work of Dayspring Ministries International, Kitwe, Zambia, the church administering the Street life 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. 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.

26

Grace Church

Year Ended 31st March 2024

Notes to the Financial Statements

Fund Transfers

In 2024, asset additions and deprecation costs were moved from the general fund to the fixed asset funds.

A portion of the Grace Vision offering was transferred to the Zambia Scholarship fund, which is within the fund restrictions.

In 2023, £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.

12 Analysis of Net Assets Between Funds

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Tangible fixed assets 1,842,641 - 1,842,641
Current assets 77,099 68,844 145,943
Creditors less than 1 year (18,539) - (18,539)
────────── ──────────
──────────
1,901,201 68,844 1,970,045
────────── ──────────
──────────
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
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
────────── ──────────
──────────

13 Related Party Transactions

During the year, Mr I Cameron received a gift of £100 for preaching in Hope church, He is a close relation to Mrs B Cameron who is a Trustee.

Mr A Taylor received a gift of £100 for preaching in Hope church, He is a close relation to Mr M Taylor who is a Trustee.

(In 2023 there were no related party transactions)

27