Registered Charity no. 1049144
Grace Church, Bolton
Trustees Annual Report and Accounts
Year Ended 31st March 2025 Logo? gia ~~ce~~ chureh
Grace Church
Year Ended 31st March 2025
Contents Page
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustees' Annual Report | 2 |
| Independent Examiner's Report | 9 |
| Statement of Financial Activities | 10 |
| Statement of Financial Position | 11 |
| Notes to the Financial Statements | 12 |
Grace Church
Year Ended 31st March 2025
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
Primary Banker
Independent Examiner
Mr J J McGregor Treasurer Mr R Edirisinghe Chairman Mrs S Bradbrook Resigned 31st Oct 2025 Dr S Prout Mrs E Spielmann Mr M Taylor Mr J Hoaghton Appointed 12th March 2024 Mrs E Cameron Secretary Resigned 31st July 2024 CAF Bank 25 Kings Hill Avenue Kings Hill ME19 4JQ Nigel Wyatt BSC FCA Wyatt & Co Chartered Accountants 125 Main Street Garforth Leeds LS25 1AF
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Grace Church
Year ended 31[st] March 2025
Trustees’ Annual Report
The trustees have the pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 March 2025. 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. Following the end of the financial year, Stephanie Bradbrook has resigned 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 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:
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1 To advance the Christian Religion, to proclaim and further the Gospel of God and His Son, the Lord Jesus Christ and to preach and teach the Christian Faith.
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To provide assistance for aged persons and persons in condition of need, hardship or distress, arising therefrom, whether in connection of housing or accommodation or shelter or any other purpose (whether by way of loan, gift, the provision of accommodation or
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Grace Church
Year ended 31[st] March 2025
Trustees’ Annual Report
shelter or in any other way) trustees should be entitled to give assistance to applicants who are members of Kings Church Bolton or such other religious institution or body having purposes similar thereto as the trustees shall from time to time decide.
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To advance education, whether of children (above or below compulsory school age) or adults.
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2
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In pursuance of the foregoing objects (but not otherwise), the trustees may:
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Cause to be written and printed or otherwise reproduced and circulated, whether gratuitously or otherwise, periodicals, magazines, books, leaflets, or other documents, films, records, tapes or discs.
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To provide teaching and other educational provision to the Church and the Community
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Foster and undertake research into any aspect of the objects of the Trust and its works and disseminate the results of any research.
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. In January 2025 Hope Church successfully completed the purchase of their new premises in Westhoughton. The premises are a wonderful space for the church to expand into, however some works are required to make the space usable. Therefore, Hope Church have continued to hire some space in a Community Centre whilst the building repairs are completed.
This year Hope Church have continued to run services throughout the year from the rented premises and also their annual funday too. They have supported an individual with a financial need and Urban Outreach and other organisations in practical help for the community. 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, continues to be employed by Grace Church full-time.
Giving
The regular giving from active members of Grace Church has slightly declined due to the weekend away offering in the previous year. Garce Church generated donations excluding Gift Aid and grants of £205,027 (2024: £ 210,632). Hope Church has seen a decline due to less building gifts this year and generated donations excluding Gift Aid of £62,247 (2024: £ £82,994).
Grace Church attendance
Grace Church has continued to see growth in the church during the year ending 31 March 2025 with a group of 270 people regularly attending and an average Sunday attendance of 180 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. Our weekend away in
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Grace Church
Year ended 31[st] March 2025
Trustees’ Annual Report
April 2024 was a wonderful family time with great teaching, worship and building relationships as a church family.
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.
ESOL
We have continued to offer free English lessons for speakers of other languages to members of varied levels of language. The funding provided by Garfield Weston ran out during the financial year; however, we were successful in securing another grant with Bolton Fund in February 2025 to enable us to pay the tutors leading the sessions. The funding also provided funding to start an ESOL conversation table in our café each week, which we successfully launched in May 2025.
The groups are also supported by volunteers from within the church and the wider community. The attendees have been referred by the council, the job centre, other charities and through word of mouth in the local community.
Community café
Café @ GC, our community café, has continued to open weekly, which has included the school holidays, with free crafts for children. We have a collection point for food parcels through Urban Outreach, and the clients enjoy coming to have a drink and chat with our volunteers. We received funding from the Council and also Forever Manchester to help with the heating bills as the café provides a warm space to anyone in the community.
The National Lottery funding that we received for our families worker expired in late 2024; however, we decided the service was valuable for the church members and the wider community and we continued to fund the role from church resources. The families worker role extended to become a support worker for those who don’t have children and her drop in session at the café continues to be busy helping people needs such as housing, benefits, data provision and behavioural issues. After the financial year end we secured a grant through Bolton Fund for the HS7 government agenda which is contributing to the costs of the support worker.
Café Revive
The funding provided by Bolton Fund to run a café session for those with mental health problems came to an end during the financial year. We decided not to pursue this outreach further and to direct those who were attending the sessions to other activities at Grace Church for support.
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.
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Grace Church
Year ended 31[st] March 2025
Trustees’ Annual Report
Senior Citizens Club
The senior citizens club, Young at Heart, has continued to see growth over the year in the weekly sessions, which consist of refreshments, games and chair-based exercises. We have invited in a number of guest speakers to talk about relevant topics and we ran a course called Fit 4 Life, which explores what it is to age well, looking specifically at issues that arise as we get older.
Transformed Supernatural Life school
Grace Church launched the third Transformed Supernatural Life school (‘TSL’) in September 2024, meeting monthly over two years. The students, from Grace Church and other churches, are equipped to live the normal Christian life that Jesus modelled.
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. In February 2025 we launched the youth Alpha course which consisted of a meal, some recorded teaching and discussions around tables about life, faith and purpose. The sessions were well attended and the young people enjoyed the opportunity to discuss their questions.
In July 2024 we took 37 young people to our annual youth festival, Newday, in Norfolk. The young people had a brilliant time encountering Jesus and growing in relationship with one another.
Connect @ GC
We continued to run our monthly Connect @ GC sessions until the Summer 2024, 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 Christmas event and Easter event, both 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.
Zambia
We have had around 62 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 supports employment, education and training.
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Grace Church
Year ended 31[st] March 2025
Trustees’ Annual Report
A team of people from Grace Church were able to visit in April 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 and first aid 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.
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 10 safeguarding issues during the year, relating to children and historical abuse, and have liaised with other agencies as necessary.
Financial Review
The financial statements are set out on pages 10 to 28.
Total incoming resources on general unrestricted funds were £281,117 (2024: £229,363). Restricted donations and grants of £84,502 (2024: £139,295) were also received and are detailed in the financial statements.
Total resources expended were £338,630 (2024: £350,682) as shown on the Statement of Financial Activities on page 10. A majority of the expenditure is spent on staff costs, donations, building maintenance and on other individuals and organisations.
The net result for the year was a surplus of £26,989 (2024: £17,946).
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 |
£ 68,999 -18,345 1,829,200 98,282 19,898 1,997,034 |
|---|---|
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Grace Church
Year ended 31[st] March 2025
Trustees’ Annual Report
Funds in Deficit
We recognise that the Hope Church fund finishes the year in Deficit, this is due to the purchase of the Hope church building during the year (the value of the building is then held in the Designated fixed asset Fund) and the loan held to allow the purchase to take place. The details of the loans for the church building purchase are in the contingent liability note at the end of the accounts.
Reserves Policy
At 31 March 2025 the charity held unrestricted free reserves (excluding fixed assets) of £50,654 (2024: £58,560) and restricted reserves of £19,898 (2024: £68,844).
The Trustees consider the charity’s free reserves level should be at least three months' staff costs, which equates to approximately £37,341 (calculated as 25% of staff costs for this year, see note 4). The free reserves/net current assets for this year are 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.
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Grace Church
Year ended 31[st] March 2025
Trustees’ 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:
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Select suitable accounting policies and then apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements.
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Prepare the financial statements on a going concern basis unless it is inappropriate to assume that the Church will continue in operation.
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: 24/11/2025
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Grace Church
Year Ended 31st March 2025
Independent Examiner's 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 2025.
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 (8the Act9).
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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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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 8true 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: 24/11/2025 Independent Examiner 125 Main Street Garforth Leeds LS25 1AF
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Grace Church
Year Ended 31st March 2025
Statement of Financial Activities
| Statement of Financial Activities | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | Funds | Funds | ||
| Note | £ | £ | £ | £ | |
| Income | |||||
| Donations and legacies | 236,438 | 84,502 | 320,940 | 341,147 | |
| Trading activities | 42,884 | - | 42,884 | 27,072 | |
| Other income | 1,795 | - | 1,795 | 439 | |
| ────────── | ────────── | ────────── | ────────── | ||
| Total Income | 2 | 281,117 | 84,502 | 365,619 | 368,658 |
| ────────── | ────────── | ────────── | ────────── | ||
| Expenditure | |||||
| Expenditure on charitable activities | 3 | 257,603 | 81,027 | 338,630 | 350,682 |
| ────────── | ────────── | ────────── | ────────── | ||
| Total Expenditure | 257,603 | 81,027 | 338,630 | 350,682 | |
| ────────── | ────────── | ────────── | ────────── | ||
| ────────── | ────────── | ────────── | ────────── | ||
| Net Income / (Expenditure) Before Gains/(Losses) | 23,514 | 3,475 | 26,989 | 17,976 | |
| ────────── | ────────── | ────────── | ────────── | ||
| Gain/(loss) on revaluation of fixed asset | - | - | - | - | |
| ────────── | ────────── | ────────── | ────────── | ||
| Net Income / (Expenditure) After Gains/(Losses) | 23,514 | 3,475 | 26,989 | 17,976 | |
| ────────── | ────────── | ────────── | ────────── | ||
| Net Income and Net Movement in Funds | |||||
| Total funds brought forward | 11 | 1,901,201 | 68,844 | 1,970,045 | 1,952,069 |
| Transfers | 11 | 52,421 | (52,421) | - | - |
| ────────── | ────────── | ────────── | ────────── | ||
| Total Funds Carried Forward | 11 | 1,977,136 | 19,898 | 1,997,034 | 1,970,045 |
| ────────── | ────────── | ────────── | ────────── |
All income and expenditure derive from continuing activities.
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Grace Church
Year Ended 31st March 2025
Statement of Financial Position
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed Assets | |||
| Tangible fixed assets | 8 | 1,928,742 | 1,842,641 |
| Current Assets | |||
| Debtors | 9 | 25,299 | 25,635 |
| Cash at bank and in hand | 99,904 | 120,308 | |
| ────────── | ────────── | ||
| 125,203 | 145,943 | ||
| Creditors: Amounts Falling Due Within One Year | 10 | 56,911 | 18,539 |
| ────────── | ────────── | ||
| Net Current Assets | 68,292 | 127,404 | |
| ────────── | ────────── | ||
| Total Assets Less Current Liabilities | 1,997,034 | 1,970,045 | |
| ────────── | ────────── | ||
| Net Assets | 12 | 1,997,034 | 1,970,045 |
| ────────── | ────────── | ||
| Funds of the Charity | |||
| Restricted funds | 11 | 19,898 | 68,844 |
| Unrestricted funds | 11 | ||
| Unrestricted Grace Church | 68,999 | 39,940 | |
| Unrestricted Hope Church | -18,345 | 18,620 | |
| Revaluation reserve | 1,829,200 | 1,829,200 | |
| Designated funds | 97,282 | 13,441 | |
| ────────── | ────────── | ||
| 1,977,136 | 1,901,201 | ||
| ────────── | ────────── | ||
| Total Charity Funds | 1,997,034 | 1,970,045 | |
| ────────── | ────────── |
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: ─────────────────────────────────────────────────── 24/11/2025 Date of Approval:
───────────────────────────────────────────────────
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Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
Basis of Preparation
Grace Church is a charitable organisation registered in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity9s operations and principal activities are as disclosed in the Trustees9 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 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 8special offering9 in the church.
Further explanation of the nature and purpose of each fund is included in the notes to the accounts.
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Grace Church
Year Ended 31st March 2025
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
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
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Grace Church
Year Ended 31st March 2025
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.
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Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
| **2 ** | Analysis of Income | |||
|---|---|---|---|---|
| Unrestricted Funds |
Restricted Funds |
Total Funds 2025 |
||
| £ | £ | £ | ||
| Donations and Legacies | ||||
| Grace Church | ||||
| Donations | 149,263 | 56,365 | 205,628 | |
| Gift aid | 26,527 | 4,376 | 30,903 | |
| Grants | 1,034 | 13,521 | 14,555 | |
| ────────── | ────────── | ────────── | ||
| 176,824 | 74,262 | 251,086 | ||
| Hope Church | ||||
| Donations | 49,747 | 10,240 | 59,987 | |
| Gift aid | 9,867 | - | 9,867 | |
| Grants | - | - | - | |
| ────────── | ────────── | ────────── | ||
| 59,614 | 10,240 | 69,854 | ||
| Trading Activities | ||||
| Rental income | 10,931 | - | 10,931 | |
| Events income | 29,805 | - | 29,805 | |
| Grace Church Café income | 2,148 | - | 2,148 | |
| ────────── | ────────── | ────────── | ||
| 42,884 | - | 42,884 | ||
| Other Income | ||||
| Other income | 1,795 | - | 1,795 | |
| ────────── | ────────── | ────────── | ||
| 1,795 | - | 1,795 | ||
| ────────── | ────────── | ────────── | ||
| Total Income | 281,117 | 84,502 | 365,619 | |
| ────────── | ────────── | ────────── | ||
| Combined Church Donations and Legacies | ||||
| Unrestricted Funds |
Restricted Funds |
Total Funds 2025 |
||
| £ | £ | £ | ||
| Donations | 199,010 | 66,605 | 265,615 | |
| Gift aid | 36,394 | 4,376 | 40,770 | |
| Grants | 1,034 | 13,521 | 14,555 | |
| ────────── | ────────── | ────────── | ||
| 236,438 | 84,502 | 320,940 |
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Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
Analysis of Income continued
| Analysis of Income continued | |||
|---|---|---|---|
| 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 |
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Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
3 Expenditure on Charitable Activities by Fund Type
| Note | Unrestricted Funds |
Restricted Funds |
Total Funds 2025 |
|
|---|---|---|---|---|
| Activity costs | 32,690 | 68,155 | 100,845 | |
| Depreciation | 9,914 | - | 9,914 | |
| Gifts | 31,445 | - | 31,445 | |
| Governance costs | 4 | 5,066 | - | 5,066 |
| Office costs | 6,341 | 60 | 6,401 | |
| Other costs | - | - | - | |
| Professional fees | 2,190 | - | 2,190 | |
| Property costs | 16,583 | 5,260 | 21,843 | |
| Staff costs | 10,396 | - | 10,396 | |
| Salaries | 6 | 142,978 | 7,552 | 150,530 |
| ────────── | ────────── | ────────── |
||
| Total Expenditure | 257,603 | 81,027 | 338,630 | |
| ────────── | ────────── | ────────── |
||
| 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 |
| ────────── | ────────── | ────────── |
||
| Total Expenditure | 265,848 | 84,834 | 350,682 | |
| ────────── | ────────── | ────────── |
17
Grace Church
Year Ended 31st March 2025
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.
| Note | Unrestricted Funds |
Restricted Funds |
Total Funds 2025 |
|
|---|---|---|---|---|
| Grace Church | £ | £ | £ | |
| Activity costs | 30,660 | 68,155 | 98,815 | |
| Depreciation | 9,914 | - | 9,914 | |
| Gifts | 27,215 | - | 27,215 | |
| Governance costs | 4 | 1,280 | - | 1,280 |
| Office costs | 5,160 | 60 | 5,220 | |
| Other costs | - | - | - | |
| Professional fees | - | - | - | |
| Property costs | 13,265 | 5,260 | 18,525 | |
| Staff costs | 9,115 | - | 9,115 | |
| Salaries | 6 | 102,266 | 7,552 | 109,818 |
| ────────── | ────────── | ────────── | ||
| Total for 2025 | 198,875 | 81,027 | 279,902 | |
| ────────── | ────────── | ────────── | ||
| Unrestricted Funds |
Restricted Funds |
Total Funds 2025 |
||
| Hope Church | £ | £ | £ | |
| Activity costs | 2,030 | - | 2,030 | |
| Depreciation | - | - | - | |
| Gifts | 4,230 | - | 4,230 | |
| Governance costs | 4 | 3,786 | - | 3,786 |
| Office costs | 1,181 | - | 1,181 | |
| Other costs | - | - | - | |
| Professional fees | 2,190 | - | 2,190 | |
| Property costs | 3,318 | - | 3,318 | |
| Staff costs | 1,281 | - | 1,281 | |
| Salaries | 6 | 40,712 | - | 40,712 |
| ────────── | ────────── | ────────── | ||
| 58,728 | - | 58,728 | ||
| ────────── | ────────── | ────────── | ||
| ────────── | ────────── | ────────── | ||
| Total for 2025 | 257,603 | 81,027 | 338,630 | |
| ────────── | ────────── | ────────── |
18
Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
Expenditure on Charitable Activities by Fund Type continued
| 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 |
| Mission family support | 5,047 | 60 | 5,107 | |
| Office costs | - | - | - | |
| Other costs | - | - | - | |
| Professional fees | 15,791 | - | 15,791 | |
| Property costs | 7,852 | - | 7,852 | |
| Salaries | 6 | 112,946 | 7,142 | 120,088 |
| ────────── | ────────── | ────────── |
||
| Total for 2024 | 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 |
| Mission family support | 1,655 | - | 1,655 | |
| Office costs | - | - | - | |
| Other costs | 385 | - | 385 | |
| Professional fees | 4,285 | - | 4,285 | |
| Property costs | 1,768 | - | 1,768 | |
| Salaries | 6 | 38,704 | - | 38,704 |
| ────────── | ────────── | ────────── |
||
| 59,152 | - | 59,152 | ||
| ────────── | ────────── | ────────── |
||
| ────────── | ────────── | ────────── |
||
| Total for 2024 | 265,848 | 84,834 | 350,682 | |
| ────────── | ────────── | ────────── |
19
Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
Expenditure on Charitable Activities by Church
| Basis of allocation | Basis of allocation | Grace Church |
Hope Church |
Total Funds 2025 |
|
|---|---|---|---|---|---|
| Activity costs | Usage | 98,815 | 2,030 | 100,845 | |
| Depreciation | Ownership | 9,914 | - | 9,914 | |
| Gifts | Costs incurred | 27,215 | 4,230 | 31,445 | |
| Governance costs | Time spent | 4 | 1,280 | 3,786 | 5,066 |
| Office costs | Usage | 5,220 | 1,181 | 6,401 | |
| Other costs | Costs incurred | - | - | - | |
| Professional fees | Level of income | - | 2,190 | 2,190 | |
| Property costs | Usage | 18,525 | 3,318 | 21,843 | |
| Staff related costs | Time spent | 9,115 | 1,281 | 10,396 | |
| Salaries | Time spent | 6 | 109,818 | 40,712 | 150,530 |
| ────────── | ────────── | ────────── | |||
| Total Expenditure | 279,902 | 58,728 | 338,630 | ||
| ────────── | ────────── | ────────── | |||
| Basis of allocation | Grace Church |
Hope Church |
Total Funds 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 | 4 | 1,141 | 5,480 | 6,621 |
| Mission family support | Usage | 5,107 | 1,655 | 6,762 | |
| Office costs | Costs incurred | - | - | - | |
| Other costs | Level of income | - | 385 | 385 | |
| Professional fees | Usage | 15,791 | 4,285 | 20,076 | |
| Property costs | Time spent | 7,852 | 1,768 | 9,620 | |
| Salaries | Time spent | 6 | 120,088 | 38,704 | 158,792 |
| ────────── | ────────── | ────────── | |||
| Total Expenditure | 291,530 | 59,152 | 350,682 | ||
| ────────── | ────────── | ────────── |
20
Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
4 Governance Costs
| Governance Costs | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds |
Total Funds |
|
| Funds | Funds | 2025 | 2024 | |
| £ | £ | £ | ||
| Preparation of accounts and Indepe | 1,685 | - | 1,685 | 1,621 |
| Legal Fees | 3,381 | - | 3,381 | 5,000 |
| ────────── | ────────── | ────────── |
────────── |
|
| 5,066 ────────── |
- ────────── |
5,066 ────────── |
6,621 ────────── |
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 trustees' 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:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 136,996 | 144,564 |
| Social security costs | 5,319 | 6,237 |
| Employer contributions to pension plans | 8,050 | 7,991 |
| ────────── | ────────── | |
| 150,365 | 158,792 | |
| ────────── | ────────── |
The average headcount of employees and full time equivalent (FTE) during the year was as follows:
| 2025 | 2024 | |
|---|---|---|
| Average headcount | 8 | 8 |
The number of employees that received employee benefits of more than £60,000 during the year was as follows:
| 2025 | 2024 | |
|---|---|---|
| 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 £95,392 (2024: £113,816 ).
21
Grace Church
Year Ended 31st March 2025
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 (2024: £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. Any employed trustees are excluded from decisions about their remuneration. The total remuneration received during the year (including pension contributions) was as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| S Bradbrook | 20,707 | 18,822 |
| E Cameron | 3,782 | 5,585 |
| M Taylor | 38,798 | 36,888 |
| ────────── | ────────── | |
| 63,287 | 61,295 | |
| ────────── | ────────── |
During the year the total aggregated donations made to the charity by the trustees' was £60,061(2024: £59,568).
During the year three trustees incurred out-of-pocket expenses totalling £2,236 which were all incurred for the day-to-day running of the charity's activities (2024: 6 trustees expenses of £4,861). The types of expenditure include meetings, travel costs, ministry costs and other charitable activity expenditure.
22
Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
8 Tangible Fixed Assets
| Tangible Fixed Assets | |||
|---|---|---|---|
| Freehold | Fixtures and | ||
| Property | Fittings | Total | |
| £ | £ | ||
| Cost as at 1st April 2024 | 1,829,200 | 79,530 | 1,908,730 |
| Additions | 91,181 | 4,834 | 96,015 |
| Disposals | (7,605) | (7,605) | |
| ────────── | ────────── |
────────── | |
| Cost as at 31st March 2025 | 1,920,381 | 76,759 | 1,997,140 |
| ────────── | ────────── |
────────── | |
| Depreciation as at 1st April 2024 | - | 66,089 | 66,089 |
| Depreciation charge | - | 9,914 | 9,914 |
| Disposals | (7,605) | (7,605) | |
| ────────── | ────────── |
────────── | |
| Depreciation as at 31st March 2025 | - | 68,398 | 68,398 |
| ────────── | ────────── |
────────── | |
| ────────── | ────────── |
────────── | |
| Net book value as at 31st March 2025 | 1,920,381 | 8,361 | 1,928,742 |
| ────────── | ────────── |
────────── | |
| Net book value as at 31st March 2024 | 1,829,200 | 13,441 | 1,842,641 |
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.
23
Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
| **9 ** | Debtors | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Accrued income and other debtors | 1,828 | 4,568 | |
| HMRC Gift Aid tax recoverable | 18,039 | 17,449 | |
| Loan to church members | 1,500 | - | |
| Prepayments | 3,932 | 3,618 | |
| ────────── | ────────── | ||
| 25,299 | 25,635 | ||
| ────────── | ────────── | ||
| **10 ** | Creditors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Accruals | 541 | 4,821 | |
| Other tax and social security | 2,175 | 2,447 | |
| Deferred income | - | 11,271 | |
| Other creditors | 4,195 | - | |
| Short term loan | 50,000 | - | |
| ────────── | ────────── | ||
| 56,911 | 18,539 | ||
| ────────── | ────────── |
The deferred income relates to accommodation paid for in advance for the church weekend away held in May 2024.
24
Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
| **11 ** | Analysis of Charitable Funds | Analysis of Charitable Funds | |||||
|---|---|---|---|---|---|---|---|
| 1 April 2024 | Income | ExpenditureGains/Losses | Transfers | 31 Mar 2025 | |||
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted Funds | |||||||
| Grace Church | 39,940 | 221,393 | (188,961) | - | (3,373) | 68,999 | |
| Hope Church | 18,620 | 59,724 | (58,728) | - | (37,961) | (18,345) | |
| Revaluation reserve | 1,829,200 | - | - | - | - | 1,829,200 | |
| ────────── | ────────── | ────────── | ────────── | ────────── | ────────── |
||
| 1,887,760 | 281,117 | (247,689) | - | (41,334) | 1,879,854 | ||
| Designated | |||||||
| Fixed asset reserve | 13,441 | - | (9,914) | - | 93,755 | 97,282 | |
| ────────── | ────────── | ────────── | ────────── | ────────── | ────────── |
||
| 13,441 | - | (9,914) | - | 93,755 | 97,282 | ||
| ────────── | ────────── | ────────── | ────────── | ────────── | ────────── |
||
| Total Unrestricted | 1,901,201 | 281,117 | (257,603) | - | 52,421 | 1,977,136 | |
| ────────── | ────────── | ────────── | ────────── | ────────── | ────────── |
||
| Restricted funds | |||||||
| Bolton fund- ESOL grant |
- | 11,021 | - | - | - | 11,021 | |
| Forever Manchester energy grant |
- | 2,500 | (2,500) | - | - | - | |
| Grace - Special offering |
- | 8,315 | (2,708) | - | (5,607) | - | |
| Grace - Weekend away |
8,088 | 60 | (8,148) | - | - | - | |
| Grace - Wellbeing Café |
2,748 | - | (2,748) | - | - | - | |
| Grace - Windows & maintenance |
2,500 | - | (2,760) | - | 260 | - | |
| Hope - Church building fund |
42,441 | 10,240 | - | - | (52,681) | - | |
| National Lottery - | |||||||
| Community | 3,884 | - | (3,485) | - | - | 399 | |
| Programme | |||||||
| Zambia | 2,474 | 10,101 | (7,772) | - | 3,675 | 8,478 | |
| Zambia Streetlife | 3,680 | 36,359 | (41,139) | - | 1,100 | - | |
| Zambia Scholarship fund |
3,029 | 5,906 | (9,767) | - | 832 | - | |
| ────────── | ────────── | ────────── | ────────── | ────────── | ────────── |
||
| Total Restricted | 68,844 | 84,502 | (81,027) | - | (52,421) | 19,898 | |
| ────────── | ────────── | ────────── | ────────── | ────────── | ────────── |
||
| ────────── | ────────── | ────────── | ────────── | ────────── | ────────── |
||
| Total Funds | 1,970,045 | 365,619 | (338,630) | - | - | 1,997,034 | |
| ────────── | ────────── | ────────── | ────────── | ────────── | ────────── |
25
Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
Analysis of Charitable Funds continued
| 1 April 2023 | Income | ExpenditureGains/Losses | ExpenditureGains/Losses | Transfers | 31 Mar 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 & maintenance |
- | 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 |
| ────────── | ────────── | ────────── | ────────── | ────────── | ────────── |
26
Grace Church
Year Ended 31st March 2025
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
Bolton fund- ESOL Delivery of ESOL courses from Grace Centre, including; Monday grant classes, a summer intensive courses and starting a new ESOL conversation table. Forever Manchester Funding given to support community centres and community hubs energy grant across Greater Manchester to help them be resiliant in the face of rising energy costs. Grace - Special offering A special offering collected at the curch weekend away to be spent on Newday and Zambia. 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 & maintenance 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.
27
Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
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.
Fund Transfers
In 2025, Hope church purchased a building. The transfer of funds from the 'Hope - church building' fund to 'Hope church' supports the purchase of the building. The value of the building is then transferred from 'Hope Church' to the 'Fixed asset reserve' along with other asset additions and depreciation costs.
The 'Grace - windows & maintenance' fund were topped up at the end of the year from 'Garce church' to bring the fund to £0.
A transfer of £5,607 was made from the 'Garce- special offering' to 'Zambia' Fund as part of an offering taken at the weekend away to be spent on Zambia mission.
In 2024, asset additions and deprecation costs were moved from the general fund to the fixed asset funds.
In 2024, a portion of the Grace Vision offering was transferred to the Zambia Scholarship fund, which is within the fund restrictions.
Funds in Deficit
Due to the value of Hope Church building sitting in the fixed asset fund and the liability of the loan for the purchase of the building being held in the Hope Church fund, the Hope Church fund has a deficit figure at the end of the financial period. This is temporary as and a mortgage was drawn down after the end of the financial year which repaid the short term loan. (See notes 14 contingent liability & 15 events after the reporting period)
28
Grace Church
Year Ended 31st March 2025
Notes to the Financial Statements
12 Analysis of Net Assets Between Funds
| Unrestricted | Restricted | Total |
|
|---|---|---|---|
| Funds | Funds | Funds | |
| 2025 | |||
| £ | £ | £ | |
| Tangible fixed assets | 1,928,742 | - | 1,928,742 |
| Current assets | 105,305 | 19,898 | 125,203 |
| Creditors less than 1 year | (56,911) | - | (56,911) |
| ────────── | ────────── | ────────── |
|
| 1,977,136 | 19,898 | 1,997,034 | |
| ────────── | ────────── | ────────── |
|
| Unrestricted | Restricted | Total Funds |
|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| 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 | |
| ────────── | ────────── | ────────── |
13 Related Party Transactions
During the year there were no related party transactions. (2024: Mr I Cameron and Mr A Taylor received preaching gifts of £100 each).
14 Contingent Liability
At the reporting date, the Charity held a secured loan facility with Kingdom Bank Ltd of up to £100,000, which was drawn down after the end of the reporting period.
The facility is secured by a first legal charge over 59 Park Road, Westhoughton (Hope Church Building).
A short-term bridging finance of £50,000 from a short-term loan provider supported the purchase of the building and has since been repaid (see note 15 - Events after the Reporting Period).
15 Event After the Reporting Period
In June 2025 the Charity drawdown the mortgage with Kingdom Bank Ltd.
In July 2025 the Charity repaid in full the £50,000 to the short-term loan provider.
No other material post-balance-sheet events have occurred which require disclosure or adjustment in these financial statements.
29