## **THE PLACE OF GRACE UK**
(A COMPANY LIMITED BY GUARANTEE)
## **TRUSTEES REPORT AND UNAUDITED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
COMPANY NUMBER. 04081053 CHARITY NO. 1087661
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **CONTENTS**
|Trustees’ annual report|1-6|
|---|---|
|Independent examiner’s report|7|
|Statement of financial activities|8|
|Balance sheet|9|
|Notes forming part of the financial statements|10-16|
## **THE PLACE OF GRACE UK**
## **TRUSTEES’ ANNUAL REPORT**
## **AS AT 31 DECEMBER 2024**
The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2024.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered charity name** The Place of Grace UK **Charity registration number** 1087661 **Company registration number** 04081053 **Registered office** 40 Kimbolton Road Bedford MK40 2NR **Charity address** 960 Capability Green Luton LU1 3PE **Trustees/directors** Pastor S Wood Ms S Ramsay **Secretary and Senior Pastor** Pastor Timothy L Ramsay **Independent examiner** Andrew Upton FCCA Collett Hulance 40 Kimbolton Road Bedford MK40 2NR **Principal bankers** Bank of Ireland 727-729 High Road Finchley London N12 0BJ
1
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **TRUSTEES’ ANNUAL REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **OBJECTIVES AND ACTIVITIES**
The charity’s objectives and principal activities are:
- the advancement of Christian Religion in the United Kingdom and overseas;
- religious education and worship; and
- the relief of poverty and the relief of persons who are in need, hardship or distress.
There have been no changes in objectives since the last annual report.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the church’s aims and objectives and in planning future activities.
## **REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS**
The Place of Grace UK is a church based in North London.
Our church was founded by Bishop Butler of Word of Faith International Christian Centre in the US (‘WOFICC(US)’). We work closely with WOFICC(US) in our shared Christian mission which includes the establishment of new churches. Parole de Vie Church in Brussels, Belgium is also a part of the Word of Faith family, and we provide spiritual and practical assistance to the running and growth of this church.
## **Worship and prayer**
All are welcome to attend our regular Sunday and Wednesday services, when activities and groups are provided for children and youth, with a G Phi Babies (nursery) for babies 0-4 years. Welcome for visitors and integration for newcomers is a key area that we continue to develop. We have a new members’ team that will walk new members, step by step, through their first 6 months at the church. The aim is to have them fully integrated in the life of the church and volunteering in some capacity.
Our ministry to children continues to be a great blessing to the community. With renewed focus on our children’s services after the pandemic, we held services for approximately 275 children in 2024. This included educational trips to museums and zoo, show programmes and presentations to parents. We will continue to build upon this in 2025.
2
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **TRUSTEES’ ANNUAL REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Discipleship and counselling**
Discipleship has been delivered mainly through our New Beginnings course, which covers the basic tenets of the Christian faith. Subsequently our members can go through our “Strong Foundations” classes. These consist of 9 classes covering various areas of the Scripture from “How to manage your Finances” to “The Purpose of the Church”. We provide counselling services free of charge to members and non-members alike. This includes pre-marital and marital counselling. We are also honoured to help couples take the step to holy matrimony by providing them with pre-marital counselling and ceremonious procedures.
## **Group events and activities**
We continue with our group activities and events, with a focus on small groups. We have groups for men, women, business and finances, creatives and groups for youth and millennials. We will continue to facilitate these groups as they have been instrumental in keeping the church connected during the week.
## **Pastoral care**
Pastoral care is extremely important to our church as we have a mandate outlined to us in Scripture that we should “care for the sheep”. We aim to fulfil this by emphasis on meeting the needs of the people with acts of service. We serve our members and their immediate family with counselling, home visits, hospital visits, marital aid and funeral aid. Out Pastoral Care department has systematically helped how we serve our congregations.
## **Future Developments**
Our principal objectives for the coming year are to continue with our key activities and build up our volunteer base and congregation. We are much more of a hybrid church now due to the transient nature of our church, and we meet those needs by providing both physical and online services. We now run 3 main services a month with one online service, and 4 services on a five-Sunday month. We will continue to review our current service schedule as we manage our volunteer strength and congregational comfort.
## **Membership**
Our current membership stands at 120 people, and we added 10 new members in 2024. Our volunteer base stands at around 30 people.
## **Staff salary remuneration team**
Bishop Keith A Butler, the founder of The Place of Grace UK, advises the trustees on the setting of salaries.
3
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **TRUSTEES’ ANNUAL REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **FINANCIAL REVIEW AND FUTURE DEVELOPMENTS**
We report a surplus for the year of £13,895 (2023: deficit £16,730). Donations increased again during the year to £175,251 (2023: £140,418) and income from bible study courses was £675 (2023: £2,700). We had a slight cost increase to £162,031 (2023: £159,848) with the net result being that we achieved a surplus for the year of £13,895 (2023: £16,730 deficit).
At 31 December 2024 reserves stood at £14,385.
Church services in London have previously been charged on a per-use basis, but from November 2024 we relocated church services to 1 Humphry Repton Lane in Wembley. The charity continues to provide support to Parole De Vie Centre Chrétien in Brussels, Belgium.
We are very fortunate and grateful that our congregants have continued with their generous support throughout 2024 and beyond. In particular, the landlord of the Humphry Repton Lane premises has agreed not to charge us for the hire of these premises, which should enable us to show further financial improvement next year. The church is also able to draw upon administrative and, if required, financial support from our founding church, Word of Faith International Christian Center in the US.
One of the main reasons for the deficits in recent years was the cost of our ministry at Parole De Vie Centre Chrétien. These costs amounted to £28,181 during the year. In view of deficits in recent years, we requested and obtained full reimbursement of these costs from Word of Faith International Christian Center. This has enabled us to return to surplus and alleviate the financial pressure of the previous two years. As at the date of approval of these financial statements, the trustees are satisfied that the charity continues to have the necessary resources to continue in operation for the foreseeable future.
## **Principal funding sources**
Charitable income is principally from donations received.
## **Investment policy and returns**
Our investment policy is to invest monies not immediately required for our charitable purposes in or upon such investments as may be thought fit. It was not possible to earn interest from surplus funds during the year due to the negligible interest rates on offer from the major high street banks. We are mindful of the need to preserve capital and to avoid risk to the church’s funds.
## **Reserves policy**
Our reserves are in surplus at £14,385 (2023: £490), none of which is restricted. Our objective continues to be to grow reserves to provide financial stability for the church and to fund outreach efforts. The trustees consider the ideal level of reserves is £50,000, which is greater than the £14,385 held at 31 December 2024. To improve the level of reserves, the church is focussing on fundraising efforts, the ongoing control of costs and the support available from Word of Faith International Christian Center in the US.
4
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **TRUSTEES’ ANNUAL REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The legal status of the church is a company limited by guarantee, incorporated on 29 September 2000 and registered as a charity on 24 July 2001. The church was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association as amended by special resolution dated 20 June 2001. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
## **Organisational structure**
The church is managed by a board of trustees. The trustees have delegated day to day operation of the charity to the Pastor of the Church. The day-to-day administration of grants is delegated to the Pastor who will make recommendations to the trustees.
## **Recruitment and appointment of board of trustees**
The directors of the company are charity trustees for the purposes of charity law. The names of the directors who served during the year are shown in the reference and administrative details section.
Trustees are elected and co-opted by majority vote of the board of trustees under the terms of the Articles of Association.
The Board keeps its skill requirements under review and in the event that a trustee permanently retires or additional new trustees are required, the board will seek to recruit new trustees.
New trustees may be sought by the Pastor of the Church. Respect for the church’s ethos is taken into account when appointing new trustees. The ultimate decision on selection is, however, a matter for the Board of Trustees.
## **Trustee induction and training**
The induction process for any newly appointed trustee comprises an initial meeting with the Pastor of the Church and the Board. The induction process covers the policies in respect of investments, the grant making process, powers, and responsibilities of the trustee board. The welcome pack includes a brief history of the Church, copy Board minutes, a copy of the last three years’ annual reports and accounts, a copy of the governing documents and a copy of the Charity Commission’s guidance ‘The Essential Trustee: What You Need to Know’.
## **Risk management**
The trustees consider funding to constitute the church’s major risk. The trustees have been reviewing all activities and give counsel and support to ensure that the basic practices and focus of the church is followed. Ongoing interaction and report monitoring is used to add further guidance where necessary.
5
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **TRUSTEES’ ANNUAL REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **TRUSTEES’ RESPONSIBILITIES**
The trustees (who are also directors of The Place of Grace UK) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the church and of the incoming resources and application of resources, including the income and expenditure, of the church for the year. In preparing these financial statements, the trustees are required to:-
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the church will continue on that basis.
The trustees are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of the church and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **INDEPENDENT EXAMINER**
A resolution proposing that Collett Hulance be reappointed as independent examiners will be put to the trustees.
This report was approved by the trustees at their meeting on 14 August 2025.
…………………………… **PASTOR S WOOD**
6
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE PLACE OF GRACE UK**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024.
## **RESPONSIBILITIES AND BASIS OF REPORT**
As the charity’s trustees (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.
## **INDEPENDENT EXAMINER’S STATEMENT**
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
- the accounts do not accord with such records; or
- the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
- the accounts have not been prepared in accordance with the Charities SORP (FRS102).
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.
…………………………………………………
Andrew Upton FCCA Independent Examiner
Collett Hulance 40 Kimbolton Road Bedford MK40 2NR
Dated:
7
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **STATEMENT OF FINANCIAL ACTIVITIES**
(Incorporating the income and expenditure account)
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Notes**
**£**
**£**
**INCOME**
Donations and legacies
175,251
-
Charitable activities
5
675
-
**TOTAL INCOME**
**175,926**
**-**
**EXPENDITURE**
Charitable activities
6
162,031
-
**TOTAL EXPENDITURE**
**162,031**
-
**Net income/(expenditure) and net**
**movement in funds for the year**
13,895
-
**RECONCILIATION OF FUNDS**
Total Funds Brought Forward
490
-
**Total Funds Carried Forward**
**14,385**
**- **|**Total**
**2024**
**£**
175,251
675
**175,926**
162,031
**162,031**
13,895
490
**14,385**|**Total**
**2023**
**£**
140,418
2,700
**143,118**
159,848
**159,848**
(16,730)
17,220
**490**|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to 16 form part of these financial statements.
8
## **THE PLACE OF GRACE UK Company No: 04081053**
(a company limited by guarantee)
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2024**
||**Notes**
**2024**|**2024**||**2023**||
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
|**FIXED ASSETS**||||||
|Tangible assets|12||3,219||3,888|
|**CURRENT ASSETS**||||||
|Debtors|13|4,500||7,638||
|Cash at Bank||12,929||7,498||
|||17,429||15,136||
|**CREDITORS:**Creditors falling due||||||
|within one year|14|(6,263)||(18,534)||
|**NET CURRENT (LIABILITIES)/**|||11,166|(3,398)|(3,398)|
|**ASSETS**||||||
|**TOTAL ASSETS LESS**||||||
|**CURRENT LIABILITIES**|||14,385||490|
|**NET ASSETS**|||**14,385**||**490**|
|**THE FUNDS OF THE**||||||
|**CHARITY:**||||||
|Unrestricted income funds|15||14,385||490|
|**TOTAL CHARITY FUNDS**|||**14,385**||**490**|
For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime.
Approved on behalf of the trustees on 14 August 2025.
………………
## **PASTOR S WOOD**
The notes on pages 10 to 16 form part of these financial statements.
9
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. GENERAL INFORMATION**
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford MK40 2NR.
## **2. STATEMENT OF COMPLIANCE**
These financial statements have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS102) and the Charities Act 2011.
## **3. ACCOUNTING POLICIES**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **3.1 Going concern**
The charity has incurred a deficit and has net current liabilities. The going concern status is contingent upon achieving surpluses post year-end. The trustees have considered the potential adjustments to the accounts should the going concern basis be inappropriate. The only significant adjustment would be the write down of the charity’s tangible fixed assets included in the accounts at £3,888 to their recoverable amount.
## **3.2 Fund accounting**
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor, or through the terms of an appeal.
## **3.3 Income**
Income is included in the Statement of Financial Activities when the church is entitled to the income; it is probable that the economic benefits associated with the transaction will flow to the church and the amount can be measured reliably. The following specific policies are applied to particular categories of income:
- Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- Investment income is included when receivable.
- Income from grants, where related to performance and specific deliverables are accounted for as the church earns the right to consideration by its performance.
10
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **3.4 Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- Expenditure on charitable activities includes all costs incurred by the church in the delivery of its activities and services for its beneficiaries, including those support costs and costs relating to the governance of the charity.
- Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
## **3.5 Cash flow**
The financial statements do not include a cash flow statement because the charitable company, as a small reporting entity, is exempt from the requirement to prepare such a statement.
## **3.6 Tangible fixed assets and depreciation**
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, over their expected useful lives on the following bases:
|Motor vehicles|-|25%|reducing balance|
|---|---|---|---|
|Fixtures and fittings|-|15%|reducing balance|
|Office equipment|-|20%|reducing balance|
## **3.7 Operating leases**
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight line basis over the term of the lease.
## **3.8 Foreign currency**
Transactions in foreign currencies are translated into sterling at the average rate for the year. Assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date. Exchange differences are taken into account in arriving at the surplus or deficit for the year.
## **3.9 Judgements and key sources of estimation uncertainty**
There are no significant judgements (apart from those involving estimates) that have been made in the process of applying the above accounting policies on amounts recognised in the financial statements.
There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
11
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **4. LEGAL STATUS OF THE CHURCH**
The church is a charitable company, incorporated in England and Wales and limited by guarantee. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
## **5. INCOME FROM CHARITABLE ACTIVITIES**
||**Unrestricted**|**Restricted**||**Total**||**Total**|
|---|---|---|---|---|---|---|
||**Funds**|**Funds**||**Funds**||**Funds**|
|||||**2024**||**2023**|
||**£**|**£**||**£**||**£**|
|Bible study courses|675||-||675|2,700|
## **6.**
## **CHURCH AND BIBLE STUDY COURSE COSTS**
## **7.**
||**Unrestricted**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|
||**Funds**|**Funds**|**Funds**|**Funds**|
||||**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Staff costs (note 8)|78,144|-|78,144|77,184|
|Depreciation and loss on|669|-|669|4,996|
|disposal of fixed assets|||||
|Rent, rates & overhead costs|82,718|-|82,718|77,168|
|Support costs (note 7)|500|-|500|500|
||162,031|-|156,481|159,848|
|**SUPPORT COSTS**|||||
||**Unrestricted**|**Restricted**|**Total**|**Total**|
||**Funds**|**Funds**|**Funds**|**Funds**|
||||**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Independent examiner’s|500|-|500|900|
|fees|||||
|Accountancy fees|-|-|-|1,500|
||500|-|500|2,400|
12
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **8. STAFF COSTS AND NUMBERS**
||**Unrestricted**|**Unrestricted**|**Restricted**||**Total**|**Total**|
|---|---|---|---|---|---|---|
||**Funds**||**Funds**||**Funds**|**Funds**|
||||||**2024**|**2023**|
||**£**||**£**||**£**|**£**|
|Wages and salaries||74,618||-|74,618|73,922|
|Social security & other costs||1,454||-|1,454|1,607|
|Pension costs||2,072||-|2,072|1,655|
|||78,144||-|78,144|77,184|
The average monthly number of staff employed during the year was as follows:
|Church support
Missionary|**2024**
**No**
2
1
3|**2023**
**No**
2
1|
|---|---|---|
|||3|
The key management personnel comprise the trustees and senior pastor of the church. The total employee benefits of the key management personnel were £25,911 (2023: £25,911).
No employee received remuneration amounting to more than £60,000 in either year.
## **9. TRUSTEES’ REMUNERATION AND EXPENSES**
No trustee or director received any remuneration or expenses during the year.
## **10. RELATED PARTY TRANSACTIONS**
There were no related party transactions in the year that require disclosure in these accounts.
## **11. TAXATION**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
13
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **12. TANGIBLE FIXED ASSETS**
|**13.**
**DEBTORS**
**2024**
**£**
Gift Aid receivable
4,500
**14.**
**CREDITORS – AMOUNTS FALLING DUE WITHIN**
**ONE YEAR**
**2023**
**£**
Trade creditors
-
Other taxes and social security
5,084
Accruals and deferred income
1,179
6,263
**Furniture,**
**fittings and**
**equipment**
**£**
**COST OR VALUATION**
At 1 January 2024
52,305
Disposals
-
At 31 December 2024
52,305
**DEPRECIATION**
At 1 January 2024
48,417
Charge for year
669
Disposals
-
At 31 December 2024
49,086
**NET BOOK VALUES**
At 31 December 2024
3,219
At 31 December 2023
3,888|**Total**
**£**
52,305
-|
|---|---|
||52,305|
||48,417
669
-|
||49,086|
||3,219|
||
3,888|
||**2023**
**£**
7,638
**2023**
**£**
1,000
10,788
6,746
18,534
|
14
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **15. ANALYSIS OF CHARITABLE FUNDS**
## **Analysis of movement in funds**
|**Balance**
**1 January**
**2024**
**£**
Unrestricted fund
490
Restricted funds
-
Total
490|**Income**
**Expenditure**
**Transfers**
**Balance 31**
**December**
**2024**
**£**
**£**
**£**
**£**
175,926
(162,031)
-
14,385
-
-
-
-
175,926
(162,031)
-
14,385|
|---|---|
Unrestricted funds are the ‘free reserves’ which are available for general purposes.
## **Analysis of movement in funds – prior year**
|**Balance**
**1 January**
**2023**
**£**
Unrestricted fund
17,220
Restricted funds
-
Total
17,220|**Income**
**Expenditure**
**Transfers**
**Balance 31**
**December**
**2023**
**£**
**£**
**£**
**£**
143,118
(159,848)
-
490
-
-
-
-
143,118
(159,848)
-
490|
|---|---|
15
## **THE PLACE OF GRACE UK**
(a company limited by guarantee)
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **16. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**As at 31 December 2024**|**Unrestricted**|**Restricted**||**Total**|
|---|---|---|---|---|
||**Funds**|**Funds**||**Funds**|
|||||**2024**|
||**£**|**£**||**£**|
|Fixed assets|3,219||-|3,219|
|Current assets|17,429||-|17,429|
|Current liabilities|(6,263)||-|(6,263)|
||14,385||-|14,385|
|**As at 31 December 2023**|**Unrestricted**|**Restricted**||**Total**|
||**Funds**|**Funds**||**Funds**|
|||||**2023**|
||**£**|**£**||**£**|
|Fixed assets|3,888||-|3,888|
|Current assets|15,136||-|15,136|
|Current liabilities|(18,534)||-|(18,534)|
||490||-|490|
## **17. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENCIES**
There were no financial commitments, guarantees or contingent liabilities at 31 December 2024.
16