CHARITY No: 1089184
GRACE TABERNACLE PENTECOSTAL ASSEMBLIES OF THE WORLD INC.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- Bray on Thames -
THE ACCOUNTING HOUSE COMPANY LIMITED
GRACE TABERNACLE - PENTECOSTAL ASSEMBLIES OF THE WORLD INC
31 DECEMBER 2023
| INDEX | |
|---|---|
| Page | |
| Charity Information | 1 |
| Trustees Annual Report | 2-3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5-6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 |
GRACE TABERNACLE - PENTECOSTAL ASSEMBLIES OF THE WORLD INC
31 DECEMBER 2023
TRUSTEES
P.A. Reid J. Pitt Bishop L. Thomas P.P. Reid
CHARITY NUMBER 1089184 (Registered in England & Wales)
ACCOUNTANTS
The Accounting House Co Ltd WeirBank Monkey Island Lane Bray on Thames SL6 2ED
BANKERS
NatWest Bank plc 57 Victoria Street London SW1H 0HN
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GRACE TABERNACLE - PENTECOSTAL ASSEMBLIES OF THE WORLD INC
TRUSTEES ANNUAL REPORT
The Trustees submit their financial statements for the year ended 31 December 2023.
LEGAL STATUS
Grace Tabernacle - Pentecostal Assemblies of the World Inc. is governed by a constitution and is a registered charity number: 1089184. It's address is Grace House, Grenaby Road, Croydon CR0 2EJ.
OBJECTIVES
The object of the charity is to promote the Christian religion in the South of England. It has the following specific investment powers:-
Power to collect, accept, issue appeals for donations and to do all things that shall further the attainment of the objects of the Church; and,
Power to invest money, real and personal property; and
Power to be at liberty to borrow as required by law.
CHARITY'S ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR
To promote Christian faith through:
Regular Services Regular Sunday School teaching Bible Study Classes Looking After Youth
The structure of the Church comprises of a Pastor, Ministers, Deacons and Sunday School teachers.
The Church holds regular conferences for different age groups of the congregation:-
Liaising with local churches of the local community Liaising with Pentecostal Churches in the UK and throughout the world
Apart from the Pastor, all are volunteers.
The charity did not experience any deficits in it's fund raising activities.
RESERVES POLICY
The Charity has two types of reserves namely a general reserve which represents the unrestricted funds reserve stands as £146,044 (2022 : £75,090) and a building fund reserve which represents the restricted building fund reserve stands at £29,979 (2022: £99,099).
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GRACE TABERNACLE - PENTECOSTAL ASSEMBLIES OF THE WORLD INC
TRUSTEES ANNUAL REPORT (continued)
GIFT AID CLAIMS
The Charity received Gift Aid claims of £31,629 during the year (2022 : £34,337).
INVESTMENT SELECTION POLICY
Short term - short term fixed deposit and money market account.
REVIEW OF MAJOR RISK
Health and safety, annual fire inspection to comply with fire regulations.
The Charity has building and public liability insurance covering the buildings.
DECLARATION
I declare, in my capacity of Trustee, that:-
The Trustees have approved the report above and overleaf and have authorised me to sign on their behalf.
………………………………………………………
P.A. REID
7 August 2024
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INDEPENDENT EXAMINER'S REPORT TO THE MANAGEMENT COMMITTEE OF GRACE TABERNACLE - PENTECOSTAL ASSEMBLIES OF THE WORLD INC
We report on the accounts of the Charity for the year ended 31 December 2023 which are attached.
Respective responsibilities of trustees and examiners
As the Charity's management committee, you are responsible for the preparation of the accounts; you consider that the audit requirement of section 43(2) of the Charities Act 1993 (the Act) does not apply. It is our responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 43(7) of the Act, whether particular matters have come to our attention.
Basis of independent examiner's report
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
Inconnection with our examination, no matter has come to our attention:
-
(a) which gives us reasonable cause to believe that in any material respect the requirements;
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to keep accounting records in accordance with section 41 of the Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or
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(b) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
THE ACCOUNTING HOUSE CO LTD
WeirBank Monkey Island Lane Bray on Thames SL6 2ED
- 7 August 2024
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GRACE TABERNACLE - PENTECOSTAL ASSEMBLIES OF THE WORLD INC
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
| INCOMING RESOURCES Tithes and donations Grants received Rent receivable Tax refundable HMRC - CRJS (Furlough payments) Rates refunded Bank deposit interest Total incoming resources RESOURCES EXPENDED Establishment expenses Administrative expenses Financial and other expenses Total resources expended Net incoming resources before transfers Gross transfers between funds Net incoming resources after transfers |
2023 | TOTAL £ 156,366 3,124 79,883 31,692 - - 372 271,437 19,929 112,938 136,736 269,603 1,834 - 1,834 |
2022 | |
|---|---|---|---|---|
| UNRESTRICTED FUNDS £ 153,109 - - 31,692 - - - |
RESTRICTED FUNDS £ 3,257 3,124 79,883 - - - 372 |
£ 160,658 4,000 84,783 34,337 - 391 89 |
||
| 184,801 | 86,636 | 284,258 | ||
| 15,475 112,938 24,059 |
4,454 - 112,677 |
20,153 94,486 91,528 |
||
| 152,472 | 117,131 | 206,167 | ||
| 32,329 38,625 |
30,495) ( 38,625) ( |
78,091 - |
||
| 70,954 | 69,120) ( |
78,091 |
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GRACE TABERNACLE - PENTECOSTAL ASSEMBLIES OF THE WORLD INC
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
| ADMINISTRATIVE EXPENSES Establishment expenses: Rent, rates, water and services Insurance Utilities Repairs and maintenance Administrative expenses: Salaries Employers NIC and love offerings Travel expenses Summer camp expenses Care ministry Youth ministry Hospitality and catering Donations Printing, postage and stationery Telephone Pension costs Sundry expenses Gift and special offerings Barnabas fund ECN & District Association Health insurance Church music expenses Software costs Women's ministry Church assessment costs Training costs Tuition costs Visiting Ministers expenses Treasurers Honorariums Financial and other expenses: Bank charges Loan interest Accountancy Legal and professional Hire purchase interest Volunteer costs Depreciation |
UNRESTRICTED FUNDS £ 2,694 4,318 6,678 1,785 |
2023 RESTRICTED FUNDS £ - - - 4,454 |
TOTAL £ 2,694 4,318 6,678 6,239 19,929 53,012 4,279 7,768 7,024 3,137 1,649 2,213 2,800 2,475 3,122 3,601 749 2,557 150 120 1,377 5,540 1,925 6,270 600 600 1,620 50 300 112,938 28 112,677 4,192 7,362 - 7,258 5,219 136,736 |
2022 |
|---|---|---|---|---|
| £ - 4,213 6,128 9,812 |
||||
| 15,475 | 4,454 | 20,153 | ||
| 53,012 4,279 7,768 7,024 3,137 1,649 2,213 2,800 2,475 3,122 3,601 749 2,557 150 120 1,377 5,540 1,925 6,270 600 600 1,620 50 300 |
- - - - - - - - - - - - - - - - - - - - - - - - |
46,366 6,314 5,379 6,660 1,740 790 8,349 713 1,807 3,139 3,496 625 923 - 120 1,377 2,007 2,633 587 - - - 1,211 250 |
||
| 112,938 | - | 94,486 | ||
| 28 - 4,192 7,362 - 7,258 5,219 |
- 112,677 - - - - - |
88 73,376 4,200 470 811 7,233 5,350 |
||
| 24,059 | 112,677 | 91,528 |
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GRACE TABERNACLE - PENTECOSTAL ASSEMBLIES OF THE WORLD INC
BALANCE SHEET
31 DECEMBER 2023
| Notes FIXED ASSETS Tangible assets 2 CURRENT ASSETS Debtors 3 Cash at bank and in hand CURRENT LIABILITIES 4 Tax and social security costs Accruals Other creditors NET CURRENT (LIABILITIES)/ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Financed by: Reserves 5 |
2023 | TOTAL £ 1,812,234 7,205 137,847 145,052 1,285 8,880 1,771,098 1,781,263 1,636,211) ( 176,023 176,023 |
2022 | |
|---|---|---|---|---|
| UNRESTRICTED FUNDS £ 25,512 7,205 124,042 131,247 1,285 8,880 550 10,715 120,532 146,044 146,044 |
RESTRICTED FUNDS £ 1,786,722 - 13,805 13,805 - - 1,770,548 1,770,548 1,756,743) ( 29,979 29,979 |
£ 1,811,614 |
||
| 325 60,184 |
||||
| 60,509 | ||||
| 1,146 7,424 1,689,364 |
||||
| 1,697,934 | ||||
| 1,637,425) ( |
||||
| 174,189 | ||||
| 174,189 |
These financial statements were approved and signed on behalf of the Council of Management
…………………………………………… P. A. REID (Pastor)
…………………………………………… V. REID (Treasurer)
7 August 2024
…………………………………………… DATE
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GRACE TABERNACLE - PENTECOSTAL ASSEMBLIES OF THE WORLD INC
NOTES TO THE ACCOUNTS
31 DECEMBER 2023
1 ACCOUNTING POLICIES
Accounting convention:
The financial statements are prepared under the historical cost convention and are in accordance with applicable accounting standards.
Depreciation:
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its estimated useful life, on the following annual bases:
| Furniture and equipment Computers Motor vehicles 2 FIXED ASSETS Cost: At 1 January 2023 Additions At 31 December 2023 Depreciation: At 1 January 2023 Charge for the period At 31 December 2023 Net Book Value: At 31 December 2023 At 31 December 2022 3 DEBTORS Prepayments Other debtors 4 CURRENT LIABILITIES Taxes and social security costs Accruals and deferred income Hire purchase creditors Other creditors 5 RESERVES At 1 January 2023 Net incoming resources At 31 December 2023 |
: 15% reducing balance : 33.33% on cost : 25% on cost Freehold Land & Motor Buildings Vehicles £ £ 1,786,722 33,395 - - 1,786,722 33,395 - 30,035 - 840 - 30,875 1,786,722 2,520 1,786,722 3,360 General Reserve £ 75,090 70,954 146,044 |
Fixtures Furniture & Equipment £ 51,453 5,839 57,292 32,657 3,695 36,352 20,940 18,796 Restricted Reserve £ 99,099 69,120) ( 29,979 |
Computer £ 20,012 - 20,012 17,276 684 17,960 2,052 2,736 2023 £ 316 6,889 7,205 1,285 8,880 - 1,771,098 1,781,263 Total 2023 £ 174,189 1,834 176,023 |
Total £ 1,891,582 5,839 |
|---|---|---|---|---|
| 1,786,722 | 1,897,421 | |||
| - - |
79,968 5,219 |
|||
| - | 85,187 | |||
| 1,786,722 | 1,812,234 | |||
| 1,786,722 | 1,811,614 | |||
| 2022 £ 325 - |
||||
| 325 | ||||
| 1,146 7,424 1,408 1,687,956 |
||||
| 1,697,934 | ||||
| Total 2022 £ 96,098 78,091 |
||||
| 174,189 |
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