## **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
1
## **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).
2
## **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
3
**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;
- to keep accounting records in accordance with section 41 of the Act; and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or
- (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
4
## **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|
5
## **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|
6
**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**
7
**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|
8