Company registration number: 05321738 Charity registration number.. 1107748 Grosvenor Church Barnstaple (A company limrted by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 WESTCOTTS CHARTERED 14CCOUNTANTS 1 8USINE5S ADVISERS
Grosvenor Church Barnstaple Contents Reference and Administrative Details Trustees, Report 2to9 Independent Examinerfs Report 10 Statement of Financial Activrtbes Balance Sheet 12 Notes to the Financial Statements 13to24
Grosvenor Church Barnstaple Reference and Administrative Details Trustees: James Hyde Richard Moore Matthew Wilcox Nathan Sims (appointed 1 April 2023) Emily Thubron (appointed 23 October 2024) Charity Registration Number 1107748 Company Registration Number 05321738 The charty is incorporated in England and Wales. Old Station Road Bamstaple Devon EX32 8PB Telephone. 01271323725 Website: www.grosvenorchurch.org.uk Westcott5 (SW) LLP 47 Boutport Street Bamstaple Devon EX31 1SQ Registered Office Independent Examiner Page 1
Grosvenor Church Barnstaple Trustees, Report Grosvenor Church Barnstaple Grosvenor Church Torrington This is the Board of Trustees of Grosvenor Church combined annual report for the year ended 31 March 2024 under the Companies Act 2006 and the Charities Act 2011 together with examined financial statements for the year. Reference and Administration Infomiation Grosvenor Church is a registered charity (number 1107748) and a company limited by guarantee (number 5321738) incorporated on 29 December 2004. The activrties of Grosvenor Church were previously carried out under the legal form of a trust established in 1841. Grosvenor Church is I0 congregations in northem Devon. Old Station Road, Barnstaple, EX32 8PB is the registered office of Grosvenor Church_ Grosvenor Church meets at the following locations: Grosvenor Church Bamstaple. Old Station Road. Barnstaple, EX32 8PB Grosvenor Church Torrington. Torrington Bluecoats Primary School Each of the congregations is overseen by the Eldership of Grosvenor Church, and the Board of Trustees. More information about the Structure. Governan and Management of Grosvenor Church is found below. Objectives The Charity's objectives are set out in rts memorandum as follows". la) to advance the Christian faith in accordance with the Statement of Beliefs in Barnstaple Devon and in such other parts of the United Kingdom or the world as the directors of the Charity may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the Charity, (b) to relieve persons who are in conditions of need or hardship and who are aged or sick and to relieve the distress caused thereby in the said location and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit. The Vision of Grosvenor Church is DNA.. Disciple-makers who are naturally supematural and aayS ready to give a reason for the hope we have in God. Page 2
Grosvenor Church Barnstaple Trustees, Report We seek to achieve this vision through the following four purposes: 1.Worship We want to disciple people in an atmosphere of love. prayer and bible teaching to follow and become like Jesus Christ. 2.Equipping We want to release every member into ministry and mission in the power of the Holy Spirit and build together in unity with other churches to reach the region of North Devon with the gospel through healthy reproducing churches that glorify God, and to bless the nations of the world. 3.Serving the lost, the least and the last We want to help unchurched people become committed Christians and part of the worship of a church that impacts society. 4.Telling We want to share our hope with olhers because we have been changed. We pursue an evangelical spintuality of repentan. gathering together. reading the Holy Scriptures. praying, fasting, serving and telling other5. This means each of us in our daily lives dec]are and demDnstrate that God is good news! Activities and achievements Grosvenor Church is committed to releasing as many people a5 possible to attend our services and become part of the life of our congregations. As such, we operate no formal membership structure. All are welcome. whether 'vistting or wishing to get connected. In addition, our prayerful and financial support of national and international organisations, individuals and projects which advance the Christian faith, means that Gr05venor does affect and bring benefit to the public well beyond North Devon. The most important development is that Torrington congregation is not working towards becoming self sufficient. During the period, no employee ceased employment. One new employee commenced employment as Worship and Social media coordinator on 1st March 2024. Our principal activities to achieve this vision for the public benefit are". 1. Town and Community Outreach activities and events 2.The provision of seNices. events and programmes for Children. Youth and Families 3.The provision of events and programmes for Discipleship and Teaching 4.Pastoral Care for any age or background associated with the congregations. 5.The provision of Gathered church services and events for Christians and non-christians, including church-wide resources. 6.Global Action Partnership with Christian missionaries and organisations both in UK and the rest of the world. Expenditure is allocated to the identified charitable activities directly. where applicable. Support costs relating to employing staff, administration cost and premises costs are allocated to these charitable activities. Page 3
Grosvenor Church Barnstaple Trustees. Report Grosverdor Churth EwrKlttwe In par endkn8 31rt March 2024 PastoTrl Care 7% Communlty Outreach 12% Gathered Church Servl 33% Dbclpl•shlp & Tea¢hln6 Youth & Famllles 20% GI¢¥1 ArtloTr ort cost Eniplo*ees AdiMjiij4trE7tion co£ls Preniiies COSIS oaiis of alloknaLlal I EstirD.aied iinie s-ent op, each a=.tivity EsliT)a-'ed Usoge of the iesoL.'rce Eslimw.ed usage of the resoL,'r,= Volunteer participation in the running of the church Whilst the church does employ pemianent staff. it is the work of every member of the church, whether employed or not. that will make the difference in the church achieving its great commission_ As a church the running of activities in Grosvenor relies on volunteers. This is done by praying, by visiting the sick and those in need, in training others, in public teaching and worship, and in administration. The financial resources of the church to a large extent are given by the members of the church and their private assets and equipment are extensively used in the work of the church. Page 4
Grosvenor Church Barnstaple Trustees, Report FINANCIAL REVIEW The financial position and perfomance of Grosvenor Church is in line with the expectations of the Trustees, based on their careful planning and monitoring of income and expenditure throughout the year. Total income was £374.966 in the year compared to £480.611 in the prior year. Decreased income in the current year was mainly attributed to Central becoming self sustaining and transferring into a separate charity in March 2023 Total expenditufe was £352,576 in the year compared to the £498,021 in the prior year. Expenditure decreased primarily due to the transfer of two full time employments and a congregation's expenditure to Central Church Bideford. FINANCIAL MANAGEMENT POLICIES Reserves Free reserves available for use by Grosvenor Church are deemed to be those that are readily realizable, less funds whose uses are restricted or else designated for particular purposes. The calculation thus excludes £315.000 invested in properties and other fixed assets that will continue to be used in the day-to-day running and restricted funds of £9,945. The Old Station Road property is provided by Grosvenor Church Trust lo the Company under an infomial no cost licence with the Company responsible for the expenses of use. No financial value has been placed on the provision of thi5 building in the financial statements due to difficulty in estimating the market value of such a facility. The freehold is held by a Guardian Trustee_ The calculation of free reserves also excludes other designated funds of £505 {Noah's Ark) As a matter of policy. each year the Trustees review the level of free reserves. The Board consider our exposure to major risks in terms of their likely impact on its income sources and planned expenditure in the medium term. They also consider the opportunities available to them for expansion and growth in the facilrties and activitie5 of Grosvenor Church. The present target range of free resep4es is £42.600. equal to 3 months of reported salary expenditure compared to 2 months up to year end 2023 The transfer to Central and Torrington not being self-sufficient means our monthly expenditure decreased, so a recalculation was required. At the year end, the actual free reserves were £78.434 {2022123.' £47,302) which was greater than 3 month's salary expenditure in the last quarter. The Trustees will continue to monitor and manage free reserves through careful budgeting in future periods Investment powers and policy The Memorandum and Articles of Association allow the Trustees to invest in any stocks. funds. shares, securities or other investments of whatsoever nature as the Trustees shall, in their absolute discretion, think fit The Trustees have considered it appropriate to hold funds in a combination of 5hort-term deposits (to retain maximum flexibilty as to the short-term use of funds whilst seeking to maximise interest income)_ Grant making The charity makes grants to individuals and organisations engaged in mission and ministry with whom we have developed relationships. Most of these are members of the church family serving on Short term, medium temi or long term mission trips. With the exception of members of the church family going on short term mission, there is not a formal application process for grant funds. Missionary financial support is instead just a part of a wider range of on-going communication and prayer support for the work. Page 5
Grosvenor Church Barnstaple Trustees. Report Public Benefit The Trustees have taken account of the Charity Commission's guidance on Public Benefit where appropriate when exercising their powers and duties, planning and reviewing the aims, objectives and activities of Grosvenor Church_ Throughout this report. Grosvenor Church has sought to demonstrate the ways that it delivers benefit to the public- whether they are members of one of the congregations, another church or have no church Ireligious affiliation_ FUTURE PLANS The Trustees will continue to develop plans that build on the objects and vision of the Charity, whilst delivering benefit to the public and intend to continue to strengthen and increase links with those serving in the work of the gospel in the United Kingdom and rest of the world. Future plans include raising up younger leadership to make disciples across North Devon. and pursuing how to make disciples in two separate locations. Barnstaple and Great Torrington. Future capital plans at Old Station Road include internal works to refurbish Children and Family ministry by upgrading the heating system in their Sunday meeting room. Also a building-wide rewiring project to ensure there is future capacty. The Trustees continue to review the buildings used andlor owned by Grosvenor to ensure they meet the growing needs of the congregations. The Trustees are delighted Old Station Road is used for a variety of activities including community clubs. groups. and event5. often at subsidi5ed rates where these are in line with Grosvenor's vision and values_ During the period, 6 Rumsam Gardens. is let on a >year lease to Freedom Community Alliance (charity 1125960) who provide accommodation for people with a history of homelessness, people who are vulnerably housed or have lost their homes due to financial distress. The Trustees believe using both of the charity's buildings to serve the local community is an important expression of our values. STRUCTURE. GOVERNANCE & MANAGEMENT The Charity is governed by its Memorandum and Articles of Association adopted on 29 Dec 2004. The minimum number of trustees is two.. there is no maximum. Trustees are required to meet at least once a year. Any new Trustees are recruited on the basi5 of the knowledge of the existing Trustees of suitable candidates. In selecting persons to be appointed. the Trustees take into account the benefits of appointing a person who is able by virtue of his or her professional qualifications or experience to make a contribution to the pursuit of the objects or the management of Grosvenor Church. Selected candidates are appointed by a Simple majority of members at a meeting or by a foimal resolution. During this year. the current trustee5 focused their roles on the following areas.. Governan & Exiemal relations- Chair- Richard Mi)ore Finance & Systems- Treasurer- James Hyde Safeguarding Trustee- Matt Wilcox Health and Safety Trustee- Nathan Sims Three of the Trustees attend Old Station Road about one day a week. Richard meeting weekly with Elders Nathan joining the weekly staff meeting. James remains employed part-time as Treasurer on permanent contract. Page 6
Grosvenor Church Barnstaple Trustees. Report Any new Grosvenor Trustees would receive an Induction Pack appropriate to their level of estIng knowledge of and involvement with Grosvenor Church. As a minimum. new Trustees receive a copy of the Charity Commission publication CC3 - The Essential Tnjstee." what you need to know together with the Trust's objects and vision and the latest Annual Report and Accounts. The Trustees are aware of the importance of maintaining their knowledge of current charity and related legislation and best practice so Trustees take advantage of extemal Trustee training sessions and, where not all members of the Board Df Trustees are present. circulate any relevant information and guidance to the other Trustees for due consideration_ The role of the Eldership, Pastors team and the Trustees The Spiritual leadership of the Church rests with the Eldership and they are responsible for appointing their successors. During this year. after much prayer and consultation, the Torringlon eldership communicated their direction of travel was to remain with Grosvenor, rather than become self-sustaining like Central Bideford. Consequently. the two Torrington elders met regularly with the Barnstaple Elders- the Torrington pastor met weekly with the Barnstaple pastor: the Torrington finances returned to Barnstaple under one treasurer and reported as a department within a combined budget. Implementing the Eldership's decisions means the Trustees decided that from now on congregations will not have separate designated resetve5. The role of any Trustees who are not elders is confined to the management and administration of the charity in accordance with the provisions of the Memorandum and Articles of Association and of the general law. The Trustees fulfil their legal duties taking account of the spiritual direction of the Church set by the local Elderships who themselve5 are always to act in accordance with the Memorandum and Articles of Association and the general law Those who seNed as Elders during the period were". Barnstaple.. Ramon Bruzzichessi (Pastor), Nicholas Brown. Richard Moore (3} Torrington.. Timothy Gilbert {Pastor). Matthew Wilcox {2) Under the Memorandum and Articles of Association. all Trustees are members_ All Elders are also members. As noted above no other forrnal membership is operated. Pastors and congregations The Trustees and local Elderships have delegated certain aspects of the oversight and direction ot the o congregations to pastors. The pastors team meet regularly to communicate about activities in each local congregation in accordance with the vision and objects of the charity- Members of the Trustee Board and local Elderships regularly meet with the pastors to review progress, provide any advice and assistance as required and to deal with any deficiencies in delivery. Page 7
Grosvenor Church Barnstaple Trustees. Report Corporate Governance Internal controls over all forms of commitment and expenditure continue to be refined to improve efficiency. Processes are in place to ensure that performance is monitored and that appropriate management infomation is prepared and reviewed regularly by both the local Elderships and the Board of Trustees. The systems of internal control are designed to provide reasonable but not absolute assurance against material misstatement or loss_ They include- an annual budget approved by the Trustees for a combined Eldership. regular consideration by the Trustees of financial results and variances from budgets., delegation of day to day management authority and segregation of duties,. and identification and management of risks. Risk Management The Trustees have a formal risk management process_ This involves identifying the types of risks the Charity faces, prioritising them in terms of potential irnpact and likelihood of occurrence, and identifying means of managing or mitigating the risks and the individual or group responsible for managing each risk. The Trustees are developing a fomial incident recording process to identify incidents that can inform the risk management process. The current responsibilities are divided as follows". The church takes advice from Thirtyone.'eight for matters of safeguarding. Disclosures are being conducted through this agency and the church has adopted its Safeguarding Policy. Mrs Paula Clarke and Mr Paul Symons are Safeguarding Officers for Bamstaple. Mrs Rachel Gilbert is Safeguarding Officer for Torrington. The Trustees carry out an annual review of the principal risks to which the charrty is exposed and systems have been established to manage those and other risks. The principal risks which the Trustees have identified are the risk that the Trust's income may be significantly reduced or that the Trust's income may nol meet its expenditure commitments, a risk of financial impropriety by one of the Trust's staff, volunteers or Trustees, and a risk of complaints about the Trust's operations. In order to manage these risks. Trustees make grants and set budgets based on income received and avoid entering into long-term grant commitments, duties are separated to minimise the risk of undetected impropriety and steps are taken to reduce impact on neighbours. Statement of trustees. responsibilities The trustees (who are also the directors of Grosvenor Church Barnstaple for the purposes of company law) 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).. including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Page 8
Grosvenor Church Barnstaple Trustees, Report Company law requlres the trustees to prepare financial statements for eath financlal year. Under company law the trustees must not approve the financial statemenls unless they are satisfied that they give a true and fair view ol the State of affairs of the charitable company and of the Incoming resources and application of resources, including its income and expenditure, of the charitsble company for that perlod. In preparing these financial statements, the trustees are requlred to: select suitsble accounting policies and apply them con515tently-. observe the method5 and principles in the Charities SORP". make judgements and estimates that are reasonable and pnjdent: state ether applicable accounts'ng standard5. comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concem basis unless it is inappropriate to presume Ihat the charitable company w11 continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial posltlon of the Charitable company and enable them to ensure that the f5nancial statements Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charbtable company and hence for taking reasonable steps for the prevenllon and detection of fraud and other Irregularities. The trustees are responsible for the maintenance and integrity of Ihe corporate and financial Information induded on the charitable company's website. Legislation goveming the preparation and dissemination of financial statements may dlffer from legislalion in other jurisdictions. Small companies provision statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on behalf by.. and signed on its Trustee Page 9
Grosvenor Church Barnstaple Independent Examiner's Report to the trustees of Grosvenor Church Barnstsple ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors 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 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 D1CtionS given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Since the Company's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act I confsrm that l am qualified to undertake the examination because l am a member of ICAEW. which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving tne cause to believe-. accounting records were not kept in respect of Grosvenor Church Bamstaple as required by Section 386 of the 2006 Act: or 2. the accounts do not accord with those records., or 3. the accounts do not comply wtth the accounting requirements of section 396 of the 2006 Act 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 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recotnmended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 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. Catherine Williams FCA DChA Independent Examiner Westcotts (SW) LLP 47 Boutport Street Barnstaple Devon EX31 1SQ Page 10
Grosvenor Church Barnstsple Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Investment income Other income 307,472 14,219 11,615 17.781 23.879 331,351 14,219 11,615 17,781 450,496 11,090 9.828 9,197 Total income 351,087 23,879 374,966 480,611 Expenditure on: Charitable activities Other expenditure (333.347) (19.229) {352,576) (485,696) 12.325 Total expenditure Gainslllossesl on investment assets (333,347) (19,229) (352,576) {498.021) 15,000 15.000 Net income/(expenditure) 32.740 4.650 37,390 117,410) Net movemenl in funds 32.740 4.650 37,390 117.410) Reconciliation of funds Total funds brought forward 415,400 5,295 420,695 438,105 Total funds carried forward 20 448,140 9.945 458,085 420.695 All of the charity's activities derive from continuing operations during the above periods. The funds breakdown for 2023 is shown in note 20. The notes on pages 13 to 24 fonn an integral part of these financial statements. Page11
Grosvenor Church Barnstaple (Registratlon number: 05321738) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 16 369,201 367.539 17 15,333 86,495 101,828 15,462 53,769 69,231 Creditors: Amounts falling due within one year 18 112,944 (16.075) Net current assets 88.884 53,156 42Q,695 458.085 Net asset5 Funds of the charity: Restricted income funds Restricted funds 9.945 5,295 unres1r1cd IncomE funds Unrestricted fund 448,140 415.400 420,695 Total funds 20 458,085 For the financial year ending 31 March 2024 Ihe charity was entitled tc exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors. responsibilitie5'. The members have not required the chanty to obtsin an audit of its account5 for the year in question in accordance with section 476; and The director5 acknOedge their responsibilities for complying with the requirements of the Act with respeGt to accounting record5 arKI the preparation of accounts. These financial ststements have been prepared in accordance ryth the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The fin ial statements on pages 11 to 24 were approved by the trustees, and authorised for issue .LQ.l*3nd signed on their behalf by: Jam Trustee The notes on pages 13 to 24 form an integral part of these financial statement5. Page 12
Gr05venor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2024 1 Charity status The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation. The address of its registered office is-. Old Station Road Barnstaple Devon EX32 8PB 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been conslstently applied to all the years presented, unless othetwise stated. ststement of compliance The financial statement5 have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Grosvenor Church Barnstaple meet5 the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless Otherwise stated in the relevant accounting policy notes. The financial statements have been prepared in Sterling which is the functional currency of the charity. Going concern The trustees consider that there are no material unrtaintieS about the charity's ability to continue as a going concern nor any signfficant areas of uncertainty that affect the carrying value of assets held by the charity. Incorne and endowments All income is recognised once the charity has entrtlement to the income, it is probable that the income will be received and the amount of the incDme receivable can be measured reliably. Page 13
Grosvenor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2024 Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charty is entitled to the funds. the income is deferred and not recognised until either those conditions are fully met. or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the Use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other 5UPPOrt costs are allocated based on the spread of staff costs. Charitable activities Charitable expenditure comprise5 those costs incurred by the chanty in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grantpmvisions Provisions for grants are made when the intention to make a grant ha5 been communicated to the recipient but there is uncertainty about either the b-ming of the grant or the amount of grant payable. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example. allocating propety costs by floor areas, or per capila, staff costs by the time spent and other costs by their usage Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £100 or more are initially recorded at cost. less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Page 14
Grosvenor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2024 Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to wrtte off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Freehold Property Land and Buildings Fixtures and fittings Depreciation method and rate Not depreciated Straight line over the life of the lease 1 OD/, 33% reducing balance Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redempb-on being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges_ Borrowing5 are classified as current liabilities unless the charty has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Restricted income fund5 are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Pensions and other post retirement obligations Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related setvice. Ihe liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which il arises. Page 15
Grosvenor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2024 Financial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and measurement All financial assets and liabilrties are iniiialty measured at transaction price {including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is nonnally the transaction price excluding transaction costs). unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recogr7ised amounts and the charity intends either to settle on a net basis. or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled. b) the charty transfers to another party substantially all of the risks and rewards of ownership of the financial asset. or c) the charity, despite having retained some, but not all. significant risks and rewards of ownership. has transferred control of the asset to another party. Financial liabilrties are derecognised only when the obligation specified in the contract is discharged, cancelled or expires_ 3 Income from donations and legacies Unrestricted funds General Restricted funds Total 2024 Donation5 Gifts Tax refunds - Gift Aid 253,545 23,879 277.424 53.927 53.927 307.472 23,879 331,351 Page 16
Grosvenor Church Barnstsple Notes to the Financial Statements for the Year Ended 31 March 2024 Unrestricted funds General Restricted funds Total 2023 Donations Gifts Tax refunds - Gift Aid 351.160 26,555 377,715 69,275 3.506 72,781 420,435 30,061 450,496 4 Income from charitable activities Unrestricted funds General Total 2024 Income from charitable activities 14,219 14,219 Unrestricted funds General Restricted funds Total 2023 Income from charitable activities 11,025 65 11,090 5 Investment income Unrestricted funds General Total 2024 Income from non-investment property in furtherance of the charity's objectives 11,615 11,615 11,615 11,615 Unrestricted funds General Total 2023 Interest receivable Income from non-investment property in furtherance of the charitys objectives 9,827 9,827 9,828 9.828 Page 17
Grosvenor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2024 6 Other income Unrestricted funds General Total 2024 Hire of church premises Gains on sale of tangible fixed assets for charty's own use Other income 9,924 20 7.837 9,924 20 7,837 17,781 17,781 Unrestricted funds General Total 2023 Hire of church premises Other income 9,047 150 9,047 150 9,197 9,197 7 Expenditure on charitable activities Unrestricted funds General Restricted funds Total 2024 Note Christian Church Grant funding of activities Support costs 292,759 26,082 14.506 292,759 45,311 14.506 19,229 333.347 19.229 352.576 Unrestricted funds General Restricted funds Total 2023 Note Christian Church Grant funding of activities Support costs 390.996 48.328 14.457 390,996 80.243 14,457 31,915 453,781 31.915 485,696 Page 18
Grosvenor Church Barnstaple Notes to the Financial Ststements for the Year Ended 31 March 2024 8 Other expenditure Unrestricted funds General Restricted funds Total 2023 Transfer to Central Church Bideford 11.550 775 12,325 11,550 775 12,325 9 Analysis of support costs Support costs allocated to charitable activities Christian Church Total 2024 Total 2023 Sundry expenses Accountancy fees Bookkeeping Independent examination fees 1.739 720 8,737 3,310 1,739 720 8.737 3,310 713 10,610 3.134 14,506 14,506 14,457 10 Grant-making Analysis of grants Grants to institution5 2024 2023 Grants to individuals 2024 2023 Analysis Grants 1.611 15.860 43.700 64,383 The support costs associated wrth grant-making are £Nil (31 March 2023- £Nil>. Grants payable comprises amounts to institLrtions and individuals to support work carried out to further the Charity's objectives_ The majority of the grants were provided to support advancement of the Christian faith and to relieve those in conditions of need or hardship overseas_ Page 19
Grosvenor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2024 11 Net incomingloutgoing resources Net incomingl{outgoing} resources for the year include= 2024 2023 Depreciation of fixed assets 14,148 17,154 12 Trustees remuneration and expenses From time to time Trustees will make sundry purchases for which they are reimbursed against receipts. One Trustee is a paid part-time employee of the church as Treasurer, during the year they recieved remuneration of £6k (2023= £14k) They do not receive any remuneration in respect of their roles as Trustees of the charity_ 13 Staff costs The aggregate payroll costs were as follows. 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Employer contribulions to pension plans 150.550 6,514 13,289 226,946 13,816 14.178 170,353 254,940 The monthly average number of full time equivalent person5 (including senior management I leadership team) employed by the charity during the year was as follows. 2024 No 2023 Team Leader Team Manager Team Member No employee received emoluments of more than £60,000 during the year. 14 Independent examiner's remuneration 2024 2023 Examination of the financial statements 3,310 3,134 Page 20
Grosvenor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2024 15 Taxation The charity is a registered charity and is therefore exempt from taxation. 16 Tangible fixed assets Land and buildings Fixtures and fittings Freehold Property Total Cost At 1 April 2023 Revaluations Additions Disposals 101.254 271,873 300,000 15,000 673,127 15.000 820 85 820 851 At 31 March 2024 101.254 272,608 315.000 688,862 Depreciation At 1 April 2023 Charge for the year Eliminated on disposals 82,049 3.157 223,539 10,991 75 305.588 14,148 75 At 31 March 2024 85,206 234,455 319.661 Net book value At 31 March 2024 16,048 38,153 315,000 369.201 At 31 March 2023 19.205 48,334 300,000 367.539 The Charity also had the use of the church building which has been provided rent free by Grosvenor Trust During October 2012 the Church Growth Trust was appointed Custodian Trustee of the property and Grosvenor Church Barnstaple was appointed Managing Trustee of Grosvenor Trust. Under this new structure, the Trustees of the Charity have full control over the church building. No value has been placed on the benefit to the Charity. due to the difficulty in estimating the market value of such a facility_ On 1 April 2010. a house at 6 Rumsam Gardens was transferred to the Charity at valuation. This property was valued independently in Juty 2014 at a value of £300.000. As at 31 March 2024 the Trustees have valued the property at £315,000. 17 Debtors 2024 2023 Trade debtors Prepayments Other debtors 2,925 8.105 4,303 2,128 7.389 5,945 15,333 15,462 Page 21
Grosvenor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2024 18 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security other creditors 8,072 4.147 725 10.404 4,946 725 12,944 16.075 19 Pension and other schemes Defined contribution pension scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £13,289 12023 £14,178). 20 Funds Balance at1 April Incoming Resources 2023 resources expended Transfers Other recogni5ed gains Illosses} Balance at31 March 2024 Unrestricted fund5 Unrestricted fund Revaluation reserve Fixed assets Noah's Ark 47,302 72.000 295.539 559 346.183 (314.241} (810) 78,434 87,000 282,201 505 15,000 (14.148) (4,958) (333,347) 810 4,904 351.087 415.400 15,000 448,140 Restricted funds Restricted Donation Funds 5,295 23.879 (19,229) 9,945 Total funds 420.695 374.966 352.576 15,000 458,085 Page 22
Grosvenor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2024 Balance at 1 April 2022 Balance at 31 March 2023 Incoming Resources resources expended Transfers Unrestricted funds Unrestricted fund Revaluation reserve Fixed assets Noah's Ark Furlough fund 45.766 72,000 309,615 1.494 1,371 450.485 (446,371) {2,578) 47.302 72,000 295,539 559 (17.154) 1935) 1871) (465.331) 3,078 (500) 430,246 450,485 415,400 Restricted Funds Restricted Donation Funds 7,859 30.126 32,690) 5.295 Total funds 438,105 480,611 498,021) 420,695 Unrestricted funds represent the Charity's reserves that are free to be used for whatever purposes deemed necessary by the Trustees in connection with the running of the church. The Noah's Ark designated fund represents the reserves that have been set aside only for the use on these specific projects_ The Fixed asset designated fund and the Revaluation reserve represents the book value of fixed assets included in the unrestricted funds. The specific purposes for which the funds are to be applied are as follows- Restricted funds represent the reserves accumulated to be Spent on specific predefined projects. These amounts are generated through special collections and appeals. Included within the restricted gifts details above is activity in relation to the following projects who were the top three recipients.. Mark and Dorcas Nicholson live in Zimbabwe and were deeply moved by the p5ight of children who had been orphaned, rejected. or abandoned by their biological families They opened their home and currently have 8 children in their care whose ages range from 6 to nearly 16_ Freedom Community Alliance are a Christian charity to help those who are marginalised and socially excluded, demonstrating the heart and love of God in our local community. Registered Charity Number. 1125960. Terry and Renee Dover visit Nepal annualty- In the current year they raised funds for Eye Camps (Seva Foundation, a USA charity) connected with Kirtipur Eye Hospital.. Water Well projects with local organisers,. Children and Schools support partnering with Restless Development (UK charity 112748). Page 23
Grosvenor Church Barnstsple Notes to the Financial Ststements for the Year Ended 31 March 2024 21 Analysis of net assets between funds Unrestricted funds General Total funds at 31 March 2024 Restricted funds Tangible fixed assets Current assets Current liabilities 369.201 91,883 {12.944) 448,140 369,201 101,828 12,944) 458,085 9,945 Total net assets 9,945 Unrestricted funds General Total funds at 31 March 2023 Restricted funds Tangible fixed assets Current assets Current liabilities 367,539 63.936 (16,075) 367,539 69.231 116,075) 5,295 Total net assets 415.400 5,295 420,695 22 Related party transactions During the year the Trustees donated £14.408 (2023= £14,588) net of gift aid to the charity. Page 24