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 I￿0 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 a￿ayS
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 e￿stIng
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 w￿11 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 D1￿CtionS 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
unres1r1c￿d 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 acknO￿edge 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 un￿rtaintieS 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