Cornpany registFation number. 05321738 Charlty registration number: 1107748 Grosvenor Church Barnstaple (A company limited by guarantee) Annual Report and Financ1 Ststements for the Year Ended 31 March 2025 WESTCOTTS CHAItTERED AC¢OUMTANTS & 8USINES5 ADV15EAS
Grosvenor Church Barnstsple Contents Reference and Administrative Details Trustees, Report 2to9 Independent Examine¢s Report 10 Statement of Financial Activities 11 Balance Sheet 12 Notes to the Financial Statements 13to24
Grosvenor Church Barnstaple Reference and Administrative Datalls Trustses: James Hyde Rithard Moore (resigned 14 April 2025) Matthew Wilcox (resigned 22 September 2025) Nathan Sims Emily Thubron (appointed 23 October 2024) Charity Registration Numbor 1107748 Company Reglstratlon Number 05321738 The charity is incorporated in England and Wales. Old Station Road Bamstaple Devon EX32 8PB Telephone: 01271323725 Website.. v*w.grosvenorChurch.Org.uk Westcotts (SW) LLP 47 Boutport Street Bamstaple Devon EX311SQ Registered Offlce Independent Examlner Page 1
Grosvenor Church Barnstaple Trustees, Report Grosvenor Church • arnstapie This is the Board of Trustees of Grosvenor Church annual report for the year ended 31 March 2025 under the Companies Acts 2006 and the Charities Act 2011 together with examined financial statements for the year. Reference and Administration Information Grosvenor Church is a registered charity (number 1107748) and a company limited by guarantee (number 05321738) incorporated on 29 December 2004. The activities of Grosvenor Church were previously carried out under the legal fonn of a trust estsblished in 1841. Grosvenor Church is one church in two locations 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 location is overseen by one Eldership of Grosvenor Church, and the Board of Trustees. More infomiation about the Structure, Governance and Management of Grosvenor Church is found below. Objectives The Charity's objectives are set out in its memorandum as follows.. (a) to advance the Christian faith in accordance with the Ststement 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 frt and to fijffil 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 ftt. The Vision of Grosvenor Church is DNA: Disciple-makers who are naturalty supematural and always ready to give a reason for the hope we have in God. Page 2
Grosvenor Church Barnstsple Trustees, Report We seek to achieve this vision through the following four purposes.. 1.Worshlp We want to disciple people in an atmosphere of love. prayer and bible teaching to folk)w and become like Jesus Christ. IEqulpplng We want to release 8very member into ministry and miSsn in the power of the Holy Spirit and build tc¥Jether in unty with othei thuiches to reach the region of Norlh Devon with Ihe gospel through healthy reproducing churcfw that glorify G(¥J, and to bless the nations of the worfd. 3.S•rvlng the los( the least and the lasl We wanl to help unchurched people become commthed Chnstians and part of the worship of church Ihat impacts society. Telllng We want to share our hope with others trause we have been changed. We pursue an evangelical spirilualty of repentance, gathering togelhei, leading the Hoty Scriptures, praying, fasting. Sing and lelling others. This means each of us in oui daily lives declare and demonstrate that God is good news! Activities and achiavaments Grosvenor Church is committed to releasing as many people as possible to attend our services and become part of the lrfe of our congregations. As such. we operate no fomal membership structure. All are welcome, whether 'visiting' or wishing lo get connected. In addition, our prayerful and financial support of national and international organisations, indiwduals and projects which advance the Christian faith, means that Grosvenor does affect and bring benefft to the public well beyond North Devon. The most important development is that post year*nd, one employed pastor resigned and will end work on 31 st January 2026. He is relocating from Torrington to a Canadian church. Another elder is relocating from Torrington to a new job in Comwall. Last year we reported the Torrington congregation was not working towards becoming self-sufficient and elders from both location have met weekly since. On learning about the intention to resign, the Church Elders asked Graham Poland, a former Grosvenor pastor to support th8 congregation on an interim basis. The Church Elders appointed a congregation elder, Ben Thompson. One employee finished employment as Bible Teacher on 8 July 2024 (end of fixed terni contract) One employee commenced employment as Office Administrator for newcomers on 24 July 2025. Our principal activities to achieve this vision for the public benefrt are= Town and Community Outreach activities and events The provision of seNices, events and programmes for Childrnn, Youth and Families The provision of events and programmes for Discipleship and Toachlng Pastoral Care for any age or background a$Slated with the congregations. Page 3
Grosvenor Church Barnstapla Trustses. Report The provision of Gathered church services and events for Christians and non£hristians, including church-wide resources. Globaj Actiun P-, rest of the world. .liiersiiiP Wit. nhris•.iar. mi8sionaries and organisations both in UK and the Expenditure is allocated to the identifEd charitable activities directty. where applicable. Support Costs relating to employing staff, administration cost and premises costs are allocated to these charitable activities. Grosvenor Churth Expenditu In par endng 3tst March 2025 Pastw41 Carn Churth Servlces & Farnllles )Q.I li c,n @-..Irki ai-"l.jjl:. [knairl l{i. Lbliii Icl,. Eblin-iai=J Ll>ag= l-tsni Isas i-t?sls c-f Iki-. f.- -.r.. ?1 i anniicfll fj<Trs1). Volunteer participatlon in the running of the church Page 4
Grosvenor Church Barnstaple Trustees. Report Whilst the church does employ permanent staff, it is the work of every member of the church, wh8ther 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 churGh. FINANCIAL REVIEW The financial position and performance 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 £383,302 in the year compared to £374,966 in the prior year. Increased income in the current year was mainly attributed to increased donations: Total expenditure was £335,259 in the year compared to the £352,576 in the prior year. Expenditure decreased primarily due to the ending of one employment. 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 £9,331. The Old Station Road propety is provided by Grosvenor Church Trust to the Company under an informal no cost licence with the Company responsible for the expenses of use. No financial value has been plad on the provision of this 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 resetves also excludes other designated funds of £443 (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 facilitie5 and activities of Grosvenor Church. The present target range of free reserves is £35,619, equal to 3 months of reported salary expenditure. Reduced from the previous year because of less staff. At the year end, the actual free reserves were £134,456 (2023124-. £78,434). The Trustees will continue to monitor and manage free reseNes through careful budgeting in future periods. Investment powers and policy The Memorandum and Articles of Association allow the Trustees to invest in any stocks, fijnds, 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 short-term deposits (to retain maximum flexibility as to the short-term use of funds whilst seeking to maximise interest income). Page 5
Grosvenor Church Barnstaple Trustees. Report Grant maklng The charity makes grants to individuals and organisations engaged in mission and ministry with whom we have vvloped lat::s.15. AAhqt n! those are mpmbers of the church family serving on short term, medium term or long tenn mission trips. With the exception of members of the church family going on short temi mission, there is not a fomial appli&2tion proces5 for grant funds. Missionary financial support is instead just a part of a wider nge of on-going communication and prayer support for the work. Public Benefit The Trustees have taken account of the Charity Commission's guidance on Public Benefrt where appropriate when exercising their powers and duties, planning and reiiiewing 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 IligIouS 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. Plans include recognising new church elders and trustees to make disciples across North Devon. We intend to improve our welcome for up to 400 weekly attenders by investing in our building and 8quipment. Future capital plans at Old Ststion Road include internal works to refurbish Children and Family rooms to make space for 100 children on a Sunday moming. Also upgrading Kitchen areas so we can serve 150 meals and 400 coffees for weekly attenders. Long temi we plan to update our Foyer and Toilets and to resurface the whole car park. 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 acttvities including community clubs, groups, and events, often at subsidised rdtes where these are in line with Grosvenorfs vision and values. During the period, 6 Rumsam Gardens, is let on a 3-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 Charf(y 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 basis 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 majorty of members at a meeting or by a formal resolution. Page 6
Grosvenor Church Barnstaple Trustees. Raport During this year, the trustees focused their roles on the following areas.. Governance & External relations - Chair- Richard Moore Finance & Systems - Treasurer- James Hyde Safeguarding Trustee - Matt Wilcox Health and Safety Trustee- Nathan Sims Safeguarding Trustee- Emily Thubron During the penod, 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 employed permanently as Finance Manager working one day a week. New Trustee, Emily, began a project for staff development and training, working with Pastor Ramon Bruzzichessi. Six months after Emily's appointment, Richard Moore resigned as a trustee. Since year end, Matt Wilcox resigned and Emily Thubron was appointed as Safeguarding Trustee. Any new Grosvenor Trustees would receive an Induction Pack appropriate to their level of existing knowledge of and involvement with Grosvenor Church. As a minimum, new Trustees receive a copy of the Charity Commission publication CC3- The Essèntial Tmstee.. 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 external Trustee training sessions and, where not all members of the Board of Trustees 8re present, circulate any relevant infomiation 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 Church Eldership and they are responsible for appointing their successors. There is a change to report in role structure since year end. Since 2023, Torrington leadership rested with the Church Eldership. As reported last year, the Torrington elders meet regularly with the Bamstaple Elders- the Torrington pastor meets weekly with the Barnstaple Elders., the Torrington finan$ returned to Bamstaple under one Finance Manager and reported as a department within a combined budget. Since the resignation of both elders, after year end, the role structure changed to create church elders and congregation elders. The latter serve wtthin Torrington congregation only and report to the church elders. The role of any Trustees who are not Church 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 dutie5 taking account of the spiritual direction of the Church set by the Church Elders who themselves are always to act in accordance with the Memorandum and Articles of Association and the general law. Those who served as Church Elders during the period were: Ramon Bruzzichessi (Grosvenor Pastor), Nicholas Brown. Richard Moore, Timothy Gilbert (Torrington Pastor), Matthew Wilcox (5 Elders in total) sin year end, resignations received from Timothy Gilbert and Matthew Wilcox. Since year end, those who serve as Torrington Congregation Elders were Ben Thompson Page 7
Grosvenor Church Bamstaple Trustees, Report Under the Memorandum and Articles of Associatlon, ali Trustees are membeib. All Church Elders are also members. Congregation elders are not members. As noted above no other fomial membership is operated. Pastors and congregations The Trustees and Church Eldership have delegated rtain aspects of the oversight and direction of the two congregations to pastors. The pastors team meet regularly to communicate about activrties in each local congregation in accordance with the vision and objects of the charity. Members of the Trustee Board and Church Eldership meet with the pastors to review progress, provide any advice and assistance as required and to deal with any deficiencies in delivery. Corporate Governance Internal controls over all fomis of commitment and expenditure continue to be r8fined to improve efficiency. Processes are in place to ensure performance monitoring. The Church Eldership and Board of Trustees review appropriate management infomiation regularly. 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 the Church Eldership r8gular consideration by the Trustees of financial results and variances from budgets; delegation of day to day management authority and segregation of duties; and identiftcation and management of risks Risk Management The Trustees have a fonnal risk management prO$s. This involves identi.g the types of risks the Charty faces, prioritising them in ternis of potential impact 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 infonn the risk management proce5S. The current responsibilities are divided as follows: The church takes advice from Thirtyone".eight for matters of safeguarding. Disclosures a being conducted through this agency and the church has adopted its Safeguarding Policy. Mrs Paula Clarke and Mr Paul Syrnons are Safeguarding Officers for Bamstaple. Mrs Rachel Gilbert is Safeguarding Officer for Torrington and due to relocation intends to resign on 31 st January 2026. The Trustees carry out an annual review of the principal risks to which the charity 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 redUd or that the Trust's income May not meet its expenditure Commitrnents, 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-temi 9rant commitments, duties are separated to minimi5e the risk of undetected impropriety and steps are taken to reduce impact on neighbours. Page 8
Grosvenor Church Barnstsple Trustees, Report ststement of trustees, responsibilities The trustees (who are also the directors of Grosvenor Church Bamstaple 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. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resou$ and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to= select suitable accounting policies and apply them consistently-, observe the methods and principles in the Charities SORP-, make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards, 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 that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable companws website. Legislation goveming the preparation and dissemination of financial statements may differ from legislation 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.. 1711212025 and signed on its James Hyde Trustee Page 9
Grosvenor Church Barnstaple Independent Examiner's Report to the trustees of Grosv.enor Church Barnstaple ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 Marpb. 2024 Responsibilities and basls 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 Charsties Act 2011 ('the 2011 Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement 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 confirm 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 confimi that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of Grosvenor Church Barnstaple 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 with 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 Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concems and have come across no other matter5 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 Vililliams FCA DChA Independent Examiner Westcotts (SW) LLP 47 Boutport Street Barnstaple Devon EX31 1 SQ Date.. .Z£.......... Page 10
Grosvenor Church Barnstsple Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Ststement of Total Recognised Galns and Losses) Unrestricted funds Restricted funds Total 2025 Total 2024 Note Income and Endowments from: Donations and legacies Charitable activities Investment income Other income 330,042 11,607 12,843 11,129 17.681 347,723 11.607 12,843 11,129 331,351 14,219 11,615 17,781 Total income 365.621 17,681 383,302 374,966 Expenditure on: Charitable activities (316.964) (18,295) {335,259) (352.576) Total expenditure Gainsl(losses) on investrnent assets (316,964) {18,295) {335,259) (352,576) 15,000 Net incomel(expenditure) 48,657 (614) 48,043 37,390 Net movement in funds 48,657 (614) 48.043 37,390 Reconclliation of funds Total funds brought forward Total funds carried forward 19 448,140 9,945 9,331 458,085 420,695 496,797 506,128 458,085 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 19. The notes on pages 13 to 24 fonn an integral part of these financial statements. Page11
Grosvenor Church Barnstaple (Registration number: 05321738) Balance Sheat as at 31 March 2025 2025 2024 Note Flxed assets Tangible assets 15 361,898 369,201 Current assets Debtors Cash at bank and in hand 16 15,409 144,854 15,333 86,495 160,263 101,828 Creditors: Amounts falling due within one year Net current assets 17 116,033) (12,944) 144,230 88,884 Net assets 506,128 458,085 Funds of the charlty: Restrlcted Income funds Restricted funds 9,331 9,945 Unrestrictsd income funds Unrestricted fund 496,797 448,140 Total funds 19 506,128 458,085 For the financial year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors. responsibilities: The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476- and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statements on pages 11 to 24 were approved by the trustees, and authorised for issue on .171121.2a2S and signed on their behalf by: James Hyde Trustee The notes on pages 13 to 24 form an integral part af these financial statements. Page 12
Grosvenor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2025 I Charlty status The charity is limited by guarantee, incorporated in England and Wales, and Consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the asset5 of the charity in the event of liquidation. The address of its registered off1ce is-. Old Station Road Barnstaple Devon EX32 8PB 2 Accounting policies Summary of slgnlflcant accounting policies and key accountlng estirnates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the y8ars presented, unless otherwise stated. Statement of compllance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (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 preparatlon Grosvenor Church Barnstaple meets the definition of a public benefit 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 uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held b'y the charity. Exemption from preparing a cash flow statement The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 13
Grosvenor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2025 Donadons and legacles Donations are recognised when the charity has been notified in vlriting of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perfomiance by the chartty before the charity 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 15 probable that these conditions will be fuffilled in the reporting period. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where perfomiance conditions are attached to the grant and are yet to be met, the income is recognised as a liabilty and included on the balance sheet as deferred income to be released. Inveslment Income Dividends are recognised once the dividend has been declared and notification has been r8¢eived 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 8llocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time sp8nt, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charftable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and seNices 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. Grantpmwslons Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Support costs Support costs include central functions and have been allocated to activty cost categories on a basis consistent with the use of resources, for example, allocating propety costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Page 14
Grosvenor Church Barnstsple Notss to the Financial Statements for the Year Ended 31 March 2026 Taxation The charity is considered to pass the tests set out in Paragrsph 1 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. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write 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 100fi - 330/0 reducing balance Impalrment of flxed assets A review for indicators of impairment is Caled 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 equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-t8rm highly liquid investrnents 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 inrtially 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 redemption being recognised as a charge to thè 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. Borrowings are classified as current liabilities unless the charty has an unconditional right to defer settlement of the liability for at least e1ve months after the reporting date. Page15
Grosvenor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2025 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 funds 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 seNice. the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Financial instruments Classrfication Financial assets and financial liabilities are recognised when the charity b8comes a paty 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 measurnm•nt Ail financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initialty measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitLrtes a financing transaction. If an arrangement constitutes a financing transaction. the financial asset or financial liabilty 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 FK)Sition when, and only when there exists a legally enforceable right to set off the recognised amounts and the chariiy 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 charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retsined some. but not all. signfficant risks and rewards of ownership, has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obligation speciFied in the contract is discharged, cancelled or expires. Page 16
Grosvenor Church Barnstaple Notes to the Financial Statsments for the Year Ended 31 March 2025 3 Income from donations and18gacies Unrestrictsd funds General Restrlctsd funds Total 2025 Donations Tax refunds- Gift Aid Grants from other charities 274,806 54,986 250 17,681 292,487 54,986 250 330,042 17,681 347,723 Unrestrlcted funds General Restrlcted funds Totsl 2024 Donations Tax refunds - Gift Aid 253,545 53,927 307,472 23,879 277,424 53,927 331,351 23,879 4 Income from charltsble activities Unr83tricted funds General Total 2025 Income from charitable activities 11,607 11,607 Unrestricted funds General Total 2024 Income from charitable activities 14,219 14,219 Page 17
Grosvenor Church Barnstaple Notss to the Financial Statsments for the Year Ended 31 March 2025 5 Investment Income Unrestricted funds General Total 2025 Interest receivable Income from non-investment property in furtherance of the charitys objectives 871 871 11,972 11,972 12.843 12,843 Unrestricted funds General Total 2024 Income from non-investment propety in furtherance of the chariws objectives 11,615 11.615 6 Other Income Unrestrlcted funds General Total 2025 Hire of church premises 11,129 11,129 Unrestricted funds General Total 2024 Hire of church premises Gains on sale of tangible fixed assets for charity's own use Other income 9,924 20 7,837 9,924 20 7,837 17,781 17.781 Page 18
Grosvenor Church Barnstaple Notes to the Financial Statements for the Year Ended 31 March 2025 7 Expendlture on charitable activities Unrestricted funds General Restricted funds Total 2025 Note Christian Church Grant funding of activities Support costs 273,448 27,425 16,091 1,875 16,420 275,323 43,845 16,091 335.259 316,964 18,295 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 14,506 352,576 19,229 333,347 19,229 8 Analysls of support costs Support costs allocated to charitable activities Total 2026 Totsl 2024 Sundry expenses Accountancy fees Bookkeeping Independent examination fees 1,311 1,108 10,372 3,300 16,091 1,739 720 8,737 3,310 14,506 9 Grant-making Analysis of grants Grants to institutions 2025 2024 Grants to individuals 202S 2024 Analysis Grants 125 1,611 43,720 43,700 Page 19
Grosvenor Church Barnstaple Notes to the Financial Ststements for the Year Ended 31 March 2025 10 Net incomlngloutgolng resources Net incoming resources for the year include: 2025 2024 DeplatIOn of fixed assets 12.960 14,148 11 Trustees remuneration and expenses From time to ts'me Trustees will make sundry purchases for which they are reimbursed against receipts. One Trustee is a paid part-time.employee of the church as Finance Manager, during the year they received remuneration of £6,818 (2024: £6.000) They do not receive any remuneration in respect of their roles as Trustees of the charity. 12 Stsff costs The aggregate payroll costs were as follows.. 2025 2024 Staff costs durlng the year were: Wages and salaries Social security costs Employer contributions to pension plans 151,980 6,602 5,369 163,951 150,550 6,514 13,289 170,353 The monthly average number of full time equivalent persons (including senior management i leadership team) employed by the charity during the yearwas as follows: 2025 2024 Team Leader Team Manager Team Member No employee received emoluments of more than £60,000 during the year. Page 20
Grosvenor Church Barnstaple Notes to the Financial Ststements for the Year Ended 31 March 2025 13 Independent examlner's remuneration 2025 2024 Examination of the financial statements 3,300 3.310 14 Taxation The charity is a registered charity and is therefore exempt from tsxation. 15 Tangible fixed assets Land and buildings Fixtures and fittings Freehold Property Total Cost At 1 April 2024 Additions 101,254 272,608 5,657 315,000 688.862 5,657 At 31 March 2025 101,254 278,265 315,000 694.519 Depreciation At 1 April 2024 Charge forthe year At 31 March 2025 85,206 3,157 234,455 9,803 319.661 12,960 88,363 244,258 332,621 Net book value At 31 March 2025 12,891 34,007 315,000 361,898 At 31 March 2024 16,048 38,153 315,000 369,201 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 July 2014 at a value of £300,000. As at 31 March 2025 the Trustees have valued the property at £315,000. Page 21
Grosvenor Church Barnstsple Notes to the Financial Statements for the Year Ended 31 March 2026 16 Debtors 2025 2024 Trade debtors prepaentS Other debtors 2,794 8,332 4,283 2,925 8.105 4,303 15.409 15.333 17 CditOrS. amounts falling due within one year 2025 2024 Trade creditors Other tsxation and social security Other creditors 12,248 3,060 725 8,072 4.147 725 16,033 12,944 18 Penslon and other schemes Defined contrlbution penslon scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payabl8 by the charity to the scheme and amounted to £5.369 (2024 £13,289). 19 Funds Balance at 1 April 2024 Balance at 31 March 2025 Incoming Resources resources expended Transfers Unrestricted funds Unrestricted Funds Revaluation reserve Fixed assets Noah's Ark 78,434 87,000 282.201 505 365,558 (303,879) {5,657) 134,456 87,000 274.898 443 (12.960) {125) (316.964) 5,657 63 448,140 365.621 496.797 Restricted funds Restricted Donation Funds 9,945 17.681 18,295) 9,331 Total funds 458,085 383,302 (.335,259 506,128 Page 22 '
Grosvenor Church Barnstsple Notes to the Financial Statements for the Year Ended 31 March 2025 Balance at1 April Incomlng Resources 2023 resources expended Transfers Other recognised galnsl {losses) Balance at31 March 2024 Unrestrlcted funds Unrestricted Funds 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) (4,958 351,087 (333,347) 810 4,904 415,400 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 Unrestricted funds represent the Charitys 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 reseNes 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 fed assets included in the unrestricted funds. The specific purposes for which the funds are to be applied are as follows.. Restricted funds represent the reseNes 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 activty in relation to the following projects who were the top recipients.. Mark and Dorcas Nicholson live in Zimbabwe and were deeply moved by the plight 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. The Nicholsons are with Echoes International. Adam 8nd Nunu Bolton live in Thailand and vnrk pastorally among Burmese migrants and regeeS with Echoes International Page 23
Grosvenor Church Barnstaple Notes to the Financlal Statements for the Year Ended 31 March 2025 20 Anatysi8 of net assets between funds Unrestrictsd funds General Total funds at 31 March 2025 Restricted funds Tangible fixed assets Curreht assets Current liabilities 361,898 150,932 (16.033 361.898 160,263 (16,033) 9,331 Total net assets 496,797 9,331 506,128 unstrICted funds General Total funds at 31 March 2024 Restricted funds Tangible fed assets Current assets Current liabilits'es 369.201 91,883 {12,944) 448,140 369,201 101,828 (12,944) 458,085 9.945 Total net assets 9,945 21 Related party transactions During the year the charity made the following related paty transactions: During the year the Trustees donated £17,211 (2024: £14,408) net of gift aid. At the balan sheet date the amount due tolfrom was £Nil (2024- £Nil). Page 24