Cornpany registFation number. 05321738
Charlty registration number: 1107748
Grosvenor Church Barnstaple
(A company limited by guarantee)
Annual Report and Financ￿1 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 miSs￿n 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 tr￿ause we have been changed. We pursue an evangelical
spirilualty of repentance, gathering togelhei, leading the Hoty Scriptures, praying, fasting. S￿ing
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$S￿lated 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 pla￿d 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 v￿v￿loped ￿lat::￿s￿.1￿5. 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 I￿ligIouS 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 redU￿d 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 Ca￿led 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.
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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
Dep￿latIOn 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
prepa￿entS
Other debtors
2,794
8,332
4,283
2,925
8.105
4,303
15.409
15.333
17 C￿ditOrS. 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 f￿ed
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 re￿geeS
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
un￿strICted
funds
General
Total funds
at 31 March
2024
Restricted
funds
Tangible f￿ed 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