REGISTERED CHARITY NUMBER: 1108473
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
GRACE COMMUNITY CHURCH (STEVENAGE)
GRACE COMMUNITY CHURCH (STEVENAGE)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Statement of Trustees' Responsibilities | 6 | ||
| Independent Examiner's Report | 7 | ||
| Statement of Financial Activities | 8 | ||
| Statement of Financial Position | 9 | ||
| Notes to the Financial Statements | 10 | to | 18 |
GRACE COMMUNITY CHURCH (STEVENAGE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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) (effective 1 January 2019).
Background
Grace Community Church was formed from a merger between City Church and Hydean Way Baptist Church in October 2004. The trust was formed in March 2005.
In March 2009 the church, via the trust, obtained a mortgage to purchase a building with grounds in Hydean Way, Stevenage at which point the Trust became responsible for its ongoing maintenance and development.
Grace Community Church is a member of the Catalyst family of churches, which is a part of Newfrontiers. At its inception the church had an adult membership of 90. By the end 2020 the membership total was around 125.
Page 1
GRACE COMMUNITY CHURCH (STEVENAGE)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2020
ACHIEVEMENT AND PERFORMANCE
Review of Activities & Achievements 2020
In February, a much-needed new website went live, giving updated functionality and a more contemporary look and feel.
In March, in common with everyone in the UK, the Church experienced huge disruption to its normal activities due to the arrival of the Covid19 pandemic. Various restrictions and lockdowns were imposed by the UK Government and these remained in place in different forms for the rest of the year. All usual in-person meetings at the Church Building including Sunday morning services, Youth Ministry and Community outreach and social action activities were stopped and moved online wherever possible. Sunday morning meetings were transformed into a one-hour per-recorded video that could be accessed through the church website. Sermons were filmed at the church buildings, following Government guidelines for Places of Worship. Music for worship was provided by church musicians and singers recording themselves at home separately and then stitching all the parts together into one video of a complete song. Talks aimed specifically at the primary school aged children were filmed by individuals at home. Later in the year the method of showing these videos was changed to broadcast via the churchonline platform which enables multiple people to watch the video at the same time and interact with each other by online chat. Overall, these videos proved to be very successful. While no substitute for in-person meetings, they did provide a way for the church to continue to gather together for common worship and teaching. Many church members contributed to the videos and many new skills were learnt. The technical skills of a small number of volunteers from the Church community were essential in making all this possible and to a high standard.
Most other church activities and meetings were moved online using the Zoom video platform. These included mind-week Small Groups (which formerly met in people`s homes), Youth and young adults ministry, prayer meetings, leaders meetings and Trustees meetings.
Particularly hard hit were the various activities that serve vulnerable people in the wider community and where the contact and service provided by physically meeting in the Church Building could not be replicated online. These included:
-
Doorway - ministering to the spiritual needs of adults with learning difficulties.
-
Coffee Shop - open to the community and serving inexpensive refreshments and light lunches every Friday in term time.
-
Grace's Space - a monthly Saturday club to support children who have been diagnosed with Autism Spectrum Disorder and th eir families.
-
The Journey Place - a weekly drop-in, providing a supportive community for vulnerable local people. many of whom have a history of m ental ill health, learning difficulties, homelessness, etc.
The leaders and helpers of these various activities made every effort to maintain contact with and support those that attended prior to Covid19. Methods used included telephone calls, Zoom calls, socially distanced walks (when allowed), and food delivery.
We continued to be involved in supporting overseas mission and social care activities with Newfrontiers and others, including:
-
Himalayan Inland Mission, India.
-
Light for Life Foundation, Bulgaria.
-
Christian Faith Tabernacle Churches, Zimbabwe.
-
A Newfrontiers' church in Valencia.
-
A family supporting refugees in Greece (through Catalyst).
Employees of the Trust worked from home where possible, but some admin functions could only be performed at the Church building due to the limitations of the IT systems. All use of the Church Building by non-church groups and organisations stopped.
The trustees took advantage of the lack of use of the building to carry out some essential maintenance during the year.
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GRACE COMMUNITY CHURCH (STEVENAGE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
FINANCIAL REVIEW
Finance Review 2020
There are the fifteenth set of accounts for a full calendar year.
Income for 2020 held up very well, despite the disruption caused by Covid19. Many regular givers changed their method of giving from cheques and cash given on a Sunday to bank transfer online. Overall, final income was 94% of budget. Of this, 80% came from donations and the majority of the remainder from tax reclaim through Gift Aid/GASDS.
The Trust continued to expend resources in four main areas:
1. Property running costs.
-
Management and administration. This included the salary of a full time elder/pastor, a part-time staff worker, a part-time administrator, part-time admin assistant/bookkeeper and a part-time caretaker. The Trust also continued to pay a pension to a retired pastor.
-
Funding of Church ministries and activities.
-
Mission giving to overseas and external organisations. (All giving received for specified missionary work is held in restricted funds).
Items 1 and 3 were less than budget because of the curtailment of activities due to Covid19.
Reserves policy
The Trustees keep a minimum of £20,000 as a contingency float for emergencies and to secure a reserve to pay all salaries for six months in the event that donations cease. At the end of 2019 the Trustees agreed to increase the second full time Elder`s reserve to £30,000. This, along with the £20,000 contingency, was invested in a saving account with Kingdom Bank in 2020.
Risk Review
The Trustees are conscious that the work can only continue with the financial support of the members and congregation giving by collection and donation. Without this support the work would be unable to continue.
FUTURE DEVELOPMENTS
It is difficult to plan with any certainty at this stage due to the unknowns still surrounding the Covid19 situation. However, these are some areas where we hope to develop the ministry of the church:
- Return to in-person meetings for regular church activities
-
What is possible and when will be largely determined by Government policy on removing Covid19 restrictions.
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Live stream Sunday morning meetings so that people can watch online. This will entail buying new equipment, improving our broadband connection and learning new skills
-
Resume our outreach and social action projects and look for new ways we can engage with and serve the wider community.
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Resume planning for the employment of a second fugitive elder as soon as finances allow
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Continue to seek to grow the church, develop leadership at all levels and promote Christian discipleship
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Continue to put an emphasis on supporting and developing the younger age groups in the church
-
Continue to maintain and develop the building
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The trust is a charity registered on 7 March 2005 (Charity No. 1108473). Its governing document is the Declaration of Trust, dated 10 February 2005.
Charitable objectives
As a Christian congregation, Grace Community Church has the purpose of promoting the Christian religion.
Page 3
GRACE COMMUNITY CHURCH (STEVENAGE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
In March 2020 Mr Paul Horsley, one of the original trustees and the Church Treasurer, resigned as a trustee due to his impending move away from Stevenage area. The vacant role was advertised to the Church Community with two people expressing an interest. The trustees agreed to appoint both people, increasing the size of the Board of Trustees from seven to eight. These people were:
-
Mrs. Louise Scott - appointed Trustee and Church Treasurer
-
Mrs. Tanya Dance - appointed Trustee and lead person for personnel matters
Mrs. Scott brings with her experience from her employment over many years with a Pension Provision Company. Mrs. Dance brings with her experience of working in the Public Sector managing a team supporting children and young adults with Sepcial Educational Needs and Disabilities.
These appointments make a welcome improvement to the gender balance of The Board of Trustees.
Organisational structure
The spiritual government and leadership of the church fellowship is undertaken by the church's elders. The trustees are responsible for the proper management and administration of the trust's funds in accordance with the provision of the trust deed and in furtherance of the trust's objectives. Three elders have served as trustees in 2020.
The trust deed requires the trustees to meet at least twice every calendar year. In 2020 the trustees held a formal meeting on four occasions. Jon Woodrow continued as Chairman of the Trustees throughout the year.
The trustees have a secretary to the trustees who is not a trustee.
The trustees continued to employ a full time elder/pastor, a part-time administrator, a part time admin assistant/bookkeeper and a part-time caretaker and a part-time staff worker (assisting the full-time elder).
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1108473
Principal address
Hydean Way Stevenage Hertfordshire SG2 9XJ
Trustees
P D G Horsley (resigned 31.3.20) P Watkins J Scott J C G Woodrow J V Sugden D Horne Mrs J Kuffour Mrs T Dance (appointed 2.6.20) Mrs L Scott (appointed 2.6.20)
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GRACE COMMUNITY CHURCH (STEVENAGE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Neil Harding FCA Bradshaw Johnson Chartered Accountants Croft Chambers 11 Bancroft Hitchin Hertfordshire SG5 1JQ
Approved by order of the board of trustees on 30 September 2021 and signed on its behalf by:
J C G Woodrow - Trustee
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GRACE COMMUNITY CHURCH (STEVENAGE)
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming and application of resources including income and expenditure for that period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in business.
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state whether applicable accounting standards and statement of recommended practice have been followed.
The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GRACE COMMUNITY CHURCH (STEVENAGE)
Independent examiner's report to the trustees of Grace Community Church (Stevenage)
I report to the charity trustees on my examination of the accounts of Grace Community Church (Stevenage) (the Trust) for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Neil Harding FCA Bradshaw Johnson Chartered Accountants Croft Chambers 11 Bancroft Hitchin Hertfordshire SG5 1JQ
4 October 2021
Page 7
GRACE COMMUNITY CHURCH (STEVENAGE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 125,676 Other trading activities 3 1,491 Total 127,167 EXPENDITURE ON Charitable activities 4 Grace Community Church 107,376 NET INCOME 19,791 RECONCILIATION OF FUNDS Total funds brought forward 91,796 TOTAL FUNDS CARRIED FORWARD 111,587 |
Restricted funds £ 22,968 - 22,968 18,668 4,300 450,715 455,015 |
31.12.20 31.12.19 Total Total funds funds £ £ 148,644 156,798 1,491 3,468 150,135 160,266 126,044 137,725 24,091 22,541 542,511 519,970 566,602 542,511 |
31.12.20 31.12.19 Total Total funds funds £ £ 148,644 156,798 1,491 3,468 150,135 160,266 126,044 137,725 24,091 22,541 542,511 519,970 566,602 542,511 |
|---|---|---|---|
| 160,266 137,725 |
|||
| 22,541 519,970 |
|||
| 542,511 |
The notes form part of these financial statements
Page 8
GRACE COMMUNITY CHURCH (STEVENAGE)
STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2020
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ - 13,728 106,232 119,960 (8,373) 111,587 111,587 111,587 |
Restricted funds £ 438,450 - 16,565 16,565 - 16,565 455,015 455,015 |
31.12.20 Total funds £ 438,450 13,728 122,797 136,525 (8,373) 128,152 566,602 566,602 111,587 455,015 566,602 |
31.12.19 Total funds £ 441,474 15,310 104,247 119,557 (18,520) 101,037 542,511 542,511 91,796 450,715 542,511 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 September 2021 and were signed on its behalf by:
L Scott - Trustee
J C G Woodrow - Trustee
The notes form part of these financial statements
Page 9
GRACE COMMUNITY CHURCH (STEVENAGE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Grace Community Church (Stevenage) meets the definition of a public entity under FRS 102.
The accounts are prepared in pounds sterling.
Income
All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable.
-
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
-
Investment income is recognised on a receivable basis.
Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes attributable VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:
-
Costs of generating funds comprise of the costs associated with attracting voluntary income through fundraising.
-
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Tangible fixed assets
Depreciation is calculated to write off the cost of each fixed asset over its expected useful life. The annual rates used, which are consistent with last year are:-
Building - over 50 years Land - not depreciated
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through terms of an appeal.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 10
GRACE COMMUNITY CHURCH (STEVENAGE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES - continued
Short term debtors and creditors
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2. DONATIONS AND LEGACIES
| Gift aided and other donations Gift aid receivable Grants Grants received, included in the above, are as follows: Other grants 3. OTHER TRADING ACTIVITIES Premises usage donations Other income |
31.12.20 £ 122,075 26,569 - 148,644 31.12.20 £ - 31.12.20 £ 400 1,091 1,491 |
31.12.19 £ 132,340 22,458 2,000 |
31.12.19 £ 132,340 22,458 2,000 |
|---|---|---|---|
| 156,798 | |||
| 31.12.19 £ 2,000 31.12.19 £ 1,683 1,785 3,468 |
|||
| 3,468 |
continued...
Page 11
GRACE COMMUNITY CHURCH (STEVENAGE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
4. CHARITABLE ACTIVITIES COSTS
| Restricted | Unrestricted | 2020 Total | 2019 Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Missionary and other gifts | 9,551 | 14,929 | 24,480 | 27,130 |
| Salaries and pensions | - | 62,670 | 62,670 | 61,809 |
| Employers NI | - | 659 | 659 | 460 |
| Pension contributions | - | 3,460 | 3,460 | 3,489 |
| Payroll charges | - | 842 | 842 | 831 |
| Light and heat and water charges | - | 2,747 | 2,747 | 4,078 |
| Insurance | - | 2,468 | 2,468 | 2,303 |
| Repairs and maintenance | - | 1,258 | 1,258 | 4,037 |
| Equipment | - | 385 | 385 | 1,966 |
| Telephone/Broadband | - | 510 | 510 | 526 |
| Cleaning/Caretaking | - | - | - | 44 |
| Domestic items | 211 | 604 | 815 | 920 |
| Printing, stationery and postage | - | 530 | 530 | 843 |
| Photocopier expenses | - | 204 | 204 | 254 |
| Evangelism | - | 167 | 167 | 536 |
| Conferences and training | - | 356 | 356 | 829 |
| Travel expenses | - | 174 | 174 | 257 |
| Subscriptions | - | 515 | 515 | 555 |
| Licences | - | 1,507 | 1,507 | 967 |
| Ministries | - | 1,817 | 1,817 | 6,136 |
| Website costs | - | 202 | 202 | 236 |
| Miscellaneous expenses | - | 130 | 130 | 714 |
| Building projects | 5,882 | 10,522 | 16,404 | 15,061 |
| Independent examiners fees | - | 720 | 720 | 720 |
| Depreciation | 3,024 | - | 3,024 | 3,024 |
| 18,668 | 107,376 | 126,044 | 137,725 | |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
6. STAFF COSTS
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Salaries and pension | 62,670 | 61,809 |
| Employers NI | 659 | 460 |
| Pension contributions | 3,460 | 3,489 |
| 66,789 | 65,758 | |
| The average monthly number of employees during the year was as follows: Support staff |
31.12.20 6 |
31.12.19 6 |
No employees received emoluments in excess of £60,000.
continued...
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GRACE COMMUNITY CHURCH (STEVENAGE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
| 7. 2019 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 131,297 25,501 Other trading activities 3,468 - Total 134,765 25,501 EXPENDITURE ON Charitable activities Grace Community Church 113,539 24,186 NET INCOME 21,226 1,315 RECONCILIATION OF FUNDS Total funds brought forward 70,570 449,400 TOTAL FUNDS CARRIED FORWARD 91,796 450,715 8. TANGIBLE FIXED ASSETS COST At 1 January 2020 and 31 December 2020 DEPRECIATION At 1 January 2020 Charge for year At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Total funds £ 156,798 3,468 160,266 137,725 22,541 519,970 542,511 Freehold property £ 453,570 12,096 3,024 15,120 438,450 441,474 |
Total funds £ 156,798 3,468 |
|---|---|---|
| 160,266 137,725 |
||
| 22,541 519,970 |
||
| 542,511 |
Included in cost or valuation of land and buildings is freehold land of £302,380 (2019 - £302,380) which is not depreciated.
continued...
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GRACE COMMUNITY CHURCH (STEVENAGE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 11. MOVEMENT IN FUNDS Net movement At 1.1.20 in funds £ £ Unrestricted funds General fund 51,796 19,791 Contingency Fund 20,000 - Second Full Time Elder Fund 20,000 - 91,796 19,791 Restricted funds Acts 2 v 45 1,063 917 Miscellaneous 7,058 (6,093) Property Fund 441,474 (3,024) Youth Fund 1,120 - Special Projects - 12,500 450,715 4,300 TOTAL FUNDS 542,511 24,091 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 127,167 Restricted funds Mission Funds 8,791 Acts 2 v 45 1,677 Miscellaneous - Property Fund - Special Projects 12,500 22,968 TOTAL FUNDS 150,135 |
31.12.20 31.12.19 £ £ 13,728 15,310 31.12.20 31.12.19 £ £ 556 13,208 7,817 5,312 8,373 18,520 Transfers between At funds 31.12.20 £ £ (10,000) 61,587 - 20,000 10,000 30,000 - 111,587 - 1,980 - 965 - 438,450 - 1,120 - 12,500 - 455,015 - 566,602 Resources Movement expended in funds £ £ (107,376) 19,791 (8,791) - (760) 917 (6,093) (6,093) (3,024) (3,024) - 12,500 (18,668) 4,300 (126,044) 24,091 |
|---|---|
continued...
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GRACE COMMUNITY CHURCH (STEVENAGE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Contingency Fund Second Full Time Elder Fund Restricted funds Acts 2 v 45 Miscellaneous Property Fund Youth Fund TOTAL FUNDS |
At 1.1.19 £ 30,570 20,000 20,000 70,570 1,413 988 444,498 2,501 449,400 519,970 |
Net movement in funds £ 21,226 - - 21,226 (350) 6,070 (3,024) (1,381) 1,315 22,541 |
At 31.12.19 £ 51,796 20,000 20,000 |
|---|---|---|---|
| 91,796 1,063 7,058 441,474 1,120 |
|||
| 450,715 | |||
| 542,511 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Mission Funds Acts 2 v 45 Miscellaneous Property Fund Youth Fund TOTAL FUNDS |
Incoming resources £ 134,765 11,088 1,524 12,889 - - 25,501 160,266 |
Resources Movement expended in funds £ £ (113,539) 21,226 (11,088) - (1,874) (350) (6,819) 6,070 (3,024) (3,024) (1,381) (1,381) (24,186) 1,315 (137,725) 22,541 |
Resources Movement expended in funds £ £ (113,539) 21,226 (11,088) - (1,874) (350) (6,819) 6,070 (3,024) (3,024) (1,381) (1,381) (24,186) 1,315 (137,725) 22,541 |
|---|---|---|---|
| 1,315 | |||
| 22,541 |
Page 15
continued...
GRACE COMMUNITY CHURCH (STEVENAGE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Contingency Fund Second Full Time Elder Fund Restricted funds Acts 2 v 45 Miscellaneous Property Fund Youth Fund Special Projects TOTAL FUNDS |
At 1.1.19 £ 30,570 20,000 20,000 70,570 1,413 988 444,498 2,501 - 449,400 519,970 |
Net movement in funds £ 41,017 - - 41,017 567 (23) (6,048) (1,381) 12,500 5,615 46,632 |
Transfers between funds £ (10,000) - 10,000 - - - - - - - - |
At 31.12.20 £ 61,587 20,000 30,000 |
|---|---|---|---|---|
| 111,587 1,980 965 438,450 1,120 12,500 |
||||
| 455,015 | ||||
| 566,602 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Mission Funds Acts 2 v 45 Miscellaneous Property Fund Youth Fund Special Projects TOTAL FUNDS General funds |
Incoming resources £ 261,932 19,879 3,201 12,889 - - 12,500 48,469 310,401 |
Resources Movement expended in funds £ £ (220,915) 41,017 (19,879) - (2,634) 567 (12,912) (23) (6,048) (6,048) (1,381) (1,381) - 12,500 (42,854) 5,615 (263,769) 46,632 |
Resources Movement expended in funds £ £ (220,915) 41,017 (19,879) - (2,634) 567 (12,912) (23) (6,048) (6,048) (1,381) (1,381) - 12,500 (42,854) 5,615 (263,769) 46,632 |
|---|---|---|---|
| 5,615 | |||
| 46,632 | |||
The general funds are the unrestricted funds available for the use of the Church.
The contingency fund is a designated fund for emergencies and a reserve to allow salaries to be paid should donations cease.
The second full time elder fund is a designated fund for possible use towards paying a second full time Elder's salary.
Restricted funds
Page 16
continued...
GRACE COMMUNITY CHURCH (STEVENAGE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
11. MOVEMENT IN FUNDS - continued
Each week we collect money for specific missionary and aid organisation which we support as a Church. These vary each week and rotate on a published calendar. This money is then topped up from funds and sent to the organisation. We show this in the accounts as 'Restricted Missionary Giving' to show that we are holding that money and sending it straight out again. There is one restricted fund that is different, it is called the ACTS 2v45 Fund, it represents the balance of a special monthly offering designed to provide funds to be used at the discretion of the Elders. Tax is not reclaimed on any money given to this fund as it is used primarily to meet the needs of individual members of the church.
Purpose of each restricted fund
-
Mission Funds - Comprised within this heading are Catalyst, H.I.M offerings, Light for Life, Tearfund, and Zimbabwe. The purposes of these are:
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Catalyst (a part of Newfrontiers) - For donations to Newfrontiers, the group of Christian Churches to which we are affiliated and the relief work they are doing in troubled countries.
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H.I.M offerings - for donations to the Himalayan Inland Mission - a Christian organisation in India who run an orphanage and give help to the disadvantaged. We have personal contact with the Directors of this organisation.
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Light for Life donations - For donations to the "Light for Life" organisation, a UK based organisation, supporting Christian work in Bulgaria helping people with disabilities. We have personal contact with the Directors and staff of this organisation, with one of their staff having been a member of Grace Community Church.
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Tearfund - For donations to Tearfund, an international Christian relief agency.
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Zimbabwe - For the support of Christian work in Zimbabwe and providing money for famine relief, channelled through a personal contact with Zekia Moyo.
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Greece - For donations to support a UK family who are living in Greece and working with migrants and refugees (mainly from the Middle East). This family is personally known to GCC and its members through our association with the Catalyst Network of churches.
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Acts 2 v 45 offerings - For members of the church who have financial needs - used at Elders' discretion. No gift aid is claimed back on any donations to this fund.
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Miscellaneous fund - A restricted fund that comprises Doorway, Journey Place and other miscellaneous specific receipts. The purposes of these are:
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Doorway - Doorway is a monthly group for adults with learning difficulties. The fund comprised monies received from 2 bequests and was expended in 2019.
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Journey Place - The Journey Place is a weekly drop-in which is held on the church premises each Tuesday. It's open to all poor and disadvantaged who would appreciate being part of a supportive community. There are teas & coffees and a low-cost lunch, along with various activities, and there's always a listening ear for anyone who needs it.
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Other - the defibrillator, dishwasher and lunch were for 2018; of these, only money left over from the defibrillator purchase remains and is to be used for other first aid purposes. In 2019 we received a grant for the repair of damaged paving slabs and this was fully spent during the year.
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Property Fund - A restricted fund set up for the land and buildings and donations received towards the cost of the Hydean Way Worship Centre and other property related costs.
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Youth Fund - The church received a legacy from an ex church member. This bequest was specifically given to fund Youth activity.
continued...
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GRACE COMMUNITY CHURCH (STEVENAGE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
11. MOVEMENT IN FUNDS - continued
- Special Projects - A fund to hold donations that have been given specifically for use on one or more projects to be carried out by GCC. These are monies that are stipulated as not to be treated as general giving and may have been given for a named project or for use at the discretion of the Trustees.
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
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