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← Grace Church Dulwich

2025-08-31-accounts

Grace Church Dulwich (A company limited by guarantee)

Financial Statements for the year ending 31 August 2025

Grace Church Dulwich (A company limited by guarantee)

Report and Financial Statements For the year ending 31 August 2025

Charity number 1111740 Company number 05554986

Contents Page
Reference and Administrative Information 2
Report of the Trustees 3
Report of the Independent Examiner 8
Statement of Financial Activities 9
Balance Sheet 10
Cashflow Statement 11
Notes forming part of the financial statements 13
Detailed Statement of Financial Activities 23

1

Grace Church Dulwich

Reference and Administrative Information

Charity name: Grace Church Dulwich Charity registration number: 1111740 Company registration number: 05554986 Registered Office 102 Pymers Mead London SE21 8NJ

Directors of the Company and Trustees for the purpose of charity law

Rev. P Martin Chairman/ Senior Minister (appointed 20 September 2024) Mr B Jones Churchwarden Professor A Butler Churchwarden (appointed 3 February 2026) Mr M Evans Churchwarden till 3 February 2026, Treasurer from 3 February 2026 Mr A Neden Treasurer till 3 February 2026 Mrs M Burke Mr W Nettleford

Secretary

Mrs V Widdows (resigned 31 December 2025) Mrs H Simmons (appointed 9 January 2026)

Staff in addition to the minister and secretary

Mr A Meadows Associate minister with responsibility for youth and children Mrs F Neden Volunteer leader of women’s team ministry Mrs P Evans Women’s team ministry

Independent Examiner

Nick Spear ACCA, Stewardship, 1 Lambs Passage London EC1Y 8AB

Bankers

NatWest Bank, St Paul’s Branch, Juxon House, 98 St Paul’s Churchyard, London EC4M 8BU

2

Grace Church Dulwich

The trustees, who are the charity's directors for the purposes of company law, have pleasure in submitting the Report and Accounts for the year.

Structure, Governance and Management

Governing document

The organisation is a charitable company limited by guarantee, incorporated on 6 September 2005 and registered as a charity as from that date. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1 each.

Recruitment and Appointment of the Church Council, Directors of the company and Trustees for the purposes of charity law

Under the company’s Memorandum and Articles of Association the greater of (i) two or (ii) one third of the members of the Church Council (aside from the Senior Minister and Wardens who serve ex-officio) shall retire at each Annual General Meeting in rotation. Appointments or re-appointments shall be by election at the Annual General Meeting, with the approval of the Senior Minister and for a fixed period of three years.

The Directors of the company are also charity trustees for the purposes of charity law. Trustees are appointed for a fixed term of three years (aside from the Senior Minister and Wardens who serve ex-officio). The appointment or re-appointment of any Trustee is by the remaining Trustees and requires the prior written approval of the Council of Reference and the Church Council. Trustees are selected from those active within the charity who have the maturity and skills to help guide the charity and their appointment is subject to confirmation on a regular basis at the Annual General Meetings. New trustees are encouraged to take time to understand their fiduciary responsibilities.

Day to day running of the charity and decisions are delegated to staff, within the framework of the weekly and monthly meetings. Trustees are involved through regular meetings in any changes of that structure, in any changes in strategic direction, in decisions on the employment of staff, and on any significant spend. Pay for key management is reviewed annually by the treasurer in conjunction with the wardens, and any changes apart from inflationary increases are confirmed by the trustees. The regular meetings of the Trustees are attended by staff and trustees, but the trustees retain the full decision-making power required by the governing document.

Objectives and Activities

The objects of the charity are the advancement of the Christian Faith.

We are an Anglican Evangelical church. People of all ages and stages and backgrounds meet at Grace Church, committed to learning from the Bible as we seek actively to love and serve Jesus Christ. Visitors are always welcome, particularly all those investigating the claims of Jesus or looking for a church family to make their own.

Our mission statement

Our overall purpose is to make disciples of Jesus Christ.

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Grace Church Dulwich

We believe that Jesus’ Great Commission of Matthew 28:16-20 is the mission of the church: to go into the world and make disciples by declaring the gospel of Jesus Christ in the power of the Spirit, and gathering these disciples into churches that they might worship and obey Jesus Christ both now and in eternity- to the glory of God the Father.

Activities and Achievements

The aim and purpose of the charity, the advancement of the Christian Faith and making disciples of Jesus Christ, are advanced through the activities set out below.

Strategically we regularly review the effectiveness of these activities in reaching friends and neighbours and setting out clearly the claims of Christ. We assess whether we are achieving the objectives by considering the growth of numbers in those attending, and more subjectively (given this is known only by our Lord in heaven) the spiritual growth and understanding of those attending.

The principal activities of the charity are:

These activities are undertaken in and around the Dulwich area of South-East London.

In planning these activities, the Trustees have had regard to the guidance on public benefit issued by the Charity Commission. All of these activities have welcomed newcomers from the local community throughout the year.

To facilitate the partnerships with other Christians in the UK and overseas the charity makes grants and encourages mutual prayer and practical support. Each partner we support is assessed annually as to the effectiveness and usefulness of those grants.

For the year the principal mission partners were The Church of the Good Shepherd in Doncaster and through Crosslinks, a Minister and his family working in Naples, Italy, an individual working with Calvary Church Castlebar, Eire and Christ Church Soweto, South Africa. Additionally the charity provided support for an overseas student studying at a UK bible college, by paying college fees and sundry travel and visa related expenses.

Volunteers

These financial statements record only the financial transactions – they do not, and it would not be possible to, record all the voluntary work done and resources provided by many to support the charity and its objectives.

Most of the charity's activities are undertaken by volunteers and the charity could not operate effectively without their efforts. The ways that the volunteers assist include but are not limited to

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Grace Church Dulwich

prayers, leading the Sunday Club activities for children, occasional speaking, serving refreshments, and clearing away after the services

Financial Review

The charity is dependent for funding solely on donations from members of the Company and other individual donors.

In the year to 31 August 2025, total income was £589,577 and expenditure was £328,730. As a result, the charity recorded a surplus of £34,956 on unrestricted funds from its usual activities (2024: £92,881). A further £229,000 very generous one off giving in response to an appeal to raise funds for the purchase of a house for the minister and family was received plus £6,950 towards the support for an overseas student studying in the UK (2024: both £nil). The net surplus on restricted funds was £225,891, all of which was transferred to the General Fund to support the purchase of the property.

The charity’s net assets increased by £260,847 to £732,434, all of which were unrestricted. Net current assets decreased by £137,741 to £20,761.

Investments

Reserves of the charity are kept in interest bearing cash accounts where not immenently required for day to day operations. The trustees periodically consider which institutions to hold these cash funds with – taking into account both the return and the use which the institution will make of the deposited funds.

Fundraising

Funds for the operation of the church and the 10% we aim to use for our partners in the wider church are raised entirely from those who are members of the church, with occasional reminders to the congregation of how those funds are used and for members to consider their levels of giving. As shown this year that can be supplemented by specific requests for extra giving for specific initiatives.

Key risks and uncertainties

The key risk for the charity is not remaining faithful to the biblical ministry we are called to. We aim to reduce this risk by the regular private study and public proclamation of God’s word, by properly considered recruitment of trustees and staff members.

Other risks include:

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Grace Church Dulwich

Plans for the future

The trustees continue to assess the effectiveness of the ministry and whether additional services or other activities on the current sites or other locations would be beneficial to the overall mission. At present however there are no immediate plans for major changes in the staff team or the range of activities we undertake. Hence apart from a possible extension to improve the usability of the minister’s house for meetings and study (which depends on practicality, planning permissions and some future fund raising), no changes are contemplated in the immediate future.

Reserves

Apart from the two residential properties housing respectively the minister and the associate minister, the charity does not own any other building or other significant fixed assets nor is it currently contemplating any longer-term financial projects such as would require the establishment of substantial reserves. Consequently, the Trustees consider that whilst this remains the case, taking into account the assets which would be sellable if absolutely necessary, a prudent readily realisable reserve would be to have at a minimum unrestricted net current assets of over £40,000, enough to cover immediate expenditure.

The charity ended the year with unrestricted net current assets of £20,761, which is below the reserves policy level. The trustees intend and expect to return to the reserves policy level over the coming year. Specifically, the trustees were aware that a donation was promised amounting to a further £120,000 in relation to the purchase of 102 Pymers Mead and therefore were content to operate with the noted level of reserves at the year end and subsequent months. The whole of this promised amount was received by early January 2026, restoring the reserves to more than the minimum required.

Responsibilities of Trustees

The directors are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and

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Grace Church Dulwich

expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that 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.

Stewardship Services were appointed as reporting accountants and one of their employees serves as the company's independent examiner.

This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the trustees on and Mar 20, 2026 signed on their behalf by:

Andrew Neden

Andrew Neden (Mar 20, 2026 12:40:58 GMT)

Mr A Neden FCA (Trustee)

7

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

GRACE CHURCH DULWICH ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2025 on pages 9 to 23 following, which have been prepared on the basis of the accounting policies set out on pages 13-15.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the 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 I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company 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 with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Nick Spear

Nick Spear (Mar 24, 2026 16:24:24 GMT)

Nick Spear ACCA The Association of Chartered Certified Accountants Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Mar 24, 2026

Page 8

GRACE CHURCH DULWICH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2025

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income and endowments
EXPENDITURE ON:
Charitable activities
6
Total expenditure
Net income/(expenditure)
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15		 Unrestricted
Funds
£
329,153
21,397
3,327
353,877
318,921
318,921
34,956
225,891
260,847
471,587
732,434		 Restricted
Funds
£
235,700
-
-
235,700
9,809
9,809
225,891
(225,891)
-
-
-		 Total
Funds
2025
£
564,853
21,397
3,327
589,577
328,730
328,730
260,847
-
260,847
471,587
732,434		 Total
Funds
2024
£
389,061
7,190
1,657
397,907
305,027
305,027
92,881
-
92,881
378,706
471,587

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.

The notes on page 13-22 form part of these accounts.

Page 9

GRACE CHURCH DULWICH

BALANCE SHEET

AS AT 31 AUGUST 2025

Note
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
10
CREDITORS: Amounts falling
due within one year
11
Net current assets / (liabilities)
Total assets less current liabilities
CREDITORS: Amounts falling due
12
after more than one year
TOTAL NET ASSETS
FUND BALANCES
15
Unrestricted Funds
General funds
Designated funds
Restricted Funds		 Unrestricted
Funds
£
1,816,881
1,816,881
12,473
42,192
54,664
(33,903)
20,761
1,837,643
(1,105,209)
732,434
732,434
-
732,434
-
732,434		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2025
£
1,816,881
1,816,881
12,473
42,192
54,664
(33,903)
20,761
1,837,643
(1,105,209)
732,434
732,434
-
732,434
-
732,434		 Total
Funds
2024
£
897,515
897,515
18,620
157,241
175,861
(17,358)
158,502
1,056,018
(584,431)
471,587
471,587
-
471,587
-
471,587

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.

The directors (who are the charitable company's trustees for the purposes of charity law) acknowledge their responsibilities for:

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors and were signed on its behalf by:

==> picture [346 x 65] intentionally omitted <==

----- Start of picture text -----
Andrew Neden
Andrew Neden (Mar 20, 2026 12:40:58 GMT)
---------------------------------------
MR. A. NEDEN FCA (TRUSTEE)
20 March 2026
Date: _______
Company number: 05554986 Charity number: 1111740
----- End of picture text -----

The notes on page 13-22 form part of these accounts.

Page 10

GRACE CHURCH DULWICH

FOR THE YEAR ENDED 31 AUGUST 2025

CASH FLOW STATEMENT

Note
Cash flows from operating activities:
Net cash provided by/(used in) operating activities
a
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Net cash provided by/(used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
Cash inflows from new borrowing
Net cash provided by/(used in) financing activities
b
b
Cash and equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and equivalents in the reporting period		 2025
£
271,060
3,327
(919,366)
(916,039)
(10,070)
540,000
529,930
(115,049)
157,241
42,192		 2024
£
113,098
1,657
-
1,657
(9,905)
-
(9,905)
104,849
52,391
157,241

Analysis of changes in net debt:

Cash
Bank loans:
Falling due within one year
Falling due after one year
Total net funds / (debt)		 At start of
year
£
157,241
(9,717)
(584,431)
(436,907)		 Cash-flows
£
(115,049)
9,152
520,778
414,881		 At end of
year
£
42,192
(18,869)
(1,105,209)
(1,081,886)

Page 11

GRACE CHURCH DULWICH

FOR THE YEAR ENDED 31 AUGUST 2025

NOTES TO THE CASH FLOW STATEMENT

Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities

Adjustments for:
Dividends, interest and rents from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities
Note b: Analysis of cash and cash equivalents
Cash at bank with immediate access
Petty cash
Total cash and cash equivalents
Net income/(expenditure) for the reporting period (as per the statement of financial
activities)		 2025
£
260,847
(3,327)
6,147
7,393
271,060
2025
£
42,147
45
42,192		 2024
£
92,881
(1,657)
20,523
1,350
113,098
2024
£
157,196
45
157,241

Page 12

GRACE CHURCH DULWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

1 Statutory Information

The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

When donated goods, services and facilities are distributed or consumed, an expense in respect of those items is included in the Statement of Financial Activities. At the year end any goods that have not been distributed or consumed are recognised as stock; donated fixed assets are capitalised.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from church retreats and other events and courses.

Investment income represents income generated by the charity's assets and includes income from bank interest.

The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith, and all income from donations, legacies and charitable activities is in respect of this one activity.

Page 13

GRACE CHURCH DULWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

2 Accounting Policies (continued)

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The cost of raising funds is not significant and has not been separately disclosed.

The Charities SORP requires charities with income over £500,000 to allocate costs to the various activities undertaken by the charity. The nature of the work of the church is considered to be so integrated that the core charitable activity costs are considered to be for the one activity.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

e) Intangible fixed assets

The cost of software is capitalised and amortised on a straight line basis over its expected useful life, which is expected to be 2 years.

f) Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £2,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Residential property Is not depreciated and held at historic cost Computer hardware Over 2 years Fixtures and fittings Over 5 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

g) Stocks

Stocks of goods purchased for re-sale are stated at the lower of cost and net realisable value. Stocks of donated items held for distribution to beneficiaries are measured at fair value; stocks of goods donated for the charity's own use are valued at an estimate of their value to the charity.

Page 14

GRACE CHURCH DULWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

2 Accounting Policies (continued)

h) Leased assets

Leases which do not transfer substantially all the risks and rewards of ownership to the charity are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term (unless another systematic basis is more representative of use).

i) Pension scheme arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

j) Taxation

The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

k) Financial instruments

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

o) Critical accounting estimates and areas of judgement

The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

3 Donations and legacies

3
Donations and legacies
Donations of cash and similar
Gift aid recoverable
4
Income from charitable activities
Church retreats and events
Book sales
Other income
5
Investment income
Bank interest		 2025
£
493,656
71,196
564,853
2025
£
18,894
227
2,275
21,397
2025
£
3,327
3,327		 2024
£
333,178
55,882
389,061
2024
£
6,781
410
-
7,190
2024
£
1,657
1,657

Page 15

GRACE CHURCH DULWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

6 Charitable expenditure

a
Costs incurred directly on specific activities
Staff salary and directly related costs
Staff accommodation costs
Venue related costs
Other ministry costs
Bookstall costs
Grants payable (note 6c)
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Other
Other support and administration costs
Bank loan interest payable
Insurance
Total expenditure		 2025
£
89,257
86,071
29,378
35,342
237
240,285
34,875
275,160
3,000
1,704
4,704
4,708
43,517
641
53,570
328,730		 2024
£
102,587
77,476
31,013
23,578
213
234,867
26,500
261,367
2,020
2,283
4,303
4,137
33,957
1,263
43,660
305,027

The fee payable to the independent examiner for preparing and examining the accounts was £3,000 (2024: £2,020 for examination only); in addition the charity paid £889 (2024: £872) to Stewardship for payroll bureau services.

c Grants payable

Grants for UK and overseas mission
Grants for education, including ministry training
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
The charity's principal grants to institutions comprised:
Holy Redeemer Streatham (through the Southwark Good Steward Trust)
Crosslinks (re a family working in Naples)
Crosslinks (re a church worker in Eire)
Crosslinks (re Christ Central Soweto)
Church of the Good Shepherd Doncaster
Lakeview		 Institutions
£
25,066
-
25,066
Institutions
£
26,250
26,250		 Individuals
£
-
9,809
9,809
Individuals
£
250
250
2025
£
-
5,750
6,000
4,000
6,000
3,316
25,066		 2025
£
25,066
9,809
34,875
2024
£
26,500
26,500
2024
£
5,000
5,750
6,000
4,000
5,500
-
26,250

Page 16

GRACE CHURCH DULWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

7 Analysis of staff costs, the cost of key management personnel and trustee remuneration

ysis of staff costs, the cost of key management personnel and trustee remuneration
Gross wages and salaries
Social security
Pension costs
Other employment benefits		 2025
£
77,127
932
10,935
263
89,257		 2024
£
87,751
1,187
13,649
-
102,587

The average monthly number of employees during the year was 3.9 (2023: 4.3). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

The charity's key management comprise the trustees and the key staff named on the Company Information page. Total employment benefits payable to key management for the year were as follows:

Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Trustees:
Rev. P. Martin
26,822
-
3,577
Other members of key management
50,305
263
7,358		 2025
£
30,399
57,926
88,325

The following amounts were payable in the previous year:

following amounts were payable in the previous year:
Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Trustees:
Rev. P. Martin
5,406
-
1,297
Other members of key management
82,345
-
12,352		 2024
£
6,703
94,697
101,400

Rev. P. Martin served as the church's Senior Minister and received the above payments for serving in that capacity, not for serving as a trustee; these payments are permitted by the charity's governing document. These payments were partly made through another charity which the charity refunded).

In addition the charity incurred expenditure totalling £47,576 (2024: £19,703) in respect of the customary provision of accommodation to Rev. P. Martin, who is a trustee, so that they could better perform their duties. The charity also incurred expenditure totalling £36,506 (2024: £40,321) and £34,243 (2024: £20,344) in respect of the customary provision of accommodation to A. Meadows and P. Evans respectively, so that they could better perform their duties.

Page 17

GRACE CHURCH DULWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

8 Tangible fixed assets

Cost
At 1 September 2024
Additions
Disposals
At 31 August 2025
Accumulated depreciation
At 1 September 2024
Charge for the year
Eliminated on disposal
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Residential
Property
£
897,515
919,366
-
1,816,881
-
-
-
-
1,816,881
897,515		 Fixtures,
Fixtures
and fittings
£
11,850
-
-
11,850
11,850
-
-
11,850
-
-		 Computer
software &
hardware
£
2,711
-
-
2,711
2,711
-
-
2,711
-
-		 Total
2025
£
912,076
919,366
-
1,831,442
14,561
-
-
14,561
1,816,881
897,515

Residential property comprises used two properties acquired in 2022 and 2025 for a total cost of £897,515 and £913,366 respectively and used for staff accommodation. The residential property used by the charity is held at historic cost as the residual value of each property at the end of its expected useful life is considered to be very high and, as it would not be material, no depreciation is being charged on these assets.

9 Debtors

Gift aid recoverable
Other debtors
Prepayments and accrued income
h at Bank and in Hand
Cash at bank with immediate access
Petty cash
itors: liabilities falling due within one year
Other creditors
Accruals
Loans (note 13)
Grant obligations		 2025
£
3,265
6,308
2,900
12,473
2025
£
42,147
45
42,192
2025
£
917
6,767
18,869
7,350
33,903		 2024
£
6,562
8,558
3,500
18,620
2024
£
157,196
45
157,241
2024
£
2,342
5,300
9,717
-
17,358

10 Cash at Bank and in Hand

11 Creditors: liabilities falling due within one year

Page 18

GRACE CHURCH DULWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

12 Creditors: amounts falling due after more than one year

itors: amounts falling due after more than one year
Loans (note 13) 2025
£
1,105,209
1,105,209		 2024
£
584,431
584,431

13 Loans and finance leases

The liabilities for loans referred to in notes 12 and 13 fall due for repayment as follows:

The liabilities for loans referred to in notes 12 and 13 fall due for repayment as follows:
Repayable:
Within one year
Between one and five years
After five years		 By
instalments
18,869
86,230
1,018,979
1,124,078		 2025
2024
£
£
18,869
9,717
86,230
44,840
1,018,979
539,591
1,124,078
594,148
Bank loans
594,148

The bank loans referred to in the above notes are two loans from Kingdom Bank taken out in 2022 and 2025, secured by way of a fixed and floating charge on the charity's assets and specifically the properties at 19 and 102 Pymers Mead, Dulwich, London, which is referred to in note 8 above. Interest is payable at a variable rate, which at the balance sheet date was 5.4%. The loans are being repaid in monthly instalments and must be repaid in full by 2052 and 2055 respectively.

14 Pension commitments

During the year employer’s pension contributions totalling £10,935 (2024: £13,649) were payable to defined contribution personal pension schemes. Pension contributions totalling £917 were owing at the balance sheet date (2024: £2,342).

Page 19

GRACE CHURCH DULWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

15 Funds

During the year the movements in the charity's funds were as follows:

General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
House Fund
Student Support Fund
Aggregate of funds		 Opening
balance
2025
£
471,587
471,587
-
-
-
471,587		 Incoming
resources
2025
£
353,877
353,877
228,750
6,950
235,700
589,577		 Outgoing
resources
2025
£
(318,921)
(318,921)
-
(9,809)
(9,809)
(328,730)		 Transfers
in the year
2025
£
225,891
225,891
(228,750)
2,859
(225,891)
-		 Gains and
losses
2025
£
-
-
-
-
-
-		 Closing
balance
2025
£
732,434
732,434
-
-
-
732,434

The transfers referred to above were made for the following reasons:

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

ysis of net assets by fund
assets and liabilities of the various funds were as follows:
Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year		 General
Designated
funds
funds
£
£
1,816,881
-
12,473
-
42,192
-
(33,903)
-
(1,105,209)
-
732,434
-
Unrestricted Funds		 Restricted
funds
£
-
-
-
-
-
-		 2025
£
1,816,881
12,473
42,192
(33,903)
(1,105,209)
732,434

Page 20

GRACE CHURCH DULWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

15 Funds (continued)

In the previous year the movements in the charity's funds were as follows:

General Unrestricted Funds
Total Unrestricted Funds
Aggregate of funds		 Opening
balance
2024
£
378,706
378,706
378,706		 Incoming
resources
2024
£
397,907
397,907
397,907		 Outgoing
resources
2024
£
(305,027)
(305,027)
(305,027)		 Transfers
in the year
2024
£
-
-
-		 Gains and
losses
2024
£
-
-
-		 Closing
balance
2024
£
471,587
471,587
471,587

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year		 General
Designated
funds
funds
£
£
897,515
-
18,620
-
157,241
-
(17,358)
-
(584,431)
-
471,587
-
Unrestricted Funds		 Restricted
funds
£
-
-
-
-
-
-		 2024
£
897,515
18,620
157,241
(17,358)
(584,431)
471,587

The House Fund was created to receive donations towards to purchase of an additional residential property for staff accommodation. The balance has been transferred to the General Fund on completion of the purchase.

The Student Support Fund was created to receive donations towards the church's support of an overseas student who is volunteering with the church while training at Bible college.

16 Operating lease commitments

The charity has operating leases for staff acommodation and venues, one of which was surrendered during the year. The minimum amount payable (until the next break clause and ignoring the potential effect of future rent reviews) in respect of these leases is as follows:

Within one year
Between one and five years
After five years
Payments falling due:		 2025
£
37,500
-
-
37,500		 2024
£
78,100
26,400
-
104,500

During the year the charity was charged £70,970 (2024: £58,554) for its operating leases.

Page 21

GRACE CHURCH DULWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

17 Transactions with related parties

During the year the charity:

During the year the charity also made the following payments to, or for, related parties:

Except as disclosed in note 7 'Analysis of staff costs', there have been no other transactions with related parties during the year.

18 Members

Each member of the company commits to contribute if the charity is wound up an amount of £1.

Page 22

GRACE CHURCH DULWICH

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 AUGUST 2025

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income and endowments
EXPENDITURE ON:
Charitable activities:
6
Total Expenditure
Net income/(expenditure)
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15		 General
2025
£
329,153
21,397
3,327
353,877
318,921
318,921
34,956
225,891
260,847
471,587
732,434
Unrestric		 Unrestric Designated
2025
£
-
-
-
-
-
-
-
-
-
-
-
ted funds		 Restricted
2025
£
235,700
-
-
235,700
9,809
9,809
225,891
(225,891)
-
-
-		 Total
2025
£
564,853
21,397
3,327
589,577
328,730
328,730
260,847
-
260,847
471,587
732,434		 General
2024
£
389,061
7,190
1,657
397,907
305,027
305,027
92,881
-
92,881
378,706
471,587
Unrestric		 Unrestric Designated
2024
£
-
-
-
-
-
-
-
-
-
-
-
ted funds		 Restricted
2024
£
-
-
-
-
-
-
-
-
-
-
-		 Total
2024
£
389,061
7,190
1,657
397,907
305,027
305,027
92,881
-
92,881
378,706
471,587

Page 23