Grace Church Wanstead
A company limited by Guarantee
5899396 (registered in England and Wales) Registered Charity: 1118247
Trustees’ Annual Report
And
Financial statements
Year ended 31 August 2023
Grace Church Wanstead
Year ended 31 August 2023
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Index
Charitable company information 2
Trustees Annual Report (including directors’ report) 3-5
Independent examiners report 6
Statement of Financial Activities 7
Balance Sheet 8-9
Notes to the financial statements 10-18
Detailed statement of financial activities 19
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1
Grace Church Wanstead
Year ended 31 August 2023
Charitable Company Information
Trustees
Rev David N Gibbs - Chairman and senior minister
Mr Costas Argyrou Mr Gerard A Durcan Mr Philippe Kapikian resigned 6° March 2023
Company Secretary
Company Secretary Ms Deborah Kelly Registered company number: 5899396 Charity Registration Number: 1118247 Principal Address and Registered office: 19 Highstone Avenue London E11 2PP
Independent examiner: Sylvia Lambden FCCA Calculus Accountants and Tax Advisers Ltd 5 Priory Road Loughton Essex IG10 1AF Bankers: Nat West 51-53 High Street London E11 2AB Solicitors: Edward Connor 10 The Point Market Harborough LE16 7QU
2
Grace Church Wanstead
Year ended 31 August 2023
TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)
The trustees, who are the charity's directors for the purpose of company law, have the pleasure in submitting the Report and Accounts for the year.
Objectives and Activities
Objectives. The objects of the charity according to their articles of association are the advancement of the Christian Faith in Wanstead and the wider world. The Trustees have reviewed the Charity Commission's guidance on public benefit and seek to apply this when planning activities.
Activities and achievements.
At the heart of our activities is a public weekly Sunday meeting held at Wanstead House, a local community centre. This is advertised through our website and leafletting 3,500 residents three times a year (Easter, Christmas and in September at the time of the Wanstead Festival). Other activities include.
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e Weekly Bible studies to encourage Christian members and help them explain the Christian message to those around them. These meetings were held either online or in person.
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e Ran termly events in a local coffee shop to explain aspects of the Christian Faith to those invited by church members.
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e Joined with other local churches in organising events explaining the gospel to residents including a half term holiday Bible club in February 2023
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e Rana weekly book table on Wanstead High Street (outside Tescos) to speak to passers by about the Christian Faith and to give away tracts explaining the good new of Jesus
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e Rana weekly term time Toddler group to support local parents and carers with an opportunity to hear a Christian story and a regular invitation to our public Sunday meetings
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e Rana Website to explain the church's meetings and the Christian Faith.
Most of the charities activities are undertaken by volunteers and the charity could not operate effectively without their efforts.
In planning the activities the trustees have applied the guidance on public benefit issued by the Charity Commission.
Financial Review
The financial year saw a surplus of £8,833. Regular monthly income was boosted by three substantial totalling £20,000. This meant that reserves at the end of the financial year were £36,206. For the first six months of the current year the charities income has boosted by two of one off gifts totalling £35,000 one-off gifts. All reserves held are unrestricted.
3
Grace Church Wanstead
Year ended 31 August 2023
TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)
Reserves Policy
The current reserves policy is that free reserves held by the charity should be maintained at the level required to meet the company's financial commitments to pay staff and agreed property rental for a period of not less than three months (c£13,500) and not more than six months (c£27,000) Currently our reserves are well above the top level due to a high proportion of our income being in substantial one off gifts rather than monthly regular giving. Our aim in the medium term is to increase our monthly regular income and so be able to work more in line with our current policy.
Going Concern.
The Trustees continue to review the level of finances in the charity. The early part of the new financial year saw a number of one-off gifts further strengthening the charities finances. Regular monthly income is currently running below expenditure, but the Trustees have potential procedures in place to seek to raise further income and reduce expenditure, if necessary in the future.
With this in mind the trustees are comfortable that there is no immediate danger of insolvency and the charity remains a “going concern”.
Structure, Governance — including how trustees are selected and trained.
The Trustees of the charity who are also directors of the company and the church council of elders manage and direct the work of the charity. They meet monthly in order to carry out this function. Day to day management is overseen by David Gibbs as Senior Minister and Chairman.
Trustees are appointed or re appointed by the current trustees from members of the company who they think are suitable in accordance with the Articles of Association.
Training: As part of our ongoing trustee meetings we have been working through the Charity Commission's “Essential Trustee: what you need to know, what you need to do” booklet.
The Charity is in the process of conversion into a ClO
Plans for the future
We continue to plan to proclaim the good news ofJesus in the surrounding area using the means outlined in the review above, including running a half term holiday club and performing a Mark Drama. These are being done in partnership with our other partner churches.
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Grace Church Wanstead
Year ended 31 August 2023
TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)
Key risks and uncertainties
The charity is exposed to various risks be they operational, financial or reputational. The Trustee review the charity’s activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.
Responsibilities of Trustees under company law.
The trustees are responsible for preparing the trustees’ annual report and financial statements in accordance with applicable law and UK Accounting Standards.
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 to the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and 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 or safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
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 and signed on their behalf by:
David Gioos David Gibbs (May 6, 2024 16:35 GMT+1) David Gibbs
Date:
06/05/24
Chairman and Senior Minister
5
Grace Church Wanstead
Year ended 31 August 2023
Independent Examiner's Report to the Trustees of Grace Church Wanstead
| report to the charity trustees on my examination of the accounts of the company for the year ended 31° August 2023 which are set out on pages 7 to 18.
Responsibilities and basis of report
As the charity 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, | report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
| have completed my examination. | confirm that no 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 company as required by section 386 of the 2006 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 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
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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)].
| 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.
The Examiner’s relevant professional qualification or body is the Association of Chartered Certified Accountants
Signed:
Sylvia Lambden FCCA
Calculus Accountants and Tax Advisers Limited 5 Priory Road Loughton Essex IG10 1AF
06/05/24
The date upon which my opinionoo.is expressed is:
6
Grace Church Wanstead
Statement of Financial Activities
(Including Income and Expenditure Account) For the year ended 31 August 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total funds | Total funds | ||
| funds | funds | ||||
| £ | £ | £ | £ | ||
| Notes | |||||
| Income from | |||||
| Donations and legacies | 2(a) | 71,385 | - | 71,385 | 57,457 |
| Investment income | 2(c) | “ | I | “ | 41 |
| Charitable activities | 2(b) | 2,147 | - | 2,147 | 2,455 |
| Other | 2(d) | 500 | - | 500 | - |
| Total income | 74,032 | - | 74,032 | 59,953 | |
| Expenditure on | |||||
| Charitable activities | 3 | 60,658 | - | 60,658 | 64,183 |
| Governance costs | 4 | 1,726 | - | 1,726 | 3,265 |
| Support costs | 5 | 2,816 | - | 2,816 | 4,354 |
| Total expenditure | 65,200 | - | 65,200 | 71,802 | |
| Net income/(expenditure) | 8,832 | - | 8,832 | (11,849) | |
| Transfer between funds | “ | “ | = | - | |
| Exceptional items | = | « | - | - | |
| Net movement in funds for the | |||||
| year | 8,832 | - | 8,832 | (11,849) | |
| Reconciliation of funds: | |||||
| Total funds brought forward | 12 | 27,373 | - | 27,373 | 39,222 |
| Totalfundscarriedforward | 12 | 36,205 | - | 36,205 | 27,373 |
All income and expenditure derive from continuing activities
The accompanying notes on pages 10 to 18 are an integral part of these financial statements
7
Grace Church Wanstead
Balance Sheet Company number: 5899396 As at 31 August 2023
| As at 31 August 2023 | |||
|---|---|---|---|
| Notes | 2023 | 2022 | |
| £ | £ | ||
| Fixed assets | |||
| Tangible fixed assets | 8 | 363 | 439 |
| Current assets | |||
| Debtors | 9 | 1,263 | 865 |
| Cash at bank and in hand | 10 | 38,967 | 33,082 |
| 40,230 | 33,947 | ||
| Creditors: amounts falling due within one year | 11 | (4,388) | (7,013) |
| (4,388) | (7,013) | ||
| Net current assets | 35,842 | 26,934 | |
| Net assets | 36,205 | 27,373 | |
| Represented by: | |||
| Unrestricted revenue fund- general | 12a | 36,205 | 27,373 |
| Unrestricted revenue fund- designated | 12b | - | - |
| Total unrestricted funds | 36,205 | 27,373 | |
| Restricted funds | 12c | - | - |
| Totalfunds | 36,205 | 27,373 |
The accompanying notes on pages 10 to 18 are an integral part of these financial statements
8
Grace Church Wanstead
Balance Sheet (continued) Company number: 5899396 As at 31 August 2023
The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 August 2023 and of its net resources expended for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies’ subject to the small companies regime
The Trustees acknowledge their responsibility for ensuring the charity keeps proper accounting records in accordance with the requirements of the Charities Act 2011 as more fully set out in the statement of Trustees’ responsibilities in the Trustees’ Report
The financial statements on pages 7 to 19 were approved by the Board of Trustees on were signed on their behalf by:
2024 and
06/05/24
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David Gibb
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David Gibbs (May 6, 2024 16:35 GMT+1)
David Gibbs
Trustee
9
Grace Church Wanstead Notes to the Financial Statements
As at 31 August 2023
1 ACCOUNTING POLICIES
Grace Church Wanstead is a private charitable company limited by guarantee registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity’s operations and principal activities are set out in the Trustees Annual Report.
The charity constitutes a public benefit entity as defined by FRS 102. 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 United Kingdom and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) , the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound sterling.
The principle accounting policies and estimation techniques are as follows:
a) Income
All income is included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to them as income, ultimate receipt is probable and the amount to be recognised can be quantified with reasonable accuracy. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specfied that the income is to be expended in future period.
Income includes:
i) Recoverable gift aid. This is recognised when the related donation is received. ii) | Investment income. This is recognised when the period the charity becomes entiled to receipt and only derives from bank interest.
b) Expenditure
Expenditure is included on the accruals basis and is inclusive of Value Added Tax. It has been classified in the SOFA under charitable activities.
i) The Charity makes grants to other institutions and individuals and grants payable are recognised when the charity expresses a commitment and any conditions associated are fulfilled.
ii) the costs of raising funds is not significant and has not been disclosed separately. ill) Governance costs are Included In charitiable activities and are separately identitied in the notes to the accounts.
iv) Support costs are included in charitable activites and identified separtely in the accounts.
c) Tangible fixed assets
Items purchased or donated are capitalised when the costs exceed £50 and the item is expected to benefit the charity for more than one year.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Fixtures and fittings - 25% on cost
10
Grace Church Wanstead
Notes to the Financial Statements
As at 31 August 2023
d) Cash and cash equivalents
Cash represents cash in hand plus bank balances immediately available to the charity. Cash equivalents are bank balances held on short term deposit available to the charity at up to 3 months’ notice.
e) Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure
f) Taxation
The charity is exempt from corporation tax on its charitable activities.
g) Fund accounting
General fund are unrestricted funds can be used in accordance with the charitable objectives 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 subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
h) Pension costs
Contributions to the charity's pension scheme, which is a defined contribution scheme, are charged to the SOFA in the period to which they relate. The assets of the scheme are held separately from those of the charity in independently administered funds.
i) Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern
j) Exemption from preparing a cash flow
The charity has taken advantage of an exemption conferred by the charity sorp and has not prepared a cash flow statement.
k) 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 carrying values of assets and liabilities in the next report period.
11
Grace Church Wanstead Notes to the Financial Statements
As at 31 August 2023
| 2023 Total | 2022 Total | |||
|---|---|---|---|---|
| Funds | Funds | |||
| 2 | Income from | |||
| a) | Donations and legacies | |||
| Donations with gift aid | 63,353 | 31,525 | ||
| Donations without gift aid | - | 18,586 | ||
| Income tax recoverable | 8,032 | 7,346 | ||
| Donations for third parties | - | - | ||
| 71,385 | 57,457 |
Included in donations are amounts totalling £ nil (2020- £500) which are Restricted Funds as the have described that these funds are to be expended on:
| Included in donations are the following aggregated | |||
|---|---|---|---|
| amounts given by the Trustees and connected | |||
| individuals. | |||
| Total donations | 21,420 | 22,020 | |
| b) | Charitable activities | ||
| Event income | 120 | 1,346 | |
| Grace Church tots subs | 2,027 | 1,109 | |
| 2,147 | 2,455 | ||
| All the Charitable activities income is allocated to Unrestricted Funds | |||
| c) | Investment Income | 2023 | 2022 |
| £ | £ | ||
| Deposit account interest | - | 41 | |
| All deposit account interest is allocated to the Unrestricted Funds | |||
| d) | Other Income | 2023 | 2022 |
| £ | £ | ||
| GrantfromFIEC | 500 | - |
12
Grace Church Wanstead Notes to the Financial Statements
As at 31 August 2023
| 3 | Expenditure on | |||
|---|---|---|---|---|
| Charitable activity | 2023 | 2022 | ||
| £ | £ | |||
| Salary and travel expenses | 27,988 | 27,682 | ||
| Employers national insurance | 2,603 | 2,749 | ||
| Pensions | 643 | 690 | ||
| Ministers expenses | 16,252 | 16,384 | ||
| Conferences and training | 561 | 245 | ||
| Book, literature and media | 607 | 595 | ||
| Gifts to speakers | 550 | - | ||
| Telephone and utilities | 1,042 | 918 | ||
| Catering | 567 | 464 | ||
| Toddler group | 514 | 33 | ||
| Miscelleous | 232 | 306 | ||
| Grants payable | 3b | (2,000) | 4,000 | |
| Events | 1,429 | 2,966 | ||
| Small equipment items | 291 | - | ||
| Venue hire | 9,379 | 7,151 | ||
| 60,658 | 64,183 |
All Direct costs shown above are charged to Unresticted Funds except the donations to third parties £500 (£5,100)
| 3b | Grants Payable | |||
|---|---|---|---|---|
| Grants for UK and overseas mission work | ||||
| Cross links | (2,000) | 2,000 | ||
| Eurasian Ministries | - | 2,000 | ||
| (2,000) | 4,000 | |||
| 4 | Governance costs | CO | a | |
| Independent examiners fee | 300 | 300 | ||
| Accounts preparation | 450 | 450 | ||
| Companies House | 13 | 13 | ||
| Solicitors fees re ClO | 963 | 2,292 | ||
| Other legal and professional | 0 | 210 | ||
| 1,726 | 3,265 | |||
| 5 | Support costs | |||
| Subscriptions and professional fees | 1,166 | 2,195 | ||
| Bookkeeping and payroll costs | 1,156 | - | ||
| Insurance | 287 | 310 | ||
| Disclosure and barring service checks | 24 | 388 | ||
| Computer equipment depreciation | 183 | 257 | ||
| 2,816 | 3,150 |
All the above support costs relate to the Unrestricted Funds apart from the following amounts which are charged to the following Restricted Funds.
13
Grace Church Wanstead Notes to the Financial Statements As at 31 August 2023
6 Trustee Remuneration Benefits and Expenses
The trustees are shown on the company information page and are the key management of the charity and company. David Gibbs is reponsible for day to day operations and receives remuneration as shown in note 7 in his role serving as senior minister and not as Trustee. The charity's governing document state that any Trustee may be able to enter into a contract to provide services. Renummeration is set by the Church of England pay scales.
No expenses were paid to Trustees other than to David Gibbs. Expenses were received in his capacity as senior minister in respect of accomodation as is customary for the clergy inorder to better perform his duties:
| to better perform his duties: | |||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Accomodation and related expenditure | 16,252 | 16,330 | |
| 7 | Staff Costs | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Wages and salaries | 27,685 | 27,303 | |
| Social security costs | 2,603 | 1,060 | |
| Other pension costs | 643 | 632 | |
| 30,932 | 28,995 |
The staff costs shown above are charged to the Unrestricted Funds.
Most of the charities activities are undertaken by volunteers
No employee received emoluments in excess of £60,000
Pension costs all relate to defined contribution schemes whose assets are held outside the charitable company.
The average monthly number of employees during the year was as follows:
| 2022 | 2021 | |||
|---|---|---|---|---|
| Number | Number | |||
| Charitable activity | 1 | 1 | ||
| Fulltimeequivalent-charitableactivity | 1 | 1 |
14
Notes to the Financial Statements
As at 31 August 2023
Grace Church Wanstead
8 Tangible Fixed Assets
| 8 | Tangible Fixed Assets | ||
|---|---|---|---|
| Fixtures, | |||
| Fittings, | |||
| equipment | Total | ||
| £ | £ | ||
| COST | |||
| At 1 September 2022 |
7,458 | 7,458 | |
| Additions in year | 107 | 107 | |
| At 31 August 2023 | 7,565 | 7,565 | |
| DEPRECIATION | |||
| At 1 September 2022 |
7,019 | 7,019 | |
| Charge for the year year | 183 | 183 | |
| At 31 August 2023 | 7,202 | 7,202 | |
| NET BOOKVALUE | |||
| At 31 August 2023 | 363 | 363 | |
| At 31 August 2022 | 439 | 439 | |
| 9 | Debtors: Amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Income tax receoverable - gift aid | 508 | 599 | |
| Other debtors | 755 | - | |
| 1,262 | 599 | ||
| 10 | Cash at bank and in hand | 2023 | 2022 |
| £ | £ | ||
| Current account | 38,967 | 33,082 | |
| 38,967 | 33,082 | ||
| 11 | Creditors: Amounts falling due within one year | 2023 | 2022 |
| £ | £ | ||
| Taxation and social security | 1,369 | 719 | |
| Accruals | 3,019 | 2,294 | |
| Grant obligations | - | 4,000 | |
| Income tax overclaimed in previous years - gift aid | - | - | |
| 4,388 | 7,013 |
15
Grace Church Wanstead Notes to the Financial Statements
As at 31 August 2023
12 Movement in Funds
| Unrestricted funds | |
|---|---|
| a) | General fund |
| b) | Designatedfunds |
----- Start of picture text -----
At 1 Net At 31
September movement August
2022 in funds 2023
£ £ £
27,373 8,832 36,205
27,373 8,832 36,205
----- End of picture text -----
c) Restricted funds
Donations to third parties
TOTAL FUNDS
----- Start of picture text -----
TOTAL FUNDS 27,373 8,832 36,205
Net movement in funds included in the above are as follows:
Movement
Income Expenses’ Transfers _ in funds
£ £ £ £
Unrestricted funds
General fund 74,032 (65,200) - 8,832
Designated funds
74,032 (65,200) - 8,832
Restricted funds
Donations to third parties - - - -
TOTAL FUNDS 74,032 (65,201) - 8,832
----- End of picture text -----
TOTAL FUNDS
16
Grace Church Wanstead
Notes to the Financial Statements
As at 31 August 2023
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| 13 | Analysis of net assets between funds | funds | funds | Total |
| £ | £ | £ | ||
| Current year | ||||
| Fixed assets | 363 | - | 363 | |
| Cash and current investments | 38,967 | - | 38,967 | |
| Other current assets | 1,263 | - | 1,263 | |
| Creditors within/less than one year | (4,388) | - | (4,388) | |
| Provisions/pensions | - | - | - | |
| 36,205 | - | 36,205 | ||
| Prioryear | ||||
| Fixed assets | 439 | - | 439 | |
| Cash and current investments | 33,082 | - | 33,082 | |
| Other current assets | 865 | - | 865 | |
| Creditors within/less than one year | (7,013) | - | (7,013) | |
| Provisions/pensions | - | - | - | |
| 27,373 | - | 27,373 |
14 Contingent Liabilities
There were no contingent liabilities at the year end (2022 £nil)
15 Related Party Transactions
During the year the charity:
| During the year the charity: | During the year the charity: | |
|---|---|---|
| a) received donations from related parties which includes Trustees, key management and | ||
| anyone closely conncected to themas follows: | 2023 | 2022 |
| £ | £ | |
| 22,730 | 21,420 | |
| b)NoexpenseswerepaidotherthanthosestatedinNotes6and7. |
c) The charity leases a property from David Gibbs at a cost of £13,200 which will run while he is senior minister and employed by the charity. Three months notice of the termination of the lease is required by either party.
16 Post balance sheet event
There are no post balance sheet events which need to be noted or adjusted for in these accounts.
17 Members
Each member of the company agrees to contribute £1 if the company is wound up.
17
Notes to the Financial Statements
Grace Church Wanstead
As at 31 August 2023
| 18 | Financial instruments | 2023 | 2022 | |
|---|---|---|---|---|
| £ | £ | |||
| The charity’s financial instruments may be analysed as follows: | ||||
| Financial Assets | ||||
| Financial Assets Measured at Amortised Cost | ||||
| Trade debtors | - | - | ||
| Other debtors | 1,263 | 865 | ||
| Cash and cash equivalents | 38,967 | 33,082 | ||
| Total Financial Assets | 40,230 | 33,947 | ||
| Financial Liabilities | ||||
| Financial Liabilities Measured at Amortised Cost | ||||
| Trade creditors | - | - | ||
| Other creditors | (4,388) | (7,013) | ||
| Total Financial Liabilities | (4,388) | (7,013) | ||
| Prioryear comparative Statement of Financial | Unrestricted | Restricted | 2022 Total | |
| 19 | Activities | funds | funds | funds |
| £ | £ | £ | ||
| Income from | ||||
| Donations | 50,111 | - | 50,111 | |
| Gift Aid received | 7,346 | - | 7,346 | |
| Event Income | 1,346 | - | 1,346 | |
| Grace Church tots subs | 1109 | - | 1,109 | |
| Interest receivable | 41 | - | 41 | |
| Total income | 59,953 | - | 59,953 | |
| Expenditure on | ||||
| Charitable activities | 64,183 | - | 64,183 | |
| Governance | 3265 | 3,265 | ||
| Support costs | 4,354 | 4,354 | ||
| Total expenditure | 71,802 | - | 71,802 | |
| Net income/(expenditure) | - | - | - | |
| Transfer between funds | - | |||
| Net movement in funds forthe year | - | - | - | |
| Other recognised gains/(losses) | ||||
| Exceptional items | (11,849) | (11,849) | ||
| Reconciliation of funds: | ||||
| Total funds brought forward | 39,222 | - | 39,222 | |
| Totalfundscarriedforward | 27,373 | - | 27,373 |
18
Grace Church Wanstead
Detailed Statement of Financial Activities
For the year ended 31st August 2023
| For thethe year ended 31st August 2023 | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Unrestricted | Restricte | Total | Total | |
| funds | d funds | Funds | Funds | |
| INCOMING RESOURCES | £ | £ | £ | £ |
| Voluntary income | ||||
| Donations | 71,385 | - | 71,385 | 57,457 |
| Charitable activities | 2,147 | - | 2,147 | 2,455 |
| 73,532 | - | 73,532 | 59,912 | |
| Investment income | ||||
| Deposit account interest | - | - | - | 41 |
| Other income | 500 | - | 500 | |
| Total incoming resources | 74,032 | - | 74,032 | 59,953 |
| RESOURCES EXPENDED | ||||
| Charitable activities | ||||
| Salaries, travel and expenses | 44,240 | 44,240 | 44,065 | |
| Employers national insurance | 2,603 | 2,603 | 2,749 | |
| Pensions | 643 | 643 | 690 | |
| Conferences and training | 561 | 561 | 245 | |
| Books, literatureand media | 607 | 607 | 595 | |
| Gifts to speakers | 550 | 550 | - | |
| Telephone and utilities | 1,042 | 1,042 | 918 | |
| Catering | 567 | 567 | 464 | |
| Toddler group and Sunday school | 514 | 514 | 33 | |
| Miscelleous | 232 | 232 | 307 | |
| Grants payable | (2,000) | (2,000) | 4,000 | |
| Events | 1,429 | 1,429 | 2,966 | |
| Small equipment items | 291 | - | 291 | - |
| Venue hire | 9,379 | 9,379 | 7,151 | |
| 60,658 | - | 60,658 | 64,183 | |
| Governance costs | ||||
| Independent examiners fee | 300 | 300 | 300 | |
| Accounts preparation | 450 | 450 | 450 | |
| Companies House | 13 | 13 | 13 | |
| Solicitors fees re ClO | 963 | 963 | 2,292 | |
| Other legal and professional | - | 0 | 210 | |
| 1,726 | - | 1,726 | 3,265 | |
| Support costs | ||||
| Subscriptions and professional fees | 1,166 | 1,166 | 2,195 | |
| Bookkeeping and payroll costs | 1,156 | 1,156 | 1,204 | |
| Insurance | 287 | 287 | 310 | |
| Disclosure and barring service checks | 24 | 24 | 388 | |
| Computer equipment depreciation | 183 | 183 | 257 | |
| 2,816 | - | 2,816 | 4,354 | |
| Total resources expended | 65,200 | - | 65,200 | 71,802 |
| Netincome(expenditure) | 8,832 | - | 8,832 | (11,849) |
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