Registered charity number 1121781
Registered company number 06176161
**The Grace Church Hackney Trust** (A company limited by guarantee)
Trustees' Report and Financial Statements
For the year ended 31 March 2024
## **The Grace Church Hackney Trust Report and Financial Statements Contents**
||**Page**|
|---|---|
|Report of the Trustees|1-3|
|Legal and administrative information|4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes forming part of the financial||
|statements|8-15|
**The Grace Church Hackney Trust Trustees' Report Year ended 31 March 2024**
The Trustees present the report and financial statements of The Grace Church Hackney Trust (the “ **Trust** ”) for the year ended 31 March 2024.
Legal and administrative information is set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, including the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in March 2005).
## _**Objectives and activities**_
## _**Charitable Objectives**_
The Charity's Objectives, as set out in its governing documents, are the advancement of the Christian faith, as defined in clause 9.1 of the Articles of Association, in the Hackney area and adjacent boroughs, including the City of London and beyond, in particular but not exclusively by support, deployment and training of Christian ministers and workers committed to the proclamation and teaching of the word of God and testimony of Jesus Christ as set forth in scripture, and the provision of other resources for Christian ministry.
## _**Review of Achievements and Performance for the Year**_
Since March 2022, when Grace Church Hackney (“ **GCH** ”) left the GCHT, the Trust now only provides staff and operational support for the work of St Barnabas Dalston (“ **SBD** ”) rather than for the work of both SBD and Grace Church Hackney. Up to March 2024, staffing provided by the Trust over this financial period included a part-time Children and Families Worker and a part-time Director of Music.
Non-payroll staff costs include stipendiary costs for the member of clergy in charge of SBD. This is paid to the London Diocesan Fund, as well as the provision of accommodation and other allowances customarily made for Church of England clergy.
St Barnabas reviewed their own governance and decided to merge their ‘leadership team’ with the role of ‘trustee’. This brings the trustee/leadership team closer to the ministry of the church.
Working with the ministries the Trust supports, the Trustees aim to identify other organizations and individuals that contribute to the Charity’s Objectives and we have designated a proportion of the Trust’s income to assist their work. In this financial year, we contributed to the Diocese of London’s Common Fund and started a regular contribution to London City Mission. The Trust also holds funds that have been collected by the congregation of SBD as the "SBD 6:10 fund" which has the aim of providing financial help to those within and outside the church.
## _**Volunteers and Supporters**_
The Trust relies on the volunteers and supporters within the congregation that it resources to help with the furtherance of its objects. As well as hosting weekly church services for anyone to attend, these activities include outreach to the local community through an art club and discussion groups for people who are wanting to explore the Christian faith. Volunteers are also essential to the running of a weekly youth group, organized by the children and families workers from GCH & SBD meets at SBD.
We estimate that the total volunteer time we benefited from during the year amounts to approximately 1250 hours.
3
**The Grace Church Hackney Trust Trustees' Report Year ended 31 March 2024**
## **Financial review**
The charity received grants and donations totalling £134,541 (2023 – £132,842) in the year. Investment income from cash deposits at the bank amounted to £0 (2023 - £674) with total incoming resources of £167,151 (2023 - £166,680). Expenditure for the year totalled £155,156 (2023 - £156,104), giving net income for the year of £11,995 (2023 - £10,576).
Total funds carried forward at 31 March 2024 amounted to £72,879 (2023 - £102,551).
## _**Principal funding sources**_
The charity is dependent upon donations from individual donors and institutions. Supporters are encouraged to give by standing order; regular giving at the end of the year averaged about £7,800/month (before Gift Aid). Income from the Mission Hall at SBD continued to vary throughout the year, with a number of regular bookings; and a total hall hire income of £30,715.
## _**Investment policy**_
The charity's Memorandum of Association requires us to consult a financial expert before investing the charity’s funds. No investments were made other than deposits with the charity's bankers.
## _**Reserves policy**_
The Trustees aim to maintain an amount of unrestricted funds equivalent to three months' running expenses, although this is dependent on the level of donations received.
## **Future plans**
Looking forward, the Trust will continue to support the work of SBD.
## **Structure, Governance and Management**
## _**Governing Document**_
The Grace Church Hackney Trust was incorporated by guarantee on 21 March 2007, has no share capital, and was registered as a charity on 3 December 2007. The guarantee of each member is limited to £1.
The governing document is the Memorandum and Articles of Association of the company.
## _**Recruitment and Training of Trustees**_
The Board of Trustees are the directors of the company. New Trustees are appointed by the existing Board, with due consideration to the skills and experience that each prospective Trustee can contribute to the Trust.
A new Trustee is introduced to the work of the Trust and is given a copy of the Governing Documents. The Trustee is then briefed on the current Aims and Objectives and fully advised on the financial position of the Charity.
## _**Organisational Management**_
The Trustees meet once a month, with breaks in holiday periods. Eleven meetings were held during this year.
## **Public Benefit**
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit and that the activities carried out by the Charity during the year were all undertaken in order to further the Charity’s aims for the benefit of the Charity’s beneficiaries.
4
**The Grace Church Hackney Trust Trustees' Report Year ended 31 March 2024**
## **Statement of trustees’ responsibilities**
Charity law requires the trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and of its financial activities that period. In preparing those financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- observe the methods and principles of the Charities’ SORP, Accounting and Reporting by Charities;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departure disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue on that basis.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
## **Small company provisions**
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board of trustees on 28 November 2024 and signed on its behalf.
Robert Palmer Chair of Trustees
5
## **The Grace Church Hackney Trust**
## **Legal and Administrative Information**
Charity name:
Charity registration number:
Company registration number:
Registered office and operational address:
The Grace Church Hackney Trust
1121781
06176161 59 Downs Park Road London E8 2HY
## **Directors and Trustees**
Dr R B Palmer Rev N J Charles Z Budrikis N D Beynon DJ Halling AC Gatti DD Monteath G J Taylor
## Chair
Appointed 27 June 2022 Appointed 27 June 2022 Resigned 23 September 2023 Resigned 30 September 2022 Resigned 23 September 2022 Resigned 1 September 2022 Resigned 11 September 2023
**Company Secretary** Dr R B Palmer
## **Independent Examiner**
Rachel Belshaw Hill Top Accounting Ltd Hill Cottage, Church Lane Ufton Nervet Reading RG7 4HQ
## **Bankers**
The Co-operative Bank Head Office PO Box 101 1 Balloon Street Manchester M604EP
CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
4
## **The Grace Church Hackney Trust Statement of Financial Activities (Incorporating Income and Expenditure Account) For the year ended 31 March 2024**
|**Notes**
**Income**
Grants and donations
_Income from charitable activities_
Weekend Awayday income
Other income
Investment income
**Total income**
**Expenditure**
**Expenditure on charitable activities**
Provision of Church facilities
2
**Total expenditure**
**Net income for the year**
3
Transfers between funds
**Other recognised gains/(losses)**
Transfers to GCH
11a
**Net movement in funds**
**Reconciliation of funds:**
Fund balances at 1 April 2023:
**Fund balances at 31 March 2024**|**2024**
**Restricted Unrestricted**
**Total**
**£**
**£**
**£**
312
134 229
134 541
-
2 860
2 860
-
29 750
29 750
-
0
0
312
166 839
167 151
4 512
150 644
155 156
4 512
150 644
155 156
(4 200)
16 195
11 995
0
(41 667)
(41 667)
(4 200)
(25 472)
(29 672)
57 050
45 501
102 551
52 850
20 029
72 879|**2023**|
|---|---|---|
|||**Restricted Unrestricted**
**Total**
**£**
**£**
**£**
21 999
110 843
132 842
-
2 678
2 678
0
30 487
30 487
-
674
674|
|||21 999
144 681
166 680|
|||12 091
144 013
156 104|
|||12 091
144 013
156 104|
|||9 908
668
10 576
(8 652)
(82 745)
(91 397)|
|||1 256
(82 077)
(80 821)|
|||55 794
127 578
183 372|
|||57 050
45 501
102 551|
The statement of financial activities includes all gains or losses for the year. All income and expenditure derives from continuing activities
## **The Grace Church Hackney Trust Registered Number: 06176161 Balance Sheet as at 31 March 2024**
|**Notes**
**Fixed assets**
Tangible assets
7
**Current assets**
Debtors
8
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
9
**Net current assets**
**Net assets**
10
**The funds of the charity:**
11
**Unrestricted income funds**
Designated funds
General funds
**Total unrestricted funds**
**Restricted income funds**
**Total funds**|14 154
59 475|**2024**
**£**
-
72 879
72 879
2 562
17 466
20 028
52 851
72 879|84 424
48 519|**2023**
**£**
-
102 551|
|---|---|---|---|---|
||73 629||132 943||
||750||30 392||
||||||
|||||102 551|
|||||44 229
1 271|
|||||45 500
57 051|
|||||102 551|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that the member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts 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 financial statements were approved by the trustees on XX XX 2024 and signed on their behalf.
Nigel Benyon Trustee
**The Grace Church Hackney Trust Notes to the Accounts For the year ended 31 March 2024**
## **1 Accounting policies**
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the previous year.
## _**Basis of preparation**_
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The 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 United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019), the Charities Act 2011 and the Companies Act 2006.
## _**Funds structure and accounting**_
Restricted grants and donations are available for the charity's use only in accordance with the terms under which, and for the purposes which, the funds were donated to the charity.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Designated funds are unrestricted funds earmarked by the trustees for particular uses.
## _**Income recognition**_
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 grants, donations and gifts and is included in full in the statement of financial activities when receivable.
Investment income is included when receivable.
## _**Expenditure recognition**_
Expenditure is recognised on an accrual basis as a liability is incurred. Where expenditure includes VAT which can only be partially recovered, the irrecoverable VAT is reported as part of the expenditure to which it relates.
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.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity.
All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. floor area or estimated usage, as set out in Note 3.
## _**Tangible fixed assets and deprecation**_
Assets with a cost of less than £200 are expensed. Fixed assets are stated at cost less accumulated depreciation. Depreciation is calculated so as to write down to estimated residual value the cost of all other tangible fixed assets over their estimated useful lives as follows:
IT equipment 25% per annum on cost
Fixtures and fittings 25% per annum on cost
## _**Leasing**_
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
## _**Pensions**_
The charity operates defined contribution pension schemes. Contributions are charged to the statement of financial activities as they become payable in accordance with the rules of the schemes.
## **The Grace Church Hackney Trust Notes to the Accounts For the year ended 31 March 2024**
**2 Expenditure**
|**2 Expenditure**||
|---|---|
|**Basis of**
**allocation**
**Costs directly allocated**
**to activities**
Church and congregation activities
Licences and permits
Salaries, stipends and pension costs
Minister accommodation
Rent and utilities of church building
Grants and donations made
Insurance
Consulting
Accountancy and payroll processing
**Support costs allocated**
**to activities**
Travel and subsistence
Usage
Printing, postage and stationery
Usage
Communications and IT
Usage
Books and publications
Usage
Church building upkeep
Usage
Other expenses
Usage
**Total resources expended**
**3 Net income for the year**
Is stated after charging:
Depreciation and loss on disposal of tangible fixed assets
Independent examination fees|**2024**
**2023**
**Church costs**
**Governance**
**Total**
**Total**|
||£
£
£
£
4 505
4 505
5 932
326
326
326
61 249
61 249
62 886
39 435
39 435
36 763
25 414
25 414
23 704
3 320
3 320
2 054
4 166
4 166
4 094
4 200
4 200
9 000
2 142
750
2 892
3 355
0
0
118
0
0
1 121
1 306
1 306
935
210
210
521
1 599
1 599
3 317
6 534
6 534
1 979|
||154 406
750
155 156
156 104|
||**2024**
**2023**
**£**
**£**
-
2 243
750
1 440|
## **The Grace Church Hackney Trust Notes to the Accounts For the year ended 31 March 2024**
## **4 Staff costs and numbers**
|Staff costs were as follows:
Wages and salaries
Stipend
Social Security Costs
Pension costs|**2024**
**£**
19 708
29 311
2 273
9 958
61 249|**2023**
**£**
19 540
29 297
3 957
10 092|
|---|---|---|
|||62 886|
The charity considers its key management personnel comprise the trustees. The total employment benefits of the key management personnel were therefore £Nil (2022: £Nil).
No employee received emoluments of more than £60,000.
The average weekly number of employees during the year including staff paid by stipend, calculated on the basis of full time equivalents, was as follows:
|Ministers
Administration and support|**2024**
**No.**
1
2
3|**2023**
**No.**
1
2|
|---|---|---|
|||3|
The charity operates defined contribution pension schemes for its employees and made contributions during the year of £9,958 (2022: £10,092).
## **5 Trustee remuneration**
No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year or the preceding year.
Four (2023: four) trustees and their close family members made donations to the charity in the year totalling £27,232 (2023: £26,684).
## **6 Taxation**
As a registered charity, The Grace Church Hackney Trust is exempt from tax on income and gains falling within Part 11 of the Corporation Tax Act 2010 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
The charity is registered for Gift Aid with HM Revenue & Customs under reference number XT7956.
**The Grace Church Hackney Trust Notes to the Accounts For the year ended 31 March 2024**
## **7 Tangible fixed assets**
|**IT**
**Fixtures**
**equipment**
**& fittings**
**£**
**£**
**Cost**
At 1 April 2023
-
7 552
Additions
-
-
Disposals
-
-
At 31 March 2024
-
7 552
**Depreciation**
At 1 April 2023
-
7 552
Charge for the year
-
-
Disposals
-
-
At 31 March 2024
-
7 552
**Net book values**
At 31 March 2024
-
-
At 31 March 2023
-
-
There were no capital commitments at 31 March 2024 (2023: Nil)
**8 Debtors**
**2024**
**£**
Accounts receivable
-
Gift aid recoverable
9 477
Other debtors
4 677
Prepayments and accrued income
-
14 154
**9 Creditors: amounts falling due within one year**
**2024**
**£**
Accounts payable
-
Social security and other taxation
-
Accruals and deferred income
750
Other creditors
-
750|**Total**
**£**
7 552
-
-|
|---|---|
||7 552|
||7 552
-
-|
||7 552|
||-
-|
||**2023**
**£**
-
81 398
2 700
326|
||84 424|
||**2023**
**£**
-
127
2 190
28 075|
||30 392|
Other creditors relates to amounts owed to Grace Church Hackney
## **The Grace Church Hackney Trust Notes to the Accounts For the year ended 31 March 2024**
|**10 Analysis of net assets between funds**
**Current year**
Tangible fixed assets
Current assets
Current liabilities
**Prior year**
Tangible fixed assets
Current assets
Current liabilities
**11 Movement in funds**
**Current year**
**Restricted funds**
Grace Church Hackney- 6:10 Fund
Grace Church Hackney - Other fund
St Barnabas Dalston - HWNS fund
St Barnabas Dalston - 6:10 Fund
St Barnabas Dalston - buildings fund
St Barnabas Dalston - other fund
Other restricted funds
Total restricted funds
**Unrestricted funds:**
_Designated funds:_
Grace Church Hackney fund
St Barnabas Dalston fund
General funds
Total unrestricted funds
Total funds|**Restricted**
**Designated**
**General**
**Total**
**funds**
**funds**
**funds**
**funds**
**£**
**£**
**£**
**£**
-
52 851
2 562
18 216
73 629
(750)
(750)
52 851
2 562
17 466
72 879
-
57 051
44 229
31 663
132 943
(30 392)
(30 392)
57 051
44 229
1 271
102 551
**At 1**
**At 31**
**April 23**
**Income Expenditure Transfers March 24**
**£**
**£**
**£**
**£**
**£**
-
-
-
-
1 451
312
(312)
1 451
1 313
1 313
37 898
(4 200)
33 698
16 389
16 389
-
-|**Restricted**
**Designated**
**General**
**Total**
**funds**
**funds**
**funds**
**funds**
**£**
**£**
**£**
**£**
-
52 851
2 562
18 216
73 629
(750)
(750)|
|---|---|---|
|||52 851
2 562
17 466
72 879|
|||-
57 051
44 229
31 663
132 943
(30 392)
(30 392)|
|||57 051
44 229
1 271
102 551|
||57 051
312
(4 512)
0
52 851||
||-
-
44 229
(41 667)
2 562||
||44 229
-
(41 667)
-
2 562
1 271
166 839
(150 644)
17 466||
||45 500
166 839
(192 311)
0
20 028||
||||
||102 551
167 151
(196 823)
0
72 879||
**The Grace Church Hackney Trust Notes to the Accounts For the year ended 31 March 2024**
## **11 Movement in funds (continued)**
|**Current year**
**Restricted funds**
Grace Church Hackney- 6:10 Fund
Grace Church Hackney - Other fund
St Barnabas Dalston - HWNS fund
St Barnabas Dalston - 6:10 Fund
St Barnabas Dalston - buildings fund
St Barnabas Dalston - other fund
Other restricted funds
Total restricted funds
**Unrestricted funds:**
_Designated funds:_
Grace Church Hackney fund
St Barnabas Dalston fund
General funds
Total unrestricted funds
Total funds|**At 1**
**At 31**
**April 22**
**Income Expenditure Transfers March 23**
**£**
**£**
**£**
**£**
**£**
8 642
-
(8 642)
-
10
-
-
(10)
-
1 451
-
-
1 451
1 313
-
-
1 313
27 299
21 999
(11 400)
37 898
16 389
-
-
16 389
691
-
-
691|
|---|---|
||55 795
21 999
(11 400)
(8 652)
57 742|
||82 745
-
-
(82 745)
-
44 229
-
-
-
44 229|
||126 974
-
-
(82 745)
44 229
603
144 681
(144 013)
-
1 271|
||127 577
144 681
(144 013)
(82 745)
45 500|
|||
||183 372
166 680
(155 413)
(91 397)
103 242|
## **Restricted funds**
The _Grace Church Hackney_ - _6:10_ fund is administered at the discretion of the leadership team of Grace Church Hackney, with the aim of providing financial help to those within and outside the church, in response to Paul's letter to the Galatians: "Therefore, as we have opportunity, let us do good to all people, especially to those who belong to the family of believers."
The _Grace Church Hackney_ - _other_ fund is monies given in the expectation that they will be applied to the ministry of Grace Church Hackney in support of the charity's aims.
The St Barnabas Dalston - HWNS fund is monies restricted for the provision of night shelter services at St Barnabas Dalston, as a host church in the Hackney Winter Night Shelter network.
The _St Barnabas Dalston_ - _6:10_ fund is administered at the discretion of the leadership team of St Barnabas Dalston, with the same aims as the Grace Church Hackney- 6:10 fund.
The _St Barnabas Dalston_ - _building_ fund is monies restricted for the maintenance of the hall and church buildings at St Barnabas Dalston.
**The Grace Church Hackney Trust Notes to the Accounts For the year ended 31 March 2024**
## **11 Movement in funds (continued)**
## **Restricted funds (continued):**
The St Barnabas Dalston - hall fund is monies restricted for the maintenance and operation of the Mission Hall at St Barnabas Dalston.
## **Designated funds:**
The _Grace Church Hackney_ designated fund is monies that the trustees have allocated to the ministry of Grace Church Hackney.
The _St Barnabas Dalston_ fund is monies that the trustees have allocated to the ministry of St Barnabas Dalston.
The tangible fixed assets fund represents the net book value of tangible fixed assets, and has been designated by the trustees to reflect the fact that these funds are not in a liquid form and so are not expendable funds.
|**12 Commitments in respect of property leases**
Not later than one year
Later than one year and not later than five years
Five years and over
At 31 March 2024 the Charity had future minimum lease payments under non-
cancellable operating leases as follows:|**2024**
**2023**
**£**
**£**
12 500
12 500
50 000
50 000
1 037 500
1 050 000|
|---|---|
||1 100 000
1 112 500|
Independent examlnerfs report to the trustees of The Grace Church
Hackney Trust charitsble company (the Company)
I r8POrt to the charty trustees on my examination of the aco)unts ofthe Company for the year ended
31 Marth 2024.
Responsibilities and basis of report
As the charily'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 acdance with the reqLirements of the
Comparues Act 21)06 ('the 21X)6 Acr).
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 carrted out under section 145 of the Charibes Act 2011 (Ihe 2011 Act?. In
carying out my examination I have followed the Directions gtven by the Charity Commission und
section 145(5) Ib) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I tonfimi that no matters have come to my attention in connecti
Wtth Ihe examination giving me cause to believe that in any material respect:
accounling recovds were not kept in respect of the Company a5 required by sectton 386 of
the 2006 Act" OF
the accounts do not accord Vth those records.. or
the accounts do not comply wth the accountsng requirements of section 396 of the
201A Acl otherthan any requirement that the accounts give a Yrue and fairf view
which is not a matter considered as part of an IndepeIent examination; or
the aountS have not bn prepared in aordan with the rrEthods and principles
of the Statement of Recommended Practice for accounting arml reporttng by charities
applicable to charities preparing their accounts in acC(Kdan wilh the Financial
Repottng Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concem5 and have come across no other rnatte in connection with the examination lo whith
attention should be drawn in this report in order to enable a proper understanding of the ac£ounts lo be
reathed.
Rachel Belshaw
Hill Top Accounting Ltd
Hill Cottage, Church Lane
Ufton Nervet
Reading
RG7 4HQ
Date.. 28 November 2024