GRACE CHURCH YATE REPORT & FINANCIAL STATEMENTS 31 DECEMBER 2023 Charity Number 1133210
GRACE CHURCH YATE CONTENTS YEAR ENDED 31 DECEMBER 2023 Contents Pages Trustees, Annual Report Reference & Administrative Information Independent Examinef s Rewrt Statement of Financial Activities Balance Sheet Notes to the financial statements 8-15 The folloIng pages do not fom) part of the Financial Statements Detailed Statement of Financial Activities 16-18
GRACE CHURCH YATE TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The trustees present their report and the unaudited financial ststements ofthe charrty for the year ended 31 December 2023. STRUCTURE GOVERNANCE AND MANAGEMENT A constitution governs the charitable assets of the church from a legal perspective in accordance wvth the requirements of charity law Iconsb"tution adopted 12th May 2009 as amended on 11 March 20131 Regulations affecb.ng the spiritual govemance of the church are contsined In a separate document enliued 'Rules and Regulations.. In this church it shall be the Elders and Deacons, not otherwise disqualrfied from being trustees, who together, by the nature of their responsibilrties. shall bethe chartytruslees, referred to in the constitub.on as the'office Bearers_. There must be a minimum of three Office Bearers at all ts"mes. The Church Members, Meeting, acting in accordance wrth the procedures set out in the constf(ution, shall appoint. remove and accept the resignation of Office 8earers. The charity seeks to appoint new trustees as and when Ihe cuThent trustees see a requirement for additional trustees as part of the continuing nature of the charity. Training new ttuslees starts with an assessment that indwiduals meet Criteria sel out in the bible. then a period of tesb.ng Is undertaken before a final recommendation is made by the trustees to a general church meeting for recognising a new individual joining the team of trustees. CHAWTY O&JECTNES The principal objectwe of the charty is the advanment of the Christian faith according to Baptist principles and in accordance with the Basis of Farth as stated in rts constrtution. The charity may conduct other charitable purposes in the Unrte(l Kingdom an¢Yor other parts of the world. The charity seeks to fijlfil this objectwe by being a local church wth a wde scope of different activities hich include propety ownership for holding public meetings. provision of housing and fund raising. MAIN ACTIVITIES FOR PUBUC BENEFIT The church runs meetings open to all the public including worship, children's clubs and meetings for older ftslk. The church gives funds for the relief of poverty in the UK and overseas. The church proclaims the gospel as described in the Basis of Faith in the constitution and encourages believers in the exercise of this faith. The trustees have given due consideration to Charity Commission published guidance on the operation of the public benefit requirement and consider the open meetings, support for non-members, running of children's clubs, relief of poverty and provision of housing meet these requirements. ACHIEVEMENTS IN THE YEAR The church has wovered from the Global pandemi¢ of Covid-19. Actiwties stsrted fully again after the removal of all restrictions during 2022. During the year most activth.es had restarted. The gospel was preached consistently over the year in accordance with the Basis of Faith set out in the constrtulion. Support for other UK and overseas charities was maintained.
GRACE CHURCH YATE TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The church purchased a propety in Yate in 2012 and moved into the propety in August 2013 after some initial development. The ¢hur¢h bvitt a new ¢hur¢h hall during 2019 which ¢*ers for a larger number of people and il was opened for church meetings towards the end of 2019. Some aspects of the development of the site continued into 2022 and there is a small amount of work which was completed in 2023. Some retentions are payable in 2024. The church rented residential flats from part of the propety during the year. Income from these rents is considered part of the general fvnds of the church and is available to fvnd any activities of the church. Priority for these funds is loan repayments and continuing property development. FINANCIAL REVIEW The church expenditure on Charrtable acb"vrtie5 15 set OLrt in Note 5 and amounts to £143,295 12022 £125.7731. Additional expendrture. as sel oul in Note 4. of £22.14712022 £22.1561 is for managing the rentsl properties which generate their own income to ¢over these Costs. The mainIng £143.295 the Trustees consider is expenditure in pursuit of the nomial ath'vth'es of a church. The church appointed a full-time elder in September 2023. The church expenditure on the development of the buildings amounted to £9,17012022 £2,506) in the year. The church began holding meetings in the new church hall in 2019. All aspects of the building are considered completed in 2023. Some retents.ons are due to be paid in 2024. The Trustees seek lo maintain cash balances of a minimum of £20.000 to Continue the nom)al ¢hur¢h activities for several months if no income is received during those months. The Trustees will monitor the cash reserves carefvlly in the foreseeable future and reduce expendibJre appropriately to manage cash reserves. The cash balances of the church at the year-end were £73.332 (2022 £83,787). This represents more cash than £20,000, the target cash holding. The Tmstees expect most of the surplus $h serveS to be used in 2024 paying tentIonS on the property development and to conts'nue repaying the loans received to enable the church to develop the sf(e. The Tnjstees are expecting all loans to be paid over a period of 10 to 12 years. THE IMPACT OF COVID 19 ON THE CHARITY AND THE COST OF UVING CRISIS The funds of the charity are mainly raised from the members by voluntary donations and rental income from residential properties. Both sources are dependent on the personal arcumstances of individuals. During the year. the church has received fvnds into the general fvnd which have maintained the general fvnd income. Income has reduced to $th"Cted fvnds as the development work on the church building$ have moved towards complets'on, and the giving of money for emergencies has reduced. The Trustees will monrtor income and reduce expenditure where necessary to maintain the wability of the church overall.
GRACE CHURCH YATE TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 TRUSTEES, RESPONSIBIUTIES The Iruslees a responsible for preparing the Twslees, Report and the financial statements in accordance with applicable law and United lQngdom Accounting Standards including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounb"ng Practice). The law applicable to chariti'es in England and Wales requires Ihe trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expendilufe of the charity for that period. IT) preparing these financial stslements, the Iruslees are required lo". select suitable a¢¢ounting policies and then apply them consistendy". observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent., stste whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going ¢on¢em basis unless il is inappropriate to presume that the charity will conbnue in business. The trustees are responsible for keeping sufficient accounting OrdS that disclose wth reasonable accuracy at any time the financial position of the charity and enable them tr) ensLJre that the financial statements comply wth the CharItS Act 2011. Ihe Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deedlconstitution. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and delecb.on of fraud and other irregularities. Signed on behaW of the Trustees Derek Morland Trustee." Deacon Dale." 29th July 2024
GRACE CHURCH YATE REFERENCE & ADMINISTRATIVE INFORMATION YEAR ENDED 31 DECEMBER 2023 Registered charity name Grace Church Yate Charlty rggi$tratlon number 1133210 The charity changed its name to Grace Church Yate. in March 2013. The Charity's main add$$ is- clo Mr JR Gulliford 20 Frampton End Road Frampton Cotterell Bristol BS36 2JZ TRUSTEES The trustees who manage(1 the ¢harity during the year we. Mr R Gulliford Mr J Barber Mr G Williams Mr D Morfand Mr JA Gulliford Mr K Ravlings Mr JR Gulliford Mr S Walker-cox Mr T Chewter Mr P Jeal Mr P Pomeroy (Appointed 1st September 2023) Mr C Prendergast Mr J Carron (Appointed 21 November 20231 Signed on behalf of the TTUStees Derek Modand Trustee." Deacon De." 29thJuly 2024
GRACE CHURCH YATE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GRACE CHURCH YATE YEAR ENDED 31 DECEMBER 2023 I report to the trustees on my examinakn.on of the accounts of Grace Church Yale (the Charity) for the year ended 31 December 2023. Responsibilities and basis of report As the chaiity trustees of the Charty you are responsible for the pparation of the accounts in accordance with the requirements of the Charib'es Act 2011 Ilhe Act'i. I report in respect of my examination of the Charity's accounts carried OLrt under seth.on 145 of the 2011 Act and in carrying out my examinabon I have followed all the applicable Directions given by the Charty Commission under section 145lSllbl of the Act. Independent examinerfs statement Since the Charity's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 ofthe 2011 Act. I confinn that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respe¢t of the Chanty as uld by sedion 130 of the Act," or the accounts do not accord with those records.. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charf(ies (Accounts and Reports) Regulations 2008 otherthan any requirement that the accounts give a 'true and fair viewwhich is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in ConnecOn 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. Joshua Kingston, BS¢ ACA Burton Sweet Limrted The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR Date.. 29th July 2024
GRACE CHURCH YATE STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023 Unrestricted FLbnds Restricted Funds Total Funds 2023 Total Funds 2022 Nots INCOME Donations Investment income 117.n3 86.968 47.536 165.259 86.968 181,795 85,129 TOTAL INCOME 204.691 47.536 252.227 266,924 EXPENDITURE on Raising ftjnds Charitable activities 22.147 128.12S 22,147 143,295 22,156 125,773 1S.170 TOTAL EXPENDITURE 150.272 15.170 165.442 147,929 NET INCOME 54.419 32.366 86.785 118,995, TRANSFERS Between Funds 15116 32.366 132.3661 NET MOVEMENT IN FUNDS 86.78S 86,785 118,995 RECONCILIATION OF FUNDS Totsl funds brought forward 2.135N19 2.135.419 2.016,424 TOTAL FUNDS CARRIED FORWARD 15116 2.222,204 2,222.204 2,135,419 The Statement of Financial Aclivilie5 indudes all gain5 and losses in the year and therefore a Statement of Comprehensive Income has not l)een prepared. All of the atrx)ve amounts relate to continuing activities. Prior year fund comparatives for 2022 are included in note 10. The notes on pages 8 to 15 form part of these financial statements.
GRACE CHURCH YATE BALANCE SHEET YEAR ENDED 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS Tangible assets Investments 11 1.351.187 1,353,763 1.400.000 1,400,000 12 TOTAL FIXED ASSETS 2.751,187 2,753,763 CURRENT ASSETS Cash at Bank 73.332 83,787 73.332 83,787 CREDITORS.. Amounts falling due within ono year 13 117.315} {7,1311 NET CURRENT ASSETS $6,017 76.656 TOTAL ASSETS LESS CURRENT LIABIUTIES 2.807.204 2,830,419 CREDITORS.. Amounts falling due after more than one year 14 {585.OIJOI 1695.0001 TOTAL NET ASSETS 2.222,204 2,135.419 THE FUNDS OF THE CHARITY Restricted income funds 17 Unrestricted income funds 17 2,222,204 2,135,419 TOTAL CHARITY FUNDS 17 2,222.204 2,135,419 These financial ststements were approved by the members of the committee on the 29th July 2024 and are signed on their behaw by.. Dcydc Klorla D Modand Trustee.. Deacon The notes on pages 8 to 15 fomi part of these financial statements.
GRACE CHURCH YATE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 1. ACCOUNTING POLICIES Basis of accounting The financial statements have been prepared in accordance wth the historical cost convention lexcept where otherwise slated in the accounting policy nolel and in accordance with the Slalernent of Recommended Pra¢ti¢e." AOUntIng and Repotb"ng by charib.es preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019. and the Financial Reporting Standard applicable in the United ngdoM and Republic of Ireland IFRS 1021, and the Charities Act 2011. The financial ststements have been prepared to give a e and fairf view and have departed from the Charits'es (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view,. This departure has involved following Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charrties preparing their accounts in accordance wlh the Financial Reporting Stsndard appliGable In the UK and Republic of Ireland IFRS 1021 issued In October 2019 rather than the Accounting and Reporb'ng by Charthes: Statement of Recommended Practice effective from 1 April 2005 which has since been wthdrawn. The Tnjstees have ppared the finan(ial ststements on a going con¢em basis given the free reserves held by the charity and the careful planning of the Trustees. Impact from Covid-19 and the cost of living crisis of late 2023 is considered by the Irust*s in the Trustees Report on page 2. The charity is a Publi¢ Benefft enlty. Income Income is Tecognised in the accounts %then the charity become5 entiled to the income, il is probable that the in¢ome will be re¢eived. and the value Can be meaSUd liab. Expgndituro Expenditure is recognised when a present legal or constructive obligation exists, which can be measured reliably. Most expenditure is for meeting the ¢hurch objectives i_e.. operab'ng as a ¢hur¢h. Governance costs comprise all costs involving the public accountability of the charity and its compliance th regulation and good practi. These costs are Tecognised within Charitable Activities. Cash at Bank Cash represents charity accounts maintained banks repayable without penaty on notice of not more than 24 hours. Crèditors and Loans Short term credf(ors are recognised at transacbon price. Loans falling due after more than 1 year are recognised at Iransaction value. These loans have been made interest free wth agreement that the k)ans wll be repaid after more than 1 year and over the next 10 years. Repayment dates are not known or agreed in advance. Fund Designation Unrastrl¢t&d funds Unrestricted funds can be used in a¢¢ordan¢e the charitable objects at the discretion of the trustees. Designated funds Designated ftjnds are funds set aside by the Trustees oul of nStricted general funds for specifi¢ future purposes or projects.
GRACE CHURCH YATE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continued) Restricted funds Restricted ftjnds can only be used for particular restricted purposes within the objects of the charity. Restricts'ons arise when specified by the donor or en fvnds are raised for particular restricted purposes. Expenditure which meets these crTteria is charged to the fund, together wth a fair allocats'on of management and support Costs. Further explanation of the nature and purpose of each fund is induded in the notes to the financial ststements. Fixed assets All fixed assets are recorded at cost. Deprgciation Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows". Freehold Buildings 1% per year Invèstmènts Investment property is held at valLth'on. The Trustees conducled their own valuation of the investment properties at the year end. DONATIONS 2023 Unrestricted Restricted Total Funds Fund$ Funds 2023 Donations 117.723 47.536 165.259 2022 Unrestricted Restricted Total Funds Funds Funds 2022 Donations 119.712 62,083 181,795 INVESTMENT INCOME Unrestricted Restricted Total Funds Total Funds Fund$ Fund$ 2023 2022 Rent receivable 86.968 86.968 85,129 86.968 B6.968 85.129 The 2022 investment income categories were all unrestricted funds.
GRACE CHURCH YATE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 COSTS OF RAISING FUNDS BY FUND TYPE AND ACTMTY 2023 Unr¢stri¢t•d R¢$tri¢t¢d Totsl Fund$ Funds Funds 2023 Management of Property for Rent 22.147 22.147 2022 Unrestncted Restricted Total Funds Fund5 Funds 2022 Management of Property for Rent 22,156 22,156 5. COSTS OF CHARITABLE ACTMTIES BY FUND TYPE AND ACTMTY 2023 Unrestricted Restricted Total Funds Funds Funds 2023 Church building and general costs Wages Outreach and preaching Missionary and social support Governance Costs (Note 71 Depreciation of buildings 22,720 51.822 5.774 32.103 3,960 11.746 22,720 51.822 5.774 47.273 3,960 11.746 15.170 Church Activrties 128.125 15.170 143.295 2022 Unrestricted Reslricted Total Funds Funds Funds 2022 Church building and general costs Wages Outreach and preaching Missionary and social support Governan¢e Costs (Note 71 Depreciation of buildings 19.318 41,236 3,459 25.542 1.848 11,654 19,318 41,236 3,459 48,258 1.848 11,654 22.716 Church ActiVeS 103.057 22.716 125,773 10
GRACE CHURCH YATE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 6. GRANTS Included within missionary and so¢ial support and outreach and prea¢hing are grants paid during the year, thich are summarised as follows.. 2023 2022 Organisations Lanka Evangelical Fellowship of Churches Isn" Lankal Forest Fold Baptist Church (Cyprus supw)rti Star Fish Asia IKhanpur School) Moming Star Children's Centre (South Afn"cal Barnabas Fund University of Warwick Christian Union Caring for Life other grants 23.111 7,501 5,533 2,687 26.217 8.210 3,935 3,134 3.923 1,77S 246 30 180 40 Individuals Youssef Naciri Individuals for Preaching expenses 4,143 2,084 2,080 1,671 Totsl 47.110 49.390 GOVERNANCE COSTS unStrICted Total Funds Total Funds Funds 2023 2022 Independent Examinerfs fee Professional Fees 1.818 2.142 3.960 1,818 2,142 3,960 1,848 1.848 The Independent Examiners Fee paid in 2022 was from Unrestn"¢ted Funds NET INCOME This 15 Stated after Charging." 2023 2022 Depreciation of buildings Independent Examineff s fee 11,746 1.818 11.654 1,848 STAFF COSTS AND EMOLUMENTS Total staff costs Ere as folloY*S: 2023 2022 Wages and salaries Social security costs Pension contributions SO,995 41,224 827 12 51.822 41.236
GRACE CHURCH YATE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 STAFF COSTS AND EMOLUMENTS (Contin1) Particulars of employs. The average number of employees during the year was as follows.. 2023 No 2022 No FulVP3rt Time Ministry Training No employee wewed remunerab.on of more than £60.000 during the year12022- Nill. The key management personnel are considered to be the trustees. The total employment benefits received by key management personnel in the year were £44,39412022 £37,557). See note 18. The church has had no full-time posibon since 30th September 2020. Several of the trustees and some members have Increased their commitment to the church since that bme to substitute for the loss of the full time position. One of these individuals has been paid for 3 part time role. His total employee benefits were £29,382 12022- £37,557). In the year 2023 the church supported an indwidual through seminary training for part of the year. (These costs include Gross Pay. Employers Pension costs and Employers Nab"onal Insurance). Followng the end of his training the church employe(I him in 3 fvll b.me posrtion. 10. PRIOR Y&qR FUND COMPARATIVES Unrestri¢ted Funds Restricted Funds Total Funds 2022 INCOME Donations Investment income 119,712 85.129 62.083 181.795 85.129 TOTAL INCOME 204.841 62.083 266,924 EXPENDITURE on Raising funds Charitable actiwties 22.156 103,057 22.156 125,773 22,716 TOTAL EXPENDITURE 125.213 22.716 147.929 NET INCOME 79,628 39.367 118.995 TRANSFERS Betwaan Funds 39,367 139.3671 NET MOVEMENT IN FUNDS 118.995 118.995 RECONCILIATION OF FUNDS Total funds brought forward 2.016.424 2,D16.424 TOTAL FUNDS CARRIED FORWARD 2.135.419 2.135.419 12
GRACE CHURCH YATE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 11. TANGIBLE FIXED ASSETS Fhold Proparty COST At 1 January 2023 Additions in the year Disposals in the year At 31 December 2023 1.365,417 9,170 1.374,587 DEPRECIATION At 1 January 2023 Charge for the year At 31 December 2023 11,654 11,746 23,400 NET BOOK VALUE At 31 December 2023 1.351,187 At 31 December 2022 1,353,763 12 INVESTMENTS Inv•stm•nt Proparty COST and VALUATION At 1 January 2023 At 31 December 2023 1.400,000 1.400,000 Investment property has been separ*e(l from property held for 0rational use as a tangible fixed asset in the year 2019, as the rental propety was substantially completed during that year. Work continued on the site into 2021 and small work into 2023 but related to property held for use in church acbvity. 13 CREDITORS.. Amounts falling due within one year 2023 2022 Accruals Rent in Advance Personal Loans 6.147 9,168 2.000 1,846 3,285 2,000 17.315 7.131
GRACE CHURCH YATE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 14 CREDITORS: Amounts falling due after more than one year 2023 2022 Loans repayable in the periods.. 2-3 years Over 10 years $85.000 695,000 $85,000 695,000 All loans are unsecured. 15. RESTRICTED INCOME FUNDS 2023 Balan¢e at 1 Jan 2023 Fund Balance at Income Exp8nditurg Transfèrs 31 Dec 2023 Gifts eamarked for specific recipients Gifts for property loan repayments and development 14.820 115.170) 350 32.716 {32.7161 47,S36 {1S.1701 {32.3661 Grfts for loan repayments are used to repay loans and are tranSfed lo paY from general funds. Gifts for property development are transferred to general fvnds to cover development expense5 which become general fund5. 2022 Balance at 1 Jan 2022 Fund Balance at Income Expendriure Transfers 31 Dec 2022 Gifts earmarked for specific recipients Gifts for property loan repayments and development 22.716 122.716} 39.367 {39,367) 62,083 {22,716) {39,367) 16. UNRESTRICTED INCOME FUNDS 2023 Balancè at 1 Jan 2023 Fund Balancè at Incomg Expenditurg Transfèrs 31 Dec 2023 General Funds 2,135.419 204.691 1150.272} 32.366 2.222.204 2,135.419 204.691 (150.2721 32.366 2.222.204 14
GRACE CHURCH YATE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 16. UNRESTRICTED INCOME FUNDS (Continued) 2022 Balan¢e at 1 Jan 2022 Fund Balance al Irme Expenditure Transfers 31 Dec 2022 General Funds 2,016,424 204.841 1125.2131 39.367 2,135,419 2.016.424 204.841 1125.2131 39.367 2,135,419 17. ANALYSIS OF NET ASSETS BEfwEEN FUNDS 2023 Net current Long term as$¢ts liabilities Flx¢d a$$¢ts Totsl Unrestricted Income Funds- General Funds 2.751.187 $6.017 {58S.0001 2.222,204 Restricted Income Funds Totsl Funds 2.751.187 56.017 {585.0001 2.222,204 2022 Net current assets Long lemi liabilities Fixed assets Total Unrestricted Income Funds.. General Funds Restricted Income Funds 2.753,763 76,656 {695,000) 2,135,419 Totsl Funds 2,753.763 76,656 1695,0001 2,135,419 18. RELATED PARTY TRANSACTIOMS No Trustee expenses have been waived or reimbjrsed during the Current or previous years. The followng Injstees were employed and paid by the church in accordance th the charity's ¢onslilution. Mr JR Gulliford was paid a salary of £29,382 and pension contributions of £nil in the year for the work of part-lirne elder of the church12022 £37,557, Pension £nill. Mr P Pomeroy was paid a salary of £14,280 and pension contributions of £732 in the year for the work of full-time elder after appointment as a Trustee of the church (2022 £nil, Pension £nill. The Trustees and related parties donated £57.252 in the year {2022 £60.651). Mr P Pomeroy is a tenant of the church, and he pays a market rate. There were no further related party transadions in the year.