GRACE CHURCH TRURO Report and Financial Statements Year ended 31 March 2024 Company Number: 07328613 •AOIXLP6R• 2811212024 COMPANIES HOUSE
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DIRECTORS, REPORT
GRACE CHURCH TRURO REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 The director5 present their report and the unaudited financial statements for the year ended 31 March 2024. The financial statements comply 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) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and with the Charities Act 2011 . OBJECTIVES, ACTIVITIES AND PUBLIC BENEFIT The main areas of charitable activity of Grace Church Truro are to advance the Christian faith and the provision of relief. education and assistance for persons in conditions of need. hardship or distress. In order to achieve this, the objects of the company are as foll0v. to advance the Christian faith by such means as the Company shall determine from time lo lime. to relieve persons who are in conditions of need. hardship or distress as a result of local or intemotional disaster, or by reason of their social. medical or economic circumstances. to advance educotion in family life, in marriage and family relationships. in particular. bul not exclusively, by the organisation of courses for the teaching of skills and parenthood. lo odvance Christian religious education and training. The main activities undertaken in relation to the Charity's purposes are: Pastoial care & glfts to those In need: By this we simply mean "looking after people". Whether this is Ihrough organising our network of community groups (midweek smaller groups), equipping through teaching or direct intervention with individuals through either personal or financial resources our aim is to build up and serve people to live life lo the fullest. Sunday meellngs & related acllvlty: Gathering together is on expression of the friendship that we have as part of the Christian faith. It is also a means by which people who have never experienced the Christian life can be introduced to it and be helped to take next steps to follow Jesus should they so wish. Oulreach & communlty projecls: An imperative of the Christian faith is to reach out to those who don't know Jesus. We believe that there is good news to be shared. In this area we are seeking to organise and equip but in addition explore ways in which we can make a material difference lo the lives of the wider community around us. We recognise this is a key area for growth.
GRACE CHURCH TRURO REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 Objectfves and Activlties cont When planning our aclivities for the year. the Directors and Leadership of the charity have considered the Charity Commission's guidance on public benefil and, in particular. Ihe specific guidance on charities for the advancement of religion. The review of activities in this report reflects how we have implemented this through a range of activities which we consider lo be in line wilh both this guidance and our objectives. Grace Church Truro is a dynamic, growing church with a vision to bring help not just to its members but also the local area. Cornwall and Ihe UK. The directors recognise, and are sincerely grateful for. the volunteers who contribute so much to all that happens in the life of the church. Every week at least 50 volunteers are active in the Church to build community. help those in need and help organise gatherings to come together and worship Jesus Christ. REVIEW OF THE YEAR'S ACTIVITIES staff Matt Leach and Andrew Sampson remained on staff for 5 days per week. Saskia Archbold was recnJited as adminislrator at the start of the year, 2 doys a week. Emma Mills was also appointed at the slart of the year to work one day a week to establish the Transforming Lives for Good work (see below). Staff costs account for 65% of the charity's total unrestricted.expenditure for the year, which demonstrates the relalional and pastoral priorities of the Charity. Church famlly Alongside introducing people to the Christian faith. a principle aim of Grace Church is seeing people equipped for works of seNice" In other words, to play their parl in society as a whole through their paid work, their leisure, their relationships - in fact, their whole lifel All are welcome to attend our regular Sunday seNices. As well as Sunday meetings, church members meet midweek in community groups where the day-to-day life of the church is worked out. These groups ore 'open' communities where anyone can belong and also begin to outwork the vision and values of the church in every aspect of their lives. We place our prime emphasis on discipleship and seek to 'learn from the moster,. Je5US. Grace Church continues to enjoy a close relationship with our wider family of churches. Advance. Llvlng wlth Vlslon Ilves changed by the gospel Each of our Sunday morning preaching series throughout the year aimed to connect the Christian faith to everyday life as well as being an opportunity for enquirers to find out more. Topics covered included: An overview of Hebrews - Why Jesus is better (than everythingll; Serving the Community: The Lord's Prayer: Abraham- living by faith: Tales of the Kingdom: Jesus, parables.
GRACE CHURCH TRURO REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 Children attending our Sunday gatherings (Grace Kids) are part of either the Key stage l or Key Stage 2 group. The children's work is based on Montessori methods using Godly Play to support children's understanding of the Bible in age- appropriate ways. We have used various materials (fabric, wood. clay, poper craft) to respond and explore the Bible stories on a deeper level. Children have enjoyed a soft play aftemoon. Church Fun Day, Christmas party and Christingle service that reaches out to the community. A creche space for babies and pre- schoolers continues to be provided. allowing for role play opportunities. small world toys and books of simple Bible stories. As well as our regular lime together on Sundays. Grace Church Youth have enjoyed an increase in the frequency of our Friday night socials which hove mostly run fortnightly, instead of monthly. As the group has grown to over 20 youth, we have split into Iwo separate age groups of 12-14 and 14-16. adding to our team of adult volunleers and providing a more stnjctured transition from the younger kids work at Grace church into youth. This has allowed our Sunday sessions to be more focused to the needs of each group and continue to provide opportunities for our older youth to be engaged and connected into serving teams and the community of church. One of our highlights of the year has been taking 18 of our youth along with 6 from blaze church to Newday festival in Norfolk. the success of which has sparked further conversations amongst us leaders on planning more local join events for young people to continue building relationships and community here in Comwall. We are looking forward to continuing growth as a group as we seek to provide a nurturing environmenl for young people. In January 2024, we re-launched our midweek community groups. These groups are 'open' communities where anyone can belong and also begin to outwork the vision and values of the church in every aspect of their lives. With the re-launch and clearer strategy these groups are thriving as members help one another grow in love. shoring the ups and downs of life, together in prayer. Grace Church Truro hos mony member5 working in the NHS and other public services where job demands. and shift patterns may prevent attendance at weekly meelings. We recognise the need to ensure all members feel included, loved and supported and therefore alongside community groups we have encouraged more informal. sometimes digitally enabled. communities to form. Transformlng Llves for Good In partnership with the Christian charity Transforming Lives for Good {TLGI. we launched the Early Intervention project in May 2023. Working with a local secondary school in Truro. the project seeks to support secondary school age children who need support with areas they are finding challenging, be that emotional, making friends. fitting in al school, or other needs identified by the leaching staff. Volunteers from Groce Church Truro meet for an hour a week. for a year, to form a relationship based on curiosity ond empathy with a child and offer additional support to that provided by teaching staff. At present we have five coaches who have all
GRACE CHURCH TRURO REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 undergone training and commenced coaching sessions in February 2024. We are looking forward to recruiting and training more volunteers to support more pupils at the school. Connecting oui lrfend$ wlth Ihe gospel We are focused on encouraging every member of the church to see themselves on the missionary frontline and share the gospel with others as they have opportunity. We also hosted events throughout the year lo create more opportunitie5. including the Alpha Course and a Christmas carol service. Falmouth Church planl During the summer of 2023, the leadership team took Ihe difficult but necessary decision to close Ihe Falmouth Church plant work, known locally as Anchor of Hope. The excellent community built since the start in 2017 continues to forge relationships across Falmouth. whilst individuals have found other churches with whom to worship and continue the missions. Since the year end all reslricted 'Falmouth Church Plant, funds have been passed on to organisations carying out a similar work, with the agreement of donors. • Porthtowan Church plant After a number of years praying for a church planting endeavour in the coastal village of Porthtowan. nine miles outside of Truro. a faithful core team of individuals have begun planning in eornest for the forming of a congregation. Towards the end of the year. a Good Friday reflection together with an Easter Sunday celebrating in the village holl have helped launch the work in a more public manner. Since the year end. plans have accelerated and we are excited to see the forming of this new church plant. • Worklng wllh other churches We believe in the biblicol principle of portnership and are committed to partnering with other like-minded churches where we can. Grace Church is also a partner church of Advance, an intemational movement of churches that exists to advance the gospel through planting and strengthening churches. Expiesslng God's generoslty Over the year the charity has made several gifts to other charitable causes to directly pursue its objectives to pursue the Christian failh and of the provision of relief. education and assistance for persons in conditions of need. hardship or distress. These gifts included: £4.125 to Advance Movernent," £2.420 to Christians Against Poverty; £3.100 lo Truro Foodbank: £5(X) to Hidden Help; £378 to Heathercombe Brake Trust; £140 to UCCF and £2,500 to VOriOUs church planting endeavours.
GRACE CHURCH TRURO REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 Financial Revlew Incomlng resouices Total incoming resources for the year ending 31 March 2024 were £210,918. This included donations and gift old totaling £208.460 from church members, the principal source of funds for the charity. Resourced expended Total resources expended were £195.728. Funds ond Balance Sheet Total unrestricted funds are £1 11.5651of which £55.145 is undesignatedl and restricted funds are £34.395 at the year end. Reseryes pollcy The directors review the charity's reseNe5 policy regularly in the light of Charity Commission guidance. There are three categories of reserves held. General funds are undesignoted. Designated funds arise from the setting aside of some general giving against the idenlified needs in line with the Charity's objectives: To maintain a fund with which to be able to assist members of the church in need To maintain a three-month operational costs contingency To set aside l 0% of unrestricled income each year to distribute as gifts to other charitable causes to directly pursue the charity's objective5 to pursue the Christian faith and of the provision of relief. education and assistance for persons in conditions of need, hardship or distress. Restricted funds arise where gifts are received for specific purposes. Expenditure is distributed in line with these requirements.
GRACE CHURCH TRURO REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 Investmenl policy In keeping with the reserves policy. funds are maintained to meet foreseeable recurring expendilure. The Charity does not hold substontial investments, nor does it judge it appropriate to do so. In order to achieve slightly higher interest rates than those associated with the charity's current account. as well as distribute the funds across different accounts. standard deposit occounts and fixed-rate deposit (or bonds) of six- or 12-month periods may be used to maximise interest whi15t keeping all funds in cash. The choice of such accounts is aimed at maximising interest whilst maintaining the necessary degree of access. Consideration is also given to ethical and environmental issues in choosing investment institutions. Internal control and rf5k management The directors have overall responsibility for Grace Church Truro's system of internal control. Such a syslem can provide only reasonable and not absolute assurance against errors or frauds. There is a clear delegation of the directors, authority through the Eldership to the rest of the church. Grace Church operales a planning and budgeting system with an annual budget approved by the board of direclors. Significant changes are subject to specific approval. A financial reporting system compores results with the budget on a quarterfy basis. The directors are salisfied that systems are in place to monitor, manage and mitigate Grace Church Truro's exposure to major risks. A risk regisler has been crealed to help track and manoge the most significant risks that could impact the charity. The register currently conlains 43 potential risks, each of which is reviewed at least once a year by a subcommittee of the directors. The directors have put in place controls to protect against the identified risks and where Ihe risk level is deemed to be unacceptable, additional conlrols are being implemented. Risk management is a dynamic process and the directors ensure thot new risks are addressed as they arise. The directors recognise that the nature of some of the charity's work requires active acceptance and management of some risks when undertoking activities to achieve the objectives of the charity.
GRACE CHURCH TRURO REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 stiuctvre. Governance and Management Grace Church Truro was incorporated on 28 July 2010 as a company limited by guaranlee ond registered as a charity on 29 September 201 0. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. The directors. who meet at least four times a year, are responsible for ultimate strategic decisions. recognising the oversight of the Church rests with the Elders. The direclors are regarded as the trustees of the charity for the purpose of the Charities Act 1993. Directors are appointed at the Annual General Meeting. The directors may also appoint a director to serve until Ihe next Annual General Meeting, at which time he or she would cease to hold office but would be eligible for election. The directors monitor finance. risk management, human resource management, facilities management. health and safety and safeguarding. The Eldership of the Church oversees the achievement of the objectives of Ihe charity, day-to-day operational decisions and the co-ordination and direction of Grace Church Truro's work. Progress is monitored regularly by the directors. The directors are members of the church and bring experience and expertise in business, accounling. ond leadership and as truslees in previous churches. Training is provided to board members as required. Using information from Advice for the Voluntary Sector IAfVSI, we have developed an induction checklist that to ensure that new directors are given access to all necessary information to fully understand the role and responsibilities of being a Trustee. The checklist also covers the administralive records thal need to be updated when a new person is appointed.
GRACE CHURCH TRURO REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 Reference and Admlnlstrallve delalls Charity name Reglslered charlty number Charlty's princlpal address and Reglslered Office Grace Church Truro 1138212 5 Grenville Road Truro TRI 3TJ Trustee & Direclors Talan Archbold Kery Doyle Ray Gilliland Matthew Leach Kothryn Nichols Judy Pyke Helen Sewell Paul William5 Resigned 18 June 2024 Appointed 18 June 2024 Elders Andrew Sampson Matthew Leach Benjamin Sewell Reglstered Company Number 07328613 Bankers National Westminster Bank 2-4 Nicholas Street Truro TRI 2RN stewardship Services IUKETI Ltd l Lamb's Passage London ECIY 8AB CAF (Scottish Widows Bank plc) 67 Morrison Street Edinburgh 1143 8YJ Webslle www.gracetruro.org
GRACE CHURCH TRURO REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 The dlrectors declare that they have approved the report above. Slgned on behall of the charlly's dlrectors: Full names: Helen Sewell Poslllon: Trustee Dale: 18 December 2024
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trustees GRACE CHURCH TRURO On accounts for the year ended 31ST MARCH 2024 Charity no (if any) 1138212 Set out on pages IFGck(& CQ¢J I report to the trustees on my examination of the accounts of the above charity Grace Church Truro for the year ended 3110312024. Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5Xb) of the Act. Independent charity's gross income exc dto examiner's statement underta ion by being a qualified member of [insert name of le. le listed bo I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination (other than that disclosed below ') which gives me cause to believe thal in, any material respect.. the accounting records were not kept in accordance with section 130 of the Charities Act., or the accounts did not accord with the accounting records., or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper underslanding of the accounts to be reached. Please delete the words in the brackets if they do not apply. Signed: Date: i%.11.i* Name: REBECCA THOMAS Relevant professional qualification(s) or body (if any): FCCA IER Oct 2018
Address: 82 TREVERBYN ROAD, FALMOUTH, CORNWALL, TR115BS Section B Disclosure Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts.. directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER Oct 2018
GRACE CHURCH TRURO - 07328613 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 INCOME AND EXPENDITURE ACCOUNT IlnTeslTlcled funds Resfrlcted come fvnds 2024 Total 2023 Totol Nole Income and endowments from: Donalions Choritoble aclivitle5 Investment5 Tolal 181.814 26.646 208,460 197,233 2,458 184,272 2.458 210,918 26,646 197.350 Expèndllure on: Choritable activllles Tolol 172,609 172,609 23,119 23,119 195.728 195.728 202.600 202.600 Nel Income/(exp•ndlhKe) 11,663 3,527 15.190 15.2501 Tran•ts b•lw••n fvnds 5,878 15.8781 Nel movement In Ivnds 17,541 12,351) 15,190 15.2501 R•conclllallon of fvndi: Tolol lunds brought forword Tolal lundi caffled foThvaid 94,024 111.565 36.746 34,395 130.770 145.960 136.019 130,770 The stolement of financiol aclltivilies includes all gains and losses recognised in the year. All income and expendilvre derive from conlinuing activitie5.
GRACE CHURCH TRURO - 07328613 BALANCE SHEET AS AT 31 MARCH 2024 Unrestrkted Reslrt¢led funds Income funds 21Y24 Tolol 2023 Tolal Nole Fixed ossels Tongible 05sels 9,281 9.281 10,733 Tolal Flxed Assets 9.281 9.281 10,733 Currenl assels Debtors Cosh ol bonk ond in hand 10 16,838 93,809 27 34.368 16.865 128.177 61,172 68,962 Tolal CvTh•nl Ass•ts 110.647 34.395 145.042 130,135 Creditors: omounls folling dve within one yeor 18,3631 (8.363) 110.0961 Nel cvffent ossets 102,284 34.395 136.679 120,039 Tolal nol assoh 111.565 34.395 145.960 130,770 Funds of lh8 Charity R8slricled income fund5 Unrestricted funds 14 34.395 34,395 111.565 36,746 94.024 14 111.565 Total chorfty fvnds 111.565 34.395 145.960 130,770 For the yeor ending 31 March 2024 the compony was entltled to exemplion from oudit vnder section 477of the Companies Act 2CQ6 relaling to 5moll componies. The members have not required the compony to obtain on avdil of its occovnls lor the year in queslion in accordonce with section 476. The directors ocknovledge Iheir responsibilities lor complylng with Ihe reqviremenls of the Acl with respect to accounting records ond the preporalion of accounts. These occounts are prepared in occordonce with the special provisions of Part 15 of the Companies Act relating to small componies and constitute the annual accoun15 required by Ihe Componies Act 2W6 and ore for circulation to members of the company. The notes ot poge$ 13 to 29 fomi part ol these accounls Approved by the direclors. ond signed on their beholf by, and avthorised for issue on 18 December 2024 Helen ewell Trustee
GRACE CHURCH TRURO- 07328613 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 Tolal 2023 Total Note Cash flows from operatlng aclfvlmes: Nel cosh provided by (used in) operating oclivities 18 58,757 13,892} Cash flows from invesNng acllvltles: Inleresl received on cosh deposits Purchase of equipment Nel cash provided by Ivsed inl investing aclivilies 2,458 (1.994) 464 111,8001 111,7831 Change in cash and cosh equivolents in the reporting period 59.215 115.6751 Cosh ond cosh equivalents al the beginning of the reporting period 68,962 84.637 Cosh and cash equlvalents al the end ol Ihe reportlng pwlod 128,177 68,962
GRACE CHURCH TRURO - 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Note I Basls of preparallon 1.1 Basls ol accounllng These accounls have been prepared under the historical cost convention with items recognised at cosl or transaction value unless otheTrvise stated in the relevant notes to Ihese accounts. The accounts have been prepared in accordance with the Slatement of Recommended Practice: Accounling ond Reporting by Charilies preparing their accounts in accordance with the Financiol Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard opplicable in the United Kingdom and Republic of Ireland IFRS 1021 and with the Charities Act 2011. The charity constitutes a public benefit entity a5 defined by FRS 102. 1.2 Reconclllallon wlth pievlou5 Generally Accepted Accountlng Practlce In preparing the accounts, the trustees hove considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 Ihe restatement of comparalive items was required and have deemed no such restatements necessary. 1.3 Golng concern There are no material uncertointies related to events or conditions that cast significant doubt on the charity's ability lo continue as a going concern. 1.4 Change of accounllng pollcy The accounts present a true ond fair view and the accounting policies adopted are those outlined in note 2. 1.5 Changes to accountlng esllmates No changes to accounting estimates have occurred in the reporting period13.46 FRS 102 SORP). 1.6 Malerlal prfor year errors No material prior year error have been identified in the reporting period13.47 FRS 102 SORPI.
GRACE CHURCH TRURO - 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Note 2 Accounting policie$ 2.1 INCOME Recognillon ol These are included in the Statement of Finoncial Activities ISOFAI when". Income the chority becomes entitled to the resources: it is more likely than not that the truslees will receive the resources,. and the monetary valve can be measured wilh sufficient relioblllty. There has been no offselling of assels and liabilities. or income and expenses, unless required or permitted by Ihe FRS 102 SORP or FRS 102. Offsettlng Granls ond donallon$ Grants ond donations are only included in the SOFA when Ihe generol income recognition criterio ore met15.10 to 5.12 FRS 102 SORPI. Tax reclalms on Gift Aid receivable is included in income when Ihere is a valid donollon$ and declaration from the donor. Any Gift Aid amount recovered on a glfts donation is considered lo be part of that gifl ond is Ifeated as an addition lo Ihe same fund os Ihe initial donation unless the donor or the terms of the appeal have specified olhen*ViSe. Support cosls The charity has incurred expendilure on support costs. Volunteer help Given the absence of a reliable measurement basis, the value of ony voluntory help recelved is nol included in the accounts. The nature and scale of the role ployed by general volunteers is described in the twstees, annual report. Income from Interest This Ss included in the accounts when recelpt is probable and the amount receivable can be measured reliably. 2.2 EXPENDITURE AND LIABILITIES Llablllly Liabilities are recognised where it is more likely Ihan not that there is a recognlllon legol or constructive obligalion committing the charity to poy out resources ond the amount of Ihe obligation can be measured wilh reasonable certainly. Governanc• and support costs Support costs have been ollocoled between governance costs and other support. Governance costs comprise all costs involving pvblic accountability of the charity and its compliance with regulation ond good practice. Support cost5 include central functions and have been allocated to activity cost categories on o bosis consistent with the use of resources. eg staff cosls by the time spent ond other cosls by Iheir usoge.
GRACE CHURCH TRURO - 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Nole 2 Accountlng pollcles The charity operates a defined contribution pension scheme. Contributions payable lo the pension scheme are charged to the Income and Expenditure account in the period to which Ihey relate. Pen$lon cost Redundancy Cost The charity made no redundancy payments duting the reporting period. Deferr•d Income No material ilem of deferred income has been included In the accounts. Credllors The charity has creditors which ore measured ol setllement amounts less any trade discounts. A liability is measured on recognition at its hislorical cost and then subsequenlly measured ot the best estimat8 of the omount required to settle the obligalion at the reporting date. Provlslons lor Ilabllllles Ba$lc Ilnanclal The chority accounts for basic financial instruments on initiol recognition Instrumenlg as per paragraph 10.7 FRS 102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS 102 SORP. 2.3 ASSETS Tanglble flxed These are capilolised If they can be used for more than on8 year, ond assets loi u$e by cost at least £3. charlty They are valued ot cost. The depreciation rates and methods used are disclosed in note 9. Debtors (including trade deblors and loans receivoblel ore measured on initial recognilion ot settlement amount afler any trade discounts or amount advanced by the charity. Subsequenlly, they are measured at the cash or other considerotion expected to be received. Debtors Cuffenl a$$el Inveslmenls The charity hos investments which it holds for resole or pending their Sale and cash and cash equivalenls with a maturily date less than one year. These include cash on deposit and cash equivalents with a maturity dote of less than one year held for investmenl purposes rather Ihan to meet short lerm cash commitments as they fall due. Tliey are valued ai falr valuè except where they quality as basic financial inslruments. Flnanciol Inslrumenls The charity only has financial assets and financial liabililies of a kind that quality as basic financial instrvments. Basic financiol instrvments ore intilially recognised ot transaction value and subsequently measured at their setllement valve with Ihe exception of bank loans which are subsequently measured al amortised cost using the effective interest method.
GRACE CHURCH TRURO - 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Note 3 Analysis of income Analysis Unrestricted funds Restricted income funds 2024 Total 2023 Total Donallons and Donations and legocles: gifts Gift Aid 154,667 27.153 181.814 26.102 180.762 544 27.697 26,646 208,460 177.181 20,052 197,233 Tolal Income from Inveslments: Interest income 2.458 2,458 2,458 2.458 Tolal TOTAL INCOME 184,272 26,646 210.918 197,350 other Infoirnatlon: All Income In the prlor year was unrestrlcled excepl loi: £41,262 Donations and £2,152 Gift Aid
GRACE CHURCH TRURO- 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Note 4 Analysls of expendlture Activlty or progromme Unrestricted funds Restricted income lunds 21)24 Total 2023 Total Expendllure on Postoral Care & gifts to Ihose in need charltable acllvllles Sundoy Meetings & related octivity Outreach & community projecls 76,170 7,500 83.670 95,065 57,305 8.734 60,039 53.731 39.134 6.885 46.019 TOTAL EXPENDITURE 172.609 23,119 195,728 202.600 Analysls of expendllufe on charltable acllvlttes Aclivity or progromme Aclivilles undertoken directly Support Cosls 2024 Tolul 2023 Tolol Postorol Care & gifts to those in need Sundoy Meetings & relot8d aclivity Ovtreoch & community projects 59,059 76.170 57.305 3?.134 95.065 19,123 38,182 53,731 11,391 27,743 53.804 Tolal 47,625 124.984 172,009 202.6CQ Prior year expendilvre on choriloble octivities con be analysed as follows: Acllvlty or progromme Aclivilies vndertaken directly Support Costs 2023 Totol Posloral Core & gifts to those In need Sunday Meetings & reloled activity Outreach & community projects 33,011 62,054 95.065 30.375 23.356 53.731 30,448 23,356 53.804 93.834 108.766 202.6CO
GRACE CHURCH TRURO- 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Note 5 Support Cosls Support cost 2024 Basls of Total allocallon Pasloral Sunday Oulreach Governance 476 476 476 1,428 Equally 111,527 Staff Hours staff Costs 53,237 33,963 24.327 Office Expenses Total 5.347 3.743 2.941 12,030 staff Hours 59.059 38.182 27,743 124,984 Support costs are allocated primarily on the basis of staff time. as Ihis is Ihe best indication of where resources ore expended. Staff costs are apportioned directly: each employee's costs according to the staff hours spent on each activity across an average week. Office Expenses are apportioned generally: according to total number of staff hours spent on each activity. Governance costs are allocated equally across the three activties. Note 6 Detalls of certaln Items of expendltvre Fees for examlnallon of the accounts 2024 2023 Independent examlnei's fees Tax advlsory fees Other fee5 pald to the Independent examlner 3(X) 300
GRACE CHURCH TRURO - 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Nole 7 Pald employees 7.1 st¢)ff Costs 2024 2023 Salaries and wages Social security costs Pension costs {defined contribution scheme) other employee benefits 107,523 89,709 1,759 7,005 6,902 6,272 36 Total staff costs l 16,221 102,986 Expenditvre on staff working for the charity whose contracts are with and are paid by a related party: £nil12022: £nil) No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60.000. Total amount paid to key management personnel {includes trustees and senior management) for their services to the charity: £62,1781201: £57.0611 2024 2023 Number Number 7.2 Average head count In the year Fundrolslng Charitable Acllvllles Governance other Tolal
GRACE CHURCH TRURO - 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Note 8 Dellned conlrlbullon penslon scheme Amount of contributions recognised in the SOFA a5 an expense: £6.902 (2023: £6.272}. Grace Church Truro contributes 7% of employee's salaries to the scheme. £6,875 of pension expenses are allocated to unrestricted funds. as the majority of staff resources were expended on unrestricted fund activities during the year. £27 wos allocated to the Social Action restricted fund to represent the staff time spent on these projects within the year.
GRACE CHURCH TRURO . 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Note 9 Tanglble flxed assets 9.1 Cost or valuotlon Flxlure$ & Flttlngs Computer Equlpment Total At l April 2023 Additions 4,434 16,465 20,899 1,994 1,994 Disposals Al 31 March 2024 13.075) 1.359 13.2921 15,167 (6,367) 16,526 9.2 Depreclatlon and Impalrments straight Line I SL") or Reducing Balance {"RB") Rate RB SL Total 25% 3 years At l April 2023 Disposals Depreciation At 31 March 2024 4,171 6.057 10,167 13,633) 220 12.384) 2.875 {6,017) 3.095 698 6,548 7,245 9.3 Net book value At 31 March 2024 661 8,619 9.281 At 31 March 2023 324 10,408 10,733
GRACE CHURCH TRURO - 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Note 10 Debtors and prepaymenls 2024 2023 Prepayments and accrued income 16.865 61,172 16.865 61,172 Note'l I Cash at bank and In hand 2024 2023 Short term deposils Cash at bank and on hand 20.646 20.358 107,531 48,604 128,177 68,962 Cash at bank and in hand is held to meet short-term cash commitments as they fall due. rather than for investment purposes. All short term deposits at Ihe year end were held in the form of cash deposits.
GRACE CHURCH TRURO - 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Note 12 Credllors and accruals Amounts falllng due wlthln one year 2024 2023 Trade creditors Accruals and deferred income Pension 1,781 1,828 986 PAYE Credit card 5,528 2,982 4,722 8,363 10,096 Note 13 Falr value ol assels and Ilabllltles The Directors do not deem the Charity to be exposed to any material credit risk (the risk of incurring a loss due to a debtor not paying what is owed) , liquidily risk (the risk of not being oble to meet short term financial demands) or market risk (the risk thal the value of on investment will fall due to changes in the market) arising from financial instruments to which the chority is exposed at the end of the reporting period. There is no change in the fair value of basic financial instruments (debtors, creditors. investments (see section I I. FRS 102 SORPII measured at fair value through the SOFA thal is atlributable to changes in credit risk.
GRACECHURCH TUIO- 0732•113 NOIES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 JI prh>) GlFu Iiyth 141 LW &7$) 441D 14, ITXXI bul 7.1 11 Im •*J•U•wr41 lJQ.M•
GIACE CHuRCTRu10-Y)l•lI) NOTES FORMING PAItT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO JI MARCH 2024 all i& r47l•a.olfntyJtWp1o Vl VN J•loth IT 7¥ •d.J&4J¢lub 414 IVJ lJl,74•
GRACE CHURCH TRURO - 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Nole 16 Charlty funds (conl) 16.1 Transfers between funds Reason for transfer Amount Befvrfeen unrestricted To meet any shortfall befv4een donations and restricted funds received for a specific purpose. and resources actually expended on that purpose. 2024: £0 2023: £0 16.2 Deslgnaled funds Planned use Purpose of Ihe deslgnallon Amounl Individuals in Need Funds set aside each year from General Funds against pastoral needs within the Church to be administered as the leaders, discretion. Any money undistributed at year end held in Designated Fund for future needs. 2024: £0 2023: £4.218 Operational Costs Three month operational contingent fund in the event of unexpected loss in income 2024: £39,000 2023: £18,000 Falmouth Church Plant This fund set aside a proportion of general donations to help fund the Falmouth Church Plant 2024: £0 2023: £15.775 Giving This fund sets aside IO% of unrestricted income each year which is dislributed as gifts to other charitable causes to directly pursue the charity's objectives to pursue the Christian faith and of the provision of relief, education and assistance for persons in conditions of need, hardship or distress. 2024: £17.420 2023: £12.102
GRACE CHURCH TRURO - 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Note 17 Transacllons wllh trustees and related partles 17.1 Truslee remuneratlon and benellts In the period the charity has paid truslees remuneralion and benefits. Amounts pald or benefll value 2024 2023 Remunerollon Penslon conlrlbutlon TOTAL TOTAL Name ol Iruslee Mallhew Leach Legal authorlty Articles of Association 44.186 3.093 47.279 41,366 Paymenl was made enlirely for services given under the terms of his employment contract as Elder/Leader of the Church. and not for his role as Trustee. All trustees are volunteers who give their time and expertise without charge. 17.2 Tiuslees, expenses In the period no trustee expenses have been incurred. 17.3 Tfansacllons wlth relaled partles The tolal amounl of donations received in Ihe period without conditions from all Trustees was £19,78012023." £18,060). There were no oulslanding balances with related porlies as at 31 March 202412023: £nil).
GRACE CHURCH TRURO - 07328613 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Nole 18 Reconclllallon of net Income/{expendlture) lo nel cash flow from operotlng acllvllles 2024 2023 Net (expenditure) for the reporting period Adjustments for: Depreciation charges Interest received on cash deposits Ilncreasel / decrease in debtors ncrease / Idecreose) in creditors 15.190 15.249) 3.713 (2.458) 44,307 (17) {7.258) 4,919 (1.733) Net cash provided by (used in) operating activities 58,751 (3,892) Note l? Charltable Company Status The charity does not have a shore capital as the liabilities of its members are limited to the gurantee up to a maximum of £1 each.