Godflrst Church Cheltenham Ltd IA Company Ilmited by guaranteel Annual Report and Flnanclal Statements Year Ended 31 December 2023 Company rè8lstration nurnber.. 08090929 Charity reii5tration number.. 1148222 Godfirst Church Cheltenham Ltd Contents Reference and Adminlstrative Details Trustees, Report Statement of Trustees, Responsibilities Independent Exarniner's Report Statement of Flnanclal A¢tlvitles 8alaThc• Sheet 9.10 Noles to the Fin¥n¢i•l StOtemgnt5 11-21 Godfirst Church Cheltenham Ltd Reference and Administrative Details Trustees H Kellett- Church Leader T Bradbury B Gatley R Stbmp (resigned 6.11.231 J Augsburger lappolnted 9.2.231 J Dilly lappointed 26.2.241 S Parke5 (appointed 26.2.241 Key Min•i•ment H Kellett C Appel Governlni Docum•nt Memor8ndum and Artlcles olAssoclallon dated 31 May 2012 PrIn¢l￿1 Offl¢• 2 Mayhlll Shurdlngton Rojd Cheltenham Gloucestershlre GL52 ONI Commny Rrflstrntlon Numb•r 08090929 Ch•rtty Reilitr•tlon Numb•r 1148222 84nk•rs HSBC Bank PIC Ind•p•nd•nt Ex•mln•r Adrian Carr AAT The Accountlng Bureau Ltd 87 North Road Poole Dorset BH14 OLT Godfirst Church Cheltenham Ltd Trustees, Report The trustees, who are the Charlty's dSrectors for the purposes of company law, have pleasure in submltting the Report and Accounts for the y•ar. The charity oper8tes under the narne"Godflr5t Church" Obl•¢t$ otthe charlty The charlty is a charitable company and Is ioverned by Its merngrandum •nd articles of Jssoc14tion, The prlmary objectlve ol the charity, as set out in the 8overnin8 docurnent, is to advonce the Christian falth in a¢cordan¢è wlth the charlty's Statement o18eliefs, in Cheltenham, and In such other parts ol the Unlted Kln8dom and the world, as thè Trustees may from tlme to tlme think flt. Summary ofthe chartty'i m•ln art1v￿l•S Ind achlevement5 To further the above objects ind vislon, the charity's maln activit5•5 and achievernents were as follows.. The ¢hurch began gatherln8 Informally Ir* September 20)9. At the start olthi5 reportlng peTSod we had 142 Jdults and 60 chili¢ren who would consider Godtirst their Church,. however. 8s •t 31 Dttember 2023, we had 138 adults and 53 children. Thls is the first tlme since the pttndemlc we have seen i slliht decllne In numbtrs. We meet most weeks on Sunday mornlngs at Cheltenham Ladies Colle8e. Towards the end of the last reportlng perlod, the church had begun to gather funds for the pur¢h•se of Chapel Arts, Knapp Road, ChelteTrham, GL50 3QQ. The property w•s listèd for sale at £750,OW. The purchase was further delayed by plannlng Issues from the prevlous owners,. and In luTre 2023, wlth a mortg•8e of £402.500169% LTVI and ovèr É260,CQJ ralsed from within Godfirst and with the gentrous support of partner churches allowed us to complete the purchase on 16 June 2023. In July the Trustees took the decislon to pay cff a lump sum of £58,OC() to reduce the mortgage to £344,5￿h on hand and clll deposlts, and other S￿ort-terrn hlihly Ilquld Investments th4t are readlly convertlble to a known amount of cash and are 5ublect to an Inslinlflcant rlsk ol¢hanie In vjlue, Borrowlny Intèr*5t-bearln8 borrowlngs are Inltlally recorded it falr value, net of transactlon costs. Interest- be4rln8 b?rrowln8s are gubsequently carrled jt amortlsed cost, wlth the dlfference betweèn tht proteeds, net of transactlon costs. and the amount due on redernptlon belng recognlsed as a ¢harye to the Ststement of Flnan¢l•l Acllvltles over the perlod of the relevant borrowln6. Interest expense Is reco8nl>ed on the b•sl$ of the effertfve Inter*5t rnethod ond Is Included In Interest pjyable and slmllar charges. Borrowlngs are classlfied as current Ilabllltles unless the charlty hJ5 an uncondltlonal rl8hi to defer settlement of the Il•blllty for at leat twelve months after the reportlng dite. Fund rtru¢lur• Unrtstricttd Income fvnds are general fvnd5 that are avall?ble ft>r use •t the trusteè5' dls¢rrtlon In fvrtherance of the oblectlves of the chorltv. Deslgnated funds are unrestrl£ted fund5 set aslde for spteffic purposes at the dlscretloTh of th• trustees. Restrlcted Income funds are those donated for use In a partlclslar arej or lor speclfic purposes, the vse of whlch Is Ttstritted to that arèa OT purposè. P•nslons •nd oth•r post r•tlrem•nt obllytloni The cornpany offers a deflned contrlbutlon penslon scheme. Contrlbutions are char8ed in the Income and expendlture account as they become payable In accordance wlth the rules of the scheme. 13 Godfirst Church Cheltenham Ltd Notes to the Financial Statements Year Ended 31 December 2023 Income frorn donat￿nI ind l•yct•s Restated Tgtsl 2022 Unr•strkt•d A•rtrlrt•d fvnds lunds Tot•1 2023 Doftatlons and legacles,. Donatlons of cash and slmll•r Glft 41d reclJlmed 233,762 38,192 67.985 2,919 301,747 41,111 335,915 56.402 271,954 70,904 342,858 392,317 In(om• from th4rlt•bl• 4rtIv￿l•S Unr•strlct•d R•strlrt•d fvnds lundi Totsl 2021 Tot•1 2022 chU￿h courses and events 8,268 8,268 6,272 8,268 8.268 6,272 I￿￿$1m•nt In¢om• Unr•$trlct•d lunds R•rtrlrt•d funds Tot•1 2023 Tot41 Z022 8•nk Interest 1,636 1.636 362 1,636 1.636 362 Oth•r In¢oM• Unr•strlrted fundi Restrlrted funds Tot•1 2021 Tot•1 2022 Chapel arts rental 120 120 120 120 14 Godfirst Church Cheltenham Ltd Notes to the Financial Statements Year Ended 31 December 2023 E*pandltur• on ch4rtt•bl• actlvttl•s Unr•$trlrt•d fundi R•rtrkt•d fvnds Total 2023 Totsl 2022 Costs In¢urr•d dlr•¢tly on sp•cllk •ctlvltl•s Employment related (note 71 121,794 Staff costs 789 Conferenceg and trJlnln8 4,415 Advertlsln8 5,552 Church a£tlvltles 15.689 Venue hlre 20,823 Guest speakers 1.099 Grants piyable (note 6cl 11,263 Chape1 runnlng costs 6,761 M?rt808e cost5 13,350 121,794 789 4,415 5,552 15,689 20.823 1.099 12.363 6,761 13,350 105,6CQ 1,028 16,204 283 13,048 Z2,483 2,520 17,559 I.IDJ 201.535 I,Ic 202,635 178.72S Unr•strlrt•d fvnd• R••trlct•d funds Total 2023 Tot*1 2022 Colts In¢urr•d on wpport Ind •drnlnhtr•tlon Independent Exjmlner's rtmuneratlon 3,480 Office costs, Includlng equ5prnent 10,508 Depreclatlon of tanglble assets 20,259 Le8al and profes$lonal fees 23,728 Insurance 2,386 3,480 10,508 20,259 23,728 2,386 2.040 10,287 2,127 744 60,361 60,361 15,198 Totsl •Mp•ndltur• 261,896 I,IDJ 262.996 193,923 Is Godfirst Church Cheltenham Ltd Notes to the Financial Statements Year Ended 31 December 2023 Gr•nts p•y•bl• Ibuti￿tIOnS Indlvldu•li 2023 Mlsslonary support Rellef of proverty 10,6CQ 663 9QJ 1.563 11,263 I,ICA) 12,363 10,8 The comparat￿*$ for thè pmlous yèar are as foll¢ws'. Instltutloni Indlvlduili 2022 Mlsslonary support R•llef of proverty 17,146 113 3QJ 413 17,259 3Cx) 17,559 17,146 The charlty's prlntlpal grants to Instltutlons comprfsed.. 2023 2022 Advanfe Movement VX God's Trlbe Church Tanzanla F)mlly Space Teens In Crlsls Re£onclllatlon Road CAP Grants to Inititutlons for less th•n £l,ClJJ e•th 8.4 1,8 2CQ 2,2CQ 200 6,510 1,5Ch) 136 17,146 200 10,8(M) 16 Godf5rst Church Cheltenham Ltd Notes to the Financial Statements Year Ended 31 December 2023 AnJlyil¥ ol it•ff ¢oits, key personnel •nd trustee rernuner4tlon The a¥gregaie payroll costs were as follows.. 2013 2022 Wages and salaries Ernployer's national insurance ¢ontrlbutSons Ernployer'5 pension contributions 106,270 4,555 10,969 121,794 94,798 4,064 6,738 105,600 The monthly average number Of persons Ilncludin8 5enlor m•n•gemtnt team) employed by the charity during the year expressed as full time equivalents was as follows.. 2023 No 2022 No Staff No staff received sal•rie$ at • rate of more th•n £60,000 per annum12022'. none). Durlng the year employer's penslon contrlbutlons ttstallln8 £10,96912022'. £6,7381 wert payable to defined contribution personal pension s¢hemes. Penslon contributlons tot•llin8 £68012022.. £3591 were owed at the balance sheet date. 17 Godfirst Church Cheltenham Ltd Notes to the Financial Statements Year Ended 31 December 2023 Tan8lbl• fix•d ass•ls Flxtures and Ilttln85 Church Mu51cal property and e4ulpment Improvements Total Cost At l January 2023 Addltlons 10,634 10,634 676,861 26,861 6SO,OCQ At 31 Oet*rnber 2023 26,861 10,634 650,000 687,495 Depreclatlon At l January 2023 Charge for the year 8,457 SM 8,457 20,259 6,715 13,000 At 31 O•¢ernber 2023 6,715 9,001 13,000 28,716 N•t book value At 31 Decernber 2023 20,146 1,633 637,000 658,779 At 31 December 2022 2.177 2,177 Durlng the flnancial yeai the charity purchased a propeity known 85 The Ch•pel on Kn•pp Road, Cheltenham. Debtors 2023 2022 Tax r*tgverable Other debtors Prepayments and accrued Income 1,071 4,078 505 1,583 8,078 18 Godfirst Church Cheltenham Ltd Notes to the Financial Statements Year Ended 31 December 2023 io Cr•dltors'. •mounts t4111ni du• wlthln on• y•4r 2023 2022 3.674 3,048 1,579 12,040 Other taxatlon &nd soclal seeuritv Other tred5tors Accruals Deferred income Grant obllgatlons 2,015 1.247 4,140 15,6CQ 23,C02 20,>11 Crèditors duè wlthin on* year Incl¢Jdes the followln8 Ilabllltles, on whlch securlty has been glven by the ¢harlty'. 2023 2022 Bank loans 3,674 Th•r* Is ) Itgal charge In resp*¢t of the property m¢rtg4ge fr¢m Kln8dom Bank. Th• mortgage Is se¢ured agjlnst the The Chapel, Knappi Road, Chelt¢nharn, GLSO 3Q Cr•dltors'. •mounts l•lllni du• •ft•r on• y••r 2023 Z022 84nk l¢•ns 338,682 Credlt¢r$ 4mounts fallin8 due èfter rnore th•n one yejr Includes the followln8 Ilabllltle5, on whl¢h securlty has tseen 8lven by the charlty.. 2023 Z022 B•nk loan 1-2 years Bank loan 2-5 years B•nk loan > 5 years 3.674 11,022 323,986 33B,682 Included In the credltor5 are the followln8 amounts due after rnore than flve ye4rs.' 2023 2022 After rnore than ffve year5 323,986 19 Godflrst Church Cheltenham Ltd Notes to the Financial Statements Year Ended 31 December 2023 12 Funds 8ilan¢e at l January 2023 B•lance at 31 December 2023 Ineomlni resources Re•our