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← Grove Chapel

2023-12-31-accounts

GROVE CHAPEL (LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS

FOR THE YEAR TO 31 DECEMBER 2023

Company Number 8370110 Charity Number 1150927

Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton, Surrey SM1 2SW

GROVE CHAPEL

FINANCIAL STATEMENTS

FOR THE YEAR TO 31 DECEMBER 2023

Contents Page
Reference and administrative information 1
Report of the Trustees 2-4
Report of the Independent Examiner 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the financial statements 8-16

GROVE CHAPEL

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees

The Trustees who served during the year were:

Reuel Abrams David Arthur Ralph Dew Simon Watson Peter Young John Russell

Key management personnel

The Trustees Company Secretary – Reuel Abrams Honorary Treasurer – Peter Young Minister – Rev Paul Yeulett

Company Secretary

Reuel Abrams

Registered Office

96A Camberwell Grove Camberwell London SE5 8RF

Independent Examiner

Miriam Hickson FCA CTA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW

Bankers

CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4TA

1

GROVE CHAPEL

REPORT OF THE TRUSTEES (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report and the accounts of the charity for the year ended 31 December 2023.

Structure, Governance and Management

The church is a registered charity number 1150927 and an incorporated company number 8370110. Its registered and operational name is Grove Chapel. The charity was incorporated on 22 January 2013 and is governed by its Memorandum and Articles of Association. The assets and liabilities of the unincorporated Grove Chapel charity were transferred to the company on 22 January 2013.

The Trustees have control of the charity and its property and funds. There are a minimum of three and maximum of fifteen Trustees. The Trustees delegate day to day management of the activities to the Elders and Deacons. The Trustees, Elders and Deacons are the members of the charity. New trustees are appointed by the members of the charity. The Trustees have been provided with the Charity Commission publication ‘The Essential Trustee: What you need to know, what you need to do’ (CC3)’ to equip them for discharging their duties. Specialist legal advice is obtained as required.

The Trustees have considered the risks to which the charity is exposed and are satisfied that systems are in place to mitigate those risks. The Directors consider the principal risks and uncertainties facing the charity and their plans and strategies for managing these risks to be:

To mitigate these risks we continue to encourage and welcome new attenders and members to the church and continue to carry out regular planned maintenance to the building.

The key management personnel of the charity as listed on page 1 are responsible for directing, controlling, running and operating the charity on a day-to-day basis. Apart from Rev Paul Yeulett, whose remuneration is included in Note 9 of the financial statements, all such personnel give of their time freely and received no remuneration in the year. Details of trustees’ expenses and related party transactions are disclosed in Note 9 of the financial statements.

The pay of senior staff is reviewed annually and normally increased in accordance with average earnings. In general terms we benchmark senior staff pay to that of an experienced teacher in central London.

Objectives and Activities

The charity’s objects are the advancement of the Christian faith within primarily, but not exclusively within, Camberwell and the surrounding neighbourhood and such other Charitable purposes from time to time as further the work of the charity.

Grove Chapel exists to glorify God in daily life and public worship and through reaching out to the local community with the message of life and salvation through his Son, Jesus Christ.

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission.

Achievements and performance

In 2023 the church has met regularly on Sundays and Wednesday. Also we have continued to provide online access to Sunday services (morning and evening) and the mid-week prayer meeting using YouTube and Zoom. Banners were put up outside the Chapel building inviting visitors to join the Sunday services in person and on-line. Other activities such as the Sunday School, Little Fishes (meeting for toddlers and parents/guardians) continued in the year. Support for Christian missionary and compassionate activity both in the UK and overseas continued.

2

GROVE CHAPEL

REPORT OF THE TRUSTEES (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

The financial result for Grove Chapel in 2023 was net income of £150,216. This compares with net expenditure of £1,629 in 2022. Voluntary offerings in 2023 (including gift-aid recovered) of £253,274 increased from the 2022 total of £136,784 due to a legacy of £116,442 notified during the year.

Our cash balances at the end of 2023 totalled £295,553, compared with the 2022 total of £271,111. The trustees are conscious that our buildings (chapel, manse and 96A Camberwell Grove) which are constantly used for the charity’s activities need to be put on a regular maintenance cycle. Grove Chapel is a Grade II listed building. During 2017 the trustees were advised that the chapel roof had approximately 10 years of useful life remaining and at 2017 prices would cost £100,000 to replace. To plan for this expenditure, the trustees agreed to set aside £10,000 annually from reserves from 2017 until 2026 to provide for this repair. In 2022 the trustees received a revised opinion on the estimated remaining life and replacement cost of the chapel roof. The opinion was favourable in that it is not felt that the roof will need replacing in the time period we had envisaged. The trustees decided that the surplus originally set aside for the roof was better spent in supporting the work of Grove Chapel and an Assistant Minister was appointed on a fixed term contract.

However, the trustees recognise that funds need to be applied as much as possible to discharge the charity’s objectives. With this in mind the trustees are keeping the level of reserves under review to balance a prudent level of reserves against the need to apply our funds to the charity’s objectives.

Reserves policy

The Trustees consider that unrestricted free cash reserves should be maintained at six months-worth of unrestricted annual expenditure, based on a year when the church has a Minister (so we held £80,000 as part of reserves for 2023). The level of unrestricted free cash reserves at the year-end 2023 was £295,553 which is above the budgeted unrestricted expenditure for the first six months of 2024. The trustees continue to review a possible refurbishment of 96A Camberwell Grove, however, a change in local planning laws have limited the ability to develop the site as anticipated. The intention was to improve the value of the asset to generate a permanent rental income stream which would be applied to the charity’s activities. However, S106 contributions would seem to prevent this option. Any future refurbishment would be financed by a call on reserves, yet to be quantified.

Grant making policy

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount payable. A provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payment(s), settlement is probable, and the effects of discounting is material. The discount rate used is the rate offered on government bonds for a similar time period offered in the year in which the grant award is made.

Investment Policy

Under its Memorandum and Articles of Association, the charity (through its trustees) has the power to invest in such stocks, shares, investments and property in the UK as deemed fit. The charity has made such investments to generate a return and has made no social investments.

Future plans

Plans for 2024 include pursuing a further study of options regarding the refurbishment of 96A Camberwell Grove. The trustees hope to have a clearer idea how to progress the development of this asset by the end of the year.

Grove Chapel have also decided to join the International Presbyterian Church. Whilst Grove Chapel will remain an independent organisation it will benefit from being supported by a larger organisation of like-minded congregations.

3

GROVE CHAPEL REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT} FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees, rèsponsibilities in relation to th• financial Statements The Trustees are responsible for preparing the Annual Report and the financial stslements in accordance with 8pplicable law and regulations and have had regard lo the Charity Comm155ion's guidance on public benefit. Company law requi￿5 the Trustees, who are the directors for the purposes of company law, lo prepare financial statements for each financial year. Under that law the TrLJStees have elècled lo prepare the financial stalemenls in accordance with United Kingdom Gènerally Acceptgd Accounting Practice (United Kingdom Accounting Standards and 2pplicable lawl. UndeT company law the Trustees must not approv& the financial stalgmenls unless they are satisfied that they give a true and fair view of Eh8 Stale of affairs of the comp8ny and of its incoming resource$ and application of reSoUr￿s, including the n81 income or expenditure, of th8 company for that period. In preparing these li nancial slalemenls, the Trustees are required lo". select suitable accounting policies and then apply them consistently., observe Ihe methods and principles in the Charities SORP., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK AccoLJnling Standards have been followèd, subject lo any material departures disclosed and explained in the financial slalements., prepare the financial slalements on a going concern basis unless Il is inappropriate to assume that the company will be able to continue in operation. Thè Trustees are responsible for keeping adequate accounting records that are sufficient lo show and expla1n the company s transactions and disclose with reasonable accuracy al any lime the financial position of the company and enable them lo ensure that the financial slalernents comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, Small company The above report is prepared in accordan￿ with the special provisions within Part 15 of the Companies Act 2006 relating 10 Small companies. Appro Trustees of Grove Chapel on 3rd September 2024 and signed on ils behalf by.. brams Trustee 96A Camberwell Grove Camberwell London SE5 8RF

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF GROVE CHAPEL Independent examlner's report to tho trustees of Grove Chapel I report lo the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023 set out on pages 6 10 16. Responsibilities and basis of report As the charity's Iruslees land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'lhe 2006 Acl'l. Having satisfi'ed 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 carried out under section 145 of the Chariles Act 2011 I'the 2011 Acl'}. In carrying out my examination I have followed the directions given by the Charity Commission under section 145151{bl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe.. dLLOUlltiiig reGords were not kept in reSP￿t of the Company as required by section 6¥6 ot the 2006 Act.. or the accounts do not accord with those records". or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordan¢e with the methods and principles of Accounting and Reporting by Charities. Sialemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 1021. I have no concerns and have come across no other rnallers in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Miriam Hickson CTA FCA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW Dale.. lol eql 2024

GROVE CHAPEL

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Income from:
Donations and legacies
2
Investments
3
Charitable activities
4
Other Income
Total income
Expenditure on:
Charitable activities:
5
Support of missionary workers
Other church activities
Total expenditure
Net (losses)/gains on investments
14
Net (expenditure)/income

Transfers between funds
17
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
funds
funds
£
£
253,274
-
26,045
-
36
-
2,976
-
282,331
-
10,700
-
121,454
16
132,154
16
55
-
150,232
( 16)
-
-
150,232
( 16)
4,785,775
2,913		 Unrestricted
Restricted
funds
funds
£
£
253,274
-
26,045
-
36
-
2,976
-
282,331
-
10,700
-
121,454
16
132,154
16
55
-
150,232
( 16)
-
-
150,232
( 16)
4,785,775
2,913




4,936,007 2,897 4,938,904 4,785,775 2,913

All of the results relate to continuing activities.

6

GROVE CHAPEL BALANCE SHEET AS AT 31 DECEMBER 2023 Company number.. 8370110 Notes 2023 2022 Fixed assets Tangible assets Intangible assets Investments 12 13 14 4,503,755 4,5D5.890 640 4,504,395 585 4,506,475 Current assets Stock Debtors Cash in bank and in hand 250 144,576 295 553 440,379 250 16,347 271 111 287,708 15 Creditors.. amounts falling due within one year 16 Net current assets 282 213 Net assets 18 Funds Unrestricted funds Reslricled funds 17 4,936,007 4.785.775 The Trustees consider that the company was entitled lo the exemption under S477 of the Companies Act 2006 and no notice has been deposited under S476 in relation lo its accounts for the financial year. The Trustees acknowledge Iheir responsibilities for.. ensuring that the company keeps accounting records complying with S386', and preparing accounts which give 8 true and fair view of thè state of affairs of the company as at the end of the finan¢lal year, and of ils surplus or deficit for the financial year in accordance with S394 and S395, and which otherwise comply with he requirements ofthe Companies Act 2006. The financial statements were prepared in accordance with the special provisions of Companies Act 2006 relating to small companies and were approved by the Trusteès on 3rd September 2024 and signed on their b8half'. Reuel Abrams Trustee

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of accounting

The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.

Grove Chapel meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

b) Income

Voluntary income and donations (including legacies) are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. An estimate of any income tax recoverable is included with the related donation.

c) Expenditure

Expenditure accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities and includes irrecoverable VAT. Grant payments are recognised when a constructive obligation arises which results in the payment being unavoidable.

Charitable activities include expenditure incurred directly for the purpose of fulfilling the charitable objects of the charity, and also incorporates expenditure incurred in support of those direct costs.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Support costs are costs that are necessary for the running of the various activities but do not directly produce the activity. Governance costs are those primarily associated with constitutional and statutory requirements. Both Support and Governance costs have been allocated to charitable activities.

d) Fund structure

The funds held by the charity are either:

Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Designated funds - these are funds earmarked by the Trustees out of unrestricted general funds for specific future purposes or projects.

Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

e) Tangible fixed assets and depreciation

Depreciation is provided on tangible fixed assets at rates calculated to write off the cost of each asset evenly over its expected useful life, as follows

Furniture, fittings and equipment 33% on cost

8

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES (continued)

e) Tangible fixed assets and depreciation (continued)

Tangible fixed assets costing more than £500 are included in the balance sheet at their purchase cost. Assets transferred from the previous unincorporated charity are shown at a deemed cost of their fair value when transferred. Assets transferred from an investment use to a charitable use are shown at a deemed cost of their fair value when their use changed.

No depreciation is charged on freehold buildings as they are maintained to such a high standard, which prolongs their useful lives and enhances their residual value (based on prices prevailing at the time of acquisition by the incorporated charity) and accordingly any depreciation charge arising is considered to be immaterial.

This policy applies to:

Grove Chapel – fair value at incorporation £1.75 million (value split 40:60 land/building)* 98 Camberwell Grove – fair value at incorporation £1.7 million (value split 60:40 land/building) 96A Camberwell Grove – fair value at incorporation £1,045,000 (value split 60:40 land/building)

*Grove Chapel is a Grade II listed building with no residential planning consent

f) Intangible fixed assets and amortisation

Intangible fixed assets costing more than £500 are capitalised and stated at cost less amortisation. Amortisation is provided on intangible fixed assets at rates calculated to write off the cost of each asset over its expected useful life, as follows

Website development costs 33% on cost

g) Fixed asset investments

Investments are stated at market value. Unrealised gains and losses on investments are recognised in the SOFA.

h) Stock

Stock is valued at the lower of cost and net realisable value.

i) Debtors

Grants receivable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

j) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

k) Creditors

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

l) Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

m) Pensions

The charity contributes to employees’ personal pension plans. These are defined contribution schemes, the assets of which are held separately from those of the charity. Contributions are charged to the SOFA on an accruals basis.

9

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2 VOLUNTARY INCOME

Unrestricted Restricted
funds
funds
£
£
Donations
Offertories and gifts
11,708
-
Legacies
116,442
-
Gift aid receipts
100,233
-
Gift aid recoverable
24,891
-
253,274
-
Total Unrestricted Restricted Total
2023
funds
funds
2022
£
£
£
£
11,708
13,698
-
13,698
116,442
-
-
-
100,233
98,819
-
98,819
24,891
24,267
-
24,267
253,274
136,784
-
136,784
3 INVESTMENT INCOME
Unrestricted Restricted
Total		 Unrestricted Restricted Total
funds funds 2023 funds funds 2022
£ £ £ £ £ £
Bank interest 3,939 - 3,939 1,278 - 1,278
Dividends 18 - 18 18 - 18
Rental income 22,088 - 22,088 13,112 - 13,112
26,045 - 26,045 14,408 - 14,408
4 CHARITABLE ACTIVITIES
Unrestricted Restricted
Total		 Unrestricted Restricted Total
funds funds 2023 funds funds 2022
£ £ £ £ £ £
Bookstall income 36 - 36 43 - 43
Conference income - - - - 1,462 1,462
36 - 36 43 1,462 1,505
5 COSTS OF CHARITABLE ACTIVITIES
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds 2023 funds funds 2022
£ £ £ £ £ £
Direct costs – Staff costs 59,685 - 59,685 50,886 - 50,886
Direct costs – Other costs 5,723 16 5,739 3,708 966 4,674
Grants payable 10,700 - 10,700 14,700 - 14,700
Support costs allocated 56,046 - 56,046 86,182 - 86,182
132,154 16 132,170 155,476 966 156,442

10

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6 SUPPORT COSTS

Utilities and insurance
Repairs and maintenance
Depreciation
Travel
Christian Music Association
Computer expenses
Sundries
Cleaning and gardening
Administration
Bank charges
Governance Costs:
Independent examination
Independent examiner’s fees – payroll and taxation
Legal and professional fees		 2023
£
25,156
8,217
6,955
2,141
970
1,510
456
129
586
60
3,528
1,134
5,204
56,046

2022
£
18,007
52,711
5,431
136
816
1,905
426
216
1,549
83
3,360
921
621
86,182

7

DETAILS OF COSTS OF CHARITABLE ACTIVITIES

8

Activities
Grant
Support
undertaken funding of
costs
directly
activities
£
£
£
Support of missionary work
-
10,700
-
Other church activities
65,424
-
56,046
65,424
10,700
56,046
GRANTS PAYABLE
Mission
London City Mission
UFM – Beth Earl
SIM-UK- Judsons
WEC – Fiona Adams
Wycliffe UK - David Kane
UFM Worldwide - M & L Dunkley
Grants payable to institutions
Benevolent grants to individuals
Mission grants to individuals
Total		 Total
Activities
Grant
Support
2023 undertaken funding of
costs
directly
activities
£
£
£
£
10,700
-
14,700
-
121,470
55,560
-
86,182
132,170
55,560
14,700
86,182
2023
£
3,000
2,500
2,000
-
2,000

1,200
10,700
-
-
10,700		 Total
2022
£
14,700
141,742

156,442

2022
£
3,000
2,500
2,000
1,500
2,000
1,200
12,200
-
2,500
14,700

11

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9 EMPLOYEE INFORMATION AND RELATED PARTY TRANSACTIONS

Wages and salaries
Social security costs
Pension contributions		 2023
£
42,963
13,479
3,243
59,685		 2022
£
36,612
11,423
2,851
50,886

The average number of employees in the year was 2 in 2023 (2022: 2).

There were no employees with emoluments above £60,000.

Key Management Personnel

The total employee benefits of the key management personnel of the charity as listed on page 1 were £50,832 (2022: £48,569).

The key management personnel of the charity are considered to be related parties and the total employee benefits are set out above. The trustees are not remunerated. A total of £4,293 (2022: £4,751) was reimbursed to the trustees and their close relations for catering supplies, cleaning supplies, repairs and maintenance, website fees, purchase of small equipment and Youth Ministry costs.

During the year trustees gave a total of £48,249 (2022: £48,001) in unrestricted offerings and donations and a total of £nil in restricted offerings (2022: £0).

10 NET INCOME/(EXPENDITURE)

This is stated after charging:


Depreciation of owned assets		 2023

£
6,955		 2022
£
5,431

11 TAXATION

The charity is exempt from corporation tax on its charitable activities.

12

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12 TANGIBLE FIXED ASSETS

Cost or valuation
At 1 January 2023
Additions in the year
Disposals in the year

At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
Released on disposal
At 31 December 2023
Net book value
At 31 December 2023

At 31 December 2022

13
INTANGIBLE FIXED ASSETS
Cost or valuation
At 1 January 2023
Additions in the year
At 31 December 2023
Amortisation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Freehold Equipment
land and fixtures and
buildings
fittings
£
£
4,495,000
114,268
-
4,820
-
-
4,495,000
119,088
-
103,378
-
6,955
-
-
-
110,333
4,495,000
8,755
4,495,000
10,890
Website
Development
Costs
£
4,740
-
4,740
4,740
-
4,740
-
-		 Freehold Equipment
land and fixtures and
buildings
fittings
£
£
4,495,000
114,268
-
4,820
-
-
4,495,000
119,088
-
103,378
-
6,955
-
-
-
110,333
4,495,000
8,755
4,495,000
10,890
Website
Development
Costs
£
4,740
-
4,740
4,740
-
4,740
-
-		 Total
£
4,609,268
4,820
-
4,614,088
103,378
6,955
-
110,333
4,503,755
4,505,890
Total
£
4,740
-
4,740
4,740
-
4,740
-
-
4,740
-
-

13

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14 FIXED ASSET INVESTMENTS

Market value at 1 January 2023
Unrealised gain/(loss)
Market value at 31 December 2023
15
DEBTORS

Prepayments and accrued income
Legacies receivable
Gift aid recoverable

16
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other taxes and social security
Accruals		 COIF Units
£
585
55
640
2023
2022
£
£
20,158
10,351
116,442
-
7,976
5,996
144,576
16,347
2023
2022
£
£
-
907
5,870
4,588
5,870
5,495

14

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17 FUNDS

Unrestricted funds
General fund
Roof fund
Restricted funds
Building Fund
Conference Fund
 Balance at
1 January

2023
£
4,725,775
60,000
4,785,775
2,417
496
2,913		 Income
Expenditure
Transfers
Balance at
and gains
31 December
2023
£
£
£
£
282,386
(132,154)
-
4,876,007
-
-
-
60,000
282,386
(132,154)
-
4,936,007
-
-
-
2,417
-
( 16)
-
480
-
( 16)
-
2,897

The Roof Fund was established to set aside funds each year to fund the replacement of the church roof.

The Building Fund was established to cover any major repair work for which donors have expressly asked for monies to be used.

The Conference Fund was established for the sole purpose of the ‘Seeking a Godly Generation’ conference.

Unrestricted funds
General fund
Roof fund
Restricted funds
Building Fund
Conference Fund		 Balance at
Income
Expenditure
1 January
and gains
2022
£
£
£
4,737,900
153,351
(155,476)
50,000
-
-
4,787,900
153,351
(155,476)
2,417
-
-
-
1,462
( 966)
2,417
1,462
( 966)		 Transfers
Balance at
31 December
2022
£
£
(10,000)
4,725,775
10,000
60,000
-
4,785,775
-
2,417
-
496
-
2,913

15

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18 ANALYSIS OF NET ASSETS

Unrestricted Restricted Restricted
Total
funds funds
£ £ £
Fund balances at
31 December 2023 are represented by:
Fixed assets 4,504,395 - 4,504,395
Stock 250 - 250
Cash 292,656 2,897 295,553
Other current assets 144,576 - 144,576
Current liabilities ( 5,870) - ( 5,870)
4,936,007 2,897 4,938,904
Unrestricted Restricted
Total
funds funds
£ £ £
Fund balances at
31 December 2022 are represented by:
Fixed assets 4,506,475 - 4,506,475
Stock 250 - 250
Cash 268,198 2,913 271,111
Other current assets 16,347 - 16,347
Current liabilities ( 5,495) - ( 5,495)
4,785,775 2,913 4,788,688

16