OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Grove Chapel

2024-12-31-accounts

GROVE CHAPEL (LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS

FOR THE YEAR TO 31 DECEMBER 2024

Company Number 8370110 Charity Number 1150927

JCS Accountants Ltd 5 Robin Hood Lane Sutton, Surrey SM1 2SW

GROVE CHAPEL

FINANCIAL STATEMENTS

FOR THE YEAR TO 31 DECEMBER 2024

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 JCS Accountants Ltd 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 2024

The Trustees present their report and the accounts of the charity for the year ended 31 December 2024.

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 2024 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. Other activities such as the Sunday School, Little Fishes (meeting for toddlers and parents/guardians) continued in the year. An additional meeting for those enquiring or new to the Christian faith takes place each week. 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 2024

Financial review

The financial result for Grove Chapel in 2024 was net expenditure of £52,432. This compares with net income of £150,216 in 2023. Voluntary income in 2024 (including gift-aid recovered) of £133,581 reduced from the 2023 total of £253,274 due to a one off legacy gift of £116,442 notified during last year.

Our cash balances at the end of 2024 totalled £378,235, compared with the 2023 total of £295,553. 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. The reserves are being used in supporting the work of Grove Chapel and an Assistant was appointed on a fixed term contract on 1 November 2023. This assistant continues to work for the church through 2024 and into 2025. We have used some of the reserves to undertake significant work to both the Manse and 96A Camberwell Grove. This work included replacing the roof of 96A at the beginning of 2025 and the plan is to replace the roof of the Manse later in 2025.

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 2024). The level of unrestricted free cash reserves at the year-end 2024 was £375,338 which is above the budgeted unrestricted expenditure for the first six months of 2025. 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 2025 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. The IPC agreed to admit Grove Chapel at its Presbytery and Synod Meeting in March 2025. Whilst Grove Chapel will remain an independent organisation it will benefit from being supported by a larger organisation of like-minded congregations.

3

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF GROVE CHAPEL Independent examiner's report to the trustees of Grove Chapel I report to the charity trustees on my examination of the accounts of the Company for the year erKted 31 December 2024 sel out on pages 6 to 16. Responsibilities and basis of report As the charity's trustees (and also its directors for the purposes of company law) you are ￿sponSIble for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'}. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and clie eligible for independent examination, I report in ￿speCt of my examination of your charity's accounts as carricd out under section 145 of the Charites Act 2011 I'the 2011 Act,). In carying out my examination I have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 ACL Independent examiner's statement have completed my examination. I conffimi Ihat no matters have come to my attention in connection with the examinalion giving me cause to believe: accounting records were not kept in respect of the Company as reqLiired by sp.rtinn 386 of the 2006 Act: or the accounts do not accord with Ihose 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 Yrue and fair view which is not a matter considered as part of an independent examination-. or the <lLLvuiits have not been prepared in accordance with the rnethods and principles of Accounting and Reporting by Charities.. Stalemenl 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 {FRS 1021. I have no concerns and have come across no other matters in connection 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. Miriam Hickson CTA FCA JCS Accountants Ltd 5 Robin Hood Lane Sutton Surrey SM12SW

GROVE CHAPEL REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees. responsibilities in relation to the financial statements The Trustees are rosponsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations and have had regard to the Charity Commiswon's guidance on public benefit. Company law requires the Trustees, who are the directors for the purposes of company law, to prepare financial stalements for each financial year. Under that law the Trustees have elected to prepare the financial slatements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they glve a true and fair view of the state of affair5 of the Gofflvdlly drid of its iiicomin9 resoufGes and application of relources, including the net income or expenditure. of the company for that period. In preparing these financial statements, the Trustees are r4uired to: select suilable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP. mako judgments and accounting estimates Ihat are reasonable and prudent: stale whelher applicable UK Accounting Standards have been followed. subject to any material departures lubed and explained irt the financial statements-. prepare the financial statements on a going con￿rn basis unless it is inappropriate to assume that the company will be able lo continue in operation. The Trustees are responsible for keeping adequate accounting words that are sufficient to show and explain the company's transactions and witli reasonable accuracy al any time the financial position of the company and enable them to ensure Ihat the financial stalemenls comply with 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 accordance with the special prowsions within Part 15 ofthe Companies Act 2006 relating to small comparLi , 211a?12aZS rove Chapel ¥ and signed on its behalf by: brams Trustee 96A Camberwell Grove Camberwell London SE5 8RF

GROVE CHAPEL

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2024

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
£
£
133,581
-
26,162
-
106
-
3,743
-
163,592
-
12,000
-
204,038
-
216,038
-
14
-
(52,432)
-
-
-
(52,432)
-
4,936,007
2,897		 Unrestricted
Restricted
funds
funds
£
£
133,581
-
26,162
-
106
-
3,743
-
163,592
-
12,000
-
204,038
-
216,038
-
14
-
(52,432)
-
-
-
(52,432)
-
4,936,007
2,897
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

4,883,575 2,897 4,886,472 4,936,007 2,897

All of the results relate to continuing activities.

6

GROVE CHAPEL BALANCE SHEET AS AT 31 DECEMBER 2024 Company number: 8370110 Notes 2024 2023 Fixed assets Tangible assets Intangible assets Investments 12 13 14 4,499,233 4,503,755 654 4,499,887 640 4,504.395 Current assets Stock Debtors Cash in bank and in hand 250 16,152 378 235 394,637 250 144,576 295 553 440.379 15 Creditors: amounts falling due within one year 16 Net current assets 386 585 434 509 Net assets 18 Funds Unrestricted funds Restricted funds 17 17 4.883.575 4.936,007 The Trustees consider that the company was entitled to the exemption under S477 of the Companies Act 20ue• and no notice has tjeen deposited under S476 in relation to Its accounts for the financial year. The Trustees acknowledge their responsibilities for. ensuring that the company keeps accounting records complying with S386,' and preparing accounts wnich give a true and fair view of the stale of affairs of the company as at the end of the financial year, 2nd of its siirpliis or dpficit fnr thp. finanr.ial year in accordance with S394 and S395. and which otheNise comply with he requirements of the Companies Act 2006. The financial stat ents were pr ed in accordance with the special provisions of the Companies Act 2006 relating to s corywani nd were ppproved by the Trustees on and signed on their behalf: liio*/Zozs Trustee

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

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 2024

2 VOLUNTARY INCOME

Unrestricted Restricted
funds
funds
£
£
Donations
Offertories and gifts
12,593
-
Legacies
-
-
Gift aid receipts
96,910
-
Gift aid recoverable
24,078
-
133,581
-
Total Unrestricted Restricted Total
2024
funds
funds
2023
£
£
£
£
12,593
11,708
-
11,708
-
116,442
-
116,442
96,910
100,233
-
100,233
24,078
24,891
-
24,891
133,581
253,274
-
253,274
3 INVESTMENT INCOME
Unrestricted Restricted
Total		 Unrestricted Restricted Total
funds funds 2024 funds funds 2023
£ £ £ £ £ £
Bank interest 5,566 - 5,566 3,939 - 3,939
Dividends 18 - 18 18 - 18
Rental income 20,578 - 20,578 22,088 - 22,088
26,162 - 26,162 26,045 - 26,045
4 CHARITABLE ACTIVITIES
Unrestricted Restricted
Total		 Unrestricted Restricted Total
funds funds 2024 funds funds 2023
£ £ £ £ £ £
Bookstall income 106 - 106 36 - 36
Conference income - - - - - -
106 - 106 36 - 36
5 COSTS OF CHARITABLE ACTIVITIES
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds 2024 funds funds 2023
£ £ £ £ £ £
Direct costs – Staff costs 91,833 - 91,833 59,685 - 59,685
Direct costs – Other costs 5,956 - 5,956 5,723 16 5,739
Grants payable 12,000 - 12,000 10,700 - 10,700
Support costs allocated 106,249 - 106,249 56,046 - 56,046
216,038 - 216,038 132,154 16 132,170

10

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6 SUPPORT COSTS

Utilities and insurance
Repairs and maintenance
Staff housing
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		 2024
£
33,640
30,221
20,400
8,153
1,478
1,048
3,254
199
307
776
34
3,702
1,212
1,825
106,249		 2023
£
25,156
4,817
3,400
6,955
2,141
970
1,510
456
129
586
60
3,528
1,134
5,204
56,046

7

DETAILS OF COSTS OF CHARITABLE ACTIVITIES

8

Activities
Grant
undertaken funding of
directly
activities
£
£
Support of missionary work
-
12,000
Other church activities
97,789
-
97,789
12,000
GRANTS PAYABLE
Mission
London City Mission
UFM – Beth Earl
SIM-UK- Judsons
Casa Mea UK
Wycliffe UK - David Kane
UFM Worldwide - M & L Dunkley
Grants payable to institutions
Benevolent grants to individuals
Mission grants to individuals
Total		 Support
costs
£
-
106,249
106,249		 Total
Activities
Grant
Support
2024 undertaken funding of
costs
directly
activities
£
£
£
£
12,000
-
10,700
-
204,038
65,424
-
56,046
216,038
65,424
10,700
56,046
2024
£
2,000
2,500
2,000
1,500
4,000

-
12,000
-
-
12,000		 Total
2023
£
10,700
121,470

132,170

2023
£
3,000
2,500
2,000
-
2,000
1,200
10,700
-
-
10,700

11

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9
EMPLOYEE INFORMATION AND RELATED PARTY TRANSACTIONS
Employee information
Wages and salaries
Social security costs
Pension contributions		 2024
£
65,506
20,074
6,253
91,833		 2023
£
42,963
13,479
3,243
59,685

The average number of employees in the year was 3 (2023: 2).

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

Related party transactions

The total employee benefits of the key management personnel of the charity as listed on page 1 were £52,202 (2023: £50,832).

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 £8,575 (2023: £4,293) 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 £43,909 (2023: £48,249) in unrestricted offerings and donations and a total of £nil in restricted offerings (2023: £nil).

10
NET INCOME/(EXPENDITURE)
This is stated after charging:


Depreciation of owned assets		 2024

£
8,153		 2023
£
6,955

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 2024

12 TANGIBLE FIXED ASSETS

Cost or valuation
At 1 January 2024
Additions
Disposals

At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
Released on disposal
At 31 December 2024
Net book value
At 31 December 2024

At 31 December 2023

13
INTANGIBLE FIXED ASSETS
Cost or valuation
At 1 January 2024
Additions
At 31 December 2024
Amortisation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold Equipment
land and fixtures and
buildings
fittings
£
£
4,495,000
119,088
-
3,631
-
-
4,495,000
122,719
-
110,333

-
8,153
-
-
-
118,486
4,495,000
4,233
4,495,000
8,755
Website
Development
Costs
£
4,740
-
4,740
4,740
-
4,740
-
-		 Freehold Equipment
land and fixtures and
buildings
fittings
£
£
4,495,000
119,088
-
3,631
-
-
4,495,000
122,719
-
110,333

-
8,153
-
-
-
118,486
4,495,000
4,233
4,495,000
8,755
Website
Development
Costs
£
4,740
-
4,740
4,740
-
4,740
-
-		 Total
£
4,614,088
3,631
-
4,617,719
110,333
8,153
-
118,486
4,499,233
4,503,755
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 2024

14
FIXED ASSET INVESTMENTS
Market value at 1 January 2024
Unrealised gain/(loss)
Market value at 31 December 2024
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
£
640
14
654
2024
2023
£
£
11,159
20,158
-
116,442
4,993
7,976
16,152
144,576
2024
2023
£
£
2,089
-
5,963
5,870
8,052
5,870

14

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17 FUNDS

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

2024
£
4,876,007
60,000
4,936,007
2,417
480
2,897		 Income
Expenditure
Transfers
Balance at
and gains
31 December
2024
£
£
£
£
163,606
(216,038)
-
4,823,575
-
-
-
60,000
163,606
(216,038)
-
4,883,575
-
-
-
2,417
-
-
-
480
-
-
-
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
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

15

GROVE CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18 ANALYSIS OF NET ASSETS

Unrestricted Restricted Restricted
Total
funds funds
£ £ £
Fund balances at
31 December 2024 are represented by:
Fixed assets 4,499,887 - 4,499,887
Stock 250 - 250
Cash 375,338 2,897 378,235
Other current assets 16,152 - 16,152
Current liabilities ( 8,052) - ( 8,052)
4,883,575 2,897 4,886,472
Unrestricted 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

16