2022-03-31-accounts - Gracelife London

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GRACELIFE LONDON

Company Limited by Guarantee

Charity Registration Number: 1155683 Company Registration Number: 08556597

Annual Report and Financial Statements 31 March 2022

Tandem Accounting Chartered Accountants 17 Heathville Road London N19 3AL

GRACELIFE LONDON

Annual Report and Financial Statements 2022 Contents

	Page
Legal and administrative information	2
Annual Report of the Trustees	3
Independent Examiner's report to the Trustees	7
Statement of financial activities	8
Balance sheet	9
Notes to the financial statements	10

GRACELIFE LONDON

Legal and Administrative Information For the year ended 31 March 2022

Charity Name	GraceLife London
Charity registration no	1155683. GraceLife London was registered with the Charity Commission on 6 February
	2014.
Company registration no	08556597. GraceLife London was incorporated on 5 June 2013 in order to take on the
	net assets and operations of the unincorporated entity of the same name. The
	unincorporated entity was established in 2011 and was also known as GraceLife London.
	GraceLife London took on the net assets and operations on 6 February 2014.
Principal Address	GraceLife London, Woodbridge Chapel, Woodbridge Street, London EC1R 0EX.
Governing Document	Memorandum and Articles of Association dated 5 June 2013 as amended by special
	resolutions dated 3 November 2013.
Objectives	• to advance the Christian faith in greater London and also in such parts of the United
	Kingdom or the world as the Trustees from time to time may think fit and in such
	ways as they may think fit, but always in accordance with the statement of beliefs;
	• to relieve sickness and financial hardship and to promote and preserve good health
	by the provision of funds, goods or services of any kind in greater London and	in
	such parts of the United Kingdom or the world as the Trustees from time to time
	may think fit; and
	• to advance theological education in accordance with the statement of beliefs in such
	ways and in such parts of the United Kingdom or the world as the Trustees from
	time to time may think fit.
Affiliations	GLL is affiliated to the Fellowship of Independent Evangelical Churches.
Trustees	The Trustees who served during the year or who were serving at the date of this report
	were:
	Tom Drion Minister
	Ross Orgill Minister
	Adam Waller Minister
	Keith Essex
	Kevin Edwards
	Ray Mehringer
	Dan Jarms (appointed 29 May 2021)
Key Management	Those in charge of directing, controlling, running and operating GraceLife London on a
Personnel	day-to-day basis are the Trustees.
Bankers	HSBC Bank plc
	8 Canada Square
	London E14 5HQ
Independent Examiner	Christine Cheung-Poston
	Flat 48, Samford House,
	Charlotte Terrace, London N1 0JF

GRACELIFE LONDON

Annual Report of the Trustees For the year ended 31 March 2022

The Trustees submit their annual report and the financial statements of GraceLife London (“GLL”) for the year ended 31 March 2022. The financial statements have been prepared in the format prescribed by the Companies Act 2006, the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2019 (FRS102)) and the Financial Reporting Standard 102. This report also constitutes a directors’ report required by section 415 of the Companies Act 2006 as all Trustees of a charity company are directors. The legal and administrative information set out earlier in this document forms part of this report.

1. Structure, Governance & Management

1.1 Trustees

The Trustees of GLL are responsible for the day to day management of GLL’s business in accordance with GLL’s objects. The Trustees meet approximately 4 times per annum to discuss a full range of matters relating to finance, fabric, general administration and the implementation of the objects of the charity.

None of GLL’s Trustees, with the exception of the Ministers, receive remuneration.

The induction process for any individual newly-appointed to the Trustees comprises an initial meeting with a Minister and receipt of copies of:

the objects of the charity
the most recent financial statements
the Charity Commission’s guidance ‘The Essential Trustee’.

1.2 Risk Management

GLL’s primary concern and objective is the glory of God. Whilst it is GLL’s policy to trust wholly in the Lord that He will work out His purpose to this end, GLL also acknowledges that it has a responsibility for the identification and proper management of risks faced by GLL in achieving its primary aim. The Trustees have therefore assessed the major risks to which GLL is exposed, in particular those relating to the specific operational areas of the charity and its finances. The Trustees believe that, by monitoring reserve levels, by ensuring that controls exist over key financial systems, and by examining the operational risks faced by GLL, it has established effective systems and procedures to mitigate those risks sufficiently.

2. Objectives, Activities & Strategies

2.1 Objective

In summary, the object of the church is to fulfil the Great Commission as a body of believers seeking to bring people to Jesus Christ and membership in His family, developing them to Christ-like maturity and equipping them for their ministry in the church and their life mission in the world in order to magnify God's name.

2.2 Activities

GLL is a vibrant urban multi-ethnic evangelical congregation.

The Trustees have given due regard to the Charity Commissions’ guidance on public benefit. The Trustees believe that GLL provides benefit to the public by:

providing resources and facilities for public worship, pastoral care and spiritual, moral and educational development, both for the congregation and for anyone else who wishes to benefit from what GLL offers;
promoting Christian values and service by members of the congregation to the community, for the benefit of individuals and society as a whole.
Promoting the initiation and development of additional congregations with the same ethos.

The main objects of GLL are carried out through the following ministries:

Sunday morning and afternoon services
Sunday school for children
Wednesday Bible study, discussion and prayer

GRACELIFE LONDON

Annual Report of the Trustees For the year ended 31 March 2022

Pastoral counselling and discipleship
Local outreach: seeking to serve the local community and providing spiritual support to people visiting the area.
Student ministry – providing spiritual support and services to students
Saturday men’s meeting, providing opportunity for men to enjoy community in accord with their faith
Saturday women’s meeting, providing opportunity for women to enjoy community in accord with their faith
Mentoring individuals who are developing in their own calling to Christian service
Media outreach to the wider London community
Development of regional community bible-study groups while planning towards the development of separate regional Sunday meetings and congregations, and ultimately the establishment of independent churches.
The continuance of a Bible training centre, Hermeneia, open to members of the congregation and other members of the public who wish to apply.

3. Achievements and Performance

A review of the year shows that adult church attendance has continued to grow and that attendance in the children’s ministry remains strong.

The Trustees are satisfied that the aims of the trust are being fulfilled and are working to see a continued development of the various arms of the ministry.

4. Financial Review

GLL is funded by the generous offerings of members and others in attendance, also from the United States.

4.1 Financial Activity and Financial Position

The Statement of Financial Activities and Balance Sheet can be found on pages 7 and 8 respectively. GLL’s reserves increased by £259,617 (2021 increased by £100,170) during the year. The balance sheet shows total net assets of £476,747 (2021: £217,130).

Over the past fiscal year, donations have remained consistent, and the church currently provides about 65% of its support internally, with another 22% coming from long-term grant relationships from outside donors. The difference is made up in one-off donations, and it is reasonable to assume that giving will continue to rise as church members mature and the church continues to see growth. GLL benefitted from two large one-off donations during the year, and there is no expectation of a continued flow of this level of donations in the coming years.

Included in total funds are amounts totalling £16,436 (2021: £12,733) which are restricted. These monies have either been raised for, and their use restricted to, specific purposes, as specified by donors. Full details of these restricted funds can be found in note 9 to the accounts together with an analysis of movements in the year.

4.2 Reserves Policy

The Trustees have examined the requirements for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets. The Trustees consider that, given the nature of GLL’s work, free reserves should be equivalent to approximately 3 months’ routine general fund expenditure, plus committed future expenditure on other projects, where funds permit. The Trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources and will allow GLL to cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 31 March 2022 GLL had net free reserves of £445,548 (2021: £194,745) as follows:

Total reserves Less: restricted funds Less: unrestricted fixed assets used for the continuing work of GLL	2022 £ 476,747 (16,436) (14,763) 445,548	2021 £ 217,130 (12,733 (9,652	) )
		194,745

GRACELIFE LONDON

Annual Report of the Trustees For the year ended 31 March 2022

Free reserves requirement 3 months’ budgeted routine expenditure Funds reserved for the remodelling of the church premises Funds reserved for the temporary employment of support staff	2022 £ 120,000 150,000 150,000 420,000	2021 £ 85,000 109,745 -
		194,745

4.3 Investment Policy

GLL currently invests its funds in short term bank deposits.

5. Plans for Future Periods

In 2022 GLL will bring on a new member to the support staff on a two-year contract. In addition, GLL will continue to fundraise for building renovations and explore the possibility of acquiring property near the Woodbridge Chapel.

6. Responsibilities of Trustees for the Financial Statements

The Trustees are responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing those financial statements, the Trustees are required to:

select suitable accounting policies and apply them consistently;
observe the methods and principles of the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the charity will continue.

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial information included in the charity’s website.

7. Approval

The report of the Trustees was approved by the Trustees on 26[th] January 2022 and signed on its behalf by:

Tom Drion Trustee

GRACELIFE LONDON

Report of the Independent Examiner to the Trustees of GraceLife London

I report on the accounts of the GraceLife London for the year ended 31 March 2022, set out on pages 8 to 16.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (“the 2011 Act”) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Company as required by section 386 of 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 accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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.

Christine Cheung-Poston 26 January 2023

GRACELIFE LONDON

Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 31 March 2022

Unrestricted Funds 2022 £ 672,988 39,562 42 447	Unrestricted Funds 2021 £ 326,429 17,729 30 202	Total 2021 £ 342,079 16,729 30 202
713,039	344,390	359,040
916 456,209 457,125 - 255,914 - 255,914 - - 255,914 204,397 460,311	617 245,852	617 258,253
	246,469	258,870
	-	-
	97,921	100,170
	-	-
	97,921 - -	100,170 - -
	97,921 106,476	100,170 116,960
	204,397	217,130

GRACELIFE LONDON

Balance Sheet As at 31 March 2022

Note Fixed Assets Tangible Assets 6 Investments Current Assets Debtors 7 Cash At Bank And In Hand Creditors - Amounts Falling Due Within One Year 8 Net Current Assets Net Assets Represented By: Unrestricted Income Funds Restricted Income Funds 9 Total Funds	Unrestricted Funds 2022 £ 10,587 - 10,587 81,443 377,917 459,360 9,636 449,724 460,311 460,311 - 460,311	Restricted Funds 2022 £ - - 0 - 16,436 16,436 - 16,436 16,436 - 16,436 16,436	Total 2022 £ 10,587 - 10,587 81,443 394,353 475,796 9,636 466,160 476,747 464,014 12,733 476,747	Total 2021 £ 9,652 -
				9,652 34,342 183,314
				217,656 10,178
				207,478
				217,130
				204,397 12,733
				217,130

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the year ended 31 March 2022 and no notice requiring an audit has been deposited under section 476.

The Trustees acknowledge their responsibilities for:

ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial period and of its profit or loss for the financial period in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as is applicable to the company.

The financial statements were approved by the Trustees on 26[th] January 2022 and signed on their behalf by:

Tom Drion Trustee

Company Registration Number: 08556597

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2022

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:

Basis of accounting

The financial statements have been prepared under the Charities Act 2011 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 except for the revaluation of freehold land and buildings which are shown at fair value.

The financial statements include all transactions, assets and liabilities for which the Church is responsible in law. They do not include the accounts of church groups that owe an affiliation to another body or those that are informal gatherings of church members.

The Church meets the definition of a public benefit entity under FRS 102.

Going Concern

There are no material uncertainties about the charity’s ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.

Income recognition

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. Income from the recovery of tax on gift aided donations is accounted for in the period in which the relevant donation is received.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Church; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The Church is not registered for VAT and accordingly expenditure includes VAT where appropriate.

Charitable expenditure includes those costs in fulfilling the Church’s principal objects, as outlined in the Report of the Church. These include grants payable and governance costs:

Grants/gifts payable are payments made to third parties in furtherance of the Church’s objects. 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 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 condition attaching to that grant is outside of the control of the Church.
Governance costs comprise all costs involving the public accountability of the Church and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees.

Taxation

As a charity, the Church is exempt from tax on income and gains falling within the provisions of the Corporation Taxes Act 2010 or the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen on the Trust.

Tangible Fixed Assets

The cost of furniture, fittings and equipment, less any expected residual value, is depreciated on a straight line basis over the effective useful life of the asset, which has been estimated as four years.

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2022

1. Accounting Policies (continued)

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Creditors and provisions

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. Provisions have been calculated at the best estimate of the settlement amount and discounted to present value at the reporting date.

Fund accounting

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.
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.

2. Income

Unrestricted Funds 2022 £ Restricted Funds 2022 £ Donations and legacies Offerings and donations 640,193 7,625 Income tax reclaimed 32,795 63 672,988 7,688 Income from charitable activities Conferences and retreats 39,562 - Investment income Interest 42 - Other income 447 - 713,039 7,688	Total 2022 £ 647,818 32,858 680,676 39,562 42 447 720,727		Total 2021 £ 308,699 33,380
			342,079 16,729 30 202
			359,040

3. Expenditure – Raising Funds

Collecting agent fees and charges	2022 £ 916		2021 £ 617

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2022

4. Expenditure – Charitable Activities

4. Expenditure – Charitable Activities
Unrestricted Funds 2022 £ Restricted Funds 2022 £ Ministry Personnel 297,034 - Church Life & Outreach 43,665 - Gifts & Grants 1,878 3,985 Office & Support 97,616 - Building and facilities 15,341 - Governance costs 675 - 456,209 3,985	Total 2022 £ 297,034 43,665 5,863 97,616 15,341 675 460,194	Total 2021 £ 142,327 7,713 20,008 76,078 11,877 250
		258,253

Included within Expenditure on Charitable Activities are the following:

4a. Staff Costs

Gross salaries Employer’s National Insurance Employers Allowance Pension contributions Of which the following gross salaries were in relation to Key Management Personnel:	Ministry Personnel 2022 £ Office & Support Personnel 2022 £ 179,082 67,444 20,136 5,048 (3,418) (582) 14,327 4,960 210,127 76,870 179,082 -		Total 2022 £ 246,526 25,184 (4,000) 19,287 286,997 179,082		Total 2021 £ 144,068 13,027 (4,000) 11,264 164,359 95,318

There were 4 full time (2021: 3) and 5 part time staff (2021: 3). One employee received emoluments in excess of £60,000 during the year. Three Ministers lived in housing provided by GLL. Two Trustees incurred £13,184 (2021: £11,497) on GLL business in in relation to the costs of training, travel, subsistence, accommodation, communication, and sabbatical expenses.

In 2022 the Trustees reviewed staff compensation and chose to make changes in line with current inflation and the cost of living, as well as one-time back-pay for each of the ministers. This, together with the increase in headcount, accounts for the substantial increase in remuneration this fiscal year.

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2022

4. Expenditure – Charitable Activities (continued)

4b Gifts & Grants

Unrestricted Funds 2022 £ Restricted Funds 2022 £ To institutions: Thirty-one Eight 90 - To individuals 1,788 3,985 1,878 3,985 4c Other Costs Unrestricted Funds 2022 £ Restricted Funds 2022 £ Depreciation of owned fixed assets 4,616 - Independent examination 300 -		Total 2022 £ 90 5,773 5,863

		Total 2022 £ 4,616 300

5. Taxation

As a charity, GLL is exempt from tax on income and gains falling within the provisions of the Corporation Taxes Act 2010 or the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen on the Charity.

6. Tangible Fixed Assets

6. Tangible Fixed Assets
	Office
	furniture &
	equipment
	£
Cost
At 1 April 2021	30,019
Additions	5,551
Disposals	-
At 31 March 2022	35,570
Depreciation
At 1 April 2021	20,367
Charge For Year	440
Disposals	-
At 31 March 2022	20,807
Net Book Value
At 31 March 2022	14,763
At 31 March 2021	9,652

All of the fixed assets are used for charitable purposes.

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2022

7. Debtors

Gift Aid tax receivable Prepayments Other		2022 £ 62,717 12,534 6,192 81,443

8. Creditors - Amounts Falling Due Within One Year

Other creditors including taxation and social security Accruals Other creditors		2022 £ 7,542 2,050 44 9,636		2021 £ 4,763 2,500 2,915 10,178

9. Restricted Funds

9a Current year

9a Current year
Benevolent Fund Romania Team Romanian Widows Waller Family Specific gifts Basement Rebuild Fund Children’s Church Church Plant	At 1 April 2021 £ 211 2,062 18 300 186 9,510 305 141 12,733	Income £ Expenditure £ 3,848 (3,985) 40 - - - - - - - 3,800 - - - - - 7,688 (3,985)	Transfers £ - - - - - - - -	At 31 March 2022 £ 74 2,102 18 300 186 13,310 305 141 16,436
			0

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2022

9. Restricted Funds (continued)

9b Prior year

9b Prior year
Benevolent Fund Romania Team Romanian Widows Waller Family Specific gifts Basement Rebuild Fund Children’s Church Church Plant	At 1 April 2021 £ 745 2,062 18 300 186 5,798 305 70 9,484	Income £ Expenditure £ 11,867 (12,401) - - - - - - - - 3,712 - - - 71 - 15,650 (12,401)	Transfers £ - - - - - - - -	At 31 March 2022 £ 211 2,062 18 300 186 9,510 305 141 12,733
			0

Descriptions of the main restricted funds are as follows:

The Benevolent Fund records donations received for gifts to the needy within the church.

Romania Team records donations received for a team sent to Romania to help a church there.

Romanian Widows records donations to be distributed to support widows in the church in Romania.

Basement Rebuild Fund records donations to enable the reordering of the basement.

10. Related Party Transactions

Tom Drion, a Trustee, received gross remuneration of £66,063 (2021: £40,000) and pension contributions of £5,285 (2021: £3,200) during the year in his employed capacity of Minister. Tom Drion also occupied manse accommodation provided by GLL as part of his contract of employment for the better performance of his duties. At 31 March 2022 Tom Drion was owed £nil (2021: £nil) by GLL.

Adam Waller, a Trustee, received gross remuneration of £56,114 (2021: £36,500) and pension contributions of £4,490 (2021: £2,920) during the year in his employed capacity of Minister. Adam Waller also occupied manse accommodation provided by GLL as part of his contract of employment for the better performance of his duties. At 31 March 2022 Adam Waller was owed £nil (2021: £ nil) by GLL.

Tom Drion and Adam Waller are also both Trustees of the Clerkenwell Christian Centre (charity no 210271), which is the beneficial owner of the property at Woodbridge Chapel, Woodbridge Street, London EC1R 0EX. GLL uses the Clerkenwell Christian Centre’s facilities for meeting and administrative purposes on a daily basis, rent free. The Clerkenwell Christian Centre’s property includes a residential flat which is let to GLL at an annual cost of £6,900 (2021: £6,900).

Ross Orgill, a Trustee, received gross remuneration of £25,680 (2021: £18,818) and pension contributions of £2,054 (2021: £1,506) during the year in his employed capacity of Minister.

Dana Waller, the spouse of Adam Waller, received gross remuneration of £7,150 (2021: £5,750) during the year in her employed capacity of Administrative Assistant.

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2022

10. Related Party Transactions (continued)

The Trustees, who disclosed their name at the time of their gifts, gave a total of £17,450 (2021: £14,625) in unrestricted offerings and donations during the year.

11. Members Funds

The company is a private company limited by guarantee with no share capital. The liability of the members is limited to £1 in the event of a winding up.