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2023-03-31-accounts

GRACELIFE LONDON

Company Limited by Guarantee

Charity Registration Number: 1155683 Company Registration Number: 08556597

Annual Report and Financial Statements 31 March 2023

Tandem Accounting Chartered Accountants 17 Heathville Road London N19 3AL

GRACELIFE LONDON

Annual Report and Financial Statements 2023 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
Statement of cash flows 10
Notes to the financial statements 11

1

GRACELIFE LONDON

Legal and Administrative Information For the year ended 31 March 2023

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
Michael Dionne
Minister (appointed 29 January 2023)
Keith Essex
Kevin Edwards
Ray Mehringer
Dan Jarms
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

2

GRACELIFE LONDON

Annual Report of the Trustees For the year ended 31 March 2023

The Trustees submit their annual report and the financial statements of GraceLife London (“GLL”) for the year ended 31 March 2023. 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:

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

The primary objective 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:

3

GRACELIFE LONDON

Annual Report of the Trustees For the year ended 31 March 2023

3. Achievements and Performance

GraceLife London has continued to grow steadily through fiscal year 2023. In additional to numerical growth, various key ministries are experiencing growth as the church matures. The children ministry continues to experience significant growth across all the Sunday school classes. The regional community fellowship groups continue to serve the many people whose homes and offices are not based near the church. The evangelism ministry has restricted its focus to engage with the local community and proclaim the Gospel of Jesus Christ on Fridays and Saturdays at the Tube stations nearest to the church. Sunday door-to-door evangelism in the local community continues.

Michael Dionne was brought on as an Elder and Trustee in January 2023. On the equipping front, we have added two elders-in-training and are working to develop more future leaders, preachers, and church planters. This includes an increased focus on the Hermeneia Bible Training Centre, which will launch its first conference this Spring, aimed at equipping pastors and bringing attention to the opportunity to be trained at Hermeneia.

While not without trials, this year has continued to demonstrate God’s faithfulness for our church body, and we are hopeful that he will not only sustain but continue to bless our ministry as we seek to reach London and the UK with the Gospel.

4. Financial Review

GLL is funded by the generous offerings of members and others in attendance, also from the United States. Over the past fiscal year, donations from regular church members and attendees increased by approximately 13%, or £30,000; the trustees believe that it is reasonable to assume that giving will continue to increase as the church grows numerically and in maturity. The church currently provides about 75% of its donation income internally, with another 25% coming from long-term grant relationships with outside donors.

4.1 Financial Activity and Financial Position

The Statement of Financial Activities and Balance Sheet can be found on pages 8 and 9 respectively. GLL’s reserves decreased by £89,294 (2022 increased by £259,617) during the year. The balance sheet shows total net assets of £387,453 (2022: £476,747).

Various factors have contributed to the change in cash reserves: Income in fiscal year 2022 was inflated by two one-off grants totalling £338,282, which creates an impression of a sharp decrease in donations. On the expense side, the church hired three employees, refurbished the basement, and held an extra retreat which increased costs significantly. This is in addition to regular ministry costs increasing as the final effects of the Covid pandemic wear off and the church continues to grow. Considering these factors, the Trustees believe that the church is still in a steady financial position.

Included in total funds are amounts totalling £44,662 (2022: £16,436) 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

GRACELIFE LONDON

Annual Report of the Trustees For the year ended 31 March 2023

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 2023 GLL had net free reserves of £320,732 (2022: £445,548) as follows:

Total reserves
Less: restricted funds
Less: unrestricted fixed assets used for the continuing work of GLL
Free reserves requirement
Three months’ budgeted routine expenditure (1)
Funds reserved for the remodelling of the church premises (2)
Funds reserved for the temporary employment of support staff		 2023
£
387,453
(44,662)
(22,059)
320,732		 2022
£
476,747
(16,436)
(14,763)
445,548
2023
£
100,000
123,000
95,000
318,000		 2022
£
120,000
150,000
150,000
420,000

Notes on free reserves

  1. GLL did not receive one regular grant from a supporting organisation in the US until after the close of this fiscal year. This grant of £47,336 was received in April 2023 and its absence accounts for the reduced amount in the 3 months’ reserve.

  2. This fiscal year the church allocated approximately £27,000 for a partial refurbishment of the chapel basement. Funds from the remodel reserves were used to cover this cost, which accounts for the reduction in these reserves.

  3. These reserves are not donor-restricted, and thus they can be allocated to cover operating expenses in the case of an emergency going concern.

4.3 Investment Policy

GLL currently invests its funds in short term bank deposits.

5. Plans for Future Periods

In 2023 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:

5

GRACELIFE LONDON

Annual Report of the Trustees For the year ended 31 March 2023

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 21 December 2023 and signed on its behalf by:

Tom Drion Trustee

6

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 2023, set out on pages 7 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:

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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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 22 December 2023

7

GRACELIFE LONDON

Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 31 March 2023

Note
Income from:
2
Donations and legacies
Charitable activities
Investments
Other
Total Income
Expenditure on:
Raising funds
3
Charitable activities
4
Total Expenditure
Net gains/(losses) on
investments
Net (expenditure)/income
before tax

Tax payable
5

Net (expenditure)/income
after tax
Transfers between funds
Other recognised gains and
losses

Net movement in funds
Total funds brought forward

Total funds carried forward
 Unrestricted
Funds
2023
£

455,728
79,405
1,331
707		 Restricted
Funds
2023
£
32,571
-
-
-
32,571
-
5,795
5,795
-
26,776
-
26,776
1,451
-
28,227
16,435
44,662		 Total
2023
£
488,299
79,405
1,331
707
569,742
1,141
657,895
659,036
-
(89,294)
-
(89,294)
0
-
(89,294)
476,747
387,453		 Unrestricted
Funds
2022
£
672,988
39,562
42
447



Restricted
Funds
2022
£
7,688
-
-
-
7,688
-
3,985
3,985
-
3,703
-
3,703
-
-
3,703
12,732
16,435		 Total
2022
£
680,676
39,562
42
447
537,171 713,039 720,727
1,141
652,100
653,241
-
(116,070)
-
(116,070)
(1,451)
-
(117,521)
460,312
342,791		 916
456,209		 916
460,194
457,125 461,110
- -
255,914 259,617
- -
255,914
-
-		 259,617
-
-

255,914
204,398		 259,617
217,130
460,312 476,747

8

GRACELIFE LONDON

Balance Sheet As at 31 March 2023

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
2023
£
17,884
-
17,884
53,791
284,622
338,413
13,506
324,907
342,791
342,791
-
342,791		 Restricted
Funds
2023
£
-
-
0
-
44,662
44,662
-
44,662
44,662
-
44,662
44,662		 Total
2023
£
17,884
-
17,884
53,791
329,284
383,075
13,506
369,569
387,453
342,791
44,662
387,453		 Total
2022
£
10,587
-
10,587
81,443
394,353
475,796
9,636
466,160
476,747
464,014
12,733
476,747

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 2023 and no notice requiring an audit has been deposited under section 476.

The Trustees acknowledge their responsibilities for:

The financial statements were approved by the Trustees on 21 December 2023 and signed on their behalf by:

Tom Drion Trustee

Company Registration Number: 08556597

9

GRACELIFE LONDON

Statement of Cash Flows For the year ended 31 March 2023


Note
Net cash flows from operating activities
10
Cash flows from investing activities:
Dividends, interest, and rents from investments
Purchase of property, plant, and equipment
Net cash used in investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 Unrestricted
Funds
2023
£
(81,707)
1,331
(12,920)
(11,589)
(93,296)
377,918
284,622		 Restricted
Funds
2023
£
28,227
-
-
0
28,227
16,435
44,662		 Total
2022
£
216,548
42
(5,551)
(5,509)
211,039
183,314
394,353
Total
2023
£
(53,480)
1,331
(12,920)
(11,589)
(65,069)
394,353
329,284

10

GRACELIFE LONDON

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

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:

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.

11

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2023

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:

2. Income

Unrestricted
Funds
2023
£
Restricted
Funds
2023
£
Donations and legacies
Offerings and donations
414,201
32,571
Income tax reclaimed
41,526
-
455,727
32,571
Income from charitable activities
Conferences and retreats
80,074
-
Investment income
Interest
1,331
-
Other income
39
-
537,171
32,571		 Total
2023
£
446,772
41,526
488,298
80,074
1,331
39
569,742		 Total
2022
£
647,818
32,858
680,676
39,562
42
447
720,727

3. Expenditure – Raising Funds

Collecting agent fees and charges

2023
£
1,141		 2022
£
916

12

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2023

4. Expenditure – Charitable Activities

4. Expenditure – Charitable Activities

Unrestricted
Funds
2023
£
Restricted
Funds
2023
£
Ministry Personnel
298,771
-
Church Life & Outreach
118,767
505
Gifts & Grants
90
5,290
Office & Support
190,165
-
Building and facilities
43,707
-
Governance costs
600
-
652,100
5,795		 Total
2023
£
298,771
119,272
5,380
190,165
43,707
600
657,895		 Total
2022
£
297,034
43,665
5,863
97,616
15,341
675
460,194

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
2023
£
Office &
Support
Personnel
2023
£
172,585
135,530
19,798
12,266
(2,697)
(2,303)
13,807
10,843
203,493
156,336
172,585
-		 Total
2023
£
308,115
32,064
(5,000)
24,650
359,829
172,585		 Total
2022
£
246,526
25,184
(4,000)
19,287
286,997
179,082

At the close of the fiscal year there were 5 full time (2022: 4) and 5 part time staff (2022: 5). No employee received emoluments in excess of £60,000 during the year. Three Ministers lived in housing provided by GLL. Five Trustees incurred £23,714 (2022: £13,184) on GLL business in relation to the costs of training, travel, subsistence, accommodation, communication, and conferences.

In 2022 the Trustees reviewed and adjusted compensation and chose to make changes in line with current inflation and the cost of living. In addition, over fiscal years 2022/23, GLL has taken on three staff on two-year contracts, electing to use cash reserves to fund their renumeration. These factors help account for the continued increase in office and support personnel costs this fiscal year.

13

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2023

4. Expenditure – Charitable Activities (continued)

4b Gifts & Grants

Unrestricted
Funds
2023
£
Restricted
Funds
2023
£
To institutions:
Thirty-one Eight
90
-
To individuals
-
5,290
90
5,290
4c Other Costs
Unrestricted
Funds
2023
£
Restricted
Funds
2023
£
Depreciation of owned fixed assets
5,623
-
Independent examination
300
-		 Total
2023
£
90
5,290
5,380
Total
2023
£
5,623
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 2022 35,570
Additions 12,920
Disposals -
At 31 March 2023 48,490
Depreciation
At 1 April 2022 24,983
Charge For Year 5,623
Disposals -
At 31 March 2023 30,606
Net Book Value
At 31 March 2023 17,884
At 31 March 2022 10,587

All of the fixed assets are used for charitable purposes.

14

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2023

7. Debtors

Gift Aid tax receivable
Prepayments
Other		 2023
£
38,299
9,299
6,193
53,791

8. Creditors - Amounts Falling Due Within One Year


Other creditors including taxation and social security
Accruals
Other creditors		 2023
£
1,982
2,124
9,400
13,506		 2022
£
7,542
2,050
44
9,636

9. Restricted Funds

9a Current year

9a Current year
Benevolent Fund
Romania Team
Romanian Widows
Waller Family
Specific gifts
A/V Project 2023
Basement Rebuild Fund
Children’s Church
Church Plant		 At 1
April
2022
£
74
2,102
18
300
186
-
13,310
305
141
16,436		 Income
£
Expenditure
£

6,810
(5,490)
-
-
-
-
-
-
-
-
22,419
-
3,342
-
-
(305)
-
-
32,571
(5,795)		 Transfers
£
1,955
-
(18)
(300)
(186)
-
-
-
-

At 31
March
2023
£
3,348
2,102
0
0
0
22,419
16,652
0
141
44,662
1,451

The transfer of £1,451 from unrestricted to the Benevolent restricted fund was to correct historic errors where restricted donations had been allocated to unrestricted funds in the year they were received.

The transfer of £504 from various restricted funds to the Benevolent fund was to merge restricted funds which serve the same purpose.

15

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2023

9. Restricted Funds (continued)

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
£
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
£
-
-
-
-
-
-
-
-
0		 At 31
March
2022
£
74
2,102
18
300
186
13,310
305
141
16,436

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. Reconciliation of net (expenditure)/ income to net cash flow from operating activities

Net income for the reporting period (as per
the statement of financial activities)
Adjustments for:
Depreciation charges
Interest from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 Unrestricted
Funds
2023
£
(117,521)
5,623
(1,331)
27,652
3,870
(81,707)		 Restricted
Funds
2023
£
28,227
-
-
-
-
28,227		 Total
2023
£
(89,294)
5,623
(1,331)
27,652
3,870
(53,480)		 Total
2022
£
259,617
4,616
(42)
(47,101)
(542)







216,548

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GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2023

11. Related Party Transactions

Tom Drion, a Trustee, received gross remuneration of £56,235 (2022: £66,063) and pension contributions of £4,499 (2022: £5,285) 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 2023 Tom Drion was owed £nil (2022: £nil) by GLL.

Adam Waller, a Trustee, received gross remuneration of £47,059 (2022: £56,114) and pension contributions of £3,765 (2022: £4,490) 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 2023 Adam Waller was owed £nil (2022: £ nil) by GLL.

Ross Orgill, a Trustee, received gross remuneration of £26,040 (2022: £25,680) and pension contributions of £2,083 (2022: £2,054) during the year in his employed capacity of Minister.

Michael Dionne, a Trustee, received gross remuneration of £43,250 and pension contributions of £3,460 during the year in his employed capacity of Minister. Michael Dionne also occupied manse accommodation provided by GLL as part of his contract of employment for the better performance of his duties. At 31 March 2023 Michael Dionne was owed £nil (2022: £ nil) by GLL.

Dana Waller, the spouse of Adam Waller, received gross remuneration of £14,043 (2022: £7,150) during the year in her employed capacity of Administrative Assistant.

Tom Drion and Adam Waller, trustees of GLL, are also 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 (2022: £6,900). Staff members Dorcas Andam and Anita Tennant are also trustees of the Clerkenwell Christian Centre.

10. Related Party Transactions (continued)

The Trustees, who disclosed their name at the time of their gifts, gave a total of £15,325 (2022: £17,450) 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.

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