2024-03-31-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 2024

Tandem Accounting Chartered Accountants 17 Heathville Road London N19 3AL

GRACELIFE LONDON

Annual Report and Financial Statements 2024 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

GRACELIFE LONDON

Legal and Administrative Information For the year ended 31 March 2024

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:
	Thomas Drion Minister
	Ross Orgill Minister
	Adam Waller Minister
	Michael Dionne Minister
	Keith Essex
	Kevin Edwards
	Raymond Mehringer
	Daniel 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	SPX Oxford Ltd
	Peace House; 19 Paradise Street
	Oxford
	OX1 1LD

GRACELIFE LONDON

Annual Report of the Trustees For the year ended 31 March 2024

The Trustees submit their annual report and the financial statements of GraceLife London (“GLL”) for the year ended 31 March 2024. 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

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 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; and
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 2024

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 our Bible training centre, open to members of the congregation and other members of the public who wish to apply.

3. Achievements and Performance

GraceLife London has continued to grow steadily through fiscal year 2024, both numerically and in spiritual maturity. The regional fellowship groups continue to develop as means for church members to connect with others in their local area. The continued growth of our children’s, equipping, and counselling ministries have required us to rent a room at the local community centre to accommodate the growing attendance. If these ministries continue to expand, we will need to consider hiring out or acquiring additional space.

On the equipping front, we continue to develop our two elders-in-training and are working to develop more future leaders, preachers, and church planters. Hermeneia Bible Training Centre continues from strength to strength, and in May 2024 will hold the second Preach London Conference, aimed at equipping pastors in expository preaching and drawing people to the ministry of the training centre.

This year the elders have made a concerted and public effort to start looking to church planting in the next 2-3 years, if the Lord will provide another pastor who can join at the central campus, raise up a team, and then be sent out to plant.

4. Financial Review

GLL is funded by the generous offerings of members and others in attendance, and from ministry partners in the United States. While the church is still in a steady financial position thanks to substantial support from overseas (see below), the trustees believe that the church must be educated on the importance of continued financial support of GLL in order to maintain the current staffing and ministry levels of the church into the future.

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 increased by £194,076 (2023 decreased by £89,294) during the year. The balance sheet shows total net assets of £581,529 (2023: £387,453).

Various factors have contributed to the change in cash reserves: The positive net income for the church this year of £194,076 includes two one-off grants of £338,282, which creates an inflated increase in donations. Actual increase in regular in-house donations was closer to 10% (£38,367) over the year. Since costs increased by 7% (£47,024), our net loss excluding these donations was -£144,206, about £15,000 greater than expected. This can be explained 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 measures wear off and the church continues to grow.

Included in total funds are amounts totalling £71,247 (2023: £44,662) 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.

GRACELIFE LONDON

Annual Report of the Trustees For the year ended 31 March 2024

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 2024 GLL had net free reserves of £454,534 (2023: £320,732) 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 Funds reserved for refurbishment and church planting (1) Funds reserved for the temporary employment of support staff	2024 £ 581,529 (71,247) (55,748) 454,534 150,000 225,000 65,000 440,000	2023 £ 387,453 (44,662) (22,059)
		320,732
		100,000 123,000 95,000
		318,000

Notes on free reserves

The elders have expanded the scope of funds reserved for the Woodbridge Chapel remodel to include church planting efforts. This allows us to prioritise funds towards the church’s ministry aims as necessary.

4.3 Investment Policy

GLL currently invests its funds in short term bank deposits.

5. Plans for Future Periods

Over 2024/25, GLL will look to hire another qualified pastor for the purposes of church planting in London in the next 2- 3 years.

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.

GRACELIFE LONDON

Annual Report of the Trustees For the year ended 31 March 2024

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 17 December 2024 and signed on its behalf by:

Tom Drion Trustee

GRACELIFE LONDON

Report of the Independent Examiner to the Trustees of Grace Life London

I report on the accounts of the GraceLife London for the year ended 31 March 2024, 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:

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.

Sheila Parry FCCA 17 December 2024

GRACELIFE LONDON

Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 31 March 2024

Note Income from: 2 Donations and legacies Charitable activities Investments Other Total Income Expenditure on: Raising funds 3 Charitable activities 4 Total Expenditure Net income/(expenditure) before tax Tax payable 5 Net income/(expenditure) after tax Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward	Unrestricted Funds 2024 £ 767,480 70,034 7,752 2,611	Restricted Funds 2024 £ 52,258 - - - 52,258 112 11,192 11,304 40,954 - 40,954 (14,369) 26,585 44,662 71,247	Total 2024 £ 819,738 70,034 7,752 2,611 900,135 1,752 704,307 706,059 194,076 - 194,076 - 194,076 387,453 581,529	Unrestricted Funds 2023 £ 455,728 79,405 1,331 707 537,171 1,141 652,100 653,241 (116,070) - (116,070) (1,451) (117,521) 460,312 342,791	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
	847,877					569,742
	1,640 693,115 694,755 153,122 - 153,122 14,369 167,491 342,791 510,282					1,141 657,895
						659,036
						(89,294)
						-
						(89,294) 0
						(89,294) 476,747
						387,453

GRACELIFE LONDON

Balance Sheet As at 31 March 2024

		Unrestricted	Restricted
		Funds	Funds	Total	Total
	Note	2024	2024	2024	2023
		£	£	£	£
Fixed Assets
Tangible Assets	6	41,379	14,369	55,748	17,884
Investments		-	-	-	-
		41,379	14,369	55,748	17,884
Current Assets
Debtors	7	119,535	-	119,535	53,791
Cash At Bank And In Hand		385,501	56,878	442,379	329,284
		505,036	56,878	561,914	383,075
Creditors - Amounts Falling Due Within
One Year	8	36,133	-	36,133	13,506
Net Current Assets		468,903	56,878	525,781	369,569
Net Assets		510,282	71,247	581,529	387,453
Represented By:
Unrestricted Income Funds		510,282	-	510,282	342,791
Restricted Income Funds	9	-	71,247	71,247	44,662
Total Funds		510,282	71,247	581,529	387,453

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 2024 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 17 December 2024 and signed on their behalf by:

Tom Drion Trustee

Company Registration Number: 08556597

GRACELIFE LONDON

Statement of Cash Flows For the year ended 31 March 2024

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 2024 £ 126,465 7,752 (33,338) (25,586) 100,879 284,622 385,501	Restricted Funds 2024 £ 26,585 - (14,369) (14,369) 12,216 44,662 56,878		Total 2023 £ (53,480) 1,331 (12,920)
			Total
			2024
			£

			153,050


			7,752
			(47,707)

				(11,589)
			(39,955)

				(65,069) 394,353


			113,095

			329,284

				329,284
			442,379

GRACELIFE LONDON

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

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.

Debtors

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

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2024

1. Accounting Policies (continued)

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

2. Income
Unrestricted Funds 2024 £ Restricted Funds 2024 £ Donations and legacies Offerings and donations 718,024 52,258 Income tax reclaimed 49,456 - 767,480 52,258 Income from charitable activities Hermeneia, Conferences & Retreats 70,034 - Investment income Interest 7,752 - Other income 2,611 - 847,877 52,258	Total 2024 £ 770,282 49,456 819,738 70,034 7,752 2,611 900,135	Total 2023 £ 446,772 41,526
		488,298 80,074 1,331 39
		569,742

3. Expenditure – Raising Funds

Unrestricted Funds 2024 £ Restricted Funds 2024 £ Collecting agent fees and charges 1,640 112		Total 2024 £ 1,752		Total 2023 £ 1,141

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2024

4. Expenditure – Charitable Activities

Unrestricted Funds 2024 £ Restricted Funds 2024 £ Ministry Personnel (remuneration & housing) 311,488 - Church Life & Outreach 109,965 - Gifts & Grants 90 9,989 Office & Support 233,320 1,203 Building and facilities 37,540 - Governance costs 712 - 693,115 11,192		Total 2024 £ 311,488 109,965 10,079 234,523 37,540 712 704,307		Total 2023 £ 298,771 119,272 5,380 190,165 43,707 600
				657,895

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 2024 £ Office & Support Personnel 2024 £ 154,179 192,804 17,725 14,626 (2,951) (2,049) 12,950 13,566 181,903 218,947 154,179 -		Total 2024 £ 346,983 32,351 (5,000) 26,517 400,851 154,179		Total 2023 £ 308,115 32,064 (5,000) 24,650 359,829 172,585

At the close of the fiscal year there were 6 full time (2023: 5) and 5 part time staff (2023: 5). No employee received emoluments in excess of £60,000 during the year. Three Ministers lived in housing provided by GLL.

Five Trustees incurred £17,329 (2023: £23,714) on GLL business in relation to the costs of training, travel, subsistence, accommodation, communication, and conferences.

4b Gifts & Grants

Unrestricted Funds 2024 £ Restricted Funds 2024 £ To institutions: Thirty-one Eight 90 - Quennevais Evangelical Church - 9,739 To individuals - 250 90 9,989		Total 2024 £ 90 9,739 250 10,079		Total 2023 £ 90 - 5,290
				5,380

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2024

4. Expenditure – Charitable Activities (continued)

4c Other Costs

Unrestricted Funds 2024 £ Restricted Funds 2024 £ Depreciation of owned fixed assets 9,843 - Independent examination 600 -		Total 2024 £ 9,843 600		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 2023	48,490
Additions	47,707
Disposals	-
At 31 March 2024	96,197
Depreciation
At 1 April 2023	30,606
Charge For Year	9,843
Disposals	-
At 31 March 2024	40,449
Net Book Value
At 31 March 2024	55,748
At 31 March 2023	17,884

All of the fixed assets are used for charitable purposes.

7. Debtors

Gift Aid tax receivable Prepayments Other		2024 £ 85,198 27,627 6,710 119,535		2023 £ 38,299 9,299 6,193
				53,791

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2024

8. Creditors - Amounts Falling Due Within One Year

Other creditors including taxation and social security Accruals		2024 £ 34,141 1,992 36,133		2023 £ 11,382 2,124 13,506

9. Restricted Funds

9a Current year Benevolent Fund Romania Team A/V Project 2023 Stair and Kitchen Project Basement Rebuild Fund Quennevais Evangelical church Church Plant		At 1 April 2023 £ 3,348 2,102 22,419 0 16,652 0 141 44,662	Income £ Expenditure £ 14,419 (250) - - - (1,203) 24,803 (112) 3,297 - 9,739 (9,739) - - 42,519 (1,565)	Transfers £ - - (14,369) - - - -		At 31 March 2024 £ 17,517 2,102 6,847 24,691 19,949 0 141 71,247
				(14,369)

The transfer of £14,369 from A/V Project 2023 fund to the General fund is to account for the additions to Fixed Assets funded by the A/V Project 2023 restricted fund.

9b Prior 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.

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2024

9. Restricted Funds (continued)

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.

Stair and Kitchen 2023 records donations to enable the repair of the fire escape stair and reordering of the Kitchen. Church Plant records donations received to enable the planting of churches around London.

A/V Project 2023 records expenditures tied to a one-time donation from a US-based church to build a podcasting studio in the church.

Quennevais Evangelical church records donations collected to help Quennevais Evangelical Church on the Isle of Jersey through a difficult financial season.

10. Reconciliation of net income/(expenditure) 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 2024 £ 167,491 9,843 (7,752) (65,744) 22,627 126,465	Restricted Funds 2024 £ 26,585 - - - - 26,585	Total 2024 £ 194,076 9,843 (7,752) (65,744) 22,627 153,050	Total 2023 £ (89,294) 5,623 (1,331) 27,652 3,870	)
				(53,480

11. Related Party Transactions

Tom Drion, a Trustee, received gross remuneration of £46,981 (2023: £56,235) and pension contributions of £4,066 (2023: £4,499) 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.

Adam Waller, a Trustee, received gross remuneration of £46,147 (2023: £47,059) and pension contributions of £3,691(2023: £3,765) 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.

Ross Orgill, a Trustee, received gross remuneration of £20,700 (2023: £26,040) and pension contributions of £1,656 (2023: £2,083) during the year in his employed capacity of Minister.

Michael Dionne, a Trustee, received gross remuneration of £40,350 (2023: £43,250) and pension contributions of £3,536 (2023: £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.

GRACELIFE LONDON

Notes to the Financial Statements For the year ended 31 March 2024

11. Related Party Transactions (continued)

Dana Waller, the spouse of Adam Waller, received gross remuneration of £8,448 (2023: £14,043) during the year in her employed capacity of Administrative Assistant.

Tom Drion, Adam Waller, and Michael Dionne, 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 (2023: £6,900). Staff members Dorcas Andam, Anita Tennant, and Donovan Izilein are also trustees of the Clerkenwell Christian Centre.

The Trustees, who disclosed their name at the time of their gifts, gave a total of £18,455 (2023: £15,325) in unrestricted offerings and donations during the year.

12. 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.