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2021-03-31-accounts

Grace London

Report and Accounts Year ended 31 March 2021

GRACE LONDON

CHARITY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2021

Trustees

ANDREW HASLAM DANIEL HUTTON (resigned 15 June 2021) LUKE BOARDMAN HUW NEWTON‐HILL (appointed 15 June 2021) THOMAS WHEATLEY (appointed 15 June 2021) ANDREW HASLAM JEREMY MOSES

Key Staff ANDREW HASLAM JEREMY MOSES Governing Document Charity Registration Number 1161147 Principal Address Unit 124, Edinburgh House 170 Kennington Lane London SE11 5DP Independent Examiner Lisa Darby ACA Stewardship 1 Lamb's Passage London EC1Y 8AB Bankers CAF Bank Ltd

CIO Constitution Registered 1st April 2015 (as amended 11th April 2021)

Bankers

Contents Page Charity Information 1 Trustees' Annual Report 2 - 8 Independent Examiner's Report 9 Statement of Financial Activities 10 Balance Sheet 11 Notes to the Accounts 12 - 18 Detailed Statement of Financial Activities with Comparatives 19

Page 1

GRACE LONDON

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The trustees of Grace London (the “Church” or the “Charity”), being Andrew Haslam, Luke Boardman, Huw Newton-Hill and Thomas Wheatley (the “Trustees”), have pleasure in submitting this report (the “Report”) and the accounts of the Church (the “Accounts”) for the year ending 31 March 2021 (the “Relevant Period”).

Objects of the charity

The Charity is a charitable incorporated organisation and is governed by its constitution which was established 1st April 2015 (the “Constitution”). The constitution was amended on 11th April 2021 in order to (1) permit the appointment of new charity trustees who were not also Elders of the church; and (2) provide that if the Elders of the church are unable to agree on a particular issue they can refer the matter to the leadership of Advance Movement UK for a resolution. The objects of the Charity, as set out in the Constitution are to advance the Christian faith for the benefit of the public in accordance with the Statement of Faith in London and in such other parts of the United Kingdom and the world as the Trustees may from time-to-time think fit.

The Church's Statement of Faith is appended to the Constitution and set out on the Church's website (grace.london/statement-of-faith).

Summary of the charity's main activities and achievements

To further the above objects and vision, the Charity's main activities and achievements were as follows:

Regular activities:

The regular life of the Church centres on: (1) weekly Church services, consisting primarily of expository preaching from the Bible, times of corporate sung worship and prayer, and sharing of the Lord's Supper (“Services”); (2) weekly ‘Life Groups’, which are fellowship and bible study meetings that take place in homes across South and Central London and provide opportunities for attendees to welcome new visitors and deepen existing relationships, to exercise gifts of service, hospitality and teaching, and to grow in faith, Biblical knowledge and discipleship (“Life Groups”); and (3) monthly ‘Upper Room’ corporate prayer and worship meetings (“Upper Room”).

In addition, the Church places a strong emphasis on sharing the good news of Jesus Christ with those who are not Christians. This is principally done through: (1) ‘Salt’, which is a series of articles published online by the Church on a weekly basis with the purpose of engaging with thoughtful Londoners on matters of faith, philosophy and life (“Salt”), (2) ‘Salt Live’, which are live events during which Londoners from all walks of life come together and engage face-to-face on matters of faith and philosophy (“Salt Live”) and (3) the ‘Salt Course’, which is a course to explore life’s big questions, from a Christian perspective (the “Salt Course”).

Finally, the Church also arranges a number of events and weekends away during the year which are an opportunity for Church members to gather together, deepen relationships, enjoy times of corporate sung worship and prayer and hear expository preaching from the Bible and/or receive training from the eldership team of the Church (the “Elders”) or other leaders. These events include (1) an annual Church weekend away (the “Weekend Away”), (2) leaders’ away days and weekends away (“Leaders’ Away Days”) and (3) men’s and women’s ministry events “Men’s/Women’s Away Days” as applicable).

Page 2

GRACE LONDON

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

As noted by Andrew Haslam, “Someone has said that ‘Man plans, God laughs’, and this has never been more true than in 2020”. During the entirety of the year ended 31 March 2021 (the “Relevant Period”), as a result of the COVID-19 pandemic, the Government of the United Kingdom (the “Government”) had in place certain restrictions on meetings, social interactions and the use of places of worship in the UK. Consequently, all of the Church’s regular activities were significantly disrupted (for instance, the 2020 Weekend Away was cancelled, and we were not able to host any in-person Leaders’ Away Days or Men’s/ Women’s Away Days).

Although the restrictions have been a great challenge for the work of the Church in ministering to our own members and those outside the Church, the Trustees and the Elders have sought, to the extent legally possible (and having regard to all guidance), to continue the activities of the Church in as normal a fashion as possible. In doing so, we have also been greatly encouraged at the strength and depth of the Church community and are aware of many individuals who have started attending the Church regularly during the Relevant Period, many joining Life Groups and becoming Christians. We have also been grateful for the incredible effort that all leaders and volunteers put in to ensure that the Church continues to thrive.

Activities during lockdown:

Between 22 March 2020 and 9 August 2020 and again between 5 November 2020 and 6 December 2020, as a result of the Government’s complete national lockdown (the “Lockdown”), all of the Church’s meetings, including all Services and Life Groups, took place exclusively online (via YouTube for Services and Zoom for Life Groups and any prayer meetings).

During the Lockdown, the Church maintained its rhythm of weekly meetings, with both Services and Life Groups continuing to take place (albeit online). Meanwhile, the Church held ad-hoc Upper Roomstyle prayer meetings, in which the church family gathered to pray and worship together and to share testimonies. In addition, the Church began a bi-weekly rhythm of online prayer meetings on Monday and Friday mornings at 8am, that has continued post-pandemic. Finally, the Church also held weekly online mid-week Church meetings from January 2021.

Estimating the number of people attending Services and Life Groups during this period is inherently difficult (particularly in relation to YouTube, where views do not necessarily equate to “attendance”). However, the online Services continued to attract strong viewing figures throughout the Relevant Period.

The Church also started other groups in an attempt to continue to foster community during the Lockdown. Accordingly, Church members were encouraged to join ‘Triplets’, being small groups intended to foster friendship, accountability, spiritual growth and prayer, a number of ‘book clubs’ were started, providing the opportunity to study Christian literature in community, and a weekly men’s prayer event was held via Zoom from November 2020 onwards.

Finally, during Lockdown, the Church started a mercy fund; intended to meet the needs of anyone connected to the Church who was struggling financially, whether due to the Lockdown or otherwise.

Page 3

GRACE LONDON

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Activities during the rest of the Relevant Period:

For the rest of the Relevant Period, when Lockdown was not in place, the Church sought to conduct its normal activities to the extent legally possible.

Accordingly, on 9 August 2020, in compliance with Government guidance (having prepared COVID-19 risk assessment and a COVID-19 policy to ensure that such Services could be conducted safely), Grace London held its first Service since lockdown. From that date onwards, the Church held Services whenever it was legally permissible to do so (continuing to broadcast such Services on YouTube for those unable to attend due to the pandemic). The number of such Services varied between two and three per Sunday, depending on the social distancing requirements, to maximise the capacity of the Services. The Church also resumed Upper Room meetings, hosting the first of such meetings on 2 November 2020.

By March 2021, total physical attendance across the Services was down 56% compared to March 2020 due to the reduced capacity of the London Nautical School as a result of social distancing measures. However this does not account for the number of people still watching the Services online.

Finally, as a result of the Government’s gradual easing of the Lockdown in July 2020, the Elders also encouraged Life Groups to meet when possible. From that date, Life Groups continued to meet weekly, varying between online meetings and in person meetings dependant on the rules then applicable. At certain times, the Church also replaced dispersed Life Groups with a central meeting of the Church on Zoom, with each Life Group then going into break-out rooms following a time of teaching, worship, and prayer.

There were also, as always, many informal, one-to-one discipleship meetings as well as other ad-hoc meetings happening throughout the Relevant Period.

Staff team

There were a number of changes to the staff team during the Relevant Period. In particular, as a result of the Lockdown, from 10 April 2020 until 30 September 2020 certain members of staff were placed on furlough. In addition, in August 2020 Rosie Matheson left her role as Operations Manager to continue pursuing a career in politics.

Page 4

GRACE LONDON

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Outreach efforts

In furtherance of its objects, the Church has continued to share the good news of Jesus Christ through both live events and digital media / online publishing:

Salt – the Church continued to publish Salt articles (visit https://salt.london/) until 21 August 2020, when it was decided that the Church would consider alternative methods of engaging with such matters. Salt Live – as a result of the pandemic, Salt Live events were halted for the Relevant Period, with the intention of starting them again once the pandemic had eased.

Salt Course – during the Relevant Period, the Church hosted three online Salt Courses, with c.60 people attending one of the courses. We also ran two ‘Salt Part Two’ groups which is a more specific look at the person of Jesus considering specific moments from the gospels.

We found the pandemic to be an encouragingly fruitful time, with at least six individuals coming to faith in Christ over the course of the relevant period. We have subsequently baptised three of these folk and hope to baptise two of the others in the coming months.

Children’s ministry

During the Lockdown, the children’s ministry team created weekly videos for the children and/or hosted group meetings over Zoom.

On 18 October 2020, children’s ministry resumed at the Services in accordance with the COVID-19 Policy (and provision was intermittent from that date in accordance with Government guidelines).

As before, all volunteers were required to complete background checks, have training with the children’s ministry leader and confirm their understanding of and commitment to the Church's safeguarding policy.

Relationships with other churches and individuals

The Trustees believe that the objects of the Church are best accomplished in relationship with other churches and people through movements such as Advance. Advance is a global movement of churches partnering together to advance the Gospel (i.e. the message of the Christian faith) through planting and strengthening churches (www.advancemovement.com). The Church has continued to benefit from its relationship with Advance during the Relevant Period, though regular Advance gatherings were prevented by lockdown. The Church continues to enjoy informal but close relationships with other churches and individual Christians around the world.

The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.

Page 5

GRACE LONDON

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Structure, Governance and Management

In accordance with the Church's Constitution, the policy and operating decisions of the Church rest with the Trustees and, ultimately, the members of the Church (as that word is defined in the Constitution). However, much of the day-to-day responsibilities in the life of the Church are delegated to the Church’s staff team and volunteers.

The Trustees meet regularly for the purpose of monitoring the activities of, and taking decisions in relation to, the Church. In addition to regular meetings, the Trustees communicate frequently. All financial payments from the Church's online banking facility with CAF Bank require validation/authorisation from a second member of the Trustee and/or finance teams.

The Trustees during the Relevant Period were Andrew Haslam, Daniel Hutton and Luke Boardman. The Constitution provides that new charity trustees will be appointed by the members of the Church (clause 13), and new charity trustees will be provided with a copy of the Constitution (and any amendments to it) as well as the latest trustees' annual report and statement of accounts (clause 14). The Church's annual general meeting was held on 28 April 2020. During the annual general meeting, Daniel Hutton retired from office and was subsequently reappointed as a charity trustee, in accordance with clauses 13 and 16 of the Constitution.

Subsequent to the Relevant Period, on 15 June 2021, Daniel Hutton retired from office definitively, as a result of moving away from London with his family. The Trustees are incredibly grateful for the hard work and commitment that he has given to the Church. Daniel Hutton was replaced by Thomas Wheatley and Huw Newton-Hill.

Andrew Haslam continued to be employed as Senior Pastor of the Church during the Relevant Period. The employment of Mr Haslam, who is also a Trustee, is in accordance with clause 6 of the Constitution ('Benefits and payments to charity trustees and connected persons'). Mr Haslam's employment and remuneration do not relate to his role as a Trustee of the Church.

Financial review

During the year income increased by £90,354, to £499,306, and expenditure decreased by £178,377, to £272,997. As a result the net income for the year increased by £268,731, to a surplus of £226,310 and the charity's net assets increased by 226,310, to £316,667. Net current assets increased by £226,080 to £305,082.

Income in the Relevant Period was predominantly due to the generous donations of the Church community. The furloughing of certain Church staff during the Relevant Period resulted in an increase in income of £20,701.

Rent expenses fell by £51,533 to 9% of expenditures (FY19/20: 17%), largely as a result of not using the London Nautical School as a venue during the Lockdown.

Total grants and gifts by Grace London to missionary and charitable causes is 13% of expenditures (FY19/20: 9%). The bulk of these funds (£15,949) went towards supporting the work amongst the churches in the Advance network, with a further £8,971 going towards church relief in the UK and abroad.

The Charity continued to prepare its accounts using the accruals basis.

Page 6

GRACE LONDON

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Reserves policy

The Trustees have determined that the Charity should aim to hold unrestricted cash of 1.5 months' of payroll and rent expenditure (which equates to about £35,000) in the designated fund for general reserves so that the Charity could continue to operate should income and / or expenditure vary adversely. At the year end, the Charity held unrestricted cash in the designated fund for general reserves of £35,001 and the Charity is complying with its reserves policy.

Key risks and uncertainties

The Charity is exposed to various risks - be they operational, financial or reputational. The Trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks. Of particular note, the Trustees are consistently monitoring COVID and safeguarding risks, and endeavour to keep policies relating to both risks up to date.

Plans for the future

Our hope looking forward is to start many new churches, and to continue the slow and deliberate work of helping each person who comes through our doors discover more about Jesus and his amazing life, and find themselves amidst a family in the heart of the city.

Responsibilities of trustees under charity law

The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

Page 7

GRACE LONDON

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They 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.

Approval

This report was approved by the trustees and signed on their behalf by:

_______ Huw Newton-Hill

Date: 24th January 2022

Page 8

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

GRACE LONDON ('the Charity')

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 March 2021 on pages 9 to 19 following, which have been prepared on the basis of the accounting policies set out on pages 12 to 13.

Responsibilities and basis of report

As the charity’s trustees of the Charitable Incorporated Organisation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 Charity as required by section 130 of the Act; or

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

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Lisa Darby ACA The Institute of Chartered Accountants in England and Wales

Stewardship 1 Lamb's Passage London EC1Y 8AB

Date:

Page 9

GRACE LONDON

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2021

Note
INCOME AND ENDOWMENTS FROM:
Donations, grants and legacies
3
Bank Interest
Other income
Total income and endowments
EXPENDITURE ON:
Charitable activities
4
Exceptional Expenses
4d
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
11		 Unrestricted
Funds
£
487,327
15
-
487,342
272,607
-
272,607
214,735
89,982
304,717		 Restricted
Funds
£
11,965
-
-
11,965
390
-
390
11,575
385
11,960		 Total
Funds
2021
£
499,292
15
-
499,306
272,997
-
272,997
226,310
90,367
316,677		 Total
Funds
2020
£
407,759
42
1,150
408,952
389,546
61,827
451,373
(42,421)
132,788
90,367

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on page 12 - 18 form part of these accounts.

Page 10

GRACE LONDON

BALANCE SHEET

AS AT 31 MARCH 2021

Note
FIXED ASSETS
Tangible assets
6
CURRENT ASSETS
Debtors
7
Cash at bank and in hand
8
CREDITORS: Amounts falling
due within one year
9
Net current assets / (liabilities)
Total assets less current liabilities
TOTAL NET ASSETS
FUND BALANCES
11
Unrestricted Funds
General funds
Designated funds
Restricted Funds		 Unrestricted
Funds
£
11,595
11,595
29,695
278,412
308,107
(14,985)
293,122
304,717
304,717
215,807
88,910
304,717
-
304,717		 Restricted
Funds
£
-
-
-
11,960
11,960
-
11,960
11,960
11,960
-
-
-
11,960
11,960		 Total
Funds
2021
£
11,595
11,595
29,695
290,372
320,067
(14,985)
305,082
316,677
316,677
215,807
88,910
304,717
11,960
316,677		 Total
Funds
2020
£
11,365
11,365
33,861
90,470
124,331
(45,329)
79,002
90,367
90,367
66,681
23,301
89,982
385
90,367

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

_________ Huw Newton-Hill

Date 24th January 2022

Charity number: 1161147

The notes on page 12 - 18 form part of these accounts.

Page 11

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Statutory Information

The charity is a charitable incorporated organisation registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. In making this assessment the trustees have considered how Covid-19 might affect projections.

b) Income

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations includes:

The charity relies on volunteers to carry out many of its activities, particularly events management, hospitality, pastoral care services, logistics, administration and sung worship leading. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Page 12

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

c) Expenditure

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The cost of raising funds is not significant and has not been separately disclosed.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.

e) Tangible fixed assets Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £500 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Leasehold improvements Over the lease term or, if shorter, expected useful life Equipment Over 3 to 7 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Taxation

The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

g) Exemption from preparing a cashflow statement

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

h) Critical accounting estimates and areas of judgement The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

3 Donations

ations
Donations of cash and similar
Government grants - Job Retention Scheme grants
Income tax recoverable		 2021
£
409,048
20,701
69,543
499,292		 2020
£
349,751
-
58,008
407,759

Page 13

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

4 Charitable expenditure

a
Costs incurred directly on specific activities
Books & Training Material
Conference Fees
Conference Food & Accommodation Charges
General Expenses
Hospitality Food and Drink
Pastoral Meetings Expenses
Preaching Honorariums and Hospitality
Rent
Grants payable (note 4c)
Exceptional Expense (note 4d)
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Bank Fees
Depreciation Expense
Employers National Insurance
Insurance
IT Software and Consumables
Licensing and Subscriptions
Pensions Costs
Postage, Freight & Courier
Professional Printing, Advertising & Marketing
Equipment Sundries
Salaries
Tech, Audio and Visual support
Staff Meeting Expenses
Stationery and Office Supplies
Telephone & Internet
Travel - International
Travel - National
Total expenditure		 2021
£
196
1,010
(566)
1,402
1,691
79
1,046
24,095
34,330
-
63,283
2,100
2,100
1,340
8,136
10,164
1,222
15,564
2,757
11,915
3
2,833
1,788
148,936
484
205
817
1,313
-
137
209,713
272,997		 2020
£
887
3,407
25,606
11,075
23,496
677
2,742
75,629
38,792
61,827
244,138
1,800
1,800
2,290
6,707
10,591
823
3,306
1,320
12,175
-
7,593
3,965
147,948
2,448
1,140
1,182
1,250
217
2,481
207,236
451,373

The fee payable to the independent examiner for examining the accounts was £2,100 (2020: £2,100); in addition the charity paid £150 to Stewardship for consultancy services.

Page 14

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

c Grants payable

Grants payable
Grants for UK and overseas mission
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
The charity's principal grants to institutions comprised:
Advance Network UK
Advance Network Global
Hope Church Rhondda Valley
Emmanuel Church
Common Ground Church - Africa Covid Relief
Common Ground Church - Hope Africa & Early Life
Grants to institutions for less than £1,000 each		 Institutions
£
24,920
24,920
Institutions
£
30,053
30,053		 Individuals
£
9,410
9,410
Individuals
£
8,739
8,739
2021
£
9,569
6,380
-
2,971
6,000
-
-
24,920		 2021
£
34,330
34,330
2020
£
38,792
38,792
2020
£
12032
8021
6000
-
-
4,000
-
30,053

5 Analysis of staff costs, the cost of key management personnel and trustee remuneration and expenses The charity's key management comprise the trustees and the key staff named on the Charity Information page. Total employment benefits payable to key management for the year were as follows:

Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Trustees:
Andrew Haslam
55,000
4,400
Other members of key management
47,500
3,800
The following amounts were payable in the previous year:
Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Trustees:
Andrew Haslam
55,000
4,400
Other members of key management
47,500
3,800		 2021
£
59,400
51,300
110,700
2020
£
59,400
51,300
110,700

Andrew Haslam served as a Senior Pastor and received the above payments for serving in that capacity, not for serving as a trustee; these payments are permitted by the charity's governing document.

Page 15

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

6 Tangible fixed assets

Cost
At 1 April 2020
Additions
Gains / (losses) on revaluation
Disposals
At 31 March 2021
Accumulated depreciation
At 1 April 2020
Charge for the year
Eliminated on disposal
At 31 March 2021
Net book value
At 31 March 2021
At 1 April 2020
7
Debtors
Falling due within one year:
Tax recoverable
Prepayments and accrued income
Other Debtor
Total debtors
8
Cash at Bank and in Hand
Cash at bank with immediate access
9
Creditors: liabilities falling due within one year
Trade creditors
Grants payable
Other creditors
Accruals		 Fixtures,
fittings and
equipment
£
33,739
8,366
42,105
22,374
8,136
30,510
11,595
11,365
2021
£
21,778
3,268
4,648
29,695
2021
£
290,372
2021
£
4,108
8,971
-
1,905
14,985		 Total
2021
£
33,739
8,366
-
-
42,105
22,374
8,136
-
30,510
11,595
11,365
2020
£
27,618
6,244
33,861
2020
£
90,470
2020
£
3,247
25,505
14,717
1,860
45,329

10 Pension commitments

During the year employer’s pension contributions totalling £11,950 (2020: £12,175) were payable to defined contribution personal pension schemes. £60.35 in pension contributions were owing at the balance sheet date (2020: £60.45).

Page 16

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

11 Funds

During the year the movements in the charity's funds were as follows:

Designated Funds
General reserves
Giving to Advance grant fund
Mercy Fund
War Chest
Other grant giving
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Salt ministry / fund
Mercy Fund
Aggregate of funds		 Opening
balance
2021
£
23,557
(256)
-
23,301
66,681
89,982
385
385
90,367		 Incoming
resources
2021
£
15
10,865
10,880
476,462
487,342
1,100
10,865
11,965
499,306		 Outgoing
resources
2021
£
-
(15,949)
(390)
(17,971)
(34,310)
(238,297)
(272,607)
(390)
(390)
(272,997)		 Transfers
in the year
2021
£
11,429
15,949
43,690
17,971
89,039
(89,039)
-
-
-		 Closing
balance
2021
£
35,001
(256)
10,475
43,690
-
88,910
215,807
304,717
1,485
10,475
11,960
316,677

The transfers referred to above were made for the following reasons:

General Reserves Fund: Contingent funds designated for use in exceptional financial circumstances. The use of these funds are governed

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

assets and liabilities of the various funds were as follows:
Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
11,595
29,695
189,502
88,910
(14,985)
215,807
88,910
Unrestricted Funds		 Restricted
funds
£
11,960
11,960		 2021
£
11,595
29,695
290,372
(14,985)
316,677

Page 17

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

In the previous year the movements in the charity's funds were as follows:

Designated Funds
General Reserves fund
Giving to Advance grant fund
Other Giving grant fund
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Salt ministry / fund
Aggregate of funds		 Opening
balance
2020
£
26,015
(256)
-
25,759
106,879
132,638
150
150
132,788		 Incoming
resources
2020
£
42
42
407,760
407,802
1,150
1,150
408,952		 Outgoing
resources
2020
£
(20,053)
(18,500)
(38,553)
(411,906)
(450,459)
(915)
(915)
(451,374)		 Transfers
in the year
2020
£
(2,500)
20,053
18,500
36,053
(36,053)
-
-
-		 Closing
balance
2020
£
23,557
(256)
-
23,301
66,681
89,982
385
385
90,367

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
11,365
33,861
66,784
23,301
(45,329)
66,681
23,301
Unrestricted Funds		 Restricted
funds
£
385
385		 2020
£
11,365
33,861
90,470
(45,329)
General
funds
£
11,365
33,861
66,784
(45,329)
66,681
90,367

During the year the charity:

Page 18

GRACE LONDON

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 MARCH 2021

Note
INCOME AND ENDOWMENTS FROM:
Donations, grants and legacies
3
Bank Interest
Other Income
Total income and endowments
EXPENDITURE ON:
Charitable activities:
4
Exceptional expenses
4d
Total Expenditure
Net income/(expenditure)
Transfers between funds
11
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
11		 General
Designated
2021
2021
£
£
476,447
10,880
15
-
-
-
476,462
10,880
238,297
34,310
-
-
238,297
34,310
238,166
(23,431)
(89,039)
89,039
149,127
65,609
149,127
65,609
66,680
23,301
215,807
88,910
Unrestricted funds		 Restricted
2021
£
11,965
-
-
11,965
390
-
390
11,575
-
11,575
11,575
385
11,960		 Total
2021
£
499,292
15
-
499,306
272,997
-
272,997
226,310
-
226,310
226,310
90,367
316,677		 General
Designated
2020
2020
£
£
406,609
-
-
42
1,150
-
407,760
42
350,079
38,553
61,827.2
-
411,906
38,553
(4,146)
(38,511)
(36,053)
36,053
(40,199)
(2,458)
(40,199)
(2,458)
106,879
25,759
66,680
23,301
Unrestricted funds		 Restricted
2020
£
1,150
-
-
1,150
915
-
915
235
-
235
235
150.00
385		 Total
2020
£
407,759
42
1,150
408,952
389,546
61,827
451,373
(42,421)
-
(42,421)
(42,421)
132,788
90,367

Rounding Differences of £1 may appear

Page 19