OpenCharities

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

2024-03-31-accounts

Grace London

Report and Accounts Year ended 31 March 2024

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

GRACE LONDON

CHARITY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2024

Trustees Andrew Haslam Luke Boardman Huw Newton-Hill (resigned 20 May 2024) Paul Nicholas (appointed 20 May 2024) Thomas Wheatley Key Staff Andrew Haslam Jeremy Moses Governing Document CIO Constitution dated 1 April 2015 (as amended 11 April 2021) Charity Registration Number 1161147 Principal Address Unit 6 60-62 Clapham Road London SW9 0JJ Independent Examiner Lisa Darby FCA Stewardship 1 Lamb's Passage London EC1Y 8AB Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ HSBC 28 Borough High Street Southwark London SE1 1YB

Contents Page
Charity Information 1
Trustees' Annual Report 2-6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Cashflow Statement 10-11
Notes to the Accounts 12-20
Detailed Statement of Financial Activities with Comparatives 21

1

GRACE LONDON

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The trustees of Grace London (the "Church" or the "Charity"), being Andrew Haslam, Luke Boardman, Thomas Wheatley and Paul Nicholas (the 'Trustees"), are pleased to submit this report and the accounts of the Church for the year ending 31 March 2024 (the "Relevant Period").

Objects of the charity

The Charity is a charitable incorporated organisation and is governed by its constitution which was " established on 1 April 2015 (as amended on 11 April 2021) (the "Constitution ).

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

Summary of the charity's main activities and achievements

To further the objects and vision of the Church, the Church's main activities during the Relevant Period were as follows:

Core Activities: During the Relevant Period, the Church continued to undertake its regular core activities, comprising:

These core activities reflect our desire to be a genuine community in the city and to preach and engage with Christ's radical demands of discipleship.

Children's ministry: Children's ministry continued at the Services during the Relevant Period. We delight in seeing our children engage with the truth found in the Bible and are thankful to all of our children's ministry volunteers who are so dedicated to the children.

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.

2

Evangelism: During the Relevant Period, the Church continued in its efforts to share the good news of Jesus Christ with those who do not know him. This was principally done through:

During the Relevant Period, we hosted two Salt Live events on the topics of The Burnout Generation' and 'The Age of Self-Obsession'. We also hosted two Salt Courses.

The Relevant Period was a fruitful time, as God continued to move in the Church community. During the Relevant Period, 19 people were baptised. All glory to God!

Other Activities: The Church arranged a number of events and away-days 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 Elders or other leaders.

These events included: (1) three women's ministry events, including a day conference, (2) weekly mum's group, (3) the City Fellowship, a discipleship course focussed on understanding God's purpose for work and (4) supporting the Webber Street day centre by organising monthly meals with a gospel talk.

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 four additions to the staff team during the Relevant Period as the Church continued to grow:

At the expiry of the Relevant Period, the Church staff team comprised of 11 people.

3

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 good news 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, including attending the Advance UK conference in November 2023. The Church continues to enjoy informal but close relationships with other churches and individual Christians around the world.

Structure, Governance and Management

Annual General Meeting: The Annual General Meeting for the Relevant Period was held on 19 February 2024 (the "AGM"). During the AGM Andrew Haslam retired from office and was subsequently reappointed as a Trustee, in accordance with clauses 13 and 16 of the Constitution.

The Constitution provides that new charity trustees will be appointed by the "Members" of the Church (as that word is defined in the Constitution, being the Elders 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 Trustees: Throughout the Relevant Period, the Trustees were Andrew Haslam, Luke Boardman, Huw Newton-Hill and Thomas Wheatley. Subsequent to the end of the Relevant Period, Huw-Newton Hill resigned as a trustee and Paul Nicholas was appointed to replace him.

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

Decision making: 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. The Trustees communicate frequently and meet regularly (at least quarterly) to discuss and monitor the activities of the Church. However, many of the day-to-day responsibilities in the life of the Church are delegated to the Church's staff team and volunteers.

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.

Finance: 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. HSBC debit cards have been replaced by credit cards, with individual payment limits, as an added security measure.

4

Financial review

During the year income increased by £297k to £955k, and expenditure increased by £229k to £681k resulting in a surplus of £273k (an increase of £68k from last year). The charity's net assets increased to £986k (net current assets £983k).

Income in the Relevant Period was predominantly due to the generous donations of the Church community, which increased substantially mainly due to the numerical growth in the attendance. Expenditure also increased during the Relevant Period, with a Church weekend away in June 2024 being a significant contribution, as well as increased staffing costs. The increased giving more than offset the increased expenditure resulting in a higher surplus.

Total grants and gifts by Grace London to missionary and charitable causes was £53k (last year £46k). The bulk of these funds (£33k) went towards supporting the work amongst the churches in the Advance network. £20k was given in other gifts to mission in the UK. The Trustees policy is to give away 10% of income each year and any unspent money is carried forward.

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

Reserves policy

The Trustees have determined that the Charity should aim to hold unrestricted cash of 3 months' of payroll and rent expenditure (which equates to about £70,000) 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 £71,248 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 safeguarding risks and maintains its safeguarding policy and training schedule up to date.

Plans for the future

Our hope for the future 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.

5

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.

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:

Andrew Haslam

Andrew Haslam (Jan 28, 2025 18:43 GMT)

Andrew Haslam

Date: Jan 28, 2025

6

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 2024 on pages 8 to 21 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

Lisa Darby (Jan 29, 2025 08:49 GMT)

Lisa Darby FCA The Institute of Chartered Accountants in England and Wales Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Jan 29, 2025

7

GRACE LONDON

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income and endowments
EXPENDITURE ON:
Charitable activities
6
Total expenditure
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 Unrestricted
Funds
£
897,278
42,184
2,652
942,114
677,057
677,057
265,057
(12,889)
252,168
699,946
952,115		 Restricted
Funds
£
12,500
-
-
12,500
4,269
4,269
8,231
12,889
21,120
12,416
33,536		 Total
Funds
2024
£
909,778
42,184
2,652
954,614
681,326
681,326
273,288
-
273,288
712,362
985,651		 Total
Funds
2023
£
654,801
2,101
1,099
658,001
452,549
452,549
205,452
-
205,452
506,910
712,362

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

All income and expenditure derive from continuing operations.

Differences of £1 may appear within these accounts due to rounding.

The notes on page 12-20 form part of these accounts.

8

GRACE LONDON

BALANCE SHEET

AS AT 31 MARCH 2024

Note
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
10
CREDITORS: Amounts falling
due within one year
11
Net current assets / (liabilities)
TOTAL NET ASSETS
FUND BALANCES
13
Unrestricted Funds
General funds
Designated funds
Restricted Funds		 Unrestricted
Funds
£
2,550
2,550
89,870
900,555
990,425
(40,860)
949,565
952,115
738,058
214,057
952,115
-
952,115		 Restricted
Funds
£
-
-
-
33,536
33,536
-
33,536
33,536
-
-
-
33,536
33,536		 Total
Funds
2024
£
2,550
2,550
89,870
934,091
1,023,961
(40,860)
983,101
985,651
738,058
214,057
952,115
33,536
985,651		 Total
Funds
2023
£
956
956
37,503
712,446
749,949
(38,543)
711,406
712,362
561,749
138,197
699,946
12,416
712,362

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

Andrew Haslam

Andrew Haslam (Jan 28, 2025 18:43 GMT) --------------------------------------ANDREW HASLAM Jan 28, 2025 Date: _______

Charity number: 1161147

The notes on page 12-20 form part of these accounts.

9

GRACE LONDON

FOR THE YEAR ENDED 31 MARCH 2024

CASH FLOW STATEMENT

Cash flows from operating activities:
Net cash provided by/(used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Net cash provided by/(used in) investing activities
Analysis of changes in net debt:
Cash
Total net funds / (debt)
Cash and equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and equivalents in the reporting period		 Note
a
b
b
At start of
year
£
712,446
712,446		 2024
£
222,818
2,652
(3,825)
(1,173)
221,645
712,446
934,091
Cash-flows
£
221,645
221,645		 2023
£
225,958
1,099
(2,130)
(1,032)
224,926
487,520
712,446
At end of
year
£
934,091
934,091

10

GRACE LONDON

FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE CASH FLOW STATEMENT

Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities

Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities
Adjustments for:
Depreciation charges and provisions for impairment
Dividends, interest and rents from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities
Note b: Analysis of cash and cash equivalents
Cash at bank with immediate access
Total cash and cash equivalents
Net income/(expenditure) for the reporting period (as per the statement of financial
activities)		 2024
£
273,288
2,231
(2,652)
(52,366)
2,317
222,818
2024
£
934,091
934,091		 2023
£
205,452
6,095
(1,099)
(7,903)
23,412
225,958
2023
£
712,446
712,446

11

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

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.

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 and legacies includes:

The charity relies on volunteers to carry out many of its activities. 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.

When donated goods, services and facilities are distributed or consumed, an expense in respect of those items is included in the Statement of Financial Activities. At the year end any goods that have not been distributed or consumed are recognised as stock; donated fixed assets are capitalised.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from church retreats and other events and courses.

Investment income represents income generated by the charity's assets and includes income from and bank interest.

The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith, and all income from donations, legacies and charitable activities is in respect of this one activity.

12

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

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.

The Charities SORP requires charities with income over £500,000 to allocate costs to the various activities undertaken by the charity. The nature of the work of the charity/church is considered to be so integrated that the core charitable activity costs are considered to be for the one activity.

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) Pension scheme arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

g) 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.

h) Financial instruments

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

i) Critical accounting estimates and areas of judgement

13

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

3 Donations and legacies

Donations of cash and similar
Income tax recoverable
4
Income from charitable activities
Church retreats and events
5
Investment income
Bank interest
6
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 & Gifts (see note 6c)		 2024
£
763,246
146,532
909,778
2024
£
42,184
42,184
2024
£
2,652
2,652
2024
£
11,142
1,125
89,639
11,352
40,188
1,187
1,986
68,534
53,234
278,388		 2023
£
549,904
104,897
654,801
2023
£
2,101
2,101
2023
£
1,099
1,099
2023
£
2,810
625
17,094
3,285
38,384
973
3,050
59,169
46,098
171,487

14

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

6 Charitable expenditure (continued)

b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Other
Salaries (incl. contractors)
Employers National Insurance
Pensions Costs
Staff Meeting Expenses
Travel - National
Bank Fees
Insurance
Licensing and Subscriptions
Stationery and Office Supplies
Postage, Freight & Courier
Professional Printing, Advertising & Marketing
Telephone & Internet
IT Software and Consumables
Tech, Audio and Visual support
Equipment Sundries
Depreciation Expense
Total expenditure		 5,640
792
6,432
316,513
26,815
24,665
4,887
1,120
1,170
1,510
1,930
3,575
-
2,512
5,416
3,995
69
98
2,231
402,938
681,326		 4,500
2,047
6,547
208,975
16,809
15,545
3,468
1,767
2,627
1,480
3,626
2,354
101
2,841
1,576
3,675
2,978
599
6,095
281,062
452,549

The fee payable to the independent examiner for preparing and examining the accounts was £5,640 (2023: £4,500); in addition the charity paid £480 (2023: £800) to Stewardship for additional payroll, accountancy and consultancy services.

c Grants payable

Included within the figure for Grants & Gifts in note 6a above are the following:

Grants for UK and overseas mission
Grants for education, including ministry training
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
Grants for the relief of poverty		 Institutions
£
33,234
-
33,234
Institutions
£
38,849
-
38,849		 Individuals
£
-
20,000
20,000
Individuals
£
5,000
2,248
7,248		 2024
£
33,234
20,000
53,234
2023
£
43,849
2,248
46,098

15

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

6c Grants payable (continued)

The charity's principal grants to institutions comprised:

charity's principal grants to institutions comprised:
Advance Network UK
Everyday People
Godfirst Church
Glasgow Grace Church
Common Ground Church - Bridges Retreat Centre		 2024
£
33,234
-
-
-
-
33,234		 2023
£
8,832
1,250
10,000
12,000
6,767
38,849

7 Analysis of staff costs, the cost of key management personnel and trustee remuneration

ysis of staff costs, the cost of key management personnel and trustee remuneration
Gross wages and salaries
Social security
Pension costs		 2024
£
323,758
17,604
26,631
367,993		 2023
£
208,975
16,809
15,545
241,329

The average monthly number of employees during the year was 10.7 (2023: 7.8). Most of the charity's activities are carried out by volunteers.

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:

Employer
Wages &
pension
salaries
contributions
Trustees:
Andrew Haslam
87,250
6,980
Other members of key management
67,000
5,360
The following amounts were payable in the previous year:
Employer
Wages &
pension
salaries
contributions
Trustees:
Andrew Haslam
71,960
5,757
Other members of key management
59,876
4,790		 2024
£
94,230
72,360
166,590
2023
£
77,717
64,666
142,383

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.

16

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

8 Tangible fixed assets

Cost
At 1 April 2023
Additions
At 31 March 2024
Accumulated depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
9
Debtors
Falling due within one year:
Trade debtors
Tax recoverable
Other debtors
Prepayments and accrued income
Total debtors
10
Cash at Bank and in Hand
Cash at bank with immediate access
11
Creditors: liabilities falling due within one year
Trade creditors
Accruals
Deferred income
Grant obligations		 Fixtures,
fittings and
equipment
£
46,157
3,825
49,982
45,202
2,231
47,433
2,550
956
2024
£
4,000
28,522
23,366
33,982
89,870
2024
£
934,091
934,091
2024
£
11,548
8,544
20,767
-
40,860		 Total
2024
£
46,157
3,825
49,982
45,202
2,231
47,433
2,550
956
2023
£
4,000
12,374
6,229
14,900
37,503
2023
£
712,446
712,446
2023
£
2,358
4,997
23,188
8,000
38,543

12 Pension commitments

During the year employer’s pension contributions totalling £26,631 (2023: £15,545) were payable to defined contribution personal pension schemes. Pension contributions totalling £2,784 were owing at the balance sheet date (2023: £254).

17

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

13 Funds

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

Designated Funds
General reserves
Giving to Advance grant fund
War Chest
Other grant giving
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Mercy Fund
Care Team Fund
Aggregate of funds		 Opening
balance
2024
£
35,226
-
95,908
7,063
138,197
561,749
699,946
12,416
-
12,416
712,362		 Incoming
resources
2024
£
-
-
-
-
-
942,114
942,114
-
12,500
12,500
954,614		 Outgoing
resources
2024
£
-
(33,234)
-
(20,000)
(53,234)
(623,823)
(677,057)
-
(4,269)
(4,269)
(681,326)		 Transfers
in the year
2024
£
36,022
33,234
10,192
49,646
129,094
(141,983)
(12,889)
12,889
-
12,889
-		 Gains and
losses
2024
£
-
-
-
-
-
-
-
-
-
-
-		 Closing
balance
2024
£
71,248
-
106,100
36,709
214,057
738,058
952,115
25,305
8,231
33,536
985,650

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

a) Funds are transferred from Unrestricted Funds to Designated and Restricted Funds for the purposes of setting aside reserves, giving to the Advance Movement, building a War Chest for future church growth and church planting and giving to other causes based on specific proportions of the charity's income.

Analysis of net assets by fund

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

ysis of net assets by fund
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
£
£
2,550
-
89,870
-
686,498
214,057
(40,860)
-
738,058
214,057
Unrestricted Funds		 Restricted
funds
£
-
-
33,536
-
33,536		 2024
£
2,550
89,870
934,091
(40,860)
985,651

18

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

13 Funds (continued)

In the previous 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
Mercy Fund
Aggregate of funds		 Opening
balance
2023
£
34,986
-
-
70,841
12,151
117,978
374,517
492,495
14,416
14,416
506,910		 Incoming
resources
2023
£
240
-
-
138
-
379
657,622
658,001
-
-
658,001		 Outgoing
resources
2023
£
-
-
-
-
(30,017)
(30,017)
(420,532)
(450,549)
(2,000)
(2,000)
(452,549)		 Transfers
in the year
2023
£
-
-
-
24,929
24,929
49,858
(49,858)
-
-
-
-		 Gains and
losses
2023
£
-
-
-
-
-
-
-
-
-
-
-		 Closing
balance
2023
£
35,226
-
-
95,908
7,063
138,197
561,749
699,946
12,416
12,416
712,362

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
£
£
956
-
37,503
-
561,833
138,197
(38,543)
-
561,749
138,197
Unrestricted Funds		 Restricted
funds
£
-
-
12,416
-
12,416		 2023
£
956
37,503
712,446
(38,543)
712,362

19

GRACE LONDON

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

13 Funds (continued)

General Reserves Fund: Contingent funds designated for use in exceptional financial circumstances. The use of these funds are governed by the trustees' reserves policy, which targets a maintenance of an average of 1.5 months of payroll and rent payments, and the drawing down of such funds is complemented by a trustees' rationale and plan to recover the reserves target level.

Giving to Advance grant fund: Funds designated for fulfilling the Trustees' voluntary giving pledge to support financially, the Advance Network's operations in the UK and internationally. Transfers of £33,234 were made n FY23/24 (FY22/23: £nil) from general funds into this designated fund for fulfil giving pledges to the Advance Network in the UK and abroad.

Other Giving grant fund: Funds designated for fulfilling the Trustees' voluntary giving pledge to support organisations and individuals in their operations to further objectives aligned with those of Grace London's or are suitable beneficiaries of charitable support as discerned by the Trustees. Net transfers of £49,646 were made in FY22/23 (FY22/23 £24,929) from general funds to this designated fund to fulfil discretionary donations to the organisations and individual. .

Mercy Fund: setup in 2020 to help anyone in the church who finds themselves in need and without support.

14 Operating lease commitments

During the year, the charity entered into an operating lease for a new church office until 31 October 2028. The minimum amount payable in respect of this lease is as follows:

Within one year
Between one and five years
After five years
Payments falling due:		 2024
£
49,413
184,128
-
233,541		 2023
£
-
-
-
-

During the year the charity was charged £15,543 (2023: £nil) for this operating lease.

15 Transactions with related parties

During the year the charity:

During the year the charity also made the following payments to, or for, related parties: a) Janice Boardman, who is closely related to Luke Boardman, who is a trustee, received employment benefits totalling £9,234 (2023: £3,301) for providing project-related services to the charity.

Except as disclosed in note 7 'Analysis of staff costs', there have been no other transactions with related parties during the year.

20

GRACE LONDON

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 MARCH 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income and endowments
EXPENDITURE ON:
Charitable activities:
6
Total Expenditure
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 General
Designated
2024
2024
£
£
897,278
-
42,184
-
2,652
-
942,114
-
623,823
53,234
623,823
53,234
318,291
(53,234)
(141,983)
129,094
176,308
75,860
561,749
138,197
738,058
214,057
Unrestricted funds		 Restricted
2024
£
12,500
-
-
12,500
4,269
4,269
8,231
12,889
21,120
12,416
33,536		 Total
2024
£
909,778
42,184
2,652
954,614
681,326
681,326
273,289
-
273,289
712,362
985,651		 General
Designated
2023
2023
£
£
654,801
-
2,101
-
720
379
657,622
379
420,532
30,017
420,532
30,017
237,091
(29,639)
(49,858)
49,858
187,233
20,219
374,517
117,978
561,749
138,197
Unrestricted funds		 Restricted
2023
£
-
-
-
-
2,000
2,000
(2,000)
-
(2,000)
14,416
12,416		 Total
2023
£
654,801
2,101
1,099
658,001
452,549
452,549
205,452
-
205,452
506,910
712,362

21