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2022-08-31-accounts

Grace Church Greenwich

Report and Accounts Year ended 31 August 2022

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

GRACE CHURCH GREENWICH

CHARITY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2022

Trustees

David Butler Andrew Latimer Caroline Newton (resigned 5 September 2022) Andrew Sach Laura Sanderson James Squire (resigned 5 September 2022) Janise Tan Sam Wilde Julia Tifford (appointed 6 March 2023) Joe Carr (appointed 6 March 2023)

Governing Document

CIO constitution, last amended 7 July 2020

Charity Registration Number

Principal Address

1163077 49 Manor Avenue London SE4 1TD

Independent Examiner

Bankers

Lourens du Plessis ACA CA(SA) Stewardship 1 Lamb's Passage London EC1Y 8AB CAF Bank 25 Kings Hill Avenue Kings Hill, West Malling Kent ME19 4JQ

Contents Page
Charity Information 1
Trustees' Annual Report 2-7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Accounts 11-17
Detailed Statement of Financial Activities with Comparatives 18

Page 1

GRACE CHURCH GREENWICH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

The trustees have pleasure in submitting the Report and Accounts for the year.

Objectives and activities

Grace Church’s objective is to advance the Christian religion in accordance with the tenets and practices of the Church of England, in particular but not exclusively by:

Grace Church meets in the heart of Greenwich and in Mottingham, as a church for sceptics, enquirers and believers. Grace Church is concerned first to be faithful to God by holding to and passing on the Biblical faith, and second to be fruitful in seeing this message impact our lives, and the lives of those around us.

We have a particular concern to multiply this kind of ministry by training others who are equipped to understand and teach the truth. Therefore we consider the key measures of success in achieving the church's aims to be faithfulness in proclaiming the Bible’s message, the number of leaders who are equipped to do the same and the number of individuals coming under the sound of God’s Word and being shaped by it into a loving community. Under God, our long-term objective is to see this model of ministry embedded in Greenwich and beyond, which may involve additional services at our central venue or the launch of other similar ministries in surrounding areas.

Grace Church is a diverse congregation where everyone is welcomed and valued. We have a passion for reaching out to the local community with the gospel, training Christians in gospel ministry and sending people out to take the gospel to the world. In order to serve this vision three particular areas of focus have been identified – families, young workers and students. Our hope is that all members of the church will be united around and actively engaged in this vision.

The trustees confirm that, in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. The vast majority of the church’s activities are offered free of charge and provide benefit not only to those who are regular attendees, but also those who work and live in the local area, as well as other communities in which we serve.

Structure, governance and management

Grace Church Greenwich is controlled by its governing constitution and is registered as a Charitable Incorporated Organisation with the Charity Commission in England & Wales. The charity’s registration number is 1163077. The name of the charity, as registered with the Charity Commission, is Grace Church Greenwich, but the charity is also referred to as Grace Church. Grace Church’s principal office is 49 Manor Avenue, London, SE4 1TD.

Page 2

GRACE CHURCH GREENWICH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

At the time of the charity’s inception there were eight initial trustees, four of whom remained in place throughout the 2021/22 financial year. The initial trustees are appointed to serve for an unlimited term, subject to continuing to meet the eligibility criteria as set out in the charity’s constitution. New trustees are appointed for a four year term and can be re-appointed at the end of their service. Caroline Newton and David Butler were both reappointed for an additional four years in November 2020, and Janise Tan for an additional four years in January 2022. Laura Sanderson was appointed as a new Trustee in January 2021.

Structure, governance and management (continued)

Trustees are recruited to represent a cross-section of individuals with involvement across the life of the church. Most of those recruited are already involved in leadership in an area of the church's ministry; some are chosen for their specific professional skills and experience which are perceived as useful for the proper functioning of the board of trustees. Specific roles are allocated to individual trustees such as safeguarding, digital ministry, music, finance etc. These trustees act as the primary point of contact for these areas, although it is acknowledged that the entire trustee board is responsible for the fulfilment of Grace Church’s legal, regulatory and financial obligations. The Trustees reviewed a ‘Trustees and Succession Planning Strategy’ in June 2020 and have been considering alternative forms of governance since then. A final decision on the recruitment and election of trustees was taken in September 2022. A new process will be implemented for the 2022/23 year which aims to bring our arrangements more in line with a Church of England parish structure. New trustees are directed to the trustee responsibilities resources and training available on the Charity Commission website and are sent the church’s constitution as well as latest accounts. In addition to the trustees, the Church Coordinator has a standing invitation to attend trustee meetings.

The pastors (Rev Dr Andrew Latimer & Rev Dr Andrew Sach) provide spiritual leadership for Grace Church and are responsible for setting the vision of the church in accordance with its stated aims and objectives. They take decisions related to the day to day running of the church and discuss all areas of church life regularly with trustees.

Regular financial activities are delegated to the Treasurer, however the trustees are responsible for approving and monitoring the annual budget and all major financial decisions. The financial remuneration of the pastors is set in line with Church of England stipend levels. Other staff are paid in line with similar church roles within central London, with salaries reviewed annually.

Review of activities

Grace Church was registered with the Charity Commission for England and Wales on 10 August 2015 and held its first Sunday service on 13 September 2015. The church was founded by approximately 40 adults and 10 children, drawn from St Peter’s Barge and St Helen’s Bishopsgate. We received our Bishop’s Mission Order in January 2019 which formally welcomed Grace Church into the Church of England. This milestone was marked with a special service, which included the Bishop of Southwark and Bishop of Woolwich.

Page 3

GRACE CHURCH GREENWICH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

The church meets on Sundays at 10:30am in the Old Royal Naval College in Greenwich and at 4pm in the chapel of Eltham College in Mottingham. At the end of the seventh year the church has grown to around 150 adults and 40 children attending on Sundays across both sites, with a number of new students, families and workers having joined. We benefit from the ongoing leadership of Rev Dr Andrew Latimer and Rev Dr Andrew Sach. In order to provide avenues for training we welcomed three Ministry Trainees in September 2021, one for the first time and two returning for a further year of volunteering with the church. In line with our ambition to grow the Church, one new staff appointment began in September 2021: a part time student worker to better resource our ministry and outreach to the students of Greenwich and the surrounding areas. We continue to employ a full time Women’s Worker, a Youth & Children’s Worker and a part time Church Coordinator. In addition, we continue to partner with Crosslinks to support a member of our congregation who serves as a missionary to students in Portugal.

Review of activities (continued)

Grace Church holds weekly Bible studies which provide the opportunity for members togrow in their understanding of various books of the Bible, as well as improving their Bible handling skills. Training of the congregation, and specifically Bible study leaders, is a key focus of our midweek activities. During these evenings we also run Christianity Explored courses in order to give sceptics and seekers the opportunity to consider the claims of Jesus for themselves.

In addition to these regular activities we seek to run one student and two whole-church weekends away each year. These provide a chance to grow relationships and consider key theological topics or sections of the Bible in greater detail. We also hold one-off events such as a Summer Party, Remembrance Day service, topical guest services, mission week, international outreach meetings and various Carol Services aimed to make church even more accessible to visitors. We continued to run ‘Bitesize Theology’, a series of short, stretching but clear explorations of Christian Theology. The sessions are filmed, and are designed both for the benefit of Grace Church members as well as providing an engaging and accessible resource for the wider church. After a number of years we discontinued ‘Big Questions’, a monthly event held in a Greenwich pub aimed at addressing challenging topics to engage with people of alternative viewpoints. We launched a new video podcast called ‘Grace Pod’ which takes the form of a discussion between Andrew Latimer and Andrew Sach as they go through passages within a Bible book, episode by episode.

The activities of Grace Church are not just undertaken by the church staff. The church is heavily dependent for its functioning upon the service of the church family – and rightly so. It is of the essence of gospel partnership that the work of the church be pursued by the whole congregation of believers and that the leaders of the church should seek to equip all members of the church family to play their part. We are thankful for a broad team of volunteers who serve across all areas of church life including: running creche (0-2 years); Sunday School, with “Shipmates” (3-4), “Sailors” (5-7), “Officers” (8-10), “Captains” (11+); serving on the prayer, reading and music rotas; leading mid-week Grace Groups; helping in practical ways such as setting up the church and organising refreshments; as well as various external ministries such as international and student work. All these areas and more help to fulfil the Grace Church’s ambition to be a lively, active community existing for the benefit of the Greenwich borough.

To ensure compliance with safeguarding obligations, all children and youth work volunteers and the staff team are required to undergo annual safeguarding training. The staff team complete this through the Diocese of Southwark, and the volunteers through an online, certificated Church of England Safeguarding training course. Trustees adopted a new Safeguarding Governance Framework during the year.

Page 4

GRACE CHURCH GREENWICH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

Ongoing impact of COVID-19

Grace Church’s activities have largely returned to how they were pre-COVID, however, extra provision for those unable to attend services and other events are made by streaming on Youtube. Detailed risk assessments continue to be available on the website for each venue being used.

Future Plans

The trustees are pleased with the development of Grace Church over the last seven years and are confident that it is fulfilling the vision that led to its establishment. Therefore, the key focus in the years ahead is to continue to protect and develop the church’s ministry, essentially providing more of the same. There will be an ongoing focus in reaching out to those in the Greenwich area and community by getting to know more people in the surrounding houses, flats and estates, whilst potentially reaching out in the same way in the Eltham/Mottingham area and community too. In addition we continue to look for a permanent venue and have dedicated increased resources to this task, however we face the constraints of finance and limited supply of properties with the appropriate planning designation in the central Greenwich area.

Financial review

The financial statements, prepared on an accrual basis, show a surplus of £13,237 for the 2021/22 financial year. A significant deficit was forecast so this is an encouraging outcome. The main driver of this improved result was a net increase of 11 people giving regularly to support the ministry, funds received from a corporate matching scheme and some generous lump sum donations. One-off grants accounted for 29% of total giving, up from 23% in the previous year.

Grace Church has a policy to maintain reserves equivalent to 3 months’ of operating expenditure. Reserves are held to compensate for the uncertain timing of lump sum gifts and to provide a buffer against unexpected costs. As at 31 August 2022 the church held unrestricted reserves of £85k, representing headroom of £7k above the target reserve level based on expenditure in 2021-2022. Trustees will keep the level of reserves under review and allocate excess reserves in line with the charity’s aims, which may include both near term spending on immediate ministry opportunities and long term capital investment.

Looking forward, costs are expected to be materially higher in the coming year. This reflects the employment of a full time Operations Manager and various inflationary factors. We are aware of exceptional one-off gifts to help support our costs, but anticipate a modest deficit for the 2022/23 year. We remain hopeful that income will meet expenditure as the church continues to grow, however we are able to partially meet costs from excess reserves if necessary. We are mindful of the challenging economic outlook with persistent inflation and a likely recession which will impact many in the congregation. Consequently Trustees will keep the financial position under close review and monitor performance against the budget regularly.

It is the aim and intention of the trustees that the entirety of the church’s financial resources be carefully devoted to the pursuit of its stated objective.

Page 5

GRACE CHURCH GREENWICH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

Risk Statement

The trustees acknowledge that Grace Church is exposed to a range of strategic, operational, and financial risks. In order to identify, manage and mitigate these risks the trustees have adopted a risk framework based around:

The major risks to which the charity is exposed have been reviewed and detailed in the Risk Register. Whilst this cannot provide complete assurance, the steps taken to mitigate the risks should enable the church to achieve its objectives. Risk is considered regularly as part of the decision-making process.

The principal risks facing the on-going ministry of the church have been identified as:

These risks are managed by, respectively:

• Trustees being members of the congregation and Bible study groups. Bible study leaders receive training and sermons are critiqued during ministry meetings. Grace Church holds a Bishops’ Mission Order, is fully integrated into Southwark Diocese of the Church of England, and receives oversight from the Bishop of Maidstone, who is an Assistant Bishop in Southwark.

• Written safeguarding policy and procedures including the requirement for volunteers to undergo a Disclosure and Barring Service disclosure prior to serving with children or vulnerable adults. All relevant volunteers are required to undergo safeguarding training every three years.

• Good relationships maintained with venue providers. Meetings taking place across two locations with the back-up of online meetings available. Alternative accommodation continually under review.

• Public liability and employer liability insurance cover in place. Dual sign-off required on all banking transactions. Financial policies and procedures documented and reviewed annually.

• Annual budget signed off by trustees with regular review of income and expenditure vs. budget throughout the year. Reserve policy as outlined above.

Page 6

GRACE CHURCH GREENWICH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

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:

Sam Wilde

SAM WILDE

Date: 6 March 2023

Page 7

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

GRACE CHURCH GREENWICH ('the Charity')

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 August 2022 on pages 9 to 18 following, which have been prepared on the basis of the accounting policies set out on pages 11 to 12.

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.

Lourens du Plessis

Lourens du Plessis ACA CA(SA) Member of The Institute of Chartered Accountants in England and Wales

Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: 8 March 2023

Page 8

GRACE CHURCH GREENWICH

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2022

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income and endowments
EXPENDITURE ON:
Charitable activities
7
Total expenditure
Net income/(expenditure)
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15		 Unrestricted
Funds
£
227,122
9,739
43
36,425
273,329
289,623
289,623
(16,294)
-
(16,294)
101,633
85,339		 Restricted
Funds
£
84,808
-
-
-
84,808
55,277
55,277
29,531
-
29,531
394,469
424,000		 Total
Funds
2022
£
311,931
9,739
43
36,425
358,137
344,900
344,900
13,237
-
13,237
496,102
509,339		 Total
Funds
2021
£
210,929
10,423
188
27,511
249,051
257,033
257,033
(7,982)
-
(7,982)
504,083
496,102

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 11-17 form part of these accounts.

Page 9

GRACE CHURCH GREENWICH

BALANCE SHEET

AS AT 31 AUGUST 2022

Note
FIXED ASSETS
Tangible assets
10
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
12
CREDITORS: Amounts falling
due within one year
13
Net current assets / (liabilities)
TOTAL NET ASSETS
FUND BALANCES
15
Unrestricted Funds
Restricted Funds		 Unrestricted
Funds
£
3,598
3,598
20,762
97,075
117,837
(36,096)
81,741
85,339
85,339
-
85,339		 Restricted
Funds
£
384,000
384,000
-
40,000
40,000
-
40,000
424,000
-
424,000
424,000		 Total
Funds
2022
£
387,598
387,598
20,762
137,075
157,837
(36,096)
121,741
509,339
85,339
424,000
509,339		 Total
Funds
2021
£
392,798
392,798
13,096
104,522
117,618
(14,314)
103,304
496,102
101,633
394,469
496,102

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

Sam Wilde

SAM WILDE

Date: 6 March 2023

Charity number: 1163077

The notes on page 11-17 form part of these accounts.

Page 10

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

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:

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.

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

Page 11

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

2 Accounting Policies (continued)

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

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.

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 £1,000 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:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 50 years after taking account of the building's residual value Equipment Over 3 to 7 years Vehicles Over 10 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) 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.

j) 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 and legacies

Donations of cash and similar
Other grants receivable
Income tax recoverable		 2022
£
227,282
50,000
34,649
311,931		 2021
£
185,273
-
25,655
210,929

Page 12

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

4 Income from charitable activities

Church retreats and events
Book sales
Other
5
Investment income
Bank interest
6
Other income
Reimbursement of stipend cost
7
Charitable expenditure
a
Costs incurred directly on specific activities
Employment costs
Property costs
Meeting costs
Outreach activities, including grants for poverty relief
Work among the young
Gifts
Weekend away
Licenses
Travel costs
Training cost
Other costs
Included above are grants paid as follows
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 education, including ministry training
The charity's principal grants to institutions comprised:
St Andrews Wimbledon
Southwark Diocese		 Institutions
£
5,600
-
5,600
Institutions
£
1,333
-
1,333		 2022
£
8,814
726
200
9,739
2022
£
43
43
2022
£
36,425
36,425
2022
£
179,488
86,230
1,900
6,221
1,122
7,267
22,211
2,728
1,434
13,752
333
322,686
Individuals
£
5,267
2,000
7,267
Individuals
£
1,000
1,320
2,320
2022
£
3,600
2,000
5,600		 2021
£
10,423
-
-
10,423
2021
£
188
188
2021
£
27,511
27,511
2021
£
156,844
52,220
1,629
2,625
93
1,670
15,185
2,479
618
8,971
239
242,574
2022
£
10,867
2,000
12,867
2021
£
2,333
1,320
3,653
2021
£
-
1,333
1,333

Page 13

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

7 Charitable expenditure (continued)

b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Other
Professional fees
Minor equipment
Office and other admin
Depreciation of tangible fixed assets
Insurance
Total expenditure		 3,180
3,180
7,795
1,158
3,479
5,200
1,402
22,214
344,900		 2,760
2,760
2,225
1,943
954
5,200
1,378
14,460
257,033

The fee payable to the independent examiner for preparing and examining the accounts was £3,180 (2021: £2,760); in addition the charity paid £748 (2021: £671) to Stewardship for payroll bureau and consultancy services.

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

The average monthly number of employees during the year was 4 (2021: 5). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

The charity's key management comprise the trustees named on the Charity Information page, two of whom are employed by the Diocese of Southwark as pastors for the church, which is the charity's main activity. Total employment benefits payable to them by the Diocese of Southwark for the year, which are then recharged to the charity, were as follows:

Trustees:
Andrew Latimer
Andrew Sach
The following amounts were payable in the previous year:
Trustees:
Andrew Latimer
Andrew Sach		 2022
£
41,644
40,411
82,055
2021
£
41,347
40,114
81,461

Andrew Latimer and Andrew Sach served as church leaders and received the above payments for serving in that capacity, not for serving as trustees; these payments are permitted by the charity's governing document.

In addition the charity incurred expenditure totalling £41,977 (2021: £37,678) in respect of the customary provision of accommodation to Andrew Latimer (and his family), and Andrew Sach (both trustees), so that they could better perform their duties.

Page 14

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

9 Acting as agent

On occasion the charity receives money on behalf of other charities, which it banks and then pays out to these charities. This income is received as agent for these other charities and the income, and the related payments, are excluded from the Statement of Financial Activities; any money that has not been distributed by the year end is recognised as a creditor.

During the year the charity acted as agent for London City Mission (charity number 247186) and, in that capacity received and paid out £246. No amounts were owing at the year end.

10 Tangible fixed assets

Cost
At 31 August 2021
Additions
Disposals
At 31 August 2022
Accumulated depreciation
At 31 August 2021
Charge for the year
At 31 August 2022
Net book value
At 31 August 2022
At 31 August 2021
11
Debtors
Falling due within one year:
Tax recoverable
Other debtors
Prepayments and accrued income
Total debtors
12
Cash at Bank and in Hand
Cash at bank with immediate access
Notice deposits (with a term of three months or less)
13
Creditors: liabilities falling due within one year
Accruals
Deferred income
Grant obligations		 Freehold
Property
£
400,000
-
-
400,000
12,000
4,000
16,000
384,000
388,000		 Vehicles
£
11,995
-
-
11,995
7,198
1,200
8,397
3,598
4,798
2022
£
6,658
5,017
9,086
20,762
2022
£
137,075
-
137,075
2022
£
17,197
13,295
5,604
36,096		 Total
2022
£
411,995
-
-
411,995
19,198
5,200
24,397
387,598
392,798
2021
£
3,873
3,046
6,177
13,096
2021
£
79,849
24,672
104,522
2021
£
12,310
-
2,004
14,314

14 Pension commitments

During the year employer’s pension contributions totalling £3,105 (2021: £2,495) were payable to defined contribution personal pension schemes. Pension contributions totalling £473 were owed at the balance sheet date (2021: £425).

Page 15

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

15 Funds

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

General Unrestricted Funds
Restricted Funds
Ministry trainees
Fellowship Fund
Womens ministry
Church Support & Women's Ministry
Leaver's Fund
Building Fund
Aggregate of funds		 Opening
balance
2022
£
101,633
-
6,469
-
-
-
388,000
394,469
496,102		 Incoming
resources
2022
£
273,329
2,000
27,973
20,000
30,000
4,835
-
84,808
358,137		 Outgoing
resources
2022
£
(289,623)
(2,000)
(24,442)
(20,000)
(4,835)
(4,000)
(55,277)
(344,900)		 Transfers
in the year
2022
£
-
-
-
-
-
-
-
-
-		 Closing
balance
2022
£
85,339
-
10,000
-
30,000
-
384,000
424,000
509,339

Analysis of net assets by fund

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

Tangible fixed assets
Stock
Debtors
Cash at bank and in hand
Creditors falling due within one year		 Unrestricted
funds
£
3,598
-
20,762
97,075
(36,096)
85,339		 Restricted
funds
£
384,000
40,000
424,000		 2022
£
387,598
-
20,762
137,075
(36,096)
509,338

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

General Unrestricted Funds
Restricted Funds
Youth worker fund
Crosslinks mission fund
Ministry trainees
Fellowship Fund
Womens ministry
Building Fund
Aggregate of funds		 Opening
balance
2021
£
100,583
11,500
-
-
-
-
392,000
403,500
504,083		 Incoming
resources
2021
£
220,551
-
1,000
400
7,100
20,000
-
28,500
249,051		 Outgoing
resources
2021
£
(219,502)
(11,500)
(1,000)
(400)
(631)
(20,000)
(4,000)
(37,531)
(257,033)		 Transfers
in the year
2021
£
-
-
-
-
-
-
-
-
-		 Closing
balance
2021
£
101,633
-
-
6,469
-
388,000
394,469
496,102

Page 16

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

15 Funds (continued)

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		 Unrestricted
funds
£
4,798
12,331
98,818
(14,314)
101,633		 Restricted
funds
£
388,000
765
5,704
-
394,469		 2021
£
392,798
13,096
104,522
(14,314)
496,102

The Building fund represents a property purchased for the housing of one of the ministers. This property must be used for this purpose and thus represents a restricted asset (see note 16)

The Fellowship fund exists to provide support for people within the church membership who are experiencing financial difficulty.

The Ministry trainee fund represents donations which were given to support volunteer ministry trainees and were fully expended

The Church support & Women's ministry fund represents a donation to support specific staff salaries in the 2022-2023 financial year.

Other funds represents specific appeals launched during the year, and were fully expended.

16 Transactions with related parties

Except as disclosed in note 8 'Analysis of staff costs', there have been no other transactions with related parties during the year.

Page 17

GRACE CHURCH GREENWICH

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 AUGUST 2022

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income and endowments
EXPENDITURE ON:
Charitable activities:
7
Total Expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15		 General
Restricted
2022
2022
£
£
227,122
84,808
9,739
-
43
-
36,425
-
273,329
84,808
289,623
55,277
289,623
55,277
-
-
(16,294)
29,531
-
-
(16,294)
29,531
(16,294)
29,531
101,633
394,469
85,339
424,000
Unrestricted funds		 Total
2022
£
311,931
9,739
43
36,425
358,137
344,900
344,900
-
13,237
-
13,237
13,237
496,102
509,339		 General
Restricted
2021
2021
£
£
182,429
28,500
10,423
-
188
-
27,511
-
220,551
28,500
219,502
37,531
219,502
37,531
-
-
1,049
(9,031)
-
-
1,049
(9,031)
1,049
(9,031)
100,583
403,500
101,633
394,469
Unrestricted funds		 Total
2021
£
210,929
10,423
188
27,511
249,051
257,033
257,033
-
(7,982)
-
(7,982)
(7,982)
504,083
496,102
General
2022
£
227,122
9,739
43
36,425
273,329
289,623
289,623
-
(16,294)
-
(16,294)
(16,294)
101,633
85,339		 General
2021
£
182,429
10,423
188
27,511
220,551
219,502
219,502
-
1,049
-
1,049
1,049
100,583
101,633

Page 18