OpenCharities

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

2024-08-31-accounts

Grace Church Greenwich

Report and Accounts Year ended 31 August 2024

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

GRACE CHURCH GREENWICH

CHARITY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2024

Trustees

Andrew Latimer Andrew Sach Janise Tan Laura Sanderson Sam Wilde Joe Carr David Butler (resigned August 2024) Julia Tilford (resigned August 2024 ) Ben Gillam ( appointed September 2024) Pippa Paton (appointed September 2024

Key Staff

Andrew Latimer

Andrew Sach

Governing Document

CIO constitution dated 10 August 2015, amended 7 July 2020 & 11 September 2022

Charity Registration Number

1163077

Principal Address

49 Manor Avenue London SE4 1TD

Independent Examiner

Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB

Bankers

CAF Bank 25 Kings Hill Avenue Kings Hill, West Malling Kent ME19 4JQ

Contents Page
Charity Information 1
Trustees' Annual Report 2-6
Independent Examiner's Report 7
Balance Sheet 8
Statement of Financial Activities 9
Cashflow Statement 10 - 11
Notes to the Accounts 12 - 19
Detailed Statement of Financial Activities with Comparatives 20

Page 1

GRACE CHURCH GREENWICH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

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 is a church for sceptics, enquirers and believers. We are 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 existing venues 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.

At start of the year there were eight trustees. David Butler and Julia Tilford resigned in August 2024 and leave with great thanks for their years of dedicated service. Ben Gillam and Pippa Paton were appointed in September 2024 to fill these vacancies.

Page 2

GRACE CHURCH GREENWICH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

Structure, governance and management (continued)

Trustees are elected by a vote of the church membership, with voting members having regard to the skills, knowledge and experience required for the effective administration of the charity. Elected trustees are formally appointed by a resolution passed at the next trustees’ meeting following the vote. New trustees are appointed for a four-year term and can be re-appointed at the end of their service for a further term, after which they are ineligible to stand for two years. Ex officio trustees, being the Senior Minister(s) and Treasurer, are appointed for an unlimited term. Most trustees 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. Whilst specific roles are allocated to individual trustees, it is acknowledged that the entire trustee board is responsible for the fulfilment of Grace Church’s legal, regulatory and financial obligations. 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. The Operations Manager has a standing invitation to attend trustees’ 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. Both are also part-time tutors on the Cornhill Training course.

Regular financial activities are delegated to the Treasurer and finance team, however the trustees are responsible for approving and monitoring the annual budget and all major financial decisions. The financial remuneration of the Senior Ministers is set in line with Church of England stipend levels. Other staff are paid in line with similar church or educational 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.

The church meets on Sundays at 11am in the Old Royal Naval College in Greenwich and at 4pm in the chapel of Eltham College in Mottingham. An additional service at 10am began at Canada Water Library in April 2023 due to refurbishment works at the Old Royal Naval College. At the end of the ninth year the church had grown to around 200 adults and 55 children attending each Sunday, 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 a new Ministry Trainee in September 2024, and offered a second year of Ministry Traineeship to another trainee. In line with our ambition to grow the Church three new staff appointments were made in September 2024: a part-time Women’s Worker, a Congregation Leader for the Canada Water service and a Student Worker. We continue to employ another part-time Women’s Worker, a Youth & Children’s Worker, a part-time Communications Manager, and a full-time Operations Manager.

Page 3

GRACE CHURCH GREENWICH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

Review of activities (continued)

Grace Church holds weekly Bible studies which provide the opportunity for members to grow 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 enquirers 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 and various Carol Services aimed to make church even more accessible to visitors. We continued ‘Bitesize Theology’, a series of short, stretching but clear explorations of Christian Theology. The sessions are designed both for the benefit of Grace Church members and the wider church. We have continued to record episodes of our podcast ‘Grace Pod’ (launched last year) 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” (3-5 years), “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 local community.

To ensure compliance with our safeguarding obligations we maintain a 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, with some of the staff team receiving more regular training. Safeguarding updates are provided to the whole church at prayer gatherings.

Future Plans

The trustees are pleased with the development of Grace Church over the last nine 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, Mottingham and Canada Water communities by getting to know more people in the surrounding houses, flats and estates. In addition we continue to look for a permanent venue but face the constraints of finance and limited suitable building supply in the central Greenwich area. We see the coming year as a year of consolidation after rapid development of the church’s ministry over the last couple of years.

Page 4

GRACE CHURCH GREENWICH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

Financial review

The main financial event in the 2023/24 year was the purchase of a property to house one of our senior ministers. Following a specific fundraising appeal £321k (including Gift Aid) was donated and a £600k mortgage drawn to fund the acquisition and associated costs. The trustees decided to purchase the house to provide a stable base for central Greenwich ministry, and because, over time, it will prove much more costeffective than renting.

The financial statements, prepared on an accrual basis, show a surplus of £320,498 for the 2023/24 financial year. Excluding the income and expense linked to the house purchase the normalised surplus was £19,838. A £53k deficit was forecast due to the costs associated with the first full year of ministry at Canada Water so this is an encouraging outcome. The main driver of this improved result was growth of the giving base as the congregation expanded, with Canada Water moving towards self-sufficiency sooner than expected. We are grateful to those who have supported us financially over many years, as well as those who responded to the specific giving appeal mentioned above. One-off grants accounted for 55% of total giving, much higher than the usual 25-30% range due to the building appeal.

Grace Church has historically had a policy to maintain reserves equivalent to 3 months of budgeted expenditure. However at a trustees’ meeting in September 2024 the decision was taken to reduce this to 2 months. This reflected the fact that Grace Church is now much larger and more diversified than when we launched, and is therefore more resilient to external shocks, be it an unexpected cost increase or reduction in income following a large donor leaving. Grace Church also has greater flexibility in its cost base given the wide range of activities now undertaken, which could be scaled back if necessary. A smaller but still conservative buffer was therefore deemed appropriate. As at 31 August 2024 the church held unrestricted net current assets of £90,401, representing headroom of £7,961 above the target reserve level, based on the budget for the forthcoming year. 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/or long term capital investment

Looking forward, costs are expected to be around 10% higher in the coming year. This is primarily due to the employment of a new full time minister to lead the Canada Water activities. With the recent growth trends in congregation members and givers we hope to be able to cover these costs as the year progresses. Trustees will keep the financial position under close review and, alongside the finance team, 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.

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 which is reviewed every trustees’ meeting. 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.

Page 5

GRACE CHURCH GREENWICH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

Risk Statement (continued)

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 integrated into Southwark Diocese of the Church of England, and receives oversight from the Bishop of Ebbsfleet who is an Assistant Bishop in Southwark Our Senior Ministers remain in close contact with our

• 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, with some of the staff team receiving more regular training. Safeguarding updates are provided to the whole church at prayer gatherings.

• Good relationships maintained with venue providers. Meetings take place across three 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. Treasurer joins regular calls with Stewardship to keep abreast of changes to charity law and financial best practice.

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

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 (Feb 11, 2025 22:47 GMT)

SAM WILDE

Feb 11, 2025 Date: _______

Page 6

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 2024 on pages 8 to 20 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.

Sarah Crispin (Feb 12, 2025 08:47 GMT)Sarah Crispin Sarah Crispin ACA Institute of Chartered Accountants in England and Wales

Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Feb 12, 2025

Page 7

GRACE CHURCH GREENWICH

BALANCE SHEET

AS AT 31 AUGUST 2024

Note
FIXED ASSETS
Tangible assets
9
Social investments
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 assets less current liabilities
CREDITORS: Amounts falling due
14
after more than one year
Net assets / (liabilities)
TOTAL NET ASSETS
FUND BALANCES
17
Unrestricted Funds
General funds
Designated funds
Restricted Funds		 Unrestricted
Funds
£
883,044
-
883,044
39,048
68,721
107,768
(17,367)
90,401
973,445
(589,447)
383,998
383,998
101,022
282,976
383,998
-
383,998		 Restricted
Funds
£
376,000
1,940
377,940
-
103,532
103,532
-
103,532
481,472
-
481,472
481,472
-
-
-
481,472
481,472		 Total
Funds
2024
£
1,259,044
1,940
1,260,984
39,048
172,252
211,300
(17,367)
193,933
1,454,917
(589,447)
865,470
865,470
101,022
282,976
383,998
481,472
865,470		 Total
Funds
2023
£
383,392
1,700
385,092
18,565
150,600
169,165
(9,285)
159,880
544,972
-
544,972
544,972
131,882

-
131,882
413,090
544,972

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

Sam Wilde Sam Wilde (Feb 11, 2025 22:47 GMT) SAM WILDE Feb 11, 2025 Date: _______

Charity number: 1163077

The notes on page 12-19 form part of these accounts.

Page 8

GRACE CHURCH GREENWICH

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2024

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
17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
17		 Unrestricted
Funds
£
343,988
26,199
810
53,846
424,843
430,317
430,317
(5,474)
257,590
252,116
131,882
383,998		 Restricted
Funds
£
356,326
-
-
-
356,326
30,354
30,354
325,972
(257,590)
68,382
413,090
481,472		 Total
Funds
2024
£
700,314
26,199
810
53,846
781,169
460,671
460,671
320,498
-

320,498
544,972
865,470		 Total
Funds
2023
£
337,647
26,605
229
56,356
420,838
396,529
396,529
24,309
-
24,309
520,663
544,972

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 12-19 form part of these accounts.

Page 9

GRACE CHURCH GREENWICH

FOR THE YEAR ENDED 31 AUGUST 2024

CASH FLOW STATEMENT

Note
Cash flows from operating activities:
Net cash provided by/(used in) operating activities
a
Cash flows from investing activities:
Purchase of property, plant and equipment
Cash outflow from new social investments
Repayment of social investments
Net cash provided by/(used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
Cash inflows from new borrowing
Net cash provided by/(used in) financing activities
b
b
Change in cash and equivalents due to exchange rate movements
Change in cash and equivalents in the reporting period
Cash and equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
319,599
(890,000)
(940)
700
(890,240)
(7,707)
600,000
592,293
21,652
150,600
-
172,252		 2023
£
13,525
-
-
-
-
-
-
-
13,525
137,075
-
150,600
Analysis of changes in net debt:
Cash
Bank loans:
Falling due within one year
Falling due after one year
Total net funds / (debt)		 At start of
year
£
150,600
-
-
150,600		 Non-cash
movements
£
-
-
-
-		 Cash-flows
£
21,652
8,678
589,447
619,777		 At end of
year
£
172,252
(8,678)
(589,447)
(425,872)

Page 10

GRACE CHURCH GREENWICH

FOR THE YEAR ENDED 31 AUGUST 2024

NOTES TO THE CASH FLOW STATEMENT

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

Adjustments for:
Depreciation charges and provisions for impairment
Interest expense on mortgage
(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
£
320,498
14,348
5,831
(20,483)
(596)
319,599
2024
£
172,252
172,252		 2023
£
24,309
5,448
-
(2,197)
(14,035)
13,525
2023
£
150,600
150,600

Page 11

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 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:

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.

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

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 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.

Page 12

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

2 Accounting Policies (continued)

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 100 years 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) 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

3
Donations and legacies
Donations of cash and similar
Income tax recoverable
4
Income from charitable activities
Church retreats and events
Book sales
Other		 2024
£
631,554
68,760
700,314
2024
£
26,199
-
-
26,199		 2023
£
298,468
39,179
337,647
2023
£
26,317
(12)
300
26,605

Page 13

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

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
Weekend away
Licenses
Travel costs
Training cost
Other costs
Grants payable (note 7c)
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Professional fees
Minor equipment
Office and other admin
Bank loan interest payable
Depreciation of tangible fixed assets
Insurance
Total expenditure		 2024
£
810
810
2024
£
53,846
53,846
2024
£
240,126
107,649
2,354
3,297
344
29,737
2,742
2,290
17,082
2,218
407,839
4,817
412,656
3,600
3,600
13,745
3,093
5,162
5,831
14,348
2,236
48,015
460,671		 2023
£
229
229
2023
£
56,356
56,356
2023
£
222,533
96,567
3,333
1,655
380
29,614
3,254
1,511
16,613
1,248
376,708
2,463
379,171
3,300
3,300
969
1,520
5,072
-
5,448
1,049
17,358
396,529

The fee payable to the independent examiner for preparing and examining the accounts was £3,600 (2023: £3,300); in addition the charity paid £927 (2023: £858) to Stewardship for payroll bureau services.

Page 14

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

7 Charitable expenditure (continued)

c Grants payable

ts payable
Institutions
£
Grants for UK and overseas mission
3,017
Grants for the relief of poverty
-
3,017
The comparatives for the previous year are as follows:
Institutions
£
Grants for UK and overseas mission
2,463
2,463
The charity's principal grants to institutions comprised:
Southwark Diocese
Grants to institutions for less than £1,000 each
Gross wages and salaries
Social security
Pension costs
ysis of staff costs, the cost of key management personnel and trustee remuneration		 Individuals
£
-
1,800
1,800
Individuals
£
-
-
2024
£
2,017
1,000
3,017
2024
£
136,709
7,815
5,667
150,191		 2024
£
3,017
1,800
4,817
2023
£
2,463
2,463
2023
£
2,463
-
2,463
2023
£
127,359
5,746
5,450
138,556

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

The average monthly number of employees during the year was 5 (2023: 5.5). 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		 2024
£
41,808
40,459
82,267
2023
£
40,987
39,435
80,422

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 £38,668 (2023: £42,204) 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 15

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

9 Tangible fixed assets

Cost
At 31 August 2023
Additions
At 31 August 2024
Accumulated depreciation
At 31 August 2023
Charge for the year
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023
Social investments
Cost, less impairment, brought forward
Loans made in the year
Loans repaid in the year
Cost, less impairment, carried forward
These loans are repayable as follows:
Within one year
After one year		 Freehold
Property
Vehicles
£
£
400,000
11,995
890,000
-
1,290,000
11,995
20,000
9,597
12,900
1,200
32,900
10,796
1,257,100
1,199
380,000
2,399
Concessionary
loans
1,700
940
(700)
1,940
1,940
-
1,940		 Equipment
£
1,242
-
1,242
248
248
497
745
994
2024
£
1,700
940
(700)
1,940
1,940
-
1,940		 Total
£
413,237
890,000
1,303,237
29,845
14,348
44,193
1,259,044
383,392
2023
£
-
1,700
-
1,700
1,700
-
1,700

10 Social investments

Social investments comprise concessionary loans made from the Fellowship Fund to three individuals to help support them during their studies and UK settlement. These unsecured and interest free loans are expected to be repayable within 12 months from payment and subject to extension at the discretion of the Fellowship Fund Committee.

11 Debtors

Falling due within one year:
Tax recoverable
Other debtors
Prepayments and accrued income		 2024
£
24,619
-
14,429
39,048		 2023
£
6,054
3,046
9,465
18,565

12 Cash at Bank and in Hand

Cash at bank with immediate access
itors: liabilities falling due within one year
Accruals
Deferred income
Mortgage loan
Grant obligations		 2024
£
172,252
172,252
2024
£
5,185
1,038
8,678
2,467
17,367		 2023
£
150,600
150,600
2023
£
6,819
-
-
2,467
9,285

13 Creditors: liabilities falling due within one year

Page 16

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

14 Creditors: amounts falling due after more than one year

itors: amounts falling due after more than one year
Mortgage loan 2024
£
589,447
589,447		 2023
£
-
-

15 Loans and finance leases

The liabilities for loans, finance leases and concessionary loans referred to in notes 13 and 14 fall due for repayment as follows:

Repayable:
Within one year
Between one and five years
After five years		 Otherwise
than by
instalments
-
-
-
-		 By
instalments
8,678
51,546
537,901
598,124		 2024
2023
£
£
8,678
-
51,546
-
537,901
-
598,124
-
Mortgage loan		 2024
2023
£
£
8,678
-
51,546
-
537,901
-
598,124
-
Mortgage loan
-

The morgage loan referred to in the above notes is secured on 4 FP property with a carrying value of £881,100 by way of a fixed and floating charge on the charity's assets. Interest is payable at a variable rate, which at the balance sheet date was 5.65%. The loan is being repaid in monthly instalments and must be repaid in full by June 2054.

16 Pension commitments

During the year employer’s pension contributions totalling £5,667 (2023: £5,450) were payable to defined contribution personal pension schemes. Pension contributions totalling £723 were owed at the balance sheet date (2023: £654).

17 Funds

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

Designated Funds
4 FP Property Fund
General Unrestricted Funds
Restricted Funds
Aggregate of funds
Fellowship Fund
4 FP Fund
49 DD Property Fund (previously 'Building
Fund')
New Church Building Fund (previously 'New
Building Fund')		 Opening
balance
2024
£
-
-
131,882
11,700
-
380,000
21,390
413,090
544,972		 Incoming
resources
2024
£
-
-
424,843
26,136
321,258
-
8,932
356,326
781,169		 Outgoing
resources
2024
£
(8,900)
(8,900)
(421,417)
(5,757)
(20,597)
(4,000)
-
(30,354)
(460,671)		 Transfers
in the year
2024
£
291,876
291,876
(34,286)
-
(290,000)
-
32,410
(257,590)
-		 Closing
balance
2024
£
282,976
282,976
101,022
32,079
10,660
376,000
62,732
481,472
865,470

Page 17

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

17 Funds (continued)

Analysis of net assets by fund

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

General
Designated
funds
funds
£
Tangible fixed assets
1,944
881,100
Social investments
-
-
Debtors
39,048
-
Cash at bank and in hand
68,721
-
Creditors falling due within one year
(8,690)
(8,678)
Creditors falling due after one year
-
(589,447)
101,022
282,976
In the previous year the movements in the charity's funds were as follows:
Opening
Incoming
Outgoing
balance
resources
resources
2023
2023
2023
£
£
£
General Unrestricted Funds
96,663
377,628
(359,657)
Restricted Funds
10,000
21,820
(2,871)
30,000
-
(30,000)
384,000
-
(4,000)
-
21,390
-
424,000
43,210
(36,871)
Aggregate of funds
520,663
420,838
(396,529)
Unrestricted Funds
Fellowship Fund
Church Support & Women's Ministry
49 DD Property Fund (previously 'Building
Fund')
New Church Building Fund (previously 'New
Building Fund')		 Restricted
funds
£
376,000
1,940
-
103,532
-
-
481,472
Transfers
in the year
2023
£
17,249
(17,249)
-
-
-
(17,249)
-		 2024
£
1,259,044
1,940
39,048
172,252
(17,367)
(589,447)
865,470
Closing
balance
2023
£
131,882
11,700
-
380,000
21,390
~~-~~
413,090
544,972

Analysis of net assets by fund

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

lysis of net assets by fund
e previous year, the assets and liabilities of the various funds were as follows:
Tangible fixed assets
Social investments
Debtors
Cash at bank and in hand
Creditors falling due within one year		 Unrestricted
funds
£
3,392
1,700
18,565
117,510
(9,285)
131,882		 Restricted
funds
£
380,000
-
-
33,090
-
413,090		 2023
£
383,392
1,700
18,565
150,600
(9,285)
544,972

The 49 DD Property Fund (previously '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 18)

The Fellowship Fund exists to provide support for people within the church membership who are experiencing financial difficulty. The cash balance of this fund is capped at £35,000 (2023: £10,000) and any excess donations are transferred to the General Fund in line with the terms of the fund and as agreed by donors. During the year £1,940 (2023: £1,700) was receivable as a concessionary loan.

Page 18

GRACE CHURCH GREENWICH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

17 Funds (continued)

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

The New Church Building Fund (previously 'New Building Fund ') relates to an appeal towards purchasing a new building for church services in the future. The transfer from the unrestricted general funds relates to donations received from church members who received matching donations from their employer restricted to the acquisition of the church building.

The 4 FP Fund represents special donations relating to the purchase of a property to house one of the ministers.

The 4 FP Property Fund represents a property purchased and mortgage obtained for housing one of the ministers. The net costs of the property and mortgage have been transferred from restricted 4FP Fund to 4FP Property designated fund because on purchase of the property the restrictions on the income were fulfilled.

18 Transactions with related parties

The charity also made the following payments to, or for, 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 19

GRACE CHURCH GREENWICH

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 AUGUST 2024

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
17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
17		 General
Designated
2024
2024
£
£
343,988
-
26,199
-
810
-
53,846
-
424,843
-
421,417
8,900
421,417
8,900
3,426
(8,900)
(34,286)
291,876
(30,860)
282,976
(30,860)
282,976
131,882
-
101,022
282,976
Unrestricted funds		 Restricted
2024
£
356,326
-
-
-
356,326
30,354
30,354
325,972
(257,590)
68,382
68,382
413,090
481,472		 Total
2024
£
700,314
26,199
810
53,846
781,169
460,671
460,671
320,498
-
320,498
320,498
544,972
865,470		 General
Restricted
2023
2023
£
£
294,437
43,210
26,605
-
229
-
56,356
-
377,628
43,210
359,657
36,871
359,657
36,871
17,970
6,339
17,249
(17,249)
35,219
(10,910)
35,219
(10,910)
96,663
424,000
131,882
413,090
Unrestricted funds		 Total
2023
£
337,647
26,605
229
56,356
420,838
396,529
396,529
24,309
-
24,309
24,309
520,663
544,972
General
2023
£
294,437
26,605
229
56,356
377,628
359,657
359,657
17,970
17,249
35,219
35,219
96,663
131,882

Page 20