2024-08-31-accounts

GRACE LIFE CHURCH

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] AUGUST 2024

CHARITY NUMBER: 1163619

GRACE LIFE CHURCH CROYDON VOLUNTARY ACTION WATERSIDE CENTRE 26 AVENUE ROAD LONDON SE25 4DX

INDEX Page Index 1 Trustee’s Report 2 - 3 Receipts and Payments Account 4 Statement of Assets and Liabilities 5 Notes on the financial Statements 6

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GRACE LIFE CHURCH

TRUSTEES’ REPORT YEAR ENDED 31[ST] AUGUST 2024

The trustees are pleased to present their report for the year ended 31[st] August 2024 for the charity, Grace Life Church with charity number 1163619.

The Trustees of the charity are: Mrs Abigail Aggrey

Ms Cynthia Amartei Ms Emilia Okoye

The principal address of the charity is : Croydon Voluntary Action Waterside Centre, 26 Avenue road SE25 4DX

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity governing document is a CIO – Foundation Constitution registered 17[th] September 2015.The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.

OBJECTIVES AND ACTIVITIES

The Objects of the organisation are first to advance the Christian faith in accordance with the statement of beliefs for the benefit in the United Kingdom and in such other parts of the world as the trustees may think fit from time to time. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.

ACHIEVMENTS AND PERFORMANCE

The Organisation continues to hold successful meetings through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The organisation has now moved its services back to in person services. It hired community halls in the area to host its services. This helped the members and attendants to come together for their regular services. This proved very beneficial as the congregation increased an increase in the number of attendants in the meetings.

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FINANCIAL REVIEW

The income of the charity is above £21,000. This is a higher amount for this year of the charity the costs have been well managed over this period. The organisation is still in a good position to manage its costs. The main cost of the organisation was paying for the rent of its building that it uses for worship services.

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RESERVE POLICY

It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure. This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.

RISK MANAGEMENT

The charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.

TRUSTEE RESPONSIBILITIES

Under the Charities Act 2011, the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:

1. Select suitable accounting policies and apply them consistently.

2. Make judgements and estimates that are reasonable and prudent.

3. State whether the applicable accounting standards have been followed.

4. Prepare financial statements on an ongoing basis.

They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.

Approved by the Trustees on 9[th] June 2025 and signed on their behalf by:

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GRACE LIFE CHURCH

ACCOUNTS FOR THE YEAR ENDED 31st August 2024

1 Receipts & Payments Account (General Purpose Fund)

Income Receipts Tithes and Offerings Interest Total Receipts Direct Charitable Expenditure Mission Admin Media services Hire of Hall Music Services Travel expenses Advert Welfare Insurance Supplies Pastor's allowance Telephone Benevolent giving Church events Other Expenditure Equipment Accounting services Fixtures& Fittings Total Payments Net Receipts/(Payments) for the year Cash Funds brought forward Cash Funds at the end of the year	£/ 2024 £/2023 21159 19068 87 64
	21246 19132
	0 600 200 0 347 180 3715 3380 0 150 290 646 356 0 610 1980 71 268 376 364 6600 6530 804 662 100 100 6550 5700
	20019 20560 776 2600 420 280 0 0
	1196 2880 21215 23440 31 -4308 9173 13481
	9204 9173

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GRACE LIFE CHURCH

**2 **	Statements of Assets and Liabilities at 31st August 2024	Statements of Assets and Liabilities at 31st August 2024	Statements of Assets and Liabilities at 31st August 2024
	Monetary Assets
	Cash Funds	Unrestricted Funds
		£/2024	£/2023
		£
	Cash at hand and in bank	9204	9173
	Total Cash Funds	9204	9173
	Assets Retained for the
	Charity's Own use
	Non-monetary Assets and Liabilities
	Musical Instruments	168	210
	Equipments	3272	3314
	Fixtures & Fittings
		3440	3524
	Liabilities
	Bookkeeping	280	280
	NET ASSETS	12364	12417

These accounts were approved by the trustees and signed on their behalf by: Cynthia Amartei

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GRACE LIFE CHURCH

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31st August 2024

ACCOUNTING POLICIES

Basis of Accounting

These accounts have been prepared on the receipts and payments basis with all revenue and expenses shown on a cash basis. Non-monetary assets are shown at estimates of the value at the end of the year.

Funds

The CIO has a general unrestricted fund that receives voluntary donations from attendants at the services.

The CIO has no outstanding guarantees to third parties no any debts secured on the asstes of the CIO

Public Benefit

The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or aims that are for public benefit.Details of how this is achieved are provided in the Trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

Depreciation

Depreciation is calculated at 20% reducing balance method.

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