AREGISTERED COMPANY NUMBER: CE009870 (England and Wales) CHARITY REGISTRATION NUMBER: 1172477 Global Church of Grace Ministries Unaudited Financial Statements 31st March 2023 Woodridge Accountancy Limited Chartered Certified Accountants 18 Woodridge Avenue Quinton Bimiingham B321RE
Global Church of Grace Ministries Charitable Trust Financial Ststements Year ended 31st March 2023 Pages Trustees, annual report Independent examinerfs report to the trustees Statement of financial actÉvtties 1to3 Statement of financial position Notes to the financial statements 7t012
Page 1 Global Church of Grace Ministries Charitable Trust Trustees. Annual Report (cottllrttdJ Year ended 31st March 2023 The trustees psent their report and the unaudited financial statements of the charity forthe yearended 31st March 2023. Achlevements and perfomiance Objectives and Aims The objeots of the charty for the publ benefft are lo advance the Christlan faith. Signiftcant activities Extensive prayers and refreshing acbvilies all airrd atachieving the vlslon of the Global Church of Grace Ministries An annual convention wrth attendance of nKre than 400 members of the church and those outside the church Youth conferenc8 in Telford geared on the topics of career developrrent, voluntary work, university choices elc Annual women's conference held in London for both women in the mlnisty and the Iwal eommLtnity on the subject of parenting, career and finances Musical concert organised across the branches for members and people of the commun Establishment of a national mass choir Increased contribution towards other Charitable aclNits'es in the community leg fo(>d bank. donations to charities etc} Increased outreach work which18d lo continued increase in regular attendance at our various branches both during mKi wk and Sunday serVe5 and for other special programmes Flnanclal rovlow Flnan¢lal po8ltlon The Ults for the ye8r, and the financial positton at the end of the year. are shown In the attached ffinaneial stalemenls. R88orv•s pollcy The charity's reseNe policy aims to secure three to six months of running costs within the general frea reserves lo ensure ongoing Sustainability. The current level of free reserves meet this objectsve at this point Future plans All the slgnificant activities mentloned eadier are due to be carried out each and every year The process of purchaslng a church buliding is ongoing wtth increased focus on a wide range of fvjndraising activities To those who need assistance the church bus will continue to convey members of the congregation and non-members tolfrom various destinations to the Church across the various branches Structure, governan¢o and management Govemlng document The charity is controlled by ts goveming document. a deed of trust and consts'lutes a charitable incorporated organisation under the Charrt$ Act 2011 Charlty constitutlon The chanty is controlled but its charity conslrtution dated 7 April 2017
Page 2 Global Church of Grace Ministries Charitable Trust Trustees, Annual Report (¢Oft&nu Year ended 31st March 2023 Recruitment and appolntment of ngw trustees New trustees ofthe charity shall be the Spiritual Leaders from time to kn"me. No person shall be admitted as a trustee of Ihe Charity Un he or she subribeS lo the Statement of Beliets. There musl be at least 3 charity trustees holding office and thera is no maximum number of trustees that may be appoinled. Inductlon and tralnlng of new Irustoes The charity trustees will mak& available to each new charity trustee. on or before his or her first appointment A copy of the current version of the ¢onslilution A copy of the charity's latesl Trustees, annual report and statement of accounts. The ¢harlty Iruslees shall not be subjectto retirement by rotation. The temis of office ofa charity trustee shall continue Ltnlil he or she tIreS or removed In accordance wrth the relevant provisions of the artlcles. Any Ferson who retires as a charity trustee by giving noti to the charity is eligible for appoIntrnent.
Page 3 Global Church of Grace Ministries Charitsble Trust Trustees. Annual Report {conttnu¢dJ Year ended 31st March 2023 Referenc8 and admlnlstrative detslls Rogl$terod ch•rfty name Global Church of Gra¢e Ministries Charitable Trust Company reglstrolion number CE009870 (England and Wales) Charfty reglstratlon number 1172477 PrSnclpal offlee Unil D3 Hortonwood 10 Telford West Midlands TFI 7ES The tr1181ee8 D Ofori- Adjei A Coleman S Kyei-Baafour Company 8e¢r6tsry D Ofori- Adjér Independont •xamlnor M$ C Peters FCCA, of Woodridge Accountancy Limited Charted Certified Accountants 18 Woodridge Avenue Quinton 8irmingham B32 1RE The trustees, annual report as approved on 16th January 2024 and signed on behalf of the board of trustees by.. D Ofori - Adiei Trustee
Page 4 Global Church of Grace Ministries Charitable Trust Independent Examinerfs Report to the Trustses of Global Church of Grac6 Ministries Charitable Trust Year ended 31st March 2023 I report to the trustees on my examination of the financial stslements of Global Church of Grace Ministries Charitable Trust I'the charity'l for the year ended 31st March 2023. Responslbllltle8 and bas18 of report As the trustees of the charity you a Tesponsible for the preparation of the financial statements In acCoanCe with the requirements of the Charities Act 20111'the Acri. I report in respect of my examination of the charity's financial ststerrents caryred out under seclk?n 145 of the 2011 Act and In carrying out ry examination I have followed all the applicable Directions given ty the Charity Commission under section 14515)Ib) of tho ACL Independent •xamlnef8 8tst•ment I have completed my examinab'on. l ¢onffim that no material matters have come to my attents'on in conn8Ction with the examination giving m& cause lo believ& that in any rnalerial Spect.. accounting r8cord$ were not kepl in Tespect of the chanty as required by section 130 of the Act.. or the financial statenIS do not acurd with those records: or the financial stslements 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 tsirf view which is not a matter considered as part of an SndeFendent examination. I have no concerns and have come across no other matters in connect¢on with the examination to whlch attention should be drawn in this report in order to enable a proper understanding of the aecjnts to b8 reached. Ms C Peters FCCA, Independent Examiner Wtr)dridge Ac¢ounlancy Limited Chartered Certified Accounlants 18 WcN)dridge Avenue auinl¢ Birmingham 21RE
Page 5 Global Church of Grace Ministries Charitable Trust Statsment of Financial Activities Year ended 31st March 2023 2023 Unreslricled fvrKls Tolal funds Total funds 2022 ' Incomè and endowments Donations and legacies Other trading aclivilie$ Investment income 234.306 20,971 725 234,306 20,971 725 136.517 24,858 392 Total Income 256,002 256,002 161,767 Expendlture Expenditure on ¢harStable activrtse$- DSrecl charitsb16 expenses Governance Costs Support costs Total 8xpendtturo 116.311 7,875 79.869 204.055 116,311 7.875 79,869 204,055 68,217 9,601 67,398 145,216 Net Income and not movement In fund8 51.947 51,947 16,551 Reconclllatlon of funds Total funds brought forward Total funds carrled lorwanl 219,381 271.328 219,381 271,328 202,830 219,381 The ststemenl of flnancial activities includes all gains and losses recognlsed in the year. l income and expenditure derive from conbnuin9 activllies. The notss on pages 7 tr• f1 part of these financlal ststements.
Pa9e 6 Global Church of Grace Ministries Charitsble Trust Statement of Financial Position 31st March 2023 2023 2022 Not• Flxed assots Tangible fixed assets 11 14,002 14,762 Cuffent a88ets Cash al bank and in hand 269,281 224,574 Credltors". amounts falllng duo wlthln on? year Not currnnt a880ts Total assets leu current Ilabllftles Net a88ets 12 (11,957) 119.9571 204,617 219.379 219,379 257,324 271,326 271,326 Funds ofthe ¢harlty unstrICted fund5 271,326 271,326 219,379 219.379 Total charlty fund# 14 These financial statements were approved by the l)oard of trustees and authorised for issue on 16 January 2024, and are sgned on behalf of the board by. Mr D Oforl-Adjei Truste8 Th• notes on pages 7 to 11 forni part of these Ilnancial statamÈnts.
Page 7 Global Church of Grace Ministries Charitable Trust Notes to the Financial Statements Year ended 31st March 2023 General Infommtlon The ¢harity is an incorporated charity registered in England and Wales. The addsS of the charity's registered office is Unit D3, Hortonwood 10. Telford. TF17ES ststement of compllaneo These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Ststement of Recommended Practice applicable to chantkgs preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iretand IFRS 1021 (Charities SORP IFRS 1021) and the Charitses A¢t2011. A¢countlng poll¢l•• 8a818 of preparalion The financial statements have been prepared on the historical cost basis, as modified by the revaluation of rtain financial assets and liabilthes measured al fair value through income or expenditure. The financi81 ststements are prepared in sterling. which Is the fvnctional currenw of the entity. Golng eoncem There are no material uncertainties about the chanty's abillty to ntinUe. Dl•c108urn exemptlon8 The trustees have taken advantsge of the exemption in FRS 102 from including a cash flow statement in the financial statements on the grounds that the trust is a small entity. Judgemènts and kfry 8ourc•8 of 88tlmatSon un¢ertalnty The preparation of the financial stslements requi$ management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed lo be reasonab18 under the or¢umstan¢es. Fund accountlng General funds are unrestricted lunds whh are available for use at the discrelion of the Trustees in furtherance of the general objectives of the ¢harity and which have not been designated forothèr purposes.
Page 8 Global Church of Grace Ministries Charitable Trust Notes to the Financial Statements (conthu8d) Year ended 31st March 2023 Accountlng pollcle8 {condnu•dJ Incomlng rosource8 All income is included in the $tstemenl of finan¢ial aCtiVeS when enbtlement has passed lo the charity, it 1$ probable that the economic beneffts assccialed with the transaction will fl¢)W to the charity and the amount can be llabty measured. The following specific policies are applied to particular categories of income.. - Income from donations is re¢ognised when there is evidence of 8ntrtlement to the gif( receipt is probable and its amount can be measured reliabty. - legacy income is recognised when receipt is probable and entitlement is established. - Income from ¢ontracts for the supply of services is recognised with the delivery of the contracted service. This Is classrfied as unreslricled fvnds unless there is a contractual requlremenl for il lo be spent on a parh'cular purpose and relumed rf unspent. in whh case it may be regarded as reslricled. Resou88 èxpgnded Expendrture is recognised on an accruals basis as a liability is incuffed. Expendrture Includes any VAT which cannot be fully recovered. and is dassrfied under headings of the ststement of financlal activitie5 to which it relates.. - expenditure on raising funds includes the costs of all fvndraising activities, events. non-charitable trading aclwities, and the sale of donated goods. - expenditure on charitable 8ctivili88 includes all costs incurred by a chafity in undertaking actNilies that further its charitsble aims for the benefft of rts beneficiaries. including those support costs and costs relating lo the govemance of the charity apportioned to charitable activrties. other expenditure includes all expenditure that is neither related to ralsing funds for the charity nor part of 11$ expenditure on charitsble actNities. All costs are allocated to eXpendrtU categones reflecting the use of the resource. DI¢t costs attributable to a single acb'vty a allccated direclty to that activity. Shared costs are apportioned b•een the activities they conln.bute to on 8 reasonable, jusb'fiable and consistent basis. Tanglble o880ts Tangible assets are inth'alty recorded al cosL and subsequenty stated atcost less any a¢xumulated depreciation and Impalmnt losses. Any tangible assets ¢arried at revalued aUnts are rerded at the fair value at the date of revaluats'on less any subsequent accumulated depreciation and subsequent a¢¢umulaled impaimenl losses. Dopreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less rts residual value, over the usefijl economi¢ Ilfe of that asset as follows.. Musical equipment Fixtures and fittings Motor vehicles 20% straight line 25% straight line 25% slraighl line
Page 9 Global Church of Grace Ministries Charitable Trust Notes to the Financial Statements (eoiitinu•d) Year ended 31st March 2023 Accountlng pollcle$ (t[10dJ Impairrngnt of flxed assets A review for indicators of impaim*nt is carried out at each rewrting date, with the recoverable amount being estimated where such indicators exist. ere the carying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impaients a also reviewed for possSble reversal al each repjrting date. For the purposes of impalmnI lesb'ng, when it is not possible lo estimate the rerA)verable amount of an individual asset, an estimate is made of the recoverable amount of the CaShenerating unil to which the as$el belongs. The cash%eneratin9 unil is the smallest 1denlrfbre group of assets that includes the asset and generates cash inllows that larply independent of the cash inflo from other asse15 or groups of assets. For impairment testing of goc4lwill. the goodwill wuired in a business combination is, from the acquisilton dale, allocated to each of the cash-generating units that are expected lo benefit from the synergies of the combinatron, irrespecbve of whether other assets or liabilities of the charity are assigned lo those units. Donallons ond lega¢le• Unrestrid8d Total Fund8 Unrestncted Totsl Fund8 Funds 2023 Funds 2022 Donallon8 Donations, tithes and offerings 234. 234,306 136,517 136,517 Investment In¢om• un$tcted Total Funds Unrestrlcted Total Funds Funds 2023 Funds 2021 Bank interest Teceivable 725 725 392 392
Page 10 Global Church of Grace Ministries Charitable Trust Notes to the Detailod Statement of Financial Activitles Year ended 31st March 2023 Expendlthre on charttable a¢tivitles by fund type Unrestricted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Direct charitsble activities Govemance costs Supportcosts 116,311 7.875 79.869 116,311 7,875 79,869 204,055 68,217 9,601 67.398 68,217 9,601 67,398 204.055 145,216 145,218 Expondlturo on charltable actlvltl•¥ by adlvlty ty A¢tivilie$ undertaken Governance Total funds direcuy 2023 Total fvnd 2022 D1cl charitsble activities Support costs Governance costs 116,311 79,869 116,311 79,869 7,875 204,055 68.217 67.398 9.601 7,875 7,875 196,180 145.216 N•t {expendltur•Vln¢omo Net {expenditureylnrnQ Is staled after ¢harginpJlcrediting): 2023 2022 0eprecl8tion of tsngible fixed assets 6,125 7,261 Indopondent examlnatlon fo08 2023 2022 Fees payable to the Independent examiner for. Independent examination of the financial statements Other financial services 1.750 1,750 1.750 1,750 10. Stsff costs and emoluments The lotal staff costs and employee beneffts for the reporting period are anatysed as follows.. 2023 2022 The average head count of employees during the year was Nil {2022= Nill. No employee received empbyee Èenefils of mre than £60.1)JO during the year12022.' Nill.
Page 11 Global Church of Grace Ministries Charitable Trust Notes to the Detailed Statement of Financial Activlties Year ended 31st March 2023 11. Tanglble flxed a8uts Mu61¢al Flxture8 & Equlpmont flttlng$ Motor Vehlcle$ Total Cost At 1st April 2022 Additions 27,609 2,548 12,567 2,814 10.400 50,576 5,362 At 318t March 2023 30.157 15.381 10.400 55,938 D•prnclatlon Al 1st April 2022 Charge for the year At 3181 March 2022 17.395 3,619 8.019 2,503 10,400 36,814 6,122 21.014 10,522 10.400 41,936 Carrylng amount At 31st Mah 2023 9,143 4,859 14,002 Al 31 st March 2022 10.214 4.548 14,762 12. Credltorn: amounts falllng due wlthln one yoar 2023 2022 A¢¢wals and deferred income Othèr creditors 1,980 9,977 11,957 1,980 17,977 19,957 Net as•ets 13. A Traty818 of eIrItable fund8 Unrestrlcted lund8 Al 31st March 2023 At 1st April 2022 Income Expendrture General funds 219.381 256.002 (204,0551 271,328 At 31st March 2022 At 1st March 2021 Income Expendrture General funds 202,830 161,767 1145.216) 219,381
Page 12 Global Church of Grace Ministries Charitable Trust Notss to the Detailed Statement of Financlal Actlvltles Year ended 31st March 2023 Analy816 of not asset8 b•two•n funds Unrestricted Total Funds Funds 2023 Tangible fixed assets Current Assets Creditors less than 1 year Net assets 14,002 269,281 111,9571 271.326 14,002 269,281 (11,9571 271,326 Unrestricted Totsl Fund8 Funds 2022 Tanglble fixed assets Current Assets Creditors less than 1 year Not a8set8 14,762 224,574 {19,957) 219,379 14,762 224,574 119,9571 219,379