REGISTERED COMPANY NUMBER: CEI)09870 (England and Wales) CHARtrY REGISTRATION NUMBER: 1172477 Global Church of Grace Ministries Unaudited Financial Statements 31st March 2024 Woodridge Accountancy Limited Chartered Certified Accountants 18 Woodridge Avenue Quinton Bimiingham B32 1RE
Global Church of Grace Ministrles Charitable Trust Financial SL*ements Year ended 31st March 2024 Pages Trustees, annual rep)rt 1to3 Independent examinerfs retM)rt to the trustees Statement of financial activities Statemenl of financial position Notes to the financial ststements 7t012
Pagè 1 Global Church of Grace Ministries Charitable Trust Trustees. Annual Report Year ended 31st March 2024 The tTUStees present their report aTrJ the unaLbdited fina181 ststements ofthe charity for the year ended 31st March 2024. A¢hlevements and pgrfornian Objecb'ves and Aims The objects of the charity for the publie benefit are to advance the Christian faith. S4qnificxnl actNibes Exiensive prayers and refreshing acknvibes am aimJ atachieving the of the Gh)bal Church of Grace Ministries An annual COnventh with attendance of m(xe than 400 membets of th& church and those outside the church Youth conference in Telford g8ared M the topKs of career d6velopment, voluntsry work, university Choices elc Annual women's conference held in London for both women the ministy and the Ial community on the subject of parenting. career and finances Musical o)ncert organised across the branches for members and peopl8 of the community Eslablishmenl of a national mass Choir Increased contribution towards other charitatrAe activrties in Ihe ttfflmunity leg food bank, donations to charit$ etc) Increased outreach wofk which led lo continued increase in regular attendanee at our various branches both during mhj week and Sunday service5 and for other speeh41 prraMMe$ Flnanclal rovl•w FlnaTrclal posltlon The results for the year, arKI the finala1 p0sOn at the end of the year. aro shtr•vn in the attathed financial ststements. Res&Nos pollcy The charity's reserve aims to secure three to six months of Tunning costs wilhin Ihe general frea reserves to ensure onwing sustainabilty. The currenl level of free reserves mèet this objective at this int Future plans l the SignifnI actwilies mentirMed earlier are due trj te carried crt each arKI every year The process of purchasing a church bulding is onwing with increased focus on a wide fange of fundraising activities To those who need assistance the church bus will continue to CcveY members of the congregation and mn-members lolfrom various destinations to the Church across the various branches Structure. gov&mance and manag•m•nt Govornlng document The charity 15 controled by its goveming dooJmenL a deed of trust and constitutes a charitsble incofporaled organisaliM under the Charities Act 2011 Charlty constltutlon The charity is controled but its charity constilulion dated 7 Apnl 2017
Page 2 Global Church of Grace Minlstries Charitable Trust Trustees. Annual Report {¢oftknwd) Year ended 31st March 2024 R•cruitment and appointmnt of trusloes New tnjstees ofthe charity shall be the Spiritual Leadersfrom to time. No person Shall be admitted as a truslee ofthe charity ueSS he she subwbes to the Statement of Beliets. There must be at least 3 charity trustees holding offe and there is no maximum number of trustees that may be app)inte(l. Induction and tr•lnlng ol now truste•$ The charity truslees will makg av8ilatAe to each charity trustee, or bafore his or her first appointment A copy of Ihe current vers of the cort51ttution A copy of the charity's latest Truslges. annual reKKl and statemont of accounts. The charity trustees shall ml be sut4'ectto tirernent by rotstion. The tems ofoffice of a charity trustee shall continue until he CK she retires or is removed in accordance with the relevant provisions of the articles. Any p8rson who retires as a Caty trustee ty giving notice to the charity is elvJiile reapwjinlment.
Page 3 Global Church of Grace Mlnistries Charitable Trust Trustees. Annual Report (¢t7nUnwdJ Year ended 31st March 2024 Referenc• and admlnlstrative d•tai Roglstered charlty name Global Church of Grace Ministries charitab Trust Company registration number CE(K)9870 (England and Wales} Charlty rngi5tratlon number 11724n Principal offic• Unrt D3 Hortonwood 10 Telfofd Wesl MKJlants TF1 7ES The trust¢•s D ofori- Adj A Coleman S KyeBa8four Company sKr•tsry D Ofori- A'e1 Ind•pond•nt •xamln¢r Ms C Petefs FCCA. of Woodridge Aco)untancy Limited Chartered Certffied Accwntants 18 Wryxlndge Aventje Quinton Birmingham B32 1RE
Page 4 Global Church of Grace Minlstrfes Charitable Trust Independent Examinerfs Report to the Trustees of Global Church of Grace Ministries Charltable Trust Year ended 31 st March 2024 report to the trustees on my examtnalion of the financial stslements of &obal ChurL of Grace Ministries charitab Trust ('the chariv) for the year ended 31st March 2024. Responsibilities and basls of report As the Iruslees of the charity you are reSWnsie for the preparation of the financial statements in accordance with the requirents of Ihe Chanties Act 2011 Ilhe A¢t'l. I rert in resFrt of my examination ol the Charis finarrial ststements carried ¢yJt under section 145 ol the 2011 Act and in carrying out my examination I have folbwed all the ap¢able Direcliorss given by th& Charity CommisSn under sect¥)n 145(5Mb) of the Act Indopend•nt examlnerfs sLement I have com eted my examination. I confirm that no malerbal matters have come to my attention in connection with the examinati gFving me cause lo belIe Ihat in any material respect.. accounting rec(Kds were not kept in respect of the charty as required by section 130 of the Act: or the financial slalements do Th)t xcord with those records; or the financial ststements do r1 ccrfnpty wth the applicable requirements concemlng the forni and content of accounts set out in the Charibes {Accounts and Reports) Regulations 2008 other trban any requirement that the accounts 9ive a and faif view whth 15 nol a matter considered as part of an independent examinalicffl. I have no concem5 and have come acxoss rn other matters in connection wth the examlnation to which attentson should be drawn in this p(l in order to enat4e a Kwr understanding of the accounts lo be reache(l. Ms C Peters FCCA. Independent Examiner WoodrKlgè Accountancy Limited Chartered Certtfied Accountants 18 Woodridge Avenue Quinton Bimiingham a2 IRE
Pag• S Global Church of Grace Mlnistries Charitable Trust Statement of Financial Activities Year ended 31st March 2024 2024 Unrestricted fvrKls Tolal funds Total funds 2023 Income and endowments Donations and legaues Other Irading activities Investment income 289.810 234.306 234,306 20,971 725 3,163 3.163 Total nme 292.973 292.973 256,002 Exp•ndbture Expenditure on charitable tiVItIeS.. Direct charitsble exrse$ Govemance costs Support costs Total •xpendlture 128.483 9,111 91.963 128.483 9.111 91.963 116,311 7,875 79.869 229,557 229,557 204,055 Ng1 income and ngt mov•mont In fvnds 63.416 63.416 51.947 Roconclllatlon of funds Totsl fvnds brought fonvard Totsl fundi carrl•d forward 271.328 271,328 219,381 334,744 334.744 271,328 The statement of finanaal adiwties inchxles all gains and kJss8s recugnised in the year. l income and expenditure derive from continuifig activths. Th• oots• on pag•s 7 to 11 frym port ofthege finandal statem•nts.
Page 6 Global Church of Grace Ministries Charitable Trust Statement of Financial Posltion 31st March 2024 2024 2023 Flxed assets Tangible fixed assets 11 15.719 14.002 Current assets Cash al bank and in hand 321,004 269.281 Cr•dltors: amounts falllTrg due wlthln one •r N•t curr•nt ass•ts 12 11.980} {11,9S71 257,324 319.024 Total assetsloss current Ilabllltles 334,743 271.326 Net assots 334,743 271,326 Funds of the charlty Unrestricted fvnds 334.743 271.326 Total charlty funds 14 334.743 271.326 These financial statements were approved by the board of tnjsteeg and authorised ts issue on 28th November 2024, and are signed on behalf of the tKJard by.. Mr D Olori-Adjei Trustee Th• not•s on pa9 7 10 11 fomi part of Ilws• Iln•nclal stst•monts.
Pa9e 7 Global Church of Grace Ministries Charitable Trust Notes to the Financial Statements Year ended 31 st March 2024 Genoral Irrfonnatlon The Charity is an incorporated charity regislered in EnglaNI and Wales. The address of tho charity's registered office is Unit D3, HortOnwl 10, Telf(Kd. TF1 7ES SLit•mert ol complian These financial statements have bgen prepared in comF4iance with FRS 102. The Financial Reporting Standard applicab in the UK and the Reput4ie of Ireland.. the Statement of Recommended PractKe appIae lo thaiities preparing their accounts in accordance wrth the Financial ReFrf)rting Stsndard appliCae in the UK and RepU1C of Irdand IFRS 1021 (Charities SORP IFRS 102)) and the Charities Act 2011. A¢Gountlng poll¢les Basis of preparatlon The finawal statements have been wepared on the historlcel cost basis. as modified by the revaluation of certain financlal assets and liablities measured at far value thrIgh income or expendrture. The financral 5t2tements are Prepar in slerfing. which is Ihe fvndional currerry of the entity. Golng con¢ern There are no material uncertainties at¥)ut the chariVs ability to fJ)ntinue. Dlsclo$ur• •x•mptions The trustees have tsken &Jvantsg8 of the exemption in FRS 102 from induding a cash Ilow statement in the financial statements on the grounds that the trust is a small entity. Judgoments and key sour8 of •stlmatlon unwtalnty The preparation of the financial slatements requires man8gement to make judgements. estimates and assumptions that affect the amounts reported. These estimales and judgements are continually reviewed and are based on experience and other factors, induding exlatMS of ftjture events that are believed to be rea$able under the circumstances. Fund a¢¢ounting General frJnds are unrestricted funds whth are avalable for use at the discretion of the Truste88 in fijrtherance ofthe general objectwes ofthe charrty and whth have not been designated for other rposes.
Page 8 Global Church of Grace Ministries Charitsble Trust Notes to the Financial Statements (Cl1{0) Year ended 31st March 2024 Accountlng pollcles {conllnwQ In¢omlng r¢sourc•s l income is incled in the statement of financial activities when entiuernent has passed to th8 charity. it is probable that the e¢onomK benefits assooated wth the transaction wll flow to the charity and the anM)unt in be reliably measured. The folkMI"rg Speci policies are applied lo particular categories of incimne: - income from donations is recognised when there is eVIdee of entillement to the gift. receipl is probable and its amount can be measured reliably. - legacy income is recc¥Jnised recept is probable and entillement is estsblished. - income from contracts for the supply of seNices is recogniwj with Ihe delNery of the contracted service. This is dassified as unrestrthd funds un5es5 there is a ctractUal requirement for it lo be Spent a porticular 5>urp)se and retumed rf ur6penL in which case it may b8 rogarded as restri¢t9d. Resources exnded Expenditure is rectsJnised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recover1. and is dass[rd under headings of the stslemenl offinancial activittes lo whith it relates.. - expendtture on raising fiJnd5 indudes the costs of all fuThJrai5ing activ"es, events. rcharle trading aclNities, and the sale of donabj 9s. - exndItUre on charitable actiwties iTludeS all costs incurred by a charity in undertaking activities that further its charrtable aims for the benefit of its beneffioaries, induding those support costs and costs relating to the governance of the Charty apportied lo charitable acbvilies. - other experKliture irKaudes dl expendilure that is neither related to ralslng funds for Ihe charity rr part of its oxpendibjre on charrtable actiwbes. AJI costs are althaled to exFxnditure categories refiectÉng the use of the resr)urce. Direct costs attributsble to 8 single acDvity are allocated directy to thal actiwty. Shared costs are apportirmed bets¥een the actmties they contn.bule to on a reasonable, justifiable and u)nsistenl b8SiS. Tangible assets Tangible assets are iniknally recor atcost, and subsequenlly ststed al cost less any accumulated depreciatson and impaimient losses. Any Lingle assets carried al revalued amounts are recorded al the fair value at the date of revalua.on less any subwuenl acoJmulated depreUaIn and subsequent aceumu18ted impain)ent losses. Deprecthtlon Depreciation is cakulated so as to write off the cost c valuation of an asset, less its residual value. over the useful economic lrfe of that asset as fc41ows: Musical equipment Fixture5 and fitting5 Motor vehicles 20% straight line 25% straight line 25% straight line
Pa9 Global Church of Grace Ministries Charitable Trust Notes to the Financial Statements (wlinu•dl Year ended 31st March 2024 Accountlng policios (¢onknMdJ Impalmi•nt of Ilx•d assets A review for indicators of impairrnent 15 carried out at each rewjrting date, wtth the recoverable amount beirtsJ estimated where such indicators exisL Where the Carn9 value exceeds the recovera18 amount, the asset is impaired accordThJly. Prior impaimients are also VieWelY for powble revers81 at e¥h repJrtiThJ date. For the purposes of impairment t&stin9, when rt i8 not possible to estimate thg recoverable amount of an indrvidual assel. an estimate is made of the reVerae amount of the ¢asWenerating unit lo whh the asset beh)ngs. The casfwnerating unit is the smallest identffiable group of assets that includes the asset and generates cash inllows that largely independent of the cash infiows from other assets or groups of assets. For impairrnent testing of gcrfyJwiFI. th8 8cquirwJ in a busI$S combination 15. from the acquisition date. alICated lo each of the Ca$eneratI179 units thal are expected to nefIt from the synergies of Ihe combinatson, Irre$te of wher other assets or1bilItS of the chafity are assoned to those units. Donations and 10gXi•S unrestrict Totsl Funds unreskn.cted Totsl Funds FurKIs 2024 Funds 2023 Donations Donations, lithes and offeriTh 289.810 289.810 234. 234.306 Investment Incom• urstn"¢ted Total Funds Unrestrided Totsl Funds Funts 2024 Funds 2023 Bank irbteresl receivat48 3,163 3.163 725 725
Pagè 10 Global Church of Grace Ministries Charitable Trust Notes to the Detailed Statement of Financial Activities Year ended 31 st March 2024 Exp•ndltur• on charttablo actlvltios by fund typ• Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Direcl charitsble acbwties Governance Costs Support costs 128,483 9.111 91.963 128.483 9,111 91.963 116.311 7.875 79,869 116.311 7.87S 79,869 229.557 229.557 204.055 204,055 Expenditure on Charltable actlvltles by a¢¢lvlty type Activities undertaken Governance Total funds direclly costs 2024 Totsl fund 2023 Direct charitable octNities Support costs Govemance costs 128,483 91,963 128.483 91.963 9.111 116.311 79,869 7,875 9.111 220.446 9,111 229,557 204.055 Net lexpondllurgvlncom Net {expenditureYin¢ome is stated after chargIrW(aditlng). 2024 2023 Depreciation of tangible fixed assets 7,361 6,125 Ind•pend•nt •xamlnatlon le•• 2024 2023 Fees payabte to the indep8nd8nt examiner fcr. Independent examination of Iho financtal statements Other financial ser¥ic8S 1.750 1,750 1.750 1.750 10. Staff costs and •molum•nts The totsl staff costs and employee bèneffts for th9 repxbng perh)d are analysad as fc4lows'. 2024 2023 The average head ccKJnl of ernthees ring the year wa5 Nil {2023.. Nrf). No employee rKeiv&J employee benefits of nM)re than £60.CW dufiThJ the year {2023.' Nil).
Page 11 Global Church of Grace Ministries Charitable Trust Notes to the Detailed Ststement of Financial Activities Year ended 31st Mah 2024 11. Tanglble flxèd assets Musical Fixturns & Equipment fittings Motor Vehicles Total Cost Al 1 sl April 2023 Additions 30.157 15.381 2.140 10,41 $5,938 9.078 At 31st March 2024 37.095 17.521 10.4Tr] 65.016 Deprgclatlon At 1st April 2023 Charge for the year 21.014 4.719 10.522 2.642 10.400 41.936 7.361 At 31st PAarch 2024 25.733 13.164 10.400 49,297 Carrying amotsnt At 31st March 2024 11.362 4.357 15,719 Al 31st Marth 2023 9.143 4.859 14,002 12. Credllofs: amounts falllng due wlthln one year 2024 2023 ACcrUS and deferred income Other creditors 1,980 9,977 Not •ss•ts 1,980 11,957 13. Anatysls of CharItal funds Unrnstrlcted funds At 31st March 2024 At 1st Apn'l 2023 IrKome Expenditure General fvnds 271.328 292,973 1229.557 334,744 Al 31st March 2023 At 1st March 2022 Income Expenditure Ggnerd ftjnds 219,381 256,2 {204.055} 271,328
Pag• 12 Global Church of Grace Minlstries Charitable Trust Notes to Ihe Detalled Statement of Financial Actlvltles Year ended 31st March 2024 1& Analysis of n•t assots b•tW•on fund$ Unrestricted Total Funds Funds 2024 Tangible fixed assets Current Assets Creditors less than l year Nat assets 15,719 321.004 {1,9801 334.743 15,719 321,004 11.9801 334.743 Unrestricled Total Funds Funds 2023 Tangible fixed assets Current Assets Credttors less than 1 year Net ass•t* 14.002 269.281 {11,9571 271.326 14,002 269,281 111.957) 271.326