2022-12-31-accounts - Grace Baptist Charities Limited

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Contents		Page
Report ofthe Directors		1-3
Directors' Responsibilities		4
Report ofthe Independent	Auditor	5-7
Statement ofFinancial Activities		8
Balance Sheet		9
Statement ofCash Flows		10
Notes to the Accounts		11-15

		FOR TH	E YE	A	R ENDED 31	DECEMBER	2022
								2022	202/*
						Unrestricted	Restricted	Total	Total
						Fund	Fund	Funds	Funds
					Note			f	f
Income and endowments	from:
Charitable activities					2. 1	77,456		77,456	68,509
Investments					2.2	36,075	I 926	38,001	41.871
						113,531	1,926	545	"300
Expenditure on:
Raising funds					3.1	6,742		6,742	5,887
Charitable activities					3.2	105,058	40	105,098	114,813
Total expenditure						111,800	0	111840	120 7110
Net income / (deficit) before net (losses) /			gains	on investment		1,731	1,886	3,617	(10,320)
Net (losses) / gains on investments
Realised gain						(2,927)		(2,927)	172,665
Unrealised (losses) / gains on investments						(44,959)		(44,959)	8,431
						(47,886)		(47,886)	181,096
Net (expenditure) / income		and Net movement		in	Funds	(46,155)	1,886	(44,269)	170,776
Reconciliation offunds:
Funds brought forward						500.490	151,757	652,247	481,471
Funds carried forwar&l					10	45~335	153.643	607.978	652.247
No operations &vere acquired		or discontinued	during		thc year.
*Prioryear nnnlysis:
						Unreslri cled	Rcslrirled	202/
						Fiuid	Fund	Tonilfimds
						f		f
Income and endowments	from:
Charitable activities						68,509		68.509
Investments						40.028	1,843	41,871
Total income and endowments						108,537	1,843	110,380
Expenditure on:
Raising funds						5,887		5,887
Charitable activities						104,773	10.040	114,813
Total expenditure						110660	]0040	120700
Operating (deficit)						(2,123)	(8,197)	(10,320)
Net gains on investments
Realised gains on investments						172,665		172,665
Unrealised gains on investments						8,431		8,431
						181,096		181,096
Net income /(expeaditure)		and Net movement		in	Funds	178,973	(8,197)	170,776
Reconciliation offunds:
Funds brought forward Funds carried forward						321,517 500.490	159,954 151757	481,471 ~47

					2022	2021
			iVore	f		f
Fixed assets
Investments					1,422,319		172,699
Current assets
Debtors (including than one year)	f857,031 (2021:f846,916)due in more			892,	145	850,969
Investments			6	159.669		159,078
Cash at Bank				863,604		2,493,697
Total Current assets				1,915,418		3,503,744
Creditors: Amounts		falling due within one year	7	(2,271,083)		(2,369,643
Net current (liabilities) Iassets					~355.665		1,134,101
Total assets less current liabilities					1,066,654		1,306,800
Creditors: Amounts		falling due after one year			(458,676)		(654,553)
Total net assets			10		6 7 8		652 247
The funds ofthe charity:
Unrestricted funds					410,927		464,154
Revaluation Reserve		(unrestricted)			43,408		36,336
Total Unrestricted	Fund				454,335		500,490
Restricted income	funds		10		153,643		151,757
Total funds					607,978		6 4

							2022	202I
Statement ofcash flaws:							Total Funds	Total Fund1
						Table	f	f
Cash flows from operating Net cash provided by (used	activities: in) operating activities						~3057	~137.78
Cash flows from investing	activities:
Dividends, interest and rent	from investments						19,061	36,867
Proceeds from sale ofinvestinents Purchase ofinvestments							561,111 ,859,2 83	1,300,000 ~679
Net cash provided by (used	in) investing	activities					~3,279036	1336188
Change in cash and cash equivalents		in the reporting		period			(I 630093)	I 298407
Cash and cash equivalents at the beginning ofthe reporting					period		2,493,697	1,195,290
Cash and cash equivalents	at the end	ofthe reporting		period		0	063604	2493697
Table A - Reconciliation ofnet income I(expenditure)				to	net cash flow
from operating activities:							2022f	2021f
Net income I(expenditure)	for the reporting		period (as per
the statement offinancial activities)							(44,269)	170,776
Gains on investments							47,886	(181,096)
Dividends, interest and rent	from investments						(19,061)	(36,867)
(Increase) in debtors							(41,176)	(126,568)
Increase / (decrease) in creditors Net cash provided by (used in) operating			activities				(294,437)	135,974 ~37
Table B - Analysis ofcash	and cash equivalents:
Cash in hand							817,308	2,447,808
Notice deposits (less than 3	months)						46,296	45,889
Total cash and cash equivalents							863604	4

	Llnrestricted funds —these are f discretion ofthe directors.	Llnrestricted funds —these are f discretion ofthe directors.	Llnrestricted funds —these are f discretion ofthe directors.	unds which	can be used	in accordance	with the charit	able objects a	t the
2	INCOME AND ENDOWMENTS					2022	2022	2022	2021
						Unrestricted	Restricted	Total	Total
	2.1 Income from charitable	activies
	Management charges					34,643		34,643	32,743
	Property management					20,403		20,403	14,268
	Administration charges					10,959		10,959	11,379
	Interest from loans to churches and trusts					11,451		11,451	10,119
						77466		774 6	6866
	22 Income from investments
	Iiivestmeni properties					5 212		5,212	38,485
	Im'estments listed on recognised			stock exchange		23,864		23,864
	Bank and other interest					6,999	1.926	8.925	3.386
						7 .»	.9-	'8 OOI	41.871
	All im estment income arose		fiom assets held		in the UK
3	EXPENDITURE					2022	2022	2022	2021
						Unrestricted	Restricted	Total	Total
						f	f		f
	3.1 Raising funds
	Investment management					3,976		3,976
	Investment property expenditure					2,766		2,766	5,887
						6742		6,742	5,887
	3.2 Charitable activities
	Grant payable to AGBC(SE)					61,191		61,191	58,378
	Grant payable to Downe	Baptist Church							10,000
	Interest payable to churches		and trusts			34,873		34,873	40,420
	Office and statione87 costs					142		142	16
	Development consultancy	costs				4,656		4,656
	Trustee management charge						40	40	40
	Legal and professional fees								12
	Goverance costs					4, 115		4,115	5,831
	Bank charges and interest					81		81	116
						105,05$	40	105,098	114,$13

		2022	2022	2022
4	INVESTMENTS	Investment	Quoted	f
		properties	investments f
	Market value at 1stJanuary 2022	172,699		177.699
	Additions		1,858,617	1,858,617
	Unrealised gains /(losses) Disposals Market value at 31stDecember 2022	7,072 179771	(52,031) ~54, 387 1»54	(44,959) (564,038) 42t3 9
	Historical cost at 31stDecember 2022	3 '	.2 4580	1430, 4

5	DEBTORS			2022	202/
				f	f
	Loans (payable after more than one year)
	Loans to churches	(4)		288,031	259,916
	Loans to trusts (4)			569,000	587,000
				85~7031	84~6916
	Other debtors
	Amounts due from	churches		20,306	'7 973
	Amount due from	trusts
	Sundrv debtors			14,808	1.130
				35,114	4,053
	Total debtors			892,145	850,969
6	CURRENT ASSET INVESTMENTS			2022	202/
					f
	Counties and Cambridge		Bank 95 days' notice	59,669	59,078
	Shawbrool Bank 120 days' notice			100,000	100,000
				159669	159078
7	CREDITORS: amounts	falling due within one yea8		2022f	202/ f
	Amounts due to churches			1,763,047	1,765,086
	Amount due to AGBC(SE)			182,907	354,505
	Amounts due to trusts			319,502	245,822
	Other creditors			5,637	4230
				2271083	2 369 643
8	CREDITORS: amounts	falling due after more than one year		2022 f	202/ f
	Amounts due to churches			458676	654553


RESTRICTED FUNDS	2022	2022	2022
	f	f
	Hayes Lane	Downe	Total
	Legacy	Legacy
Balance at 1stJanuary 2022	26,579	125,178	151,757
Income Expenditure	337 52 1	1,589 ~20	1,926 ~40
Balance at 31stDecember 2022	6 896	26747	153 643
Figures forprevious yearfor comparison	2021 f	2021 f	2021 f
	Hayes Lane	Downe	Total
	Legacy	Legacy
Balance at 1stJanuary 2021 Income Expenditure	26,295 304 ~2	133,659 1,539 ~30 020	159,954 1,843 ~0040
Balance at 31stDecember 2021	26.579	125 178	151 7 7

	ofthe directors ofthe company.
10	NET ASSETS	Vnrestricled	Rcslriclcd	2022
				Total
	Current year	f	f	f
	investments	1,422,319		17422,319
	Net current (liabilities) Iassets Long term (liabilities)	(509,308) (458,676)	153,643	(355,665) ~4. 76
		45433	15'.643	78
				2021
	Figures forpreviousycar for comparison	Vnrcslricled f	Restricted f	Totalf
	Investments	172,699		172,699
	Net current assets	982,344	151,757	1,134,101
	Long term (liabilities)	~65~.553		~654 55
		500 490	1517 7	65 247

The	company's	auditors	2022f	2021
Fee	for audit of	accounts	3,900	3,900
Fee	for other services		80	80
			3 980	3 980

It has been appointed trustee, in some cases	It has been appointed trustee, in some cases	by the Charity	by the Charity	Commissioners,	Commissioners,		of various	of various	charities	charities	listed	in note 14
which have been established to adt ance the tvork ofthe AGBC(SE) in specilic							geographical			areas.	The	assets helrl
in this capacity at 31 December 2022	were:											f
Investments under management												4,537,866
Investment properties												1,854,721
Property used for charitable purposes												1,603,065
Other net assets												9,439
Loans												289,669
												8 294 760
The compan& also acts as custodian	trustee	of certain	assets		for various	churches		which		have	their	own local
managing trustees. The cost/valuation	ofassets held in this capacity (excluding						the value		ofany church premises and
manses for which no reliable cost information		is available)	at	31stDecember		2022 was:
Investments under management												426,789
Investment properly												624,999
Properties used for charitable purposes Other net assets Loans											1,444,773 459,534 ~r) 2 634 877