GRACE BAPTIST CHARITIES LIMITED FINANCIAL STATEMENrs FOR THE YEAR ElED 31 DECEMBER 2023 Company nutnber: IM)090055 Charity number: 1172489 CoDtents Pagt Report of ihe Directors Direcior5' Rttsponsibiliiies Report of the lrtdepertdeni Audiior Statement of Financial Actiwties Balance Sheet Staiement ofcash Flows No*s to rhe AceoLmts 10
GRACE BAPTIST CHARITIE5 LIMITED (BY GUARANTEEI REPORT OF THE DIRECTORS FOR TFIE YEAR ENDED 31 DECEMBER 2023 Objettives and ActlVLties ie coinpaiis a¥iS as a Lorporaie Inisi¢e of chai'itaL)le tivsts. and acts as Custodian tnistee for a number ot churches. The company a150 receives loans froin chuiches and charithblc tIllSl5. and as5i5ts 5vme chui'clies and tyusis tlii'ougli the provision of loans and olher advances. The direciors confimi ihal rh¢y have liad due regard to the giiidance issued by the Charity Lomiiii.sSlOti on public beiiefir. Iii particular, Ilie role as 15[¢¢5 for ¢liurch¢s and the provision of gi'aii¢s aiid loan5 from irust fiiiid5 ti)wai'd5 the stipend costs of pastors and ihe InainOnCe of chuich buildings coniribute to rhe pl.ov1(On of huiches aiid worsliip services. Achievemenls and P¢rforrnance The company coniinued to support chuiThe8 1th major buildino redevelopinenr scheme5 througli loan fundin¥ and advice. The ¢otllPdliy mana(Tes il iiumber of tNsi funds ai)d &pi?iits ot £87.?54 were niade to Nelve ¢hur¢hes from ihem. These were for buildints repairs. siippon for i)iiiiisrer5 aiid biiildinD projects. In addition. granrs of £60.000 wa5 made lo the AGBCSE Tfainins Fuiid 10 lund iraining tutiire n)iiiisiers arid L?4.000 lo AGBLSE HOML Mission t(Tr fund local niiss10n siipport in ihe cliurches Inierest of £7i,917 distributed to cliurclies irusis for charii) loan balances held. Finaiicial Review The Eil)iLal Invesimeni Poliiy loi. Ilie poiilolio ol. iiiv¢sirnenis (ndnaued by Investec Wealih & Investmeiii Limited wa.% rcvieived in ?0? l. The performance iva.% al%0 moiiitored through the vear aiid reponed io Ihe Board of dii'tciors. l-his poiitolio represeiils nioiiies held oli belialf ol Ilie Associarion ol Cira¢e Bapti.st Churches (South Easll. 'AGBCISEI" and Ii'usis foi. which the cornpany is ttus(e¢. Duriiig the yeai., short ierm loans fi'oin Lhui'4h¢s wid rwsts l iiicluded iii creditors) iiicrcased by £78,731. This is Inaiiily due to addilional invesiiiieni by tlie churches fund fuiure project5, but Ivii&er ienn loaiis decreased by £35,01 l. This is rnaiiily funds being uiilised io niaiiiiain iiiini.%lrie.%. Loans to churclie% and Irusrs liiicludcd in debtor5) d¢Lrtdsed £167 81? This is mainly du¢ to Th¢ coimpleLLon of one ol- building projeci in iht year resLilting in repavnient of (he IDan. The nei effecr is a iiicrease in c&sh balances of £J81.397 ReJen'es i?olia' The company I'egularly gei)erales a surplus froni accouiil Jnd property manageimeiii eliai.ges and the dii'cctois have a poliL>' of di51ribiitlLigT ai)5 surplu5 funds eftih Jear by of a grlt L() AGBLISEI. Thv Compan). Secrctary, Finaiice Officer aiid oiher administrative siatt are eirployed b) tIIL Associalioii. Tlie directors have a'¢ed it is appropriate to butld a small Irserve to cover futuit repairs aiid maintcnance for the property oH'ned b) Ihe coiiipaiiy,. prioT to tlial It was lio¢ felL neccssai? to relain ieserves ii) lh¢ ¢onipanv, otlier than Il)e revaluation reserye. In ihe OPiTiion of Ihe directtsrs. tl)e 5thre ot-lhe company's affairs is satlsfaclory.
GRACE BAPTIST CHARMES LIMITED IBY GUARANTEE) 121 REPORT OF THE DIRELTORS FOR THE YEAR ENDED 31 DECEMBER 202) Icoiiiinued) FiirtdrÉii.Yi17X Iii rec¢iii ye.$. the ¢ompai)v has liniiL¢d ils fuiid-raisino activities to discussioii at meetiiigs of iru5t¢es aiid Iiiembery ai'ound budgiets and coiiiparison of acwal outnim versus budtset. Mie conipany doe5 not eiiiploy outside or coinm¢i"cial fuiid-i"aisers. and does noi make appeals tor fuiids beyond its rnenibeis. The ¢ompaiiy ha% not siib5Lribed to aii). fuiid-raisiiig regulator. Future Plans The company ¢oniinued to support tlie retndining Ilvo Luri"eni redevelopmeiii sclieiiie5 tlii'ough 202i and into 20?4. It has been iiivolved in tlie pi'e-planiiiiig of a fi]iiher three poiei)lial dewelopmcnts. Ir coniinuc.% 10 support other Lhurches ihrougli tlie provision of LI5( sTri'aiils The Loinpaiiv 15 conliiiuiiig its l<iiionali5alion pi'o4ramine lo seek 10 i'cduce Ilie niirnber of managed Irusis bj. mergii)g tnist5 whil.4t followiii¥ the Charity Commisioii regiili¢ IIOIIS. Struclure Govern¥nce and Management The conipany. was incorpoi'aied linder Its Memorandiim and Anicle.s doted 13 DLcember 1907. In lh¢ iv¢nt uf (he cornpany beillu wouiid uy. tlie iiiembers are eacli reqiiiyed 10 coiitribiitc an oinoiint i)ot exceediiig ?5 pence. Tlie dii'eciors ol. the Lomplllly (he otrice and meinbei's of ihe Ex¢Liiiiwe Committee OF tlie Assotiation of Grace Bapiist Chui'clies Isoiitli F.asi), pi'ovided tliai i)ot more Ilian one-lialf of such nienibei's are pasiors of aSslated chuiclies. No maxii)Iiim iiLimber of director5 is sp¢cilied in the Memorandum and Aiticles. TIw51ee tiaiiiiiig cniirses are made aTrailahli to Ihc diiectOTS each year aiid CliariN Commissioi) iipdates are reported dt Association Comjnittee Meetings lo keep diiectors infoiined ol. cuiient 155ues and changes iii lcglsltIo17 etc. 117ve.siiweiiipoli The diirctoi's exercise the invesirneiii poThers of Ihe iiidividual chiirches and trusis in accordaiice wilh Ilie pow¢r5 and policies ot. tlie churches arid Irusts. The coiiipan). s own iLive5liiieii15 are niade iii accordance with tlie invesimeiii poivers coiiiained i*iihin the Tru51¢e Aci ?000. Tlie direciois have assessed the priiicipal risks to which (he coinpaiiy i.s cxposed, iii paiiicultjr those related io the opei'alioii5 Iiiid fililLe of Ihe Lonipans, aiid ai-¢ satistied il)at pnKedui'es are iii pla¢¢ to initi ate it5 c%posure to tlieni. A risk regisrer 15 In place and 1% rcvicwcd on a regpular basis. Risk-5 identified include iioii-coinpliance with cliarits, lilw.. liquidiTr Imirigated by Inan tcrnis in place wilh chui'cliLS ¢t¢.- spread of iJive51mtiils: r¢view of pyopeiij holdiiigl and Ios5 of dara and s)'st¢ms lJiiiLibNate¢J by coi)IraLlii)u with ext¢rn&l 5uppIiLr ot l.T. suppoit and oft site backups). Gft'LIIRi iiioklng poliL!' TIIL company does noi ni¢lke gi'anls froim company funds, otl)er than payinents io (he beneliciary. chui¢lies under the legaLJ fuijds. l-hese graiits are issued iii accordaiice w iih tlie Icrms of tlic le¥acies. Wl)¢ Ilie Board makes rai)Is fron) the Irusts for wliich li is the Irusiee, die gi?iiis ar¢ made iii accordaiice with Il)e terms of ihe individual trusts.
GRACE BAPTIST CHARMES UMITED 18Y GUARANTEEI 131 REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2023 l¢oiitillu¢d) Reference AdmlthL5tr8tlve Detalls The dIreOr$ who sced the coinpaiiy for die whole 01- any part of the year were as follows.. Chaimian.. A Creedy. P Fuggle, A G3rdn¢r (Finance Officer). B Jones (Appoinied Nov 2023), A Kin¥, D J Mortimer. Mi55 M O, Mara, A A Ollley (resigi)ed Sept 20?31: P Smith. J Southcombe (Treasurer} P M Woodley Company Seeretsry". Finance Officer.. L WiDmill A M Gardner The Compan> Secrdaiy. who is employed by AGBC(SE), has delegated authority io auihoris¢ rnutine and ploiined mailltenaiicc for Iru5L A55ociation aiid church propertle5 Wlthin an annual budget. The budget is approved by the Board in Nov¢mb¢r for th¢ following y¢ar. Retsisiered office.. 62 Bride Stsre¢ London, N7 8AZ The priiicipal advisers of (he company are as follows.. Audiiors.. Ja¢ob Cavena¥li & Sk¢¢l, 5 Robin Hothj Lane. Siition. Surrey SMI 2SW Principal BaiikeT5 CAF Bank Limited, 25 Kiiigshill Aveniie. Kiiig5hill. Wesi Mallink. Kent ME19 4JQ Suffolk Building siety, PO Box 547. Ipswich, Suffolk, IP3 9WZ Principal Invesknnent Managers.. InvesieL Wealih and Investment Lid. 2 GL'e5ham Street. London EC2 7QP Principal Soliciiors Carter, Lemoii Camerons LLP, 10 Aldersgaie Street, London. ECIA 4HJ Edward Connor Solicirors. 10 The Poiiit. Market Harboiough, LE16 7QU This report lias been prepared iii accordance with the special provisions of Part 15 of the Companies Aci ?006 relaiii)g to 5niall companies. BY ORDER OF THE BOARD (2J J. Southcombe Direttor 1st July 20?4
GFIACE BAPTIST CHARITIE5 LIMITED IBY GUARANTEE) 141 STATEMENT OF DIRECTORS, RESPONSIBILITIES The diitciois (being trnsiees of the charitable companJ) are responsible for PrEparIn the Directors, Report and the rinaiicial statelents in accordance with applicable law and United Kingdom Accouiiiing Stsndards Iuiiited Kingdom Generally Ac¢ept¢d Accounlinx Practice). Company law requires the directors to prepare financial 5t21ements for each fa]Icial year which giv¢ a true and fair view of the slate of affairs ol the company and of the incoming resources, including the inconie and expenditUTe, of die company for Ihat period. In preparing Ihose financial 5tai¢ment& ih¢ directors are required iu.. selecl suitsbl¢ accounting polici¢s and then apply them coiisistenily; observe the metliods and principles in the Charities SORP make judgements and esiiniares ihai are Irasonthle aiid prudent- stale wliedier applicable UK Accounting Standal'ds havc been followed. subject to any materia departutts. and Pf¢Paf¢ th¢ finaiicial statements on rlie going Concem basis, unless It ig inapprtyriate io presume that the harTty will continue in operdtion. The directors are responsible for keepiiig proper accounting records which disclose with reasonabl¢ accuracy at any time the financial p05jtion of the company aiid to enable it to efi5ure that the flnancial siatemenis ¢omply with the Companies Aci ?006. They are also responsible foT safeguardijig the &%sets of ihe compaiiy and hence for taking reasonable steps foi- the pirvention and detection of fraud and oihth. irregularities. The direc(or5 who held office at the date of approval of thi5 Annual Rep(rt as sei out above, each confiiTh (hat.. so far as they aware, there is no r¢l¢vanl audit infoiThation linfomiaiion required by the charity 5 auditoi. in conneciioii with preparing their report) of which the charity's audi(ors are unaware,. and the diTe¢iors have takeii all the sieps they oughi to have taken in order to make themselves awar¢ of any relevant audi( infoniiaiion and to e5thblish thai the ch8rity'5 audiiotx are aware of ihai infomialion. BY ORDER OF THE BOARD 62 Bride Street Loiidoii N7 8AZ dffjl J. Suiiil)ioIYibe. Direcior Grace BgPt15t Charitles Llmited 1 st July 2024
GRACE BAPTIST CHARITIES LIMITED IBY GUARAP4TEEI REPORT OF THE tNDEPENDENT AUDITOR TO THE MEMBERS OF GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEE} Opinio We have audi¢ed the fillaiicial siateinenis of Grace Bapiisi Chariiies Ltd (Ihe 'eharity'l for the year ended 31 Decembei. 2023 which compi'ise ihe Siatemeni ot Financial Aciiviiies, rhe Balance Shtei. the Statcinent of Casli Flows and the iio(es to ihe tinaiieial s(atemeiiis, inLILiding a summary. of sigiiifiLani ac¢oun(iiiL policies. The rinancial reporting framework t]iai has been applied in tlieir preparation is applicable law aiid Uniied Kiiigdom Accountinij Standard5, iJicludiTig Finaiicial Reponing Standard l O? The Fuiancial Reportinu Stsndard applicable in th¢ UK and R¢public of IIEland Iunii¢d Kiiigdom Gen¢rallv Acc¢pL¢d A¢¢ounting Prafjlice). In oiir opinion the tinancial staiemenis-. giv¢ a twe and fair vi¢iv of lh¢ stat¢ of th¢ chai'itable conipany's affairs as &¢ i l December 2023 and of il5. incoming resoui'ces aiid applicatioii of resources for the year theii ei)ded- have been properly prepared in accordance wilh United Kintsdom Generdlly Accepted Accouniing Piactice- aiid have been prei)ared in accordaiice with the r¢quirciiients of the Companies Act 2006. Basis fur opinion We condlicd our audit in accuid&inLe H'ith Intetnational Standard8 on Auditing {UK) IISAS (UK)) and applicable law. Our responsibiliiies under Ihose standards are fu1ler described in the ALidiior's responsibilities for the audii of tlie financial 5tatemen15 seclion of our report. We al'e indepeiidElIt of the cliaritable coimpwiy iii accordance with ihe e(hical requiremei)ts Ihar are relevant io our audi( of ihe fiiiancial sthieiiients ii) die UK. iiiLludiiig the FRC'S Eihical Siaiidard. aiid ive have fulfilled our oiher ethical responsibiliiies in accordance '1th the%e rcquiremeiits. Wc believe thai the aLidit evidence we have obtaiiied is sufficient aiid appropriate to provide a basis for our opinion. Conclusions relAting to going concern In auditing the fjiiancial siateiiients. we have coiicluded that the directors. use of the goiiig conceni basis of accouiiiing in ihe preparation of Ilie Iinancial sreme1}IS is appropriai¢. Based on Ihe work we have perfurnied. we have not identified aiiy material uncertainties relaling lo events or coiidiiiolls thai. individually oi. colleciively. may casi significant doubt on the Charity'5 abilily lo corilinue as a going coiicern for a persod ot ai least 12 n)onths from when ilie fiiiaiicial staten)ent5 are aiiihorised for issue. Oui. r¢spoiisibiliiies and the respoiisibiliiies of Ihe dir¢c(ors with re5p¢cr to goiiig ¢oiicerJi are desci'ibed in the relewant seclions of this reporr. Other information The otlier ii)lormation comprises the intom)alioii iiicluded iii die ani)ual Irport, iiicluding the dIrtorS, report, other than rhe fiiiancial sratemenrs and our audilOI s report iheieoii. The direc15 are responsible for the her infoffliaiion COnlned withii) tlie aiinLial report. Our opinion 01) the fii)aiicial sratenienis does not cover Lhe other infoTmalioii &nd, excepi to the extent oiherwise explicitly staled in our repoil, we do noi express aiiv form of as511raiice conclusioii theiroii. Our resptsiisibiliry is to read Ilie oiher inforniaiion and. ii) doinLI 50. consider wlieiher tlie oili¢i' information is materially iiiconsisient wilh the financial statemellts or our knoilledoe obined in rlie course of Ihe audit. oi. oilierwise appear5 10 be rnateriallj. nii55taled. It we identity such tnalerial incoiisisieiicies or appareiii iiiattmal mis5taterneiit5, w'e Rre r¢quired lo detertnine wh¢dier Ihis ¥ive5 rise io a maieridl misstatemeni in tlie financial statcmenL% themselves. If. based on the work we liave perfortned, we cohclude thai Ihere is a niaierial missiatenieni of this other infoiJnation, w'¢ are IrqLiired to repoit that fact. We liave iiothing to report iii Iliis regard.
GRACE BAPTIST CHARMES LIMITED 18Y GUARANTEEI 161 REPORTOF THE tNDEPENDENT AUD11"OR ro THE MEMBERS OF GRACE BAvfisT CHARITIES LIMITED (BY GUARANTEE) Iconiiiiued) Opinion5 on oiher matters pre5crib¢d by the Cofflpklnies Acl 2000 In our opinion, based on Ili¢ work uiidenakei) in the cours¢ of our audit.. (he informaiion givcn in tlie Tnistee5' Repuit, which iiicludes th¢ dir¢LIOLS' report prepared for the PUTpose5 of company law, for tlie financial year for which ihe finaiicial statemeiiis are prepared is consistent WiLh the finaiicial SULenients: and the directors report included witl)in the frustees, Rcport lia5 been prepared in accordanc¢ ivith applicabl¢ legal Irquirem¢ntS. Marters on whleh we nre required to reporl by exceptio In the light of the knoTh'ledge and uiidcistandin. of the charity ai)d irs eiivironinevt obtained iii the course ol- the aiidil, we have noi identified Inaici'ial iiiisstaten)ents in the direciors, report included with the diretior.s report. We have noihiiig io report in respec( ot the followins matters in r¢lation to ivhich the Companies Act 2006 requires lis 10 rtpon 10 vou if. in our opinioii.. adeqiiat¢ accouiitinu record5 have not beeii kept, or i'eL11rn5 adequate ftsr our audii have been reccived fron) branches TlO( V151ted by LIS., or Ihe tinancial statcments are not ii) aoreemeni witli tlie acc(xiniiiig record5 and i'etums.. or certain disclosiires of tn15tCes' I'emuiieratioii specified law are not made.. or e have not Irceived all the infonmatjon and explanaiians w.e require for our aiidii.. or Ilie direciors were iiot entitled to Prepare ilie finai)cial statemeiiis iii accoi'dance wilh ihe siiiall companies r¢gim¢ and lak¢ advaiitaiTe olihe small companie5 exympiions in prcpariiig the dircctors, iep011 and from the reqiiiremeiit to pr¢par¢ a 5traLe£y IL ieporl. Responsibiliiies of directors As eyplaiiied iiiore fvll}' in Il)e dii'ector.s' respoiisibilities siatemcni, tlie trustec.s' (wlio are al.%0 Ihe direclors of the harlble coinpany for the purposes of co11)pY laKvl al'e respoiisible for ihe PTepdrnlioii ot'ihL tiiiaiicial stalcnieii15 and for being satisfied thai IhLy give a iwe and fair view. aiid for 5uih iniemal coiiirol as die tr1151ee5 determine is ece55ary lo eiiable tlie preparatioii of fiiiancial sralemenis that are free fi'om maierial missiatcment. whetlier due 10 fraud or errvr. In prLparing tlie fInaclaI statelentS. the direciors are reskN)nsibl¢ for as5e55inu the charity's abiliry 10 contilllle as a going concern, disclosiiig. as applicable, niallers related to goingj concern afid Llsinu ie goiiig concern basis of accouniing unless Ihe diieciois cithcr intelid (o liquide the COrnP¢iny oi. to cease operalioiis. or have no reali5ll altemaiive bul lo do so. Auditor's responsibilities for Ihe auilit of the fjnanclal statements Our objectives arL to obtain reasonable assiirancc about whetlicr ihe fiiiancial statemei)ts as 8 wliole ar¢ free frgm IMaierial mi55raiem¢ni. whethei. due to I'raud or ei-ioi.. ld to Issu¢ an auditor's report Ih<lt ii)cludts our opinioii. Reasoiiable assurance is a higli Icvel of assui'ance, but is noi a gLiaraniee that an aiidiL lundiicted ii) aLLordaiice w'ith ISA5 IUKI ,111 alm'ays deicci a maierial iiiisslalement wheii 11 exisrs. Missiatement% can arise fl'oin fraud or error and are Loiisidered maierial if. individiially- or iii tli¢ a¥¥iegaltr, the¥ coiild reasoiiably be ¢xpected 10 iiifluence the economic det1510115 of list iaken on ihe basis of ihese fiiiancial staiements. The exreni to whicli oiir procedures capabl¥ uf detEciing irre&iiilariiies, including fraud is deiailed below..
GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEEI REPORT OF THE TNDEPENDENT AUDITOR TO THE MEMBERS OF GRACE BAPTIST CHARITIES LIMITED (BY GUARAf4TEE) Based on oiii undersiaiiding of Ilie ¢oinpany. we idenlified that (he principal I'isks of noi)-coniplidnie witl) laws aiid iegulaiion5 related to cliariry legislaiion aiid we con5idei.ed tlic cxlcnt (o w,hich noll-compliance mi¥hi have a material effeci on ¢he tinaiicial sia¢enienrs. We also considered those laws and re(7ulatioiis that have a direct iiiipact oli (he prepaiaiion ot t11e financial siale1¢1ts SLicli as the Conipanies Aci 2006 and Charit1¢5 Aci 2011. We assessed ihe susceptibility of the coinpany's financial s(afemenis to marIal Liiisstaiemeni includiiig obiaiiiiiig an under5taiiding ot how fraLid Tnight occui.. by tnakiiig eiiquirie5 of Tnaiiagemeiit. ¢onsideriii(T (he internal coiitrols in place aiid di5CU5sion amoiiLF51 the ¢ngag¢iii¢Mt teaiii. We deiemiiiied thal the principal risk's were relaied ro Inanagenient bias in accouiiting estimates inclLiding valuaiioii of inv¢s(ment propert) aiid Inanagemeiii overrid¢ ol conu'ols ard the i)IiS-Stalemellt ot prop¢rtv transaciions or loan balances. In Ir5ponsE io the risks identified we de518iied procedui'es which iiicluded. but ere noi limiied t(Tr challengiiig significant accoiiiitiiig esli1ales, evalua(ii)g Ilie compaiiy's Illrnal Lonirols, wid verifying pi'operty iransa¢Lions and loati balances w'i(h ihird parties. There are inherent limiiaiions in the audit procediir¢s d¢scrib¢d above. The niore I"eiiioved that laws and re¥iilaiion.% are frnm finaiicial traii.%aciions. the less likel J. it 1% tliat we M'ould becorne aware of non-c(Knpliai)ce. Matei'ial illisstaieiiients that arise diie lo fraiid cali be hai'der io delect than those iliat arise from error as Il)es' may involv¢ deliberate eoncealineiit or cgllusion. A ftirther description of our responsibilities for the audit of the finaiicial sialcmcnis is locared on tlie Fiiiaiicial Repoiting Couiicil's iNebsite at. http.liWM*V.fic.o[(p UaUdit0rsrespIsibiljtI¥ts. This dr5cription lonns part ot- our audiiorfs report. Use of our report T]iis Teport 15 Inade solely lo Ille cliaritable compdti)'s Inembers, as a body. accordaiice willi Chapter ! ot. Part 16 of ihe Coiiipanies Aci 2006 and I'ebFulaiioiis niade uiidei. that Aci. Our audit work hab b¢eii undertaken so ihai we niiglit statc ia tlie charitable conipaiiy's ni¢mber.s Ihikse maitcrs we are required to slate to Ihem in an aiidiion. Irpuit aiid for iio oiher puipose. To Lhe fijllesi ¢xLeiit peniiitied by law, we do nol accepl oi" &isbume rebponsibiliiy 10 anyone oiher Ihaii Ihe chariwblc coiiipaiiy aiid its m¢mb¢rs as a body. foi. our audit work. for thi5 report, or for ihe opiiiions M"e have fomied. R l Haffenden MA (Cantab) FCA (Senior Statutory Auditor) for 2nd on behalf of Jacob Cavenagh & Skeet. Sialutory Allditor Chai'lered Accountants 5 Robin Hood Lane. Sutton. Sun"ey SMI?SW Daied.. I S T_ 2£)1
GRACE BAPTIST CHARITIES LIIIITED 18Y GUARANTEEI STATEMENT OF FINANCIAL ACTIVITIES IINCLUDtNG tNCOME AND EXPENDITURE ACCOUNTI FOR TEIE YEAR ENDED 31 DECEMBER 2023 31123 Toial Fund5 2022. Total Funds Uthrtstrieted Restrieled Fund Fund Tncome cNdoMment5 from: Chariiable actiwiiies Invesimeiiis Nttle 80.566 80,566 89.5)8 I7O,I24 77.456 38.001 115,457 165,846 4.278 ExpeNdiiure on: Raisillg fund5 Cliaritable activitLC8 Total expenditure 7.628 142,?57 149,885 7.628 14?797 149,925 6,742 105,098 111.840 40 Net ineome before Net gains I (losse5) on investments 15.961 4.238 20.199 3,617 Net gains I1105ses) on invesunents Realiscd {10sses} tsn iiivesiments Uni'ealised 1 (losses) 01) 11)VLsimeiirs 14,071) 46.605 (4,071) 46.605 42,534 144,9591 (47,8861 Net income l {expenditurc} and Nei movement in Funds 58.495 4,238 62.733 144,269) Rteonciliation of funds.. Funds bi'oiiJo it tonvard Funds cariied forwurd 454, j3* 512 830 1 £3.643 157881 607.978 67n711 6)? ?47 607.978 10 No operations weie acqiiiied or disconiii)Iied diirii)g rhe year. Prluryertr NllMIy515.' Uiireslricl¥d ReilriL¢¥ Fuiid Fuiid 21J?? rululfmjirfs Income and endowments from.. 77.456 36.075 113,531 77.456 38,001 I S,457 Investinei?Is Total income and endowrnentS 1.926 1.926 Expendlture on: Raisiiig fiinds Cliaiirable activities Toial eipenditure 6.742 105,098 111.84U 105.058 111,800 40 40 Operating surplus 1.731 1.886 3,617 Net IIos5e5) I gain5 on investments Realised {losseg1 I gains 011 iiiv¢smients Unrealised (losses) l uains 011 investsiients (?.9?7) (44,959) (47.886) (46,155) (2,9?71 144.9i91 147,8861 144,269) N¢t (expenditure) l income and Net movernent in Fund4 1,886 Reconciliation of fuNd5: Fiinds brouglii forward Funds carried forward iOO.490 454 33S 151,757 li3643 652,?47 607.978
GRACE BAPTIST CHARITIES UMITED (BY GUARANTEEI BALANCE SHEET AT 31 ST DECEMBER 2023 2023 2022 Note Fixed 855¢ts Invesunents 1.458.995 1,422.i19 Current a55ets DebioTS liiicluding £703.017 (?022.' £857,031 I due in more than one yearl Investments Cash at Baijk Toial C'urren¢ qssel 735.135 892,145 61,020 1,343,645 2.139.800 159,669 863.604 1,915,418 Cr¢diiors: Aniounts fallii)g due wiihii) 01)e year 7 12.504,419) {?.271.083) Net eurrent (liabilities) (364.619) l j) f.(Tr6i I Total assets Icss eurrent IIAbllitles 1.094.376 1.116().6i4 Creditors: Amounts falling dut after one year (4?3:665) 14i8.6761 Total net a55¢ts 670 711 607 978 The funds of the charity: UTrrestricled funds Revaluation Reserve {IinJesiricted) Toial Unre5trici¢d Fund 473,803 39,027 511 830 410,927 43,41)8 4)4,335 Restricied incom¢ fi]nds Total funds 157,881 670711 607 978 These finai)cial statenienls have been pr¢pared in accordance with the 5p¢¢i81 provisioiis relatiiig to small companies within Part 15 of the Companies Aet 2006 and were ttpproved by the Board on I st July 2024 and siged on their behalf by.. Company registraiion nuinber.. 00096055 Direcior Gl'ace Baptist Charities Limited
GRACE eApnsT CHARITIES LIMITED (BY GUARAi¥fEEI 1101 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2025 2022 Tolul Fmiids Tol41 F4ndJ Stwtement of cash flows: Table Cash flows from operatlng activitles: NeL cash provided by (used inl operating aciivities 292,426 351,057 Cash flows from investing activities: Dividends, inteTest and reni from investni¢nis Proceeds from sale of investiments PUrche of investments Net cash provided by Iu5ed inl ithvesting aaivities 83.108 306.967 (202.460 (1,859.208) 187.615 11.279.036) 19.061 Change cash nd ¢95h eqvivalents in the reporting period Cash and cash equivaleiiis at the begiiiniiig vf the repoiting pcriod Cash and cash ¢quiv4l¢n15 al the end of ihe reporting period 480.041 (A,630,0931 863.604 ?,49j,697 T8ble A- Reconciliation of net incoffle l (exp¢nditur¢) to nei cash flow froth oper#ilng etivitles: 21123 3022 Net income l (expendittjre) for the reporting perithj {as per tlie statement of fiiiancial activities) Gains on investinents Dividend5, interest and rent from invesrnients {Iiicrease) in debtors IncT¢ase l (decrease) in crediiors Nrt e*sh provided by (used inl operating Activities 144,2691 47.8116 (19.061) (41.176) (294,4J71 -351.057 (42.534) {89.5581 163.476 198.309 29?.420 Table B- Anal)sis of c45h 411d cash ¢qyivalent5: Cash in hand Notice deposits {less (han i monihs) Total easb and cash tquivalent5 1 ?95,922 47,723 817._IOK 863 6U4
QFIAGE BAPTIST CHARITIES Lff•llTED IBY GUARANTEEI NOTES TO THE ACCOtNTS FOR TFIE YEAR ENDED 31 DECEMBER 20?3 ACCOUNTINC. POLICIES The principal accouiitillu policies adopted. judgemeiiis aiid key sources of es111aLI0n uiicertainlv iii the prep¢all017 of Ihe finanLial siaLetneii15 are a5 follows.. {a) A<counting convention Tli¢ finanLial statttiients l?ave been prepared (Inder tl)e Conipanies Act 2006 and in accordance with the Chariiies Sthteineiit of R¢cotnmEn(led Praciice ICliariii¢s SORP IFRS 102)) and Tr inancial Repoiling Standw'd l O (FRS 102). The financial siaiements are drawii lip oli Ihe histurical cost L)asis of ac¢ountiiig, as niodified by Ihe revaludtioii of iiivestsneiit properties. The financial stalcmeiit5 are prepared iii pounds sterling rounded w the neare.%i pound. Glace Bapiist Cliarities Limiicd i)ieets the definiiion of a piiblic benefil entity under FRS 102. 11 15 a cliarilabl¢ cumpai)y liniited bw ouaraniee wilh registered oftice of 67 Bride Strcct, London. N7 8A7.. {b} Going coneern Tlieie ale 110 material Iincenainiie% ahoiit the chariry's abilitv 10 coniiiiu¢ gp¢ralions for (l)e foreseeable ILlture. Icl Incom¢ Loan iiiie1.esi receivable. intcrest pas"'able on deposits. Rciilal iiieome and maiiageiiient cliarg¢s are re¢¢)gTnised oji an arcruals bd51S. Voluniary income iii¢luding legacies 15 klLLounied loi. oni¢ the charity has £nlitlein¢iil 10 Ilie income, it is probable Ilie inconie will bL rcceived ai)d ilie amouni of incorne re¢¢ivable can be reliably nieasiii'ed. Idi Exp¢nditure All ¢¥penditure is included oil ali accruals basis. C haritable expendiiurc comprises all expendiiiirc direcily relaieil lo tlie objecis of the cliariry. Tl)iS ITILlu(ies goveiTiai)¥e cosis whicli iepre5enl ihe cost of compliancE Wlth coiisiirLiiional and siaruiory requirements. 1¢) Investments Inve5tm¢nl and invesrment pi'opeiTies aT¢ Stared <it market value ai the balanc¢ sheet dale. Any gain or Ioss 011 realuatIOn is tak-eii lo (he Staieiiient of Financial ActiNiiies. The directors review (he value of investment properties ani)ually dnd obtain extei'nal valuatlOll5 every five ycai's. Any gain or loss 01) rcvaluatioth is takeii to the Siatemei)i of Finaii¢ial A¢iiviii¢5. It) Debturs Loans to cliurclie5 aiid trusts and otiier dcbtors are iiicluded at rlie set(leineni aiiiount diie. Prepavmeiits are valued at ihe atnount prepdjd. {gl Cash at bank Cash at bai)k incliides cash and shon temi highl) liqiiid invesimeiits with a sliort mattirity. of tliree months or less from the dale ot opening of Ihe d¢p051t.
GRACE BAPTIST CHARrriES LIMITED IEY GUARANTEEI NOTES TO THE AccoifNTS FOR THE YEAR ENDED 31 DECEMBER ?0?3 (continued) (h) Creditor5 provisions Creditois and provisions are iecooJiised whei'e tl)¢ chdrily has a preseiii ubligaiion arisillg fi.otn a past ¢vent ihai will probably tt5uII iii tlie transfei. of fiind5 to a third pairy and Ihe amouni due to settle Ihe obligaiioii can be m¢a5ured or ¢sliiiiaLed ieliably. Crediiors aiid pi'ovisioiis are recogTrised ai their (i) Fund ¢counting The funds held by d)¢ chai'ity air either.. Resiricled fvnds- Iliese are tunds that can only be used for particular restricted purposes wiihin the objects of ihe chai'iTh. Resirictioiis ar15¢ wlien SPeLilied by (he donor or when tuiid5 are raised lor parti¢iilar piirposes.. or UiiresiriLted fiinds- Ihese are fi]nds whicli can be u5¥d iii accordance widi the chai'iiable objecis at the discittioii ot the direciors. 2 INCOME AND ENDOWMENTS 2023 Unre5tricttd Restricted 2023 Total 2022 Total 2,1 Income from charitable 8Ctivies Manauemeiit cl)arge.s Property rnana¥einent Administi'ation charges Inteiesi fi'om loans 10 chui'¢li¢s and Irusts i2.735 16.566 12,640 18,6?5 80.566 32.735 16,)66 12.640 18,67) 34.643 20.403 l O.Yi9 77.456 ?.2 Income frum investnients Iiivesthiei)I properties Invcsiinents listed on recognised slLKk ex¢l)anue Bank and oil)er iiiiciesi 6.817 6.817 43,274 39.467 89.)58 2).864 8.925 38.001 35.189 4.:78 All iiivesimeni iii¢ome arose fL'Olll assets held in Ilie UK 3 EXPENDITURE 2023 2023 Unrtsirieted Restricted 2023 Tot¥1 2022 To1 3.1 Raising fiinds Investnient nianagement Iiivestmeiit propcrt). expenditure 5.874 1.754 i.874 1.7)4 7.628 3.976 ?,766 3.2 Charitable &ctivitie5 Gi'ant payable to AGBCISE) Inierest payable to chuiches and irusis Office aiid staiiontry cost5 Developmeni consultancy ¢95ts Truse managenienl charge Legal aiid pi'olessional tees GoveraJiLe LOSIS Bank charges and interesi 60.677 75.927 154 1.065 60.677 75.927 li4 1,065 40 4.656 40 40 41 4.308 Si 142.257 4.308 85 14? ?97 4,1 li 40 IO),098
GRACE BAPTIST cHARlEs LIMITED (BY GUARANTEEI 1131 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER ?0?3 Iconrinuedl 211?3 Inve5trnenl prupL'rtlL'5 investments 2023 Quoted ?023 4 INVF,STMEwrs Market valllc at 151 Januaiy 2023 Addiiions uiirealised110sses1 I gain5 Disposals Markei value ai 315( D¢cwnb¢r ?0?" 179.771 1.24? 548 301,109 50.986 1,42?,319 301,109 46.60) l)11,038) 1.458.99i 14.)¥ I I 1.283.6n5 Hisiorical cosi at 31 st December 20?3 li6)63 1,294,580 1.430.94) Historical c051 at 31 si Derember ?02? 13636i 1 ?94,580 1.430,943 'rhe diieciors obraijied a professional v31uatioii of the investment pr()penie5 in DecciTLber ?01 l a11d l)ave updaTrd this bj. ref¢renc¢ io Iha(ional house priLe indices. i DEBTORS Loan5 {paysble after rnore than one year) Loans io chlli'ches (i) Loans to trLLSts141 2¢123 2022 288,031 569,000 857031 492,000 703.017 Other debtors Amvunts due chuiclies Sundry debtors 11.508 20.610 i2.118 14.808 i5.114 Total debtr$ 735,135 892.145 6 CURRENT ASSET JNVESTME.rff5 2023 2022 CouTriie8 and Cambridoe Bank 95 days, iioiice 61.090 159,609 1.fj9.669 7 CREDITORS.. a1710uiiis fallin&> du¢ within one )'ear 2022 AtnoLiiilb diie io Lliiirches Amouni due to AGBCISEI Amounts due to Irllstq Other credirors 1,901.303 i37,416 2)9.977 3,713 2.504419 1.76i.047 18? 90? 319.50? 2?71083 8 CREDITORS.. amounts falling due after niore than one year 21P?3 2022 Amoiints due io chiiirh¢s 42i,665 4)8 676 This represents amounts due to churches where Ilie balance 15 Ov. £100,000 and tlie iioiice pei'iod ¢k¢eeds 36) days.
GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEEI NOTES TO TFIE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER ?073 {conlinuedl 9 RESTRICTED FUNDS 2023 2023 2023 Hayes Lane Legacy Downe Leuacy 1 ?6,747 3.529 1201 130.2)6 Total Balance at 1st January ?0?3 Iiicome Expendirure Balance at i15t December 20?3 153.643 4.278 1401 157.881 749 20 ?7.615 FIRure5forpreviouy JbÉttrfvr L'omporis011 2022 2V22 2022 Hayes Lane l£gacy 26,579 Duwiie Legacy l?j.178 1,589 120 1?6 747 Total Balance at I si Jai)uary 202? Iiicoime Expendimre Balanc¢ dt 31 st Decembei. 20*2 151.757 1,926 1401 1 $3.64j 1201 ?6.896 Th¢ rcstrictcd funds aros¢ froin legacies receivcd to tic applied for tlie bcncfii of specific chui'ches at Ihe disciyiion ¢)f tl)¢ diiEc1015 ofthe coinpany. 10 IYET ASSETS U•ire51rlcl¢d Res¢rlcled 21125 Tolol Curreiilyeur Investiiienls Net c¢1]t Iliabilitiesl J assets Loiig t¢nll Iliabiliii¢s) 1.478.995 {522:500) {4?3.66 j 51? 830 1,4i8,995 1364.619) (4?3.665) 670.711 1 $7,881 157.881 31J22 IINTeslriclerf Reslrlcl¢d Figure&lorprevious i'e4rlvr (li1prISon Iiiv¢s(meiitS Ner ciirreiii Iliabiliiies) l asseis ,412. J19 1509,i081 {4f 8.6761 454 )3) 1.471.319 (355.665) 1458,6761 607 978 15i,643 153 643 Tlie injsiees. policy is io invest original tuiids to provide both capital fiLnd5 aiid incoiiie. I I AUDIT, INDEPENDENT EXAMINATION AND OTHER FINANCIAL SERVICES FEES The compaiiy's aiidiiors made the followin(y cliarge5'. 2023 2022 Fee for audit of accounts F¢e foi. other 5¢rv1¢¢5 4.200 36 4.236 i.900 80 12 STAFF COSTS AND EMPLOYEE BENEFITS Tlie charitv did not ¢iiiplov ali). staff diiriiiu tl)e veal..
GFiACE BAPTIST CHARITIES LIMITED 18Y GUARANTEEI NOTES TO THE ACCOUNTS FOR THE YkAR ENDED 31 DECEMBER ?023 Iconiinuedi 13 ASSETS HELD OP4 BEHALF OF THIRD PARTIES The company acts as d trust coi'poraiiun being custodian trustee for various chuiehes and tIStS. Recoi'ds are kept which identify the holdinos applicable io each ¢hurch aiid tru.%1 for iiivcEtmcnts held in the name of thc conipany. Tlie5e assets and Iheir associaied transactions arc dcali witli in tlie aciollnrs ot Ilie chLirches alid (rusis concerned. It has been appoijited tr115tee. in some C¢5 b} the Chariry Coiiimissioner5. of variou5 chai'LtIES listed iii note 14 which hav¢ been ¢SblIshed io advanc¢ Ihe work of the AGBCISEI in 5P¢¢Lfic g¢ographi¢al areas. The a55¢1s held in ihis c&pacity at 31 December 20?3 wer¢.. Iiivesiments linder maiiogeinenl Investjneni properties Properry used loi. cl)ai'iiable puiyoses Oihei. 11ei assers Loans 5.938.228 1.771.688 1.77?.446 6.6?? 345,66) 9.834.647 The ¢onipaDv also acts as ciisiodian rrusie¢ of ce11ain assets for various ¢hur¢li¢s which have their own local niaiiagiiig Iru5tees. The c0511valuatiOli LTrf a55ets lield iii this capacity lexcludinD Ilie value of ali> cliiireh pi'emises and manses t(M' whicli no reliable cost infoiination is available) at ilst DeceinbeT ?0? j ivas.. Inyestinenis undei. managcment Iiivesimeiii propeny Properties ii%cd tor charitable piirposes Odier net &Ssers Loan5 445.1 ? j 6?4.999 1.444.773 42i.840 1?97,?1 ?) 2.64) .)25 14 RELATED PARTY 'rii¢ followiiig direciois are also irysiees ot. the A(iBCISEI (the 'chariry i and. as sllcli, have an iniei'est in rransaciions cai'ried out oli behiilf of Iiusis aiid cliurches adiiiiiiisiered by tlie coinpany and lh¢ chai'iry.. A A Oiiley Iresigiied Sepi 20?3)' A Ci'eedy. P Fiigglc. A Gardner IFiiianc¢ Officer). B Jolle.s (Appointed Nov 20? J I, A Kiiig. D J Monimer, Miss M O. Mai?. P Smiih, J Souihionibe ITir&surei') and P M Woodlej. Tlie trdiisaciions ii?volve gi'aiiis aild Iiianagemeni cliaiges paid by rhe tyu5ts and chiirch¢s pdminist¢r¢d by th¢ Company. Trusi tunds relaiing 10 tlie following iwsis were adminisrered by ilic 1% of iheir Trusr D¢eds.' Avonmoie Avenue- Britshcoii Tiusi; Biicklaiid Coininon Baptist Cl)apel Trust: Dudley Baptist ChurLh Trust.. -Eben¢z¢r" Bapt181 Chapel. Ilford Tnist.. Eva Rance Cliai"iry: Feli11am 'Zoai' Cliapel Tnisi.: Feltl)am 'AvoiiwicK' Trust.. Gadde5den Row Chapel frust. Grace Charities Trust. Littl¢ Wild StrEet Tru51 Chapel (Stricl Bapiistl Fuiid: Maj'ford Chapel Tnisl,. Pottcii End Cliapel Fund.. Providence Cliapel, Kin¥s(vn Trns(,. Richiiiond Hoiiies Tnisr: 'Salem' Baptist Chapel, Richmoiid Cli?L I'ity: Wilstone Chapel. Durinu ihe yeur. an int¢r¢5t bedring loan fa. cility of up to £200.000 orlLed tv Hope coiniiii1ni Cl)urch of which the tn151ec, AA Ottley is also a tru51ee. £91,500 of rhe faciliry had been drawn down at >ear end. Iii additioii, an in(¢r¢st beai'in¥ loan ol- £?_S,00 I advaiiced to N¢wtowii Baptist Church. Chesham ol. NNhich the mislee D Moniiiier is also a trustee. Thc balance at year eiid 'aS £9.£17. 14 TRUSTEES, REMUNERATION AND EXPF.NSES No reiiiLin¢ration or reirnbiir5enienl of Expen5e5 directl). or iiidirectly out of tlie ndS oftlie charity was paid or Pdyable for th¢ >C&ii' 10 any tru51ee (Trr Iu per501i 01. per50n5 k]iowii (o be coniiecied with any oftl)em.