GRACE BAPTIST CHARITIES LIMITED FINANCIAL STATEMENTS FOR THF. YEAR ENDLD JI I)Tr"CEMBF.R 2024 Company nuinber: 000960S.S Charity number: 1172489 Conlents Pgge Report of the Direcrors Direclors, Responsibilities Repoi1 of the Independent Auditor Staicnieni of Financial Activities Balaiice Slieet Siaicmeni of Cash Flows Noies lo tlie Accounts
GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEEI REPORT OF THE DIRECTORS FOR THE YEAR ENDLD J l DI-'CEMBER 2094 ObjecliN'es and Aetivities Tlie coinpan J acts as a corporate trustee of cliariiable trLlSts, and acls as custodian trustee for a nLimber of churches. Tlie coiiipany also receives loans trom cl)urcl)es and charitable trusis, and assists some churches and irusls through the provision ot. loans and other advances. The directoi's conlirin Ilial tliey have l)ad due regard lo tlie ouidaiice issiied by ilie Charity Coiiiinission on public benefii. In particular. Ihe I'ole Iruste¢s for chui'cl)es aiid the provision of grants and loans from ii'ust lunds loww-ds the stipend costs ot" pastors and the Maintenance of church buildiiigs contribuie to the provision of cliui'clies and worsliip services. Achic4vemenls and PerfDrmgn¢e The c()nipai)y continued lo support chLirches w'ith iiiajoi. bLiilding redevelopnieni schen)es tlirough loaii fuiiding and advice. The coiiipany maiiages a nuniber ol. trust liiiids and graiits of £79,-£67 were made lo thiiteeii cliiii'cl)es from them for suppoil of ministers. Ii) addilion, gi'aiils 01 £60,000 'aS made lo Ilie AGBCS r Traiiiiiig Flind to fund Irainiiig rllture niiiiisiei's aiid £4J,9.5 I to AIJBCSE I loiiie Missioii to liiiid Ii)cal iiiission support in ilie cliurclies. H'ere niade out ol. Triisi Funds. The Luiiipany, OLII ()f lis iiiconie, has dislribuied Inieresi of £1 ?3,998 10 cliLircl)L% &ind trLislS fui. chariiy loan balances held, logetlier ivith a gi'1< ni 01. £68 141 lo AGBCSI. in I'ecogiiitioi) 01-5ervices pi'ovided. FiDSlll¢ldl Rei'iew The Eiliical InvLsinieiii Pol ic), lor the portfolio of ii)vestnieiits nianagTed by li)vesiec Wealth & liivestmenl l.iiiiited was revieii'ed li) ?021. Tlie i)erforii)anLL' was als() IIIL)nilui'ed Ilii'oiigh the yeai. ai)d I'epoi'ted 10 tlie 13oai'd ol- directors. I'liis portfolio represen(s moiiies lield on behal I. ol. the Association of Gl'ace Baptist ChurLhes {Souih East) and irusts for which the conipany is trustee. During tlie year, slioil leriii loans li'om cliui'Llies and Ii'usts (iiicluded in crediiors) InCre¢d by £548,973. This is maiiilv due io addilional iiivestsn¢ni by the chui'che5 10 tund fuiure projeels, bui lon4ei' ieriii loans decreased by £119.709 iiiaii)ly because a churcli cliose io invest Ihc money for longei. lerin growtli. Loans 10 chui'clies and trLlSts {included in debiors) dccreased b). £196,1 J4. TIIIS is ITiainl}' due lo tKvo trusts liquidatingy a poi'lioii of Ilieii. stock portfolio and repayiiig their loaiis. l-lie net el-fect is a iiicrease in cash and ¢urrent asset iiivestmeni bc21dnces of £545,4iJ. ResL'ri c5 poIicJ' Tlie coinpaiiv regiilarly geneiates a surplus troiii account aiid property niaiiag?eiiienl cliai'ges aiid the direetoi's liave a polic>. of disli'ibuling any siirplus fui)ds eacli yeai. by ii'ay ol" a grai)I to AGBC{SE). The Coimi)an>' Seci'etary, FinLiii¢e Officer Jnd other administi'atiie slalT are einplo>'ed b), the Association. I'he direclOI'S have agreed il is appi'opriate lo build a sn)all reserve lo covei. ftitiire repairs and niaintenance tor tlie property om'ned b), tl)e company. pi'ioi. 10 thai il iwas not felt necessar}. to retain I'eserves in the compan},, otliei- tliaii tl)e I'evaluaiion resee. In ilie opinioi) of the dii'eclors, tl)e Slate of the compaiiy's affairs is salisfaciory.
GRACE BAPTIST CHARITIES LIMITED IBY GUARANTEEI 121 REPORT OF THE DIRECTORS FOR THE YEAR ENDED JI DECEMBER ?0?4 (contiiiued) Fundi aisiiig In recent years, the company l)as limited its tuiid-raising activities to discussion at meetÉngs ot- trustees and Imenibers around bLidoets and coiiiparison of actual oultui'n vei'sus budoet. Tlie conipany does iiol employ oiitside oi. coiiiniercial fund-raisers, and does not make appeals for funds beyond ils nienibers. Tlie company has not subsci'ibed to aiiy fuiid-l'aising regulator. Futui'e Plans The company continiied to support the remaining livo curi'enl redevelopineni schemes ihi'ougli ?0?4 and into ?0? j. It lias been involved in Ilie pre-planiiing of a t"urthei' Il)I'ee polei)tial de¥'elopiiients. It coiilinues lo support other chui'ches tlirough the pi'ovision ot. ti'usl graiits. The compan), is conlii)uii)g its rationalisation pi-ogramme 10 seek io reduce (he iiumber of Inaiiaged Irusis by merging ti'usts whilst following the Charity Coinrnision regiilatioiis. Structure, Cwovernan¢¢ and Management The company was incorpoi'ated undei. its Memoi'aiiduim arid Ai'ticles dared 13 Decembei. 1907. In the eveiil ()f the coinpany being M'OLind up. tlie members are each reqiiired to contribule an ainouni not exceeding ?5 pence. The directors of the company are the officers and nienibers of tlie F..xecutive Conimiltee of Ilie Associalion of Grace Bapiisi Churches (South East), provided that not more than onL-hall' of such niembei's are pastors ot as.sociated chui'ches. No maxiinum niimber of dii'ectors 1.% speLified in the Memorandum and Articles. Ti'iJsiee5 ' trai171PIX Trustee training coursLs 'e niade avai11¢ ble to the direciors each yeai. and Cl)drity Coinmission iipdaies are repi)11ed at Association Coi)Iiniiiee Meetings to keep directors iiiformed of curreni issues aiid chaiiges iii legislation etc. J17vesliiienl poliLI' The dii'ectoi-s exei'cise the investmeni poivers ol. the individual churcl)es and trusts iii accordance w'illi the poivers and policies of Ihe chLirches and trusts. The coinpany's own investinents al'e iiiade in accoi'dance with the iiives(nicnl powers contained wiihiii ilie Trusie¢ Act 2000. Risk ManagL'npenl Tlie direclors l)ave assessed the pi'incipal I'isks io ivhicli the coiiipaiiy is exposed, iii paitl¢Lilar iliose related to the operations and finance of ihe ci)rripaiiy and ale salislied tlial pi'ocedures are in place io mitigate its exposiire to Ilieni. A I'isk register is iii place and is I'eview¢d on a regulai. basis. Risks identified include non-compliance with chai'ity law; liquidity (niitigaied by loaii ierms in place with chui'ches etc., spread ot iiivestmeiits; review of propert), liolding) and loss of data and systems {iiiitiLyaied by conti'acting Nvith exteimal suppl ier of l.T. support and oft site backups). Gi'ap71 niakiiJgpolicJ' The company does noi make granis fi'om coiiipany funds, other tlian payments to ilie beneficiary chui'ches under the legacy funds. These grants are issued in accordance Kyith ihe terms of ilie le&Jacies. Whei'e the Board mak'es grants from Ilie tl'USts for w'hich il is the trusiee, the grai)Is are made in accordance witli the terms of tl)e individual trusts.
GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEEI 131 REPORT OF THE DIRF.CTORS FOR THE YEAR FNf)F.D J l DF.CEMBER ?0?4 (coniiiiued) Reference and Adm inistratii'e Details Tl)e direciors who served ihe company tor ilie ivhole or any part of tlie year ivere as t-ollows.. Miss M O, Mara, C Clarksoii {appointed Ocl 20?4). P Sniith. J Souihcoinbe (Treasurer) (resigiied Oct ?014), P M Woodley (resigned Oci 2024). Chairman.. A Creedy Ichainnan), P Fuggle, A Gardnei. (Finance Otficer), B Jones, AKing, D J Moi'timer (Treasurer frorri Oct ?0241, Company Secretary., Finance Ot-ficer.. L Wiiimill A M Gardner The Company Secretary, Ivlio is einployed by ACJBCISE), has delegjaled authorit), 10 auil)oi'ise I'outine and planiied Inainienance for ii'LlSt. Associaiioii and chui'¢li pi'openie5 W'ithin an aniiLial bLid&Jet. The budgei is approved by the Board in November for the following yeai.. Registered oftice.. 6? Bride Streel, London, N7 8AZ l-lie principal advisei's ot the coinpanv are as follows.. Auditors.. Xeinadin Audit Limited, -5 Robin Hood l..anL, Suttoii. Sui're), SMI 2SW Prii)cipal E30nkers CAf. Bai)k Limiied, ?5 Kingjshill Aveiiue, Kingsliill, Wcst Mallink. Keni MF19 4JQ SutTolk Building? Society, PO Box 547, Ipswich, Siit'folk, IPl 9W/ Principal Investnienl Managei's.. Iiivestec Wealth and Iiivestinciil Ltd, 2 Gi'esliaiii Street, London EC2 7QP Priiicipal Soliciiors Cartel.. Lemoii Cainei'ons LLP. I O Aldersgate Sti'eet. Londc)n, EC I A 4HJ Edwai'd Coiinor SaliL'ilOI'S. I O The Point, Mai'ket Hai'boi'ouc -h, LE16 7QU This rep011 has beeli pi'epai'ed iii accordance with the special provisions of Pan 15 of tlie Companies Act ?006 relating to sniall cumpanies. BY ORDER OF THE BOARD D Moitinier Director )Oth June ?02i
GRACE BAPTIST CHARITIES LIMITED 18Y GUARANTEEI 141 STA TEMENT OF DIRECTORS, RESPONSIBILITIES Tlie direcioi's (beino trustees of tlie charitable company) are responsible for prepariiig the Directors" Report and ihe tinancial slatemenis in aecordaiice ivith applicable law and United Kiii¢)dom Accounting Standards (United Kiiigdom Genei'ally Accepied Accounting Practice). Coiiipany law I'equires Ilie dii-ecioi's to prepai'e financial siateineiifs foi. each fiiiancial yeai. Ivhich give a Irue ai)d fair viem. of the state of affairs of the coinpany and of il)e inconiing I'esoiirces. including the incoine and expenditui'e. ot. the con)pany t.or tl)at period. In preparing those tiiiancial statenients, Ihe directors al'e required io.. selecl suitable accounting policies aiid tlien apply Il)em consistently. observe the iiieihods and principles in the Chai'ilies SORP make judgeinents and estiniales that are reasoiiable and pi'iident,. stale w,heiher applicable UK Accounting Standards have been followed, subjeci to any material departures,. and prepai'e ilie tinancial slaierrieiiti on the going coiicern basis, unless it is inappropi'iate to pi'esuine that the charit), M'ill continue in 01)eration. The dii'ectoi's are re.spoiiqible for keeping pi'oper accounting I'ecords which di%close ivith re&sonable accuracs, al an), tiine Iht financial posiiion ol. Ihe conipany and io enable it lo ensure that ihe finanLial sialLinLnts cuinpl). witli ihe Coiiipanies Act ?006. Tl)ey <ll'e al.%0 I'c5p(Insible tor safegu<irdingJ tlie assets ol. ilie con)paiiy and lience lor takinly re&soiiable steps foi. the preveniioi) aiid detection ol" ti'aud aiid oihei. ii'i'egularities. The dii'eclors who held oifice ai Ihe dale of 1¢ ppl'oval of Iliis Annual Report, as sel out above. each confirm that.. so far as ihey al'e aware, thei'e is no relevant audit information {infoi'iMalion requii'ed by the chai'ity's audiloi. in coiineclion iyitli preparing il)eii' report) of wliicli Ihe cliarity's auditors are Linaware. and the directors have taken all the slep5 they ouglii to have lakeii iii order to niake themselves aivare of any relevant audit information arid lo establish that tlie charity's aiiditors are aware ot- thai intoi'mation. BY ORDER OF THE BOARD 6? Bride Sii'eet London N7 8AZ D mo1171¢r, Direcior Grace Bapttst Charities Limited Joih June 202.5
GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEEI {51 REPORT OF T14E INDEPENDENT AUDITOR TO THE MEMBERS OF GRACE BAP'fisT CHARITIES LIMITED (BY GUARANTEE) Opinion We have audited the financial ststenients of Gi'ace Baptist Charities Ltd {Ilie 'charity') for the year ended i I Deceniber ?0?4 wliich cornprise tlie Siatement of Fiiian¢ial Activities. die Balance Sheet, the Statement ot" Casti Flows and Ihe notes lo the financial stsleinents, including a sumniary of significanl accounting policies. The financial reporting fraMe,Or that has been applied in Ilieir preparation is applicable law and United Kingdoin Accounting Standards, iiiclLiding Fin<incial Repoi'ling Standard l O? Tlie Finaiicial Reportiiio Staiidard applicable in the UK aiid Republic ot. Ireland (Uniied Kinodon) Generally Accepted Accounting Pi'actice). In our opiiiioii ihe financial slateineiils.. givL' a true and fair vieiv of the %tate of the charit8blL company's atTairs as ai 31 December 20?4 and of- its incoiniiig resoui'ces and ¢ipplicalion of resourcLS lor tlie )'¢ar ihen ended: have beeii pi'opei'ly pi'epared iii accordai)ce witli Uiiited K ingdoin Generally Accepted Accouniiii(J Practice. and have been prepared in accordance M'ith the requirements of Ihe Companies Aci ?006. Basi% for opinion We coiiducled our audit iii aLcoi'dance witli Iniei'national Standards on Auditing (U K) { ISAS (U l< )) aiid applicable law. Oui. responsibi l ilies Liiider those standdrds arL lurther described in tlie Auditor's responsibi l ities lor the audit of Ilie finaiicial slalemenls seclioii L)f L)ur I'epoi't. We al'e independeiil ol- the Lhai'ital)le coinpanj. iii accordanc<' wilh the eihical I'eqiiii'enient5 Iliat al'e relevaT)I lo our audit of tlie Iin211cial staleimenis in the IJK. incliiding Ilie FRC'S Eil)iLal Siaiidaj'd, and ive have fLilfil led our other eiliical I'espoiisibilities in accordanee ,1[7 iliese requii'ements. We believe that tlie audil evideiice we have obthined is sut'ficient aiid appropriate 10 pi'ovide a basis lor oiii. opiiiion. Conclusions relalin(v to going concern In auditing ihe financial siatements, we have concluded ihat tlie directors. use of the going concem basis of accouiiling iii Ilie preparation ot. the financial slaleiiients is appropi-iate. Based on tlie work ¥ve liave perlorined, we have iiot identified any maierial uncertainlie.5 relciling lo events oi. condiii<)Iis thai: iTidividually or colleLtivel)'. may casi significan( dc)ubi on the Chariiv's abilily to coiitinue as a 80in8 concern loi. a pei'iod ol. at leasl l ? nionili% fi'om wl)en tlie tiiiai)cial staiemei)Is are authorised lor issue. Oui. rL'spoiisibilitie% ill)d the responsibilities ol. the direciors ivitli respect to (Joiii&v coiicei-n are described in the relevant seclioiis ol. Il)is I'epoil. Other information The oihei. iiifornialion coniprises the iiitormation included iii ihe annual repoi1, ii)cludiiig tl)e dii'eclors report, other tl)an tlie fiiiancial staleIiieiits and oui. auditoi s report Iliereoii. The directoi's al'e resi)oiisible r()r the other intorinatioii contained ¥viiliin the annual I'eporl. Our opinion oli tlie financ ial 51ateiiients does not cover ilie otl)Lr infoi'malion and: excepl lo the extent other'15e explicitly slated in oui. report, 'C do not e.xpres5 aiiy form of assiii'ance concliision thereon. Oui. respoiisibilits is to read the other inforn)alion and. in doing so: consider ,hether the other information is nialei'iallv inconsislenl with tlie financial stateiiienls or our kil0,[edge obtained iii tlie course of the audit, oi. otlierwise appe5 to be Tnaieriall), misstated. If li'e ideiiiify sucli malerial inconsistencies or appai'eni maierial misslatenieiils, li'e are required lo delerniine 14,hetlier tliis gives rise to a n13terial niisstatenient in tlie financial stateiiienls Iheiiiseli'e5. 11., based on the 14'ork' we hak'e pei'formed: we concliide that tliere is a maiei'ial Inisstatemenl of tliis othei. intormation, H'e2 41'e requii'ed 10 report thai fact. 'e have noihino lo report in ihis regai'd.
GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEEI 161 REPORT OF THE tNDEPFNDENT AUDITOR TO THE MEMBERS OF GRACE BAPTIST CHARITIES LIMITED (BY GUAR.4NTEE) (coiitiiiued) Opinions on oiher m4tters pi-eseribed b!, the Compxnies Act 2006 In our opinioi), based on ihe iN'oi'k' undenaken in Ilie course of our audit: tlie intonnation iyiven in tlie Trustees, Repoil, .1]IcI1 includes tlie directors. report prepai'ed tor tlie purposes of compan! law, foi. the tinancial year for ii,liicli the financial statements are pi'epared is cunsisieni willi Ilie financial siaiements- aiid the dii'ectors, repoi't included within d)e Trustees, Report l)as beeii pi'epared in accordance witl) applicable legal requiremenii. Matters on whieh ive are requil'ed to report by exception In Ilie liglii of ilie knoivledgye and understanding ot. the charity. and lis enviroi)meiil obtained in the coiii'se ot the audit, Ive have noi identified material misstatements in the directors I'eport included '1th the directors, report. We have noiliiiigy to report in respeci of the lollowing iiiatiers in relaiion 10 wl)icli ilie Coiiipanies Aci 7006 requires lis lo reporl to you il-, in our opinioii: adequate accouTiliiig records have i)oi been kept, oi. returns adequate for our audii have noi been received fi'om branches not visited by LIS: or the linanLi<il slaleinenls are noi in agyi'eeimenl w'ith Ilie accoiiniing recoi'ds and retui'ns. or cei'iaiii disclosures ()f ii'usle¢s' I'Lniuiieraiioii speLilied by law al'e not iiladc. or 'e have not received all the int-oriiiqi lioii and explanations li'e requii'e for our audit. oi. the directoi's were iiot entitled io prepare ihe finaiicial slaienients in accoi'dance ivith tlie sinall complinies I'egTime aiid tak'e advanthge of Ilie siiiall conipanies exeinplioiis in preparing) the dii'ectors, repoii and fi'om the reqiiii'emeiit to pi'epai'e a sli'alegic repoI1. Responsibilities of directors As eiplained Inorc fully in the direclors responsibilities statemeni. Ihe triistees, (Ivlio are also ilie directors of tlie cl)arilal)le conipany loi. the pui'poses of coi)Ipany law) arL I'esponsible lor Lhe prepai'dlion ot. the l iiiaTicial staleiiients and foi. being satisfied that tl)ey give a ti'ue an<1 laii. vie%v. and for such iiitei'ii.I1 conti'ol as the tru%iees deiei'mine is iiecestiary to enable tlie pi'eparaiion of fiiianL'ial statLinents ihdi are free from material misstiilemeiii. wheihLr due 10 fi'aud or errol.. In prepai'ingi the finaiicial slalements. the directors are responsible for assessii)g the chai'ity's abiliiy to continue as a goinrt concern, disclosing, as applicable, matters related to g70ing concei'n and usinby ihe going concern basis of accounting uiiless the direciors eidiei. intend to liquidate the compaTiy or 10 cease operations, oi. liave no realistic alieniative but to do so. Auditor's responsibilities for the audit of the financial statements Our objeLlives al'e lo obtain reasoiiable assiirance about whether the Iiiian¢i81 siateiiieiits as a thihole are free Irom matei'i2& I Inisslatemeni. Ivheiher due to fi'aud or ei'ror. and 10 issue an aLiditor's I'ep011 that includes oui. opinion. Reasonable assurance is a higli level of assuraiice, but is not a ouarantee that an audil coiiducied in accoi'dance itli ISAS (UK) will alivays detect a niatei'ial iiiisslaienieI11 ¥i.'lien it exists. Miss(aienienls ean ai'ise fi'oni fraud oi. ei'i'or and are coiisidered iiialerial it., individually i)I' iii ilie aggregFate, they could reasoiiabl), be expected io influence tlie econoinic decisions ot" users (aken on the basis of these financial staiemeT]IS. Tlie exient lo i7)1ch oui. procedures are capable of deteciing iii'egularilies, includiiig fraud is detailed below..
GRACE BAPTIST CHARITIES LIMITED 18Y GUARANTEEI 171 REPORT OF THF. INDEPFNt)ENT AUDITOR TO T14E IMEMBERS OF GRACE BAPTIST CHARITIF.S LIMITED (BY GUARANTEE) Based on oiir undei'sianding of Il)e company, we identified that the principal risk's of non-coinpliaiice w'itli law's and regulations related io cliai'ity legislation and M'e considered the extent to which non-compliance might have a matei'ial effect oli the financial statemeii(s. We also considered tliose laws and regulaiions (hai have a dii'e¢i iinpact on the preparaiioll of the finaT)cial ststernenls sucl) as the Conipanies Aci ?006 and Chariiies Act ?0 I i. We assessed ilie suseeptibiliry of ihe ¢oiiip8n> s Iinancial siatemenls lo maierial niisslalemenl. ir)cliiding obtaiiiing an understanding of ho¥v Iraiid miglii occur, by making enquiries of management, considering Ihe inleriial controls in place and disciission anioiigst Ilie ei)ga¢?enient team. We deierinined Ilial ihe principal I'isks were related to nianagenient bias in 1¢ccounling estimaies iiicluding valuation of inveslnieni propei1y and maiiagemeni override of coiilrols and ihe niis-51ateiiieni of property Iransaclions oi. loaii balances. In response lo the risks ideiititied we desigTned procediires M,hicl) included, bill ivei'e not limited ta cliallenging Slg7nificant accoLinting estimales, evaluating IliL COlllPiin} s iniernal controls, iind vei'ityiiig propL'ity Ii'aiisaciions and loaii balaiices w'ith Il)ird pai'lics. Tliei'e are inhei'eiii limiiaiions in the audit procedures desci'ibed above. The Inore renioved that law5 and regjulaiioiis aTe fi'oiii financial Iransactions. tlie less likel), il is il)at ive ii'ould become aivare of i)on-conipliaiice. Matei'i<ql IiiiSSi<?iemei)Is thai arise due to ti'alid cali be harder l() delect tliaiJ Iliose that ai'ise Iroiii error as they Inay involve delibei'ate coiicealtneiil or collLlSlVn. A further descripiioii ot- oui. I'espoiisibilities foi. the audit of the fii)ancial statei)ients is located on the FinaiiLial Reporting Council's website ai: http://1v'W.frc.org.uK.laud1i0rsresponsibIIi1Ies. This desci'iplion lornis pail of our audiior's repoi'l. Use of our i'eport I'l)is repoi'l is nii?de solely to the cliaritable compaiiy's iiiembci's. as a body. iti accordance i¥iil) Cliapter J of Pail 16 of (he Lonip(Inies Act ?006 and reglilations Inade linder thai Act. Our audit work has becn undeiiakei) so Iliat we might siale io Ilie cliarilable coii)panv's menibei's those mailers we al'e I'eqiiired lo stale lo tlieiii in an auditors, report aiid for no oiliei. purpose. To Ilie fullest exienl pei'iiiilled by law, Ive do not accept oi. assui)ie responsibility 10 anyone other Il)an the chai'iiable company and its meinbei's as a body, for oui. ic udit 'Ork, foi. this report, or foi. the opini01is we l)ave loriiied. R l Haffenden MA (Cantab) FCA (Senior Statutor), AdItor) for and on beliaif of Xeinadin Audit Lim ited, Siatulory A uditor Chartered Accountants 5 Robin Hood Lane. Sutton, SuiTey SMI 2SW Dated.. 16 &CP£E£ 2c,IS
GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEEI 181 STA1"EMENI' OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND FXPENDITURE ACCOI,;NT) FOR T14E YEAR LNDED 31 DECEIMBER ?094 21J24 Total Funds 2023 * U nrestricted Restricted Fund Fund Funds In¢ome and endownients from: Cl)ai'ilable aciiviiies Invesimenls Nole 90,?69 l )O,i44 220,613 90,?69 135,9)9 226,228 80,566 89.558 170,124 5.615 Expendiiure on: Raising funds L h<iril&qble aclii'ities Total expendilure 8.60) 900.180 208,785 8,605 ??o,??o 228,825 7,6?8 142?97 149,92. Iyel {deficit) l income before net gains on inwestments 11,828 (14,425) (2,597} 20,199 Nlet gaii)s on invesiments Realised (losse%) on iiivesiinents Unrealised gains on inveslii)enls (1? 7J7) 79,897 67,160 (12.7i7) 79,897 67.160 (4.071) 46.605 Nel ineome and Net movement in Funds 78,988 (14.424) 62,733 Reconciliation of funds: Funds bi'ougl)I foi'iyard Funds carried forward 5 5 ?,830 591818 157.881 143456 670,75 1 735 274 607,978 670711 No OPLralii)Iis iwei'e acqiiii'ed oi. discoiitinued dLiringT tlie year. "Prior Jiear unalJ'si.i.' Unr£'.Ilricled Re.IlriL'led Fiiiid 2023 Ti)ialfiiiicl.f Income and endownients from: Chai'ilable aciiviiies Invesinienls Total incnnie and endom'ments 80.566 80,)66 89,558 170,124 4,?78 4.278 16S,846 Expenditure on: Raising fiinds Chai'itable activ ities Totul expenditu re 7,6?8 142?57 149,885 7.698 142,#97 149,925 40 40 Operating surplus 15,961 4,238 20,199 Nel gains on ini'eslmenis Realised (losses) l Liains on inveslinenls Unrealised gaii)s oil ini'esiniei)Is (4,071) 46.005 (4,071) 46,605 Nel income and Net nioi'ement in Funds 58,495 4,238 62,733 Reconciliation of fu nds: Funds bi'ou2hi foi'iv2c rd Funds carried forward 454.)3i 512 8JO 153,643 157 881 607.978 670711
GRACE BAPTIST CHARITIES LIMITED IBY GUARANTEEI 191 BALANCE SHEET AT 3 1ST DECEMBER !0?4 2024 2023 Nc)le Fixed assets lnvesi1e1itS 1.5?0,114 1,458,99i Current assets Debtors (includiiig £498.491120• J- £8i7,031) due in more than one year) Investmei)Ib C&8h <11 Bank Tolal L'iip'reppl assels 539,521 73i.13i 63,644 1,886.474 ?.489,639 61.0?0 1,34J.645 ? 1)9.800 Ci-editors.. AIDounts falling due iviihin one ye. ? 970,5?3 ? 504.419) Nel current (lillbilities) 480 884) 364619 Tolal assets less cu rreni liAbililies 1,039,?30 1.094,376 Creditor&: Amounts falling due after one year (303,9i6) (42i,6651 I'otAI net a$setS 735 ?74 670 711 The funds of the charitv: Uni'eslricted liinds Fail. Value Reservc {unrestl'iCled) Toial Uni'esti'icled F und 477.708 114.110 591,818 478,617 51?.8JO Restricted incoiiie funds Total tuiids 10 14J,4i6 735 •74 157,881 670.711 These financial statements have been pi'epared in accordance witli Ilie special pi'ovisioiis relatiiig lo sinall cornpanies wiiliin Part 15 of the Con)paiiies Act ?006 aiid ivere approved by the Board on 30tli Jui)e •0?5 and signed on tl)eir behalf by- Company regsislration nui)Iber'. 00096055 D Mortimei., Director Grace Bapiisi Cl)ariiies Liniiied
GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEE) 1101 STATEMENT OF CASTr4 FLOWS FOR THE YEAR ENDED 31 DECEMBER 20?4 2024 2023 Tolul Fuhd.s Tolul Fund., Stalement of Cash flows: T¥ble C95h flows from operating activities: Net ca.sh provided by (used in) operatino activities 40?.751 29?,4?6 Cash nows from inve.sting actii'ities: Div idends, interesE and reni froin iiivesiineiils Proceeds li'om sale of investineJ)Is Purchase of invesliiients Net cash provided by (used in) ii)vesliiig activities lJ6.661 194.308 1190,891) 140.078 31)6,907 707.460 187.C)15 Change in cash and ca.sh eq u ii'alent.4 in Ihe reporting period (.h and casli equivalei)15 1( I IhL begiiniiiiis) ol. Ilie I'¢poi1inb period Cash anij casli equii'alenls ai ilie end of tlie reporting period 542,829 I,i4i.645 1886 474 480,041 8C).?,C)04 1343 645 l able A - R¢'¢oncilialion of net income / (expenditure) to net cash flow rroin operdlin% aclii'ilies: 2024 Nel inconie / (expendiiure) for the ieportiiig period las per Ilie ststeinenl of financial activities) Gaiiis 01) ]neStn]entS Dii'ideiids, interesl and rent froiii inve5tn)ents { Iiicrease) in debioi's Ii)ci'ease I (decrease) in ci'ediloi's Net C115h proi'ided by (used in) operating aetivilies 64.563 {67.1601 {13i,959) 194,956 346.i51 402751 (4?.514) {89.5581 163.476 198.309 292 4?6 Table B - An21)'sis of cash and easli equii'alents: Ch iii hand Notice deposiis (less Ihan 3 nioiiil)s) Toldl cash and cash equivalents 1,8)7.038 49.4.36 1 886 474 1 ,295,9?2 1343 645
GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEE) NOI"ES TO T14E ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER ?0?4 ACCOUNTING POLICIES The pi'incipal accoiiniing policies adopted, jlidgenieiits and kev sources ot. estiniatioll Linceitaintv in the preparalioii of the finaiicial stateiiients are as lolloivs.. (a) Accoun ling coni'ention The financial slatenieiits have been prepared undei. Ilie Coiiipaiiies Act *006 and in accoi'dai)ce wilh rhe Cliariiies Sialenieiit ot- Recommended Praciice (Charities SORP (FRS I O?)) and Finaiicial Reporiing Siiindard 102 (FRS I O?). Tlie fiiiiiiicial staieillents are d1'a'n up oli Ilie lii%torical cost L)asis of accoiiniiiib. ils Inodi fied by tlie revaluaiion ol. in¥'esthieni propei'lies. The fiiiai)cial S111]ents are prL'pai'Ld in pounds sterling r()unded 10 Ilie nearesi pouiid. Gl'ace Bapiisl Cliai'ities Liniiled iiieeis Ilie defiiiilioii of a PLiblic benetit eniity linder FRS I O? li is a charitable conipany liinited by gyuaraniee with regisiei'ed otfice of 62 Bride Street, London, N 7 8AZ. Ib) Going concern Tl)ere are no nidlerial Iiiicerlainties aboul Ilie cliarity's abil ilj. 10 Loiilinue ils operaii()ns for Ilie foi'e.seeable fuiiire. Ic) Income l.oan interest receivable. interest payable on deposits, Rei)lal iiiconie and managyeiiieiil cl)ai'ges are I'ecobyni%ed uii an acLI'Ll¢tls basis. Voluntary ii)come includiiig leg?acies is accounted foi. once the cliarily has eiiliilen)ent to tlie iiicome. il is pi'obable the income will be I'eceiN'ed aiid Ihe ciinounl of income receivable cali be reliably measured. (d) Eipendilure All eip¢ndilure is included on an accriials basis. Cliariiable exi)eiiditure Lomprises all expeiidiiure directly I'elated io the objects of the cliai'ily. This iiicliides goveimance costs ivliicli I'cpi'eseiii tlie cost ol, compliance ivitli conslitulioiial and slatiitory requii'einenls. (e) Investn)enis InvesiniLnt and invesinienl propeilies are sialed al niarkel vdlue al tlie balaiice sl)eet dale. Aiis, gain or loss on I'eva5ualion is lakeii to the Statement of Financial Activities. Tlie dii'ectoi's i-eviev, tlie value of investineiil properties aiiniiallN' and obtain exiernal valiialions ei'ery five years. Aiiy gain oi. loss on revaluation is iakeii lo Ilie Stalenienl ol" Financial Activities. (D Debtors Loans to cliurches and Ii'usi% and othei. debtors are included at Ilie settleinenl ainount due. Prepayiiieiits al'e valiied ai the amouni prepaid. (g) Cash at b#nk Cash al bank includes cash aiid shon tei'm Iiighly liquid investments M'ith a short niaturity of tliree Inonihs oi. less fium the dale of opeiiing ol" the deposil.
GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEE 1121 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED J l DECEMBER ?0?4 (conliniied) (h) Creditor5 and proi'is)OllS Ci'editors and provisioii% are recogTiiised where the charity lias a pi'esenl ohli(yation arising from a past eveni ihat will probably I'esuli ii) the Iranstei. ol. fui)ds ID a third parry arid the ainoiint due 10 settle the obligation can be measui'ed or estimated reliably. Creditors and pi'ovisions are i-ecogjnised at their settleiiient amount. (i) Fund accounting Tlie funds held b), Ilie charity al'e either: Restricted funds ihese are tunds ihat can onl}, be used for particular restricted purposes wiil)in the objects ol. the charity. Resti'ictions arise ivhen specitied by the doiior or ivl)en t.unds are raised loi. particular PLirposes' or Unrcstricled funds - Ihese are fui)ds which can be used in accoi'dance with Il)e charitable objects at the discreiion of the dii'ectois. 2 INCOVI AE AND ENDOWMENTS 2024 2024 lJn reslricted Retilricie(J 2024 Total 202J Total 2.1 I ncon)e froni charitable actiwies MaJiageiiienl charges Pi-operty managemeiil Adiiiin islralion cliarges Interest from loans to cliurches aiid irusls 38.460 38.460 18.9?7 14,184 18,698 16,566 14.184 18.698 90.?69 18,625 80.5C)6 2.2 Incoine from investment li)vesliiienl propeilies Investments listed on recognised stock exclianb?e Baiik and oilier interesl 7.238 44,061 79.045 130J44 7,2i8 44.061 84.C)60 lii.959 6,817 5.615 i9,467 All investin¢i)i iiicome arose Iroi)i assets l)eld in Ilie UK 3 EXPENDITURE 2024 2024 U nrestricied Restricted 2024 Total 2023 Tot21 3.1 Raisin2 funds Ini'esliiiLnt Inanagemeni Inveslnient pi'opeit), expenditui'e 6.085 2,520 8.605 6,085 2,5?0 8.60) 5,874 1,754 3.2 Charitable actil'ities Grant pa>'able to AGBC(SE) Gi'ant payable to Doivne Baptisi Cliui'ch Inlei'est pas'able to chLirches and trLists Office and stationer), costs Developinent consultancy costs Trusiee nianageinent cliarge Legal and pi'ofessional fees Goi'erance costs Bank cliarge5 and inierest 60,677 20,000 ?0.000 1 ?3.998 509 1 ?3,998 509 360 75,927 1£4 1,065 40 40 40 40 40 6.97? 60 700.180 4,308 8$ 14?.297 60 220,720 20,040
GRACE BAPTIST CHARITIES LIMITED IBY GUARANTEEI 1131 NOTES TO THE ACCOLINTS FOR THE YEAR ENDF.D i l DECEMBER ?0?4 Iconiinued) 2024 2024 Investnieiit Quoted properties investwnents 2024 4 INVESTMENTS Markei value at I st Januaiy ?024 Additions Uiirealised gains Disposals Mai'kei valLte at 31 st Deceiiiber 2024 175,J90 1,28i.605 188 ?67 1 ,458,99i 188,?67 79,897 707.0451 1.5?0 114 3.)42 {?07.045 1341 18? 178.93? H isiorical c()sl al 31 sl December ?024 136)6) 1 ?69.641 1406 004 14 isiorical LOSI ai i I si DL'ceniber 2023 136.363 1 ?88419 1.4?4.78? The directors obiained a professional valuaiion of rhe invesimeni properties in t)eceinber 2021 and l)ave updated Iliis by I'eference lo n21ional house price indices. 5 DEBTORS Loan.$ (payalile at'ler niare than one )'ear) -oaiis lo chiii'cli¥S (.? ) -oans lo tru.sts (4) 2024 21123 ?46.491 ?5?.000 498.491 211,017 49?,000 703017 Oiher debtor5 An)()Iinls dLie fi'oin cl)urcl)es Siiiidi'y debiors 19.900 ?1,130 41.UiO 11,-fj08 ?U.610 Total debtors $39,521 7J5,13fj 6 CIJRRENI" ASSET INVESTMEiYTS ?024 21)23 Couiities ai)d Caiiibi'idge Baiik 95 days, noii¢¢' 63.644 63.644 61,020 61.0*0 7 CRFDITORS.. ainounls falling due ¥i'iihin one year ?1}24 20?3 Amouiits due to cliurcl)es Amoiint dLie io AGBC(SE) Amounts due io Irusis Otlier creditors ?,396 ??7 254,26) 314,0•6 6.007 2.970.i2J 1.901,303 )i7,416 ?59,977 ?504.419 8 CRF.DITORS.' ainounis falliiig due after more than one year 2024 202J Amounis due io cliurelies 303,9)6 423 66) This represeiits amoLinls due to cliui'ches ,here ilie balance is ovei. £ 100.000 aiid the iiotice period exceeds J65 days.
GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEEI 1141 NOTES TO TIIE ACCOIJNTS FOR T14E YEAR ENDED 31 DECEMBER ?0?4 (continued) 9 RESTRICTED FUNDS 2024 2024 2024 Ha}es Lane Legacy ?7,6?) 1.05i (20 ?8.658 Downe Legacy lJO?56 Total Balance at I st Jaiiuary 20?4 liicome ExpendilLlI'e Balance ai J I st DeLembei. ?024 157.881 i.615 20,040) 14i.456 20,0?01 114.798 Figure.f for prei'ioii.s Jieurfor ci)nipiiri.soii 2023 202.1 2023 Hayes Lane Legacy Downe Legacy 126.747 3,5?9 (?0 lJO?56 Toial Balaiice at I st January •0?3 Incoine Expenditure Balance ai i I st Decen)ber 20?3 1.$3,643 4.778 40) li7.881 749 (?0 27.6?5 I'he I'esti'icted funds arose fi'oni le<Jacies receivLd to be applied for Ilie benefit of specific chui'chLs (11 (lie discretioii of the dirccloi's ol. the conipany. 10 IYET ASSLI'S Upireslricled Re.slricled 2024 Tolal C.urrLiiilJ'gur Iiiveslii)LiilS Net cui'i'eiii (liabilities) / asseis Long iei'in (liabililies) 1 S?0.114 1480,8841 {30J.956 7J S.?74 (6?4,J40) 303 1)56) f91 8113 14i.456 14i.4)6 202.1 Tolal Unre.slricled Re.Ilricled Fi&puresfiJri)revii)u.i.yeurfi)r L'oiNpari.son Investments Nel ciiiyent (liabilities) / assets Long terni (liabiliiies) 1,458.995 (5?2,500) 4?j,66i) 512 8.)0 1.458,99) (364.619) 42J:665} 670.711 157,881 157.881 I'lie Iriistees policy is to invesl origiiial lunds 10 provide both capiial fuiids aiid income. I I AUDIT, INDF.PENDEYT EXAMINATION AND OTHER FINANCIAL SERVICES FEES Tl)e conipaii} s auditor5 niade Ilie l-olloiving charges: 2024 202.1 ree for audit of accouiits Fee for oihei. services 4.440 72 4.51? 12 STAFF COSTS AND EMPLOYEF. BENEFITS Tlie Ch.]l}, did not emplov an), staff dui'ing the year.
GRACE BAPTIST CHARITIES LIMITED (BY GUARANTEEI 1151 NOTES TO THE ACCOIJNTS FOR THE YEAR ENDFD J l DECEMBER ?0?4 {continued) 13 ASSETS HELD ON BEFIALF OF THIRD PARTIES The coinpany acts as a Lrust corporatiDn being CLlStodian iruslee foi. va]'ious cl)urches and irusts. Records are kepi Ivliich identify the holdinos applicable lo eacl) chui'cl) and ii'ust toi. invesimenls lield in the naiiie of Ilie companv. Tliese assets aiid iheir associated ti'ansactions al'e dealt will) in il)e accouiits of tlie cliuiclies and Ii'usls coiicerned. It has been appointed trLlStee, in son)e cases by tl)e Cliaritv Commissioners, ot- various cliarities lisied in note 14 whicli liave beeii eslablished to advaiice Ilie ¥i'oi'k of ilie AGEIC{SE} li) speeiliL g7ei)gyraphieal are. Tlie assets held in this capaciti. at i l DecLinber 20?4 were.. Iiii'esiin¢iitS Liiider Inanagemeiii nN'Lsiiiieiit propeiliL% Properr%' used loi. ¢liai'its]ble purposes Otlier net assels Loans 5.909.601 1,81J,596 2,078,?40 259.60J 10.061.040 The coinpaiiy also acts as cusiodian trustee ol. cei1aiii asseis loi. varioiis churclies i¥'hicli liave their own local managing Iriisiees. The cosilvaluation ol" assets held in tliis capacity le.¥cluding ilie valiie of ar]y chui'ch premises and manses for whicli no I'el iable Cost infornialion is ai'ailable) al 31 sl Deceiiiber ?0?4 wa8.. Investnients uiidei. nianagyeineiit Iiii'esinieiit propert), Propei1ies used for chiiriiable purp()ses C)Iliei' iiei asseis l.oans 786.307 624,999 1,444.77J JOi,00() 229,68?) 19Jl.401 14 Rf.LATED PARTY TlJe follow'ing direLloi's al'e also li'uslees of Ilie AGBC{SE) (the -charily') aiid, &8 such, liave ali inieresi in transactions cari'ied oul oli behall. of Ii'usts and cliurches administered by Ilie coiiipany and the cliai'ity.. A Ci'eedy Icliairman). P Fuggyle, A Gardiiei. {Fiiiance Ol'ficer). B Jones, A King , D J Moitinier (Treurer froni Oci •O?4), Miss M O, Mara, P Siiiiih, J Southcon)be 11-I'easurer) (I'esiLiried Oct ?0?41, C Clark'soii (appointed Oct ?0•4). aiid P M Woodley (I'esigned Oct ?094). The Iransactions iiivolve oi'ants and niaiiaaemeni chai'ges paid by Ilie Iriists aiid chui'¢l)es adminisiered by Ihe coinpany. Trusi liinds I'elatino lo the tollowiiig IrLlSts wei'e adininistered by the tenms of their I'riist Deeds: Ai'oiimore Avenue: Bi'igliion I'rust- Buekland Coi))Inot) Baptisi Chapel Trust,. Dudlev Bapiisi Cl)Lirch Ti'usl; 'Fbenezei Baptist Chapel, Illord Trust: Eva Rance Charity; Feliham 'Zoar Cliapel Trust,; Feltliam 'Avonii'ick' Trusl,. Gaddesden Roiv Chapel TrLlSt,' Grace c.harities Trust- Little Wild Streei Trust Chapel (Strict Baplisi) FLllId: Mayfoi'd Cliai)el T'rust: Poiten Eiid Cl)apel fund. ProvidLnce Cliapel, Kinostoii Trust; RiLlimoiid Homes Trust. "Salem ' Baptisi CliapLI, Richiiiond Chariiy. Wilsloiie Chapel. An interesi bearing loan of £25,001 has been advanced to Nemtown Baplisl Church, Cheshaiii of wliich the trustee D Mortimer is also a irusiee. Tlie balance at year end was £6,991. 15 TRUSTEES, REMUNERATION AND EXPENSES No reiiiunerat1011 or I'eiinbursemeni of expenses dii'ectly or indirectly out ot- the t.unds of ihe cliai'ity ivas paid oi. pavable for ilie I'eai. to aiiv Irustee 01. to an). person or pei'soiis L-0,n to be coiiiieeied ii'.ith any of Ilieiii.