GRACE CHURCH EXETER REPORT AND FNANCIAL STATE￿NTs FOR THE YEAR TO 31ft AUGUST 2024 GRACE CHURCH EXETER FOR THE YEAR TO 31sf AUGUST 2024 P49• Charity Infom)ation Trustees, Report Independent ExamTrneT'S Report Staternent of Finanelal Activities Balance Sheet Noies to the Financial Statemèni8 10.16 (aiACE CHURCH EXETER INFOIIMATK)N FOR THE YEAR TO 31ST AUGUST 2024 CHARITY NAME: Grace Church Exeter REGISTERED CHA¥4TY NUMBER: 1182435 ADDRÉSS: Lydia House 140 Cowick Stfeet EXETER EX4 IHS CURRENT TRUSTEES: Claire Annetts Ichairl Chris Collison Elizabeth Gingell Jessica Hèdd8n Danrel Roach ITreasurerl David Roll￿$ INDEPENDENT EXAMINE Mr M 8 J Cronin MAAT FCIE Bowhill Bookkeeping Services 172 Newrnan Road Exeter EX4 IPO GRACE CHURCH EXETER TRUSTEES. REPORT FOR THE YEAR TO 315[ AUGUST 2024 The tiuslees pre58nt their report together with the financial statements for the peiiod 8nded 3101 Augusi 2024. The financial statements have been prepared in accordance with the accounting policies set out on pag85 10 and 11, and comply with tho ¢harity's constiiuiion, Ihe Charities Act 2011 as amended by the Charities Act 2022, the Statement of Recommended Practice.. Accounting and R8POrting by Charitigs Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 Itffective 1" January 20191 and with the Financial Reporting Standard applicable in the Uniied Kingdom and Republic ol Irèland IFRS 1021. Stru¢ture. Govem*nce and M•n•g•m•nt Governing Do¢ument Grac& Church Exeler has a constitiilion dated 13" March 2019. It operates a$ a Charitablo Incorporated Organi5ation ICIOI registered with the Charity Comrnis8ion LTrnder charity number 1182435. Organlutlon•l StNrfUT• The trustees who served durlng the year and up to ihe date thi$ report was approved are a8 follows: Cleire Annetts (Chaifl Ilnterim Treasurer to 1&b D8¢ern￿r 20231 Chri5 Collison Elizabeih Gingell Ifrom 1V Febwjry 20241 Jessica Hadden Daniel Roach (Treasurer from 16¢h Oec8mb8r 20231 David Roger5 Ifrom 16" December 20231 The trustees are responsible for the general Gontrol and managemeni of ihe Charity. The trustees give their lime voluntarily and Ireely and wceive no remuneration or oih8T financial benefits for the wot* they ijndertake a5 charity tnJstees. Trustees are appointed by the existino Trustees team. in ¢onsult&tion with the Chur¢h Eldor$hip ieam. The trusiees and Eld9rs meel lOg￿her regularly to discuss the running and activities and resources of ihe charity. To assist in the smooth running of ihe charity. the trustees hav& d818gated much of the day-to-day running of church activities and adminislr8tion to employed stafl. Obl￿ti¥M and Actmtleg Our Obiertives The objects of the Charity are set out in its constitution as follo￿ - al To 8dvance the Christian faith in aC￿rdanCe with the Statement of Belief5 appearing in th8 Schedule annexed to our constitution. in Devon and such other parts of the Vnit8d Kingdom orthe world as th8 charity trusiees m8y from time to lime ihink fiL induding (but without I1￿[tatIOn) the prornotion of Chrisiian teaching and education. and to fulfil such other exclusively Charitable purposes as the charity Irust6es Trn their discreTion decide are consistent with the other purpose5 set out in thi5 clause. bl to relieve or assist in the relief of ￿0p￿e who are in condition$ of need. hardship or di￿re$s. GRACE CHURCH EXETER TRUSTEES. IIEPORT l¢ontinuodl FOR THE YEAR TO 315V AUGUST 2024 Obiectives and ActivItl￿ lconlknidl OUT Objective6 rtsfltsct the basis of our charity's faith and beliets. Each year our trustees feview OUT objectives and 8cliviiies io ensur8 that they continue to reflect our aims. In carrying out this revi8W. lh8 trustees have considered the Charity Commission's general guidance on public benefit and in particular its $upplementary public guidance on the Advancement of Reliuion forthe Publi¢ Benefit and the Prevention ol Relief ol Poverty for the Public Benefit. Our dual aims remain to advance the Chrislian laith by providing an a￿1ve church in which people can worship and receive biblical teaching in an environment which 1$ open lo all and. In lintr wii our Charity's objects and the tenets of our Christian faith. to relieve those in conditions of need or hardship through financial or oihei support. We also aim to provide Ihe opportunity for peop18 to xploie Ihe claims of the Chrislian faith in an accessibla way. How ouv tictivitiés ddlvor publ1¢ bw•fil The Charity carries out a wide range of athivitres in accordance with its charitable aims. The trustees consider that these activilies. summaiised below, Provide benefit to those who worship at our church, lo ihe widfjr community in Exeler and indeed to the United Kingdom and the wMrld. Maln Actlvltlm •nd A¢hl•v•m•nts Duthg thè Ye Yeaf In Aevlew 2023124 has beèn 8 rèally p081tiv• year for Grace Church Exeter, vAth an in¢ieas•d 58nse of togetherness and momenlum a¥ a church. A summary of highlights from the yaar is sot out below.. Eld8rs- the elders are Huw Hadden. Mick Taylor. Dan Roach and D8V8 Rogers. Huw Hadd•n was appointed as 8n elder in March 2024 as we contlnue to expand the eldership tgam to 8f18Ctively lead and care for the church. rrusrees- the trustees are Claire Ann811s ICha*rl, Chris Collison. Liz Gingell, Jess Hadden, Dan Roach ITreasureTI and Dave Roger$. Dan Roach and Dave Rogefs weie appoinied as Siaff irusiees in December 2023 and Liz Gingell was appointed as a trustee in February 2024. The trustees meet about six times & year with the elders ol tho church. Staff- the staff team comprises Davè Rogprs IPastorl. Dan Ro8ch IAssociaie PasloTI, Susy Holding Ichildren and Youth Ministry Leaderl. Julia Rice (Finance and Logistics Managerl and Kez Greenhalgh (Youth and Children Ministry Support). Dan Roach began Working as a full-time member of staff in January 2024. having previously been working for the church on a part-timè basis since 2022. Post year end. we were pleasfrd io be able to make a number of staffing changes in order to more effectively iesource ihe church. Huw Hadden w8s appointed a5 As$o¢iate Pastor on a part-time basis. Kez Greenhalgh was appointed as Children's Ministry Leader and Susy Holding was appointed as our Youih Mini￿ry Leader. both on a part- time basis. All three started in thei¥ new roles in September 2024. GRACE CHURCH EXETER TRUSTEES. IIEPORT l¢ontinu•d) FOR THE YEAR TO 31ST AUGUST 2024 Main Activities and Achievements During th• Year l¢ontlnu•dl Year in R•view l¢ontinu•dl Sunday Gathering - we meet weekly at 1sC8 AcBdemy and gatheT about 200 adults and hildren each Sundav. During the year we worked through three preaching series on BeMmin9 Like Jesus in Community. Romans and Jonbh. Childran and Youth - Our Children's and youth work continues to flourish, with approximately 100 children in attendance each Sunday. We have four age-specific groups on a Sund8y for 0-3s. 4-7s. 8-11s and 11+ as well as a weekly youth group o Friday night. Community Groups - many of our members meet across ihe city in sm8llar mid-week groups io grow in faiih togeiher. Having p8u$ed Communiiy Groups in July 2023 10 give our leaders time to rest and allow some group$ to finish. we preached on the import8nce ol Becoming Like Jesus in communily in Auiumn 2023 and relaunched our gioups in January 2024. It Wa5 wonderful io see $0 many new glOUPS Starting across the city and lo see mBny of our members signing up for Ihese. OMKe Renov&rion- Phase two of the renovation ol Lydla House was completed in Spring 2024. following ihe purchase of the building in July 2022 and the completion of the first phase of renovations in 2023. Wo are so grateful to Scott Pannell and ihe ieam of volunteers vtho helped to complete both phase8 of the renovations. Baptisms- it was brilliant to baptise three peopl8 in the s8a at Exmoulh beach in July 2024. Community Events . we organis8d a bonfiro night 8veni in November 2023 and a lolnt carol service with Sl Thomas Patish Church in De¢ember 2023. boih of which were well attended. 2021 Glft Day Funds In 2021 the Grace Church raised £92.903 from offerings and gifts. with edditional gift aid on these offerings and donations totalling £17,356. These funds weie plac8d into restrictèd funds to be split eoually between ihe areas of recovery. family and our building fund, to acquire a building which would serve plimarily as an office space lor our stafl t&am and also provydo gpae8 for mid- week meetings and mini51ries. If foT any reason these purposes cannot be achieved or Sufplus funds are raised. these offerings and gifts will be used to support the ongoing work of the church and will be translerred to the unrestricted funds. TRUSTEE& REPORT l¢ontirwedl FOR THE YEAR TO 316f AUGUST 2024 Main actibrydes and achiovwn¢nts durry the ye•r {conimedl 2021 Gift Day Funds l¢ontinuodl Significant prooress has been made in deployirbg these fund8- The 'Family' part of the gift day funds was allocated towards ihe 8ngag8m8nt of a Train88 Youth Worker In partnership with South West Youth Ministries In 2022123 and Is currently being used to pay the salary of ouw Children's Ministry Leader. We continued our partnfjrship with ihe work of Co Cre81e during ihe year. £8.228 was given to Co Createlrom the'Recovery' part ot the gift day funds. In July 2022, the Charity eniered into an agreament to acquire 140 Cowick Str8el for £247,500 subject to contract. The acquisition of rhe property was completed in November 2022 and refurbishment wotk was undertaken in two phases in 2023 and 2024. Ch•rlt•blo Givlng As 8 Church we give away 10% 01 our Income to oiher worthy causes. Durlng the perlod under review, we have given £9.500 10 Commission Apo$Eolic Trust Limited. Charitable giving also included.. Tearfund - Middle East Fund £5,000 Co Create £10,000 St8P5 Global £2,000 Exeter Foodbank £2.050 CAP Debt Support at Exeier Network Church £1.200 Ex8ler Universily Evangelicel Christian Union £1.200 Engineering Ministries Int8rnational £700 Teen Challenge Exeter £200 St Christopher's School £700 Souih Wesi Youth Minisirigs £1.500 Hope Church, Plymouth £250 Bridge Books £1,000 ExeteT Community Transport AssocFation £475 S<min8 Trust £117 Individuals £5,295 GRACE CHUIICH EXEtER TrUSTEES' REPORT Icontinu•dl FOR THE YEAR TO 31ST AUGUST 2024 Financial Review The CIO made a surplus of E19.399 in the year to 314t Augusi 2024 Ideficit IOT th8 yeai to 31. August 2023 £25.4781. Total income increased by 5.4°A compared to the previous y8aT with offerings and gifts inereaslna by 2%. Investment income incfeased ¢on$ideTèbly due to higher savings rates and the sale of various items of equipment yielded additional income. Toial expenditure deGrea¥ed by 10.25% compared to ihe previous year with varying increasesldecreases in ihe various expend•ture calegories. Ai the year end the CIO h8d total fund amounting to £580,033 of which £314.150 constituted net current assèts. £19,381 continues to be held in a re$trid8d fund for supporting families and is currently being used to pay the salary of the Children'5 Ministry Leader. A d8signatad fund iotalling £9,233 is held for the refurbishment of th8 new building. Res•N•i Pollcy UnTestricted reserves Inot including ihe d6sionaied fundl totalled £551.419 at the year-end of which £285.536 consiitutes nel currenl ass8ts. This covers more than a year's unrestricted expendilure. In the previous Year end, £217,497 of nei current assets was held at year end. Our reserve$ policy speelfied tha( we would generally seek lo hold Teserves sufficient to cover 5-6 months unrestricted expenditure and that consideration would be given to the further ernployment ol p•rt of the$$ reservès in line wilh our charitable obj8Ctivts$ and purposes. Th8 trust&es have revtewed ihe reserves position of ihe church and taken a numbor of steps to reduce this position, including the appointment ol two further part-time $talf members in September 2024 as part of a strategic deficit budget for the year ending 3111 Augusi 2025. The Iru5tee5 remain inierested in the possibility of acquiring 8 Sunday meeting venue in fuiuie, for which 8ignificani reserves would bg reqvired, in excess of curreni levels. Going forward5, the Irustees have agreed that the charity will 58ek to hold reserves suffici8nt to cover 4 months unrestrictod expendilure. Risk M•Trag•m•nt The trustees have ensured ih8t Insuranc8 cov8r is in plac8 to cover risks and that finan¢g$ aro kept LSnder regular review. The Treasurer of the charity is also a truslee and reports reoularly to th8 tTU$tees as to the charity's ongoing financial status. Appropnate Disclosure and Barring SeNice ¢hecks are made lor all those who work with children. or oiher vulnerable group5, Wlthin the context of the Charily's acliviiies. A Safeguarding Policy is updated annually. Risk assessments are also carried out for all v8nues which are hired to conduct public mgètings, as well as within our office and employment Gontexts. The report was approved bythe Trustees on . and signed on their behalf bv: INOEPENOENT EXAMINER'S REPORT TO THE TRUSTEES OF GRACE CHURCH Ex￿ER I report on the accounts of ihe CIO for the ye8r to 31" Augusi ?024 which ar8 sai out on pages 8 to 16. R•sponslbilities and basis ol T8p￿t As the ehariiy irusiees of the ao you aTe fesponsible for the preparation of the accounts in accord8n¢e wilh the requirements of ihe Charities AL¢ 2011 I'lhe Au"). Having satisfitsd myself thai ihe accounts of ihe CIO are not fgquired to be aud*ted and afe eligible Ic)r in(Jependeni examinaTion. I report In respect of Iny examination of the CIO'S accounts Carried out tinder seciion 145 01 the 2011 Act and in carrying oul my eMamift8tiOll I have 1011owed 911 thv plicable Oireciions given by ihe Ch8riiy Comm1SSion under section 14515llbl ol Ihe 2011 Act. The charity's gross income oxceeded £250.OCO and l am Qualified TO undertake examinetion by being a quaS*lied member of the Associaiion ol Aceounting Te¢hn+¢ians and a Fellow of the Associ8tion of Charity In¢Jependoni Examiners. Ind•p•nd•nt e¥Jmlth•r'# ¥i•i•m•nt I have compleicd rny examinaiion. I confirm thai no m8181ial matters have come to my attention in conn8etlOfl wilh ihe examinatson giving me cauye its helieve thèt in any material respect., accounting records were noi k8PI in respecl of the ao as r￿u1r8d by seelion 130 of the Acl. OT Ihe gccovnts do rbol accord wilh those records., or the 8ccounrs do noi cornply with ihe applicatye requirements eoneerning the forrn and conient of accounts sei oui in the Cha¥iii¢s (Accounts and Roportsl Regul8tion5 2008 oiher ihan any requir8meni ihai thp accounts give è 'irue 8n¢J laii wew, which Is not a rnalter ¢onsi¢Jeioil ol an independeni exyminaiion. I hove no concerns ¥niJ hove come br.ross no other maners in conneciion with pxaminalion io which ¥tteniion should be dravm ID thi$ report in ordei to enable a proper understanding of the ac¢ounig io be reached. Mr M Cr<>nin MAAT FCIE Bowhill Bookkeeping SeN1￿* 172 Newman Flo•d E¥elgr EX4 IPQ Dat• GRACÉ CHURCH EXETER STATEME1￿ OF FINANflAL ACTrVITIES FOR TtrE YEAR TO 31ST AUGUST 2024 Ye•r to 31•t AugiMI 2024 Y¥Ar to 3111 Augllst 2023 Unr•¥trfeted Funds RestrlGted Fund5 Totsl Fund• Fund• F￿ndS Funds INCOME FR(hM: Oonaiions Investmènt in¢omfr Other income 15 278.624 4.9)7 2.732 276.624 266,611 2.562 253 500 551 267.111 3,113 253 759 In2 TOTAL 284.263 759 269,426 1.051 270,477 EXPENDITURE ON.. Charitatde Ktivities 16 249.913 15.710 265,623 257.753 38.202 295.955 TOTAL 249.913 15.710 2S7,753 38.202 295,956 NET INcOMEIIEXPEND￿uREl 34.350 1149511 19,399 11.673 137.1511 125,4781 TRANSFERS BETWEEN FUNOS 121,678 1121.6781 NET MOVEMENf IN FUNVS 34,350 19399 133,351 1158,8291 125.4781 RECONCIUATION OF FUNDS.. TOTAL FUhKIS BROVGHf FOFf#VARD 526.302 34.>J2 392,951 193,161 586.112 TOTAL FUTr￿ CARRIED FORWARD 560fi52 s26.￿? 34,332 560.634 GRAIX IJIURCH EXETER AS AT 315r A￿UST 2024 At 31" August 2024 At 3151 August 2023 Notr FIXED ASSErs.. Tangible 8sset5 267,066 CURBEPIT ASSETS: Debtors Cash at bank and in hand 21,317 30D294 15,851 282,107 321.611 297,958 LIABILITIES: Amounts fallino due within one year 17A611 14,3901 NET CURRENT ASSETS 314.150 293,568 TOTAL NET ASSErs 580.033 560,634 THE FUNDS OF THE CHAiirrY: R¥stricied Income Funds Unr85tricted Funds D¢sign8ted Fund 19J81 34,332 551.419 9233 505,616 20,686 526,302 TOYAL CHARITY RJNDS 560,634 The notes on pages 10-16 torm an integral part ol these accounts. These accounts were approved by the irusiees or¥ ... behalf by.. and signed on their UJFIKE ftr.'pJ&Tcr Trustee NOTES TO ThE ANANUAL sfATEMENTS FOR THE YEAR TO 31st AUGUST 2024 ACCOUNTING POLICIES al Basis of Accounting The linancial statements have been prepared under the historical cost convention with items rgcognised at cost or transaction value unless othe￿ise stated In the relevant notes to the accounts. The financial statements have been prepared with the Stalement of R8comm8nded Practice: Aecounting and Reporting by Charities preparing their aecouni$ in accordance wilh the Financial Reporting Standard applicable in the UK and Flepublic of Ireland IFRS 1021 leftÈctivè 1# January 2019) and with the Financial Reporting Standard applicable in ihe United Kingdom and Republic of Ireland IFRS 1021. The financial statements have also b8gn prepared with the Charilies Act 2011 as mended by the Charities Aci 2022. Grac8 Church Exeter meets the definition ot a public benefii entlty under FRS 102. bl Tangiblo FIX￿ AJset5- Propérty Property Lydia House wa8 purchased during the year. The propgrty is being depreciated at 2% per annum OTh a straight line bèsis. el Tanglble FIX￿ Asle￿. Equlpm•nt Equipment 1$ capitslised at cost where the cost exceeds £500 and depreciation is calculat8d so as to wri18 ofl this cost over ihe effectiv8 useful life ai 25% on a ￿raight line basis. dl Debtors The gift aid debtor 15 recognised and included as income vthen there is a valid declaration from ihe donoi. el C￿h •1 bank Cash ai bank includes shon term highly liquid invesimonts vliih a short maturity ofihrtr8 months or les5 from the dat8 of acqLtisilion or openlng ol the deposit or Similar a¢¢ount. Credlton Creditors arg re¢ognF8e