THE GREGORY CENTRE FOR CHURCH MULTIPLICATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Company No 14429617 Charity Registration No 1201506 Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM12SW
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Contents Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes lo the Financial Ststements &10 11 12 13 14-19
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION REPORT OF THE TRUSTEES REFERENCE AND ADMINISTRATIVE DETAILS The Charity's registered address with Companies House is.. The Old Deanery Dean's Court London EC4V SAA Board of Trustees The Trustees of the Charity are also the Directors of the limited company. The Trustees who served during the pericKI and up to the dale of this report were.. The Rt Revd Peter Broadbenl Jacqueline Driver The Venerable Sally Ann Gaze Bishop Tedroy Powell The Rt Revd Richard Thorpe Gregory Wood lappointed 19 October 20221 (appointed 21 November 20221 lappointed 19 October 20221 lappointed 21 November 20221 (appointed 19 October 20221 {appointed 21 October 20221 Key Management Personnel H Miller (Chief of Staff) Dale Eland (Operations Headl Professional advisers Solicitors.. Birkells LLP 1 London Wall Place London EC2Y SAU Auditors.. Jacob Cavenagh & Skeet 5 Robin Hood Lane Sullon Surrey SM12SW Bankers.. Lloyds Bank plc 25 Gresham Street London EC2V 8HN The Co-operative Bank plc PO Box 101 1 Balloon Street Manchester M60 4EP Page 1
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION REPORT OF THE TRUSTEES Iconlinuedl The Trustees present their Annual Report for the period ended 31 December 2023. together with the audited accounts for the period, which have been prepared In accordance with the Companies Act 2006, the charib.es Act 2011, the charity's governing document. the Charities Statement of Recommended Practice (Charities SORP IFRS 10211 and Financial Reporting Standard 102 IFRS 1021. The annual report serves the purposes of both a Trustees, Report and a Directors, Report under company law. Henceforth the charitable company will be referred lo as 'CCX throughout this report. OBJECTIVES AND ACTIVITIES Charitable Objectives CCX exists for the public benefit to advance the Christian faith throughout the world and to do so principally, but not exclusively, by serving and enabling the Christian church worldwide, and particularly in the Diocese of London and throughout England, in accordance with the Slalement of Faith. The mission of CCX is to resource the Church to reach new people in new and renewed ways. The vision of CCX is to see the whole Church built up and sent out in love, to plant and grow churches that equip all Christ's people for his work. We long to see a thriving church in every community, reaching every person with the good news about Jesus. We do this by equipping churches, planters and pioneers to multiply. We offer learning, coaching and consultancy wlh some of the most experienced people in church growth, helping churches lo connect with their tradition of growth and reframe this for a contemporary context. Overall Goals G081s towards meeting our vision". Champion the mixed eeology vision of the Church of England by supporting the planting of 10,000 new, predominantly lay-led, churches by 2030, reaching one million new people with the good news of Jesus Christ. Co-operating with other church networks, to see the re-evangelisalion of our nation. Helping lo deliver the Creative Growth ambition with the London Diocese by helping each church to grow in depth, impact and number through the Grow Course and equipping them to multiply by starting new congregations and new worshipping communities to reach new people in their parish and locality. Through growing existing parishes and starting 400 new worshipping communities, we hope to help fulfi'l the vision to see every Londoner encounter the love of God in Christ. Specific Programmes We equip leaders through the following training.. Grow Course The Grow Course is for all church leaders and their teams to help their churches grow in health, depth and impact in their own context. Plant Course The Plant Course equips and prepares church planting teams in the why, what and how of starting a new church community. Page 2
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION REPORT OF THE TRUSTEES Iconlinuedl Eslates We help the Church across eslales and low-income housing areas, planting and supporting estate church mission. Become is a learning stream for potential leaders from estates to be trained to help assist or lead a worshipping commLJnity in their own context. Pioneer School We help the Church pioneer, starting new church communities in creative ways. We connect Pioneers together for support., training them in the skills, knowledge and understanding required lo launch new church communities where they are most needed. Lay-18d Planting Myriad offers a learning pathway for everyday people to be equipped with the tools needed lo form new church communities. Resou Churches We support the work of resource churches across the country as cenlres of planting and church revitalisalion through regular leadership briefings, consultations and learning communities. Public Benefit Activities The Trustees complied with the duty in section 4 of the 2006 Charities Act to have due regard lo guidan published by the Charity Commission, including Public Benefit guidance. All the activities of the Charity las summarised below) were undertaken to further its charitable purposes for public benefit. ACHIEVEMENTS AND PERFORMANCE The centre was established in 2015 by Ric Thorpe, who was appointed as the Bishop of Islington lo lead the DioTrse of London's goal of creating 100 new worshipping communities and lo offer support for church planting more widely. With the scope of work expanding nationally and the need to support a nimble and growing team, The Gregory Centre for Church Multiplication ICCXI was formed as an independent charity lo provide flexibility to respond to changing needs and started ils separate activities from March 2023. CCX'S key achievements in 2023 are as follows". After the first year of the Myriad Learning Pathway for lay leaders, seven hubs have been established, supporting 71 teams and the formation of over 70 New Worshipping Communities. Myriad is successfully working in rural, urban and multi-ethnic contexts, as well as across church traditions. In partnership wth the Church Pastoral Aid Society and in response to feedback from church leaders, we have developed an oversight ministers, course lo equip incumbents with the tools they need lo oversee lay planters. A lolal of 14 teams allended the Grow Course., two cohorts finished, and new cohorts started. Parishes that have been taking part in the course report having more courage, confidence and clarity around their growth journey. Seven teams benefitted from the Plant Course, with six new church plants starting as a result. We have also launched a new course, Explore Church Planting, developed in partnership with Sl Hild's College. Through a series of videos and questions, the course helps church leaders and PCCS deepen their understanding of the subject of church planting. We ran two Become learning streams for potential leaders from estates and low-income housing areas. with over 30 people attending. In addition, the first Multiply Eslales Mission Conference was held, with over 150 people attending lo receive teaching hear stories, worship together and neork. Page 3
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION REPORT OF THE TRUSTEES Iconlinuedl A new cohort of Pioneer School started in September in partnership with Church Mission Society and Chelmsford Diocese, with 20 new Pioneers coming together lo learn about pioneering work and advance their plans lo start new worshipping communities. Several pioneer gatherings also took pla across the Diocese of London, which saw Pioneers gather, support one another and pray for London. 700 people allended our Multiply conference In June across four national venues, lo be equipped by leading thinkers on church planting and mulliplicalion. The Creative Growth team supported the work of the London resource churches through one-l&one consullalions, learning communities and liaising with different episcopal area teams. Eight of the resource churches have grown numerically since the pandemic, with multiple planting activities and leadership investment taking place. In order to increase support for Resource Church Leaders and the important role they play in church planting, we have created a new resource church programme board, increasing the national team from three to seven. Plan$ for future periods We believe God is calling CCX to move from 'helping' the Church to reach new people, to 'making something happen,. It is a subtle but vital shift lo a more active stepping out. We are expanding our work across the country, supporting di¢)ceses to develop growth strategies for their contexts, from lay planting of new worshipping communities to revitalising existing parishes. Key plans for 2024 are as follows.. Our Myriad Learning Pathway wll start a further eight learning hubs across the country, supporting at least 72 teams of lay planters to start new worshipping communities The London Creative Growth team will continue to provide courses lo support the growth ambition of the Diocese of London, which includes.. Running five Grow Courses, including working with a number of deaneries lo bring together a cluster of churches in their area. This new approach will increase impact by facilitating local churches to build relationships and support one another in church growth Supporting 10 new church plants in the Diocese of London through the Plant Course Training a further 10 Pioneers to start new worshipping communities Launching a new Estates Apprenticeship for individuals to leam alongside an eXperIend practitioner in order lo set up a new worshipping communily Expand our work with dioceses across the country, offering a suite of courses and learning pathways for a dioTrse in order for them to fulfil their growth agenda. Aiming lo work with four dioceses outside of London In 2024 Continue to collaborate across denominations, in order to see the growth of the whole Church in England. This includes partnering with Youth With a Mission IYWAMI for The Send, an initiative set to inspire thousands of young people across the country in mission Undertake a number of pieces of research to help further inform our work and to share learnings with the Church. We will be releasing two pieces of research in the first half of the year 'The Voice of the Resource Church Leader, and 'The Voice of the Pioneer, with recommendations of how to strengthen support, as well as undertaking research into strengthening discipleship across the Church. Host Multiply 2024, our annual church planting conferen, on the topic of multiplying a Younger Church, equipping leaders to grow, disciple and multiply a Younger Church that reaches new people, in new and renewed ways. Page 4
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION REPORT OF THE TRUSTEES Iconlinuedl FINANCIAL REVIEW During the period the Charity realised income of £2,490,394 of which £573,821 was intended for restricted funds. It incurred expenditure of £1,387,086 of which £464,614 was restricted. Al 31 December 2023 il had reserves of £1,103,308 of which £994,101 were unreslricled and £109,207 were restricted. The reserves al 31 December 2023 were more than required by the reserves policy as the Charity planned to draw down on the reserves in the following year. Reserves Policy The policy of CCX is to hold reserves $0 8S to have sufficient.. 111 to cover cash flow needs throughout the year. 121 as a contingency against unanticipated costs and lo allow the Charity to take advantage of new opportunities. 131 to cover the Charity's liabilities should it need to wind up. Cash flow is dependent on grants and fund-raising and is therefore uneven. There are significant cash outlays in some months throughout the year. The aim is lo hold £250,000 in cash at each month end. In the event of winding up, there are not sufficient capital assets to meet all liabilib'es. Liabilities include-. redundancy payments to staff, including payments in lieu of notice of £200,000 discharging commitments lo suppliers and team already in place- this is partly covered above, so a further £50,000 is allowed here Total Estimated Cost.. £250,000 Investment Policy CCX ulilises three financial institutions with the majority of the funds stored in a savings account for better interest earnings. This allows CCX to minimise risk and any potential losses in the event of financial instsbility within the banking sector. Grant making policy CCX has partnered wlh selected churches and dioceses that are well known to the organisation and considered effective implementing partners wthin our budget constraints. Volunteers, contribution We welcomed the help ofvolunteers across both our conferences.. Multiply Estates Mission and Multiply 2023. Our Applications Manager was also helped by six Salesforce interns over the course of the year. Fundraising In line with the reporting requirements included in the Charities Act 2016, the Trustees are pleased to confim) that all fundraising was done in compliance with best fundraising practice. During the financial period ended 31 December 2023 we contracted the service of a fundraising professional to the value of £5,700. There were no complaints or criticisms during the period about our fundraising activities. The main source of income for the Charity is grant funding from generous funders, as well as SUPFX)rt from the London Diocesan Fund. Page 5
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION REPORT OF THE TRUSTEES Iconlinuedl We remain Incredibly grateful lo our funders for their support as they joined with us in our work to resource the Church to reach new people, in new and renewed ways. Risk Management The Trustees believe they are aware of the major risks to which the Charity is exposed and that controls are in place lo miligale them. A Risk Register is in use and the Trustees aim for robust management oversight. The Trustees consider the principal risks and uncertainties facing the Charity, and the plans and strategies for managing these risks, lo be.. Strategic." Lack of direction, strategy and planning., Reputional.. Action by a member of Board, staff or team, speaker or delivery partner signific8nlly at variance with CCX ethos", IT related.. Maare and cyber attack., Data breach, non-compliance with GDPR regulations. Mib"galions are in place lo address all these risks, which were identified al the initial stage of founding the charity. The Board will be reviewing these on a regular basis and will sharpen up the list of risks in the light of operational experience. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The charitable company is a wislered charity (registration number 12015061 and is conslituled as a company registered in England and limited by guarantee Iregislration number 144296171. Its objects, powers and constitution are set out in its Memorandum and Articles of Association dated 19 October 2022. Governance The Board is responsible for the overall governance of CCX. Trustees meet regularly to rewew strategic direction, policies, budget and management accounts and all other high level decisions. Decision-making is based on clear paperwork and recommendations. Day-l04ay management is delegated to the CEO, the Chief of Staff and the Team leads, who meet weekly. The Chair of Trustees also allends these meetings lo ensure good communication and governance. The CEO is not salaried, but receives a stipend in his role as a Bishop of the Church of England. Stipend levels are set nationally. No Trustees receive any remuneration from the Charity. The pay and remuneration of staff is set by the Trustees, who have degated this task to the HR and Remunerations Committee, and is kept under annual review. A number of criteria are used in setting pay". nature of the role and responsibilities competitor salaries in the region the sector average salary for comparable positions trends in pay Recruitment and Induction of Trustees Trustees serve for a term of three years, renewable, subject lo a maximum of three temis of office Inine years in lotall. Board members are recruited against a clear role descripts'on. The Board will be addressing Trustee training at a future meeting. Conneeted Charities There are no connected char((ies, 81though CCX was under the aegis of the London Diocesan Fund ILDFI before becoming a separate ¢harily. Aspects of the work of CCX in London are funded by the LDF as part of its 2030 Vision. Two of our Trustees are also Trustees of the London Diocesan Fund. Page 6
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION REPORT OF THE TRUSTEES Iconlinuedl Truste, Responsibilities The Trustees Iwho are also the Directors of The Gregory Centre for Church Mulliplicationl are responsible for ensuring the preparation of the Annual Report and the financial statements is in accordance with applicable law and regulations. Under that law the Trustees have elected lo prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practi (United Kingdom Accounting Standards and applicable lawl. The Trustees are required to prepare financial statements for each financial period, which give a true and fair view of the affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, of the charitable company for the period. In preparing those financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained In the financial slatemenls., prepare the financial statements on the going conrn basis unless il is inappropriate to presume that the company will continue. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the fi'nancial position of the company and to enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosure of infomiation to auditors To the knowledge and belief of the Trustees, there is no relevant information that the company's auditors are not aware of, and the Trustees have taken all the steps necessary lo ensure the Trustees are aware of any relevant information, and to establish that the company's auditors are aware of the information. Small company The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by the Board of Trustees at its meeting on 1 May 2024 and signed on its behalf by.. Pete Broadbent Chair of Trustees Page 7
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE GREGORY CENTRE FOR CHURCH MULTIPLICATION Opinion We have audited the financial statements of The Gregory Centre for Church Multiplication Ithe 'charity I for the pericKI ended 31 Dember 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102 The FinanGial Reporting Standard appIable in the UK and Republic of Ireland (United Kingdom Generally Apted Accounting Practice). In our opinion the financial slatemenls.. give a true and fair view of the slate of the charitable company's affairs as al 31 December 2023 and of its incoming resources and application of resources, including ils income and expenditure, for the period then ended., have been properly prepared in accordance with United lfjngdom Generally Accepted Accounting Practice", and have been prepared in accordance wth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilrties under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. other infom)alion The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent othewse explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on othgr matters prescribgd by the Companigs Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Trustees. Report, which includes the directors, report prepared for the purposes of company law, for the financial period for which the financial statements are prepared is consistent with the financial statements., and the directors, report included within the Trustees, Report has been prepared in accordance wf(h applicable legal requirements. Page 8
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE GREGORY CENTRE FOR CHURCH MULTIPLICATION {continued) Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit. we have not identified material misstslements In the strategic report or the directors, report included with the Trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us", or the financial statements are not In agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies exemptions in preparing the Trustees, report and from the requirement lo prepare a strategic report. Responsibilities of Trustees As explained more fully IN the Trustees, resFX)nsibililies statement, the Trustees Iwho are also the directors of the charitable company for the purposes ofcompany lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slalements that are free from material misststement, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either Intend to liquidate the company or to ase operations, or have no realistic alternative bul lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit eonducled in accordance w(th ISAS IUKI will always detect a material misslatemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related lo company, employment and financial reporting legislation and we considered the extent lo which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation ofthe financial statements such as the Companies Act 2006 and the Charits'es Act 2011. We assessed the susceptibility of the company's financial statements to material misslatemenl, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. We determined that the principal risks were related lo recognition of grant income, categorisation of reslricled funds and management override of controls. Page 9
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE GREGORY CENTRE FOR CHURCH MULTIPLICATION Icontinuedl In response lo the risks identified we designed procedures which included, but were not limited lo." reviewing grant agreements for income recognition and re51ricled fund5. evaluating the charity's inlemal controls, idenbfyinq and testinq jokjrnal entries and reviewing trustees minutes. There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misslalements that arise due lo fraud can be harder to delect than those that ari88 from error as they may involve deliberdle wn(EalmeiiL or Lollusioii. A further description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website al.. http."Ilwww.frc.org.uklaudilorsTesponsibililies. This description forms part of our audi(or's rèport. Other matters Your attention is drawn lo the fad IhAt thp r.harity prpparpd the finanr.ial statements in accordance with "Accounting and Reportin9 by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in a¢cordan¢e with thè Pinancial Keporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended} in preference lo the Accounting and Reporting by Chariti8s'. Statèment of Rècommended Practice issued on 1 April 2005 which is referred to in the extant regulations but ha5 now been withdrawn. This has been done in order for Ihe financial stalemenls lo provide a true and lair view in accordanc6 with Generally Accepted Accounting Practice effective for reporting periods baginning on or after 1 Janijary 2015. Use of our report This report is made solely to the charllable company's members. as a body, In accordance w((h Chapter 3 of Part 16 of thè Companies Act 2006 and regulations made under that Act. Our auditwork has been undertaken $0 that we might slate lo the charitable companls members those matters we are required lo slate lo them in an auditors, report and for no other purpose. To the fullest exlenl pemitted by law, we do not accept or assume responsibility to anyone other than the charitable MpanY and its members as a body, for our audit work, for thi5 report, or for the opinions we have fomed. Miriam Hickson FCA (Senior Statutory Auditor) for arjd behalf of Jacob Cavenagh & Skeet Statutory Auditor Ghartered Accountants 5 Robin Hood Lang SuLlori Surrey SM1 2SW Dated.. li str 2oZLt Page 10
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION STATEMENT OF FINANCIAL ACTIVITIES lincluding the Income and Expenditure Account) FOR THE PERIOD ENDED 31 DECEMBER 2023 2023 Unrestrieted Restricted Funds Funds Total Note Income from: Donations and legacies Investments Charitable activities other income Total income 1,886.410 573,821 2,460,231 4,345 4,345 24,570 24,570 1 916 573 573 821 2 490 394 Expendlture on: Charitable activities Totsl expenditure 922 472 464 614 1 387 086 922 472 464 614 1 387 086 Net Income 994,101 109,207 1,103,308 Transfers Net movement in funds 994 101 109207 1 103 308 Reconciliation of funds Balance carried forward at 31 December 2023 The company has no other recognised gains or losses for the period. All activities of the Charity are continuing. Page 11
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION {Company number 14429617) BALANCE SHEET AS AT 31 DECEMBER 2023 31.12.2023 Note Fixed assets Tangible assets Current assets Debtors Cash in hand and al bank 10 80,110 1 102616 1,182,726 Creditors.. Amounts falling due within one year Net assets 13 Funds Unrestricted Funds 994,101 Restricted Funds 12 109207 Total charity funds The financial statements have been prepared in a¢cordan¢e with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and were approved by the Trustees on 1 May 2024 and signed on their behalf by.. Pete Broadbent Chair of Trustees Page 12
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2023 Note 2023 Cash provided by operating activities 1,098,271 Cash flows from investing activitie8 Investment income 4345 Increase In Cash and cash equlvalents durlng the perlod 1,102,616 Cash and cash gquivalgnts as at 31 December 2023 lil Reconciliation of net movement in funds to cash used in operating activities 2023 Net movement in funds Investment income Ilncreasel in debtors Increase in creditors Net cash provided by operating activities 1,103,308 { 4,3451 1 80,1101 79418 27 Page 13
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES The Gregory Centre for Church Multiplication is a company limited by guarantee incorporated in England. 11 is registered with the Charity Commission. Its registered Offi is The Old Deanery, Dean's Court, London EC4V 5A4. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial ststemenls are as follows". Basis of a¢¢ounting The financial statements have been prepared under the historical cost convention with items recognised at Cost or transaction value unless otherwise stated in the relevant notes lo these financial slatemenls. The financial statements have been prepared In accordan with the Charities Statement of Recommended Practice Icharilies SORP IFRS 10211, Financial Reporting Standard 102 IFRS 1021, the Companies Act 2006 and the Charities Act 2011. The Gregory Centre for Church Multiplication meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts are rounded to the nearest £. Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future and that there are no material uncertainties about the charity's ability lo continue. Thus the Trustees have adopted the going concern basis of accounting for preparing the financial statements. Income Income is recognised when the charity is legally enlilled to il after any performance conditions have been mel, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Income tsx recoverable in relation to donations reiVed under Gift Aid is recognised al the time of the donation. Interest is recognised when receivable. Expenditure Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third party, il is probably that selllemenl will be required and the amount of the obligation can be measured reliably. All costs that cannot be identified as relating directly lo the Charity's principal activity are calegorised as either support costs or governan costs. Pension costs Payments to defined contribution benefit schemes are charyed as an expense as they fall due. Fund accounting The general fund comprises the accumulated surpluses of unrestricted incoming resources over resources expended, which are available for use in furtherance of the general objectives of the charity. Restricted funds are funds subject lo specific conditions imposed by donors. The purpose and use of the reslricled funds are sel out In the notes lo the financial statements. Amounts unspent at the period end are carried fonmard In the balance sheet. Page 14
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Iconlinuedl ACCOUNTING POLICIES Icontinuedl Tangible fixed assets and depreciation Tangible fixed assets are initially recognised al cost. After recogni(ion, under the cost model, tsngible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation Is charged so as lo allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, using the straighl-line method. Depreciation is provided on the following basis.. Computer equipment 100910 Straight line The computers were donated during the period and at the end of the year il was decided they had a negligible value. Debtors Grants weivable and other debtors are included al the selllement amount due. Prepayments are valued at the amount prepaid. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other shorl-temi liquid investments with original maturities of three months or less, and bank overdrafts. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation arising from a past event that wll probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Financial instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial Instruments are initially recognised al transaction value and subsequently measured at their selllement value. DONATIONS AND LEGACIES Unrestrlcted Restrlcted 2023 Donations Grants receivable Gift aid receivable 37,190 535,831 800 38,301 2,418,242 1,882,411 INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted 2023 Conferences Book Sales Subscriptions and Advertising 20,313 1,935 20,313 1,935 24 24 Page 15
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Iconlinuedl EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted 2023 staff cost Inole 81 Contractors and consultants Grants payable (note 61 Learning and Development Publications and printing Catering and hospitality Visual production Conferences and events Other expenses Staff training Travel and subsistence Support costs Inole 51 433,846 201,052 35,000 10,541 3,362 3,459 81,195 33,566 10,300 7,778 32,479 377,980 39,831 811,826 240,883 35,000 17,193 5,684 4,912 82,563 49,946 10,502 9,706 38,603 6,652 2,322 1,453 1,368 16,380 202 1,928 6,124 22 472 SUPPORT COSTS 2023 Communications Bookkeeping services Other office costs Start-up costs Depreciation Governance costs 16,920 13,906 22,958 3,404 10,000 13080 GRANTS PAYABLE Grants were issued lo the following partnering organisalions in order enable these partners to facililale training sessions to achieve our church planting goals.. 2023 All Saints Woodford Wells The Diocese of Sl Edmundsbury and Ipswch St George's Church, Leeds St John the Baptist Church. Leicester The Light College and Collective The Well Sheffield Baptist Church 7,500 4,000 5,000 6,000 5,000 35 000 NET INCOME 2023 This is slated after charging.. Auditors, remuneration audit other services 9,000 4,080 00 Depreciation Page 16
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Iconlinuedl NET INCOME Icontinuedl The company Is registered with the Charity Commission and is exempl from corporation taxation on its charitable aclivits'es. STAFF COSTS 2023 Gross Salaries Benefit in kind Social security costs Pension contributions 637,772 5,550 58,843 109661 2023 No The average number of employees during the period was.. There were no employees with emoluments exceeding £60,000. None of the Trustees received remuneration for services as a trustee of the charity or as a director of the company or reimbursement for expenses incurred in relation to the charity during the current period. 2023 Remuneration of key management personnel TANGIBLE FIXED ASSETS Computer equipment Cost Additions 10,000 At 31 December 2023 10,000 Depreciation Charge for the year 10,000 At 31 December 2023 10,000 Net Book Value At 31 December 2023 Page 17
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Iconlinuedl 10 DEBTORS 2023 Trade debtors Grant income receivable Other debtors 6,558 57,364 16 188 11 CREDITORS.. Amounts falling due wfthin one year 2023 Trade creditors Tax and scrial security costs Other creditors Accruals 14,085 22,770 14,230 28 333 12 RESTRICTED FUNDS Balance 01.01.23 Balance 31.12.23 Income Expenditure Transfer8 Estate work National work London Resource Churches The Send Storehouse Research Creative Growth 1,593 125,733 7,615 66,249 131,323 24,000 217 308 1 1,5931 1125,7331 1 10,5781 127.3881 157.6601 124,0001 1217 6621 12,9631 38.861 73,663 Estate work.. Supporting staff for Creative Growih London National Work.. Supporting staff and consultants for Myriad London Resource Churches.. Running costs The Send". Consultants and running costs for The Send Storehouse. Staff and running costs Research.. Staff costs Creative Growth.. Staff and running costs for Creative Growth London Future income is expected lo cover the deficits. Page 18
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Iconlinuedl 13 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Totsl 2023 Current assets Current liabilities 1,060,570 122,156 1,182,726 1 664691 1129491 1 79418 14 RELATED PARTY TRANSACTIONS There were the following related party transactions during the period.. £4,000 was granted to The Diocese of Sl Edmundsbury and Ipswch, of which S Gaze is the Archdeacon. £1,711 was paid lo The Parish of Sl Mary Woolnoth and St Edmund the King, of which R Thorpe is a trustee, for hire of facilitieslroom booking. £645 was paid to a trustee's family member for work as a contractor. 15 NON-AUDIT SERVICES PROVIDED BY AUDITOR In common with many charities of our size and nature we use our auditor to assist with the preparation of the financial statements. Page 19