THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Company No 14429617 Charity Registration No 1201506
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Contents | Page |
|---|---|
| Report of the Trustees | 1-8 |
| Report of the Independent Auditors | 9-11 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 |
| Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15-21 |
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 5AA
Board of Trustees
The Trustees of the Charity are also the Directors of the limited company. The Trustees who served during the year and up to the date of this report were:
The Rt Revd Peter Broadbent Jacqueline Driver The Venerable Sally Ann Gaze Bishop Tedroy Powell The Rt Revd Richard Thorpe Gregory Mark Wood
Key Management Personnel
H Miller (Chief of Staff) Dale Eland (Operations Lead) (until 01.10.2024) Jenny Hoyle (Operations Lead) (from 01.09.2024)
Professional advisers
Solicitors: Birketts LLP 1 London Wall Place London EC2Y 5AU Auditors: Xeinadin Audit Limited 5 Robin Hood Lane Sutton Surrey SM1 2SW Bankers: Lloyds Bank plc 25 Gresham Street London EC2V 8HN
The Co-Operative Bank plc PO Box 101 1 Balloon Street Manchester M60 4EP
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
REPORT OF THE TRUSTEES (continued)
The Trustees present their Annual Report for the year ended 31 December 2024, together with the audited accounts for the year, which have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, the charity’s governing document, the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). 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 to 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 Statement 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 information, advice and support with some of the most experienced people in church growth, helping churches to connect with their tradition of growth and reframe this for a contemporary context.
Overall Goals
CCX’s overall goal is to help the Church reach new people, in new and renewed ways. Our aim is to create 10,000 new worshipping communities in the Church of England and influence at the same scale other planting in England, Europe and around the world. We seek to help start new worshipping communities to reach new people in the Church of England, to equip existing churches to make new disciples in the Church of England and to support the planting and growth of churches outside of the Church of England and/or outside England. We also aim have a special emphasis on reaching children and young people.
Specific Programmes
We equip leaders through the following learning pathways:
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.
Estates
We help the Church across estates a nd 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 community in their own context. We are also the learning provider of the Estates Apprenticeship Programme.
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 to launch new church communities where they are most needed.
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
REPORT OF THE TRUSTEES (continued)
Lay-led Planting
Myriad offers a learning pathway for everyday people to be equipped with the tools needed to form new church communities.
Resource Churches
We support the work of resource churches across the country as centres of planting and church revitalisation 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 to guidance published by the Charity Commission, including Public Benefit guidance.
All the activities of the Charity (as 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 to lead the Diocese of London’s goal of creating 100 new worshipping communities and to 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 (CCX) was formed as an independent charity to provide flexibility to respond to changing needs and started its separate activities from March 2023.
CCX’s key achievements in 2024 are as follows:
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The Grow Course - Two cohorts were completed and four new cohorts started in three dioceses. 26 churches (135 people) attended learning communities throughout the year. Five dioceses were represented. A new, printed Grow Course guide was also produced which made the course more accessible to those attending.
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The Plant Course - Two cohorts of the Plant course were run with a total of seven planting teams (18 people). There were also 18 consultations with planting teams held throughout the year. Three New worshipping community grants totalling £30,000 were given to churches starting New Worshipping Communities on completion of the Plant course.
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Estates Ministry - A new Apprenticeship scheme for Estates apprentices started with four apprentices on a two year programme of theology and leadership training with contextual on the job training for people from estates and low-income areas with a view to help lead or start a worshipping community in that context. The Become course (an accessible training programme for people thinking about estate leadership) has been re-filmed and a leaders manual produced and is currently being piloted in two dioceses. Two Estates roundtables also ran with approximately fifty people in attendance. These gatherings are for estate practitioners to share good practice and provide peer-to-peer support.
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Pioneer Ministry - There were four pioneer gatherings for pioneer practitioners to gather for peer-topeer support and share practice. These were attended by fifty people. In 2024, we saw 15 graduates of Pioneer School, held training with interns, overseas visitors, and deaneries, we prayer walked the Thames path from Staines to Canning Town, and carried out a research project to evidence the experiences of Pioneers nationwide.
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
REPORT OF THE TRUSTEES (continued)
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CCX held two learning communities for the London Diocese Resource Churches, bringing together forty people from twelve different churches. Nine consultations took place continuing our work supporting and helping shape mission strategy for these churches.
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Over 900 people attended our Multiply conferences in March and June across four national venues, to be equipped by leading thinkers on church planting and multiplication with particular focus on estates and young people.
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The Myriad Pathway has supported 110 teams to start new church communities. We have supported local churches to lead 11 learning pathways to equip church planting teams in forming their new churches.
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The first cohort of 8 teams has come to the end of the 2.5 year learning pathway with really encouraging results. The stories from those teams is that new church communities have formed, new people have stepped into leadership, and people have come to faith and been baptised. The Myriad 2.5 year learning pathway content has also been developed and refined to ensure continuous improvement using the feedback from the teams having recently completed the pathway
Plans for future years
Over the past decade, CCX has built a strong reputation for high-quality training and strategic partnerships across dioceses, denominations, and networks. As the Church faces growing demand alongside financial constraints, we are making a strategic shift from centralised delivery to an agile train-the-trainer model. This change will extend our reach, empower local leaders to deliver in their own contexts, and allow CCX to focus on innovation and impact in our core areas of Plant, Grow, Pioneer, and Estates.
Key organisation objectives and goals for 2025 are as follows:
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Deliver Multiply to an audience of 800, on time and within budget. Undertake event/cost benefit analysis.
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Reach, inspire and inform CCX target population and convert to 'action'.
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Move away from primarily direct delivery of courses to a model of equipping others to deliver courses to more easily multiply with reduced number of paid staff.
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Partnering with enablers to build/refine courses and pathways to be fit for purpose.
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Providing CCX with brand, style, communications resources and ensuring high quality and consistency across all channels.
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Build an IT infrastructure (hardware and software) that will facilitate the achievement of CCX outcomes/mission for 2027.
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Provide timely, cost effective IT and application support and solutions.
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Scope and successfully implement new CRM to evidence all CCX activity and progress towards outcomes and achieving mission.
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Board composition adequately diverse, roles defined and governance responsibilities undertaken.
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Trustees understand the mission and Theory of Change and are ambassadors for CCX.
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Develop PeopleHR system as 'go to' for all things people.
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Restructure the team to operate through an agile, experienced, cross-functional staff who equip and support others to train and equip for multiplication.
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Refine and automate CCX financial processes.
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Identify Finance Business Intelligence Reporting needs and implement.
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Raise £800,000 from 6-10 trusts & foundations and 10-14 other major donors for FY26.
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Achieve 50% of FY26 target through securing multi year partnerships.
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
REPORT OF THE TRUSTEES (continued)
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Broaden our funder base by increasing number of major donors and trust/foundations giving and in the pipeline.
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Define what we mean by project management and identify the most effective and impactful ways of working to deliver projects.
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Ensure all project manager resources have skills and training/capacity to undertake project management.
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Develop Plant stream to meet need: 5 cohorts, 30 NWCs.
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Develop Pioneer streams to meet need: 1 cohort, 20 NWCs.
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Develop Grow stream to meet need: 5 cohorts, 30 churches trained.
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Develop Estates pathway to meet need: 6 estates apprentices; 12 Become hubs, 72 leaders.
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Develop Diocese pathway to meet need: 5 in strategic partnership; 5 with some CCX delivery and generate £200,000 income via stream delivery pricing structure.
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Networks/organisations in England: 2 in strategic partnership generating £15,000 income.
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Outside CofE: 2 in strategic partnership or delivery generating £15,000 income.
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Introduce and run a new annual business planning cycle in Sept 2025 that integrates financial and strategic priorities, and reflects input from across the organisation.
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Communicate and implement Theory of Change and impact/performance monitoring measures across all teams.
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Introduce monthly leadership dashboard metrics to Team Leads meetings.
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Scope and identify effective internal communications methods and resourcing.
FINANCIAL REVIEW
During the year the Charity realised income of £1,787,434 (2023: £2,490,394) of which £585,413 (2023: £573,821) was intended for restricted funds. It incurred expenditure of £2,062,652 (2023: £1,387,086) of which £628,130 (2023: £464,614) was restricted. At 31 December 2024 it had reserves of £828,090 of which £761,600 were unrestricted and £66,490 were restricted.
The reserves at 31 December 2024 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 so as to have sufficient:
(1) to cover cash flow needs throughout the year.
(2) as a contingency against unanticipated costs and to allow the Charity to take advantage of new opportunities.
(3) 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 to hold £150,000 in cash at each month end.
In the event of winding up, there are not sufficient capital assets to meet all liabilities. Liabilities include:
● redundancy payments to staff, including payments in lieu of notice of £100,000
● discharging commitments to suppliers and team already in place - this is partly covered above, so a further £50,000 is allowed here
Total Estimated Cost: £150,000
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
REPORT OF THE TRUSTEES (continued)
Investment Policy
CCX utilises 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 instability within the banking sector.
Grant making policy
CCX has partnered with selected churches and dioceses that are well known to the organisation and considered effective implementing partners within our budget constraints.
Fundraising
In line with the reporting requirements included in the Charities Act 2016, the Trustees are pleased to confirm that all fundraising was done in compliance with best fundraising practice. During the financial year ended 31 December 2024 we employed a 0.6 FTE Philanthropy Lead to invest in our fundraising capacity and sustain income generation. There were no complaints or criticisms during the year about our fundraising activities.
The main source of income for the Charity is grant funding from generous funders, as well as support from the London Diocesan Fund.
We remain incredibly grateful to 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 to mitigate 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, to be:
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Governance and Management:
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a) Lack of direction, strategy and planning and funding
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b) Damaging effect of outside forces, economic or otherwise, beyond our control
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Finance: Insufficient Funding and cash flow difficulties
Mitigations and controls are in place to address these risks and the charity leadership team and the Board review them on a regular basis including updated judgements on likelihood of occurrence and severity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The charitable company is a registered charity (registration number 1201506) and is constituted as a company registered in England and limited by guarantee (registration number 14429617). 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 review strategic direction, policies, budget and management accounts and all other high level decisions. Decision-making is based on clear paperwork and recommendations. Day-to-day management is delegated to the CEO, the Chief of Staff and the Team leads, who meet weekly. The Chair of Trustees also attends these meetings to 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.
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
REPORT OF THE TRUSTEES (continued)
The pay and remuneration of staff is set by the Trustees, who have delegated this task to the HR and Remunerations Committee, and is kept under annual review. A number of criteria are used in setting pay:
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nature of the role and responsibilities
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competitor salaries in the region
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the sector average salary for comparable positions
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trends in pay.
Recruitment and Induction of Trustees
Trustees serve for a term of three years, renewable, subject to a maximum of three terms of office (nine years in total). Board members are recruited against a clear role description. The Board will be addressing Trustee training at a future meeting.
Connected charities
There are no connected charities, although CCX was under the aegis of the London Diocesan Fund (LDF) before becoming a separate charity. 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.
Trustees’ Responsibilities
The Trustees (who are also the Directors of The Gregory Centre for Church Multiplication) 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 to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
The Trustees are required to prepare financial statements for each financial year, 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 year. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to 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.
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
REPORT OF THE TRUSTEES (continued)
Disclosure of information 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 to 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 4 June 2025 and signed on its behalf by:
Pete Broadbent Chair of Trustees
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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 (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities 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 to our audit of the financial statements 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 to provide a basis for our opinion.
Other information
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 otherwise explicitly stated 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 to 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 other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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the information given in the Trustees' Report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report included within the Trustees' Report has been prepared in accordance with applicable legal requirements.
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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 misstatements 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 to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemptions in preparing the Trustees’ report and from the requirement to prepare a strategic report.
Responsibilities of Trustees
As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to 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 cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to 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 conducted in accordance with ISAs (UK) will always detect a material misstatement when it 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 to 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 to company, employment and financial reporting legislation and we considered the extent to 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 of the financial statements such as the Companies Act 2006 and the Charities Act 2011.
We assessed the susceptibility of the company’s financial statements to material misstatement, 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 to recognition of grant income, categorisation of restricted funds and management override of controls.
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REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE GREGORY CENTRE FOR CHURCH MULTIPLICATION (contlnuod) In response to the risks identified we designed procedures which included. blrt were not limited to.. reviewing grant agreements for income recognition and restricted funds, evaluating the charity's internal Gontrols, identifying and testing joumal entries and reviewing trustees minutes. There are inherent limitations in the audrt 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 misstatements that arise due to fraud can be harder to delect than those that arise from error as they may involve deliberate ¢oncealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http.'IAwM.frc.org.ukJaudrtorsresponsibilities. This description fonns part of our auditols report. Use of our roport This report is made solely to the charitable company's members. as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state lo them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do nol accept or assume responsibility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed. Mlrlam Hickson FCA {Senlor Statutory Audltor) for and on behalf of Xeinadin Audit Limited Stslutory Auditor Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM12SW Dated.. Page11
THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
STATEMENT OF FINANCIAL ACTIVITIES (including the Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2024
| 1 January | to 31 December | to 31 December | 2024 | 1 March to | 31 December 2023 | 31 December 2023 | ||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted |
Total | Unrestricted | Restricted | Total | |||
| Funds | Funds | Funds | Funds | |||||
| £ | £ | £ | £ | £ | £ | |||
| Note | ||||||||
| Income from: | ||||||||
| Donations and legacies | 2 | 1,123,428 | 583,163 | 1,706,591 | 1,886,410 | 573,821 | 2,460,231 | |
| Investments | 10,994 | - | 10,994 | 4,345 | - | 4,345 | ||
| Charitable activities | 3 | 65,874 | 2,250 | 68,124 | 24,570 | - | 24,570 | |
| Other income | 1,725 | - | 1,725 | 1,248 | - | 1,248 | ||
| Total income | 1,202,021 | 585,413 | 1,787,434 | 1,916,573 | 573,821 | 2,490,394 | ||
| Expenditure on: | 4 | |||||||
| Charitable activities | 1,434,522 | 628,130 | 2,062,652 | 922,472 | 464,614 | 1,387,086 | ||
| Total expenditure | 1,434,522 | 628,130 | 2,062,652 | 922,472 | 464,614 | 1,387,086 | ||
| Net (expenditure)/income | 7 | (232,501) | (42,717) | (275,218) | 994,101 | 109,207 | 1,103,308 | |
| Transfers | - | - | - | - | - | - | ||
| Net movement in funds | (232,501) | (42,717) | (275,218) | 994,101 | 109,207 | 1,103,308 | ||
| Reconciliation of funds | ||||||||
| Balance brought forward at 1 January | 994,101 | 109,207 | 1,103,308 | - | - | - | ||
| Balance carried forward at 31 December | 761,600 | 66,490 | 828,090 | 994,101 | 109,207 | 1,103,308 |
The company has no other recognised gains or losses for the year. All activities of the Charity are continuing.
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION (Company number 14429617)
BALANCE SHEET AS AT 31 DECEMBER 2024
| Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash in hand and at bank Creditors: Amounts falling due within one year 11 Net current assets Net assets 13 Funds Unrestricted Funds Restricted Funds 12 Total charity funds |
2024 £ 73,703 885,630 959,333 131,243 |
£ - 828,090 828,090 761,600 66,490 828,090 |
2023 £ £ - 80,110 1,102,616 1,182,726 79,418 1,103,308 1,103,308 994,101 109,207 1,103,308 |
2023 £ £ - 80,110 1,102,616 1,182,726 79,418 1,103,308 1,103,308 994,101 109,207 1,103,308 |
|---|---|---|---|---|
| 1,103,308 | ||||
| 994,101 109,207 |
||||
| 1,103,308 |
The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and were approved by the Trustees on 4 June 2025 and signed on their behalf by:
Pete Broadbent Chair of Trustees
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Cash (used in)/provided by operating activities (i) Cash flows from investing activities Investment income Increase in cash and cash equivalents during the year Cash and cash equivalents as at 1 January Cash and cash equivalents as at 31 December (i) Reconciliation of net movement in funds to cash used in operating Net movement in funds Investment income Decrease/(increase) in debtors Increase in creditors Net cash (used in)/provided by operating activities |
2024 2023 £ £ (227,980) 1,098,271 10,994 4,345 (216,986) 1,102,616 1,102,616 - 885,630 1,102,616 activities 2024 2023 £ £ (275,218) 1,103,308 ( 10,994) ( 4,345) 6,407 ( 80,110) 51,825 79,418 (227,980) 1,098,271 |
2023 £ 1,098,271 4,345 |
|---|---|---|
| 1,102,616 - 1,102,616 |
||
| 1,098,271 |
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 ACCOUNTING POLICIES
The Gregory Centre for Church Multiplication is a company limited by guarantee incorporated in England. It is registered with the Charity Commission. Its registered office is The Old Deanery, Dean’s Court, London EC4V 5AA.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
Basis of accounting
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 to these financial statements. The financial statements have been prepared in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)), Financial Reporting Standard 102 (FRS 102), 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
Due to a reduction in grant funding this year, the Charity has been required to make a strategic pivot to a more agile cost effective operating model, including making a number of redundancies, to maintain its financial viability.
Despite these challenges, the Trustees have a reasonable expectation that the Charity has sufficient resources to continue its operational existence for the foreseeable future.
After considering the Charity’s financial position and the actions taken, the Trustees believe that there are no material uncertainties that would cast doubt on the Charity’s ability to continue as a going concern. Therefore, the Trustees have adopted the going concern basis of accounting in preparing the financial statements.
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.
Interest is recognised when receivable.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probably that settlement will be required and the amount of the obligation can be measured reliably. All costs that cannot be identified as relating directly to the charity’s principal activity are categorised as either support costs or governance costs.
Grants Paid
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the charity.
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
1 ACCOUNTING POLICIES (continued)
Pension costs
Payments to defined contribution benefit schemes are charged 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 to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the financial statements. Amounts unspent at the year end are carried forward in the balance sheet.
Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis: Computer equipment 100% straight line
The computers were donated during the initial period and at the end of the period it was decided they had a negligible value.
Debtors
Grants receivable and other debtors are included at the settlement 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 short-term 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 will probably result in the transfer of funds to 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 at transaction value and subsequently measured at their settlement value.
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
| 2 DONATIONS AND LEGACIES Unrestricted £ Restricted £ Donations 2,330 7,720 Grants Receivable 1,120,100 574,308 Gift aid Receivable 998 1,135 1,123,428 583,163 3 INCOME FROM CHARITABLE ACTIVITIES Unrestricted £ Restricted £ Conferences 62,955 2,250 Book Sales 2,919 - Subscriptions and Advertising - - 65,874 2,250 |
2024 £ 10,050 1,694,408 2,133 1,706,591 2024 £ 65,205 2,919 - 68,124 |
2023 £ 38,301 2,418,242 3,688 |
2023 £ 38,301 2,418,242 3,688 |
|---|---|---|---|
| 2,460,231 | |||
2023 £ 20,313 1,935 2,322 24,570 |
|||
| 24,570 |
4 EXPENDITURE ON CHARITABLE ACTIVITIES
| Unrestricted £ Restricted £ Staff and recruitment costs (note 8) 864,662 480,912 Contractors and consultants 204,012 71,499 Grants payable (note 6) 80,850 400 Learning and Development 8,895 50,502 Publications and printing 548 8,012 Catering and hospitality 17,026 3,392 Visual production 48,784 1,804 Conferences and events 37,008 1,971 Other expenses 16,423 2,367 Staff training 11,472 - Travel and subsistence 41,734 6,089 Support costs (note 5) 103,108 1,182 1,434,522 628,130 |
2024 £ 1,345,574 275,511 81,250 59,397 8,560 20,418 50,588 38,979 18,790 11,472 47,823 104,290 2,062,652 |
2023 £ 811,826 240,883 35,000 17,193 5,684 4,912 82,563 49,946 10,502 9,706 38,603 80,268 |
|---|---|---|
| 1,387,086 |
| 5 SUPPORT COSTS Communications Bookkeeping services Other office costs Start-up costs Depreciation Governance costs |
2024 £ 2023 £ 54,626 16,920 - 13,906 35,864 22,958 - 3,404 - 10,000 13,800 13,080 104,290 80,268 |
2024 £ 2023 £ 54,626 16,920 - 13,906 35,864 22,958 - 3,404 - 10,000 13,800 13,080 104,290 80,268 |
|---|---|---|
| 80,268 |
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
6 GRANTS PAYABLE
Grants were issued to the following partnering organisations in order enable these partners to facilitate training sessions to achieve our church planting goals:
| training sessions to achieve our church planting goals: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| All Saints Woodford Wells | 10,000 | 7,500 |
| The Diocese of St Edmundsbury and Ipswich | 4,000 | 4,000 |
| St George’s Church, Leeds | - | 5,000 |
| St John the Baptist Church, Leicester | 10,000 | 6,000 |
| The Light College and Collective | 6,000 | 5,000 |
| The Well Sheffield Baptist Church | 10,000 | 7,500 |
| The Diocese of Worcester | 10,000 | - |
| Hope North London | 10,000 | - |
| St Michael & St George Church, White City | 10,000 | - |
| St Augustine Church, Wembley Park | 10,000 | - |
| Other grants under £1,000 | 1,250 | - |
| 81,250 | 35,000 |
7 NET INCOME/(EXPENDITURE)
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| This is stated after charging: | |||
| Auditors' remuneration |
– audit | 9,480 | 9,000 |
| – other services | 4,320 | 4,080 | |
| Depreciation | - | 10,000 |
The company is registered with the Charity Commission and is exempt from corporation taxation on its charitable activities.
8 STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| Gross Salaries Benefit in kind Social security costs Pension contributions |
2024 £ 1,040,424 13,805 103,020 180,881 1,338,130 |
2023 £ 637,772 5,550 58,843 109,661 |
| 811,826 |
The above figures include a redundancy payment of £11,356 (2023: £nil).
The average number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| No | No | |
| 29 | 22 |
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
8 STAFF COSTS (continued)
One employee (2023: nil) earned between £70,000 and £80,000.
None (2023: None) of the Trustees received remuneration for services as a trustee of the charity or as a director of the company. One Trustee (2023: None) was reimbursed £31 (2023: Nil) for travel expenses.
| Remuneration of key management personnel | 2024 £ 119,221 |
2023 £ 110,704 |
|---|---|---|
9 TANGIBLE FIXED ASSETS
| 9 | TANGIBLE FIXED ASSETS | |||
|---|---|---|---|---|
| Computer | ||||
| equipment | ||||
| £ | ||||
| Cost | ||||
| At 1 January 2024 | 10,000 | |||
| ────── | ||||
| At 31 December 2024 | 10,000 | |||
| ────── | ||||
| Depreciation | ||||
| At 1 January 2024 | 10,000 | |||
| ────── | ||||
| At 31 December 2024 | 10,000 | |||
| ────── | ||||
| Net Book Value | ||||
| At 31 December 2024 | - | |||
| ══════ | ||||
| At 31 December 2023 | - | |||
| ══════ | ||||
| 10 | DEBTORS |
|||
| 2024 | 2023 | |||
| £ | £ | |||
| Trade debtors | 2,003 | 6,558 | ||
| Grant income receivable | 34,650 | 57,364 | ||
| Other debtors | 6,277 | 16,188 | ||
| Prepayments | 30,773 | - | ||
| 73,703 | 80,110 |
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
11 CREDITORS : Amounts falling due within one year
| Trade creditors Tax and social security costs Other creditors Accruals and deferred income 2 RESTRICTED FUNDS London Resource Churches The Send Storehouse Research 1 Research 2 Creative Growth Estate Work 2 National Work 1 National Work 2 |
Balance 01.01.24 £ ( 2,963) 38,861 73,663 - - ( 354) - - - 109,207 |
2024 £ 2023 £ 18,570 14,085 27,377 22,770 25,904 14,230 59,392 28,333 131,243 79,418 Balance Income Expenditure Transfers 31.12.24 £ £ £ £ 22,574 ( 21,071) - ( 1,460) 6,935 ( 38,738) - 7,058 95,956 (160,995) - 8,624 24,000 ( 19,499) - 4,501 45,000 ( 40,017) - 4,983 336,378 (335,951) - 73 24,815 ( 11,859) - 12,956 2,720 - - 2,720 27,035 - - 27,035 585,413 (628,130) - 66,490 |
|---|---|---|
12 RESTRICTED FUNDS
| Balance 01.01.23 £ Estate Work 1 - National Work 1 - London Resource Churches - The Send - Storehouse - Research 1 - Creative Growth - - |
Income Expenditure Transfers £ £ £ 1,593 ( 1,593) - 125,733 (125,733) - 7,615 ( 10,578) - 66,249 ( 27,388) - 131,323 ( 57,660) - 24,000 ( 24,000) - 217,308 (217,662) - 573,821 (464,614) - |
Balance 31.12.23 £ - - ( 2,963) 38,861 73,663 - ( 354) 109,207 |
|---|---|---|
Estate work 1: Supporting staff for Creative Growth London
Estate work 2: Delivery of the Estates Apprenticeship Programme in London National Work 1: Supporting staff and consultants for Myriad
National Work 2: Scale and Growth with a focus on Children and Young People innovation London Resource Churches: Running costs
The Send: Consultants and running costs for The Send Storehouse: Staff and running costs Research 1: Staff costs Research 2: Contractor costs Creative Growth: Staff and running costs for Creative Growth London
Future income is expected to cover the deficits.
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THE GREGORY CENTRE FOR CHURCH MULTIPLICATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
13 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted 2024 £ Current assets 868,028 Current liabilities (106,428) 761,600 Unrestricted 2023 £ Current assets 1,060,570 Current liabilities ( 66,469) 994,101 |
Restricted £ 91,305 (24,815) 66,490 Restricted £ 122,156 ( 12,949) 109,207 |
Total £ 959,333 (131,243) 828,090 Total £ 1,182,726 ( 79,418) 1,103,308 |
|---|---|---|
14 RELATED PARTY TRANSACTIONS
£4,000 (2023: £4,000) was granted to The Diocese of St Edmundsbury and Ipswich, of which S Gaze is the Archdeacon.
In 2023, £1,711 was paid to The Parish of St Mary Woolnoth and St Edmund the King, of which R Thorpe is a trustee, for hire of facilities/room booking.
In 2023, £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.
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