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2024-12-31-accounts

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Registered number: 00654913 (England and Wales) Charity number: 311098 (England and Wales) SC040008 (Scotland)

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Reference and Administrative Details 1 - 2
Trustees' Report 3 – 14
Independent Auditors’ Report 15 -18
Statement of Financial Activities 19
Balance Sheet 20 – 21
Statement of Cash Flows 22
Notes to the Financial Statements 23 - 43

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees

James Lambu Ray Walker Gordon Brown Simon Williams Maureen Watson Hilary Buck James McIvor

(Chair) (Vice-Chair)

(Retired 17 August 2024)

National Ministry Leader

Gavin Henderson

Registered Charity Name:

Grace Communion International

Names Also Known By

Worldwide Church of God Summer Educational Programme (Summer camp only)

Registered Office and Operational Address

9 The Point Rockingham Road Market Harborough Leicestershire LE16 7QU

Company Registered Number

00654913 (England & Wales)

Charity Registered Number

311098 (England & Wales) SC040008 (Scotland)

Independent Auditor

MHA 11 Merus Court Meridian Business Park Leicester LE19 1RJ

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

Bankers

Barclays Bank Plc 20 High St Market Harborough LE16 7NR

Solicitors

Edward Connor Solicitors 10 The Point, Market Harborough, Leicestershire LE16 7QU

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees (who are also the Directors of the Charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Grace Communion International (“GCI UK”, “we”, the charitable company, the Church, the Charity) for the year ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the charitable company comply with current statutory requirements, the requirements of the charitable company’s governing document, the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” and Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), and the Companies Act 2006.

The Charity qualifies as small under S383 of the Companies Act 2006. A Strategic Report under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 is not required.

OBJECTIVES AND ACTIVITIES

Vision and Mission Statement

The mission of the Charity is to proclaim the good news of Jesus Christ whenever and wherever it can. We take care of those whom God calls into our part of the body of his Church by inspiring and training them to serve and love others, reflecting the way in which Jesus Christ loves humanity. Thus, we seek to create a positive and accountable spiritual environment in which the Church lives and shares the Gospel of Jesus Christ in the UK, in the Republic of Ireland, and beyond.

To help us achieve this vision of ‘Healthy Church’ and to fulfil our mission statement of ‘Living and Sharing the Gospel’, the Church has the following four avenues of focus:

Pastor Avenue

“I always pray with joy because of your partnership in the gospel from the first day until now” (Philippians 1:4-5 NIVUK)

“Then Peter stood up with the Eleven, raised his voice and addressed the crowd” ( Acts 2:14 NIVUK)

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

GCI UK believes that it is essential that Church leadership is team-based. To achieve this, leaders in GCI UK (both on a national and local level) are encouraged to practise the 4 E’s: Engage, Equip, Empower and Encourage.

This means that our leaders seek to engage with the membership of the Church as they look to recognise and recruit new volunteers and potential leaders. These volunteers are then equipped by the leadership by investing time and/or resources in them so that they can develop in their role and in turn multiply their skills within the congregation. Where leadership qualities are identified, potential leaders can then be empowered by creating space for them to actively serve in leadership and commissioning them for the role. Finally, these volunteers are encouraged by the leadership on an ongoing basis, thus affirming their suitability for the role and recognising their contribution to the Church.

Hope Avenue

“When they saw him, they worshipped him” (Matthew 28:17 NIVUK)

“Every day they continued to meet together in the temple courts… praising God and enjoying the favour of all the people.” (Acts 2:46-47 NIVUK)

Worship services are a key part of GCI UK’s activities, and our aim is that all our worship services are centred on Jesus Christ and that they are inspiring, bringing hope to all those who

attend. This involves intentional preparation for our weekly services and a focus on being an inclusive gathering that welcomes people of all ages, ethnicities, and backgrounds.

Faith Avenue

“And teaching them to obey everything I have commanded you.” ( Matthew 28:20 NIVUK)

“They devoted themselves to the apostles’ teaching and to fellowship, to the breaking of bread and to prayer… They broke bread in their homes and ate together with glad and sincere hearts” ( Acts 2:42, 46 NIVUK)

Discipleship is a key part of GCI UK’s activities. The

Church is committed to providing opportunities for people to strengthen their faith and to follow in the footsteps of Jesus Christ. This is done through Church events (both on a national and congregational level) that provide a chance for people to deepen their relationship with God and with one another as well as by providing midweek events such as Bible studies and prayer meetings.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

Love Avenue

“Therefore go and make disciples of all nations, baptising them in the name of the Father and of the Son and of the Holy Spirit” (Matthew 28:19 NIVUK)

“And the Lord added to their number daily those who were being saved.” ( Acts 2:47 NIVUK)

GCI UK believes that a “healthy Church” is one that is showing the love of Jesus Christ to the world. This means that one of the key objectives of the Church is engaging both the general public and the local community near where congregations meet and proclaiming to them the Gospel of Jesus Christ through both our words and our actions.

Main Activities

As a Church our primary activity is to hold regular Church services. These services are open to everyone, including the public, who are welcome to join in and participate with us in worship and to hear a message proclaiming Jesus Christ and his Kingdom, though we reserve the right to refuse entry where and when necessary. We have 11 congregations or fellowship groups that meet weekly and a further 10 that meet on a less frequent basis throughout the UK and Ireland. Our services in these congregations provide a safe environment for people to celebrate the Church’s beliefs.

Experienced local pastoral workers provide support for people through biblical counselling, and, in the case of ordained ministry, through performing ministerial duties such as weddings, funerals, and offering general assistance where possible or where needs have been expressed. Ministers and approved pastoral workers are often asked to give biblical counsel and comfort to the sick and terminally ill, and to bereaved relatives and friends. Often such services are provided to people with little or no prior connection to the Church and are provided free of charge.

We communicate regularly to our members and Church contacts using various different types of communication media. A member letter was sent out by post 9 times in 2024. In addition, an in-house produced magazine called Belong was sent out in addition to the member letter in some months. The Belong magazine helps to encourage our existing members by developing their faith through topical articles and providing updates about our current projects and activities. There is no charge for the magazine or the member letter that members receive, which has a circulation of over 600. The magazine is also available on our website.

We also produced a daily Bible study series in 2024, called Word of Life which is published on our website www.gracecom.church. The studies are freely available, and we also offer an email subscription allowing members and contacts to receive the study each day in their inbox. The project has a significant proportion of international readers.

Several of our congregations now also offer online access to services using both Zoom and Facebook Live. Additionally, we offer weekly sermons nationally via our YouTube channel: https://www.youtube.com/c/GCIUKandIreland, as well as offering live-streamed Bible studies every fortnight. All our online activities, both at a national and congregational level, can also be accessed via our website www.gracecom.church.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

The Church also hosts conferences, holds celebration events and organises summer camps for children and teenagers. In 2024, celebration events were held in Larbert, Tullamore, Portarlington, High Leigh, Bridlington and Paignton, and a denominational conference was held in Northamptonshire. In addition, a 7-day summer camp for teenagers, called SEP, was held in Northamptonshire and a three-day activity camp for younger children, called Adventure Camp, was held in Kettering.

GCI UK is a member organisation of the Evangelical Alliance and many of its congregations are members of the Churches Together network in their respective areas. GCI UK is keen on working with other Churches and organisations to further its mission of Living and Sharing the Gospel of Jesus Christ.

Volunteers

We are greatly indebted to all our volunteers for their dedication, time, and skills: in particular, to the over 100 voluntary pastoral workers, without whom the Church and Charity would not be able to provide its services.

We are also very grateful for those who helped write, promote, and produce our magazine Belong, and also for those involved in our daily Bible study series Word of Life .

Finally, we are very appreciative of those who work with our Youth, both at SEP and at Adventure Camp as well as in our local Churches.

Public Benefit

GCI UK, as outlined above, carries out numerous activities to achieve its aims and objectives. The Trustees consider that these activities provide a public benefit both in terms of the redemptive work of the Church as well as the social outreach the Church engages in on regional, national, and international levels. They have considered the guidance issued by both the Charity Commission and the Office of the Scottish Charity Regulator on Public Benefit in this regard. In particular the Trustees would like to emphasise the Church’s desire to be inclusive, where we strive to make the services and events that we run open to all and endeavour not to present a financial barrier to attendance and participation. Our online services have been particularly helpful in helping our services be more inclusive of those who are unable to attend due to ill health, not being near one of our congregations, or other reasons.

Examples of the social outreach the Church has engaged in during 2024 include putting on a Christmas Day dinner in Market Harborough for people who do not have anywhere else to go (as well as other regular events like this throughout the year), and running a soup kitchen in Llanelli and visiting care homes in West Hampstead. On top of this, many of our congregations also donate food to their local food banks and we directly support a food bank in Stewarton.

GCI also runs a summer camp for children aged 7-13 and another camp for teenagers aged 11-17. These camps are heavily sponsored by the Church, allowing people from all financial backgrounds to attend and are open to all children and teenagers (you do not need to be a Christian or attend our congregations to attend).

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENTS AND PERFORMANCE

Achievements and Performance Summary

The Church has continued to provide national services via YouTube and Zoom as well as some online services on a congregational level too.

Fortnightly Bible studies took place via YouTube which included a series on mental health and the Church.

The Church also sponsored several of our volunteers and employees in the area of theological education with Grace Communion Seminary, our accredited denominational seminary in the USA (www.gcs.edu) and Ambassador College of Christian Ministry, our denominational seminary in Australia (www.ambascol.org).

In 2024, we were able to hold our summer camp for teenagers, called SEP (12[th] August – 18[th ] August 2024). The camp was held in a new site called the Frontier Centre in Northamptonshire. The new site is easier to reach for many of our campers and staff and is run by Rock UK, a Christian Charity. We were pleased to be able to welcome 50 campers. The camp featured a number of activities including daily worship, Christian living, leatherworking, a ceilidh, canoeing, raft building and zipwire.

We were also pleased to be able to go ahead with our summer camp for children aged 7-13, called Adventure Camp (23[rd] -26[th] August 2024). Adventure camp welcomed 50 campers (up from 40 campers the year before) in 2024 to the Sir John Lowther Scouting centre in Kettering for the August Bank holiday weekend. The camp ran a number of activities such as daily worship, go-karting, tunnelling, archery, firecraft and tie-dying.

Celebration events were held in High Leigh (26th-28[th] April 2024), Larbert (10th-12[th] May 2024), Tullamore (16[th] June 2024), Portarlington (13th-16[th] September 2024), Bridlington (19[th-] 22[nd] September 2024) and Paignton (30[th] September -7[th] October 2024) and each celebration had a different theme based on a Scripture. These events featured both traditional worship services as well as seminars and fellowship events. The combined attendance over all events was over 150. Additionally, in November 2024, we held a conference for our ministry leaders in Northamptonshire.

The Church also continued to run its Life Club project which teaches public speaking skills to all age groups. Geoff Sole, who runs the project, continues to advise GCI congregations around the world with respect to running Life Clubs and has facilitated getting the Life Club manual translated into a number of languages. In 2024 regular International Life Clubs took place on Zoom and featured speakers from Africa, Asia, Europe and North America.

At the beginning of 2023 the Church requested that all of our congregations move to Sunday as their main day of worship. This change has been implemented in all congregations by the end of December 2024. This change was to help bring our congregations into alignment with the denomination internationally. The change will also remove a potential obstacle to new people attending our congregations. While this change was necessary for the long term future of the Church, it has negatively affected the Church’s finances and church attendance in the short term.

Throughout 2024 we also held a series of community-based events in Market Harborough, where our office is based, to help support our Church plant there. These events included: a quiz, an afternoon tea, a barbeque, as well as a Christmas Day meal for those who are not able to spend Christmas with family or friends.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

Administration & Management

Mrs A Luckhoo stepped down from employment as Office Administrator in March 2024. We are very grateful her work over the years, particularly during Covid, and we wish her well in her new employment.

The Board reviewed, updated and implemented a number of policies in 2024. These include:

Employment Tribunal

In May 2024, the Church received the judgement of an Employment Tribunal relating to claims brought by an ex-employee. At the Claimant’s request, the Judge reconsidered the judgement with an amended judgement being issued in December 2024. Whilst the vast majority of the claims brought were not upheld, several were. Whilst any finding that the Church fell short is regrettable, we take some comfort in that the three claims upheld were not of the most serious nature. A serious incident report was filed with the Charity Commission in 2023 about the employment tribunal and kept up to date. Whilst the Church’s solicitors advised that there were grounds to appeal these findings, the Board of Trustees decided it was in the best interests of the Charity to draw a line, learn the lessons that can be learnt, and dedicate the Church’s time and effort to ministry.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Grace Communion International was incorporated as a company limited by guarantee in 1960 and registered as a Charity in 1963. The Charity is governed by Articles of Association that were last updated on the 20[th] August 2022.

Method of Appointment or election of Trustees and Training

As set out in the Articles of Association there are a minimum of five Trustees and a maximum of eleven. As of 31 December 2024 there were six Trustees. Trustees are elected in accordance with the Articles of Association for a term of three years and may serve, if so elected, for three terms, before normally being required to step down for at least one year. Trustees are required to abide by the Code of Ethics for Elders and the Grace Communion International Statement of Beliefs as published by Grace Communion International USA (GCI HQ) based in Charlotte, USA. The Board of Trustees considers Diversity, Equality and Inclusion when selecting Trustees and aims to have a Board that not only has a good mix of skills and experience but also reflects the diversity of our members and the people we are serving as a Charity in the United Kingdom and Ireland.

All new Trustees are given copies of the Memorandum and Articles of Association. Induction is provided in the form of copies of previous minutes and copies of the latest Governance & Leadership magazine and Charity Commission News. Each new Trustee is also provided with a copy of the guidance advice for new Trustees issued by the Charity Commission and Office of the Scottish Charity Regulator.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees are also kept up to date with the availability of courses/seminars on Trustees’ responsibilities (funded by the Charity).

Trustee Benefits

GCI UK does not give remuneration to Trustees for their role as Trustee. It does, however, help cover the costs of their travel and the training required or recommended for their duties as Trustees.

As permitted by the Articles of Association, each Trustee has the benefit of an indemnity, which is a qualifying third-party indemnity as defined by Section 234 of the Companies Act 2006.

Trustee Changes in 2024

In August 2024, Gordon Brown stepped down as a Trustee having reached the end of his third and final term of office. The Church is very appreciative of the wisdom and insight that Gordon contributed to the Board of Trustees during his term of service.

Organisational Structure and Decision Making

GCI UK is governed by a Board of Trustees, which meets at least four times a year to:

Board Committees

Sub-committees, if necessary, are appointed on an ad hoc basis and disbanded when they have completed the task for which they are formed. In 2024 there were two sub-committees: one to appraise the National Ministry Leader’s performance and another to determine the National Ministry Leader’s remuneration.

International Connections

GCI UK operates as an organisation associated with GCI HQ. Although capable of independent operation, GCI UK has willingly subordinated itself in doctrinal matters to the GCI HQ insofar as it does not bring our Church and Charity into conflict with UK laws.

Additionally, we have a working relationship with various Grace Communion International organisations overseas. Gavin Henderson, the National Ministry Leader (NML) also serves as GCI HQ’s Superintendent for Europe. This is a non-salaried position, though the Board of Trustees has agreed to help support some of the travel expenses associated with the role and to donate some of Gavin Henderson’s employed time as NML to the role. The Board has agreed to regularly review this arrangement to ensure it is in the best interest of the Charity.

As part of this role the NML travelled to Switzerland in September and France in October where he held seminars and meetings with the leaders of the GCI congregations in those countries.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

Operational Management

The general management and strategic planning was delegated to the NML within the guidelines of the Board’s Mission Statement and within the vision of the denomination. The NML reported regularly to the Board and to GCI HQ and was supported by his staff with whom he consulted regularly.

Management Remuneration

The NML’s salary was determined by the Board based on a recommendation of a sub-committee consisting of Ray Walker, Simon Williams and Hilary Buck. The salaries of staff, set by the NML, were seen and approved by the Board of Trustees at the November 2023 Board meeting where the budget for 2024 was approved. GCI UK seeks to ensure that its staff are paid appropriately but not excessively.

FINANCIAL REVIEW

GCI UK remains in good financial health as it has significant reserves, but its income in 2024 was significantly below expenditure. Due to the liturgical changes in the Church, the Church had budgeted for a drop in income compared to 2023, though the actual drop in income was greater than expected.

The Church had planned to finance some of the expenditure in 2024 from reserves to help manage the liturgical changes. While expenditure was above budget, there were a number of areas where the Church made savings compared to its planned budget (e.g. in staff costs).

Fiscal Responsibility

The Board of Trustees normally requires that the executive of GCI UK operate a balanced budget, based on the anticipated Income and Expenditure for the year. Since 2021 the Board has agreed that, given the Church’s reserves, the Church could operate the next couple of years with expenditure in excess of income (within limits). This would allow the Church to invest in its future at a key moment for the Charity. The Board of Trustees regularly reviews the finances of the Charity and is keen for the Church to return to a balanced budget in future years.

The Board had determined that should income be in excess of expenditure (e.g. in the case of receipt of exceptional donations or legacies), these funds can be assigned to projects suggested by the NML to the Board of Trustees. Until then any funds in excess of budget should be invested to provide additional revenue for the Church in the future. Due to their uncertain nature, the Church does not budget for legacy income.

Reserves Policy

The Board of Trustees has established that the level of reserves in cash or cash equivalent should be at least six months’ operating expenses (for 2024 this was determined to be £232,500). This figure is calculated from our annual budget for the year of £465,000 for operational expenses. Our actual budget for 2024 was higher as it includes expenses relating to our summer camps (£55,000 and £2,500), our denominational conference (£20,000) and our annual celebrations/festivals (£7,500), which could be cancelled if necessary. Following Charity Commission guidance any pension scheme surplus is not reflected in the level of reserves, as they do not represent an immediately realisable asset. The Charity’s reserves held in 2024 were significantly above the six months’ operating expenses.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

At 31 December 2024 the total funds comprised:

Restricted £12,965 Unrestricted: other £2,061,243 Total £2,074,208

Investment Powers and Policy

GCI UK’s constitution allows the Board of Trustees to invest money not immediately required for its purposes in or upon such investments, securities or property as may be thought fit.

The Board of Trustees, having regard to the liquidity requirements of operating GCI UK and the reserves policy set out above, kept funds in 2024 in Newton’s ‘Growth and Investment fund for charities’, CCLA Charities Ethical Investment fund, Epworth Cash Plus fund and Epworth Multi-Asset fund as well as in Clerical Medical and Canada Life investment vehicles which had been received as part of a legacy in a prior year.

The Church’s investments help ensure the long-term viability of the Church in the light of the current financial pressures facing the Charity as well as providing options for strategic capital investments in the future (e.g. purchasing or building a new Church hall).

Fundraising

Most of the income for the Church comes from donations as opposed to fundraising. While the Church encourages members to support the Church financially, the Church stresses that members should only give as they are able. In 2024, a regular member letter was sent out in a mailshot. Each mailshot contained a donation envelope in case recipients wanted to help support the Church financially. In addition, offerings were taken up at our Celebration events and in some of our congregations during the year.

The Church complies with the law as it applies to charities and fundraising and in 2024 did not use third party or professional fundraisers and received no complaints in relation to fundraising. Due to the very limited nature of the Church’s active fundraising, the Church has not signed up to the code of fundraising practice — however, the Board keeps this position under review and is keen that the Church follows best fundraising practices. No specific fundraising activities are currently planned for 2025.

Indigenous Income

The income of GCI UK is predominantly derived from donations from its congregational members in Great Britain and Eire with occasional contributions from non-members. As in previous years, full advantage has been taken of Gift Aid tax relief on eligible donations. Additionally, a small proportion of the Charity’s income comes from income arising from investment returns.

Pension Scheme

The Church operates a defined benefit pension scheme called the Pension and Life Assurance Plan of the Worldwide Church of God (Worldwide Church of God is the former name of Grace Communion International). The scheme has been closed to new members since 2002. The last active member of the scheme retired in 2015 leaving only deferred members as non-insured liabilities. While the pension scheme was in deficit at the last actuarial valuation, the scheme completed its recovery plan in 2023 and no contributions were made in 2024.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

Risk management and internal controls

The Trustees ensure that major risks to which GCI UK is exposed are reviewed and assessed and that systems are in place to mitigate those risks. The Trustees have agreed a risk management policy for which they have overall responsibility. Operational responsibility was delegated by the Trustees to the National Ministry Leader and his staff. A risk register identifies risks and assigns specific actions and responsibilities for mitigating the risks. The risk management process is on-going. The Trustees consider that a major risk is one that has a high likelihood of occurring and would, if it occurred, have a severe impact on operational performance. The National Ministry Leader reported regularly to the Board of Trustees on major risks and how they are being managed.

The Trustees expect all staff and volunteers when engaging in any activity on behalf of GCI UK to consider the risks posed and to act in accordance with the risk management policy and procedure. All increases to on-going or new activities are risk assessed prior to being introduced or undertaken.

The Trustees want to be risk alert but do not wish to be averse to taking reasonable risks as part of the Board’s strategy to achieve the objectives of GCI UK. All key policies within the organisation are reviewed at regular intervals and updated as appropriate to reflect legislative changes and the latest developments in this area.

The Board has identified three major risks to the Church. The first is the age of its membership. The increasing age of our volunteers means that some of our congregations are having to meet less frequently, and the increasing age of our members also has an impact on our finances as our regular donors retire etc. Another major risk to the Church is the Church’s pension scheme. The pension scheme was closed to new members in 2002, no longer has active members (only pensioners and deferred pensioners)— however, due to the size of the pension fund compared to our annual income, this remains a significant concern. Finally, the last risk facing the Church is the loss of members due to disagreements on the Church’s current doctrinal position (and resultant changes to liturgical practice) that are a legacy of the Church's past teachings. The Church is committed to handling these divisions in a loving and caring way to try to mitigate this risk.

Third party indemnity insurance

The Church pays third party liability insurance in respect of the Trustees and senior management.

PLANS FOR THE FUTURE

The Church plans to continue to develop the four avenues of “healthy Church” as outlined in the objectives section of this report. This will be accomplished by training a cohort for each avenue that meets regularly throughout the year for training and to help share thoughts and ideas that can be implemented within their congregation.

Our transition to Sunday as our main day of worship was completed at the end of 2024 and our employees are focused on providing support during this period for the congregations affected by these changes.

Both SEP and Adventure Camp will once again take place in 2025 in the same locations as 2024.

As in 2024, the Church is planning to hold Celebrations in Larbert, Portarlington, Tullamore, High Leigh, Bridlington and Paignton.

From an administrative perspective, the Board of Trustees will continue with its review of the Church’s policies and plans to implement new volunteer guidance, a complaints handling policy and a new conflict of interest policy.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS

The Charity does not hold any such funds on behalf of any other organisations.

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees (who are also the Directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees' Report is approved confirm that:

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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GRACE COMMUNION INTERNATIONAL

(A Company Limited by Guarantee)

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the Trustees and signed on their behalf by:

……………………………………………….

James Lambu Chair of the Board of Trustees Date: September 9, 2025

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRACE COMMUNION INTERNATIONAL

Opinion

We have audited the financial statements of Grace Communion International (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 related notes, 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:

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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRACE COMMUNION INTERNATIONAL (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustee are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee's Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustee's Responsibilities Statement set out on page 13, 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.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRACE COMMUNION INTERNATIONAL (CONTINUED)

In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company'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 Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 44 (1) (C) of the Charities and Trustees Investment (Scotland) Act 2005 and the Companies Act 2006, and report in accordance with regulations made within those Acts.

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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRACE COMMUNION INTERNATIONAL (CONTINUED)

Use of our report

This report is made solely to the Charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the Charity's Trustees as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the Charitable Company's Trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company, the Charitable Company's members as a body and the Charitable Company's Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Elizabeth Newell BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of MHA (Statutory Auditors) Milton Keynes, United Kingdom

Date: September 10, 2025

MHA is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

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GRACE COMMUNION INTERNATIONAL

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and legacies
3
Investments
4
Total income
Expenditure on:
Charitable activities (including pension
derecognition £97,000 (2023: £78,000).
5
Total expenditure
Net gains on investments
12
Net income/(expenditure)
Transfers between funds
15
Net movement in funds before other
recognised losses
Other recognised gains/(losses):
Actuarial gains/(losses) on defined
benefit pension schemes
20
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2024
£
-
388
388
-
-
-
388
38
426
-
426
12,539
426
12,965		 Unrestricted
funds
2024
£
397,756
56,021
453,777
658,585
658,585
147,691
(57,117)
(38)
(57,155)
66,000
8,845
2,052,398
8,845
2,061,243		 Total
funds
2024
£
397,756
56,409
454,165
658,585
658,585
147,691
(56,729)
-
(56,729)
66,000
9,271
2,064,937
9,271
2,074,208		 Total
funds
2023
£
488,334
64,029
552,363
872,157
872,157
159,204
(160,590)
-
(160,590)
(145,000)
(305,590)
2,370,527
(305,590)
2,064,937

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 43 form part of these financial statements.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee) REGISTERED NUMBER: 00654913

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
18
Creditors: amounts falling due within one
year
14
Net current assets
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds
Current liabilities		 62,195
71,779
133,974
(100,188)		 2024
£
140,113
1,900,309
2,040,422
33,786
2,074,208
12,965
2,061,243
2,074,208		 87,857
99,979
187,836
(100,236)		 2023
£
154,719
1,822,618
1,977,337
87,600
2,064,937
12,539
2,052,398
2,064,937

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee) REGISTERED NUMBER: 00654913

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

James Lambu

Chair of the Board of Trustees

Date: September 9, 2025

The notes on pages 23 to 43 form part of these financial statements.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Cash flows from financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 23 to 43 form part of these financial statements		 2024
£
(121,539)
25,409
(2,019)
70,000
(51)
93,339
(28,200)
99,979
71,779		 2023
£
(510,360)
30,029
(6,687)
23,147
(24,332)
22,157
(488,203)
588,182
99,979

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

Grace Communion International is an incorporated Charity registered with the Charity Commission for England and Wales registration number 311098, and with OSCR in Scotland registration number SC040008. The Company is registered in the UK, registration number 00654913.

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.

Grace Communion International meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Charity's functional and presentational currency is British Pound Sterling (£) and is rounded to the nearest pound (£).

The following principal accounting policies have been applied.

1.2 Company status

The Charity is a company limited by guarantee. The members of the Charity are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £7 per member of the Charity.

The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity's operations and principal activities are included in the Trustees Report on page 3.

1.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Collections and donations are accounted for when they are received.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.3 Income (continued)

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Direct costs are related support costs associated with preaching, pastoral care and the production and distribution of Charity literature. These are separately disclosed in the Statement of Financial Activities as Charitable Activities.

Governance costs are those incurred in connection with administration of the Charitable Company and compliance with constitutional and statutory requirements.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

1.5 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Historically the Charity has taught the principle of tithing (which is the donation of ten percent of one’s net income for the Charity’s unrestricted use). Most of the Charity revenue consists of such unrestricted donations. Donations are used for the publishing of Charity literature, assistance for members who are more in need, operating expenses of the annual Church festivals, ministerial activities and maintenance of buildings, as seems appropriate as seems in line with our charitable purposes. Restricted funds comprise amounts donated for specific objectives. They are expended in furtherance of certain aspects of the Charity. In the Trustees’ opinion, at 31 December 2024 all donations received for specific purposes had been expended in accordance with, and in furtherance of, their intended purposes with the exception of of the restricted funds not yet utilised as detailed in note 15.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.6 Going concern

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

This consideration has taken into account the expected impact of the current economic environment on the Charity, as far as it can be determined, and the Trustees remain satisfied that the going concern principle remains appropriate.

1.7 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

1.8 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a Charitable Company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.9 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

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. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.9 Tangible fixed assets and depreciation (continued)

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 bases:

Freehold land is not depreciated.

Profit on disposal of fixed assets are included in net expenditure for the year.

1.10 Investments

Investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. The Statement of Financial Activities includes the unrealised and realised gains and losses arising on revaluations and disposals throughout the year.

investments held as fixed assets are shown at fair value.

1.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.13 Creditors and provisions

Creditors and provisions are recognised where the Company has a present obligation resulting 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 normally recognised at their settlement amount after allowing for any trade discounts due.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.14 Pensions

Defined Contribution

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

Defined Benefit

The Charity operates a defined benefit, fully insured pension scheme administered externally and the pension charge is based on a full actuarial valuation dated 15 April 2024 for the year ended 31 December 2024.

The scheme was closed to new entrants from 31 December 2002. Payments made to the funds are charged annually in these financial statements. The funds have actuarial on a regular basis by a qualified actuary, the rates of contributions payable being determined by the actuary. In the intervening years the actuary reviews the continuing appropriateness of the rates.

The amount charged to the Statement of Financial Activities is the estimated regular cost of providing the benefits accrued in the year, adjusted to reflect variations to the cost.

Any difference between amounts charged to the Statement of Financial Activities and contributions paid to the independent pension scheme is shown as a liability or asset at the balance sheet date. Further information on pension costs is shown in note 20.

A pension scheme asset is recognised in the Balance Sheet under FRS 102 to the extent that the Charity is able to recover the surplus through refunds or through a reduction in future contributions to the scheme.

1.15 Financial instruments

The Charity only has financial assets and financial 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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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

1) Defined benefit pension schemes valuation

The FRS 102 valuation for the Charitable Company's Defined Benefit Pension Schemes is recognised in the Balance Sheet as an asset. This is the present value of the defined benefit obligation at the balance sheet date less the fair value of the plan assets. This is sensitive to change in the assumptions made by the actuaries who have been appointed to value the schemes. See note 20 for the assumptions made for the pension commitments, and note 1.14 for the pensions accounting policies.

2) Depreciation of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. See note 11 for the carrying amount of the tangible fixed assets and note 1.9 for the useful economic lives for each class of assets.

3. Donations and legacies

Unrestricted
funds
2024
£
Donations
355,650
Gift aid
42,106
Total 2024
397,756		 Total
funds
2024
£
355,650
42,106
397,756

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Donations and legacies (continued)

Donations
Legacies
Gift aid
Total 2023		 Unrestricted
funds
2023
£
433,185
6,000
49,149
488,334		 Total
funds
2023
£
433,185
6,000
49,149
488,334

4. Investment income

Investment income
Pension income (note 10)
Total 2024
Investment income
Pension income (note 10)
Total 2023		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
388
25,021
-
31,000
388
56,021
Unrestricted
funds
2023
£
30,029
34,000
64,029		 Total
funds
2024
£
25,409
31,000
56,409
Total
funds
2023
£
30,029
34,000
64,029

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GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Analysis of expenditure by Charitable activities

Activities
undertaken
directly
2024
£
Charitable activities
556,962
Activities
undertaken
directly
2023
£
Charitable activities
650,957
Analysis of direct costs
Mileage and travel
Other expenses
General assistance
Depreciation
Summer Educational Programme
Hall hire and rent
Field conferences
Printing, postage and stationery
Staff costs
Young Peoples Ministry, website expenses and professional development
Governance costs
Pension asset derecognition		 Support
costs
2024
£
101,623
Support
costs
2023
£
221,200
Total
funds
2024
£
52,484
18,640
10,566
16,625
53,445
54,667
21,794
4,637
203,336
7,418
16,350
97,000
556,962		 Total
funds
2024
£
658,585
Total
funds
2023
£
872,157
Total
funds
2023
£
83,089
15,121
19,624
16,903
73,227
65,656
2,552
5,908
262,776
12,851
15,250
78,000
650,957

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Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Analysis of expenditure by Charitable activities (continued) Analysis of support costs

Insurance
Other expenses
Summer Educational Programme
Printing, postage and stationery
Staff costs
Young Peoples Ministry, website expenses and professional development
Professional fees
Governance costs		 Total
funds
2024
£
101,623
6,156
40,705
-
1,937
3,433
-
48,379
1,013		 Total
funds
2023
£
4,236
25,775
842
576
4,831
8,175
171,262
5,503
221,200

6. Net income/(expenditure)

This is stated after charging:

2024 2023
£ £
Depreciation of tangible fixed assets 16,625 16,903

7. Auditors' remuneration

The Auditor's remuneration comprises audit fees of £16,350 (2023: £15,250) and fees for other non-audit services of £4,050 (2023: £3,850). This includes fees for the Charity and its pension scheme.

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Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Staff costs

Staff costs were as follows:

Wages and salaries
Social security costs
Pension costs (note 20)
Pension asset derecognition (note 20)		 2024
£
183,544
17,354
5,871
97,000
303,769		 2023
£
236,632
22,698
8,277
78,000
345,607

The average number of persons employed by the Charity during the year was as follows:

Persons employed
Stipendiary persons employed		 2024
No.
4
6
10		 2023
No.
6
6
12

No employee received remuneration amounting to more than £60,000 in either year.

The Key Management Personnel of the Charity are deemed to be those having authority and responsibility, delegated to them by the Trustees, for planning, directing and controlling the activities of the Charity. The Key Management Personnel of the Charity comprise the National Ministry Team. The total employee benefits of the Key Management Personnel of the Charity (including employer national insurance and employer pension) amounted to £179,328 (2023: £212,900).

9. Trustee's remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023: Nil).

During the year ended 31 December 2024, expenses totalling £124 were reimbursed or paid directly to 1 Trustee in respect of travel and subsistence (2023: £5,417 to 3 Trustees in respect of travel and subsistence).

Other related party transactions involving the Trustees are set out in note 22.

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Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Pension finance income

Interest income on pension scheme assets
Interest on pension scheme liabilities		 2024
£
362,000
(331,000)
31,000		 2023
£
400,000
(366,000)
34,000

11. Tangible fixed assets

Cost or valuation
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
land and
buildings
£
359,256
-
-
359,256
226,567
11,597
-
238,164
121,092
132,689		 Motor
vehicles
£
3,950
-
-
3,950
3,950
-
-
3,950
-
-		 Fixtures and
fittings
£
178,429
2,019
(78,498)
101,950
156,399
5,028
(78,498)
82,929
19,021
22,030		 Total
£
541,635
2,019
(78,498)
465,156
386,916
16,625
(78,498)
325,043
140,113
154,719

Freehold land and buildings includes freehold land, the value of which is estimated by the Trustees as being £69,324 (2023: £69,324), which has not been depreciated.

The most recent valuation on 12 July 2022 indicated that the value of the property is £305,000, per the accounting policy 1.9 the property is held at cost less depreciation.

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Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Fixed asset investments

Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Listed
investments
£
1,822,618
51
(70,000)
147,640
1,900,309
1,900,309
1,822,618

The investments are invested in a number of investment funds including Clerical Medical Bonds, Canada Life Bonds, Newton Growth Fund, Epworth Cash Plus Fund and CCLA COIF Charities Ethical Investment Fund.

13. Debtors

Other debtors
Prepayments and accrued income		 2024
£
20,256
41,939
62,195		 2023
£
24,372
63,485
87,857

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Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Creditors: Amounts falling due within one year

Other taxation and social security
Other creditors
Accruals		 2024
£
44,092
10,405
45,691
100,188		 2023
£
31,212
10,407
58,617
100,236

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Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Statement of funds

Statement of funds - current year

Unrestricted
funds
Charitable fund
Pension reserve
Restricted
funds
Restricted
building fund
Total of funds		 Balance at 1
January
2024
£
2,052,398
-
2,052,398
12,539
2,064,937		 Income
£
422,777
31,000
453,777
388
454,165		 Resources
expended
£
(561,585)
(97,000)
(658,585)
-
(658,585)		 Transfers
in/(out)
£
(38)
-
(38)
38
-		 Gains/
(losses)
£
147,691
66,000
213,691
-
213,691		 Balance at
31
December
2024
£
2,061,243
-
2,061,243
12,965
2,074,208

Unrestricted funds

Charitable funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Transfers of £38 from unrestricted funds to the restricted funds represents allocations to from the unrestricted funds to the restricted building fund.

Restricted funds

The restricted building fund represents the balance of unspent funds received towards property related expenditure. Transfers of £38 from unrestricted funds to the restricted funds represents allocations to from the unrestricted funds to the restricted building fund.

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Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Charitable fund
Pension reserve
Restricted funds
Restricted building fund
Restricted Africa fund
Total of funds		 Balance at
1 January
2023
£
2,356,988
-
2,356,988
12,539
1,000
13,539
2,370,527		 Income
£
518,363
34,000
552,363
-
-
-
552,363		 Resources
expended
£
(982,157)
111,000
(871,157)
-
(1,000)
(1,000)
(872,157)		 Gains/
(losses)
£
159,204
(145,000)
14,204
-
-
-
14,204		 Balance at
31
December
2023
£
2,052,398
-
2,052,398
12,539
-
12,539
2,064,937

16. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total 2024		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
140,113
-
1,900,309
12,965
121,009
-
(100,188)
12,965
2,061,243		 Total
funds
2024
£
140,113
1,900,309
133,974
(100,188)
2,074,208

Page 37

Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total 2023		 Restricted
funds
2023
£
-
-
12,539
-
12,539		 Unrestricted
funds
2023
£
154,719
1,822,618
175,297
(100,236)
2,052,398		 Total
funds
2023
£
154,719
1,822,618
187,836
(100,236)
2,064,937

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges (note 11)
Losses on investments (note 12)
Interest and rents from investments (note 4)
Pension scheme finance income (note 10)
Decrease in net pension asset (note 20)
Pension scheme contributions by the employer (note 20)
Decrease/(increase) in debtors (note 13)
(Decrease)/increase in creditors (note 14)
Net cash provided used in operating activities		 2024
£
(56,729)
16,625
(147,640)
(25,409)
(31,000)
97,000
-
26,211
(597)
(121,539)		 2023
£
(160,590)
16,903
(158,019)
(30,029)
(34,000)
78,000
(189,000)
(38,788)
5,163
(510,360)

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Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2024
£
71,779
71,779		 2023
£
99,979
99,979

19. Analysis of changes in net debt

Cash at bank and in hand At 1
January
2024
£
99,979
99,979		 Cash flows
£
(28,200)
(28,200)		 At 31
December
2024
£
71,779
71,779

20. Pension commitments

Defined contribution pension scheme

The Charity is part of the NEST defined contribution pension scheme.

Contributions to the pension scheme recognised as an expense in the year was £5,871 (2023: £8,277).

Defined benefit group stakeholder pension scheme

The Charity operates a defined benefit group stakeholder pension scheme for its employees, which is funded.

The pension cost and asset for the year ending 31 December 2024 are based on the advice of a professionally qualified actuary. The most recent formal valuation is at 31 December 2024.

The scheme was closed to new entrants with effect from 31 December 2002.

The defined contribution asset is allocated to unrestricted funds.

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Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Pension commitments (continued)

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

At 31 At 31
December December
2024 2023
% %
Discount rate 5.40 4.80
Future pension increases 2.60 2.50
Consumer price inflation 2.60 2.50
RPI inflation 3.50 3.40

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:

At 31 At 31
December December
2024 2023
Years Years
Mortality rates (in years)
- for a male aged 65 now 21.5 21.6
- at 65 for a male aged 45 now 23.1 23.2
- for a female aged 65 now 24.9 24.8
- at 65 for a female aged 45 now 26.6 26.5

The Charity's share of the assets in the scheme was:

Equities (including property)
Bonds
Insured pensions
Cash
Total fair value of assets		 Fair value at
31
December
2024
£
1,359,000
715,000
5,169,000
175,000
7,418,000		 Fair value at
31
December
2023
£
1,294,000
659,000
5,712,000
171,000
7,836,000

The actual return on scheme assets was £168,000 gain (2023: £210,000 gain).

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Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Pension commitments (continued)

The amounts recognised in the Statement of Financial Activities are as follows:

Interest income
Interest cost
Movement in derecognition of scheme asset
Contribution by employer
Total amount recognised in the Statement of Financial Activities		 2024
£
362,000
(331,000)
(97,000)
-
(66,000)		 2023
£
400,000
(366,000)
(78,000)
189,000
145,000

Movements in the present value of the defined benefit obligation were as follows:

Opening defined benefit obligation
Interest cost
Actuarial gains
Benefits paid
Closing defined benefit obligation		 2024
£
7,389,529
331,000
(260,000)
(586,000)
6,874,529		 2023
£
9,269,529
366,000
(1,632,000)
(614,000)
7,389,529

Movements in the fair value of the Charity's share of scheme assets were as follows:

Opening fair value of scheme assets
Interest income
Actuarial losses
Benefits paid
Contributions by the employer
Closing fair value of scheme assets		 2024
£
7,836,000
362,000
(194,000)
(586,000)
-
7,418,000		 2023
£
8,051,000
400,000
(190,000)
(614,000)
189,000
7,836,000

Page 41

Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Defined benefit obligation
Scheme assets
Derecognition of surplus
Provision for GMP equalisation
Provision carried forward
Opening derecognition of surplus
Movement on derecognition of surplus
Closing derecognition of surplus
20.
Pension commitments (continued)		 2024
£
(6,874,529)
7,418,000
(736,000)
192,529
-
2024
£
639,000
97,000
736,000		 2023
£
(7,389,529)
7,836,000
(639,000)
192,529
-
2023
£
561,000
78,000
639,000

The actuarial reports in terms of the Defined Benefit Pension Scheme suggest a surplus of assets over liabilities of £736,000 In accordance with FRS102, a pension scheme asset is only recognised to the extent that it is recoverable. As the Charity cannot demonstrate that this asset is recoverable via a cash payment or reduction in future premiums it has not been recognised in the primary statements. A £Nil position has been reflected.

Experience adjustments on scheme liabilities
Experience adjustments on scheme assets
Net Actuarial gains		 2024
£
260,000
(194,000)
66,000		 2023
£
1,632,000
(190,000)
1,442,000

The Charity does not expect to make any contributions to its Defined Benefit Pension Scheme in 2025.

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Docusign Envelope ID: 4D729714-AEBA-430E-91CE-1E11C225766EDocusign Envelope ID: 564F8648-767A-4763-99FA-51E1570DDD94

GRACE COMMUNION INTERNATIONAL (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Operating lease commitments

At 31 December 2024 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2024
£
2,364
2,808
5,172		 2023
£
2,564
5,172
7,736

22. Related party transactions

Other than expenses paid to the Trustees as per note 9, no related party transactions took place in the year ended 31 December 2024.

23. Controlling party

The Charity is ultimately controlled by the Board of Trustees.

24. Company limited by guarantee

The Charity is a Company limited by guarantee and does not have share capital.

Page 43