REGISTERED COMPANY NUMBER: 07163237 (England and Wales) REGISTERED CHARITY NUMBER: 1134634
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 28th February 2021
for
Grace Christian Trust
Grace Christian Trust
Contents of the Financial Statements for the Year Ended 28th February 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
Grace Christian Trust (Registered number: 07163237)
Report of the Trustees for the Year Ended 28th February 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 28th February 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are to advance the Christian faith and also to relieve sickness, hardship and promote and preserve good health.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
On 1st April 2010, the trust purchased the freehold property in Chaldon Road, Caterham identified as a suitable site to develop a community and church centre.
The partner church appointed project managers and appointed architects to work on the project in January 2014. In July 2014 the plans for redevelopment were finalised with the church congregation and in consultation with the broader community of Caterham.
Outline planning permission was granted in March 2015 and Grace Christian Trust organised the demolition of the old building on the site in May 2015 to make way for a new church building.
On 15th June 2017, Grace Christian Trust donated the freehold land to Oakhall Church (Charity No 1156069) to allow the building of a new church facility and community centre to commence.
In November 2018, the new church building in Caterham was opened. In that financial year, the trustees of Grace Christian Trust made a further donation to Oakhall Church towards the completion of the building project.
In the year covered by this report, the trustees approved donations to a church, for the purchase of a building to use for Christian Conferences as well as a grant to a Christian Theatre Group who produce materials to communicate the Christian faith.
In performing their duties the trustees have had regard to the guidance issued by the Charity Commission on public benefit
FINANCIAL REVIEW
Financial position
The trustees report that the trust held total funds of £750,687 at the financial year end..
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Grace Christian Trust (Registered number: 07163237)
Report of the Trustees for the Year Ended 28th February 2021
FINANCIAL REVIEW
Investment policy and objectives
Where the trust invests its own funds, these are invested to bring growth rather than income, taking a medium risk.
ETHICAL SCREENING:
We ethically screen our investments to focus on:
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entities that have anti-bribery/corruption policies,
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that recognise international conventions on human rights and labour standards,
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that have ethical supply chain policies,
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are committed to fair wages
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and are socially beneficial in developing countries.
We avoid investing in companies that:
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operate in countries with oppressive regimes,
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breach regulatory guidelines,
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deny workers safety or the right of association,
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have any involvement in the manufacture or sale of armaments, pornography, tobacco, gambling, alcohol, the use of stem cells from human embryos or exploit animals.
ENVIRONMENTAL SCREENING:
We also screen our investments regarding their impact on the environment. We seek out companies that have
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clear and positive environmental policies,
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develop solutions to enable cleaner or more efficient use of resources,
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farm organically and sustainably,
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provide mass-transport solutions,
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recycle waste
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or work with renewable energy technologies.
We avoid investing in companies that have:
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convictions for poor environmental management,
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have high-carbon impact,
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manufacture agro-chemicals,
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engage in intensive farming,
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develop GM seeds or crops,
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exploit habitats,
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mine
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or are involved in the production of oil and gas.
Reserves policy
The trustees regularly review their ongoing cash resources that they have available and aim to hold sufficient funds to be able to meet approximately six months ongoing expenditure of the charity.
All the reserves of the charity are unrestricted.
FUTURE PLANS
The charity will continue to plan for other strategic ways that they can further the objectives of the trust including projects further afield.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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Grace Christian Trust (Registered number: 07163237)
Report of the Trustees for the Year Ended 28th February 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
New trustees are recruited as and when the current trustees deem it necessary. Any new trustees are appointed by passing an ordinary resolution at a general meeting of the company.
Organisational structure
Currently the day to day management of the charity is undertaken solely by the trustees of the charity.
Induction and training of new trustees
As part of the induction process new trustees are provided with a copy of the "Statement of Beliefs" that the Grace Christian Trust operates under. In addition new trustees are provided with Charity Commission documentation so that they have a full understanding of their responsibilities as trustees.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07163237 (England and Wales)
Registered Charity number
1134634
Registered office
Otford Manor Shorehill Knatts Valley Sevenoaks Kent TN15 6XF
Trustees
A Mayo I W Mayo Mrs J F Mayo
Independent Examiner
Jeremy Byers FCA Institute of Chartered Accountants in England and Wales Daniels & Co (Accountants) Limited Chartered Accountants 111a Station Road West Wickham Kent BR4 0PX
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 4th October 2021 and signed on its behalf by:
A Mayo - Trustee
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Independent Examiner's Report to the Trustees of Grace Christian Trust
Independent examiner's report to the trustees of Grace Christian Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 28th February 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jeremy Byers FCA Institute of Chartered Accountants in England and Wales Daniels & Co (Accountants) Limited Chartered Accountants 111a Station Road West Wickham Kent BR4 0PX
4th October 2021
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Grace Christian Trust
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 28th February 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 126,000 Investment income 2 9,125 Total 135,125 EXPENDITURE ON Raising funds 3 6,716 Charitable activities Church Building Project - Grants to Christian Organisations 123,306 Other - Total 130,022 Net gains on investments 70,232 NET INCOME/(EXPENDITURE) 75,335 RECONCILIATION OF FUNDS Total funds brought forward 675,352 TOTAL FUNDS CARRIED FORWARD 750,687 |
2020 Total funds £ - 3,369 3,369 3,999 13 - 25 4,037 26 (642) 675,994 675,352 |
|---|---|
The notes form part of these financial statements
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Grace Christian Trust (Registered number: 07163237)
Balance Sheet
28th February 2021
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds: General fund TOTAL FUNDS |
2021 Unrestricted fund £ 638,137 115,397 (2,847) 112,550 750,687 750,687 750,687 750,687 |
2020 Total funds £ 566,104 112,815 (3,567) 109,248 675,352 675,352 675,352 675,352 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 4th October 2021 and were signed on its behalf by:
A Mayo - Trustee
The notes form part of these financial statements
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Grace Christian Trust
Notes to the Financial Statements for the Year Ended 28th February 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
Fixed asset investments are measured initially at cost and subsequently at fair value (their market value) at the reporting date.
Basic financial instruments
Financial assets and financial liabilities of the charity are classified as "financial instruments" by FRS102.
Basic financial instruments typically represent, cash, bank deposits, debtors (trade debtors and loans receivable) and creditors (trade creditors and loans payable). These are accounted for at the amount receivable or amount payable.
continued...
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Grace Christian Trust
Notes to the Financial Statements - continued for the Year Ended 28th February 2021
2. INVESTMENT INCOME
| Investment income - dividends Investment Income - interest Deposit account interest 3. RAISING FUNDS Investment management costs Support costs 4. GRANTS PAYABLE Grants to Christian Organisations The total grants paid to institutions during the year was as follows: Christian Arts and Drama Group - Outside UK Church Building Project - Outside UK 5. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Independent Examination Foreign Exchanges (Gains)/Losses |
2021 £ 5,545 3,580 - 9,125 2021 £ 6,716 2021 £ 120,769 2021 £ 704 120,065 120,769 2021 £ 900 2,448 |
2020 £ 1,643 570 1,156 3,369 2020 £ 3,999 2020 £ - 2020 £ - - - 2020 £ 900 - |
|---|---|---|
continued...
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Grace Christian Trust
Notes to the Financial Statements - continued for the Year Ended 28th February 2021
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28th February 2021 nor for the year ended 29th February 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28th February 2021 nor for the year ended 29th February 2020.
7. STAFF COSTS
The trust has no employees (2020: nil).
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 3,369 |
| EXPENDITURE ON | |
| Raising funds | 3,999 |
| Charitable activities | |
| Church Building Project | 13 |
| Other | 25 |
| Total | 4,037 |
| Net gains on investments | 26 |
| NET INCOME/(EXPENDITURE) | (642) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 675,994 |
| TOTAL FUNDS CARRIED FORWARD | 675,352 |
continued...
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Grace Christian Trust
Notes to the Financial Statements - continued for the Year Ended 28th February 2021
9. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1st March 2020 | 566,104 |
| Additions | 96,178 |
| Disposals | (78,559) |
| Revaluations | 54,414 |
| At 28th February 2021 | 638,137 |
| NET BOOK VALUE | |
| At 28th February 2021 | 638,137 |
| At 29th February 2020 | 566,104 |
Investments are measured at historic cost when acquired and subsequently stated at fair value at the end of the financial year.The fair value is measured by using quoted market prices in an active market.
All investments held are listed investments.
Had the investments been measured at historical cost, the amounts would be:
| 2021 | 2021 | 2020 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| Cost | 582,578 | 566,078 | |||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
At 1/3/20 £ 675,352 675,352 |
2021 £ 2,847 Net movement in funds £ 75,335 75,335 |
2020 £ 3,567 At 28/2/21 £ 750,687 750,687 |
10.
11. MOVEMENT IN FUNDS
continued...
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Grace Christian Trust
Notes to the Financial Statements - continued
for the Year Ended 28th February 2021
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 135,125 TOTAL FUNDS 135,125 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 3,369 TOTAL FUNDS 3,369 |
Resources expended £ (130,022) (130,022) At 1/3/19 £ 675,994 675,994 Resources expended £ (4,037) (4,037) |
Gains and Movement losses in funds £ £ 70,232 75,335 70,232 75,335 Net movement At in funds 29/2/20 £ £ (642) 675,352 (642) 675,352 Gains and Movement losses in funds £ £ 26 (642) 26 (642) |
|---|---|---|
12. RELATED PARTY DISCLOSURES
The trust received donations of £126,000 in the year ended 28th February 2021 from related parties. The donations received had no conditions attached to them.
Mr I W Mayo is a trustee of Oakhall Church (Charity No 1156069) and The Oaks Christian Trust (Charity No 272377).
Mr A Mayo is a trustee of Stewards Company Limited (Charity No 234558).
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