Charity regi5tratlon number 1134634 Company registratlon number 07163237 (England and Wales) GRACE CHRISTIAN TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 FEBRUARY 2024 Caladine Chartered Certified Accountants
GRACE CHRISTIAN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru8tees MrA Mayo Mr l Mayo Mrs J Mayo Charfty number 1134634 Company number 07163237 R•gl8terod offlce Offord Manor Otford Kent TN156XF Independant examlner John Caladlne FCCA CTA FCIE Caladine Llmited Chantry House 22 Upperton Road Eastbourne East Susséx BN211 BF Banker8 Metro Bank One Southampton Row London WC1B SHA
GRACE CHRISTIAN TRUST CONTENTS Page Trustees, report Indep8nd8nt examiners report Statement of flnanclal activities Stslement of flnandal position statsment of cash )IowB Notes to the financial ststements 7-15
GRACE CHRISTIAN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE PERIOD ENDED 29 FEBRUARY2024 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 charlty for the period ended 28th February 2024. The trustees have adopted the provlslons of Accounllng and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). Objectlve8 and actlvltles The objectives of the charfty are to advance the Chrlstlan falth and also to relieve sickness, h8rdshlp and promote and presepie good health, The tru5tee5 Of the Grace Christian Trusl have the convlction that the message of historical Christlanity - the news that Jesus Christ is the One who is God come to us, who died for a broken humanity, rose from the dead and brings forgiveness and life in all ils fulness to those who trust Him is the most wonderful message that could be communlcated. Supportlng the sharlng of Ihis message, through words and actions, is the overarchlng alm of the Grace Chrlstian Trust. Public benefit The iruslees have paid due regard to guidance Issued by the Charity Commission In deciding what actlvlties the trust should undertake. Achievements and perforniance Signific8nt 8Ctivitl8s and achievements against objectives In the year covered by thls report, the trust recognised a local difficulty regarding houslng for Ukrainian refugee8. Often Such families are prevented from renting by commercial landlords. To try to contribute to changing this situats'on a house was purchased In Caterham and made available for Ukrainian families who moved into the house in May 2023. Tandridge Council were extremely helpful as the trust liaised wlth th&m about the most effective way of seNing ihis community. Meanwhlle, the house near to South Croydon continues to be of seNice to the family who made It thelr home in May 2022. The three year term for this arrangement comes to an end in May 2025 and this mid-term solution seems lo be achieving the alm of enabling the family io get back on their feet financially and become self sufficient ready to purchase for themselves or afford commeTCbal rent levels. In addltlon, In the year covered by th1$ report, the trustees have approved.. microrantS lo support a Chrisllan worker in Slovakia; micro-grantB to help a church on the south edge of Croydon develop materials to Invlte guests to thelr events and help new followers of Jesus ChTi8t to grow in their faith. Flnanclal revlew Income for the ye8r was £520,006 12023: £623,206) primarily to support the purchase of a property to urgently house a needy family. As a result net assets have increased to £1,928,73712023'. £1,433,685). ReseNes policy It is the policy of the trust that unrestricted funds which have not been designaled for a specific use should be maintsined at a level equivalent to betsveen Ihree and six month's expendllure. The trustees consider that reseNes at this level will ensure that, in the event of a 51gnificant drop in funding, they will be able to continue the tnJst'5 current activSties while consideration is given to ways in whlch additional funds may be raised. ThlB level of reserves has been maintained throughout the Period. Structure, governance and management The charity is controlled by its goveming document, a deed of trust. and constitutes a company, limited by guarantee, as defined by the Companies Act 2006.
GRACE CHRISTIAN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE PERIOD ENDED 29 FEBRUARY2024 The trustees, who are also the dlrectors for Ihe puTp05e of company law. and who served during the Period and up to the date of signature of the financial stalements were.. MrA Mayo Mr l Mayo Mrs J Mayo Recruitment and appointment of trustees New Trustees are recruited as and when the current trustees deem it necessary. Any new trustees are appointed by passing an ordlnary resolution at a general me8ting of the company. Org8nisation81 structure Currentty, the day to dey management of the charity is undertaken solely by the trustees of the charity. Induction and trainlng Df trustees As part of the inductlon process new trustees are provlded wlth a copy of the "Stat8ment of Bellef8" that the Grace Christian Trust operates under. In addllion new trustees are provlded wlth Charfty CommisBion documentation so thal they have a full understandlng of their respon8ibilities as trustees. The trustees, report was approved by the Board of Trustees. MrA Mayo Trustee 18th April 2024
GRACE CHRISTIAN TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GRACE CHRISTIAN TRUST I report to the trustees on my exarnlnation of the finandal st8tements of Grace Christian Trust (the trust) for the Period ended 29 February 2024. Responslbllltles and basls of report As the trustees of the trust land a150 its directors for the purposes of company law) you are responsible for the preparation of the financial statements In accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having sallsfied myself that the flnancial statements of the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examlnation, I report In respect of my examination of the trust's financial statements caled out under section 145 of the Charities Act 2011 (the 2011 Act). In carrylng out my examination I have followed all the applicable Dlrections given by the Charity Commlssion under section 145151(b) of the 2011 Act. Independent examlnar'8 Statement Since the Iru8t's gross income exceeded £250,000 your examiner must be a member of a body Ilsted In $8cllon 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the As$oclatlon of Chartered Certlfled Accountants, which is one of the Ilsted bodles. I have completed my examlnatlon. I confimi that no matters have come to my attentlon In connectlon wSlh Iha examlnatlon giving me cause to belleve thal In any material respect: accounting records were not kepi in respect of the tW5t 85 requlred by section 386 of the 2006 Act: or the financlal statements do not accord with th058 records., or the flnancial statement5 do not comply with the accounting requlrements of section 396 of the 2006 Act other than any reqlslrement that the accounts give a true and falr view whlch is not a matter considered as part of an independent examinatlon., or the financial statements have not been prepared in accordan with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in 8ccordanGe with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 1021. I have no concern5 and have come across no olher matters In connectlon with the examlnatlon to which attention should be drawn in thi6 report In order to enable a proper understandlng of the financial statements to be reached. John Caladlne FCCA CTA FCIE Caladine Limited Chantry House 22 Upperton Road Eastboume East Sussex BN21 18F Dated:
GRACE CHRISTIAN TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 29 FEBRUARY2024 Unrejtrlcted funds 2024 Unrestrlcted funds 2023 Notes Income from: Donations and legacies Charitable activities Investments 480,000 25,993 14,013 600.000 10,000 13,206 Total Income 520,006 623,206 Expendlture on: Ra151ng funds Charitable activities 5,875 29,612 5,685 57,431 Totsl expendlture 35,487 83,096 Net galnsl(losses) on investrnents 12 10,533 (44,463) Net Income and movgment In funds 495,052 515,847 Roconclllatlon of fund•: Fund balances at 21 February 2023 1,433,685 918,038 Fund balance8 at 29 February 2024 1,928,737 1,433,685 The stalemenl of financial activities Includes all galns and losses recognlsed In the Perlod. Ail income and expenditure derive from continuing acllvltles.
GRACE CHRISTIAN TRUST STATEMENT OF FINANCIAL POSITION AS AT 29 FEBRUARY 2024 2024 2023 Notss Flxed assets Property, plant and equlprnent Investments 14 15 1,156,968 658,788 596,288 638,606 1,815,758 1,234,894 Current assets Trade and other receivables Cash at bank and in hand 16 S01 202,306 116,149 116,149 3.168 202,807 4,016 Current Ilabllltle8 17 Net current a88ets 112.981 198,791 Total a8•et• I• ¢urr•nt Ilabllltles 1,928,737 1,433.685 The funds of the trust Unrestrlcted funds 1,928,737 1,433,685 1,928,737 1,433,685 The company Is entitled to the exemption from the audlt requirement contained in Bectlon 477 of the Companies Act 2006, for the Period ended 29 February 2024. The directors acknowledge thelr responsibilities for complylng wlth the requirements of the Companles Act 2006 wlth respect to aGcount(ng records and the preparation of financlal statements. The members have not required the company to obtaln an audlt of Its flnancial statements for the Perlod in question in accordance with section 476. These financlal ststement5 have been prepared in accordance with the provislons applicable to companles subject to the Small companies regime. The financial statements were approved by the trustees on MrA Mayo Twstee Mr l Mayo Trustee Company registratlon number 07163237 {England and Wales)
GRACE CHRISTIAN TRUST STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 29 FEBRUARY 2024 2024 2023 Notes Cash flows from operatlng actlvltle8 Cash generaled from operatlons 20 486,271 556,803 Investlng actlvltle8 Purchase of prDperty. plant and equipment Purchase of investments PrOedS from disposal of investments Investment Income recelved (576,792) (257,058) 247,409 14,013 1604,710) (119,652) 96,300 13,206 Net cash u•od In Inve8tlng actlvltlo8 (572,4281 (614,856) Net decrea•e In ca•h and cash equlvalent• <86,1 S7) (58,053) Cash and cash equivalents at beginnlng of Perlod 202,306 260.359 Cash and calh oqulvalents •t ond of PerSod 116,149 202,306
GRACE CHRISTIAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 FEBRUARY2024 Accounting pollcles Company Inforn)atlon Gra Christian TTUSt is a private company limlted by guarantee Incorporated in Eng18nd and Wales. The registered office is Otford Manor, Otford, Kent, TN15 6XF. 1.1 Reportlng period These accounts are for the period from 21 February 2023 to 29 February 2024, which is sllghtty over 12 months. Forthis reason, the comparatlve figures may not be entirely comparable. 1.2 Accountlng convention The financial statements have been prepared in accordance with the trust's goveming document, the Companles Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republlc of Ireland" C'FRS 102) and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charlties preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (effective 1 January 20191. The trust is a Public Benefit Entity as deflned by FRS 102. The financial statements are prepared In sterling, which 1$ the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £, The fin8nclal statements have been prepared under the historical c08t convention, Imodified to Include the revaluation of freehold properties and lo include inveslrnent properties and certain financial Instruments al falr valuel. The prlncipal accounting policies adopted are set out below. 1.3 Going concern At the time of approving the flnancial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operatlonal existence for the foreseeable future. Thus the tru5teeB continue to adopt the going concern basis ofaccounting in preparing the financial ststements. 1.4 Charltablo funds Unrestricted funds are available for use at the dlscretlon of the trustees in furtherance of their charitable objectives. R8StTlcted fijnds are subject to specifiG conditions by donors or grantors as to how they may be used. The purposes and uses of the restrlcted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust. 1.5 Income Income is recogni5ed when the trust is legally entitled to it after any performance conditions have been rnet, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the Irust has been notified of the donation, unless performance conditlons require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donalion. Legacies are recognised on recelpt or otherwise if the trust has been notlfled of an impending distrlbution. the amount is known, and receipt is expected. If the amount is not known, the legacy is trealed as a contingent asset.
GRACE CHRISTIAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 FEBRUARY2024 Accounting pollcles IContlnu•d) 1.6 Expenditure Expenditure is recognised once there Is a legal or constructive oblig81ion to transfer economic benefit to a third party, It Is probable Ihal a transfer of economlc benefits will be required in settlement, and the amount of the obligats'on can be measured reliably. Expenditure is classified by activity. The costs of each actlvlty are made up of the total of direct Costs and shared costs, includlng support costs involved in undertaking each activity- Direct costs attrlbutable to a single activity are allocated directly to that activlty. Shared costs which contribute to more than one activity and support costs which are not attributable lo a slngle activity are apportioned between those activities on a basis consistent with the use of resources. Cenlral staff costs are allocated on the basls of time 8pent, and depreciation charges are allocated on the portion of the asset's use. 1.7 Property* plant and equlpment Property, plant and equipment are inlti81ty measured at cost and subsequently measured at cost or valuation, net of depreciallon and any impairment losses. Depreciallon Is recognlsad so as to wrlte off the cost or valuation of assets less thelr resldual values over their Useful lives on the followlng b8sls'. Freehold18nd and buildings Flxtures and fittings 20 330/0 The gain or loss arlslng on the disposal of an asset is detemined as the difference between Ihe sale proceeds and the carylng value of the asset, and is recognised in the statemenl of financial activitles. 1.8 Non-current Inve5tment8 Fixed a88el investments are initially me8sured at transactlon prlce excludlng transactlon cost8, and are subsequently measured at falr value al each reporting date. Changes in fair value are recognised in net Incomel(expenditure) for the year, Transactlon costs are expensed as Incurred. 1.9 Impalmient of non-current as8et8 At each reportlng end date, the trust revlews the carying amounts of its tangible 885ets to detemilne whether there 15 any Indlcatlon that those assels have suffered an impairment loss. If any such Indication exists, the recoverable amount of the a8set18 estlmated in order lo detemiine the extent of the impairment loss (rf any). 1.10 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments wlth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Flnanclal Instruments The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contraclual provisions of the instrument. Financial assets and liabilities are offsel, wllh the net amounts presented in the financial stalements, when there is a legally enforceable rtght to set off the recognised arnounls and there Is an intention to settle on a net basis or to reallse the asset and settle the liability simultaneously.
GRACE CHRISTIAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 FEBRUARY2024 Accounting pollcles IContlnued> Basic linancial assets Basic financial assets, whlch include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financlng transactlon, where the transactlon is me8sured at the present value of the future receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. Baslc flnanclal liabilitios Baslc financial liabilities, including trade and other payables and bank 108ns are initially recognlsed at transaction price unless the ariangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments dlscounted at a markèl rate of Interest. Fln8Ddal liabilities Glassifled as payable within one year are not amortised, Debt instruments are subsequently carried at amortlsed cost, uslng the effectlve Interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operats'ons from suppliers. Amovnts payable are classlfied as current liabilities rf payment is due within one year or less. If not, they are presented as n0n-cuent liabilities. Trade payables are recognlsed Inltlalty at Iransactlon price and subsequently measured al 8mortised cost uslng the effective Interest method. Derecognitlon of flnanclal liabilities Financial liabilities are derecognised when the trust'8 contractual obllgatlons expire or are dlscharged or cancelled. 1.12 Employee benefits The cost of any unused holiday entlllement 1$ recognlsed in the period in which the employee's services are received. Temilnation benefits are recognlsed Immediatety an expense vthen the trust Is demonstrably commltted to temiinate the employment of an employee OT to provide termination benefits. Crltlcal accountlng e8tlmate8 and Judgements In the appllcalion of the trust's accountlng poll¢les, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabllilie5 thal are not readily apparenl from other sources. The eslimates and associated assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual results rnay dlffer from these estimates. The estimates and underlying assumptions are revlewed on an ongoing basis. Revisions to accounting estimate5 are recognised in the perfod in which the estimate is revised where the revision affects only that period, or In the period of the revlsion and future perlods where the revision affects both Quent and future periods. Income from donatlons and legacies Unrestricted funds 2024 Unrestrictsd funds 2023 Donations and gifts 480,000 600,000
GRACE CHRISTIAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 FEBRUARY2024 Income from charitable actlvltie6 Chorltable Charltable Income Income 2024 2023 Charitable rental income 25,993 10,000 Analy818 by fund Unrastrlctéd lunds 25,993 10,000 In¢om• from Invo4tm¢nt• Unr•*trlcted Unrestrlcted funds fundg 2024 2023 Income from listed investments Interest receivable 10,049 3,964 8,499 4,707 14,013 13,206 Expendlturo on ral8lng fundg Unregtrlcted Unrestrlcted funds funds 2024 2023 Investment mBnagement 5,875 5,665 10-
GRACE CHRISTIAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 FEBRUARY 2024 Expendlture on Gharltable actlvltles Charitable expenditure Charitable expenditure 2024 2023 Dlrect costs Depreciation and impaimient Property costs Bank Charges Foreign exchange {g8ins)nosses Sundry expenses 16,112 7,922 8,422 2,360 125 (1,368) 577 514 25,125 9,539 Grant fundlng of activities (8ee note 8) 2,254 45,437 Share of support •nd governancè costs (so• not• g) Governance 2,233 2,455 29.812 57,431 Analys18 by fund Unrestricted funds 29,612 57,431 Grants payable Charltable expenditure 2023 2024 Grants to instltutions.. Micro grants lo local UK churches Humanltarian aid grant to a church in the Middle East Grain of Mustard Seed School Humanltarian aid to Ukraine 1,854 508 32,660 8,511 1,450 1,854 43,129 Grants to indlviduals 400 2,308 2,254 45.437 11
GRACE CHRISTIAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 FEBRUARY 2024 Support costs allocated to actlvltles 2024 2023 Governance costs 2,233 2,455 Analysed between.. Charltable expenditure 2,233 2,455 2024 2023 Governance costs comprl8e'. Accountancy Leg81 and professlonal 2,220 13 2,160 295 2,233 2.455 Governance costs above Includes payments to the Independent Examlner of £2,220 for Independent Examlnation and other servlces. 10 Tru8tee• None of the trustees (or any persons connected with them) recelved any remun8ratlon or benefrts from the trust during the Perlod. Total donatlons from trustee5 and their related partie8 amounted to £480,000. 11 Employeos The average monthly number of employee8 durlng the Period vM8: 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. 12 Galns and1095es on Investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Galnsl(losses) arising on: Revaluation of investments Sale of investments 4,662 5.871 (38,724) (5.739) 10,533 (44,463) 12-
GRACE CHRISTIAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 FEBRUARY 2024 13 Taxation The charity is exempt from taxation on ils activities because all its income 18 applied for charitable purposes. 14 Property. plant and equlpment Fro•hold land Flxtures and d bulldlng• flttlng• Total Cost At 21 February 2023 Addltlons 803,589 576,792 1.121 604,710 576,792 At 29 February 2024 1,180,381 1,121 1,181,502 Deprèclatlon and Impalrment At 21 February 2023 Depreclatlon charged in the Period 8,048 15,738 374 374 8,422 16,112 At 29 February 2024 23,786 748 24,534 Carrylng amount At 29 February 2024 1,156.595 373 1,156,968 At 20 February 2023 595,541 747 596,288 Freehold18nd and buildlngs contains a residential propety purchased by the charlty during the year. Thls Is belng rented out to families in need, at 8 bel¢)w market rate level of rent. As such. It Is held for the fulfillment of charitable purposes, rather than Investrnent retums, and hanc8 Is Included as 8 tanglble fixed asset in use. 15 Flxed a••et Investments Llstod Investments Cost or valuatlon At 21 February 2023 Additions Valuation changes Dlsposals 638,606 257,058 4,682 (241,538) At 29 February 2024 658,788 Carrylng amount At 29 February 2024 658,788 At 20 February 2023 638,606 13-
GRACE CHRISTIAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 FEBRUARY 2024 16 Trade and other recelvables 2024 2023 Amounts falllng due wlthln one year: Prepayrnents and accrued incorne 501 17 Currènt Ilabilltles 2024 2023 Accruals and deferred income 3,188 4.016 18 Unrestrlct•d fund4 The unrestrfcted funds of th8 chartty comprlse the unexpended balances of donatlons and grants which are not subject to specifi¢ condltions by donors and grantors as to how they may be used. These Include deslgnated fundg which have been set aside out of unrestricted fvnd8 by the trustee6 for speclfic purposes. At21 February 2023 Incornlng re8ource8 R•Jource• expended GalnB and At29 108908 February 2024 General fund8 1,433,685 520,006 (35,487) 10,533 1,928,737 Prnvlous p•rlod: A121 February 2022 Incomlng resources Resource• expended Galns and At20 losses Fèbruary 2023 General funds 918,038 823,206 163,0961 (44,483) 1,433.685 19 Related party tran8actlon8 There were no disclosable related party transactlons during the Period (2023 - none). 14-
GRACE CHRISTIAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 FEBRUAR Y 2024 20 Cash gènerated from operations 2024 2023 Surplus for the Pe0d 495,052 515,647 Adjustments for: Investment income recognlsed In statement of financial actlvitle8 (Galnllloss Dn disposal of investments Fair value gains and losses on investments DepcIation and impairment of property. plant and equipment (14,013> (5,871) 14,662} 16.112 {1.3.206) 5,739 38.724 8.422 Movements In working capital.. DeGreasel(increase) in Irade and other recelvable8 (Decrease)fincrease In trade and olher payables 501 (8481 <501) 1,978 Ca•h generated from opgratlons 486,271 556,803 21 Analysis of change9 In net funds The trust had no materlal debt during the year. 15-