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..
micro￿rantS 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 ca￿led 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
PrO￿edS 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-cu￿ent 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 Qu￿ent 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 Pe￿0d
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
Dep￿cIation 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-