GRACE CHARITIES TRUST Adininistered by Grace BRptls1 ChArities Limited FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ChAI'ity nunibey: 1171468 Coiitenls PAge Rcport of Ilie Trnsie¢s Repoit ol'tl)e IiideF*I?dent E.x￿mlner Statenieiil of Fii)aiicial Aclivilies Balance Slieet .Slateineiit of Casli Floivs Notes to tlie Aeeouiits GRACE CHARITIES TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2024 Tl)e trLisle¢s have pleasure irt submitting tlieir repM)rt and the audited fii)ancial stateinent% for ihe Grace Charities Trust tor Ilie )rcar cnded 31st De¢¢inber 2024. Tl)¢y have l)een prepaird in ilie foT]ll&t Preicribcd by the Statcfflciil ot ReLoii)ii)ei)ded PraLlice IFRS 10?), 'Accountino llnd Reportino b). Charities, issued by tlie Charity c.onimissioners. Objeetives aiid Activities The objeits of Il?¢ ch11 rity ar¢ to receiv¢ and admini51¢r donalions and to reclaim in¢onie ￿ troni HMRC. il) a¢coithnc¢ Ivith the blMRC Gill Aid sLhenie and to di511'ibute ihese donations and rcclaimcd income lax among su¢li eharities and for sueh ¢haritablL PUI'posLs ivholl>' or niainly concerned widi (he AdvancLment of religi4)n. Tlie Irublees, policy ib to I'eceive donation5 eiiher directly Ironi ii)dividualb or Ilirough li)cal cliurches ()i' churitieb and JYn)it both gihs aiid tax I'¢Cov¢￿d to lh¢ doiior5' noniinuled ¢hariti¢S 5ubjcct to th¢s¢ b¢ing ii'itl)in Ihc scope ot. th¢ charity's objeciives aiid al the discretion of ihe irustees. Coi)sequenily all funds of the charit), are resXric(ed. Giuiii iiial'iiigpoliry Tl)e cliai'iry niakes grniits lo Llie Clirisliwi Cliarilies iiomiiiaied by Lhc doiiors. Piiblic benefil l-he dire¢l()rs of Ilie trlislee contirin thut Iliey IIAve liad di1¢ I'egard t() the guidance issued [))' Il)e Ct)aril}' Comi)iission Di) public bcnefit. In pllrticulllr, donations and incoiiK l&N dislribut¢d are for cliaritablc puryK)scs i￿h011Y or niainly conccnicd Iviili lh¢ advanc¢iiient of religioii. Sonie of Ihe Clirisrian orgaiiiS111ioiis receiving (unds dirough Ili¢ ch8rily are also involved in the i'¢lief (If i)overty. the advancein¢nl ol liealih and the saviiig of liN'es. Achievenients and Pei'forinance Diirli￿ 20?4, 27 cliaritlk's iised Ihc Gill Ald sCh￿ne admii)isiered by Ihc T￿￿1 and £122.934 (£112,956 in 2023) Ivas iecoveiEd iii lax tor distribution iviih ihe original donations. Gift Aid clainis are generdlly Inade quaiterly oi. upoii rLceipt of Il)e ai)pi'opriafe iiit4)rn)atioii Irom charities. In additioi), 8 gr8iil ivas re¢eived fiY)in Particular Baptist Fund loiv81'd8 tlie Iheolooical training of a ii)enibcr in tlic churclie5 ill ITieinbership iviih the Assoeialioii ot. Grace Baptist Cl)urches {South A total of £946.517 (£688,329 in 20?3} Iva5 paid (o beneficiaries OEIt ofdonalions I'e¢¢ived aiid l&x r¢¢overL'd. ri in8nciAI Revieiv The Trust coi)tiiiiied to process Gifi Aid claIn￿ and distribute doi)ations proniptly. Tile balaiices lield at tl)c yeai'.cnd ii)clude £1.283 of regular gifts tor a church that chooseb to iyceive a n)oiitlil)' donalioii from the TrusL £12.429 gifts re¢eived shoi'ily befoi'c y¢ar end aiid iiol yet paid out ai)d £3.015 of gitts reLeiiied ivliere Ihe dollo￿ have iiol yet eNpre5sed Ilieii. ¥vislies. Iii additioi), tl)e Trnsl acLepied a gift ol. sharcs iotalling £251,995 lor ll Inenil)er churcl), arid ii)struclions ivere givei) to sell Ilie shairb. The proceeds l)ad Iiol been received HI year end. but Ilie beiieficiary l)ad beei) iiiforiiied so Ilie donalion IV￿ Ircatcd as a creditor ii'ith rclated dcbtor at ycar cnd GRACE CHARITIES TRUST 12) REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2024 (coniiiiiied) Structure. Goveriiance gnd fvlanagemeDt Tl)e'frusi iva% esiablisl)ed bs1 a De¢laraiion ol'Trtisl dated 6th June 1978 ￿ld is a reoisiered cliatiry {iiunibu' 1171468). -fhc Ii'iistee is Gi'acc BJplist Charitics Liinilcd. Th¢ I riiit DL¢d il'as r¢vii¢d and uwlat¢d in 2019 to ensure il acLurniel51 reflects Ili¢ eurreiil CJill Aid p)'OL'esbes. The Ti'uslce lias delegated Ilie rexponsibiliiy for thc adiniiii.%ti?tion of don8tions. iiicludii)g recovery of i&1. to Il)c finaiice oriieer of Ilie Association ot. Grace Baptist C.IILirches {Souih East). Ris'k LVlancigeiiieKI The TrLl8lee lias assessed Ilie priiicipal risks lo ivliicl) Ilie il)ariry is expoied. iii particular tliose I'elaccd lo Il)e 01)eiaii01is atid Iiiiaiice of the cliai'ily aiid ale satislied tliot woeedures are in plaee 10 Miltga￿ our exposiire to ihe Inajor risks. A risk rcgister 15 maiiitaiiied and revicivcd. Refei'ence and AdministrAtive Detgils Tlic C￿￿'Lty ivlls iidn)inisleied by the irusiee. Grace Baptist Charities Lin)ited, Il)roli￿]0u¢ the year. ThL coiiipany's rcoistcied otTi¢¢ is 62 ljride SITCCL Loiidon, N7 8A/. Tlie coinpany registi?lion n(Iinbei' 1% 96055 and cliarily IlLiinber 1172489. The dii'c¢tors of lh¢ ¢onipllny &t tlie date ol'this report iv¢r¢'. A Creedv Ichnimiftn )' P Fiiggle,. A Gardner {Finance Otlicer),. B Jon¢s;A King ' D J Moi1inier (I r¢asiir¢i' tioni Ocl 2024); Miss M O, Mara, P Siniili: J Soutl)coinb¢ (Treasurer) (resigned Ocl 2024)- P M Woodley (Itsigned OLt 2024); C Cl81'kb"on {appointed Oct ?024)' The Coinpai)y S¢¢r¢tary, litho is ¢niplo}ed by AGIICISE), lias delegated auihoi'ily to authorise rouliiie 8iid plai)iied niaiiitci)ai)Le for Ii'LlSI, Associllttoii aiid cliurch properiies iyithin ￿l￿Val budget. The budget is approved by the Board iii Noveinbei. loi. Ilie lollolviiig year. The priiicipul advisers ot the charity are &5 follow5: A¢coiinlanls.' JCS ALcoiinlanls Limited, 5 Robiii Hood Laiic, Stilton, Surrey SMI 2SW Principal Baiikers CAF Bank Limited: 25 Kiiigsliill Avcnuc, Kiiigsl)ill. W¢51 Mallin& kent MF.19 4JQ GRACE CHARITIES TRUST {31 REPORT or THE TRUSTEE FOR THE YEAR ENDF.D 31 DECEMBER 20?4 Icontinucd) Ti'ustees Responsibilities The Trusties are responsible lor preparing the Trustees Report and ihc financiat St￿el￿entS iii accordance ivid) applicablc laiv Aiid lJniled Kiiigdom Geiicrally A¢cepied Accoiinlii)g Practicc. Laiir applicable to charilies in England and Wales reqiiire5 the Trnslees io pi-epait ftinanLial stalemeiits foi. cach tinaiicial year i%'hiLI) giv¢ a tru< and tair vie¥i' ot the chaj'tty's financial activities in Il)¢ year arid of ils linai)cial position al th¢ end ot. Ihe year. In prepariiig tiiiai)cial slatenienis giiiing a iru¢ ai)d tair vi¢ii.. die TrLLs￿cs are rcquired tsi.. select suitable accounting policies and theii llpply then) ¢onsislei)ily' ()bs¢rv¢ th¢ In¢thods aiid principles iii Ilic Charities SORP niake jiidqcmciils and cs1iinales Ihai aTe r&knonable and piudent. St￿le ivliether applicabl¢ UK Accouii¢in2 Siandards have bcen folloiv¢d, subjeci Ic) any i))aierial dLPal'(Lires' llnd prepai'L ihe finaiicial stai bi'ouglil liirivard runds eo1.ried forwai'd 17,497 13,012 17,497 All rLcognised guiiis Jnd Io¥se> ar¢ reflecled throligh ihe stst¢lTI￿)I of Financiul Actiirities and all aLtiviiies ii'LI'e conlii)uiiig. IJALANCE SHEEI" AT 31ST Db.CEMBER 2024 2024 2023 Current Assets.. l)cbtors Casli deposited ivitl) Grace Baptist Charilies Lid LiAblliiles Crcditors.. Ainounts falling di1¢ ivithin one )'ear 251,995 17,650 18.373 (252.919) (8761 TotHI net assets The fuiids of the cliari¢y: Restricted liiiids Jlppj'oved by the Trust¢e on 30th June 2025 atKI sign¢d on tIiLir belialf by: D MoTtini¢i' Dii'ecloi. of Gracc Baptist Charities Li)nited GRACE CHARITIES TRUST (61 rATEMENT OF CASH FLOWS AT 31 ST DECEMBER 2024 2024 Toiol Fiinds 2023 Toiiil Fiiffids StAtement of cA5h noiv5: Table Cish flows from operating activities: Nel cash proirided by (used inl operaEiiig a¢tivilies {9581 4.335 CAsh floivs from investliiE aetlvities: InlLILsl Net cash provided by (used in) investing acliviiies 235 235 186 186 CIIAnge in cash and ¢Ash equivalenis in ihe reporting pei'io(I Casl) aiid Lash Lquivaleiits at tlie bLginiiing ol. the rcportiiig pei'iod CAsli Aiid thsh tquivxlents At the ei)d of the reporti)Ig ijei'iod (723) 18,373 4,521 13.852 TAble A - Reeoii¢iliAtlon of net inconie l (expenditure) to net cash floiv fi'oin operating a¢livilies: 2024 2023 Nel inconie l (exi)endiiure) foi. tlie repoiting period las p¢r the statei)ient ot'fiiiancial ActiviLi¢s) {Cifiins) I losses oil inveslinenls Dii'idends, Inte￿$t aiid rent from investinents Changc iii debtors Cliaiige in ci'edilor N¢L cft5h provided by (used in) opei'Aling acliviÉits (771) 4.485 {235) 1251.995) 252.043 958 (186) 2,160 2,124 Tjblt B- AAIAlysis of easli exsh eq￿1valent$. Cash in hand Noti¢¢ d¢posils (less than 3 monilis) TotAI CAslI aiid casli equlvfileiils 17.650 18,373 17,650 GRACE CHARITIES TRUST {71 NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES ie principal accouiiting policies adopted: judgenieiits aEid kcy SoUrcL￿ Ot" estiinalion uiicenaiiity iii Ilie preparation of tlic fill￿]Cial slalenienls are as folloivs: {&) A£touiiliiig cojiveiitioll Tl)e lindiibidl stll tenients haipe been p'epared linder the CharitiC5 Aci 2011 (wid in accoi'Jan¢e iviih the Cl)arilies Sialeiiiei)l ot Reconiillended Praciice (Cliarilies SORP (FRS 102)) wid finaJi¢ial Rei)oiiii)g Staiida]'d 102 (frRS 1021. Tlie tinantial slalemenls arL' draii'i) up on ilie hIs￿ncal cost basis ot'accoiiii(iii& Tlic fii)anuial statements are prep￿ed iii pounds slerlii)g Touiided lo the llearesl pound. CJi¥C¢ Cliarilies 'frust InLets Ihe delinition of a PLibli¢ b¢n¢fit ¢iititJ' iindcr fRS 102. It is an unilic0￿O￿ed registered cliariLable triiit (Cliftrity nuniber: 11714681 iiiili rtgisiered addrexs (11-62 Bride Slr¢¢l. Loiidon, N7 8AZ. (bl Goiiig coiicerii 'riiere arc iio niaierial iincertainiiets aiH)Ut th¢ ¢hority'b ability lo coniinue. {e) Ineome Vollinlary iiicome is accountLd lor onee the ehhiily ha> enliileiiieiii lo the incomL. il is probAble the incoine ivill b¢ I'¢¢¢ivLd aiid the amoiint ol- iiicoiiie receivable cun be rcli&bly niLILSLired. (d) Ci xpciiditure All eypeiidillll'e is iiiel￿ded on an a¢cnTals basis. Cl)ai'ilylile expenditure conlpiises all eYpei)ditUTe directly r¢laied lo Ilie objccts ol. the clijj'iiy. This ii)elude% goveriiance eos(s ivl?ich reprefeiit tl)e ¢osi ot. Loniplialice iyiih coiisiilutioiial and siaiulory i¢quii'emenls aiid Cosis not able lo be iliLluded as elitsi'ilablc eipLiidiiLire. (e) Cash deposited Ivith Gi'Ace B￿ptISt Charities Ltd Cllsli deposited ii'ith Clrnce Baptist Chllrities Lid is a sliort ieni) highl J, liquid iiiveslnieiil iviih a short niallirity ot tliree n)onihs or Icss froin tl)e d￿te ot'opening of Ihe d¢posit. (t) Cretlitors Aiid provlslons Ciedit(Ii's aiid provisioiis are rccogiiiqed ivhere Ihe charity h&$ a present obli¢Fatioii ai'isillq troni a past event thAt vill probably regult iii 11)e iransler of runts lo a tl)ird paits, wid ihc aii)ounl due to seiile tlie ol)ligation ¢aii b¢ niLasiired oi. estimated reliably. Crediiors and provisiorLfj are iecognised al Ili¢ir s¢tileineiil amounl. GRACE CHARITIES TRUST 181 NOTES TO THE ACCOUNTS YEAR ENDED I I DECEMBER 20?4 (continued) 2 RELA TLD PARTY TRANSACTIONS Grace Baptist C.liaritics Liinited 15 the Co￿Ornte trustee j.or the chariiy. In the ¢ourse of its pertorn)ance as trusttt the conipany holds operalinB casli fuiidi Ot die cliarity. During 2024, Ilie interest rate paid to the clièii'ity on ihe casli balances held ivas 3.7jil/s credited quarterly. The balance ot casli fiii)d.% held at 3 1st DecLniber iyos £17.650. TEie INstee provided adminibiralion sei'vices to Ihe charily. and made a chaige of £6,459 (£5,640 in 20231 foi. the resourles used. 3 TRUSTEES, RKMUNERATION AND LIPKNSKS No I'einuiieralioi) nr r¢iinbursenienl ofexpei)se8 direcily or iiidirecily oui ofilie fui)ds of rhe cl)arily ivas poid or pay3ble tor tlic year to an), Triisl¢¢ or to 81)y person oi. p¢rsoiis kiioiyi) to b¢ ¢oiiii¢rt¢d iviui aiiy of tl)¢in, nccpt as sct out iii NOLL. 2. 4 INDEPENDENT EYANIINATIONIAUDIT FEES 'I"Iie fees paid lor the Iiid¢peiid¢iii Exainiiiatioii ol th¢ a¢¢OUTils li-.as £924 (2023.- £8761. Ali additioi)al tee 01. £32 ivas paid as ali insuraiice prLmiuni lo cover protcssional costs iiicurred ii'hile dealiiig ivith rcvieii's by HMRC ol. gift aid cIAims la81 yeai.. 5 STAFFI COSTS AND EMPLOYEE BENEFITS 'I'h¢ cliaricy did i)ci( eniploy 4kS)J' slaft dui'ing ihc J'ear. 6 Girr OF SIIARES Iii additiort. Ilie Trn$l aeLepted a gift ot shftres totallirtg £251.995 lor a member chuirh. and inslruciions ivere givei) (o s¢11 the sliai'es. -I'he P¥OLeeds hnd not b¢eii received al year end. bui ihe kneticiary had been ii)tDinied so Ilie doiiatioi) IV&S Ircalcd as a creditoi. Ivith relaled debtor a( year end