## **ANNUAL REPORT**
For the Period Ending 30th June 2024
**CHARITY NAME:** The Grace Memorial Trust **CIO REGISTRATION NUMBER:** 1176868 **REGISTERED ADDRESS:** 21 Smithies Avenue, Sully, Vale of Glamorgan CF64 5SS **TRUSTEES:** Nigel Jones Caroline Jones Sarah Read Isabel Jones Elise Jones
## **STRUCTURE AND MANAGEMENT**
The CIO has no full time employees and is managed on a voluntary basis by its Trustees who manage the CIO in accordance with its Constitution.
## **OBJECTIVES AND ACTIVITIES**
The CIO was established to receive and manage an endowment made by Derrek and Sylvia Jones.
The objectives of the CIO are
the advancement of the Christian religion
the prevention and relief of poverty
the relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage
the advancement of education in the Christian faith
for the public benefit by making grants to individuals and organisations.
## **ACHIEVEMENTS AND PERFORMANCE**
Grants made during the period totalled £3,100 with cumulative grants since the CIO was established were £20,863.
Grants made during 2023/24 enabled the building of a creche room to support a growing ministry of a Church in the Philippines, supported a Christian pastor whose home was in need of emergency repairs following an termite infestation, supported work among struggling families in the UK and made a grant to a Guides group providing opportunities for children in a deprived area of the UK.
The market value of investments has grown by 11.5% in the year although the income and receipts statement includes the realisation of an investment loss made during the period of high inflation in 2022 and 2023 which meant our long term investment return remains below the inflation + 3% target.
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## **ANNUAL REPORT**
For the Period Ending 30th June 2024
## **GRANT MAKING POLICY**
The CIO has a Grant making policy in place. Grants can be made to institutions or individuals in furtherance of the objectives of the CIO. Decisions on grants to Charities will be made by the Trustees collectively in accordance with the voting procedures noted in the constitution of the CIO. The Trustees may delegate the decision to make smaller grants to 2 or more Trustees and procedures are in place to avoid conflicts of interest.
## **INVESTMENT POLICY**
The CIO has an investment policy which details permitted investments. The investment objective is to achieve a return of 3% above inflation over a 5 year period, with returns in excess of inflation being distributed to the Unrestricted Fund.
## **RESERVES POLICY**
Grants are made from investment income received, realised investment gains and donations received and the CIO has very low ongoing cost commitments. The Trustees consider the risks of the Charity needing to call on reserves are negligible. Consequently the Trustees have not set a minimum reserve limit.
## **INDEPENDENT EXAMINATION**
The Trustees of the CIO have elected to not commission an Independent Examination this year as the income of the CIO was below £25,000.
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## _**Receipts and payments accounts For the period from 1 July 2023 to 30 June 2024**_
|**Receipts and Payments**
Donations
Gift Aid income
Investment income
Realised gains
**Total receipts**
Grants made
Realised losses
Investment fees
Other costs
**Total payments**
**Receipts less payments**
**Opening balance**
**Fund transfers**
**Closing balance**
**Statement of Assets and Liabilities**
**At cost**
Current account
Investments
**TOTAL**
**Current value:**
Value at cost
Unrealised gains
Net assets at market value|**Unrestricted**
**funds**
**Endowment**
**fund**
**TOTAL**
**2023/24**
**TOTAL**
**2022/23**
**£**
**£**
**£**
**£**
4,000
-
4,000
50
-
-
-
-
-
1,813
1,813
1,625
-
393
393
1|
|---|---|
||**4,000**
**2,206**
**6,206**
**1,676**|
||-3,100
-
-3,100
-4,100
-8,272
-8,272
-
-
-194
-194
-237
-
-
-
-25|
||**-3,100**
**-8,466**
**-11,566**
**-4,362**|
||**900**
**-6,260**
**-5,360**
**-2,686**
8,104
112,016
117,434
120,120
-
-|
||**9,004**
**105,756**
**112,074**
**117,434**|
||9,004
12,074
21,078
18,366
-
90,996
90,996
99,068|
||**9,004**
**103,070**
**112,074**
**117,434**|
||9,004
103,070
112,074
117,434
15,685
15,685
-1,722|
||**9,004**
**118,756**
**127,760**
**115,712**|
## **NOTES**
**1** The CIO invests an Endowment Fund into collective investment schemes authorised and regulated in the UK. The investment objective is to generate a return of 3% above the rate of UK CPI inflation over a 5 year period. Any returns above CPI inflation will be transferred gradually to the unrestricted fund and distributed in accordance with the objectives of the CIO.
- **2** The CIO also raises donations for distribution in accordance with the objectives of the CIO.
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