**Charity number: 1185450**
## **THE JAMES GRACE TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 JUNE 2021**
## **THE JAMES GRACE TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 5|
|**Independent Examiner's Report**|6 - 7|
|**Statement of Financial Activities**|8|
|**Balance Sheet**|9|
|**Notes to the Financial Statements**|10 - 19|
## **THE JAMES GRACE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021**
|**Trustees**|Ian James Sutherland|
|---|---|
||Christopher David Winfield|
||Janet Grace Sutherland|
||Jyotir Moy Banerjee|
|**Charity registered**
**number**
1185450
**Principal office**
23 Mill Lane
Saffron Walden
Essex
CB10 2AS
**Accountants**
Feltons Chartered Accountants
Chartered Accountants
1 The Green
London
TW9 1PL
**Bankers**
Lloyds Bank Plc
120 Lewisham High Street
Lewisham
London
SE13 6JG
**Investment Managers**
Brown Shipley & Co Ltd
Richmond House
16-20 Regent Street
Cambridge
CB2 1DB||
Page 1
## **THE JAMES GRACE TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021**
The Trustees present their annual report together with the financial statements of the charity for the year ended 30 June 2021. The financial statements 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 2015) and the Charities Act 2011.
## **Objectives and activities**
## **a. Policies and objectives**
The Charity's primary objectives are the advancement of the Christian faith within the United Kingdom and the world as the Charity Trustees may from time to time think fit and the relief of poverty and those in need by the way of financial hardship, ill-health, disability, unemployment, poor educational or skills attainment, and/or victims of war, natural disaster or catastrophe.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **b. Activities undertaken to achieve objectives**
The Trustees meet a minimum of twice a year to consider the payment of grants. Almost all grants are made to organisations already known to the Trustees. The Trustees always respond to unsolicited request for grants, explaining the Trustees' policy.
## **c. Grant-making policies**
The Trust has established its grant making policy to achieve its objects for the public benefit.
The amount of work or number of projects that can be supported by the Trustees is necessarily limited to the amount of funds that are available for distribution each year. The Trustees have determined that the current priorities for funding are:
- The advancement of the Christian faith within local communities and across the world, but particularly in
- UK, Middle East and North Africa (“MENA”) and the Indian subcontinent.
- The relief of poverty within local communities and among the world’s deprived and needy peoples, with particular focus on UK, the Indian subcontinent and MENA or as determined by the Trustees from time to time and in accordance with this policy.
- The provision of education among the world’s deprived and needy peoples, with particular focus on UK,
- MENA and the Indian subcontinent or as determined by the Trustees from time to time and in accordance with this policy.
## **d. Main activities undertaken to further the charity's purposes for the public benefit**
The Trustees monitor the activities of the Trust's beneficiaries through meetings and conversations, periodic reports and photographs. Normally, the Trustees would expect to visit projects outside the UK but, following Foreign Office advice to avoid non-essential international travel, no visits have taken place during the year.
Page 2
**THE JAMES GRACE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
## **Achievements and performance**
## **a. Review of activities**
In the financial year ended 30 June 2021 the trust distributed £74,000 (2020: £74,999) in grants. The Trust's income derives principally from donations and dividends and interest on its investments.
## **b. Investment policy and performance**
The Trustees have appointed Brown Shipley to invest the Trust’s funds with the mandate to produce income for the Trust to meet its charitable objectives. The funds are invested in a wide range of equities and bonds. After two years, the Trustees will start to draw down funds from the portfolio with the aim of fully distributing its assets by 2031.
During the period, the portfolio increased in value by £100,316 (2020: impairment of £15,455) increasing its value to £610,982. This recovery reflects greater confidence in the world's economies, following the initial negative impact of the coronavirus pandemic.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have adopted the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
The financial result for the year and the financial state of affairs at 30 June 2021 are set out in the Statement of Financial Activities and the Balance Sheet. The unrestricted fund balance at 30 June 2021 amounted to £776,143 (2020: £645,491).
The Trustees provide their services free of all costs and the Trust has no employees. Its only running costs are governance costs and investment management fees. Since the long term objective is to fully distribute its remaining assets to charitable causes, the Trustees do not consider it necessary to have a formal reserves policy.
Page 3
## **THE JAMES GRACE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
## **c. Principal risks and uncertainties**
As the Trust has no employees, property or clients and does not provide advice or services, the Trustees do not foresee any risks other than the synchronous death of all Trustees or the possibility of fraud by any of the Trustees. Since Trustees may not indemnify themselves against damages for fraud or negligence they see no need to safeguard against this risk.
The Trustees are well aware that they are choosing to deploy certain funds in regions of the world characterised by social, economic and political instability. They accept that these factors bring to the Trust an inescapable element of risk of loss of resources which is managed through active relationships with those involved.
The Trust’s portfolio of investments is exposed to a variety of commercial risks. These risks are managed by the Trust’s investment managers by maintaining a broad spread of investments.
## **Structure, governance and management**
## **a. Constitution**
The James Grace Trust was registered on the 23 September 2019, number 1185450, and is constituted under a Charitable Incorporated Organisation (CIO).
## **b. Methods of appointment or election of Trustees**
There must be at least three Charity Trustees. Charity Trustees must be appointed by a resolution passed at a properly convened meeting of the Charity Trustees. In selecting individuals for appointment as Charity Trustees, the Charity Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. All Charity Trustees must subscribe and adhere to, in belief and lifestyle, the Statement of Faith.
## **c. Financial risk management**
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
## **Plans for future periods**
The Trustees plan to increase the total grants paid to beneficiaries in the coming year by starting to draw down funds from the Trust's investment portfolio. In line with the Trustees’ policy, these grants are expected to be awarded to organisations already known to the Trustees.
Page 4
## **THE JAMES GRACE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the CIO - Association. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 12 January 2022 and signed on their behalf by:
................................................ **Ian James Sutherland** Trustee
Page 5
## **THE JAMES GRACE TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2021**
## **Independent Examiner's Report to the Trustees of The James Grace Trust ('the charity')**
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 June 2021.
## **Responsibilities and Basis of Report**
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Page 6
## **THE JAMES GRACE TRUST**
## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021**
Signed:
Richard Rhodes
Dated: 14 January 2022 Chartered Accountant
Feltons 1 The Green Richmond TW9 1PL
Page 7
## **THE JAMES GRACE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021**
|**Note**
**Income from:**
Donations and legacies
3
Investments
4
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
7
**Total expenditure**
**Net income before net gains/(losses) on**
**investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
**100,000**
**11,223**
**111,223**
**3,048**
**75,450**
**78,498**
**32,725**
**97,927**
**130,652**
**645,491**
**130,652**
**776,143**|**Total**
**funds**
**2021**
**£**
**100,000**
**11,223**
**111,223**
**3,048**
**75,450**
**78,498**
**32,725**
**97,927**
**130,652**
**645,491**
**130,652**
**776,143**|_Total_
_funds_
_2020_
_£_
_728,976_
_7,784_
_736,760_
_586_
_77,452_
_78,038_
_658,722_
_(13,231)_
_645,491_
_-_
_645,491_
_645,491_|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 19 form part of these financial statements.
Page 8
## **THE JAMES GRACE TRUST**
## **BALANCE SHEET AS AT 30 JUNE 2021**
|**Note**
**Fixed assets**
Investments
11
**Current assets**
Debtors
12
Investments
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
Unrestricted funds
**Total funds**|**1,026**
**44,669**
**120,666**
**166,361**
**(1,200)**|**2021**
**£**
**610,982**
**610,982**
**165,161**
**776,143**
**776,143**
**776,143**
**-**
**776,143**
**776,143**|_1,326_
_133,500_
_36,763_
_171,589_
_(1,200)_|_2020_
_£_
_475,102_|
|---|---|---|---|---|
|||||_475,102_
_170,389_|
|||||_645,491_|
|||||_645,491_|
||||||
|||||_645,491_|
|||||_-_
_645,491_|
||||||
|||||_645,491_|
The financial statements were approved and authorised for issue by the Trustees on 12 January 2022 and signed on their behalf by:
## **Ian James Sutherland**
## Trustee
The notes on pages 10 to 19 form part of these financial statements.
Page 9
## **THE JAMES GRACE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021**
## **1. General information**
The James Grace Trust is an organisation incorporated in the United Kingdom under the Charities Act 2011. The organisation is a Charity Incorporated Organisation, registered in England and Wales and in Scotland. The address of the registered office is 23 Mill Lane, Saffron Walden, Essex CB10 2AS.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The James Grace Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Page 10
## **THE JAMES GRACE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021**
## **2. Accounting policies (continued)**
## **2.3 Expenditure (continued)**
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.5 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
## **2.6 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.7 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.8 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 11
## **THE JAMES GRACE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021**
## **2. Accounting policies (continued)**
## **2.9 Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.10 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Income from donations and legacies**
|**Unrestricted**
**funds**
**2021**
**£**
Donations
100,000
_Unrestricted_
_funds_
_2020_
_£_
Donations
_728,976_|**Total**
**funds**
**2021**
**£**
**100,000**|
|---|---|
||_Total_
_funds_
_2020_
_£_
_728,976_|
## **4. Investment income**
|**Unrestricted**
**funds**
**2021**
**£**
Income from investments
9,907
Investment income - interest receivable
1,316
11,223|**Total**
**funds**
**2021**
**£**
**9,907**
**1,316**|
|---|---|
||**11,223**|
Page 12
## **THE JAMES GRACE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021**
## **4. Investment income (continued)**
|Income from investments
Investment income - interest receivable|_Unrestricted_
_funds_
_2020_
_£_
_7,143_
_641_
_7,784_|_Total_
_funds_
_2020_
_£_
_7,143_
_641_|
|---|---|---|
|||_7,784_|
## **5. Analysis of grants**
|Grants paid out
Grants paid out|**Grants to**
**Institutions**
**2021**
**£**
74,000
_Grants to_
_Institutions_
_2020_
_£_
_74,999_|**Total**
**funds**
**2021**
**£**
**74,000**|
|---|---|---|
|||_Total_
_funds_
_2020_
_£_
_74,999_|
Page 13
## **THE JAMES GRACE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021**
## **6. Donations granted**
|Stichting Nijlvallei (formerly Vogelaar Donaties)
Fountain of Life
Oxford Centre for Mission Studies
Interserve GB
Caring for Life
Life Association
Stort Valley Schools Trust
Saltmine Trust
Ibex Capital Trust
inHope
Arab Vision
Lighthouse Prayer Ministry
Leavers Coulson Trust
African Hope Learning Centre
Zephaniah Music Trust
Church Army
Grant to individual
Anglican International Development
Maydwell Trust
Anglican Consultative Council|**2021**
**£**
**12,000**
**10,000**
**-**
**4,000**
**8,000**
**10,000**
**4,000**
**4,000**
**3,000**
**2,000**
**2,000**
**2,000**
**-**
**2,000**
**2,000**
**1,000**
**1,000**
**3,000**
**3,000**
**1,000**
**74,000**|_2020_
_£_
_15,999_
_13,000_
_10,000_
_7,000_
_6,000_
_5,000_
_4,000_
_3,000_
_3,000_
_2,000_
_2,000_
_2,000_
_1,000_
_1,000_
_-_
_-_
_-_
_-_
_-_
_-_|
|---|---|---|
|||_74,999_|
## **7. Analysis of expenditure on charitable activities Summary by fund type**
||**Unrestricted**|**Total**|
|---|---|---|
||**funds**|**funds**|
||**2021**|**2021**|
||**£**|**£**|
|Grant making activities|75,450|**75,450**|
Page 14
## **THE JAMES GRACE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021**
## **8. Analysis of expenditure by activities**
|Grant making activities
Grant making activities|**Grant**
**funding of**
**activities**
**2021**
**£**
74,000
_Grant_
_funding of_
_activities_
_2020_
_£_
_74,999_|**Support**
**costs**
**2021**
**£**
1,450
_Support_
_costs_
_2020_
_£_
_2,453_|**Total**
**funds**
**2021**
**£**
**75,450**|
|---|---|---|---|
||||_Total_
_funds_
_2020_
_£_
_77,452_|
## **Analysis of support costs**
|Governance costs
Bank charges
Independent Examiner's remuneration|**Grant**
**making**
**activities**
**2021**
**£**
78
172
1,200
1,450|**Total**
**funds**
**2021**
**£**
**78**
**172**
**1,200**|
|---|---|---|
|||**1,450**|
Page 15
**THE JAMES GRACE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
|Governance costs
Bank charges
Independent Examiner's remuneration|_Grant_
_making_
_activities_
_2020_
_£_
_1,128_
_125_
_1,200_
_2,453_|_Total_
_funds_
_2020_
_£_
_1,128_
_125_
_1,200_|
|---|---|---|
|||_2,453_|
## **9.**
## **Independent examiner's remuneration**
||**2021**|_2020_|
|---|---|---|
||**£**|_£_|
|Fees payable to the charity's independent examiner for the independent|||
|examination of the charity's annual accounts|**1,200**|_1,200_|
## **10. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2020 - £NIL)_ .
During the year ended 30 June 2021, no Trustee expenses have been incurred _(2020 - £NIL)_ .
Page 16
## **THE JAMES GRACE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021**
## **11. Fixed asset investments**
|**Cost or valuation**
At 1 July 2020
Additions
Disposals
Revaluations
At 30 June 2021
At 1 July 2020
Reversal of impairments
**Net book value**
At 30 June 2021
_At 30 June 2020_
**12.**
**Debtors**
**Due within one year**
Other debtors
**13.**
**Current asset investments**
Unlisted investments|**2021**
**£**
**1,026**
**1,026**
**2021**
**£**
**44,669**|**Listed**
**investments**
**£**
**490,556**
**165,057**
**(129,492)**
**84,861**
**610,982**
**15,455**
**(15,455)**
**610,982**
_475,101_
_2020_
_£_
_1,326_
_1,326_
_2020_
_£_
_133,500_|
|---|---|---|
Page 17
## **THE JAMES GRACE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021**
## **14. Creditors: Amounts falling due within one year**
||**2021**|_2020_|
|---|---|---|
||**£**|_£_|
|Accruals and deferred income|**1,200**|_1,200_|
## **15. Summary of funds**
## **Summary of funds - current year**
||||||**Balance at**|
|---|---|---|---|---|---|
||**Balance at 1**|||**Gains/**|**30 June**|
||**July 2020**|**Income**|**Expenditure**|**(Losses)**|**2021**|
||**£**|**£**|**£**|**£**|**£**|
|General funds|**645,491**|**111,223**|**(78,498)**|**97,927**|**776,143**|
## **Summary of funds - prior year**
|||||_Balance at_|
|---|---|---|---|---|
||||_Gains/_|_30 June_|
||_Income_|_Expenditure_|_(Losses)_|_2020_|
||_£_|_£_|_£_|_£_|
|General funds|_736,760_|_(78,038)_|_(13,231)_|_645,491_|
## **16. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2021**
**£**
Fixed asset investments
610,982
Current assets
166,361
Creditors due within one year
(1,200)
**Total**
776,143|**Total**
**funds**
**2021**
**£**
**610,982**
**166,361**
**(1,200)**|
|---|---|
||**776,143**|
Page 18
## **THE JAMES GRACE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021**
## **16. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2020_
_£_
_475,102_
_171,589_
_(1,200)_
_645,491_|_Total_
_funds_
_2020_
_£_
_475,102_
_171,589_
_(1,200)_
_645,491_|
|---|---|---|
Page 19