Charity number: 1185450
THE JAMES GRACE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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 - 17 |
THE JAMES GRACE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022
| 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 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 2022
The Trustees present their annual report together with the financial statements of the charity for the year ended 30 June 2022. 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 2019) 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:
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The advancement of the Christian faith within local communities and across the world, but particularly in
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UK, Middle East and North Africa (“MENA”) and the Indian subcontinent.
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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.
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The provision of education among the world’s deprived and needy peoples, with particular focus on UK,
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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 2022
Achievements and performance
a. Review of activities
In the financial year ended 30 June 2022 the trust distributed £123,000 (2021: £74,000) 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. During the year, the Trust started to draw down funds to finance its charitable objectives. At the same time the individual holdings were all liquidated and the proceeds were reinvested in Brown Shipley’s managed fund, SVS Brown Shipley Growth Fund.
During the year, the portfolio suffered an impairment of £101,320 (2021: £100,316 gain). Some of this decline reflected the widespread fall in the value of equities in the second half of the year. However, the overall decline of -12.84% compared unfavourably with the decline of the benchmark index of -7.53%.
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 2022 are set out in the Statement of Financial Activities and the Balance Sheet. The unrestricted fund balance at 30 June 2022 amounted to £655,112 (2021: £776,143).
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 2022
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 maintain the total grants paid to beneficiaries in the coming year at approximately the same level as awarded in 2022. In line with the Trustees’ policy, these grants are expected to be paid to organisations and individuals already known to the Trustees.
Page 4
ThE JAIIES TRUST TRUSTEES. REpoKf (CoPINUED) FOR THE YEAR ENDED 30 JUNE 2022 Stat¢m•nt of Trust••s' rnsponslbllltl•s The Trustees are responsble preparTrJ the Trustees. Re aTyJts finarKial sl8tements in arfce with aFWi¢able Law and UINted lQngJcth AuxKJntiryJ Stsnd¥ts (Unrbj lfjngdom Gen8ralty AptEd Aecounting Practice). law applicable to tharilies in ETrJlaMI 8 wa requ5 the TDJste8S to prepare finanual 51atements for h financHI which gNe a tru8 and fab" ViV4¥ of the state of affaws of the charity arKI of its incoming resourr aThJ appli(¥Don of re$Irs, indLKliTrJ ts in(xwne exkHidriU for that In prwriry Ihes6 fin8rrial ststements. the Trustees are requir8d to.. obserye the meth(xls and pthCip of the Charities SORP (FPS 1(r21.' make j¥Jdgments and accounlirKJ estimates that are reasonable aThJ prudent state whether applicab UK Anting StsThJards IFRS 1021 have been follovthy. subject to any material departures disdosed and in the rna3aJ statements" Pr8re the finan¢ stalements C the wirwJ c(ffl¢grft unkn it is iiapprowats to presumè that the chanty 11 continue in business. Twstees are resF¥wble for kewDg ad¢4te rBcc¥ds thal aro suffiCit to sh(w and 8xp18fn thè transactions and discbsg With reasona accjjracy at Èny time the financial po&tion of the charity and enable them to ensurg that the fnancial statemerrts oynpty wrth the Charrtses Aet 2011. the Charity IA¢wunts and RetxMtsI Regulations 21X% and the PfDwsior6 of Ihe CIO- AsxKiation. Tlw are also responsible for safeguarding the ats ofthe (arity am herth fortaknng r8asonatAe steps fty Ihe Weventi arml detectb)n offraud and other iTregularthes. AFproved byorder of Ihe Mem1 ofthe tKArd (* Trustees on lo q. 8vJrJ on thwr behair ty. lan James Suth8rfand Trustee Page 5
THE JAMES GRACE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2022
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 2022.
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:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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 ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Signed". Dated.. Richard Rhodes Chartered Accountant Feltons 1 The Gieen Richmond 91PL Page 7
THE JAMES GRACE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022
| Note Income from: Donations and legacies Investments 3 Total income Expenditure on: Raising funds Charitable activities Total expenditure Net (expenditure)/income before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 98,596 9,840 108,436 3,439 124,708 128,147 (19,711) (101,320) (121,031) 776,143 (121,031) 655,112 |
Total funds 2022 £ 98,596 9,840 108,436 3,439 124,708 128,147 (19,711) (101,320) (121,031) 776,143 (121,031) 655,112 |
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 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 17 form part of these financial statements.
Page 8
THE JAMES GRACE TRUST BALANCE SHEET AS AT 30 JUNE 2022 21122 2021 Flxèd 0s8ets Investmer)ts 633.081 610,982 633.081 610.982 Curr•nt a$3ets Debtors Investments Cash at bank a1 In hand 10 11 1.026 44,669 120,666 25.281 25,281 166,361 credit$. aftnts falling due WItn (Th year 12 . 13.2501 (1.2) Ntt current ass•ts 21031 165.761 Total assets less currtnl liabilitl•s 655.112 776, 143 N•t assèts oxcluding nsIOn asset 651112 776, 143 T¢ylal net ass•ts 6SS.112 776, 143 Charlty funils Restricted funds Unrestricted fijnds 654112 T16, 143 Total funds 655.112 776, 143 The financ5al statements apwov&l and aulhortsed kn iSe by thè Trustees on arKI signed on their beholf lan James Suthorland Thg notes pages 10 to 17 fM part cllhese fi81#al Statents. Page 9
THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
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 October 2019), 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 2022
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.
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THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
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. Investment income
| Unrestricted funds 2022 £ Income from investments 9,691 Investment income - interest receivable 149 9,840 Total 2021 11,223 |
Total funds 2022 £ 9,691 149 9,840 11,223 |
Total funds 2021 £ 9,907 1,316 |
|---|---|---|
| 11,223 | ||
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THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
4. Analysis of grants
| Grants paid out Grants paid out Total 2021 |
Grants to Institutions 2022 £ 113,000 - 113,000 73,000 |
Grants to Individuals 2022 £ - 10,000 10,000 1,000 |
Total funds 2022 £ 113,000 10,000 123,000 74,000 |
Total funds 2021 £ 73,000 1,000 |
|---|---|---|---|---|
| 74,000 | ||||
5. Donations granted
| Anglican International Development Stichting Nijlvallei (formerly Vogelaar Donaties) Fountain of Life Life Association Caring for Life Anglican Consultative Council African Hope Learning Centre Interserve GB Saltmine Trust Ibex Capital Trust inHope Arab Vision Lighthouse Prayer Ministry Church Army Stort Valley Schools Trust Church Mission Society Maydwell Trust Zephaniah Music Trust Grants to individuals |
2022 £ 28,000 15,000 13,000 11,000 9,000 8,000 6,000 4,000 4,000 3,000 2,000 2,000 2,000 2,000 2,000 2,000 - - 10,000 123,000 |
2021 £ 3,000 12,000 10,000 10,000 8,000 1,000 2,000 4,000 4,000 3,000 2,000 2,000 2,000 1,000 4,000 - 3,000 2,000 1,000 |
|---|---|---|
| 74,000 |
Page 13
THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
6. Analysis of expenditure by activities
| Grant making to institutions Grants to individuals Total 2021 |
Grant funding of activities 2022 £ 113,000 10,000 123,000 74,000 |
Support costs 2022 £ 1,708 - 1,708 1,450 |
Total funds 2022 £ 114,708 10,000 124,708 75,450 |
Total funds 2021 £ 74,450 1,000 |
|---|---|---|---|---|
| 75,450 | ||||
Analysis of support costs
| Grant making activities 2022 £ Governance costs 78 Bank charges 344 Independent Examiner's remuneration 1,286 1,708 Total 2021 1,450 7. Independent examiner's remuneration Fees payable to the charity's independent examiner for the independent examination of the charity's annual accounts |
Total funds 2022 £ 78 344 1,286 1,708 1,450 2022 £ 1,286 |
Total funds 2021 £ 78 172 1,200 |
|---|---|---|
| 1,450 | ||
| 2021 £ 1,200 |
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THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
| 8. | Trustees' remuneration and expenses | Trustees' remuneration and expenses | ||
|---|---|---|---|---|
| During the year, no Trustees received any remuneration or other benefits_(2021 - £NIL)_. | ||||
| During the year ended 30 June 2022, no Trustee expenses have been incurred_(2021 - £NIL)_. | ||||
| 9. | Fixed asset investments | |||
| Listed | ||||
| investments | ||||
| £ | ||||
| Cost or valuation | ||||
| At 1 July 2021 | 610,982 | |||
| Additions | 890,671 | |||
| Disposals | (741,508) | |||
| Revaluations | (127,064) | |||
| At 30 June 2022 | 633,081 | |||
| Net book value | ||||
| At 30 June 2022 | 633,081 | |||
| At 30 June 2021 | 610,982 | |||
| 10. | Debtors | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Due within one year | ||||
| Other debtors | - | 1,026 | ||
| - | 1,026 | |||
| 11. | Current asset investments | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Unlisted investments | - | 44,669 |
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THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
12. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 3,250 | 1,200 |
13. Summary of funds
Summary of funds - current year
| General funds | Balance at 1 July 2021 £ 776,143 Balance at 1 July 2020 £ 645,491 |
Income £ 108,436 Income £ 111,223 |
Expenditure £ (128,147) Expenditure £ (78,498) |
Gains/ (Losses) £ (101,320) Gains/ (Losses) £ 97,927 |
Balance at 30 June 2022 £ 655,112 |
|---|---|---|---|---|---|
| Balance at 30 June 2021 £ 776,143 |
|||||
| Summary of funds - prior year | |||||
| General funds |
14. Analysis of net assets between funds Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Fixed asset investments 633,081 Current assets 25,281 Creditors due within one year (3,250) Total 655,112 |
Total funds 2022 £ 633,081 25,281 (3,250) |
|---|---|
| 655,112 |
Page 16
THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
14. 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 2021 £ 610,982 166,361 (1,200) 776,143 |
Total funds 2021 £ 610,982 166,361 (1,200) 776,143 |
|---|---|---|
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