**Charity number: 1185450** ## **THE JAMES GRACE TRUST** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 JUNE 2025** ## **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 2025** **Trustees** Ian James Sutherland Janet Grace Sutherland Jyotir Moy Banerjee Ian Michael Spaxman **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** Rathbones Group Plc 30 Gresham Street London EC2V 7QN Page 1 ## **THE JAMES GRACE TRUST** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2025** The Trustees present their annual report together with the financial statements of the charity for the year ended 30 June 2025. 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: - 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. Page 2 **THE JAMES GRACE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** ## **Achievements and performance** ## **a. Review of activities** In the financial year ended 30 June 2025 the trust distributed £150,000 (2024: £139,000) in grants. The Trust's income derives principally from donations and dividends and interest on its investments. ## **b. Investment policy and performance** The funds have been invested in the Rathbone Multi-Asset Strategic Growth Portfolio S Inc. fund since January 2024, following the transfer from Brown Shipley. The portfolio managers aim to deliver a greater total return than the Consumer Price Index (CPI) measure of inflation plus 3%, after fees, (“Benchmark”) over any rolling fiveyear period. In the year ended 30 June 2025, the return was 4.9% (Benchmark 6.4%), compared with 4.8% (Benchmark 2.9%) in the period to 30 June 2024. The Trustees make monthly withdrawals from the portfolio to fund the programme of grants. It is expected that the fund will be exhausted by 30 June 2029. ## **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 2025 are set out in the Statement of Financial Activities and the Balance Sheet. The unrestricted fund balance at 30 June 2025 amounted to £605,983 (2024: £670,785). 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. ## **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. Page 3 **THE JAMES GRACE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** ## **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 steadily increase the total grants paid to beneficiaries in the coming year. In line with the Trustees’ policy, these grants are expected to be paid to organisations and individuals already known to the Trustees. The Trustees have set aside £50,000 in a designated fund to be known as the Reserve Fund. Whereas grants from the General Fund are primarily to support the day-to-day running costs of the beneficiaries, the Reserve Fund has been created to support capital commitments and other non-recurring expenditure incurred or planned by beneficiaries. Page 4 THE JAMES GRACE TRUST TRU3TEES' REPORT ICQNTINUEDI FOR ThE YEAR ENDED Jo JUNE 2025 8t•t•m•nt of Tm•tM•' rn•pon•￿A1th• Tha Twstoes 8fè rèsponslble lor prepAnng the Tnjstett, Rewx Ihe finand&l siatemenls In a¢￿Idance wllh 8pfdlc4blo law Unltwj Klwd(Nn Acc(K4nllng Sl8ndun18 Iunknj Ge￿￿•V h£c•ptsd luLrfJnllng Pr8dlcel. Th• law 8pplkobl* lo ch•rflto¥ In En*￿1 & Wokn• ￿ql￿rn6 lh• Tru•l•M to pr•p•rn ft¥r financlBI gl¥e • true 8nd lalr w4ew DI #tsle of affalrs ol ¢he ch8rtty ond ol hs In¢omlng ttysour¢ gnd gppllcatjon ol res¢Jurc48. lThSudlng Inco￿ oyi)LfjrtLUg, Icrf thal pertod, In &Yoportng Ihg80 iln4n¢l•l sl•lements, Ihe Tnjslees 8re to.. Iw sullablo gCCA)untty FKAlde¥ #rwj Ilwn OPF4y thom conBl$lenty,' DbSfr￿ Ihg fnethod$ 8rtd ptb)u"plB# ol thtt Chartll88 SORP (FRS 102).. mak8 judgments And e8tth8le8 Ih818rn rnasonable 8nd prudanl: 818to wholhgr aP￿￿trI0 UK Ar￿￿n11n9 Stsndgrylg IFRS 102> b8•n lokvA*d, Its Ory maltr￿1 dop8rtur•s disckthd and oxplainod In the nnandal stalemant8, propar• finan¢yal Btalemerrts on lh• Wng ba8M w40ss111$ Inwo•• lo pTo•un* Ihat th• Lthortty wll cgjnlbnug In Ixmlng Th• Tru•l••• •r• r•V>n￿ ￿ k•gpbng thw¥tg •o>)unllry rfj¢**Income from:**
Donations and legacies
Investments
3
**Total income**
**Expenditure on:**
Investment management fees
Charitable activities
6
**Total expenditure**
**Net expenditure before net gains on investments**
Net gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2025**
**£**
**59,211**
**12,695**
**71,906**
**5,105**
**151,725**
**156,830**
**(84,924)**
**20,122**
**(64,802)**
**670,785**
**(64,802)**
**605,983**|**Total**
**funds**
**2025**
**£**
**59,211**
**12,695**
**71,906**
**5,105**
**151,725**
**156,830**
**(84,924)**
**20,122**
**(64,802)**
**670,785**
**(64,802)**
**605,983**|_Total_
_funds_
_2024_
_£_
_120,481_
_3,739_
_124,220_
_2,956_
_140,719_
_143,675_
_(19,455)_
_58,012_
_38,557_
_632,228_
_38,557_
_670,785_| |---|---|---|---| 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 TRU8T BALANCE SHEET A8 AT JO JUNE 2025 2025 2024 Nol• Flx•d Inv•simeni• 561,724 605.064 $01,724 5.004 Cun•nl ••MI• 10 11 1&544 69,908 InVe•1m￿l• Cath at b•nk and In h8rrfl 5U73 f Y. 708 87.614 Curr•nt114bllltl Creditols. a￿1$ lolkng wllhln (K year 12 173J581 1,893) N•t eurr•nt *•••ts 44239 65. 721 Tot•1 u••ts Il•blllll 005.983 670. 180 605, 670. T85 T•l•l n•t ••••t• 8T0, 785 Ch•rlty lund• Restricted lund8 Dejlgnalgd ft4nd¥- r•8•M lur Genoral furN 411￿0 3.983 46.( 624,78J T¢Jl•l urw••lrtcW lun 605,913 070,185 T•xal lund• 605,983 070. 788 Th• finsnoAI itai•m8ntè w•ro apyo4ffjd and autrth8•J for by th• Trn81￿ on S 8nd ￿9rth1 on I￿1r b•ho11 by: 2026 lan J• 8ulh•rf•nd Tho notfjs I￿ pJgo8 10 to 17 fom pwl d IhJ•o finandal Jl8t•m•nl& **THE JAMES GRACE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** ## **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. ## **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. 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. Page 10 **THE JAMES GRACE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** ## **2. Accounting policies (continued)** ## **2.3 Expenditure (continued)** 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. ## **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. Page 11 ## **THE JAMES GRACE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** ## **2. Accounting policies (continued)** ## **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. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. ## **3. Investment income** |Income from investments
Investment income - interest receivable
_Total 2024_|**Unrestricted**
**funds**
**2025**
**£**
10,954
1,741
12,695
_3,739_|**Total**
**funds**
**2025**
**£**
**10,954**
**1,741**
**12,695**
_3,739_|_Total_
_funds_
_2024_
_£_
_3,150_
_589_
_3,739_| |---|---|---|---| Page 12 ## **THE JAMES GRACE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** ## **4. Analysis of grants** |Grants paid out
Grants paid out
_Total 2024_|**Grants to**
**Institutions**
**2025**
**£**
138,000
-
138,000
_130,000_|**Grants to**
**Individuals**
**2025**
**£**
-
12,000
12,000
_9,000_|**Total**
**funds**
**2025**
**£**
**138,000**
**12,000**
**150,000**
_139,000_|_Total_
_funds_
_2024_
_£_
_130,000_
_9,000_| |---|---|---|---|---| |||||_139,000_| |||||| ## **5. Donations granted** |Anglican International Development
Stichting Nijlvallei
Life Association
Saltmine Trust
Caring for Life
Fountain of Life
Anglican Consultative Council
African Hope Learning Centre
Interserve GB
Azalea
Oxford Centre for Mission Studies
Frontiers
UFM Worldwide
Arab Vision
Lighthouse Ministry
Church Mission Society
Friends of Vellore
Grants to individuals|**2025**
**£**
**38,000**
**18,000**
**10,000**
**10,000**
**10,000**
**10,000**
**8,000**
**7,000**
**4,000**
**6,000**
**5,000**
**3,000**
**3,000**
**2,000**
**-**
**2,000**
**2,000**
**12,000**
**150,000**|_2024_
_£_
_38,000_
_16,000_
_10,000_
_10,000_
_9,000_
_8,000_
_8,000_
_6,000_
_4,000_
_4,000_
_4,000_
_3,000_
_3,000_
_2,000_
_2,000_
_2,000_
_1,000_
_9,000_| |---|---|---| |||_139,000_| Page 13 ## **THE JAMES GRACE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** ## **6. Analysis of expenditure by activities** |Grant making to institutions
Grants to individuals
_Total 2024_|**Grant**
**funding of**
**activities**
**2025**
**£**
138,000
12,000
150,000
_139,000_|**Support**
**costs**
**2025**
**£**
1,725
-
1,725
_1,719_|**Total**
**funds**
**2025**
**£**
**139,725**
**12,000**
**151,725**
_140,719_|_Total_
_funds_
_2024_
_£_
_131,719_
_9,000_| |---|---|---|---|---| |||||_140,719_| |||||| ## **Analysis of support costs** |Bank charges
Governance costs - Independent Examiner's remuneration
_Total 2024_|**Grant**
**making**
**activities**
**2025**
**£**
165
1,560
1,725
_1,719_|**Total**
**funds**
**2025**
**£**
**165**
**1,560**
**1,725**
_1,719_|_Total_
_funds_
_2024_
_£_
_219_
_1,500_| |---|---|---|---| ||||_1,719_| ||||| ## **7. Independent examiner's remuneration** ||**2025**|_2024_| |---|---|---| ||**£**|_£_| |Fees payable to the charity's independent examiner for the independent||| |examination of the charity's annual accounts|**1,560**|_1,500_| Page 14 ## **THE JAMES GRACE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** ## **8. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ . During the year, no Trustee expenses have been incurred _(2024 - £NIL)_ . |**9.**
**Fixed asset investments**
**Cost or valuation**
At 1 July 2024
Additions
Disposals
Revaluations
At 30 June 2025
**Net book value**
At 30 June 2025
_At 30 June 2024_
**10.**
**Debtors**
**Due within one year**
Other debtors
**11.**
**Current asset investments**
Unlisted investments (liquid)|**2025**
**£**
**15,544**
**15,544**
**2025**
**£**
**50,000**|**Listed**
**investments**
**£**
**605,064**
**63,763**
**(119,042)**
**11,939**
**561,724**
**561,724**
_605,064_
_2024_
_£_
_69,908_
_69,908_
_2024_
_£_
_-_| |---|---|---| Page 15 ## **THE JAMES GRACE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** ## **12. Creditors: Amounts falling due within one year** |Accruals and deferred income
Grants payable|**2025**
**£**
**2,858**
**71,000**
**73,858**|_2024_
_£_
_2,893_
_19,000_| |---|---|---| |||| |||_21,893_| ## **13. Summary of funds** ## **Summary of funds - current year** |**Balance at 1**
**July 2024**
**£**
Designated funds
**46,000**
General funds
**624,785**
**670,785**|**Income**
**£**
**-**
**71,906**
**71,906**|**Expenditure**
**£**
**(4,000)**
**(152,830)**
**(156,830)**|**Gains/**
**(Losses)**
**£**
**-**
**20,122**
**20,122**|**Balance at**
**30 June**
**2025**
**£**
**42,000**
**563,983**| |---|---|---|---|---| |||||**605,983**| ## **Summary of funds - prior year** |Designated funds
General funds|_Balance at_
_1 July 2023_
_£_
_-_
_632,228_
_632,228_|_Income_
_£_
_50,000_
_74,220_
_124,220_|_Expenditure_
_£_
_(4,000)_
_(139,675)_
_(143,675)_|_Gains/_
_(Losses)_
_£_
_-_
_58,012_
_58,012_|_Balance at_
_30 June_
_2024_
_£_
_46,000_
_624,785_| |---|---|---|---|---|---| ||||||_670,785_| The Trustees have set aside £50,000 in a designated fund to be known as the Reserve Fund. Whereas grants from the General Fund are primarily to support the day-to-day running costs of the beneficiaries, the Reserve Fund has been created to support capital commitments and other non-recurring expenditure incurred or planned by beneficiaries. Page 16 ## **THE JAMES GRACE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** ## **14. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |**2025**
**£**
Fixed asset investments
561,724
Current assets
118,117
Creditors due within one year
(73,858)
**Total**
605,983
**Unrestricted**
**funds**|**Total**
**funds**
**2025**
**£**
**561,724**
**118,117**
**(73,858)**
**605,983**| |---|---| ## **Analysis of net assets between funds - prior year** |Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2024_
_£_
_605,064_
_87,614_
_(21,893)_
_670,785_|_Total_
_funds_
_2024_
_£_
_605,064_
_87,614_
_(21,893)_
_670,785_| |---|---|---| ## **15. Related party transactions** Donations amounting to £59,211 (2024 £120,481) were gifted to the charity from related parties during the year. Page 17