GRACE BAPTIST TRUST CORPORATION F actsheet -"*ItyJOVID.19 Ugd4 2*?IbOVID.19; guidance fi Dlaces of worship ANNUAL AccouNTS 2020 GRACE BAPTIST TRUST CORPORATION ANNUAL ACCOUNTS 2020 INDEX Annual Report and Accounts Common Investsnent Fund 47-49 Trust Funds 51-S4 MS8cellaneous Information ANNUAL REPORT AND ACCOUNTS chain￿￿,$ Intrc#Juction Rep(￿L of the Direc 10-11 Report of the 12 Stalemont of Fin￿la1 Activities 13 Income aThY ExperwJrtLre Account 14 Balar￿e Sheet 15 Cash Flow Statement 16-34 Not8S to A(£(xJnts GRACE BAPTIST TRUST CORPORATION A COMPANY LIMITED BY GUARANTEE REGISTRATION NUMBER 592488 A REGISTERED CHARrrY REGISTRATION NUMBER 251675 ANNUAL REPORT CHAIRIAAN'S INTRODUCTION It is my privilege to introduce this yea¢s annual report of the Grace Baptist Trust Corporation. We acknO￿edge God's farthfulness and thank Him for his goodness through a most unusual yearas we have endeavoured to support and encourage the work of the churches during the CoronaviTUS Pandemic. As it turned out, the pandemic has had a minimal impact on the Corp)ration's activibes. Stsff Working either from home or the office have been able to maintain the fvll range of the Corporab'on's Se￿￿ and I w4￿UKI like to thank them for all that they have done, so farthfulty. under difficult conditiorss. Plans for replanting Ghurches in Brighton and Haslemere are continuing but were disrupted somewhat owing to the Coronavirus Pandemic. However, we are pleased to reportthat Mr and Mrs David Skull plan to move to Brighton in the Summer of 2021 to embark upon the project in a full-time capacity. Grace Church Guildford continue to explore the possibiliknes for plantsng a new church in Haslemere and we are hopeful that a positrve decision wll be tsken during the course of 2021. The year has seen major changes on the Council of Managementas a number ofthe brethren found that their personal Gircumstances dictsted th* they should retire from servicE during the year. Mr Simon Partington had served Sin￿ P September 2009. Mr John Risbridger since 3rd December 1979, Mr David Skull since 10th May 1993. and Mr David Steere sin￿4￿) Septemter 1972. Their long and diligent SeN1￿ lextending over several decades in some ¢ases} is an example to us all and all remaining Counal Member5 join me in thanking them for all that they had done to serve the churches through the Corporation. We shall miss each ofthem greatty and the rich fellowship we shared wth them. On the plus side, we are pleased to weleome Mr Matthew Gray who has r￿￿tlY joined the Coun¢il. He serves as pastor of Pemberton Free Grao Church and brings pastoral and Iheological awareness to the Council as well as his eXpe￿se in financial and inve5bnent matters. We have listed tr*low the churches that have made a financial contribution to our General Fund during the past year. Much of the work of the Corporation is al a level notoften noticed by most church members and rt is someb'mes difficult for churches to Klenbfy wrth our ministy- The finanrial support of the churches listed is therefo￿ particularty appreciated. I would ask you to continue to pray that we wtll be given much wisdom and guidance as we seek to maintain the various ministrEs of the Corporation during the coming year. Kevin Wiltshire CHURCH DONATIONS The following churches have contributed to the General Fund during 2020." Accringt Bromley Catefham Chatham Chelmsley Wood cL￿kr￿ DunmcA¥ Epsom Folkestone FTessingfiÈld Friston Ipswch. S. Drive Lw"sham O¢cold Peel Somersham Stoke Golding Tr￿bridge GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 The members of the Board of Directors submit their annual report and ac￿Unts for the year ended 31 December 2020 to be presented to the members at the forthcoming Annual General Meeting. The accounts set out on pages 12 to 34 have been prepared in accordan￿ wth the historic Cost convention as modified by the revaluation of investsnents, and are in accordance wrth the requirements of the Corporation's Articles of Assrtiation (dated 24th April 20101, the Companies Act 20Cfj, the Charibes Act 2011, the Statement of Recommended Practice "Accounting and Reporh'ng by Charities°1201 $1, and the Finan¢ial Reporting Standard 'FRS 102". The accounts have been prepared on a going ¢oncem basis as there is sufficient demand for the services provided by the Corporation and sufficient ￿sourceS to provide those services. The Directors consider that there are no material uncertainties in this regard. The accounts are subject to audit. The accounts of the Grace Baptist Trust Corporation Common Investment FLbnd are sel out on pages 35 to 45 and are subject to audit. The 8CCOLfjnts on pages 12 to 34 do not indude the trust funds of wh￿h the CofF{)ra￿on ￿ a Trustee. CONSTITUTION The Grace Baptist Trust CorFor*ion is registered in England as a Company limited by guarantee and not having a share capital (Registration Number 5924881. The Corporation is also registered as a Charity (Regislrab'on Number 2516751. and is recognised as a Trust Corporation under section 311) of the Law of Propety IAmendment} Act 1926. The Corporation is governed by its Articles of Association. BOARD OF DIRECTORS The ￿quirementS of the Corpofation's Articles of Assco"ation are that the Board of Directors musl consist of three Officers - Chaiman, Deputy Chaiman, and T￿asurer, and up to 20 other D1￿CtorS. The Officers are appointed by the Board of Directors at the first Board Meeting following the Annual General Meetbng. The Directors are elected at each Annual General Meeting from among the Ordinary Members and the Delegate Members of the Corporation. Members of churches that adhere to the Corporation's doctrinal basis may apply to become Ordinary Members on payment of the annual subscripb"on. Every church that adheres to the Corporatson's dcctrinal basis and makes an annual donab.on is entitled to nominate Delegate Members and is entiUed to nominate a rna￿ memter to be included in the list of persons lo be submitted to the meetsng for election as a Director. As a Member of the Corporation, each Di￿tOr 1$ liable to contribute £5 to the assets of the Corporation in the event of its being wound up. The Board of Directors on 1 March 2021 {the date on vthtch the Annual Report and Accounts we approved) comprised the following: Mr J N Broome Bsc IHonsl MRICS Mr A R Copeman FRICS Mr M T Gray- Appointed V Septemt*r 2020 MrA B Keen LLB Mr D M Noller- Appointed 1* March 2021 Mr R E Powell ACII (Deputy Chaimanl Pastor P D Relf FCA {Treasurerl Mr K C Wwiltshire ACSI FPCS MIOD Cert PFS PFA {Chaimianl Unless otherw5e stated, each Director served in that cap*ty throughout the year ended 31 December 2020. (￿Ing to personal circumstsnces, a number of brethren resigned from the Board on 25th April 2020.. Mr S A Partington who had served since P September 2009. Mr J A H Risbridger who had served since 3rd December 1979, Mr D W J Skull who had served Sin￿ May 1993. and Mr D J Steere who had served since 41h September 1972. The Corrx)ration has a Trustees, Indemnty Policy in the sum of £3,000,oIK) for which a premium of £1,400 was paid. GRACE BAPTIST TRUST CORPORATK)N REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 ORGANISATION As a Company, limited by gLprantee, crffwati¢￿ is managed by the Board of Directors. As the Corporation is also a Registered Charity. the Direthrs manage its affairs as Ch￿lty Trust8es. The Directors ¥e also referred to as the Cc¥Jncg1 of Managemert The Council of Manajemenl meets ftMJr ts.mes a year aTrJ has Ov￿all respxjnsibility for the goveman of the Corporation. It is particularfy responsible for dealing wth m8tters involving wlicy. Routine matters that require Board approval may be dealt with by the Executive Committee which nomally consists of the Chaiman, Deputy Chairman, Treasurer ar)d hvo other Directors. The Execulive Committee may also deal with matters remitted to it by the Councal of Management. In addition, the Executive Committee may consider matters of policy. but only in the conlext of making recommendations to the Counc41 of Manag￿nt. The Exwjtive Commfftee meets up lo five times year. The Officers {Chainnan, Deputy ChaimBn, and Treasurer) consider matters that are particu18rty confidential priof to their beiTrJ rewrted lo the Council of Management and they are able to advise the Chief ExerAJtive in situations where th¥e is some unc£rtainty as to the correct application of matters of policy. In addition, certain matters are remitted lo the Offiors for consideration where it is thought that they should ￿ discussed by a committee that is smaller than the Executive Committee. The Chief Executive attends all Officers. meetiros. The Officers meet as necessary. The Chief Executive. (Mr Eric CoU￿n5 FCCAI. is resrK•n5ible for implementing the wlicies and r8solulions of the DirectrAs and for attending lo all rcythine matters that do rKJt involve th8 Council of Management (as a body of Tnjstees Of Board of Directors). He has served in that frt7paryly since 1 January 20CKJ and ￿ntinUal to serve at the date this reFMXt was approved by th& Council of Management. TRUSTEES, INDUCTION AND TRAINING indicated above, the Trustees are elecaed at each Annual General Meeting from among the Ordinary Members and the Delegaie Members of the Cowatson. Members of churches that adhere lo the Corp(xalion's doctrinal basis may apply lo become Ordinary Members on payment of the annual subscription. Every thurch that adheres to the Corp)ralion's doctn'nal basi5 and makes an annual donation to the Corporation is entitled to nc¥ninate Delegate Members and is entitl&d to nominate male member lo be included in the list of persons lo be submitted to the meeting for electim as a Trustee. As it is imwrtant that tmly Fwsons hawng the desired y0fes51c￿al expertisè or omprehensive knowledge of the churches are nominated, th8 Board of Trustees works in partnership with the individual thurches regarding nominations. Once new Trustees arè 8ppoint8d, they are taken through a process of induction by the Chi Executive who ensures that they understand the legal duties and responsibilities imposed on them as Truste8s, using the Charity Commission publicats.￿ °CC3 - The Essents"al Trustee. as a guide. In 8ddition, they are provided with ￿PIeS of the Corporation's Artides of Assoaation - the key provisions of which are explained to them. together with copies of the Corporatirm's various poliaes and copies of the most recent Statutory Accounts and Annual Rewi. Tlw are also provided with a sel of tho minutes of the most recent Trustèes, Meeting (which include a reference to all outstanding issues) and the Chief Exeojtive ensures that they are fully briefed on 811 onwing rnatters. The Trusteas require the Chief Exacuti￿ to keep them abre8St of all dgvelopments that have 8 bearing on their role as Trusteès by provtding them relevant information such as artides from charity magazines and bn"¢fing notes supplied by relevant bodies - such as t1￿ Charity Commission. Thè Corporation subscribes to °G0veman￿. magazine. and o)pies are made available lo the Officers. Furth8miore, as they exercise Ihw'r responsibilities on the Board, the Trustees draw upon their axtensive Fxofessional knowledge and experien￿ - vthich is enhanced by their attendance al relevant training courses that fonn part of their r￿tinuIr￿j professional develOpm￿L GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DEGEMBER 2020 STATEMENT OF DIRECTORS. RESPONSIBILITIES The Director5 are ￿S￿nSIble for preparing the Annual Rep￿ and Financial Slatements in accordanc£ with applicable law and United Kingdom Generally Accepted Accounting Pr8Ctice (UK GA4P). Company law requires the Direclors to a(xounts for each fir￿n{jaI year which give a true and fair view of the state of affairs of the Corp(Kation and of the surplus or deficil of the Corporation for that period. In preparing those accounts the Directors are required to". Select suitsble accounting FKJliaes and then apply them consisterfy. Make judgements arKI estimates that we reasonable arxl prLwJent. Stale whether applicable aC￿untIng standards have foll¢Md. suty.ect lo any material departures disdosaj and explained in the 8¢x￿Unts. Prepare the accounts on a gOing￿nCe￿ basis unlwss it is inapFropriate to Fxesume that the Corporation wll cthinue in owation. The Directors are resFonsible for keqing wop8r aCC￿nti￿j records whith disclose with reasonable accuracy at any time the financial position of the Corw8tion and which ena￿e them to ensure th* the accounts comply wth the Companies Act 2LKE. They are also resKxJnsible for safeguarding the assets of th¢ Corpyaion and hence fry taking reas(mble sleps for the Fxevention and detecaion of fraud and other irregulariti'es. So far as each Director is aware, there is m relevant audit information (needed by the Corporation's auditors in connection with prepariro their report) of whith the auditor is unaware. Each Director has taken all the steps that he ought to have taken as a Direc*or in ordw to make himse￿ aware of any relevant audit infomialion. and to eStat￿19th that the CorFmb'on's audiiofs 8re aware of that information. OBJECTIVE The ehief objective undodwng all the athvibes of ts CorF(Kakn is trE advancement of the Christian religion. particularfy by means of arml in acc(Ydan* with the wincaple$ of part1￿j1ar Baptist Churches practising Strict Communion. AIMS The cor￿￿ratIOn aims to aco)mplish ttNs 0￿"￿tI¥e by prowding officers with Ihe resources they need so that they are able to attend to the adminislrative, finanoal, 1gJal, and practical aspects of church lrfe, in general, and lo comply wth their statutory obligations. in particjjlar. The Directors believe th81 these services are of consider&)le assistance to thurch officers and that this, in turn, furthers the CotpLTrrali¢M's legal obje¢live as churches are able to concentrate on their rnain task of advanang the Christian religion. Whilst other similar dwrtable organisations exist wthin the Grace Baptist family of thurches, the Board of Direclors consider that the Corwation is in a Lmique posib.on to offer the level of professional supwt thal are abte to. owing to the high level of FKofessional expertise represented on the Board. STRATEGY The natur8 of the C￿n.5 ministy is FAxh th* its obi8cliv8s and the strategies it employs to achieve those objectives do not change sHJnrficantly from year to year. Since the C(XPOfation is 'Trusl Corporation", one of its fLmdamental ministries is to acl as a Trustee of church property and various Trust Funds estsblished under Charity Commission schemes, trust deeds, wlls and other instruments. The Directors, aspiTrts"on is to pn)vide the churches and thgir mèmbers vthh the services. advice and general assistance th* they r8quire and to futfil all of the Corpjration's re5wnsibilities a5 Trustees of varicrtjs chapels 8nd Trust Funds a5 comFffehensively and efficiently a$ possible. The strategy adopted to achieve this has been the disseminats.on of irrformation through a website and through the produciion of fact sheets, and other means as appropriate, to rgspond lo the various needs of the churches as they have arisen and to prowde roLrtine servicos as a matter of course. The Directors have endeavoured to inform all p)tenkn"al benefiaaries of the seThices available lo them through the website and othar litoraturè. ¥tides, and 8dverb"sing, as 8ppfopfiale. GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 ACTIVITIES AND ACHIEVEMENTS The nature of the ministry of the Gra(E Baptist Trust Cwation makes it diifioJlt to quantity the success that has been achieved duriru the year and to compara that against the otyeclive sat - especially since each churth served by the CorporatK)n is locally indeperKlent and not under the legal or spiritual jurisdicl¢on of the DireCt￿S The objedivè set is to wovide thurch officers with all the assistance they need to thLyr churches effectively and the DireCt￿S ￿lsider that this has teen done. Speafie211y, the Cowation has been able to sl￿F￿ work of thurthes and their members in the following ways.. Advisory Servi￿S.. The Corporation's senrit%s comprise lh8 largest &ngle aspect of ministry of the Corporation in lems of hours worked and take the fom of a help desk where staff are able to provide answers to specffic querias churthes may have. A considerable number of t8letthone calls, emails, or queries submitted through the website were address&J d￿ng the year. As such queries relate to chur¢h's speafic situation rt is InapF￿￿ate to provide ftjrthw details. In add[tiC￿ fact sheets 8re published to alert church officers to the r￿UIreMentS of current legislation and gocyj practice. The cost of providing thes8 services amounted 10 £93.795 12019." £95.872}. The number of letters of appreciaticfj received from thurch officws demonstrate how much these services are valued. Benevolent Payments". The Corpofation administers a sm811 nLwnber of B￿v￿aftt Funds ￿1¢h exist to provide financial assistance to people in need, partiojlarfy serving cf retired pastors of Strici Baptsst Churches or the members of such churches. l>anls totalling £8.5CX) were given to three beneficiaries during the course of the year {2019.' £3,250 given to tsvol. Letters received from the benefioaries highlight lh8 $igntficancg of these ￿antS to the level of their housknld irKX)me. Educational SuptNNt'. Thg Coo)oralion administers a small Endowment Fund. the B A Warburton Memorial Fund, which exists lo provide financial support for male members of Strict Baptist Churches who plan lo enter the Ministry. The assistan￿ given by the Corporation takes the fom7 of grants that ar9 given towards th cosl of course fee$ or the purthase of tKK)ks. No grants V*we dunr¥J the year {2019.' £01. Gift Jlid Scheme.. The C(yporaiion's Gn% Aid Schane comprises the largest str¥Jle a$F￿& of the ministry of the Corporation in temis of financial tumover and represents the fLnds that are given to the Corporation lo support the ministy of specffic ¢hLrches and other organisations that further the aims and objectives of the Corporation. During the year. £270,252 was received {2019.' £277,659). The sum of £265,311 was disbursed {2019: £273,815) wth costs being in(xJrred of £13,39912019.' £13,6*1 resulting in total èxpenditure amounting to £278,710 12019." £287.511). Churths benefitting are able to extend their ministrie5 beyond the level they would otherwise be Capab￿ of achieving. Ministry Supp¢xt'. The Corporation administers certain fvnds that are eithw designated by the Directors to assist churche3 in general, or are restricted by the donors for the support of sFeafic churches in parhcular. During the year, the sum of £32.143 was spent on these activitses 12019.. £21,413}. Churches b8n8fitting are able to extend their ministries beyond the level they would otherwis8 be capabl& of achieviro. Professional Services.. The Corporation ads as a Trustee of thurth propety and vari¢ws Trust Funds 8sL2bIish￿l undèr Charity Commission schemes. trust deeds, wlls aTrJ other inslrurnents and provides other professional $ervic8s to Churches or other organisations wthin the Gr￿ Baptist family of churches, as the need arises. As a Trustee of tharitabl¢ land and property. the Corporation has been able lo give extensive advice to churches regarding the land and bjildiros for which they are resFonsible as well as legal advice felating to compliance with their thapel trust deeds. Additionally, the CcAporation produces the Gra￿ Directory of Churches. The cost of providiThJ these services amounled to £28.311 12019.. £28.8691 ahhough the sum of £4,843 was received in resped of chargeable services (2019.. £22,851). Furthw d8tails are given in mte 8. GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 ASSOCIATED CHARITIES Although not 'assoaaled' as defirwj by FRS 102, the CorForatim works Closely wth a number of charitable organisalicns with similar obJective5. In particular, the corwats.on enjoys cordial relations with the various Assoryalions of Gra￿ Baptist Churthes and wth the Graee Bapbst Partnership. The Chief Executive is a Trustee and the Treasurer of the Partiojlar Baptist Fund and a Tnjstee of Baptist Building CIO. Whilst there 15 no formal link be￿n the Corporation and these tharilies, the involvement of the Chief Ex￿j11¥e e￿3bleS him to represent the interests of Grace Baptist Churches. GRANT MAKING POLICY Grants are made to churches and indivi￿alS under the tefms of the various funds administered by the Corporation. In the case of the Pastors, F￿d, the Benevolent Fund and the Ministers. Aid Fund, grants are made direcuy to individuals to relEve financial hardship. In the case of the B A Warburton Memorial Fund, grants are made directly lo individua15 who are preparing for the Ministry lo assist them with the costs of their trainiro. In the case of institutional ￿ants, the grants are made lo churches to assist with the costs crf churth planting, buildirvJ work and maintenanee wojects. The Directors consider that training men for the Ministy and assists.ng churthes to plant further churches and as5is1ing them with their building aTrJ maintenance projects will help them to fuffil their ministries. This will lead to the advancement of the Christian Religon. whith itself is the legal objective of the Corporabon. FINANCIAL REVIEW The Statement of Finanaal Activib"es reveals a surplus for the year of £665,e65 (2019." £620,509). However, of this amount. the sum of £284.194 rewesents a gain in the value of the Corwration's investments 12019.. £408,545) and sum of £425,033 which had been r￿1Ved in respect of redundant chapels12019.. £￿,7361. Excludiro these amounts, th9 Corprxalion operated at a deficit of £43,562 during the year 12019." a surplus of £125.228). 11 should be noted that the swplus for the previous year indUd￿j the amount of £34,364 being the funds of a thurch that had dosed and the sum of £91,760 which was received from the Association of Grace Baptist Churches IE8St Anglial for the support of the churches in Brockley arKI Otley. These funds had prewously been held by the Association their committee considered that the Corporation would be able lo administer the funds more effectively. Both amounts, by their nature, represenl&J a"one-crff source of inwme. Prinapal funding sources have been ()Jnats"ons from supporting churthes and F￿Sonal members, and interest and divideThJs arisirvJ from the Corporation's investments. A significant proportion of the Corporation's income and expenditure relates to the Gfft ￿"d Stheme under which donors choose to supwt the ministy of particular thurches or other charitable activities that are in furtherance of the aims and objectives of the Corporation. LXJriThJ the year intt•me amunted lo £270,252 12019.. £277,659) and disbursements to £265.311 (2019.. £273.815). The income yield achieved on the Corporation's portfolio of investments was 2.4% against a tsrget of 3.5%, and the total retum achieved was 9.30h against the tenchmark of 2.2%. Your altents.on is drawn to the statement on the effects of COVID-19 on page 9. The Corpjration does not commrt itself to supwtirvj projects b8yond the limits of funds that are available, and therefore the Directors confim that the assets in each of the funds are suffi￿ent lo enable the Corporabon to meet its obligations under those funds as they fall due. The finanaal position as al 31 December 2020 wa$ ¢onsidered satisfactory for the purwses of the continuing work of the Corporats'on. FUTURE DEVELOPMENTS Plans for replanting Churches in Brighton and Haslemere are contirnjing but were disrupted by th8 Coronavirus Pandemic. Investsgatic￿S into the possibilitses for planting a new church in Brighton hav& corfirmed that it is viable and it is anticipated that Mr and Mrs David Skull wll move to Brighton in the summer of 2021 to embark upon the Pfoject in a full-time capaeity. This wll resutt in additional ministy costs and the costs of providing suitable accc¥nmodalion to serve as the family home and base for the work. Grace Churth Guildford eC￿tinueS to explor8 the possibilities for planting 8 new thurch in Haslemere and it is ￿ped that a ￿)￿tive decisi(￿ will be taken during the course of 2021 GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 INVESTMENTS The Corporation's Articles of Association authorise Directc(s to invest funds not immediately required for its purwses in suth investments as may for the time being be prescribed by law. All suth funds are invested in the Grace Baptist Trust c(Wwrati¢￿ Common Investmenl Fund, which is managèd by Fund Managers. Quilter Cheviot Limited lo achieve a realistic income yield Coupled with long-lem capilal growth as an iTfflationary hgdgg consislenl with Ihe largel asso1 allo(3tion. Investment perfO￿an￿ is governed by the Trustees, acceptance of a moderate level of risk and th8ir adoption of an ethical stance IW avoids investment in 0￿panIeS directly connected with alcohol, gambling, pomography, tobacco, and genetic fTNAffieation, LThJrt institutions that apply extortionate and exorbitant lending prinaples. and companies where little resFed is shown for the sanctity of life, human rights. and the natural environment. Following ¢onsultab'on Iwth tho Invostrn*nt Managers, Trustees reviewed the asset allocation in Dgcember 2020 in the light of current inveslment (x>ndits"on5 and Condud￿j that, to athieve these objecliv&s, the target asset allocation should be restated as." ffiX￿J interest stocks, gills and ¢x)rporale bonds 25% (previously 45%), ewrties aTrJ stnjctured investrnents 60% (we￿OuSlY 45%), and alternatives 15% {previously 10%) vthh a pwmitted 5% Fmjnl variation. In the absen￿ of a suitable standard benchmark that equates to the r6x]uirefflents of the Corporation, the Trustees and Fund Managers have formulated a speaalisl benchmark again51 whith the perfomance of the fund is lo be monitored. The income yield achiev&J on the Corporation's portrolio of investments was 2.4°h against target of 3.5%, and the total retum achieved was 9.3% against trte benthmark of 2.20A. In D￿mber 2020, following ￿nSUlt￿li0n wth Ihe Fund Managers, the target incom8 yield was reduced from 3.5% to 2.25%. Your attenticn is drawn to the financial review. TRUST FUNDS The Corporation acts a5 a Trustee for a range of small ch8rtties aTrJ charitsble funds under the terms of Charity Commission sthemes, trust deeds. wills or other instruments. The objects of these Iru51s fall within the chief objective of the Corporation and furthw details are given on pages 47 to 49. Tke Re￿Ipts and Payments Aco)unt on page 47 is a consolidated sufflmary of the accounts of the charitable trusts that are listed on pages 48 and 49. Separate acc4)unts are maintained for eath of the Injsls and retums are made to the Charity Commission vthere appropriate. The Corporation administers the funds of the trusts by investing the captt81 in the Grace Baptist Trust Corporation Common Investmenl Fund. Th6 funds of the trusts are kept apart from those of the Corporation by means of separate accourrtirg r￿ds. bank accounts. arn1 investm8nts. Inveslmenl in the Common Investment Fund is on a unilised basis. FUNDRAISING The Corporation d￿$ not ervJage in fundrai&ng activ[￿e5. RISK ASSESSMENT The Directofs review the risks to vthich the Corporation is exposed on an annual basis and they confimi that systems are in Pla￿ to manage the risks that have Id￿tsfied. The principal risks tscing the cOr￿atiOn are.. The lack of voluntary donations to finan￿ the COrF￿tIon'S operating costs. thving lo the professional nature of the services provided to the churches mosl church members find it drfThcult to identify the benefits that are provided and are therefore Mt indined lo support the work. A reasonable level of reserves is maintained to mitigate this risk. A lack of comprehensive intemal ¢￿ntrol systems owing lo th￿e being only members of staff in the office. All the financial controls thai would be expected are in place, and a member of the Board of Director5, is a Chartered Accountant, visits the offic9 to insp8Ct the finana81 records on a regular basis. These C￿trol5 a￿ revtewed annually. The loss of the Chief Exeothive. Tr risk has been mitigated by the apwinlment of a Personal Assistant to work cjosely him. and by the provision of medical insLrance to faolitste the prowsion of prompt treatment in the event of a debilitating illness. Tho total loss of the officA oftic8 records through a major disaster. Whilst the probability of this risk is minimal. its effecl *ould be very severe. This risk has been mitigated by the formulation of a disaster recovery plan. which is revfftved annually. GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 RESERVES POLICY The total fijnds held by the COrrMyati￿ at year￿￿ 8mcNJnted to £6,419,￿ d which £239, representèd Endowm8nt Funds and £612.3￿ which represented Restricted Funds which may only be spent in accordance the wishes of the donors. Your attention is dravm to notes 19 and 26.3. Designated Funds comprise unfestricted ftJThJs received by the corporab.on followng the disposal of redundant chapels. Thgre are thrge sub-dassifications wthin Designated Funds. Tho SupF)Ort Fund has been sel aside by the direciors in c*der lo provid8 SUPP(Yt lo thurthes that ￿e undertaking significant maintenants wolects and to SUPFX)rt the ministy of the Cowation, as necessary. This stood at £1,535.9J5 at the year-Ènd and this is not Considered to be excessive in VI￿ of th& possibilities that could *isè ￿ utilising these funds in the ftrture. Thg Vision and Venture Fund (primarily designated fcf churth planliThJ proieclsl amunt&J to £3.552,367 and will b8 ulilised as opportunities arise. By their nature these wll be long term projects as it may lake between five and ten years for a rwi church to become fully se￿-suppor￿"ro. Iroderttal Projects Fund {used to sup mis¢8llaneous projects as they arise) St£￿ at £199.524. As slated in rK)le 26 1 il 1$ desire of Ihe direc*ors that th8 Costs of running the Corp)ration wll be met out of mèmbership Sub￿ptIOns, voluntary donations. r*ofessional ServI￿S and investment income arising from General FurKi reserves. The income arising from these SoUr￿S is volatile and urrenlly falls signfficantly short of the sum required. Efforts are teing made to increase the lavèl of income but at present the direct(￿ consider that a level of reserves musl be maintained that is sufficient to cover such defiots in order to sustain ts work. not only in the immediale future bul also for several years ahead. The Directors review the Situati￿ on an annual basis and al the last Trview, conducted in Decgmb8r 2020, considered that the remaining free reserves. ￿1¢h amounted to £279,724 at the yeaf-end, must be maintained at their ￿rrent level. They consider that, in the ev&tt of a sudden and substantial fall in the Corporation's income, the sum of appr0￿MatelY £275,(XMJ is r4uired lo cover tsvo years, expènditure to enable all projects in hand to be complele(Y, to enable the considerable number of trusteeships of yopertiès and Trust Funds ojrrenlly held by the Ccrfporation to be transferr&J lo anothèr Trust COrp￿ation, and lo enatA8 a5t8mab.ve arrangements to be wrt in place for tho ontinuance of the wde raroe of support ministries ojrrently being undertaken by the CorFxJralion. SIGNIFICANT CHANGES IN FIXED ASSErs There were no signffie2nt thanges in fixed assets during year. PUBLIC BENEFIT The Directors have considered the guidan￿ published by the Charty Commission on the provision of public benefit. They confim that the chief obi8Ctive of the Corwration is the advancement of the Christian religion (which is a tharitable purFose under lawl and that the Cwration provides public benefit by offering wolessional and trustee services- including the provision of advice and information free of charge to Particular Baptist ch￿CheS practising Strict Communion. Grants and loans are also made available to such churches. Additionally, grant5 are paid from various Endowment Funds to the members of those thurches there ttky qualtfy under the lenns of the trusts of Ihe fiJtNJs. REMUNERATION POLICY It is the policy of the Directors to remunerate staff at a1evel vthith recc*Jnises the Biblical principle th* the labourer is worthy of his hire. Where il is approwiale lo do so, the Board determines the level of selalles by referenc8 to the going rate for the job". Where there is no meaningful comparison - and specrfi¢ally so far as the Chief ExeoJtive is concemed - Board Members are guided by reference lo the salary that an employee might command in the open market. Alongside this, and in both cases, due consideration is given to ts level of stipends that churches served by the Corporation are able to pay and the finanaal resoU￿S that are available wthin the Corporats"on. Salaries are reviewed on an annual basis, either at an Officers. Meeting ￿ by the Execub"ve Committee and a re¢ommend81icfi is submitted lo the Bo*d of Dwedors for ¢Msideration at their meetsr•3 in Decemb8r. GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 COVID-19 The Coronavirus Pandemic has had a minimal imwa on the C¢Nwalion's activities, alt1￿Ugh plans for replanting churches in Brighton and Haslemere were disrupted. Staff worl(ing either from home or the office have maintained the fvll ran￿ of ￿ Corpcyation's services although the regular produci'on of Fact Sheets has been foeussed on making church officers aware of the Govemment's Coronavirus regulations and guidance notes that have had particJJlar application to thurehes. In a very limited number of case5 where an issue has r6yuired a srte visit to a chapel, the church officèrs have agreed lo await the lifting Of Coronavirus restn"dions before procfjeding. The Directors anliapate maintaining the full r8nge of the Corporation's seThices during 2021 and are sab"sfied that, in the ev￿1 of 8 fall in ineome greater than ants"apated below), their robust reserves policy will enable them to sustain the CorF)oration's activities during the pandemic. The Corporation's investment income vras lower than the wevious year wth a yield of only 2.4% eompared with thg tsrgel of 3.5% although this was offsel by a total relum being achieved of 9.3% comparèd with th• bènehmark of 2.2%. To avoid th• Corporation's Investment Managers being asked to chase th8 8lusive. a revised target yiéld of 2.25% has been temporarily adopted in place of the previous target of 3.5%. Additionally, the corP￿ation,S Risk Profile has treen raised from "cautiouslmedium" to 'medium" to provide the Investment Managers with greater SCO￿ for aehieving capital growth to offset the reducaion in yield. These lernF￿ry changes wll be kept under regular review. PROFESSIONAL ADVISORS: AUDITORS Brewers Chartered Accountants Bourne House Quaen Street Gomsh811 Surrey GU5 9LY INSURANCE BROKERS Marsh CommerThal Rourke House Watemans Businèss Park Th9 Causeway Staines-Upon-Thamas Middlesex TW18 3BA BANKERS N8tion81 Westminster Bank pl¢ 1 Croydon Road Caterham Surrey CR3 6XA Access Insuran￿ Service 212-220 Addinglon Road South Croydon Surrey CR2 8LO COIF Charities Deposit Fund 85 Queen Victoria Sire8t London EC3A 2AD SOLICITORS Wellers Law Group 65 Leadenhall Strèel London EC3A 2AD INVESTMENT MANAGERS Quilter Cheviot Limited 3 Temple Quay Temple Way Bristol BS16DZ REGISTERED OFFICE AND PRINCIPAL OFFICE 19 Croydon Road, Caterham, Surrey, CR3 6PA This report has been prepared in accordan￿ wth the special provisi￿S of Part 15 of the Companies Act 2CKJ6 relating lo small companies, and was approv*J by the Board of Directors on 1 March 2021. By ord&r of the B0￿d 4<4-J /tr//+ L: _ K C W Wiltshire Chaim18n INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRACE BAPTIST TRUST CORPORATION Oplnlon We have audited the finanryal slatementg of Grace Bapti9t Trust Corpcyation Ilhe'charitsble t4)mpan￿) for the year ended 31 December 2020 which ojnprise the statement of finanaal activiligs, summary income and exFendilure account, the balance sheet and cashfiow statement and notes lo the finanual stalemenls, ncluding a summary of signfficanl accounting policies. The fin￿￿81 repo￿ng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial ReFx)rting Standard 102 The Finan(Jal Re￿￿n9 Standard applicable in the UK and Republic of Ireland Iunited Ifj'ng￿ Generally Accept￿ AccountitvJ Practice). In our opinion, the finanaal stat8ments'. give a true and fair view of the slate of the L*aritable txjmpany's affairs as at 31 De￿mber 2020 and of its incoming resources aryj applicab.on of ￿SourCes, including ils income and expenditure, for the year then ènded., have been property prepared in 8CC4)rdanee wth United lfjngdom Generally Acwled AC￿Untir1a Practic£,' and have been preparad in accordance wth the requiremerrts of the Companies Act 21x6. Basis for opinlon We conducted Our aLhJil in accordanc8 wth 1ntemats.onal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those starKlards afe further descriW in th? Audilorfs responsibilities for thè audit of the finanaal statements section of our rewt. We are independent of the charitable company In aC0)rd￿Ce wth the ethical requirements that are relevant to our audit of the f1nancial slalements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical respon&bililies in accordance wth these r4uir8rnents. We believe that thg audit evidence we have obtained is sufficierrt and apFYopriate to Fyovide a basis for our OFinion. Conclusions relating to going concern We have nothing lo report in respect of the following matters in relalion to tho ISAS {UlQ require us lo replyt to you where.. the trustees, use of the wing corwn basis of aeo)unting in Ihg preparaticfi of the financial slalemenls is not approF¥iate", or the trustees have not disdosed in the financ4al statements any identified material uncertainties that may cast signfficanl d￿bt ab(yJt the companvs ability lo continue lo adopt thè going concem basis of accountsng for a period of al least twelve months from the dale when the financial slal&menls are auth￿ised f￿ issue. Other inforniation The trustees are responsib19 for th9 other information. The other infomiation comprises the information Includgd In the Chairman's and Oirectorfs rewt other than the finanryal slalements and our 8udilorfs report Ihereon. Our opinion on the financial statements does not cover the other infomation and, except lo the extent olh&rwise explicitly slated in our repcyi, we do not express any fomi of assuran(* condusion Ihereon. In cOnn￿tion with our ¥Jdit of the financial statements, our responsibility is to read the other information and. in doing so, consider ￿ether the olher infomiation is materially ir￿nsiStenI with the financial sl*ements or our krv)wledge obtsined in the audit or otr*rwise appear5 to be materially misstated. Ifwe idenltfy such material inconsistencies or apparent material misstalemenls, we are required lo determine whether there is a material misslatement in the finanaal statements or a material misstatement of the other information. If, based on the work we have perfomed, we condude that there 1$ a material misstatement of this other infomiation. we are rewired to repjrt that fact. We have nothing lo rep￿1 in this reg￿d. Oplnlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in course of the audit the information given in the Iruslees. report for the finanaal year for￿1th the fin*ual statements are prepared is eonsist&M with the finanaal statemenls., arKI the trustees, report has prepared in accc*dance with ap￿1¢a￿e legal rg]uirements. 10 Mattors on whlch we are requlred to report by ex¢eptlon In the light of the knowledge and understsnding of the charitable company and its environment obtained in the course of the audit, we have not KJentIr￿ material misstatements in the trustees, reporL We have nothing to report in ￿$[￿Ct of the following matters in relation to which the Companies Act 20L requires us to reF4)rt to you rf, in our opinion: adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us" or the financial ststements are not in agreement wth the accounting records and retums. or certain disdosu￿$ of trustees. remuneration SFecffied by law are not made" or we have not received all the infonnation and explanatsons we requi￿ for our audit or the trustees, were not entiued to prepare the financial statements in accordance with the small companies regime tske advarktage of the small companies, exeMpl￿n$ in preparing the trustees. report and from the requirement to prepare a strategic repjt Responslbllltles of trustees As explained more fvlly in the trustees. responsibilities statement set out on page 4 the trustees (who are also the directors of the chafitable company for the purposes of company law} Sre responsible for the Pfeparalion of the financial statements and for being satssfied that they give a true and fair View, and for such inlemal control as the trustees detemiine is necessary to enable the preparats.on of financial statements that are free from material misststemen( whether due to fraud or error. In preparing the financial statements. the trustees are resp)nsible for assessing the charitsble company's ability to continue as a going concem, disctosing. as applicable, matters relatsd to going concern and using the going concem basis of accounting unless the Iruslees either intend to IiquKlate the charitsble company or to cease operations. or have no realistic aliemab.ve but io do so. Auditor's rosponsibilities for the audit of tho financial ststements Our objects'ves a￿ to obtain reasonable assurance about whether the financial statements as ¥ vthole are free from material misstatement, whether due to fraud orerror. and to issue an auditorfs that includes our opinion. Reasonable assur8n¢e is a high level of assurance, but is not a guarantee that an audit Gonducled in accordance with ISAS (UK) will always detect a material misststement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the ec(Jnomic dwsions of users taken on the basis of these financial ststements. A further desuiplion of our responsibilitses for the audii of the financial statements is kKated on the Financial Reporbng Council's website al.. h s:IlvpMv.frc.o .ukJauditorsres sibilities. This description forms part of our audrtorfs ￿pOrt. Use of our report This report is made solely to the charitable compan¥s member5, as a tKJJy, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste to the charitable company's members those matter5 we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitsble company and the charrtable company s members as a t￿￿jY, for OL¢r audit work, for th report, or for the opinion$ we have fofmed. Andrew Skillon, Senior Statutory Auditor For and on behalf of Brewers Chartered Accountants, Ststutory Auditor Boume House Queen Street Gomshall SU￿eY GU5 9LY Date. 11 11 GRACE BAPTIST TRUST CORPORATION STATEMENT OF ANANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2020 Total Funds 2019 Funds Funds Funds Funds Funds 2020 Income and endowments from: Donations and Lagaoes 7.760 197 16.862 140.027 Charitable ActNib"¢s 1.286 3.557 270.252 275.095 3C(1,510 Inv•sth*nts 7.795 2.374 5.TT1 105.940 121.606 Other 425.033 425,033 86,736 T¢)tal 197 822 930 ￿879 Expènditur• on: Charitable Activth¢s 133.992 21.204 286.263 441,459 436,915 Tot81 ILoss•s1 l Gains on Inve¥bn•nts 16,942 254.214 13.036 284.194 408.545 N•t InGom• l (Expenlfthre) 11110.209) 753.974 {1.335) 13,235 665,665 620,509 Trnnsf•rs Funds 19 55.398 150.Crf)O) {5.398) Net Mov•m•nt In Funds (44.811) 703.974 16,733) 13.235 665.665 620,509 Reconc51iatlon of Funds: Tot81 Funds brought foTh¥ard as 8t 1 January 2020 324.535 4.583,822 619.123 226.761 5,754.241 5,133,732 Total Funds carrfed forwar(I s at 31 Dècember 2020 19 279 724 239 996 6 419 ￿ 5 754 241 Yo¢Jr att¢ntion dF¥*m to note 31 SITh￿￿9 ¢c￿n￿rative figures forth• previous year 12 GRACE BAPTIST TRUST CORPORATION SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Total Income 822,733 648,707 Total Expenditure 441 381.274 211,792 Surplus on DisFosal of Investments Surplus on Ordinary Acaivities 381,274 211.792 Net Income for th8 Year The Summary Income and Expenditure Acec￿ is derived from the Statement of Finanaal Activities on page 12 which, together the notes to the accounts on pages 16 to 34. prOV￿e full infomation on the movements during the year on all the funds of the Corp)ration. 13 GRACE BAPTIST TRUST CORPORATION BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Fixed Assets: Tangible Assets 21 Inv851m&nts 4,671,794 4,304,169 Total Flxed Assets 4.671.794 4,304,169 Current Assets: Debtors (falling due after on8 year) Debtors (falling due within 0￿ yearl 10,LKX) 13,474 15.460 18,710 Cash at Bank arKI in Hand Total Current Assets 1,757.355 1.459,421 Liabilities: Creditors {falling due within one year) 24 Not Current Assèts 1,748.112 1,450,072 Total Assets less Current Liabilities 6,419.￿6 5,754,241 Total Nét Assets 25 5 754 241 The Funds ofthe Charity: Endowmenl Funds 239, 226,761 Restrlcted In¢ome Funds 612.3 619,123 Unrestrlctod Funds: Designated Funds General Funds 5.287,7 279 724 4,583,822 324 535 Totsl Unrestricted Funds s.￿7.520 4,908,357 Total Charity Funds 5 754 241 These finanaal statements have t￿n prep￿ed in a(x(Kdance wth the Spe￿81 provisions of Part 15 of the Companies A¢t 20C6 relating to sma51 companies and the Financial Rewrting Standard FRS 102. The Company is limited by guaranto8. The Registration Number of the Company is 592488. The Balance Sheet and the Accounls on page$ 12 to 34 were apF￿Ved by the Board of Dirertors on 1 March 2021. PDRelf K C W WittsThire 14 GRACE BAPTIST TRUST CORPORATION CASH FLOW STATEMEKr FOR THE YEAR ENDING 31 DECEMBER 2020 2020 2019 Net Income l (Expendlture) for thg Year. As per Statement of Finanaal Ath"vitses 665.665 620,509 Adjustments for: {Gainsl l Losses on Investments Dividend5 8nd Interest from Investrn8nts Loans made in furtherance of objects Repayment of loans made in furtherarTh of ctyrts Ilncreasel l De¢Jease in Debtors Increase I IDecreasel in Creditors (284,1941 1105,9401 1408.545) {121,￿> {7,5751 39.794 250 11 229 Cash Flow from Operating Actlvltles Net Cash Provided by l {U*J in) Operatiro Activities Cash Flow from Investing Activities Dividends and Interest from Investments Purchase of Investments Net Cash Provided by I (Used in) Investing Aclivits'es 497 703 278.675 122,8C6 105,940 83 431 121,6f 172 121434 Increase l {Decrease) duriThJ the Year 301,184 244,240 Cash and Cash Equlvalents as at 1 January 2020 1,440,711 1,1￿.471 Cash and Cash Equivalents as at 31 Dec¢m￿r 2020 Analysis of Cash and Cash Equivalents Cash in Hand Noti￿ Deposits (less than three months) Total Cash and Cash Equivalents 1 741 812 1 741 895 1 440 643 1 440711 15 GRACE BAPTIST TRUST CORPORATK)N NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 CONSTrfuTION 1.1 The Gra￿ Baptist Twst CorForation is registered in England as a Company limited by guarantee and not havirKJ a share capital (Registration Number 5924881. The Corporation is also registered as a Ch￿ty {RegistraliorF Number 251675), and is recognised as a Trust Corporation urmler Section 3(1) of the Law of PrC￿ (Amendment) Act 1926. The COrporat￿n is govemed by ils kni.cles OrAss(￿ati0n. I ACCOUNTING POLICIES 2.1 Accounting Standards and Conventions These acC￿ntS have been prepared in ￿t￿ th6 histcKic cost convention as modified by the revaluation of investments, and are in accc*dance WTth the requirements of the Corporatson's Artides of AssiKiation {dat&J 24th April 2010). the Companigs Act 20C6 the Charitiès Act 2011, the Statement of Re￿Mmended Practits 'Accounling and Reporting by Charities. 120151. and the Finanoal Re￿￿ting Standard 'FRS 102°. The accounts have been prepared on a g)ing c￿nCern basis as ther@ is suffioenl demand for the servios wovid8d by corporats.on and sufficient resourcos to [￿VIde those Servi￿8. The Direct￿$ considw that there are m m*erial ￿n￿rtainti￿S in thi8 regard. 2.2 Publlc Benefit Entity The Corporation is 8 public t￿efit ￿rtity as defI￿j FRS 102. 13 Income Income is defir￿ as the inffow of e￿rK)Mi¢ benefits arising from tha activities undertaken by the Corp(Yation and is accounted for (gross) on a r￿1Vable basis. IncLime is induded in the Si*emenl of Finanaal Activities when the C(xporalion has acwired a right lo the resource, when il is probable that it wll be received, and when ils monetary value can ba measured wtth suffiagnt reIla￿'1ty. Donations are acmunl•J for UP￿ re￿pt as C￿￿￿ati￿ does not ￿e1Ve gifts that 8re subject to perfomiance related condtbons. Membership subscriFrtions are in the nature of gffts and are therefore treated as donations. Legaoes arè rects3nised wh8n it is probable that the bequest will be received - once the executors have ￿n￿rMe(l.. that the Corporation is entitted lo the bequest,. that probate has boèn granted", that there are suffiogni assets In the estate lo pay the legacy., and once the amount can be determined with suffiaent reliability. the amount cannot be measured th suffiaent relkgbility, the legacy is ac¢ounted for as a contingent asset. Interest Receivable from bank deposits and cOncess￿ry loan$. and Dividends received from the Grace Baptist Trust Corp(Kation Common Investment Fund, are recognised on a receivable basis at transacb.on value. Income fr￿n Professi¢Jnal ServFces is accounted for Lrpon Sery1￿ deliv8ry al transaction value. Ir￿rne 8rising from assets hard in a parb¢JJl* fiJrKI forms part of th81 fund wth the eX￿PIlon of income arising from Endowment Funds which is treated as Restricted Incorne. 16 GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Continued) 2.4 Expenditure Expenditure is defi￿ as the amount of resourcas that have been utilised on aetivili6s undertaken by the cOr￿atIOn arKJ is accounted for gross lindusive of VAT whith cannot be recovered) on an acL7uals ba￿s. Expendrtur& is indUd￿l in the Slalemenl of Financial Activities or￿e there is a legal ¢y constructive obligation lo make a payment lo a third paty, when it is probable that settlement will be required ar￿ th8 amount of the obligation can be measured with suffiaenl rdiability. Legal (i)ligats"ons arise under exchange transactions that are contractuai whereas emstn￿ttve oblo8b.ons arise under non-exchange transactions such as grarrts. Unconditional Grants are awnted for as experKliture when the offer of 8 specrfic monetary awnt is conveyed lo the wpient and rt is probable Ihat the payment will be made. Grants that are subject to condits.ons are account￿1 for as expenditure when the conditions fall OLrtside control of the Corporats'on and it is more likely than not that the payment wll be made- in ￿lch case a liabilty for the fijll funding obligation is recognised. Ir an offer of a grant has been made, but payment tecomes unlikely, albeit still possible. the ftJndir¥J commitment is ths¢k)sed as a rJ)nting&tt liabilty. 2.3 Classification of Income and Expendi￿re Charitable Actiwlies comprise lh& income and expenditure that relates direcdy to the Charitabl8 Actimties of the Corwalion. These indude the admee given to churches and their members. the administratTron of the gift aid stheme. the provision of trusteeship services, the administration of trust furts, and certain professicnal Services for which charge is made. Governan￿ Costs are those ¢xsts associatgJ with the general management of the Corporation as the trustees enswe c￿MplI8n￿ with conslilutional and slalutory roquirements. They indude the costs of preparing for. and holding, trustees, meetings, the cost of preparirKJ statutory acmjnls arvj annual retums, and the ￿st of the annual audit. Shared Costs are th)se which c¢rtfitwJle directly to more than one activty. such 8s staff costs ￿ere members of staff are involv&J in more than one acb"vity. Support Costs are those costs which fau"litate a numbèr of activits'es and which do not change diractly as a result of the activity undertaken, suth as offi* and premises costs. Govemance Costs arè traated as a catw within 8uFPJrt costs. 16 Allocation of Costs Expenditure that relates directly to ac#ivity category is allc¢ated in full lo Ih81 activity. Expenditure that relates to a number of &tivity categories is appOrts"￿ed a¢JJ)rding to the approximate amount of lime spent on each activity, as follows.. Staff Benefits are allocated.. Chanta)le Activities ￿ arrd G0Veman￿ Costs 10%. Fixed offi￿ Costs are alloL*ed. Support Cosls and (knwnance Costs 10%. Thereafter, Shar&1 Costs (whi¢h contribute to more than one Ch*rtable Activity} and Support Costs Iwhich a￿ not attribLrtable to one sirvJle Charitable Activrty) are 8PPOrtioned according to the 8pproximate amount of lim8 spent on each &tivty. as follows.. Advisory Services 70%. th& Gfft Aid Stheme 10%, aThJ Professional Services 20%. 17 GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Icontinuod) 2.7 Capitalisation of Flxed Assets Fixed assets are reo)Jni¥ed ￿en an asset is ¢ontrdled by the Corporats'on a5 a result of a past transaetion and it is prOba￿e that future ￿OrniC benefits will accrue from it. Ex￿ndItUre in excess of £5￿ on the ao]uisition and installation of fixed assets is capitalised at hist￿lea[ cost. Fixed knets r￿1Ved by way of grfl are c8pilalis8d and included in income at their fair Val￿ (that is, the am(MJnt at which they could be exchanged by willing partres in an arm's length transath"on). 2.8 Depreciatlon Fixtures and Fittings. a￿j offi￿ Equipment Provision for deFwation is made at rates cathlat8d lo write ofi the cost of the assets, less any residual value, over their L￿1 lives as follows.. Fixtures and Fittings offi￿ Equipment Straight Line Methc¥J Straight Line Methc¥d 10 Years 3 Years Whilst it is considered that the assets of the Cowalion are Lnlikely to become impaired, 8ny asset that is found to hav& a nel tbxjk value higher than its realisable value or ils value in use is vKitlen to the hig￿ of those values. 2.9 Gains and Losses on Tangible ￿￿0￿ Assets hold for thg Corporation's own use A surplus arising on the disposal of fixed assets is induded in the Income and Expenditure Account and the Statement of Financ￿ Activities as 8 realisgd gain on the disposal of fixed assets. Impairnent losses tr defiuts ari￿ng on th¢ dis[￿1 of fixed assets are induded in the Income and Expendilwe Account and the Statement of Financr81 Activities as an addikn'onal depreciation charge. Realised gains and losses *i$iro on disposal of fixed asset$ held in a particJJlar fund form part of that knd. The Cory)oW"on dogs not have a policy of revaluir¥J Tangible Fixed Assets 2.10 Investments Fixed Asset Investments raprgsenl investments in the Gra￿ Baptisi Trust Corrorabon Common Investment Fund are induded in Ihe Balance Shgel at fair value based on the pric6 of units. The surplus or defiat arisiThJ on revaluation is induded in the Statement of Finanaal Activities {under"GainsJLosses Inveslmenls"). The surplus or deficit arisir¥J on disposal is ind￿Jed in the Income and Expenditure Accojnl arxl thg Slalemenl of Financial Activities luThJer"GainslLosses on Investments"). Realised and unrealised gains arKI losses ￿ investment assets h8ld in a particular fvnd form part of th* fund. 2.11 Penslon Scheme The Corporation ¢ThtribLrtes to employees, Personal Pensicn Plans on a defin&J contribution basis. ContritMJtions we recc¥Jnised in the Statement of Financial Activities as they b8CLsme payable aTrJ alloc£ted within Staff Benefits (￿ nole 2 61. 2.12 Financial Instruments The Ccyporalion's Finanoal Assets and Liabililies qualrfy as basic finanaal instrum8nts and 8$ such are initially recognised at cash, transaction, or setdernent value. Subsequently, Current Assets and Li￿1[1ties are measured at cash or settlement v81u8 and Fixed Assot Investments are measured * fa'r value bas8d on of units in the Gra￿ Baptist Trust Corporation Common Investment Fund. 18 GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Conllnued) 113 Debto Debtors are stated at their recoverable amount - that is, the amount that it is anticgpated will be received in ressxt of (￿StandIng loans or other debts, ￿ the amount that has b￿n paid in advan￿ for goods aThJ seThi¢es. Loans lo church8s (see note 231 are concessionary loans which are made to assist with the acquisrtion, renovab'on, or maintènance of properties and a￿ offered at rates of interest that are signffieantly below the market rale (usually 'interest-free'l. Loan repayments fall due in either 20 or 40 equal instalmgnls over a P￿0d of years and are guaranteed by three individuals who a¢X as guarantors. Loans are reeognised 81 the amount initially lent, th the r-afrying amount adjusted in subseqLonl years to refiect the repayments Made. 2.14 Creditors CreditQfS are recwised when the tharity has 8 present legal or constructive obligation arising from a past event that will probably result in the transfer of fvnds to a third paty and the amount due to setue the obligation can be measured or eslimaled with sufricienl reliability. Creditors are slated at their settlement amount that is, the 8mounl that il is anticipated will be paid to settle the Corwati￿.S liabilities. 115 Cagh at Bank and in Hand Cash al bank and in hand indudes deFQSfts 8 $hcrt maturity of ￿￿1ve months or less from the date of op￿ing Wosit 2.16 Critical Accounting Judgements In the application of the aC￿untIng poliues listed above. the Directors are required lo mak• judgements and assumptions about the carrying values of assets and li8bilities that are not readily aF)parent from other sources. Those asgjmptions, based on historical experience and other factors considered lo be relevant, are reviewed on an on￿jOIng basis. In the view of the Directors there are no un￿rtaIntieS that are likely lo rgsult in a material adjustment to the carrying affl￿nts rf th)se assets and liabilities in the forthcoming financial year. 2.17 Presentatlon Currency The acc(KJnls are derominated in £ sterling rouThJed to the F￿arest pou￿. ANALYSIS OF SUPPORT COSTS A(fvisory Gift Aid Schemo Professlonal Ser¥lces 2020 2019 Governance Costs Office Expenses Property Expenses 14,513 2.073 4.146 2,1C6 20.732 10,525 22,352 14,893 Support Costs are apwioned over the activity categories to whith t￿Y rejale in prOp￿tIon to the approximate amount of lime swnt on each *iwty. as follow5.. Advisory servI￿s 70% Gift Aid Scherne 10% Professional Services 20% 19 GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Contirwed) INCOME AND ENDOWMENTS Unrestricted Designated Restricted Endowment Total Funds Fund Funds Funds Funds 2020 Total Funds 2019 Donations and L•gaci•s Subscriptsons and Ehjnations Legac￿3 8.905 197 16,862 139.027 197 140 027 Charitable Actlvit Grft Aid Scheme Professional ServKes 270.252 270,252 277,659 L7 270 252 InvÈ$tm8nts Interest Receivable Inv¢simeni Income 9n 10 2,536 6,858 Other Incoming R•sour¢•s Trust Income 11 Total Ineomo and Endtswm•nts 2849 EXPENDITURE Unrestricted Designated R•strkt•d Endowmert Total Funds Funds Funds Funds Fun(ts 2020 Total Funds 2019 Cfvaritab￿ Activities Advisory Services Benevojenl Payments Chapel Projects Educational Support Grft Aid Sthemè Ministry Support Prolessional Services 12 13 14 15 16 17 18 93.795 93.795 95,872 3,250 13.3 265,311 12.452 19,691 1.513 278,710 32,143 28.311 287.511 21.413 28,869 Total Ex￿ndItUr• 21 133 992 ￿04 286 Your Attention 15 dra4¥n to notes 32 and 33 shoMng compardtiv? figures forthg previcNJs year 20 GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Contlnued 2020 2019 SUBSCRIPTIONS AND DONATIONS Churches Individuals sUbscript￿n$ Charit*s 7,235 3,039 660 43,619 2.928 720 139 027 GIFf AID SCHEME Donations 270 252 277 659 PROFESSIONAL SERVICES Services Rendered in conneCt￿n wth Trusl Fund Administration Services Rende￿ in Connection the Sale of Redundarrt ChapeL8 Other Services Rendered 1,286 3,787 13.101 INTEREST RECEIVABLE Bank Deposits 10. INVESTMENT INCOME Unlisted Investsments- GBTC Common Investsnent Fund 114748 11. TRUST INCOME Proceeds from Sale of Redundant Chapels GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 {Continued) 2019 Costs Grnnts 12. ADVISORY SERVICES ProvidirKJ Advice arKI Information to Churthes 13. BENEVOLENT PAYMENTS Grants are made lo Indiwduals Benevolent Fund Ministers, Fund The Pastors, Fund 7g) 1& CHAPEL PROJECTS Grants ¥8 made to Churth8S Construction and Maintenance Projects 15. EDUCATIONAL SUPPORT Grants ￿e made to Individuals B A Wart)wton Memorial FurKI 16. GIFT AID SCHEME Administration Disbursements 8.674 265311 4.725 13,399 265311 278 710 13.6 273815 287511 17. MINISTRY SUPPORT Church Proiacts 18. PROFESSIONAL SERVICES Services Rendered in Furtherance of Charitable Objects GRACE BAPTIST TRUS[ CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Continued 19. MOVEMENT IN FUNDS Balaneè Incom* Expenditurn Transf•rs Invwtm•nt Balance 1.1.20 G*insllLosstt$) 31.1120 Unr•strtct•d Funds General Fund 27 C*signated Funds Support Fund Vision and Ventur¢ In￿dents1 Projeds 1.085,884 8.311.￿ 186082 448,E27 66,720 6.321 14.883 {50.( 57.715 186.674 1,535.905 3,552.367 199 524 5 287 796 RÈstrfct￿ Funds Gift Aid Donations BrOC￿eY Fund 8rockley Graveyard Fund General Building Fund Halifax Building Fund Halstesd Fund Haslemere Fund Olley Fund Stoke Golding Fund 8 A Warburton Memorial Fund Ministers, Aid Fund Benevolsnt Fund The Paslors, Fund 7.159 270.252 74 5.928 185 265.311 {S.398) 6,702 34,932 5.¥28 116.127 135.440 115,942 135.151 7,936 3,016 8,980 57,287 191.508 936 57.145 191,1CKI 772 122 164 230 276 619 123 6123 Endowment Fu77ds B A Warburton MeM￿la1 Fund Minist¢rs' Aid Fund Benevolent Fund Th& Pasiors, Fund Loan Fun¢J 6.887 13.588 7,331 14.678 197 893 125 11,576 179,347 190,923 25L 197 TOTAL FUNDS 5 754 241 822 930 The transfer from Restricted Funds to the General Fund rep￿SentS the fee charged by the corporati￿ for administering the Gift Ai¢J S¢h¢m¥. Th¥ transfer from Designated Funds lo the General Fund Tepresents an adjustment partially tsffsetling thè shortrall b•fvrt•n General Fund Trncome and expenditure. Designatèd Funds will bè utilis•d as the naed arises but churth plants.ng woieds are. by their naiure, long temi projects as it may lak¢ be￿rt fiv& and ten Jears for a thurch to tttome fulty self-supporiiThJ. The balance of Gfft Aid Donations wll be disbursed in accordarKe ¥￿h the wshes of the donorn in the forthcoming finanaal year and the balances in the Br£￿Iey. 8roth•y Gravtyard. OU•y and Stok& Golding funds wll be dispersed as the need arises to support the ministry in thos• eauses. Smnilaty. the amounts designated °Building Fund" wll be utili$e(I oncè surtable building projeds have been ccTrnence(l. Tha Haslemere Fund reprèsènts income an¢J expenditure r¢lating lo the oversight of that chapel. Granls will be made from the 8 A Warburton M•morial Fund. the Ministers, Aid Fund. the Bene¥￿ent Fund. ¥n¢6 tha P8Stors' Fund as the need arises. Your attention is dra1￿ to note 34 sh¢MrvJ ccffl￿atiye figures forthe previous ￿r. 23 GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Continued) 20. NET INCOME I (EXPENDMJRE) ON ORDINARY ACTMTIES 2020 2019 This is slated after creditirvJ aThJ th8rgirKJ the following am￿nts.. After Crediting: Interest Receivable Investment IncL*me 2,536 103,404 6.858 114,748 After Charging.. Audil Fee Pension Fund Contritrmjtions Rent 7.248 11,215 9.750 7,186 9,750 21. TANGIBLE FIXED ASSETS Fixturgs Fittings and Equipmwrt Total Cost Balance as at 1 January 2020 Additions Disposals Balan¢e as at 31 D8cemter 2020 14.984 14,984 Accumulatéd Doprociation Balance as a11 January 2020 Charge for year Eliminated in respect of Diswsals Balance as a131 D8c8mb8r 2020 14,984 14.984 13 552 Net Book Valuo as at 31 Decomber 2020 Net Book Value as at 31 December 2019 24 GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Contlnued) 22. FIXED ASSET INVESTMENTS 2020 2019 2020 Valuation 2019 Valuation Unlisted Inveslments.. At 1 January 2020 Addits"ons Disposals Investment Gainsl{Losses} At 31 December 2020 3,830,119 3.829.947 4.￿)4,169 83.431 172 83,431 3,895,452 172 408 545 3913￿ 3830 119 4671 794 The invastménts listed atove are h81d wmarity to provide an income and consist of units ￿ld ID the Gra￿ Baptist Trust Cl¥p￿￿On Common Investment Fund, by the followng funds.. General Fund Support Fund Vision and Venture Incidental Proje¢t$ B A Warburton Fund Ministers, Fund Benevolent Fund The Pastors, Fund 156,503 Units 197.163 197.163 279.427 524,475 Units 674,743 591,509 936,419 1.724,451 Units 2.728.673 2.728,673 3,078,904 .761 Units 143,614 143.614 162,048 4.1 (E Unrts 4.808 7,331 8,221 Units 10,793 14,678 1,156 Unrts 1,354 1(￿.933 Unrts 152402 152 41r2 3913￿ 3830119 4671794 262,48S 795,470 2,892.230 152,223 6,887 13.588 1.939 179347 10,596 23. DEBTORS Due after Due within one year one year 2020 2019 Loans to Churches Prepayments and A¢cru8d Income Other Debtors 10,( 13,C 2,236 224 15 460 16,LKJO 2,236 474 2,236 224 10C(M) Loans to churthe$ are concessionary loans whith are made to assist with the acquisition, renovation, or MaIntenar￿ d properties 8nd are offered at rates of interest that are Significantly below the market rale (usually °inlerest-free"l. Loan repayments fall due in eith 20 or 40 equal instalments over a peri¢xl of ten years and are guaranteed by three individuals o act as guarantors. 24. CREDITORS 2020 2019 Due within one year Taxation and Social sec￿rIty Costs Accruals and Deferrgj Irwme 1.922 1.974 25 GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 {Continued) 25. ANALYSIS OF NET ASSEfs BEfwEEN FUNDS Tangible Currgfit Current Net Fix•d Assots Inv0$1m9￿ Assets Liabilities Assets Unreslrlcted Funds General Fund 279 427 Designaled Funds Support Fund Vision and Venture Inadental Projects 936,419 3.078.￿4 1.535,905 3,552,367 199 524 473,463 4 177 371 1 110425 Restricted Funds Gift A"d Donations Brockley Fund Brockley Graveyard Fund General Building Fund Halrfax Building FUTh Haslemere Fund Otley Fund Stoke Golding Fund B A Warburton Memorial Fund Mini$ter$' FurKI Benevolenl Fund The Pastors, Fund 6.702 34,932 5,928 116,127 135,440 6,702 34,932 5,928 116,127 135,440 6.980 57.267 191,508 936 57,267 191,508 936 276 L10 276 Endt)wment Funds B A Warburton Memorial FLmd Ministers. Fund Benevolent Fund The Pastors, Fund Loan Fund 7,331 14.678 7,331 14,678 1￿.923 190,923 250 TOTAL FUNDS 4 671794 Your attention is drawn to rK)te 35 showing comparative figw for thg pyevious year. 26. DETAILS OF FUNDS 26.1 General Funds General Funds are exp￿dab￿ at the disCretic￿ of the direciors in furtherance of the objects of the Corporation. It is the desire of the directors that the costs of running the Corporation will be met oui of membership subscriptions. volunt¥y donations, professional servic8s 8nd investment income arising from General Fund reserves GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Contlnued) 26. DETAILS OF FUNDS {Continued) 26.2 Deslgnated Funds Designated Funds comprise unrestricted funds received by the Corporation follo￿ng the disposal of redundant thapels. The SupKK)rt Fund has been set aside by directors in order to provide support lo thurthes that are urlderta￿ng signfficanl maintenance projects and are utilised as the need arises within individual local churthes. In addition a transfer is made lo the General Fund, as necessary. The Vision and ventu￿ Fund was established following the sale of the chapel in Brighton the wtmary intention of supporting chur planting yojects. SLth prosec*s are, by their nature, long lerni as il may tske be￿fjn five and ten years for ? new church to become fully Se￿-sup￿rtIng. Simi18ily, th8 Inadental Projects Fund was established lo support misce118neous ¢hurch projects. The funds will be utilised as Opp￿tunitieS arise and so, for the reasons given, it is not possible to state when it is anticipated th81 expendrture wll be InC￿r￿a. 26.3 Restrfcted Funds Restricted Fur¥Js consist of income arising fr￿ the Corporation's Endowment Funds, (see 26.41, which is available for distributiL￿, d¢)nalions whith have been given to support the ministry of spettfic thurthes, and thatsons given under the Corp)r8tion'$ Grft Aid Stheme. These donations are distributed to l¢Jcal thurches. missionary s￿let19$. and other charitable causes that furthgr the aims of the Corporation in ac￿rdanCe with the instructions of the dorKJrs. .4 Endowment Funds The Pastor5. Fund The Pastors, Fund was establis￿ in 2010 following the dogjre of ￿ Strict Baptist Trust and the Strict Baptist Pension Fund under the provisions of seCtiC￿ 74 of the Charities Act 1993. The permanent endowment of those charities has n¢)w become the pennanenl endowment of the Corporation. Income 8risiro from th& Pastors. Fund Endowment is induded in Restricted Funds and is usad to pay grants to Strid Baptist pastors, 4thether aKrently servirrfJ cy rgtired. B A Warburton Mernorial Fund The 8 A Warburton Memorial Fund vrds estsblishwl in 1963. t)esiriro to encourage the training of men among Slrici Baptist thurches planned to enter the Ministy, the membèrs of the Tabemade Baptist Church. Brighton o)Ilecled ￿ndS in mew of their late past￿. Benjamin A Warburton. The objects of th8 Trust arg.. To render assistan￿ to men who, followng a definite and dew call by the Holy Spirit to the ministry of the GosFel, seek to stu(ty and apply all diligenee to the duly set bel￿ them. To keep the fund separate and distinct from all other Cuporati¢Jn fuTrJs. To seek furt￿ donations in order to build up the capital, and lo invest the same. To distn.butg the dividends in accordants with tho purposes of the fur¥J. Ministers, Aid Fund Thg Ministers, FuThJ was establis￿ in 1917 to prowde temF4xary or pemianent financial assistance to ministers connected wth the Strict and PartIc￿lar Baptist denomination and the income is available for distribution. Urthr the lems of the tnjst.. 'Ministers° are defined as paslrxs or ex pastors of such churthes or pwwn$ who have for a period of three years ￿ upwards regulady engaged in preaching the Gospel in churches of the denomination Nthether continuing to ￿ so or not. The Trustees (Grace Baptist Trust cOr￿￿tIOn) shall ar¥J wll stand possessed of the s￿￿ representing the F￿d, arKI any sums of money that may be added to it, to l￿ held upon the trusts dedared. I seaJritie¥ and irKome ￿lOng1Th￿ to the fLmd are to be kept ¥gparato from other securities and money. 50% of additions to th8 fund are to be to captsl. 50% disth"txJted as ir￿OMe. 27 GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 {Continued) 26. DETAILS OF FUNDS (Cqmtinu¢d) .4 EndovfflKnt Funds (Continu9dl Benevolent Fund The Benevolent Fund was established in 1 ￿23 for the temporary or pemianent b8nefil of needy Persons eonnecied with the Strict and Partithlar Baptist denomination ￿ether suth persons are pastors, ttinprant ministers, members or regular attendees at any churth in the demminalion or the thildren of any such persons. Under the tems of the trust.. The Trustees {Grace Bapb'sl Tlusl corKK￿tiOnI sh811 and will stand possessed of lh8 sum representing the Fund, and any fvrthw sums of money th81 may be added to it, to held upon the trusts dedared. All securities arKI income belonging to the fLnJ arg to bo kept separate from other sgthritigs and money. 50% of additions to the fund are to be added lo arKI Th distritxjted as income. Loan Fund The Loan FurKI was established by 8 Trusl Deed dated 16 April 1912. Under tem7s of the trust.. The Trustees {Grace Baptist TnJst CorFxyation) are to stand wsseswj of Ona Thousand Pounds representing the fu￿, and any fLthr sums of money that may at any time come into their hands as addibons to the fund. The funds are to be advan￿ by way of lo￿ to the Trustees or members of any Strict and Particular Bapb'st Chjrch in the United lfjryck)m for the purpose of acquiring or construcling land or buildings for use in connecticfi with Strict Partiojlar Baptist Chur¢hè$. Any sums not immediately requir&J are to be placed on dewsit or invested in suth investments as Tru51ees are authorised to invesl in by law. The income ari$iro from any such inve$lment is to be us&Y for th8 General Purwses of the Corporation. AII108ns to be Int￿est-free 8nd repad over a wiod of not more than ten years. 27. BOARD OF DIRECTORS No members of the Board received any remuneration or other benefils durtng the year12019.' £01. Six members claimed travelling ex[￿$￿$ totalling £509 (2019.. Seven members claimed £1,893). GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Continued) 28. EMPLOYEE INFORMATION 2020 2019 Total Payroll Costs comprised.. Wages arKI Salanes Employers, NIC Other Benefits Other Pension Costs 68,507 66,638 5,412 11,753 998 11,973 96 381 Key Management Personnel Other Staff 71.5CQ 70,388 23413 93 'Key Management Personnel. 15 a tem definiro those individuals who have aLrthority and responsibility for planning, direc*"TrJ and controlling activities of Corp(Kalion. This definition includes the Chief Executive and also the Directors although no member of the Board r*ived any remuneration during the year12019.. £01. No 8mployee received emoluments in excess of £60.(KO in either ye*. The average number of employees in the year Nyas 2 (2019.21 The Corprtion contributed to tsvo employee's Personal Pen&on Pl￿$ during the year12019.'21. There werg no outstanding CLMttribulions al the year 29. FINANCIAL COMMITMENTS 29.1 Nona¢ancellable Operatlng Leases The followng payments fall due under ncTrcancellable owating leases.. 2020 2019 Expiring vrithin 2- 5 years 29.2 Grant Funding In accordance with the Uth'mate Trust of th8 Trusl Deed govemiro ts pr￿eedS from the sale of Providence Baptist Chapel, Slaithwaile, the funds have been allocated for building work in Yorkshire - speafically for a new hall for Grace Baptist Churth, Halrfax. The fvjnds amounting to £135,440 at the y8ar-gnd are invested in a Charities ¢)ffiual Investment Fund Deposit Account 12019.. £135,151) Funds received in the sum of £116,127. with Ihe restriction that they be used for"building work", have been allocated to a o)nstrudion prq8Ct tenta￿velY beitvJ considerèl by Shepherd Drive Baptist Church in Ipswich. 29 GRACE BAPTIST TrUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Continued) 30. RELATED PARTY TRANSACTIONS 2020 2019 30.1 Donations Received from Related Parties Board of Direciors Key Managèment Personnel 715 20 735 70 710 GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Continued) 31. STATEMENT OF FINANCIAL ACTIVITES IPREVIOUS YEARI Funds General Funds Dèsignated Funds Fund Funds 2019 Not•s Incomè and Endowm•nts from: DJnations and Legaaes 9.614 95.8TT 172 140.027 Charitable ACtiv￿eS 16.888 277.659 3CQ.510 Investmènts 11,361 1tr2.373 121,6C6 Other 86.736 86.7&8 Total 172 Expndilurn on: Charilabltr ActNitie5 136.960 12.522 287.433 436,915 Total (Losses) l Galns on In*rf•stm•nls 24.916 19,133 408,54S Net Incom• l (Exwdltur•) (74.181) 494,674 180,711 19,305 620,509 Trnn8f•rs tset*￿ Funds 136.112 {130,IM) 16.112) Nèt Mov•mènt in Funds 61.931 364.674 174.599 19.305 620,509 R•con¢iliation of Funds: Total Funds bmught forward as at 1 January 2019 262,604 4,219.148 444.524 207.456 5,133.732 Ttstsl Funds carrièd forwanl as at 31 De¢embor 2019 324 535 5 754 241 31 GRACE BAPTIST TRUST CORPORATK)N NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 IContSnued) 32. INCOME AND ENDOWMENTS IPREVIOUS YEAR) Unrestrictod Designated Restrict•d Endowmert Total Funds Funds Funds Funds Furtds 2019 Donations and Legac￿$ Subscriptions and tX)nalions Legaaès 8.614 95.877 172 139,027 364 95 877 172 Charitable Activities Gift Aid Seh8me Professional Seivus 277.659 277,659 22 16 888 Inv•$tments Interest ReceNabl• Investment Income 2.495 6,858 Ot￿r InGoming R•sourwJ Tnjst Income Total Income and End(rffiènts 14 7￿ 468 144 172 33. EXPENDITURE (PREVIOUS YEAR) Unrestricted Designated Restricted Endowment Totsl Funds Funds Funds Funds Funds 2019 Charitabl¢ Actiylttes Advisory Services Benevolent PayThents Chapel Projects Educational Supp￿1 Gift Aid Scheme Ministry Support Professional ServKes 95.872 95,872 3,250 3.250 13.6 273.815 10.368 287,511 21,413 28.869 11,045 1.471 27.392 Total Exp•nditurn GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 {ContiNod) 34. MOVEMENT IN FUNDS {PREVIOUS YEAR) Balancè 1.1.19 Income Exwid1tu￿ Transfer5 In￿trn•nt 8alanc• Gainsl(Losses) 31.12.19 Unrnstri¢t•d Funds Gen&ral Fund 24 Dosionated Fund8 Support Fund Vision and Venture InrAdental Proj• 1.086.698 2.gS4.876 167574 4219 148 61.535 TT.107 7.857 1130.OJO) 75.508 274,538 1.085,884 3.311,856 186082 R•strict•d Funds Gift Aid Oonations Brockley Fund Bmoke Fund General Buildiftg Fund Halifax Building FurKI Halst&ad Fund Haslemere Fund otlgy Fund stoke Golding Fund B A Warburton Memorial Fund Ministers, Aid Fund B¢ngvolent Fund The PasioTS' Fund 8.871 277.659 273,815 (5.5561 7,159 34,858 2.478 29,2C 134,319 5,972 17.4L 115,942 135,151 7,936 {5&8) 57.145 1.177 57,145 191.11)) 772 189.923 781 179 750 51 230 58 270 619123 Endowment Funds B A Warburton Memorial Fund Ministers, Aid Fund 8en•vol•nt Fund The P45tors' Fund Loan Fund 6,233 12.145 1.755 162,323 6,887 13,588 1,939 179,347 172 1,271 17,024 2074 172 TOTAL FUNDS 648 879 408 545 5 754 241 GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Contlnued 35. ANALYSIS OF NET ASSETS BEtWEEN FUNDS (PREVIOUS YEAR) Tanglble Current Net Flxed Assèts Invoslmonts A860ts Liabiliti&s Assets Unrestrlcted Funds General FurKI 324 535 D•signated Funds Support Fund Vision and Venture Incidental Prqècts 795.470 2.W2.230 2￿).414 419,626 33 859 1,085,884 3,311,8 186082 Restricted Fund$ Grft Donations 8rodplanations V￿ require for our audit. 37 Matters on whlch we are requirod to report by exception We have nothing to report in respect of the following matters in rektion to whith the Charibes A£t 2011 requires us to report to you rf. in our opinKJn: the inf0m￿tIOn given in the tTUStees' ￿k￿)rt inconsistent in any material respectvth the financial statements,. or sufficient accounting records have not been kept.. or the financial statements are not in ￿Teement ￿th the acrJ)unting records and retums,. or we have not r￿Ned all the inftjnnthn and explanations we require for our audit. Rgsponsibilities of trustees As explained more ￿llY in the trustees. resF(Insibilities statement set cwjt on page 36 the trustees are resp)nsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as Ihe trustees determine is necessary to enable the preparation of rinancial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the trustee5 a￿ responsible for assessing Ihe charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of ac£ounting unless the tnJstees ￿ther interKI to liquidate the charity or to cease operations. or have no realistic altemative but to do so. Auditor's r•8ponslbllities for tho audtt of the financial statements We have been appointed under secb.on 144 of the Charities Act 2011 and ￿￿fjrt in accordance the Act and ￿levant regulations made or having effect the￿nder. Our objectwes are to obtain reasonable assurance about whether the finan¢ial siatements as a whole are free from material misststement, whetherdue tofraud or error, and to issue an auditorfs reportthat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audrt nducled in accordance with ISAS (UK) wtll a￿RyS detect a material rnisstatemenl when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic deasions of users taken on the basis of these financial ststements. A further description of our resFonsibilib'es for the audrt of the finanaal statements is located on the Financial Reporting Council's website at. h ..IhwM.frc.o .ukJaudiiorsres nsi ilities. This descript'on fO￿nS part of our audito¢s reporL Use of our report This report is made sdely to the charitys trustees, as 8 body. in accordance Part 4 of the Charities {Accounts and ReF)Orts) Regulatsons 2008. Our audit work has been undertaken so that we might stste to the chantls trustees those matters we are required to state lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the chaiivs trustees as a body. for our audrt work. for this or for the opinions we have d Accountants Statuto Bourne House Queen Street Gomshall Surrey GU5 9LY Date.. 11 i Brewers Chartered Accountants is e1￿ible to &t as an auditor in terms of seC￿n 1212 of the Companies Act 201 GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND STATEMENT OF TOTAL R￿uRN FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Net Gainsl(Lossesl Investrnents duriro the Ye 808,703 Gross Income 213.411 250,626 Exp9nsgS Net Income 212, 249.606 Total R8tum for the Y 755.7 1,058,309 Distri￿tionS (203.5Y)) 1229,3881 N8t IncreasellDeueas81 in Unil Hdders, Funds from Investment Activities 828 921 STATEMENT OF MOVEMENT IN UNIT HOLDERS, FUNDS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Net Assets as at 1 January 2020 8 e4)8.798 8,004,730 Movement due to Ihg Creation and Cancellation of Unrts Amounts Received on creats.on of Units 9,747 Amounts Paid on Cancellation of Units (51.CKBI 1224,8531 Net Increasel{Decreasel In Unil Holders, Funds from Investm8nl Activikn"es 552.2 828,921 Net Assets as al 31 December 2020 8 608 798 GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Portfollo of Investrngnts 9,054,579 8.562,197 Current Assets Debttsrs Cash al Bank aThJ in COIF ,251 216 56,467 47,399 207 47,6CE Current Liabiliti•¥ Creditor5 Net Current Assets 46,601 Net Assets 8 608 798 Unlt Holders, Funds The Finana81 Stalem8nts on pages 3￿ aFproved by the Trustees on 1 March 2021. PDRelf K C W Wiltshire GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POUCIES 1.1 Accounting Conventions These finanryal statements have been wepared Und￿ the histc*ic cost convention. as modffied by the revaluation of investments. and 8rg in accordance with the Charities {Accounts and Rewrts) RegLdation$ 2C#J8 and the Statement of Recommonded Practic8 for Financial Statements of Authorised Funds (20141 1.2 Divldends and Other Income Dividends on ordinary stocks are cre(fited to ina)me vthen receivable. Inloresl on Government Stoc*s, Convertible Loan Stocks. and Bank Deposrts is acLrued on a daily basis. 1.3 Dlstrlbution Poli¢y The Fund distribtrt8s. in full, the inL￿Me that is accumulated bettveen dIStritr￿10n dates. 1.4 Investment Valuation Investments are valued at the mickmarket Valuati￿ at th8 dose of business on the accounting date. 1.5 Taxation The Fund is exempt from UK Income and Capital Gains Tax due to its thari18ble Status. 1.6 Fund Management Expenses Fund Management Expenses are charged against the Ca￿1 Valu8 of the FLnd. NET GAINS ON INVESTMENTS The Net GainsllLosses1 on Investments durirrfJ the year (xjmprise.. 2020 2019 Proceeds from sale of investments sold duriro the ye Original cost of investments sold during the year GainsllL055esl realised on investments sold during the year Net Losses1{Gainsl tsreon alreaoy re0)gnis￿ in previ¢xJs years Net unrealised apweciation th8 y 3,345,125 1,180,771 198.030 161,767 99,498 493 190 592,688 160,663 865,195 56 492 Fund Management Expenses Nel GainsllLosses) on Investmonts 3. GROSS INCOME 2020 2019 UK Equities UK Fixed Interest Overseas Equities Overseas Fixed Interest Interest on Deposits 127,648 40,787 29,573 15.LEO 343 213411 134,595 66,993 30,833 16.893 250 626 41 GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (Contlnued) EXPENSES 2020 2019 Audit Fee Bank Charges 960 60 19 DISTRIBUTIONS Dislribjlions lak8 account of income received on the (yeation of units and inLX)me deduct8d on the cancellation of units. Ponce per Unlt 2020 2019 20 May 2020 20 November 2020 1.72c(1584 2.264￿4 87,850 71.C(E DEBTORS 2020 2019 Amounts due from Fund Managers Accrued Income .250 47,346 53 CASH AT BANK AND IN COIF 2020 2019 Cash at Bank Ilncom8 Funds) 216 207 CREDITORS 2020 2019 Accruals 42 GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Icontinuod INCOME RESERVE The income reserve represats ts i￿￿￿e ￿e1¥￿ by tt)e Fund Sin￿ the last distritMJts"on date. 2020 2019 Income Reserve as at 1 January 21Y20 Transfer lollfroml Income Reserve Income Reserve as at 31 De￿rnber 2020 46,601 26,382 10. TRUSTEES The Tru51ees received no remuneration or expenses. SUMMARY OF SIGNIFICANT CHANGES IN THE PORTFOUO FOR THE YEAR ENDED 31 DECEMBER 2020 PURCHASES COST 7,500 177,887 37,900 69,000 4,144 190,000 6,500 20,000 10,000 330,CXJO 130,CXJO Royal Dutth Shell AXA Investment Management Legal & Gewal Gr(yJp Pimeo Global Advisors Aveva FIL Investmwl Semces Unite BlaCkrc￿k W￿d Miniro Trust Princess Private Equity Holdings. Royal London Asset Managerrwl Ethical 8orKI Assura 76,276 154,0￿j 75,256 733,070 118,382 194,940 60,894 79,CM)1 82,784 396,181 101 313 2 072 187 SALES PROCEEDS 130.000 135,000 170,000 428,486 45,400 33,500 4,500 198,534 12,500 Treasury 4.75% St(Kk 2020 Treasury 3.75% Stock 2020 Treasury 4% Gilt 2022 Royal London Utm UK Gov Bond Pimco Global Advisors l$hares li Core UK Gills Uats E Int8miediate Capital Gro FIL Inv8Stment servI￿s RSA M & G Se(xJrities Ltd C(v￿￿ate BorKI 130,C(() 137,380 182,559 449,651 612,362 488,553 78,309 2C6,873 81,589 2050 43 GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND PORTFOLIO STATEMENT AS AT 31 DECEMBER 2020 Markot Valua as at 31.12.20 % of total Portfollo UNITED KINGDOM CASH BALANCES Quilter Cheviot Investm8nt Managers COIF Charities DepO￿t Furld 158,477 214,0 UK FIXED INTEREST 223,500 Allianz Global Investc￿S GMBH Gilt Y]ekl 36,500 Ishares li Core UK Gilts Uats Etr 5,CrfXI Ishares li IIL Gills Uats Etf 190,000 FIL Investment se￿ices Money Buitder InD)me 350,000 M & G Securities Optimal Income 290,000 Royal London Asset Management Ethical Bond 476,010 539,105 101,775 201,4 3E6.310 2,040,720 23 UK EQUITIES 33,300 BP 17,620 Royal Dutth Sheti 2,160 Rio Tinto 2,100 Unilev 7,300 Glaxosmithkline 50,OJO Barclays 14,400 HSBC 12,250 Prudential 3.500 BHP Group 22,500 Smith {DSI 4,500 Compas5 Group 2,500 Astrazeneca 1,700 Experian 3,6CQ Persimmon 8￿ Reckitt Benthser Group 140,000 Lloyds 6C￿ Just E8t Takeaway 3.COJ CRH 2,250 Halma 4,OCIJ Relx 3,644 Aveva Group 37.OCI) Tesco 5,5CX) Intemiediale Capital Group 1,0￿ London Stod( Exchange 5,110 Smiths Group 56,OCKI Legal & General Grcyjp 11,OC(I B & M European Value Retail 9,OCM) 31 Group 60,8(Kl Taylor Wimpey 4,880 Groggs 1,200 Ocado 17.160 Ascential 60,000 M & G 6,500 Unite Group 1,800 Ashtead GroLP 221, 118,152 92,232 97. 73,340 54.554 165.008 67,375 84.285 61,335 183,100 47,209 99,612 52,3 51,016 49, 91,740 55.103 71,7CQ 116,681 85,618 94,930 76,880 149,072 ,782 104,220 100,8C6 87,352 27.444 65,894 118,770 67,925 61 884 3126715 5,381,471 59 GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND PORTFOLIO STATEMENT AS AT 31 DECEMBER 2020 (Conlinuodl Market Value as at 31.12.20 % of total Portfolio EUROPE EQUITIES 55,OC4J Blackrock Continental European Income 25,OCQ Fidelity EuroFean Tru* 11,[￿ Premier Portfolio Managers Miton ELn)pwt .828 71,500 2￿.￿3 USA EQUITIES 6,400 KBI Funds ICAV North America Equty A I 60,(DJ BlathocJ( N￿h American Equity 4,250 Sands Capital Funds US Select Grovrth 408 Granahan Funds US Smid 312,500 BNY mell￿ FLmd Manager5 US Equity 103.949 151.440 188,020 45,807 334 750 823,ge6 FAR EAST EQUITIES 25,0(XJ Henrw Fund Managers 3,8CQ Matthews Asia Funds 70,OC(> Baillie Grfford & Co 55,168 54,758 216,046 GLOBAL EQUITIES 6.5CK) Legal & General UCITS ETF 20,OCQ Blad(rock Wortd Mining Trust 1,8￿ Wells Fargo Asset Management Emerging Marf(ets 6,5CKI Smithson Investment Trusl 115,034 104.41XJ 168.354 498,938 FIXED INTEREST 60,C¥)O Pimco Global Advisors Investmeth Grad8 Crayit ESG 656,4C(J 4C(J NN Investment Partners Global Converb"ble 47, 228,000 AKA Investmerrt Managers Short Duration High Yield 209 920 914,284 10 ALTERNATIVE INVESTMENTS 35.ow Intemational Public Pather 61,781 Chrysalis Investments 315,OCQ Charities Propty Fund 10.1xKJ Princess Private Equity Holdings 130,000 Assura 26.4C(I BMO Fund Management Prcperty 59,570 116,148 383.702 105.070 99,840 254 741 1.019,071 11 PORTFOUO OF INVESTMENTS 9.054,579 NET CURRENT ASSETS 55,4e8 NET ASSETS GRACE BAPTIST TRUST CORPORATION ANNUAL ACCOUNTS 2020 INDEX Pa eNo. Annual Report and Accounts 35-45 Common Inves¢mgnt Fund 47-49 Trust Funds 61-54 miscellan￿ Infornmtion TRUST FUNDS 47 Receipts aThY Payments A¢wunt 48-49 Details of Trust Funds GRACE BAPTIST TRUST CORPORATION TRUST FUND RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Receipts Various Trusts 141,516 116.422 Payrnents Various Trust$ 213,870 137,684 Surplusl{Deficit) of Receipts over Payrnnts 172,3541 {21,2621 Balances brought foNard as at 1 January 2020 695,847 717.109 Balancos caffied forward as at 31 December 2020 623 493 The Corporation acts as a Trustee ts the charitable Irusls that are lislgj on pages 48 and 49 and the Receipts and Payments Account above 1$ a consolidated ￿mMary of the accounts of these trusts. The acCo￿lS indude tx)th Capital and Revenue amounts. Separate account5 are maintained for each of the trusts and returns are made lo Ihe Charity Commission ￿ere appropriate. The Receipts and Payments A¢count and the investments held on behalf of thg Trusls {see below) are kept separate from those of the Corporation and are not indLKled in accounls set OLrt on pages 12 10 34. Investments held on behalf of various trusts Interest in Grace Baptist T￿￿1 Corporation CLKnmon Investment FuThJ £4,438,251 Further infomiation at￿ut churthes that we have been 8ble to assist wth SUP[￿ from the Trust FurK15 we administer is given on our V￿sIte and paw copies afe available, recwest. 47 GRACE BAPTIST TRUST CORPORATION TRUST FUNDS The followlng Chapel Trusts are administérgd by Order of the Ch￿ty Commission or by the temis of Trust Deeds. Churches walffied to ben&fit urKler the I￿S of the Trusts shoukl Communicate wth I Chief Executive. Dividends re tt)e." - ALTON TRUST to Strict atyj parti￿5¥ Baptist Chapels in Hampshire, and ajjoining cLx4nties of West and East Sussex, Surrey and Willshire. AMERSHAM TRUST lo Strict Baptist Chapels in Bucki￿arnshiro. BLACKBURN TRUST to Strict and P￿I￿lar Baptist Chapels in Lan¢ashire. COBHAM TRUST to Strict Parbcular Baptist Chyls wthin a radius of 12 miles of Cotham. CROYDON TRUST towards upkeep. extensi¢)n or improvement of the buildings of Strict arKI Particular Baptist Churches. EDENBRIDGE TRUST lo Strict 8nd Particular Baptist Chapels in Kent, Surrey, East and West Sussex. EPPING TRUST to Strica and Particular Baptist Chapds in Essex wthin a radius of 25 miles of Epping. FENLAND CHURCHES TRUST to Strict Partiojlar Baptist Chapds in Cambridgoshire. Norfolk and Lincolnshire. FLECKNEY TRUST to Sirid 8nd P*i(xJlar B8Ptist Chards with a prefemee for those in Leicestershire. GLOUCESTERSHIRE COMBINED CHARITIES to Strid arml pa￿0J1ar Baptist Chapols in the County of Gloucfrslershire and adjoining counts'es. HORLEY (LEE STREET) TRUST to Stri¢X aTrJ Particjjlar Baptsst Chapels in SLwrey, Hampshire, West and East Sussex. HORNSEY RISE TRUST lo Stri(1 Baptist Chwls in Mithjlesex and Lontkn. IVINGHOE TRUST to Particular Baptist cha￿1$ in ts Countw of Bedfordshire, Buo*iThJhamshire, H8rttordshire and Northamptonshire. LEE CLUMP TRUST to Strict Baptist ChaFels wthin 10 miles of th¢ fomier Provid¢rth Baptist Chapel al Lee Clump. MAIDSTONE (KING STREET) TRUST to Strict Bapts"st Chapels in th8 County of Kent. MAIDSTONE IMOTE ROAD) TRLIST lo Strid Baptist Chapels within 3) miles cl Maidstone. MARDEN TRUST to Strict and P*toJlar Bapts'st Ch*s in Kert RUSHDEN TRUST to Stnct 8aptsst cf*s wthin miles ￿ Rushden. SLEAFORD TRUST lo Strict and Particular Baptist Chap8ls in Lin￿1n$hir6. and adjoining Counties of Cambridgeshire, LeI￿Stershire and Nottin￿amshlre. SOUTH8OROUGH TRUST to Strict Baptist ChaFds in Kent. TONBRIDGE TRUST to Stnct and PartioJl* Baptist Chapels in Kent GRACE BAPTIST TRUST CORPORATION TRUST FUNDS Icontinued) WADDESDON HILL TRUST to Strict aThJ Particul* Bapb'st Chws in the ￿)UntieS of Buckinghamshir&, Bedfordshire and Hertfordshire. WARBLETON TRUST to Particul* Baptist cha￿lS with a wefere￿e for I￿se in East Sussox. WARRINGTON TRUST to Strict atNI Partiwlar Baptist Chapels in the CCAJnties of Cheshire, Merseyside, Greater Manchester. Lancashir9, Cumbria and West Yorkshire. WILTSHIRE TRUST to any Strirl and Parknojlar B8pkn'st ChaFel in the Ccxjnty of Willshire. WISBECH MANSE TRUST for the benefit of t*apels of the Strid Baptist denomination. WRIGHT MEMORIAL to PartJ"uJ18r Baptist in Lancashire and West Yorkshire. Trust Funys relating lo the follthMrg I￿aCeS or pwscffis are administered a5 direct&Y by the Charity Commi53ion. or by the terms of trust deeds or wills-. Balham, Bfentford, Broadslairs, Brockham, Brockley, Chaplin Legacy, Devizes. GrundistrMJrgh Manse, Haworth - Hartley Trust. Haworth Mansg Ipswich Manse, Laxfield, Marden, Margale. Meopham Manse. Norris Legacy, Otley, Portsmouth M8n5e, Preston Settlement. Ramsey, Si. Albans. Stoke Golding, Thmhill Manse, Two Waters. Wattisham, Welherden Manse, Wimbledffl. GRACE BAPTIST TRUST CORPORATION ANNUAL ACCOUNTS 2020 INDEX eNo. Annual Report and Accounts 35-45 Common Invostsnent FurKI 47-49 Trust Funds 51-54 Miscellaneou5 Inf0M￿tIOn MISCELLANEOUS INFORMATION 51 Basis of Faith 52 Rules Ways we Help you Ways you can Help us GRACE BAPTIST TRUST CORPORATION BASIS OF FArrH The verbal Inspirats"c￿ of the Holy kn"ptwes cl the Old and New Testaments and th* they are the sole, supreme. and all-suffiaenl auth￿lty in every matter of christs'￿ faith and pr8Ctic8. One living and only true G¢Jl, subsisting in the Trinity of Three ¢o-equal and eo-8temal Persons - the Father, the Son, the Holy Spirit., all irfinite without ￿ginnIng,. the Father neither ￿gotten nor prct*ling.' the Son etemally begotten crf the Father, the Holy Spirit ètemally woceeding from the Father and the Son. The Deity, elemal Sonship, aThJ SPK¢tless hunanity of the Lord Jesus C￿$st., His virgin birth. Cwcrflx￿n. death, a￿1 burial. His physieal rewfrection, and ascension irrto heaven. The parsonal, at¢mal. Unc0Thd￿.onal election of Ihe Church in Christ unlo evertasling salvats"on. The Fall of mankind in Adam their federal hea(J ￿0$e transgression is imputed to them, and from whom they derive a corrupt nalwe. Ihereby rendering them both unable and unwilling to meet Ihg claims of Gorts righteous and holy law. That thwgh all men are rendèred writually impotent by the Fal, they are non8 the less accountable to God ftr their sins, and they shall answer for the same in the day of judgement except they be granted r&p9ntar￿ urrto etemal lrfe. The 5peaal, p2rtiix4lar, and elemal rédemption from all sin, and the penal consequence thereof, of all GcKI'5 elec( throwh Ihe substs"tutionary sarJific8 of the Lord Jesus Ctrm'st. The elemal and everlasting justificat￿ tFYwgh faith of the elect and redeemed Church, by the blood aThJ imputed righteousness of Christ, I￿ess￿tiVe of any moral ￿ spiritual works done by them either before or after regew*ion. The effecaual calling of all ￿ redeerned by the in￿ncible power and grace of Holy Spirit, according to the counsel of Gfyls wll, involving Ihwr regeneration and sanctifiralion by the direct agency of thè Holy Spirit, whith the saints griyw in grace perfec*ing holiness in the fear of the Lord_ 10. The gra￿ of faith whereby the ele(* are en*led to b81ieve to the saving of their souls is the gtft of God, and the work of the Holy Spirit in their hearts, INho convinc8s them of sin, works in them repentance unto lrfe, and enables them to lo)k to. receive. aThJ rest upon the Lord Jesus Christ alone for salvation. The final perseveran￿ in the vrays of God of all thosa have been chosen by the Father. redeemed by the Son, and regenerated by the Holy Spirit, so thal they shall never porish, but have etemal lrfe. 12. The second coming of the Lord Jesus CPYist, the resurrection of IF￿ dead, both of the just the unjust, when the widted wll go away into evertasliro wnishment and the righteous into lffe elemal. 13. The duty and wvilege of all true bdievers to profess their repentance towards God and faith in the Lord Jesus Christ, by beiro baplized, that is, immgrsed in water, in the name of the Father, and of the Son, and of the Holy Spirit, Pric￿ lo beeoming members of a Christian Church or partaking of the L(￿d'S Supper. 14. The preaching of the GosFd to every cfeature as a divine ￿rnrnand and solemn duty. The nec8ssty of a believerfs life beirvJ ¢c￿sistenI with the ￿Ofession he makes. The cor¥Jreg8tiMal ord8r of the Churches. 15. 16. 51 GRACE BAPTIST TRUST CORPORATION RULES {EXTRACTED FROM THE ARTICLES OF ASSOCIATION) Every member of Corporation shall te a member of one of the foFlowng d8ss85. namgly.. - lal Ordinary Members. That is lo say, members of a PartI￿lar Bapti51 Church praclisiro Strict communion, who subscritr* to the said Doctrinal Basis and who pay to Ihe Corporation an annual subscription lo be fixed from lime to time by the CourK41. {bl Delegala Memters. That is to sty, members being delegales nominalgj by a Partic4Jlar Baptist ChLrch Pfactising Strict communion which adheres to the said Doctrinal Basis and m8k&s an annual donation to the Cowalion of r#)1 less five pounds or of such other amounts as shall te fixed from time lo time by the Counctl. PROVIDED THAT Churches ￿)nsIStIng of less than len members shall be entsll8d lo nominate one Delegate Member and that Churches consisting of len or more memb8rs shall be enlilled to nominate ￿ Delegate Members, that Churches consisting of twenty or mole members shall be entslled to rmjminale three Der￿jate Members and that Churches c¥)nsisting of fty or more members shall be entiued to nominate four Delegates. The nomination of a person as a Delegate Member shall be in writing, signed by the Secretary of the Church, and the same shall be delivered to the sec¥e1￿ of the CoryxK*'on, and upon suc*) nomination and notification in ￿lting of hislher consent to act as such Delegate Member the person nominated shall, subject lo the approval of the Counal, be duly entered in the Register of Members. Each Delegate Member shall subscribe lo the said Dcthnal Basis and shall I 8nlilled to one vote only, nolw"Ihstanding that h8lshe may also be an Ordinary Member of the Corporation. Icl Assoaate Members. That is to say, Ntho satisfy the C￿n￿l that they are in sympathy with the said Doctrinal Basis and wth the cbiects of the Corporation. Each Assoaate Member shall pay the corporats.on an annual subscription of an amount to be fixed from lime lo lime by the Council. Associate membership dr*s not cary the right to vote. The Corporation shall hold a General Meeting in every calendar year as rts Annual General Meeting at such tbme and place as may be dgtemiined by the CcAJnc41. The affairs of the Corpor8tion shall b8 managed by a C0￿clI of ManagemenL The members of the Counal shall be elect&J at eath Annu81 Ge￿ra1 Meeliro from among th8 Ordinary Mombers and the Delegate Members of the CcwK*ion, and every Church entitlgd to nominate a Delegate Member shall be ents.tled to rK)minate in wnling a male rn8m￿r to be induded in the list of persons to be submitted to the meeting for electi￿. mmediately upon election. the c￿n¢11 shall proceed to eleca from amongst th8ir number Chaimian, a Deputy Chaiman. and a Treasurer. At the Annual Ger￿ra1 Meeting in ew Y￿ th& CourKil shall lay before the corporab.on a propgr income and expenditure account for the ￿c￿j 5irTh the last pr￿dIng account lor in the case of the first account since the incorporation of the Corwab"on) made up to a dale not more than four months before such meeting, together with a proper balanc* sheet made up as at the same date. GRACE BAPTIST TRUST CORPORATION WAYS WE CAN HELP YOU We exist lo serve the churches and we are able to do Ihis in a numtrw of ways, as outlined below. If you feel that we can help in any of the ways listed please ¢￿ntact the Chief Executive. Grants and Loans When redutvjant chapels are sold the money is invested and the investment in¢)Jme is available to make grants to other thurches whose ministries are expanding and who need lo redevelop their buildings. In some cases. the capital Sum may be lent to churches, either as an interesl-free loan or as an intarest-bearing loan al a competitive rate of irrteresL Professional Advlce The office staff are available lo offer advits on many day40-day matters assoaaled with the administrative side of njnning a churth. In addition, the Board of Directo¥s comprise a group of men who are actively involved in the work and are able to give preliminary guidan￿ as to how a church should proceed in the light of a parb"cular djffiojlty that may arise. We have expgrtise in vatious professional fields including accountancy, 8￿￿11ecture. hoalth arKI safety issues, investsnènts, law, and surveying. Trusteeship The Corporalton has been recogni5gJ as a Baptist Trust CorFX)ration wthin the meaning of th& Baptist and Congregational Trusts Act, 1951 and may be appointed a trustee of any Parb"cular Baptist Church practising strict communion. Churches appoinliro the Cc￿)ra￿"0n as a trustee will not in future bg fa￿d with the necessity of findirvJ 8 lol of other trustees {somelimes as many as twelv8 or thirteen), even if the trust deed requires it. The CorFL)ratic￿ is willing lo act as trustee alongside Ioc21 people or as Sole Trustee. In this way ehurches will no long8r be fac£d wtth dtffiujlties arising from the fact that widely scattered trustees are rarely able lo meet.. nor will problems arise rf some of the Iruslees change their doctrinal position or refuse lo ￿ in a matter of importan￿. FurtherrrN)re, Ihg drfficullies Ihat can *ise when the last of th8 trustges has diwj or onnot be trac*d will nol oc(xJr. We have a prcgramme for assisting ¢hurches of ￿leh the Cwation is a trustee by commissioning a survey of their premises and working with them lo implement a structured programme of essential maintonance. In addition advice ￿ncerning church problems is often sought, but il sh￿Id be madg clear that the wllingness of the Corporation to give advice is by no means limited lo those churches of which il is a trustee. Any church may aFyoth the CorF¥xabon knowing that its appeal will receiv8 a sympathetic a)nsider8tion. Endowment Funds We administer a number of endowment fvnds such as our Loan FL￿d, Ministers, Aid Fund, Ben@volenl Fund, the Pastors, Fund. and the B A Warburton FuThJ (which under the terms of the trust is available lo assist men who, being rngmbefs of our churthes. are in training f￿ the Minislryl. We are always willing to accept trusteeship of olher similar furKIs. Tax4ffi¢ient Glvlng We are able to help churthes maximise Iheir resources 1fr￿U9h our Grft schema. ￿lch is particularfy helpful lo thurches that may r)ot have inthouse expertise or to individuals who wish lo give anonymously. In addition, one grft lo us can ￿ distn"buted lo various ¢auses on behalf of the donor. GRACE BAPTIST TRUST CORPORATION WAYS YOU CAN HELP US By giving We exist lo serve Ihe churthes and we make no charge for doing so (apart from specffic seNices 5uth as the Gift Aid schemel. However, serving others is a costly business., office rent has to paid., the audit fee hgs lo be paid", so do our stafp. T￿ ￿StS are m&t out of the ganerous giving of the Lord's people and from our investment income, {although that is In￿Me that would otherwise be given to churches). You Can help us by making personal donation5 to defray these expenses and by encouraJing your churth lo do so as w911. By becomlng a personal mgmber Annual subscripti￿S are.. Full Membership- £10.(Xi Fer amum. Assoth"ate Membership - £5.00 per 8nnum. Personal membership is a more committed way of supporbng us in our ministry, bul in addition il enables you lo attend our Annual General Meeting and have a say in the way the Corporation is run. The membership fonn makes it clear ￿at type of membership is applieable in your case. 8@ wamedl If ever the Corporation were lo dose down Trmlh debts, F*rsonal members would be required to contribute £5 towards repaying them. However, we trust that by actrng as good stewards of all that the Lord has entrusted lo us. it wll haFpen. By encouraglng your church to b•come a subscribing church Churches that make a gift lo the funds of the CiYpor8tion in the course of a year are entitled lo send Delegates lo our Annual General Meeb"ng. In this way the djurches can become closely involved in the ongoing ministy of the Corwation. By remembering us In your wlll. The help of fn'ends who have rem9mtrered the in t￿r wlls has been a souTh of gre* encouragement over the years. A "Fcym of Bequesv is given I￿Ow, whid) may be used in this conne¢lion. .1 give and Wueath lo the Treasurer for the lime beiro of the GRACE BAPTIST TRUST CORPORATION the sum of £ free of duties to ￿ applied lo the general purtJ)ses of the said Corpcration, and I direc* that the receipt of the said Treasurer shall be taken and deemed a sufficient discharge for the same." By telllng others about our work and encouraging them to support us. You may have friends who are not familiar wtlh the ministry of the Grace Baplisl Tru51 Ciyporation. Tell them ab)ut the many Servi￿ we offer all the help and &vice we can give. By telling us about the needs of churches and individuals. We administer a number of funds that *e lo ￿ used for the benefit of others when they are in need. Sometimes we know about the need. sometimes we do not. If you know of a church or churth member who our fElp, and ycu fe81 it is appropriat8 lo let us know. we would love to hear from you. GRACE BAPTIST TRUST (ORPORATION Oughout Grace Baptist Trust Corporation 19 Croydon Road, Caterham, Surrey CR3 6PA Tel: 01883 345488 Fax: 01883 345129 info@gbtc.org.uk www.gbtc.org.uk Company ￿Mited by Guatsntee. Registered Number $92488 Registered Charity. Registration Number 251675