GRACE BAPTIST TRUST CORPORATION / Ill, ANNUAL AccouNTS 2022
GRACE BAPTIST TRUST CORPORATION ANNUAL ACCOUNTS 2022 INDEX Pa gNo. 1-34 Annual Rèport and A¢¢ounts 35-45 Common Investment Fund 47-49 Tnt Funds 51-54 Miscellaneous Infom)ation ANNUAL REPORT AND ACCOUNTS Chairman's Introduction Report of the Director5 10-11 Report of the ALFditors 12 Stslement of Financial Aclivib'es 13 Income and Expenditure Account 14 Balance Sheet 15 Cash Flow Ststement 16-34 Notes to the Accounts
GRACE BAPTIST TRUST CORPORATION A COMPANY LIMITED BY GUARANTEE REGISTRATION NUMBER 592488 A REGISTERED CHARITY REGISTRATION NUMBER 251675 ANNUAL REPORT CHAIRMAN'S INTrODUCTION 11 is my pyivilege to introJJce this yearfs amual rep of the Grats BaFlisl Tnjst Corwration. We acknowledge (kjds farthfulne5s and Ink him for his ui)odness throwJh amlher year as we have ende8voured lo suppc¥land encourage thework of the churches. Although the presen of Covid is still a reality confronting us all, l am pleased to Portthal the office staff and Council of Managemerrt have been able lo ratum lo our nomial working arrangements. I would like lo thank the office staff for all that they have done, as well as each of my colleagues on the Cwnal who give their lime, not only in attending committe8 meetings, bul also in gNing th8ir Fxorv6Sal advi 50willingty. For us. it 1$ truly a privilege serve our Lord in guiding. 8dvisiTrJ, helping, sworting and enuraging churthes and God's people as they in tum endeavour lo serve Him kallY in fijrthemg the cause of ChnsL The last year has been an encouraging cme for us. Fw a number of years we have been working in partnership with Grac8 Churth Guildford the AS¥allon of Gr8¢% Baptist Churches (South East) to replant churches in Haslemere and Brighton. respectively. l am now plaasod to bo gblo to r•port that independent local churches were esllished in IJ)Ih Ioc211Jns during 2022. Furthermore, wewere able to use the funds arising from the sale of former chapel in Brighton lo provide living accommodation for the church workers serving in Brighton. Fwther irrfomation is gNen in OLf Directors, ReP(t Accounts. We give God all the gloryftx whal he has donethus far. and we ¢ommeTrJ causes lo your prayerful inte51. We have one new thurth planting wtiierl lo bring lo your attentwm. EIer in the year, the cOngregat¥n meeting in Bethel Chapel in Wmbledon moved lo aliemative accommodation and relumed the chapgl keys to us. We are now W(Ing in fellowship with the Gra Baptist Partnership to plant a new Grar Baptist Churth in Wmbledon. We are grateful lo Mr Barry King for his efforts thus far, particuLqrly for his assistance with ts hanor. and we ccYnmeThJ this endeavour lo your prayerful gjpwt. Regrettably, it 1$ not all gocmj news. Sometimes it not ahvays pr&tical to ccnsider replanting a church once the orKJinal thurch has closed. There are a number of considerations lo be borne in mind suth as the reasons why the orKJinal ehurth dosed, the condition of the premises. the stze and demographics of the population, and the potential fc a rEw work lo beccme established. We regret that, during the year, Was neossary for one ofthe thap*ls under ow tNsleeship lo be sold and the proceeds were credited lo our Support Fund as authorised by the thaFel's trust deed. Further infomiation about the Support Fund and our other Designated Fthds is given notes to the acminls. One ofthe challenges weface is the need forfinarrial contributiws toour General Fund. Thework ofthg Corporation is at a level not rK)lid by most thurch memtws and rt is drfFicultforchurthes to identrfy with our ministry. The financial supwt of the churches who do give to cxjr General Fund is therefore particularly appreaated. Churches are cc¥ming irbyeasiTrJ demwvjs by the auth1119$ aThJ we believe that the Corpor81ion meals a very real need through its varied ministries. twjlh wactical and fanCial. I would ask you to considerwhetheryou ccyjld be part of ourgiviro membership, and do p58ase conlir¥Je to pray that we will be gNen much WisdC and gUan as we seek 10 maintain the variou5 ministries of the CorpOratn during the coming year. Kevin wshir8
GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022 The members of the Board of DectOrS sutrmit their annual port and accounts the year end9d 31 December 2022 to be preserned to the members at the forthcoming Annual General Meeting. The accounts set out on pages 12 to 34 have been prepared in aCcOrdar with the historic cost convention as modrfied by the revaluati of investments. and are in 8rdance with the requirements of the CorFMJration's Articles of AsscKiation {dated 24th April 20101, the Companies Act 20, the Charfties Act 2011, the Slatemenl of Recommended Practice 'Accounting and Reporting by Charities" (20191, and the Financial Reporti Starard 'FRS 10T. The accounts have been prepared on a going concern basis as there is sufficient demand for the services provided by the Corporation and sirfficient resources lo provide those services. The Directors nSider that there are no material uncertainlS in this regard. The acccxjnls are subject lo audrt. The accounts of the Gra Baptist Trust Corporation Common Investment FuThJ are set out on pages 35 10 45 and are subject lo audrt. The accounts on pages 12 to 34 do r)t Indje the trust funds of which the CorFxJration is a Trus188. CONSTITUTION Tha Grace Baptist Trust CorporatKsn is registered in England as a CThnp8ny limrted by guarantee and not having a share capital (Registration Number 5924881. The CoTporalion is also registered as a Charity IRegislratK)n NLTrmber 251675). aTrJ is recognised as a TnJst CO(xatIon under section 3{il of the Law of Property {Amendmenl) Act 1926. Th8 CorpatiOn is govemed by its Articles of ASsocialn. BOARD OF DIRECTORS The requirements of the ccw8tic.s Artths of As$Wat are that Board of Directors must consist of three Offiws - Chaimian, Deputy Chaim)an, and Treasurer. and up lo 20 other Directors. The Officers are appointed by the Board of Directors at ts first Board M89ling following the Annual General Meeting. The Directors are elected at each Annual Gereral Meetir¥J frLin amorKJ the Ordinary Members and the Delegate Members of the Corporatic. Members of churth8s that adhere to the Corporation's doctrinal basis may apply lo become Ordinary Members on payThent of the annual subscription Every ehurch that adheres to the CorporatKn's ¢)ctrinal basis arKJ makes an annual donation is enlitled to nominalg Delegate Members and is entrtled lo nc¥ninate a male mgmber to be inded in th8 list of persons lo be submitted lo the meeting electK)n as a Director. As a rntser of the Ccw)ralion, eth Dire(#or is liable lo contribute £5 to tre assets of the CorFWtion in the event of rts being wound up. The Board of Directors cffl 6 20231tr date on Annual Report aTrJ Accounts were 8pprovedl cCprISed the ft)Ik)wing". Mr J N Broome Bsc {Hons) MRICS MrA R Copeman FRICS Mr M T Gray MA (Honsl CeFA MrA B Keen LL8 Mr D M Noller IEng AMIStructE Mr R E Powell ACII (Deputy chainm) PÉslor P D Rew FCA (Treaswerl Mr K C W Wttshire ACSI FPCS MloD Cert PFS PFA {Chairman) Unless otherwise st*. eath Direcaor serv8d in Ihat Capacity thrwhout the year ended 31 Decemb8r 2QY22. The Corporation has a Trust8es' Indemnty Polw in the sum of £3,(.((0 whth a premium of £1,400 was paid.
GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022 ORGANISATION As a Company, limited by guarant, the corporakn.on is managed by the Board of Directors. As the Corporation is also a Registered Charity. the Directors manage its affairs as Charity Trustees. The Directors are also referred to as the Council of ManagemenL The Council of Management meets four times a year and has overall responsibility for the govemance of the Corporation. 11 is particularly responsible for dealing with matters involving policy. Routine matters that require Board approval may be dealt with by the Executive Committee which normally consist5 of the Chairman, Deputy Chaiman. Treasurer and tsvo other Directors. The Exeeub"ve Committee may also deal with matters remiited lo it by the Council of Management. In addition, the ExecLJtive Committee may consider matters of policy, bul only in the context of making recommendat'ons to the Council of Management. The Executive Committee meets up to five limes a year. The Officers (Chairman. Deputy Chainnan, and Treasurer) consider matters that are particularty confidential pnor to their being reported lo the Council of Management and they are able to advise the Chief Execub've in situations where there is some uncertainty as to the correct application of matters of policy. In addition. certain matters are remitted lo the Officers for consideration where il Is thought that they should be discussed by a committee that is smaller than the Executive Committee. The Chief Executive attends all Officeis. meetings. The OffirS meet as necessary. The Chief Executive, (Mr Eric Cousins FCCA), is responsible for implementing the policies and resolution5 of the Directors and for attending to all routine matters that do not involve the Council of Management las a body of Trustees or Board of Direclorsl. He has seTved in th81 capacity sin 1S1 January 2000 and continued lo setve at the date this report was approved by the Council of Management. TRUSTEES. INDUCTION AND TrAINING As indicated above, the Trustees are elected at each Annual General Meeting from among the Ordinary Members and the Delegate Members of the Corporation. Members of churches that adhere lo the Corporation's doctrinal basis may apply to become Ordinary Members on payment of the annual subscription. Every church that adheres to the Corporation's doctrinal basis and makes an annual donation to the Corporation is entitled to nominate Delegate Members and is entitled to nominate male member to be included in the list of persons to be submitted to the meeting for election as Trustee. As it is important that onty persons having the desired professional expertise or comprehensive knowledge of the churches are nominated, the Board of Trustees works in partnership with the individual churches regarding nominations. Once new Trustees are appointed. they are taken through a process of induction by the Chief Executive wmo ensures that they understand the legal duties and responsibilities imposed on them as Trustees, using the Charity Commission publication -CC3 - The Essential Trustee" as a guide. In addib'on, they are provided with copies of the Corporation's Articles of Association - the key provisions of which are explained to them, together with copies of the Corporation's various policies and copies of the most recent Statutory Accounts and Annual Report. They are also provided with 8 set of the minutes of the most recent Trustees, Meeting (which include a reference to all outstanding issues) and the Chief Executive ensu$ that they are fully brieted on all ongoing matters. The Trustees require the Chief Executive to keep them abreast of all developmer¢ls that have a bearing on their role as Trustees by providing them with relevant information such as articles from charity magazines and briefing notes supplied by televant bodies such as the Charity Commission. The Corporation subscribes lo"Governance' magazine. and copies are made available lo the Officers. Furthermore, as they exercise their sponSibl11t1eS on the Board, the Trustees draw upon their extensive professional knowledge and experience - which is enhanced by their attendanee at relevant training courses that fom part of their continuing professional development.
GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OF DIRECTORS, RESPONSIBILMES The Directors are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and United Kingdom Generalty Accepted knounting Practice (UK GAAPI Company law requires the Directors to prepare accounts for each ffnancial year which give a true and fair view of the stale of affairs of the Corporation and of the surplus or deficit of the Corporation for that period. In preparing those accounts the Directors are required to.. Sele¢l suitable accountin9 policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent. Slate whether applicable accounting standards have been followed. subject lo any m8terial departures disclosed and explained in the accounts. Prepare the accounts on a going-concem basis unless il is inapproprrate lo presume that the Corporation will continue in opeTation. The Directors are responsible for keeping proper accounting records which disclose with reasonable accuraey al any time the financial position of the Corporation and which enable thern to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Corporation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each Director is aware, there is no relevant audit information Ineeded by the Corporation's auditors in connection with preparing their reF)Ortl of which the auditor is unaware. Each Director has taken all the steps that he ought lo have taken as a Director in order lo make himself aware ol any relevant audit information, and to establish that the Corporation's auditors are aware of that infom)ation. OBJECTIVE The chief objective underlying all the activities of the Corporation is the advancement of the Christian religion, particularly by means of and in accordance with the principles of Particular Baptist Churches praclising Strict Communion. AIMS The Corporation aims lo accomplish this objective by providing church officers with the resources they need so that they are able lo attend to the adrninistralive, financk81, legal, and practical aspects of church life, in general, and to comply with their statutory obligations. in particular. The Directors believe that these services are of considerable assistance lo church officers and that this, in lum. furthers the Corporation's legal objective as churches are able to concentrate on their main task of advancing the Christian religion. Whilst other similar charitable organisations exist within the Gra Baptist family of churches, the Board of Directors consider that the Corporation is in a unique position lo offer the level of professional support that we are able to, owing lo the high level of professional eXrtISe represented on the Board. STRATEGY The nature of the Corporation's ministy is such that its objectives and the strategies it employs to achieve those objectives do not change significantly from year to year. Since the Corporation is 8 Trust Corporation.. one of its fundamental mini51ries is lo act as a Tnjstee of church propety and various Trust Funds established under Charity Commission schemes, trust deeds, wills and other inslrumenls. The Directors, aspiration is lo provide the churches and their members with the servIs, advice and general 8ssislance that they require and to fulfil all of the Corporation'5 responsibilities as Trustees of various chapels and Trust Funds as comprehensively and efficiently as possible. The strategy adopted to achieve this has been the dissemination of information through a website and IhroLJgh the production of fact sheets, and other means as appropriate, to respond lo the various needs of the churches as they have arisen and to provide routine services as a matter of course. The Directors have endeavoured to infomi all potential beneficiaries of the services av8i18ble lo them through the website and other literature, articles. and advertising, as appropriate.
GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022 ACTIVITIES AND ACHIEVEMENTS The nature of the ministry of the Gra¢e Baptist Trust Cwalion makes it drfficult lo quantrfy the success that has been 2¢hieved during the year arml to compare that against th8 objective sel - especially since eath church served by ts Corporation is Icr21ty independent and not under the legal or spiritual juriscjiction of the Dire(A. The objective set is to provide thurch officers with all the assistance they need lo run ther churches effectively and the Directors cOnser that this has teen done. Specrfically, the Cwation has b88n able to support tha work of thurch8s and thèir mombers in the following ways.. Advisory Services.. The Corporation's advis(ry services comprtse th8 largest single aspect of tho ministry of the Corporation in temis of hours worked and lake the fr)rm of a help desk where staff are able lo provide answers to specrfic queries churches may have. A considerable number of telephone calls. emails. or queries submittgj through the website wer& aJdressed during the year. As such queries relate lo church's specrfic situation ri is inapEYoprtale lo provide further details. In addition fact sheets are published to alert church officers lo the requirements of ¢)Jrent islalion and good actICe. The cost of providing these services amounted lo £103,159 {2021: £93,878}. The number of letters of appre¢iallc r1Ved frcmn church offws demonstrat8 how mLth these Services arg valued. Benevolent Payments.. The CorrK)ration administers 8 small numter of Benevolent Funds whieh 8XlSt to provide financial assistance to Feople in need, particukqrfy serving or reled pastors of Strict Baptist Churthes or thè members of sud) thurthes. Grants lotalling £7,6(M) were given to tsyo treneficiaries during the cours of the year 12021.. £2,4CK) given lo one). LOttS received from the b8nefiuaries hpahlighl the signrficance of trese antS lo the level of their hSeIld income. Chapel Projects.. The Corporation make$ grants lo churches IcAvards the cost of wrchasing, constructing or maintainityd properties. During the year, grants totalling £1,568,816 were awarded12021'. £141,1271- SLth grants enable the projects to be undertaken Wre rt might oUrwise not be possible. Educational Support.. The Corporation administers a small Endent Fund, Ihe B A l•ltdrburton Memorial Furnl. which exists lo provide financial sUPPOrt for male members of Strict Baptist Churthes who plan lo entèr the Ministry. The assistanc8 given by the Corpcalion lakes the fom) of grants that are given towards the cost of course fees the purchase of ts4)oks. No grants were paid during the year. 12021: £1,CKt) given lo ore benefiaaryl. Gfft Ad Scheme.. The Cc¥poration's Gift Aid Scheme Lxxnpfi5es the largest sitvJle asped of the ministry of the Corporation in lerrns of finanaal lumover and represents the funds that are given lo the Corporation to support the ministy of Specffj chLwches and other anIsat1nS that fUrtr the aims and objectives of the Corporation. DurirYJ the year, £267,39J was received 12021.. £274,8e61. The sum OF £261,727 was disbursed12021. £268,105) with costs being incurred of £14.73712021.' £13,411) resutting in lolal expenditure amounting to £276,464 12021.. £281,516). Churches benefitting are able to extend their ministries beyond the Ve& they would 0rWe be capable of &hieving. Ministry Suppc¥t'. The CorporatKsn administers rtain funds that are erther designated by the Directors to assist churches in gener81, or are reSInet by the donors for the support of specrfic chLrches in particular. During thè year, the sum of £124.263 was spent on these activities 12021.. £79,673}. Churches benefitting are ab to eXId their ministries beyond th8 lev81 they would otherwise te capable of achieving. Professional se1$.. The Corporation acts as a Tfustee of ¢hurth property and Vari$ Trust Funds estsblished under Charity Commission schemes, trust deeds, wills and other instruments and yovides other professional services to ehurches ci other organisatiS within the Grace Baptist family of thLrches, as the need arises. As a TnJsiee of Laritable land and wupety, the CorpOratn has l)een able to give extensive advice lo churches regarding the land and buiklings for which they are resp)nsible as well as logal advice relating lo compliance with their chapel trust deeds. Addrtionally, the cXtIon produces the Grace Directory of Churches. The cost of providing thes8 services amounted lo £30,958 12021.. £28,3C6 althtjjgh the sum of £9,551 was recetved in res1 crf dwge*le services (2021.. £6,551). Further details are givon in rwxe 8.
GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022 ASSOCIATED CHARJTIES Although not 'associaled" as defird by FRS 102, th8 CorpMirion work$ cfosety with a number of chsrrtabla organisalion$ with similar objectives. In particular. the Corporation enjoys cordial relations with the varicxjs Associations of Gra Baptist Churches and wrth the Grace Baptist Partnership. The Chief Executive is a Trustee and the Treasurer of the PartJ"cular Baptist Fund and a Trustee of Baptist Building CIO. lIst there 1$ no formal link btheen the Cwralion and these charrties the involvemgnl of the Chief ExecLrtive enables him lo rePresrt the interests of Grace Baptist Churclie5. GRANT MAKING POLICY Grants are made lo churthes and indFvKaIS under the t8ms of the various funds administered by thè Corporation. In the case of the Pastors, Fd, the Benevolent Fund and the Ministers, Aid Fund, grants are made directly to individuals lo lve financial hardship. In the case of the B A Warburton Memorial Fund, grants are made directly to individuals who are preparing fcf the Ministry lo assist them with the costs of theK training_ In the rAse of insif(utional ants, the grants are mad& to churches to assist with the costs of churth planting. building work and maIntenCe projects. The Directors consider that training men fc the Ministy and assisting churches lo plant further churches and assisting th wrth ItEir building and Maintenan projects will hglp them to fu11 their ministries. This will lead lo thg advancement of the Christn Religion. which itself is the al oty"ectiva of the Corporation. FINANCIAL REVIEW During the year, inccrfne Iwhich ineluded the sum of £3,504 arising from the sale of a redundÈnt chap81l amnted to £7,831 against the income for 2021 of £403,872. The sum of £1,541,154 was spent acquiring ttvo residential prot$ lo serve as living ac£ommodalb)n for the pastor and youth pastor of Grace Church Brighton. These properties are held for the benefrt of that church under separate Trust Deeds and therefore the eXndItUre is recorded in th8 acLntS as a grant. Total expenditur¢ for the year amounted to £2,111.260 against a comparable fvJure ft)r 2021 of £627,W. The war in Ukraine and the ramrficalions of the economic and wlilical unrtairtieS in the UK during the year had a detrimental impatx on the Corporatjn'S investments and a r&Juction in value of £792,765 was re¢orded again$1 an inLYease of f336,813 in the previous year. Nevertheless the income yield achieved on the Corp)ration's portfolio of invgstsnenls was 2.9% against a target of 2.25%, atthough the total retum achieved wa5 -17% against the benthnark of -9.7%. Consequently the Corporation in1xred an operating deficit of £2,113,194 for 2022 against a surplus of £112,575 in 2021. Principal funding Sou¥ have been donations from supporting churthes and wsonal members, and Inte$1 and dividends arisiro from the Corporation's investments. A signfficant prowrtion of the Corporation's income and expenditure rekqtes to the Grft "d Scheme under which donors choose to support th8 ministy of partieular churthes or other tharitable activrties that are in furtherance of the 8ims and objectives of th8 Ccwporation. During the ye income amounted to £267,390 12021.. £274.866) and disbursem•nis to £261,72712021.' £268,105). Thè CorpKJration does not commit ftse lo supporting projects beyond the limits of fiJThds that are 8vailable, and therefore the Directors eorfirm that the assets in each of the fvnds are sufficient lo enable the Corwralion to meet its OblalK)n5 under those fijnds as they fall due. The financial position as at 31 December was considgred satisfactory for the purpjsgs of the continuing work of the CorporatK)n. FUTURE DEVELOPMENTS The Corporation is currently working with ts Grxe Baptist Partn9rship lo rstablISh a Grace Baptist church in Bethel Chapel Wmbledon ar¥J rt is antIPated that an independent local churth will be constituted there in the forthcoming year. Internally. our Chief Executive - Mr Eric Cc*Jsins - is 8xpected to retir8 during the course of Ihe next two years and the Directors are ojrrently fomiulaling a process to manaJe the SLKU$5i0n.
GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022 INVESTMENTS The Corporation's Articles of Associalth thrise the Dire¢trxs to invest fvnds rK)t llnmediately required for its purp05e5 in SLth investments as may for the time being be pres(rbed by l&v. All such funds are invested in the Grace Baptist Trust CorF¥)ration Common Investment Furxl, which is managed by Fund Managers, Quilter Cheviol Limf(ed to achieve a realistic Income yield cDupled with long-term capital oWth as an infiionary hedge consistent WFth a target asset allocaticm of interest stocks, gilts and corporate bonds 25%, equiti85 and structured investments 60%, and altemativ8s 15% with a pwmrtted 5% point variation. Investh)enl perf0mlan is govemed by the Trustees, acceptance of a moderate level of risk and their adopticn of an ethical Stan that avoids investment in Companies directly connected wtth alc£Jhol, gambling, K)omography, lobacto, and genetic modfficalion, credit institutions that apply extortionate and exorbitant lending principles, and companies where little respect is shown for the sanctty of lrfe, human rights, arKJ the natural environment. In the absence of a su(table standard benchmark that equates to the requirements of the Cryration, the Trustees and Fund Managers have forynulated a specialist benchmth against which the performance of the fund is lo be monitorgd. During the ye¥, the ino)me yield achieved on the Corporation's portfolio of investments was 2.911A against a target of 2.25%, and the total retum achVj was -17% against the benthmark 01-9.7%. Your attention bs drawn to the financial revthv. TRUST FUNDS The Corporation 8rA8 as a Trustee for a r8ng8 of small thorities arKI tharitable funds under the temis of Charity Commission schemes, trust deeds, wills or other instfuments. The cknjects of these trusts fall within the chEf objecive of the C¢wralron and further details are given on pages 47 10 49. The Receipts and Payments Account on page 47 is a consolidated SLWnrn of the accounts of the charrtable trusts that ¥e listed on pages 48 and 49. Separate accounts are maintained for each of the trusts and relums are made to the Charity Commission where appropriate. The Corporation administers the funds of the trusts by investing the capital in the Gra Baptist Trust Corporation Common Investment Fund. The funds of thg trusts are kept apart from those of the Corporation by means of separate accounting reds, bank accounts, and investmenls. Investment in the Common Investment Fund is on a unrtised basis. FUNDRAISING The Corporation doe$ not ervJagg in fuTrJraising actN((s. RISK ASSESSMENT The Directors review the risks to which the Corporation is exposed on annual basis and Ih8y confirm that systems are in place to manage the risks that have been identrfied. The principal risks facing the CallOn are.. The lad( of voluntary donations to figre the Corporation's op8rating costs. Owing to the professional nature of the services provid&J lo the churches most church memters find it drfficult lo identrfy the benerrts that are provided and are therefore not inclined to support th8 work. A reasonable level of reserves is maintained lo mitigate this risk. A lack of comyehensive inlemal control systems owirvJ to there teing only two members of staff in the offirE. Al the finanal controls that woukl be expected are in place, and a member of the Board of Directors, who is a Chartered Accountant, visrts the office lo inspect the financial records on a regular basis. Trse C¢trolS are reviewed annually. The loss of the Chief ExecutNe. Tr risk has been mrtigated by the app)intmenl of a Personal Assistant to work cbsely with him, and by the provision of medical insurance lo facilitate the provision of pr(Thpl treatm1 in event d a debilrtating illness. The total kjss of the Offi and Offi records through a Ma1 disaster. lISt the probability of this risk is minimal, rts effect woukl be very severe. This risk has been Milated by the fomiulalion of a disaster recovw plan. which is reviewed 8nnu811y.
GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022 RESERVES POLICY The total funds held by the corporat at tho year-¥J amrAmlgd lo £4,419,287 of which £212.304 rfjpresanled Endowment FurKls and £305,825 which reFYesenled Restricted Funds which may only be Spent in accordance with the wishes of donors. Y¢)ur attentth is drawn to ncrte8 19 and 26.3. Designated Funds ccfflprise unrestricted fuTrJs retsived by the Corporatn following the dispos81 of redundant thapels. There are three sUasslea"onS wrthin Designated Funds. The Support FurKJ has been sel aside by the directors in Lyder lo provth support to churthes that are undertaking signrficanl Mainlan projects and lo suppK)rt the ministy of the Corpor81ion. as nsSary. This stood at £1,824,025 at the yearryend and this is not consider9d to be excessive in view of the possibilities that o)uld arise fcf Utilising these funds in the futu. The Vision and Vlure Fund (primarily designated churth planting projects) amounted to £1,676. and will be ulilised as opportunities arise. By their nature thes8 will be long tèm projects as rt may take b&tsve8n five and tan years for a new church to become fully self-supportiTvJ. Tr Inadental Projects Fund (used to suppcyt miscellaneous wojects as they arise) stood al £139.536. As slated in mte 26.1 it is the desire of the directors that the costs of running the Corporation will be met out of memtership SubpIlon5, voluntary donations, yofessional sèrvices and investment income arising from General Furhy reserves. The income arising from these sources is volatile and CuentlY falls signrfi¢anlly sht of the sum required. Efforts are Ing made lo increase the level of income but al present the directoxs consider that a level of ServeS must be maintained that is SLrfficienl lo cover SLth deficits in order to sustain the work. not only in the immediate future but also for several years ahead. The Directors review the Situati on an annual basis and at the last review, conducted in Deegmber 2022. nSidered that the remaining free reserves, which 8mounled lo £260,6918l the yearend, must be mÈintained al th8ir current level. They Consider thal, n the event of a sudden and subslanlial fall in the Corporation's income, the sum of appyoximalely £),C is r8quired lo cover tsvo years, expenditure lo enable all projects in hand to be rypIe1ed, lo enable the conskderable number of trusteeships of properties aThY Trust Funds cutrently held by the C(¥poration to be transferred lo another Twst Corporation. and lo enable attemive arrangements lo be put in place for tr)& continuance of the wide rarvJe of ppCfft ministries JentlY being undertak8n by the CortKJration. SIGNIFICANT CHANGES IN FIXED ASSETS During the year there were signrficant chgeS in the CorK)oration's Investment in the Common Investment Fund resulting in a reduction in value from £5,CrfJ8,397 10 £3.2CxJ,475. Units valued at £1,300,()JO were fealised by the Vision and Venture Fund.. unrts valued al £284,843 were acquired by the Support Fund,. and- as stated in the Finawal Review- there was a general rgducion in value of £792,765. PUBLIC BENEFIT The Directors have cx)nsKlgred the gumlance published by the Charity commissi on th8 provision of public benefit. They confim that the chf c4)jective of the CorForation is the advanment of the Christian religion Iwhich is a charitable purFose under L8wI and that the Corporation provides public benefit by offering pyofessional and trustee SerV5- including the provision of advi and infomiatK)n free of charge lo Particular Baptist Chwches praclising Strict Communion. Grants and loans are also made available to such Churc$. Addrtionally, grtS we paid from v¥ious Endowment Funds to the members of those churches where they qualrfy under the temis of the trusts of the funds. REMUNERAnoN POLICY It is the policy of the Directors to remunerate staff at a level which recognises the Biblical principle that the labourer is worthy of his hire. lthere it is approp¥iate to do so, the Board detemiines the level of salaries by reference lo the 'going rale for the job". )mre therg is no meaningful comparison - and specrfically so far as the Chief ExecLrtive is concom&Y - Board Members are guided by ference to the salary that an empk)ye8 might cAMnmand in the open market. Alongside this, and in both cases, due consideration is given lo the level of stipends that churches sefved by the Corporation are able to pay and the financial resreS that are availabie within the Corp)rali(K. Salaries are reviewed on an annual basis, either al an orricers. Meeting or by th2 ExecutNé Commrttee and a recommendation is submitted to the Bo*d of Directors for considerat7 at their meetirvJ in December.
GRACE BAPTIST TRUST CORPORATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022 PROFESSIONAL ADVISORS: AUDrroRS Brewers Chartered Accountants Boume House Queen Street Gomshall Surrey GU5 9LY INSURANCE BROKERS Marsh Commercial Rourke House Wdlemans Business Pa The Causeway Stsines-UFK¥FThan8S Mi(kllesex TW18 3BA BANKERS National Westminster Bank plc 39 Station Road Redhill Surrey RH11QN Access Insurarts Service 212-220 Addington Road S(KAh Croydon Surrey CR2 8LO COIF Charities Deposit FurKJ 1 Angel Lane London EC4R 3AB SOLICITORS Wellers Law Grp 65 Leadenhall Street London EC3A Z4D NVESTMENT MANAGERS Quilter Cheviot Limited 3 Temple Quay Temple Way Bristol BSI 6DZ REGISTERED OFFICE AND PRINCIPAL OFFICE 19 Croydon Road, Caterham, SUey, CR3 6PA This rewt has been prepar in accordan wrth the Sal provisN)ns of Part 15 of the Companies Act 2C relating lo small companies. and wag approved by the Board of Directors on 6 March 2023. y order of the 8oard KCWWttsh Ch8iman
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRACE BAPTIST TRUST CORPORATION Opinlon We have audited the financial stslements of Grace Baptist Trust Corporation Ithe 'charitable company'l for the year ended 31 December 2022 which comprise the slalemenl of financial activities, summary income and expenditure account, the balance sheet and cashflow statement and notes lo the financial statements, including a summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Irgland (United Kingdom Generalty Accepted Accounting PraCte}. In our opinion, the financial slaternenls.. give a true and fair view of the slate of the charitable company's affairs as al 31 Dernber 2022 and of its incoming resour$ and application of resources, including its income and expenditure, for the year then ended". have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnion We conducted our audit in accordance with Intefnational Stsndards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the elhieal requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion_ Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going conrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with SpeCt to going con¢em are described in the relevant sections of this report. Other inforniation The other information comprises the informats.on included in the annual report other than the financial stslemenls and our auditor's report thereon. The trustees are responsible for the other information contsined within the annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other infomation and, in doing so, consider whether the other information is materially inconsislenl with the financial ststements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. Ifwe identify such material inconsistencies or apparent material Inisstalemenls. we are required lo determine whether this gives rise lo a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomialion. we are required lo report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the CompanTes Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees. report. which includes the directors. report. prepared for company law purposes. for the financial year for which the financial statements are prepared is consistent with the financial statements", and the directors, report included within the trustees. report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowleuge ana undersianding ol Ine charrtable company and rts environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. 10
We have nothing to report in respect of the following matters in lats.0n to which the Companies Act 2006 requires us lo rewrt to you if. in our opinion: adequate accounting records have not en kep( or tUrnS adequate for our audit have not been received from branches not visited by us- or the financi81 statements are not in agreement with the a(Unting records and relums," or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the infomiation and explanalions we require for our audit.. or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantsge of the small companies, exemptions in preparing the twslees report and from the requirement lo prepare a strategic report Responsibilitles of trustees As explained more fully in the trustees, resFonsibilities statement set out on page 4 the trustees (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees deteIne is necessary to enable the preparation of finan¢ial statements that are free from material misstatemenL whether due to fraud or efft)r. In preparing the financial statement5. the trustee5 are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable. matters related lo going concern and using the going concem basis of accounb.ng unless the trustees etther intend to liquidate the charitable company or to cease operations, or have no realistic allemative but to do so. Auditotrs respon$lbilities for th• audit of the Ilnancial ststements Our objectives a lo obtain reasonable assurance about whether the financial statements as a whole a free from material misslatemenL whether due to fraud orerror, and to issue an auditorfs reF)Ort that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordants with ISAS {UKI will always detect a material misstslement when il exists. Misstatements can arise from fraud or error and are Considered material if. individually or in the aggregate. they could reasonably be expected to Influen the economic decisions of users taken on the basi5 of Ihese finars¢ial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstalemenls in SpeCt of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. Through comrnunicalion with the client Through consideration of material elements of the accounts which could potentially give rise to misststemenls Through understanding the legal framewotk in which the client operates Through examination of the charitable company's. wjlicies and procedures A further description of our responsibilits'es for the audit of the financial statements is located on the Financial Reporting Council's website aL. htt '.Ilvrnw.frc.o .ukJauditorsres fomis part of our auditols report. nsibilits"es. This description Use of our report This report is made solely lo the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we rnighl stale to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone ol work, lor r than the charitable company and the charitable company's members as a body. for our audit report. or lor the opinions we have fomied. Andrew Skillon ACA (Senior Slalutory Auditor} For and on behalf of Brewers Chartered Accountants. Statutory Auditor Bourne House Queen Street Gomshall Surrey GU5 SLY Date.. * J4
GRACE BAPTIST TRUST CORP014ATION STATEMENT OF HNANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2022 Unr•strl•d Unr•strT¢ted Ro¥trict•d Endowm•nt Total Funds Funds Fundl Fund$ Ggnernl Funds D•signat•d 2022 Total Funds 2021 Not•s Incom• and Endowments fmrn: Donations and Leg8aO$ 11.838 3.755 15,593 19.888 Charitable AdNities 4.251 267,3 276.941 281,417 Investments 11,036 .574 10.183 107,793 102,567 Other 39J.504 3,504 Totsl 790 831 403 872 Exp•ndFiure on: Charitable A¢tivities 147.371 1.684.163 279,726 2.111,260 627,9C Total 147 371 (Losses) l Gains on Inv¢stm (55.122) (693,461) {43,182) (792,7651 336.603 Net Incom• I (ExdItUre) (176.368) {1,895,246) 143.1821 {2.113,1941 112.575 rransf•rs bthveen Funds 19 130,350 1196.698} N•t Movement In Fund3 {46.018) {1,828.8981 (195.0961 {43.182) 12.113,19d) 112,575 Rèeonciliatlon of Funds: Total Funds brought forward as ai 1 January 2022 306.709 5.469.365 5fy).921 25S.486 6.532.481 6.419.906 Total Funds carrt•d fonvard as at 31 Decemb•r 2022 19 212 304 4 419 287 6 532 481 Ytyjr attention is drawn to not¢ 31 shuhing compar8tive figures for the prevK)us yèar 12
GRACE BAPTIST TRUST CORPORATION SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Notes Totsl Income 790,831 403,872 Total Expenditure 2111260 627 900 {1.320,429) 1224,028} SurplusllDeficill on Disposal of Investments 129 2481 SurplusllDeficitl on Ordinary Acttvities Net SurplusllDeficitl for the Year 20 {1,449,6771 {224,0281 1449 677 1224 0281 The Summary Income and Expenditure Account Is derived from the Stslement of Financial Activities on page 12 which, together with the notes lo the accounts on pages 16 to 34, provide full information on the movements during the year on all the funds of the Corporation. 13
GRACE BAPTIST TRUST CORPORATION BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Notes Flxed Assets: Tangible Assets 21 788 Investments 22 3,200.475 5,008,397 Total Fixed Assets 3.201.263 5.008,397 Current Assets: Debtors (falling due after one yearl Debtors (falling due within one year) 23 23 21,000 54,900 36.707 66,236 Cash al Bank and in Hand 1 190 653 1467 948 Total Current Assets 1.227,360 1,534,184 Liabilitigs: Creditors Ifalling due within one yearl 24 Net Current Assets 1,218,024 1,524,084 Total Assets less Current Liabilities 4,419,287 6,532,481 Totsl Net Assets 25 4419287 6 532 481 The Funds of the Charity: Endowment Fund8 212.304 255,486 Restricted Income Funds 305.825 500,921 Unrestricted Funds: Designated Funds General Fund5 3,640.467 260 691 5.469,365 306 709 Totsl Unrestricted Funds 3.901,158 5,776,074 Total Charity Funds 26 4419287 6 532 481 These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating lo small companies and the Financial Reporting Standard FRS 102. The Company is limited by guarantee. The Registration NLtmber of the Company is 592488. The Balance Sheet and the Accounts on pages 12 to 34 were approved by the Board of Oireclors on 6 March 2023. PDRelf K C Wwltshire 14
GRACE BAPTIST TRUST CORPORATION CASH FLOW STATEMENT FOR THE YEAR ENDING 31 DECEMBER 2022 2022 2021 Net Income l (Expenditurel for the Year. As per Statement of Finanaal Aciivities (2,113,194) 112,575 Adjusbnents for: Depreciation {Gainsl l Losses on Investments Dividends and Intefest frC Investments Loans made in fUrtherar of objects Repayment of loans made in furtherance of obj'ects {Increase} l De¢yease in Debtors Increase I (Decrease} in Credr(S 394 792.765 1107,793) 110,4871 39.51X) 516 764 I,603) 1102,5671 161,C£Q) 10,000 224 857 Cash Flow from Operating Acttvities Net Cash Provided by I (Used inl OperalirYJ A(Xivf( Cash Fl¢)w from Investing Acllvities Dividends and Interest from Investments Purchase of Investments Sale of Investments Purchase of Fixed Assets Nat Cash Provided by I IUs&J in) InVeStg ActNiti8S Increase I IDeGrease) durlng the Year 714 131 {1.399.(A31 1376,5141 107,793 {284,8431 1.3CQ,C(KI 102.567 1 121768 (277,295) {273,947) Cash and Cash Equivalents as at 1 jUary 2022 Cash and Cash Equivalents as at 31 DeCemr 2022 1,467,948 1,741,895 Analysis of Cash and Cash Ewivalents Cash in Hand Notice Deposits (less than three month5) Total Cash and Cash Equivalents 91 1467 857 1 190 653 15
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 CONSTITUTION 1.1 The Grace Baptist Tnjst Corporation is registered in England as a Company limited by guarantee and not having a share capitsl (Registration Number 5924881. The Corporation is also registered as a Charity (Registration Number 2516751. and is recognised as a Trust Corpowtion under section 311) of the Law of Property (Amendment) Act 1926. The Corporation is govemed by its Articles of Association. ACCOUNTING POLICIES 2.1 Accounting Standards and Convention5 These accounts have been prepared in accordance with the histortc cost convention as modified by the revaluation of investments, and are in accordance with the requirements of the Corporation's Articles of Association Idaled 24th April 20101. the Companies Act 2006, the Charities Act 2011, the Statement of Recommended Practice "Accounting and Reporting by Charitres. {20191, and the Financial Reporting Standard "FRS 102°. The accounts have been prepared on a going conrn basis as there is sufficient demand for Ihe services provided by the Corporation and sufficient resources lo provide those services. The Directors consider that there are no material uncertainties in this regard. 2.2 Publlc 8enefrt Entity The Corporation is a public benefit enb.ty as defined under FRS 102. 2.3 Income Income is defined as the inflow of economic benefits arising from the activities undertaken by the Corporation and is accounted for Igrossl on a receivable basis. Income is included in the Slalemenl of Financial Activities when the Corporation has acquired a right lo the resource, when il is probable that it will be received, and when its monetary value can be measured with sufficient reliability. Donations are accounted for upon receipt as the Corporation does not receive gifts that are subject to performance related conditions. Membership subscriptions are in the nature of gifts and are therefore treated as donations. Legacies are recognised when it is probable that the bequest will be reiVed - once the executors have confirmed.. that the Corporation is entitled lo the bequest.. that probate has been granted.. that there are sufficient a55ets in the estate to pay the legacy,. and once the amount Gan be determined with sufficient reliability. the amount cannot be measured with sufficient reliability. the legacy is accounted for as a contingent asset. Interest Receivable from bank deposits and concessionary loans, and Dividends received from the Grace Baptist Trust Corporation Common Investment Fund. are recognised on receivable basis al transacb.on value. Income from Professional Services is accounted for upon service delivery at transaction value. Income arising froffl assets held in a particular fund fomis part of that fund with the exception of income arising from Endowment Funds which is treated as Reslricled Income. 16
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued) 2.4 Expenditure Expenditure is defined as the arnounl of resour$ that have been utilised on activities undertaken by the Corporation and is accounted for gross (inclusive of VAT which cannot be recovered) on an accruals basis. Expenditu is included in the Statement of Financial Activities On there is a legal or constructive obligation to make a payment to a third party, when il is probable that setuement will be required and the amount of the obligation can be measured with sufficient reliability. Legal obligations arise under exchange transactions that are conlraclual whereas constructive obligations arise under non*xchange transactions such as grants. Unconditional Grants are accounted for as expenditure when the offer of a specific monetary amount is conveyed to the recipient and it is probable that the payment will be made. Grants that are subject to conditions are accounted for as expenditure when the conditions fall outside the control of the Corporation and il is more likely than not that the payment will be made - in which case a liability for the fijll funding obligation is recognised. If an offer of a grant has been made. bul payment becomes unlikely. albeit still possible, the funding commitment is disclosed as a contingent liability. 2.5 Classification of Income and Expendituro Charitable Activities comprise the income and expenditure that relates directly to the Charitable Activities of the Corporation. These include the advice given lo churches and their members, the admin15trab.on of the gift aid scheme, the provision of trusteeship services, the administration of trust funds, and certain professional services for which a charge is made. Govemance Costs are those costs associated with the general management of the Corporation as the trustees ensure Compliance with constitutional and stalulory requirements. They include the costs of preparing for, and holding, trustees. meetings, the cost of preparing statutr)ry accounts and annual retums. and the cost of the annual audit. Shared Costs are those which contribute directly lo more than one activity, such as staff costs where members of staff are involved in more Ihan one activity. Support Cost5 are those costs which facilitsle a number of activities and which do not hange directly as a result of the activity undertaken, such as office and premises costs. Governance Costs are treated as a category within Support Costs. 2.6 Allocation of Costs Expenditure that relates directty to one ackn'vity category is allocated in full to that acts'vity. Expenditure that relates to a number of activity categories is apportioned according to the approximate amount of time spent on each activity, as follows". Staff Benefits are allocated". Charitable Activities 90tyA and Govemance Costs 10%. Fixed Office Costs are allocated". Support Costs 90% and Governance Costs 10Qk. Theafter, Shared Costs (which contribule lo more than one Charitable Activity} and Support Costs (which are not attributable lo one single Charitable Aclivityl are apportioned according lo the approximate amount of time spent on each activity. as follows." Advisory Services 700k, the Gift Aid Scheme 10%. and Professional servIs 200k. 17
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 {Continuedl 2.7 Capitalisatlon of Fixed Assets Fixed assets are recognised when an asset is controlled by the Corporation as a result of a past transaction and il is probable that future economic benefits will accrue from it. Expenditure in excess of £500 on the acquisition and inslallalion of fixed assets is capilalised al historical cost. Fixed Assets received by way of gift are capitalised and included in income al their fair value (that Is. the amoltnl at which they could be exchanged by willing parties in an arm's length Iransactionl. 2.8 Depreclatlon Fixtures and Fittings, and Office Equipment Provision for depreciation is made at rates calculated to write off the cost of the assets, less any residual value, over their useful lives as follows.. Fixtures and Fittings Office Equipment Straight Line Meth¢JJ Straight Line Methc*J 10 Years 3 Years ilst il is considered that the assets of the Corporation are unlikely to become impaired, any asset that is found to have a net book value higher than its net realisable value or its value in use is written down to the hjgher of those values. 2.9 Gains and Losses on Tangible Fixed Assets held for the Corporation's own use A surplus arising on the disposal of fixed assets is included in the Income and Expenditure Account and the Stslement of Financial Activities as a fealised gain on the disposal of fixed assets. ImpalmnI losses or defficits arising on the disposal of fixed assets are included in the Income and Expenditu ACUnt and the Statement of Financial Activities as an addits'onal depreciation charge. Realised gains and losses arising on the disposal of fixed assets held in a particular fund form part of that fund. The Corporation does not have a policy of revaluing Tangible Fixed Assets. 2.10 Investrnents Fixed Asset Investments represent investments in the Grace Baptist Trust Corporation Common Investment Fund and are included in Ihe Balance Sheet al lair value based on the price of units. The surplus or deficit arising on revaluation is included in the Statement of Financial Activities {under 'GainslLosses on Investments-}. The surplus or deficit arising on disposal is included in the Income and Expenditure Account and the Statement of Financial Activities lunder"GainslLosses on Investments"). Re31ised and unrealised gains and losses on investment assets held in a particular fund fom part of that fund. 2.11 Pension Scheme The Corporation contributes to employees. Person21 Pension Plans on a defined contribution basis. Contributions are recognised in the Statement of Financial Activities as they beeome payable and allocated within Staff Benefits (see note 2_6)- 2.12 Financial Instruments The Corporation's Financial Assets and Liabilities qualify as basic financial instruments and as such are initially recognised at cash. Iransaclion, or settlernenl value. Subsequently, Current Assets and Liabilities are measured at cash or settlement value and Fixed Asset Investments are measured at fair value based on the price of units in the GraGe Baptist Trust Corporatson Common Investment Fund. 18
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued} 2.13 Debtors Debtors are slated at their recoverable amunt- that is, the amount that it is anticipated will be reiVed in respect of outstanding loans or other debts. or the amount that h85 been paid in advance for goods and setvices. Loans lo churches Isee note 23) are concessionary loans which are made lo assist with the acquisition. renovation, or maintenance of properties and are offered al rates of interest that are significantly below the market rale (usually 'inlerest-free"}. Loan repayments fall due in either 20 or 40 equal instalments over a period of ten years and are guaranteed by three individuals who act as guarantors. Loans are recognised al the amount initially lent. with the carying amount ?djusted in subsequent years to reflect the repayments made. 2.14 Creditors Creditors are recognised when the charity has a present legal or constructive obligation arising from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated with sufficient reliability. Creditors are slated al their settlement amount - that is, the amount that il is anticipated will be paid to settle the Corporation's liabilities. 2.15 Cash at Bank and in Hand Cash at bank and in hand includes deposits with 8 short maturity of Iwelve months or less from the date of opening the deposf(. 2.16 Critlcal Accounting Judgements In the applicat'on of the accounting policies listed above. the Directors are required lo make judgements and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. Those assumptions. based on historical experience and other factors considered lo be relevant. are reviewed on an on-going basis. In the view of the Directors there are no uncertainties that are likely to result in a material adjustment to the carrying amounts of those assets and liabilities in the forthcoming financial year. 2.17 Presentation Currency The accounts are denominated in £ sterting and rounded to the nearest pound. ANALYSIS OF SUPPORT COSTS Advisory Services Glft Aid S¢herne Professional Services 2022 2021 Governance Costs Office Expenses Propety Expenses 16,357 10,603 2.337 1.515 4,674 3,029 23,368 15,147 20,672 10,638 Support Costs are apportioned over the aclwity categories to which they relate in proportion lo the approximate amount of lime spent on each activity. as follows". Advisory Services Gift Aid Scheme Professional Services 70% 10% 20% 19
GRACE BAPTIST TRUST CORPORATION NOTES TO ThE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Icontinugd) INCOME AND ENDOWMENTS Unrestricted Designated RÈ&tri¢t•d Endowm•nt Funds Funds Fund$ Funds Total Funds 2022 Total Funds 2021 Donations and Legaci Subscriptions and Donations Legari¢s 11.838 3,755 15.593 19,888 Charitable A¢tivitio8 Gift Aid Stheme Professional Serys 267,3 267,390 274,866 281417 Inv•stmènts Interest R¢ceNabte Investment Income 3.327 4.252 7.579 171 102 398 102567 10 107 793 Other Incoming Resourc Trust Income 390 504 Total Income and Endowments 482 378 403 872 EXPENDITURE Unrestricted Deslgnated Restricted Endowmènt Total Funds FurKIs Funds Funds Funds 2022 Total Funds 2021 Charitable Activities Advisory Servicès Bènevolent Payments Chapel Projects Educational Supwt Gift Aid Scheme Ministry Support Professional Seryus 12 103.159 13 14 15 16 17 18 103,159 93,878 2.4(Kl 141.127 1.000 281,516 79.673 28,306 1.,816 1.568,816 14.737 261,727 10.399 276.464 124,263 30,958 113,864 29,475 Tot#1 Expenditure 147 371 Your attentn is drth to notes 32 and 33 shwThJ c(*)wr8tiv• figures forthe F¥ev$ yoar
GRACE &4PTtST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (Conllnued) 2022 2021 SUBSCRIPTIONS AND DONATIONS Churches Individuals Subscriptions Charities 16,288 665 660 7. GIFT AID SCHEME Donations PROFESSIONAL SERVICES Services Rendered in Comection wilh Trust Fund Administration Services Rendered in Comection wrth the sa of Redund1 ch1$ Other Services Rendered 4.251 547 INTEREST RECEIVABLE Bank Deposits Other 7,578 171 171 10. INVESTMENT INCOME Unlisted Investments- GBTC CcKnmon Investrnent FurKI 11. TRUST INCOME Proceeds from Sale of RedUndrt chalS 21
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 310ECEMBER 2022 (Contlnued) Direct Costs Support Costs 2022 2021 Grants 12. ADVISORY SERVICES Providing Advice and Infomialion to Churches 103 159 13. BENEVOLENT PAYMENTS Grants are made lo Individuals Benevolent Fund Ministers, Aid Fund The Pastors, Fund 14. CHAPEL PROJECTS Grants are made to Churches Grace Church Brighton Manses Con51ruclion and Maintenance Projects 1.541,154 1,541,154 141 127 141 127 1568 816 1 568 816 15. EDUCATIONAL SUPPORT Grants are made to Indtviduals B A Warburton Memorial Fund 16. GIFT AID SCHEME Adminislralion Disbursements 9,487 261727 271214 5,250 14,737 261 727 13,411 268 105 281 516 5250 17. MINISTRY SUPPORT Church Projects 110000 124 263 79 673 18. PROFESSIONAL SERVICES Services Rendered in Further8n of Charitable Objects
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Icontinued) 19. MOVEMENT IN FUNDS Balanc• 1.1.22 Income Exp•nditiwe Transfprs Inve•tmerrt Balancè Gain&l(Lo$8•sl 31.12.22 Unr•stricted Fund¥ Gèneral Fund 147 371 Designated Fund$ Support Fund Vision and Venture Incidental Projae15 1.513.418 3,766.1 426.783 52.4 (181,0411 (486.7621 25 658 1,824,02S 1.676,9( 139536 3 640 467 1,655,018 R•strieted Funds Gift Aid Donats"ons Brod(ley Fund Brockley Graveyarrl Fund Halifax Building Fund Has18rnere Fund Ollèy Fund Stoke Golding Fund B A Warburton Memorial Fund Ministers, Fund Benevolent Fund The Pastor5. Fund 7.955 34,937 5,928 134.952 267.3 261.727 (5.3501 8,268 35.367 136.612 2,018 57,979 3.045 57.275 194.776 704 3,6 203 (191.348) 299 1,592 379 322 57 305 825 Endowm•nt Fund# B A Wartr4Jrton M8m¢rial Fund Ministers, Aid Fund eenevolent Fund The Pasiors, Fun Logn Fund 7,859 15.736 2.213 204,678 11.472) 12,949) 14151 138,3461 6.387 12,787 1.798 186,332 TOTAL FUNDS 6 632 481 Ll 79] 4419287 The tr8nsfor Restrided Funds to th6 Genarnl Fund Tepreserrts the faè tharged ty the Corporation for administering the Gift Aid Scheme. The transfer from De$ignat8d Funds lo the General Fund represents an 8dju5tment offsetting thè shortfall b?hyeen General Fund iome and expendilure. The Sloke Golding Fund was transfer to the Support Fund followng th• do¥ure of the chJrch in a¢xordance th¢ ultimate trust goveming the original grft. Designated Funds wll be ulilise¢l as the ne•d 8ri5es but thurth pjanting proiècs arg. by their natUf•, long tenn proJ8ets as rt may lakts betsbpen fNe and ten years fora new to bljMe lully s•lf-supporting. Th& balance of Gift Aid Donab"ons wll b¢ disbursed in ac¢A)rdarte the wshes of the don¢ys in the forthcoming financial year and the balanc in thè Brcckley, Brockley Graveyard. and eY funds will be dispersed as the néed anses to support the ministry in those ¢au5es. The Haslemere Fund represents income and 8xpenditure relating to the ov?rsight of that chapel. Grants wll be made from the B A Warfourton Memorial Fund, the Ministers. Aid Fund, th8 Benevolent Fund, and Ihe past5. Fund a5 the r*ed arises. In accordance wth the Ultim8tè Trust of the Trust Oèed gov&ming the proceeds from the sale of Providence Baptkst Chapel, Slarthw8rt8, the lunds have b8en allocated for building work in Yorkshire - speoftalty for a rw hall for Grace Baptist Churth. Halrfax. tf a dausvjn is taken not to pro¢eod with that project. the funds wll be us8d fw another suitab building profftct. Your attention ¢9 drMI to note 34 showing comparolive figu(es forthe previo year. 23
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Icontinuedl 20. NET INCOME I {EXPENDITURE} ON ORDINARY ACTIVITIES 2022 2021 This is stated after crediting and charging the following amounts.. After Credltlng: Interest Receivable Investment Income 7.579 100.214 171 102,396 After Charging.. Audit Fee Depreciation Pension Fund Contributions Rent 7,750 394 19,060 10.266 7,498 14,707 9.750 21. TANGIBLE FIXED ASSETS Fixtures Fittings and Equiprnent Total Cost Balance as at 1 January 2022 Additions Disposals Balance as at 31 December 2022 13,552 1,182 13.552 1.182 Accumulated Depreciation Balance as at 1 January 2022 Charye foryear Eliminated in respect of Disposals Balance as al 31 December 2022 13,552 394 13,552 394 Net Book Value as at 31 Dernber 2022 788 788 Net Book Value as at 31 December 2021 24
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued) 22. FIXED ASSET INVESTMENTS 2022 Cost 2021 Cost 2022 Valuation 2021 Valuation Unlisted Investments.. Al 1 January 2022 Additions Disposals Invegtmenl GainsllLossesl Al 31 December 2022 3.913.550 3.913,550 5,008,397 284,843 284,843 {1,181,5381 {1,300,0001 792 765 3 016 855 3 913 550 3 200475 4,671,794 336 603 5 008 397 The investments listed above are held primarily to provide an income and consist of units held in the Gra Baptist Trust Corporation Commn Inveslmenl Fund, by the following funds.. General Fund 156,503 Units 197.163 197.163 243,437 Support Fund 712,122 Units 959,586 674.743 1,107,690 Vision and Venture 1,005,464 Units 1,590,989 2.728,673 1,563,977 Incidental Projects 63,046 Units 99.760 143.614 98,067 B A Warburton Fund 4,106 Units 4,808 4.808 6,387 Ministers. Aid Fund 8,221 Units 10,793 10,793 12,787 Benevolent Fund 1,156 Units 1.354 1,354 1,798 The Pastors, Fund 106,933 Units 152402 152402 166 332 16 855 3 913 550 3200 475 299,560 1,003,888 3,300,739 173,724 7.859 15,736 2,213 204 678 5 008 397 23. DEBTORS Due after one year Due withln one year 2022 2021 Loans lo Churches Prepayments and Accnjed Income Other Debtors 21.000 3,500 1,720 10487 24.500 1,720 10487 64.000 2.236 Loans lo churches are concessionary loans which are made to assist with the acquisition, renovation, or maintenance of properties and are offered at rates of interest that are significantly below the market rate (usually "interest-free"}. Loan repayments fall due in either 20 or 40 equal instalments over a peri11 of ten years and are guaranteed by three individuals who act as guarantors. 24. CREDITORS 2022 2021 Due within one year Taxation and Social Security Costs Accruals and Deferred Income 1,456 1,737 8363 25
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 {Continued) 25. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Current Current Fixed Assets Investments Assets Liabilities Net Assets Unrestricted Funds General Fund 788 243 437 Designated Funds Support Fund Vision and Venture Incidental Projects 1.107,690 1.563.977 716.335 112.929 1,824,025 1.676,906 139536 3 640 467 2 769 734 870 733 Restricted Funds Gift Aid Donations Brockley Fund Brockley Graveyard Fund Halifax Building Fund Haslemere Fund Otley Fund B A Warburton Memrial Fund Ministers, Aid Fund Benevolent Fund The Pastors, Fund 8,268 35,367 5,988 136,612 2.018 57,979 299 1.592 379 8,268 35,367 5.988 136,612 2,018 57,979 299 1,592 379 57 323 305 825 305 825 Endovfflient Funds 8 A Warburton Memorial Fund Ministers, Aid Fund Benevolent Fund The Pastors, Fund Loan Fund 6,387 12,787 1.798 166,332 6,387 12,787 1,798 166,332 25 000 212 304 25 000 25 000 187 304 TOTAL FUNDS 788 3 200 475 1227 360 Your attention is drawn lo note 35 showing Comparative figures for the previous year. 26. DETAILS OF FUNDS 26.1 General Funds General Funds are expendable at the discretion of the directors in ftJrther8nce of the objects of the Corporation. It is the desire of the directors that the costs of running the Corporation will be met out of membership subscriptions, voluntary donations, professional services and investment income arising from General Fund reserves. 26
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued} 26. DETAILS OF FUNDS (Continued) 26.2 Designated Funds Designated Funds comprise unrestricted funds received by the Corporation following the disposal of redundant chapels. The Support Fund has been set aside by the directors in order to provide support lo churches that are undertaking significant Maintenan projects and are utilised as the need arises within individual local churches. In addition a transfer is made lo the General Fund, as necessary. The Visk)n and Venture Fund was established following the sale of the chapel in Brighton with the primary intention of supporkn'ng chur¢h- planting projects. Such projects are. by their nature. long tem as it may lake beeen five and ten years for a new church lo become fully self-supporting. Similarly. the Incidental Projects Fund was established lo support miscellaneous church projects. The funds will be ulilised as opportunities arise and so, for the reasons gtven, il is not possible lo slate when il is anticipated that expenditure will be incurred. 26.3 Restricted Funds Restricted Funds consist of income arising from the Corporation's Endowment Funds, (see 26 41, which is available for distribution. donations which have been given to support the ministry of specific churches, and donations gtven under the Corporation's Gift Aid Scheme. These donations are distributed lo local churches, missionary societies, and other charitable causes that fijrther the aims of the CoryK)ration in accordance with the instru¢tsons of the donors. 26.4 Endowment Funds The Pastors, Fund The Pastors, Fund was established in 2010 following the closure of the Strict Baptist Trust and the Strict Baptist Pension Fund under the provisions of section 74 of the Charities Act 1993. The permanent endowment of those charities has now become the permanent endowment of the Corporation. Income arising frorn the Pastors. Fund Endowment is included in Reslricled Funds and is used lo pay grants to Strict Baptist pastors, whether currently serving or retired. B A Warburton Memorlal Fund The B A Warburton Memorial Fund was estsblished in 1963. Desiring lo encourage the training of men among Strict Baptist churches who planned to enter the Ministry, the members of the Tabernacle Baptist Church, Brighton collected funds in memory of their late pastor, Benjamin A Warburton. The objects of the Trust are". To render assistance lo men who, following a definite and clear call by the Holy Spirit to the ministry of the Gospel, seek lo study and apply all diligence lo the duty sel before them. To keep the fund separate and dislincl from all other Corporation funds. To seek further donations in order to build up the capital. and lo invest the same. To distribute the dwidends in accordance with the purposes of the fund. Minlsters, Aid Fund The Ministers, Aid Fund was estsblished in 1917 to provide temporary or permanent financial assistance lo ministers connected with the Strict and Particular Baptist denomination and the income is available for dislribulion. Under the terms of the trust.. 'Minislers" are defined as pastors or ex pastors of such churehes or persons who have for 8 period of three years or upwards regularly engaged in preaching the Gospel in churches of the denomination whether continuing lo do so or not. The Trustees (Grace Baptist Trust Corporation) shall and will sland possessed of the sum representing the Fund, and any further sums of money that may be added to it, to be held upon the trusts declared. Al securities and income belonging lo the fvnd are to be kept separate from other securities and money. 50Qkn of additions to the fund are to be added to capital, and 500A dislribuled as income. 27
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued) 26. DETAILS OF FUNDS (Continued) 26.4 Endowment Funds {Conlinued) Benevolent Fund The Benevolent Fund was established in 1923 for the temporary or permanent benefit of needy persons connected with the Strict and Particular Baptist denomination whether such persons are pastors, itinerant ministers, members or regular attendees al any church in the denomination or the children of any such persons. Under the temis of the trust.. The Trustees IGrace Baptist Trust Corporalionl shall and will stsnd possessed of the sum representing the Fund, and any further sums of money that may be added to it. to be held upon the trusts declared. Al securities and income belonging lo the fund are lo be kept separate from other securities and money. 500k of additions to the fund are lo be added lo capital. and 50°A distributed as income. Loan Fund The Loan Fund was established by a Trust Deed dated 16 April 1912. Under the lemis of the tnjsl.. The Trustees {Grace Baptist Tfust CorF)oralionl are to stand possessed of One Thousand Pounds representing the fund, and any further sums of money that may at any time come into their hands as addition5 to the fund. The funds are to be advanced by way of loan to the Trustees or members of any Strict and Particular Baptist Church in the United Kingdom for the purpose of acquiring or conslrucb.ng land or buildings for use in connecb'on with Strict and Particular Baptist Churches. Any sums not immediately required are to be placed on deposit or invested in su investments as Trustees are aulhorised lo invest in by law. The income arising from any such investment is to be used for the General Purposes of the Corporation. I loans are to be Inlerest-free and repasd over a period of not more than len years. 27. BOARD OF DIRECTORS No members of the Board received any remuneration or other benefits during the year12021'. £01. Five members claimed Iravelling expenses lolalling £1.119 12021.. Three members claimed £2701 28
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 {Contlnuodl 28. EMPLOYEE INFORMATION 2022 20 Total Payroll Costs comwised: Wages and Salanes Employers. NIC Other 8enefrts Other Pension Costs 6,107 4,738 14,873 4,190 16,719 11XJ 425 Key Management Personnel Other Staff 79,9 75,758 105413 100425 'Key Management Personrpaf is a tem) d8fining te indmduals who have authority and responsibilty planning, directing and controlling the adivrties of the Corporation. This definition includes the Chief Executive and also the Dwectors allhough no member of the Board recetv8d any remunèration during the year12021: £0). No employee receNed emolwients in eXS of £60,1)XJ in either y. The average numtw of emplow in the year was 2 {2LY21'.21 The C¢xporation contributed to hvo employee's Personal Pension Plans during the year12(Y21.'21. Thera vhre rKfy OLrtstandiro ¢)Jntrbthions at the w erthj. 29. FINANCIAL COMMITMENTS 29.1 Non4ancellable Oporing Lgasgs The following payMtS fall du9 under nOn-ee1b1e opwing lease5'. 2022 2021 Expiring wthin 1 ye Expiring wilhin 2- 5 years The CorpNation's pYeVi5 ase f¢y the TrTe premises expired on 21 September 2022 and a new five-year thse at a rent of £11.616 pax was agreed 5th Dmer 2022 bul has not yel been signed. 29.2 Grant Funding In accordance wrth the Ullimate Trust of the Trust Deed goveming thg pyOd$ from the sale of Providence Baptist cha1, slar(var[e, the funds have been allocated for building work in Yorkshire - specrfi¢ally for a new hall for Baptist Churth, Halrfax. If a decision is taken not to proceed wrth that [le(l, the funds will used for anther suitable building project. The funds amounting to £136,612 at the Ye*d are invested in a chafi1$ Official Investment Fund Deposit Account {2021: £134.952). 29
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued) 30. RELATED PARTY TRANSACTIONS 2022 2021 30.1 Donations Received from Related Parties Board of Directors Key Management Personnel 490 70 560 490 143 633 30
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued) 31. STATEMENT OF FINANCIAL ACTivftES {PREVIOUS YEAR) Unr•stricied Unrestricted RÈstrict•d Endt)wm•nt TOL Funds Fund8 Funds Funds Funds Genernl 2021 Income and Endowmènts from". Donations 8nd Legaues 8.678 6.210 19.888 Chant8ble ActMti•s 547 274.866 281,417 Investments 6.230 91.$59 4,778 102.567 other 285 854 403 872 Expondire on: Charitable Aththes 134.111 101.974 391.815 627.gjo Total 101 974 IL088esl l Gains on In%*stm8nts 20.133 15.4 336.603 N¢t Income l {Exp•ndlture) (98,523) 301.569 I105,1) 15,4 112,575 Transf•rs Funds 125,508 (120.tsXJI {5.508) N•t Movèment in Fund• 181.569 (111.469) 15.4 112,575 Reconclllatlon of Funds: Total Fund5 brought forward as 811 January 2021 279.724 5.287.7 612.39) 239,W 6.419,9C6 Total Funds eAnfj•d forwa as at 31 De¢embtrr 2021 255 486 6 532 31
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 {Contlnuedl 32. INCOME AND ENDOWMENTS (PREVIOUS YEAR) Unrestricted Designated Restricted Endowment Total Funds Funds Funds Funds Funds 2021 Notes Donations and Legaei•8 Subscriptions and Donations Legacies 8.678 6.210 19,888 Charftable Activities Gift Aid Scheme Professional SeNices 274.866 274,866 547 547 281 417 Inv•stm•nts Interest Receivable Investment Income 105 171 Othèr Incoming Resources Trust Income Total Income and Endowments 285 854 403 872 33. EXPENDITURE {PREVIOUS YEAR) Unrestrfeted Designated Restrlctsd Endowment Funds Funds Funds Funds Total Fund¥ 2021 Nots¥ Charitable Activitlgs Advisory Services Benevolent Payments Chapel Projects Educational Support Gift Aid Scheme Ministry Support Professional Services 93.878 93,878 2,400 t41,127 1,000 281.516 79,673 28.3C 2,4 116,127 25.IK 13.411 268.105 4.183 75,4 26.822 Total Expenditure 101 974 32
GRACE BAPTIST TRUST CORPORATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued) 34. MOVEMENT IN FUNDS {PREVIOUS YEAR) Balance 1.1.21 Incomè Expendit¥JY• Transfers Inve#trnent Balance Gain51lLossesl 31.12.21 Unrèstricted Fun(Is General Fund Designated Fund$ Support Fund Vision and Venture Incidental Projects 1.535.905 31.528 3.552.367 67.484 199 524 551 52877 1120,(MY)} 67,469 221.835 1,513,418 3,786,196 189751 5 469 365 75.490 101 974 120 Restrieted Funds Gift Aid Donations Brtsckley Fund Brockley Graveyard Fund General Building Fund Halifax BLJilding Fund Haslernere Fund Otley Fund Stoke Golding Fund B A Warburton Memorial Fund Ministers. Fund Benevolent Fund The Pastots. Fund 6.702 34,932 5.928 116,127 135,440 6,980 57,267 191,508 936 274.866 268.105 15,5081 7.955 34.937 5,928 116,127 507 1.917 19 134.952 5,063 57.275 194.776 5.027 160 572 1.759 1,056 322 276 285 854 391 815 Endowm•nt Fund5 B A Warburton Memorial Fund Ministers. Aid Fund Benevolent Fund The Pastors, Fund Loan Fund 7,331 14,678 528 1,058 149 13,755 7,859 15,736 2,213 204,678 190,923 25LN 1549) 255 486 TOTAL FUNDS 403 872 336 603 33
GRACE BAPTIST TRUST CORPORA TION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued) 35. ANALYSIS OF NEf ASSETS BEfwEEN FUNDS {PREVIOUS YEAR} Tangible Current Current Fixed Assets Investments Assets Llabilities Net Assets Unrestricted Funds General Fund 306 709 Dgsignated Funds Support Fund Vision and Venture Incidental Projects 1,003.888 3,300,739 173 724 4 478 351 509.530 465,457 1,513,418 3,766,196 189751 5 469 365 991 014 Restrieted Funds Gift Aid Donations Brockley Fund Brockley Graveyard Fund Halifax Building Fund Haslemere Fund Olley Fund Stoke Golding Fund B A Warburton Memorial Fund Ministers, Aid Fund Benevolent Fund The Pastors, Fund 7,955 34,937 5,928 134,952 5,063 57,275 194.776 7.955 34,937 5,928 134,952 5,063 57.275 194,776 1,056 322 58 561 500 921 1,056 322 500 921 Endowment Funds B A Warburton Memollal Fund Ministers, Aid Fund Benevolent Fund The Pastors, Fund Loan Fund 7.859 15.736 2,213 204.678 7,859 15,736 2,213 204,678 230 486 255 486 TOTAL FUNDS 5 008 397 1534 184 6 532 481
GRACE BAPTIST TRUST CORPORATION ANNUAL ACCOUNTS 2022 INDEX Pa eNo. Annual Report and Accounts 3S-45 Common Inv¢5tment Fund 47-49 Trust Funds 51-54 Miscellaneous Infomiation COMMON INVESTMENT FUND 35-36 Report of the Trustees 37-38 Report of the Audrf(ors 39 Statement of Total Retum 39 Movement in Unf( Holders. Funds 40 Balance Sheet 41-43 Notes to the Financial Statements 43 SwJnificant Changes in the Portfolio 44-45 Portfolio Statement
GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 CONSTITUTION The Common Invéstment Fund was established by a Schane of the Chanty ccmISsion da 2P August 1987. The Fund invests caprtal behalf of tha Ctrpmt•)n aThJ olh8r chUrS and Trust Funds of which the Corporation is a Tnjstee. The DirectcKs of the Cryration act as Trustees of the Common Investment Futyj. MANAGEMENT The Trustees have delegated day-tw manwent and a¢kninistrati¢Jn of the fund lo Fund Managers, Quilter Cheviot Lrftited. STRUCTURE The fund operates as a Unrt Trust. The total fund 1$ di¥ into unrts which are created or caneelled on the reIpt of new funds or the redemption of holdings. At 31 D8combèr 2022 units totallgd 4,535,01312021.. 5.113.303) and wer8 vabjed al £1.55547757 per unit {2021.. £1.914081371, based on the portrolio of investments. INVESTMENT STRATEGY Approximately 500A of the total units are held by permanently endow&J trust fuThYs that demand a hoh level of income in the absence of any realislr OPFQrtunrtl8s fcf the utilisalion of their capital whereas the remainder of the unrts are held by fuThYs Ihal ar& ab to utilise their capital investment. as necessary. To accommodate Ihese different inleresls, the investment strategy of the fund has been designed to achieve a realistic incnme yield coUplj with k)ng-temi capital growth as an inflationary hedge consistent with a target asset allocation, agreed wrth the investment managers, of interest stocks, gills and corporate bonds 25%, equitiès and stnJcturwJ investments 60%, and allemaliv8s 15% with a permitted 5% point variation. Investrmenl perf0mlan is govemed by the Trustees, 8pIance of a moderate level of risk and their adopticffl of an ethical stance that avoids investment in companies directly connected wtth alcohol, gambling, FwraFkny, lobac£o. and genetic modrficalion, redit institutions that appty extortionate and exorbrtanl lending principles, and companies where little respect is sFknvn for the sancaty of lrfe, human rights. aNJ the nat1 environment. INVESTMENT PERFORMANCE In the absence of a suitable standard benchmark that ewale$ to the requiremerrts ol th8 Corporation. the Trustees and Fund Managers have formulated a spea"alist benchmart( against which the perfoanCe of the fund is to be rnonrtor. Regrettably, the war in Ukraine and the ramrficalions of the econcYnic and political uncertainties in the UK during the year had a detrimental Impad on the Fund's performance. Nevwtheless, the income yiehl achieved on th8 Corporation's F)Ortfolio of investments was 2.9% against a target of 2.25%, although the total retum achieved was -17% against the benchmark of-9.7%. RESPONSIBILI The Trustees are TrSpOnsib the approval of Investment Strategy, whith is agreed with the Fund Managers. The Trustees meet w¢)JirAIty to review the management of the funds and to confirm any policifrs requir.
GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 IContinu•dl RESPONSIBILITIES OF THE TRUSTEES The Trustees of the Common Investment Fund are required by the Scheme of the Charity Commission dated 27th August 1987, made under the Charities Act 1960, to prepare financial slalemenls in accordance with the Charities (Accounts and Reports} Regulation$ 2008. In preparing the financial statements the Trustees are required to. Select suitable accounting policies that are appropriate for the Fund and then apply them consistently. Make judgements and estimates that are reasonable and Prudent. Follow generally accepted accounts.ng principles and applicable accounting standards. subject lo any material departure disclosed and explained in the financial slalements Follow the disclosure requirements of the Statement of Recommended Practice for Financial Statements of Aulhoftsed Funds120141. Prepare the financial slalements on the basis that the Fund will continue in operation unless it is inapprop(iate to presume this. The Trustees are required lo manage the Fund in accordance with the Scheme, maintain account'ng records and lake reasonable steps for the prevention and delecb'on of fraud and other irregularib'es. On behalf of the Trustees PDRelf K C Wwltshire
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND Opinion We have audited the financial slalemenls of Grace Baptist Trust Corporation Common Investment Fund Ilhe 'charity'l for the year ended 31 December 2022 which cornpri5e the statement of total retum and the balance sheet and notes lo the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {Untted Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial statements". give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ende(I,' have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in aecordanee with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in aceordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concem In auditing the financial slatemenls. we have concluded that the trustees. use of the going Concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have perft)rmed. we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast signifieant doubl on the charity's ability lo continue as a going concern for a peri(xJ of at least e1ve months from when the financial stslemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concem are described in the relevant sections of this report. Other inforniatlon The other information comprises the information included in the annual report other than the financial stslements and our auditorfs report thereon. The trustees are responsible for the other information contsined within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stsled in our report. we do not express any form of assurance conclusion Ihereon. Our resFX)nsibility is to read the other information and, in doing so, consider whether the other infomialion is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reportsl Regulations 2008 reqtjire us to report lo you if, in our opinion: the infomiation gwen in the trustees. report is inconsistent in any material respect with the financial slalemenls., or sufficient accounting records have not been kept.. or the financial statements are not in agreement with the accounting rewrds and relums.. or we have not reIVed all the infonnation and explanations we require for our audit. 37
Responsibllltles of trustees As explained more fully in the trustees, reswnsibilities statement set out on page 36 the trustees are responsible for the preparation of the financial stslements and for being satisfied that they give a true and fair view, and for such internal control as the tnjstees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial stements, the trustees are responsible for assessing the charity's ability tr) continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intènd to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Audltorf8 responslbllltles for the audit of the flnancial staternents We have been appointed as auditor under section 144 of the Charities Act 2011 and pOrt in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL whether due to fraud orerror, and10 155ue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when tt exists. Misstatements can arise frorn fraud or error and are considered material if, individually or in the aggregate, they could as0nabfy be expected to influence the economic decisions of users taken on the basi5 of these financial stalemenls. Irregularities. including fraud, are instances of non-compliance with laws and regulatsons. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are Capab of delecling irregularities, including fraud is detailed below.. Through communication with the client Through consideration of material elements of the accounts which could potentially give rise to misstatements Through understsnding the legal framewo[ in which the client operates Through examination of the charity's policies and proKedures A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website aL' htt s.'IhwM.frc.or .ukJauditorsres onsibilities. This description forms part of our auditotrs reporL Use of our report This report 15 made solely to the charity's tnjslees. as a ty. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's trustees those matters we are required to stsle lo them in an auditorfs report and for no other purpose. To the fullest extent pemitted by law, we do not apt or assume responsibility to anyone other than the charity a harity's trustees as a body. for our audit wotk. for this report, Of for the opinions we have form Brewers artered Acco Slaluto Audit Boume se Queen Street Gomshall Surrey GU5 gLY Date.. fl ¥>-KKLL4 LI Brewers Chartered Accountants is eligible for appointment as auditor of the charity by virtue of 5ts eligibility for appointment as auditor of a company under seets.on 1212 of the Companies Act 20c. 38
GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND STATEMENT OF TOTAL RETURN FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 N0• Nel GainsllLosses) c Invgslments durirvJ the Ye {1.688.315) 658,592 Gross Income 223.703 198.6 Expenses Net Income 222,692 197,588 Total Retum the Ye 11,465.623) 8.180 Distrtbutions {223.189) 1199,6KII Nel InereasellDewse} in Unrt Hohjers, Funds from Investmènt Aclivrties STATEMENT OF MOVEMENT IN UNIT HOLDERS, FUNDS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Notes Nel Assets as at 1 January 2022 9,787,278 9.110,045 Mov8ment due to th8 Creation and cancellati of Units Amounts Received on Creation of Units 2g),489 24,023 Amounts Paid on CanlIat)n (* Unrts (1,044,355) 20,683 Net IncreasellDecreasel In Unri Holders. Funds from Investment Activrties (1,688,812) 656,550 Net Assets as at 31 Decemtw 2 9 787 278 39
GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Porttollo of Investmonts 7,CQ1,1&3 9,733,854 Current Assots Deblofs Cash at Bank and in COIF 53.626 50,088 Current Liabllities Credttors 53,928 54,424 Net Current Assets 52,928 53,424 Net Assets 7054111 9 787 278 Unit Hold•rs' Funds 7054 111 9 787 278 The Fin8na81 Stalements pages were aFffjwoved by the Trustees on 6 March 2023. /a?Tr/ PDRetf K C W Vvlltshire
GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES 1.1 Accounting Conventions These financial statements have been prepared under the historic cost convention, as modified by the revaluation of investments, and are in accordance with the Charities (Accounts and Reports) Regulations 2008 and the Statement of Recommended Practice for Financial Statements of Authorised Funds120141. 1.2 Dividends and Other Income Dividends on ordinary stocks a credited to income when receivable. Interest on Government Stocks, Convertible Loan Stocks. and nk Deposits 15 accrued on a ¢Jaily basis. 1.3 Distribution Policy The Fund distributes. in full. the income that is accumulated bets¥een distribution dates. 1.4 Investment Valuation Investments are valued at the mid-market valuation al the close of business on the accounting date. 1.5 Taxation The Fund is exempt from UK Income and Capital Gains Tax due to its charitable status. 1.6 Fund Management Expenses Fund Management Expenses are char9ed against the Capital Value of the Fund. NET GAINS ON INVESTMENTS The Nel GainsllLossesl on Investments during the year comprise.. 2022 2021 Proceeds from Sale of investments sold during the year Original cost of investments sold during the year G8insllLossesl realised on investments sold during the year Net LossesllGainsl thereon already recc%Jnised in previoL¢S years 813,764 3,419,513 2 868 744 550,769 409 2321 141,537 568 858 710,395 75,968 118,3631 1 622 877 11.641,2401 Net unrealised appreciation for the year Fur>d Management Expenses Net GainsllLossesl on Investments 16883151 658 592 GROSS INCOME 2022 2021 UK Equities UK Fixed Interest Overseas Equities Overseas Fixed Interest Allernalives Interest on Deposits 95,579 28.138 37,731 18,428 42,505 75,176 28,247 28,748 12,733 53,605 91 198 600 223 703 41
GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 {Continuedl EXPENSES 2022 2021 Audit Fee Bank Charges 1.002 1.002 10 DISTRIBUTIONS Distributions tske account of income received on the creation of units and income deducted on the cancellation of units. Penee per Unit 2022 2021 20 May 2022 20 November 2022 1.8010610 3 1244371 81,611 141 578 223 189 79,317 120313 199630 DEBTORS 2022 2021 Amount5 due from Fund Managers Aceiued Income 53,561 65 50,048 40 CASH AT BANK AND IN COIF 2022 2021 Cash at Bank Ilncome Funds) 302 CREDITORS 2022 2021 A¢cruals 1000 42
GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued) INCOME RESERVE The income reserve represents the income received by the Fund since the last distribution dale. 2022 2021 Income Reserve as at 1 January 2022 Transfer tollfroml Income Reserve Income Reserve a5 al 31 0mter 2022 53,424 55,486 10. TRUSTEES The Trustees received no remljneration or expenses. SUMMARY OF SIGNIFICANT CHANGES IN THE PORTFOLIO FOR THE YEAR ENDED 31 DECEMBER 2022 PURCHASES COST 39,000 1,900 22,500 76,094 250,000 8,300 280 2,200 4,600 Allianz UK & European Inv Funds Gilt Yield Fund I Persimmon Taylor Wimpey Schiehallion Fund PrnIer Portfolio Managers Miton Coryx)rate Bond C Pets at Home Schroder International Selection Fund US Large Cap X Sands Capital Funds Emerging Markets Scottish Mortgage Inv Trust 62,156 29,401 25,183 59,992 208,113 25,172 49,829 42,064 550 187 SALES PROCEEDS 2,500 1,700 1.250 5,000 280,000 3,000 20,000 45,000 5,000 KBI Funds ICAV North America Equty Compass Group Relx Smiths Group M & G Securities Ltd Opts"mal Income Aveva Group BNY Mellon Investment Funds US Equity Income Fund FIL Investment Services Ltd Money Builder Income Princess Private Equity Holdings 51,160 29,821 29,312 77,701 285,264 94,139 30,104 44,460 694 022 43
GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND PORTFOLIO STATEMENT AS AT 31 DECEMBER 2022 Market Value as at31.12.22 °A of total Portfolio UNITED KINGDOM CASH BALANCES Quilter Cheviol Investsnenl Managers COIF Charities Deposit Fund 48,753 76,531 UK FIXED INTEREST 250.000 Allianz UK & European Inv Funds Gilt Yield 7,000 Allianz UK & European Inv Funds IIL Gilt 25,000 Ishares li Core UK Gills Ucits Ett 4,700 Ishares li IIL Gilts Ucils Etf 200.000 Fidelity Investment Funds Money Builder 250,000 Premier Miton Income Funds ICVC Corp Bond 260,000 Royal London Bond Funds Ethical Bond Z 370,500 5,584 262,250 65,443 157.400 179,525 248 508 1.289.210 18 UK EQUITIES 50,000 Barclays 16,400 HSBC 8.850 Prudential 16.250 Smith IDS) 2,990 Compass Group 2,400 Experian 6,000 Persimmon 220,000 Lloyds 2,850 Halma 3,050 Relx 6,000 Intermediate Capital Group 1,000 London Stock Exchange 50.000 Legal & General Group 8,500 B & M European Value Retail 8,000 31 Group 75,000 Taylor Wimpey 2,770 Greggs 6,000 Ocado Group 23,260 ASntIal 47,500 M & G 11,000 Unite Group 660 Ferguson 42,500 JD Sports Fashion 3,770 Smith & Nephew 1,300 Renishaw 12,000 National Grid 10,000 United Utilities Group 1,900 Derwenl London 7,500 Segro 60,000 Urban Logistics REIT 8,300 Pets at Home 7,000 Darktrace 1,560 Ashlead Group 79,260 84,575 99,784 52.244 57.333 67.512 73,020 99.902 56,259 69,784 68,880 71,360 124,750 34,961 107,320 76,238 64,984 37,008 46,892 89,229 100,100 68,904 53,614 41,828 47,684 119,688 99,140 44.992 57,270 80,700 23,539 18,109 2 290 495 3.656,236 33 52
GRACE BAPTIST TRUST CORPORA TION COMMON INVESTMENT FUND PORTFOLIO STATEMENT AS AT 31 DECEMBER 2022 {Continuedl Market Value as at 31.12.22 % of total Portfollo EUROPE EQUITIES 46.500 Blackrock Conlinenlal European Income 23,500 Fidelity European Trust 2,695 Just Eat Takeaway 10,400 Premier Miton Investment Funds 80.176 75,083 46,828 USA 229,751 EQUITIES 2,500 KBI Funds ICAV North America Equity A Inc 162,452 Blackrock Collective Investment Funds 3,300 Sands Capital Funds US Select Growth 280 Schroder Inlemational Selection 450 Granahan Funds US Smid 260,000 BNY Mellon Fund Managers US Equity FAR EAST 49.625 149.400 88.011 47,741 39.339 470 306 784,422 11 EQUITIES 46.200 Federated Hemies Investmertrt Funds 8,740 Matthews Asia Funds 60,000 Baillie Gifford & Co 105,710 106,191 GLOBAL 293,801 EQUITIES 2,500 Allsping {Lux) Wortdwide Fund 17.000 Fidelity China Special Situations 2,200 Sands Capital Funds Emerging Markets 4,600 Scottish Mortgage Investment Trust 5,750 Smithson Investment Trust 205,825 40.800 38,192 33,249 FIXED INTEREST 18.000 Pimco Global Advisors Investment Grade Credil ESG 158,580 370 NN ILI Global Convertible 387,500 AXA Short Duration High Yield 37,670 393,276 ALTERNATIVE INVESTMENTS 49,000 Inlemalional Public Partner 103,775 Chrysalis Investments 315,000 Charities Property Fund 18,000 CT Property Growth & Income Fund 15,000 Princess Private Equity Holdings 122,600 Assura 90,000 The Renewals InfraslnJcture Group 130,000 Schiehallion Fund 514,814 74,284 79,803 459,632 164.377 112.095 66,878 117,000 54 814 1.128.883 PORTFOLIO OF INVESTMENTS 7,001,183 99 NET CURRENT ASSETS 52,928 NET ASSETS 7054111 100 45
GRACE BAPTIST TRUST CORPORATION ANNUAL ACCOUNTS 2022 INDEX Pa eNo. 1-34 Annual Report and Accounts 35-45 Cornmon Investment Fund 47-49 Trust Funds 61-54 Miscellaneous Infomiation TRUST FUNDS 47 Receipts and Payments Account 48-49 Details of Trust Funds
GRACE BAPTIST TRUST CORPORATION TrUST FUND RECEIPTS AND PAYMENTS ACCOUNT FOR ThE YEAR ENDED 31 DECEMBER 2022 2022 2021 Racelpts Various Trusts 545.342 101,526 Payments Various Trusts 554,818 169,013 SurplusllDeficit} of Receipts over Payments Balances brought foThvard as at 1 January 2022 Balances carrled forward as at 31 Decemb8r 2022 19.476} 167.487) 623,493 546 530 0C6 The Corporation acts 8s a Trustee for the clIable trusts that are listed on pages 48 and 49 and the Receipts and Payments Aco)unt aix)ve is a consolidated summary of the aceounls of these Irusls. The accounts include tKJlh Capital and Rav8nue amounls. Separate accounts are maintained for each of the trusts and relums are made to the Charrty Commission where appropriate. The Receipts and Payments Account and the investments held on behaw of the Tnjsls {see below) arè kept separat6 from those of the corporati and are rvJt induded in the a(xounts set out on pages 12 to 34. Investments held on behalf of varlous twsts Interest in Grace Baptist Trust Cwation Cc¥nmon Investment FLmd £3,853,636 Further infomialion at4)ut churthes that we have teen able to assist with SUPFQrt from the Trust Funds we administer is given on our webstte and paper c4iies are available, C request. 47
GRACE BAPTIST TRUST CORPORATION TRUST FUNDS The following Chapel Trusts are administered by Order of the Chty commissi or by the terms of Trust Deeds. Churthes walified to befft Luxkr the temi$ of the Trusts shwld communicate with the Chief Exeujtive. Dividends r8 the.. - ALTON TRUST to Strict and ParticJJlar Baptist Chapels in Hampshire, and ajjoining CntIeS of West and East Sussex. Surrey and Wttshire. BLACKBURN TRUST to Strict and Partblar Baptist Chapels in Lancashire. COBHAM TRUST to Strict and Part11¥ 88Pti$l Chapels within a radius of 12 miles of Cobham. CROYDON TRUST towards the upkeep, extension or imKYovement of the buildiros of Strict and Particular Baptist Churthes. EDENBRIDGE TRUST to Stnct and Particajlar Baptist Chapels in Kent. Surrey, East and West Sussex. EPPING TRUST to Strict and Part1& Baptist Chapels in Essex within a radius of 25 mi18s of Epping. FENLAND CHURCHES TRUST to StrKa and partblar Baptist Ch8pels in Cambridgèshire. Norfolk and Lincolnshire. FLECKNEY TRUST to Siri¢t and Particular Baptist Chapels wrth a preference for those in Leicestershire. GLOUCESTERSHIRE COMBINED CHARITIES lo Strtd and Particular Baptist Chapels in the County of Gloucestershire and adjoining counties. HORLEY (LEE STREED TRUST lo Stricl Partiojfar B8Ptist Chapels in Surrey, Hampshire, West and East Sussex. HORNSEY RISE TRUST to Strict Baptist Chapels in Middlesex arKI London. IVINGHOE TRUST to Particular Baptist Chapels in the Counties of Bedfordshire. Buckinghamshire, Hertfordshire and Northamplonshire. MAIDSTONE (KING STREED TRUST to StrKa Baptisl Chapels in thg County of Kent. MAIDSTONE {MOTE ROAD) TRUST to Strict Baptist Chapels within 30 miles of Maidslone. MARDEN TRUST lo Strict and Particular Bapbst Chapels in Kent. RUSHDEN TRUST lo Strict Baptist Chapels within 30 miles of Rushden. SLEAFORD TRUST lo Strict and Parti(yJl¥ Baptist Chapels in Lirw))Inshire. and adjoining CoUntS of Cambridgeshire, LeiStershIre and NOttInghnshire. SOUTHBOROUGH TRUST lo Strict 8apti51 Chapels in Kent. TONBRIDGE TRUST to Strira •d Partiojiar Baptist Chapels in Kent. WADDESDON HILL TRUST to stn.ct and Partiojlar Baptist Chapels in the L)Junties of Buckinghamshire, Bedfordshire and Hertfordshire. WARBLETON TRUST to P8rticaJl& Baptsst Chapels wrth a preference for those in Ea51 Sussex.
GRACE BAPTIST TRUST CORPORATION TRUST FUNDS Icontinuod) WARRINGTON TRUST to Strirt Partirjjiw Chapels in the (yjunties of Cheshire, Mers¢ysidè. Creater Manchester. Lancashire. CUmt"a and West Yofkshire. WILTSHIRE TRUST to any Strict and P*tiuJlar Baptist Charel in the cnty of Wiltshire. WJS8ECH MANSE TRUST for the be crf thapels of Strict Baptist denominat. WRIGHT MEMORIAL to Parkn.lar Baptist ctNJr(thes in Lancashire 8nd $L Yorkshire. Trust FurKls relating lo the following pla5 or Fwons are administered as directed by the Charity Commission, or by th8 lemis of trust deeds or wills.. Brentford, Broadstairs, Brockham, Brockley. Chaplin Legacy, Devtzes, GNndisbLryh mSe, Haw - Hartley Trust. Haworth Manse, Ipswch Manse, Marden, Margale, Meopham Manse, Norris Legacy, Olley. Portsmouth Manse, Preston Settlement, Ramsey, St. Albans. Two Waters, Wattisham. Wetherden Manse, Wimblethjn. 49
GRACE BAPTIST TRUST CORPORATION ANNUAL ACCOUNTS 2022 INDEX Pa eNo. Annual Report and Accounts 35-45 Common Investrnent Fund 47-49 Trust Funds 51-54 Miscellaneous Infomiatlon MISCELLANEOUS INFORMATION 51 Basis of Faith 52 Rules 53 Ways we can Help you Ways you can Help us
GRACE BAPTIST TRUST CORPORATION BASIS OF FAITH The verbal inspiration of the Holy Scriptures of the Old and New Testsrnenls and that they are the sole, supreme, and all-sufficienl authority in every matter of Christs'an faith and practice. One living and only true God. subsisting in the TrinTty of Three co-equal and coeternal Persons - the Father, the Son. and the Holy Spirit", all infinite without beginning., the Father neither begotten nor proceeding,. the Son eternally begotten of the Father., the Holy Spirit eternally proceeding from the Father and the Son. The Deity, eternal Sonship, and spotless humanity of the Lord Jesus Christ,. His virgin birth, crucifixion, death, 2nd burial", His physical resurrection, and ascension into heaven. The personal, eternal, and uncondits.onal election of the Church in Chrisl unto evedasting salvation. The Fall of mankind in Adam their federal head whose transgression is imputed lo them, and from whom they derive a corrupt nature. thereby rendering them tK)Ih unable and unwilling lo meet the Claims of God's righteous and holy law. That though all men are rendered spirilualty impolenl by the Fall, they are none the less accountable to God for their sins. and they shall answer for the same in the day ofjudgemenl except they be granted repentsnce unto etemal life. The special, particular. and etemal redemption from all sin. and the penal consequence thereof, of all God's elect, through the subsb"tulionary sacrifice of the Lord Jesus Christ. The etemal and evertasling justr"fication through faith of the elect and redeemed Church. by the blood and imputed righteousness of Christ, irrespective of any moral or spiritual works done by them either before or after regeneration. The effectual calling of all the redeemed by the invincible power and graee of the Holy Spirit, according to the counsel of God's will, involving their regeneration and sanclificalion by the direct agency of the Holy Spirit, thmugh which the saints grow in grace perfe¢ling holiness in the fear of the Lord. 10. The grace of faith whereby Ihe elect are enabled to believe to the saving of their souls is the gift of God, and the work of the Holy Spirit in their hearts, convinces them of sin, works in them pentance unto life. and enables them to look to, receive, and rest upon the Lord Jesus Christ alone for salvab"on. 11. The final perseverance in the ways of God of all those who have been chosen by the Father. redeemed by the Son. and regenerated by the Hoty Spirrt, so that they shall never perish, but have elemal life. 12. The second coming of the Lord Jesus Christ, the resurrection of the dead, both of the just and the unjust, when the wicked will go away into everlasb'ng punishment and the righteous Into life eternal. 13. The duty and privilege of all true believers lo profess their repentance towards God and faith in the Lord Jesus Christ, by being baptized, that is. immersed in water, in the name of the Father, and of the Son. and of the Holy Spiri( prior lo becoming members of a Christian Church or partaking of the Lord's Supper. 14. The preaching of the Gospel to every ¢realuie as a divine command and solemn duty. The necessity of a believerfs lrfe being consistent wrth the profession he makes. The congregational order of the Chutches. 15. 16. 51
GRACE BAPTIST TRUST CORPORATION RULES (EXTRACTED FROM THE ARTICLES OF ASSOCIATION) Every member of the Corporation shall be a member of one of the following classes, namely.. - (al Ordinary Members. That is to say, members of a Parb"cular Baptist Church praclising Strict oommunion, who subscribe to the said Doctrinal Basis and who pay lo the Corporats'on an annual subscription lo be fixed from lime to time by the Council. Ibl Delegate Members. That is to say, members being delegales nominated by a Particular Baptist Church practising Strict communion whh adheres to the said Doctrinal Basis and makes an annual donation lo the CorFxJration of not less than five pounds or of such other amounts as shall be fixed from b'me lo tsme by the Council. PROWDED THAT Churches consiskn.ng of less than ten members shall be entitled lo norninate one Delegate Member and that Churches consisting of ten or more members shall be entitled lo nominate Delegate Members, that Churches consisting of enty or more members shall be entitled lo nominate three Delegate Members and that Churches consisty'ng of foty or more members shall be enlilled lo 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 lo the Secretary of the Corporab"on, and upon such nomination and nolificalion in writing of hislher consent lo act as such Delegate Member the person nominated shall. subject lo the approval of the Council. be duly entered in the Register of Members. Each Delegate Member shall subscribe to the said Doctrinal Basis and shall be enlilled lo one vole only, nOlthsndlng that helshe may also be an Ordinary Member of the Corporation. (cl Associate Members. That is to say, persons who satisfy the Council that they are in sympathy with the said Doctrinal Basis and with the objects of the Corporation. Each Associate Member shall pay the CorFK)ration an annual subscription of an amount lo be fixed from time to lime by the Council. Associate membership does not cafry the right to vote. The Corporation shall hold a General Meeting in every calendar year as ils Annual General Meeting at such time and place as may be determined by the Council. The affairs of the Corporation shall managed by a Council of Management. The members of the Council shall be elected at each Annual General Meeting from among the Ordinary Members and the Delegate Members of the Corporation. and every Chureh entitled to nominate a Delegate Member shall be entitled to nominate in writing a male member to be included in the list of persons lo be submitted lo the meeting for elecb"on. Immediately upon election, the Council shall proceed to elect from amongst their number Chairman. a Deputy Chairman. and a Treasurer. Al the Annual General Meeting in every year the Council shall lay before the Corporation a proper income and expenditure account for the period since the last preceding account lor in the case ol the first account since the incorporation of the Corporalionl made up lo a dale not more than four months befoie such meeting, together with a proper balance sheet made up as at the same dale. 52
GRACE BAPTIST TRUST CORPORATION WAYS WE CAN HELP YOU We exist to serve the churches and we a able to do this in a number of ways, as outlined below. If you feel that we can help in any of the ways listed please ¢ontact the Chief Executive. Grants and Loans When redundant Chapels are sold the money is invested and the investment income is available to make grants lo other churches whose ministries are expanding and who need to redevelop their buildings. In some cases, the capital sum may be lent to churches, either as an inlerest-free loan or as an interesl-bearing loan at a compeb.live rate of interest. Professional Advice The office staff are available to offer advice on rnany day-to-day matters associated with the administrative side of running a church. In addition, the Board of Directors comprise a group of men who are actively involved in the work and who are able lo give preliminary guidance as lo how a church should proceed in the light of a particular difficulty that may arise. We have expertise in various professional fields including accountancy, architecture, health and safety issues, inveslmenls, law, and surveying. Trusteeship The Corporation has been recognised as a Baptist Trust Corporation within the meaning of the Baptist and Congregational Trusts Act. 1951 and may be appointed a trustee of any Particular Baptist Church practising strict eommunion. Churches appointing the Corporation as a trustee will not in future be faced with the necessity of finding a lot of other trustees (sometimes as many as e1ve or Ihirteenl, even if the trust deed requires it. The Corporation is willing to act as trustee alongside local people or as Sole Trustee. In this way churches will no longer be faced with difficulties arising from the fact that widely scattered Iruslees are rarely able to meet,. nor will problems arise If some of the trustees change their doctrinal position or refuse lo act in a matter of importance. Furthermore. the difficulbes that can arise when the last of Ihe InJstees has died or cannot be Iraced will not occur. We have a programme for assisting churches of which the Corporation is a trustee by commissioning a survey of their premises and working with them lo implement a structured programme of essential maintenance. In addition advice concerning church problems is often sought, but it should be made lear that the willingness of the Corporation to give advice is by no means limited lo those churches of which it is a trustee. Any church may approach the Coiporation knowing that its appeal will receive a sympathetic consideration. Endowment Fund5 We administer a number of endowment frjnds such as our Loan Fund, Ministers, Aid Fund Benevolent Fund, the Pastors, Fund, and the B A Warburton Fund (which under the lems of the trust is available lo assist men who, being members of our churches. are in training fof the Ministryl- We are always willing lo accept Irusleeship of other similar fvnds. Taxwefficient Giving We are able to help churches maximise their reSourS through our Gift Aid scheme, which is particularly helpful lo churche5 that may not have in-house expertise or lo individuals who wish to give anonymously. In addition, one gift to us can be distn'buled to various causes on behalf of the donor. 53
GRACE BAPTIST TRUST CORPORATION WAYS YOU CAN HELP US By givlng We exist lo seNe the churches and we make no charge for doing so (apart from specific services such as the Gift Aid scheme). However, serving others is a costly business., office rent has to be paid., the audit fee has to be paid,. so do our staffl These Costs are met out of the generous giving of the Lord's people and from our investment income, {although that is income that would otherwise be given to churches). You can help us by making personal donations to detray these expenses and by encouraging your church lo do so as well. By becoming a personal member Annual subscriptions are-. Full Membership- £10.00 per annum. Associate Membership - £5.00 per annum. Personal membership is a more committed way of supporting us in our ministy, but in addition il enables you to attend our Annual General Meeting and have a say in the way the Corporation is run. The membership form makes il clear what type of membership is applicable in your Case. Be warnedl If ever the Corporation were to close down with debts. personal members would be required to contribute £5 towards repaying them. However. we trust that by acting as good stewards of all that the Lord has entrusted lo us, il will never happen. By encouraging yourchurch to become a subscribing church Churches that make a gift lo the funds of the Corporation in the course of a year are entitled to send Delegates lo our Annual General Meeting. In this way the ehurches can become closely involved in the ongoing ministry of the Corporation. By rememberlng us in your will. The help of friends who have remembered the work in their wills has been a source of great encouragement over the years. A 'Fom of Bequesf is given below, which may be used in this connection. '[ give and bequeath lo the Treasurer for the time being of the GRACE BAPTIST TRUST CORPORATION the sum of £ free ol dutie5 to be applied to the general purposes of the said Corporation, and I direct that the rlpt of the said Treasurer shall be taken and deemed a sufficient discharge for the same." By telling others about our work and encouraging them to support us. You may have friends who are not familiar with the ministy of the Grace Baptist Trust Corporation. Tell them about the many services we offer and all the help and advice we can give. By telling us about the needs of churches and indivlduals. We administer a number of fvnds that are lo be used for the beneffl of others when they are in need. Sometimes we know about the need, and sometimes we do not. If you know of a church or church member who needs our help, and you feel it is appropriate lo let us know. we would love to hear from you.
GRACE BAPTIST TRUST CORPONTION Oughout Grace Baptist Trust Corporation 19 Croydon Road, Caterham, Surrey CR3 6PA Tel: 01883 345488 Fax: 01883 345129 info@gbtc.org.uk vMw.gbtc.org.uk Company Limited by Guarantee. Fiegistereij Number 592488 Registered Charity. Registration NuMr 251675