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
Tn￿t 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 I￿nk 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 Fxorv6S￿al advi￿ 50willingty. For us. it 1$ truly a privilege
serve our Lord in guiding. 8dvisiTrJ, helping, sworting and en￿uraging churthes and God's people as
they in tum endeavour lo serve Him k￿allY 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 esl*lished 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
inte￿51.
We have one new thurth planting wtiierl lo bring lo your attentwm. E￿Ier 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 han￿￿or. 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)li￿d 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 auth￿1119$ aThJ we believe that the Corpor81ion
meals a very real need through its varied ministries. twjlh wactical and f￿anCial. 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 gU￿an￿ as we seek 10 maintain the variou5 ministries of the CorpOrat￿n
during the coming year.
Kevin w￿shir8

GRACE BAPTIST TRUST CORPORATION
REPORT OF THE BOARD OF DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022
The members of the Board of D￿ectOrS 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 8￿rdance 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￿ Star￿ard '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
uncertainl￿S 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 Ind￿je 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 Corp￿atiOn is govemed by its Articles of
ASsocial￿n.
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 CorporatK*n'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 ind￿￿ed in th8 list of persons lo
be submitted lo the meeting electK)n as a Director. As a rn￿tser 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 cC￿prISed 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 Offi￿rS 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
eX￿rtISe 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 servI￿s,
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 cOns￿er 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￿ r￿1Ved 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 rel￿ed 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). LOtt￿S received from the b8nefiuaries hpahlighl the
signrficance of trese ￿antS lo the level of their h￿Se*￿Ild 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 W￿re rt might oU*rwise not be possible.
Educational Support..
The Corporation administers a small End￿ent 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 Corpc*alion 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 ￿anIsat￿1nS that fUrt￿r 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 0￿rW￿￿e 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 eXI￿d their ministries beyond th8 lev81 they would otherwise te capable of
achieving.
Professional se￿1￿$..
The Corporation acts as a Tfustee of ¢hurth property and Vari￿$ Trust Funds estsblished under
Charity Commission schemes, trust deeds, wills and other instruments and yovides other professional
services to ehurches ci other organisati￿S within the Grace Baptist family of thL*rches, as the need
arises. As a TnJsiee of L*aritable land and wupety, the CorpOrat￿n 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 c￿X￿tIon 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 res￿1 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 defir*d by FRS 102, th8 CorpMir*ion 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 rePres￿rt the interests of Grace Baptist Churclie5.
GRANT MAKING POLICY
Grants are made lo churthes and indFvK￿aIS under the t8ms of the various funds administered by thè
Corporation. In the case of the Pastors, F￿d, the Benevolent Fund and the Ministers, Aid Fund,
grants are made directly to individuals lo ￿l￿ve 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 maInten￿Ce 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 fu￿11 their ministries. This
will lead lo thg advancement of the Christ￿n 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 am￿nted to £7￿,831 against the income for 2021 of £403,872. The sum of £1,541,154 was
spent acquiring ttvo residential pro￿t￿$ 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 eX￿ndItUre is recorded in th8 ac￿L￿ntS 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 un￿rtairtieS in the UK during
the year had a detrimental impatx on the Corporat￿jn'S investments and a r&Juction in value of
£792,765 was re¢orded again$1 an inLYease of f336,8￿13 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 in1x￿red 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 Obl￿alK)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 r￿stablISh a Grace Baptist
church in Bethel Chapel Wmbledon ar¥J rt is antI￿Pated 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 infi*ionary 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 ach￿V￿j 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 objec*ive 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 re￿ds, 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 C￿allOn are..
The lad( of voluntary donations to fi￿gr￿e 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 finan￿al 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 treatm￿1 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 Mil￿ated 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 Corporat￿n following the dispos81 of
redundant thapels. There are three sU￿￿ass￿lea￿"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 Mainl￿an￿ projects and lo suppK)rt the ministy of the Corpor81ion. as n￿sSary. 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 V￿lure 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 Sub￿pIlon5, voluntary donations, yofessional sèrvices and investment
income arising from General Furhy reserves. The income arising from these sources is volatile and
Cu￿entlY falls signrfi¢anlly sh￿t 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 ry￿pIe1ed, 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 attem*ive arrangements lo be put in place for tr)&
continuance of the wide rarvJe of ￿ppCfft ministries ￿J￿entlY being undertak8n by the CortKJration.
SIGNIFICANT CHANGES IN FIXED ASSETS
During the year there were signrficant ch￿geS 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 rgduc*ion 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 ch*f c4)jective of the CorForation is the advan￿ment of the
Christian religion Iwhich is a charitable purFose under L8wI and that the Corporation provides public
benefit by offering pyofessional and trustee SerV￿5- 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, gr￿tS 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". )m￿re 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 res￿re*S 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 considerat￿7 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 Gr￿p
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, SU￿ey, CR3 6PA
This rewt has been prepar￿ in accordan￿ wrth the S￿al 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 PraCt￿e}.
In our opinion, the financial slaternenls..
give a true and fair view of the slate of the charitable company's affairs as al 31 De￿rnber 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 con￿rn 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 dete￿Ine 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 (Ex￿dItUre)
(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) InVeSt￿g 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 j￿Uary 2022
Cash and Cash Equivalents as at 31 DeCem￿r 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 con￿rn 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 re￿iVed - 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.
The￿after, 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 servI￿s 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.
Impalm￿nI losses or defficits arising on the disposal of fixed assets are included in the
Income and Expenditu￿ AC￿Unt 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 re￿iVed 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 Sery￿s
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 attent￿n 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 Redund￿1 ch￿1$
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 RedUnd￿rt cha￿lS
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 i￿ome and expendilure. The Sloke Golding Fund was transfer￿￿ to the Support Fund
followng th• do¥ure of the ch*Jrch in a¢xordance th¢ ultimate trust goveming the original grft.
Designated Funds wll be ulilise¢l as the ne•d 8ri5es but thurth pjanting proièc*s arg. by their natUf•, long tenn proJ8ets
as rt may lakts betsbpen fNe and ten years fora new to b￿ljMe 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 past￿5. 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 D￿ernber 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 peri1￿1 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 be￿een 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 t￿e 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 eX￿S 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 Opor*ing Lgasgs
The following payM￿tS fall du9 under nOn-￿ee1￿b1e opw*ing lease5'.
2022
2021
Expiring wthin 1 ye
Expiring wilhin 2- 5 years
The CorpNation's pYeVi￿5 ￿ase f¢y the TrT￿e premises expired on 21* September 2022 and a
new five-year thse at a rent of £11.616 pax was agreed 5th D￿m￿er 2022 bul has not yel
been signed.
29.2 Grant Funding
In accordance wrth the Ullimate Trust of the Trust Deed goveming thg pyO￿d$ from the sale of
Providence Baptist cha￿1, 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
Expondi￿re 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 cc￿mISsion da￿
2P August 1987.
The Fund invests caprtal behalf of tha Ctrpmt•)n aThJ olh8r chUr￿S 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 re￿Ipt 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 coUpl￿j 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,
8￿pIance 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 nat￿1 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
perfo￿anCe 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 re￿IVed 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 st*ements, 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 t￿y. 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 a￿pt 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
N￿0•
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 Can￿lIat￿)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 0￿mter 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
P￿rnIer 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 AS￿ntIal
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 c￿lIable 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 be￿fft 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 C￿ntIeS of West
and East Sussex. Surrey and Wttshire.
BLACKBURN TRUST to Strict and Partb￿lar Baptist Chapels in Lancashire.
COBHAM TRUST to Strict and Part1￿1¥ 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 Part￿1& Baptist Chapels in Essex within a radius of 25 mi18s of
Epping.
FENLAND CHURCHES TRUST to StrKa and partb￿lar 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 CoUnt￿S of
Cambridgeshire, Lei￿StershIre and NOttIngh￿nshire.
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 c￿nty 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 pla￿5 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 m￿Se, 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 wh￿h 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, nO￿lths￿ndlng 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 reSour￿S 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 r￿lpt 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 NuM￿r 251675