REGISIERED COMPANY NUMBER: 5Y2488 (En9k￿d ond w￿￿5) REGISTERED CHARITY NUMBER.. 251675 R•porl allhelw51ees ond Mnanclal Staloments lorlhe Yeai Endèd 31 December 2024 Groce Saplht Twst C￿P￿all0￿ 8rewers Chart￿* Accountants (Statutory Auditor51 Unit 3 8rlley Courtyard Bramley Surrey GU50LA Grace BaptlslTrustr Cwporollon Conlents oflhe Flnanclol Stalements for Ihe Ended 31 December 21)24 Page Chotrman's R•port Rep¢)rt of Ihe Trustees 2 to 9 Report oflhe Independent Audllo 10 to 13 Sl¢rtèmenl of Ananclul Adlvlll•s 14 Bqlonce Sheet Cosh Flow Statement Noles to Ihe Cash Flow Slalement Noles to Ihe Fknonclal Stalemerts 18 to 27 D•talDd Stahpm•nl of Flnanclol AcifvAf•s Gface boptisl Trust Corporollon Choimian'5 Report forthe Ye(7r Ended 31 December 2024 Introduclion It is my primlege lo introduce thi% yeorfs annual Eport of the Grace Baptist Trust Corporation. We acknowledga God's loithfulne5s and thank Him lor His goodn055 through onother yeor os we hove enaeovoured lo support and encourage the wort of the churche5. Acknowl•dgements I woukl like to Ihonk the office 51011 lor thèir continued laithtul Service, as well 05 each of my colleagues on the Covncil who gwe their time. not only in allending committee meeting5. but olso in giving their professional adwce ￿ willing￿. For u5, 1115 truly a priwlege t0 5erv8 our Lord in guiding. odvi5ing. helping. sVPPOrting. and encouraging churches and God'5 people as they in lum endeavour 10 Servè Him locally irn lurlh8 ring the cause ol Christ. Leadershlp ¢honge5 In my report bsl yeor. I stot8d thot wè needed wsdom guidonce with regard to finding o 5ucce550r lor Mr. Eric Cousins. 11 is with grotitude to Gc>d thot I con infom you thol Mr. Govin Oliver joined the Corporation on 3rd June 2024 0$ General Secretary. We give thank5 to Mr. Eric Cousins for his outslonding service to the CcKporation tor Iwenty-five yeor5 and wish him ond his wle a very hoppy retirement. Church Pknnthng and Support l am pleosed to announce that we were oble lo support o chwch planting exercise in Exeter (Devor)) and we continue to heor ol mony blessings there. Tre church plonl in Brighton otso ontinues lo report t￿eSSingS ond growth. We were able to moke ff￿e grants dvring the yeoi to individua15 ond Churche5. provKling 5UPPOrt and ollowing them to purch05e or imwove ther premises ond continue to b& c witness lor the 905pèI n t heir areos ol represenlotion Challenges ond closur￿ Regrettab￿, it 15 not all good new5. Sornetimes it 15 not afvays practical lo consider rèplonting a church once the originol church hos closed. There ore several considerotitsns to be bone in mind such as the reoson5 why the original church closed. the concfition of the premiies, the size and demogrophlcs of the population, and thè potentiol for a new wcik tro becom& established. We regret thot. tho year. il wos necesgory for one of the chapels under our trusteeship to be sdd - Lode Icambridgeshirel. We 0150 odmini5tered #he ck)sure ol lion Chapel in Calne Iwiltshirel, which cuffenMy occomm¢)date5 0 bookshop Ihin part ol the txjl ding. and digcussions are ongoing Wlth regards to the future. Fknonclol Conlrfbvllons One ol the challenges wè focÈ is the need for fimnciol ccntributrons to our Generol Fund. The wort ol the Corporation is at a level not noticed by most church member5 and it is difficult f churches to idenlify with our ministry. The frrnancial 5UPPOrt of the churches who do give lo our General Fund erefore porticularly appreciated. Churches are coming under ine￿OSIng dem¢nd5 by Ihe outhorities. ond we bef￿Ve Ihat the Corporation meets o very reol need through its voried MIn￿tileS. bolh practicol and financial. I would ask you to consider whether you could be part ol our giviry rnember5hip and do please continue to pray that we will be given much wisdom and guidance a5 we seek to maintain Me vorious ministries of the Corporotiw dwng the coming year K•vin Wllshr• Page I Gmte Bopltsl CoryK*rutron Report ol Ihe Twste•s for the Year Ended 31 December 2024 The Iru5tee5 who ore olso directors of the chority for the purposes ol Ihe Companies Act 2006. pr95enl ther report with the financial statements ol th8 charify lor the yeor ended 31 Decemb&r 2024. The trustees hove odopted the provisions ol Accounting ond Reporting tjy Chorilie5.' 5totement ol Recommended Proctice applicable lo chorilies preparing their accounts in occordance with the Finonciol Reporting Stondord applicable in Ihe UK and Republic ol Irolond IFRS 1021 leffg¢tive l January 20191. OBJECTIVES AND ACllVITIE$ Objectfve The chi81 ot4ectNe underlwng all the oclivitie5 of the Corporotion is the odvancemenl of the Chri51ion religion. particular￿ by meons ol ond in accordance with the principle5 of Particulor 8opli5t Churches prac1￿1ng Strict Communion. The Cory)orotion aims lo accomplish thi5 objeclive by providing church officers wilh the ￿SOurceS they need 50 thot Ihey ere oble to ottend lo the administrotive. financial. legol, and pract￿al ospecls of church life, in 9ènerol, ond lo compty with their slalulory obligations, in porticulor. The Directors believe thot these 5&rvice5 ore of considerable ossiitorce to church officers and Ihat this. in fu￿. further5 the Corporation's legal objectwe os churches ore oble to concenlrote on their main lask ol advancing the Chri5tion religion. Whitst other similar charitable organi5alions e¥isl within the Groce Boptist family of churche5. the Board ol Diwtors consKJer thot the Corporotion is in o unique p051tion to offer th8 level ol prol&ssionol support Ihot we ore able lo. owing lo the high level ol fxofessional expertise represented on the Board. Pulbk benefft The DYeclor5 have considered the guidance pubj￿hed by the Chority Commission on the prow5ion of publrc benefil. They confnn thot the chief objective of the Corporotlon is the advancement ol the Christian religion Iwhich ￿ a charitable pwpose under th41 ond that the Corporation provides public benefit by offering professional and trv5te8 Services includillg the provision of advice and irnlormation free of charge lo Particulor Bapt￿t Churche5 praclising Strict C¢Jnmunion. Gron15 ond loons a￿ olso made ovoilable lo such hurches. Additionalw. gronts art pad from various Endowment Funds to the members of those churches where they qualify under the tems of the Irv5ts of the funds. Strafvgy Ihe noture of the Corpoxalion's ministry IS such that it5 obj8clive5 and the stialegEs it empbys to ochieve those objectives do not chonge signif￿an*1Y from yeoT to year. Since the Corporotion is o'Tru%t Clyporolion" one of its fundam8ntal ministries i% to acl a5 a Truslee of church property and various Trust Funds estoblished under Chorify ComMis￿On schemes, tnJsl deeds. wills and other instwment5. Tr)e Director5. aspiration is lo provide the churche5 and their members with the services. odvte ond general assistance Ihol Ihey requr and lo lulfil all of the Corporation's respOn￿bilitIeS as Trustees ol vorious chopeb Trust FurK45 as comprehensively anc* efficienly 05 P055ible. The stiotegy cxjopted to achi8Vg this ho5 been Ihe dissemination of informat￿n Ihrough o websile and through the production of loct sheet5, ond other meons 05 oppropriote. to resFX)nd to the various needs of he churches 05 th8y the arisen and to FXOVKJè iouline services 05 a motter ol coutse. Tho Dw¢t¢rs hove endeavo￿￿ to Snlorm all potential beneficiaries ol the semces ovoilob to them through the website and other lileralure. cylicles, anLI advertising. 0$ appropriate. Granlmaklng polky Gronts ore mode lo churches ond indNKluals under the term5 of the voriou5 funds adminlsle￿d by the Coporalion. In the case of the Pastors. Fund. Ihe Benevolenl Fund ond the Ministers, Aid Fund, grants are mode direcffy to indwiduals to relieve financial hardship. In the case ol the B A Worburton Mem()riol Fund. grant5 are made direclty lo indiwdua15 who are preporing lor the Ministry 10 05$15t them with th8 cos15 01 their training. In the case of institutional granls. the grants are mode to churches or Christian Mssions to 0551st wth the cosls ol church plontlng. building work ond mointenance projects. The tireclors consider that troining men for tre Ministry and ossi51ing churches to plont further churche5 ond 055i5ting them wth the* building and maintenance projects will help them to fulffl their mini5tri8s. ffti5 wll 18od lo the odvancemenl of the Christian Religion, wh￿h itseff is the legal objecthve ol the CorporatK)n. Page 2 Grtscè Boptt51 Trust COrP￿aNOTh Report ol Ihe Trustee5 forlhe Year Ended 31 December21)24 STRATEGIC REPORT Achlevement and performance Chorllable ¢xllvllles The nalvre ol the ministry of the Grace &optis* Trust Corporolion mokes it difficult lo quontify tha success Ihot h05 been achieved during the yeor ond to comFxJre that against the objective Set - especiolly since each church seThed by the Corporotiorn is locelly independent and not under the legol or spiriluul jurisdi¢lion of the Directors. The objective set is to provide church officers with all th8 a5SlStance they need to DJn their churche5 aflectively and the Director5 ¢on5idoi thol thi5 h05 been done. SpecI￿ally. Ihè cOrp￿0*10n has been able lo support Ihe wort ol churches and Iheii rneMbe￿ in the following ways.. Adw5(xy Semces.. The C￿poratIon,* odvisory sèMc&s comprise Ihè larg6St single ogpecl ol the ministry of the CorporotK)n in terms ol hours Wofked and take the lom of a help desk where staff are able to previde onswers lo speciffc queries churchÈ5 moy hov8. A considertsblè numbèr of telepho￿ calls, emails. or queries submitted through the website were addressed during the year. As such queries relote lo o churchs specifr situation it 15 inappropriole lo provide further delai15. In C￿ditIon foct sheet5 are published to olert church officers lo the requirements of Cvrrent legislotion and go¢d proctice. The cost ol providing these serwce5 amounted to £99.768 12023: £116,5151. The number ol ￿llerS ol appreciation received from church officets demonstrote how mvch these service5 are volued. eneV0￿nI Poyments.. Tre Corporotion odmini5ters 0 5moll number ol Benevolent Funds which 6XiSt to provide financial a$51Stonce lo people in need, porticularty serving or retired pastors of Strict Bopt15t Churches or the membets ol such churches. Gron15 totalling £4.7￿ were given lo beneficiaries during the course of the year12023: £4, ICO given lo twol. Lellers received from the beneficiaries highlight ttie significance ol these gronts to the level of ther household income. Chapel Projects". The Corporolion makes gronts to churches lowords the cost ol purchasing, constructing or mair)taining propertie5. tXJrirvJ he year. £270.OW was awarded 12023.. £nill. Such gronts enable the wjects to be undertaken where it might othewse nol be p0S￿ble. Educational Support.. The Corporotion odmini5ter5 0 small Endowment Fund. the B A Wathrton M8morial Fund, which ex￿1$ lo provide financial 9UPPOrt lor male members ol Slricl Baptist Churches who plon to enter the Ministry. Th assi51once given by the Corporation tokes the form of grants that are given toward5 the cost of course fees or the purchose of books. No grants were pa￿ during the year12023: £01. Gift Aid Scheme: The cc￿oratiOn.5 Aid Scheme comprises the brgest single aspect ol the ministry Of the C(xporalion in teTrns of finoncial tumover and r8pr85ents th8 fund5 that a￿ gNen to the CorpcKation lo support the ministry of specific churches ond olher ￿gon￿tionS Ihol fvrther the aims and objectives of the Corporation. During the year. £298.123 wa5 rec￿Ved 12023.. £276.2051. Thg sum of £292.382 wos di%￿r5ed12Cl23. £271.4051 with cost5 being incurred of £6.03712023.. £16.6451 resulting in total expenditure amounting to £298.419 12023.. £288.OS)I. Churches benefitting ore oble to extend their ministrie5 beyond th& level they would olhorwisè b& copable ol achievirvJ. min￿lry Support.. The Corporatlgn adminislels Certoin Ivnd5 thot either designot&d by the Threclors Io os51sI churche5 in generol. or are reStr￿ted by the donors for the support ol specific churches M porticular. During the yeor. Ihe sum of £84.324 w05 Spent on these acti￿7he$ 12023= £135,204>. Churche5 benefftting are oble to ext8nd their ministries beyond Ihe level they would otherwse be copoble of ochEving. Professionol 5eMces'. The Corporalk)n acts as o Trustee of church property and various Trust Funds est0bf￿hed urKler Chority Commission schemes, twst deeth, wilts ond other instrument5 and provhyes olher prole55ionol services lo churches or other orgonisotions wthin the Groce 8aptist lomily ol churches. as the need orises. A5 0 Tnjstee of charitrable bnd and propety, the Corporation has been able to give extensive odvice to churches regarding the lond and bull dings lor which they ore re5ponsiblo os wdl os ￿goI odvice relating lo compfionce with theiT chapel trust deed5. Additionolly. Ihe Corporation produces the Groce Directory ol Churches. Th8 Cost ol providing these services omounted to £25.672 12023: £34.8091 altho￿￿ the sum of £38.419 was recewed in respect of chargeoble services12023.' £36,943). Page 3 Grace BopllstTrvst Corpofallon Report ol Ihe Tru5tee5 lor the Year Ended 31 December21f24 STrATEGIC REPORT FIr￿n¢101 i•V￿W Flnanclal lev￿¥ During the yeor. income Iwhich inclvded the sum of £215.910 ￿sing from Ihe 501e of two redundonl chopelsl arnounted lo £769.198 compared wth thè irtomé for 2023 of £9PA).191. The nel resull lor the year lofter allowing lor the investment performance see next paragrophl was a deficit of ￿&,503 12023.. Surplus £6(Y2.3101. Principal funding sources hove been donations from supporting churches and per50nol member5, and intere51 and dividends orising from the Cc)rporatDn'5 inve51ment5. A 5igniffcont proportK)n of the corporat￿n.5 income ond expendrtLffe relotes to the Gitt Aid Scheme under which donors choose Its support the ministry ot particular churches or other charitable activities thot (xe in lurtheiance ol the aims arbd objectives ol the Corporation. The Corporalion does not commit itself lo supporting projects beyond the fimits ol lurKts that are avali al￿e. ond Merelote the tire¢tor5 confirm thol the 0$5ets in each ol the fvnd5 are 5ufficEnt to enoble the Corporation lo meel ils oblig01￿n$ under those lund5 as Ihey foll due. The financtil position as atr 31 December 2024 was considered satislocloTV for the purFM)ses ol Ihe continuing work of the Corporation. Inveslments Tre Corporation's Articbs of A$50CDtion outhorise the Directors to invest funds not immediolely required for its purposes in such investm6nt% os moy foi the timè bèing bè prèscribed by low. All such fund5 are invested n thè Grace Baptist Trust Cuporation Common Investment Fund, which is managed by Fund Monagers, Quilter Cheviot Limited. Investment performance 15 governed by the Tru5tee5' acceptance of a moderote level of risk ond their odoption ol an ethical stance that avoids investment in companEs direclly connected with alcohol, gambln9. porrwrophy. tobo¢¢o. ond genetic modificotion. credit institution5 thot oppty extortionate ond exorbitant lending principles, ond companies where lillle respecl is shown for the sanclily of life. humon right5, and the noturol enwronment. In the absence of o suitoble stondord benchmork that equales to the reqvirgment5 01 the Corporation, the Tnjstees and Fund Monager5 hove fomiuloted a specialist benchmark agoinsl which the perfomonce of the fund ￿ lo be monitored. During the year Quilter Cheviol Lld reported an income yield on the portfo￿0 of 4.05% nicely a￿ve the target rote of 3.CM)%. The totol retum ochieved in 2024 wa5 4.00% compared lo the benchmark retum of 7.21%. Whilst it was plea￿ng lo have exceeded the Corporation'5 primary objective in term5 of the torget yEld. it was di5apFointing to hove underperformed the berthmork in 2024. The underperfomance rekjlive to the benchmork occuThed the UK and U5 equity elernents ol the porttolio. At Ihe end of V24. the Fx)rtlolio is nicely balanced with (Yound 55% in equilEs, 27.5% in cosh and fixed Interest. and 17.5% In olternotiyo investments le.g. properly ond infrostructurel. If gconomic growlh remains positive 05 is expected, or accelerates, trhe equities should continue lo perform well wilh some ol those thot hove strLJggled this yeor Pcjtentiolly benefiltiry more. Tre fixed intgrest holding5 should yield ¢round 4.5%-5% il everything stay5 the same as now, bul wth the polential lor copilol growth in the event ol falling interest rotes. The altemalive inve5trnent5 will continue to provide excellent levets of ncome and os with ffxed interest. 5FK)uld atso react positively to folling interest roles. Poge 4 Groee Bap11￿ TrusTr Corporallon Report of the Trustees for the Year Ended 31 December 2024 STRATEGIC REPORT Flnanclal wev ReseNes polky The totol funds held by Ihe Corporolion at Ihe year-end amounted lo £ 4,965.094 of which £413.237 represented EndowTnenl Funds ond £582,529 which represented Restricted Funds which moy or)ly be spent in accordance wlh the wishes of the donots. Designoted Fund5 cornprise unre5tricled funds received by the CorporotDn followirvj th8 di5posoI ol redundant chopels. There a￿ three sutKIos5ificotions wthin Designated Fund5. The Support Fund has been Set aside by the directors in order lo provide wpport lo churches Ihat are undertakirig sunificonl mointenance projects and to 5UPP¢Yt the ministry ol the Corporation, os nece5s0ry. This stood ot £2.004.611 ot the yearend and is not considered to be excessive in view of Ihe possibilrtie5 Ihat could arise for utilising these funds in the future. The Vision and Venture Fund Ipimorily designated for church pbnting projects) amounted lo £1.515.868 and wil be utilised 05 OPPOrtunilies c￿Se. By Iheir nature Ihese wll be loThJ term projects 05 It may toke betrween five ond len Yea￿ lor a riew church lo become lully 5ell-5UPPOrtirig. The hcidenlal Project5 Jnd Iu5ed to 5UPPOrt miscelaneous projects 05 they arise) stood ol £152.688. AS Stated in note 26.1 il is Ihe desire of the directo[5 that the cosls of running the Corporalion wll be mel oul of rnembetship 5ub5criptiow, voluntary donotions, professionol 5ervice5 ond investment income 0ri5ing trom General Fund reserve5. ffte income arising from these sources 15 volatile and curr8ntly fa115 Signif￿anIty Short of the Sum required. Effc(ls ore being made lo incre05e the level ol incom& but at present the direclus COn￿der thot a level of reseNes musl be maintained that 15 sufficient to cover such def￿11$ in order to SU5tan the work. not only in the immediate lulure bul also lor several years ahead. The Directots remew the situation on an annual ba515 and at the la51 review. conducted in December 2024, conSide￿d Mot the remoining free reserves. which omounted lo £286.799 01 the year*nd. must be mointoined al their currenl level. They consider thol. in tt)e event of o sudden and substantial foll n the Corporation'5 income. the Sum of opproximotely £3CQ,000 15 required lo cover hvo years. expenditure to enable oll projects in hand to be completed. to enoble Ihe considerotAe number of trusteeships ol properhes and Trust Fund5 ¢v[rent￿ held by the Corporation to be tronsferred to onother Trust Corporalion. ond to enoble ullemolive arrangemen15 to be pul in plac8 for the continuanc8 ol the widg range of 5UPPOrt minislffts currentty being undertaken by the Corp¢yation. Trv5tlunds The Corporotion octs as a Trustee lor o ronge ol smoll chcrtlie5 ond choritable funds under the tems ol Chority Comrni5510ri scheme5. ttust deeds. w115 or other inslrumenls. The object5 01 these trusts fall within the chief objective ol the Corporation ond fvrther detols are givon in the notes lo the fnonciol stotements.SepcYote account5 are maintcJined for eoch of the trusts and relums are made lo the Chority Commi$5ion where appropriate. Tre Corporation odministers the fvjnds tsf the trusts by investing Ihe ¢opilol in the Groce Boptisl Trust COrporat￿n Common Investment Fund. The funds ol the trusts are kept apart from those of the Corporation by msarn5 0158parate occounting record5. bonk account5, und investrnent5. Investment in the Comrnon Inve51menl Fund ￿ on a unitised ba&s. Rhk A$s￿m*nI The Director5 review the risks lo which the Corporation is exposed on an onnual basis and they confirm that systems are in ploce lo monoge the ri5k5 thol have been idenlified. The pr￿Cipal ri5k5 facing the Cory)oralion are.. o Tre lack ol V￿untary donations to finance Ihe Corporotion's operoting costs. CAYing to the professionol nalLKe of the services prowded to Ihe churchès most church members find tl difficum to identhfy th& benefits thot ore provided ond ore Iherefue not inclined lo support the wotk. A reosonable level ol reserve5 IS mantained to mtligale Ihis risk. o A knck of comprehensive intemal control systems owing to there being only hvo members ol staff in the office. All the finonciol controls Fhot would be expected are in ploce, and a member of the Board of Directors, who ￿ o Chortered Accountant. wsits the office to inspect Ihe ffinoriciol records on a regulor basis. These ontrols ore roview6d onnuolly. a Ihe tolol k)ss of the office and office record5 through o mojor thsasler. Whilst the Kyobability of this risk is minimal. its effect would be very severe. This risk hos been mitigoted by the fomukjlion of o disoster recovery pkJn, which is reMewèd onnvolly. Pago 5 GracÈ 8op1151Trvsl CorporaNon Report ofthe Twstee5 for the Ye￿ Ended 31 De¢èmb•r 21r24 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The chorify ts controlled by its goveming document. a deed ol trust. and constilules a limited compony, limited by guarantee. as defined by Ihe Compan￿$ Act 2(x)6. Chathy constlvtbn The Groce Boptist Trust Corporotion Li registered in Engbnd as a Company limited by guoronlee and not having a share capital (Regslralion Number 5924881. The Corporation is 0150 regi518red os o Charity (Registration Number 2516751, aml is recogntsed as a Trust CorpcKalion under section 311) ol the Lcw ol Propth (Amendment) Act 1926. The Corporation is govemed by 115 Articles ofAs50ciation. Board of Dweclors Ihe requrement5 of the Coporolion's Articles ol Associotion are that the Boord of DirectCrf5 mv5t consi51 of thi8& Officer5 Chairrnon. Deputy Chairman, ond Tieasurer, and up lo Z) ather Dir8Ctor5. The Office[5 ore apFx)inled by the Board ol Directors at the firsl Board Meeting followitYJ the Annual General Meeting. The Directors ore elected ot each Annuol Generol Meeting trom om¢ry the Ordinory membe￿ and the Delegote Members ol the Corporotion. Members of churches that odhere lo the Corporation's doctrinal basis rnoy appW to become OrdirLCXy Members on payment of Ihe onnvol subscription. Every church that adhere5 to the Corporali)n's doctrinol basis ond mokes an annuol donation is enl[l￿d to nomirnote Delegate Members and i5 entitled to nomiwte o member to be included in the list of persons lo be submitted to the meeting lor Q￿CtIOn as a Director. As o member Ol th¢ Cory>orotitsn. &och Diredor is liobb to contrbi utg £5 to the 05S$ts of the Corporotion in the event of ils being wound up. Ihe Boord ol Directors on the date on which the Annual Report and Accounts were ap[￿Ved comprsed following= Mr J N 8roome BSC (Hon51 MRICS MrA R Copeman FRICS Mr MT Gray MA IHonsl CeFA Mr A 8 Keen LLB- Died 4 February 2024 Mr D M Noller IEng AMLSlruclE Mr R E Powdl ACII (Deputy Choirmonl Poslor P D Rell FCA (Treosuwl Mr J H Scryer5 Bsc (Hon51 mC￿T Mr KC W Wli Ishre ACSI FPCS MIOD Cert PFS PFA Ichoimanl Un￿sS olhew5e slalod, Oc￿h Director seTved in that capaclty throughoul Ihe year ended 31 Decemb&r X124. The cc￿oratIOn has o Trustees. Indemnrfy Policy In the sum of £3.(LO.OCK) forwhkh a p￿MIuM of £I.W13)23.' £1.4S)I wo5 paid. olga￿saIlonaI A5 o Company. limited by guarantee, Ihe Corporation ￿ managed by trie Boord of Directo￿. A5 the Corporalion is ako a Registered Chority. the Directots manage ils affoirs as Cha¢ity Trustees. The Drectors are also referred to as the Council ol Management. The Council ol Manogemenl meets four limes o yeor and has overoll responsibility lor the govemance ol the Corporation. It 15 PQrticularW responsible lor dealing with mallers involving policy. Routine matters that require Board apFyovoI may be declt wtt) by the Executwe Committe8 which n(xmolly consist5 01 the Chaiman. Deputy Chairman, Treasurer ond two other Directors. The Executive Committee moy ako deol wlh matters remitted lo it by the Council of Management. In addit￿n, the Executive Committee moy consider motter5 01 poly, bul onty in the con18xI ol making recommtndatK)n5 to th8 Councl ol Manag8rnent. The Executive Committee meets up to five times o year. The Officers Ichairman, Deputy Chairman, and Treas￿rI consider matters Ihat are partkulady confident￿1 prior to thtir being reported to the Council of Management ond they n. ¢ert¢in motter5 are remilled lo the Offfcers lor consideration where il is thought Ihot they should b discussed by a committee thol is Smaller Ihon the Executw8 CommtH8e. The General Secretary ottends all Officers, meeting5. The Officer5 meet as necessary. Poge 6 Glace Baptlst Trust Corpoi4yHon Report ol the TrusFees lor the Year Ended 31 December 21Y24 STRUCTURE. GOVERNANCE AND MANAGEMENI Truslees. Indvcllon and tralnkng As indicated above. Tru5tEes are elected ot each Annuol Generol Meeting from among thè Ordinary Members and the Delegole Members ol the Corporotion. Members ol churches Ihol odhere to the Corporation'5 doctrinal bosi5 may oppw lo become Ordinary Members on payment of the annuol 5vbscriplion. Every church that adheres to the CorF)orotion'5 doctrinol b0515 ond moke5 an onnual donolion to the Corporotion is entitled lo nominate Delegate M8rnb8t5 and is entimed lo nominate o member lo be included In the ltsl of pe￿0￿5 to be Submitted lo the meeting lor election as o Trustee. As it is important that only persong having the desired prolessionol experli5e or comprehensive knowledge of the churche5 Ote nominated, the Board ol Trustees worts in partnership wth Ihe individual churches r8garding norninotions. Once new Tru51885 orè appointed. they are taken through a process of induction by the Generol Secretory who ensures Ihal they understand Ihe legol dutie5 ond re5por15ibilities imposed on them os Ttustees. using the Charity Commtssion publication CC3 The Essential Trustee os a guKle. In addiliorn, they are provided wth copies ol the Corporotion'5 Article5 01 Associolion - the key prOv￿lOnS ol which are explained to them. together with copies of the Corporation's vorious policie5 ond copie5 of the m05t recent stotulory A¢coun15 and Annuol Report. They ore also provided with o sel of the minute5 01 the fflost recent Trust8es' Meeling Iwhich includ8 a reference to oll ovtstanding i5sue51 ond the Generol Secretary ensures that they are lulty briefed on oll ongoing mallers. The Truslees require the Generol Secrelary to keep them abreast of all developments that have a bearing on their role a5 fru5tee5 by providing them with relevont inlormotion such as orticles from chority magaanes ond briefing not85 supplied by relevonl bodie5 such os the Chorily Commission. The Corporolion subscribes to Govemonce mogallne. ond copies a￿ made ovoilat￿e to the Offic8r5. Furthermore. a5 thsy tsxèrcise their respon5ibililie5 on the Board. the Trustees draw upon their exlensNe profeS￿Onal knowledge and expetience wh￿h is enhonced by ther att&ndanco at rel&vont training cour5e5 thot forrn port of their conlinvir¥J professional developrnent. R•mun•rallon poNcy It is the policy of the D1￿Clor5 to remunerale staff ul a level which recagr)ises the Biblical principle that the lobourei 15 Worthy Df his hire. Where il is oppropriale lo do $0, the Board detemines the level of salaries by reference to the "going rate lor the job" Where there 15 no mgoningfvl compori%on ond specfficolty 50 lor 05 the General Secretary is concemed - Boord Members are guided by reference lo ￿lary thal an employee might command in the open rn0￿et. Along￿de this. ond in both cases. due considerotion ￿ given to the kvel 015tipend5 thot chwches Ser￿d by the Ccyporation are ab￿ lo pay and the financiol resoufces that are avaibble within the Corpoiation. Salaries are rewewed on on annual basi5. either ot on Officer5, Meeting or by the ExecutNe Committee ond a recommendolion is submitted to the Board of D1￿clOr$ for considerat￿n at their meeting in December. Assockrted chaiftiei Although not 'os50cialed' os defined by FRS 102. ￿ Corporation works ck)sely wth u number of choritable organisation5 Wlth 5Ynliar objectives. In part￿VIor, Ihe Corporation ornjoys cordial relations wth the various Assocthions ol Groce Baph"51 Chwckes ond with the Groce 8oplist Portner5hip. REFERENCE AND ADMINISNIIVE DETAILS eglskefed Compony number 592488 (England ond Wolesl R•gistrered Charty number 251675 •glslered ollk• 19 Croydon Road Cotethom Surey CR3 6PA Twslees Ihe trustees are the Board ol tireclors as noted eorfer. Poge 7 Gra¢e Bop115tTru51 Cwralb)n Report oflhe Iruslees for Ihe Yeu Ended 31 December 2024 REFERENCE AND ADMINISTRATIVE DETAILS Compony Sgcffttary G OINer Avdwors Brewers Chartered Accountont$1Slatulory Auditorsl Unit 3 Bithey Courtyord Bramley Su￿eY GU5 OLA Solkltys Wellets Law Group 65 Leadenholl Street LorKlon EC3A 2AD Adv55ers Insvrance Brokars Marsh Commercul Routke House Watermons Business Park The Couseway stones-Upon-Thames Middlesex TW183BA Access Insuronce Servi 212-T20 Addington Road South Croydon Surrey CR2 8LD Bonkers National Wts5tmin5ter Bank PLC 39 Stotion Rcod Redhill sU￿Y RHI IQN COIF Chorilie5 DeFKJsiI Fund l Angel Lane Lor(lon EC4R 3A8 Investmenl Manager5 Quilter Cheviol knmited 3 Temple Quay Temple Way Brislol BSI 6DZ STATEMENT OF TRUSTEES. RESPONSIBILMES The Iruslees Iwho are olso lh¢ directors ol Grace Bapt￿1 TnJsl Corporallon for the purposes ol company lawl are responsbi le f(x prepariro the Annual Report and the finoncial statements in accordance with applicoble w and United Kingdom Accl 288,786 3.9￿.388 3,901.158 312,487 5,529 4,219,174 Rethlct•d fvnds Gitt AKI Donotion5 Brockley Fund Brockley Groveyard Fund Grur￿￿b￿rgh Fund Hafilox Buikjing Fund Haslemere Fund otley Fund BA Worburton Memorfal Fund Ministers Aid Fund Benevolent Fund The P¢stor5' Fund 8,268 35.367 5,988 15.5291 7.539 36.984 6,262 259.917 143,416 1.617 214 259,917 136.612 2,018 57.979 299 1,592 379 57,323 12,0181 2.651 14801 57 4.246 436 61,569 305.825 278.071 15,5291 578,367 Eb)dowrnent lunds Endowmenl fund 212.￿4 11,752 224.056 TOIAL FUNDS 4.419,287 602.310 5.021,597 Poge 24 conlinued..- Grace BapllslTrusl CoTporolk>n Note5 lo Finunclol Stalemenls - contlnued foi Ihe Ye(w Ended 31 DecembeF 2024 14. MOVEMEMT IN FUNDS- conknved Comparolive nel movement in knnd5. included in the above are os follows.. Incoming resource5 Re50urcès expended Gains and losses Movement in fiJnds Vnre51ricted funds Generol fund D￿l9￿aled fund 73.743 307.668 I166,4￿} 15.273 173,772 177,4341 389.921 381.411 1257.9691 189.045 312,487 Reslrlcled fund5 Gift Aid Donations Brockley Fund Brockley Groveyord Fund Gnjndisburgh Fund Hahlox Building Fund Halemere Fund otley Fund BA Worburton Memori¢l Fund ministe￿ Aid Fund Benevolenl Fund The Po5tor5' Fund 276.205 1271.4051 1,617 274 259.917 274 303,103 6,804 143.1861 12,0181 12.0181 2.651 203 14801 57 4.246 1651 51) 57 7,346 13.IWI 598,780 1320,7091 278.071 Endowmentfvnds Endowmgnt fvnd 11.752 11.752 TOIAL FiINDS 980.191 1578.6781 ￿￿.797 002.310 Ihe tron5fer from Restricted Fund5 to the Genefol Fund re[￿esentS the fee charged by the Corporotion lor odminislering the Gift Aid Scherne. Tre transfer from Designoted Funds to General Fund represents on adjustment offsetting the shortfoll between General Fund income and expenditure. Des¥Jnaled Funds will be utili5ed os the need arises but church ￿an11￿j projects are. by Iheir noture, long lerrn Kxgject5 as it moy loke befv4een ffve and ten years for a new church to becomè lul sell-5UPPOrting. The bolance ol Gitt Aid Donotion5 wli I be cfLsbLK5ed in accordance wth the w￿￿e$ of the donors in the forthcoming ffnonciol year and the balances in the Brockley. Brockley Graveyord. ord Omey funds wll be dispersed os the need arises to 5UPPOrt the mntslry in Ih05e cou5e5. The Hoslemere Fund repie58nts income and expenditure reloting to Ihe oversight ol Ihot chopel - which hos rK)w been placed under Ihg ovet5ight ol the occupying church. Gront5 wll be mcKle from the B A Warbulon Memorial Fund. the MIn￿terS, Aid Fund, Benevdent Furd. and the Postors. Fund os the need arises. In occordonce with the Ultimate Trust of the Trust Deed goveming he proceeds from the sale ol Provid8ncs Baptist Chapel, Sbithwoite. Ihe funds have been ollocoted lor building work in Yorkshire - specificalty for o new holl for Groce 8apt￿l Church. Halifox. If a decision is token not to proceed with thot project. the funds will be used for another suitoble building project. The Grundisburgh Fund represent5 funds received following the Closu￿ ol Ihe church and the sole ol the chapel arKI - n compliance with the lems ol the Trust Deed will be distributed in orcordance wilh in51ructKJns received from the church members ot the dale of ck)sure. Page 25 continued... Glace bapt[￿TrUSt Coiporallon Notes lo the Flnanclol Slalements. conlinued for th• Ye¢J Ended 31 Decembei 21Y24 15. OTHER HNANCIAL COMMITMENTS Gront Fundl In occordonce with the Ultimate Trust of the Trust Deed govemino Ihg procèèds fvom the sale ol Providence 8optist Chopel. Slaithwaite. he ￿ndS have been owocoted for building work in Yorkshire 5pecificolty for o new holl for Groce 8aptiSt Church. Halilax. ff a decision is token not to proceed with Ihot project. the fund5 wll be used for anther suiloble bLJilding yoj&ct. 16. RELATED PARTY DISCLOSURES t)onations ieceived from reloled parties - Boord of Dreclots £390 I￿23.. £5101. ond other reloled part￿5 £2512023.. £301. DETAILS OF FUNDS Gèneral Fund¥ General Funds are expgndoble at the di￿retIOn ol Ihe diredots in furthefanc& of the object5 01 the Corporotion. 11 is the desire ol th8 directrys thot the c051s of runnino the CorporatSon wlli be met out of membership subscriptions, volunlory donations. prole55ional services ond investment income orising from General Fund re5etves. Deslgnaled Fund$ De5ignoted Funds comprise unr&strfct8d funds received by the Corporolion following Ihe disp05ol of redundant chapels. The Support Fund has been sel aside by the directors in order to provide support to churches thot a￿ undertoking Signif￿an1 maintenance projecls and are utilised cJ5 th8 need orises within individual local churches. In addition a tronsfer is mode to the General Fund, a5 necessary. The Vision ond Venture Fund was e5toblished following the sale of the chapel in Brighton with the primory intention of supporting church- plonting projecls. Such projects a￿. by their nature, long lerm as il may toke behveen five and len yeots for a new church lo become fulty seff-supportin9. Similarfy. the Incidèntal Projects Fund was established lo support mi5celloneous church project5. The funds will be utilised os opportunitie5 arise and so. For the reasons given, il is nol p055bi le to 5tat8 when it 15 anticipatèd Ihatr expendilLKe will be incurred. Restrietèd Fvnds Restricted Funds consi51 of income orising from the Corporclion's Endowrnent Funds. which 15 ovoll able lor rfistribution, donolions which hove b8en given to support the ministry ol specific chLffcheg. and donotions given under the CorFX)ration's Gifl Aid Scheme. Thesè donations org distibi vted to local churches. missDwry soc￿lIes, ond other choritoble couse5 thal further the aims of the Corporolion accordan￿ with the in5ttuotions ol the donors. Endowment Fund$ Thg Paskn. Fund The Pa51or5' Fund w05 ellablshed In 2010 following the ck)sure of Ihe Strict Baptist Trust and the Strict 8oplist Pension Fund urder the provi%ons of seclion 74 01 the Charitie5 Act 1993. The permonenl endowment ol those chorities hos now become the permanent endowment of the Corporcylion. Incomè arising from the Postors, Fund Endowment is ncluded in Restricted Funds and is used lo pay gronls to Sttict Boplist pastors. whether cvffenmy serying 01 r&t*&d. A Waibyrton Mernorfal Fund The B A Wathurton Memoriol Fund was esloblished in 1963. Desiring to encouroge the training of men omong Slrict Bapthst churches who planned to enter the Ministry. the members of the Tabemacle Baplist Church. Brighton collected funds in memory of Iheir late pastor, Benjamin A Worburton. The objects of the Trust org.. o To r8nder ossislonce lo men who. following o definite and C￿ar cal by the Holy Spirit lo the ministry ol the Gospel. seek Its study and app￿ all diligence to the duty Set before them. o To keep the fvnd seporole ond distinct from all other Corporcrtion funds. o To seek further donations in order to ￿lId up the copitol. and to invest the same. o To dslribute the dfvidend5 in accordance wth the purposes of the ftjnd. 14lln15tew3' knl Fund Poge 26 continued... Grace BaptI51 Trust Corporotion Notes to the Flnanclol Stalemen15 - contlnued forthe Yety Ended 31 Decembei 2￿24 DETAIL5 OF FUNDS- contlnued The Ministers, Aid Fund was estoblished in l 917 to provide temporory or pemonent finonciol 0s51Stance lo ministers connected with the Strict and Particular Bopli5t denorninotion ond the income is avoli oble for dislribution. Under the term5 of the trust.. o'ministérs" orè dèfinèd 05 poslors Or èx post0￿ ol such churches or persons who hove lor o period of Ihrèe yeots or upwards iegularly engaged in preoching the Gospel in churches of Ihe denomination whether continuing lo do so or nol. o The Trustees (Groce Bapt￿1 T￿5* Corporolionl 5holl and will 5tond p055e55ed ol the sum repr&s&nling the Fund. and any further sums of money t￿￿1 may be added lo it. to be held upori the trusts decla￿￿. o All 5ecuritie5 and income belonging to the fund ore lo be kept seporale from other Securities and money. o ol additions to the fund are to be added ID capital, and 50% d￿t￿buted as income Benevolent Fund The Benevo￿nt Fund was esloblisfed In 1923 for the temporary or pemonenl benefit of needy pewns connected with the Stricl and Part￿vIOr Baptist denominolion whether 5vch persons are po51or5. itinerant ministers, members or regulor ottendees ot any church in the d8nomination or the children ol any such persons. Under the tem5 of the trust.. o The TDJslee5 IGrace Bapt￿1 Trust Corporalionl 5holl and will slond possessed ol the svm representing tho Fund. ond uny ￿rther 5um5 01 money thot may be addèd tts it. to be held upon the trusts declored. o All securities and income belonging lo the fund are to be kept separate from other securities ond money. o of additlons to Ihe fund are lo be odjed lo capital, and S)% diitrt>uled a5 income. Loan Fund The Loon Fund was e5toblished by o Tnjsl Deed daled 16 April 1912. Undor the tems of the Irusl.. o The Trustee5 IGrace Baptist Trust Corporalionl are lo sland possessed of One Thousond Pounds re￿esenting the hjnd. ond any further sums ol money thot moy ot ony time come into their honds os additions to the fund. o The fund5 are to be advonced by woy of loon to the Tru5tee5 or members of any Slrict ond Ptrlicubr Baptist Church in the Unlted Kingdom for the purpose ol acqunng or constNcling ksnd or building5 for use IT) connection with Strict ond Porticulor Baptist Churche5. o Any sum5 not immediately requ￿d ar8 lo be placed on deposlr or invested in such investments as Trustees are oulhorised to invest in by kw. The income arising from ony such investment 1$ to be used for the General Purpose5 of the Corporation. ci All loans tsre tts be Inlerest-free ond repaid over a peric)d ol not more Ihon ten years. Poge 27 Glace Btspli51 Tnjsl Corporalk4n Detail•d Stalemenl ol Financial ACt￿lI1e$ lor Ihe Year Ended 31 December 2024 2024 2023 INCOME AND ENDOWMENTS Don¢Aions and legacles Sut>scriplions and Donalions Churches Sub5cription5 Qnd Donations Indiwduals Sub5criplion5 and Donotions Subscriptions 6,693 3,234 4,448 3.423 10,457 8,491 OthÈrlm(fing actlvltles Gift Aid Scheme Proles5ionol Service5 Trust Fund Admin Profe$5ionol Service5 Sole ol Chapels Pfofessionol Service5- Other 299,123 182 10,734 9,417 276,205 16,156 5.646 337,542 313,148 Invesfment Income Interest receivob Investrnent income 46223 159,066 46,719 101,989 205289 148,708 other Incorne Twst income- proceeds from SO￿ of Chopets 215,910 )9.844 Tolol incoming rè50urces 7é9.198 9KJ.191 EXPENDITURE Chartabkn aC1h*￿e$ Advi50ry SeNice5-Direct Costs Advisory SeNices-Supptsrt C05t Bgnevolent Payments Chopel Project5 Gift Aid Scheme Admintstration Direct Costs Gift Aid Scheme AdMIn￿tratIOrn Support cosls Minislry Support- Direct Cost Minislry Support- Gronts Professional Serwces- Direct Costs Prolassional Services Support costs 99.768 54,237 4,100 270,OQJ 16.515 4,100 281.733 6,317 10.204 125.C 22.175 12.634 6.037 43.824 12.718 12,*54 836,520 578,678 Totol resources expended 836.520 578.678 Nd (•xpendTrure)Ilncome bektt galns and (67.322) 401.513 Reo115ed reco9nised galns and103ses Real￿ed goinsllk)55e51 on ffxed a5sel investments 6,999 .797 Nel lexpendlluio)Ilnrome (60.323) 602.310 Th￿ poge does not form part of the stolul(xy ffnuncial statement5 Poge 28 APPENDICIES GRACE BAPTIST TRUST CORPORATION COMPJION INVESTMENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31°, DECEMBER 2024 CONSTITUTION The Common Investment Fund was established by a Scheme of the Charity Commission dated 27hl August 1987. The Fund invests capital on behaW of the Corporation and other Churches and Trust Funds of which the Corporation is a Twstee. The Directors of the CorporaliDn act as Trustees of the Common Investment Fund. MANAGEMENT The Trustees have delegated the day-ltrday management and admini5tralion of the fund lo Fund Managers. QUI￿9r Cheviol Limi(ed. STRUCTURE The fund operates as a Unit Trust. The lolal fund is divided into units which ar8 created or cancelled on the receipt of new funds or the ￿deMptIon of holdings. At 31 December 2024 units totalled 4,773,65812023. 4,620,868) and were valued at £1 65832659 per unit12023. £1653(E8211, based on the porttolio of investments INVESTMENT STRATEGY Approximately 50% of the total units are held by permanently èndowed trust funds that demand a high level of income in the absence of any ￿alistiC opportunitie5 for the utilisalion of their capital whereas the remainder of the units are held by funds that are ab￿ to utilise their capital investment, as nec8ssary. To accommodate these dhyerent interests, the investment stralegy of the fund has been designèd to achieve a realistic income yield coupled wrth long-lerm capital growth as an inflationary hedge consislenl with a largel asset allocation, agreed with the investment managers. of interest stocks, gills and corporate bonds 25QA, equities ancl structu￿d investments 60%. and a￿ernatIveS 15% with a pemiitted 5% point variation. Investment performance is governed by the Trust*s' at￿pIance of a moderate ￿Ve1 of risk and their adoption of an ethical Stan￿ that avoKls investment in companies directly connected with alcohol, gambling, pornography. tobacco, and genetic modfficalion, credit insif(u1￿nS that apply extortionate and exorbilanl lending principles, and companies where little respect is shown for the sanctty of life, human rights, and the natural environment. INVESTMENT PERFORMANCE In the absence of a suitable standard benchmark that equates lo the requirements of the Corporation, the Trustees and Fund Managers have fomulaled a specialist benchmark against which the perfomiance of the fund is lo be monitored. The Fund has begun lo recover, and the income yield achieved on the Corporation's portfolio of investments was 3.80h. against a target of 2.25%. RESPONSIBILITY The Trustees are responsible for the approval of the Investment Strategy, wh￿h is agreed with the Fund Managers. The Trustees meet periodically to rewew the management of the funds and lo confirm any policies required. GRACE BAPTIST TRUST CORPORATION COhlMON INVESTMENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Icontinuedl RESPONSIBILITIES OF THE TRUSTEES The Trustees of the Common Investment Fund are required by the Scheme of the Charty Commission dated 271Th August 1987. made under the Charities Aol 1960, to prepare financial slalemenls in cordance with the Charities (Accounts and Reportsl Regulations 2008. In preparing the financial statements the Trustees are required lo Select suitable accounting policies that are appropriate for the Fund and then apply them nsi51enlly. Makejudgements and estimates that are reasonable and prudent. Follow generally 8￿PIed accounting principles and applicable accounting Standards, subject lo any material departure disclosed and explained in the financial statements Follow the disclosure requ1remenls of the Statement of Recommended Pracbce for Financial Stslements of Aulhorised Fund$120141 Prepare the financial slatements on the basis that the Fund will continue in cperation unless is inappropriate to presume this. The Trustees are required lo manage the Fund in accordance with the Scheme, maintain aecounling records and lake reasonable steps for the prevention and detection of Iraud and other irregularitie8 On beha￿ ofthe Trustees PD Relf K C W Witshire INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND Opinion We have audited the financial statements of Grace Baptist Tiusl Corporation Common Investment Fund Ilhe 'charity'l for the year ended 31 December 2024 which comprise the statèment of total return and the balance sheet and notes lo the financial slalements, including a summary of significant accounting policies The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicablg in the UK and RepubliG of Iraland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial stslemenls". give a true and lair view of the Stale of the charity's affairs as al 31 December 2024 and of ils incoming resourees and application of resources for the year then ended, have been Pfoperly pfftpared ir) accordancg with United Kingdom General￿ Accepted Acc￿n11ng Practi￿, and have been p￿Pared in accordance with the requirement$ ofthe Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with Inlemational Standards on Auditing IUKI IISAS IUiQI 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 charty in accordance wrth the ethical requirements that are relevant to our audti of the financial slalements 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 obtsined is sufficient and approprialg lo provide a basis for our c*)inion. Conclusions relatlng to uolng con¢em In auditing the financial stslemenls. we have concluded that the Iruslees. use of the going Concern basis of accounting in the preparation of the financ￿1 statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating lo events or conditions that, individually or collective￿. may cast signrficant doubl on the charity's ability to Continue a5 a going concern for a period ofal least ￿e1ve months from when the financial slalements are authorised for issue. Our responsibilitie8 and the responsibiif(ies of the trustees wrth respect to going CDncern are described in the relevant sections of this ￿pOrt. Other Infomiation The other infomiation comprises the infomiation included in the annual report other than the financial statements and our auditorfs report thereon The Iruslees are responsib18 for the other information contained within the annual report Our opinion on the financial sLitements does not cover the other Infgrmalion and, ex￿p1 lo the extent otherwise explicitly slated in our report. we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other information and. in doing 80, consider whether the other Infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audrt or olhemise appears to be materially misstated If we identrfy such material inconsislencie5 or apparent malerral misslatemenls, we are required to determine whether this gives rise to 8 material misstatement in the financial statements themselves. If. based on the work we have 'performed. we conclude that there is a fflaterial misstatement of this other information. we are required to report that fact. We have nothing lo report in IhL% regard. Mattors on whlch we are requlr8d to rewrt by exception We have nothing lo report in respect of the following matters in relation to which the Charrties (Accounts and Reportsl Regulations 2008 require us lo report lo you rf, in our opinion.. the infomiation given inlhetru8tees' ￿part is inconsistent in any material respect withthefinancial statements., or sufficient accounting records have not been kept.. or the financial slalemenls are nol in agreement with the accounting reeords and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of tn￿tee8 As explained more fully in the trustees. responsibilities statement Sel out on page 36 the trustees are r8sponsibl8 for the preparation of the finanGial statement$ and lor being satisfied that they give a true and fair view. and for such internal control as the Imslees determine is ne¢essary to enable the preparation of financial statements that are free from material misslatemenl, whether due tofraud or error In prèparing the financial stalemenls, the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing. as applicable. matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or to cease operations, or have no realistic allemalive but to do so Audltorfs responslbllltles for the audit of the flnanclal statements We have been appointed as auditor under seelion 144 of the Charities Act 2011 and report in accordance with the Act and relevant ￿gUlationS made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whose are free from material misstatenEnl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducled in accordance with ISAS {U Kl will always detect a material misstatement when it exists Mi5Statemenls can arise from fraud or error and are considered Material rf, individually or in the aggregate, they could reasonably be expected lo influence the economic decision5 of users taken on the basis of these financial statements Irregularities. including fraud, are instances of non-compliance with Laws and regulations We design procedures in line with our responsibilrties, outlined above, lo detect maleiial misslalemenls in respect of irregularities. including fraud The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below". Through communication with the client Through consideration of material elements of the accounts which could potentially gNe rise to misslalemenls Through understanding the legal framework in which the client operates Through examination of the charity's policies and prccedures A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. k/ This description fomis part of our auditor's report Us8 of our report This rèport is rnade solely to the charity's Iruslees, as a body, in accordance with Part 4 of the Charities IAccount5 and Reports) Regulations 2008 Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required lo slate to them in an audi(orfs report and for no other purpose To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charrty a)d the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Brewers Chartered Accountants 3 Birtley Courtyard BraM￿Y GU5 OLA Date Brewers Chartered Accountants is eligible for appointment as auditor of the charty by virtue of ils eligibilrty for appointment as auditor ofa company under section 1212 of the Companies Act 2006 GRACE BAPTIST TRUST CORPORATION COMMON INVESTkqENT FUND STATEMENT OF TOTAL RETURN FOR THE YEAR ENDED 31" DECEMBER 2024 2024 2023 Nel GainsllLossesl on Investments during the Year 20,159 430.810 Gross Income 293,315 248,865 Expenses Net Income 292,107 247.545 Total Return for the Year 312,266 678,355 Distribubons 1291,9181 {227,0611 Nel increase in Unit Holders, Funds from Investment Acliwb'es 451294 STATEMENT OF MOVEMENT IN UNIT HOLDERS. FUNDS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Net Assets as at 1 January 2023 7.638.610 7,054,111 Movement due to the Crèation and Cancellabon of Untts Amounts Received on Craation of Unf(s 256,680 161,926 Amounts Paid on Cancellation of Unlis 256.880 133,205 Net incre3S81IDecreasel In Unit Holders, Funds from Investment Actiwties 20,348 451.294 Net Assets as at 31 D8cember 2024 GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Portfollo of Inve$tmonts 7,845,312 7.565,199 Current A$¥ets Debtors Cash at Bank and in COIF 69.998 72,972 71.826 74.611 Current Liabilities C￿dItorS Net Current Assets 70,326 73,411 Net Assots Unit Holders. Fund8 The Financial Statèments were approved by the Trustetrs on IS . 202£ PO Relf KC W WIAshire GRACE BAPTIST TRUST CORPORATION COMPAON INVESTMENT FUND NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31DECEMBER 2024 ACCOUNTING POLICIES 1.1 Accounting Conventions These financial statements have been prepared under the historic ¢051 convention, as modified by the rèvaluation of inveslmenls. and are in accordance with the Charities (Accounts and Reports) Regulations 2008 and the Slalement of Recommended Practice for Financial Statements of Authorised Funds12014). 1.2 Dividends and Other Incomo Dividends on ordinary stocks are credf(ed lo income when receivable. Interest on Govemment Stocks, conve￿'ble Loan Stocks. and Bank Deposits is accrued on a daily basis 1.3 Dlstributlon Policy The Fund dislribules, in full, the income that Is accumulated be￿een distribution dates. 1.4 Investment Valuatlon Irbvestments are valued at the mid-market valuation al the c105e of business on the accounting dale. 1.S Taxatlon The Fund is exempt from UK Incom8 and Capital Gains Tax dueto its charitable $latus 1.6 Fund Managemant Expenses Fund Management Expenses are charged against the Capital Value ofthe Fund NET GAINS ON INVESTMENTS The Nel GainsllLossesl on Investments during the y8ar comprise.. 2024 2023 Proceeds from sale of investments sold Original cost of investments sold during the year GainsllLosse$l realised Dn investments sold during the year, Net LossesllGainsl thereon already recognised in previous years 1,671,942 1,654.530 17,412 1,050.436 1.013,835 111,3411 Nel unrealised appreciation for the year 46,719 447,604 Fund Management Expenses Net GainsllLosses} on Investrnents 143,9721 142.0541 GRACE BAPTIST TRUST CORPORATION COMMON INVESTklENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31DECEMBER 2024 (Continued} EXPENSES 2024 2023 Audit Fee 88nkCharg8S 1,200 1 310 10 DISTRIBUTIONS Distributions lake account of income received on the creation of units and income deducted on the cancellation of units. 2024 2023 May 2024 Novembor 2024 118.834 86 953 DEBTORS 2024 2023 Amourts due from Fund Managers 69,99B 72,269 Ac¢rued Income GRACE BAPTIST TRUST CORPORATION TRUST FUND RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 R8celpts Various Trusts 253.648 310,632 Payments Various Trusts 411.181 109.461 SurplU￿(Derl¢ltI of Receipts over Payments 1157,5331 201,171 Balances brought forward as at 1 January 2024 Balances carried forward as at 31 December 2024 747.701 546,530 5901 The Corpofftlion acts as a Trustee for the charitable trusts that are listed on pages 48 and 49 and the R8ceipls and Payments Account 8bove is a conso)lidaled summary of the accounts of these trusts The accounts include both Capitsl and Revenue amounts Separate accounts are maintained for each of the trusts and returns are made lo the Charity Commission where appropriate The Receipts and Payments Account and the investments held on behalf of the Trusts (see below) are kept separate from those of the Corporation and are not included In the account5. Investments held on bohalf of various trusts Interest in Gra￿ Bapbsl Trust Corpomlion Common Investment Fund £4,514.191 Further infomialion about churches that we have been ab￿ to assist wilh support from the Trust Funds we administer is gNen on our website and paper COp￿S are available, on request. GRACE BAPTIST TRUST CORPORATION TRUST FUNDS The following Chapel Tiusls are administered by Order of tha Charity Commission or by the terms of Trust Deeds. Churches qualthed to benefit under the terms of the Trusts should communicale wth the Chief Executive Dividends ie the". ALTON TRUST lo Strict and Particular Baptist Chapels in Hampshire. and adjoining counties of West and East SLJssex. Surrey and Willshire BLACKBURN TRUST to Strict and Particular Baplisl Chapels in Lancashire. COBHAM TRUST to Strict and Particular Baptist Chapels within a radius of 12 miles of Cobham GROYDON TRUST towards the upkeep. extension or improvefflent of Ihe buildings ol Strict and Patts"cular Bapb'st Churches EDENBRIDGE TRUST to Striol and Particular Baptist Chapèls in Kent. Surrey, East and Vvest Sussex. EPPING TRUST to Strict and Particular Baptlst Ch8pèls in Essex wthin a radius of 25 miles of Epping. FENLAND CHURCHES TRUST to Strict and Pa￿'cular Bap115t Ch8pÈls in Cambridgeshire. Norfolk and Lincolnshire. FLECKNEY TRUST to Strict and Particu18r Baptist Chapels with a preference for Ihosg in LeicestersM're GLOUCESTERSHIRE COMBINED CHARITIES lo Strict and Particular Baptist Chapels In the County of Gloucesler5hire and adjoining counties. HORLEY (LEE STREET) TRUST to Strict and Particular Baptist Chapels in Surrey, Hampshire, West and East Sussex HORNSEY RISE TRUST to Strict Baptist Chapels in Middle5ex and London. IVINGHOE TRUST lo Particular Baptsst Chapels in the Counties of Bedfordshiie. Buckingharnshire. Hértfordshire and Northamplonshi MAIDSTONE (KING STREET) TRUST to Strict Baptist Chapels in the County of Kent. MAIDSTONE (MOTE ROADI TRUST to Strict Baptist Chapels wlhin 30 miles of Maidstone. MARDEN TRUST to Slrict and P8rtiCLJlar Baptist Chapels in Kent. RUSHDEN TRUST lo Strict Baptist Chapels within 30 miles of Rushdan. SLEAFORD TRUST lo Strict and Particular 88pti$l Chapels in Lincolnshire, and adjoining Counties of Cambridgeshire. Lei¢èstarshire and Noth'nghamshire SOUTHBOROUGH TRUST t¢ Strict Baptist Chapels in Kent. TONBRIDGE TRUST to Strict and Particular Baptist Chapels in Kent. WADDESDON HILL TRUST to Strict and Particular 8aptist Chapels In the countres of Buckinghamshire. Bèdlordshire and Hertfordshirè. WARBLETON TRUST lo P8rticular Baptist Chapels with a preference lor those in East Sussex GRACE BAPTIST TRUST CORPORATION TRUST FU14DS lcontinu￿> WARRINGTON TRUST lo Str￿1 and Particular Baptist Chape15 in the counties of Cheshire, Merseyside, Greater Manchester. Lancashire, Cumbria and West Yorkshire. WILTSHIRE TRUST to any Strict and Particular Baptist Chap81 in thg County of Wtshire WRIGHT MEMORIAL to Part￿￿lar Baptist churches in Lancashire and West Yorkshire. Trust Funds ￿lating lo the following places or persons are administered as direct￿ by the Charty Commission, or by the term$ of Iru5t deeds or wills.. Brentford. Broadstairs, 8r¢)ckham, Brookley, Chaplin Legacy, Devizes, Haworth, Haworth Manse, IpswiGh Manse, Lea, Marden, Margate. Meopham Manse. Norris Legacy, Olley, Portsmouth Manse, Preston Settlement, Ramsey, Ryar5h, Sl. Alban$, Two Waters. Wattisham, Welherden Manse. GRACE BAPTIST TRUST CORPORATION BASIS OF FAITH The verbal inspiration of the HO￿ Scriptures of the Old and New Teslamenls and that they are the sole supreme and all-suffi¢i8nl authority Ip. every matter of Christian farth and practi One living and only true God, SLJbsisting In the Trinity of Three co-equal and co-elernal Persons the Father, the Son. and the Holy Spirit., all infinite without beginning.. the Falher neither begotten nor proceeding, the Son èternally begotten of the Father. the Holy Spirit elernalty proceeding from the Father and the Son. The Deity, eternal Sonship. and spotless humanity of the Lord Jesus Christ". His virgin birth, crucifixion, death, and burial, His physical resurrection, and ascension into heaven The personal, eternal, and unconditional elaction of the Church in Christ unto everlasting 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 both unable and unwilling lo meet the claims of Gcd's righteous and holy law That though all men are rendered spiritually impotent by the Fall, they are none the less accountable to God for their sins, and they shall answer for the same in the day of judgement except they be granted repentance unlo eternal lrfe. The special, particular, and elemal redemption from all sin, and the penal con$8quence thereof, of all God's elect, through the substitutionary sacrIf￿e of the Lord Jesus Christ. The eternal and evertasting justification through faith of the elect and redeemed Church, by the bl¢Jod and imputed righteousness of Christ. irrespective of any moral or spiritual works done by them either before or after regèneration The effectual calling of a11 the redeemed by the invincible power and grace of the Holy Spirit, according lo the counsel of God's will. involving their reg8neralion and sanctification by the direct agency of the Hoty Spirit. through which the saints grow in grace perfecting holiness in the fear of the Lord. 10. The gracè of faith whereby the elect are enabled lo believe lo the saving of their souls is the grfE of God, and the work of the Holy Spirrt in their hearts, Who convinces them of sin, works in them repentance unlo life, and enabkgs them to look to, ￿CeiVe. and rest upon the Lord Jesus Christ alone for salvation. 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 Holy Spirit, so that they shall never perish. but have eternal life 12. The second coming of the Lord Jesus Christ. the resutreclion of the dead, both of the just and the unjust. when the wicked will go away into everlasting punishment and the righteous into life eternal. 13. The duty and privilege of all true beli8vers to 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 Spirit, prior lo becoming members of a Christian Church or partaking of the Lord's Supper The preaching of the Gospel lo every cre8lure as a divine cornmand and solemn duty. 15, The necessity of a believels life being consistent with the profession he makes 16. The congregat￿nal order of the Churches GRACE BAPTIST TRUST CORPORATION RULES (EXTRACTED FROM THE ARTICLES OF ASSOCIATION) Every member ofthe Corporation shall be a m&mber ofon@ oflhe following classes. name￿". lal Ordinary Members That is lo say. members of a pa￿'cUlar Baptist Church practising Strict communion. who subscribe lo the said Doctrinal Basis and who pay to the Corporatk)n an annual subscription lo be fixed from lime to lime by the Council. Ibl Delegate Members That is lo say. members being d&legates nominated by a Particular Baptist Church practising Strict communion which adheres to the said Doctrinal Basis and makes an annual donation to the Corporatk)n of not les8 than five pounds or of such other amounts as shall be fixed from lime to time by the Council. PROVIDED THAT Churches consisting of less than ten members shall be enlf(led to nominate one Delegate Member and that Churches consisting of len or mofe members shall be entitled lo nominate two Dele9ale Members, that Churches consisting of twenty or more members Shall be entitled to nominate three Delegate Members and that Churches consisting of forty or more members shall be entitled 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 deliVe￿d lo the Secretary of the Corporation, and upon such nomination and notification in writing of hi51her consent to as such Delegate Member the person nominated shall. subject to 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 entitled lo one vole only, notsvrthslonding that helshe may also be an Ordinary Member of the Corporation Icl Associate Members. That is 10 say. persons who satisfy the Council that they are in sympathy with the said Doctrinal Basis and with the objects of the Corporation. Each AssrKiate Member shall pay the Corporation an annual subscription of an amount to be fixed from lime lo time by the Council. Associate membership doe$ not carry the iighl to vole. The Corporation shall hold a General Meeting in every calendar year as its Annual General Meeting at such time and plac& as may be determined by the Council. The affairs ofthe Corporation shall be managed by a Council of Artanagemenl. The members of the Council shall be elected at each Annual General Meeting from among the Ordinary Members and the Delegate Mefflbers of the Corporation. and every Church entf(led lo nominate a Delegate Member shall be enlilled lo nowinate in wrrting a male member to be included in the list gf persons to be submitted to the meeting for e￿ctiOn. Immedialety upon election, the Council shall proceed lo elect from amongst their number a Chaimian. a Deputy Chaiman, and a Treasurer Al the Annual General Meeting in every year the Council shall lay before the Corporation a proper income and expendi(ure aecount for the period Sin￿ the last preceding account lor in the case of the first ac¢ount since the incorporation of the Corporalionl made up to a date not more than four months before such rneeting, together with a proper balance sheet made up a$ at the same date. GRACE BAPTIST TRUST CORPORATION WAYS WE CAN HELP YOU We exist to seNe the churches and we are able lo do this in a number of ways. as outlined below. If you feel that we can help in any of the ways listed please contact the Chief Exe¢ulive Grants and Loans When redundant chapels are sold the money Is Invested and the investment income is available lo make grants 10 other churches whose ministnes are expanding and who need lo redevek)p their buildlngs In some cases. the capital sum may bè lent to churches. erther as an inlerest-free108n or as an interèsl-bearing loan al a competitive rate of Interest. Professional Advice The office staff are available lo offer advice on many day.Io-day matters associated wrth the adminislralive side of running a church. In addition the Board of Directors compnse a group of men who are actively involved In the work and who are able lo give preliminary guidance as lo how church should proceed in the light ot a particular difficulty that may arise. We have expertise in various professional fields illcluding accountsncy architecture, health and safely iSSLJes. investments law and suryeying. Trusteeship The Corporation has been recognised as a Baptist Trust Cort)oration within the meaning of the Baptist and Congregational Trusts Act, 1951 and may be appoint￿ a trustee of any Particular Baptist Church practising strict Communion Churches appointing the Corporation as a trustee will not in future be faced witn the necessity 04 finding a lot of other trustees . sometimes as many as twelve or thirteen). even if the trust deed requires rt. The Corporation Is willing to act as Iruslee alongside local people or as Sole Trustee. In this way churches will no longer be la￿ with difficulties arising from the fact that wiuely scattered trustees are rarely able lo meet, nor will problems arise if some of the trustees change their doctrinal position or refuse to act in a matter of importance. Furthemiore, the difficulties that Can arise when the last of the trustees has died or cannot be traced will not occur. We have a programme for assisting churches of which the Corporation Is a Iruslee by commissioning a SLJrvey of their p￿MiseS and working with them to Implemtsnt a Structured progfamme of essential maintenance In addition advice concerning church problems is often sought but it shoubd be made clear that the willingness of the Corporation lo give advice is by no means limited lo those churches of which il is a trustee Any Church may approach the Corporation knowing that its appeal will receive a sympathetic con5ideraliDn. Endowment FundB We administer 8 number of endowment funds such as our Loan Fund, Ministers, Aid Fund. Benevolent Fund, the Pastors, Fund, and the B A Warburton Fund (which under the terms of the trust IS 8vailable lo assist men who. being members of our churches, are In training for the Minislryl. We are always willing lo a¢￿p1 Irvsleeship of other similar funds Tax4fficient Glving We ale ab￿ to help churche5 maxlmlse their resources through our Gift Aid scheme which is part1c￿lar4Y helpful lo churches that may not have in-house expertise or lo Individuals who wish to give anonymoLJsly. In addition. one grft lo us can be distributed lo various causes on behalf of the donor GRACE BAPTIST TRUST CORPORATION RULES By giving We exist lo serve the churches and we make no chafge for doing so (apart from specific services such as the Gift Aid 8chemel However. serving others is a costly business,. office rent has lo be paid the audit fee has lo be paid so do our staff ! These costs are mel out of the generous giving of the Lord's people and from our investment income, lallhough that is income that would olheN4ise be given lo ehurchesl You can help us by making personal donations to defray these expenses and by encouraging your church to do so as well. By becomlng a personal member Annual subscriptions are.. Full Membership - £10 00 per annum Associate Membership - £5 00 per annum Personal membership is a more commilled way of supporting us in our ministry, but in aldilion rt enables you to attend our Annual General Meeting and have a say in the way the Corporatton 15 run. The membership fom makes It clear what type of Membership Is appli￿ble in your case. Be wamedl If ever the Corporation were to close down wrth debts, personal members would be required to nlribule £5 towards repaying them. However. we Iiust that by acting as good stewards of all that the Lord has entrusted lo us, il will never happen By èncouraging your church to become a $ubscrlbing church Churches that make a gift lo the fund5 of the Corporation in the course of a year are entitled to send Delegates to our Annual General Meeting. In this way the churches ¢an become closely involved in the ongoing ministry of the Corporation. By rgmembgring us in yourwtll. The help of friends who have remembered the work in their wills has been a source of great encouragement over the years. A Fomi of Bequest is given below, which may be us8d in this connection "I give and bequeath to th& Treasurer for the lime being of the GRACE BAPTIST TRUST CORPOFIATION the sum of £ free of duties lo be applied lo the general purposes of the said Corporation, and I direct that the receipt of the said Treasurer shall be taken and deemed a sufficient discharge for the same., y tslllng others about our work and pncovraging them to support us. You may have friends who are nDt familiar wrf(h the ministry of the Grace Baptist Trust Corporation Tell them about the many services we offer and all the help and advice we can give. By telling ua •bout th• ngeds of churche$ and indlviduals. We administer a number of funds that are to be used for the benefit of others when they are in need Sometimes we know about the need, and somelirnes we do not. If you know of a church or church member who needs our help, and you feel il is appropriate to let us kn¢)w. we would love lo hear from you.