Reports & Accounts
Financial Year Ending 31/12/2025
REGISTERED COMPANY NUMBER: 592488 (England and Wales) REGISTERED CHARITY NUMBER.. 251475 Report ol Ihe Truste¢s and Flnancial Stalements lor thè Yèar Ended 31 December 2025 lor Grace Baplisl Trust Corporation Brewer5 Chartered Accounlantg Islotutory Auditors1 Unit 3 8irMey Courlyaid Bramley Surrey GU5 OLA
Grace Baptisl Trvsl Corporalion Contents ol the Financial Slafemenls forlhe Year Ended 31 December 2025 Page Chaimion's Report General Secrelary's Reporl 2025 Report ol the Tru51ees 4 to 14 Report of the Independent Auditor5 IS to 18 Slatemenl ol Financial Aclivilies 19 Balance Sheel 20 Cash Flow Statement Not¢$ lo Ihè Cash Flow Stulement 22 Noe5 lo the Financial Statemenls 23 to 34 Detailed Salemenl ol Financial Activili•s 35 10 36
Grace baptist Trusl Corporalion Chairman's Report lor the Year Ended 31 Dècèmber 2025 Introduction It is my privilege to introduce this year'5 annual report ol the Grace Baptist Trust Corporation. We acknowledge God's faithfulness and Ihonk him lor his goodness through another year as we have endeavoured to Support and encourage the work of the churches. Acknowledgements I would like lo express my sincere thanks lo our office stoff for their continued foithlul service. l am also grateful to each of my colleogues on the Council, who give their lime not only to attend committee meelings but also provide professional advice so willingly. 11 is a real privilege lo serve our Lord together as we guide. advise. help, svpport. and encouroge churches and God's people as Ihey. in turn seek to serve Him in their local contexts and lurlher the cause of Christ. Change of Location Thif year broLJght a significant change as we compleled an office relo¢otion a5 part ol 0 5-yeor strategy review. The Corporotion moved from Caterham, where il had operated lor mony years. to a new base In Norlh London abngside other gospel-cenlred orgonisations. Support l am pleased lo announce that we were able lo moke hvelve grants and one loan throughout the yeor. These provided help and support to individua15 and churches allowing them to continue in the gospel work. We were a150 oble lo ossisl a number of recent church plant% in establishir)g a Gospel witness in some challenging areas. Challenge$ and C105ures Sadly. not all developments this year were positive. 11 is not always practical lo consider replonting a church once the originol church ha5 closed. Several factors mu51 be considered - such os the reasons for closure. the state of the premises. the size and demogrophics ol the population. and the viability of establishing a new work. Regrellably, during the year il was necessary for the Corporation lo assume respon51bilily for Ihe buildings ol three churches- Iwo in Suffolk and one in Essex. However. Ihere were encovrogements too.. we were oble to sell a chapel and monse in Wiltshire, which we hod held since 2021 pending Charity Commission approval. The pro¢eed5 were added to the Willshire Trusl Fund which is separate from the Corporalion's own funds. We were olso able to odd funds to Ihe Corporation's Benevolence Fund following Ihe sale ol a chapel in Cambridgeshire. this fund w05 established in 1923 for the temporory or permanent benefit of needy person5 connected with the Strict and Porticular Baplist denomination. Financial Contributions One ol the chollenges we face is the need for finoncial contributions to our General Fund. Much of Ihe Corporolion's work is not visible to mosf church members. making il diff icult for churches to feel closely connected to our minigtry. For thi5 reason. we porticulody oppreciate Ihe faithful support of those churches that do conlribute lo the General Fund. Churches are increasingly facing regulotory ond adminislrative pressures, and we believe the Corporotion provides o valuable minis*ry- both proclicol and financial - in meeling these needs. In return. are you able to help us by joining our giving membership? Pleose olso continue to pray that we will be given wisdom and guidance as we seek lo maintain, develop and &xpand Ihe Corporalion's ministries in the coming year. Looking Forward Looking ahead. we especially need wisdom as we seek to strengthen our Board of Trustees and Directors by appointing additional people in the coming year. Kevin Willshire Page I
Grace Bapti51 Trvst Corportslion Gan•ral Secretary's Report 2025 lor the Year Ended 31 D•c•mber 2025 l am pleased lo present my reporl for the post year. The period under review has been one of steody progress as the Corporation conlinues to implemenl changes thol hopefully will help us to be efficient and agile as we move forward. l. Overview ol Ihe Year The Corporolion continues to fulfil it5 long-standing role a5 holding Iruslee for many Grace Baptist churches. Our objective remains lo provide churches with secure. compliar)l. and gospel -minded stewardship of their propertie5 and reloted ossels. Over the past year, this has included.. Supporting churches navigoling closure. redevelopment. or transition. Hondling legal conveyancing. trustee responsibililies, ond fiduciory regulation Advising churches on compliance. governance. ond property related risks Managing proceeds of sole where applicoble and ensuring the appropriate reallocation ol such funds. This work continues lo grow in complexity as chvrches loce chonging demographics, finarn¢ial pressures. and the increasing regulorily expectations ploced on charitable bodies. One of the biggest changes during the year was an office re-locotion which sow the Corporation move from its CaterhcTm base. where it hod operated lor several years to a London bose. sharing premises wth entilies of like mind. Nol only will the Corporation benefit from a reduclion in overheads because ol a shored location. bul it is also anticipated thal inter-olfice colloboration will be ol great benelil to all parlies. 2. Property Tran50¢1ions Several significant matters have come belor& the Corporation during the yeor. Some of the most notable include.. Chvr¢h Closur•s and Sales With my predecessorfs words ringing in my eors '1ry nol to have any more han one properly sale on the go at any one time" we found ourselves with eight buildir)g5 for sole. It is obNoys o sad occasion when o work ceases in an area, but parl ol our role is to support churches thal have reached the difficult decision lo close and to make sure that the closure 15 handled lawfully. the properties are secured. and that disposal proceeds are held and applied in line with Ihe Irusl purposes. These mcTtters require careful judgement. sen51tivily. and clear communication with remaining offieeholders. Ongoing Property Managemènt Routine responsibilities continued.. ensuring property deeds are adhered lo. liaising with churches on trusteeship issues. lease agreemenls ond redevelopment proposols. We are also involved with making Sure insurance detoils and risk management protocols are up to dote, and ensure thal boundaries. access rights ond regulatory requirements are reviewed. 3. Govemance t3nd Compliance The regulatory landscape continues lo lighterTr for churches and charities. We have continued to emphosize the need lor churches to maintair) clear local trustee structures. record-keeping, prompt engogement with us when properly decisions arise. One of the ways we help Ihe churches is by producing Foct Sheèts that are available on our websie which help trustees to novigole the latest fegulolion. l om grateful lor our legal leam who enable us lo support churches wilh the appropriale advice. 4. Loans and &ants Page 2
Grace Boptisl Trust Corporation General Secretary's Report 2025 foi fhe Year Ended 31 December 2025 During the year the Corporation continued to odminler loons ond grants to churches in line with our choriloble objects. We were. oble lo help several fellowships in undertaking building works, occessibilily improvements and essenlial repairs, plus minislry assistance. Total Loans and Grants for 2025 amounted lo £136.399. S. Financial Stew(Jrdship Where appropriate the Corporation ensures funds awaiting opplication are held in occounts thal achieve o lair return wilhoul compromising accessibility or security. The majority of funds ale held in the 'Common Investmenl Fund, ICIFI. The tru51 purchase5 vnits in the fund and return5 of income and copital (where allowed) are distributed proportionolly. In 2025 the portfolio produced an income return of 4.3% which was well above our lorget. and a capital return 019.3%. 6. Looking Ahead There ore several projects thol are slill on Ihe lisl of 'To-Do's' bul we hope lo make progress with those in 2026. In no particular order see below some of the actions to implement Complete new look website Review ol Loan csnd Grant requirements Quorlerly Newsletter lor members Digi*isation ol all paper records. including deeds strengthening the Board by oppointing additionol Directors In all these oreas the Corporation remoins committed lo serving the churches wilh wisdom and clarily. 7. Apprecialion I would like lo pul on record my sincere thanks to.. The Directors and Trustees for Iheir thoughtful leadership and support PA lo the General Secretary (Lou) lor all her hard work, diligence and supporl throughout the year. Our legal and fir)ance teoms for their knowledge and support The churches and Associations with whom we work closely. for Iheir cooperation, patience and g05pel-focused spirit. l am grateful to the oudilors who have produced our accounts and their support throughout 2025. Above all we give thonks to God. who continues lo sustain the work entrusted to us. ond gianting us the privilege ol supporling churches in their mission. Gavin Oliver Page 3
Grace Boplisl Trusl Corporation Report ol the Trustees lorlhe Year Ended 31 December 2025 The trustee5 who are also directors ol the ¢hority lor the purposes of the Companie5 Acl 2006. presenl their report with thfy linoncial statements ol fhe charity lor the year ended 31 December 2025. The trustees hove odopled the provisions ol Accounting ond Reporting by Charities.. Stolement of Recommended Practice applicable lo charities preparing their o¢counls in accordorice with the Finoncial Reporting Slondard applicable in the UK and Republic ol Ireland IFRS 1021 (effective l January 20191. OBJECTIVES AND ACTIVITIES Objective The Chief objective underlying all the activilies of the Corporation is the odvancement of the Christian religion. particularly by meons of and in accordance with the principles of Particular Baplisl Churches praclising Strict Communion. Aims The Corporation aims to accomplish this objective by providing church officers with Ihe resources they need so that they are able lo attend lo the adminislrative. financial. legal, and praclicol aspects of church life. in general. and to comply with their statulory obligations, in porlicular. The Directors believe thol these services are of considerable assistance lo church officer5 and that this. in turn. furthers the Corporation's legol objective os churches are oble to concentrale on their main lask of advancing Ihe Christian religion. Whilst other similar charitable Organisatn5 exist within the Grace Baptist family of churches. the Board of Director5 consider that the Corporation is in o unique position lo offer the level of professional support that we are able lo. owing lo Ihe high level of professional expertise represented on the Board. Pulbic ban1 The Directors have considered the guidance published by the Charity Commission on the provision of public benefil. They cOnfM Ihat the chief objeclive of the Corporation is the odvoncement of the Christion religion (which is a choritable purpose under lawl and that the Corporation provides public benefit by offering professional and IrLJStee gervices including the provision of advice and inlormalion - free of charge to Particular Baptist Churches praclising Strict Communion. Grants and loans are a150 made ovailoble to such churches. Additionally. grants are paid from voriou5 Endowment Funds to the members of those churche5 where they qualify under Ihe terms of the trusls of the funds. Sliategy The nature of Ihe Corporation's ministry is such Ihal its objectives ond the strategies it employs to achieve Ihose objectives do not change significantly from year lo year. Since the Corporation is a 'TrLJS1 Corporation" one of its fundomental ministiies IS to act as a Trustee of church properly ond various Trust Funds estoblished under Charity Commission schemes. trust deeds. wills ond other instruments. The Directors, aspiralion is to provide the churches and their mgmber5 wilh Ihe services, advice and general assistance that they requKe and to fulfil all of Ihe Corporolion's responsibilities as Trustees of various chapels and Trust Funds os comprehensively and efficiently as possible. The strategy adopted lo achieve this has been the dissemination ol information through a website and through the production of facl sheets. and other means as appropriate. to respond lo the various needs of the churches 0$ they hove orisen ond to provide routine sep/ices as o matter of course. The Directors have endeavored to inform oll potenliol beneficiaries of the services ovoiloble to them through the websile ond other literolure. articles. and advertising, os appropriale. Poge 4
Grace Boptlsl Trust Corporation Report ol he TrLJslee5 lor the Year Ended 31 December 2025 OBJECTIVES AND ACTIVITIES Granlmaking policy Gran15 are mode to churches and individuals under the terms of the variou5 funds administered by the Corporation. In the case ol the Postors. Fund. he Benevolent Fund ond the Ministers. Aid Fund. grants are made directly to individuals lo relieve finoncial hardship. In the cose ol the B A Worburton Memorial Fund. grants are mode directly lo individuols who are preparing for Ihe Ministry to a5$15t them with the cosls of their training. In the case of inslitulional grants, the gronts are made to churches or Christian Missions to 0SSi51 with the costs of church plonling, building work and mointenance projects. The Direclors consider Ihat training men for the Minisliy ond assisting churches to plant further churches and assisting them with their bvilding and maintenonce projecls will help them lo lulfil Iheir ministries. This will lead lo the advancement of the Christion Religion. which Itse is Ihe legal objective ol Ihe Corporation. Page 5
Grace Baptist Tiust Corporation Rèport ol fhe Trustees lor the Year Ended 31 December 2025 STRATEGIC REPORT Achievements and performance CharStabl• activities The nolure of the ministry of the Grace Baptist Trust Corporation makes il dilficull lo quanlify Ihe success that has beer) ochieved during the year and lo compare thal against the objective sel especially since each church served by the Corporoion is locally independent ond not under the legal or spiritual jurisdiction of the Directors. The objective set is lo provide church officers with all the ossislance they need to run their churches eflecively ond Ihe Directors consider that this has been done. Specifically. the Corporation hos been able lo support the work of churches and their members in the following ways- Advisory Services.. The Corporation'5 advisory ser¥fices comprise the largest single aspect of the minislry of the Corporation in lerms of hours worked and take the form of a help desk where staff ore able to provide answers lo specific queries churches may hove. A considerable number ol telephone calls. emails, or queries submitted through the website were addressed during the year. As such queries relate to a church's specific situation il is inappropriate to provide further details. In addition lact sheels are published lo olert church officers to the requiremen15 of cvrrent legislation and good practice. The cost of providing these services amounted lo £100,175 12024= £99.7681. The number ol letters of appreciation received from church officers demonstrate how much these services are valued. Benevolenl Paymenls.. The Corporolion odminislers o small number ol Benevolenl Funds which exisl lo provide financial as515lance lo people in need, particularly serving or retired pastors of Strict Baplist Churches or Ihe members ol such churche5. Grants tololling £2.890 were given to one beneficiary during the course of Ihe year 12024.. £4,100 given to two). Lellers received from the beneficiaries highlight the significance of these granls lo the level of Iheir household income. Chapel Projects= The Corporation make5 granls to churches towards the cost of purchasing. constructing or maintaining properties. During the year. 0.323 was awarded12024.. £270.0001. Such grar)Is enable the projects to be undertaken where it mighl otherwise not be pogsible. Educationol Support.. The Coiporolion administer5 0 small Endowmenl Fund. the B A Warburton Memorial Fund, which exists to provide financial support for mole members of Strict Baptist Churches who plon to enler the Ministry. The o55iStance given by the Corporation takes the form ol grants that ore given towards the cost of course fee5 or the purchase of book5. 140 gronls were paid during the year 12024= £01. GiflAid Scheme: The Corporation's Gift Aid Scheme comprises the lorgest single aspect of the ministry ol the Corporolion in terms of financial turnover and represents the funds that are given to Ihe Corporation to support the ministry of specific churches and other organisalions that further the aims ond objectives of Ihe Corporation. During the year. £309.901 was received 12024.. £298, 1231. The sum of £288.391 was disbursed 12024.. £292.3821 with costs being incurred of £S.833 12024: £6.0371 resulting in total expenditure amounting lo £294,224 12024.. 298.4191. Churches benefilting are oble to extend their ministries beyond the level they would otherwise be capable of achieving. Ministry Support.. The Corporotion odminislers cerlain funds that ore eilher designoted by the Directors to ossist chvrrhes in general. or are resfricled by the donors lor the support ol specific churches in particular. During the yeor. the sum of £128,871 was spent on these octivities 12024.. £84.3241. Churches benefilling ore oble lo extend Iheir ministries beyond Ihe level they would olherwise be capable of achieving. Page 6
ac• Baplist Trvst Corporation eport of the Trvstees for thè Year Ended 31 December 2025 Professionol Service5- The Corporation octs os a Trustee of church property and various Trust Funds established under Charity Commission schemes, trusl deed5. wills and other instruments ond piovides other professional services lo churches or other organisations within the Grace Baptist lomily of churches. 09 the need arises. As a Trullee ol charitable land ond properly. the Corporolion has been able to give extensive advice lo churches regarding the lond and buildings for which they are responsible as well 05 legal advice relating lo compliance with their chapel trust deeds. Addrtrionolly. the Corporalion produces the Grace Directory ol Churches. Flnoncial review Fln¢JncSal feview During the yeor. income amounted to £618.558 compared with the income for 2024 (which included the sum 01 £215.91 O arising from the solo ol Iwo redundant chape151 of £769.198. The net result lor the year (after allowing lor the investment performance see next porogrophl was a surplus of £1 11,67012024.. Deficit of £56,503>. Principal funding sources have been donations from supporting churches and personal members, ond inleresl and dividends orising from the Corporation's ir)veslments. A signilicont proportion of the Corporation's income and expenditure relotes to the Gift Aid Scheme under which donors choose lo support the ministry of particular churches or other charitoble activities that are in furtherance of Ihe aims and objectives of the Corporation. The Corporation does nol commit ilsell to supporting projects beyond the limits of funds that are available. and therefore the Director5 confirm that the a55els in each of the funds are sufficier)I to enable the Corporation lo meet ils obligotions under those funds os they fall due. The financial position 0$ al 31 December 2025 wos considered satisfactory for the purposes of the continving work of Ihe Corporation. Investments The Corporation's Articles of Association authorise the Direclors to invest funds nol immediately required lor ils purposes in such inve51men*s as may for the time being be prescribed by law. All such lund5 are invested in the Grace Baplist Trust Corporation Common Investment Fund. which is managed by Fund Managers. Quiller Cheviot Limited. Investment performance is governed by the Trustees. acceptance of a moderate level of risk and their odoption of an ethical stance that avoids investment in companies directly connected with alcohol. gambling. pornography, tobacco. and genetic modilicofion. credit institutions Ihot opply exlortionate and exorbilont lending principles. and companies where little respecl is shown for the 5onctity of life. human rights, and the natural environment. In the absence ol a suitoble 51andard benchmark that equates to the requirements ol the Corporolion, the Trustees and Fund Mar)ager5 have formulated a specialist benchmark against which the performonce of the fund is lo be monitored. During Ihe year Qvilter Cheviol Ltd reported on income yield on the porffolio of 4.3% nicely above the target rate 013.00%. The total return ochieved in 2025 was 13.5% compared lo Ihe benchmark return 017.21%. 11 was pleasing lo have exceeded Ihe Corporation's primary objeclive in terms of the torgel yield. Al the end of 2025, the portfolio is nicely bolanced with around 55.4% in equities, 28.4% In cash and fixed interesl, and 16.2% in altemative investments le.g. property and inlraslructur61. K economic growlh remoins positive as is expected, or occelerates. the equilieg should continue lo perform well wilh some ol those Ihat have struggled this yeor potentially benefilling more. The fixed ir)teresl holding5 should yield around 4.5%-5% if everylhir)g stays the some os now. but with the polentiol for capital growth in the event ol falling interest rates. The alternative investments will conlinue to provide excellent levels of income ond 0$ with fixed interest. should olso react positively to falling interest rotes. Page 7
Gracè Baptist Trust Corporation Report ol the Truslèès for the Year Ended 31 Decembei 2025 STRATEGIC REPOR T Financial review Re5erYes pollcy The total funds held by the Corporation ot Ihe yeor-end amounted to £ 5,072,944 of which £422.069 repre5enled Endowment Funds and £598.679 which represented Restricted Funds which may only be spent in accordance with the wishes of Ihe donors. Designated Funds comprise unreslricled funds received by the Corporation following Ihe disposal of redundont chap&ls. There are three svb-clagsificalions within Designated Funds. The Support Fund has been set oside by the directors in order to provide support to churches that are undertaking signrficanf mainlenance projects and Io support the minisfry of Ihe Corporation, os necessary. This stood al £2.099,007 at the yeor-end and this is not considered lo be excessive in view ol the possibililies thal could arise for utilising Ihese funds in the future. The Vision ond Venlvre Fund (primarily designated foi church planting projects) omounted to £1.504.335 and will be utilised as opportunities orise. By their nature these will be long term projects os it moy toke belween five and ten years for a new church lo become fully self-supporting. The Incidental Projects Fund (used to support miscellaneous projects a5 they ari5el stood al £156.806. As stated in nole5 il 15 the desire of Ihe direclors Ihut Ihe costs of running the Corporation will be met out of membership subscriptions. volunlary donations. professional services and investment ncome arising from General Fund reserves. The income arising from these sources is volatile and vrrenlly falls signiticanlly short of the sum required. Efforts ore being mode to increase Ihe level of income bul at present the direclors consider that a level ol reserves musl be maintained that is suff icient to cover such deficils in order to sustain the work. nol only in Ihe immediate future but olso for several yeors ohead. The Directors review the siluation on an annual basis and a the last review. conducled in December 2025. considered that the remair)ing free reserves. which amounted to £286.508 al the year-end. must be mainlained at Iheir current level. They consider that. in the event of a sudden and 5ubslonlial foll in the Corporolion's income, the svrn of opproximolely £300.000 is required to cover frwo years, expenditure lo er)able all projecls in hand lo be completed. lo enable th considerable number of tiuslee5hips of propertie5 and Trust Fund5 currenlly held by the Corporation to be transferred lo another Trust Corporation. and lo enable alternative arrongements to be pul in place for the conlinuance of the wide range of supporl ministries currently being undertoken by he Corporation. Trusl funds The Corporalion acts os a Trustee for o range of small charitie5 and charitable funds under the lerms of Charity Commigsion schemes, trust deeds. wills or other inslruments. The objects ol these trusts loll within the chief objective ol the Corporolion ond further details are given in the notes lo the financial slatemenls.Separote accounts are maintoined for each of the trusts and returns are made to the Charity Commission where oppropriale. The Corporalion administers Ihe funds ol the trusts by invesling the copifol in the Groce 8optlSt Trust Corporalion Common Investment Fund. The funds of Ihe trusls are kept apart from *hose of the Corporation by meons ot 5eparote accounting records. bank accounts. ond ir)vestments. Investmenl in the Common Inveslment Fund is on a unili5ed basi5. Page 8
Grace Baplisl Trust Corporallon Report of the TrvstÈès for the Year Ended 31 De¢ember 2025 STRATEGIC REPORT Risk Assessmenl The Directors review the risks to which the Corporation is exposed on an onnuol basis and they confirm Ihot syslerns are in place to manage the risks Ihat hove been identified. The principal risks lacing the Corporation are.. o The lock of voluntory donations lo finance the Corporotion's operating costs. Owing to Ihe professional nature of the services provided to the churches most church members find it diflicvlt to identify the benefits that are provided ond ure therefore not inclined lo support the work. A reasonoble level ol reserves is mainlained to mitigote this risk. o A lack ol comprehensive internal control sy51ems owing lo there being only two members of stoff n Ihe office. All the financial conlrols that would be expected are in place. and a member of the Booid of Direclors. who is a Chortered Accounlanl. visits the office lo inspect the *inanciol records on a regular basis. These conlrols are rfrviewed annually. o The lotal loss ol the office and office records through a major disaster. Whilst the probability ol this risk is minimal. its effect would be very severe. This risk hos been mitigated by the formvlation of a disaster recovery p5an. which is reviewed onnuolly. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing docvment The charify is ¢onliolled by its governing document. a deed of trust, and cor151ilules a limited compony, limited by guarantee, as defined by Ihe Componies Act 2006. Charity constitution The Grace Baptist Trust Corporation is registered in England as a Company limiled by guarar)lee nd not having a share copital IRegi51ralion Number 5924881. The Corporation is also registered as a Charily (Regislralion Number 2516751. and 15 iecognised 0$ a Trust Corporation under section 3111 ol the Law of Properly (Amendmenll Act 1926. The Corporation is governed by its Articles of As50cialion. Poge 9
Grace Bapti$t Trust Corporation Report of the Trustee5 for Ihè Yeor Ended 31 Decembei 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Board ol Directofs The requirements of the Corporation's Articles of Associalion ore Ihot the Board of Directors must consist of Ihree Officers - Choirman. Deputy Chairmon. and Treasurer. ond up to 20 other Directors. The Officers are appointed by the Board of Director5 at the first Board Meeling following Ihe Annual Generol Meeting. The Directors are elected at each Annual General Meeling from among the Ordinary Members ond the Delegate Members of the Corporalion. Members of churches that adhere to the Corporation's doclrinal basi5 may opply lo become Ordinory Members on payment of the onnual subscription. Every church thal adheres to the Corporation's doctrinal basis and makes an annual donation is entitled to nominate Delegote Members ond is entitled to nominate a member lo be inclLJded in the list of persons to be submilled to the meeting for election as o Director. As o member of Ihe Corporation, each Director is liable to contribute to Ihe asset5 of the Corporation in the everit of ils being wound up. The Boord of Directors on the dote on which the Annuol Report and Accounts were approved comprised Ihe following.. Mr J N Broome Bsc (Honsl MRICS Mr A R Copeman FRICS Mr MT Gray MA (Honsl CeFA Mr D M Noller IEng AMISlruclE Mr R E Powell ACII (Deputy Chairman) Pastor P D Relf FCA |Trea5urerl Mr J H Sayers Bsc IHons1 MCIA T Mr KC W Willshire ACSI FPCS MIOD Cert PFS PFA (Chairman) Unless olherwvise stated. each Director served in thal capacity throughout the year ended 31 December 2025. The Corporalion has a Trustee5' Indemnity Policy in the sum of £3.000.000 for which a premium ol £1,46012024.' £1,4501 was paid. Oiganisalional As a Compony. limiled by guaronlee. the Corporation is managed by the Board of Directors. As the Corporolion is also a Registered Charity, the Directors monoge its affoirs os Chorily Trustee5. The Directors are a150 referred to as the Council of Management. The Council of Manogement meets four limtrg a yeor and hos overall responsibilify for the governance of the Corporation. 11 is particularly responsible lor dealing with motler5 involvir)g policy. Routine rrlter5 that require Board approvol may be dealt with by the Executive Committee which normolly consislg ol the Chairmon, Deputy Choirmon. Treosurer ond two other Directors. The Executive Committee may also deal with mallers remilled lo it by Ihe Council ol Management. In addition. the Executive Committee may consider matters of policy. but only in the context of making recommendations to the Council of Management. The Execulive Committee meets LJP to five times a year. The Officers Ichairman, DepLJly Chairmon, and Treosurerl consider rY*te[S that are particularly confidential prior to their being reported to the Council of Monagemenl ond are able to advise the General Secretary in situations where there is some uncerloinly os to the correcl applicalion of malters of policy. In additiori. certain mallers are remitted to the Officers for consideralion where it IS thoughl thai Ihey should be iiiscussed by a committee thol is smaller than the Executive Committee. The General Secretory otlends all Officers, meetings. The Officers meet as necessary- Page 10
Grace Boplist Trust Corporation Report of the Trustees lor the Y•ar Ended 31 December 2025 TP.UCTURE. GOVERN.4NCE AND MANAGEMENT Tru51ee5' indvclion and Iroining As indicated obove. the Trustees are 8lacted at each Annual General Meeting from among Ihe Ordinary Members ond the Delegate Members of the Corporation. Members of churche5 thal adhere lo the Corporation's docfrinal basis may apply lo become Ordinary Members on payment of the onnuol subscription. Every church Ihat adheres to the Corporation's doctrinal basis and makes an onnual donation to the Corpoiotion is entitled to nominate Delegate Members and rs entitled to nominate a member to be included in the list of persons to be submitted lo the meeting for eleclion as a Trustee. As il is importont that only person5 having the desired professionol expertise or comprehensive knowledge of the churchtss ore nominaled. the Board of Trustees works in portnership with the individuol churches regarding nominolior)s. Once new Trustees are appointed. they are taken through a process ol induction by the Generol Secretory who ensures thot Ihey underslond the legal duties ond re5ponsibililies imposed on them as Trustees. using the Charify Commission publication "CC3 The Essenlial Trustee as o guide. In addition. they are provided with copie5 of the Corporotion's Articles of Associalion Ihe key provisions of which are explained to Ihom. together with copies of the Corporolion's various policies and ¢opie5 01 the mosl recent Slolutory Accounts and Annual Report. They ore olso prowded wilh a set of the minutes of the most recent Trustees, Meeting (which include a reference to all outstanding issuesl and the General Secretary ensures Ihat Ihey are fully briefed on all ongoing matters. The Trustees require the General Secretary lo keep them abreast of all developments Ihat have a beoring on their role as Trustees by providing them with relevant ir)formation such os articles from charity magazines ond briefing notes supplied by relevont bodies - such as Ihe Charity Commission. The Corporation subscribes lo Governance" magazine. ond copies are mode available to the Officer5. Furthermore, os Ih&y exercise their responsibililies on the Board. IhÈ Truslees draw upon their eKten5ive professional knowledge and experience which 15 enhanced by Iheir otlendance at relevant training courses Ihat form port of Iheir continuing professional developmenl. Remuneration policy 11 is the poltcy of the Directors lo remvnerate staff at a level which recognises the Biblical principle that the labourer is worthy of his hire. Ivhere it is appropriate lo do so, the Board determines Ihe level ol solaries by reference lo the "going rale for the job" Where there is no meoningful comparison ond specifically so lar os the General Secretary is concerned - Board Members are guided by reference to the solary that an employee might command in the open rnorkel. Alongside this. ond in both cases, due consideration is given to the level of stipends Ihal churches served by the Corporation are oble lo pay and the linoncial resources that are availoble wilhin the Corporolion. Salaries are reviewed on an annual basis, either at an Officers. Meeting or by the ExecLJtive Committee and a recommendation 15 submitted lo the Board ol Directors for consideration ol their meeting in December. Associated charitie$ Although not "associaled" as defined by FRS 102. the Corporafion works closely with a number of chorilable orgonisotions with similar objeclives. In parlicular, the Corporation enjoys cordial relalions with the various Associations ol Grace Bapli51 Churches and with the Grace Baplist Porlnership. REFERENCE AND ADMINISTRATIVE DETAILS R•gist•rèd Compqny nvmber 592488 (England and Wales) egistared Charlty number 251675 Pagell
Gra¢e Baptist Trust Corporation Report ol the Trustèès tor the Yeor Ended 31 December 2025 Registered office 62 Bride Slreel London N7 8AZ Trustees The trustees are the Board ol Directors as noted earlier. Company Se¢retary G Oliver Auditors Brewers Chortered Accountants Istatutory Auditorsl Unil 3 Birlley Courlyard Bramley Surrey GU5 OLA Solicitors Wellers Low Group 65 Leadenhall Street London EC3A 2AD Page 12
Gracè Bapllsl Trust Corporation Report of the Trustees lor Ihe Year Ended 31 D•camber 2025 REFERENCE AND ADMINISTRATIVE DETAILS Adviser5 Insurance Brokers Marsh Commercial Rourke House Watermans Business Park The Causeway staines-Upon-Thame5 Middlesex TWI83BA Acces5 Insurance Service 212-220 Addinglon Road Sou*h Croydon Surrey CR28LD Bankers National Westminster Bank PLC 39 Station Road Redhill Suirey RHI IQN COIF Charilies Deposit Fund l Angel Lane London EC4R 3A8 Investment Managers Quilter Cheviol Limited 3 Temple Quay Temple Way Bristol BSI 6DZ STATEMENT OF TRUSTEES, RESPONSIBIUTIES The trustees (who are also the directors of Grace Baptist Trust Corporation for the purposes ol company lawl are responsible for preporing the Annuol Report and the financial statements in accordance with applicable low and United Kingdom Accounting Slondards (United Kingdom Generally Accepted Accounting Procticel. Page 13
Grace Baptisl Trust Corporation Rèport ol Ihe Trustees lor Ihe Year Ended 31 December 2025 STATEMENT OF TRUSTEES. RESPONSIBILITIES - conlinvèd Compony low requires the trustees lo prepare financial slatements for each financial year. Under Ihal law, the Irustees have elected to prepare the financiol statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards ond applicable lowl. Under company law Ihe Iruslee5 musl not approve the financial slalemenls unless Ihey are salislied that Ihey give a Irue and fair view of the stale of affairs of the charitable company and of the incoming resources and applicolion of resources, including the income and expenditure, of the choritoble company lor that period. In preparing those financial statements, the trustees are required to select suitable accounting policie5 and then opply them consi5tently-. observe the methods and principles in Ihe Charities SORP-. make judgemenls and eslimales Ihat are reasor)able and prudent.. state whether applicable accounting standards have been followed. subject to any material departures disclosed and exploined in the finoncial 51alement5.' prepare the financial statements on the going concern basis unless if is inappropriate to presume Ihot the ¢horitable company will continue in business. The truslees ore responsible for keeping proper accounting records which disclose wilh reasonable accuracy at any time the linar)cial position of the charitable company and lo enoble them to ensure that the financial slotements comply with Ihe Companies Act 2006. They are also responsible foi safeguarding the ossels of the chorilable company and hence for laking reasonable steps for the prevention ond detection of fraud and other irregularities. In so far as the trustees ore aware: there is no relevont audil information of which the charitable compony's auditors ore unaware-. and the trustees hove taken all steps thot they ought to hove token to make themselves aware of any relevanl audit information and to establish thal the auditors ore owore of thot information. ALIDITORS The auditors, 8rewers Chartered AccountaT)ts (Statutory Auditors). will be proposed for re-appointmenl at the forthcoming Annual General Meeting. Report ol the trustees. incorporating a Slrolegic report. opproved by order ol the board of Iruslees. as the compony directors, on .2QIQ412026...................... and signed on the boord'5 behalf by.. Wiltshire Page 14
Report ol the Independenl Auditors to the Members ol Grace Baptist Trvsl Corporation Opinion We have oudited Ihe financial statements ol Grace Baptist Trusl Corporation Ilhe 'choritable company'l lor the year ended 31 December 2025 which comprise Ihe Statement of Financial Activities. the Balance Sheet. the Cash Flow Slalemenl and notes to the linonciol staements, including a summary ol significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slondard5 (Uniled Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial satements'. give a trLJe ond fair view ol the slate of the charitable company's affairs as at 31 December 2025 ond of its incoming resources and application of resources. including its income and expenditure. lor the year then ended.. have been properly pr&pored ir) accordance with United Kingdom Generally Accepted Accounting Prac*ice-. ond have been prepored in accordance with the requirements ol the Companie5 Acl 2006. Basis lor opinion Ive conducted our audil in accordance with Internotional Standards on Audiling IUKI IISAS IUKII and opplicable law. Our responsibilities under those stondords are further described in the Auditors. responsibilities for Ihe audit ol the linonciol stalemenls section of our report. Vve are irndependent ol the charitable company in occordance with Ihe elhicol requiremenls that are relevant to our audit of the financial slot&ment5 in the UK. includir)g the FRC'S Elhicol Stondard. and we have fulfilled our other elhicol responsibilities in accordonce with these requirements. We believe that the audit evidence we hove obloined is sufficient and appropriale lo provide a basis for our opinion. Conclusions relating lo going ¢¢ncern In auditing the financial slatemenls, we hove concluded thol the trustees, use of the going concern basis of c7ccounting in the preparotion ol the financial %tatement5 is appropriate. Based on Ihe work we have performed. we have not identified any material uncerloinlies reloling to events or condilions Ihat, individually or collectively, moy c05t significanl doubl on the charitable company's obilily to continue a5 0 going concern for a period of at least twelve months from when Ihe financial statements are aulhorised lor issue. Our responsibilities and the responsibilities ol the trustee5 Wlth respect lo going concerr) are described in the relevonl seclions ol this report. othèr Information The trustee% are responsible for the other information. The other informalion comprises the nformalion included in Ihe Annual Report. other than the finonci(715tatements and our Report of the Independent Audilors Ihereon. Our opinion on the financial slotemenls does nol cover the other information and. except to Ihe extent otherwise explicitly slated in our report. we do not express any form of OSSLJromce conclusion thereon. In connection with our avdit of Ihe financial slotemenls. our responsibilily is to read the other information and, in doing so, consider whelher the other informalion is materially inconsislenl wilh the financiol stotemenls or our knowledge obtained in Ihe oudil or otherwise appears lo be materially missloled. 11 we idenlify such rnolerial ir)consislencies or opparent malerial misstalemenls. we are required to determine whether this gives rise to o material misstatement in the financial statements themselves. If. bosed on the work we have performed. we conclude thal there is o material misstatement of this other information. we are required to report Ihat fact. We hove nothing lo report in this regard. Page 15
Report of Ihe Indèpèndent Auditors lo the Members of Grace Baptist Trust CorporatSon Opinions on olher matter5 prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees lor Ihtr financiol year for which the financial statements are prepared 15 conslslent with the finon¢iol slotemenls., ond Ihe Report of the Trustees hos been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of Ihe knowledge ond Ljnderslanding of Ihe charitable company and ils environment obtained in the course of the audit, we have not identified material misslatemenls in Ihe Reporl of the Trustees. We have nothing to report in respect of Ihe following matters where the Componies Act 2006 requires us to report lo you if, in our opinion.. odequole occounting records have not been kept or returns adequate for our audil have not been received from branches not visited by us., or the financial statemonts ore not in agreement with the accounting records and relurns.. or certain disclosures of trustees, remuneration specified by law ale not made.. or we have not received all the information and explanations we require for our audit. Responsibilities ol trustees A5 exploined more lully in the Slotement of Trustees, Responsibililies. Ihe trustees Iwho are also Ihe direrlors ol the charitable company for the purposes of company lawl are responsible for Ihe preparotion ol the finonciol glatements and for being satisfied that they give a true and loir view, and for such inlornol control as the trustees determine is necessary lo enable the preparation of rinancial stotemenls that are free from material misstalement. whether due to fraud or error. In preparing the financiol stotements, the trustees are responsible for assessing the choritable componys ability lo continue as a going concern. disclosing. as applicable. matters relafed to going concern and using the going concern basi5 of accounling unless the trustees either intend to liquidate the charitable company or lo ceose operotions, or hove no re(Jlisti¢ olteinotive bul lo do so. Page 16
Report ol the Independent Avditors to lh• Member5 of Grace Boplisl Trust Coyporalitsn Our rèspon5ibililies lol Iho audlt ol the financiol sta•men15 Our objectives are to obtain reosonoble assurance obout whether the financial stalements as o whole ore free from materiol misstalement, whether due lo fraud or error. ond to issue a Report of the Independent Auditors thot includes our opinion. Reasonable assuronce 15 0 high level ol assurance. but is not a guaranlee that on audit conduced in accordance with ISAS IUKI will olways delect a material mi5Statemenl when it exists. Misslalemenls can arise from fraud or errol and ore considered material il, individually or in the oggrggale, they could reasonably be expected to influence Ihe economic decision5 of users token on the basis of thes& financial slalemenls. The extent to which our procedures are capoble ol detecting irregularities, including fraud is detailed below- Irregulorities. including fraud. ore instances of non-compliance with laws and regulations. Based on our disevssion5 With the charity's management and the trustee5. we identified Ihal Ihe following laws ar)d regulations ore significant lo the entity.. Those Iow5 and regulations considered to have a direct effecl on the financial stolemenls including UK Financiol Reporting Standards ond Charity Law Those laws ar)d regulations for which non-complionce may be fundamentol to the operaling ospecfs of the charity and therefore may have a materiol effect on the financial slotements including compliance with *he charitoble objectives, public benefit. safeguarding and health and safety legislation. We design procedures in line with our responsibilities. outlined above, to delect material misstatemenfs in respect of irregulorilies. including fraud. These motters were discussed amongst the engagement team al the planning sloge and the lime remained olert lo non-compliance throughovt Ihe audit. Audil procedLJres undertaken in response to Ihe potential risks reloting lo irregularilies (which nclude fraud and non-complionce wilh laws and regulotion51 comprised of.. inquiries ol monagemenl and the Trustees os lo whether the entity complies with such laws and regulotions.. enquiries with the same concerning any actual or potential litigation or claims., inspection of relevant legal correspondence.. review of TrLJStee meeting minutes.- testing the appropriateness ol jouinal entries.- and the performance of analylicol review lo identify unexpected movemenls in account balances which may be indicalive of fraud. No ir)stances of moteriol non-compliance were identified. However, the likelihood of delecling irregulorities. including fraud, is limited by the inherent difficulty in detecting irregulaiilies, the effectiveness of the entity's controls, and the nature. timing and extent of the audil procedures performed. Irregularilies Ihal result from fraud might be inherently more difficult lo detect thon irregularities that result from error. As explained above. there is an unavoidoble risk Ihot material misstatements may not be detected. even though the oudit has been planned and performed in accordance with ISAS IUKI. A further description of our responsibilities for Ihe audit of the financial statements is located on the Financial Reporting Council's website at www.Irc.org.uk/oudilorsresponsibilities. This description forms port ol our Report of Ihe Independent ALJdilors. Page 17
Report ol the Independenl Auditors to the Members ol Grace Baplist Trvst Corporation Use of our report This report is mode solely lo the choriloble company's members, as a body, in accordonce with Chapter 3 01 Part 16 of the Companies Act 2(K)6. Our audit work has been undertaken so that we might Stale to Ihe charitable company's m6mberg those motlers we are reqvirad 10 51ote to them in on avditors, report and for no other PLJrpose. To the fullest extent permitled by low, we do not accept or ossurne responsibility to anyone other than the charitable company and the choritable company'5 members as a body. for our audil work. for this report. or for Ihe opinions we have formed. A M Skillon (Senior Stalulory Audilorl for and on beha of Brewers Chortered Accountants ISoulory Audilorsl Unit3 Birtley Courtyard Bramley Surrey GU5 OLA 2110412026 Date.. Page 18
Grace Baptisl Trust Corporation stolemenl ol Financial A¢tivilies for the Year Ended 31 December 2025 2025 Total funds 2024 Tolol funds Unreslricled Reslricled Endowment funds funds fund Notes INCOME AND ENDOWMENTS FROM Donolions ond legacies 41.504 262 61,767 10.457 Other trading aclivi*ies Investmenl income other income 44,790 153,956 18,997 301,944 37,082 341,756 191,038 18,997 337.542 205.289 215.910 Total 279.247 339.310 618,558 769, 198 EXPENDITURE ON Chaiiloble activities Chorilable Activities Direct Costs Support Costs Grants 4.100 448.692 73.228 310.500 100.175 83.047 106.823 288.391 5.485 29.576 388,566 88.532 136.399 Total 290.045 323,452 613.497 836,520 Net gains on investments 97.778 8.83T 106.609 6.999 NEr INCOME/{EXPENDITLIRE) Transfers between lund$ 86,980 15.858 292 8.832 111,670 160.3231 Net movement in funds 81,688 16,150 8,832 111.670 160,3231 RECONCILIATION OF FUNDS Tolal funds brought lorword 3.965,508 582,529 413.237 4,961.274 5.021.597 TOTAL FUNDS CARRIED FORWARD 4,052.196 598,679 422,069 5,072.944 4,961,274 The notes form part ol these financial slalemenls Page 19
Grace Baptist Trusl Corporation Balancè Sheet 31 December 2025 2025 Total Ivnds 2024 Total funds Unrestricted Reslricled Endowment funds funds fund Notes FIXED ASSETS Tangible assets Inveslments 10 ,577 3.306,358 6,577 3.609,153 7.721 3,502,545 302.795 3,312.935 302,795 3.61 5,730 3.510.266 CURRENT ASSETS Debtors Cash al bank 12 46,502 724,513 46,502 1,442,466 20.188 1.445,575 598.679 119,274 771.015 598.679 119.274 1,488,968 1.465,763 CREDITORS Amounts falling due within one yeor 13 (31.754) {31,754} 114,7551 NET CURRENT ASSETS 739,261 598.679 119.274 1.457,214 1.451.C08 TOTAL ASSETS LESS CURRENT LIABILITIES 4,052,196 598,679 422.069 5,072.944 4.961.274 NEI ASSETS 4,052,196 598.679 422,069 5.072.944 4.961.274 FUNDS Unreslricled funds Restricted funds Endowment funds 4.052.196 598.679 422.069 3.965.508 582,529 413.237 TOTAL FUNDS 5,072.944 4.961,274 The financial stalemenfs were approved by the Board of Truslees and authorised for issue on 201.041202G...................... and were signed on ils behalf by: Iréknwiltshire Paul Relf The notes form port of Ihese financial statements Page 20
Grace Baptis* Tru51 Corporation Cash Flow Slalement lor the Year Ended 31 December 2025 2025 2024 Notes Cash Hows from operating activities Cash generated from operolion5 1.458) 251.8541 Net cash used in operating activities 1,4581 251.8541 Cash Ilows from investing activitios Purchase of tangible fixed as5els Purchase of fixgd asset investments Sale of fixed ossel investments (1.651) 15.0841 194,2741 6,999 Nel cash used in investing activities 1.651) C¢Jsh Ilows from finoncing aclivilie5 Income otlribuloble to endowment Expenditure attributoble to endowment 212.000 23.4521 Net ¢0sh provided by financing aclivities 188.548 Changè in ¢ash and cash eqvivalenls in the rèporting period C05h ond cosh eqvival•nls al the beginning of lh• reporting period (3,1091 1155,6651 1.445.575 1,601.240 Cash and cash equivalent5 al Ihe end ol thè reporting period 1,442.466 1.445.575 The notes form part of these financial statements Poge 21
Grace Boplist Trusl Corporalltsn Notes to Ihe Cash Flow Statement forlhe Year Endèd 31 Dècember 2025 RECONCILIATION OF NET INCOMEIIEXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Nel incomel(expendilure) loi the rep¢rtlng period (as per th• staternènl of Financial Activilies) Adjvstmen15 for.. Depreciation charges Gain on investmen15 Income otlribulable to endowmenl Expenditure allribulable lo endowmenl Ilncreosellde¢reo%e in debtors Increase in creditors 111,670 160.3231 2.795 (106,609) 2,630 113,9981 1212.0001 23.452 4,900 3,485 (26,3131 16.999 Net cash usèd in opèrations 1,456) 51.8541 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.25 Cash flow A131.12.25 Nel cash Cash al bank 1.445,575 3,109 1.442.466 1.445,575 3,109 1.442.466 Total 1,445,575 3.109 1,442,466 The noles form parl of these financial 51olemenls Poge 22
Grac• Bqpt15t Trust Corporalion Noles to the Financial Slalemenls for the Year Ended 31 December 2025 CONSTITUTION The Grace Boplisl Trusl Corporotion is registered in England os a Company limited by guarantee and not having a share capital (Registration Number 5924881. The Corporation is also registered as a Charity IRegi5tralion Number 2516751. and 15 recognised as a Trust Corporalion under section 3111 ol the Law of Property (Amendment) Act 1926. The Corporation is governed by its Arlicles ol Agsocialion. ACCOUNTING POLICIES Basis of preparing Ihe financial slolemènts The financial statements of the chariloble company. which is a public benefit entity under FRS 102, have been prepared in occordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities-. Slolement ol Recommended Praclice applicable to charilies preparing their accounts in occordance with the Finoncial Reporting Standard applicoble in the UK ond Republic of Ireland IFRS 1021 lelfeclive l January 20191,, Financial Reporting Slandard 102 'The Finoncial Reporting Slandord applicable in the UK and Republic of Ireland, and the Companies Act 2006. The finonciol statemenls have been prepored under the hislorical cost convention. with the exception of investments which are included at morkel value, as modified by the revaluation of certain assets. Income Income is defined as the inflow of economic benefits orising from Ihe activities undertaken by the Corporotion and is accounted lor Igrossl on a receivoble basis. Income is included in the Statement of Finoncial Activities when the Corporation has acquired o right to the resource. when il is probable tho* it will be received, and when ils monelory value can be measured with sufficient reliobility. Donalions are accounted for upon receipt 0$ the Corporation does not receive grfts that orts subject lo performance reloled conditions. Membership subscriplioni ore in Ihe nalure ol gifts and are therefore treated as donotions. Legocies are recognised when it is proboble thot the bequest will be received once the executors hove confirmed.. that the Coiporalion is enlilled to the bequest,. Ihot probate ha5 been gronted.. that there are suffi¢i&r)l assets in the estole lo pay the legocy.. and once Ihe amount con be determined with suff icient reliability. When the amount cannot be measured with svlficienl reliability, the legacy is accounted lor os a conlingent asset. Interest Receivable from bank deposits and concessionory loans. ond Dividends received from the Grace Baptist Trust Corporation Common Investment Fund, are recognised on a receivable basis at Iransaction value. Income from Professional Services is occounled lor upon service delivery at transaction value. Income arising from assets held in a particular fund forms port of Ihot fund with the exceplion of income orising from Endowment Funds which is frealed as Restricted Income. Expenditure Expenditure is defined as the omount of resources that have been utilised on aclivilies undertoken by the Corporotion ond is occounted lor gross (inclusive of VA T which connot be recoveredl on an accrva15 basis. Expenditure is included in the Stotement of Financial Activities once there 15 a legal or conslruclive obligation to moks a payment to a third porly, when it is probable that setllemgnt will be required ond kne amount ol the obligation can be rneosured with sulficienl reliability. Legal obligations orise under exchange tronsoctions that are conlro¢tual whereas conslruclive obligations arise Ljnder non-exchange transactions such as grants. Poge 23 conlinued...
Grace Bupllst Trust Corporation Notes to the Flnancial Slalemenl$ - Continued lor thè Year Ended 31 December 2025 ACCOUNTING POLICIES - conlinvèd Tangible fixed assels Depreciotion is provided at Ihe following onnuol rotes in order to writg off each a$5el over ils estimated useful lite. Fixtures and liltings IO% on cosl Taxation The charify is exempt from corporotion tax on it5 charilabl& oclNitle5. Fund accounting Unrestricted funds con be used in accordon¢e w4lh the choritoble objectives al the discretion of the Iruslees. Reslricled funds con only be used lor particular restricted purposes within the objecls of the charity. Reslriclions arise when specified by the donor or when funds are roisad for particular restricled purposes. Further explanalion of the nalure and purpose of each fund is included in the notes to the finonciol statements. Fintsncial Inslrumenls The Corporation's Financial Assels and Liabilities qualify as basic financial inslrLJments and as such are initially recognis&d ol Gosh, tronsaction. or selllomenl valve. Subsequently. Current Assets ond Liobilities ore meosured al cash or selllement volue ond Fixed Asset Investments are measured al fair value based on Ihe price of units in the Grace Baptist Trust Corporation Common Investment Fund. Deblors Debtors are staled at their recoverable amount- that is. the amount that il is anticipoled will be received in respect ol outstanding loan5 or olher deb15. or the amounl thol has been paid in advance lor goods and services. Loons lo churches ore concessionary loans which ore made to ossist with Ihe acquisition. renovolion. or maintenance ot properties ond ore offered at rotes of interest Ihot ore %ignificontly below the morkel rate (usually "interesl-free'l. Loon repaymer)*s fall due in either 20 or 40 equal inslalmenls over o period of len years and are guaranteed by three individuals who act as guarontors. Loans ore recognised at Ihe amount inilially lenl, with the Corrying amount adjusted in subsequent years lo reflect Ihe repayments made. Credllors Creditors ore recognised wher) the charity has a present legal or constructive obligation arising from a past event that will probably result in the tronsfer of funds to o third party and the arrK)unt due to setlle Ihe obligation can be measured or estimoted wilh sulficier)t reliabilify. Creditor5 are 51aled at Iheir settlement amount - that is, the amount Ihol it is anticipated will be paid to selile the Corporolion's liabilities. Cash th Bank and in Hand Cash al bank and in hand includes deposits with o short maturity of twelve months or less from the dale ol opening the deposit. Critical Ac¢ounling Judgement$ Page 24 continued.
Grace Bqpli$t Twsl Coip¢ralioD Notes 1¢ the Flnanciol Stal•men15 - continued for thè YeoT Ended 31 December 2025 ACCOUNTING POLICIES . conlinu•d In the application ol the accoLJn*ing policies listed above. the Directors are required to make judgements and ogsumptions about Ihe carrying value5 01 assets and liabililies that are not readily opporenl from other sources. Those assumptions. based on historical experience and other factors considered lo be relevant. are reviewÈd on an on-going basis. In the view of the Directors there are no uncertaintie5 that are likely lo resull in a malerial adjustment to the carrying omounts of those assels and liobililies in the forthcoming finoncial year. DONATIONS AND LEGACIES 2025 2024 Subscriptions and Donalions Churches Subscriptions and Donations Individuols Subscriptions ond Donations Subscriptions 59,634 1,703 430 6.693 3.234 530 41.767 10.457 OTHER TRADING ACTIVITIES 2025 2024 Gift Aid Scheme Professional Services Trust Fund Admin Professional Services Scle of Chapels Prolessionol Services- Other 308,198 34,455 4.103 299.123 18,268 10,734 9.417 346,756 337.542 INVESTMENT INCOME 2025 2024 Interesl receivable Investment income 53,070 137,968 46.223 159,066 191.038 205.289 Poge 25 conlinued...
Grace 8apti$l Trusl Corporation Notes lo the Financial Statement$ - conllnued lor the Year Ended 31 Decembe¥ 2025 CHARITABLE ACTIVITIES COSTS Direct Costs Direcl Costs Support Cosls Grants 388,566 88.532 136 399 613,497 NET INCOMEI{EXPENDITU RE) Net incomellexpenditurel is staled ofter chorgingllcredilingl.. 2025 2024 Depreciotion - owned as5els 2,795 2,630 TRUSTEES. REMUNERATION AND BENEFITS There were no Irustees, remuneralion or other benefits lor the year ended 31 December 2025 nor for the year ended 31 December 2024. Trustees. expenses There were no trustees, expenses paid for the yeor ended 31 December 2025 nor for the yeor ended 31 December 2024. In the year ended 31 December 2025 6 members claimed travel expenses tololling £3,214 12024: 5 members cloimed o lotol of £9861. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled Reslricled Endowment funds funds fund Totol fund5 INCOME AND ENDOWMENTS FROM Donations and legacies 10,457 10,457 other froding activities Investment income Other income 38.419 157.434 299.123 47.855 3.910 337.542 205.289 215.910 212,000 Total 206.310 350.888 212,000 769.198 EXPENDITURE ON Charilable activities Charitoble Activities Direct Cosls Supporl Costs Grants 4.100 296,089 4,100 448.692 73.228 310.500 129,151 73.228 270.000 23.452 40.500 Tolal 472.379 340.689 23,452 836.520 Page 26 continued...
Gra¢e 8apllst Tiust Corporation Notes to the Financial Slatèmenls continued for the Year Ended 31 Decèmber 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowmenl funds funds fund Total funds Nel gains on investments 6,366 633 6.999 NET INCOME/(EXPENDITURE) Transfers beh¥èèn lunds 1259.7031 6.037 10.199 6,0371 189.181 160.3231 Nel movement in funds 1253,6661 4.162 189,181 160.3231 RECONCILIATION OF FUNDS Tolol ILJnds brought forward 4.219.174 578.367 224.056 5,021,597 TOTAL FUNDS CARRIED FORWARD 3.965.508 582,529 413,237 4,961.274 TANGIBLE FIXED ASSETS Fixtures and fittings COST At l January 2025 Addition5 1 S.465 1.651 Al 31 December 2025 17,116 DEPRECIATION At l January 2025 Charge for year 7.744 2.795 At 31 December 2025 70,539 NET BOOK VALUE At 31 December 2025 6,577 At 31 December 2024 7,721 Poge 27 continued...
Grac• Baptist Trust Corporation Nolès lo Ihè Financial Statements - conlinued lor the Year Ended 31 December 2025 FIXED ASSET INVESTMENTS Unlisted inveslment MARKET VALUE At l January 2025 Revalvations 3,502,545 106,608 At 31 December 2025 3.609,153 NET BOOK VALUE Al 31 December 2025 3609 153 At 31 December 2024 3.502.545 There were no investment assels oulside Ihe UK. Cost or valuation at 31 December 2025 is represented by: Llnli51ed invè51ment Valvation in 2025 3,609.153 DEBTORS 2025 2024 Amounts falling due within one yeor: Loons to Churches Prepaymenls and accrued income 40.314 2,688 14.000 2.688 43,002 16,688 Amount5 falling due after more than one year.. Loans to Churches 3.500 3,500 Aggregate amount5 46,502 20,188 Loans to churches are concessionary loons which are mode to as5151 with the ocquisilion, renovation. or moinlenance of properties and are offered al roles of interest that are signrficontly below the ryrket iote lusvally in*erest-free l. Loan repayments loll due in either 20 or 40 equal instolmenls over o period of ten years and are guaronleed by three individua15 who ocl as guarantors. Page 28 continued...
Grace Baptist Trusl Corpoidion Note$ lo Ihe Financial Statèments - continued lor the Year Ended 31 December 2025 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Social security and other loxes Accruols and deferred income 1,800 29.954 1,8(X) 12.955 31.754 14.755 14. MOVEMENT IN FUNDS Nel Transfer5 movement between in fund5 funds At 31.12.25 Al 1.1.25 Unrestricted funds General fund Designaled fund 286.799 3,678.709 {19,911) 106.891 1292) 246.596 3,785.600 3,965.508 86.980 (292) 4.052.196 Reslflcted funds Gift Aid Donolion5 Brockley Fund Brockley Groveyard Fund Grundisburgh Fund Halilax Building Fund Olley Fund BA Warburlon Memoriol Fund Minister5 Aid Fund Benevolent Fund The Pastors, Fund Calne Chopel Fund 8.243 36.984 6.262 257.417 143.416 60.630 754 617 2.489 65,514 203 8,085 {18,871) (6,554) 9,813 6.41 S 2,712 268 572 7.225 6.193 16.328 18.113 292 267.230 149.831 63,342 1.022 1.189 9,714 71,707 203 582.529 15.858 292 598,679 Endowmenl funds Endowment fund 413,237 8.832 422,069 TOTAL FUNDS 4,941,274 111.670 S.072.944 Poge 29 conlinued.
Grace Baplisl Trust Corporalion Notes lo the Finoncial Slatemenls - continued for the Year Ended 31 Decembèr 2025 14. MOVEMENT IN FUNDS- continved Net movement in funds, included in the above are a5 follows.. Incoming resources Re50vrces expended Gains and Movement losses in funds Unrèslricled lunds General fund De5ignoted fund 153.408 125.839 [181,219) 108,826) 7.900 89.878 119,911) 106.891 279,247 (290,045) 97,778 86.980 Rèstricted funds Gilt Aid Donations Brockley Fund 8rockley Graveyard Fund Grundisburgh Fund Halifax Building Fund otley Fund BA Worburlon Memorial Fund Ministers Aid Fund Benevolenl Fund The Pastors, Fund 301.961 1,129 132 9,813 6,415 2,712 268 572 7.225 9,083 {293.876) (20,0001 16,686) 8,085 (18,871) (6,554) 9,813 6,415 2.712 268 572 7.225 6,193 339,310 {323.452) 15.858 Endowment funds Endowment fund 8.831 8,832 TOTAL FUNDS 618,558 613,497) 106,109 111,670 Page 30 continued...
Grace Baplisl Trust Corp¢iatlon Noles lo Ihe Financial Statements - continued lor the Yeoi Ended 31 December 2025 MOVEME7 IN FUNDS - conllnue<i Comparatives lor movement in lunds Net movement in fund5 Transfers between funds Al 31.12.24 Al 1.1.24 Unreslricled funds General fund Designated fund 288,786 3,930,388 1108.0241 151.6791 106,037 i 00,0001 286,799 3.678.709 4.219.174 1259,7031 6.037 3,965.508 Restricled funds Gill Aid Donation5 Brockley Fund Brockley Graveyard Fund Cruridisburgh Fund Holifox Building Fund Olley Fund BA Warburton Memorial Fund Ministers Aid Fund Ben&volerit Fund The Pastors, Fund Calne Chopel Fund 7.539 36.984 6.262 259,917 143.416 60.630 502 6.741 16,0371 8.243 36.984 6.262 257.417 143.416 60,630 754 617 2.489 65.514 203 12,5001 252 14951 2.053 3.945 203 436 61.569 578,367 10.199 16,0371 582.S29 Endowment funds Endowment fund 224.056 189.181 413.237 TOTAL FUNDS 4.961,274 Page31 continued...
Grac• Baplist Trust Corporation Ng1è5 to thè Financial Slalemenls - conlinued for the Year Ended 31 December 2025 14. MOVEMENT IN FUNDS. continued Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and Movemenl losses in funds Unrèstricled lunds General fund De51grFated fund 93.532 112,778 1202.3791 270,OIK)I 823 5.543 1108.0241 151,6791 206,310 1472.3791 6.366 1259,7031 Re51ri¢tèd funds Gilt Aid Donations Grundisburgh Fund BA Warbvrton Memorial Fund Ministers Aid Fund Benevolent Fund The Pastors, Fund Colne Chopel Fund 299.123 38,(K)O 252 505 2,053 7,045 3,910 1292.3821 14D,5001 6,741 12.5001 252 14951 2,053 3,945 203 I 1.0001 13,1001 3.7071 350.888 1340.6891 10.199 Endowment funds Endowment fund 212,000 123,4521 633 189,181 TOTAL FUNDS 769.198 836.5201 6.999 60.323 The balance of Grfl Aid Donations will be disbursed in accordonce with the wishes of the donors in the forthcoming financiol yeor ond the balances in the Brockley. Brockley Graveyard, and Olley funds will be dispersed as the need arises to supporl the ministy in those causes. The Haslemere Fund repre5enls income and expenditure relating to the oversight of that chapel - which hos now been ploced under the oversight of the occupying Church. Grants will be made from the B A Warburlon Memorial Fund. the Ministers. Aid Fund, the Benevolent Fund. and the Pastors, Fund a5 the negd arises. In accordance with the ultimate Trust of the Trust Deed governing the proceeds from the sole of Providence Baptist Chapel. Slailhwaite, the funds have been ollocoted lor building work in Yorkshire - specifically for a new hall for Grace Boplisl Church. Halifax. If a decision is token not to proceed with that project. the funds will be used for another suitable building projecl. The Grundi5burgh Fund repie5enls funds received following the closure of the church ond the sale of the chapel and in compliance wilh Ihe lerm5 of Ihe Trust Deed will be distributed in accordance with instructions received from the church members at the dale of closure. Page 32 conlinued...
Grac• Bapti51 Trvsl Corporalion Noles lo the Financial Statements . conlinued lor lh• Year Ended 31 December 2025 15. QTHER FINANCIAL COMMITMENTS Grant Funding In accordonce wilh the Ultimate Trus of the Trust Deed governing the proceeds from the sale of Providence Bapt15t Chapel, Sloithwaite. the funds have been allocated for building work ir) Yorkshire - specifically for a new hall lor Grace Boptist Church. Holilax. If a decision is token not to proceed with that project. the funds will be used lor gnlher suitable building project. 16. RELATED PAR TY DISCLOSURES Donalions received from relaled parties - Board ol Directors £34312024.. £3901. DETAILS OF FUNDS General Funds General Funds are expendable al Ihe discrelion ol the directors in furlherance of the objecls of the Corporolion. It 15 the desire o the directors Ihot the costs of running the Corporation will be met ou* of membership subscriptions. volunlary donations. professionol services and inve5tmenf income arising from General Fvnd reserves. Designalèd Funds Designated Funds comprise unrestricted funds received by the Corporalion following the disposal of redundant chapels. The Support Fund has been set oside by Ihe directors in order to provide svpport to churches that are undertoking significant moinlenance projects and ore utilised as the need arises within individual local churches. In addilion o Ironsfer is mode lo the General Fund, 0$ necessary. The Vision ond Venture Fund was established following Ihe sale of the chopel in 8righlon with the primary intention of supporting church- plonling projects. Such projects ore, by Iheir nature, long term as it may toke between five and ten years for a new church lo become fully self-supporling. Similarly, the Incidental Projects Fund wos established lo support miscellaneous church projects. The funds will be utilised 0$ opportunities arise and so, for the reasons given, il not possible lo stale when il is anticipoted Ihat expenditure will be incurred. Restrictèd Funds Restricted Funds consist ol income arising from Ihe Corporotion's Endowmenl Funds. which is available lor distribution. donations which have been given to Support the ministry of Specific churche5. and donations given under the CorpoTalior)'s Gift Aid Scheme. These donations are distribuled to local churches, missionary societies. and other choriloble causes that further the aims of the Corporation in occordance with the inslructions of Ihe donors. Endowment Funds The Pastors, Fund The Poslors, Fund was eslablished in 20 io following the closure of the Sfrict Baplist Trust and the Strict Baplist Pen5ior) Fund under the provisions ol section 74 of Ihe Charities Act 1993. The perrnanent endowment of thos& charities has now become the perrnonent endowment ol the Corporolion. Income arising from the Paslors, Fund Endowment is included in Restricted Funds and is used to pay granls to Strict Bapt151 paslors, whether currenlly serving or retired. A Warburton Memorial Fund The B A Warburlon Memorial Fund was established in 1963. Desiring to er)courage the troining OT men omong Strict Bapfisl churche5 who planned lo enter the Ministry, the rnembers of the Tabernacle Baptist Church. Brighton collecled funds in memory of their late pastor, Benjomin A Warburlon. The objects of the Trust are.. o To render assistance lo men who, following a definite and cleor call by the Holy Spirit to the ministry of the Gospel, seek to study and opply all diligence to the dufy sel before them. o To keep the fund separate and distincl from all other Corporation funds. Poge 33 continued...
Grace Baptist Trust Corpor(rtion Nolès lo the Financial Slatemenls - continued forlhe Year Ended 31 DÈcèmber2025 DETAILS OF f UNDS . continved o To seek fvrlher donations in order to bvild up Ihe capital, ond to invest the same. o To diglribute Ihe dividends in accordance wilh the purposes of the fund. Minislers, Aid Fund The Ministers, Aid Fund wos established ir? 1917 to provide temporary or permanenl financiol assistance lo ministers connected with Ihe Strict ond Poilievlor Boptisl denominotion ond Ihe income is available lor dislribvtion. Under the tefms of the trLJSt'. o Ministers. are defined as pastors or ex pastors ol such churches or persons who have for a period of three years or upwards regularly engaged in preaching the Gospel in churche5 of the denomination whelher continuing to do $0 or not. o The Trustees (Grace 6apti51 Trusl Corporotionl sholl ond will stand possessed of Ihe sum represer)ting the Fund. and ony further sums of money that may be added to it. to be held upon the trusts declared. o All securilies and income belonging lo Ihe fund ore to be kept seporote from other securitie5 and morley. 0 50% of additions to the fund are to be added lo capital. and 50% distributed as income Benevolènt Fund The 8enevolenl Fund was established in 1923 lor the temporory or permanent benefit of needy person5 connected with the Strict ond Particular 8aplist denominalion whether SLJch persons are pastors. itinerant minislers. members oi regular ottendees ot ony church in the denomination or the children ol any such persons. Under the terms of the trust.. o The Trvslee5 (Grace Boptist Trust Corporalionl shall and will slond possessed ol the svm represenling the Fund. and any fvrlher sums of money that may be added lo it. to be held upon Ihe Irusfs declared. o All securitie5 ond ir)come belonging lo the fund are lo be kept seporate from other securilies ond money. 0 50% of additions to the fund are lo be added to capital. and SO% distributed as income. Loan Fund The Loan Fund was established by a Trust Deed dated 16 April 1912. Under Ihe terms ol the o The Trustees (Groce Boptist Trust Corporalionl are to stand possessed of One Thousand Pounds repre5enling the fund. ond ony further sums of money Ihaf moy ot any lime come into their hands as addition5 lo the fund. o The funds are to be advanced by woy of loan to the Trustees or members of any Slricl and PortiCLJlar Boptisl Church in the United Kingdom for the purpose of acquiring or constructing land or buildings for use in connection with Strict and Particular Baptist Churches. o Any sums not immediately required are to be placed on deposit or invested in such investment5 as Trustees are oulhorised to invest in by law. o The income arising from any such inveslment is to be used lor Ihe General Purposes ol the Corporation. o All loans are to be Interest-free and repaid over a period of not more than ten years. Page 34
Gra¢e Baplist Trusl Corporatlon Detailed Statement ol Flnancial Activities for the Year Ended 31 December 2025 2025 2024 INCOME AND ENDOWMENTS Donations ond legacies Subscriptions and Donolions Churches Subs¢riplion5 and Donolions Individuals Subscriptions and Donotions Svbscription5 59,634 1.703 6.693 3.234 430 530 61,767 10,457 other trading aclivities Gift Aid Scherne Professional Services Trult Fund Admin Professional Services Sale ol Chapels Professional serVe5- Other 308.198 34,455 4.103 299.123 18.268 10.734 9,417 346.756 337,542 Investment income Interest receivable Investment income 53.070 137.968 46,223 159.066 191,038 205.289 Other income Trusl income - proceeds from sale of Chapels 18.997 215.910 Total incomlng resources 618,558 769,198 EXPENDITLIRE Charitabl• activitie5 Advisory Services-Direct Costs Advisory Service5-Support Cost Benevolenl Payments Chupel Projects Gill Aid Scheme Adminisfrotion Direct 100,175 79.904 2.890 30,323 99.768 54.237 4.100 270,000 288.391 292,382 Gilt Aid Scheme Admini51ralion Support costs Ministry Support- Direc* Cost Ministry Support - Grants Protessional Services- Direct Costs Professional Services Support cost5 5.833 2.795 103,186 6.037 43.824 40,500 12.718 12,954 613,497 836,520 This pag& doe5 not form part of the slotutory financial stotemenls Poge 35
Grace Baplisl Trust Corporallon Dètailed Slatement of Financial Activitie5 lor the Year Ended 31 Dècember 2025 2025 2024 Total resouTces expended 613,497 836.520 Net income/{èxpèndFlure) b•foYe gains and lossès S,061 167,3221 Realised recognSsed gaSns and lossès Realised gainslllossesl on fixed asset investment5 106.609 6.999 Nel income/[•xp•ndhlur•) 111,670 60,323 This page does not form pail ol the slalulory financial statements Poge 36
APPENDICIES
GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31°, DECEMBER 2025 CONSTITUTION The Common Investment Fund was eslablsshed by a Scheme of the Charity Commission dated 271h August 1987. The Fund invests capital on behalf of the Corporation and other Churches and Trust Funds ofwhich the Corporation is a Trustee. The Directors of the Corpofation act as Trustees of the Common Investment Fund. MANAGEMENT The Ttuslees have delegated the day-to-day management and administration of the fvnd lo Fund Managers. Quilter Cheviot Limited. STRUCTURE The fvnd operates as a Unil Trust. The total fvnd is divided into units which are cleated 01 cancelled on the receipt of new funds or the Tedemplion of holdings At 31 De¢ember 2025 units tolalled 4,857,167 12024". 4.773,6581 and were valued at£1 .709193445 per unit12024." £1.65832659), based on the portfolio of investments. INVESTMENT STRATEGY ApproxImateY 50 /0 of the total ur¢its are held by permanently endowed trust funds that demand a high level of income in the absence of any realistic opportunities for the utilisation of their capital whereas the remainder of the units are held by funds that are able lo utilise their Caprtal investment, as necessary. To accommodate these different interests, the investment strategy of the fund has been designed to achieve a realistic income yield ¢oupled with long-lerm ¢apital growth as an inflab'onary hedge consistent with a target asset allocation, agreed with the investment rnanagers. of interest stocks, gilts and corporate bonds 25¢10. equities and structured investments 60 /0. and altematives 150A with a peirnitted 5 10 point variation. Investment performance Is governed by the Trustees, acceptance of a moderate level of risk and their adoption of an ethical stance that avoids investment in companies directly etrnnected with alcohol. gambling, pornography, lob8cco. and genetic modification, credrt insb"tutions that apply extortionate and exorbitant lending principles, and companies where lrttle respect is shown for the sanctity of life. human rights. and the natural environment. INVESTMENT PERFORMANCE In the absersce of a suitable standard benchmark that equates to the requirements of the Corporation, the Tiustees and Fund Managers have formulated a specialist benchmark against which the perfomiance of the fund is to be monitored. The Fund has begun to recover, and the income yield achieved on the Corporats'on's portfolio of investments was 3.80k, against a target of 2.25010. RESPONSIBILITY The Trustees are responsible lor the approval ofthe Investment Strategy. which is agreed with the Fund Managers. The Trustees meet periodically to review the management of the fvnds and to confirm any policies iequired.
GRACE 8APTIST TRUST CORPORATION COMMON INVESTMENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2026 Icontinuedl RESPONSIBILITIES OF THE TRUSTEES The Trustees of the Common InvesttTTrent Fund are required by the Scheme of the Charity Commission dated 27ih August 1987. made under the Charities Act 1960. to prepare fjnancial statements in accordance with the Charities IAccoursts and Reports) Regulations 2008. In preparing the financial statements the Trustees are required to. Select Sultable accounting policies that are appropriate for the Fund and then apply them consistently. Make judgements and ests"mates that arè reasonable and prudent. Follow generally accepted a¢¢ounling principles and applicable accounting standaids. subject to any material departure disclosed and explained in the financial statements Follow the disclosure iequirefflenls of the Statement of Recommended Practice for Financial Statements of Authorised Funds {20141. Prepare the financial statements on the basis that the Fund ¥MII continue in operation unless it is inappropriate to presume this. The Trustees are required to manage the Fund in accordance with the Scheme. maintsin accounting rectsrds and take reasonable steps lor the pievention and detection of fraud and other ifregulaiilies. On behalf of the Twstees PD Relf K C W Wltshire Egvih Wildrkipe 2010412026
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 Trust Corporation Common Investment Fund (the '¢harity'l forthe year ended 31 December 2025 which comprise the statement oflotal return and the balance sheet and notes to the financial slalements, including a summary of significant accounting policies. The financial reporbng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stand8rd applicable in the UK and R&public of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion, the financial statements. give a true and fair view of the state of the charty's affairs as at 31 Decernber 2025 and of its incoming iesources and application ol resources for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Piactice, and have been prepared in accordance wth the requirements ofthe Chariknes Act 2011. Ba515 for opinion We conducted our audit in accordance wth International Standards on Auditing IUKI 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 charity in accoidance with the ethical requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'5 Elhical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requireTnents. We believe thatthe audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to goir7g concèm In aLJditing the financial Statements. we have concluded that Ihe trustees, use of the going concern basis of accounb.ng in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, May cast significant doubt on the chafity's ability to continue as a going concern fol a period of at least e1ve months from when the financial slalements are authorised for issue. Oui responsibilities and the responsibilities of the trustees with respect to gr)ing concern are des¢iibed in the Televant sections of this report. Other infomiation The other information comprise5 the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible foT the otheT infoimats'on eontained within the annual weport. Our opinion on the financial stateTnenls does not cover the other information and except to the extent otherwise explicitly stated in our report. we do not express any form of asstsrance Conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the Gourse of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or appafent material misststements. we are reqiJi¥ed to determine whether this gives rise to 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 respecl of the fo15owing matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. the information given in thetruslees, report is inconsistent in any material respect with the financial statements., or sufficiènt accounting records have not been kept., or the financial statements are not in agreement wtth the accounting record5 and returns., or we have not received all the information and explanations we require for our audit.
Responsibilities of trustees As explained more fully in the trustees, responsibilities statement Sel out on page 36 the trustees are responsible for the preparation of the financial staten7ents and for bein9 satisfied that they give a true and fair view. and for such internal Control as the trustees determine is necessary to enable the preparation of financial statements that are free from material rrllsslatement. whether due to fraud or error. In pieparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going con¢ern. disclosing. as applicable. matters related lo going concern and using the going concern basis of a¢¢ountirig unless the trustees either intend to liquidate the charity or to cease operab"ons, or have no realistic alternakn.ve but to do so Auditorfs rèsponsibilities for the audit of the tinancial statemènts Vve have beerTr appointed as auditor under section 144 of the Chaiilies Act 2011 and report in accordance th the Act and relevant regulations made or hawng effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free from maleiial misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit onducled in accordance with ISAS (UK) will aayS detect a material misstatement 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 influence the economic decisions of users taken on the basis of these financial statements Ifregularities including fraud are instsn¢es of non-compliance wth laws and regulations. We design procedures in line with our responsibilities, outlined above. lo detect material misstatements in respect of irregularities, including fraud The extent to 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 give rise lo misstatemenls Through understanding the legal framework in which the client operates Through examination ofthe ¢haiity's policies and procedures A further description of our responsibilities loi the audit of the financial stalefflents is located on the Financial Reporting Council's website at.. .frc.or .uklau res onsibilities. This description forms part of our auditor's report Usè of our report This report is made solely lo the charity's trustees, as a body, in accoidance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 Our audit work has been undertaken so that we might stale to the charity's trustees those matters we are required lo stale to them in an auditor's report and for no oth purpose To the fullest extent permitted by law. wedo not accept orassume responsibility to anyone olheT Ihan the charity and the charity's trustees as a body, for our audit work foi this report, or for the opinions we have formed. Brewers Chartered Accountsnts 3 Birlley Courtyard Br3mley GU5 OLA Date 2110412026 Brewers Chartered Accountsnts is eligible for appointment as auditoi of the charity by virtue of its eligibility for appointment as auditor ofa company under section 1212 of the Companies Act 2006
GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND STATEMENT OF TOTAL RETURN FOR THE YEAR ENDED 31°, DECEMBER 2026 2026 2024 Notes Net GainsllLossesl on Investments during the Year 23,487 20,259 Gross Ineome 302,C01 293,315 Expenses Net Income 302.001 292. 107 Total Return for the Year 325.488 312,266 Distributions 1302,0011 1291,9181 Nel incre8se in Unit Holders, Funds from Investment Activities STATEMENT OF MOVEMENT IN UNIT HOLDERS. FUNDS FOR THE YEAR ENDED 31 DECEMBER 2025 2026 2024 Notes Net Assets as at 1 January 2025 7.915.641 7,638.610 Movement due to the catIon Cancellation ol Units Amount5 Received on Creation tsf Units 362.382 256,680 Amounts Paid on Cèncellation of Units 362.382 256.680 Net increasellDecre8sel In Unit Holders, Funds from Investrnent Activiti8S 23,487 20,348 Net Assets as al 31 December 2025
GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND BALANCE SHEET AS AT 31 DECEMBER 202S 2025 2024 Notes Porttolio of Investments 8.207,160 7.845,312 Current Assets Debtors Cash at 8ank and in COIF 94,022 69,998 95,850 Current Liabilities Creditors 71,826 Nel Current Assets 94,350 70,326 Net Assets 8 301 $10 7915638 Unit Holders, Funds The Financial Statements were approved by the Trustees on 2010412026 PD Relf eviii IVilÈshikg K C W WIMshire
GRACE BAPTIST TRUST CORPORATION COMMON INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31DECEMBER 2025 ACCOUNTING POLICIES 1.1 Accounting Conventtons These fjnancial statements have been piepared under the historic cost convention. as modified by the revaluation of investments. and are in accordance wth the Charities (Accounts and Reports) Regiilations 2008 and the Statement ol Recommended Practice for Firiancial Statements of Authorised Funds120141. 1.2 Dividends and Other Income Dividends on ordinary stocks are credited to income when receivable. Inte¥est on Government Stocks. Convertible Loan Stocks and Bank Deposits is accrued on a daily basis. 1.3 Distribution Policy The Fund distributes. in fvll. the income that is accumulated beNveen distribution dales_ 1.4 Investment Valuation Investments are valued at the mid-market valuation at the close of business on the accounting date 1.6 Taxation The Fund is exempt from UK Income and Capital Gains Tax due lo its charitable status. 1.6 Fund Management Expenses Fund Management Expense5 are charged against the Capital Value of the Fund. NET GAINS ON INVESTMENTS The Net GainsllLossesl on Investments during the year comprise.. 2026 2024 Proceeds from sale of investments sold Original cost of investments sold during the year Gainsl{Lossesl realised on investments sold during the year Net LossesllGainsl thereon already recognised in previous years 1,640,692 1,739,027 198,3351 1,671,942 1,654.530 17,412 198,3351 168,556 70,221 145,7341 Net unrealised appreciation for the year 46,719 64 151 {43,9721 Fund Management Expenses Net Gainsl(Lossesl on Investments
GRACE 8APTIST TRUST CORPORATION COMMON INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31DECEMBER 2025 (Continued) EXPENSES 2025 2024 Audit Fee Bank Cliary)es 1,200 1.20Q DISTRIBUTIONS Distributions take account of income received on thè creation of units and income deducted on the cancellation of units. 2026 2024 Transfer to GBTC 3020 02 001 DEBTORS 2026 2024 Amounts due from Fund Managers Accrued Income 94.022 89.998
GRACE BAPTIST TRUST CORPORATION TRUST FUND RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Receipts Various Trusts 255,996 253.648 Payments VafiOUS Trusts 158,653 411,181 SuTplusllDÈticitl of Receipts over Payments 67,343 1157,5331 Balances brought forward as at 1 January 2025 590,168 747,701 8alan¢es carried forward as at 31 December 2025 The Corporation aets as a Trustee for the charitable trusts that are listed on pages 48 and 49 and the Receipts and Payrnents Account above is a consolidated summary of the accounts of these trusts. The accounts include both Capital and Revenue amounts. Separate ac¢ounls are tnaintsined for each of the trusts and returns are made to 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 Ih05e of the Corporation and are not included in the accounts. Inve5tmenls hèld on behalf of various trusts Interest in Grace Baptist Trust Corporation Common Investment Fund £4,691,857 Further information aboLtI churches that we have been able to assist with support from the Trust Funds we administer is given OTr oui website and paper copies are available on request.
GRACE BAPTIST TRUST CORPORATION TRUST FUNDS Th8 following Cha1 Tiusls are adm1nistered by Order ol the Charity Commission or by the terrlls of Trust Deeds. Churches qualified to bènefit under the teims of the Trusts should communicat8 Wlth the Chief Executive Dividends re the ALTON TRUST to StFlCt 2nd Particular Baptist Chapels in Hampshire and adjoining counties of Wèst and East Sussex. Surrey and Wiltshire BLACKBURN TRUST to Strict and Particular Baptist Chapels L8n¢ashire. CO8HAM TRUST to Strict and Particular S8Ptist Chapels w(thin a radius tsf 12 miles of Cobham CROYDON TRUST tOW8rds the upkeep. extension or improvement ol the buildings of Strict and Particular Baptist Churches EDENBRIDGE TRUST to Strict and Particular BaFkist Chapels In Kent Surrey. East and West Sussex EPPING TRUST to Strict and Particular Baptist Chapels in Essex wthin 8 radius of 25 miles of EpFJng FENLAND CHURCHES TRUST to Strict and Particular Baptist Chapels in Cambridgeshiré. Norfolk and Lineolnshiie. FLECKNEY TRUST to Strict and Particular Baptist Ghapels with è preleren¢e lor those in Leicestershire GLOiICESTERSHIRE COMBINED CHARITIES to Strict and Particular 8aptist Chapels in the County of Gloucestershire and adjoining counties ORLEY (LEE STREET) TRVST to Strict and Particular Baptist Chapels In Surrey. Hampshire Wesl and East Sussex. HORNSEY RISE TRUST to Strict Baptist Chapeb in Middlèsèx and London IVINGHOE TRUST to Particular Baptist Chapels in the Counties of Bedfordshire BLickn"nghamshire. Hertfordshire and Northamptonshire MAIDSTONE (KING STREET) TRUST lo Strict Baptist Chapels in the County of Kent. MAIDSTONE (MOTE ROADI TRUST to Strict Baptist Chapèls wrthin 30 miles of Maid5tone. MARDEN TRUST lo Strict and Particular Baptist Chap8ls in Kent. RUSHDEN TRUST to Strict Baptist Chapels within 30 miles of Rushdan SLEAFORD TRUST lo Strict and Particular Baptist Chapels in Lincolnshire, and adjoining Counties of C8mbricJgeshire Leicestershire and Nottinghamshire. SOUTHBOROUGH TRUST to Strict Baptist Ch?pels in Kènt TONBRIDGE TRUST to Strict and Particulai Bap1151 Chapels In Ként. WADDESOON HILL TRUST to Strict and Particular Baptist Chapels in the counties ol 8uekingh8mshire Bedfordshire and Hertfordshire WARBLETON TRUST to Particular Baptist Chapels with a preference for those in East Sussex
GRACE BAPTIST TRUST CORPORATION TRUST FUNDS IConlinu¢dl WARRINGTON TRIJST to Strict and Parhoular Bapb'sl Chapels in the counties of Cheshire. Merseyside. Greater Manchester. Lan¢ashire. Cumbria and West Yorkshire. WILTSHIRE TRUST to any Strict and Particular Baptist Chapel in the County of Wltshire. WRIGHT MEMORIAL to Particular Baptist churches in Lancashire and West Yorkshire. Trtjst Funds relab.ng lo the following pla¢e$ OT pet50ns are administered as directed by the Charity Commission, or by the terms ot trust deeds or wills.. Brenttord Broadstsir5, Brockham Brockley, Chaplin Legacy Devizes. Haworth, Haworth Manse, Ipswich Manse, Lea, Marden, Maioate Meopham Manse Norris Legacy. Otley. Portsmouth Manse, Preston Settlement Ramsey, Ryarsh, St. Albans. Two Waters. Wattisham. Wetherden Manse.
GRACE BAPTIST TRUST CORPORATION BASIS OF FAITH The verbal iTrSPiTalion of the Holy Sciiptures of the Old and New Testaments and that they are the soltr. SUPFeme. and èll-sufficieTrl authority in every matter of Christian faith and pract'ce. One living and ()nly true God subsisting in the Trinity of Three co-equal and co-eternal Persons the Father. the Son and the Holy Spirit., all infrnile without beginnit7g", 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 ol the Lord Jesus Christ His virgin birth crucifixion, death and burial. His physical resurrection, and ascension into heaven. The personal. eternal, and unconditional election of the Church in Christ unto evedasting salvat'on. The Fall of mankind in Adam their federal head whose transgression is ilnputed to them and from whom they derive a corrupt nature, thereby rendering them both unable and unwlling to meet the claims of God's righteous and holy law. That though all men are rendered spiritually impotent by the Fell. they are none the less accountable lo God for their sins and they shall answer foT the same in the day of judgement except they be granted repentance unto eternal life. The special. particular, and eternal redemption from all sin, and the penal consequence thereof. of all God's elect through the substitutionary sacrifice of the Lord Jesus Christ. The eternal and everlasting justification through faith of the elect and redeemed Church, by the blood and impuled 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 grace of the Holy Spirit, according to the ¢ounsel of God's will involving their regenerab'on and sanclifjcation by the direct agency of the Holy Spirit throuuh which the saints grow in grace peffecb'ng holiness in the fear of the Lord. 10. The grace of faith whereby the elect are enabled to believe to the saving of their souls is the gift ol God. and the work of the Holy Spirit in their hearts. vh0 convinces them of sin. works in them repentanee unto life, and enables them to look to receive, and rest upon the Lord Jesus Christ alone for salvatson. The final perseverance in the ways ol God of all those who have been chosen by the Father, redeemed by the Son ènd regeTrerated by the Holy Spirit. so that they shall never perish but have eternal lile 12. The second coming of the Lord Jesus Christ. the resurrection ol the dead. both of the just and the unjust when the wicked wll go away into everlasting punishment and the iighteous into life eternal. The duty ènd privilege of all true believers lo profess their repentance towards God and faith in the Lord Jesus Christ by being bapb'zed. that is immersed in water, in the name olthe Father. and of the Son. and ol the Holy Spirit prior to becoming members of a Christian Church or partaking of the Lord's Supper 14. The preaching of the Gospel to every crealuwe as a divine command and solemn duty. 15. The necessity of a believer's life being consislenl with the profession he makes The congregational order of the Churches
GRACE SAPTISTTRUST CORPORATION RULES IEXTRACTEO FROM THE ARTICLES OFASSOCIATIONI Evefy member oflhe Corporation shall be a member ofone ofthe following classes. namely.. lal Ordinary Members That 15 to say. members of a Particular Baptist ChLtrch practising Strict ommunion who subscribe lo the said Doctrinal Basis and who pay to the Corporation an annual subscription to be fixed from time to time by the Council. Ibl Delegate Mefflbers. That is to say. members being delegates nominated by a Particular Baptist Church pra¢tising Strict communion which adheres to the said Doctrinal Basis and makes an annual donation to the Corporation of not less than five pounds or of su¢h other amounts as shall be fixed from time to time by the Council. PROVIDED THAT Churches consisting of less than ten members Shall be entitted to nominale one Delegate Member Ènd that Churches consisting of ten or more members shall be erilitled to rlominale two Delegate Members. that Churches consisting of tsventy or mole members shall be enlilled to nominate three Delegate Members and that Churches consisting of forty or more members shall be ents'led to norninale four Delegates. The nomination of a person as a Delegate Member shall be irs Vlting, signed by the Secretary of the Church, and the same shall be delivered to the Secretary of the Corporation, and upon such nomination and nob'fi¢ation in writing of hislher consent to 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 lo the said Do¢trinal Basis and shall be entitled to one vole only, nohvithstanding that helshe may also be an Ordinary Member of the Corporation Icl Associate Members. That is to say. persons who satisfy the Council that they are in sympathy wth the said Doctrinal Basis and with the objects of the Corporalion. Each Associate Member shall pay the Corporation an annual subscription ol an amount to be fixed from time lo time by the Council. Associate membership does not carry the light to vote. The Corporation Shall hold a General Meeting in every calendar year as its Annual General Meeltng at such time and place as may be deleimined by the Council. The affairs of the Corporation shall be managed by a Coun1 of Management. The members of the Council shall be elected al each Annual General Meeting from among the Ordinary Members and the Delegate Members ol the Corporation, and every Church entitled to nominate a Delegate Member shall be entitled to nominate in WTiting a male membei to be incluLted in the list of persons to be submitted to the meeting lor election. Immedialety upon elecb"on. the Council shall Pfoceed to elect from amongst Ihoir number a Chairman, a Deputy Chairman, and a Treasurer. At the Annual General Meeting in every year the Council shall lay before the CorpoTation a proper income and expenditure account for the period since the last preceding account lor in the case of the first accoLSnt since the incorporation of the Co¥porationl made up to a date not more than four months before such meeting, together with a proper balance sheet made up as at the same date
GRACE BAPTIST TRUST CORPORATION WAYS WE CAN HELP YOU We exist to serve the churches and we are able to do this in a number of ways. as outlined below. If you feel that we ¢an help in any of the ways listed please contsct the Chiel Executive. Grants and Ltsans Vvhen redundant chapels are sold the money is invested and the investment income is available lo make giants to other churches whose ministries are expanding and who need to redevelop their buildings. In some cases. the caprtal sum may be lent to churches. either as an interest-free loan or as an interest- bearing loan al a competitive rate of interest. Professional Advlce The office staff ale available to offer advice on many day-lo-day matters associated with the administralwe side of running a Church. In addition the Board tsf Directors comprise a group of men who are ath.vely involved in the WL¥rk and ¥Nhts ale able to give preliminary guidance as to how a church should proceed in the light of a particular diffi'culty that may arise. We have expertise in various professional fields including accountancy architecture. health and safety issues. investments, law. and surveying. Trusteeship The Corporation has been recognL8ed as a Baptist Trust Corporation within the meaning of the Baplisl and Cong¥egational Trusts Act, 1951 and may be appointed a trustee of any Particular Baptist Church practising stri¢l communion. Churches appoinbng the Corporation as a trustee wll not in future be faced qth the necessity of finding a lol of other trustees Isomelimes as tllany as tsvelve or thirteen), even if the trust deed requires it. The corporab.on is willing to act as trustee èlongside local people or as Sole Trustee. In this way churches will no longer be faced with difficultt'es arising from the fact that widely scattered trustees are rarely able to meet, nor will problems ar¥se if some of the tiustees change their doctrnal position or refuse to act in a matter of importance. Furthefmoie. the difficulties that can aiise when the last of the trustees has died or cannot be t¥aced will not occur. We have a programme for assisting churches of which the Corporatron is a trustee by commissioning a survey ol their premises and working with them to implement a structured prografflme of essential maintenance. In addition advice conceining chur¢h pFoblems is of£en sought. but it shoLFld be mède clear that the willingness of the Corporat'on to give advice is by no means limited to those churches of which it is a trustee Any ¢hurch may approach the Corporation knowing thal its appeal will receive a sympathetsc consideration. Endowment Funds We èdminisler a number of endowment funds such as our Loan Fund, Ministers. Aid Fund. Benevolent Fund. the Pastors, Fund. and the B A Warburton Fund (which undei the terms of the trust Is available lo assist men who being members of our churches. ale in training foi the Ministry}. We are always willing to a¢¢ept trusteeship ot other similar funds. Taxofficient GFving We are able lo help churches maxlmlse their resources through our Gift schefne which is particularly helpful to churches that may not have in-house experb'se or to individuals who wish to give anonymously. In addition one gift lo us can be distributed lo various causes on behalf of the donor
GRACE BAPTIST TRUST CORPORATION RULES By giving We exist to serve the churches and we make no charge for doing so (apart trom specific services su¢h as the Gift sehemel. However. serving others 55 a ¢ostly business,. office rent has to be paid. the audit fee has lo be paid so do OLJr staffl These costs are met out of the generous giving of the Lord's people and from our investment income. lallhough that is income that would otherwise be given to churches). You can help us by making personal donations lo defray these expenses and by encouraging your ¢hur¢h lo do so as well. By coming a personal member Pnnual subscriptions are.. Full Membership - £10.00 per annum. Associate Membership - £5 00 per annum. Personal membership is a more committed way ofsupporting us in our ministry. but in addition it enables you to attend our Annual General Meeting and have a say in the way the Corpofalion Is run. The membership foim makes it clear what type ol membeiship is applicable in ytsur ¢ase. Be warnedl11 ever the Corporation were to close down with debts, personal members would be required to contribute £5 towards repaying them. Howevei we trust that by actlllg as good stewards of all that the Lofd has entrusted to us, it wll never happen. By encouraging youi church to becomè a subserlblng church Churches that make a gift to the ftjnds tsf the Corporation in the course of a year are entitled to send Delegates to oui ATrnual General Meeting. In this way the churches ¢an become Closely involved in the ongoing ministry of the Co¥poYation. By remembering us in your will. The help of friends who have remembered the work in their wills has been a souice of gieat encouragement over the years. A "Form of Bequest" is given below which may be used in this conneetion. I give and bequeath to the Treasurer for the time being of the GRACE BAPTIST TRUST CORPORATION the sum of£ free of duties to be applied to the general purposes of the said Corporation and I diiect that the receipt of the said TTeasureT shall be taken and deemed a sufficient discharge for the sarne." By telling others about our work and encouraglng thèm to support us. You may have friends who are not fafTriliai with the ministry of the Grace Baptist Trust Corporation. Tell them about the many setvices we offer and all the help and advice we can give By telling us about the needs of ¢hur¢hes and individuals. Vve administer a number of ndS that are lo be used for the beTrefit 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 to let us know, we would love to hear from you.