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 No*e5 lo the Financial Statemenls 23 to 34 Detailed S*alemenl 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 websi*e 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 odmin￿ler 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 Organisat￿n5 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 ban￿1 The Directors have considered the guidance published by the Charity Commission on the provision of public benefil. They cOnf￿M 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 Corporo*ion 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 eflec*ively 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 rr￿lter5 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 sta*ements, 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 s*atements'. 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 conduc*ed 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 IS*o*ulory 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 ry￿rket 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 MOVEME￿7 IN FUNDS - conllnue