Charity No: 257516 The Grace Trust Annual report and consolidated financial statements Year ended 31 December 2021 The Grace Trust Contents Pagg Legal and Adminislralive Information Report of the Trustees Independent Auditor's RepoTI to the Members 9-11 Consolidated Statement of Financial Aolivilies 12 Gmup and Charity Balance Sheets 13 Consolidated Cash Flow Statement 14 Notes to the financial statements 15-52 The Grace Trust Legal and Administratlve Information Trustees Aller Brook Ltd {Company number 7215617) S¢ribeforl Ltd (Company number 7230717} Princlpal office Noble House Eaton Road Hemel Hempstead HP2 7UB Independent Auditor Crowe U.K. LLP Fourth Floor Sl James House Sl James, Square Chellenham GL50 3PR Bankers HSBC plc Slalion Place Lelchworlh SG6 3AJ Solicitors Farrer & Co 66 Lincoln's Inn Fields Holborn Lonclon WC2A 3LH The Grace Trust Legal and Admlnlstratlvg Information The Trustees are pleased to present their repori logelher with the charity and group financial slalemenls for Ihe year ended 31 December 2021. The financial statements have been prepared in accordance with Ihe accounting PDli¢ies set oul in note 1 to the financial slalements and ¢oMply with the charily's Irusl deed. the Charities Act 2011 and Accountin9 and Reporting by Charities.. Statement of Recommended Practice Standard applicable in the UK and Republic of Ireland (SORP FRS 1021. Structure, Governance and Managemenl The Grace Trust Ilhe Trusll (Charity Number 2575161 was founded by Trust Deed on 13 March 1988. Established by a member of the Plymouth Brelhren Christian Church, the Trust continues to be led by sliong Christian principles and makes grants and donalions lo support the education of young people, alleviate poverty and provide humanitarian relief. Trustees The Trustees since 1 January 2021 and to the date that this report was signed, were as follows.. Aller Brook Ltd Scribelort Ltd The Dire¢lors of Aller Brook Ltd and Scribeforl Ltd since 1 January 2021 were as follows= John Anderson {iesigned 10 August 20211 Richard Blackledge Joseph Brewer (appointed 18 August 2021) Timothy Dallow Charles Halhorn Charles Lellaive (appointed 18 August 20211 Graham Reiner Douglas Smart (resigned 10 August 20211 The power to appoint new Trustees is vested with the exisling Trustees of the Trust. There is an informal interview and induction process for any new Director of a Trustee (a Dlrectorl. Continuing training for Difeclors is undertaken through regular meetings and discussions wilh individuals and organisalions in areas supported by the Trust. All Directors are given the relevanl documents lo review in relation lo the responsibilily of a charity Iruslee 2nd the impoTlance of the iole, as well as the lime commitment required. th regards lo specific training, this would relate lo their responsibility in the Trust. For example. any Director involved with financial matters would receive a specific handover detailing their responsibilities and dulles. The Directors {colleclively, the Board) comprise the key management personnel of Ihe char5ty in charge of directing and Controlling, running and operating the trust on a day-to.day basis. All Directors give of their lime ffeely and no Director received remuneration or any reimbursed expenses in the year. The charity manages ils subsidiary underlakings Ihrough a combination ol regular reporting and scrutiny, and attendance al relevant meetings. Details of subsidiaries and related paty Iransactions are disclosed in notes 3 and 16 to the financial statements. The Board has adopted the Charily Governance Code for larger charilies, and reports agalnst il on the followlng areas.. Organlsalional Purpose. The Trust's organisalional purpose is to raise funds lo enable il to deliver public benefit by making donations to charitable causes, especially in Ihe area of education and the support and development of young people. The Board Is commilled lo Idenlifying and providing siipporl in this area, and the success of this is measured and reported on in the impact statement below. The Grace Tru$t Legal and Admlnlstratlve Information Leadership. The Trust is led and governed by the Board, members ofwhich are individuals with diverse bul relevant experience across business and the third sector. The Board meets regularly lo agree slfateoy and Provide direction to the charity, and monitor the ongoing effectiveness of the leadership model. The names of the Trustees and Directors who served during the year are detailed earlier in this report. InlegTity. Integrity is a fundamental governing principle of the Trust, and underlies the actions taken by the Board in all areas. This principle extends lo the making of donations and grants to appropriate causes. respect for the wishes of our many and generous donors, and the Gonlrol of any potential conflicts ol interest, through openness, policy and joint accountabilily. The Board understands the importance of rètaining the publi¢'s trust and confidence, and demonstrable integrity is key for all stakeholders. Decision making. risk and control. The aim ol the Trust is lo have effective and quality decision making, laking into account consideralions of risk. This is facilitated by regular reviews of past decisions, resulting impact, and an ongoing consideration and review of risk and risk ¢onlrol. As parl of these controls, the Trust maintains a deiailed risk register which is reviewed on a regular basis. Board effectiveness. The Board meets for formal board meetings on a regular basls. ordinarily monthly. As a result of the COVID.19 pandemic duiing the year, the majority of the Board meetings were held virtually, with some fa¢e-lo-face meetings resuming lowaids the middle of 2021 as restrictions were eased. Independence is maintained through a conllicls of interest policy and register, and all decisions agreed al board meetings are documenled via formal minutes. The operation ofthe independent Giant Making Commillee is reviewed 81 Board level on a regular basis. Diversity. The Trust re¢ognises Ihal the liilure sustainability of the charity relies on a suitably diverse approach both at board lèvel and across volunteers and staffing wilhin the trading subsidiaries. This is reviewed on a regular basis. Openness and accounlabilily. As a grant making charity, the Trust is aware that it is accountable lo the many and generoLFS donors that make ils operalions possible. We therefore seek lo engage with our stakeholdeis on a regular basis, with the aim ol building good relationships with all who have an interest in our charitable a¢livilies. Atl of our donations are made with Ihe piedicled impact as a key faGlor. The Board is pleased to reporl that it considers all aspects of the Code lo be applied effectively lo the governance of the Trusl. and il is the intention of the Board to continue lo revièw and comply wilh these requirements in the future. Objectlves, Activltles and Publlc B¢neflt The obje¢ls of the Trust, as sel oul on the Trust Deed, aro for general charitable purposes. The Board has referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objeclives, and in future planning aclivity and selling Ihe grant making policy for the year. The Trust's vision is Ihe advancement ol Chiislianily to all- both believers and non-believers. The Trust carries out ils objects by making donations lo charilable causes, especially in the areas of education, alleviating poverly and providing humanitarian relief. The Trust's values include inlegrily, generosity and reffecling the compassion and love of God. The Grace Trust Legal and Admlnlstratlvè Information Grant making pollcy The Trust has a comprehensive Granl Making Policy, established lo maximise the impact of all donations. )ile the Trust has a long tradition of supporting educational organisations, the Trust also primarily supports UK registered Charities in the areas of non-governmenl emergency services and medical relief, disaster ￿lIef, childcare, support for those who are disadvantaged and essential medical research. Grants to educational charities ¢onlinue lo form the largest parl of th8 Trust's charitable aclivily, and the Trustees primarily select edu¢31ional charities supporting schools ft)rming part of the Oneschool international education initiative linked with the worldwide Plymouth Brethren Christian Church fellowship, which are commitled to providing an education for children and young people regardless of their parents, ability lo pay. their academic ability. or any special educational needs. The Triist is also proactive in ils outreach, monitoring the news and aiming lo provide impaclful donations when silualions arise where urgent help is needed. The Trust priorilises responslble giving, with the impact of donations al Ihe forefront of 811 decision-making. All applications are considered carefully by a Grant-making Committee comprising individuals who are not Direclors. The Committee makes recommendations lo Ihè Board. which makes the final decision on the approval ol giants. This allows for additional scrutiny of applications, and unbiased opinions to be presented lo the Board. therefore providing increased independence. The Board has had Tegard lo the guidance coniained in the Charity Commission's published guidance on public benefit requirements. The Trustees recognise the importance ol being oulward looking and make grants lo a wide range of charities. The independent Grant Making Commillee is encouraged lo make grants in accordance with the criteria set out above bul also to give due consideration lo any applications lor grants from charities which might not olhetwise fall within the grant making policy. Checks are made to ensure Ihal charities lo whom grants afe made are well run and financially sound,. that their fundraising and administration cosls are prowrlionate and moderate, and therefore maximise thè percentage of funds received Ihal are applied to the relevant charitable purpose. The Board also recognises the importance ol monitoring the application of funds granted, lo ensure that they are used appropri?lely and responsibly in accordance with the purposes for which they are awarded. To achieve this, re¢ipienls of grants from thè Trust are expected to report on how Ihe funds have been applled, and the Board uses these reports to assess the impact of the grant making programme. and impoTlanlly, the development and progression of this. Thè Board has considered the Charily Commissiori's guidance in this area. Achl&vements and Performance During Ihe year ended 31 December 2021 the charily made grants of £38.6 million lo a wide range of charitable Drganisalions. The grants provided lo these charities have enabled the Trust to achieve ils objectives through the furtheranee of Christian principles by the support of education, humanitarian aid and alleviation of poverty and the olher areas covered by ils grant making policy. The Trust affiims the public benefit of providing support lo such a range of organisalions. Note 4 contalns a list ol grants awarded during the year and some examples of the impact of Ihe grant- making programme are sel out below: Oneschool Global UK is the largest beneficiary ofthe educational establishm$nts the Grace Trust pfovides supporl to and Ihe Trustees continue to be impressed by the a¢hievements ol ils pupS1$ and faculty. The schools offers a self-diiecled learning model to sludenls using culling-edge technology, including Canvas and Zoom, which allows for on demand leaining and facilitates highly effective sludenl engagement in their education. With the disruption of the pandemic, Oneschool Global's use ol digilal teaching since 2011 meant they could seamlessly Iransilion to onllne learning overnight and a$ a resull, very few learning days were lost throughout the pandemic. The Grace Tru8t Legal and Admlnlstrative Informatlon Oneschool Global A-Level and GCSE results continue lo be oulslanding. The Board is very pleased lo see how the Trust's grants are making these achievements possible. Chrlstlan Aid has been consislenlty supported by The Trust in ftjrtherance of their good work worldwide. 11 is particularly pleasing to the Trustees lo be able lo report on the impact such donations achieve, with the lollowing comments from Christian Aid.. 'Overlh& p&sl yoar. donations from the Grace Trusl have helped Ihose who needil inosl in tim8S of emergency and conflicl, allowing Chrislian Aid, together with ourpartlP8rs. to be there quickly in desperate silualions. Thanks to yourgeneroiis response to ouremerggncy appaals. we wore able to supply desperalely n69dod food and supplies lo huiiger-affe¢led ¢ommunilies across East Africa and AfghaiiislaiTr. h61p COiFFmunities rebuild in Haili, and deliver vilal humanilarian assistance in Eastern Europe. 'It always fills m6 wilh hope when I see how people - Ilke In prevlous em6ro6nci&s around Ihe world- support IheFrneighbours, cornfflunilies 8nd complete slTangers.' Again, I want lo thank tha Grace Trust for belng Ihere for your global neiohbours. Yoiir siipport makos a significant difference lo Ihose who il." Rapid Rellèf Team is supported extensively by The Grace Trust who is a major donor lo Ihls worthy cause. Inspired by ¢ommuntty spirit and (he gift of giving, the Rapid Relief Team IRRT seNes people with cafe and compassion Iheii lime of need. RRT offers quality calering assistance and tangible suppoil lo charities, government and emergency services confionting some of humankind's greatest Ghallenges. Educational Char5tles- The Trust is passionate aboul education and continues to support many educational charities. thereby providing opporlunilies for young people to pursue their learning and personal development. as the full Grants Payable list illustrates NHS Charltles With the increased focus on the valuable work of the NHS over the past two years, Ihe Grace Trust is pleased to have been able lo support a number of the NHS ChaTilies, providing and developing ffee healthcare based on need across the UK. Alr Ambulances The Trust continues to provide grants lo Air Ambulances who do not receive governmenl funding and make IFfe-saving missions lo people in serious and urgent need of care. As the full Grants Payable list demonstrates, in addition to these examples the Trust supports many other Gharities in many ways. The purposes of Ihose ¢harilies include medical research, relief of povety, emergency services, medical assislance, care of Children, mental health, palliative caTe, disaster relief, social care. care ol disabled, missionary work, homelessnes$, care of vulnerable adults, care ol the aged, bereavement support and hospice care. Fundralslng and Volunteer$ The Trust's fundraising is undertaken mainly Ihrough 'sofl sell, marketing campaigns, aimed al making communities aware of the impact which the Grace Trust has. These campaigns are facililaled largely through presentalions, and one-lo-one meetings. The charity is regislerecl with Ihe Fundraising Regulator and is ¢ommilled to follow the Code of Fundraising Piaclice across all ils fundraising aclivilies. During the year under review. the Trustees are pleased to report Ihat there were no failures lo comply with the Code of Practice, and the charity received no complaints about the way ils fundraising activities weie carried oul. To ensure the very best use is made of monies donaled and lo maximise the impact of our funds, we rely heavily on volunteers in both the Trust and ils subsidiaries and keep paid staff to a minimum. All persons volunteering for fundraising activities with the Trust are piovided wilh an Initial indLlCtion and training, lo ensure they are fully conversanl with their responsibilities and duties under the Code, and in partiGular, Ihe Thè Grace Trust Legal and Administratlve Informallon need lo be legal. open, honest, and polite when dealing wilh members of the public, and to be aware of the potential impact On, and Ihe need lo prolecl. persons in vulnerable circumslances. The majority ol lundr2ising aclivily for the Trust is cariied oul by a group of volunteers, called the Global Funding Team IGFTI. This team was established during 2018 to raise awareness of the Grace Trust and Its charitable activities and engage wilh communities with a view to securing donations from individuals and businesses across the UK. The Trustees are pleased to be able lo report that the activities of GFT have been very successful, and even despite the disruption caused by the global pandemi¢ during 2020 and 2021, donors across the UK continue lo support the charity as a result of the efforts and hard work of in excess of 600 volunteers. The Trustees extend special thanks to these individuals for their conlribulion. Flnanclal Rèvlew The group's total income for the year was £129,808,523 (2020,. £127,452,3351- Nel movement in funds for the year was £7,594,473. The group had ￿ active tradin9 subsidiaries during the year., UBT IEU) Limited and UBT Accounlanls Llmlled. These subsidiaries pass any surpluses by way of Gift Aid to the Trust and other charities. The profil after tax of UBT IEUI Lld was £14,870.312 lor the year ended 31 December 2021. Gift aid don21ions of £14.870,312 will be paid lo The Grace Trust. The profit after lax of UBT Accounlants Ltd for the year ended 31 December 2021 was £138,843. The principal source of funding for the Trust during the year was the income received from the donations from individuals. This income, combined with the income received from UBT (EUI Ltd, enabled the charity to achieve its objectives as outlined above. The group has live more subsidiaries.. The Gra￿ Trading Group Ltd, which acts as an inlermediary holding company, NOA (UK) Limited, UBT (Vinel Ltd. Insignia Enterprises (Europe) Ltd and Academy Schoolwear (Int} Lld which were dormant during the period. Profil and loss accounts for the principal subsldiaries are shown in note 3. Covld~19 The biggest potential impacl experienced during the year under ￿vIeW was the effect of the global pandemic caused by the spread of the coronavirus COVID-19. The effects of the economic slowdown and the reslficlions imposed were potentially damaging lo the charitable activities of the Grace Trust, but the Trustees are pleased to report Ihat through resilience and pro-active management, the impact was managed and controlled. The Trustees are pleased lo be able lo reporl that over the year donation income was malnlalned, and in some areas, even increased, and special thanks are due lo all our generous donois for the fact that they were willing to maintain support for our charitable aclivilies. even in such unprecedented times as were experienced. In addition. thanks to the resourcefulness and flexibility of the management in the subsidiary companies, profiis were not severely impacted. Tho Grace Trust Legal and Administrative Informatlon Risk management The Trustees are responsible for establishing and monitoring internal control systems wilhin the Trust. The major risks which may impact the aclivilies of the Trust have been reviewed during the year and the Trustees are satisfied that the system of internal controls currently in place is adequate. whilst recognising that they are designed to manage rather than eliminate risk. Internal eonlrols are reviewed on an ongoing basis as parl of the day-lo-day risk management process within the TrLJSI. The Board has idenllfled the key risks as.. 1. A redu¢lion In funding leadlng lo Inadequale liquid resources. The two main sources of funding for the Trust in the linanoial yeaT were donations from private individuals and businesses, and profits shed by way of Gift Aid from the main trading subsidiary, UBT IEUI Ltd. The major source of Income was from donations.. a new fundraising initiative has been put in place, and as mentioned elsewhere in this ieporl, this is delivering positive. increasing iesulls. During the year, the Board exploTed Ihe FK)letklial lo diversify the Trust's investments and reduce rellance on income from ils subsidiaries, pailicularly in lighl of llew opportlinilies lo invest in collective funds with a diverse range of underlying inveslmellls which meet the Trust's responsible investment principles. The Boaid considered that this was likely lo mitigate the risks associaled with the ownership and performance of a single trading gioup and was a signif￿an1 factor in the decision lo dispose of the UBT Group, which was m2de by Ihe 8oaid after the year end. 2. Any evenl that potentially could impaGI on the reputation of the Trust. The Trustees are aware that 8llhough the Trust is not a household name, il is a large charity, handling a significanl level of chaiilable funds, and review aGlivilies on a regular basis, with a view to enhancing the reputation and the goodwill of the Trusl. Future periods Looking ahead lo fulure periods. ongoing assessments and budgets are prepared. At the lime of the report, the Trustees forecast thal there is an expectation that donation income could increase over the next ￿e1ve months. At the same lime the Trustees are aware of increasing inflation in the UK and the potenlial for grant applicalions lo the Trust lo increase in value as a result. Investments and Reserves The target level of reseNes is £10 million to £15 million. This Is lo enable the level of grants made lo be maintained in the short lerm. even if income decreases. Cash continues lo be required lo fund grants at short nollce. As a result. any surplus resources are held as cash. During the financial year, the Trustees continued their review of a revised investment policy for the Trust, which has now been adopted. In particular, this sets out ethical principles consistent with communlty beliefs which the Truslees have concluded il is prudent and proper for the Trust lo adopt. UBT {EUI Ltd and the other trading subsidiaries, which were owned by UBT IEUI Ltd, were sold by Grace Trading Group Ltd on 30th June 2022 on terms which require profits from the group to continue lo be applied for charitable purposes within the objects of the Trust. The sale proceeds were donated to The Trust on the same day. The Trustees are investing the proceeds of the sale and a further £18.3 million into the Vision Global Growth Fund. an investment fund designed lo fa¢iliiale equity inveslmenl in a manner consistent with the ethical principles of the Trust. The Board hopes to realise good returns on this long- term endowment type investment which is intended lo combat the ellecls of inflation and provide a subslanlial return and capital uplift, whilst not bearing the risks asso¢ialed with the ownership and performance of a single trading group. At 31 Decembèr 2021, the reseTves of the charity comprised £62.588,277. Of these are expendable endowment flinds of £7,929,500, comprising the Vision Foundation fund which is being invesled for long The Gra¢e Trust Legal and Admlnlslrallve Information term growlh, restricted funds of £2,521.218 and investments of £1.000.198. Free reseNes are £52,137,559. The Iruslees are awarè of the fact Ihat this is considerably in excess of the reseNes policy, and will invest ii) long term endowment investment, lo further strengthen the long leim aims and benefits of the oharity as mentioned above. 11 is the intention of the Trustees lo continue monltoring the level of reseNes. income, and of grant making. Statem8nt of Trustees, responslbllities The Trustees are responsiblè lor preparing Ihe Tiuslees, Report and the financial 5talemenls in accordance with applicable law and Uniled Kingdom Generally Accepted Accounting Practice (United Kingdom Ac¢oLJnling Slandards}- The law applicable to charilies in England and Wales requires the Truslees to prepare linan¢ial slalemenls for each financial year which give a Irue and fair view of the slate of affairs of Ihe charity and the group and of the incoming resources and application of resources of the group for that period. In preparing these financial slalements, the Trustees are iequiied to- select suitable accounting policies and Ihen apply them consislenlly., • observe the methods and principle5 in the Charities SORP., make judgemenls and eslimales Ihal are reasonable and prudenl., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slalements., prepare the linancial statements on the goir¢g Concern basis unless il Is inappropriale to Presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions, disclose wilh reasonable accuracy al any time the financial posllion of the charity and enable them to enslire that Ihe financial statements comply with the Charities Act 2011, the Charilies (Accounts and Reporls} Regul81ion$ 2008 and the provisions of the charity's conslilulion. They are also responsible lor safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilies. Approved by the Trustees on .A.sk..a£l*hA(...2022 and signed on Iheir behalf by.. Josoph Brewer Director of Aller Brook Ltd and Scrlbtsfort Lld Corporate trustee The Grace Trust Indepondpnt Auditor's Report to tho Members Opinion We have audited thè linancial slalements ofThe Grace Trust ('Ihe charily'l and its subsidiaries I'lhe group,) lor the year ended 31 DecembeT 2021 which comprise the Consolidated Statement of Financial Aclivilies, GIOLIP 2nd Charily Balance Sheets. Consolidated Cash Flow Statement and notes lo the financial slalemenls, including significant accounting policies. The financial reporting framewoTk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Uniled Kingdom Generally Accepted Accounting Practice). In our opinion the linanei21 slalements.. give a true and fair view of the slate of the group's and the parent ¢harity's affairs as at 31 December 2021 and of the group's income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Ac¢epled Accounting Practice. and have been prepared In accordance with the requirements of the CharSlle8 Act 2011. Basls for opinion We conduGled our audit in accordance with International Standards on Auditing (UK) IISAS (UKII and applicable law. Our responsibilities under those standards are further described in Ihe Audilovs responsibilities for the alidit of the financial statements seclion of our report. We are independent of the group in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhical responsibililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Con¢luslons relatlng lo going concern In auditing the financial statements. we have concluded that the Irusle6's use of the going concern basis of a¢¢ounling in the preparation of the financial slalements is appropriate. Based on the work we havè performed, we have not identified any material uncerlainlies relating lo events or conditions that, individually or collectively. may cast significant doubt on Ihe ¢harily'$ or the group's ability lo continue as a going concern for a period of at least twelve months from when Ihe financial slatemenls are aulhorised for issuo. Our responsibilities and the respon$ibililies of the Iruslees with respect to going ¢on¢ern are described in the relevant sections of this report. Other Informatlon The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual reporl, other than the financial statements and our auditor's report thereon. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent olherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls. we ar8 required to determine whether this gives rlse lo a mateiial misslalement in the financial slalemenls themselves. If, based on the Work we have performed, we conclude Ihal there is a material misslalemenl of this other information, we are requiied lo repoil that fact. We have nothing to report in this regard. The Grace Trust Independent Audllor's Report to tho Members Matters on whlch we are roqulred to report by exceptlon We have nothing lo report in respect of the following mallers in relalion to which the Charilles (Accounts and Reports) Regulations 2008 requires us lo repori lo you if, in our opinion-. the information given in the financial slalements is inconsislenl in any material respect with the Iruslees, report., or sufficierll and proper accounting records have not been kept by the parent charity., or the financial statements are not in agreement with the accounting records and returns. 01 we have not received all Ihe infoimalion and explanations we require lor our audit. Rasponslbllltles of tru$toos As explained more fully in the trustees. responsibililies statement set out on page 7, the Iruslees are responsible lor the preparation of the financial statements and for being satisfied that they give a ITue and fair view, and for such internal control as the trustees determine is necessary lo enable the pieparalion of financial slalements that are free from material misslalemenl, whether due lo fraud 01 eiior. In preparing the financial stalemenls, Ihe trustees are responsible for assessing Ihe group and the parent charity's ability to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realislic alleinalive bul to do so. Audltor's responslbllilies for the audlt of the flnancial statements We have been appointed as auditor under section 15101 the Charities Act 2011 and report in a¢¢ordance wilh the Acts and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is nol a guarantee that an audit Conducted in accordance wilh ISAS (UK) will always delecl a material misslalement when il exists. Misslalements can arise from fraud or erior and are considered material if, individually 01 in the aggregate, Ihey could reasonably be expected lo inf5uen¢e the economic decisions of users tsken on the ba8is of Ihese financial slalements. Dela115 of the extent to which Ihe audit was considered capable of delecling irregularities, including fraud and non-compliance with laws and regulalions afe sel out below. A lurlher des¢riplion of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres Dnsibililies. This descriplion forms parl of our auditor's repoTI. Extent to whlch the audlt was consldgred capable of delectlng Irregularities, includlng fraud Irregularities, including fraud, are instances of non.compliance with laws and regulations. We identified and assessed the risks of material misslalemenl of the financial slatemenls from irregularities, whether due lo fraud or error, and discussed these between our audit team membèrs. We then designed and performed audit procedures responslve lo those risks. including obtalnihg audit evidence sufficient and appropriate lo provide a basis for our opinion. We obtained an underslanding of the legal and regulatory frameworks wllhln which the charity and gTOUP operates, fo¢using on Ihose laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial slalemenls. The laws 2nd regulations we considered in thls conlexl were the Charilies Act 2011, together with Ihe Charities SORP IFRS 1021. We assessed the required compliancewilh these laws and regulallons as part of our audit PTocedures on the related financial statemenl items. In addilion, we constdered provisions of other laws and regulallons that do not have a direct effecl on the rinancial statements bul compliance with which might be fundamental to the charity's and the group's ability to operate or lo avoid a material penalty. We also ¢onsidered the opporlunilies and In￿nI￿ve$ thal may exist wilhin the charity and the group lor fraud. The laws and regiilations we considered in this context for the UK operations were employment legislallon and lax8tlon legislation. 10 The Grace Trust Independent Audltor's Reportto the Members Auditing standards limit th& required audit procedures lo identify non-compliance with these laws and regulalions to enquiry of the Trustees and other management and inspection of regulalory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularilles, including fraud, lo be within the liming of recognition of income and the override of controls by manageinenl. Our audit procedures lo respond lo these risks included enquiries of the Trustees about their own identification and assessment of the risks of irregularities, sample lesling on the posting of journals, reviewing accounting eslimales for biases, reviewing regulatory correspondence with the Charity Commission, designing audit procedures over the timing of re¢ognilion of Income and reading minutes of meetings of those charged with governan¢e. Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslalemenls in the financial stalemenls, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the furiher removed non- compliance with laws and regulations lirregularilies} is from the events and transactions reflected in the financial slalements, the less likely the inherenlly limited procedures requiied by audiling standards would identify it. In addition, as with any audil. there remained a higher risk of non-deleclion of irfegularilies. as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal conliols, We are not respc)nsible lor preventing non-compliance anol cannot be expected to detect llon- compliance wilh all laws and regulations. Uso ol our report This Teporl is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounls and Reports) Regulations 2008. Our audil work has been undertaken so that we might slate to the Gharily's Iruslees those matters we are required to stale to them in an audito¢s report and for no other purpose. To the fullest exlenl permilled by law. we do not accept or assume responsibility to anyone other than the charily and the charity's Iruslees as a body, for our audit work, for this report, or for the opinions we have formed. ULUI. Crowe U.K. LLP Slalulory Audilor Fourth Floor Sl James House Sl James, Square Chellenham GL50 3PR Date.. 24 October 2022 Crowe U.K. LLP 15 eligib￿ lor appoinlrnenl as auditoiof the charity by virtue of ils 8119ibllily for appolntmenl as auditor of a ¢omp8ny underseciion 1212 of Ihe CoM￿nIeS A¢1 2006. The Grace Trust Consolldated Statement of Flnanclal Activitle$ Forthe year ended 31 December 2021 Total FUf￿B Year Ended 31 December 2021 Tolar Funds YearEndsd31 Decèmbèr 2Q20 Unrb8trlct8d RestrlGt¢d Funds 31 Funds 31 D8cember Dg¢ember 2021 Endowment Funds 31 D8C8mb8r Note5 The notes on pages 15 to 52 form pari of these financial stalemenls. 2021 2021 Incomg Irorn.. Donallolls Olhertradl 30.676.677 22q,838 33,369 30,910,875 32,919.550 98,878,401 9&,878,401 94.188,027 Government 9rdnts Inv¢stmenl8 2a 2b 6,3qS 6,315 JOJ,437 Totsl 129673 221 q2 BOB 523 127 452 335 ExpendItU￿ on.. Reislng fund8 Charitable 83.766,666 83,786,666 38 448 484 75,702.87T 31421561 B6213S Total 121 851916 124 122 214 OSO JLL38 Net Incom¢1 18xpèndllur81 Galn on dl8posal ot optrratlon8 N8t move￿ent In fvnds 7 721410 640 297 73 327 897 17 21 640 297 7 594 473 22 io 20 ReGoiiclllatlon of funds alance brought foward at 1 January Balance ¢arrl8d forward at 31 December 13 43 496 514 3 161516 416 140 54074169 13 81217 924 2 12 The Grace Trust Group and Charlly Balance Sheets As at 31 Decemb8r 2021 Group Charily 2021 2020 2021 2020 Notes Flxed a$sot8 Goodwlll Investments In subsidiary undertakings Investments Tangible fixed assets 1,504,918 1,751. 714 1,000,198 7,929,500 1,000.198 7,416.140 7,929,500 1273.592 10 708 010 7,416.140 1377. t36 10.544,990 8,929,698 8,416,338 Current a$$et$ Stocks 892,496 20,240,630 881.014 19.843.345 Debtors Cash al bank and in hand io 14,619,361 2Q,136,355 46,419,968 67 553 094 39, 729,883 60,454.242 39 107,074 26.608,779 53,726 455 46.745.134 Current Ilabllllles Creditors.. amounts falling due within one year 11 (16,592,462} (16,925,063) (67,8761 (28,825) Nel current assets Net assets 50,960 632 61668 642 43.529, 179 54.074.169 53 658,579 46.716.309 62 588,277 55,132,647 Funds Unreslricled funds Reslricled funds 13 13 51,217,924 43,496,574 52,137,559 44,554,992 2,521,218 3, t61,515 2,521,218 3, 161,515 Endowment funds 13 7,929,500 T,416,140 7,929,500 7.416, 140 Total funds 61,668,642 54,074,169 62 588 277 55.132,647 The financial statements were approved and aulhorised for issue by Ihe members of the Grace Trust on 21 October 2022 and signed on their behalf by.. Joseph Brewer Director of Allgr Brook Ltd and Scrlbefort Ltd Corporate trustees Notes on pages 15 10 46 for part of these financial statements. 13 The Grace Trust Con$olldaled Cash Flow Statement As at 31 December 2021 31 December 2021 31 Decemb8r 2020 Cash flows Irom operatlng actlvltles.. Notès Net cash provided by operatlng actlvllles CF1 6,958,104 18,545.971 Cash flows from Investlng activllles: Interest received Paymenls to a¢quire tangible fixed assets Payments lo a¢quire intangible fixed assets Gain on disposal of operations Proceeds from sales of tangible fixed assets 12,932 (271,6021 41.321 (479.967) (1. 779,OOOJ 2.582,123 2,250 4,012 Change in cash and ca$h equivalents in the reporting period 6 703 446 18,912,698 Cash and cash equivalents at Ihe beginning of the year 41,146,023 22,233.325 Cash and cash equivalents al the end of the reporling period CF2 47,849,469 41. 146,023 CF1. Reconclllalion of net incomellexpendlturel to net ¢ash flow from operating actlvitlos 31 Decembor 2021 31 D8C8mbgr 2020 Net income Snleresl receivable Depreciation of tangible assets Loss on disposal of tangible assets Amoilisalion of goodwill Impairment of goodwil (Reveisal of impairmenlll Impairment of investments Decieasellinerease) in stock Ilncrease} in debtors Increase in creditors 7,594,473 {12,9321 364,683 6,462 169,707 77,089 (soo,0001 111,482} (397,2851 332 601 20,327.897 (41,321) 312,118 11,623 94,082 500, 000 1,430,845 (9,257,354) 5,168081 Net cash provided by operallng activities 6,958 104 18,545 971 F2. Cash and cash equival8nts 31 December 2021 31 Decemb8r 2020 Cash held with investment managers Cash al bank and in hand 1,429,501 46,433,328 47 849 469 1.416, 140 39,729,883 41, 146,023 14 The Grace Trust Notes to the flnanclal $tatemonts For the year endèd 31 D袢mb¢r 2021 Legal Status of thg Charlty The Grace Trust was registered with the ChaTity Commission for England and Wales on 13 March 1968 (registered number 257616)- Ils registered address is Noble House, Eaton Road, Hemel Hempstead. HP2 7UB. Please refer lo Companies House for the addresses of all subsidiaries. Accounling policies Basts of preparing financlal statements The financial slalemenls have been prepared under the historic21 cost convention with items recognised al cost or Iransaclion value unless otherwise slated in relevant notes lo these financial stalemenls. The financial statements have been prepared in accordance with the Accounting and Rewrting by Charities.. Slalement of Recommended Practice applicable to chaiilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effeclive 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Aol 2011. The accounts are prepared in sterling, which is the functional curfency of the Charity. Monetary amounts in these financial statements are rounded to the nearesl £. The Tru81 conslitules a public benefit entity as defined by FRS 102. The financial slalements of the charity's wholly owned subsidiaries, The Grace Trading Group Ltd, NOA (UK) Limited, UBT IEUI Limited. Insignia Enterprises (Europe) Limited, UBT (Vine) Ltd, UBT Accountants Limited and Academy Schoolwear Ilnl.) Ltd are consolidaled on a line by line basis in these financial slatemenls. The Charity has taken advantage of the exemption available lo a qualifying entity in FRS 1 D2 from the requirement lo present a charity only Cash Flow Statement and certain disclosures about the Charily's financial inslfumenls within the consolidated financial slalements. Golng concern The members have a reasonable expectation that the group has adequate resources lo continue its activities for the foreseeable future following Iheir review {including considerations surrounding Covid-19) of the financial position, reseNes levels and future plans. Accordingly. they continue lo adopt the 90ing concern basis for preparing the finan¢ial statements. 15 Th9 Grace Trust Note5 to the finan¢lal statem8nts Forthe year ended 31 December 2021 AccountSng pollcl8s {contlnued} Incomo Donations are recognised in the year in which the funds are received. Income is only deferred when the charity has to fulfil conditions belore becoming enlilled to il or where the donor has specified that the income is to be expended in a future year. Gift aid is accounleol for in the same period as the associated donation. UBT (EU} Limited and the group's principal income stream sells goods and services for the purpose of raising funds lor The Grace Trust, Ihe ultimate parent charity. Income is recognised al (he fair value of the consideration received or receivable for sale of goods andlor services in the ordinary nature of the business. The income is shown nel of Value Added Tax. Tuinover is recognised on despatch of the goods lo the customer. or in respect of services when the delivery of seNices is completed. Vvhere the company offers subsciiplions to publications. this Income is accounted for when the goods are supplied. The company also receives commissions and rebates from various suppliers ol goods and services. This lurnover is recognised in the period that the goods and services 8re supplied. Grants of a revenue nature are recognised in income wilhin the consolidated statement of financlal activities in the same period as tho related expenditure. This includes the Government Coronavlrus Job Relenlion Scheme. Investment income is accounted for on a receivable basis. Expondllure Expenditure is included on an accruals basls. Expenditure on charitable activities includes all costs incurred by the charity in undeilaking aclivilies that further ils charitable aims. Irrecoverable VAT is ¢harged against the relevant item of expenditure. Gosls of raising funds comprise those costs diteGlly allribulable to the gross expendllure of the subsidiary companies. Grants payable are recognised when grants have been commilled lo unconditionally lor where any conditions are not under the conlrol of the charity) and have been communicated lo the recipient. Governance costs Governance costs are allocated lo charitable activities and comprise all costs involving the public accountability of the charity and costs related to stalulory requirements. Goodwlll Acquired goodwill is wrillen off in equal annual inslalments over 10 years. Tanglble flxed assets and depreclatlon Tanglble fixed assets ar& slated at Cost less deprecialion. Depreciation is provided at rates calculated lo write off the cost. less estimated residual valiie, of each asset over ils expected Ljseful life as follows.. Leasehold improvements Furniture fit sande Equipment Motor vehicles Sofiware development Over Ihe term of the lease menl: 24 years 25Oh reducing balanGe 3 years 16 The Grace Trust Notes to the flnanclal statements For the year ended 31 Dgcembgr 2021 Accounllng pollclgs {continued) Tanglble flxed assets and depreciation Icontlnued) Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by Televant accounting standards. Investments Fixed asset investments in subsidiaries are slated al cost less provision for dimlnulion In value. Unlisted investments are measured al historic cost and are reviewed annu811y for Impairmenl. Remaining investments are cash held on deposit until invested post year end. stock stock consisls of purchased items for resale. Stocks are valued at the lower of cost and nel realisable value. Cost is calculated on a first in first out basis. Nel realisablè valtje is based upon eslimaled selling price less further cosls expected to be inGuried on disposal. Provision 15 fflade for obsolete and slow moving items. 1.10 Leaslng Rentals payable under operating leases are charged to the Statement of Financial Activities on a slraighl line basis over the lease term. 1.11 Taxation The Trust. which is a registered Charity, is enlilled to laxallon exemptions on all income properly applied for ils charitable PUTposes. There is no laxalion for the subsidiaries as any profits are gift aided lo the parent Charity. 1.12 Foreign currency translatlon Monetary assels and liabilities denominated in foreign currencies are translaled inlo sterling at the rales of exchange ruling at the Balance Sheet dale. Transaclions in foreign currencies are recorded at Ihe rale ruling al the date ol the Iransa¢lion. All differences are taken lo the Statement of Financial Aclivilies. 1.13 D¢btors Trade debtors, accrued income gnd other debtors aTe recognised at the settlement amount due and prepayments are valued at the amount prepaid. Known bad debts are written off and specific provision is made for any debts considered to be doubtful, if appropriale. 1.14 Cash and cash equlvalenls Cash is represented by cash in hand and deposits with financial inslilulions. 1.15 Credllors Creditors are recognised where the charlty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due lo sellle the obligation can be measured or eslimaled reliabty. Creditors are recognised al their selllement value. 1.16 Financlal In8truments The group only has financial assets and financial liabililies of a kind that qualify as basic finanGial inslrumenls. Basic financial Instruments are initially recognised al transaction value and subsequently measured al their selllement value, with the exception of loans which are subsequently measured at amorli$ed cost using the effective Interest method. 1.17 Redundancy costs Redundancy and lerminalion costs are accounted for on an accruals basis when the commllment lo terminate a p05t on the grounds of redundancy has been made. 17 The Grace TrLl$t Notes to the flnancial Statements For the year ended 31 December 2021 A¢counting pollcies (contlnued} 1.18 Ponslons - defined contribution The subsidiaries operale a defined conlrlbulion scheme. Conlribullons are Charged lo expenditure as they become payable in accordance with the rules of the scheme. 1.19 Critlcal accounllng ludgemonts and key resources of e$tlmatlon uncertainty The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. cri1￿81￿Cc0un1i￿g 6s11m8les and assumplions.. Goodwill- Goodwill arises on the acquisition of subsidiaries calculated as the difference between any consideration paid and the nel assets al Ihe date of acquisition. The iesulling goodwill is wiitlen off over the estiimaled useful economic life of the asset. Management have estimated the usefLJI economic lives as being 10 years,. this assumption reflects the difficulty in assessing the likely future economic life of Ihe business acquired. Goodwill and the associated deferred consideration relating lo the acquisition of Milburn Insurance Brokers is contingent on commission earned in the firsl, posl-acquisilion. See note 6 for further disclosures relating to Goodwill. Useful economic lives of tangible fixed assets - the annual depreciation charge foi the tangible assets is sensitive to changes in the eslimaled useful economiG Iwes and residual values of the assets. The useful economic lives and residual values are re•assessed annually. They are amended when necessary lo refle¢l current estimates, based on technological advancement, future investments, economic ulilisalion and the physical condition of the assets. See note 7 for the carrying amount of the fixed assets and note 1.7 for Ihe usefLJI lives for each class of assets. Impairment of debtors- the group makes an estimate of the recoverable value ol trade and other debtors. When assessing impairment of trade and other debtors, management considers fa¢tors including the currenl credil rating of the debtor, the ageing profile of debtors and historical experience. See note 10 for the nel carrying amolint of the debtors and associated impairment provision. Stock provisioning- il is necessary lo consider the recoverability of the Cost of finished goods and associated provisioning required. INhen calculating the stock provision, management considers Ihe nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. 1.20 Expendable endowment fund The expendable endowment fund has been created to generate sustainable income for the lulure. Restri¢t¢d funds Reslricled funds are siibject to specific condillons by donors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes lo the financial slalemenls. Unrestricted funds Unreslricled funds are expendable at the discretion of the Trustees in furtherance of the objects or administration of the Charity. 18 The Gracè Trust Notes to the flnanclal statements Forthe yoar ended 31 December 2021 Government grant income 31 December 31 Decembar 2021 2020 Coionavirus Job Retention Scheme 6,315 303,437 2b. Investmont Income 31 Decembor 2021 31 December 2020 Bank Interest 41.32t 19 The Gyace Trust Notgs to the flnancial statements Forthe year ended 31 December 2021 Income and expenditure of the Charlty's subsldiary companlès The Charily has, via The Grace Trading Group Ltd l¢ompany no. 07263102}, wholly owned subsidiaries which have been trading during the year. UBT (EU) Limiled {company no. 04938684) and UBT Accountants Limited {company no. 07346268) are incorporated in England and Wales. UBT {EUI Limited provides business services lo raise revenue for charitable purposes. UBT Accountants provides accountancy, provision ol Iraining and consullancy setvices. A summary of the trading results of the tiading subsidiaTies is shown bèlow. The Grace Trading Group Ltd acts as a holding company. Audited financial slalemenls of the UK subsidiaries are filed with the Regi$lrar ol Companies. Year ended 31 December Year ended 202Q 31 December UBT 2020 Accounlanls UB T (EU) Limited Limited Year ended 31 D¢cemb&r 2021 UBT A¢¢ountanls Llmlted Year ended 31 December 2021 UBT IEU) Llmlted Profit and loss account Turnover Cost of sales 1,198,444 763,790 97,679,959 61,516,172 1.061.033 608.669 93.093,917 58, 84T 830 Gross proflt Other operating expenses 434.654 36,163,787 (291,9171 {21,189,7951 452,364 34,246,08T {233, 805) (15,992.757) Other operating income 6.315 20,502 303,437 Operatlng proflllllossl Profil on disposal of operations Interest receivable Investment income Interest payable 142,737 14,980.307 239.061 18,556, 767 2,582,123 14,872 12,576 2,284 3,894 112,279 2,089 Profill{Loss) on ordinary aclivilies befoye laxation Taxation 138,843 14.870.312 236,972 21,148,610 ProfitllLoss) for the perlod 138,843 14,870,312 236,972 21,148,610 Shareholders, {defSclt} I funds brought forward 1139,5671 80,202 (112, 194) 202 Shareholders, {deficiti I funds carry fokward (724) 80,202 (376,539) 80,202 20 The Grace Trust Notes to the flnanclal statements Forthe year endad 31 December 2021 Income and expendlture of the Charlty's $ubsldlary companlès (contlnued} 31 D¢¢embor 2021 UBT Accountants Llmlted 31 Dec8mb8r 2020 UBT Accounlanls Limiled 31 December 2021 UBT EU Limited 31 Docembgr 2020 UBTEU Liiiiiled Total Assets 456 432 30,494 208 395,518 36,400,073 Total Llabllltles 457156 30,414,006 499.085 36.319,871 Related party transa¢tlons Gift aid amounts were payable in the year from UBT {EUI Limited to The Grace Trust lotalling £14,870,312 (2020.. £21,068,610). AI 31 December 2021 an amount of £6,492,222 (2020.. £19,811,910) was owed from UB T IEUI Ltd lo The Grace Trust. No gift aid was payable from UBT Accountants Limited in either the 2021 or 2020 financial years due to lax losses. Directors or Companies with mulual directors of group enlilies have PLirchased goods and servi￿8 from UBT IEU) Limited lolalling £472,371 in their oidinary course of business. These puichases were at the normal comlxercial rates offeied to olher customers. At the yeaT end the following amounts were owed to Ihe following group enlilies.. UBT (EU) Limlted owed UBT Accounlanis Limiled £245,691 12020.. £50,000 owed to UBT Accounlants Limiledl. During the year, The Grace Trust provided a £7.5m loan facility lo UBT (EUI Llmlled. It bears interest at the base rale plus 3.5Yo. Al the year end the loan balance £7,616,279 is included within the other debtor. 21 The Grace Tru8t Notes to the flnanclal statements For the year ended 31 Decembor 2021 Charllable activlt19S Grants payable 2021 2020 Achievement for All13Asl ACT Aclion For Chlldren Aclion for Kids Charitable Trust Aclion for Stammering Children Action Medical Research ACTION ON ELDER ABUSE Action Tutoring Addenbiooke's Chalilable Trust ADF InlernaliDnal (UK} Afasi¢ Africa Inland Mission International African Pastors, Fellowship Afiikids Age UK Aid for Relief and Change Limited Air Ambulance- County Air AmbUlan￿- DeTby, Leicestershire and Ruuand Air AmbUlan￿- Devon Air AmbulanGe- Dorset & Somerset Air Ambulance- East Anglia Air Ambulance- Essex and Herls Air Ambulance- Great North Air Ambulance- Great Western Air Ambulance - Hampshire and Isle of W)ile AirAmbulance- Kent, Surry & Sussex Air Ambulan¢e- Lillcolnshire and Nollinghamshire Air Afnbulance- London Air Ambulance- Midlands Air Ambulance - Northern Ireland Air Ambulance- Scotland Air Ambulance- Warwickshire and Norlhampl¢nshire Air Ambulance- Imllshire Air Ambulance- North Vvesl Aif Ambulance- Thames Valtey Air Ambulance- Yorkshlre Alderley Edge School for Glrls Alex, the Leukodyslfophy Charity 1,500 1,000 1,500 1,500 500 1,000 3,000 1,000 1,500 3,000 10,000 1,000 750 2,000 1.500 1.250 3.000 1,000 1,500 3,000 5,000 3.000 3,000 3,000 3,000 3,000 3,000 5,000 3,000 3,000 3,000 3,oao 3,000 3,000 3.000 3.000 7,500 11,885 2,000 I,ooo 22 The GraGe Trust Notes to tho flnan¢lal statements For the year ended 31 De¢¢mbor 2021 Alexander Devine Childrens Cancer Trusl Alzheimers Research UK AMREF HEALTH AFRICA Anaphylaxis Campaign Anlibiolic Research UK Apple Tree Farm Services Arms Around the Child (UK) Arrive Alive Asisl Aspire ASPIRE OXFORDSHIRE COMMUNITY Asthma UK & British Lung Foundation Autism BeLlfordshire Axe Valley & Wesl Dorsel Ring & Ride SeNice Baby Lileline Ltd Balmoral Education Bainabas Community Projects Bainabas Fund Balnados Basingsloke and Alton Cardiac Rehabililalion Ballen Disease Family Association Bealson Cancer Charity Bede House Association Betel ol Britain Bexley Mencap Biblic 2,000 3,000 t,500 1.000 1,500 1,104 1,250 1,000 1,000 2,000 2,000 5,000 2,000 1,000 2,500 2,500 12, f 33 750 4,000 5,000 1.500 1.000 2,000 1.250 2,000 1.500 1.000 23 Th6 Grace Trust Notes to the flnanclal statements For the year ended 31 Decembor 2021 Big Help Project Birbyainin Minislries Birmingham Women's and Children's Hospital BLESMA Bliss Bloodwisedue Blooming Blossoms Trust Blueprint Training & Expertise BOLTON LADS AND GIRLS CLUBS LIMITED Bolton NHS Foundalion Trust Bone Cancer Resea¥¢h Trust Boxes of Basics BRACE Brain Research Trust BRAIN TUMOUR RESEARCH Brain Tumour Support Breast Cancer Haven Brighton and Hove City Mission Bristol Neurological Support Centre Brilish Eye Research Foundation British Heart Foundation British Hypertension Society British Liver Trust British Red Cross Build Africa - Mums Read Kids Succeed ProjeGt Bullle UK CAFOD Camden Psychotherapy Unil Can￿1 Information and Support Services Ltd Cancer Research UK Care for Carers Care for Child¥en Care Free Breaks Care International UK CARE NETWORK CAMBRIDGESHIRE CARE OF POLICE SURVIVORS Carers in Bedfordshire Carers UK Caring for Life Caring in Bristol CCLASP 1.000 500 1,500 1.500 2,500 2,000 750 1,500 3,000 2,000 1,000 2,500 3,000 2,500 1,500 2,000 5QO 750 1,500 5,000 1,000 2,500 5.328 6,OQO 2, 50Q I,ooo 1,500 2,000 500 1,000 6,OOD 5.000 500 1,500 3,000 1,250 2,000 1,250 5,000 1.500 1,250 1.000 1,000 Cenlrepoint Cenlrepoint Soho 3,000 5,000 24 The Grace Trust Notes to the flnanclal statements For lh8 year 6nded 31 December 2021 Cerebral Palsy Plus CFAB Challenging MND Charily Global IUKI Limited CHARITY PROJECTS CHART Chesterfield Royal Hospital NHS Foundation Trust Child Evangelism Fellowship of Ireland Child Poverty Action Group Childaid To Easlem Europe Childhope {UK} Children Ahead Ltd Children Change Children Change Columbi8 Children of Mekong Children Today Charitable Trust Children wilh Cancer Children's Heart Surgery Foundalion Christian Aid Christian Hope International Christian Inslitule Chris112n Police Association Christian Solidarily International CLAAS CliG Sergent Combat Slress Community Council of Shropshire Community Foundation for Willshire & Swindon Compton Care Group Ltd Computeraid International Concern Worldwide Connect (Help on you Doorstep) Construction Industry Relief Contact A Family COPE CHILDREN'S TRUST Coram Life Education Hillingdon Cornerstone (North East) Adoption & Fostering Service Cornwall Air Ambulance Trust Cornwall Hospice Care Ltd Cosgrove Care Ltd Country Holidays for Inner City kids CrackeTjacks Childrens Trust 750 1,000 1,500 2,500 750 1.500 980.000 96,000 3,000 1,500 t,500 t,ooo 2,000 1,000 1,500 2,000 750 7,000 5,000 t,500 10,800 2,000 t.000 2,500 2,000 t.500 14,000 500 3,000 6,480 2,000 3.000 500 3,000 2,000 2,000 3,000 3,000 I.(￿0 2,000 2,000 1,000 750 1,000 25 The Grace Trust Not¢s to the flnanelal slatements Forthe year ended 31 December 2021 Creating New Beginnings Criminon UK Crisis UK Crohns and Colitis UK Crossways Commufiily Crowcombe And Stogumber Primary And Pre-school PTA Croydon Youth Zone Clfre International IUKI Cysli¢ Fibrosis Trust Davenlry Contact David Livingstone Inlernalional Ltd Deafblind Scotland Deafblind UK Deafway Debra Demand Dementia Fotward Depaul Devon Air Devon County Asso¢ialion for the Blind Dignity (Worldwide) Disability Challengers Disability Law Service DISASTERS EMERGENCY COMMITTEE Diverse Abilities PIL¢S Dolphin Society Dorsel and Somersel Air Ambulance Charity Doisel Race Equality Council Douylas Macmillan Hospice Downs Syndrome Research Foundation Drama Expressions for Children Dyingwell Dyslraxia Foundation Earl Haig Fund {Scollandl East Africa Children's ProjeGt EAST AFRICAN PLAYGROUNDS Eastside Community Trust Edinburgh DiTe¢l Aid Ehlers-Danlos Support UK Elizabeth Jane Jones Ellenor EMERGE 3RS 3.000 2,000 2,000 1,000 750 2,000 750 3,000 500 500 1,250 1,500 150 1,060 500 3,000 3,000 750 1,500 1,500 750 6.000 1,860 1,000 1,000 750 3,000 750 4,500 500 750 5,000 1,000 1.000 800 500 750 1,000 2,000 1,5QO 26 The Grace Trust Notes to th8 flnanclal statements For the year ended 31 December 2021 Emmanuel International Ltd EMMANUEL SCHOOL (DERBY) LIMITED Emmaus Enham Trusl Enterprising Youth Education Epilepsy Action Epsom & Sl Heller NHS Trust ESSEX & HERTS AIR AMBULANCE TRUST Ethos Experiential Christian Ministries ExleTn Group Ezer Layeled Ltd Fairfield Faim Tiust Families United Network8 Famity Action Fareshare Fatima Women's Association Feeding Biislol Firefighters Charity Fitzroy Support Five Talents UK Ltd Food For All Forgollen Veterans UK 750 1,000 1,500 3,000 1,000 1,500 3,000 4,000 1.000 3.000 750 750 1.000 2.000 2.000 1,000 500 2,000 750 i.ooo 3,000 1,500 2,000 40,000 1,250 Focus Learning Trust Foundation for Conductive Eéu¢alion Friends of Kagando Friends of the Holy Lands Friends Reaching Out Frimley Health ChaTIty Glasgow Children's Hospllal Charity Global Charilies Go Beyond Charity Good Morning Proje¢l Grandparents Plus Great Ormand Streel Childrens Hospital Great Western Air Ambulance Charity Greenwich & Bexley Community Hospice Growing Hope Guy's and StThomas' Foundation Gynaecology Cancer Research Fund Hackney Caribbean Elderly Organisalion Haggai Advanced Leadership Training Ltd Hammersley Homes Limited 3,04T, 774 1,000 500 500 750 3,000 1,000 1.OOLI 750 6,000 1,500 1, 000 750 3,000 5,000 5,000 1,500 1,500 5QO 28 The Grace Trust Notes to the flnancial statèments For the year ended 31 D¢eèmber 2021 HANDICAP INTERNATIONAL UK HANDICAPPED CHILDRENS ACTION GROUP Warden Scheme Heads Together Headway - The Brain Injury Association Headway Wesl London Health Care 4 All International Health Limiled Help Counselling Help the Homeless Limile Hillhouse Help for Heroes Home lor Good Hope al Home Hope For Justice Hope for Kidz Hope for Tomorrow Hospice Al Home West Cumbria Hospice Care North Norlhumberland Hourglass Hoveraid Trust Hunlingdons Disease Association IAH CHARITY COMPANY Impact Foundation Impact Schools inHope (Brisloll Limited Inspiring Minds Inter Care Intera¢l Stroke Supporl International Care Network Inlernational Children'$ Palliative Care Network International China Concern Inlernalional Egg Foundation Inlernalional Health Partners (UK) 2,000 3,000 1,500 1,000 1,000 3,000 1,250 1,000 1.250 1,000 1,500 2,000 2,000 1,000 750 2,000 1.000 1,000 2,000 1,000 I,ooo 500 1.000 750 500 1,000 750 1,000 3,000 2.000 International Justice Mission International N8pal Fellowship International Rescue Commillee, UK International Spinal Research Trust Jairah Funds Jesus Cenlres Trust Joss Searchlight 1,000 3,000 1,900 750 1,500 1,000 29 The Grace Trust Notes to the flnanclal statements Forthe year ended 31 December 2021 Junction 12 Just 4 Children Just Finance Foundation Just for Kids Law LIM￿led Juvenile Diabetes Research Foundation Limited Katie Piper Foundation Kennedy Street Kidney Care UK Kidney Research UK KIDS CLUB KAMPALA Kids n Action Kindred Advocacy Kings Aims Project Kings Church Newport {Jesus Cares) Kingswood Trust Kirkwood Hospice L'Arche Latch Welsh Children's Cancer Charity LEAP CONFRONTING CONFLICT Leeds Cares Legalum Inslilule Foundation Legs 4 Africa Leicester Childrens Hospital Leicester Hospitals Charity Lennox Children's Cancer Fund Lepra Leukaemia & Myrloms Research UK Lev Echod Cancer Care Life Education Cenlres Bristol Lifelites Lifeworks LILIAN FAITHFULL CARE Lincolnshire and Nottinghamshire Air Ambulance Linking Lives Little Hearts Mallers Little Willage Living Options Devon Lomond Mountain Rescue Team London Ambulance Servlce LOROS Lotus Flower Trust Loughborough Junclion Action Group {Grove Adventure Playground} Lucy Air Ambulance For Children l.OQO 2.000 1.000 1.250 2,000 1.500 500 1,50Q 6,000 1,000 1,000 500 1,250 500 2,600 1,000 1.000 1.500 1,500 2,000 1,000 30,000 3,000 1,000 1,500 1.500 750 1,500 2.000 t,ooo 3.000 2,500 2,QOD 2,000 2,000 1,500 1,500 500 2.000 2,500 750 2,500 29 The Grace Trust Notes to the flnanclal statement$ For thè yoar ended 31 December 2021 Lupus UK Macmillan Cancer Support Maggs Day Centre Magpas Moidenhead Foodshare Making Space Manchester University NHS Foundation Trust Map Action Marah Trust Marie Curie Mary Ann Evans Hospice Mary's Meals Males In Mind MEATH EPILEPSY CHARITY Medair MEDECINS SANS FRONTIERES IUKI Medical Detection Dogs Me(fical Research Foundation Megan Baker House Ltd Mencap Liverpool Mercy Corps Micah Liverpool Michaela Community School MIDLANDS AIR AMBULANCE CHARITY Milton Keynes Bridgebuilder Trust Milton Keynes YMCA Limited MIND - Birmingham MIND - Buckinghamshire MIND- Cardiff MIND- Doncaster MIND- Hammersmith, Fulham, Ealing & Hounslow MIND - Hull & East Yorkshlre MIND- Lambeth and Soulhwark MIND- Leeds MSND- Llanelli MIND- Manchester MIND (national association for mental health) Mind Body Eds Mission India Mission Possible Mission Rabies Limlled Mitchell's Mira¢les Moorvision Molhers2Molhers Motor Neurone Disease Assoclalion Mountain Rescue England & Wales 1,50D 5,000 5,000 3.000 3,000 1,250 1,500 5,000 I,ocio 6,000 3,000 I,SOO 2,000 t,000 3,000 1,500 1.000 1,000 1,500 5.000 1,500 3,ODO 3,000 1,000 1,500 2,500 3,000 3,000 2,000 3,000 3,000 3,000 3,000 3,000 2,500 3,000 5,000 500 750 1.250 500 750 1,250 5.313 30 The Grace Trust Notes to the linancial statements Forthe year ended 31 December 202q Mulli Agency Inlernatlonal Training & Support Multiple Sclerosis Society Muscular Dyslfophy Group UK Mustard Seed Autism Trust NAF Fond DK NAF UK NAF USA NARS t,500 2,000 3,000 1,000 733,303 8,000,000 32,419 t,500 305,OOQ 195,608 1.500 t,ooo National Auli51ic Society National Children's Bureau National Eye Research Centre Navigate NEUROBLASTOMA UK Newcastlè Upon Tyne Hospital NHS Charity Newlife NICE Nicodemus NMC Midlands NMITE ND Panic Noah's Ark- The Children's Hospice Norfolk Coalition of Disabled People NORMANDY COMMUNITY THERAPY GARDEN North Bedfordshire Hospice Care Limile North London Action for Ihe Homeless North London Hospice North Wesl Air Ambulance Northamplonshire Health Charilable Fund Norlhwick Park Inslilule Norw(K)d and Brixton Foodbank Limiled Nollingham Trent University Nottingham Univeisity Hospitals Charity Nottingham University Hospitals Trust NRAS NSPCC Off the Fence Limited One King Ministries (Silver Links) One North East London Oneschool Global Europe Oneschool Global UK OPA Open Doors Operation Smile 3,000 1,000 1,000 t,ooo 3,000 2,000 1,000 509 1,500 2,500 1,000 150 1,500 1.000 t.ooo 1.000 4,000 2,000 T5Q 1,000 3,000 3,000 3,000 5,000 2,000 i.ooo 1,082,631 23,944, 749 t,ooo 3,OOQ 2,OOQ 26.192,221 3,000 31 The Grace Trust Notes to the flnanclal statements Forth6 year onded 31 DpGembor 2021 Orbis Charitable Trust Ou￿ard Housing Ovarian Cancer Action Overgale Hospice Oxfam - Rohingya Cris1$ Appeal Oxlam GB Oxfordshire My Life My Choice Association Oxfordshire Proslale Cancer Support Group Pallion Action Group Pancreatic Cancer UK Parents in Need Parkinson's UK Passage 2000 PC David Ralhband's Blue Lamp Foundation Peace Child International Pear Tree Special School People Inlernalional Limile¢J PHAB Phase Worldwide PHOEBE Pioneers UK Ministries Place2Be Plays¢hule POLICE CARE UK Poole Hospital NHS Foundation Tiusl Portsmouth Hospitals Chaiily POTS UK Practical AGlion Practical Tools Initiative Limited Pregnancy Crisis Care Princess Alice Hospice Prison Fellowship Prisoners Education Trust Prodigal Arts PROGRESSABILITY.ORG Proslale Cancer Research Centre Piostate Cancer UK Pump Aid PUMPING MARVELLOUS FOUNDATION Rainbow Childrens Charity Rainbow Hub NW Ltd Rainbow Tfust Children's Charity Rainham Foodbank Raising Futures Rapid Relief Team 2.000 3,000 2,000 5,000 1,000 1,000 1,000 2,500 3,000 4,000 2,000 750 750 5QO 1.500 1500 2,500 500 1,000 2.000 750 2,000 750 1.250 3,000 500 1,500 1.000 750 2,000 1,250 3,500 500 1,000 3,500 2,000 1,250 750 2,000 1,000 750 2, 900 500 1,080,000 640.000 32 The Grace Trust Notos to th8 financlal statements For the year endèd 31 December 2021 React Reading YMCA Red Balloon Learner Centre Group Re-Engage Ltd Relate Release International Rennie Grove Hospice Care Research Inslilule for the Care of Older People Resolve Now Response Organisalion Restore RETINA UK Ringwood & District Community Association Road Victims Trust Roald Dahl's MaTvellous Children's Charity Room to Read UK Ltd Root & Branch Weslmlll Rosa Foundation Rossendale Trust Round Table Children's Wish Rowcroft House Foundation Limited Roy Castle Lung Cancer Foundation Royal Berkshire NHS Foundation Trusl Charity Royal British Legion Royal Hospital ft)r Neuro- disability Royal LeiGestershire, Rulland and Wclille Society for the Blind Royal Mencap Society Royal Society for Blind Children Royal Trinity Hospice Royal Voluntary Service Ruby's Fund Safe Families for Children Sailors, Society Saint Francis Hospice Samaritan's Purse Internalional Limited SANE Save the Children Scholarship for Street Kids SCHOOL- HOME SUPPORT SERVICE IUKI SCORE Scotland's Charity Air Ambulance I,ODO 1,500 1,000 2,000 3,000 3,000 1,250 1,000 3,000 1,250 750 1,000 1,000 500 2.000 500 500 1,500 750 1.500 3,000 3,056 3,000 2,000 4,000 2,500 3,000 8,000 l.OOQ 1.000 2,000 2,000 3.000 3,000 2,000 5,000 6,000 500 2.000 2.000 4.OOQ 33 The Grace Trust Notes to the flnanclal statements For the year ended 31 December 2021 Scollish Fire and Rescue Setvice Family Support Trust Scollish Mountain Rescue Scollish Network for Arthritis in Children S¢riplure Union Sèashell Trust Sebastians ACt￿n Tiusl SEEKENYA Sense Inlernalional Serve Afghanistan Shift MS I,ooo 2,500 750 3,000 3,000 3,000 1,250 1,000 1,000 1,000 1,250 34 The Graco Tru$t Notes to thè flnan¢lal $tatements Forthe year ended 31 December 2021 SHINE Shooting Star Children's Hospice Shiine Trust Sighlsavers Inlern21ional Signpost International Sikh Sanjonk Sixty One Skeletal Cancer Action Trust SNAPS Snowflake School for Children with Autism Limited Society lor Promoting Christian Knowledge Solace Solar Aid SOS Childrens. Villages UK South East Cancer Help Centre South Lakeland Hydrotherapy Trust Ltd South Liverpool Foodbank South Yorkshire Community Folindation Ltd Soulhmead Hospitals Charity Spadework Limited Spear Brighton Trusl Spinal Injuiies Association Sporting Marvels Ltd SSAFA Sl Andrews Childr8n Sociéty Sl Andrews Healthcare Sl Clare West Essex Hospice Care Sl Cuthmans Whilehawk st Elizabelh Hospice st Gemma's Hospice St George's Hospital Charity ST GILES TRUST St James, Trust Iseaford) Sl John Ambulance Sl Joseph's Hospice Hackney Sl Margarel's Somerset Hospice Sl Mary's Hospice Limited Sl Michaels Hospice Sl Vincent and Grenardines Red Cross Society Sl Willfid's Hospice {Easlbournel Stand By Me Starlight Childiens Foundation Start Network Steadfast Global Stem 4 t.000 2,500 5.000 1.500 500 1,5QO 750 3,000 1,000 2,000 I,ooo 2,000 6,000 7,000 1,500 750 3.000 2.000 3,000 1.000 1,000 1.000 t,500 3,000 3,000 750 7,000 3,000 2,500 5,000 2.090 2,000 7,000 1, 000 1,500 1, 250 3,000 1,000 1.500 35 The Grace Trust Not¢$ to the flnanclal 81alements Forthe year ended 31 December 2021 STEM INCLUSION FOUNDATION Slep By Slep London Slillbirlh and Neonatal D8alh Society Strawberry Hill Overseas and Communlty Concern (St Marys University} Slfeel Child stresscare Slroke Association Slrongmen STROUD BERESFORD LIMITED Slubs Ltd Sludenl Life Sulra - NW London SULLIVAN'S HEROES Sunny Days Childrens Fund Sunshine Wishes Children's Charity Surrey Drug and Alcohol Care Limited Sullon Night Wat¢h Syria Relief Tailblazeis Mentoring Taslelife UK Taylor Made Dreams T8 ALERT Teach a Man lo Fish UK Ltd Teapot Tru81 Tearfund Teenage Cancer Trust Tender Education and Arts Terre Des Hommes The Abbeylield Research Foundation THE AIR AMBULANCE SERVICE The Airm Ambulance Northern Ireland THE AMAR INTERNATIONAL CHARITABLE FOUNDATION The Amber Foundation THE AMBULANCE STAFF CHARITY The Asian Studènts Christian Tiusl THE AUDITORY VERBAL CENTRE The Baplisl Misslonary Society The Bede Foodbank The Bible Nelwork The Billy Graham Evangelist Association Limiled The Borough Harmony Centre 1,000 1,500 2,000 750 3,000 1,000 5,000 500 75Q 1,000 1,000 t.ooo 1,000 1,000 1.000 3,000 1,000 500 1,000 750 1,000 5,000 3,(H)O 2,000 1,000 3.000 3,000 750 750 3,000 3,000 1,500 1,500 t.000 3.000 1,250 1.000 1.500 4,000 1,500 1,000 36 The Graco Trust Notes to the flnanclal statements For the year ended 31 December 2021 The Brain Tumour Charity The Bristol Children's Help Society The British and Foreign Bible Society The Bristol Children's Help Society The British and Foreign Bible Society THE BRITISH DIABETIC ASSOCIATION The Bvlterfly Hospice Trust The Caledon Trusl The Care Workers Charity The Cathedral Archer Project Limited The Challenging Behaviour Foundation The Change Foundation The Chartsvell Cancer Trust The Childhood Trust The Children's Lile¥acy Charity The Childrens, Trust The Christie Charitable Fund The Community Hub The Compassionate Friends The Cure Parkinson's Trust The Educational Frontier Trust The Ehlers-Danlos Support UK The Epiphany Trust The Freedom Fund UK The Gaiage Arl Group The Gifted The Great North Air Ambulan¢e Service The Griffin Inslilule The Guide Dogs for the Blind Associatlon The Harbour THE HYDRATION FOUNDATION 1,000 3,000 3,000 6.000 2.000 450,000 3,000 2,000 750 1,000 2.000 1,500 1,250 3,000 1,000 1,000 3,000 1,000 1.500 500 3,000 750 750 3,000 2,000 1,000 1.500 i.ooo 37 The Gra¢& Tyust Not¢s to the flnanclal statements Forth¢ year ended 31 Decemb&r 2021 The Hygiene 8ank The Inspire Foundation The Jessiè May Trust The Journey Church The Julian Trust THE KIANH FOUNDATION The Kinetic Science Foundation The Leprosy Mission The Leukaemia Care Support THE LIN BER)MCKTRUST The Lincolnshire and Noltin9ham5hire Alr AmbulanGe Charitable Trust THE LINDSAY LEG CLUB FOUNDATION The Link Foundation The Listening Place The London City Mission The Lullaby Trust The Lulon and Dunslable Hospital Charitable Fund The Macular Disease Society The Margins Project The Mary Stevens Hospice The Matthew Project The Measham Family Chrislian Foundation The Medaille Trust Limited The Mental Health Foundation The Message Trust The Metfopolilan and City Police Oiphans Fund The Moira Anderson Trust The Movement Centre The Murray Parish Trust The Muscular Disease Society The Music Works The Mylon Hospices The Nehemiah Project The Norfolk Accident Rescue Service The Norfolk Hosptce 750 1,500 2,OOG 2,000 1,000 750 2,OOQ 500 3.000 750 1,000 2,000 1,2SO 3,000 3,000 I,ooo 1,500 3,000 3,000 1,25Q 2,000 t,000 2,500 1,000 3.000 2.000 1,500 38 The Grace Trust Notes to the flnanclal statements For theyear ended 31 Decembgr 2021 The Nucleo Project The Oakhaven Trust The Oesphageal Patients Association The Olive Bfanch (Faith In Action) The Open Door The Papworth Trust THE PETER PAN CENTRE THE PORCH The Prince & Princess of Wales Hospice The Railway Chlldren The Rainbow Centre The Richard Dlmbleby Cancer Fund The Rose Paterson Trust The Rowdown Inspire lo Aspire Foundation The Royal Air Force Benevolent Fund The Royal Biilish Legion The Royal Mar8den Cancer Charity The Royal National College for Ihè Blind The Royal National Institute of Blind People The Royal National Qilhopaedic Hospital The Royal Surgical Aid Society The Samaritans The Samaritans Purse The Savannah Education Trust The Separated Child Foundation The Shakespeare Hospice The Silver Line Helpline The Simon Communily The Single Homeless Proje¢l ISHP} The Sofa Proje¢l The Sougler Youlh Trust The Spark (Scollish Marriage Care) The Sunshine Centre 1.000 1,000 750 1,500 1, 000 1.000 2,000 2,000 1,500 2,000 1,500 3,000 3,000 3,000 2,000 3,000 1,500 1,500 6,000 9,413 1,000 750 5,000 1.000 1.500 500 1,000 1,000 1,250 1.500 39 Tho Gracè Trust Notes to the flnanclal statements For the year ended 31 December 2021 The Sussex Beacon THE THOMLEY HALL CENTRE LIMITED The Trussell Trust The Tuberous Sclerosis Association The Virtual Doctors The Woodland Centre Trust The Youth Councilling Project THIS IS GRO￿￿H LTD Thomas Morley Trust Thomas p￿klIngtOn Trust Time and Talents Association Tiny Tim's Children's Cenlfe Tommy's Tools for Sell Reliance Tolnes Tower Hamlels Mission Tree of Hope Treetops Hospice Trust Treloar Trust Twenty Twenty Twins Trust Ltd Tyndale House UK Commillee for Unicef UK Youths Ulverslon Inshore Rescue t,250 1,000 3,000 2,000 750 750 1.000 750 I, 000 500 1,000 2.000 1.ODO 1.000 1.500 1,250 2,500 2,000 1,250 750 1,250 5,000 50Q UNICEF United Kingdom for UNHCR United Kingdom Sepsis Trust Limited Uniled Response Unity of Children Universily Hospitals Covenlry & Watwickshire Up'N' Away Versus Arlhirilis Village Ald VISION WEST OF ENGLAND Viva Network Volunteer Link Up Wakefield Hospice Walk Minislri8s Walkabout Foundation Walking with the Wounded Warwickshire Association for Ihe Blind Warwickshire Vision Support Warwickshire Young Carers Waterloo Community Counselling Wellchild Wellspring Counselllng 5,000 5,000 1,500 1.500 2,500 3,000 750 750 3,000 750 1.500 1.250 2,000 1,250 750 1,000 1,500 2,400 40 The Gra¢e TrLl$t Notes to tho flnanclal statements Forthe year ondod 31 December 2021 Welsh Air Ambulance Willow Burn Hospice Willshire Air Ambulance Windsor Hill Wood Wings for Warriors Winston's Wish IA Grief Support Programme for Children) Women's Air Federation of England Working Independently To Support Hull Hospitals World Cancer Research Fund World Central Kitchens World Child Cancer UK World Literacy Foundation World Child Cancers World Medical Fund Worldshare XLP Yorkshire Children's Trust Young and Free Young and Inspired Young Carers Development Trust Young Enterprise Young Millds Youth Space YWCA England & Wales Zurich Education Fund Grants withdiawn I cheques relurned from grantee Total grants Olher costs (note 4.11 Total 4,172 2.500 1,000 1,000 Y,500 2.000 8,000 3.000 10.000 2,000 1.000 1.500 500 1.500 2.000 1.000 1.620 2.000 3,000 1,000 750 1.080,000 38 603 014 1154,530) 38,448,484 30 793 645 627.916 31,421,561 All granls were paid to charitable in51ilulion$. Other costs allocated to charltable acllvitieB 31 December 2021 31 D8cember 2020 Governance costs Audit lees and fees for other services Professional fees Suppori costs Adminislralion and other costs Foreign currency movemenl {Reversal of impairmenl}Ilmpairmenl of investments Amorlisation of goodwill 18,690 306,937 18,000 92,741 23,746 13,903) (500,000) 17,616 (50.976) 500.000 50.535 164,530 627,916 Trustees received no femunerallon nor were they relmbursed for any oul-of-pocket expenses in either 2021 or 2020. 41 Th& Grace Trust Notes to the flnanclal slatemonts Forthe year ended 31 Decembgr 2021 The charity had no employees during either accounting period. 42 The Gracè Trust Notes to the flnanclal statgments Forthe year ended 31 December 2021 Net income 31 t)ecember 2021 31 D8cembgr 2020 This is slated after chargingl{credilingl'. Deprecialion- owne¢J assets Depreciation- leased Amorlisalion Loss on disposal Operating leases- land and building Operating leases- other Lossl{profil) on Foreign exchange Auditor's remuneration Charity- audit Charity- other services Subsidiaries- audit Subsidiarie$- other 363,622 1,074 69,707 6,451 342,340 1,408,226 1246,5201 309,696 2,421 94,082 11,623 320,871 1,214, 289 238,893 12,000 6,690 26,500 2,200 10,800 7,200 25,400 2,100 42 The Grace Trust Notes to the flnanclal statements For the year ended 31 December 2021 Intanglblg assets Goodwlll UBT IEU) Limited Mllburn Insuranco Brokers UBT Accountants Ltd NOA Llmited Total Cost At l J8nu8ry 2021 Additions Impairment Disposals At31 Decembgr 2021 999.900 12,634 1,779,000 49,674 2,841,208 177,0891 177,089) 24,825 999,900 12,634 1,701,911 24,849 2,739,294 Amortlsatlon Al l January 2021 999,900 12,634 35,983 40,9TT 1,089,494 Charge for the year Impairment Eliminated on disposal At31 December 2021 163,083 6,624 169,707 (24,825) 124,825} 999,900 12,634 199,066 22,776 1,234,376 Net book valu6 At31 December 2021 A131 December 2020 1,502,845 2,073 1,504,918 1.743.017 8,697 1, 751, 714 NOA IUKI Lin)Iled was acquired on 24 June 2007 for nil conslderalion. Goodwill of £12,634 represented the nel liabilities of NOA (UK) Limited al that date. UBT IEUI Limited was acquired on 31 March 2010 for £1,000.000. Goodwill of £999,900 represents the excess of the purchase consideration over fair value of net assets as al 31 March 2010. UBT (EUI Limited is a subsidiary of The Grace Trading Group Ltd and sold on 30 June 2022. The only direct subsidiary of Glace Trust is The Grace Trading Group Ltd, a holding company with share capital of £202 and reserves of £nil. 43 The Grace Trust Notes to tha flnancial statements Forthe year ended 31 December 2021 Goodwill IGontlnued) The Trust acquired 100 /0 of the share capital of UBT Accounlanls Llmlled on 9 November 2012 by way ofa gift. These shares were subsequently disposed of to a subsidiary, The Grace Trading Group Ltd for the consideration of 2 ordinary shares of £1 each in The Grace Trading GTOUP Ltd. The Grace Trust Trading Group Ltd disposed of these shares lo UBT IEUI Limiled on 27 December 2012 for the Consideration of 2 ordinary shares of £1 each in UBT (EU} Limited. In 2014 UBT Awounlanls Limited acquired the trade of the accounlan¢y pra¢lice Chrisix)ok Care and a division of the accountancy practice of T B Tax Services for £105,180 and £74,552 fespeclively. During previous years a proportion of the gooclwill was disposed of in a reslruclure of the business. On 1 November 2020 the trade and certain assets of MilbuFn Insurance Brokers (a division of Towergale Underwriting Group) was acquiied for £1,779.000. Do¢d of trust The members hav8 declared trusts over the shares in NOA (UK) Limited and UBT (EUI Limited whereby the income (and Capilal where deemed appropriatel shall be applied for the advancement of th& education of children and young people ffom ages 5 10 18 or for any other charitable purpose. Tanglble fixed assets Group only Leasehold Improvements Furnlture, flxtures & equipment Total Cost Brought fO￿ard al 1 January 2021 Additions Disposals 1,534,880 14,022 1,544,406 257.580 254150 3.079,266 271,602 At 31 December 2021 1,548.882 1547 836 3 096 718 Depr¢¢latlon Broughl fonvard 81 l January 2021 Charge for the year Disposals 451.371 145.793 1.250, 759 218,890 1243 687 1, 102, 130 364,683 243 687 At 31 Decombor 2021 1225 962 823 126 Not book value at 31 D¢¢ember 2021 951718 321,874 1 273 592 Net book valu& al 31 December2020 1,083,489 293,647 1,377,136 Investments The Grace Trust holds 1001/>o of the issued share capilal of The Grace Trading Group Ltd. The cost of investments in subsidiary undertakings refers to the original cost of the investment in UBT IEU) Limited and NOA {UK} Limited which were subsequently transferred to The Grace Trading Group Ltd in return for shares in that company. Investment in subsidiary undertakings, al cost.. Al l January 2021 At 31 D¢combor 2021 1.000, 198 1,000,198 44 Tho Grace Trust Notes to the flnancial statements For the year ended 31 December 2021 Investment$ (¢onllnuedl In addition, at 31 December 2019 The Grace Trust invested £6.500,000 in Vision Global Growth Fund which is an inveslmenl fijnd designed to facilitate equity investment in a manner consislenl with the ethical principles of the Trust. Al 31 December 2020, an impairment of £500,(K)O was recognised, resulting in a value of £6,000,000 al 31 December 2020. The impairment has been reversed in the year ended 31 December 2021, and so Ihe value is £6,500,000 at year-end. The remaining inveslmenl balance of £1,429,500 {2020.' £1,416,140), is money on deposit. 45 The Grace Trust Notes to the flnancial statements Forthe year ended 31 December 2021 stocks 31 De¢ 2021 31 De¢ 2020 Group TTading stock held by subsidiaties 892,496 881,014 Stocks are staled after provision for impairment of £30,321 (2020.. £11,275). Debtors 10. 31De 2021 31 D8C 2020 Amounts du8 wlthln one year- Group Trade debtors Other debtors Insurance premiums receivable Prepayments and accrued income 16,OB9,973 681,831 1,470,174 1998 652 14,796.417 483.153 1, 054,205 4,109,570 20 240,630 19, 843,345 Group trade debtors are slated after provision for impairment of £3,958,739 (2Q20.' £61,899). Amounts due wlthln one year- Charlty Due from trading subsidiaries - Glft Aid Other debtors 6,496,639 8 122 742 19,871,910 264.445 14 619,38 20 136,355 11. Creditors: amounts falling due wlthln one year 31 Dec 2024 31 Dec 2020 Group Bank loans Trade Creditors Other taxes and social security Other creditors Accruals and deferred income 155,066 2,135,871 2,579,982 1, 692,686 9,761,458 3,621,813 2,855,262 3,431,469 6.683 918 16 592 462 16,925,063 Charlly T(ade CTedilors Accruals 3,959 63,917 7,891 28.825 Deferred income of £4,189,e18 represents UBT {EUI Limited and UBT Accountants Ltd's funds received for servlces to be provided during Ihe next accounting period. Income in the year ended 31 December 2021 amounted to £4,189,618 and the amounls released from prior periods lolalled £3,794,411. 46 The Grace Trust Notes to the flnancial 8tatem¢nts For th¢ year endad 31 Decembèr 2021 12. staff Cost$ - trading subsldlaries The charity did not employ any staff during eilher accounting period. The following disclosure relates to the trading subsidiaries only.. The average nufnber of employees (including directors} in the year was: 31 Dec 2021 31 DeG 2020 Trading subsidiaries 180 163 Employment costs included in the trading subsidiaries results.. 31 Dec 2021 31 Dec 2020 Wages and salaries Social securily Pension contributions Redundancy and selllement ¢osts Other Costs 10,066,73B 1,037,775 338,853 7,496.t87 T88,549 252,181 8,718 11,4S4 891 8,545 635 The subsidiary companies operate defined conlribulions pension schemes. The assets of the scheme are held separately from those companies in independenlly administered funds. The pension charge represents contributions payable by Ihe companies lo the fund and amounted 10 £338.853 12020.. £252,181). Contributions outslanding al the year-end amounted lo £24,149 {2020.' £28. 7581. During the 2021 financial year the subsidiary companies had the following higher paid employees.. £60k- £70k 16 employees, £70k- £80k 8 employees, £80k to £90k 10 employees, £90k- £100k 11 employees, £100k to £110k g èmployees. £1 Iok - £120k 1 employees. £120k to £130k 2 employees, £130k lo £140k 2 employee, £160k lo £170k 1 employee, £170k lo £180k 1 emptoyee, £190k lo £200k 1 employee, £210k lo £220k 1 employee, £220k to £230k 1 employee, During the 2020 financial yeaT the subsidiary companies had Ihe following highei paid employees.. £60k . £70k 10 employees, £70k- £80k 6 employees, £80k lo £90k 15 employees, £90k- £100k 9 employees. £110k - £120k 2 employees, £120k lo £130k 2 employees, £130k lo £140k 1 employee. £140k to £150k 1 employee. 47 Thg Gracg Trust Notes to the financial statemenls Forthe year ended 31 December 2021 13. Funds- Group Carrled for4vard at 31 December 2021 roughl fornard al l January 2Q21 other galn$ Income Expendllure Transfers Unre$trl¢ted funds 129 573 325 121851915 51217 924 2 521218 Restrlcted funds 3 161515 221838 862 135 Expendable endowment funds 7416 140 500 000 7 929 500 Total Funds 2 IC4 050 14. Funds- Charlty Carried forward at 31 December 2021 Broiighl fonvard al l January 2021 In¢ome Expènditure Tran8fers Unrestrlcted funds 44 554 992 45 668 916 38 086 349 521375 Reslrlcted funds 3 161515 221838 862 135 21 Expendablè endowment funds 7416 140 500 000 7 929 500 Total Funds 45 38 48 Thg Grace Trust Notes to the flnancial $tatomènt8 Forthe year ended 31 D¢¢omber 2021 14. Funds- Charlty Icontlnued) Vision Foundation this expendable endowment fund represents funds which have arisen from a fundraising drive by Ihe charity. These are ring-fenced fund8 which will be invested lo create further ftjndraising returns in the future. Restricted fund8 the fund is for spe¢ific ¢apilal projects at th9 Orbeschool family of schools. 16. Commltments under operatlng lea5es- Group only At 31 December 2021 the group had non-cancellable lolal commilmenls under operating leases expiring as follows.. Land and bulldlngs 31 Decembgr 31 Dec8mb8r 2021 2020 other 31 December 2021 31 DeGember 2020 Expiring within 1 year 1-5 years Over 5 years 340,664 679,276 231458 1,251,397 165,262 630,000 388.958 1, 184,220 619,958 762,236 2,22Q.225 362.903 1,382,194 2,583, 128 16. Related Party Transa¢tlon8 Transactions behyeen the group enlilies have been disclosed wilhin Note 3. Sam Blackledge, son of Richard Blackledge is a director al Ihe Rapld Relief Team. Rapid Relief Team was granted £1,080,000 by the Grace Trust in 2021. There are no other related paty Iransaclions. 49 The Grace Trusl Notes to the flnanclal statements For the year end9d 31 D8cember 2021 17. Discontlnued Operations In the y¢ar ended 31 Decemb8r 2020 - Personal Protectlve Equipment In the year ended 31 December 2020. in April 2020 UBT (EU} Limited started lo engage in the trade of buying and selling personal protective equipment (PPE). This involved primaTily the sales of protective face masks, medical vlsors and saniliser stands. It proved lo be a piofilable venture and the full results are highlighted in the table below. The sales activity bègan on I6￿ April 2020. On 18th June 2020 the company agreed lo sell, with full lille, the PPE business a¢livilies lo Coshield Global Ltd {company registration number-. 119131361- As parl of Ihe sale agreement Coshield Global Ltd entered a separate rebate agreement with UBT {EUI Ltd to pay Ihe company a Commission equaling 10 301kJ of Nel Profil on the PPE sales achieved by Coshield Global Ltd for 12 months directly after the agreemenl dale. The total commission accruing lo the company in 2020 amounted lo £2,582.123 and is indicated below in the profil on disposal of trade. Personal rol ivee ui ment Iradin activi 2020 Turnover 28,800.180 Cost of Sales {25,685,4211 Gross profit 3,114,759 Adminislralion expenses 1173,7391 Operating profil for year 2,941,020 The proceeds from the sale and asset$ sold were as follows.. 2020 Cash procseds 5,807,809 Assets sold.. Intangible8 Stock Purchase order conlracls 1,819,008 1,406,675 3,225,686 Profit on disposal of trade 2.582,123 50 Th¢ Grace Trust Notes to the flnanclal statements Forthe year ended 31 Decembor 2021 18. Net Assets- Group Unr8strlcted funds 2021 Restrlcled Funds 2021 Endowment funds 2021 Total Funds 2021 Fixed assets 2,778,510 7,929,500 10,708,010 Current asset$ 65,031,876 2.521,218 67,633,094 Credilors due within one year 16 5924621_ 51217,924 16 592,462 61668,642 2 521,218 7,929,$00 Un￿strICt8d funds 2020 Reslricled Fuiids 2020 Endowm8nl funds 2020 ro181 Funds 2020 Fixed assets 3.128,850 7,416, 140 10.544.990 Ciirrgnl assets Creditors di18 wilhln on8 year 5T,292, 727 16.925.063 43.496,514 3.161,515 60,454,242 16,925,063 54,074.169 3, 161,515 7,416, 140 19. Guarantees An irrevocable Documentary Credit in the sum of £200,000 has been Issued in UBT (EU) Lld's favour by Barclays Bank PIC in respect of one of the company's suppliers of vou¢hers. In the event Ihat thls suppliels vouchers fail lo be honoured by retailers, Ihis Documentary Credit would be invoked. 20. Post balance sheet event UBT (EUI Limited is a subsidiary of The Grace Trading Group Ltd and was sold together with ils subsidiaries on 30 June 2022. 51 The Gra¢0 Trust Notes to Ihe financial statements For thg year ended 31 December 2021 21. Comparatlve Con8011dated Statement of Financial Actlvltles Total Unrestrlctèd Restrlcted Endowment Funds Funds 31 Funds 31 Funds 31 Year Docember Decembor December Ended 31 2020 2020 2020 Docember 2020 Notes Income from: Donations Other trading activities Inveslmenls 28,908,070 3,876,894 134,586 32,919,SSO 94,188,027 94,188,027 41,321 Total 127,452,33 123,440,855 3,876,894 134.586 Expondlture on: Raising funds 75,702,877 75,702,877 Charitable activities 28 357 892 2 663 669 500 000 31421561 Total 107,124,43 104 060,769 2,563,669 soo,000 Net Income Transfers between funds Net movement In funds 19,380 086 1313,225 365.414 20 327 897 13 21962 209 1313 225 365 414 22910020 Reconclllatlon of funds Balance brought forwarLI at 1 January 13 21,534,305 1,848,290 7,781,554 31,164,149 Balance carrled forward at 31 December 13 43,496,514 3,161,515 7,416,140 S4,074,189 52