2022-12-31-accounts

Charity No.. 257516 The Grace Trust Annual report and ¢on801idaled financial statements Year ended 31 December 2022

Tho Grace Trust Contents Page Legal and Adminislralive Information Report of the Trustee$ Independent Audiloffs Report lo the Members 8-10 Consolidated Stalement of Financlal Activities 11 Group and Charity Balance Sheels 12 Consolidated Cash Flow Statement 13 Notes to the financial slalements 1444

The Grace Trust Legal and Admlnistrative Informatlon Trustees Aller Brook Ltd (Company number 7215617} Scribefort Ltd (Company number 72307171 Principal offi Noble House Ealon Road Hemel Hempstead HP2 7UB Independent Auditor Crowe U.K. LLP Fourth Floor Sl James House Sl James, Souare Chellenham GL50 3PR Bankers HSBC pl Slalion Place Lelchworth SG6 3AJ SoliciloTS Fa￿e1 & Co 66 Lincoln's Inn Fields Holborn London WC2A 3LH

The Grace Trust Report of the Trustees The Trustees are pleased to presenl Iheir report together with the chafily and group financial slalemenls for Ihe year ended 31 December 2022. The financial slalemenls have been prepared in accordance wilh the accounting policies set out in note 1 to the linan¢i21 slalemenls an(f comply with Ihe charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Chaiilies.. Statement of Recommended Piaclice Standard applicable in the UK and Republi¢ of Ireland ISORP FRS 102}. Structure, Governance and Management The Grace TrLtst (the Trust) (Charity Numb&r 257516) was founded by Trust Deed on 13 Mar¢h 1968. Established by a member of the Plymouth Brethren Christian Church, the Trust continues lo be led by strong Christian principles and makes grants and donalions lo support the education of young people, alleviate poverty and provide humanitarian relief. Trust¢os The Trustees Sin￿ 1 January 2022 and lo the dale Ihal this report was signed, were as follows= Aller Brook Ltd Scribefort Ltd The Directors of Aller Brook Ltd and Scribelort Ltd sinTr l January 2022 were as follows.. Richard Blackledge Joseph Brewer Timothy Dallow Charles Halhorn Charles Lellaive Graham Reiner The power to appoint new Trustees is vesled wilh the existing Tiuslees of the Trust. There is an informal interview and induction process for any new Director of a Tluslee la Dlrectorl. ConlinLJing training for Directors Is undertaken Ihiough regular meetings and discussions with individuals and organisations in areas supported by Ihe Trust. All Directors are given the relevant documents lo review in relation to the responsibility of a charity trustee and the importance of the role, as well as the lime commitment required. With regards to specific training, this would relate lo their responsibilily in the Trust. For example. any Director involved willi financial mallers would receive a specific handover detailing their responsibilities and duties. The Directors (collectively, the Board) comprise the key management personnel of the charity in charge ol directing and controlling, running and operating the Irusl on a day-to-day basis. All Directors give of their lime freely and no Director received remuneration or any reimbursed expenses in the year. The Board has adopted the Charity Goveinance Code for larger ¢harilies, and reports against il on the following areas.. Organisational Purpose. The Trust's organisational purpose is lo raise funds to enable il to deliver public benefit by making donations lo charitable causes, especially In the area of education and the support and development of young people. The Board is commilled lo identifying and providing support in this area, and the success ol this is measured and reporled on in the impact statement below. Leadership. The Trust is led and governed by the Board, membeis of which are individuals with diverse bul relevant experience across business and the third sector. The Board meets regularly to agree strategy and provide direction to the charity and monitor the ongolng effectiveness of the leadership model. The names of the Trustees and Directors who served during the yoar are detailed earlier in this report,

The Grace Trust Report of the Trust99S Inle9rity. Integrity is a funclamenlal governing principle of the TrLisI, and undeilies the actions taken by the Board in all areas. This principle extends to the making of donations and grants lo appropriate causes, respect for the wishes of our many and generous donors, and the control of any potential confliGls of interest, through openness, policy and joint accountability. The Board understands the importance of retaining the public's trust and confidence. and demonstrable integrity is key for all stakeholders. Decision making, risk and control. The aim of the Trust is lo have effective and quality Llecision making, laking into account considerations of risk. This 15 facilitated by regular reviews of past decisions, resulling impact, and an ongoing consideration ancj review of risk and risk control. As part of these controls, the Tfust maintains a detailed risk register which is reviewed on a regular basis. Board effectiveness. The Board meets for formal board meetings on a regular basis, ordinarily monthly. The Boaid decided lo continue a mix of some virtual meetings and some face-lo-fa¢e meetings. Independence is maintained through a conflicts of interest policy and register, and all decisions agreed al boaid meelings are documented via formal minutes. The operalion of the Independent Grant Making Commillee is reviewed al Board level on a regular basis. Diversity. The Trust recognises that the future sustainabilily of the Charity relies on a guilably diverse approach both al board level and acioss volunteers and staffing within the trading subsidiaiies. This is reviewed on a regular basis. Openness and accountability. As a grant making charity, the Trust is awaTe that il Is accountable to the many and generous donors that make ils operations possible. We Iheiefore seek lo engage with our slakeholders on a regular basis, wilh the aim of building good relationships with all who have an inteiest in our ¢harilable aclivilies. All of our donations are made with the predicted impact as a key factor. The Board is pleased lo report that il Gonsiders all a8pec18 of the Code lo be applied effectively lo the governance of the Trust, and il is the intention of the Board to continue lo review and comply with these requiiemènts in the future. Oblectlves, Acllvltles and Public Beneflt The objects of the Trust, as set out on the Trust Qeed. are for general charilable purposes. The Board has referred to the Chaiily Commission's guidance on public benefit when reviewing the Trust's aims and objectives, and in future planning activity and selling the grant making policy for the ye2r. The Trust's vision Is the advancemeiit of Chrislianily to all- both believers and non-believers. The Trust ¢arries out ils objects by making donations lo charitable causes, especially in the areas of educalion, alleviating poveTty and providing humanitarian relief. The Trust's values includ8 integrity, generosity and reflecting the compassion and love of God.

The Grace Trust Report of the Trustees Grant making pollcy The Trust has a comprehensSve Grant Making Policy, established to maximise the impact of all donations. While the Trust has a long tradition of supporting educational organisalions, the Tiust also primarily supports UK registered charilles in the areas of non-governmenl emergency services and medical relief, disaster relief, childcare, support for those who are disadvantaged and essential medical research. Grants to educational charities conlinue lo forffl the largest part of the Trust's chaTilable activity, and the Trustees primarily select educational charities supporting schools forming part of the Onèschool international education initiative linked wilh the worldwide Plymouth Hrelhren Christian Church fellowship, which are commilled to PToviding an education for children and young people regaidless of Iheir parents, ability lo pay, their academic ability, or any special educational needs. The Trust is also proactive in ils outreach, monitoring the news and aiming lo provide impacfful donations when silualions arise where urgent help is needed. The Trust priorilises responsible giving. with Ihe impact of donations al the forefront of all de¢ision-making. All applications are considered carefully by a Granl-making Committee comprising individuals who are not Direclois. The Committee makes recommendations to the Board, which makes the final decision on the approval of grants. This allows for additional scrutiny of application5. and unbiased opinions lo be presenled lo the Board, Iherefore providing increased independence. The Board has had regard to the guidance contained in Ihe Charity Commission's published guidance on public benefit requiremenls. The Trustees reC(￿nISe the importance ol being outward looking and make grants to a wide range of charities. The independent Grant Making Committee is encouraged lo make grants in accordan￿ with the criteria sel out above bul also lo give due consideration to any applications for grants from charities which might not otherwise fall within the grant making policy. Checks are made lo ensure that charities lo whom grants are made are well run and financially sound., that their fundraising and administration costs are proporlionale and moderate, and therefore maximise the pprcentage of funds received that are applied lo the relevant charitable purpose. The Board also [eC(￿niseS the importance of monitoring the application of funds granted, to ensure that they are used appropriately and responsibly accordance with the purposes for which they are awarded. To achieve this, recipients of grants from the Trust are expected to report on how the funds have been applied, and the Board uses these reports lo assess the impacl of the granl making programme, and importantly, the development and PTO9ression ol this. The Board has considered the Charily Commission's guidance in this area. Achievem¢nt8 and Performance During the year ended 31 December 2022 the charity made grants of £48.7 million lo a wide range of charitable organisations. The grants provided lo these charilies have enabled the Trust lo achieve ils objectives through the furtherance ol Christian principles by the support of education. humanitarian aid and alleviation of poverty and the other areas covered by ils grant making policy. The Trust affirins the public benefit of providing support lo such a range of oiganisalion$. Note 4 contains a list of grants awarded during the year and some examples of the impacl of the grant- making programme are set out below.. Ortesehool Global UK is the largest benefic12ry of the educational establishments the GraTr Trust provides support lo and the Trustees Continue lo be impressed by the achievements of its pupils and faculty. The schools offer a self-direcled learning model to slLJdenls using culling-edge technology, including Canvas and Zoom, which allows foron demand learning and facililales highly effective sludenl engagement in their education. Oneschool Global A-Level and GCSE results continue to be outstanding. The Board is very pleased to see how the Trust's grants are making these achievements Possible.

The Glace Trust Report of the Trustees Rapld Relief Team is supported extensively by The Grace Trust who is a major donor lo this worthy cause. Inspired by community spirit and the gift of giving, the Rapid Relief Team {RRT) serves people with care and compassion in their lime of need. RRT offers quality catering assistance and tangible support lo charities, governmenl and emergency seTvices confronting some of humankind's greatest challenges. Ediicational Charlties- The Trust is passionate about education and continues lo support many educational charities, thereby providing opporluniliès for young people lo pursue Iheir learning and personal development, as the full Grants Payable list illuslrales. NHS Charities - Wlh the increased fDCUS on the valuable work of the NHS over the past three years. the Grace Trust is pleased lo have been able to support a number of the NHS Charities, providing and developing free healthcare based on need across the UK. Alr Ambulancgs The Trust continues lo provide grants lo Air AmbUlan￿S who do not receive gov8rnment funding and make lile-saving missions lo people in serious and urgent need of care. As the full Grants Payable list demonslrale8, in addition lo these examples the Tiusl 5UPPOrts many other Charities in many ways. The purpDses of those charities include medical research, relief of poverty, emergency services, medical assistance, care of childrer¢, mental heallli, palliative carè, disaster relief, social care, care of disabled. missionary work, homelessness, care of vulnerable adulls, care of the aged, bereavement support and hospice care. Fundraislng and Volunteer8 The Trust's fundiaising is undertaken Mainly through 'soft sell, marketing campaigns, aimed al making commurhilies aware of the impa¢l which the Grace Trust ha8. These campaigns are facililaled largely through presentations, and one-to-one meetings. The charily is ￿gistered with the Fundraising Regulator and is commilled to follow the Code of Fundraising Practice across all ils fundraising aclivilies. During the year under leview, the Trustees are pleased lo report that there were no failures to comply with the Code ol Practice, and the charity received no complaints about the way 11$ fundraising activities were carried out. To ensure the very best use is made of monies donated and to maximise the impact ol our funds, we rely heavily on volunteers in both the Trust and ilg subsidiaries and keep paid staff to a minimum. All persons volunteering for fundraising activities with the Trust are provided with an initial induction and trainin9, to ensure they are fully conversant with Iheir responsibilities and duties under the Code, and in particular, the need to be legal, open, honesl. and polite when dealing with members of the public, and lo be aware of Ihe potential impact on, and the need lo protect, persons in vulnerable circumslance5. The majority of fundraising activity for the Trust is carried out by 2 group of volunteers, called the Global Funding Team {GFTI. This team was established during 2018 to raise awareness of the Grace Trust and ils charitable aclivilies and engage with communities with a view lo securing donations f(om individuals and businesses across the UK. The Trustees are pleased to be able lo report that the aclivilies of GFT have been very successful, donors across the UK continue lo support the charity as a resu51 of the efforts and hard work of in excess 01600 volunteers. The Truslees extend special thanks to these individuals for their conlribulion. Flnanclal Review The Group's total income for the year was £72.302,237 (2021.. £129,808,523). Net movement in funds for the year was a gain of £3.458,104 (2021.. gain of £1,594,413). The Group had two active trading subsidiaries during the year., UBT IEUI Limited and UBT Accounlanls Limited. These subsidiaries, up to the dale of their sale. passed any surpluses by way of Gift Aid to the Trust and other charities. U8T (EU) Ltd and the other trading subsidiaries, which were owned by UBT {EUI Ltd, were sold by Glace Trading Groiip Ltd on 30th June 2022 on leims which require profits from the group lo continue lo be applied for charitable purposes within the objects of the Trust. The lolal received from UBT (EUI Lld was £17.8 million for the year ended 31 December 2022 in a combination of profil shed and donalioii.

The Grace Trust Report of the Truste68 The principal source of funding for the Trust during the year was Ihe income received from the donations from individuals. This income, combined with the income received from UBT {EUI Ltd, enabled the charity lo achieve ils objeclives as outlined above. Profil and loss accounts for the principal subsidiaries are shown in note 3. Risk management The Trustees are re$ponsible for establishing and monitoring Internal control systems within the Trust, The major risks which may impact the aclivilies of the Trust have been reviewed dtjring the year and the TTuslees are satisfied that the system of internal conliols cuirently in place is adequate, whilst recognising that they are designed lo manage rather than eliminale risk. Internal controls are reviewed on an ongoing basis as part of Ihe day-lo-day risk management piocess wilhin the Trusl. The Board has identified Ihe key risks as: 1. A reduction in funding leading to inadequate liquid resources. 2. Any event that potentially could impact on the repiilalion of the Tiusl. The Trustees are aware that allhough the Tiust is not a household name, il is a large charity, handling a significant level of charitable funds, and review activities on a regular basis, wllh a view lo enhancing the r&pulalion and the goodwill of the Trust. Future perlod8 Looking ahead to future periods, ongoing assessments and budgets are prepared. At Ihe time ol the report, the Truslees forecast Ihat there is an expectation that donation income will likely increase over the next twelve monlhs. Al Ihe time of writing the anticipated increase in donations ieceived in 2024 is expected lo be at leasl 20Q/o up on 2023. At the same lime the Trustees are aware of increasing inflation in the UK and the potential for grant applications lo the Trust lo increase in value as a result. However. we do anlicipale that income will cover these increased oulgoings and ensure continuation of our objectives and our ability lo continue with our grant making as we would wish. Investments and Re8erve$ The target level of reserves is £10 million to £15 million. This is to enable the level of grants made lo be maintained in the shoTI term, even If income de¢reases. Cash continues to be required lo fund grants at short notice. As a result, any surplus resources are held as cash. The trustees are awafft that the current level of cash reserves is in excess ol this target level and have taken Iwo measures as a ￿SU11.. 1. Successfully negotiated high inleTest reluins on the funds that are held in bank deposits. 2. Invested in growth lunds and unil lius15 to secure a greater return than high street banks can offer. Duiing the finanolal year, the Trustees adopted a revised investment policy for the Trust. In partlcular, this sets oul ethical principles consislenl wilh community beliefs which the Trustees have concluded il is prudent and proper for the Trust to adopl. UBT IEUI Ltd and the other trading Subsidla￿es, which were owned by UBT (EUI Ltd, were sold by Gra Trading Group Ltd on 301h June 2022 on terms which require prolits ffom the group to continue to be applied for charitable purposes within the obje¢ls of the Trust. The sale proceeds were donated lo The Trust on the same day. The Trustees have invested the proceeds of the sale and a further £10.7 million into the Vision Global Growlh Fund, an inveslmenl fund designed lo lacililale equity Investment in a manner consislenl with the elhical principles of the TrLisI. The Board hopes lo realise good returns on this long- term endowment type investment which is intended to combat the effects of inflation and provide a subslanliaS return and capital uplift, whilst not bearing the risks associated with the ownership and performance of a singl8 trading group.

The Grace Trust Report of the TYii8tees At 31 December 2022, the reserves of the chaiity comprised £65,125,858 (2021.. £62.588,27T). Of these are expendable endowment lunds of £21,394,894 (2021.- £7.929,500), comprising the Vision Foundation fund which is being invested foi long term growth, and reslricled funds of £835,967 (2021.. £2.521,218). Free reserves ale £42,894,997 (2021.. £52, 137,559). The tfustees awe awafe this is considerably more than the reserves policy, and plan lo lurthei invest in long term endowment investment, lo IuTlher slrenglhen the long term aims and benefits of Ihe charity as mentioned above. 11 is the intention of the Trustees to conliniie monitoring the level of reserves. income, and of grant making. statement of Trustees, résponslbllllies The Trustees are responsible for preparing the Trustees, Report and the financial slalements in accordance wilh applicable law and United Kingdom Generally Accepled Accotjnling Practice IUnilÉd Klngdom Accounting Slandards)- The law applicable to charities in England and Wales requires the Truslees lo prepa¥e financial statements for each financial year which give a true and lair view of the stale ol affaiis of the charily and the group and of the in¢oming reSoUr￿S and applicalion of resources of the group for that period. In preparing these financial stalemenls. the Trustees are required lo: select suitable accounting policies and then apply them consislenlly., ObSe￿e Ihe methods and ptEnciples in the Charities SORP.. make judgements and estimates that are reasonable and prudent., slate whether applicable accounling standards have been followed, subject lo any material departures disclosed and explained in the financial slalements., prepare the financial statements on the going concern basis unless il is inappropriate lo presume Ihal the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions. disclose with raasonable accuracy at any lime the financial position of Ihe charily and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) RegLJlalions 2008 and the provisions of the charity's constilution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of ffaud and other irregularities. Approved by the Trustees and slgned on their behalf by.. Joseph Brewer Dlrector of Aller Brook Ltd and SGribefort Ltd Corporate Trustee Date: 30.10. lJ)i

ThB Grace Trust Independent Audltor's Report to th¢ Meinbers Oplnlon We have audited the financial ststemenls of The Grace Trust {'Ihe Charily,) and ils subsidiaries {'Ihe Group,) for the year ended 31 December 2022 which colnprise the Consolidated Statement of Financial Aclivilies, Group and Charity Balance Sheels, Consolidated Cash Flow Slalement and notes lo Ihe rinancial stalemenls, incIL￿ing significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Praclicel- In our opinion the financial slatemenls.. give a true and fair view of the stale of the Group's 2nd the parent charily's affalrs as at 31 December 2022 and of the Group's income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in a¢coTdance with the requirements of the Charities Act 2011. Basis for opinlon We conducted our audit in accordance wilh Inteinalional Standards on Auditing IUKI IISAS IUKI) and applicable law. Our iesponsibililies under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are indepèndent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities ir¢ accordance with these requirements. We believe that the audit evidence wg have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusion5 rglatlng to golng concern In auditing the financial statements. we have concluded Ihal the Trustee's use of the going Concern basis of accounting in Ihe preparation of the financial slalements is appropriate. Based on the work we have perfoimed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast S￿nIfIcant doubl on the Charity's or the Group's ability lo continue as a going concern for a period of at least Iwelve months from when Ihe linan¢lal statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern 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 report. other than the financial statements aiid our auditor's report Ihereon. Our opinion on the financial statements does not cover the olher information and, except to Ihe extent olherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibilily is lo read Ihe other Information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audil or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required to determine whelhei Ihis gives rise lo a material misstalemenl in the ftnancial slalements themselves. If, based on Ihe work we have performed, we conclude that there is a material misslatemenl of Ihls olher informalion, we are required lo report that fact. We have nothing to report in this regard.

The Grace Trust Independenl Auditor's Report to thè Membeys Niatlers on whlch we are requlred to report by ¢x¢eptlon We have nothing to report in respect ol the following mallers in relation lo which the Charilles {Accounls and RepDrtsl Regulalions 2008 requires us lo report to you if, in our opinion.. the information given in the financial stalerrEnls is inconsislenl in any material respect with the Trustees, report., or sufficient and proper accounting records have not been kept by the parerhl charity,. or the financial 8talemenls are not in agreement wilh the accounting records and returns., or we have not ieceived all the information and explanations we require for our audit. Respon$lblllties of Trustee5 As explained more fully In thè Trustees, responsibililies statement set out on page 7, the Trustees are iesponsible for the prepaialiDn of the financial slalemenls and for being satisfied that they give a true and fail view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial slalemenls that are f￿e from material misslalemenl, whether due to Iiaud or erior. In preparing the financial slalemenls. the Tiuslees are responsible lor assessing the Group and the parent charity's abilily to continue as a going concern, disclosing, as applicable, mallers related lo going concern and uslng the going concern basis of accounling unless the Trustees either intend lo liquidate the Charity or to cease operations. or have no realistic allernalive but to do so. Audllor's responslbilitieB for the audlt of the flnanclal statements We have been appointed as auditor under section 151 of the Charities AGI 2011 and report in accordancé with the Acts and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance aboul whether the financial slalemenls as a whole are free from material misslatemenl, whether due to ffaud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuranTr, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always del8¢1 a material misslalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate. (hey could reasonably be expected lo influence the ecor)omiG decisions of users taken on the basis of Ihese financial slalements. Details ol the extent to which Ihe audit was considered capable of delecling irregiilarities, including fraud and non-compliance with laws and regulations are set out below. A further description of oui responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al.. www.ffc.or .uklauditorsres onsibililies. This description forms part of our auditor's report. Exlent to whlch the audlt was considered capablo of detecting Irr•gulaYllles, Includlng fraud Irregularities, including fraud, are instances of non-compliance wilh laws and regulations. INe identified and assess￿ the risks of maleiial misslalement ol the financial statements from irregulaTilies, whether due lo fraud or error, and discussed these between oiir audit team members and significant component audit teams. We then designed and perlormed audit procedures responsive lo those risks, including obtaining audll eviclence sulficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory Iiamework5 within which the Charity and Group operates, focusing on Ihose laws and regulations that have a direct effect on the determination of malerial amounts and disclosures in the financial slalements. The laws and regulations we considerecl this conlexl were the Charities A¢1 2011, together with the Charities SORP IFRS 1021. We assessed the requlred compliance wilh these laws and regulations as parl of our aiidil procedures on Ihe related financial statement items.

The Grace Trust

Independent Auditor's Report to the Members

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity's and the Group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity and the Group for fraud. The laws and regulations we considered in this context for the UK operations were employment legislation and taxation legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of UBT (EU) Limited's income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of the Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, designing audit procedures over the timing of recognition of UBT (EU) Limited's income and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non­ compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non­ compliance with all laws and regulations.

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor Fourth Floor St James House St James' Square Cheltenham GL50 3PR

Date: 30 October 2023

Crowe U.K. LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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The Grace Trust Consolldated Statemont of Flnancial Actlvitie$ For the yaar elided 31 December 2022 Unro$trl¢l8d Unrestfltttèd Funds- Funds- Contlnulllg DS$¢ontlnuBd OpÈiatlons Operatloris 31 December 31 Docombor 2022 2022 Total Fiinds Reslrl¢ted Endowm8nt Year Ende Funds 31 Fvnds 31 31 De¢ember D8¢8mbor De¢eTb)b&r 2022 2022 Tolo Fiind.. YearEnda( Notes Unr85lrlcted Funds 31 DecetNbeT 2022 Decèmb8 202.. 2022 Income from.. Oonalions Olhertrading aciwdies Government grants Investments 33.530.200 33,630,200 36,577,302 4,325 2,fj72,645 36,207,170 35,677,302 50.910,871 98.878.40' 6,91: 12 3S,577,302 2a 2b 617 765 517768 517 765 Total 33 530 200 36 72 302 237 12 8Q8 52.. Expendlture on- RoSsing funds Charitable a¢llvllles 24.004.046 24,004,046 47 297 461 24,004,Q46 48 931758 ,765.561 1829190 106105 Tolal Net l&xpendlturoll(n¢oTne Transfers betwgen lunds Galn on dlsposal of subsldl8ry Net movement In funds 47 29Y 461 24 004 046 12 09102 71 301 507 1676 240 1(p 737 468 1529190 5 2567540 160 386 897 864 2 935 802 633 566 122 214 051 10 737 468 4 091689 16162690 4 091 669 8 322 039 4 091869 24 504 72 1685 251 7 594 47.. Re¢onclllatlon of funds Balance brought f¢tward at 1 January Balancè carrled fo￿ard at 31 December 13 2 521 218 7 929 500 6q 668 642 54 13 42 895 886 The notes on pages 14 10 44 form part of these financial stalemenls.

The Grac¢ Trust Group and Chaylty Balance Sheels As at 34 December 2022 Group Charlty 2022 2021 2022 2021 Notes Fixed assets Goodwill Investments in subsidiary undertakings Investments Tangible fixed assets 1,504,918 202 21,394,894 1,000,198 7.929,500 21,394.894 T,929,500 1,273,592 10 708.010 21394,894 21395 096 8,929,698 Current assets Slocks Debtors Cash al bank and in hand 892,496 20.240,630 10 699,156 699,056 14,619,381 43,069 525 43 768,681 46,419,968 67,553,094 43,069,525 39,107,074 43 768 581 53. 726.455 Current Ilabllltles Creditors.. amounts falling due within one year 11 136,829} (16,592,462) (37,8191 (67,876) Net current assets Net assets 43,731,852 65126746 50,960, 632 61,668,642 43,730,762 53,658.579 65,126,858 62,588,277 Fiindg Unrestricted funds Reslricled funds Endowment funds 13 13 13 42,895,885 835,967 21.394,894 51.217.924 2.52f.218 7.929.500 42,894,997 52,137,559 835,967 2,521,218 21,394,894 1,929,500 Total funds 65126746 61.668,642 65,125,858 62 588,277 The financial slalemenls were approve(f and authorised for issue by the members of Ihg Grace Tru81 and signed on their behalf by.. (JfyL Joseph Brewer Dlre¢lor of Aller Brook Ltd and Scribefort Ltd Corporate Trustees Date: 20.10 .44)PS Notes on pages 14 to 44 for parl of these financial statements. 12

The Grace Trust Group and Charity Balance Sheets As at 31 Decemb¢r 2022 31 December 2022 31 Decembgr 2021 Cash flow$ from operating acllvities: Notes Net cash provlded by opgrallng actlvllles CF1 8,627,629 6,958,104 Cash flows from investlng activitles: Interest received Payments lo acquire tangible fixed assets Payments lo acquire investments Proceeds from sales of tangible fixed assets 517,765 (393,2611 115.000,0001 1,467,923 12,932 (271,602) 4,012 Change in cash and cash equivalents in the reporting period 4,779,944 6 703 446 Cash and cash equivalents al the beginning of the year 47,849,469 41.t46,023 Cash and cash equivalents at the end of Ihe feporting period CF2 43 069 525 4T.849,469 CF1. Reconciliatlon of nel incomel(expendlturel to net cash flow from opeyating actlvltle8 31 Dècember 2022 31 Decomber 2021 Net {expendilurel l income Interest receivable Depreciation of tangible assets Loss on disposal of langlble assets Amorlisalion ol goodwill Impairment of goodwill Impairment of inveslmenls I (reversal of impairment of investments) Decreasel{increasel in stock Decreasel(increasel in debtors Increase in Creditors Gain on disposal of operations Dlsposal of gooclwill {633,5651 {517,7651 198,316 614 86,781 7.594,473 (12,932) 364,683 6.452 169, 707 77,089 (500,000) (11,482) (397,285) (332,601) 105,105 892,496 19,541,474 (16,555,633) 4,091,669 1,418,137 Nel cash provided by operating activities 8 627,629 6.958,104 CF2. Cash and cash equivalents 31 Decembor 2022 31 December 2021 Cash held with investment manageis Cash al bank and in hand 1,429,501 46 4t9,968 47,849.469 43 069,525 43 069 525 13

Tho Grace Trust Group and Charlty Balancè Sheets As at 31 December 2022 Legal Stalus of tho Char5ty The Grace Tru81 was registered with the Charity Commission for England and Wales on 13 March 1968 {regislered numbei 2575161. Ils registered address is Noble House. Eaton Road, Hemel Hempstead, HP2 7UB. Please refer lo Companies House lor the addresses of all subsidiaries. Accounting pollcles Basis of preparlng financial statemenis The financial slalemenls have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise slated in relevant notes to these financial slalemenls. The financial slalemenls have been prepared in accordance with thè Accounting and Reporting by Charilies-. Slalemenl of Recommended Practice applicable lo charities preparing Iheii accounts in accordance with the Financial Reporting Standard applicable in the UK and Fiepublic of Ireland {FRS 1021 (effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland {FRS 1021 and the Charities Act 2011. The accounts are prepared in slerling. which is the functional currenGy of the Charity. Monetary amounts in Ihese financial slatemenls are rounded lo the nearest £. The Trust conslilLiles a public benefit enlily as defined by FRS 102. The financial slalemenls of the Charity's wholly owned subsidiaries, The Grace Trading Group Ltd, NOA (UK) Limiled, UBT IEU) Limited. Insignia Enterprises (Europe) Limited. UBT Ivine) Ltd, UBT Accounlanls Limited and Academy Schoolwear Ilnl.) Ltd are consolidated on a line by line basis in these financial statements up to the dale of their sale during the year ended 31 Decembef 2022 (excluding The Grace Trading Group Ltd, which remains a subsidiary ol The Grace Trust). The Charity has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only Cash Flow Slalemenl and certain disclosures about Ihe Charity's financial instruments within Ihe consolidated financial statements. Going ¢oncern The members have a reasonable expectation that the Group has adequate resources to continue its activities forthe foreseeable future following their review of the finanGial position, reserves levels and lulure plans. Accordingly, they continue to adopt the going conGern basis for preparing the financial statements. Income Donations are recognised in the year in which the funds ale ieceived. Income is only deferred when the Charity has lo fulfil conditions before becoming entilled to il or where the donor has specified that the income is to be expended in a future yeai. Gift aid is accounted lor in the same period as the associated donation. UBT (EUI Limited sold goods and services ft)r Ihe purpose of raising funds for The Grace Tiusl, the ultimate parent charity, up lo Ihe dale of ils sale. Income is recognised al the fair value of the consideration received or receivable for sale of goods andlor serviTrs in the ordinary nature of the business. The income is shown nel ol Value Added Tax. Turnover Is recognised on despatch of Ihe goods lo the customer, or in respect of services when the delivery of se¥vices is completed. Where the company offers subscriptions to publications, this income is accounted for when the goods are supplied. The company also ieceives commissions and rebates from various suppliers of goods and sewices. This turnover is recognised in the period that the goods and seNices are supplied. Grants ol a revenue nature are recognised in income within the consolidated slalemenl of financial a¢llvilies in the same period as the related expendilure. This included the Government Coronavirus Job Retention Scheme in the year ended 31 December 2021. 14

The Grace Trust Group and Charlty 8alance Sheots As at 31 D6c8mber 2022 Accountlng pollcles Icontinuedl Investment income is accounted lor on a receivable basis. Expendlture Expenditure is included on an accruals basis. Expendiluie on charitable activities includes all costs incurred by the Charily in iindertaking aclivilies Ihal further ils charitable aims. Irrecoverable VAT is charged against the relevant item of expendilure. Costs of raising funds comprise those costs ¢Jireclly atlribulable lo the gross expenditure of the subsidiary Companies. Granls payablè are recognised when grants have been commilled lo unconditionally {or where any ¢ondilions are not under the control of the Charity) and have been communicated to the recipient. Governance costs Governance costs aTe allocated lo charitable activities and comprise all costs involving the public accountability of the Charity and costs related to slalulory requirements. Goodwill Acquired goodwill is wrillen off in equal annual inslalmenls over 10 years. Tanglble flxed assets and depre¢latlon Tangible fixed assets are slated at ￿8t less depreciation. Depreciation is provided al rates calculated lo write off the cost, less eslimaled residual value, of each asset over ils expected useful life as follows.. Leasehold improvements Over Ihe term of the lease Furniture lillin Equipment Motor vehicles Software development sande ui menl.. 2-4 yeais 25VA reducing balance 3 yeais Tanglblg fixed assets and depreclation Icontinued) Fixed assets are rèvièwed for impairment il events or changes in circumstances indicate that the carrying amount may not be reGoverable or as otherwise Tequired by relevant accounting standards. Investments Fixed asset investments in subsidiaries are slated al cosl less provision for diminution in value. Unlisted inveslmenls are measlired al historic cost and are reviewed annually for impairment. Remaining investments are cash held on deposit Linlil invested post year end. stock Stock consists of purchased items for fftsale. Stocks are valued at the lower of ¢osl and net realisable valLl&. Cost is calGulaled on a first in lirsl out basis. Nel realisable value is based upon eslimaled selling pri￿ less further costs expected lo be incurred on dlsposal. Provision is made for obsolete and slow moving items. 15

The Grace Trust Group and Charity Balancg Sheets As at 31 Decembey 2022 Accounting policles {contlnuÈdl 1.10 Leasing Rentals payable under operating leases are charged to the Statemenl of Financial Aclivities on straight line basis over the lease term. 1.11 Taxatlon The Trust. which is a registered chaiily, is enlilled lo laxalion exemptions on all income properly applied for ils charitable purposes. There is no laxalion for the subsidiaries as any profits are gift aided to the parent charily. 1.12 Foreign currency translation Monetary assets and liabilities denominated in foreign curfencies are Ifanslaled into sterling at the rates of exchange rulin9 al the Balance Sheet dale. Transa¢lions in foreign currencies are recorded at the rale ruling at the dale of the Iransaclion. All differences are taken lo Ihe Statement of Financial Activities. 1.13 Financlal instruments The Group only has financial assets and financial liabilities of 8 kind Ihal qualify as basic financial inslrumenls. Basic financial inslriimenls are initially recognised al Iiansaclion value and subsequently measured at their settlement value, with the exception of loans which are subsequently measured at amorlised cost using the effective interest method. Debtors Trade debtors. accrued income and olher debtors are recognised al the selllement amount due and prepayments are valued al the amount prepaid. Known bad debts are wrillen off and specific provision is made for any debts considered to be doubtful, il appropriate. Cash and cash equlvalènt8 Cash is represented by cash in hand and deposits wilh financial inslitulions. Creditor$ Credilois are recognlsed where the Charity has a present obligation resulting from a past event that will probably result in the Iransfei of funds to a third paily and the amount due to sellle the obligation can be measured or estimated Teliably. Creditors are recognised at their selllemenl value. 1.14 Redundancy cost8 Redundancy and termination costs are accounted for on an accruals basls when the commitment to terminate a post on the grounds of redundancy has been made. 1.1S Penslons- defined contrlbution The subsidiaries operate a defined contribution scheme. Conlfibulions are Charged lo expenditure as they become payable in accordance with the rules of the scheme. 1.16 Crlllcal accounting judgements and key resouYce8 of estimatlon uncertalnty The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the eslimale is revised where th$ revision affects only Ihat period, or in the period of the revislon and future periods where the revision affects both current and future periods. Grilical accoiinting estimates and assumplions.. Impairmènt ol debtors - the Group makes an estimate of the recoverable value of trade and other debtors. Wherk assessing impairment of trade and other debtors, management considers laclors including the curienl credit rating of the debtor, the ageing profile of debtors and hislorical experien￿. See note 10 for the net carrying amount of Ihe debtors and associated impairment provision. 16

The Grace Trust Group and Charity Bal4n¢e Sheot8 As at 31 Decemher 2022 Accounting poli¢le$ (continued) 1.17 Expendablo endowmentfund The expendable endowment fund has been created lo generate sustainable income for the fulure. Restrlcted funds Reslricled funds are subject 10 specific conditions by donors as lo how they may be used. The purpo$es and uses of the reslricled funds are set out in the notes to the financial slalements. Unrestricted funds Unreslricled funds are expendable al the discretion of the Trustees in furtherance of the objects or adminislralion of Ihe Charity. 2a. Government grant income 31 December 31 Decgmber 2022 2021 Coronavirus Job Retention Scheme 2b. Investment Income 31 December 2022 31 December 2021 Bank interest 517,765 12.932 17

The Grace Trust Groiip and Charlty Balance Sheets As at 31 December 2022 Income and 8xponditure of tho Charity's subsldlary companies The Charity has, via The Grace Trading Group Ltd (company no. 07263102), wholly owned subsidiaries which have been Iradiiig during the year. UBT (EU} Limited (company no. 04938684} and UBT Accounlanls Limiled lcompany no. 073462681 are incoiporaled in England and Wales. UBT (EU} Limited and UBT Accounlanls Limited were sold by The Grace Trading Group Ltd on 30 June 2022. UBT (EUI Limiled provide5 business seNices lo raise revenue for charitable purposes. UBT Accounlanls provides accountancy. provision of Iraining and consullancy services. A summary of the Ira(ling results of Ihe trading subsidiaries lo the dale of disposal of 30 June 2022 is shown below. The Grace Trading Group Ltd acts as a holding company. Audited financial statements ofthe UK subsidiaries lor the year ended 31 December 2022 are filed with the Registrar of Companies. Year ended 31 Deceinb8r Year end&d 2021 31 D8cemb8r UBT 2021 Account8nls UB T (EU) Limit&d Limil8d Perlod ended 30 June 2022 Period ended UBT 30 June 2022 Accountants UBT {EUI Limited Llmltèd Profit and loss account Tuinover Cost ol sales 665,729 342 076 34,911,573 15977818 1,198.444 763, 790 97,679,959 61,516, 172 Gross proflt Other operating expenses Other opeialing income 323,653 18,933,755 434,654 36,163,787 1192,2301 17.972,4371 (291,91 7) (21, 189, 795) Operatlng profit Interest ieceivable Interest payable 131,423 10,961,318 2,748 141561 142. 737 14,980.307 2,284 f 12,219 2,566 3,894 Proflt on ordinary activltles before taxotlon Taxation 128.857 10,822,506 138, 843 14,810,312 Profit for the perlod 128 857 10 822.505 138,843 14,870,312 Sharehold6rs' Idefielt) I funds brought forward 17241 80,202 (139,567) 80.202 Sharoholders, Ideflclti I funds carry forward 128,133 8D,202 (T24) 80,202 18

The Grace Trust Group and Charity Balancè Sheets A8 at 31 December 2022 Income and expendllure of the Charlty's subsldlary companies {continuedl Period ended 30 June 2022 Perlod ended UBT 30 June 2022 A¢¢ountant$ UBT {EUI Llmlt¢d Llmlted 31 De¢gmber 2021 31 Deceinber UBT 2021 Accoiinlanls UBT EU Limil@d Limited Total Assets 504 369 24,045,512 456.432 30.494.208 Total Llabllltl89 376,226 23,935,310 45T,156 30,414,006 Related party transa¢tlons Gift aid amounts were payable in the year from UBT {EUI Limited lo The Grace Tfust lotalling £10,822,50512021.' £14, 870.3121. Al 31 December 2022 an amount of £Nil (2021.. £6,492,222) was owed from UBT (EUI Ltd to The Grace Trust. No gift aid was payable froin UBT Accounlanls Limiled in eilher the 2022 or 2021 financial years. Directors or Companies with mutual directors of group enlilies have putchased goods and services from UBT (EU) Limited lotalling £286,883 {2021.' £472,371 J in their ordinary couise of business. These purchases were at the normal commercial Tales offered lo other cuslomeis. During Ihe prior year, The Grace Trust provided a £7.5m loan facility lo UBT IEUI Limited. It bears interest at the base rate plus 3.5°/o. This loan was fully repaid in the year ended 31 December 2022 (at 31 December 2021, a loan balance of £7,616,279 was included within othèr deblorsl. 19

The Graco Trust Group and Charity Balanco Sheets As at 31 December 2022 Charitable a¢tlvltlos Grants payable 2022 202f Abby's Heroes Able Child Africa Absolule Retuin for Kids Access Your Right To Care Action Aid Action Against Hunger Action for Children Action for Stammering Children A¢lion Medical Research Action Through Enterprise Action Tuloring Addenbrooke's Charitable Trust ADF International IUKI Afasic Afghanistan & Central Asian Association Africa Inland Mission International African Childrens Fund Limited African Pastors, Fellowship Age UK Air Ambulance- Cornwall Air Ambulance- County Air Ambu18nce - Derby, Leiceslefshire and Rutland Air Ambulance - Devon Air Ambulance- Dorsel & Somersèl Air Ambulance- East Anglia Air Ambulance- Essex and Hert8 Air Ambulance- Great North Air Ambulance- Great Western Air Ambulance- Hampshire and Isle of W)ile Air Ambulance- Kenl. Surrey & Sussex Ali Ambulance - Lincolnshire and Notlinghamshire Air Ambulance - London Air Ambulance - Midlands Air Ambulance- Norlhern Ireland Air Ambulance- NoTlh Wesl Air Ambulance - S¢olland Air Ambulance - Warwickshire and Norlhamplonshire Air Ambulance - Willshire Air Ambulance - Thames Valley Air Ambulance - Wales Alr Ambulance - Yorkshire Alderley Edge School for Girls Alder Hey Childrens Charity 1,000 1,000 3,000 1,000 11,700 20.500 3.000 1,000 3.000 2.000 1,000 1.500 3,000 10,000 1,000 3.000 1,000 750 750 500 3,000 3,000 1,500 3.000 5.000 3,OQO 3.000 3,000 3,000 3,000 3,000 5,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3.000 3,000 7.500 3,000 6.000 3,000 3,000 11,885 2.000 7,700 20

The Grace Trust Group and Charlty Balance Shegts As at 31 Dècember 2022 Alexander Dèvine Chilclrens Cancer Trust Alex, The Leukodystrophy Charity All Hands and Hearts (UK) Trust Alzheimers Research UK Alzheimers Society AMREF Health Africa Anaphylaxis Campaign Anlibiolic Research UK Apple Tree Farm Services ATMS Around the Chlld (UK) Arfive Alive Arthur Rank Hospice Aspire Aspire Oxforshire Community Association of NHS Charities Association of Wheelchair Children Asthma UK & British Lung Foundation Autism Angels Autism Bedfordshire Autism Inclusive Awoken Love for Africa Ayrshire & Arran Health Board Endowment Funds Axe Valley & West Dorset Ring & Ride Service Barnabas Fund Barnados Basics Essex Accident Rescue Servi Basingstoke ané Allon Cardiac Rehabilitation Ballen Disease Family Associalion Bede House Association BEEP Doctors (Basics Cumbria) Ltd Berkshire Health & Well-Being Social Enterprises Belhany Christian Trust Bexley Mencap Bible Reading Fellowship Bible Society Biblic Binyamin Ministries Birmingham Women's and Children's Hospital Birthlink Bliss Bloodwise Blooming Blossoms Trust Blueprint Training & Experlise Bolton NHS Foundation Trust Bone Cancer Research Trust Bow Foodbank BRACE Brain Research Trust 750 500 3,000 3.000 2.000 1,000 1,500 1,104 1,250 1,000 3,000 500 2,750 15.000 1,000 5.000 750 1,000 750 1,000 3,000 2,50Q 4,000 5,000 1,000 1,500 1,000 1,250 1,000 750 750 2.500 1,500 1,500 5,000 1,500 1,000 500 3,000 750 2,500 3.000 2,000 750 3,000 2.000 1,500 1.000 3.000 21

Thè Graco Trust Group and Charlty Balance Sheel$ As at 31 December 2022 Brain Tumour Support Bravo Medics Brecon Mountain Rescue Team Breast Can￿r Haven Bridge Care Limiled 8rilish Eye Research Foundation Brilish Hearl Foundation British Hypertension Soctety British Liver Trust British Red Cross British Ukraine Aid Busoga Trust CAFOD Caledon Trust Camphill Rudolf Sleinder Schools Limiled Cancer Campaign in Suffolk Cancer Information and Support Services Ltd Cancer Research UK Care foT Children Cale International Care Nelwork Cambridgeshire Carers in Bedfordshire Carers UK Caring lor Lile Caring in Bristol Caris Camden Castel Froma Neuro Care Limited Catch Up CCLASP Cenlrepoint Soho Cerebral Palsy Plus Celebrate Trust CFAB Challenging MND Charities T(u81 Charity Global IUKI Limited CHART Cheka Sana Foundation Chesterfield Royal Hospilal NHS Foundation Trust Child Brain Injury Trust Child Evangelism Fellowship of Ireland Childhope IUKI Children Ahead Ltd Chlldren Change Columbia Children FOT Health Limited Children ol Mekong Children with CanceT Children's Heartbeat Trust 1,500 750 1,000 2,000 1,250 1,500 5,000 1.000 2,500 5,328 1.250 18,000 5,000 1,250 2.OOQ 150,000 2,000 1,000 1,000 6,000 10,000 1,250 11,700 1,250 1,250 2,000 5,000 1.500 1.250 1,000 2,000 1,500 1,000 5,000 750 750 1,000 1.500 1,000 10.000 2,500 96,000 450,000 soo 3.000 1,250 1,500 2,000 1,000 2,000 1,000 750 1,000 5,000 1,000 22

The Grace Trust Group and Charlty Balance Sheets A$ at 31 December 2022 ChSldren's Heart Surgery Foundation Christian Aid Christian Books Worldwide Christian Hope Christian Institute Cianna's Smlle CLMS Clapton Common Boys Club Clallerbridge Cancer Charily Clic Seigent Combat Stress Compass Disability Servitss Computeraid International Community Council of Shropshire Community Foundation for Willshire & Swindon Concern Worldwide Construction Industry Relief Contact A Family Cope Children's Trust Cornwall Hospi￿ Care Ltd Cosgrove Care Ltd Crackeijacks Childrens Trust Criminon UK Crisis UK Crohns and Colitis Relief Crohns and Colitis UK Crops Crowcombe And Stogumber Croydon Health SeNices Charitable Fund Primary and Pre-school PTA Croydon Youth Zone Cruse Bereavement Care Scotland Cued Speech UK Limited Cycle-R Cystic Fibrosis Trust Deafblind Scotland Debra Demand Design and Manula¢lure for Disability Demelza House Childrens Hospice Dementia Carers Count Dementia Prevention UK Dentaid Limited Depaul Inlernalional Detwenlside Hospice Care Foundation Devon Air Devon County Association lor the Blind Dignily Dignity (Worldwide) Disability Aliica 2,000 10,000 1,500 5,950 10.800 14,000 750 750 1,500 3,000 3,000 750 1,250 6,480 2,000 3.000 2,000 2.000 3.000 2.OGO 2.000 1,000 17,ODO 2,000 1.500 1,aoo 1,701 3.000 500 2,000 750 750 3,000 2.000 2,000 500 500 3,000 1,250 3,000 1,000 3,000 1,500 1,000 1.000 10.000 1,000 3,000 3,000 3,000 750 1,500 1.500 750 23

The Grace Trust Group and Charlty Balanco Sheets As at 31 December 2022 Disability Challengers Disabllity Inlormalion Bureau Disabled Workers Co-operative Limited Disasters Emergency Commilee Oilch the Lab81 Diverse Abilities Plus Dolphin Society Doorstep Libiary Network Douglas Ma¢millan Hospice Dyingwell DyslraxSa Foundation East Africa Children's Project Easlside Communily Trust Edinburgh Direct Aid Education for the Children Foundation Elim Connect Elizabeth Jane Jones Ellenor Emmaus Emms International Engage Enham Trust Enterprising Youth Education Epsom & Sl Heller NHS Trust Ethos Eurasian Ministries Extern Group Families United Ne￿orkS Family A¢lion Feed the Minds Fight Against Blindness Filwood Hope Limited Fire Fighters Charity Filzroy Support Five Talents UK Ltd Flamingo Chlck8 CIO Focus Charily Focus Learning Trust Food For All Forgotten Veterans UK Foundation for Conductive Education Freedom Kit Bags Friends of Kagando Friends of Kipkelion Friencfs of Oakfield Park Friends Reaching Out Ghana School Aid GL11 Community Projecl 1,500 750 1,500 500 48,000 750 2,000 1.860 1.000 1.DOO 4,500 5,000 t,ooo 800 840 5,000 1.500 750 1,000 1,500 1,000 2,000 1,500 1,250 750 3.000 1.000 3.000 1.000 750 3,000 1,000 2,000 3,000 1,000 1,500 750 2.000 3.000 1.000 500 750 40.000 1,500 2.000 1,250 1,000 750 500 500 1,000 500 soo 1,000 24

The Grace Trust Group and Charity Balaiice Sheets As at 31 Docgmber 2022 Glasgow Children's Hospital Charity Go Beyond Charity Good Morning Project Great Ormand Street Childrens Hospital Greenwich & Bexley Community Hospice Limited Grief Encounter Grove Collage (Bishops Slorlfofd Mencap} Guts UK Charity Guy's and St Thomas, Foundation Gynaecology Cancer Research Fund Habilal for Humanity Great Brilaln Hackney Caribbean Elderly Organisalion Haemochromalosis UK Haggai Advanced Leadershlp Tralnlng Ltd Harpenden Spotlight on Africa Heads Together Headway - The Brain Injury Association Headway Suffolk Ltd Headway Sussex Ltd Heallh Limited Hearing Dogs for Deaf People HEAT Foundation Helen 8amber Foundation Help Bristol's Homeless Charity Help the Homeless Limiled Hillhouse Home Link Family Support Home lo Work Limited Hope al Home Hope for Tomorrow Horalio's Garden Hospice Care North Northumberland Hot Line Meals Service (London) Hourglass (Safer Ageing) Hunlinglons Disease Association IAH Charity Company Limited Imago Dei Prison Ministry Impacl Foundation Impact Schools Imperial Health Charity Inspiring Minds International Care Network Inlernaliona5 China Concern International Health Partners {UKI International Needs UK Jacandara UK Foundation Jesus Cenlres Trust Joss Searchlight 3.000 1,000 1,000 3,000 3,000 1,500 2,000 1,000 3.000 5.000 2,000 1.500 500 t,500 1,500 3,OOQ 1,500 1,250 1,000 3,000 750 500 1,600 1,000 1.250 1.000 1.000 500 750 2.000 1,250 2,000 1,000 1,000 1,500 1,000 1,000 2,000 1,000 3,015 500 750 1.000 3,000 8.000 1.000 500 1,500 1.000 25

The Grace Trust Group and Charlty Balanc& Sheets As at 31 DeGembor 2022 Junclion 12 Juvenile Diabetes Research Foundation Limited Katie Piper Foundation Kennedy Street Kent Multiple Sclerosis Therapy Centre Limited Kent Search and Rescue Kidney Research UK Kids Alive International Kids Club Kampala Kids N Action Kingston Hospital NHS Foundation Trust General Charitable Fund Kingswood Trust Kirkwood Hospice Lancashire Mind Lalch Welsh Children's Cancer Charity Leap Confronting Conflict Leicester Childrens Hospital Leicester Hospitals Charity Lending Hope Limited Lennox Children's Cancer Fund Leonard Cheshire Disability Leukaemia & Myrloms Research UK Leuk8emia Educ21ing and Fundraising Lev Echod Cancer Care Lile Edlicalion Cenlres Bristol Limiled Lifeliles Lilewc>rks Lillian Faithfull Care Link Visiting Scheme Linking Lives UK Links International Lillle Hearts Mallers Live Unlimited Living Options Devon London Heails Look Good Feel Better Lotus Flower Trust Loughborough Junction Action Group Lucy Air Ambulance For Children Lupus UK Macmillan Can￿[ Support MACS Magic Lantern Making Space Manchester University NHS Foundation Trust Map Action Marie Curie 750 2,000 1,500 500 1,000 750 6,000 750 750 1,250 3.000 500 2,500 2,500 3,000 f,000 1,500 30.000 3.000 750 1,000 2,ODO 750 750 t,500 750 1.000 1,000 2,000 3,000 2,000 1,000 1,250 2.000 2.000 500 1,500 2,800 1,000 500 1,500 500 3,000 1.5QO 5,OQO 3,000 1,000 500 3,000 3,000 f,25Q 6,000 26

The Grace Trust Group and Charlty Balance Sheets As at 31 Do¢ember 2022 Marlin House Mary's Meals Males In Mind Medair UK Medecins Sans Fronlieres (UK) Medical Detection Dogs Medical Research Foundalion Medics 4 Rare Diseases Mencap Liverpool Mercy Corps Michaela Communily School Midlolhian Young People's Advice Service Milton Keynes YMCA Limited MIND- Birmingham MIND- Buckinghamshiie MIND- Camden MIND- Cardilf MIND- Conwy MIND- Doncaster MIND- Hammersmilh, Fulham, Ealing & Hounslow MIND - Hull & East Yorkshire MIND - Islinglon MIND- Lambelh and SoulhwaTk MIND- Leeds MIND - Llanelli MIND- Manchester MIND- Mld Kent MIND- Tyneside MIND- Wirral MIND (National Association for Men121 Health) Mindwise Mission Possible Mission Wilhoul Borders MooNision Mountain Rescue England & Wales Mulli-CullLJral Family Base Multiple Sclerosis Society Muscular Dystrophy Group UK Music for My Mind Muslard Seed Aulism Trust Myeloma UK NAF Fond DK NAF EU NAF NA NAF UK NAF USA National Children's Bureau Neiiroblastoma UK 2,000 3,000 1.500 1,250 3,000 1,500 2,000 500 3,000 1.000 1,500 2.500 3,000 3,000 3.000 2,000 3,000 2,000 3,000 3,000 3,000 3,000 3,000 3,000 2.500 3,000 3,000 3,000 s.ooo 3,000 5,000 10,000 1,250 750 5.313 1,000 2.000 3,000 750 1.000 2,500 733,303 1,054,846 216,967 32,300,000 8,OQO.000 32,419 3,000 1,OOtJ 27

The GraGe Trust Group and Charity Balance Sheet$ As at 31 Docember 2022 Newcastle Upon Tyne Hospital NHS Charity NHS Lanarkshire Nicodemus NMC Midlands NMITE Noah's Ark- The Children's Hospice North Bedfordshire Hospice Care Limited North Wesl Air Ambulance NoTlhamptonshire Heallh Charitable Funcl Norlh Kensington Law Centre North Tyneside Learning Trust Northumbria Calvert Trust Nottingham Trent Universily Nollingham University Hospitals Charily Nollingham University Hospitals Trust NSPCC Nueslios Pequenos Hermanos Uniled Kingdom Off the Fence Limited One King Ministries Oneschool Europe Oneschool Global Additional PT Grant Oneschool Global PT Grant Oneschool Global UK Open Doors Outward Housing Ovarian Cancer Action Oxfam GB Oxford Hospitals Charity Oxlordshire My Life My Choice Association Oxfordshire Proslale Cancer SuppoTI Group Pallion Action Group Pancreatic Cancer UK Parenting Mental Health Parkinson's Disease Sociely of the United Kingdom Parkinson's UK Peace Child International People International Limited Phase Worldwide Phoenix Enterprises Iswindonl Limite PloneeTS UK Ministries Place2Be PLAN International Porridge and Pens Ghana Portsmouth Hospitals Charity Powys Teaching Lwal Heath Board Charitable Fund and Olher Related Charities Pra¢lical Action Pregnancy Crisis Care IPlymoLJth & SE Cornwall) 3.000 3,000 1,000 1,000 1,500 2,500 1,500 4,000 2,000 3,000 1,000 1,250 1,500 3,000 3.000 3.000 5,000 3,000 1,848 2,000 750 54.255 275.894 5,416.244 5,586,403 26, 192.221 3,000 3,000 11,700 3,000 5,000 1,000 1,000 2,500 3,000 500 3,000 4.000 750 1,500 2,500 1.000 1,500 3,000 11,700 1,000 1,250 3,000 3,000 3.000 1,000 28

The Grace Trust Group and Charlly Balance Sheèts As at 31 December 2022 Princess Alice Hospice Prison Fellowship Prisoners Abroad Prisoners Education Trust Prodigal Arts Proslate Cancer Research Centre Proslale Cancer UK Radiotherapy UK Rainbow Childrens Charity Rainbow Hub NW Ltd Raising Futures Rapid Relief Team React Reading YMCA Re-Engage Ltd Release International Rennie Grove Hospice Care Research Inslilule for the Care of Older People Resolve Now Retina UK Richmond Furniture Schemè Road Victims Trust Roald Dahl's Marvellous Children's Charity RODI & Branch Weslmill Rossendale Tfusl Rowcroft House Foundation Limited Royal Berkshire NHS Foundation Trust Charity Royal Brili$h Legion Royal College of Paedialrics & Child Health Royal Hospi181 for Neuro-disability Royal Leicestershire, Rulland and Wycliffe Society for the Blind Royal Mencap Society Royal Society for Blind Children Royal Trinity Hospice Royal Voluntary Service Ruby's Fund Safa Cumbria Safe Families for Children Saint Francis Hospice Samaritan's Purse International Limited Save the Children Scholarship for Street Kicls Sch(x)l- Home Support Service {UKI Scotland's Charity Air Ambulance Scollish Mountain Rescue Scotllsh Ne￿Ork for Arlhrilis in Children S¢fiplure Union Sebastians Aclion Trust 2,000 f,250 2,000 3.500 500 3,500 2,000 1,000 2,000 1,000 500 1,080,000 1,000 1,500 2,000 3,000 3, 000 1,250 1,000 1,690,000 1,500 3,000 1,500 500 i.ooo 1.000 500 1,50Q 500 3,000 3,000 3,056 3,000 3,000 3,000 2,000 4,QOO 2,500 3.000 8.000 6,000 1,ODO 1,000 2,000 3.000 3,000 3,000 6.000 5(K) 2,000 3,000 2,5CIO 750 3,000 1,250 29

Tho Grace Trust Group and Charity Balance Shegts As at 31 Decomber 2022 SENAC Sense International Shift MS Shooting SlaT Children's Hospice Sikh Sanjonk Sixty One Skeletal Cancer Action Trust Snap Cymru Society for Mucopolysaccharide Diseases Solace Solar Aid Solihull Mind Solving Kids Cancer SOS Childrens, Villages UK Soulh 8rislol Consortium for Young People Soulhmead Hospitals Charity Special Educational Needs Families Support Group Limited Spinal Injuries Association Spitalfields Crypt Trust SSAFA st Andrews Chlldren Society st Clare West Essex Hospice Care Sl Gemma's Hospi St Geoige's Hospital Charity Sl James, Trust Iseafordl st John Ambulance Sl Joseph's HospiTr Hackney Sl Margaret's Somersel Hospice Sl Mark's Hospital Foundation Sl Mungo Community Housing Associallon Sl Vincent and Grenardines Red Cross Society st Wilfrid's Hospioe (Easlbournel Sland By Me Starfish Malawi Star1￿ht Childrens Foundallon Steadfast Global Stem 4 Step By Slep London stewardship Slillbirlh and Neonalal Death Society Slressca Stroke Association Strongmen Charitable Incorporated Organisallon student Life Support in Mind Scotland Sunshine Wishes Child￿n,$ Cha¥ity Suriey Drug and Alcohol Care Limited Sutton Night Watch 1.000 1,500 1,250 2,500 500 3,000 1,500 750 1,500 1,373 3,000 1,000 1,500 3,000 1,500 2,000 6,000 500 1,500 1,500 3,000 2.000 3,000 3.000 3,000 750 7,000 3,000 2,500 2.000 2,000 7.000 3,000 1,500 750 3,000 1,000 1,500 1,500 5,000 750 3,000 1,000 1,000 3,000 1,000 3,000 1,000 1,000 1,000 30

The Gra¢e Trust Group and Charlty Balance Sheets As at 31 December 2022 Syria Relief Taylor Made Oreams Teach a Man lo Fish UK Ltd Teapot Trust Tearfund Team Oasis Teenage Cancer Trust Tender Education and Arts The Air Ambulance Northern Ireland The Amber Foundation The Auditory Verbal Cenlfe The Basingsloke and Allon Cardiac Rehabililalion Charity Limited The Bible Network The Billy Graham Evangelist Associalion Limiled The Bishop Simeon C R Trust The Boaz Trust The Borough Harmony Cenlfe The British and Foreign Bible Society The British Diabetic Association The British Stammering Association The Bullertly Hospice Trusl The Caledon Trust The Camden Psy¢holherapy Unit The Care Workers Charily The Cathedral Archer Project Limited The Challenging Behavlour Foundation The Change Foundation The Childhood Trust The Children's Literacy Charily The Chrislie Charitable Fund The Community Hub The Compassionate Friends The Cure Parkinson's Trust The Disabled Sailois Association The Educational Frontier Trust The Ehlers-Danlos Support UK Tlie Epic Rest8rt Foundation The Epiphany TTUSt The Exodus Project The Felix Project The Gifted The Griffin In51ilule The Guide Dogs for the Blind Association The Harbour The Helvellyn Foundation The Hospice Charity Partnership The Hygiene Bank The Inspire Foundation 3,000 1,000 1,250 I,ooo 5,000 22,500 750 3,000 3,000 2.000 3,000 1.500 1.500 1,250 1.500 4.000 1,500 750 1,000 1,000 3,000 3,000 1,250 2,000 450.000 550,000 500 1,500 2.000 T50 1.000 2,000 1,500 3,000 1,000 1,000 3,000 750 1,000 750 1.000 1.500 1,000 500 750 3,000 750 2,000 1,000 2.000 500 750 3,000 2,000 1.5QO 31

The Gra¢0 Tyust Group and Charlty Balance Sheots As at 31 December 2022 The Jessie May Trust The Journey Church The Julian Trust The Kinetic Science Foundation The Leprosy Mission The Leprosy Mission Scotland The Listening Place The Lullaby Trust The Lunchbowl Network The Lulon and Dunslable Hospital Charilable Fund The Macular Disease Society The Margins Project The Mary Stevens Hospice The Medaille Trust Limited The Mental Hea51h Foundation The Moira Anderson Trust The Multiple ScleFOSiS Therapy Centre INW) Limited The Murray Parish Trust The Mylon Hospices The National Association for Gifted Children {Polenlial Plus UK) The National Aulislic Society The Nehemiah Proje¢l The Neurofibromalosis Association The Norfolk H08pice The Oesophageal Polienls Association The offi￿rS Association The Parish Trust The Prince & Princess of Wales Hospice The Railway Children The Richard Dimbleby Cancel FLJnd The Rose Paterson Trust The Royal Air Force Benevolent Fund The Royal Life Saving Society UK The Royal Marsden Cancer Charity The Royal National College for the Blind The Royal Nationa5 Inslilule of Blind People The Royal National Orlhopaedic Hospital Charity The Royal Society lor Blind Children The Royal Surgical Aid Society The Rural Coffee Caravan The Samariians The Samaritans Purse The Savannah Education Trust The Save the Children Fund The Separated Child Foundation The Si¢k Childrens Trust The Soiisler Youth Trust The Torch Trust for the Blind 1,250 750 2,000 1,000 750 2,000 1,000 1,000 1,250 1.500 1.000 3,000 3,000 750 1,000 1,500 3,000 2,000 1,000 2,500 3,000 1,000 2,000 1,000 750 2.000 500 1,500 1,000 2,000 2,000 1,500 2,000 3,000 1,000 3.000 2,000 3,000 1,250 3,000 1,500 750 6.000 9,413 I,ooo 12,000 1,000 2,000 750 1,000 1,000 32

The Grace Trust Group and Charlly Balai)ce Sheets As at 31 December 2022 The Trussell Tru81 The Urology Foundation The Wallioh The Wheelyboal Trust The WSUP Charily The Youth Counselling Project This is Growth Ltd Thrive Academy Through the Roof Charitable Trust Together Now Tommy's Tools for Self Reliance Tower Hamlels Mission Transforming Lives lor Good ITLGI Llmiled Tree of Hope Treetops Hospice Trust Treloar Trust Trinilarian Bible Society Twenty Twenty Twins Trust Ltd UNHCR UNICEF United Kingdom & Europe World Literacy Foundation United Kingdom for UNHCR United Response University Hospitals Coventry & Warwickshire Versus Arlhrilis Vision for Bangladesh Viva Neiwork Wakefield Hospice Walk Ministries Walking with the Wounded Warwickshire Association for the Blind Waterloo Community Counselling We Are With You Wellbeing of Women Wellspring CoLJnselling Welsh Air Ambulance Weslbourne Grove Chuich Vvheels for F￿edoM Willshire Air Ambulance Charitabla Trust Winchester Hospice Fundraising Charity Windsor Christian A¢lion Windsor Hill Vvood Wings for Warriors Winston's Wish Wnlercomfort for the Homeless Women's Air Federation of England 5.000 1,000 3,000 1,000 1,250 750 1,000 2,000 1,000 500 2,000 f,ooo 1,500 3.000 1,500 2,500 3,000 5,000 2,000 1,250 10,000 28,000 1,500 8,500 5.000 5.000 1,500 2.500 3,000 500 3,000 1,750 1,250 2,000 2,000 1.250 1.000 3,000 1,250 2,400 4,172 750 500 3,000 2,000 1,000 I,ooo 1,000 1,500 1,250 2,000 33

The Grac& Trust Group and Charlty Balance Sheets As at 31 Decemb&r 2022 Worklng Independently lo Support Hull H05pilals World Cancer Research Fund World Central Kitchens World Child Cancer UK World Literacy Foundation World Vision Woild Without Orphans Europe YMCA Doncaster Yorkshiie Children's Trust Young and Free Young and Inspired Young Enterprise Young Minds YoLJng People Taking Acllon Youth Space YWCA England & Wales Zambia Orphans Aid UK Zurich Educalion Fund Grants wilhdrawnlcheques returned from grantee Total grants Other costs (note 4.11 Total 6,000 3,000 70.000 2.000 1,000 11.700 500 1,000 2,000 1,000 1,620 2,000 3,000 500 3.000 1,000 1,250 500 1,080,000 122,250 48,655.496 38,603,014 276,260 (154,530) 48,931,756 38,448,484 All grants were pald lo charitable inslitulions. Other ¢08ts allocated to ¢harltable actlvllles 31 December 2022 31 December 2021 Governance cost$ Audit fees and fees for other services Professional fees Support costs Adminislralion and other costs Foreign cuirency movement Impairment of investments I (Reversal of impalrmenl) 31,225 118,273 f8,690 306.937 26,583 14.9261 105,105 23,746 (3,903) (500,000) 276 260 154.530 Truslees received no remuneration nor wore Ihey reimbursed for any oul-of-pockel expenses in either 2022 or 2021. The Charity had no employees during either accounting period. 34

The Grac8 Trust Group and Charity Balance Sheets AS at 31 December 2022 Net Income 31 December 2022 31 D6ceinber 2021 This is slated after chargingl{credilingl'. Depreciation- owned assels Depreciation- leased Amorlisalion Loss on disposal Operating leases- land and building Operating leases- other Lossllprolill on foreign exchange Audilo¢s remuneralion Charity- audit Charity- other services Subsidiaries- audit Subsiéiaries- other 201,548 363. 622 1,074 169.707 6,451 342,340 1,408,226 (246,520) 86,781 614 256,583 868,588 113,263 25,000 6,225 13,250 Y2,000 6,690 26,500 2,200 35

The Grace Trust Groiip and Charity Balancg Sheets As at 31 December 2022 Intangible assets Goodwlll UBT IEUI Llmited Mllburn Insurance Brokers UBT Accountants Ltd NOA Llmited Total Cost At l January 2022 Disposal of subsidiary At31 Decembèr 2022 999,900 12,634 1,701,911 24.849 2, 739,294 999 900 12.634 1,7Q1911 24.849 2 739 294 Amortlsation At l Jarjuary 2022 Charge for the year Eliminated on disposal of subsidiary At31 December 2022 999,900 72,634 199,066 22,776 1,234,376 84,708 2,073 86,781 999,900 12,634 283 774 1321 157 Net ljook value At31 Dgceinber 2022 A131 December 2021 1,502,845 2.073 1,504.918 UBT {EUI Limited was acquired on 31 March 2010 for £l.000,000. Goodwill of £999,900 represents the excess of the purchase consideration over fair value of nel assets as at 31 March 2010. UBT IEUI Limited is a subsidiary of The Grace Trading Group Ltd and sold on 30 June 2022. This sale also resulted in the sale of The Grace Trusl's interest in NOA Limiled, Milburn Insurance Brokers and UBT Accountants Ltd. NOA (UK) Limited was acquired on 24 June 2007 for nil consideration. Goodwill of £12,634 represented the net liabilities of NOA {UKI Limited at Ihat dale. The Trust 8cquired 1 OOQA ol the share capital of UBT Accounlanls Limited on 9 November 2012 by way of a gift. These shares were Slibsequenlly disposed of lo a subsidiary, The Grace Trading Group Ltd fo¥ the consideration of 2 ordinary shares of £1 each in The Grace Trading Group Ltd. The Grace Trust Trading Group Ltd disposed of these shares lo UBT IEUI Limited on 27 December 2012 for the consideration of 2 ordinary shares of £1 each in UBT (EU} Limited. 36

The Grace Trust Group and Chaylty Balance Sheet$ A8 at 31 D¢¢èmber 2022 Goodwlll Icontlnuedl In 2014 UBT Accounlanls Limited acquired the trade of the accountancy practice Chrisbook Care and a division of the accountancy practice ol T B Tax Services for £105,180 and £74,552 respectively. During previous years a propoilion of the goodwill was disposed of in a Teslruclure of the business. On 1 November 2020 the trade and certain asseis of Milburn Insurance Brokers {a dSvlsion of Towergale Underwriting Group) was acquired foT £1,779.000. The only direct subsidiary of Grace Trust is The Grace Trading Group Ltd, a holding company with share Capital of £202 and reserves of £niS. Tanglble lixed assots Group only Leasehold Improvements Furnlture, Ilxturas & equlpmont Total Cost Brought fonvard at l January 2022 Additions Disposals Disposal of subsidiary 1,548.882 140,591 1.547,836 252.670 12,8331 1,797,673 3,096,718 393,261 {2,833} 3 487 146 1689 473 Al 310ecember 2022 Depr¢¢latlon Broughl foFward al 1 January 2022 Charge for the year Disposal of subsidiary 597,164 77,368 674,532 1,225.962 120,948 1346 910 t,823. 126 198,316 2.021,442 Al 31 December 2022 Net book value at 31 December 2022 Nel book value al 31 Dg¢omb8r 2021 951, 718 321.874 q,2T3,592 37

The Grace Trust Group and Charlty Balance Sheets A$ at 31 December 2022 Investment8 The Grace Trust holds 100V/o of Ihe iSSLted share capital of The Grace Trading Group Ltd. The cost of investments in subsidiary undertakings refers lo the original cost of Ihe investment in UBT IEUI Limited and NOA {UKI Limited which were subsequently transferred lo The Grace Trading Group Ltd in return for shares in Ihat company. Investment in subsidiary undertakings, at cost.. Al l Januery 2022 Disposal of siibsidiary undertakings At 31 December 2022 I.OQO.198 1.000,198 UBT {EUI Ltd and the other Iiading subsidiaries, which We￿ owned by U8T {EU) Ltd, were sold by Grace Trading Group Ltd on 30 June 2022. In addition, al 31 December 2019 The Grace Trust invested £6,500.000 in Vision Global Growlh Fund which is an investment fund designed lo facililale equity investment in a manner consistent with the ethical principles of the Trust. At 31 December 2022, The Grace Trust invested £15,000,000 in Vision Investment Fund whl¢h 1$ an investment fund designed to facililale equily inveslmenl in a manner consislenl with thè 6lhioal principles of the TTUSI. AI 31 December 2022. an impairment of £105,105 was recognised resulting in a value of £14,894,895 al 31 Decembe¥ 2022. The remainirsg investment balance of £nil12021.' £1,429,500), is money on deposit. stocks 31 Dec 2022 31 Dec 2021 Group Trading stock held by subsidiaries 892.496 Stocks are stated after provisiorb for impairmènt of £Nil (2021.. £30,321). 38

Tho Grace Trust Group and Charlty Balance She8ts As at 31 Decembor 2022 10. D9btor$ 31 Dec 2022 31 Dec 2021 Amounts due withln on¢ year- Group Trade deblors Other debtors Insurance premiums re￿[Vable Prepayments and accrued income 16,089.973 681.831 1,470, 174 1.998,652 699,156 699,156 20,240,630 Group trade debtors are slated after provision lor impairment of £Nil (2021.. £3,958,739). 31 Dec 2022 31 Dec 2021 Amounts due withln one year- Charlty Due from trading subsidiaries- Gift Aid Other debtors 6,496.639 8 122,742 699,056 699.056 14.619,381 11, Cred5tors: amounts falllny due within one year 31 De¢ 2022 31 Dec 2021 Group Trade creditors Other laxes and social security Other creditors A¢¢ruals and deferred income 5,790 3.621,813 2,855,262 3,431,469 6,683 918 31,039 16,592 462 Chaylty Trade creditors Accruals 5,790 32,029 3,959 Deferied income of £Nil (2022.. £4. 189,618) represents UBT (EU} Limited and UBT Accountants Lld's funds retsived for setvices lo be provided during the next accounting period. Amounts released from prior periods tolalled £4,189,618. 39

The Grace Trust Group and Charity Balaiice Sheels As at 31 December 2022 12. Staff costs- tradlng subsldlarlos The Charity did not employ any staff during either accounting perFod. The following disclosure relates lo the trading subsidiaries only.. The average number of employees lin¢luding Direclorsl in the year was.. 31 Dec 2022 No. 31 Dec 2021 Trading subsiéiaries 206 t80 Employment costs included in the trading subsidiaries results- Year ended 31 Dec 2022 Year ended 31 D8C 2021 Wages and salaries Social security Pension conlribulions Redundanoy and settlement costs 5,298,264 629,495 154,433 10,066,738 1,037,775 338,853 11,625 6,120,892 11,454,891 The subsidiary companles operate defined conlrtbulions pensSon schemes. The assets of the scheme are held separately from those companies in independenlly administered funds. The pensic)n tharge represenls contributions payable by the companles to the fund and amounted 10 £154,433 (2021.. £338, 853). Contributions outstanding al the year-end amounted lo £nil (2021.. £24,419). During the year up lo the date of sale of the tiading subsidiaries, the subsiéiary companies had Ihe following higher paid employees: 6Ok- £70k 9 employees, £70k- £80k 4 employees, £80k to £90k 1 employees, £120k lo £130k 1 employee. During the 2021 financial year the subsidiary companies had the following higher paid employees= £60k - £7Dk 16 employee8, £70k - £80k 8 employees, £80k lo £gOk 10 employees, £90k - £100k 11 employees, £100k lo £110k 9 employees, £11 Ok - £120k 1 employees, £120k lo £130k 2 employees, £130k to £140k 2 employee, £160k lo £170k 1 employee. £170k lo £180k 1 employee, £190k to £200k l employee. £21 Ok to £220k 1 employee. £220k lo £230k 1 employee. 40

The Gyace Tyust Group and Charity Balance Sheets AS at 31 December 2022 13, Funds - Group Carrled forward at 31 December 2022 Brought fonvard al i J8nU8ry 2022 Income Expendlture Other gain$ Tran$fors Unrestricted funds 71301507 4091669 4289588S 10 737 468 51217924 69625267 Restricted funds 2521218 160 386 835 967 Expendable endowment funds 7 929 500 2 672 645 105 105 10 897 854 21394 894 Total Funds Funds- Charlty Carrled forward at 31 Docember 2022 Brought fO￿ard 81 l J8nuary 2022 Income Exponditure Transfers Unr8striGted funds 52 137 559 48 792 367 47 297 461 10 737 468 42 894 997 Restricted funds 2 521218 1529190 160 386 835 967 Expendable endowment funds 2 672 645 105 105 10 897 854 21394 894 Total Funds 88 48 931756 65125858 Vision Foundation - this expendable endowment fund represents funds which have arisen from a fundraising dfive by the Charily. These are ring-fenced funds which will be invested lo create further fundraising returns in the future. Al present Ihe inveslmenl policy is being considered by the Tiuslees and will be agreed in due course. Reslricled funds - Ihe fund is for specific capil81 projects al the FLT family of schools. 41

The Grace Trust Group and Charlty Balance Sheet8 As at 31 December 2022 14. Commllments under opèratlng leases- Group only Al 31 December 2022 the Group had non-¢ancellable total commitments under operating leases expiiing as follows.. Land and bulldlngs 31 Decembgr 31 Decembgr 2022 2021 Other 31 December 2022 3106C8mbgr 2021 Expiring within 1 year 1-5 years Over 5 years 340.664 679.275 231.458 1.251.397 619.958 762,236 1,382,194 15. Related Party Transactions Transactions between the GTOUP enlilies have been disclosed wilhin Note 3. Sam Blackledge, son of Rlchard Blackledge is a Director at the Rapid Relief Team. The Rapid Relief Tèam Charity was granted £1,690,000 (2021.. £q.080,000) by the Grace Trust in 2022. There are no other related party transactions. 16. Dlscontlnued Operations- UBT IEUI Llmlled The Charity has, via The Grace Trading Group Lld, iwo wholly owned subsidiaries, which have been trading during the year, being UBT {EUI Limited and UBT Accounlanls Limited, UBT IEUI Limited and UBT Accountants Limited were sold by The Grace Trading Group Ltd on 30 June 2022. and so Ihetefore the results oflhese enlilies from a group perspective have been recognised as discontinued operations. A summary of the Irading results of the trading subsidiaries up lo 30 June 2022 is shown in Note 3. The proceeds from the sale of the trading subsidiaries were as follows.. 2022 Cash prO￿ed8 4,300,000 Nel assets of trading subsidiaries at 30 June 2022 1208,3311 Gain on sale of investments 4 091669 42

The Grace Trust Group and Charlty Balance Sheèts As at 31 December 2022 17. Nel Asset8- Group Unrestricted funds 2022 Restricted Funds 2022 Endowmgnt fiinds 2022 Total Funds 2022 Fixed assets 21,394,894 21,394,894 Current assets 42,932,714 835,967 43,768,681 Creditors due wilhln onè year 42 895,885 835 967 21,394,894 65,126 746 UnreslriGted funds 2021 Reslricled Funds 2021 Endowment funds 2021 Tolal Funds 202f Fixed 8SS8ts 2,T18.510 7,929,500 10,708,010 Current assets 65,031,876 2,521,218 67.553,094 c￿dItorS due within ￿le y88r 16,592,462 51,217 924 16,592 462 61,668.642 2,521,218 7,929,500 43

The Groce Trust Group and Charlty Balance Sheets As at 31 December 2022 18. Comparatlve Conso15dated Slatement of Flnanclal Actlv5tl8s Ullrestrlcted Funds- Contlfjulng Op8ratlon5 31 December 2021 Utirestrlcted Fund$- Dl8¢onllnued Qp¢ratlon8 31 December 2021 TolB Fund$ Ye8rEnd8d 31 D8c8mber ljnrestrlcted Fund$ 31 D8cember Restrlcted Endowmènl Fvnd$ 31 Fund$ 31 Detember Decémbèr 2021 2021 2021 2021 Income Irom-. Donallons Olhei trading aclivilles Government grants Investm&￿tS 30.675,677 30,675,677 98,878,401 98,878,401 6.315 e.316 12 2 284 ￿L2 221.B38 13,360 30.910.875 98,878,401 6,31 Tolal 22 Expenditure on: R8151n9 fund¥ harilab16 aclivilies 83,766,566 83,765,566 38 086 249 83,165,566 38 448484 38 62 135 TDtal Net lexpgndlturelllncome TransfÉrs between fund8 Net movèmÈnt fund8 38 086 349 740002 3 765 666 16121434 7 7214qO 613 360 7 594 473 7 400 024 q5 121434 7 721 410 640 297 R8conclllallon of flind$ Balan￿ brought foThv8rd at 1 January Balallce carrled forward at 31 December 3 161615 416 140 54 074 169 92 44