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.** 

10 



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