**REGISTERED CHARITY NUMBER: 257516** 

## Report of the Trustees and 

Financial Statements for the Year Ended 31 December 2023 

for 

The Grace Trust 



The Grace Trust 

## Contents of the Financial Statements for the Year Ended 31 December 2023 

||Page|
|---|---|
|Reference and Administrative Details|1|
|Report of the Trustees|2 to 6|
|Report of the Independent Auditors|7 to 9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Cash Flow Statement|12|
|Notes to the Cash Flow Statement|13|
|Notes to the Financial Statements|14 to 38|





The Grace Trust 

## Reference and Administrative Details for the Year Ended 31 December 2023 

**TRUSTEES** Aller Brook Ltd Scribefort Ltd **PRINCIPAL ADDRESS** Noble House Eaton Road Hemel Hempstead Hertfordshire HP2 7UB **REGISTERED CHARITY** 257516 **NUMBER INDEPENDENT AUDITORS** Saffery LLP 71 Queen Victoria Street London EC4V 4BE **SOLICITORS** Farrer & Co LLP 66 Lincoln's Inn Fields Holborn London WC2A 3LH **BANKERS** HSBC plc Station Place Letchworth SG6 3AJ Barclays Bank plc Churchill Place Leicester LE87 2BB 

1 



The Grace Trust 

Report of the Trustees for the Year Ended 31 December 2023 

The Trustees are pleased to present their report together with the charity financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice Standard applicable in the UK and Republic of Ireland (SORP FRS 102). 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

The Grace Trust (the Trust) (Charity Number 257516) was founded by Trust Deed on 13 March 1968. Established by a member of the Plymouth Brethren Christian Church, the Trust continues to be led by strong Christian principles and makes grants and donations to support the education of young people, alleviate poverty and provide humanitarian relief. 

## **TRUSTEES** 

The Trustees since 1 January 2023 and to the date that this report was signed, were as follows: 

Aller Brook Ltd Scribefort Ltd 

The Directors of Aller Brook Ltd and Scribefort Ltd since 1 January 2023 were as follows: 

Richard Blackledge Joseph Brewer Timothy Dallow Charles Hathorn Charles Leflaive Graham Reiner 

The power to appoint new Trustees is vested with the existing Trustees of the Trust. There is an informal interview and induction process for any new Director of a Trustee (a Director). Continuing training for Directors is undertaken through regular meetings and discussions with individuals and organisations in areas supported by the Trust. All Directors are given the relevant documents to review in relation to the responsibility of a charity trustee and the importance of the role, as well as the time commitment required. With regards to specific training, this would relate to their responsibility in the Trust. For example, any Director involved with financial matters 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 of directing and controlling, running and operating the trust on a day-to-day basis. All Directors give of their time freely and no Director received remuneration or any reimbursed expenses in the year. 

The Board has adopted the Charity Governance Code for larger charities, and reports against it on the following areas: 

- Organisational Purpose. The Trust’s organisational purpose is to raise funds to enable it to deliver public benefit by making donations to charitable causes, especially in the area of education and the support and development of young people. The Board is committed to identifying and providing support in this area, and the success of this is measured and reported on in the impact statement below. 

- Leadership. The Trust is led and governed by the Board, members of which are individuals with diverse but relevant experience across business and the third sector. The Board meets regularly to agree strategy and provide direction to the charity and monitor the ongoing effectiveness of the leadership model. The names of the Trustees and Directors who served during the year are detailed earlier in this report. 

2 



## Report of the Trustees for the Year Ended 31 December 2023 

- Integrity. Integrity is a fundamental governing principle of the Trust, and underlies the actions taken by the Board in all areas. This principle extends to the making of donations and grants to appropriate causes, respect for the wishes of our many and generous donors, and the control of any potential conflicts 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 to have effective and quality decision making, taking into account considerations of risk. This is facilitated by regular reviews of past decisions, resulting impact, and an ongoing consideration and review of risk and risk control. As part of these controls, the Trust 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 Board decided to continue a mix of some virtual meetings and some face-to-face meetings.  Independence is maintained through a conflicts of interest policy and register, and all decisions agreed at board meetings are documented via formal minutes. The operation of the independent Grant Making Committee is reviewed at Board level on a regular basis. 

- Diversity. The Trust recognises that the future sustainability of the charity relies on a suitably diverse approach - both at board level and across volunteers and staffing. This is reviewed on a regular basis. 

- Openness and accountability. As a grant making charity, the Trust is aware that it is accountable to the many and generous donors that make its operations possible. We therefore seek to engage with our stakeholders on a regular basis, with the aim of building good relationships with all who have an interest in our charitable activities. All of our donations are made with the predicted impact as a key factor. 

The Board is pleased to report that it considers all aspects of the Code to be applied effectively to the governance of the Trust, and it is the intention of the Board to continue to review and comply with these requirements in the future. 

## **OBJECTIVES, ACTIVITIES AND PUBLIC BENEFIT** 

The objects of the Trust, as set out on the Trust Deed, are for general charitable purposes. The Board has referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, and in future planning activity and setting the grant making policy for the year. 

The Trust’s vision is the advancement of Christianity to all – both believers and non-believers. 

The Trust carries out its objects by making donations to charitable causes, especially in the areas of education, alleviating poverty and providing humanitarian relief. 

The Trust’s values include integrity, generosity and reflecting the compassion and love of God. 

## **GRANT MAKING POLICY** 

The Trust has a comprehensive Grant Making Policy, established to maximise the impact of all donations. While the Trust has a long tradition of supporting educational organisations, the Trust also primarily supports UK registered charities in the areas of non-government emergency services and medical relief, disaster relief, childcare, support for those who are disadvantaged and essential medical research. Grants to educational charities continue to form the largest part of the Trust’s charitable activity, and the Trustees primarily select educational charities supporting schools forming part of the OneSchool international education initiative linked with the worldwide Plymouth Brethren Christian Church fellowship, which are committed to providing an education for children and young people regardless of their parents’ ability to pay, their academic ability, or any special educational needs. 

3 



## Report of the Trustees for the Year Ended 31 December 2023 

The Trust is also proactive in its outreach, monitoring the news and aiming to provide impactful donations when situations arise where urgent help is needed. The Trust prioritises responsible giving, with the impact of donations at the forefront of all decision-making. 

All applications are considered carefully by a Grant-Making Committee comprising individuals who are not Directors.  The Committee makes recommendations to the Board, which makes the final decision on the approval of grants. This allows for additional scrutiny of applications, and unbiased opinions to be presented to the Board, therefore providing increased independence. 

The Board has had regard to the guidance contained in the Charity Commission’s published guidance on public benefit requirements. The Trustees recognise the importance of being outward looking and make grants to a wide range of charities. The independent Grant Making Committee is encouraged to make grants in accordance with the criteria set out above but also to give due consideration to any applications for grants from charities which might not otherwise fall within the grant making policy. 

Checks are made to ensure that charities to whom grants are made are well run and financially sound; that their fundraising and administration costs are proportionate and moderate, and therefore maximise the percentage of funds received that are applied to the relevant charitable purpose. The Board also recognises the importance of monitoring the application of funds granted, to ensure that they are used appropriately and responsibly in 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 to assess the impact of the grant making programme, and importantly, the development and progression of this. The Board has considered the Charity Commission’s guidance in this area. 

## **ACHIEVEMENTS AND PERFORMANCE** 

During the year ended 31 December 2023 the charity made grants of £33.9 million to a wide range of charitable organisations. The grants provided to these charities have enabled the Trust to achieve its objectives through the furtherance of Christian principles by the support of education, humanitarian aid and alleviation of poverty and the other areas covered by its grant making policy. The Trust affirms the public benefit of providing support to such a range of organisations. 

Note 7 contains a list of grants awarded during the year and some examples of the impact of the grant-making programme are set out below: 

- **OneSchool Global UK** is the largest beneficiary of the educational establishments the Grace Trust provides support to and the Trustees continue to be impressed by the achievements of its pupils and faculty. The schools offer a self-directed learning model to students using cutting-edge technology, including Canvas and Zoom, which allows for on demand learning and facilitates highly effective student 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. 

- **Rapid Relief Team** is supported extensively by The Grace Trust who is a major donor to 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 time of need. RRT offers quality catering assistance and tangible support to charities, government and emergency services confronting some of humankind’s greatest challenges. 

- **Educational Charities** – The Trust is passionate about education and continues to support many educational charities, thereby providing opportunities for young people to pursue their learning and personal development, as the full Grants Payable list illustrates. 

- **Air Ambulances** - The Trust continues to provide grants to Air Ambulances who do not receive government funding and make life-saving missions to people in serious and urgent need of care. 

4 



## Report of the Trustees 

## for the Year Ended 31 December 2023 

As the full Grants Payable list demonstrates, in addition to these examples the Trust supports many other charities in many ways.  The purposes of those charities include medical research, relief of poverty, emergency services, medical assistance, care of children, mental health, palliative care, disaster relief, social care, care of disabled, missionary work, homelessness, care of vulnerable adults, care of the aged, bereavement support and hospice care. 

## **FUNDRAISING AND VOLUNTEERS** 

The Trust’s fundraising is undertaken mainly through ‘soft sell’ marketing campaigns, aimed at making communities aware of the impact which the Grace Trust has. These campaigns are facilitated largely through presentations, and one-to-one meetings. The charity is registered with the Fundraising Regulator and is committed to follow the Code of Fundraising Practice across all its fundraising activities. During the year under review, the Trustees are pleased to report that there were no failures to comply with the Code of Practice, and the charity received no complaints about the way its fundraising activities were carried out. 

To ensure the very best use is made of monies donated and to maximise the impact of our funds, we rely heavily on volunteers in both the Trust and its subsidiaries and keep paid staff to a minimum. All persons volunteering for fundraising activities with the Trust are provided with an initial induction and training, to ensure they are fully conversant with their responsibilities and duties under the Code, and in particular, the need to be legal, open, honest, and polite when dealing with members of the public, and to be aware of the potential impact on, and the need to protect, persons in vulnerable circumstances. 

The majority of fundraising activity for the Trust is carried out by a group of volunteers, called the Global Funding Team (GFT). This team was established during 2018 to raise awareness of the Grace Trust and its charitable activities and engage with communities with a view to securing donations from individuals and businesses across the UK. The Trustees are pleased to be able to report that the activities of GFT have been very successful, donors across the UK continue to support the charity as a result of the efforts and hard work of in excess of 600 volunteers. The Trustees extend special thanks to these individuals for their contribution. 

## **FINANCIAL REVIEW** 

The group’s total income for the year was £68,314,592.   Net movement in funds for the year was £50,504,100. 

The principal source of funding for the Trust during the year was the income received from the donations from individuals and companies.  This income, combined with donations received from UBT (EU) Ltd, enabled the charity to achieve its objectives as outlined above. 

## **RISK MANAGEMENT** 

The Trustees are responsible for establishing and monitoring internal control systems within the Trust. The major risks which may impact the activities of the Trust have been reviewed during the year and the Trustees are satisfied that the system of internal controls currently in place is adequate, whilst recognising that they are designed to manage rather than eliminate risk. Internal controls are reviewed on an ongoing basis as part of the day-to-day risk management process within the Trust. 

The Board has identified the key risks as: 

1.    A reduction in funding leading to inadequate liquid resources. 

2.    Any event that potentially could impact on the reputation of the Trust. The Trustees are aware that although the Trust is not a household name, it is a large charity, handling a significant level of charitable funds, and review activities on a regular basis, with a view to enhancing the reputation and the goodwill of the Trust. 

## **FUTURE PERIODS** 

Looking ahead to future periods, ongoing assessments and budgets are prepared. At the time of the report, the Trustees forecast that there is an expectation that donation income will likely increase over the next twelve months.   At the same time the Trustees are aware of increasing inflation in the UK and the potential for grant applications to the Trust to increase in value as a result. 

5 



## 

## 

## 



## Report of the Independent Auditors to the Trustees of The Grace Trust 

## **Opinion** 

We have audited the financial statements of The Grace Trust for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, cash flow statement and notes to the financial statements, including 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 Practice). In our opinion the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 December 2023 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. 

We have nothing to report in this regard. 

7 



Report of the Independent Auditors to the Trustees of The Grace Trust 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 

- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or 

- the charity has not kept sufficient accounting records; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees’ Responsibilities Statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditors’ responsibilities for the audit of the financial statements** 

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. 

Identifying and assessing risks related to irregularities: 

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements.  We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates. 

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. 

8 



Report of the Independent Auditors to the Trustees of The Grace Trust 

## Audit response to risks identified: 

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. 

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. 

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **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 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


Saffery LLP Chartered Accountants Statutory Auditors 71 Queen Victoria Street London EC4V 4BE 

12 July 2024 Date: ............................................. 

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 

9 



The Grace Trust 

## Statement of Financial Activities for the Year Ended 31 December 2023 

|Unrestricted<br>Restricted<br>fund<br>funds<br>Notes<br>£<br>£<br>**INCOME AND**<br>**ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>52,077,942<br>6,896,142<br>Other trading activities<br>3<br>-<br>-<br>Investment income<br>4<br>2,252,034<br>-<br>**Total**<br>54,329,976<br>6,896,142<br>**EXPENDITURE ON**<br>Raising funds<br>5<br>2,524,171<br>-<br>**Charitable activities**<br>6<br>Grants<br>33,506,679<br>430,606<br>Other Costs<br>122,580<br>-<br>**Total**<br>36,153,430<br>430,606<br>Net gains on investments<br>-<br>-<br>**NET INCOME**<br>18,176,546<br>6,465,536<br>**Transfers between funds**<br>170,524<br>(170,524)<br>**Net movement in funds**<br>18,347,070<br>6,295,012<br>**RECONCILIATION OF**<br>**FUNDS**<br>Total funds brought forward<br>42,894,996<br>835,967<br>**TOTAL FUNDS CARRIED**<br>**FORWARD**<br>61,242,066<br>7,130,979|31.12.23<br>Endowment<br>Total<br>fund<br>funds<br>£<br>£<br>7,088,474<br>66,062,558<br>-<br>-<br>-<br>2,252,034<br>7,088,474<br>68,314,592<br>-<br>2,524,171<br>-<br>33,937,285<br>-<br>122,580<br>-<br>36,584,036<br>18,773,544<br>18,773,544<br>25,862,018<br>50,504,100<br>-<br>-<br>25,862,018<br>50,504,100<br>21,394,895<br>65,125,858<br>47,256,913<br>115,629,958|<br>31.12.22<br>Total<br>funds<br>£<br>36,207,170<br>11,307,778<br>654,385<br>48,169,333<br>-<br>48,655,496<br>171,155<br>48,826,651<br>3,194,899<br>2,537,581<br>-<br>2,537,581<br>62,588,277<br>65,125,858|
|---|---|---|



The notes form part of these financial statements 10 



|`TheGraceTrust`<br>||||
|---|---|---|---|
|`BalanceSheet`||||
|`Asat31December2023`<br>||||
|||`31.12,23`|`31.12.22`|
||`Notes`|`£`|`£`|
|`FIXEDASSETS`||||
|`Investments`|`11`|`40,168,641`|`21,395,097`|
|`CURRENTASSETS`||||
|`Prepaymentsandaccruedincome`||`483,151`|`699,055`|
|`Cashatbank`||<br>`75,537,268`|<br>`43,069,525`|
|||`76,020,419`|`43,768,580`|
|`CREDITORS`||||
|`Amountsfallingduewithinoneyear`|`42`|`(559,102)`|`(37,819)`|
|`NETCURRENTASSETS`||<br>`75,461,317`<br>|<br>`43,730,761`<br>|
|`TOTALASSETSLESSCURRENT`||||
|`LIABILITIES`||`115,629,958`|`65,125,858`|
|`NETASSETS`||<br> <br>`115,629,958`|<br> <br>`65,125,858`|
|`FUNDS`|`14`|||
|`Unrestrictedfunds`||`61,242,066`|`42,894,996`|
|`Restrictedfunds`||`7,130,979`|`835,967`|
|`Endowmentfunds`||<br>`47,256,913`|<br>`21,394,895`|
|`TOTALFUNDS`||`115,629,958`<br>|`65,125,858`<br>|





## The Grace Trust 

Cash Flow Statement for the Year Ended 31 December 2023 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash provided by operating activities<br>**Cash flows from investing activities**<br>Purchase of fixed asset investments<br>Sale of fixed asset investments<br>Interest received<br>Net cash provided by/(used in) investing activities<br>**Cash flows from financing activities**<br>Income attributable to endowment<br>Net cash provided by financing activities<br>**Change in cash and cash**<br>**equivalents in the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the**<br>**end of the reporting period**|31.12.23<br>31.12.22<br>£<br>£<br>23,127,235<br>9,905,921<br>23,127,235<br>9,905,921<br>-<br>(15,000,000)<br>-<br>5,729,500<br>2,252,034<br>654,385<br>2,252,034<br>(8,616,115)<br>7,088,474<br>2,672,645<br>7,088,474<br>2,672,645<br>32,467,743<br>3,962,451<br>43,069,525<br>39,107,074<br>75,537,268<br>43,069,525|
|---|---|



The notes form part of these financial statements 12 



The Grace Trust 

## Notes to the Cash Flow Statement 

## for the Year Ended 31 December 2023 

## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

|31.12.23<br>£<br>**Net income for the reporting period (as per the Statement**<br>**of Financial Activities)**<br>50,504,100<br>**Adjustments for:**<br>Gain on investments<br>(18,773,544)<br>Interest received<br>(2,252,034)<br>Income attributable to endowment<br>(7,088,474)<br>Decrease in debtors<br>215,904<br>Increase/(decrease) in creditors<br>521,283<br>**Net cash provided by operations**<br>23,127,235<br>**ANALYSIS OF CHANGES IN NET FUNDS**<br>At 1.1.23<br>Cash flow<br>£<br>£<br>**Net cash**<br>Cash at bank<br>43,069,525<br>32,467,743<br>43,069,525<br>32,467,743<br>**Total**<br>43,069,525<br>32,467,743|<br>31.12.22<br>£<br>2,537,581<br>(3,194,899)<br>(654,385)<br>(2,672,645)<br>13,920,326<br>(30,057)<br>9,905,921<br>At 31.12.23<br>£<br>75,537,268<br>75,537,268<br>75,537,268|
|---|---|



## **2. ANALYSIS OF CHANGES IN NET FUNDS** 

The notes form part of these financial statements 13 



The Grace Trust 

## Notes to the Financial Statements 

## for the Year Ended 31 December 2023 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The functional currency is sterling.  Monetary amounts in these financial statements are to the nearest £. 

## Going concern 

The members have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future following their review of the financial position, reserves levels and future plans.  Accordingly, they continue to adopt the going concern basis for preparing the financial statements. 

## **Critical accounting judgements and key sources of estimation uncertainty** 

The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

## **Income** 

Donations are recognised in the year in which the funds are received.  Income is only deferred when the Charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future year.  Gift aid is accounted for in the same period as the associated donation. 

Investment income is accounted for on a receivable basis. 

## **Expenditure** 

Expenditure is included on an accruals basis. 

Expenditure on charitable activities includes all costs incurred by the Charity in undertaking activities that further its charitable aims.  Irrecoverable VAT is charged against the relevant item of expenditure. 

Grants payable are recognised when grants have been committed to unconditionally (or where any conditions are not under the control of the Charity) and have been communicated to the recipient. 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

Continued... 

14 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

## **1. ACCOUNTING POLICIES - continued** 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity.  Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Endowment funds are ring-fenced funds which are invested to create further fundraising returns in the future. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **Foreign currencies** 

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.  Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to the statement of financial activities. 

## **Investments** 

Fixed asset investments in subsidiaries are stated at cost less provision for diminution in value. 

Unlisted investments are measured at fair value and are reviewed annually to ensure accurate valuation and compliance with financial reporting standards. 

Remaining investments are cash held on deposit until invested post year end. 

## **Financial instruments** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.  Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, with the exception of loans which are subsequently measured at amortised cost using the effective interest method. 

## **Debtors** 

Trade debtors, accrued income and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid. 

## **Cash and cash equivalents** 

Cash is represented by cash in hand and deposits with financial institutions. 

## **Creditors** 

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.  Creditors are recognised at their settlement value. 

Continued… 

15 



The Grace Trust 

|Notes to the Financial Statements-continued<br>for the Year Ended 31 December 2023<br>**2.**<br>**DONATIONS AND LEGACIES**<br>Donations<br>**3.**<br>**OTHER TRADING ACTIVITIES**<br>UBT (EU) Ltd - Profit Shed<br>**4.**<br>**INVESTMENT INCOME**<br>Deposit account interest<br>Other Interest<br>**5.**<br>**RAISING FUNDS**<br>**Raising donations and legacies**<br>Fundraising event costs<br>**6.**<br>**CHARITABLE ACTIVITIES COSTS**<br>Grants<br>Other Costs|Grant<br>funding of<br>activities<br>(see note<br>7)<br>£<br>33,937,285<br>-<br>33,937,285|31.12.23<br>£<br>66,062,558<br>31.12.23<br>£<br>-|<br>31.12.22<br>£<br>36,207,170<br> <br>31.12.22<br>£<br>11,307,778<br> <br>31.12.22<br>£<br>514,359<br>140,026<br>654,385<br> <br>31.12.22<br>£<br>-<br> <br>Totals<br>£<br>33,937,285<br>122,580<br>34,059,865|
|---|---|---|---|
|||31.12.23<br>£<br>2,247,588<br>4,446<br>2,252,034||
|||31.12.23<br>£<br>2,524,171<br> <br>Support<br>costs (see<br>note 8)<br>£<br>-<br>122,580<br>122,580||



Continued… 

16 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

## **7. GRANTS PAYABLE** 

Grants 

|31.12.23|<br>31.12.22|
|---|---|
|£|£|
|33,937,285|48,655,496|



The total grants paid to institutions during the year was as follows: 

||31.12.23|31.12.22|
|---|---|---|
||£|£|
|4 Cancer Group|750|-|
|Abby's Heroes|-|1,000|
|Able Child Africa|-|1,000|
|Absolute Return for Kids|-|3,000|
|Access Your Right To Care|-|1,000|
|Ace Africa (UK)|750|-|
|Acorn Villages Limited|2,000|-|
|Action Against Hunger|21,000|20,500|
|Action Aid|10,500|11,700|
|Action for Children|-|3,000|
|Action Homeless|4,000|-|
|Action Medical Research|-|2,000|
|Action Through Enterprise|-|1,000|
|Addenbrooke's Charitable Trust|-|3,000|
|Advantage Africa|750|-|
|Afghanistan & Central Asian Association|1,000|1,000|
|African Childrens Fund Limited|-|750|
|African Pastors' Fellowship|-|500|
|Afrikids|1,000|-|
|Age UK|8,000|3,000|
|Air Ambulance - Childrens|5,000|-|
|Air Ambulance - Cornwall|3,000|3,000|
|Air Ambulance - Derby, Leicestershire and Rutland|3,000|-|
|Air Ambulance - Devon|8,000|-|
|Air Ambulance - Dorset & Somerset|6,000|3,000|
|Air Ambulance - East Anglia|3,000|3,000|
|Air Ambulance - Essex and Herts|3,000|3,000|
|Air Ambulance - Great North|3,000|3,000|
|Air Ambulance - Great Western|5,000|3,000|
|Air Ambulance - Hampshire and Isle of White|3,000|3,000|
|Air Ambulance - Kent, Surrey & Sussex|3,000|3,000|
|Air Ambulance - Lincolnshire and Nottinghamshire|3,554|3,000|
|Air Ambulance - London|3,000|3,000|
|Air Ambulance - Midlands|6,000|3,000|
|Air Ambulance - North West|9,000|3,000|
|Air Ambulance - Northern Ireland|3,000|-|
|Air Ambulance - Scotland|3,000|-|
|Air Ambulance - Thames Valley|5,000|6,000|



Continued… 

17 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**|||
|---|---|---|---|
||Air Ambulance - Wales|-|3,000|
||Air Ambulance - Wales (Childrens)|3,000|-|
||Air Ambulance - Warwickshire and Northamptonshire|-|3,000|
||Air Ambulance - Wiltshire|3,000|-|
||Air Ambulance - Yorkshire|8,000|3,000|
||Alder Hey Childrens Charity|-|7,700|
||Alex, The Leukodystrophy Charity|-|750|
||Alexander Devine Childrens Cancer Trust|2,000|-|
||All Hands and Hearts (UK) Trust|-|500|
||Alzheimers Society|-|3,000|
||AMREF Health Africa|-|2,000|
||Anaphylaxis Campaign|-|1,000|
||Anglican International Development Limited|1,000|-|
||Antibiotic Research UK|2,000|-|
||Apire|1,750|500|
||APT (Action on Poverty)|1,000|-|
||Arab World Ministries|2,000|-|
||Arthur Rank Hospice|3,000|3,000|
||Aspire Oxfordshie Community|-|2,750|
||Association of NHS Charities|-|15,000|
||Association of Wheelchair Children|-|1,000|
||Autism Angels|-|750|
||Autism Inclusive|-|750|
||Awoken Love for Africa|-|1,000|
||Ayrshire & Arran Health Board Endowment Funds|-|3,000|
||Baby Umbrella|750|-|
||Back on Track Manchester Ltd|1,500|-|
||Banstead Infants School PTA|1,345|-|
||Barnabas Fund|8,000|-|
||Basics Essex Accident Rescue Service|-|1,000|
||Batten Disease Family Association|-|1,000|
||Beaumond House Community Hospice|1,250|-|
||Bedfordshire Hospitals NHS Charity|3,000|-|
||BEEP Doctors (Basics Cumbria) Ltd|1,000|750|
||Berkshire Health & Well-Being Social Enterprises|-|750|
||Bethany Christian Trust|-|2,500|
||Bible Reading Fellowship|-|1,500|
||Bible Society|-|5,000|
||Biblic|-|1,500|
||Birmingham Disability Resource Centre|2,000|-|
||Birmingham Women's and Children's Hospital|-|3,000|
||Birthlink|-|750|
||Bishop Stortford Mencap|2,000|-|
||Bloodwise|3,000|3,000|
||Bolton Lads and Girls Clubs Limited|1,500|-|
||Bone Cancer Research Trust|2,000|-|
||Borderline Counselling Services|500|-|
||Bow Foodbank|-|1,500|



Continued… 

18 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**|||
|---|---|---|---|
||BRACE|-|1,000|
||Bravo Medics|-|750|
||Breast Cancer Now|3,000|-|
||Brecon Mountain Rescue Team|-|1,000|
||Bridge Care Limited|-|1,250|
||Bright Sparks School India|500|-|
||British Eye Research Foundation|1,500|-|
||British Heart Foundation|5,000|-|
||British Liver Trust|1,250|1,250|
||British Red Cross|10,000|18,000|
||British Ukraine Aid|-|5,000|
||Brooklands Education Trust|100,000|-|
||Brownberrie Education Trust|435,000|-|
||BucksVision|1,000|-|
||Busoga Trust|-|1,250|
||Cahllenging MND|-|1,000|
||Caledon Trust|-|150,000|
||Cambridge Food Bank|2,000|-|
||Camden Foodbank|2,000|-|
||Camphill Rudolf Steinder Schools Limited|-|2,000|
||Cancer Campaign in Suffolk|-|1,000|
||Cancer Research UK|-|10,000|
||Cardiac Risk in the Young|3,000|-|
||Care for Children|1,250|1,250|
||Care International|2,500|11,700|
||Care Network Cambridgeshire|-|1,250|
||Carers in Bedfordshire|-|1,250|
||Carers Support East Kent|2,000|-|
||Carers UK|-|2,000|
||Carers Worldwide|750|-|
||Caring in Bristol|1,500|-|
||Caring Together Charity|1,500|-|
||Caris Camden|-|1,000|
||Castel Froma Neuro Care Limited|-|2,000|
||Catch Up|-|1,500|
||Catholic Blind Institute|3,000|-|
||Celebrate Trust|-|750|
||Centrepoint|6,000|-|
||Charities Trust|-|10,000|
||CHART|600,000|450,000|
||Chasdei Sholom|2,000|-|
||Cheka Sana Foundation|-|500|
||Child Brain Injury Trust|1,500|1,250|
||Children Ahead Ltd|1,500|-|
||Children Change Columbia|-|1,000|
||Children For Health Limited|-|750|
||Children of Mekong|1,000|1,000|
||Children's Heart Surgery Foundation|-|2,000|
||Children's HeartbeatTrust|-|1,000|



Continued… 

19 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**|||
|---|---|---|---|
||Chris Westwood Charity for Children with Physical Disabilities|500|-|
||Christian Aid|15,000|10,000|
||Christian Books Worldwide|-|1,500|
||Christian Hope|5,000|5,950|
||Christians Against Poverty|3,000|-|
||Church Homeless Trust|3,000|-|
||Cianna's Smile|-|750|
||Clapton Common Boys Club|-|750|
||Clatterbridge Cancer Charity|-|1,500|
||Clic Sergent|-|3,000|
||Combat Stress|-|3,000|
||Comfort International|1,000|-|
||Community Council of Shropshire|1,250|-|
||Community Initiatives South West Ltd|2,000|-|
||Compass Braille|2,500|-|
||Compass Disability Services|-|750|
||Computeraid International|-|1,250|
||Concern Worldwide|10,000|17,000|
||Contact A Family|-|2,000|
||Cope Childrens Trust|3,000|-|
||Copsewood Education Trust|146,989|-|
||Coram Voice|1,500|-|
||Cosgrove Care Ltd|-|1,500|
||Crackerjacks Chilrens Trust|1,250|1,000|
||Criminon UK|-|1,701|
||Crohns and Colitis Relief|5,000|500|
||Crops|-|750|
||Croydon Health Services Charitable Fund|-|3,000|
||Croydon Youth Zone|1,000|-|
||Cruse Bereavement Care Scotland|-|2,000|
||Cruse Bereavement Support|1,000|-|
||Cued Speech UK Limited|-|500|
||Cure International (UK)|750|-|
||Cure Parkinsons|3,000|-|
||Cycle-R|-|500|
||Cyclists Fighting Cancer Ltd|1,000|-|
||Cystic Fibrosis Trust|-|3,000|
||Daventry Contact|750|-|
||Day One Trauma Support|1,250|-|
||Deafblind Scotland|1,250|1,250|
||Debra|2,000|3,000|
||Demand Design and Manufacture for Disability|-|1,000|
||Demelza House Childrens Hospice|-|3,000|
||Dementia Carers Count|-|1,500|
||Dementia Prevention UK|1,000|1,000|
||Dentaid Limited|-|1,000|
||Depaul International|-|10,000|
||Derwentside Hospice Care Foundation|-|1,000|
||Dig Deep (Africa)|1,000|-|
||20|Continued…||





The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**|||
|---|---|---|---|
||Dignity|-|1,500|
||Disability Advice Service|750|-|
||Disability Africa|-|750|
||Disability Challengers|2,000|1,500|
||Disability Information Bureau|-|750|
||Disables Workers Co-Operative Limited|-|500|
||Disasters Emergency Commitee|8,000|48,000|
||Ditch the Label|-|750|
||Diverse Abilities Plus|-|2,000|
||Doorstep Library Network|-|1,000|
||Dophin Society|750|-|
||Dreams Come True Charity|1,620|-|
||DyingWell|-|5,000|
||Ealing Educational Resources Trust|142,498|-|
||East Anglias Childrens Hospice|3,000|-|
||Eastbrook Education Trust|273,070|-|
||Eastside Community Trust|-|1,500|
||Edinburgh Direct Aid|-|750|
||EducAid|750|-|
||Education for the Children Foundation|-|1,000|
||Elim Connect|-|1,500|
||Emergency UK|750|-|
||Emmanuel House|1,500|-|
||Emmaus|1,500|-|
||Emmaus Suffolk|2,000|-|
||Emms International|-|1,250|
||Engage|-|750|
||Engera UK|750|-|
||Equal Education Chances|750|-|
||Ermine Education Trust|60,743|-|
||Ethiopiaid|1,000|-|
||Eurasian Ministries|-|750|
||Euston Foodbank|1,500|-|
||Exeter Community Initiatives|1,000|-|
||Families United Network|1,000|-|
||Family Action|-|3,000|
||Fatima Women's Association|1,000|-|
||Feast With Us|2,000|-|
||Feed the Minds|-|1,000|
||Fellowship and Aid to the Christians of the East|750|-|
||Fight Against Blindness|-|1,500|
||Filwood Hope Limited|-|750|
||Fire Fighters Charity|-|2,000|
||Fitzroy Support|3,000|-|
||Five Talents UK Ltd|-|1,000|
||Flamingo Chicks CIO|-|500|
||Focus Charity|-|750|
||Food For All|1,000|-|
||Foodcycle - Gloucester|2,000|-|
||21|Continued…||





The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**|||
|---|---|---|---|
||Foodcycle - Middlesbrough|2,000|-|
||Forafrika|750|-|
||Fortalice Limited|1,250|-|
||Foundation for Conductive Education|-|1,000|
||Freedom Community Alliance Limited|1,000|-|
||Freedom Kit Bags|-|750|
||Friends of Kipkelion|500|500|
||Friends of Oakfield Park|-|1,000|
||Funkykids|750|-|
||Gemini Untwined|750|-|
||Ghana School Aid|-|500|
||GL11 Community Project|-|1,000|
||Glasgow Children's Hospital Charity|3,000|-|
||Go Beyond Charity|1,000|-|
||Great Ormand Street Childrens Hospital|-|3,000|
||Greater Manchester's Mayors Charity|3,000|-|
||Greenwich & Bexley Community Hospice Limited|-|3,000|
||Grief Encounter|1,500|1,500|
||Grove Cottage (Bishops Stortford Mencap)|-|2,000|
||Guts UK Charity|-|1,000|
||Gynaecology Cancer Research Fund|1,250|-|
||Habitat for Humanity Great Britain|-|2,000|
||Haemochromatosis UK|-|500|
||Handicap International UK|10,500|-|
||Happydays Ministries UK|1,000|-|
||Harlington Hospital Association Limited|3,000|-|
||Harpenden Spotlight on Africa|-|1,500|
||Headway - The Brain Injury Association|1,500|1,500|
||Headway Suffolk Ltd|-|1,250|
||Headway Sussex Ltd|1,000|1,000|
||Hearing Dogs for Deaf People|-|750|
||Heartburn Cancer UK|1,000|-|
||HEAT Foundation|-|500|
||Helen Bamber Foundation|-|1,500|
||Help Bristol's Homeless Charity|1,500|1,000|
||Hereford Foodbank|2,000|-|
||HF Trust Limited|2,000|-|
||Home for Good|1,000|-|
||Home Link Family Support|-|1,000|
||Home to Work Limited|-|500|
||Home-Start Cymru for Families|2,000|-|
||Hope and Homes for Children|8,000|-|
||Hope and Light (UK)|500|-|
||Hope at Home|-|750|
||Hope for Tomorrow|-|2,000|
||Hope Hill Foundation|800|-|
||Hope International Development Agency|750|-|
||Horatio's Garden|-|1,250|
||Hot Line Meals Service (London)|-|1,000|
||22|Continued…||





The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**|||
|---|---|---|---|
||Hounds for Heroes|750|-|
||Hour Community|750|-|
||Hourglass (Safer Ageing)|-|1,000|
||Housing the Homeless Central Fund|800|-|
||Hoveraid Trust|500|-|
||Huntingtons Disease Association|-|1,500|
||IAH Charity Company Limited|-|1,000|
||Imago Dei Prison Ministry|-|1,000|
||Impact Foundation|1,500|-|
||Imperial Health Charity|-|3,015|
||IndoChina Starfish Foundation|750|-|
||Inter Care|1,000|-|
||Interact Stroke Support|750|-|
||International Health Partners (UK)|10,500|8,000|
||International Justice Mission|1,000|-|
||International Needs UK|-|1,000|
||International Rescue Committee, UK|18,000|-|
||Intouni|3,000|-|
||Ipswich Community Playbus|500|-|
||Isabel Hospice Limited|1,000|-|
||Jacandara UK Foundation|-|500|
||Junction 12|750|750|
||Juvenile Arthritis Research|1,000|-|
||Katie Piper Foundation|-|1,500|
||Kent Multiple Sclerosis Therapy Centre Limited|1,000|1,000|
||Kent Search and Rescue|-|750|
||Keystone Education Trust|235,000|-|
||Kids Alive International|750|750|
||Kids Cancer Charity|1,000|-|
||Kids Club Kampala|-|750|
||Kids N Action|-|1,250|
||Kingston Hospital NHS Foundation Trust General Charitable Fund|-|3,000|
||Kirkwood Hospice|3,149|2,500|
||Kisharon|1,000|-|
||Lancashare Mind|-|3,000|
||Leeds Children's Charity at Lineham Farm|1,000|-|
||Legs 4 Africa|1,000|-|
||Lehachzikom UK|750|-|
||Lending Hope Limited|-|750|
||Lennox Children's Cancer Fund|-|1,000|
||Leonard Cheshire Disability|2,000|2,000|
||Lepra|2,000|-|
||Let the Children Hear|500|-|
||Leukaemia & Myrloms Research UK|-|750|
||Leukaemia Educating and Fundraising|-|750|
||Leydenhatch Property Trust|133,424|-|
||Lia's Wings|3,000|-|
||Life Education Centres Bristol Limited|-|1,000|



Continued… 

23 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**|||
|---|---|---|---|
||Lifelites|-|1,000|
||Lillian Faithfull Care|-|3,000|
||Lincolnshire Integrated Voluntary Emergency Service|1,500|-|
||Lindengate|750|-|
||Link Education International|1,250|-|
||Link Visiting Scheme|-|2,000|
||Linking Lives UK|-|1,000|
||Links International|-|1,250|
||Listening Books|1,000|-|
||Little Lives UK|1,000|-|
||Livability|1,910|-|
||Live Unlimited|-|500|
||Living Options Devon|1,500|1,500|
||Livingstone Tanzania Trust|750|-|
||Livnos Bayis Limited|2,000|-|
||London Hearts|-|2,800|
||Long Leys Education Trust|480,026|-|
||Look Good Feel Better|-|1,000|
||Loros|5,000|-|
||Lotus Flower Trust|-|500|
||Loughborough Junction Action Group|-|500|
||Lucy Air Ambulance For Children|-|3,000|
||Macmillan Cancer Support|3,000|3,000|
||MACS|-|1,000|
||Maggs Day Centre|1,500|-|
||Magic Lantern|-|500|
||Magpas|2,000|-|
||Making a Difference to Maidstone Ltd|1,500|-|
||Making Space|3,000|-|
||Malawi Fruits|750|-|
||Mapaction|1,250|-|
||Martin House|-|2,000|
||Mary's Meals|7,500|-|
||Medair UK|-|1,250|
||Medecins Sans Frontieres (UK)|8,000|3,000|
||Medical Aid for Palestinians|3,000|-|
||Medical Research Foundation|2,000|2,000|
||Medics 4 Rare Diseases|-|500|
||Meningitis Now|2,000|-|
||Mental Health Innovations|1,500|-|
||Midlothian Young People's Advice Service|-|1,000|
||Milton Keynes YMCA Limited|2,000|-|
||MIND - Camden|-|3,000|
||MIND - Cardiff|-|3,000|
||MIND - Conwy|-|2,000|
||MIND - Coventry and Warwickshire|2,000|-|
||MIND - Croydon|2,500|-|
||MIND - Islington|-|3,000|
||MIND - Mid and North Essex|2,000|-|
||24|Continued…||





The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**|||
|---|---|---|---|
||MIND - Mid Kent|-|3,000|
||MIND - Suffolk|2,000|-|
||MIND - Tyneside|-|3,000|
||MIND - Wirral|-|3,000|
||MindWise|-|3,000|
||Mission Possible|5,000|5,000|
||Mission Without Borders|18,000|10,000|
||Money For Madagascar|1,000|-|
||Montessori St Nicholas Ltd|2,000|-|
||Move the World|500|-|
||Multi-Cultural Family Base|-|1,000|
||Multiple Sclerosis-UK Limited|1,000|-|
||Music for My Mind|-|750|
||Myeloma UK|-|2,500|
||NAF EU|720,000|1,054,846|
||NAF NA|168,017|216,967|
||NAF UK|18,000,000|32,300,000|
||National Star Foundation|3,000|-|
||Neuroblastoma UK|-|1,000|
||NHS Lanarkshire|-|3,000|
||NMC Midlands|1,000|1,000|
||Noah's Ark - The Children's Hospice|5,500|3,000|
||Normandy Community Therapy Garden|750|-|
||North Kensington Law Centre|-|1,000|
||North London Hospice|1,000|-|
||North Tyneside Learning Trust|-|1,250|
||North Yorkshire Hospice Care|2,250|-|
||Northern Ireland Hospice|3,000|-|
||Northumbria Calvert Trust|-|1,500|
||Nottingham University Hospitals Charity|-|3,000|
||Nuestros Pequenos Hermanos United Kingdom|750|1,848|
||Oakhill Education Trust|106,942|-|
||Off The Streets|1,000|-|
||One King Ministries|-|750|
||OneSchool Europe|-|54,255|
||OneSchool Global Additional PT Grant|-|275,894|
||OneSchool Global PT Grant|-|5,416,244|
||OneSchool Global UK|5,330,160|5,586,403|
||Open Doors|5,000|3,000|
||Our Sansar Limited|750|-|
||Outward Housing|3,000|-|
||Oxfam GB|10,000|11,700|
||Oxford Hospitals Charity|-|3,000|
||Parenting Mental Health|-|500|
||Parkinson's Disease Society of the United Kingdom|-|3,000|
||People International Limited|1,000|-|
||Phoenix Enterprises (Swindon) Limited|-|1,000|
||Pioneers UK Ministries|-|1,500|
||Place2Be|-|3,000|
||25|Continued…||





The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**|||
|---|---|---|---|
||PLAN International|5,000|11,700|
||Porch Light|1,500|-|
||Porridge and Pens Ghana|500|1,000|
||Powys Teaching Local Health Board Charitable Fund and Other|||
||Related Charities|-|3,000|
||Practical Action|-|3,000|
||Pregnancy Crisis Care (Plymouth & SE Cornwall)|-|1,000|
||Premier Christian Media|1,500|-|
||Prevent 2 Protect|750|-|
||Prisoners Abroad|-|2,000|
||Prostate Cancer Research Centre|3,500|-|
||Pump Aid|1,000|-|
||Radiotherapy UK|-|1,000|
||Rainham Foodbank|1,500|-|
||Raising Futures|1,000|-|
||Rapid Relief Team|2,325,000|1,690,000|
||Re-Cycle|700|-|
||Re-Engage Ltd|-|1,500|
||RefugeeEd|750|-|
||Rennie Grove Hospice Care|3,000|3,000|
||Response Organisation|3,000|-|
||Retina UK|-|1,500|
||Richmond Furniture Scheme|-|500|
||Road Victims Trust|750|-|
||Root & Branch Westmill|-|500|
||Rowcroft House Foundation Limited|3,000|3,000|
||Royal British Legion|3,000|-|
||Royal Brompton and Harefield Hospitals Charity|3,000|-|
||Royal College of Paediatrics & Child Health|-|3,000|
||Royal Commonwealth Society for the Blind|3,000|-|
||Royal Hospital for Neuro-disability|3,000|3,000|
||Royal Marines Charity|2,000|-|
||Royal Mencap Society|3,000|-|
||Royal Osteoporosis Society|2,000|-|
||Royal Trinity Hospice|3,000|-|
||Royal Voluntary Service|-|6,000|
||Ruby's Fund|-|1,000|
||Safa Cumbria|750|1,000|
||Safe and Sound Homes|1,500|-|
||Saint Francis Hospice|3,000|3,000|
||Samaritan's Purse International Limited|8,000|3,000|
||Sand Dams Worldwide Limited|1,000|-|
||Sceptre Education|949,839|-|
||Scholarship for Street Kids|750|-|
||School - Home Support Service (UK)|-|2,000|
||School Food Matters|1,000|-|
||Schoolreaders|1,500|-|
||Scotland's Charity Air Ambulance|-|3,000|
||Sebastians Action Trust|-|1,250|
||26|Continued…||





The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**|||
|---|---|---|---|
||Self Injury Support Ltd|1,000|-|
||SENAC|-|1,000|
||Sense International|-|1,500|
||SERV Kent|750|-|
||Shekinah Mission (Plymouth)|2,000|-|
||Shelter, National Campaign for Homeless People|3,000|-|
||Shift MS|1,250|-|
||Shooting Star Children's Hospice|-|3,000|
||Shrewsbury Christian Centre Association|2,000|-|
||Shropshire Staffordshire Cheshire Blood Bikes|750|-|
||Signpost International|750|-|
||Siobhan's Trust|1,500|-|
||Sixty One|-|1,500|
||Snap Cymru|-|1,500|
||Society for Mucopolysaccharide Diseases|-|1,373|
||Solace Woman's Aid|3,000|-|
||Solar Aid|1,000|-|
||Solihull Mind|-|1,500|
||Solving Kids Cancer|-|3,000|
||SOS Childrens' Villages UK|-|1,500|
||South Bristol Consortium for Young People|1,000|2,000|
||Space 2 Be Me|750|-|
||Special Educational Needs Families Support Group Limited|-|500|
||Speech and Language UK|3,000|-|
||Spina Bifida, Hydrocephalus, Information, Networking, Equility -|||
||Shine|1,250|-|
||Spinal Injuries Association|-|1,500|
||Spinal Muscular Altrophy UK|1,000|-|
||Spitalfields Crypt Trust|2,000|1,500|
||St Catherine's Hospice Limited|3,000|-|
||St Clare West Essex Hospice Care Trust|2,000|-|
||St Elizabeth Hospice|3,000|-|
||St George's Hospital Charity|-|3,000|
||St Joseph's Hospice Hackney|3,000|-|
||St Luke's Hospice (Basildon and District) Limited|3,000|-|
||St Luke's Oxford|1,500|-|
||St Margaret of Scotland Hospice|2,000|-|
||St Margaret's Somerset Hospice|3,000|-|
||St Mark's Hospital Foundation|-|2,000|
||St Mungo Community Housing Association|-|2,000|
||St Wilfrid's Hospice (Eastbourne)|-|3,000|
||Staffordshire Network for Mental Health Trust|1,000|-|
||Starfish Malawi|-|750|
||Starlight Childrens Foundation|1,500|3,000|
||Step by Step London|1,250|-|
||Steps Charity Worldwide|1,000|-|
||Stewardship|-|5,000|
||Street Child|2,500|-|
||Stroke Association|-|3,000|
||27|Continued…||





The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**|||
|---|---|---|---|
||Strongmen Charitable Incorporated Organisation|-|1,000|
||Sunbridge Road Mission|750|-|
||Support in Mind Scotland|-|3,000|
||Sussex Nightstop Plus Limited|1,000|-|
||Sutton Night Watch|2,000|-|
||Sydenham Garden|750|-|
||Tamar Education Trust|260,000|-|
||Teach a Man to Fish UK Ltd|-|1,250|
||Team Kenya|750|-|
||Team Oasis|1,500|750|
||Teapot Trust|1,000|-|
||Tearfund|18,000|22,500|
||Teenage Cancer Trust|3,000|3,000|
||The 999 Club|3,000|-|
||The Amber Foundation|-|1,500|
||The Auditory Verbal Centre|-|1,250|
||The Ayrshire Hospice|3,000|-|
||The Basingstoke and Alton Cardiac Rehabilitation Charity Limited|-|1,500|
||The Bishop Simeon C R Trust|-|750|
||The Boaz Trust|-|1,000|
||The Brain Tumour Charity|3,000|-|
||The British and Foreign Bible Society|5,000|-|
||The British Diabetic Association|-|3,000|
||The British Stammering Association|1,250|1,250|
||The Caledon Trust|1,285,600|550,000|
||The Cambrian Education Trust|42,485|-|
||The Camden Psychotherapy Unit|-|500|
||The Camden Psycotherapy Unit|750|-|
||The Care Workers Charity|-|1,500|
||The Childhood Trust|1,500|-|
||The Childrens' Trust|3,000|-|
||The Christie Charitable Fund|3,000|-|
||The Community Hub|-|750|
||The Compassionate Friends|1,000|1,000|
||The Disabled Sailors Association|-|750|
||The Epic Restart Foundation|-|1,000|
||The Epiphany Trust|750|500|
||The Exodus Project|-|750|
||The Felix Poject|-|3,000|
||The Felix Project|3,000|-|
||The Guide Dogs for the Blind Association|-|2,000|
||The H.O.M.E. at School Association Ltd|750|-|
||The Haemophilia Society|1,000|-|
||The Happy and Healthy Trust|700|-|
||The Harbour|-|500|
||The Helvellyn Foundation|-|750|
||The Heron Educational Trust|339,496|-|
||The Highcombe Edge Trust|105,000|-|
||The Hope Foundation for Street Children|500|-|
||28|Continued…||





The Grace Trust 

## Notes to the Financial Statements - continued 

## for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**||||
|---|---|---|---|---|
||The Hospice Charity Partnership||-|3,000|
||The Hygiene Bank||3,000|2,000|
||The Inspire Foundation||1,250|-|
||The Jessie May Trust||-|1,250|
||The Journey Church||-|750|
||The Karen Hill Tribes Trust||750|-|
||The Kinetic Science Foundation||750|-|
||The Leprosy Mission Scotland||-|1,000|
||The Light House (Christian Care Ministry) Trust Limited||500|-|
||The Lullaby Trust||-|1,500|
||The Lunchbowl Network||-|1,000|
||The Lunchbowl Network Limited||750|-|
||The Margins Project||-|750|
||The Mary Stevens Hospice||-|1,000|
||The Mereside Education Trust||187,778|-|
||The Motivation Charitable Trust||750|-|
||The Move Partnership||750|-|
||The Multiple Sclerosis Therapy Centre (NW) Limited||-|1,000|
||The National Association for Gifted Children (Potential Plus UK)||-|1,000|
||The National Autistic Society||-|2,000|
||The National Centre for Young People with Epilepsy Charitable||||
||Trust||5,000|-|
||The National Rheumatoid Arthritis Society||1,500|-|
||The Nehemiah Project||-|1,000|
||The Neurofibromatosis Association||-|750|
||The Norfolk Hospice||-|2,000|
||The Oesophageal Patients Association||-|500|
||The Officers Association||-|1,500|
||The Parish Trust||-|1,000|
||The Prince & Princess of Wales Hospice||3,000|2,000|
||The Royal Air Force Benevolent Fund||3,000|-|
||The Royal Life Saving Society UK||-|1,000|
||The Royal National Institute of Blind|People|3,000|3,000|
||The Royal National Orthopaedic Hospital Charity||-|1,250|
||The Royal Society for Blind Children||-|3,000|
||The Rural Coffee Caravan||-|750|
||The Sanctuary Trust||2,000|-|
||The Save the Children Fund||18,000|12,000|
||The Separated Child Foundation||1,500|1,000|
||The Shakespeare Hospice||2,000|-|
||The Sick Childrens Trust||2,000|2,000|
||The Tibet Relief Fund of the United Kingdom||750|-|
||The Torch Trust for the Blind||-|1,000|
||The Trussell Trust||5,000|5,000|
||The University of Manchester||3,000|-|
||The Urology Foundation||-|1,000|
||The Wallich||-|3,000|
||The Wheelyboat Trust||-|1,000|
||The Whitechapel Centre||2,000|-|
|||29|Continued…||





The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**7.**|**GRANTS PAYABLE - continued**|||
|---|---|---|---|
||The Wolfpack Project|750|-|
||The Word for the World, UK|840|-|
||The Worldwide Hospice Palliative Care Alliance|1,000|-|
||The WSUP Charity|-|1,250|
||This is Growth Ltd|-|1,000|
||Thistledown Educational Trust|196,000|-|
||Thrive Academy|-|2,000|
||Through the Roof Charitable Trust|-|1,000|
||Together for Short Lives|2,000|-|
||Together Now|-|500|
||Tommy's|3,000|-|
||Tooting Community Kitchen|1,000|-|
||Transforming Lives for Good (TLG) Limited|-|3,000|
||Tree of Hope|1,250|1,500|
||Treloar Trust|-|3,000|
||Trinitarian Bible Society|8,000|5,000|
||Turning Corners|1,000|-|
||UK Committee for UNICEF|15,000|-|
||UNHCR|-|10,000|
||UNICEF|8,000|28,000|
||United Kingdom & Europe World Literacy Foundation|-|1,500|
||United Kingdom for UNHCR|5,000|8,500|
||United Kingdom Sepsis Trust Limited|1,500|-|
||VASA|750|-|
||Versus Arthiritis|3,000|-|
||Victory Outreach Church|1,500|-|
||Visible Ministries|1,000|-|
||Vision for Bangladesh|-|500|
||Viva Network|3,000|-|
||Wakefield Hospice|-|1,750|
||Walk Ministries|-|1,250|
||Walking with the Wounded|-|2,000|
||War Child|10,000|-|
||Warrenpoint Educational Trust|37,300|-|
||Warwickshire Young Carers|1,000|-|
||We Are Beams|1,500|-|
||We Are With You|-|3,000|
||Wellbeing of Women|2,000|1,250|
||West Hertfordshire Teaching Hospitals NHS Trust Charity|1,500|-|
||Westbourne Grove Church|-|750|
||Wheels for Freedom|-|500|
||Whinfield Study Trust|250,000|-|
||Whitecroft Education Trust|104,000|-|
||Wiltshire Air Ambulance Charitable Trust|-|3,000|
||Winchester Hospice Fundraising Charity|-|2,000|
||Windsor Christian Action|-|1,000|
||Wings for Warriors|1,000|-|
||Winston's Wish|-|1,500|



Continued… 

30 



The Grace Trust 

## Notes to the Financial Statements - continued 

## for the Year Ended 31 December 2023 

|**7.**<br>**GRANTS PAYABLE - continued**<br>Wintercomfort for the Homeless<br>Women and Children First UK<br>World Bicycle Relief UK<br>World Cancer Research Fund<br>World Vision<br>World Without Orphans Europe<br>YMCA - Crewe<br>YMCA - London and City<br>YMCA Doncaster<br>Young Carers Development Trust<br>Young Enterprise<br>Young Minds<br>Young People First (Midlands)<br>Young People Taking Action<br>Youth PWR Charity<br>Youthscape<br>YWCA England & Wales<br>Zambia Orphans Aid UK<br>Zimbabwe Educational Trust<br>Grants Withdrawn/cheques returned from Grantee|-<br>750<br>750<br>3,000<br>12,500<br>-<br>1,250<br>3,000<br>-<br>750<br>-<br>-<br>750<br>-<br>750<br>2,000<br>-<br>-<br>500<br>(3,250)<br>33,937,285|1,250<br>-<br>-<br>3,000<br>11,700<br>500<br>-<br>-<br>1,000<br>-<br>2,000<br>3,000<br>-<br>500<br>-<br>-<br>1,250<br>500<br>-<br>(22,250)<br>48,655,496|
|---|---|---|



Continued… 

31 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

## **8. SUPPORT COSTS** 

|Other Costs<br>Support costs, included in the above, are as follows:<br>**Support costs**<br>Administration and other costs<br>Foreign currency movement<br>**Governance costs**<br>Audit fees<br>Professional fees|Support  Governance<br>Costs<br>costs<br>£<br>£<br>25,540<br>97,040<br>31.12.23<br>Other<br>Costs<br>£<br>24,878<br>662<br>25,540<br>31.12.23<br>Other<br>Costs<br>£<br>38,316<br>58,724<br>97,040|Totals<br>£<br>122,580<br>31.12.22<br>Total<br>activities<br>£<br>26,583<br>(4,926)<br>21,657<br>31.12.22<br>Total<br>activities<br>£<br>31,225<br>118,273<br>149,498|
|---|---|---|



## **9. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. 

The charity had no employees during either accounting period.  The trustees are considered to be the key management personnel. 

## **Trustees' expenses** 

There were no  trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. 

Continued… 

32 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**10.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**||
|---|---|---|---|---|---|
|||Unrestricted|<br>Restricted|Endowment|<br>Total|
|||fund|funds|fund|funds|
|||£|£|£|£|
||**INCOME AND ENDOWMENTS FROM**|||||
||Donations and legacies|33,530,200|4,325|2,672,645|36,207,170|
||Other trading activities|11,307,778|-|-|11,307,778|
||Investment income|654,385|-|-|654,385|
||**Total**|45,492,363|4,325|2,672,645|48,169,333|
||**EXPENDITURE ON**|||||
||**Charitable activities**|||||
||Grants|47,126,306|1,529,190|-|48,655,496|
||Other Costs|171,155|-|-|171,155|
||**Total**|47,297,461|1,529,190|-|48,826,651|
||Net gains/(losses) on investments|3,300,004|-|(105,105)|3,194,899|
||**NET INCOME/(EXPENDITURE)**|1,494,906|(1,524,865)|2,567,540|2,537,581|
||**Transfers between funds**|(10,737,469|(160,386)|10,897,855|-|
|||)||||
||**Net movement in funds**|(9,242,563)|(1,685,251)|13,465,395|2,537,581|
||**RECONCILIATION OF FUNDS**|||||
||Total funds brought forward|52,137,559|2,521,218|7,929,500|62,588,277|
||**TOTAL FUNDS CARRIED FORWARD**|42,894,996|835,967|21,394,895|65,125,858|



Continued… 

33 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

## **11. FIXED ASSET INVESTMENTS** 

|<br> <br> <br> <br>**MARKET VALUE**<br>At 1 January 2023<br>Revaluations<br>Reversal of impairments<br>At 31 December 2023<br> **NET BOOK VALUE**<br>At 31 December 2023<br>At 31 December 2022|Shares in<br>group<br>undertakings<br>£<br>202<br>-<br>-<br>202<br>202<br>202|Unlisted<br>investments        Totals<br>£                     £<br>21,394,895<br>21,395,097<br>18,668,439<br>18,668,439<br>105,105<br>105,105<br>40,168,439<br>40,168,641<br>40,168,439<br>40,168,641<br>21,394,895<br>21,395,097|Unlisted<br>investments        Totals<br>£                     £<br>21,394,895<br>21,395,097<br>18,668,439<br>18,668,439<br>105,105<br>105,105<br>40,168,439<br>40,168,641<br>40,168,439<br>40,168,641<br>21,394,895<br>21,395,097|
|---|---|---|---|
||||40,168,641|
||||40,168,641|
||||21,395,097|



The Grace Trust holds 100% of the issued share capital of The Grace Trading Group Ltd. 

At 31 December 2019 The Grace Trust invested £6,500,000 in Vision Global Growth Fund which is an investment fund designed to facilitate equity investment in a manner consistent with the ethical principles of the trust.  At 31 December 2023 a gain of £18,227,270 was recognised to bring the value of the investment up to the fair market value of £24,727,270. 

At 31 December 2022, The Grace Trust invested £15,000,000 in Vision Investment Fund which is an investment fund designed to facilitate equity investment in a manner consistent with the ethical principles of the trust.  At 31 December 2023 this fund was valued at £15,441,169 (2022: £14,894,895) leading to a gain of £546,274 in the year. 

## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Trade creditors<br>Other creditors|31.12.23<br>£<br>5,747<br>553,355<br>559,102|31.12.22<br>£<br>5,791<br>32,028<br>37,819|
|---|---|---|



Continued… 

34 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

## **13. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

|Investments<br>Current assets<br>Current liabilities<br>Investments<br>Current assets<br>Current liabilities|Unrestricted<br>funds<br>£<br>202<br>61,800,966<br>(559,102)<br>60,859,612<br>Unrestricted<br>funds<br>£<br>202<br>42,931,624<br>(36,829)<br>42,894,997|Restricted<br>funds<br>£<br>-<br>7,130,979<br>-<br>7,513,433<br>Restricted<br>Funds<br>£<br>-<br>835,967<br>-<br>835,967|Endowment<br>fund<br>£<br>40,168,439<br>7,088,474<br>-<br>47,256,913<br>Endowment<br>fund<br>£<br>21,394,894<br>-<br>-<br>21,394,894|31.12.23<br>Total funds<br>£<br>40,168,641<br>76,020,419<br>(559,102)<br>115,629,958<br>31.12.22<br>Total funds<br>£<br>21,395,096<br>43,767,591<br>(36,829)<br>65,125,858|
|---|---|---|---|---|



Continued… 

35 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

|**14.**<br>**MOVEMENT IN FUNDS**<br>**Unrestricted funds**<br>Unrestricted Funds<br>**Restricted funds**<br>Restricted Funds (OSG)<br>Restricted Funds (CMP)<br>**Endowment funds**<br>Endowment Funds<br>**TOTAL FUNDS**<br>Net movement in funds, included in the<br>**Unrestricted funds**<br>Unrestricted Funds<br>**Restricted funds**<br>Restricted Funds (OSG)<br>Restricted Funds (CMP)<br>**Endowment funds**<br>Endowment Funds<br>**TOTAL FUNDS**|Net<br>Transfers<br>movement<br>between<br>At 1.1.23<br>in funds<br>funds<br>£<br>£<br>£<br>42,894,996<br>18,176,546<br>170,524<br>835,967<br>(421,181)<br>(170,524)<br>-<br>6,886,717<br>-<br>835,967<br>6,465,536<br>(170,524)<br>21,394,895<br>2,567,540<br>-<br>62,588,277<br>2,537,581<br>-<br>above are as follows:<br>Incoming<br>Resources<br>Gains and<br>resources<br>expended<br>losses<br>£<br>£<br>£<br>54,329,976<br>(36,153,430)<br>-<br>9,425<br>(430,606)<br>-<br>6,886,717<br>-<br>-<br>6,896,142<br>(430,606)<br>-<br>7,088,474<br>-<br>18,773,544<br>68,314,592<br>(36,584,036)<br>18,773,544|<br> <br>At<br>31.12.23<br>£<br>61,242,066<br>244,262<br>6,886,717<br>7,130,979<br>21,394,895<br>65,125,858<br>Movement<br>in funds<br>£<br>18,176,546<br>(421,181)<br>6,886,717<br>6,465,536<br>25,862,018<br>50,504,100|
|---|---|---|



Continued… 

36 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

## **14. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>Unrestricted Funds<br>**Restricted funds**<br>Restricted Funds (OSG)<br>**Endowment funds**<br>Endowment Funds<br>**TOTAL FUNDS**|At 1.1.22<br>£<br>52,137,559<br>2,521,218<br>7,929,500<br>62,588,277|Net<br>Transfers<br>movement<br>between<br> <br>in funds<br>funds<br>£<br>£<br>1,494,906<br>(10,737,469)<br>(1,524,865)<br>(160,386)<br>2,567,540<br>10,897,855<br>2,537,581<br>-|<br> <br>At<br>31.12.22<br>£<br>42,894,996<br>835,967<br>21,394,895<br>65,125,858|
|---|---|---|---|



Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>Unrestricted Funds<br>**Restricted funds**<br>Restricted Funds (OSG)<br>**Endowment funds**<br>Endowment Funds<br>**TOTAL FUNDS**|Incoming<br>Resources<br>Gains and<br>resources<br>expended<br>losses<br>£<br>£<br>£<br>45,492,363<br>(47,297,461)<br>3,300,004<br>4,325<br>(1,529,190)<br>-<br>2,672,645<br>-<br>(105,105)<br>48,169,333<br>(48,826,651)<br>3,194,899|Movement<br>in funds<br>£<br>1,494,906<br>(1,524,865)<br>2,567,540<br>2,537,581|
|---|---|---|



Vision Foundation - this expendable endowment fund represents funds which have arisen from a fundraising drive by the charity.  These are ring-fenced funds which will be invested to create further fundraising returns in the future. 

Restricted funds (OSG) - the fund is for specific capital projects at the OSG family of schools. 

Restricted funds (CMP) - the fund has been donated for the Campus Modernisation Programme, specifically for improving the OSG campuses to a global standard. 

Continued… 

37 



The Grace Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 December 2023 

## **15. RELATED PARTY DISCLOSURES** 

Sam Blackledge, son of Richard Blackledge is a Director at the Rapid Relief Team.  The Rapid Relief Team Charity was granted £2,325,000 (2022: £1,690,000) by the Grace Trust in 2023. 

During the year the charity received donations totalling £638,750 from trustees or from the businesses or other organisation that they control.  Some of these donations related to the campus improvement appeal but all were made in the course of the charity’s normal operations. 

38