GRACE CHARITY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 REGISTERED CHARITY No. 284216 BDB PITMANS One BarthDlomew Close Londun ECIA 7BL DX 339401 Lwdon Wall 50160 siation fload Anchwage Cambridge 34 Bridge SlreEI CBI 2JFt Reading. RGI 2LU DX 339601 Cambridoe 24 DX 146420 Readin9 21 Grosvenor House GrD5vÈnor Souare Souihafnpton. SO15 28E OX 38516 SoulhamptDn 3 T *44 101345 222 9222 wwwwbdbpitrnans.com
GRACE CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 CONTENTS Page REPORT OF THE TRUSTEES 14 REPORT OF THE INDEPENDENT EKAMINER STATEMENT OF FINANCIAL ACTWITIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS 74
GRACE CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 The Trustees are pleased lo present their annual Iruslees, report together with the financial slalemenls of the Charity for the year ended S April 2021. REFERENCE AND ADMINISTRATIVE DETAILS Full n8me.' Grace Charty Registered Charity number. 284216 Princip81 address". BDB Pitmans LLP One Barthobmew Ck)se, London EC4A 7BL Trustees.. F Appelbe Mrs VThomas Dr L Hobby A Appelbe Independent Examiner Julia Strike TEP One Bartholomew Ckjse. London EC4A 7BL STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is controlled by ils governing dccumenl. a deed of trust dated 17 March 1969. and conslilules an unincorporated Charity. Appolntment of Trustees and Trustee induction and training Trustees are appointed by deed. New Iruslees are briefed on their legal obligations under chaiity law, the Charity Commission guidance on public benefit, infomed of the contents of the deed, decision-making processes and recent financial performance of the charty. Befo taking on the role they meet key advisors and other Iruslees. Trustees are encouraged to attend appropriate exlernal training events where these will facililale the undertaking of their role. Risk Management The Trustees recognise that they have a duty lo identify and review risks lo which the Charity is exposed and lo ensure appropriate controls are in place lo promde reasonable assurance against fraud and error. The Trustees have considered the main areas of iisk and are of the opinion that the Charity has the resovrces that, under noimal conditions would allow these risks lo be mrtigated lo an acceptable level in ils day-1041ay operations. 08JECTIVES AND ACTIVITIES The Charity was created by deed of trust dated 17 March 1%9 and exists lo benefrt such legally charitable obiects as the Trustees at their discretion select. The Trustees consider applications for granls al meetings throughout the year. Page 1
GRACE CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 {¢ont.) Public Benefit Statement The Trustees have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and deciding on the grants for the year. The Charity's objects are for the public benefit. Those objects are achieved by virtue of the grants made by the Trustees lo Charities in England and Wales and lo individuals lo assist with their education. ACHIEVEMENTS AND PERFORMANCE Because of the pandemic. the Trustees dbj meet in person but virtually, on various occasions lo consider the charitys activities and achievements during the year. The char(table donations were agreed. 27 giants were made during the year12020'. 23 grants paid). ranging from £150 10 £5.000 and the lolal is shown in note 2 to these accounts. The Charity has sel up a new educalronal initalive. Ocean Ambassdors 10A1. The Trustees have received legal advice from BDB Pitmans on this ini(ialive. They have adwsed that OA can be a sub-fund of the Charity. OA was created lo support lectures of studenls, some of which may be filmed for future use. Assistance is also given to Unile(I World Colleges. initially via Atlant College. in creation of a new international baccalaureate cenlred upon marine environments. The Trustees have agreed lo set aside approximately £12.000 per annum to support the training and lectures and also sludenl prizes. In the first fv•o years there will be some additional costs for the promotion of OA'S educational inilialive. The Trustees wll review OA annually and report on any changes lo Ihe ini(ialive and also the creation of student prEes as they arise. The TNSI Funds were held in investments arKI cash. Income for the year. in the foTm of dividends amounted lo £31.149.00 {2020". £40,245). The market value of the investments al the date of the Balance Sheet was £713,214.64 {2020.. £554.769}. The Trustees were pleased lo S the increase in value of the portfolio following the fall in value in 2020. The Tmslees a aware of the impact the Covid 19 Pandemic had on the investments and their values in 2020 and the income arising from the investments held loo. The Charity is invested for the long letm arnl the Iruslees will continue lo monitor the investments and their performance. FINANCIAL REVIEW Charitable Expenditure The 2020 grants lotalled £39.69112020'. £25.873). of these £10.941.0012020= £4.5231 related lo OA. Other Expenditure Expenditure relating lo the management, adminislralion and governance of the Charrty, amounted lo £4,02012020.. £3.154}, less than 10A of the value of the Charity al 5 April 2021. Page 2
GRACE CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 (cont.} Investment Policy and Perforniance The Trustees have an investment portfolio wth M&G comprising shares in their Sterling Charifund, with units held in both their Income and Accumulation Funds. The investment in this fund offers the Trustees the right mix of capital growth and income lo meet their poltcy arKI is aclivety managed by M&G direct. The Trustees monitor the perfomance al their meetings and when the quarterty reports are received. The investment portfolio showed an increase in market value over the period. wth unrealised gains of £156,500.05 {2020'. unrealised losses of £202.6411. There were no realised gains12020". nil}. Reserves Policy and going concern The Trustees only use income arising dunng each year for grants and do not spend more than their annual income each year.11 is not envisage(S that there will be future commitments that exceed future income on an annual basis therefore the ITuslees are happy with the current reseNe level. The Trustees are ol the view that the Trust is a going concem. Exemptlons from Disclosure There are no exemptions from disclosure_ Law applicable to chari(ies in England & Wales requires the Trustees to prepare financial slalemenls for each financial year which give a true and fair view of the Chariws financial activities during the year and of ils financial position al the end of the year. In preparing financial stalements giving a true and fail view. the Trustees should follow best practice and.. select suitable ¥counling policies and then apply them consislenlly.. make judgemen15 and eslimales that are reasonable and prudent", slate whether appIable accounting standards and statements of recommended practice have been followed. subject lo any departures disclosed and explained in the financial statements and", prepare the financial slalemenls on the going concem basis unless (( is inappropriate to presume that the charity will ¢ontinue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial $18lemenls comply with applicable law and regulations. They a also responsib for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Sign8d on behalf of the trustees: Date- 1510712021 Page 3
GRACE CHARITY REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 I report lo the Trustees on my examination of the accounts of the Grace Charity for the year ended 5 April 2021 which are sel out on pages S 10 9. Responsibilities and basls of report As the charily trustees of the Trust YOLF are responsible for the preparalKJn of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Act')- I report in respect of my examination of the Ttusfs accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable th"reclions gwen by the Charity Commission under section 145 (51 Ibl of the Act Independent examlner's statement I have completed my examination. I confim) thal no material matters have come lo my attention in connection swlh the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act." or the accounts do not accord wlh those records,. or the accounts do nol cornp with the applicable requiremenls concerning the form and content of the accounts sel out in the Charities {Accounls and Reports) Regulations 2008 other than any requirement that the accounts give a'true and fairf view which is not a matter considered as part of an independent examination. I have no cOnrn5 and have come across no olher matter5 in connection wrth the examination lo which attention should be drawn in this report in order lo enable a proper underslanding of the accounts to be reached. Julia Strike TEP One Bartholomew Close London EC4A 7BL Date. 1510712021 Page 4
GRACE CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2021 Unrestricted Fund 2021 Total 2020 Notes INCOME & EXPENDITURE Income and endowments from: Investments 31.149.30 40,245 Donalk?ns feeeived 166.80 Total Income and endowments 31.316.10 40,329 Expenditure on: Charitable expenditure Grants Support costs 39,691.00 4.020.00 25,873 3,154 Total expendlture 43,711.00 29,027 Nel gainsl{losses} on investments 156,500.05 1202,641} Net incomel{expenditurel 144,105.15 1191,3391 Reconciliation of Funds Fund balances brought fo¢ward 574,081.29 765,421 Total funds carried forward at S April 2021 £ 718,186.44 £ 574.082 Page 5
GRACE CHARITY BALANCE SHEET AS AT 5 APRIL 2021 Notes 2021 2020 Fixed Assets Investments 713.214.64 554,769 Current Assets Cash 10.449.80 20,123 Less- Current Liabilities Amounts falling due withln one year Grants payable BDB Pilmans LLP 5,250.00 228.00 5.478.00 810 810 Net Current Assets 4,971.80 19,313 Net Assets £ 718,186.44 £ 574,082 Funds Unrestricted funds £718.186.44 £ 574,082 The financial slalements were approved by Ihe Ttustees and were signed on their behalf by.. F Appelbe- Truslee Dale.. Page 6
GRACE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 1. Accounting Policies Basis of accountin The financial statements have been prepared under the historical c05t convention, wf(h the exception that investments are shown at market value as al the balance sheet date and are in accordance with the Statement of RernMended Practice. Accounting and Reporting by Chari(ies preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive, 1 January 20151 and the Charities Act 2011. The Charity conslilutes a public benefit enlily as defined by FRS 102. Having assessed the Charitls financial position and plans for the forseeable future. the Trustees are satisfied that il remains appropriate to prepare the financial slalemenls on a going concem basis. Where necessary eslimales and judgements are based on historical experience and other factors. endilure A li8bilily and related expendrture is recognised when theie is a legal or constructive obligation at the balance sheet date as a result of a past event. that li is likety lo be settied and that il can be measured reliably. Funds The Unreslricled Fund comprises those funds which the Trusl*s are free lo use in aceordan¢e with the charitable objects. Charitable Grants Grants are recognised when the Trustees have made a decision lo make a payment and that decision had been communicated lo the recipient and it is probable that payment will take place. However, the recognition of any liability will be dependent on any conditions attaching to the Investment5 Investmen15 are slated at market value as al 5 April 2021. Investment gains and losses are disclosed in the Statement of Financial Activities. Investment Income and Bank Interest Investment income and lax recoverable are xeounted for on a reeewable basis. 2. Charitable Expenditure 2021 2020 Grants made during the year total1.. 39.691.00 25,873 Support costs Metro Bank charge Legal & Professional VAT (non recoverable) 10 2,620 524 3.154 3.350.00 670.00 4,020.00 £ 43,711.00 £ 29.027 Page 7
GRACE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Icont.) 3. Investments Movements on quoted inveslmenls were as folbws.. 2021 2020 Market value brought fowafd Add.. acquisitions al cost 554,769.17 1.945.42 754,972 2.438 556,714.59 757,410 Nel gainlllossl on revaluation 156,500.05 1202.6411 Market value al year end È 713,214.64 £ 554,769 Historical cost value at year end £ 525,506 £ 523,%0 All investments are situated in the UK and listed on a recognised stk exchange. Investments which represent 5% or more of the lolal portfolio are considered by the Iruslees lo be material are.. 2021 93.45% 6.55% 2020 93.68% 6.32% M & G Charifund - Income Unrts M & G Charifund - Accum Units 4. Investment income 2021 2020 Income from UK investments £ 31.149.30 £ 40,245 5. Movement in Funds 2021 2020 Unrestrlcted Funds General fund Fund value brought forward Add.. Nel movement in funds 574,081.29 765.421 144,105.15 (191.3391 Fund value at year end £ 718,186.44 £ 574,082 Net movement in funds labovel. arises as follows" Movement in funds 2020 Unrestrlcted Funds General fund Incoming Gains and bsses 31.316.10 156,$00.05 187,816.15 40.328 2D2,641 1162,3131 Less-. Expenditure 43,711.00 £ 144,105.15 29,027 £(191.3401 Page 8
GRACE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 Icont.) 6. Trustees. Remuneration and Expenses None of the Trustees have been paid any remunerat or received any other benefits from an employment with their charty or a related entty, no trustee expenses have been incurred nor have there been any related party Iransa¢lions in the reporting period that require disclosure. {2020 also £0 in all cases)- Independent examination fees are charged but they are part of BDB Pilmans LLP'S general expenses. The functions are carried out separately wthin BDB Pitmans LLP. 7. Employees The Trust does not have any employees. Page 9