GRACE CHARITY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 REGISTERED CHARITY No. 284216 BDB PITMANS Reglltered Offlce One Barth01ce Ck)se London EC1A 7BL DX 339401 London W811 Soffjo Station Road The Anchor896 34 Bridge sireet CB1 2JH Reading, RG1 2LU DX 339601 Catnbndge 24 DX 146420 ReaJiw 21 4 Grosvenor Square Gtosvenor Square Souihamplon. $015 2BE DX 38518 SOu3Mplo 3 T +44 {01345 222 9222 wb bdbpilm¥ns com
GRACE CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 CONTENTS Page REPORT OF THE TRUSTEES REPORT OFTHE INDEPENDENT EXAMINER STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE FINANC1AL STATEMENTS
GRACE CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The TfU5tee5 are pleased to present their annual trustees, report together with the financial stalements ol the Charity lor the year ended 5 April 2024. REFERENCE AND ADMINISTRATIVE DETAILS Full name." Gi8ce Charity Règistered Charity number. 284216 Principal address". BDB Pitmans LLP One Bartholomew C105e. L[On EC1A7BL Trustees.. F Appelbe Mrs V Thornas Or L Hobby A Appelbe Mr W Thomas lapwinted 21 February 20231 Independent Exatniner. Hamish Frost (he B8rtholornew C105e, London EC1A78L STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The Charity Is controlled by its goveming docurnenl, a deed ol trust dated 17 March 1969. and constitutes an unincorporated charity. Appointment of Trustees and Trustèe induction and training Trustees are appointed by deed. New trustees are biiefed their legal obligatrons undei tharity law. t Chanty Comm15SIOn guidancE on public benefit, Informed of the contents of the deed, deusion-making proTrsses and rnt financial perfortnan¢e of the charity. Before taking on the role they meet key advisors and other trustees. Trusteès a encouraged to attend appropriate e*ternal training event5 there these wll f&ilrtale the undertaking ol their role Risk Management The Trustees recognise that they have a duty to Identify and review risks to which the Charity 15 exFK)sed and to ensuie appropriate controls ale in place to provide reasonable assuran against fraud and error. The Trustees have conSided the rnain a188s of nsk and are of the opinion that the Charity has the iesources that, under normal conditions would allow these nsks to be rnitigated to an acceptable level In its day-to4ay operab"ons. OBJECTIVES AND ACTIVITIES The Chaiity was created by deed of trust dated 25 January 1982 and exist5 to benefit such legally ch8ritable objects as the Trustees at their discietion select. The Trustees (x)nsider apiC3"9ns for grant5 at meetings and generally throughout the year. Page 1
GRACE CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 Icont.) Public Benefit Statement The Trustees have ferred to the guidance contained in the Charity Cotnmis5ion's general guidance on put)lic benefit when reviewing the Trust's aims and objectives and in planning futu adivities and deciding on the grants for the yeai. The Charity's objects are ltsr the public benefit Those objects are achieved by virtue of Ihe grants made by the Trustees to Charities in Enoland and Wales an¢J to Individuals to assist wth their education. ACHIEVEMENTS AND pERFoRNcE The Trustees met In person and virtually, lon various occasions) to consider the charity's activities and aehievefflents during the year. The charitatle donatlOn5 were agreed. 13 grants We made dunng the year I223. 15 giants paid). ranging from £500 to £5,0 and the tot81 is shown in note 2 to these accounts. Th8 Charity continues to support educational Init18tive, Ocean Ambassadors10A1. Ocean Ambas5adDrs was created lo support lectures to students. some ol which may be filtned for lutuie use. Assist8nce is 8150 given to unit World Colleges. Initi3lly vi8 Atlantic colge. in creatson ol a new internaty'onal baccalaureate ntred UFK)n marine environments. TIE TrLBtees have agreed to set aside approximately £12,000 per annum to support the trainin9 8nd lectures and also student prizes. In the first Iwo years there were some additsonal costs lor the promoth)n of OA'S educational Initiative. Dunng this year the were no cost5 atttitxrted to OA. The Trustees continue lo review OA annually and report on any changes to the Initiatwe and a150 the creation of student prizes as they arise The Trust FufKls were held in investments and cash Income for the ye8r. in the fomi ol dividends amounted to £41,797 12023 £40.2831. The market value ol the Investments at the date of the Balance Sheet was £720,649 12023. £726,449) The Trustees Saw a decrease over the year in value ol the portfolio and remain cautious about future investment They are awaie of the economic crisis and the war in Ukraine and the ongoing ImpaLI these could have on the investments and their values and the Income arising frorn those investrnents They a Invested for the long term FINANCIAL REVIEW Charitable Expenditure The 2024 gr8nls lot8lled £19,01312023'. £20.7501. of tmese £012023 £0) rel8t8d to OA. Other Expenditure Expenditure relating to the management, administration and govemance of tre Charity, amounted to £5,52412023" £3,910), less than 1Yo of the value of the Charity at S Apnl 2024 Page 2
GRACE CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 IconLI Investment Pollcy and Performan¢e The Trustees have an investment portfolio with M&G compiising shares ln their Steiling Charifund. th units held In both their Incorne and Accumulatson FLJnds The investment In th15 fund offers the Trustees the right tnix of capital growLh and Income to rneet their pdicy and Is actively managed by M&G direct The Trustees monitor the perfomianc8 at their meetings and when the quarterly reports are receiv8d The investment portfolio Showed an deuease in rnarket value over the period. Nmth unrealised losses of £43,937 12023. unrealised loss of £43,937). There were no realised gains or Iosses12023'. none) Reserves Pollcy and golng concern The Trustees only use income arising dLJrirvJ each year for grants 8nd do not spend more than their annu81 income each year.lt Is not envisaged that the wll be future commitments that exwd future Income on an annual basis thereft>ie the trustees are happy wth the cuiient reseNe level. The Trust$ are of the view that the Trust Is a going concem Exemptlons from Disclosure There are no exemptions from disdosure. Law applicable to chanties in Eroland & Wales qUIreS the Trustees to prepare financial 5talernents for eath financial year thich give a true and fair view of the Chaiity's finanual activities during the year and of its financial position at the end ol the year In piep8ring financial statement5 g1ving a true and fair view, the Trustees should follow best pr8otiTr and.. select suitable accounting po1icie5 and then apply them consistently., make judgemenis and estirnates that a reasonable and prudent., State whether applicable accounting 5tsndards ancj statements of recomrnen(led practi have been frJloVd, subjed to any departures disclosed and explained in the financial statements and-. prepare the financial statements on the going Gonrn basis unless it is inappropri8le to presume that the charity wll continue in operation. The Trustees are respDnsib1e for keep'ng accountiro CordS which disclose Mith reasonable 8ccuracy the financial position ol the charity and which enable them to ensure that the financial statements compty wth applicable law and regulatio. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps foi the prevention and detedion of traud and other irregularities Signed on behalf of the trust.. Date: I/L4 Page 3
GRACE CHARITY REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 5 APRIL 2024 I report to the Trustees on my examination of the accounts of the Grace Charity for the year ended 5 April 2024. which are set out on pages 5 to 9. Responsibilities and basis of report As the Charity trustees ol the Trust you afe responsible for the preparation of tre accounts in accordance wth the requirements ol the Charities Ad 2011 I'the Act'l. I r8port in respect of my examination of the Trusfs accounts carried out undei section 145 of the 2011 Act and in carying out my examinats.on I have followed all the applicable Directions given by the Charity Commission under Section 145151 Ibl of the Act. Independent examinerfs statement I have completed my examination. I confirm Ih8t no material matters have come to my attention in ctsnnection with the exarnination giving me cause to believe thal in any matefial respect". ccounting records were not kept in Tespecl of the Trust as requiied by section 130 of Ihe Act.. 01 the accounts do not accord with those re¢oids.' or the accounts do not comply wlth the applicable requirement5 concerning Ihe fomi and content of the accounts set out in the charits IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair vlew lthieh is nol a rnattef considered as part ol an independent examination. I have no concerns and h8ve Gome 8cr055 no other matters in connection with the examination to which attentM)n should drawn in this report in order lo enable a proper understanding of the accounls to be reached. Julia Strike One 8artholomew Close London EC1A 78L Date.. /6./.2 Page 4
GRACE CHARITY STATEMENT OF FINANCIAL ACTIWTIES FOR THE YEAR ENDED S APRIL 2024 Unrestrlcted Fund 2024 Total 2023 Notes INCOME & EXPENDITURE Ineoffle and endowments from.. Investfflents 41.797.08 40.283 Total ineome and endowments 41,797.08 40.283 Expenditure on.. Charitable expendlture Grants Support costs 19,013.00 5,524.00 20.750 3.910 Total expendlture 24,537.00 24.660 NET INCOMEIEXPENDITURE 17,Xi.08 15,623 Net gainslllosses) on investments 18.658.29 143.9371 Net Ineomellgxpendlturel 8,601.79 128.3141 Reconciliation of Funds Fund balanS brought forward 750,119.42 778,433 Total funds carried forward at S Aprll 2024 758,721.21 750.119 P4e5
GRACE CHARITY 8ALANCE SHEET AS AT 5 APRIL 2024 Notes 2024 2023 Flxefl Asset8 Investments 720,649.04 726.449 Current Awts Cash 39,602.17 23.670 Les¥'. Current LlabiSities Amounts falling due withln ont year Grants payable BDB Pitmans LLP 1,530.00 1,530.00 Net Current Assets 38,072.17 23,670 Assets 758,721.21 750.119 Funds Unrestricted funds 758,721.21 750.119 The financial statements weie 8ppioved by the Trustees and were signed on their behalf by.. F Appelbe - Trustee Date". Page
GRACE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 5 APRIL 2024 1. Accounting Polleies Basis of accountin Tre financial statements have been prepared under the historical cost convention, wth the exception that inveslments are shown at market value as at the balance sheet date and are in accordance with the Staternenl ol Recommended Piactice.. Accounting and Reporting by Ch8rities preparing their accounts in accordan wth the F¢nancial Reporting Standaid applicable in the UK and Republic of Ireland {FRS 1021 (effective, 1 January 20151 and the Charities Act 2011. The Chaiity constitutes 8 public benefit entty as defined by FRS 102. Having assessed the Charity's financial position and plans for the foreseeable futU18. the Trustees are satisfied that it rernains appropriate to prepare the financial statetnents on a going conTrrn basis. whe necessary estimates and judgements arè based on historical experience and other factors. Ex enditure A liability and related expenditure is recognise(5 when there 15 a legal or constructive obligation at the balan sheet date as a result of 8 past event, that it is likety to be settled and thal il can be measured liably. The Unrestricted Fund oornprises those funds which the Trust888 are free lo use in accordance w%th the charitsble objects. Charitable Grants Grants are recognised when the Trustees have made a decision to make a payment and Ihat decision had been cotnmunipJted to the recipienl and il is probable that payrnent will lake place. However, the recognition of any liability will be dependent on any corKlitions atiaching to the commitment Investments Investments are stated al market value as at 5 April 2023. Investrnent gains and knsses are disclosed in the Statement of Financial Activrties. Investmenl Income and Bank Interest Investment income and tax recoverable a accounted for on 8 receivable ba81S. 2. Charitable Expendlture 2024 2023 Grants made durin9 the ye8r tOtald.. 19,013.00 20,750 Support costs Metro Bank charges Legal & Professional VAT (non recoverable) 40.00 4,570.00 914.00 5,524.00 10 3,250 650 3.910 24.537.00 24,660 Pa9e 7
GRACE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Icont.) 3. Investments Movements on quoted investments were 85 follows.. 2024 2023 Market value brought forward Add.. acquisitions at cost 728,448.75 2,858.58 767,909 2.477 729,307.33 770,386 Net gainlllos81 on revaluation 18,658.291 143,9371 Market value al year end 720.649.04 726,449 Historical c05t value at year end 532.939.58 530.081 All investments are sltuated in the UK and listed on a recognised stock exchange. Investments which represent 5Yo or Tnore of the total ptsrtfolio are considered by the tru51ee8 to be material 8re'. 2024 92.360A 7.64% 2023 92.78% 7.22Vo M & G Charifvn¢J- Incorne Units M & G Chaiifund- Accum Units 4. Investmont income 2024 2023 1ncome from UK investments 41,797.08 43,937 5. Movèment in Funds 2024 2023 Unrestrieted Funds General fund Fund value brought forwarr5 Add.. Net movement in funds 778.433.16 778.433 8,601.79 128.3141 Fund value at year &nd 787,034.95 750,119 Net movernent in luTrd5 labovel, anses as follows.. 2024 2023 Unrestricted Funds General fund Incoming Gains and losses 41,797.08 8,658.29 33,138.79 40.283 43,937 13,6541 Less." Expendrture 24,537.00 8,601.79 24.660 128,3141 Page 8
GRACE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO S APRIL 2024 Icont.I 6. Trnstees. Remunèwation and Expense None ol the Trustees have been paid any remuneration or received any other benefits from an employment with their charity or a Lated entity, no trustee expenses have been Incurred nor have there been any related party transactions in the reporting period that require disc105ure. 12023 also £0 in all cases). Independent examination lees are charged but they are part of 8DB Pitmans LLP'5 general expenses. The functions are carried separately within BDB Pitmans LLP. 7. Ernployees The Tiusl doe5 not have any employees12023 ." None). Page 9