Annual Report and Financial Statements for the Year Ended 31 January 2024 Grace Publications Trust Charlty registration number- 285237 Independent Examlners Ltd 2 Broadbrldge Buslness Centre Delling Lane Bosham Chichester West Sussex P018 BNF
GRACE PUBLICATIONS TRUST CONTENTS Reference and Administrative Details Trustees, Report 2to4 Independent Examiner's Report Statement of Financial Activities 8alance Sheet Notes to the Financial Statements 8t014
GRACE PUBLICATIONS TRUST REFERENCE AND ADMINISTRATIVE DETAILS Trustees R Tlbbs AMKing A Prelock N Graham B Jones A Gardner A Constable (appointed 12 October 20231 Charlty Reglstration Number 285237 Prlnclpal Offlce clo Grace Baptist Charitie5 Ltd 62 Bride Street London N7 8AZ Independent Examiner G W schulz FCMA Independent Examlners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex P018 8NF Page I
GRACE PUBLICATIONS TRUST TRUSTEES. REPORT The Trustees present the annual report together wlth the flnancial ststements of the charity for the year ended 31 Jar)uary 2024. Structurei governance and management Nature of governlng document Grace Publications Trust is a registered charityi number 285237, and is constituted under a Trust deed. Recruitment and appointment of Trustees The management of the charity Is the respDnsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Oryanisational stru¢turÈ The charity has a management committee who are electedlre-elected annu?Ily at the AGM and an executive to direct the work of the charity. The charity has forrllulated, agreed and implemented policles In relation to privacy (GDPRI, serVeS, investments and risk assessment. Risk management The Trustees have assessed the major risks to which the charlty is exposed, in partlcular those related to the operations and flnances of the charityi and a satisfied that systems and procedures are in place to mitigate exposure to the major risks. Objectives and activitie5 Objects and alms The principal object of the charity is to promote the better knowledge and understanding of the doctrines of the the Christian faith as expressed in the London Confession of Faith 1689 and the Strict Baptist Affirmation of Faith 1966 and to do all such lawful things as are incidental or conduclve to the attainment of these objects. The charity aims to fulfill its main object by producing, acquiring, publishing and disseminating literature of all kinds and the making and distributing of mechanical, electrical and other recordings, films and visual aids. Public benefit The Trustees confirm that they have complied with the requirements of sectlDn 17 of the Charitles Act 2011 to have due regard to the public benefit guidance published by the Charity Cornmission for England and Wales. Page 2
GRACE PUBLICATIONS TRUST TRUSTEES, REPORT (CONTINUED) Achlevements and performance Once again we thank God for enabling the Trust to continue its work of publlshing sound Christian literature. During the year Grace Publications Trust produced and sold 4 new books including "When Sorrows like Sea Billows Roll" 'Students and the Church" "God for sceptics" and "Sermons fmm the schemes-. We reproduced "Crazy World and "the Balanced Pastor" and have two further books in the prodvrtlon proces5 and are in the process of initial conversalion with several other authors. Dayone continues to be our 'fuifilment partner" by providing a warehousing and "pick and post" facillty for all Gwf website sales. Dayone also continued to handle all our trade accounts with UK bookshops and the distribution of Geneva Bible Notes (GBN). We give thanks to the Lord fDr the faithful service of all committee and executlve members, and for those who assist the Trust in editing and proof-readlng manuscripts. Golng concern After making appropriate enqLJiries, the Trustees have a reasonable expectatlon that the charity has adequate resources to continue in operatlonal existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Page 3
GRACE PUBLICATIONS TRUST TRUSTEES, REPORT (CONTINUED) statement ol Responslbilities The Trustees are responsible for preparing the Trustees, report and the flnancial statements in èccordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the Trustees to prepare flnancial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application Df resources of the charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and prlnclples in the Charities SORP,. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tlme the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities {Accounts and Reports) Regulations 2008, and the provisions of the constitution. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularlties. The annual report was approved by the Trustees of the charity on 10 October 2024 and signed on its behalf by: Ait3r&*tr K AMKing Trustee A Gardner Trustee Page 4
GRACE PUBLICATIONS TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GRACE PUBLICATIONS TRUST I report to the Trustee5 on my examination of the accounts of Grace Publbcatlons Trust for the year ended 31 January 2024. Responsibilities and basis of report As the charity Trustees of Grace Publications Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charltles Act 2011 ('the Act'l. I report in respect of my examination of the Grace Publications Trust's accounts carried c>ut under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examlner's statement I have completed my exarnination. I confirm that no material matters have come to my attention in connection with the exambnation givlng me cause to believe that in anv material respect.. l. accounting records were not kept in respect of Grace Publications Trust as required by section 130 of the Act,. or 2. the accounts do not accord with those records,. or 3. the accounts do not cornply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 200B other than any requirement that the accounts give a 'true and fair view, which s not a matter consldered as part of an Independent examination. I have no concerns and have come across no other matters in connectlon wlth the exambnation to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. G W Schulz FCMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane BD5ham Chichester West Sussex P018 8NF 10 October 2024 Page 5
GRACE PUBLICATIONS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2024 Unrestricted Restrlrted funds funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 1, 145 53,236 870 2,015 53,236 980 54,818 Total Income 870 58,297 56.891 Expenditure on: Charitable activities 46,B50 Total expenditure 46,850 Net incomel(expenditure) 870 12,541 Net movement In funds 10,577 870 11,447 (12,541) Reconciliation of funds Total funds brought forward 113 880 120,934 133 475 Total funds carried forward 124 457 132 381 120 934 The notes on pages 8 to 14 form an integral part of these financial statements. Page 6
GRACE PUBLICATIONS TRUST BALANCE SHEET AS AT 31 JANUARY 2024 2024 2023 Note Current assets Stocks Debtors Cash at bank and in hand 27,619 23,171 84.788 135.578 19,970 10,431 128,063 7,129 Creditors: Amounts falling due within one year io Net assets 132 381 120 934 Funds of the charity: Restrlcted Income funds Restrlcted funds 7,924 7,054 Unrestricted income funds Unrestricted funds 124 457 113 880 Total funds li 132 381 120 934 The financial statements on pages 6 to 14 were approved by the Trustees, arbd authorised for issue on 10 October 2024 and signed on thelr behalf bv.. AMKlng Trustee A Gardner Trustee The notes on pages 8 tD 14 form an Integral part of these financial Statements. Page 7
GRACE PUBLICATIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 l Accountlng policies statement of cornpliance The financial statements have been prepared in accordance wbth the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparatlon Grace Publlcatlons Trust meets the deflnition of a publlc beneflt entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless Otherwise stated in the relevant notelsl to these accounts. Going concern The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Income and endowments Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be recelved and the amount can be measured with sufficient rellability. Donations and legacies Donations and legacies are recognised on a receivable basis when reIpt is prtsbable and the amount can be rellably measured. Gift aid Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charityi thls 15 normally upon notification of the interest pald or payable by the institutlon with whom the funds are deposlted. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charityi this is normally upon notification of the Inte$t paid or payable by the institution with whom the funds are deposited. Page 8
GRACE PUBLICATIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 (CONTINUED) Expendlture All expenditure is recogni5ed once the is a legal or construrtive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Charitable artlvities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Debtors Trade arsd other debtors are recognised at the settlement amount after any trade dlscount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade credltors are obllgations to pay for good5 or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional rlght, at the end of the reporting period, to defer settlement of the credStor for at least Lwelve months after the reporting date. If there is an Ljnconditional right to defer settlement for at least twelve months after the reporting date, they a presented as non-current liabilities. Llabilities Liabilitles are recognised when there is an obligation at the Balance Sheet date as result of a past event, it Is probable that a transfer of economic benefit will be required In settlement, and the arnount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount It has ceiVed as advanced payments for the goods or services It must provide. Page 9
GRACE PUBLICATIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 (CONTINUED) Financial instruments The charity only has finar)cial assets and financial Ilabilities of a kind that qualify as basic financlal Instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception Df bank loans which are subsequently measured at amortised cost using the effective Snterest method. Fund structure Unrestricted income funds are general funds that are available for use at the Trustees. discretion in furtherance of the objertives of the charlty. Designated funds are unrestritted funds Set aside for specific purposes at the discretion of the Trustees. Restricted Income funds are those donated for use in a particular area or for specific purposes, the use of which Is restrltted to that area or purpose. 2 Income from donations and legacles Unrestricted funds General Restricted funds Total 2024 Total 2023 DoF)atlons and legacies,. Donation5 Gift aid reclaimed other income from donations and legacSes 1,095 870 1,965 955 25 50 50 870 2,015 980 3 Income from charitable activities Unrestricted funds General Total 2024 Total 2023 Sales General Subscriptions - Geneva Blble Notes 44,756 44,756 43,555 54,818 Page 10
GRACE PUBLICATIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 (CONTINUED) 4 Investment income Unrestricted funds General Total 2024 Total 2023 Interest receivable and similar income. Interest receivable on bank deposits 5 Expenditure on charitable activities Unrestricted funds General Total 2024 Total 2023 Authors. edltors & readers payments PDStage & distribution IGBN) Marketing & advertising Production & bought-in costs Royalties Postage, carriage & packing (books) Printing & stationery Insurance Travel and subsistence Bank interest & charges Committee members expenses Consultancy Secondrnent Sundry expenses Independent examination 250 25D 10,558 3,297 732 24,640 2,686 13,IL7 124 325 1,041 768 607 5.507 5,480 2,643 22,676 1,069 8,191 51 355 877 876 196 1,319 7,631 136 580 2,643 22,676 1,069 8,191 51 355 877 876 196 1,319 7,631 136 sso 550 46,850 6 Trustees remuneration and expense5 No Trustees, nor any persons connected with them, have received any remuneratlon from the charity during the year. During the year, travel and other expenses totalling £631 were reimbursed or paid Llirertly to 3 Trustees (2023 - £1,374 to 7 Tmstees). Page 11
GRACE PUBLICATIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 (CONTINUED) 7 Rel*ed party transactions The AssociatlDn of Grace Baptist Churches (South East) received £900 {2023 - £225) for atcountbng seNices. Ben Jones Is a Trustee of The Association of Grace Baptist Churches (South East) and Abigail Gardner and Andrew King are employed by The As50Clation of Grace Baptist Churches {South East). 8 Stock 2024 2023 stocks 19,970 9 Debtors 2024 2023 Trade debtors Prepayments Accrued income VAT recoverable 5,806 1,150 16,146 69 1,074 2,565 6,792 23,171 10,431 10 Creditors: amounts falling due within one year 2024 2023 Trade creditors other taxation and social security other credltors Accruals Deferred income 183 63 4.019 413 569 998 1,630 Page 12
GRACE PUBLICATIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 (CONTINUED) 11 Funds Balance at l February 2023 Balance at 31 January 2024 Incoming resources Resources expended Unrestrlcted funds General General Funds 113,880 57,427 146,850) 124,457 Restrlcted funds Book fund 870 Totsl funds 120 934 58 297 46,850 132 381 Balance atl February Incoming Resources 2022 resource$ expended Transfers Balance at31 January 2023 Unrestrlcted funds General General Funds 125,760 56,161 {69,4321 1,391 113,880 Designated Writer's fund Total unrestricted fund5 127,151 56,161 (69,432) 113,880 Restricted funds Book fund 730 Total funds 133 475 56,891 120 934 Page 13
GRACE PUBLICATIONS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 (CONTINUED) 12 Analy$ls of net assets between funds Total funds at31 January 2024 Unrestricted funds General Restricted funds Current assets Current Ilabllities 127,654 7,924 135,578 3,197 Total net assets 124 457 132 381 Total funds at31 January 2023 Unrestricted funds General Restrlcted funds Current assets Current1Sabilities 121,009 7,054 128,063 Totsl net assets 113 880 120 934 Page 14