Annual Report and Financial Statements for the Year Ended 31 January 2025
## Grace Publications Trust
Charity registration number: 285237
Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester West Sussex PO20 7EG
## **GRACE PUBLICATIONS TRUST**
## **CONTENTS**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 to 14|
## **GRACE PUBLICATIONS TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Trustees**
R Tibbs (resigned 11 October 2024) A M King A Prelock N Graham B Jones A Gardner A Constable
**Charity Registration** 285237 **Number Principal Office** c/o Grace Baptist Charities Ltd 62 Bride Street London N7 8AZ **Independent Examiner** G W Schulz FCMA Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester West Sussex PO20 7EG
Page 1
## **GRACE PUBLICATIONS TRUST**
## **TRUSTEES' REPORT**
The Trustees present the annual report together with the financial statements of the charity for the year ended 31 January 2025.
## **Structure, governance and management**
## _**Nature of governing document**_
Grace Publications Trust is a registered charity, number 285237, and is constituted under a Trust deed.
## _**Recruitment and appointment of Trustees**_
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## _**Organisational structure**_
The charity has a management committee who are elected/re-elected annually at the AGM and an executive to direct the work of the charity.
The charity has formulated, agreed and implemented policies in relation to privacy (GDPR), reserves, investments and risk assessment.
## _**Risk management**_
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
## **Objectives and activities**
## _**Objects and aims**_
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 conducive 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 section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 2
## **GRACE PUBLICATIONS TRUST**
## **TRUSTEES' REPORT (CONTINUED)**
## **Achievements and performance**
Through another year, we thank God for enabling the Trust to continue its work of publishing Christian Literature.
During the year Grace Publications Trust produced and sold 2 new books namely “Titus Revolution” and “Gospel Church Government”. We reproduced “baptism and church membership” in both English and Spanish. We have other books in the production process and are in the process of initial conversation with several other authors. In addition, Christian Focus Publications produced a fifth volume of the “2000 years of Christ’s Power” series - GPT receive royalties from the sale of this book and the other books in the series.
DayOne continues to be our “fulfilment partner” by providing a warehousing and “pick and post” facility for all GPT website sales. DayOne also continued to handle all our trade accounts with UK bookshops and the distribution of Geneva Bible Notes (GBN).
During the year, GPT has been working with Lifeway on the marketing of the new CSB Anglised Bible, promoting it at conferences and selling it via our website. A new Managing Editor has also been appointed. GPT has also been working on a ‘magazine’ style gospel of Mark to be shared by London Churches as part of its ‘Good News for London’ project. This launched in April 2025.
We give thanks to the Lord for the faithful service of all committee and executive members, and for those who assist the Trust in editing and proof-reading manuscripts.
## **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational 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 of Responsibilities**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance 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 financial 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 of 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 principles 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 time 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 prevention and detection of fraud and other irregularities.
The annual report was approved by the Trustees of the charity on 16 October 2025 and signed on its behalf by:
A King ......................................... A M King Trustee
## A Gardner
......................................... A Gardner Trustee
Page 4
## **GRACE PUBLICATIONS TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GRACE PUBLICATIONS TRUST**
I report to the Trustees on my examination of the accounts of Grace Publications Trust for the year ended 31 January 2025.
## **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 Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Grace Publications Trust's accounts carried out 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 examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. 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 comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination 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 The Grain Store Hills Barns Appledram Lane South Chichester West Sussex PO20 7EG
16 October 2025
Page 5
## **GRACE PUBLICATIONS TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025**
|**Note**
**Unrestricted**
**funds**
**£**
**Income and Endowments from:**
Donations and legacies
2
11,004
Charitable activities
3
57,241
Investment income
4
3,235
Total income
71,480
**Expenditure on:**
Charitable activities
5
51,133
Total expenditure
51,133
Net
income/(expenditure)
20,347
Net movement in funds
20,347
**Reconciliation of funds**
Total funds brought
forward
124,457
Total funds carried
forward
11
144,804|**Restricted**
**funds**
**£**
935
-
-
935
2,721
2,721
(1,786)
(1,786)
7,924
6,138|**Total**
**2025**
**£**
11,939
57,241
3,235
72,415
53,854
53,854
18,561
18,561
132,381
150,942|**Total**
**2024**
**£**
2,015
53,236
3,046|
|---|---|---|---|
||||58,297|
||||46,850|
||||46,850|
||||11,447|
||||11,447
120,934|
||||132,381|
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 2025**
|**Note**
**Current assets**
Stocks
8
Debtors
9
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
10
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
**Unrestricted income funds**
Unrestricted funds
**Total funds**
11|**2025**
**£**
31,342
25,449
105,264
162,055
(11,113)
150,942
6,138
144,804
150,942|**2024**
**£**
27,619
23,171
84,788|
|---|---|---|
|||135,578
(3,197)|
|||132,381|
|||7,924
124,457|
|||132,381|
The financial statements on pages 6 to 14 were approved by the Trustees, and authorised for issue on 16 October 2025 and signed on their behalf by:
A King A Gardner ......................................... ......................................... A M King A Gardner Trustee Trustee
The notes on pages 8 to 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 2025**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with 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 preparation**
Grace Publications Trust meets the definition of a public benefit 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 note(s) 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 received and the amount can be measured with sufficient reliability.
## _**Donations and legacies**_
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably 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 charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## _**Interest receivable**_
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest 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 2025 (CONTINUED)**
## **Expenditure**
All expenditure is recognised once there is a legal or constructive 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 activities**_
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 and other debtors are recognised at the settlement amount after any trade discount 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 creditors are obligations to pay for goods 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 right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
## **Liabilities**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount 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 received 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 2025 (CONTINUED)**
## **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 bank loans which are subsequently measured at amortised cost using the effective interest method.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted 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 restricted to that area or purpose.
## **2 Income from donations and legacies**
|**Unrestricted**
**funds**
**General**
**£**
Donations and legacies;
Donations
4
Other income from
donations and legacies
-
4
**3 Income from charitable activities**
**Unrestricted**
**funds**
**General**
**£**
Sales - General
47,165
Subscriptions - Geneva
Bible Notes
10,076
57,241|**Restricted**
**funds**
**£**
935
-
935
**Restricted**
**funds**
**£**
-
-
-|**Total**
**2025**
**£**
939
-
939
**Total**
**2025**
**£**
47,165
10,076
57,241|**Total**
**2024**
**£**
1,965
50|
|---|---|---|---|
||||2,015|
||||**Total**
**2024**
**£**
44,756
8,480|
||||53,236|
Page 10
## **GRACE PUBLICATIONS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 (CONTINUED)**
## **4 Investment income**
|**Unrestricted**
**funds**
**General**
**£**
Interest receivable and
similar income;
Interest receivable on
bank deposits
3,235
**5 Expenditure on charitable activities**|**Restricted**
**funds**
**£**
-|**Total**
**2025**
**£**
3,235|**Total**
**2024**
**£**
3,046|
|---|---|---|---|
|||||
|**Unrestricted funds**
**Designated**
**£**
**General**
**£**
Authors, editors &
readers payments
-
-
Marketing & advertising
17
8,213
Production & bought-in
costs
200
21,326
Donated books
-
-
Royalties
-
298
Postage, carriage &
packing (books)
-
9,329
Printing & stationery
-
156
Insurance
-
425
Travel and subsistence
-
424
Bank interest & charges
-
967
Committee members
expenses
-
1,676
Consultancy
31
1,385
Secondment
23
6,003
Sundry expenses
-
50
Independent
examination
-
610
271
50,862|**Restricted**
**funds**
**£**
-
-
-
2,721
-
-
-
-
-
-
-
-
-
-
-
2,721|**Total**
**2025**
**£**
-
8,230
21,526
2,721
298
9,329
156
425
424
967
1,676
1,416
6,026
50
610
53,854|**Total**
**2024**
**£**
250
2,643
22,676
-
1,069
8,191
51
355
877
876
196
1,319
7,631
136
580|
|---|---|---|---|
||||46,850|
Page 11
## **GRACE PUBLICATIONS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 (CONTINUED)**
## **6 Trustees remuneration and expenses**
No Trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
During the year, travel and other expenses totalling £397 were reimbursed or paid directly to 3 Trustees (2024 - £631 to 3 Trustees).
## **7 Related party transactions**
The Association of Grace Baptist Churches (South East) received £900 (2024 - £900) for accounting services. Ben Jones is a Trustee of The Association of Grace Baptist Churches (South East) and Abigail Gardner and Andrew King are employed by The Association of Grace Baptist Churches (South East).
## **8 Stock**
|**8 Stock**|||
|---|---|---|
|Stocks
**9 Debtors**
Trade debtors
Prepayments
Accrued income
VAT recoverable|**2025**
**£**
31,342
**2025**
**£**
12,933
500
12,016
-
25,449|**2024**
**£**
27,619|
|||**2024**
**£**
5,806
1,150
16,146
69|
|||23,171|
## **10 Creditors: amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals
Deferred income|**2025**
**£**
5,037
2,919
-
773
2,384
11,113|**2024**
**£**
-
-
569
998
1,630|
|---|---|---|
|||3,197|
Page 12
## **GRACE PUBLICATIONS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 (CONTINUED)**
## **11 Funds**
|**11 Funds**|||||
|---|---|---|---|---|
|**Unrestricted funds**
**_General_**
General Funds
**_Designated_**
Good News for London
fund
**Total unrestricted funds**
**Restricted funds**
Book fund
**Total funds**
**Unrestricted funds**
**_General_**
General Funds
**Restricted funds**
Book fund
**Total funds**|**Balance at**
**1 February**
**2024**
**£**
124,457
-
124,457
7,924
132,381
**Balance at**
**1 February**
**2023**
**£**
113,880
7,054
120,934|**Incoming**
**resources**
**£**
60,480
11,000
71,480
935
72,415
**Incoming**
**resources**
**£**
57,427
870
58,297|**Resources**
**expended**
**£**
(50,862)
(271)
(51,133)
(2,721)
(53,854)
**Resources**
**expended**
**£**
(46,850)
-
(46,850)|**Balance at**
**31 January**
**2025**
**£**
134,075
10,729|
|||||144,804
6,138|
|||||150,942|
|||||**Balance at**
**31 January**
**2024**
**£**
124,457
7,924|
|||||132,381|
Page 13
## **GRACE PUBLICATIONS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 (CONTINUED)**
## **12 Analysis of net assets between funds**
|Current assets
Current liabilities
Total net assets
Current assets
Current liabilities
Total net assets|**Unrestricted funds**
**General**
**£**
**Designated**
**£**
145,188
10,729
(11,113)
-
134,075
10,729
**Unrestricted funds**
**General**
**£**
**Designated**
**£**
127,654
-
(3,197)
-
124,457
-|**Restricted**
**funds**
**£**
6,138
-
6,138
**Restricted**
**funds**
**£**
7,924
-
7,924|**Total funds**
**at 31**
**January**
**2025**
**£**
162,055
(11,113)|
|---|---|---|---|
||||150,942|
||||**Total funds**
**at 31**
**January**
**2024**
**£**
135,578
(3,197)|
||||132,381|
Page 14