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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 504332

Report of the Trustees and

Financial Statements

for the Year Ended 31st December 2023

for

The A B Grace Trust

Towers + Gornall Ltd Chartered Certified Accountants River View 96 High Street Garstang Preston Lancashire PR3 1WZ

The A B Grace Trust

Contents of the Financial Statements for the Year Ended 31st December 2023 Seeee ee

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Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 9
Detailed Statement of Financial Activities 10
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The A B Grace Trust

Report of the Trustees for the Year Ended 31st December 2023 eeeeee ee eee

The trustees present their report with the financial statements of the charity for the year ended 31st December 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and activities

The main settlement assets are held under trusts included in Mrs A B Grace's Will dated 13 July 1979. The Special Will Trusts have been formally registered and have been engrafted onto the trusts of the original 1975 deed.

In accordance with the Will of Mrs A B Grace the income from the Charity is applied for charitable purposes, specifically for the charities named in the Will. The Charity cannot donate to any other charities.

The charities named in the Will are as follows: Guide Dogs For The Blind Leonard Cheshire Disability Christ Church, Over Wyresdale Royal National Lifeboat Institution Royal Society for the Protection of Birds Royal Society for the Prevention of Cruelty to Animals St. Helen's Church, Churchtown St. Mary's & St. Michael's Church, Bonds St. Peter's Church, Scorton United Reformed Church, Garstang

FINANCIAL REVIEW

Reserves policy The Trustees aim to maintain the reserves of the Trust so as to ensure that income available to meet future needs is maintained.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity was established by a Trust Deed dated 5 June 1975.

The Trust is registered with the Charity Commission for England and Wales, Registered Number 504332.

Recruitment and appointment of new trustees The current Trustees are Gordon Walker Bell, James lan Dickinson and Paul David Grimwood. The Trustees have the power to appoint new Trustees as required.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

504332

Principal address

4 Windsor Court Garstang Preston Lancashire PR3 1DU

Trustees Mr G W Bell Mr J 1 Dickinson Mr P D Grimwood

Page 1

The A B Grace Trust

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

a

REFERENCE AND ADMINISTRATIVE DETAILS

Independent Examiner

Mr M R Gomall Towers + Gomall Ltd Chartered Certified Accountants River View 96 High Street Garstang Preston Lancashire PR3 1WZ

Investment fund management The portfolio of investments which generates the funds from which the trust makes charitable donations is managed on behalf of the trust by Investec Wealth & Investment Limited. Approved by order of the board of trustees on nokta. 202K... and signed on its behalf by:

Page 2

: Independent Examiner's Report to the Trustees of The A B Grace Trust

Independent examiner's report to the trustees of The A B Grace Trust | report to the charity trustees on my examination of the accounts of The A B Grace Trust (the Trust) for the year ended 31st December 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

| report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination | have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement | have completed my examination. | 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:

| have no concems 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.

Mr M R Gomall

The Association of Chartered Certified Accountants

Towers + Gornall Ltd

Chartered Certified Accountants River View

96 High Street Garstang Preston Lancashire PR3 1WZ

Date: orlos\za24

Page 3

The A B Grace Trust

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

Statement of Financial Activities
for thethe Year Ended 31st December 2023		 Statement of Financial Activities
for thethe Year Ended 31st December 2023		 Statement of Financial Activities
for thethe Year Ended 31st December 2023		 Statement of Financial Activities
for thethe Year Ended 31st December 2023		 Statement of Financial Activities
for thethe Year Ended 31st December 2023		 Statement of Financial Activities
for thethe Year Ended 31st December 2023		 Statement of Financial Activities
for thethe Year Ended 31st December 2023
i
ee
8 SS
2023 2022
Notes Unrestricted
fund
£		 Restricted
fund
£		 Endowment
fund
£		 Total
funds
£		 Total
funds
£
INCOME FROM
Investmentincome 2 - 47,112 - 47,112 48,876
Otherincome - - 15,140 15,140 (126,102)
Total - 47,112 15,140 62,252 (77,226)
EXPENDITURE ON
Charitable activities
Charitable Distributions - 60,000 - 60,000 40,000
Other = 1,720 11;312 13,032 14,117
Total - 61,720 11,312 73,032 54,117
NETINCOME/(EXPENDITURE) - (14,608) 3,828 (10,780) (131,343)
RECONCILIATION OF FUNDS
Totalfunds brought forward - 48,002 1,129,386 1,177,388 1,308,731
TOTAL FUNDS CARRIED
FORWARD - 33,394 1,133,214 1,166,608 1,177,388

The notes form part of these financial statements

Page 4

The A B Grace Trust

|

Balance Sheet 31st December 2023

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|||||||| |---|---|---|---|---|---|---| |nn| |2023|2022| |Unrestricted|Restricted|Endowment|Total|Total| |fund|fund|fund|funds|funds| |Notes|£|£|£|£|£| |FIXED ASSETS| |Investments|5|-|-|1,119,141|4,119,141|4,114,320| |CURRENT ASSETS| |Debtors|6|-|1,168|-|1,168|1,168| |Cash|at bank — NatWest|-|32,562|929|33,491|42,779| |Cash|at bank — Investec|7,424|13,584|21,008|1,168| |-|41,154|14,513|55,667|65,768| |CREDITORS| |Amounts|falling|due within|one| |year|€|-|(7,760)|(440)|(8,200)|(2,700)| |NET CURRENT ASSETS|-|33,394|14,073|47,467|63,068| |TOTAL ASSETS|LESS| |CURRENT|LIABILITIES|-|33,394|1,133,214|1,166,608|1,177,388| |NET ASSETS|-|33,394|1,133,214|1,166,608|1,177,388| |FUNDS|8| |Restricted funds|33,394|48,002| |Endowment funds|1,133,214|1,129,386| |TOTAL FUNDS|1,166,608|1,177,388|

----- End of picture text -----

The financial statements were approved by the Board of Trustees and authorised for issue on sessed... AOA...22.% 4. and were signed on its behalf by: y)t “ Mir 47 Dickinson - Trustee Mr P DGrimwood - Trustee

The notes form part of these financial statements

Page 5

The A B Grace Trust

Notes to the Financial Statements for the Year Ended 31st December 2023

Sa

453 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.

investment income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting 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.

Quoted investments have been valued at mid-market value in accordance with the Investec valuation at the Balance Sheet date. Any unrealised gains or losses on revaluation are shown in the Statement of Financial Activities as ‘Other Income’.

INVESTMENT INCOME
2023 2022
£ pa
Fixed Interest Stocks 1,416 1,443
Index Linked Stocks - 549
Ordinary Shares
Unit Trusts		 16,537
28,023		 22,503
24,261
Bank Interest Received 1,136 120
47,112 48,876
  1. TRUSTEES' REMUNERATION AND BENEFITS

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

Trustees’ expenses

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

Page 6

continued...

The A B Grace Trust

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

aeeee es

4. COMPARATIVES FORTHESTATEMENT OF FINANCIALACTIVITIES (31 DECEMBER 2022) COMPARATIVES FORTHESTATEMENT OF FINANCIALACTIVITIES (31 DECEMBER 2022) COMPARATIVES FORTHESTATEMENT OF FINANCIALACTIVITIES (31 DECEMBER 2022) COMPARATIVES FORTHESTATEMENT OF FINANCIALACTIVITIES (31 DECEMBER 2022)
Unrestricted
fund
£		 Restricted
fund
£		 Endowment
fund
£		 Total
funds
£
INCOME AND ENDOWMENTS FROM
Investment income - 48,876 - 48,876
Otherincome - - (126,102) (126,102)
Total - 48,876 (126,102) (77,226)
EXPENDITURE ON
Charitable activities
Charitable Distributions - 40,000 ~ 40,000
Other - 2,100 12,017 14,117
Total - 42,100 12,017 54,117
NET INCOME/(EXPENDITURE) - 6,776 (138,119) (131,343)
RECONCILIATION OF FUNDS
Total funds broughtforward - 41,226 1,267,505 1,308,731
TOTALFUNDSCARRIEDFORWARD - 48,002 1,129,386 1,177,388
5. FIXEDASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1stJanuary2023
Additions
Disposals
Revaluations		 1,114,320
165,708
(176,027)
15,140
At 31st December2023 1,119,141
NET BOOKVALUE
At 31st December2023 1,119,141
At31stDecember2022 1,114,320

The trust's investments are solely managed by Investec. As such, they are treated as investment assets in the UK.

Cost orvaluation at 31st December2023 is represented by:
Listed
investments
£
Valuationin2023 1,119,141

Page 7

continued...

The A B Grace Trust

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

St

6. DEBTORS:AMOUNTSFALLINGDUEWITHINONEYEAR
2023 2022
£ £
Tax repaymentclaim 1,168 1,168
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONEYEAR
2023 2022
£ £
St Peter's Church, Scorton
Accountancy accrual		 6,000
2,200
8,200		 2,700
2,700
8. MOVEMENT IN FUNDS
Net
movement At
At 1/1/23 in funds 31/12/23
£ £ £
Restricted funds
Restricted Income Fund		 48,002 (14,608) 33,394
Endowmentfunds
Permanentendowmentfund 1,129,386 3,828 1,133,214
TOTALFUNDS 1,177,388 (10,780) 1,166,608
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Restricted funds
Restricted Income Fund 47,112 (61,720) (14,608)
Endowment funds
Permanentendowmentfund 15,140 (11,312) 3,828
TOTAL FUNDS 62,252 (73,032) (10,780)
Comparatives formovement in funds
Net
movement At
At 1/1/22 in funds 31/12/22
£ £ £
Restricted funds
Restricted Income Fund 41,226 6,776 48,002
Endowment funds
Permanentendowmentfund		 1,267,505 (138,119) 1,129,386
TOTALFUNDS 1,308,731 (131,343) 1,177,388

Page 8

continued...

The A B Grace Trust

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

8. MOVEMENT IN FUNDS- continued

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

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Incoming|Resources|Movement| |resources|expended|in|funds| |£|iE|3| |Restricted|funds| |Restricted|Income|Fund|48,876|(42,100)|6,776| |Endowment|funds| |Permanent endowment|fund|(126,102)|(12,017)|(138,119)| |TOTAL|FUNDS|(77,226)|(54,117)|(131,343)| |A|current|year|12|months and|prior year year|12|months|combined|position|is|as|follows:| |Net| |movement|At| |At|1/1/22|in|funds|31/12/23| |£|£|£| |Restricted|funds| |Restricted|Income|Fund|41,226|(7,832)|33,394| |Endowment|funds| |Permanent endowment fund|1,267,505|(134,291)|1,133,214| |TOTAL FUNDS|1,308,731|(442,123)|1,166,608|

----- End of picture text -----

A current year 12 months and prior year year 12 months combined position is as follows:

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Incoming|Resources|Movement| |resources|expended|in|funds| |£|£|£| |Restricted|funds| |Restricted|Income|Fund|95,988|(103,820)|(7,832)| |Endowment|funds| |Permanent endowment fund|(110,962)|(23,329)|(134,291)| |TOTAL FUNDS|(14,974)|(127,149)|(142,123)|

----- End of picture text -----

  1. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2023.

Page 9

The A B Grace Trust

Detailed Statement of Financial Activities for the Year Ended 31st December 2023

SSSSS SS SSS SSS EES

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||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |£|£| |INCOME| |Investment|income| |Fixed|Interest|Stocks|1,416|1,443| |Index|Linked|Stocks|-|549| |Ordinary Shares|16,537|22,503| |Unit Trusts|28,023|24,261| |Bank|Interest|Received|1,136|120| |47,112|48,876| |Other|income| |Gain|on|sale|of intangible|fixed|assets|15,140|(126,102)| |Total|incoming|resources|62,252|(77,226)| |EXPENDITURE| |Charitable|activities| |Charitable|Distributions|60,000|40,000| |Support|costs| |Governance|costs| |Management and|Administration|13,032|14,117| |Total|resources|expended|73,032|54,117| |Net expenditure|(10,780)|(131,343)|

----- End of picture text -----

This page does not form part of the statutory financial statements

Page 10

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