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 


**----- Start of picture text -----**<br>
Page<br>Report of the Trustees 1 to 2<br>Independent Examiner's Report 3<br>Statement of Financial Activities 4<br>Balance Sheet 5<br>Notes to the Financial Statements 6 to 9<br>Detailed Statement of Financial Activities 10<br>**----- End of picture text -----**<br>




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: 

- 5 accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2a the accounts do not accord with those records; or 

- 3: the accounts do not comply with the applicable 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. 

| 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<br>for thethe Year Ended 31st December 2023|Statement of Financial Activities<br>for thethe Year Ended 31st December 2023|Statement of Financial Activities<br>for thethe Year Ended 31st December 2023|Statement of Financial Activities<br>for thethe Year Ended 31st December 2023|Statement of Financial Activities<br>for thethe Year Ended 31st December 2023|Statement of Financial Activities<br>for thethe Year Ended 31st December 2023|Statement of Financial Activities<br>for thethe Year Ended 31st December 2023|
|---|---|---|---|---|---|---|
|i<br>ee<br>8 SS|||||||
||||||2023|2022|
||Notes|Unrestricted<br>fund<br>£|Restricted<br>fund<br>£|Endowment<br>fund<br>£|Total<br>funds<br>£|Total<br>funds<br>£|
|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 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|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 -----**<br>


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’. 

2. 

|INVESTMENT INCOME|||
|---|---|---|
||2023|2022|
||£|pa|
|Fixed Interest Stocks|1,416|1,443|
|Index Linked Stocks|-|549|
|Ordinary Shares<br>Unit Trusts|16,537<br>28,023|22,503<br>24,261|
|Bank Interest Received|1,136|120|
||47,112|48,876|



3. 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<br>fund<br>£|Restricted<br>fund<br>£|Endowment<br>fund<br>£|Total<br>funds<br>£|
||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<br>Additions<br>Disposals<br>Revaluations||||1,114,320<br>165,708<br>(176,027)<br>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<br>Accountancy accrual||6,000<br>2,200<br>8,200|2,700<br>2,700|
|8.|MOVEMENT IN FUNDS||||
||||Net||
||||movement|At|
|||At 1/1/23|in funds|31/12/23|
|||£|£|£|
||Restricted funds<br>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<br>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: 


**----- Start of picture text -----**<br>
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|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 -----**<br>


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 -----**<br>
|||||||
|---|---|---|---|---|---|
|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 -----**<br>


9. 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 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|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 -----**<br>


This page does not form part of the statutory financial statements 

Page 10 




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