REGISTERED CHARITY NUMBER: 504332 R•port of th• Trust•es and FIncIal StateMts for the Year End•d 31st December 2024 The A B Grace Trust Towers + Gomall Ltd Chartered Certified Accountants River Hh Street Garsiang Preston LanShire PR3 1WZ
The A B Grace Trust Contents of th• Financlal Statements for tho Year Ended 31st D•cember 2024 R•port of th• Trustw• 1 to 2 IndoPond•nt Examln•V8 Rewt stst•m•nt of Flnanclal Actlvltl•s Balanc• She•t Note$ to th• Flnandal Stat•monts 6 to 9 Detalled SLitem•nt of Flnanclal Acilvltles 10
The A B Grac• Trust Report of the Trustees for the Year Ended 31st December 2024 Th8 trnstees Kyesent thèir report vAth th6 financial sLqtements of the chanty for the year ended 31st D8c8mb8r 2024. The trustees have a(Jopted the provlslons ol knounong arKI Reportlr¥J by Charftles." Statement of Recommended Praclice applicable to charities preparirvJ thelr accounts in accordance with the Financial Reporting Siandar(l applicable in the UK and RepliC of Ireland (FRS 102) (effective 1 Jawary 2019). OBJECTIVES AND ACTMTIES objectiv and actlvlt1•8 Th8 main sattlement assets are held under iNsts included in Mrs A B Grac8's dated 13 July 1979. Tl Special Will Trusts have been fomally registered aNI have been engrafted onto the trusts of the original 1975 d88d. In accordance with the Will of Mrs A B Grace Ihe inc(Kne from the Charity is applied chttatAe purposes. specifically for the charities named in the Will. The Charity cannoi donat8 to any other (tlties. Th8 charities named In the Will arè as folk)ws: Guide Dogs For The 81ind Leonard Cheshire Disability Christ Church. Over Vlyr8sdale Royal National Lrfeboat Institijlion Royal Society for the Proteclion of Birds Royal S¢xiety for the Prevention of clty to Animals St. Helen's Church. Churchto*n St. Mary's & St. Mich1.$ chth. B St. Peterfs Church. Scort United Refornied Church, Gar5tsTr3 FINANCIAL REVIEW Reserves policy The TrLtstees aim to maintwb the reserves of the Trusi so as to ensure that Income availalAe lo meet future negjs is maintained. STRUCTURE, GOVERNANCE AND MANAGEMEKr Governlng documont The charity was establlshed by a Twst D8ed dated 5 June 1975. The Trust is registered 1th the Chty COmnxssk for ErKJland and Wales. Registered knbar 504332. Recruitment and appolnlmenl ol new trustees The current Trustees are Gordon Walker Bell. Janes lan Dkklnscffi, Pa David Sandra DcYothy Walmsley. The TNst8es have the power to appcint new Trustees as required. REFERENCE AND ADMINISTRATIVE DEfAILS Reglstered Charity number 504332 Prlnclpal addr• 4 WirKJsor Court Garstang Preston Lancashi PR3 1DU Trustees MrGWBell Mr J l Dickin80n Mr P D Grimwood Mrs S D Walmsley (apOnt8d 6rir24) Page 1
The A B Grace Trust Report of the Trustoes for the Year Ended 31 st December 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Mr M R Gomall Towers + Gomall Ltd Chartered Certified Accountsnts River View 96 High Stre8t Garstang Preston Lancashire PR3 1WZ Investment fund manag•m•nt The portfolio of investments whlch generates the funds from whlch the trust makes charltable donations Is managed on behalf of the trust by Investec Wealth & Investment Llmited. I? .J.ULY.2015..... Approved by order of the board of trustses on ......... .... . . and signed on Its behalf by: Bell - Trustee Paae 2
Ind•pendent Examlnerfs Report to the Trustees of The A B Grace Trust Indopond•nt examlnerfB roport to tho trusts•s of Th• A B Gra¢• Trust I report to the charfty tru8tees on my examinBtion of the accounts of The A B Grace Tru8t (the Tru8t) for the year erKled 31st December 2024. Responslbllltlu and basls of r•port As the charity truBtees of the Trust YOU are spOnble for the preparallon of the accounts In accordance wllh thè requir8m8nts of the Charltles Act 2011 {Ihè Acr). I rewrt In respect of my examinatlon of th8 Trusvs accounts carrfed out under Section 145 of the Act and In carylng OLrt ry exaMInaOn I h8ve followed all appllcable Dlrecdons gfven by the Charlty Commls61on under Sedon 145(5Xbl of th8 Ind•pondont •xamIne$ statement I have completed my examlnatlon. I confim that no materfal matter8 have come to my attentlon In connectlon with the examlnatlon gfvlYvJ me caus8 to bell8ve that In any material respect accountlng records were not k&pt in r8spect of the Trugt as requlred by Sectlon 130 of the Act or the accounts do not accord wlth those records,. or the accounts do not comply wlth th6 applicable requlrements conc8mlng th8 fonn and contsnt of accounts 8gt out In th8 Charft188 (Accounts and R8POrts) R8gulatlons 2008 other than any requlrèmènl that th8 accounts give truo and fair vi8w which18 not a matter con8ider&d a8 part of an Independent examination. I have no conèerns and have come across no other matters In connectlon wllh the examlnatlon to whlch attenllon should be drawn in thls r8POrt In order10 8nabl8 8 prop&r understsndlng of the 8¢counts to be reached. Mrm R Gomall The A88oclallon of Chart8red Certlfied Accountants Tower8 + Gomall Ltd Chartered C8rtlfled AJuntants River V18W ge High Stre Garst8ng Preston Lancashlrg PR31WZ 9-1-15 Page 3
Tho A B Grace Trust Statement of Financial Actlvltles for th8 Y•ar Ended 31st Dacomber 2024 2024 Total thjnds 2023 Total funds Unrestrkted Restrlcted Endowm8r furld nd fund Notes INCOME Investment income Other in¢orne 48,501 48.501 47.112 15.140 Total 51.156 62 99 657 52 EXPENDITURE ON Charltablo actlvllle8 Charitable Distributions 59.0 59,0 60.oc NET INCOMEI(EXPENDITURE) (132&5) 27.121 (10.780) RECONCIUATION OF FUNDS T¢)tal funds broLwJht forward 27.299 1.139.309 1.166.608 1.1TI.388 TOTAL FUNDS CARRIED FORWARD 1179715 1 166608 The notes forni part of Ih8se finan(aal statements Page 4
The A B Grace Trust Balance Sheet 31st December 2024 2024 Totsl funds 2023 Totsl funds Unrestricted fund Restricted fund Endowment fund Notes FIXED ASSETS Investments 1,176.356 1,176,356 1,119,141 CURRENT ASSETS Debtors Cash at bank 1.168 54,499 15.870 3,823 19,693 55,667 CREDITORS Amounts falling due vhthin one year (1,856) 1464) (2,320) 18.20D} NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT UABILITIES 14.014 1,179,715 1.193.729 1.166,608 NET ASSETS 14,014 1 179715 1 193 729 1.186 608 FUNDS Reslrlded funds Endowment fvftd$ 14,014 1179715 27.299 1139 309 TOTAL FUNDS 1193 729 1 166 608 The fln ncial 8tatsments were approved by the Board of Tru8tees and authorised for Issue on 19.. yu&.y...4o.l.S..... an(J were slgned on It8 behalf by: W Bell - Trustee r J l Dickinson - Trustee Mr P D Grlmwoo Mrs S D W8lmsley- Truslee The notes forn part of these financial ststements Page 5
The A B Grace Trust Notes to tho Flnancial Stalements for the Year Ended 31st December 2024 ACCOUNTING POUCIES Basis of Pfeparing the flnanclal stat•m•nts The financial statemènts of the chty. vknich 1$ a public b8r•efft enuty under FRS 102, have been prepare(l in accordance with the Charities SORP (FRS 102) 'AccO'r¥j and ReportirMJ by Charibes: Statement of Recommended PractKe apFdiGable to charits prepariNJ thar acccAmts in accordance the Financlal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {effectiv8 1 January 2019).. Flnancial Rep¢JrtSng Standard 102 The Finartlal ReF#Ming Standard applicable in UK and R8public of Ireland, and the Charities A£t 2011. The financial stat8m8nts have been prepared under the historKal cost conventlon, with the exception inveslnnts whM are irtjuded at mathet value. as mOthfi1 ty the revakM)n of certain a68ets. Inv•8trn•nt inm• All income ts recognlsed In the Stalement of Finalar Actsvithes once th8 charity IkAS enbtlwnent to Ihe funds, It 1$ probable that the income %ryll be received the arnt Gan be measured reliabPy. Expèndlturè Liabilities are r8cts3nised as eXpdItijre as SO as there is a legal or co1 obligakn committiffj the charity to that expenditure, it is probable that a transfer of economic bgnefiis be reqred in settlement and the amount of the obligation can be Measured r8knab. Expenditure is a(xounted for on an axruals basis and has been dassified under headiNJs that a93regate all cost related to the category. Vthere costs cannot be direcuy attributed to particular headirKJs th8y have been alkKabJ to athitses on a basis nSiStenI with ts us8 Grants offered subject lo condilwJ)s have not be8n m8t 811h8 year end date are noted as a commltment but not as 8xp8nditixe. Taxation The charity is exempt from lax on ib tharlable prfibg& FurKI accounting ReStrted funds can only be used for partular restricted purposes 1n the objects of ihe charity. Restrictions arise when specified by the donor or when lunds ar8 raised for particular restiict8d purposes. Quoted investrnents have been valued at rTm&maet valu8 in accordance wilh ts Investec valuation at the Balance Sheet date. Any unrealised gaj'ns or k)sses on revalLHticY) are shown in the Statsment of Financial A¢tivib'e$ as 'Other Incom8'. INVESTMENT INCOP&lE 2024 2023 Fixed Interest St( Ordinary Shares Unit Trusts Bank Interest Received 5.691 17,378 24.822 610 1.416 16.537 28.023 TRUSTEES, REMUNERATION AND BENEFITS There %Ère no trusteès. mUneral# or other berfits k)r the year errfled 31 st De¢ber 2024 nor for the year ended 31st December 2023. Trustees. expenses There were no trustees, expenses pd kn the year 3181 December 2024 nor for the year ended 31 st December 2023. Pag8 6 continued...
The A B Grace Trust Notes to the Financial Statements . continued for the Year Ended 31st December 2024 COMPARATIVES FOR THE STATEpAeNT OF FINANCIAL ACTMTIES Unrestitted Restiided fund Endowment fund Total funds INCOME AND ENDOWMENTS FROM Inv8Stment in)Ma Other CoM8 47.112 47.112 Total EXPENDITURE ON Charltablè actlvltl•• Charltable DistrlbutN)n8 60.0(K) Total NET INCOMEI{EXPENDrruRE) (14,608) 3.828 {10.780) RECONCIUATION OF FUNDS Totsl funds brought forward 41.907 1.135.481 1,177,388 TOTAL FUNDS CARRIED FORWARD FIXED ASSEf INVESTMENrs Listed investrnents MARKET VALUE Al 1 st January 2024 Addilions Disposals RevaalK)n5 1.119.141 237.938 {231,879) Ai 31st t)8¢8mber 2024 1 176356 NET BOOK VALUE At 31st D8C8mber 2024 At 31st CiecemLEr 2023 1 119141 The trusfs investments we solety manwJed ty Investe¢. As such. they are Ireated as knvestsnenl assets in the UK. Cosi or valuation at 31 st December 2024 Is re(K8s8nted ty: Listed investments Valuatlon in 2024 1 176356 Page 7 c¢Jilinued...
The A B Grace Trust Notes to the Financial Ststements - continuod for the Year Ended 31st December 2024 DEBTORS: AMOUNTS FALLING OUE wrrHIN ONE YEAR 2024 2023 Tax repaynl daim CREDITORS: AMOUNTS FALLING DUE WIThIN ONE YEAR 2024 2023 Accountancy accrual St Petsr's Church. Scorton 2.320 2,200 2.320 8,200 MOVEMENT IN FUNDS Net movement funds Al 111r24 31112124 R•strl¢ted funds Restslcted Income FUTh 27,299 (13.285) 14.014 Endowmènt funds Pernianent endo¥*ment fund 1.139.309 40,406 1,179,715 TOTAL FUNDS 1 193 729 Net movement In funds, induded in the above we 8$ follm.. Incomir¥J Resources Movem8nt in ndS Restrfct•d funds Restricted Income Fund 48.501 (61.786) (13,285) Endowment fvnds Pemianent endowment fund 51.156 (10,750) 40.4[ TOTAL FUNDS 99.657 comparat18 for movwnent In funds Net movement in fthds At 31112123 At 111r23 Reslrlcled lunds Restricted Income Fwwj 41.7 {14.608) 27,299 Endowment funds Pemianent endonent fund 1,135,481 3.828 1.139,309 TOTAL FUNDS Page 8 Continu1...
The A B Grace Trust Notes to the Flnancial Statements - continued for the Year Ended 31st December 2024 MOVEMENT IN FUNDS - wrtlnu•d Compardtive net n>vet In funds. Iluded in th8 above are as fdlows: Incomiro Resourc8S experKled Movement In funds ReStrfeI fund8 Restricted Incryne Fund 47.112 (61.720) (14.608) EndonI funds Permanent endoThnt fiThJ 15.140 (11.312) 3.828 TOTAL FUNDS 62.252 A current year 12 months and wior year 12 months cOmbwd pOn is as ftIIow8: Net movem( in funds Al 31112124 At 111r23 Restrlcted fvnds RestrKted Income FWKI 41.7 127.893) 14.014 Endownnt fvnds Pemian8nt end1m0nt fund 1,135,481 44.234 1.179.715 TOTAL FUNDS 1.193.729 A Gurrent year 12 months and prior year 12 months COmb¥d net Move In furKls. kncluded in lh8 aiK)ve are as f(AIow5: Incixniry Resources resww expended Mov8ment ¥1 funds R•81riCt fund• R&std lThy)me FUNI 95.613 (123.506) (27.8931 Endowrnont funds Pemian8nt endoThent fund (f2,062) 44.234 TOTAL FUNDS 161,9)9 (145,568) RELATED PARTY DISCLOSURES There were no related party transxtknns for the year ended 31sl December 2024. Page 9
The A B Grace Trust Detailed Statement of Financial Activities for th• Year End6d 31 st Dec•mber 2024 2024 2023 INCOME Invulm•nt Incom• Fixed Interest Stocks Ordinary Shares Unit Trusts Bank Interesl Recerrfed 5.691 17.378 24.822 610 1,416 16,537 28,023 48.501 47.112 Other Incoff Gain on sale of inlangible fixed assets 51,156 Total Incomlng resr¢¢6 99,657 62.252 EXPENDITURE Charftable actlvltles Charitable Distrft)ulions 59,IXTrI 60.OIJJ Support costs Gov•rnanco costs ManeMent and Administralion Total resour¢es expendod 72.536 73.032 Net In¢omo1(•xpondlturn) Pa98 10
¥ J Ells ¥3 I I ji 11 x2 111
J P21E x 14 11£ 1111 55 11 Eg:ai1S a¥iiii:¥iyi Iiiai£ i 1 51131
5111 8iR i ¥lal¥l 1 1152511