Company registration number 07163237 (England and Wales)
Charity registration number 1134634 (England and Wales)
GRACE CHRISTIAN TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
GRACE CHRISTIAN TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr A Mayo
Mr I Mayo
Mrs J Mayo
Country of incorporation
United Kingdom
(England and Wales)
Company number
07163237
Charity number (England and Wales)
1134634
Registered office
Otford Manor
Shorehill Lane
Otford
Kent
TN15 6XF
Independent examiner
John Caladine FCCA CTA FCIE
Caladine Limited
Chantry House
22 Upperton Road
Eastbourne
East Sussex
BN21 1BF
Bankers
Metro Bank
One Southampton Row
London
WC1B 5HA
GRACE CHRISTIAN TRUST
CONTENTS
Page
Trustees' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Statement of financial position
6
Statement of cash flows
7
Notes to the financial statements
8 - 16
GRACE CHRISTIAN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 1 -

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period ended 28th February 202 6.

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

The objectives of the charity are to advance the Christian faith and also to relieve sickness, hardship and promote and preserve good health.

The trustees report that the activities of the Grace Christian Trust during the year have been directed towards furthering its charitable objectives for the public benefit. In setting priorities and making decisions, the trustees have had due regard to the Charity Commission’s guidance on public benefit.

The work of the Trust during the year can be grouped into three principal areas:

- the provision of housing for those in need

- support of local church work

- grants to organisations communicating the Christian faith

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Achievements and performance
Significant activities and achievements against objectives

The Trust currently operates three small housing projects, each aimed at providing practical support to individuals and families experiencing need.

The property in Caterham has continued to provide accommodation for two Ukrainian families through the Trust’s partnership with Tandridge District Council. This arrangement has enabled the families to access stable housing and support during a period of displacement.

The property in Warlingham was occupied for longer than originally anticipated by an extended family, reflecting the level and complexity of need. The family has now successfully transitioned into four separate homes, is meeting its own housing costs, and is managing its finances independently. The Trustees consider this to be a positive outcome in terms of supporting beneficiaries towards greater independence.

In order to improve the long-term effectiveness of this asset, the Trustees are seeking planning permission to convert the Warlingham property into self-contained apartments. An initial application was not approved, and a revised scheme is in preparation. Subject to obtaining the necessary consents, this development will require investment, which the Trustees consider to be an appropriate and prudent use of the Trust’s resources in furtherance of its charitable purposes.

During the year, a property in Caterham Valley became available for purchase. The Trustees have agreed to proceed with the acquisition, subject to satisfactory completion of conveyancing, with the intention of further expanding the Trust’s capacity to provide housing for those in need. At the date of signing, no legal commitment existed for the purchase.

GRACE CHRISTIAN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 2 -

The Trust has continued to provide small grants to local churches in support of their activities and outreach within their communities.

During the year, the Trustees have also supported a church in South Croydon in developing proposals to renovate its building. This has involved engagement with the church leadership, professional advisers, and the wider congregation. Grants have been made to contribute towards the costs of design work, visualization, and the preparation of a planning application.

The Trustees recognize the importance of ensuring that such projects are viable, sustainable, and aligned with the Trust’s charitable objectives, and will continue to monitor progress accordingly.

In addition, the Trust has made a number of grants to organisations and individuals engaged in communicating the Christian faith, both within the UK and overseas.

These have included support for a theatre company, a children’s worker based in Central Europe, and a church engaged in humanitarian work in Eastern Europe. The Trustees are satisfied that these grants are consistent with the Trust’s objectives and contribute to the advancement of its charitable purposes.

Financial review

Income for the year is £403,012 (2025: £938,416) This is lower than last year due to a reduction in donations, however investment income has seen a positive increase during the year. Expenditure on charitable activities was £83,452 (2025: £32,416). There is a gain of £56,957 (2025: loss £4,913) on revaluation of investments. The net movements on funds was a surplus for the year of £375,553 (2025: £901,087).

Reserves policy

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Plans for future periods

Looking ahead, the Trustees intend to continue to advance the Trust’s charitable objectives while exercising careful stewardship of its resources.

In particular, the Trustees aim to make further progress in the development of the Warlingham property, subject to obtaining the necessary planning consent, with a view to enhancing its capacity to provide sustainable housing for those in need.

The Trustees also expect to continue working with the church in South Croydon to support the development of a viable and deliverable scheme for the renovation or redevelopment of its building, recognizing the importance of ensuring that proposals are practical, sustainable, and appropriately resourced.

More generally, the Trustees will continue to administer the Trust’s assets and funds responsibly, applying them effectively in furtherance of the Trust’s purposes. In doing so, the Trustees will have regard to appropriate risk management, value for money, and the Charity Commission’s guidance on public benefit.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a company, limited by guarantee, as defined by the Companies Act 2006.

GRACE CHRISTIAN TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 3 -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr A Mayo
Mr I Mayo
Mrs J Mayo
Recruitment and appointment of trustees

New Trustees are recruited as and when the current trustees deem it necessary. Any new trustees are appointed by passing an ordinary resolution at a general meeting of the company.

Organisational structure

Currently, the day to day management of the charity is undertaken solely by the trustees of the charity.

Induction and training of trustees

As part of the induction process new trustees are provided with a copy of the "Statement of Beliefs" that the Grace Christian Trust operates under. In addition new trustees are provided with Charity Commission documentation so that they have a full understanding of their responsibilities as trustees.

The trustees' r eport was approved by the Board of Trustees.

Mr A Mayo
Trustee
3 July 2026
GRACE CHRISTIAN TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GRACE CHRISTIAN TRUST
- 4 -

I report to the trustees on my examination of the financial statements of Grace Christian Trust (the trust) for the year ended 28 February 2026.

Responsibilities and basis of report

As the trustees of the trust (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no 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 the trust as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 financial statements to be reached.

John Caladine FCCA CTA FCIE
Caladine Limited
Chantry House
22 Upperton Road
Eastbourne
East Sussex
BN21 1BF
5 August 2026
GRACE CHRISTIAN TRUST
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 5 -
Unrestricted
Unrestricted
funds
funds
2026
2025
Notes
£
£
Income from:
Donations and legacies
3
325,000
871,000
Charitable activities
4
20,000
30,000
Investments
5
58,012
37,416
Total income
403,012
938,416
Expenditure on:
Raising funds
6
6,218
5,127
Charitable activities
7
77,234
27,289
Total expenditure
83,452
32,416
Net gains/(losses) on investments
13
56,957
(4,913)
Net income
376,517
901,087
Other recognised gains and losses:
Other losses
15
(964)
-
Net movement in funds
10
375,553
901,087
Reconciliation of funds:
Fund balances at 1 March 2025
2,829,824
1,928,737
Fund balances at 28 February 2026
3,205,377
2,829,824

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

GRACE CHRISTIAN TRUST
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2026
28 February 2026
- 6 -
2026
2025
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
16
1,125,118
1,140,857
Investments
17
725,740
663,599
1,850,858
1,804,456
Current assets
Trade and other receivables
18
7,895
4,199
Cash at bank and in hand
1,348,904
1,023,329
1,356,799
1,027,528
Current liabilities
19
(2,280)
(2,160)
Net current assets
1,354,519
1,025,368
Total assets less current liabilities
3,205,377
2,829,824
Net assets
3,205,377
2,829,824
The funds of the trust
Unrestricted funds
20
3,205,377
2,829,824
3,205,377
2,829,824

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 28 February 2026.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 3 July 2026
Mr A Mayo
Mr I Mayo
Trustee
Trustee
Company registration number 07163237 (England and Wales)
GRACE CHRISTIAN TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 7 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
276,443
883,687
Investing activities
Purchase of investments
(213,148)
(61,010)
Proceeds from disposal of investments
207,964
51,286
Investment income received
54,316
33,217
Net cash generated from investing activities
49,132
23,493
Net increase in cash and cash equivalents
325,575
907,180
Cash and cash equivalents at beginning of year
1,023,329
116,149
Cash and cash equivalents at end of year
1,348,904
1,023,329
GRACE CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 8 -
1
Accounting policies
Company information

Grace Christian Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Otford Manor, Shorehill Lane, Otford, Kent, TN15 6XF.

1.1
Basis of preparation

The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The trust is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4
Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
GRACE CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies (Continued)
- 9 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bas i s:

Freehold land and buildings
2% straight line
Fixtures and fittings
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Non-current investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Impairment of non-current assets

At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

GRACE CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies (Continued)
- 10 -
Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Donations and gifts
325,000
871,000
GRACE CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 11 -
4
Income from charitable activities
Charitable income
Charitable income
2026
2025
£
£
Charitable rental income
20,000
30,000
Analysis by fund
Unrestricted funds
20,000
30,000
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Income from listed investments
10,078
9,600
Interest receivable
47,934
27,816
58,012
37,416
6
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Investment management
6,218
5,127
GRACE CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 12 -
7
Expenditure on charitable activities
Charitable expenditure
Charitable expenditure
2026
2025
£
£
Direct costs
Depreciation and impairment
15,738
16,111
Rental property expenses
22,670
1,259
38,408
17,370
Grant funding of activities (see note 8)
30,951
7,519
Share of support and governance costs (see note 9)
Governance
7,875
2,400
77,234
27,289
Analysis by fund
Unrestricted funds
77,234
27,289
8
Grants payable
Charitable expenditure
Charitable expenditure
2026
2025
£
£
Grants to institutions:
Micro grants to local UK churches
7,269
7,519
Other
16,967
-
24,236
7,519
Grants to individuals
6,715
-
30,951
7,519
GRACE CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 13 -
9
Support costs allocated to activities
2026
2025
£
£
Office expenses
233
153
Governance costs
7,642
2,247
7,875
2,400
Analysed between:
Charitable expenditure
7,875
2,400
2026
2025
Governance costs comprise:
£
£
Independent examination fees
1,000
960
Accountancy
1,334
1,200
Legal and professional
3,302
34
Sundry expenses
2,006
53
7,642
2,247
10
Net movement in funds
2026
2025
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
1,000
1,920
Depreciation of owned property, plant and equipment
15,738
16,111
11
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

12
Employees

The average monthly number of employees during the year was:

2026
2025
Number
Number
Total
0
0
There were no employees whose annual remuneration was more than £60,000.
GRACE CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 14 -
13
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2026
2025
Gains/(losses) arising on:
£
£
Revaluation of investments
112,214
(6,670)
Sale of investments
(55,257)
1,757
56,957
(4,913)
14
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

15
Other gains and losses
Unrestricted
Unrestricted
funds
funds
2026
2025
Gains/(losses) upon:
£
£
Foreign exchange
964
-
16
Property, plant and equipment
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2025
1,180,381
1,121
1,181,502
At 28 February 2026
1,180,381
1,121
1,181,502
Depreciation and impairment
At 1 March 2025
39,525
1,121
40,646
Depreciation charged in the year
15,738
-
15,738
At 28 February 2026
55,263
1,121
56,384
Carrying amount
At 28 February 2026
1,125,118
-
1,125,118
At 28 February 2025
1,140,857
-
1,140,857

Freehold land and buildings contains a residential property purchased by the charity during the year.

This is being rented out to families in need, at a below market rate level of rent. As such, it is held for the fulfillment of charitable purposes, rather than investment returns, and hence is included as a tangible fixed asset in use.

GRACE CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 15 -
17
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 March 2025
663,599
Additions
213,148
Valuation changes
112,214
Disposals
(263,221)
At 28 February 2026
725,740
Carrying amount
At 28 February 2026
725,740
At 28 February 2025
663,599
18
Trade and other receivables
2026
2025
Amounts falling due within one year:
£
£
Other receivables
7,895
4,199
19
Current liabilities
2026
2025
£
£
Accruals and deferred income
2,280
2,160
20
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 March 2025
Incoming resources
Resources expended
Gains and losses
At 28 February 2026
£
£
£
£
£
General funds
2,829,824
403,012
(83,452)
55,993
3,205,377
Previous year:
At 1 March 2024
Incoming resources
Resources expended
Gains and losses
At 28 February 2025
£
£
£
£
£
General funds
1,928,737
938,416
(32,416)
(4,913)
2,829,824
GRACE CHRISTIAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 16 -
21
Related party transactions
22
Cash generated from operations
2026
2025
£
£
Surplus for the year
376,517
901,087
Adjustments for:
Investment income recognised in statement of financial activities
(58,012)
(37,416)
Foreign exchange differences
(964)
-
Loss/(gain) on disposal of investments
55,257
(1,757)
Fair value gains and losses on investments
(112,214)
6,670
Depreciation and impairment of property, plant and equipment
15,738
16,111
Movements in working capital:
Increase/(decrease) in trade and other payables
121
(1,008)
Cash generated from operations
276,443
883,687
23
Analysis of changes in net funds

The trust had no material debt during the year.

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