Grace Growth through PPE
Despite of the pandemic, the latest figures from the annual report for the Brethren charity, The Grace Trust, show an increase of nearly £25 million in income for the calendar year 2020, driven by PPE trading & increased donations.
The reports shows a total of income of £127,452,335 up from £102,694,033 in 2019. The breakdown shows donations up nearly £8 million on the previous year, possibly the impact of the covid contracts won by companies owned by Plymouth Brethren members. Trading activities for unrestricted funds which we assume covers UBT and OneSchool Global are up by almost £17 million, though this does include discontinued unrestricted funds of almost £29 million on 2019. There was a small government covid grant of circa £303,00.
The discontinued unrestricted funds relate to PPE. According to the Annual report UBT (EU) Ltd became involved in the supply of PPE in April 2020, in June of that year the company sold the PPE related side of the business to CoShield Global Ltd. Part of the sale included an agreement that Coshield Global would pay 30% of net profit to UBT (EU) Ltd for the following 12 months (until June 2021). The rebate added £2,582,123 to the Grace Trust coffers on sale of the business, profits and on a turnover of £28.8 million.
Coshield Global Ltd is a company owned by Plymouth Brethren members Ralph Lewis & Edward Wheatcroft, both becoming directors and taking ownership of the business in May 2020 from previous church members Daniel Lyon, Bruce Dallow & Neil Hardwick who had incorporated the business back in March 2019 as Campus Trading Investments Ltd. Coshield Global Ltd continues to have the same registered address as UBT (EU) Ltd.
In summary the switch of trading activities to PPE more than cover any downturn in other trading activities throughout 2020. PPE increased turnover, profit and possibly donations.
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