17 OCT 2024 breakthrough programmes Annual Report and Accounts Year Ended 30 June 2024
Contents of the Financial Statements For Year Ended 30 June 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activlties io Balance Sheet 11-12 C&sh Flows Statement 13-14 Notes to the Financial Statements 15-23
Company registration number 02930456 Independent Examiner Mr Alberto Di LA)renzo FCA HW Bedford limited First Floor, Woburn Court 2 Railton Road, Kempston Bedford, MK42 7PN Registered charity number 1041855 Trustees Chair.. MT B Rose Mr A Basu Mrs K Boulton (elected ioth April 2024) Ms S Cook (resigned 15th December 2023) Ms A Kalombodza (re-eIected 31st January 2024) Ms N Mills-Robertson (re-elected 31st January 2024) Mr C Murray Mr M Parton (re-elected 3i¥t January 2024) Mr D Woolley (re-elected 23rd liovember 2023) Chief Eyecutive Officer Ms E Garraway Management L¥ecutive Team Ms E Garraw'ay Ms A Asantewa Ms A Barradell Mr J Down Company Secretary MrJ Down Registered address The Old Warehouse, 31 Upper King Street, Royston, SG8 9AZ Solicitors Harbottle & Lewis LLP, 7 Savoy Court, London WC2R OEX Bankers HSBC UK Bank PIC, 55 Corporation Street, Coventry, Cvi IGX
Report of the Trustees young people who are deemed to be at risk either from ph}'sical, mental or sexual abuse, drug or other substance abuse, criminal activity, poverty, homelessness, unemploiunent or illiteracy. to help them improve their condition and thereby become useful members of society. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reewIng the charity's aims and objectives and in planning future activities and setting the grant making policy for the year and are satisfied that the charity is in compliance. The trustees of Grit who served during the year were: Chair: Mr B Rose Mr A Basu Mi's K Boulton (elected ioth April 2024) Ms S Cook Iresigned 15th December 2023) Ms A Kalombodza (re-elected 31st Januari, 2024) Ms N Mills-Robertson (re-elected 315t January 2024) Mr C Murray Mr M Parton (re-elected 31st January 2024) Mr D Woolley (re-elected 23, November 2023) The trustees present their annual Teport and financial statements of the charity for the year ended 30 June 2024. The trustees have adopted the proNusions of the Statement of Recomniended Practice for accounting and reporting by charities (in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preparing the annual report and financial statements of the charit),. Status and administration The Charity was originally registered with the Charity Commission by Trust Deed in May 1991 under registration number 1041855. On 31 January, 1995, it was wound up and reconstituted on i February 1995 as a company limÉted by guarantee, governed by its Memorandum and Articles of Association. The company registration number is 2930456. The eharity Changed its name from ollth at Ri.qk (UK)" to "Grit: Breakthrough Programmes" with Companies House on the 9tb June 2017 and with the Charity Commission on ioth August 2017. Object of the charity The principal activity of the charity is to advance the social education of The day to day running of the organisation is delegated to the CEO, Fjlie Garraway.
A word from the CEO This year has seen some significant highlights for Grit with independent evaluations finalised and demonstrating the high level of impact our training has had both for Local Authority teams and for Black students in uni%"ersity. Having demonstrable impact is critical at a time when resources (both financial and people) are stretched, and therefore justifyryng costs for our customer-base is ever more important. This places us in a strong position in our key 'markets' for the year ahead. We've seen a year in which our main client base - universities - are undergoing huge financial difficulties resulting in restructures and funding reductions. This has affected the amount of work we've been able to deliver this year and is informing the way we spread our work for the year ahead. Our strong reputation means that many university partners are continuing to invest in Grit and we are also beginning to grow the work we deliver with secondary schools and to build the momentum of our work with local authorities based on the outstanding outcomes of our evaluation. The year ahead looks set to be challenging but the recent change of government could present new opportunities for Grit and we recognise that, whilst resources may be tight, the appetite and need for Grit's work is growing. A student recently told us". "Grit has giiien me a completely different way of looking ot things, about how you get out what you put it. People genuinely need this. Morepeople should do it." Our commitment is to seek out new ndIng avenues that will help to keep channelling the work we do towards those who need it most and we look fonvard to working with the new funding partnerships we haiTe begun to develop as we enter 2024/25. Our team of staff have been exceptional this year in taking ownership of the values and joui'ney of the organisation. They embody Grit's ambition to biiild commiinities in which people contribute and thrive and I have huge gratitude for their approach, energy and commitment. It also needs to be said that our amazing trainers, trustees, Advisory Board, volunteers and supporters enable us to continue to champion this way of working and inspire us to be our best - using our challenges as well as our strengths to grow and thrive. Ellie Garraway J CEO
Review of 2023-24 82% of J'oung people said the}, felt more optimistic about the year ahead We have developed programmes supporting universities with theii. 'raising aspiration, and access work with local schools: with the University of Sheffield and white working class boys. and Mryth Edge Hill university and Black learners in Liverpool schools. Over the year we worked with 1.559 young people of which 9oYo report an increase in resilience We worked with 350 adults, 5% more than our target. Over 9oOA said the prograrnmes were good or excellent. Grit in Universities Demand for Grit remains strong, despite the financial challenges in the HE sector. We worked in 26 universities (the same as 202213) deliirering a mix of programmes for students and staff. Our offer continues to develop: we have run a range of bespoke workshops for student leaders and rnentors, for students repeating a year, and on employability and connection. Grit and Professionals We've continued to work with local authority partners, exploring ways for staff to stay connected with the Grit methodology, and developed new leads generated by our evidence base (see belom,) which bodes well for work in the year ahead. And we've been working with the Staff College, the leadership and development agency for local authorities. We continue to see impressive results against key indicators of long-term student success and achievement. 87% of students report an increased self- efficacy. 89Yo report an increased sense of belonging. Our work with Black Student Leaders and Students of Colour continues to expand: this year we delivered in nine universities (up from three in 2021/2) and worked with double the number of studo.nts than in 202 ⅔ . We also ran our first workshop on inclusive coaching practice for staff supporting Black students. Quality Our current strategic priority is quality,: it uiiderpins all of our activity. We have updated curricula, upskilled our team of trainers and put in place processes to monitor the Consistency of impact across workshops. Impact Independent, university-led evaluations of our work are producing resu]ts. Grit in Schools The evaluation of ollr work with local authority professiona]s provides strong evidence of sustained impact on cultural change and the results frontline workers are able to achieve. and positive findings are emerging from the evaluation of our work with students from racialised groups. We ran major programmes in schools across tK)ndon and the West Midlands, combining intensive workshops and coaching from loeal volunteers to siipport young people in Year 9 disengaged from education or exhibiting challenging behaNuours.
We have worked with unil'ersities as they evaluate Grit programmes in their own institutions. Again, they are reporting sustained, measurable positive impact of our work. This brings academic rigour to our evidence base, attests to the quality of our work, and is a crucial element in our business development and comrnunications strategy. Communications People We have been investing in the Grit staff team Nvith a new performance management system. All staff and trainers have had DEI training and our quarterly Action IEarning Set, Conversations About Race, continues. Business Development Grit remains financially stable and sustainable. We had an 69% repeat business rate with universities from last year and, at of the close of our financial year 23/24, we have contracted around 69Yo of OUT target income for the coming year. Our resenTes remain at the target of a level equivalent to six months running costs. Grit is in good shape. We have overhauled our marketing material for students and developed an alumni group graduates of our Black Leaders. Over the year we have been amplifying our voice in the HE sector and building quality relationships, moving Clients from customer to partner. We have developed Learning Networks of university partners; co-authored li articles in reputsble, well-read blogs. co-presented at 5 conferences. added 23 short films to our YouTube channel where students, staff and professionals talk about their Grit experience. This drives nelv business and contributes towards our strategic objective: to extend the reach and impact of Grit. Future Plans We will work to diversify our incorne base: grow the number of our university partners. and expand vertically in existing partner institutions on agendas around aecess to uniNersity, employability and apprenticeships. We will grow our income from trusts & foundations and corporates, enabling us to innovate and find new ways to deliver Grit to more at risk young people.
Financial Review 2023/24 has been a year of political uncertainty, very challenging econornic Conditions and funding issues in Higher Education (our key market). In response we undertook a significant review of our cost base, bearing down on all outgoings and reviewing resources against current and predicted activity levels, taking appropriate action to work towards a balance. Thanks are also due to all the individuals, especially the volunteers, who have supported Grit during tlie year. Unrestricted reserves policy Our policy remains to have unrestricted reserves equating to six months running costs (£280,824). Reserves now stand at £277,987. Alongside this we developed a programrne of work to diversify our income streams in the year ahead. As a result we remain well-placed to continue the delivery, of our current three-year strategy, designed to keep the charity proficient. The income profde of the charity has continued to shift. Traded income accounted for 92A of income (as against 83% for the previous J'ear and 62% three }'ears ago), with the balance coming from trusts & foundations and individual donations. Traded income is made up of sales of progTammcs to universities, school, colleges and local authorities. This year Grit is reporting a deficit of £84,571. Trustees recognise that this result is a considerable achievement in difficult circumstances. The charity wishes to thank all the funders who have supported it during the year. We are extremely grateful to the Julia & Hans Rausing Tn]st, the Porticus Foundation and all the other trusts and foundations that have contributed to the charity and its programmes.
Trustees Responsibilities The trustees (who are also directors of Grit: Breakthrough Programmes for the purposes of company law) are responsible for preparing the Trustees. Report and the fancial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law i'equires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expendIre, of the charitable company for that period. In preparing these financial statements, the trustees are required to: The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. A]l of the current trustees have taken all the steps that they ought to have taken to make thernselves aware of any information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware of that inforrnation. Select suitable accounting policies and then apply them consistently ObseLve the methods and principles in the Lharities SORP Make judgments and estimates that are reasonable and prudent State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The directors are not aware of any relevant audit information of which the auditors are unaware. On behalf of the Board Mr B Rose Trustee and Chair
Management, Structure and Governance charity both through individual counsel and their attendance at Advisory Board meetings. The members of the Advisory Board are: Colleen Amos, co-founder and CEO of the Amos Bursary JA)rd Blunkett, Member of the House of Lords and Former Home Secretary Sir Les Ebdon, CBE, DL, former Vice Chancellor of Bedfordshire University and former Director of the Office of Fair Access Organisational structure The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are also members of the company. The directors are the only members of the company. Under the requirements of the Memorandum and Articles of Association one-third of the directors shall retire from office each year (on a length of service basis) and are eligible for re-election. Professor Sherria Hoskins, Executive Dean of the Faculty of Science and Health, University of Portsmouth Amira Mansour, Senior l£arning and Development Advisor, GAM Investments Once appointed, any necessary training needs for trustees are identified by the directors and appropriate training is organised. The trustees have continued to monitor, on a quarterly basis (monthly for financial resiilts and forecasts), the charity's activities, to ensure they are operated on a proper basis. Management structures The level of eight trustees is considered sufficient for the current needs of the charity but the matter is under continuous review. tK)rd Mendelsohn, Member of the House of Lords Internationa] Relations and Defence Committee Helen Millichap, Metropolitan Police Deputy Assistant Commissioner for Local Policing IK)rd Neuberger, former President of the Supreme Court of the United Kingdom Eunice Simmons, Vice-chancellor and Principal at the University of Chester Emily Sun, A leadership and strategy consultant, specialising in youth sector organisational development Brigadier Simon Waddington, Ex- British Defence Adviser to Pakistan. The remuneration of key management personnel who are not trustees is recommended by the CEO and approved by the Chair of the Board of Trustees on behalf of the trustees. Damm Warwick, former Director of Children's Services and social care specialist Ben Rose, Chair of Grit, also chairs the Advisory Board who continue to be immensely supportive. the charity is greatly indebted to each and every one of them. They actively support the Grit's Management Executive Team meets monthly.
Fundraising Statement Grit's income comes from a mix of traded income (sales of programmes to universities, schools and local authorities), trusts and foundations, and donations from individual supporters. Donations are solicited by personal requests from senior staff, trustees and the Advison, Board. The charity carries out no fun(Iraising with the general public, either in-house or third party. Risk management The charity maintains a Risk Register identifying high level risks. The register is used by the Managemeryt Executive to identify potential risks and put in place strategies to reduce or avoid negative impact. The trustees continue to assess the rnajor risks to which the charity is exposed including those related to its operations and finances. The trustees are satisfied, having regard to the size and objects of the charity that appropriate measuTes are in place to manage its exposure to risk.
Grit: Breakthrough Programmes (limited by Guarantee) Independent Examiner's Report to the Trustees of Crit: Breal(through programmes I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Aet 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible tor independent exatnination, I report in respert of my examination of your charity's accounts as earried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In eanying out tny examination I have followed the Directions given by the Charitv Commission under section 145ts) (b) of the 2011 Act. Independent examiner's statement I have comiileted my examination. I eonfirni that no matters have come to my attention in connection with the examination giving me cause to believe: accoiinting reeords were not kept in respect of the Company as required by section 386 of the 2006 the accounts do not accord those records. or the accounts do not comply with the accountins requirements of section 396 of the 2006 Act 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; or the accounts have not been prepared in aceordanee with the methods and principles of the Statement of Recotnmended Practice for aceountins and reportlns by chariti&s (applicable to charities preparing their aecounts 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 hryth the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Alberto Di Lorenzo FCA HW Bedford Limited First Floor, Woburn Court 2 RAilton Road. Kempston Bedford, MK42 7PN Date: .......
Grit: Breakthrough Programmes (Limited by Guarantee) STATElEr(r OF FINANCIAL ACrIVr (INCORPORATING AN INcOlE AND EXPENDITURE AccouKr) For the Year Ended 30 June 2024 Notes Unrestrieted Funds 2024 Restricted Funds 2024 Unrestricted Funds 2023 Restricted Funds 2023 Total 2024 Total 2023 Income and Endowments From Donations and letsacies Charitable activities Investments & Other Total Ineome (2) 7,490 50,000 57,490 126,039 7,106 133,145 (2) 707.824 707.824 698,969 698,969 (2) 1.616 1.616 i.soo 1,500 716,930 50.000 766.930 826,508 7.106 833,614 Endowments Eypenditure R2ising Funds Charitable acti%ryti&s Other (3) (3) (3) 795,501 6,000 50.000 845,501 6,000 859,418 10,399 46,706 906,124 10,399 Tolal Exyenditure 801.501 50.000 851,501 869,817 46,706 916,523 Net income/(exTrenditure) for the year (84,sp) (84,571) (43,309) {39,600) (82?909) Gross transfer between fiwds Net movement An funds for the year (84.571) (84,571) (43,309) (39,600) (82,909) Fund balances b/fwd at i July 362,558 362,558 405,867 39,600 445,467 Fund balances c/fwd al 30 June 2TI,987 277.987 362,558 362,558 The notes forni part of these financial statements io
Grit: Breakthrough Programmes lAted by Cuarantee) BAIANCE SHEEr For the Year Ended 30 June 2024 Company number". -930456 2024 2023 Notes FIXED ASSETS Fixed assets (6) 6.659 9,835 6,659 9,835 CURREwf ASSFTS Debtors Cash at bank (7) 105,307 20 79,246 313,209 512,891 CREDITORS Amounts falling due within one year (8) (41,881) (160,168) NET CUIUiENT ASSETS 52, TOTAL ASSETS LESS CURRENT IIABILITIES 277,987 362,558 NET ASSETS FUNDS Unrestiicted funds Restricted funds (io) (io) 277,987 362,558 TOTAL FUNDS 62, The charitable eompany is entitled to emptiOn from audit under Seclion 477 of the Companies Act 2006 for the year enile.d 30 ,Tiine 2094. The members have not required the collkpany to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Compani&s Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the eharitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 ana O)) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each finaneial year and of its surplus or deficit for each financial year in accordance the requirements of Sections 394 and 395 and which other&e comply the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes forni part of these finaneial ststements il continued...
Grit: Breakthrough Programmes (Iimited by Guarantee) 41ANCE SHEET For theYeaT Ended 30 June 2024 Company number 02930456 These financial statements have been prepared in accordance with the prolrysions applicable to r.haritable companies, subjeet to the small companies regime. cial were approved by the Board of Tnzstees and authorised for issue on . and were signed on its behalf by: Mr B Rose - Trnstee and Ckiair The notes forn] part of these flnancial statemeuts 12
Grit: Breaktbrough Programmes STATEMEwf OF CASH FLOWS For the Year Ended 30 June 2024 Notes 2024 2023 Cash flow5 from operaling actiTrities Cash generated from operations (i) (227,359) (Jo8,348) (108,348) Net cash from operating activities (227,359) Cash flows from investing actItieS Purchase of tangible fixed assets Interest receiiyed (2,012)) 1,616 Net cash from investing actiNities 1.616 Cash flows from financing actiTrities Cash generated from operations Net cash from financing activities Increase/(Decrease) in cash and cash equivalents C'ash and cash equivalents at beginning of year Cash and cash equivalents at end of year (2) (225,743) (108,860) 20 The notes forni part of these financial statements 13 continued...
Grit: Breakthrough Progran)Jnes NOTES TO THE STATEMENT OF CASH FLOWS For the Year Ended 30 June 0024 (i) Reconeiliation of net inconje to eash generated from operations 2024 2023 Net incomel(expenditure) for the }wr Depreciation charges Loss on disposal of investments Finan income (84,571) 3,176 (82,909) 4,117 (1,616) (1,500) (80,291) (83,011) {Increase)Idecrease in trade and other debtors Incre(ttse (Deerease) in trade and other creditors (26,061) (16,791) (118,287) (11,266) Cash generated from operatlons (227,359) 1108,348) (2) Cash and cash equivaIents The amounts disclosed on the statement of cash flows i n respect of cash and cash equivalents are in respect of these Statement of financial position amounts., 30.6.24 1.7.23 Cash and cash equivalents 207,902 433,645 207,902 433,645 30.6.23 1.7.22 Cash and eash equivalents 433,645 542,505 433,645 542,505 The tsotes fonn part of these financial statements 14
Grit: Brealtthrough Programmes For the Year Ended 30 June 2024 Notes to the Financial Statements AccouffflNG POLICJES a) Basis of Accounting Grit: BreakthrougFL Programm&s is a chaTity based in the United Kingdorn. The address of the prineiple office is given in the charity infonnation on page i of these fmancial statements. The nature of the charity's operations and principal artiiryties are to support or to promote such tharitable purposes as the TTUStee's in their absolute discretion detem)ine. The charity constitutes a public berLefit entity as defined by, FRS 102. The fmancial statements have been prepared in accordance with the Charities SORP (FRS 102) 'Aceounting and Reporting by Charitses.. Statement of Recommended Praetice applicable to charities preparÈng their aeeounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective October 2019),, Financtal Reporting Standard 102 'The Financial Repoiting Standard applicable in the UK and Republie of Ireland, , the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared on a going eoneern basis. The Trustees have reeWed and considered relevant information. including the annual budget and future cash flows in making their assessment. They believe that the charity will continue to have adequate cash resources in order to pay all of its ereditors as they fall due for the foreseeable fllre and at least 12 months from the date of siguing of these financial statements. The presentational currency is £ sterling and rounded to the nearest pound. b) Significant judgement and estimates The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the reported amounts of assets and liabilities. Estimates and judgements are continually eVUated and are based on historical experience and other factors, including expectations of tuture events that are believed to be reasonable under the elrculltanCes. c) Fund accounting General funds are unrestricted ndS which are available for use at the discretion of the trustees in rtherance of the general obj'ectives of the charity and whieh bave not been designated for other purposes. Trade income (fees from universities, schools and local authorities) has been designated "unrestricted.. Restricted ndS are funds which are to be used in accordance with specific restrietions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of restricted ndS on projects are set out iu the notes to the financial statements. Investment income 2s allocated to the appropriate fund. d) Income & Endowrnents Income from donations and grants, including capital grants, is included in the Statement of Financial actiNqties when they are receivable i.e. the charity is legally entitled to the income and the amount ean be quantified with reasonable accuracy, except as follows: When donors specify that donations and grants given to the charity must be ed in future accounting periods, the income is defeed until those periods When donors impose conditions, wFJich have to be fulfilled before the Charity beeomes entitled to use such income, the income is deferred and not ineluded in incoming rnsources until the pre- conditions for use have been met. Wben donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted fimds when receivable. This page does not fornj part of the stathtory financial statements
Grit: Brealtthrough Progranjmes For the Year Ended 30 June 2024 Notes to the Financial Statements e) Expenditure Lypenditsre is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Certain expenditure is directly attributable to specifie activities and has been included in those Costs categories. Certain other costs, which are attributable to more than one actiNryty, are apportioned across cost categortes according to time or the nature of the activity undertaken. Raising funds Costs of raising funds are those Costs incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable actities. Cbaritable activities Charitable actikryties represent expenses incurred in the running of specific programmes and training courses. Other costs Other costs are governance costs that are those incurred in connection with administration of the Charity and compliance with constitutional and stathtory requirements. Programme support and administration costs Programme support and administration costs are those costs incurred directly in siipport of expenditure on the objects of the Charity. These eosts are apportioned to the charitable activities on a reasonable and consistent basis, based on tie and resources spent on each area. D Fixed assets Fixed assets are stated at cost, or estimated market value at the date of receipt where a&8ets have been donated to the charity. The cost of minor additions or those costing in the region of £100 or below are not capitalised. Depreciation is proNided to write off the cost less estimated residuaE values of all fixed assets over their expected SefUl lives at the following rates: Leasehold improvements.. Over the remaining tern] of the lease Office equipment.. 33% per annum reducing balance Furniture, fAxtures and fittin&s: 25% per annum reducing balance g) Financial instruments The chdriLy has elecled to apply the provisions of section i i 'Basic Financial Instn]ments' of FRS 102 to all of its financial instruments. Finanaal instruments are recognised in the charity s statement of financial position when the charity becomes party to contractual provisions of the instrument. Basic financial assets Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the atTangement 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 witl]in one year are not amortised. Thls page does not fonu part of the statutory financial statements 16 continued...
Grit: Breakthrough Progranunes For the Year Ended 30 June 2024 Notes to the Finaneial Statements - continued BasÉc financial liabi]ities Basic financial liabilities, including Creditors and loans that are dassified as debt, are initially recognised at transaetion priee lln1 tbe arrausement C0115titutes a financing transaction, Ntrhere the debt instrnment is measured at the present value of future pa}Thents discounted at a market rate of interest. Financial liabilities classified as payable hithin one year al'e not amortised. Trade creditors are obligations to pay for goods or SeCeS that have been acquire.d in the ordinary course of business fro suppliers. Atllounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabiliti&s. Trade creditors are recognised initially at transaction price and subsequently measured at amoltised cost using the effective interest method. h) Leased assets Where assets are finaneed by leasing agreements that give rights appioximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding lea8ing commitments are shohry] as amounts payable to the lessor. Depreciation on the relevant assets is charged to the statement of finaucial activities. Lease payments are analysed between capitsl and itLterest components. The interest element of the pawient is charged to the statement of financial actiiities over the period the lease and is calculated so that it represents a constant proportion of the balanee of capital repawients outstanding. The eapital part reduces the amounts payable to the lessor. All other leases are treated as operating lease. Their annual rentals are charged to the statement of financial activities on a straight- line basis over the tenn of the lease. i) Pension costs The charity operates a defined contribution pension scheme. The assets of the scheme 2re held separately from those of the charity in an independently administered fia. Contributions payable are charged to the srtatement of financial activiti&s in the year they are payable. Differenc&s between contributions payable and contributions actually paid are shown in either accruals or piepayments in the balance sheet. j) Basis of consolidation The corisolidated accouiils incorporate the results of Grit: Breaktrough Programmes ("the Charity") and its subsidiary undertaking on a line-by-]ine basis. The consolidatcd entity is referred to as "the Groiip. No separate company Statement of Financial Actii4ties (SOFA) has been prepared for the Charity as perniitted by section 408 of the Companies Act 2006 and paraaph 397 of the so1. k) Related party disclosure The charity has tak-en advantage of exemptions contained Mrythin Accounting and Reporting by Charities (FRS102) and has therefore not disclosed transactions with entities which form part of the group. l) Coryoration tax In common with other charities, the Charity does not paytax on most types of incotne as long as it uses the money for charitable purposes. Also, in common with other ehaiities, the Charity can claim back tax that has been deducted on, for example, bank interest and donations. This page does not forni part of the statutory financial statements continued...
Grit: Breakthrough Programmes For the Year Ended 30 June 2024 Notes to the Financial Statements - continued INCOME AND ENDOwfyIEs 2024 2023 Donations from individuals Donations from charitable foundations 4,140 53,350 57,490 33,089 100,056 133,145 Charitable actiiryties Trade income (for personal development programmes for young people and the adults that work knryth them) 707,824 698,969 Other Investment income- bank interest receivable 1,616 1,616 1,500 1.500 All income arises in connection with the eharity's principal activity. The income resources were all generated in the United Kingdom. ANALYSIS OF CHARITABLE AcfiviTIES AND OTHER COSTS Core expenditure 2024 2023 expenditure Governance Salaries and benefits Social security costs Contractors and freelancers Travel and subsistence Support and infrastructure costs Telecoms and computer expenses Loss on disposal of investment's Professional fees Independent examination Depreciation Exceptional training costs Other costs 438,296 38,584 438,296 38,584 194,879 391,357 28,973 252,464 194,879 53,836 19,271 5,040 58,876 19,271 66,497 27,637 45,031 45,031 30,032 614 32,435 33,049 6,000 3,176 935 13,404 50,043 10,399 4,117 43,850 11,153 6,000 3,176 935 13,404 Total costs for the year 268,600 576,901 6,000 851,501 916,523 This page does not forni part of the statutory financial statements Page 18 continued...
Grit.. Brealtthrough Programmes For the Year Ended 30 June 2024 Notes to the Financial Statements - continued Costs are direetly attributable to the actIty undertaken, any apportioned costs are apportioned on a basis of time and nare ot the actItieS undertaken. fj024 2023 Other sernryces - Independent Examlnation 6,000 10,399 6,000 10,399 STAFF COSTS Details of the staff ¢osts are shown in note 3. i employee received remuneration in the band £80.000-£90.000 per annum (2023.. 1 111 the band £80,000-£90,000 per annum) and the company made pension contributions totalling £6,327 (2023: £ 5,897). The average number of employees during the year 12 (2023.10). The charity operates a defined contribution pension scheme, the assets of which are held outside the charity. The Charity eontrtbuted a total of £18,896 {2023.' £15.707) on behalf of all employees during the year. At the yearend, £2,633 (2023: £5,345) contributions were outstanding. TRUSTEES, REMUNEIL4TtON AND BENEFI]S None of the members of the Board of trustees received any remuneration during this year or last year. During the year, no trustees (2023: £Nil) received reimbursement of charity related expenditure (2023: £Nil). The trustee indemnity is included as part of the charitys general indemnity insurance and covers the trustees, liability in respect of neglect and breach of trust or duty to the charity. This page does not form part of the statutory fancial statements 19 continued...
Grit: Breakthrough Programmes For the Year Ended 30 June 2024 Notes to the Financial Statements - continued 6. FIXED ASSETS Charity Furniture fixtures and equipment Office fittings Total COST At i July 2023 Additic)ns Disposals At 30 June 2024 28,297 8,489 36,786 DEPRECIATION At i July 2023 Charge for the year Disposals At 3oJune 2024 19,372 2,948 7,579 228 26,951 3,176 22 80 0.12 NET BOOK VALE At 30 June 2024 At 30 June 2023 682 8,92 910 9,835 The dosing net book value represents fixed assets used for the sup]X>rt and administration of the charity DEBTORS 2024 2023 Trade Debtors Other debtors Prepayments and aeerued Èncome 22,262 72,560 io 25,144 45,000 102 io CREDITORS 2024 2023 Trade Creditors Taxation and social security Accruals Other ereditors Deferred income (note io) 16,442 10,064 9,418 4,457 00 6,582 9,874 39,723 7,729 160,168 This page does not forffj part of the statutory financial statements 20 continued...
Grit: Brealrthrough Programmes For the Year Ended 30 June 2024 Notes to the Financial Statements - continued DEFERRED INCOME Deferred income comprises of money received in advance of programmes, which are yet to start or have started but not been completed and deferred element relates to the element of the progrdmme to be completed in the forthcoming year. 2024 2023 Balance at i July 2022 Atnount released to iDcoming resollrcos Amount deferred in year 96,260 (96,260) 1,500 99,817 (577,900) 574,343 6,260 io. MOVEME IN FUNDS Ati Julv 2023 Incoming resources Resourees expended Transfer At30 June 2024 Unrestricted funds 362,558 716.930 (801,501) 277,987 Restricted ndS (see note 12) 50,000 (50.000) 66,9 {8 oi The unrestricted funds represent the free fiinds of the charity that are not designed or restri(:ted for particular purposes, this includes traded income received Nrya schools, universities and loeal aiithorities. The restricted funds represent donations and grants from various statutory Authorities, Foundations, Trnsts, Individuals and other corporate bodies to undertake specific programrries to improve the soeial education of young people. This page does not forni part of the statutory fillallcial statements 21 continued...
Grit.. Breakthrough Programmes For the Year Ended 30 June 2024 Notes to the Financial Statements - continued 11. ANALYSIS OF RESTRICTED FUNDS At i July 2023 Incoming resources Resources ended Transfer At 30 June 2024 Julia and Hans RausÈng Trust 50,000 tso,000) 12. COMMrrMEKfs UNDER OPERATING LEASES Minimum lease payments under nOn-&eelI3b1e operating leases fall due as follows: Charity 2024 2023 Within one year Behyeen one and five years 6,215 6,734 12,9 13. CONTROLLJNG PARTY In the opinion of the trustees the Charity has no single controlling entity. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricied I,knnds 2024 Restricted unds 2024 Total Total 2024 2023 Fund balances at 30 June are represented by: Fixed assets Current assets Current lÈabilRties 6,659 313,209 (41,881) 6.659 313,209 (41,881) 9,835 512,891 (160,168) ,98 This page does not forni part of the statutory financial statements continued...
Grit: Breakthrough Programmes Forthe Year Ended 30 June 9024 Note,5 to the FinancÈal Statements - continued 15. REIATED PARTY DISCLOSURES Lyeept as set out in Note 5, there were no related party transactions for the years ended 30th June 2023 and 2024. 16. LEGAL STATUS The charity is a company IiTnited by guarantee and has no share eapital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. This p2ge does not forn] part of the statutory fmancial statements 23