Grace Foundation
(A Company Llmltod by Guarantee)
(Registered Number 50032761
{Charily Number 11030211
Annual Report and Financial Statements
Year Ended
31 August 2021
IBDO

Grace Foundation
IA Company Llmlted by Guarantee)
Annual report and flnanclal statements
for the year endgd 31 August 2021
Contgnts
Pago:
Trustees annual report
Independent examiner's report lo the Iruslees
Statement of financial activities
Balance sheet
Notes forming parl of the financial statements
Trustegs
Lord Edmislon
Lady Edmislon
A M Edmislon
Secretary
G E Hutton
Correspondonce address and reglstered offlce
The Gale, Internallonal Drive, Solihull, B90 4WA
Reglstered Charlty number
1103021
Reglstered number
5003276
Accountants and Independent examlner
BDO LLP, 2 Snow Hlll, Birmingham, B4 6GA
Bankers
Nalwest Bank PLC. St Philips Place, Birmingham, B3 2PP

Grace Foundation
IA Company Llmlted by Guaranteg)
Trust99s' annual report
for the year ended 31 August 2021
Trustees, Report
The Trustees have pleasure in submilling their Report and Financial Statements for the year ended 31 August
2021. The Foundation is a company limited by guarantee. The liability of members in the ev&nl of the charity being
wound up is limited to a sum not exceeding ten pounds each. The cofflpany is governed by a Memorandum and
Articles of Association which were last amended on 3 April 2004. The Memorandum of Assctialion sets out the
company's investment powers.
Roference and admlnlstratlve detall
Grace Foundation is a registered charity, number 1103021.
The charity Iruslees during the year ended 31 August 2021 and at Ihe dale of signing this report were:
Lord Edmislon
Lady Edmiston
A M Edmiston
OblgGtlvgs, Pollclès and Organlsatlon
The Foundation was incorporated on 24 December 2003 with ils objectives being the advancement. for the public
benefit, education in the United Kingdom by promots'ng the establishment, maintenance. carrying on, management
and development of schools wlh a Christian olhos and in accordance with Christian principles. The Trustees, who
are Directors of the Company. are set out on the first page of these financial slalements.
We have referred to the guidance contained in tho Charity Commission's general guidance on public benefit when
reviewing our airn and objectives and in planning our future aclivilies. In particular. the trustees consider how
planned activities will contribute lo the aims and objectives they have set.
Rglatlonships wlth Other Bodlès
During the year, The Foundation continued lo contribute towards the work carried out by Tove Learning Trust who
operate a chain of Academies based around the Midlands, Norlhamplonshire and Milton Keynes. They provide
education for pupils of different abilities between the ages of 11 and 19. In the 2021-22 Academic year they will
slarl to work with other Mulli-Academy Trusts such as Inviclus Education Trust.
Developmgnts, Activities and Achlevements
The foundation continues lo work within Tove Learning Trust to support young people and their families. We place
curriculum leaders. ethos youth workers and family support workers into schools lo work directly ￿th students lo
make a holistic impact. We also operate a Central team of specialists who SUPPOTI leaching of holistic subjects
such as Relationships and Sex Education. This work has been recognised by external agenciès such as OFSTED
and is measured by statistics, sludenvparent voice and stories of transformation.
During the year there was significant output by the team despite the global pandemic disruptions across their core
themes of Developing Character & values, Building Healthy Relationships and Understanding Christian
Perspectives. This included 197,000 sludenl engagements, 6820 Family Inlervenlions, 3218 Support Group places
and over 1287 mentoring sessions.
The Foundation will Continue to disburse funds lo the Grace Academy schools who have continued lo sponsor
Ethos Workers and provided funding lo carry out the development of the Christian Ethos within Tove Learning
Trust. In addition lo this the Foundation now employs staff directly and they are based in an expanding number of
schools.

Grace Foundation
{A Company Limited by Guarantee)
Trustees, annual report
for the year ended 31 August 2021 {contlnued)
Reserves Pollcy
The general funds are used by the Foundation to fund future dislribulions to the Academies.
The Trustees have tried lo maintain reserves by matching the level of incoming resources lo the level of
expenditure. Th8 Trustees remain aware of the level of the funds and Confirm that all reserves shall be used to
pursue the Foundations future object￿ve$. Unreslrlcled reserves were £136,561 as at 31 August 2021 12020 -
£61,217 deficit)
Flnanclal Revlew
The Foundation received income of £896,90212020 - £456,350) during the year. Total outgoing resources were
£699,124 (2020- £624,375) for the year. The Foundation is dependent upon donations to safeguard its long term
future.
Golng Concem and rlsk revlew
Grace Foundation aims to continue and expand its current acllvity and will primarity be funded by donations from l.m.
Group Limited. The trustees have agreed budgeted charitable activity for the period of al least twelve months from
the dale of approval of the accounts and have sought assurances from th8 Directors of l.m. Group Limited that they
will continue lo make contributions in line with this budget.
The Trustees have considered the impact of the Covid-19 pandemic on their business operations and cashftow
forecasts. The Trustees are taking all reasonable steps to continue the operations of the Foundation complying with
government rules and safety guidelines. The Trustees have further sought assurances from the Directors of l.m.
Group Limited of the financial slr8nglh and liquidity of l.m. Group Limited to continue lo fund GTace Foundation
and allow it lo Gonlinue lo satisfy ils operational objectives and honour firsancial obligations as they fall due.
Trustegs
A list of trustees is shown on the front shoel to the arcounls.
The Appoinler lo the charity is Lord Edmislon. The Appointer has th8 ultimate power to appoint and remove
trustees.
The training and induction provided for Trustees will depend on their existing experience. Where necessary
induction will provide training on charity and educational legal and financial mallers, inductlon lends lo be done
informally and is tailored specifically to the individual.
In preparing the Trustees, reFXXt advantage has been taken of the small companies, exempllon.
Approved by the board of Iruslees and signed on their ￿hall on
A M Edmiston
Trustee
Dale 5 April 2022

Grace Foundation
IA Company Llmited by Guarantee)
Independent examlner's report to the trustees of Grace Foundatlon
for the year ended 31 August 2021
I report on the charity Trustees on the accounts of the Cornp8ny for the year ended 31 August 2021, which are set out
on pages 5 10 14.
This report is made solely to the charity's Iruslees, as a body, in accordance with Regulation 31 of the Charllies IA¢¢ounls
and Reports) Regulations 2008. My work has been undertaken so that I might stale lo the charity's Iruslees those mallers
l am required to stale to them in an independ8nl 8xamineVs report and for no other purpose. To the fullest exlenl permilled
by law, I do not accept or assume responsibility lo anyone other than the Charity's Iruslees as a body. for My work, for
this report, or for the statement I have made.
Responsibilities and basls of rèport
As the charit￿$ Iruslees of the Company land also ils dire¢tors for the purposes of company lawl you are responsible for
the preparation of th8 accounts in accordance wlh the requirements of the Companies A¢1 20061'lhe 2006 ACVI.
Having satisfied myself that the acwunts of the Company are not required to be audited under Part 16 of the 2006 Act
and are eSigible for independent examination, I report in respect of my 8xaminalion of your ¢harity's accounts as carried
oijt under section 145 of Ihg Charities Act 2011 {'Ihe 2011 Act'l. In carrying out my examination I have followed the
Directions given by the Charity Commission under section 14515) {bl of Ihtr 2011 A¢t.
Independent examiner's statement
Since the Company'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 l am qualified lo undertake the ex8minali(¥) because l am 8 member of ACCA, which is
one of the listed b¢xlies.
I have completed my examination. l ¢onfirm that rK) rnatters hav8 come to my allention in Connection with the examination
giving me cause to believe..
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act.. or
the accounts do not a¢¢ord with those records., or
the accc>unls do not comply ¥Mlh the accounting requiremanls of section 396 of the 20C16 Act other than any
requirtsmenl that the accounts give a 'lrue and fairf view which is not a maller considered as part of an independent
examination., or
the accounts have not been prepared in accordance with tho methods and principles of the Statement of
Recommended Pra¢ti¢e for accounting and reporting by charities, appli¢able lo charities preparing their accounts
in accordan¢8 with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland IFRS 102}.
I have no concsrns and have come across no other mallers in connection with the examination lo which allenlion should
be drawn in this report in order lo enable a proper underslan(Sing of the accounts lo be reached.
DO¢u$￿nId by..
yfta'a8filfF4atr'
Chartered Certified Accountant
BDO LLP
2 Snow Hill
Birmingham
B4 6GA
Dale 25 April 2022
BDO LLP is a limited lialilily partnership registered in England and Wales {wilh registered number OC3051271.

Grace Foundation
{A Company Llmlted by Guarantee)
statement of flnancial activities
for the year ended 31 August 2021
Note
2021
2020
Income from:
Donations
Grant income
894.766
2.136
437,200
19,150
Total Income
896.902
456,350
Expenditure on..
Charitable expenditure
699.124
624.375
Net Income l (expendlture)
197,778
(168,0251
Fund balarte brought forward al 1 September
12
(61,2171
106,808
Fund balances carrled forward at 31 August
12
136,561
(61,2171
All disclosures relate only lo continuing operation8.
There are no recognised gains or losses other than those disclosed above.
The notes on pages 8 to 14 form parl of these financial slatemenls.

Grace Foundation
IA Company Llmited by Guarantee)
Balance sheet
as at 31 August 2021
Company number 5003276
Note
2021
2021
2020
2020
Non-current assets
Tangibl8 fixed assets
1,885
2,828
Current assets
Debtors
Cash al bank and in hand
2.377
182,414
236
46,270
Credltors: amounts falllng du9
wlthln one year
10
{50.115)
1110,5511
Not current assets l {Ilabllltles)
134.676
164,0451
Total assets less current
Ilabllltles
136,561
{61,217}
The funds of the charlty:
Unrestricted funds
12
136.561
161,217)
For the year ended 31 August 2021 the company was enlilled lo ex8mption from audit under section 477 of the
Companies Act 2006 relating to small companies.
The membars have not required the company to obtain an audit of its financial statements for the year in queslion
in aGcordance with section 476.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006
with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable lo companies subject
to the small companies, regime.
Approved by the Board of Trustees and signed on their behalf on
A M Edmiston
Trustee
Dale 5 April 2022
The notes on pages 8 to 14 form part of these financial slalemenls.

Grace Foundation
IA Company Llmlted by Guarantee)
Stat9mgnt of cash flows
as at 31 August 2021
Note
2021
2020
Cash flows from operatlng actlvltles
Cash provided by operating activities
14
136,144
{61.4071
Cash flows from Investlng actlvltles
Purchase of equipment
(3.771)
Increasel{decreasel in cash and cash equivalents in the year
136.144
{65.178)
Cash and cash equivalents al the beginning of the year
46.270
111,448
Total cash and cash equlvalents at the end of th9 year
182,414
46.270
Analysls of cash and cash equlvalents
Cash at bank and in hand
182,414
46.270

Grace Foundation
{A Company Llmlted by Guarantee)
Notes to the accounts
for the year ended 31 August 2021
Accountlng pollclès
Basls of preparatlon
The financial slalements have been prepared in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice} and comply with the
statement of Recommended Practice {SORPI Accounting and Reporting by Charities FRS 102 effective from
January 2019.
The financial statements are prepared under the historic cost convention.
The financial statements are prepared in pound sterling 1£) and the figures are rounded lo tho nearest £.
Judgements In applylng accountlng pollcles and key sourcgs of gstimation uncertalnty
In preparing these financial slalements, the Trustees and Directors have madejudgements. the details of which
are included in tho following accounting policies.
Going conc&m
Grace Foundation aims to continue and expand ils current activity and will prlmarily be funded by donations
from l.m. Group Limited. The trustees have agreed budgeted charitable activty for the period of al least twelve
months from the Balance Sheet date and have sought assurances from the Directors of l.m. Group Limited thal
they will continue lo make contributions in line with this budget.
The Trustees have considered the impact of the Covid-19 pandemK on thelr buslness operations and cashflow
forecasts. The Trustees are taking all reasonable steps lo continue the operations of the Foundation complying
with government rules and safely guidelines. The Trustees have further sought assurances from the Directors
of l.m. Group Limited of the financial strength and liquidity of l.m. Group Limited lo continue to fund Grace
Foundation and allow il to continue lo satisfy its operational objectives and honour financial obligations as they
fall due.
The charity has taken assurances from the directors of l.m. Group Limited that the group will continue to make
charitable donations lo satisfy the ongoing working capital requirements of Grace Foundation for a period of at
least twelve months from the approval dale of these financial slalemenls. Accordingly, the Iruslees consider it
appropriate lo prepare these financial statements on a going concern ba81$.
Fund accounting
Unrestricted funds
Unrestricted funds comprise the accumulated deficillsurplus on the slalement of f￿nancIal activities. They are
available lor use al the discretion of the Iruslees in furtherance of the general objectives of the charity and are
retained for workin9 capital purposes.
Income
Donations and other income are recognlsed within the slalemenl of financl81 activities when receivable.
Expenditure
Expenditur8 has been Gharged lo the slalem8nl of financial activities on an accruals basis.
Govemm8nt grants
Government grants are recognised when il is reasonable to expect that the grants will be receThied and
that all related conditions will be met usually on submission of a valid claim for payment.

Grace Foundation
{A Company Limited by Guarantee)
Notes to the accounts
for the year endod 31 August 2021 {contlnued)
Accountlng pollcles
Basls of preparatlon Icontlnued)
Direct chaTitable expenditure relates lo the donations made in the period. Donations payab￿ are payments made
to third parties in the furtheran￿ of the charitable objectives of the TrusL
Governance costs include those costs associated with meeting the constitutional and statutory requirements of
the charity and include the audit fees and costs linked to the management of the charity.
Operating leases
Rentals applicable lo operating leases are charged lo the Statement of Financial Actlvlty over the perlod In
whlch the cost is incurred.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at Irans8clion value and subsequently measured at their
selllemenl value with the exception of bank loans which are subsequently measured 81 amorlised cost using
the effective interest method.
Pension costs
Contributions to the company's defined contribution penslon scheme are Gharged to the profil and loss
account in the period in which they become payable.
Taxal￿n
The company is a charity wlthin the meaning of Par8 1 Schedule 6 Finance Act 2010. Accordingly the
company is potentially exempl from taxation in respect of income or capital gains wilhln categories Covered
by Chapter 3 of Parl 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains
Act 1992, to the extent that such income or gains are applied exclusively to Gharilable purposes. No lax
charge arose in the period.
Tangible fixed assets
Tangible fixed assets under the cost model are slated al hlstorical cost less aGGumulated depreciation and
any accumulated impairment losses. Historical cost includes expenditure that is directly allribulabl8 lo bringing
the assets to the location and condition necessary for it to be capable of operating in the manner inlerKled by
management.
The company adds lo the carrying amount of an item of fixed assets the cost of replaclng parl of such an item
when that cost is incurred, if the replacement part is expected lo provide incremental future benefits lo the
company. The carrying amount of the replaced parl is derecognised. Repairs and maintenance are charged
to the statement of financi81 activities during the period in which they are incurred.
Depreciation is provided on the following basis..
Computer equipment
250A Slraighl line
The assets. residual values, useful lives and depreciation methods are reviewed. and adjusted prospectively
If appropriate, or if there Is an indication of a significant change since the last reporting dale.
Gains and losses on disposals are determined by comparing the proGeeds with the carrying amount and are
recognised within adminislralive expenses in the Statement of financia5 aclivilies

Grace Foundation
IA Company Limited by Guarantee)
Notes to the accounts
for the year ended 31 August 2021 (contlnu8d)
Donations
2021
2020
Donations
894,766
437,200
Grants
2021
2020
Government granls
2,136
19,150
Dlrect charltab19 expendlture
2021
2020
Ethos fund expenses
Personnel costs
Governance costs {note 5)
Depreciation
Tove Learning Trust
93,742
447,291
4,477
943
152,671
56,820
217,692
5,490
1,252
343,121
699,124
624,375
Etho8 Fund expenses includes travel, meeting, phone costs and Education support costs.
Governance costs
2021
2020
Bank charges
Legal and professional fees
Indep8nd8nt examiner fees
57
2,033
3,400
285
4,183
4.477
5,490
10

Grace Foundation
(A Company Llmlled by Guarantee)
Notes to the accounts
for the year ended 31 August 2021 (contlnugd)
Net Income I lexpendlturel
2021
2020
Net income I lexpenditurel is staled after charging..
D8precialion
Independent examiners fees
943
4.183
1.252
3.400
staff costs
2021
2020
Salaries
National insurance
Pension costs
341,406
25,096
35,097
156,694
6,190
12,817
401.599
175,701
Average number of persons employed by the charity during the year
(excluding Trusleesl analysed by function..
Number
Numbèr
Management and administration of the charity
Ethos and support workers
13
There were no employees included above whose earnings (including taxable benefits in kind} exceeded
£60,000. {2020 - £Nil)
No trustees received any emoluments or were reimbursed any expenses during the year.
The key management personnel comprise the trustees whose employee benefits total £Nil {2020 - £Nill.
11

Grace Foundation
IA Company Limited by Guarantee)
Notes to the accounts
for the year ended 31 August 2021 (continued)
Flxed assets
Computer
equipment
Cost
Al 1 September 2020 and al 31 August 2021
5,008
Depreclatlon
Al 1 September 2020
Provided for during the year
2,180
943
At 31 August 2021
3.123
Net book value
At 31 August 2021
1,885
Al 31 August 2020
2,828
Dobtors
2021
2020
Prepayments
Other debtors
2,377
236
2,377
236
10 Cradltors.. amounts falllng due wlthln one year
2021
2020
Accruals and deferred incomo
Other creditors
Taxation and social security
34,421
7,075
8,619
94,233
11,048
5,270
50,115
110,551

Grace Foundation
(A Company Llmited by Guarantee)
Notes to the accounts
for the year ended 31 August 2021 (contlnued)
11 Flnanclal Instruments
2021
2020
Flnanclal assets
Cash and cash equivalents
Financial assets that are debt instruments measure al amorlised cost
182,414
46,270
236
182,414
46,506
Flnanclal Ilabllltlès
Financial liabilities measured al amortised costs
41,496
105.402
Financial assets measured at amorlised cost comprise other debtors and prepayments. Financial assets also
include cash arml cash equivalents.
Flnancial liabilities measured at amortised cost comprise other creditors and a￿rUal$.
12 Movemènt In funds
At
1 September
2020
At
31 August
2021
Incoming
resourcos
Outgoing
rg$ourc8s
Unrestricted funds
{61,2171
896,902
1699,124)
136,$61
Movement In funds Iprlor yearl
At
1 September
2019
At
31 August
2020
Incomlng
resources
Outgoing
resources
Unrestricted funds
106,808
456,350
1624,375)
161,2171
13 Pensions
The company operates a defined contribution pension scheme. The assets of the scheme are held separately
from those of the company in an independently administered fund. The pension charge arrK)unted to £35.097
12020 - £12.8171. There were outstanding contributions of £Nil12020- £Nil) al the end of the financial year.
13

Grace Foundation
IA Company Llmlted by Guarantee)
Notes to the accounts
for the year ended 31 August 2021 (contlnuedj
14 Reconciliatlon of incomel{expendlture) In funds to net cash flow from
QP9rating activities
2021
2020
InGomellexpendilure} in funds
Add back depreciation charge
IlncreasellDecrease in debtors
IncreasellDecreasel in creditors
197.778
943
12.1411
160.4361
{168.0251
1,252
105,366
Nel cash provided by operating aclwities
136.144
61,4071
15 Related party transactlons
During tho year the company made payments of £152.671 12020 - £343,121) lo Tove Learning TTUSt, a
company in which Lord and Lady Edmiston are directors.
The charity deals with Tove Learning Trust on an arm's length basis. £31,699 was outstanding in the Cu￿ent
y8ar12020 - £88,659).
During the yoar donations of £894,76612020 - £430.0001 were received from l.M.Group Limited, a company
which Lord Edmislon indireotly owns 100Vv of the issued share capital.
Radical Outreach Limited is a company owned and controlled by a family member of Lord Edmiston. During
the year Radical Outreach Limited provided consultancy services to Grace Foundation and received £20.161
{2020- £18,844). £Nil was oulslanding in the Gurrenl year12020 - £1,571 }.
14

This DEED is made the 24 day of March 2022 between l.m. Group Limlted of The Gate, International
Drive, Sollhull, B90 4WA I'IMG") and Grace Foundatlon of The Gate. International Drive, Solihull B90
4WA I"Grace'l.
Now it Is agreed as follows..
I. IMG and its directors hereby agree that It shall continue to provlde funding and flnancial
assistance to Grace, a registered charity, forthe period from the date of thls Deed and ending
30 April 2023 In a sum sufficientfor Grace to be able to continue to operate as a going con￿rn
and to meet all of its flnancial obligations to its creditor5 UP to a limit of £1.5million.
2. Thls Deed is subject to the laws of England and Wales and the Courts of England shall have
exclusive jurisdiction to determine any dlspute relating to It.
Executed as a Deed the day and year above written..
Executed by Gary Hutton on behalf of l.m. Group Llmlted:
Executed by Gary Spicer on behalf of Grace Foundatlon: