Grace Foundation IA Company Llmlted by Guarant) (Registered Number 5CK13276) {Charity Number 1103021) Annual ReFMyI and FlnancAal Slatements Year Ended 31 August 2024
Grace Foundation {A Company Limited by Guarantee) Annual rnport and financial statoments forlhe year ended 31 August 2024 Contents Page: Trustees, annual rewrt {IrrpOrating the diredc<s report) Independanl auditorfs report to tha members 10 ststement of financial adivttses (including income and expenditure account) Statement of financial positKJn 12 ststement of cash fi(*• 13 Notes fomiing part of the financial statements Trustees A M Edmislon G Spicer (appointed 21 June 20241 K Allen lappoinled 21 June 20241 J Spieer {appointed S August 2024) Secretary A G Clarke Correspondence address and registered office The Gate. Intemalional Drive. Solihul. Bgo 4WA Registsred Charity number 1103021 Registered number 5CKJ3276 Auditors Auras Baker Jones Limited, Regent House, Bath Avenue, Wofverhampton, WV14EG Bankers Nalwest Bank PLC, St Philips Plac4, Birrniryham, B3 2PP
Grace Foundation (A Company Limitèd by Guaranteo) Ttee8. annual report lincorporating tho Dlreclorfs Report) forthe yèaronded 31 August 2024 Trustees. Report The Trustees have paSUre in gubmitting their Report and FInarla1 Stslements for the year endod 31 August 2024. The Foundation is a company limited by guarantee. The fk8bqty of members in the event ofthe charity being wound up is limited lo a sum not exceeding ten pounds h. The company is govemed by a Memorandum and Articles of Association 1¢h were last amended on 3 April 2004. The Memorandum of A$sation sets out the companys investmonl powers. Reference and administrative detsil Grace FourKlation is a registered charity, numtr 1103021. The Gharty trustees during the year ended 31 August 2024 al the date of signing this repcrt were: Lord Edmiston IreswJned 21 JU 20241 Lady Edmiston (resigned 21 June 2024 A M Edmislon G Spicer lappoint8d 21 June 2024) K Allen {appoinled 21 JLme 2024) J SpIr (appointed 5 August 2024} Objectlves. Polldes and Organlsatlon The Foundation was incorFxxaled on 24 Decernber 2003 vrith ils objectives being the advancement, for the pliC benefil. education in Ihe United Kingdom by promoling the estsblishmenL maintenan, carryir¥J on, management and development ofsthools with a Christian ethos and in acuKdance vrith Christian pnnciples. The Truslees, who are Directors of the Company, are sel out on Ihe first page of these finanaal slalemenls. We have referred to the guidanc6 cntained in the Charity Commission's general guidance M public benèfit when rewewing our aim and objectives aTKI in planning our fvture activitS. In particular. the trustees consifjer how planned actsviti8s will conthbule to the aims objectives they have set. Relallonshlps with other Bodles During the year. The Foundation continued to Lyjnlribute towards the wort( Caffd ovl by Tove Leamir¥J Trust who operate a chain of Academies based aroUj the MidLaThJs. Northamplonshire, and Mition Keynes. They provide education for wpiLs of different abilities beeen the ages of 11 and 19. In the 2023-24 AGgdemic year they also worked with other Mulli-Academy Trusts SULb as Inviclus Educatton Trust and Mercian Trust to exparKI the work of the Grace Foundation Ethos Teams. Developments, ActitIeS and A¢hlevements Grace Foundation has experienced a transformatNe year. marka by siwificant growth and an even deeper impact on the lives of young people. Wrth Ethos Teams now embedded in 12 partner schools. we are positivety Intluencing over 12,500 students daily. This expansion includes the launch of a 13th partnership with Huxlow AdernY by September 2024, further broadeniro our reach and embedding our holisbc approach to education. Our commitment lo devebping characler. fosteriry values. and improvlryJ well-being remairs r£ntral trj our mission of enhanang attendance. behaviour. and aspirathjns.
Grace Foundation (A Company Llmited by Guarantee) Tw$t¢¢$' annual report Ilncorporatlng the Dlrectorfs Report) lor the year ended 31 August 2024 (continuedj Developments. Activities and Athievements {continuedl This year. over 621,630 stLKlent engagements were recorded, spanniryJ currulum enrichment. pastoral care. and relationshipU1kIIng. Ow Ethos Teams provided over 28,877 interventions for famifi6s. addressing practical. emotional, and relational ch311enges. Additionalty. more than 5,156 intervention group places were delivered desKJned lo improve welkbeiThJ and behavi)w, while 2.926 one-tovone mentoring sessions delivered tsrgeted support for those in need. These figures refiect the depth breadth of Jjr work and ils tangible impact on school communities. The Careers and AspiratM)ns Fkngramme continued to play a pivotal role in supwrhng students. fviure$. Reaching one in three students acn)ss our partner schc(sls, this initiatwe helped young people navigate their career choices with confidence and focus. Feedback frcm sludents arKI stsff hlgh1hted the programme's value in equipping participants with essential Imls skills for success. In addition to studènl-focused interventions. our Ethos Teams have contrrbuted significantly to improved OFSTED outcomes. partioJL4rW in pefsonal development and well-being. Schools supported by Ihe Foundation have seen measurable progress, with several achieving "Outstanding" ratin in key areas. These results underscore the effectiveness of our hoiisiic approach in creatiThJ resilient sthol cnmmunities. As we look to tha future, Grace Foundation is committed to deepening its impact. Plans include expanding our Quality Assurance Framework, ensuring consistent improvement across all partn8r schools. Enhanced career guidance will be developed to support students al risk of becoming NEET (Not in Educabon, Employment. or TrainirwJl. athlressing key twriers suth as diser•Jagement and lack of direction. Our mi$$ion remains steadtasl.. lo tranS1M the Iwes of young people through edLKal*)n. nurture healthier relationships. arKI provide support for families. fostering brighter futures for all. Reseries Pollcy The general funds are used by the Foundath)n to lurKI thre distribu11( to the Academle$ and lo maintsin apwopriale financial headroom. The Truslees have tried lo mainfain reserves by matching the level of intA)ffMng resources to the level of expenditure. The Trustees remain avrare of the level of the funds and confirm that all resetves shall be used lo pursue the Foundalions ftjlure objectNes. Unreslncled reserves were £308.149 as al 31 August 2024 (2023 - £183,061). The Foundation targets positive unreslTicled reserves of al least £100,(. Financial Review The Foundation receNed income of £1,672,017 (2023- £1,331.5771 durirvJ the yeaT. Total outgoing resources were £1.546,92912023- £1,289,770) for the year. The Foundation is dependent upon donations lo safeguard its long tsm future and will prirnari be fuThled by (k)nalions from l.m. Group Limited. The trustees have agreed budgeled charilable activty for the ofat least efve from BaL2n¢e Sheet date and have recewed assuranws from the Directcrt of l.m. Grtyjp Limitèj that they wil contmiue to make cthtrlti0ns in fire wilh this budget.
Grace Foundation IA Company Llmlted by Guarantee) Trustees. annual report Ilncorporating the Dlrn¢tor'$ Report) for the year ended 31 August 2024 (conbnued) Going Conrn and rlsk revlew Grace Foundatim aims lo clInut arKI 8xpand its cwrenl and will primarly be funded by donalh)ns from l.m. Group Lim¢ted. The Iru$lees have agreed budgeted Charitsb actNity for the period of at least tsVee months from the Bala£ Sheet date and have received assuranc£s from the Directors of l.m. Group Limiied thai they will continue to make ntrIbutionS n line wth this t38¢. The charity has turther sought assw from th6 DirvA)rs of l.m. Group Limited of the finaneial strength and liquidity of l.m. Group Limiled. In addition to the above further Sponssh Ge (anbI6 Trust enables us to swJr6ty 8xpand into fviure partner schools. The trustees have eon&dered al reasonable risks assLxiated wth the operatw of ils business M(e1 ts a period of at least 12 months from the date Lrf suning the ac£oJnls. These risks inchjde the p)tentk41 resurgence of Covid-19 pandern impacting SCKBI diS1alng and the abifity of the business lo perform its operatiorns in schwl environments. Risks also include ireasing pressures on salaries aThJ the'cost of INing crisis in the UK. The trustees consider that their cthe management Sty and conlrolkd experyjiture wll give the C4)mpany sufficient headrcx)m to adapt the business mcrfjel sufficienty lo continue in operatnal 8xislence and operate wilhin ts cash headrwm. Gr Foundalion has tsken assurances from dwX(Jrs of l.m. Gro L¥nie(I thal the swoup will conlinue to make charitabte donations to satisfy the onwiThJ rkIng capital requirements of the charity for a peric*l of at least ee months from the approval date of Ih&se financial statements in order to allow Grace Foundation continue to satisfy its operalh)nal objectNes and honwr finala1 obligations as they fall due. Tru51ee induction and training A list of tnjstees is shown on the fronl sheel lo Ihe ac£ounls. The Appointer lo Ihe charity is Andrew Edmiston. The Appointer has the uttimate power to appc4nl and remove trustees. The key managemenl personnel is Gary Spicer. The ITaining aTMI inductb)n provided for Trustees depend on iheir extsting experien¢x. Where necessary induction will prowde training on charity and educab'onal legal a1 financial matters. inductKtrn lends to be done infofmalty and is taih)red specificaly lo the indNidual. Trustees, responsibilities The Iruslees, who are also directors for the purposes of company law. are responsible for preparing the trustees. report and the financial statements in aeeordance apph'cabbe jaw and United Kingdom Accounting Standards {Un¢ted Kinojom Generally Accepted Accc4Jnling Practice). Companylow requires the charty trustees to prepare finanual ststements for each year which give a Irue and fair view of Ihe slate of affairs of the d)aritable company and the incoming resources and application of resources. induding the TrnrA)me and expeIlture. for Ihat per.
Grace Foundation {A Company Limlted by Guarantee) Trust•es' annual report (Incorporatlng the Directo8 Report) for the year ended 31 August 2024 (continued) Trusta8s' rèsponslbilitles {continued) In preparing thes8 financial statements. the trusttss are requlrthj to: select Suitab a¢c4)unting polmxs and then 4pty them CsIStenI. observe the meth)ds and princip9 in Ihe applicable Charities SORP; make jjgMents and aOUnting 8stimales that ale rea$abl0 and prLKl8nt'. stste whether applicable UK A£counting Stsndards have en f1ed. subject lo any material departures dtsdosed and exF4ained u) the financial statements: prepare the finartial statements on the going CL)rM basis unless it is inappropriate to presume that tha charity will continue in ISiness. The trustees are r&qponsible for keeping adequale accounting records that are SLrfficient to show arKI explain the charity's transactions and discbse with reasonable accurdw at any lime the fin8ncial positson of the chaiity and enable them to ensure that the financial statements COMP with the Companies Act 2006. They are alsts responsible for safeguarding the assets of the charity and hence f lak¥¥J reasonable steps for the prevention and dtsleclion of fraud and other irregularities. Audhor Egch of the persons who i% a trustee at the dale of approw41 of this report confirms thal: so far as they are aware. there is no relevant audit infonxation of the charitys auditor is unaware". and they have laken al steps that they oughl to have tsken as a tnJ$tee to make themselves aware of any relevant audit information and to estsbltsh that the chariws auditor ts aware of that inforniation. The Iruslees, annual reF¥Jrt and the stralèjlc repjrt were approved on 28 March 2025 a1 siJned on behatf of the board of trustees by.. A M Edmislon Trustee Date 28 March 2025
Grace Foundation (A Cofflpany Limited by Guarantee) Independent Audltorfs Report to the M•mbers of Gra¢¢ Foundatlon Year ended 31 August 2024 Oplnlon We have audited the financk?I stslements of Grace Foundation (the 'tharityl for the yaar ended 31 August 2024 which comprise the statement of financial acNlies linduding income and expenditure account), ststemenl of financial position and ihe related tes. indudirvJ a summary of signfficanl accounting policbes. The finanual rewrbng framework thai has been applied in their preparation is applicable law and United Kingdom AccoLsnting Standards, including FRS 102 The Financ4al Reporttng Standard applicable in the UK and Republic of Ireland (United Kingjom Generally Accepted Accounting PraclKel. In our opinion the finanryal statements: grve a true a1 fair view of the state of the charitvs affairs as at 31 August 2024 and of its incoming resources a1 app11calJn of resouTC8S, Including ils income and expenditure, for the year then ended" have been propety prepared in accknrdancL wilh United Kw)glom Generaty Accepted Acwunling Practic£; have been prepared in acrda wth the requirernents ofthe Companies Act 201%. Basls for oplnlon We conducted our audtt in accordance with Inlemalional Stsndards on Audiling {UK) IISAS IUKII and applicable law. Our responsibilils under Ih¢)se stsndards are further descxibed in the auditrjrfs resronsibilitses for the audr( of the financial stslements section of our retx)rt. We are independent of the charity in ae£ordance with the ethical requirements that are revant lo our audit of the financial ststements in Ihe UK. including the FRC'S Ethical Standard. and we have futfilb8d our ofher ethical responSi.1111eS in a¢)rdance with these requirements. We believe that the audit evidence we We obtsined is suffiaenl and appropriate to provide 8 basis for our opinion. Concluslons relatlng to going conrn In audilir¥J Ihe financ¢al statements, we have c(ClUd thal the Irustees. use of tho going concem basis of accounting in the preparation of the financial ststements appropriate. Based on the work we have rformed. we have not JentIfi any material Unrtainl18$ relating to events or conditions that. indiwdualty or collectwety. may cast snIficant doubl on the chariVs ability lo continue as a going concem for a period of at least efve Mcth$ from when tha financh81 stslements are aulhorised for issue. Our responsibi15bes arvj the resp¥Ibilits of the trvstees wilh respect lo going concem are described in the relevant sections of this report. othor infonnatlon The other information comprises the infomialion included in the annual report. other than the financial ststements and our audrtorfs report Ihereon. The trustees are responsible for 0[ infom)ation. Our opinion on Ihe financial statements does not cover Ihe olher infomiation and, except to the exlenl otherwise expbcity stated in our report. we do not express any fom) of assuraKe eonelusion therecffi. In connection With our awjii of the financial stsiements, our responsibilry ts io read the Olher Inlomialion and. In doing so. consider whether the other infonnation is materialty inconsistent wilh the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misststed. If we identify such material ineonsislencies or apparent material misstatements. we are required to detemine whether there is a material missL91emenl in the financial slatements or a material misstalemenl ol the other infomialion. If, based on Ihe work we have perfomied. we conclude Ihat there is a malerial misststemenl of this other information. we are required lo report that fact. We have nothing to report in this regwd.
Grace Foundation (A Company Llmlted by Guarantee) Independenl Auditovs Report to the IAember5 of Grace Foundation (conrfnued) Year ended 31 August 2024 Oplnlons on other matters presuibed by the Companles Act 2006 In our opini. based on the work undertaken in the Course of the audrt: the infLlatiOn given in the trustees, rep(t for Ihe financial year for which the finawal statements are prepared is cortsistent vh the financial ststements" and the InJstees' re has been prepared in nCE ¥th applicabb lagal requirements. Matters on which we aio required to report by exception In the IwJht of the knowledge and understsndir¥J of the charity and its environment obtained In the cUrSe of the audit. we have not hyenlified matefial misstatements in the truslees, report. We have nothing lo report in respect of the fcllowir¥J mallers in relation lo thich the Cownpanies Acl 2006 requires us to report to you rf, in our opinion.. equate accounting re£ords have not been kept. or adequate for our audit have not been received from branches not visited by us.. or the financrdl ststements are YK)t in eement Ihe accounlirKJ rewds and retums.. or certain disclosures of trustees. remuneralion specifieAI by law are not made,. or we have not receNed all the inf0Mts)n and explanations we require for ¢xr audit. Responsibilltlès of truslèes As explained nKJre fulty In the trustees. reSns)1IS slatement. the trustees (who are also the directors for the purposes of company lawl are responsible for the preparation of the financial slatemenls and for being satisfied that they give a true and lair view, atNJ for such inlemal control as the Irusle8s detem)ine is necessary lo enabl8 the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the tnL%tees are rasrthsit4e for assessing the charity's ability to cntinUe as a going concem. disclosing, as applicab, matters related lo goiry conc£m and usirrtJ the goirg concem basis of accounting unless the trustees either inleNJ lo IKiuidale the charily or to c*ase operatM)ns. or have no realislic aliemalive bul lo do so. Audltorfs responsibilities for the audlt of the finandal statements Our ofy'8cts'ves are to obtsin reasonable assura atr&Ut whether the financial statements as a whole are free from material misstatement. whether due to fraLKI effor. and to issue an auditor's report that in¢ludes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance w¢th ISAS (UK) will aayS delect a material misststement when rl exists. Misstaternents can arise from fraud or effor and are ¢sIded malerial rf, indwKlualty or in the aggregate, they coukj reasonably be expected to inftuence the economic decisions of users tsken on the basis of these ffinan(?al stslements. Irregulants. including fraud, are ins13reS ot non<ompliance wth laws and regulaiions. We Oesign procedures in line with our responsibilities, outlined atrmwe. to detecl rnaterial misstslements in respectof IegUlalES. including fraud. The extent to which our procedures are Capab of detecting irregularities. including fraud is detailed below: In annIng and des11ng our audit tests we idenlfy and assess the risks of material MitateMent within the finanaal statements, whether due to fraud or error. Our assessmenl of these risks in¢ludes tonsideralion of Ihe nature of the industry and seLtor. the control enmronmenl and the business perfOrniCe along wth the results of our enquiries of management about their own identification and assessmenl of risks and irregularities. In common
Grace Foundation {A Company Llmtted by Guarantee Independent Auditorfs Report to th¢ Mernbern of Grac• Foundatlon (contlnued) Year ended 31 August 2024 with all audits under ISAS {UK), we are also requiTed lo perfo specific prcthdures to respond lo the risk of management override. We also obtsined an underslandir4J of the legal and regulatory frameworks that Ihe company operates in. fsirj on Pfovisions of those laws and regulations th81 had a direct effecl on the detemiinalion of material amounts and disclosures in the financial stsl8menls. The key laws and regulations we considered in Ihis context cluded the UK Companies Act, UK tax legisLAtion and other laws and regulations identified as risk areas identified from our discuss1cS with magement Wg ccnmunicaled relevant idenltfi8d laws aThY regulatKtrns and polenbal fraud risks lo all engagamenl team members including infernal specialists, and remaid alert to any indm)n5 of fraud or norH>Jnpliance with laws arKI reguklions throughout Ihe audit. After consideralion of the aLK)ve risks then carried out alit predureS including the following.. performing anatytical procedures to hjentify any unusual cy unexpeCed relatnShIpS Ihat may indicate rBk$ of material misstatement due to fraud". - rea(thng mlnut&s of managenwt meelirvJs: - enquiring of managomenl and revwing any rre$nden with legal adwsors concemiry aclual aThJ polenlial litigation and claims- - rewewing the finanaal ststemenl disclosures and testing to supporting documentab'on to assess complianc* with provisions of relevant laws and regulations described as having a direct effect on the financial ststemenis., in addressing the risk of fr3ud through managemenl ovemde of conlrds. testing Ihe approprialeness of joumal entries and other adjustrnenls-, assessir4J thelher the judgements made in making accounling estimates are indicative of a polenltal bias.. and evaluating the LHJsiness rationale of any signiffcant transactions that are unusual or outside the nom)al course of business. There are Inherent limi181ions in our audit procedures describ8d aknve. The more removed that Ihe laws and regulations are from financial transactions the less likety tr is Ihat we ¥k1 be aware on non-complianGe. Auditing stsndards also limit the audit procedures required lo Ident noTrcompliance wtth laws and reguL8lions to eTh]uiry of Ihe directors and other management and the inspection of regulatory arKI legal correspondee, rf any. Material misstatements that arise due lo fraud can be harder to detect Ihan those that arise from error as they may invofve dellberale cthcealment or collusKIn. A fvrther description of resF)onsibilities for the audil of the financial slatemenls is located on the Financial Reporbng Council's website al www.frc.org.uklauditorsresponsibililies. This descriplw forms part of our audilorfs report.
Grace Foundation IA Cornpany Lirnlted by Guarantee) Independent Audltorfs Report to the Members of Grau Foundatlon (contlnued) Y•ar ended 31 August 2024 Use of our report This report is made solety to the chariiys members, as 8 trtyty, in a¢Ctydan vthh Chapter 3 of Part 16 of the Compan5 Act 2006. Our audit work has been undertaken $0 that we might stale lo the charivs members those matters we are required to stst8 to them in an auditorfs report and for no other purpose. To tho fullest extenl pem)itted by law, we do not accept or assume reswnsibility lo anyone other Ihan the charity and the charity's members as a bLNJy, for our audit work. for this report or for Ihe opin$ we have formed. NicJ(y Gibbons BSC (Hor) FCA {Sen*)r Stslutory Auditor) For and on Fhat¥ of Muras Baker Jones Limrted Chartered aecountsnts & stslutory alIt Regenl House Bath Avenue Wolverhampton Wesl Midlands WV1 4EG Date. ill .3L,2).
Grace Foundation IA Cofflpany Llmlted by Guarantee) Stslement of financlal actlvltles {Includlng Income and expenditure a¢¢ount} for the year ended 31 August 2024 Note 2024 2023 Income from: Donations Grant income 1.672,017 1,331,577 ToLIl Income 1.672,017 1.331.577 Expenditure on: Charitable expenditure 1.546,929 1.289,770 N•t incorne 125.088 41,807 Furmj balanc* broughl fcrfward at 1 September 12 183,061 141,254 Fund balanus carrled forward at 31 August 12 308,149 183.061 Atl dlsdosures relate to continuirNJ operations. There are no recognlsed gains ar b)sses other than those discjosed aknve. Th8 notes on pages 13 to 19 f( part of these financial statements. io
Grace Foundation (A Cornpany Llmlted by Guarantee) Statement of financlal positlon as at 31 August 2024 Company number 5003276 Note 2024 2024 2023 2023 Non•current assets Tangible fixed assets 2.830 2.583 Current assets Debtors Cash at bank and in hand 26.305 343.137 10.465 225,063 Creditors: amounts falling due wlthln one year 10 (64.123) {55,050) Net current ass•ts 305.319 180,478 Total assets less ¢urrent Ilabilities 308.149 183,061 Tha funds of the Gharity: Unrestricted futMJs 12 308,149 183.061 These finanual slalements were approv by the Board of Trustees and aulhorised for issue on 28 March 2025. and are signed on behalf of the Board by". A M Edmislon Trustee Dale 28 March 2025 The noles on pages 13 to 19 fc part ofthese financ4al statements.
Grace Foundation IA Company Llmlted by Guarantee) ststement of cash flows as at 31 Augusl 2024 Nots 2024 2023 Cash flows from operating activitse5 Cash provided by operating actiwties 14 119.132 47.364 ash flow8 from investing activities Purchase of equiwnent 11.058) {2.5&31 (Oecrea$e)Ancrease in cash and cash equivalents in the year 118.074 44,781 Cash and cash equivalents at the beginning of the year 225,063 180.282 Totsl Cash and èqulvalents at th• ènd of the year 343,137 225.063 Analysis of cash and cash equivalents Cash at bank arKI in hand 343.137 225.063 12
Grace Foundation {A Company Llrnhed by Guarantee) Notes to the accounts for Ihe year ended 31 August 2024 A¢UntIng pollcies 8asls of preparatlon The financial slalements have been prepa in affdan¢e vhth applicable law and United Kingdom Accounling Standards (Unrted Kingdom Generalty Accept Accounting Practscel and compty with the Slalement of Recommended Practice ISORP) AcCntirj and ReFN)ttyng by Charities FRS 102 effective from January 2019. The financial statemenls afe prepared under the historic cost convention. The financial statements are prepar&Y in [11 sterlng {£) aThJ Ihe figures are rouThJed to the nearest £, Judgernents In applying accounting pollcles and key sources of estlmatlon uncertainty In preparing the FinarLial Statements. man4ement is required to make estimates and assumptions which affect reported income, expenses, assets, liabililses and disclosure of c¢Jnlingenl assets and liabilities. Use of avaikible infonnation and application of judgement are inherenl in the fom)alion of estimates, 109glher with expectations of fullsre events that are believed to be reasonable under Ihe circumstances. Actual results in the future cxsuld differ Irom such estimales. There are not CAinsldered to be any key areas Ofjudgeml in these financaal statements. Going concem Grace Foundation aims lo conknue and expand its current actNty and will primarity be funded by donations from l.m. Group Limited. The ITuslees have agreed budgeted charitable activity for the period ol at as1 e1ve months from the Balance Sheet date and have received asSuraS from the Directors of l.m. Group Limited that they will continue to make trItrOtJnS in line this trget. The charity has fvrther sought assur¥ from the Directors of l.m. Group Limited of the fancIal strength a liquidity of l.m. Group Limited. The trustees have consKlered all reasonab risks assoryated with Ihe operation of ts business nKJdel for a p6rK)d of al least 12 mth$ from the date of Sn1J the accounts. REks ilUde irueasiThJ pressures on salaries and the 'cost of living crisis in the UK. The trustees eonshler that thew ek)sÈ management style and controlled expenditure will gNe the rnpary sufflent headrwm lo adapt the nv)del suffiaenty to l"n8 in operational existence and operate within its cash headroom. Grace Foundation has laken assurances from the directors of l.m. Grovp Limited that the group will Ly)ntinue to make charitsble donations to satisfy the ongoing working cap¥lal requirements of the chaTty for a pericé of at least e1ve months from Ihe approval dale of these financial slalements in order to allow Grace Foundatic to conlinLte to satisfy its operational objectNes and honour financial obi•Jations as they fall due. The Trustees confimi that al Ihe lime of approving the financial stalemenls, there are no material uncertainties regarding the foundations abilty to Lx)ntinue operational existence for the foreseeable future. Accordingly, the trustees ccK)sider rt appropriate lo wepare these ffinancial ststements on a going conc8m basis. Fund 8ccounling Unrestricted funds Unrestricted fvnds comprise Ihe accumulated deficrvsurplus on the stslemenl of financial actNities. They are available for use at the discretion ol the truslees in furtherance of the general objectives of the charlty and are retained fc working capilal purrK)ses. 13
Grace Foundation IA Company Llmhed by Guarantee) Notes to the accounts for th• year ended 31 August 2024 (¢ontlnued) Accounting policies Basls of preparnllon (contlnuad) In¢ome Donations other Ineome are re)gnISed wthin ts stalennl of financ1 actrvlties when receivable. Expendilur8 Expenthiure has been charged to the slatement of finara} actiwtses on an amals basts. Govemment grants (knment grants are recc3nigaY vthen it is r8ascA)th lo expect that Ihe gts will be recEwed ar¥J that all related condtiions wll be mel USlty C slmISsi)n of a valwj claim for payment. 'recl CharItsb expenditure r8$10 the (knaiws rnJe inthe PeTiC•J. DMatn5 payat4e are paYents made to third parfies in the ftJrtheraThx of the ch&itabb obithes of the Trust. Govemance I71e th(xse costs ass1 with meeting the o)nstitulh)nal and stalirtcry requirements of the d)arity indLwJe the audit kes aThl o)sts link to the management of the chaf*y. Operating le8S8S Rentals aPplUb to operating leases are charged to the Statemant of Financial ActNity over the period in which the eosl is incurred. Financi81 instruments The chartyonty has fin8nci81 assets and financial liabili$ of a kind that oualfy as basic financial instnJments. Basic finawal instruments are initially regnised al transaction value and subsequently measured at their settkmenl value wth the eXc8pn of bank loans bthich are subsequentty measur&J at amortts&l cost using the effective interest method. Penslon cwts Contributions to the company's defined contribulion penSIc scheme are charged to the profrt and k)ss account in the period in which they become payable. T8X8tion The company is a charity wtlhin the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingty the company is potentially exempl from taxation in respect of income or capitsl gains within categories covered by Chapter 3 of Part 11 of the corporats.on Tax Act 2010 Sectson 256 of the Taxation of Charge3ble Gains Act 1992. to the extent that suth Incon or gains are applied exckJsNety to tharitable purposes. No tax charge arose in the per. 14
Grace Foundation (A Company Llmlted by Guarantoel Notes to the accounts for thè yoar ended 31 August 2024 (contlnued) AcuntIng pollcles Basls of preparation {continuedl Tangible fixed assets TarwJible fixed assets under the ¢osl model are slated al hisioital cost less accumuEated depreciation and any accumulated impaimenl Ios58s. Historical cost includ8s axpenditur8 that is directly attributable lo bringing the assels to the location and condition necessary for il lo be capable of operating in the manner intended by management. The company adds to the carrying amount olan item offixeA assets the cost of replaclng part of such an Ilem vA)en that cost is incurred, if the replarnent part is expected to provide incremental future benefits to the company. The carrwrvJ amount of the replaced part is derecognised. Repairs and maintenance are charged to the statement of financial aclmties during the pEriod in which they are incurreLI. Depreciation is pn)wded the folknving basts: Computer ewipm6nt Fumiture 25% straight line 20°A Straight line The assets, residual val¥Jes, useful fNes and depreciation m81hods are rewew*d. and adjusled Frospeclwely if appropriate. or if there is an indication of a significanl change since the last repO.g dale. Gains and losses on disposals are determined by comparing the proceeds the carrylrKJ amunt and are recognised wilhin administrative expenses in the Statement of financial activities Donatlons 2024 2023 DOnatnS 1,672,017 1,331.577 1.672.017 1,331,577 Grants 2024 2023 Government grants 15
Grace Foundation (A Company Limlted by Guarantee) Notes to the accounts forlhe yoar ended 31 August 2024 (continued) Direct charitable expendlture 2024 2023 Ethos Teams Programme ¢c6ts Personn81 costs Governance Lx)sts {nole S) Bank charges Depreciation Tove Learnbng Trust Donations to Audack)us Clwrth 214.341 1,179,784 116.760 16 811 35,217 204.430 928.243 94,335 13 942 61.307 500 1.546.929 1,289.770 Ethos Fund expenses irlUdeS travel, meetr'ry, phone costs and Education $uppJrt costs. Governance costs 2024 2023 Legal and professional fees Auditors remunerationllndependenl examiner fees 106,230 10,530 91.335 3,000 116,760 94.335 Net Incoma 2024 2023 Net income is stated after chargiThJ: Deprecialiort Auditors rnuneratndependenl examiner fees 811 10.530 942 3,C0 Staff costs 2024 2023 Salaries Nalional inSUn Pension costs 962,504 77,978 89.396 739,785 64,217 71.477 1,129,878 875,479 16
Grace Foundation (A Company Llmlted by Guarantee) Nfjt to thé accounts for the year ended 31 August 2024 (continued) Average number of persons employed by the tharity durirvJ the year lexthding Trustees) analysed by function= Number 2024 Number 2023 Management and administratKtrn of the charity Ethos and support worters 30 23 There is one empksyee induded thve ¥those eamlngs (inc*Jding taxable bémfits in kind) exceeded £60.c0. 12023- on61. No trustees received any erlunIS or were reimbursed any expenses during the year. The key management [sOnnel CA)mprse the trustees wlvjse employee bènefits total £Nil12023- £Nil}. 8 Flx•d assets Computer Equlpment Fumlture Total Cost At 1 September 2023 Additions Disposals 6.054 1,058 1,537 7.591 1,058 At 31 August 2024 7,112 1,537 8,649 Depreclation At 1 September 2023 Provided for during the year 5.¢)08 811 504 307 At 31 Augusl 2024 5.512 307 5,819 Net book value At 31 August 2024 1.600 1230 2,830 At 31 August 2023 1,537 2,583 Debto 2024 2023 Prepayments Other debtors 7.803 18,S02 5,888 4.577 26.305 10.465 17
Grace Foundation {A Company Umlted by Guarantee) Notes to the accounts for the year ended 31 August 2024 (continued) 10 Credltors: amounts falling due wtthin one year 2024 2023 Trade creditors Accruals and deferred income Other creditors Taxation and seaal security 7,962 34.968 21,193 16.685 64.123 55.050 11 Flnanclal Instrum•nts 2024 2023 Flnanclal ass•ts Cash and cash equivalents 343,137 225.063 343.137 225.063 Financial liabilltles Financial liabilities measured at amorlised cosls 64,123 55.050 Financial assets measured al amorti8ed eA%t comprise other debtors and prepayments. Financial assets also include cash and cash equivalents. Financial liabilities measured al amortised cost comprise olher credilors and accruals. 12 Movemeni In funds At 1 September 2023 At 31 August 2024 Incoming resources Outgoing resources Unrestricted funds 183,061 1,672,017 (1,546,929) 308,149 Movement In funds Iprlor Yr) At 1 Septsrnber 2022 At 31 August 2023 InrnIng resources Outgolng resource5 Unrestricted fvnds 141,254 1.331,577 (1,289.7701 183,061
Grace Foundation (A Company Lirnited by Guarantee) Notes to the accounts forlho year ended 31 August 2024 (continu 13 Pensions The tompany operates a defined (x)ntribulion ptsr6n $che. The assets of the scheme a hekl separate from those of the company in an independenty administered fund. The pension charge amounted lo £89,396 12023 - £71.4TtI. There were outstanding conlribLrtions of £Nil (2023 - £Nil} at the end of the financial year. 14 Reconclllatlon of Incom•l(6xpandlture} In funds to net cash flow from op8rating activilias 2024 2023 Net inc£me for the year Add back depreciation charge Ilncrease) in debtors Increase in creditors 125,088 811 115,840) 9,073 41.807 942 {4,541) 9,156 Nel cash wovided ty op&ratty¥J activities 119,132 47.364 15 Related paty transactions During the year the ttlmpany was Invoiced £45.380 (2023 - £65.486} by Tove Learning Tw5t, a ccnpany in which Lord arKI Lady Edmislon are directors. The charity deals with Tove Leaming Tntst on an arm's length basis. £Nil remained OLrtstanding at 31 August 202412023- £10.1631 During the year donat of £1,356,000 (2023 - £1.212.000) were recewed from l.M.Group Limiled, a company in whth Lord Edmkslon indirecty ¢)wns 1tJrA of the issued share capitsl. Radtcal Outreach Limited is a company owned and controlled by a tsmity member of Lady Edmiston. During the year Radical Outr&ich Limited provided consultancy serVe$ to Grace Foundation and invoiced £33,259 12023 - £27,572) in respect of those services. £Nil remained oulslanding at 31 August 202412023 - £2,486). 19