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 {Ir￿rpOrating 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)
T￿￿tee8. annual report lincorporating tho Dlreclorfs Report)
forthe yèaronded 31 August 2024
Trustees. Report
The Trustees have p￿aSUre in gubmitting their Report and FInar￿la1 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$s￿ation sets out the
companys investmonl powers.
Reference and administrative detsil
Grace FourKlation is a registered charity, numt*r 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 SpI￿r (appointed 5 August 2024}
Objectlves. Polldes and Organlsatlon
The Foundation was incorFxxaled on 24 Decernber 2003 vrith ils objectives being the advancement, for the p￿liC
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 c￿ntained in the Charity Commission's general guidance M public benèfit when
rewewing our aim and objectives aTKI in planning our fvture activit￿S. 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( Caff￿d ovl by Tove Leamir¥J Trust who
operate a chain of Academies based aroU￿j the MidLaThJs. Northamplonshire, and Mition Keynes. They provide
education for wpiLs of different abilities be￿een the ages of 11 and 19. In the 2023-24 AGgdemic year they also
worked with other Mulli-Academy Trusts SUL*b as Inviclus Educatton Trust and Mercian Trust to exparKI the work
of the Grace Foundation Ethos Teams.
Developments, Acti￿tIeS 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 A￿dernY 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
relationship￿U1kIIng. 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 hlgh1￿hted 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 tranS1￿M 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 cthtrl￿ti0ns 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 Con￿rn and rlsk revlew
Grace Foundatim aims lo c￿lInut 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 tsVe￿e 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 t￿38¢.
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 Spons￿sh￿ G￿e (￿an￿bI6 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 diS1a￿lng and the abifity of the business lo perform its operatiorns in schwl environments.
Risks also include i￿reasing 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 operat￿nal 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 ￿e￿e
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 fina￿la1 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 a￿1 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 expe￿Ilture. for Ihat per￿.

Grace Foundation
{A Company Limlted by Guarantee)
Trust•es' annual report (Incorporatlng the Directo￿8 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 C￿sIStenI￿.
observe the meth)ds and princip￿9 in Ihe applicable Charities SORP;
make j￿jgMents and a￿OUnting 8stimales that ale rea$￿abl0 and prLKl8nt'.
stste whether applicable UK A£counting Stsndards have ￿en f￿1￿￿ed. subject lo any material
departures dtsdosed and exF4ained u) the financial statements:
prepare the finartial statements on the going CL)r￿M basis unless it is inappropriate to presume that tha
charity will continue in I￿Siness.
The trustees are r&qponsible for keeping adequale accounting records that are SLrfficient to show arKI explain the
charity's transactions and discbse with reasonable accurdw at any lime the fin8ncial positson of the chaiity and
enable them to ensure that the financial statements COMP￿ with the Companies Act 2006. They are alsts
responsible for safeguarding the assets of the charity and hence f￿ lak¥¥J reasonable steps for the prevention and
dtsleclion of fraud and other irregularities.
Audhor
Egch of the persons who i% a trustee at the dale of approw41 of this report confirms thal:
so far as they are aware. there is no relevant audit infonxation of the charitys auditor is unaware".
and
they have laken al steps that they oughl to have tsken as a tnJ$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 a￿1 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 a￿1 fair view of the state of the charitvs affairs as at 31 August 2024 and of its incoming
resources a￿1 app11cal￿Jn 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 ac￿rda￿ 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 responsibilil*s 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 re￿vant 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 con￿rn
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 Un￿rtainl18$ relating to events or
conditions that. indiwdualty or collectwety. may cast s￿nIficant doubl on the chariVs ability lo continue as a going
concem for a period of at least ￿efve Mc￿th$ from when tha financh81 stslements are aulhorised for issue.
Our responsibi15bes arvj the resp¥￿Ibilit￿s 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 infL￿latiOn given in the trustees, rep(*t for Ihe financial year for which the finawal statements are
prepared is cortsistent v￿h 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 c￿UrSe 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 inf0M￿ts)n and explanations we require for ¢xr audit.
Responsibilltlès of truslèes
As explained nKJre fulty In the trustees. reS￿ns*)1￿I￿S 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 c￿ntinUe 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 a￿ayS delect a material misststement when rl exists. Misstaternents can arise from fraud or
effor and are ¢￿sIde￿d 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.
Irregulant￿s. including fraud, are ins13r￿eS ot non<ompliance wth laws and regulaiions. We Oesign procedures
in line with our responsibilities, outlined atrmwe. to detecl rnaterial misstslements in respectof I￿egUla￿lES. including
fraud. The extent to which our procedures are Capab￿ of detecting irregularities. including fraud is detailed below:
In ￿annIng and des1￿1ng our audit tests we idenlfy and assess the risks of material Mi￿tateMent 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 perfOrni￿Ce 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. f￿￿sir￿j 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 discuss1c￿S with m￿agement
Wg cc*nmunicaled relevant idenltfi8d laws aThY regulatKtrns and polenbal fraud risks lo all engagamenl team
members including infernal specialists, and remai*d alert to any ind￿m)n5 of fraud or norH>Jnpliance with laws
arKI reguklions throughout Ihe audit.
After consideralion of the aLK)ve risks then carried out a￿lit pr￿edureS including the following..
performing anatytical procedures to hjentify any unusual cy unexpeC￿ed relat￿nShIpS 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
corresponde￿e, 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
Compan￿5 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 F￿hat¥ of
Muras Baker Jones Limrted
Chartered aecountsnts & stslutory a￿lIt
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 aff￿dan¢e vhth applicable law and United Kingdom
Accounling Standards (Unrted Kingdom Generalty Accept￿ Accounting Practscel and compty with the
Slalement of Recommended Practice ISORP) AcC￿ntir￿j 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 [￿1￿1 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 Ofjudgem￿l 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 asSura￿S from the Directors of l.m. Group Limited
that they will continue to make ￿￿trItrO￿t￿JnS in line this tr￿get.
The charity has fvrther sought assur¥￿ from the Directors of l.m. Group Limited of the f￿ancIal 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 m￿th$ from the date of S￿n1￿J the accounts. REks i￿lUde 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 suff￿lent headrwm lo adapt the nv)del suffiaenty to ￿l￿"n￿8 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 stalen*nl of financ*1 actrvlties when receivable.
Expendilur8
Expenthiure has been charged to the slatement of fina￿ra} actiwtses on an amals basts.
Govemment grants
(knment grants are recc*3nigaY vthen it is r8ascA)th lo expect that Ihe g￿ts will be recEwed ar¥J
that all related condtiions wll be mel US￿lty C￿ sl￿mISsi)n of a valwj claim for payment.
'recl CharItsb￿ expenditure r￿8￿$10 the (knaiws rn*Je inthe PeTiC•J. DMat￿n5 payat4e are paY￿ents made
to third parfies in the ftJrtheraThx of the ch&itabb obithes of the Trust.
Govemance I￿7￿1e th(xse costs ass￿1￿￿ with meeting the o)nstitulh)nal and stalirtcry requirements of
the d)arity indLwJe the audit kes aThl o)sts link￿ to the management of the chaf*y.
Operating le8S8S
Rentals aPplUb￿ to operating leases are charged to the Statemant of Financial ActNity over the period in
which the eosl is incurred.
Financi81 instruments
The chartyonty has fin8nci81 assets and financial liabili￿$ of a kind that oualfy as basic financial instnJments.
Basic finawal instruments are initially re￿gnised al transaction value and subsequently measured at their
settkmenl value wth the eXc8p￿n 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)
Ac￿untIng 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 repla￿rnent 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
DOnat￿nS
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 ir￿lUdeS 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 r￿nunerat￿￿￿ndependenl examiner fees
811
10.530
942
3,C￿0
Staff costs
2024
2023
Salaries
Nalional inSU￿n
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.c￿0.
12023- on61.
No trustees received any er￿lu￿nIS 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 Y￿r)
At
1 Septsrnber
2022
At
31 August
2023
In￿rnIng
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 ptsr6￿n $ch￿e. The assets of the scheme a￿ hekl separate
from those of the company in an independenty administered fund. The pension charge amounted lo £89,396
12023 - £71.4TtI. There were outstanding conlribLrtions of £Nil (2023 - £Nil} at the end of the financial year.
14 Reconclllatlon of Incom•l(6xpandlture} In funds to net cash flow from
op8rating activilias
2024
2023
Net inc£*me for the year
Add back depreciation charge
Ilncrease) in debtors
Increase in creditors
125,088
811
115,840)
9,073
41.807
942
{4,541)
9,156
Nel cash wovided ty op&ratty¥J activities
119,132
47.364
15 Related paty transactions
During the year the ttlmpany was Invoiced £45.380 (2023 - £65.486} by Tove Learning Tw5t, a cc*npany in
which Lord arKI Lady Edmislon are directors.
The charity deals with Tove Leaming Tntst on an arm's length basis. £Nil remained OLrtstanding at 31 August
202412023- £10.1631
During the year donat￿ of £1,356,000 (2023 - £1.212.000) were recewed from l.M.Group Limiled, a
company in whth Lord Edmkslon indirecty ¢)wns 1tJrA of the issued share capitsl.
Radtcal Outreach Limited is a company owned and controlled by a tsmity member of Lady Edmiston. During
the year Radical Outr&ich Limited provided consultancy serV￿e$ 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