**REGISTERED COMPANY NUMBER: 6038390 (England and Wales) REGISTERED CHARITY NUMBER: 1118077**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022**
**FOR**
**GRASIELA**
Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH
**GRASIELA**
## **CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 30 June 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|2|
|**Independent Examiner's Report**||3||
|**Statement of Financial Activities**||4||
|**Balance Sheet**||5||
|**Notes to the Financial Statements**|6|to|10|
|**Detailed Statement of Financial Activities**||11||
**GRASIELA**
**REPORT OF THE TRUSTEES for the Year Ended 30 June 2022**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The Charity's objectives are :-
- To relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in such parts of the world as the Trustees may from time to time think fit; and
- To advance the Christian faith in accordance with the Statement of Beliefs, and
- To fulfil such other purposes which are exclusively charitable according to the law of England and Wales in such parts of the world as the Trustees may from time to time think fit.
## **Public benefit**
The trustees have shown regard to the Commission's guidance on Public Benefit, as evidenced by the grants made to other UK registered charities.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities and future plans**
The charity made grants during the year totalling £8,000 compared with £101,000 in the previous accounting period. Though a much reduced amount, this value is within the range established in prior years.
Following research and due diligence, the Trustees decided to award one grant of £8,000 to Woven Churches. Other potential beneficiaries were considered but not progressed.
The Trustees continued to give consideration to the purpose and strategy of the charity going forward.
The Trustees continue to consider their responsibilities under CC14 and review the existing investment policy.
## **COVID-19**
Covid continues to have no discernible impact on the functioning of the charity. The trustees continued to follow HM Gov guidance and all meetings were held remotely. The charity's finances benefited from the one-off donation which was, in part, given as a response to the charities decision in the previous accounting period to give away more than might have been expected.
The charities finances have not been significantly affected by Covid and the primary asset performed in line with the market, continuing to grow as expected.
## **FINANCIAL REVIEW**
## **Principal funding sources**
The charity does not actively fund raise and seeks to continue its charitable operations through the careful stewardship of its existing resources. The trustees continued to manage the charity's resources in line with its investment policy. Financial income was low during the year as the result of exceptionally low interest rates. At the same time, financial risk to the charity was also low due to the current conservative asset allocation.
## **Investment policy and objectives**
The charity was formed to give grants, and has an expected long life. Grants are discretionary, with no obligation to repeat; operational costs are restrained. Therefore, the charity aims to maximize the sum of future grants by pursuing a long-term investment policy targeting capital growth.
The trustees invest the moneys of the Charity not immediately required for the furtherance of the Objects in or upon such investments, securities or property as may be thought fit, and to set aside funds for special purposes or as reserves against future expenditure.
## **Reserves policy**
The trustees manage reserves conservatively, and have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.
## **Going concern**
The trustees confirm that the charity is a going concern.
Page 1
**GRASIELA**
**REPORT OF THE TRUSTEES for the Year Ended 30 June 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Organisational structure**
The trustees meet regularly to monitor income and expenditure, and allocate funds. No trustee or member is paid for their contribution to the charity, which includes administration, investment, and agreeing on charitable grants.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
6038390 (England and Wales)
## **Registered Charity number**
1118077
## **Registered office**
Union House 111 New Union Street Coventry CV1 2NT
## **Trustees**
Dr A Green N Gale G Bowen T Shearman J Miller
## **Independent Examiner**
Maurice Brindley BSc FCA Institute of Chartered Accountants in England and Wales Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.............................................................................. G Bowen - Trustee
Page 2
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GRASIELA**
## **Independent examiner's report to the trustees of Grasiela ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2022.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Maurice Brindley BSc FCA Institute of Chartered Accountants in England and Wales Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH Date: .............................................
Page 3
**GRASIELA**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 30 June 2022**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
Missional
Administration of Charity
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|30.6.22
Unrestricted
fund
£
-
19,643
19,643
10
8,000
1,595
9,605
(63,163)
(53,125)
1,085,286
1,032,161|30.6.21
Total
funds
£
100,000
9,943
109,943
34
101,000
1,560
102,594
197,316
204,665
880,621
1,085,286|
|---|---|---|
The notes form part of these financial statements
Page 4
**GRASIELA (REGISTERED NUMBER: 6038390)**
**BALANCE SHEET**
## **30 June 2022**
|Notes
**CURRENT ASSETS**
Investments
7
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
**TOTAL FUNDS**|30.6.22
Unrestricted
fund
£
1,007,958
25,643
1,033,601
(1,440)
1,032,161
1,032,161
1,032,161
1,032,161
1,032,161|30.6.21
Total
funds
£
1,051,497
35,229
1,086,726
(1,440)
1,085,286
1,085,286
1,085,286
1,085,286
1,085,286|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.
## The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. G Bowen - Trustee
............................................. A Green - Trustee
The notes form part of these financial statements
Page 5
**GRASIELA**
**NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 30 June 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements and assessment of going concern**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
The financial statements are presented in sterling (£).
## **Critical accounting judgements and key sources of estimation uncertainty**
No significant judgements have been made during the course of preparing these financial statements. There are no sources of estimation uncertainty.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Debtors**
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
## **Cash at bank and in hand**
Cash at bank and in hand includes cash, current bank accounts and deposit bank accounts with no withdrawal limitations.
## **Creditors**
Creditors are recognised where then charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.
## **Financial Instruments**
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 6
**GRASIELA**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 June 2022**
## **2. INVESTMENT INCOME**
|Deposit account interest
Investment Income
**3.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management
**4.**
**GRANTS PAYABLE**
Missional
Administration of Charity
The total grants paid to institutions during the year was as follows:
Hope Nottingham
Operation Orphan - Forget-Me-Notts
Wainman Trust
Woven Churches|30.6.22
£
8
19,635
19,643
30.6.22
£
10
30.6.22
£
8,000
35
8,035
30.6.22
£
-
-
-
8,000
8,000|30.6.21
£
3
9,940
9,943
30.6.21
£
34
30.6.21
£
101,000
-
101,000
30.6.21
£
15,000
50,000
16,000
20,000
101,000|
|---|---|---|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the year ended 30 June 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30 June 2022 nor for the year ended 30 June 2021.
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**|Unrestricted
fund
£|
|---|---|
|Donations and legacies|100,000|
|Investment income|9,943|
|**Total**|109,943|
|**EXPENDITURE ON**||
|Raising funds|34|
|**Charitable activities**||
|Missional|101,000|
|Administration of Charity|1,560|
continued...
Page 7
**GRASIELA**
**NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 June 2022**
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**
**7.**
**CURRENT ASSET INVESTMENTS**
Listed investments
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accrued expenses
**9.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
19,643
**TOTAL FUNDS**
19,643|At 1.7.21
£
1,085,286
1,085,286
Resources
expended
£
(9,605)
(9,605)||30.6.22
£
1,007,958
30.6.22
£
1,440
Net
movement
in funds
£
(53,125)
(53,125)
Gains and
losses
£
(63,163)
(63,163)||Unrestricted
fund
£
102,594
197,316
204,665
880,621
1,085,286
30.6.21
£
1,051,497
30.6.21
£
1,440
At
30.6.22
£
1,032,161
1,032,161
Movement
in funds
£
(53,125)
(53,125)|
|---|---|---|---|---|---|
continued...
Page 8
**GRASIELA**
**NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 June 2022**
## **9. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
109,943
**TOTAL FUNDS**
109,943|At 1.7.20
£
880,621
880,621
Resources
expended
£
(102,594)
(102,594)|Net
movement
At
in funds
30.6.21
£
£
204,665
1,085,286
204,665
1,085,286
Gains and
Movement
losses
in funds
£
£
197,316
204,665
197,316
204,665|
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.7.20
£
880,621
880,621|Net
movement
in funds
£
151,540
151,540|At
30.6.22
£
1,032,161
1,032,161|
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**|Incoming
Resources
Gains and
resources
expended
losses
£
£
£|Movement
in funds
£|
|---|---|---|
|General fund|129,586
(112,199)
134,153|151,540|
|**TOTAL FUNDS**|129,586
(112,199)
134,153|151,540|
continued...
Page 9
**GRASIELA**
**NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 June 2022**
## **10. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 30 June 2022.
Page 10