**REGISTERED COMPANY NUMBER: 04975683 (England and Wales) REGISTERED CHARITY NUMBER: 1121461** **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 31 March 2023** **for** **Grace Incorporation Faith Trust(G.I.F.T)** Raise Chartered Accountants 10th Floor 3 Hardman Street Spinningfields Manchester M3 3HF ## **Grace Incorporation Faith Trust(G.I.F.T)** **Contents of the Financial Statements for the Year Ended 31 March 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Statement of Financial Activities**||4|| |**Balance Sheet**||5|| |**Notes to the Financial Statements**|6|to|10| |**Detailed Statement of Financial Activities**|11|to|12| ## **Grace Incorporation Faith Trust(G.I.F.T)** ## **Report of the Trustees** ## **for the Year Ended 31 March 2023** 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 31 March 2023. 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). Report of the trustees for the year ended 31 March 2023 ## **Objectives and activities** The aims and objectives of charity are to support young people, men and women from diverse range of communities to access education and to tackle a range of issues that affect their access, performance and progression into education, training and employment. The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Charity’s aims and objectives, in planning future activities, and setting the policies for the year. The charity furthers its charitable purposes for the public benefit through our core services, activities and projects as follows: ## **Core Services** • Pre 16 Supplementary Education-English, Maths, Science –SATs to GCSEs preparation-delivered in partnership Making Education a Priority (MEaP) - Post 16-Education and Training-Accredited Training –Progression in Awards, CV Building, Undertaking an Enterprise, Leadership Team work. - Mentoring-one to one, group and peer mentoring ## **Learning Support and Mentoring** The Learning Support and Mentoring Service continue to offer mentoring to any young person who identifies the service as something that may be of benefit to them. The work mainly involves supporting young people in their attempts to re-engage with education, training or employment. Working primarily with young people at risk of becoming NEET (Not in Education, Employment or Training) or of offending or re-offending, a GIFT mentor is able to source opportunities for their mentee. This is provided within a confidential setting which they can discuss their ambitions or fears in re-entering the employment or education sector. The Supplementary School Service strives to engage young people with education as a way of raising self-esteem and diverting their attentions away from the streets and anti-social behaviour. During 2022-23, 32 young people enrolled as part of MEaP consortium partnership. In addition to focusing on the educational achievement we also support the personal development of its students. Serving primarily children from minority backgrounds, the service has been praised by parents for its awareness of issues affecting these communities and reflecting the heritage of their students in the teachers that it employs. ## **A review of our achievements and performance** We continue to adapt our services to offer hybrid sessions in partnership with MEaP Academy Community Education Centre. Continue to deliver our afterschool provisions, skills for life and lifelong learning provisions in partnership with MEaP. We continue to expand the digital inclusion project in partnership with The Good Things Foundation to distribute data to young people and their families. ## **Key Achievements of our partnership 2022-2023** - Shared teaching, capital and human resources across the partnership. - Provided high quality academically relevant enrichment (extra-curricular) activities across the partnership supporting 200 young people a week. - Supported volunteer teachers across the partnership with their Continuing Professional Development and Initial Teacher Training in partnership with Manchester Metropolitan University. • Formed partnerships with various educational, cultural and social providers so that the partnership can strengthen its educational provision within the communities it serves. ## **Financial review** It has been another challenging year as we experience cutbacks in funding, GIFT secured grants from The National Lottery Fund (Awards For All), Sport England and One Manchester. Total income 2023:£66,948 (2022:£17,978) We continue to work towards diversifying our income and strengthening our partnerships. Page 1 ## **Grace Incorporation Faith Trust(G.I.F.T)** ## **Report of the Trustees for the Year Ended 31 March 2023** ## **How our services deliver public benefit** The Trustees have considered the new obligations of the Charities Act 2006. We are satisfied that Grace Incorporation Faith Trust (G.I.F.T) complies with the Act and with section 4 of the Act concerning ‘public benefit’ guidance issued by the Charity Commission. Our main activities and who we are trying to help is described. All our charitable activities focus on the prevention of emotional, social and economic disadvantage due to the lack of financial means and are undertaken to further our charitable purposes for the public benefit. ## **Reserves policy and going concern** The Trustees have examined the requirements of free reserves and they consider that, given the nature of the charity's work, free reserves should be equivalent to approximately 3 months routine expenditure of £15,000. The Trustees are of opinion that this provides sufficient flexibility to cover temporary short falls in incoming resources. The Charity's main source of income is grants and fees. The Trustees consider that it is appropriate to prepare the accounts on a going concern basis and, consequently, the accounts do not include any adjustments that would be necessary if these sources of income should cease. ## **Risk management** We have developed policies and procedures to manage the risk within the organisation at all levels. The risk management policy has been developed to address the various risks facing the organisation and these are reviewed on a regular basis ## **Plans for Future Periods** - Move to sustainability by diversifying income and commissioning opportunities providing services to education and youth sectors • Expand training centre to deliver bespoke courses • Develop closer strategic partnerships with Making Education a Priority (MEaP) and across a range of sectors to offer work placement opportunities to young people. • Maximising the premises space through the refurbishment of the basement to deliver additional services. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 04975683 (England and Wales) ## **Registered Charity number** 1121461 ## **Registered office** Brow House Ground Floor 1Mabfield Road Manchester M14 6LP ## **Trustees** W Claxton Retired (resigned 13.5.23) Ms H L Dunn Lecturer In Educ Ms P H Mckie Social Worker Ms J Ngawoofah Rsw Residenttial Social Worker H Ngawoofah Community Development Worker ## **Company Secretary** Approved by order of the board of trustees on ............................................. and signed on its behalf by: 24/11/2023 Page 2 ## **Grace Incorporation Faith Trust(G.I.F.T)** ## **Report of the Trustees** ## **for the Year Ended 31 March 2023** ..................................................................................... H Ngawoofah - Trustee Page 3 ## **Grace Incorporation Faith Trust(G.I.F.T)** ## **Statement of Financial Activities for the Year Ended 31 March 2023** |||||31.3.23|31.3.22| |---|---|---|---|---|---| |||Unrestricted|Restricted|Total|Total| |||fund|fund|funds|funds| ||Notes|£|£|£|£| |**INCOME AND ENDOWMENTS FROM**|||||| |Donations and legacies||30,500|-|30,500|16,548| |Other trading activities|2|36,448|-|36,448|1,430| |**Total**||66,948|-|66,948|17,978| |**EXPENDITURE ON**|||||| |Raising funds|3|20,687|-|20,687|996| |**Charitable activities**|||||| |Supplementary education||17,769|-|17,769|6,807| |Employability and enterprise training||20,607|-|20,607|150| |Community Calling||956|-|956|-| |**Total**||60,019|-|60,019|7,953| |**NET INCOME**||6,929|-|6,929|10,025| |**RECONCILIATION OF FUNDS**|||||| |**Total funds brought forward**||9,633|-|9,633|(392)| |**TOTAL FUNDS CARRIED FORWARD**||16,562|-|16,562|9,633| The notes form part of these financial statements Page 4 ## **Grace Incorporation Faith Trust(G.I.F.T)** ## **Balance Sheet** ## **31 March 2023** |||||31.3.23|31.3.22| |---|---|---|---|---|---| |||Unrestricted|Restricted|Total|Total| |||fund|fund|funds|funds| ||Notes|£|£|£|£| |**FIXED ASSETS**|||||| |Tangible assets|8|197|-|197|391| |**CURRENT ASSETS**|||||| |Cash in hand||18,365|-|18,365|9,955| |**CREDITORS**|||||| |Amounts falling due within one year|9|(2,000)|-|(2,000)|(713)| |**NET CURRENT ASSETS**||16,365|-|16,365|9,242| |**TOTAL ASSETS LESS CURRENT LIABILITIES**||16,562|-|16,562|9,633| |**NET ASSETS**||16,562|-|16,562|9,633| |**FUNDS**|10||||| |Unrestricted funds||||16,562|9,633| |**TOTAL FUNDS**||||16,562|9,633| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 ............................................. 24/11/2023 and were signed on its behalf by: **----- Start of picture text -----**
.............................................
H Ngawoofah - Trustee
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The notes form part of these financial statements Page 5 ## **Grace Incorporation Faith Trust(G.I.F.T)** ## **Notes to the Financial Statements for the Year Ended 31 March 2023** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** 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. ## **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. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |Fixtures and fittings|-|20% on cost| |---|---|---| |Computer equipment|-|33% on cost| ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **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. ## **Pension costs and other post-retirement benefits** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **2. OTHER TRADING ACTIVITIES** |**OTHER TRADING ACTIVITIES**||| |---|---|---| ||31.3.23|31.3.22| ||£|£| |Fees|36,448|1,385| |Other income|-|45| ||36,448|1,430| Page 6 continued... ## **Grace Incorporation Faith Trust(G.I.F.T)** **Notes to the Financial Statements - continued for the Year Ended 31 March 2023** ## **3. RAISING FUNDS** **Raising donations and legacies** ||**Raising donations and legacies**||| |---|---|---|---| |||31.3.23|31.3.22| |||£|£| ||Support costs|-|996| ||**Investment management costs**||| |||31.3.23|31.3.22| |||£|£| ||Property repairs|20,687|-| ||Aggregate amounts|20,687|996| |**4.**|**NET INCOME/(EXPENDITURE)**||| ||Net income/(expenditure) is stated after charging/(crediting):||| |||31.3.23|31.3.22| |||£|£| ||Depreciation - owned assets|194|194| ## **5. TRUSTEES' REMUNERATION AND BENEFITS** Mr Henry Ngawoofah was on the payroll of the charity within the year to 31 March 2023 and was paid £26,000 (2022: £0) which was in line with the charity's conflict of interest policy. His role was in the capacity of project/bid writing consultant and project management, managing the projects and partnerships with consortium partners. The total amount of pension contributions paid by the charity was £593 (2022:£0) ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. ## **6.** ## **STAFF COSTS** |**STAFF COSTS**|||| |---|---|---|---| ||31.3.23|31.3.22|| ||£|£|| |Wages and salaries|26,000||-| |Social security costs|2,456||-| |Other pension costs|593||-| ||29,049||-| Mr Henry Ngawoofah, who is a Trustee of the charity, was also employed by the charity to provide project and consultancy services and the management of partnerships. He was paid £26,000 in the financial year ( 2022:£0) and pension contributions of £5,932 ( 2022: £0). This was in the charity's conflict of interest policy. Mr Henry Ngawoofah received no remuneration of his services as a Trustee of the charity. No other Trustees received any remuneration. The average monthly number of employees during the year was as follows: ||31.3.23|31.3.22| |---|---|---| |Project management|1|-| continued... Page 7 ## **Grace Incorporation Faith Trust(G.I.F.T)** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2023** ## **6. STAFF COSTS - continued** No employees received emoluments in excess of £60,000. ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ## **8.** |Unrestricted
Restricted
fund
fund
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
16,548
-
Other trading activities
1,430
-
**Total**
17,978
-
**EXPENDITURE ON**
Raising funds
996
-
**Charitable activities**
Supplementary education
6,807
-
Employability and enterprise training
150
-
**Total**
7,953
-
**NET INCOME**
10,025
-
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
(392)
-
**TOTAL FUNDS CARRIED FORWARD**
9,633
-
**TANGIBLE FIXED ASSETS**
Fixtures
and
Computer
fittings
equipment
£
£
**COST**
At 1 April 2022 and 31 March 2023
16,036
447
**DEPRECIATION**
At 1 April 2022
15,898
194
Charge for year
46
148
At 31 March 2023
15,944
342
**NET BOOK VALUE**
At 31 March 2023
92
105
At 31 March 2022
138
253|Total
funds
£
16,548
1,430
17,978
996
6,807
150
7,953
10,025
(392)
9,633
Totals
£
16,483
16,092
194
16,286
197
391| |---|---| continued... Page 8 ## **Grace Incorporation Faith Trust(G.I.F.T)** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2023** ## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||||31.3.23|31.3.22| |---|---|---|---|---| ||||£|£| ||Other creditors||1,288|-| ||Accruals and deferred income||712|713| ||||2,000|713| |**10.**|**MOVEMENT IN FUNDS**|||| ||||Net|| ||||movement|At| |||At 1.4.22|in funds|31.3.23| |||£|£|£| ||**Unrestricted funds**|||| ||General fund|9,633|6,929|16,562| ||**TOTAL FUNDS**|9,633|6,929|16,562| ||Net movement in funds, included in the above are as follows:|||| |||Incoming|Resources|Movement| |||resources|expended|in funds| |||£|£|£| ||**Unrestricted funds**|||| ||General fund|66,948|(60,019)|6,929| ||**TOTAL FUNDS**|66,948|(60,019)|6,929| ||**Comparatives for movement in funds**|||| ||||Net|| ||||movement|At| |||At 1.4.21|in funds|31.3.22| |||£|£|£| ||**Unrestricted funds**|||| ||General fund|(392)|10,025|9,633| ||**TOTAL FUNDS**|(392)|10,025|9,633| ||Comparative net movement in funds, included in the above are as follows:|||| |||Incoming|Resources|Movement| |||resources|expended|in funds| |||£|£|£| ||**Unrestricted funds**|||| ||General fund|17,978|(7,953)|10,025| ||**TOTAL FUNDS**|17,978|(7,953)|10,025| continued... Page 9 ## **Grace Incorporation Faith Trust(G.I.F.T)** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2023** ## **10. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| |||movement|At| ||At 1.4.21|in funds|31.3.23| ||£|£|£| |**Unrestricted funds**|||| |General fund|(392)|16,954|16,562| |**TOTAL FUNDS**|(392)|16,954|16,562| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|84,926|(67,972)|16,954| |**TOTAL FUNDS**|84,926|(67,972)|16,954| ## **11. RELATED PARTY TRANSACTIONS AND TRUSTEES' EXPENSES AND REMUNERATION** Please see note 5 for details regarding the Trustees' expenses and remuneration. The charity received donations of £500 from Trustees that were received without conditions. Page 10 ## **Grace Incorporation Faith Trust(G.I.F.T)** ## **Detailed Statement of Financial Activities for the Year Ended 31 March 2023** |**Detailed Statement of Financial Activities**
**for the Year Ended 31 March 2023**||| |---|---|---| ||31.3.23|31.3.22| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|500|415| |Grants|30,000|16,133| ||30,500|16,548| |**Other trading activities**||| |Fees|36,448|1,385| |Other income|-|45| ||36,448|1,430| |**Total incoming resources**|66,948|17,978| |**EXPENDITURE**||| |**Investment management costs**||| |Property repairs|20,687|-| |**Charitable activities**||| |Wages|26,000|-| |Social security|2,456|-| |Pensions|593|-| |Insurance|96|-| |Light and heat|720|-| |Telephone|403|590| |Postage and stationery|710|307| |Advertising|44|-| |Computer & website|446|127| |Professional fees|487|4,720| |Training|-|150| |Staff travel|-|472| |Rent & rates|189|160| |Subscriptions|84|31| |Donations|-|400| |Project costs|3,276|-| |Consultancy fees|2,579|-| ||38,083|6,957| |**Support costs**||| |**Finance**||| |Bank charges|107|88| |**Governance costs**||| |Accountancy and legal fees|948|714| |Depreciation of tangible fixed assets|194|194| ||1,142|908| This page does not form part of the statutory financial statements Page 11 ## **Grace Incorporation Faith Trust(G.I.F.T)** **Detailed Statement of Financial Activities for the Year Ended 31 March 2023** |**Detailed Statement of Financial Activities**
**for the Year Ended 31 March 2023**||| |---|---|---| ||31.3.23|31.3.22| ||£|£| |Total resources expended|60,019|7,953| |**Net income**|6,929|10,025| This page does not form part of the statutory financial statements Page 12