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 2024
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 2024
| 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 |
Grace Incorporation Faith Trust(G.I.F.T)
Report of the Trustees for the Year Ended 31 March 2024
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 2024. 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 31st March 2024
Objectives and activities
The aims and objectives of the charity are to support young people, men, and women from a 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 in 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
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Pre-16-Supplementary Education, English, Maths, Science -SATs to GCSEs preparation delivered in partnership with Making Education a Priority (MEaP)
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Post-16-Education and Training-Accredited Training -Progression in Awards, CV Building, Undertaking an Enterprise, Leadership Teamwork.
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Mentoring-one to-one, group work, peer mentoring and personal development through sports and creative activities
Learning Support, Mentoring and Family Support
The Learning Support and Mentoring Service continue to offer a mentor to any young person who identifies the service as something that may be of benefit to them.
The work 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 can source opportunities for their mentee.
This is provided within a confidential setting in 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 attention away from the streets and anti-social behaviour.
During 2023-24- 28 young people enrolled as part of the MEaP consortium partnership. In addition to focusing on 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 for reflecting the heritage of its students in the teachers that it employs.
A review of our achievements and performance
We continued to adapt our services to offer hybrid sessions in partnership with MEaP Academy Community Education Centre
Continue to deliver our Afterschool Provision, 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 2023-2024
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Shared teaching, capital, and human resources across the partnership
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Provided high-quality academically relevant enrichment (extra-curricular) activities across the partnership supporting approximately 150 young people a week.
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Supported volunteer teachers across the partnership with their Continuing Professional Development and Initial Teacher Training in
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partnership with Manchester Metropolitan University
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Grace Incorporation Faith Trust(G.I.F.T)
Report of the Trustees for the Year Ended 31 March 2024
- 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
GIFT has secured grants from The National Lottery Fund (Awards for All), Postcode Neighbourhood Trust, Clothworkers and The Phoenix Way. We continue to work towards diversifying our income and strengthening our partnerships.
Reserve policy and ongoing concern
The trustees aim to increase free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The trustees are hoping to achieve this level of reserves within the next three years. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered.
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 regularly.
Plans for Future Periods
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Move to sustainability by diversifying income and commissioning opportunities providing services to the education and youth sectors.
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Expand the training centre to deliver bespoke courses.
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Develop closer strategic partnerships with Making Education a Priority (MEaP) and across a range of sectors to offer work placement opportunities to young people.
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Maximising the premises space 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:
25/11/2024
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Grace Incorporation Faith Trust(G.I.F.T)
Report of the Trustees for the Year Ended 31 March 2024
................................................................................. H Ngawoofah - Trustee
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Grace Incorporation Faith Trust(G.I.F.T)
Statement of Financial Activities for the Year Ended 31 March 2024
| 31.3.24 | 31.3.23 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 70,240 | - | 70,240 | 30,500 | |
| Other trading activities | 2 | 28,246 | - | 28,246 | 36,448 |
| Total | 98,486 | - | 98,486 | 66,948 | |
| EXPENDITURE ON | |||||
| Raising funds | 3 | 17,167 | - | 17,167 | 20,687 |
| Charitable activities | |||||
| General | |||||
| 53,566 | - | 53,566 | - | ||
| Supplementary education | - | - | - | 17,769 | |
| Employability and enterprise training | - | - | - | 20,607 | |
| Community Calling | - | - | - | 956 | |
| Total | 70,733 | - | 70,733 | 60,019 | |
| NET INCOME | 27,753 | - | 27,753 | 6,929 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 16,562 | - | 16,562 | 9,633 | |
| TOTAL FUNDS CARRIED FORWARD | 44,315 | - | 44,315 | 16,562 |
The notes form part of these financial statements
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Grace Incorporation Faith Trust(G.I.F.T)
Balance Sheet 31 March 2024
| 31.3.24 | 31.3.23 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 8 | 46 | - | 46 | 197 |
| CURRENT ASSETS | |||||
| Cash in hand | 48,435 | - | 48,435 | 18,365 | |
| CREDITORS | |||||
| Amounts falling due within one year | 9 | (4,166) | - | (4,166) | (2,000) |
| NET CURRENT ASSETS | 44,269 | - | 44,269 | 16,365 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 44,315 | - | 44,315 | 16,562 | |
| NET ASSETS | 44,315 | - | 44,315 | 16,562 | |
| FUNDS | 10 | ||||
| Unrestricted funds | 44,315 | 16,562 | |||
| TOTAL FUNDS | 44,315 | 16,562 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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:
............................................. H Ngawoofah - Trustee
The notes form part of these financial statements
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Grace Incorporation Faith Trust(G.I.F.T)
Notes to the Financial Statements for the Year Ended 31 March 2024
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 | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Fees | 28,246 | 36,448 |
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continued...
Grace Incorporation Faith Trust(G.I.F.T)
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Property repairs | 17,167 | 20,687 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Depreciation - owned assets | 151 | 194 |
4. NET INCOME/(EXPENDITURE)
5. TRUSTEES' REMUNERATION AND BENEFITS
Mr Henry Ngawoofah is an employee of the charity within the year to 31 March 2024 and was paid £26,000 (2023: £26,000) which is in line with the charity's conflict of interest policy. His role is 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 £346 (2023:£593)
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
6. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Wages and salaries | 26,000 | 26,000 |
| Social security costs | 2,333 | 2,456 |
| Other pension costs | 346 | 593 |
| 28,679 | 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 ( 2023:£26,000) and pension contributions of £346 ( 2023: £593). This was in the charity's conflict of interest policy.
Mr Henry Ngawoofah received no remuneration for 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:
| 31.3.24 | 31.3.23 | |
|---|---|---|
| Project management | 1 | 1 |
No employees received emoluments in excess of £60,000.
continued...
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Grace Incorporation Faith Trust(G.I.F.T)
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 30,500 - Other trading activities 36,448 - Total 66,948 - EXPENDITURE ON Raising funds 20,687 - Charitable activities Supplementary education 17,769 - Employability and enterprise training 20,607 - Community Calling 956 - Total 60,019 - NET INCOME 6,929 - RECONCILIATION OF FUNDS Total funds brought forward 9,633 - TOTAL FUNDS CARRIED FORWARD 16,562 - 8. TANGIBLE FIXED ASSETS Fixtures and Computer fittings equipment £ £ COST At 1 April 2023 and 31 March 2024 16,036 447 DEPRECIATION At 1 April 2023 15,944 342 Charge for year 46 105 At 31 March 2024 15,990 447 NET BOOK VALUE At 31 March 2024 46 - At 31 March 2023 92 105 |
Total funds £ 30,500 36,448 66,948 20,687 17,769 20,607 956 60,019 6,929 9,633 16,562 Totals £ 16,483 16,286 151 16,437 46 197 |
Total funds £ 30,500 36,448 |
|---|---|---|
| 66,948 | ||
| 20,687 17,769 20,607 956 |
||
| 60,019 | ||
| 6,929 9,633 |
||
| 16,562 |
continued...
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Grace Incorporation Faith Trust(G.I.F.T)
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|
| 31.3.24 | 31.3.23 | |||
| £ | £ | |||
| Other creditors | 3,453 | 1,288 | ||
| Accruals and deferred income | 713 | 712 | ||
| 4,166 | 2,000 | |||
| 10. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.4.23 | in funds | 31.3.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 16,562 | 27,753 | 44,315 | |
| TOTAL FUNDS | 16,562 | 27,753 | 44,315 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 98,486 | (70,733) | 27,753 | |
| TOTAL FUNDS | 98,486 | (70,733) | 27,753 | |
| Comparatives for 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 | |
| Comparative 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 |
continued...
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Grace Incorporation Faith Trust(G.I.F.T)
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.22 | in funds | 31.3.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 9,633 | 34,682 | 44,315 |
| TOTAL FUNDS | 9,633 | 34,682 | 44,315 |
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 | 165,434 | (130,752) | 34,682 |
| TOTAL FUNDS | 165,434 | (130,752) | 34,682 |
11. RELATED PARTY TRANSACTIONS AND TRUSTEES' EXPENSES AND REMUNERATION
Note 5 sets out the details regarding the Trustees' expenses and remuneration.
The charity received donations of £1650 from Trustees that were received without conditions.
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Grace Incorporation Faith Trust(G.I.F.T)
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| Detailed Statement of Financial Activities for the Year Ended 31 March 2024 |
||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 1,650 | 500 |
| Grants | 68,590 | 30,000 |
| 70,240 | 30,500 | |
| Other trading activities | ||
| Fees | 28,246 | 36,448 |
| Total incoming resources | 98,486 | 66,948 |
| EXPENDITURE | ||
| Investment management costs | ||
| Property repairs | 17,167 | 20,687 |
| Charitable activities | ||
| Wages | 26,000 | 26,000 |
| Social security | 2,333 | 2,456 |
| Pensions | 346 | 593 |
| Insurance | 96 | 96 |
| Light and heat | 216 | 720 |
| Telephone | 554 | 403 |
| Postage and stationery | 1,639 | 710 |
| Advertising | - | 44 |
| Computer & website | 1,012 | 446 |
| Professional fees | 48 | 487 |
| Staff travel | 585 | - |
| Rent & rates | 201 | 189 |
| Subscriptions | - | 84 |
| Project costs | 5,124 | 3,276 |
| Consultancy fees | 13,624 | 2,579 |
| 51,778 | 38,083 | |
| Support costs | ||
| Management | ||
| Sundries | 189 | - |
| Finance | ||
| Bank charges | 164 | 107 |
| Governance costs | ||
| Accountancy and legal fees | 1,284 | 948 |
| Depreciation of tangible fixed assets | 151 | 194 |
| 1,435 | 1,142 | |
| Total resources expended | 70,733 | 60,019 |
| Net income | 27,753 | 6,929 |
This page does not form part of the statutory financial statements
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