## **THE NGM TRUST** ## **FINANCIAL STATEMENTS** **31 AUGUST 2023** **Charity Number 1143696 Company Number 07721640** ## **THE NGM TRUST** ## **FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2023** |**CONTENTS**|**Pages**| |---|---| |Trustees’ annual report|**1 – 6**| |Reference and administrative information|**7**| |Independent Examiner's report to the Trustees|**8 – 9**| |Statement of Financial Activities|**10**| |Balance Sheet|**11**| |Notes to the financial statements|**12 – 20**| ## **THE NGM TRUST** ## **TRUSTEES’ REPORT** ## **YEAR ENDED 31 AUGUST 2023** The Trustees have pleasure in presenting their report and the financial statements of the charity for the year to 31 August 2023. The Trustees have had due regard, as required by the Charities Act 2011 to the Charity Commission's general guidance on public benefit when reviewing its aims and objectives and in planning its activities. ## **Objects of the charity** The Charity’s objects (the **“Objects”** ) are to advance religion by the promotion of the Christian faith through the provision of support, education, facilities, services and any other assistance as the Charity thinks fit to any other charity, class of person or specific person in England and anywhere else in the World. ## **Structure, Governance and Management** The NGM Trust is constituted as a registered charity and was incorporated with its memorandum and articles on 28th July 2011. - New Trustees may be appointed by a resolution of the Trustees and recorded in the minutes. - A Trustee can retire at any point by putting his/her resignation in writing; this is also recorded in the minutes. - The Trustees may in their absolute discretion remove any Trustee by a resolution proposed at a meeting of the Trustees as long as this is approved by the majority. - The Trustees also elect a chairman and determine the period for which he/she is to serve. ## **Organisation** The charity is governed by a board of Trustees, (who are also directors for the purpose of company law) which is responsible for setting the strategic direction of the charity and for establishing policy. The board of Trustees meets regularly and delegates the day to day operation of the charity to a group of experienced leaders led by Nancy Goudie. When Trustees are appointed, they are given a full overview of the charity’s work and have the opportunity to ask questions, so they can understand the full scope of the charity and what the expectations are of them as a Trustee. Ongoing training for the Trustees is something that is recognised as important; there was an extensive training session for the Trustees in Autumn 2018, and further training was completed in June 2022. ## **Review of the activities** Our vision is to see lives transformed by the message we carry throughout the UK and beyond and we certainly have seen that happen again this year. Through the activities of the charity, we have seen many lives changed through the love of God and it is our privilege to be able to share some of the stories with you in this report. 1 **THE NGM TRUST** **TRUSTEES’ REPORT YEAR ENDED 31 AUGUST 2023** ## **Our main areas of operation are as follows:** ## **Conferences, events and merchandise** This year we held our very first Spiritual Health UK retreat. We felt to put on something smaller and slightly longer than the weekends, like we do in Spain, but in a beautiful UK setting. We sold out within 2 months of launching the retreat and had 18 ladies come and attend. We saw God do some incredible things including one lady who had been going to church for years responding to say “I don’t think I am a Christian. I have only realized now that I have never given full control of my life to God.” She did so there and then and became a Christian with her daughter present as well which was such a precious moment. _“Got so much from this time away… thank you for a wonderful experience. God was so present!!! Loved each session… Nancy is inspirational… The attention to detail phenomenal. So, so wonderful. Thanks for everything” Delegate, UK retreat_ This year we also took a small group of 8 women to Spain for the Spiritual Health Weekend. Although the group was small, God moved in amazing ways. Here is a story from one for the delegates: _“After having a very stressful first part of 2023 due to a marriage breakdown – Spain was an opportunity to get away from the situation to rest and listen to God. God provided the finance miraculously to allow me to attend and little did I realise how much I needed the space to process what was happening in my life. Spain was a life changing moment for me and I still remember now when I am having a bad day what God has done and am reminded I can trust God with my life.” J.S_ Due to the rising costs of flights and the accommodation, we have decided 2023 will be the last Spain retreat for the foreseeable future. We have decided instead to increase the number of UK retreats we are running. In Autumn 2022 we launched Nancy’s Spiritual Health Days which will happen around the country and abroad over the next few years. For the days we have raised £5,000 in bursary funding from the Souter Charitable Trust which means we can provide places for ladies who otherwise could not afford to come. Our first day was held in Barrow and over 50% of the ladies who came were recipients of the local foodbank that the church runs. One lady came to the event having not stepped in a church since her husband died, she then asked Nancy to pray for her at lunchtime having heard Nancy touch on her story of when Ray died. She felt God at work in her and knew that God had planned on her being there that day. She was able to take a step of faith to come to church the next day and has been going there since! Then in 2023 we have visited Maidenhead, Munich in Germany, Bristol, Southampton, Manchester and Newcastle holding a day conference and usually speaking at the church the next day. We saw God do many miracles through these days including healings (physical and emotional) and people becoming Christians. _“I would like to say how I was blessed to be at your conference on Saturday, it was such a joy so encouraging and full of truths for the time ahead. God did a miracle in that I was able to be there and there all day. I live the encouraging truth filled card you gave us all; your book is lovely! I will be buying some more for friends and relatives. Oh, and loved my present I will use it every day to remind me of God’s love.” P.D_ _Another incredible story we heard from a Spiritual Health Day was that a lady came and in her mind she had decided to commit suicide that night. She was coming to the day to ask God’s forgiveness for what she was about to do – she had prepared all the pills and had left letters at home for her family_ 2 ## **THE NGM TRUST** ## **TRUSTEES’ REPORT** ## **YEAR ENDED 31 AUGUST 2023** _and friends. She had struggled with depression and anxiety and been suicidal for years, all stemming from severe abuse when she was a child. We did not know any of this when she came to the day. He sister wrote in afterwards to say how this lady was completely transformed by God. She came home, threw away the pills and tore up the letters. Her life was completely transformed! Her sister, who was not a Christian and had no interest in becoming a Christian, started communication with Nancy and over the course of a few months started exploring about God. She had seen such a change in her sister and could not explain it other than perhaps there was a God. She read one of Nancy’s books and listened to one of her meditation CD’s. She then listened to many of our podcasts and social media videos. One day she decided to go to church and a couple of weeks later she gave her life to Jesus after listening to a song her sister had written about what God had done in her life. It is incredible through one day, an entire family has been transformed._ In Autumn 2022 we also launched Nancy’s 18[th] book You Are Beautiful which flew off the shelves from the moment it was launched, and we had some great feedback. It is the first in a new series of popular little hardback books Nancy has written which is suitable for Christians and non-Christians alike. It’s the kind of book you can pick up and read any page and you will be encouraged and blessed: _“And then your email came about the book... I read the words about being significant. it was just as if God was speaking to me..and I know I need to hang on to those words.” E.H_ Over this last financial year, we have sold over 3000 books and CDs and continue to receive emails about the impact they have had on people’s lives. _Treasures of Darkness: “This book helped me to understand depression and what help I could give to others. Excellent book and easy to read. Couldn't put it down.” L.M_ ## **Speaking engagements** This year it was brilliant to be able to get out and about again. As well as the Spiritual Health Days, Nancy has also spoken at a church in Bath, church in Munich, house church in Dubai plus an online British/Chinese church. For the first part of 2023 Nancy was recovering her strength after her brain injury (see below) and so we did not feel it right to take on too many bookings until after the summer. In Bath and in Munich she saw people become Christians and many lives transformed by God’s love and power. It was a far-reaching year. Zoe also had her first official speaking booking to a group of 150 ladies in Southampton at a health and wellbeing event. ## **Online events and studies** This year we have released 3 online studies 2 of which were from Zoe and 1 from Nancy. Around 350 people took part in these studies. _“I have to tell you that today’s study has just been so helpful. I have had a griefy few days (my husband and mum died nearly 2 years ago) and I am made up with cold. The readings today have just so lifted me and helped me shift my focus. Thank you.” K.T_ _“Thank you so much for providing these daily studies it has been a delight for me each day to be refreshed and reminded of the elements of our life in Christ and the life of faith. I have been a Christian for many years but I think what God has really encouraged and reminded me of is the unfathomable depths of his love I thank God for your faithfulness to God and inspirational ministry over the years and I pray he will continue to bless this work and everyone who is involved with NGM.” D.M_ 3 ## **THE NGM TRUST** ## **TRUSTEES’ REPORT** ## **YEAR ENDED 31 AUGUST 2023** We continue to release short extracts and stories online as well as things that will encourage others. Over the course of this time our online views have been around 200,000 people. We receive many comments and encouraging notes about these and know this is benefitting those who read them: _“Fantastic really enjoyed it. The meditation was very moving and special.” A.H_ _“Very uplifting! Thank you.” S.B_ _“Thank you this was just what I needed today xx”. J.A_ Nancy has also done many radio interviews this last year and GOD TV have been airing the footage she has recorded as well. Again, this has reached thousands of lives and we continue to hear stories of all God has done through this: _“My husband heard you and was moved to tears.” C.H_ _“It was good to hear your testimony again. Brilliant!” O.J._ ## **Bursary Book Scheme** Nancy had suggested the idea of the bursary books in the Autumn as it had reached so many people when we had done this previously. Little did Nancy know that she would be out of action after suffering her traumatic brain injury so once again, the books were able to go where Nancy couldn’t go herself. We were able to give away 1844 books including 400 into New Hall prison, 800 to foodbanks around the country and around 100 to all the hospital staff who had cared for Nancy. _“A nurse who had been working in the hospital where I was looked after wrote to me letting me know how much my book had encouraged her – in fact she said it was just what she needed at the right time. She had been off work for a while and when she came back into the hospital, I had been moved to another hospital. The nurses there told her that I had left a book for each nurse who had looked after me. She was surprised but very grateful. She said she had come into the hospital feeling rubbish about herself and in need of an encouragement and when she read the book, it provided all she needed. She wrote to tell me that the book had blessed and encouraged her and she wanted to thank me for such a beautiful and needed gift.” Nancy Goudie_ ## **Prayerline** Our Prayerline still continues, where those in need can send their prayer requests and our team has the privilege of praying for every person who has submitted a prayer request. So many people have reached out for prayer in some of the darkest times of their life. It is so good to be able to offer this support to people. ## **Personnel** As we referred to earlier, our CEO, Nancy Goudie, suffered a traumatic brain injury in November 2022. We are delighted to say she made a miraculous recovery and was back and working by the end of February 2023. During her recovery our General Manager, Zoe Wickham, was in close contact with the Trustees about the day-to-day running of the charity so things could continue as much as possible. During this time a couple of events did have to be cancelled as Nancy was not able to fulfill them. This led to Nancy training up Zoe even 4 ## **THE NGM TRUST** ## **TRUSTEES’ REPORT** ## **YEAR ENDED 31 AUGUST 2023** further. In June 2023, when Nancy had to have an operation on a broken wrist, Zoe was able to take the planned Spiritual Health Day in Newcastle and Zoe and the team saw God do amazing things, including one woman who had come to the day having tried to commit suicide the day before, one of the team had a word from God regarding this and gave it at the day. The woman received prayer and we were able to connect her with the church for longer term counselling. Also, on the Sunday at the church the team prayed for healing and a man’s shoulder was healed and 90% of the church responded to the message that was bought which was so encouraging. We also held a fundraising event to celebrate Nancy’s 70[th] birthday this year. This was a great opportunity to reconnect with a lot of our supporters and raise funds for the work of the charity. ## **Premises** One of the objectives when we sold Lancaster House was to update our current building, Caedmon Complex. It is over 20 years old now and much of the carpeting, heating, air conditioning and other areas needed either repair or replacement. You can see this is reflected in the accounts. This has enabled us to ensure our premises are of a good standard and stay safe for public use. Some of the work is still to be completed in the next financial year. We continue to rent out the premises to The Inspire Arts Trust and it has been good to see an increase in rental income from them this year. We are also starting to explore the possibilities of renting the premises to a wider audience when they are not in use. When the Caedmon Complex was built it was recorded in the account at its historic cost. We have recently had this complex valued and based on its usage as a training venue its value has reduced substantially. ## **Future** We are looking forward to a busy and exciting 2023/4 year. In this year we have a Spiritual Health Weekend coming up as well as more Spiritual Health Days and Nancy continues to travel and speak widely having made a full recovery following her brain injury. We could not do all we have done throughout this year without the incredible help we have from our workers, funders, volunteers, management team and Trustees all of whom work so very hard to see the vision of seeing lives transformed continue to become reality. We are looking forward to many more fruitful years ahead as we continue to adapt to future challenges. 5 **THE NGM TRUST** ## **TRUSTEES’ REPORT** ## **YEAR ENDED 31 AUGUST 2023** ## **Financial Review** ## **Reserves policy** The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (“the free reserves”) held by the charity should be between 3 and 6 months of the expenditure, which equates to between approximately £120,945 to £241,891 in general funds. At this level, the board of Trustees feels that it would be able to continue the current activities of the charity in the event of a significant drop in funding. It would obviously be necessary to consider how the funding would be replaced or activities changed accordingly. At the balance sheet date the free reserves were £162,671. This leaves the charity well placed to respond to new challenges and projects. ## **Investment powers and policy** The Trustees can invest in any stocks, funds, shares, securities or other investments of whatsoever nature as the Trustees shall, in their absolute discretion, think fit. Funds surplus to immediate requirements are invested with Dart Capital into various investments that have a medium risk profile. Given these are likely to be held as investments for between 3 - 5 years then the trustees consider this the best way to invest. Funds that are required over the next one year period are held on short term deposit. ## **Risk review** The risk review was completed by the Trustees. The major risks that the Trustees identified and the controls that are in place are as follows: - Risk: Reserves being depleted. Controls: Liability against losses, building and contents insurance in place. Action: Needs monitored more closely at present as during this time where bills are rising and support for the charity may decrease, the risk is greater. - Risk – Risk of reputational damage from adverse publicity. Controls in place: Good safeguarding procedures. Monitoring of social media and linked sites. Social media policy issued to all staff and volunteers. Action: CEO and General Manager to ensure these are regularly monitored and if anything is found, to bring it to the attention of the trustees immediately. The Trustees have continued to consider the risks this year, many have been reviewed in meetings throughout the year. The risk review will continue to be updated annually, unless an event occurs where it needs to be reviewed more frequently. Since the last risk review and given the traumatic brain injury of the CEO, the Trustees are committed to looking at the long term succession plan for the charity. This will happen over the next financial year. ## **Fundraising** As a charity, NGM fundraises in various ways. The majority of our fundraising is from individuals, whether at our conferences and events or through our mailing. We take steps to ensure under 18’s are never included in our fundraising mailings, we also ensure that at our conferences and events, there is never any pressure for any individuals to give. Every offering, or chance to support us, is given without any pressure and we always stress for people only to give if they feel able. We also raise finance for NGM through approaching Trusts, especially for the bursary funds or our prison work. Any fundraising done in NGM is through our Key Management personnel; we do not have a professional fundraiser or employ anyone else to fundraise on our behalf. For those who sign up to give regularly they are free to stop at any time. 6 **THE NGM TRUST** ## **TRUSTEES’ REPORT** ## **YEAR ENDED 31 AUGUST 2023** ## **Statement of Trustees’ responsibilities** The Trustees (who are also directors of NGM Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report and the financial statements have been prepared in accordance with the Companies Act 2006, the charitable Company’s Memorandum and Articles of Association and the Statement of Recommended Practice “Accounting and Reporting by Charities”. ## **Small company provisions** This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006. |Registered office:|Signed by order of the Trustees| |---|---| |Caedmon Complex|| |Bristol Road|| |Thornbury|...................................................| |BS35 3JA|Mr R Collier – Keywood| |Approved by the Trustees on … …………………
Apr 22 2024|Chairman| 7 ## **THE NGM TRUST** ## **REFERENCE AND ADMINISTRATIVE INFORMATION** ## **YEAR ENDED 31 AUGUST 2023** ## **Charity number** 1143696 ## **Company Number** 07721640 ## **Trustees** The following served as Trustees and directors during the year and since the year end: Mrs H McGreavy Mr R Collier-Keywood Mr W McGinn Mrs J Banful ## **Registered Office** Caedmon Complex, Bristol Road, Thornbury, BS35 3JA ## **Independent examiner** Joshua Kingston BSc. ACA, Burton Sweet Limited Chartered Accountants, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol, BS48 1UR ## **Bankers** Bank of Scotland, Old Broad Street, London. 8 ## **THE NGM TRUST** ## **INDEPENDENT EXAMINER’S REPORT TO TRUSTEES** ## **YEAR ENDED 31 AUGUST 2023** I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 August 2023. ## **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** Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 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 that in any material respect: - accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or - the accounts do not accord with those records; or - 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 - except for the matter of concern noted above 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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Joshua Kingston BSc. ACA, Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR Apr 22 2024 Date: 9 ## **THE NGM TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account)** ## **YEAR ENDED 31 AUGUST 2023** |**Note**
**Income from:**
Donations and grants
**2**
Investments
Charitable activities
**3**
Other income
**Total income**
**Expenditure on:**
Charitable activities
**4**
**Total expenditure**
Net Gains/(losses) on investments
**9**
**Net income/(expenditure) for the year**
**5**
Gains/ (losses) on revaluation of fixed assets
**8**
Transfers between funds
**13**
**Net movement in funds**
**13**
**Total funds brought forward**
**13**
**Total funds carried forward**
**13**|**Total**
Total
**Unrestricted**
**Restricted**
**Funds**
Funds
**Funds**
**Funds**
**2023**
2022
**£**
**£**
**£**
£
194,725
32,088
226,813
200,308
14,091
-
14,091
1,866
42,112
-
42,112
135,513
1,641
-
1,641
2,770| |---|---| ||252,569
32,088
284,657
340,457| ||366,707
33,913
400,620
483,783| ||366,707
33,913
400,620
483,783| ||6,742
-
6,742
3,028| ||(107,396)
(1,825)
(109,221)
(140,298)
(1,190,000)
-
(1,190,000)
-
(657)
657
-
-| ||(1,298,053)
(1,168)
(1,299,221)
(140,298)
2,673,212
16,684
2,689,896
2,830,194| ||1,375,159
15,516
1,390,675
2,689,896| The Charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the Charity are classes as continuing. The comparative funds are detailed in note 16. **The notes on pages 12 to 20 form part of these financial statements** 10 ## **THE NGM TRUST** ## **BALANCE SHEET** ||| |---|---| |**BALANCE SHEET**
**Charity number**
1143696
**AS AT 31 AUGUST 2023**
**Company number**
07721640|| |**Note**
**Fixed assets**
Tangible assets
**8**
Investments
**9**
**Current assets**
Stock
**10**
Debtors
**11**
Cash at bank
**Creditors : Amounts falling due**
**within one year**
**12**
Net current assets
**Net assets**
**Funds**
**Restricted funds**
**14**
**Unrestricted funds**
General funds
**14**
**14**
Designated funds (including revalution reserve of £105,557 (2022:
£1,295,557)|**2023**
2022
**£**
£
694,454
1,837,136
518,034
502,740| ||1,212,488
2,339,876
16,842
23,404
31,721
23,741
191,778
322,082| ||240,341
369,227
(62,154)
(19,207)| ||178,187
350,020| ||1,390,675
2,689,896| ||15,516
16,684
680,705
836,076
694,454
1,837,136| ||1,390,675
2,689,896| For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476, The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. Apr 22 2024 These financial statements were approved by the Trustees on ………...……and are signed on their behalf by: ……………………………….. Mr R Collier – Keywood ## **The notes on pages 12 to 20 form part of these financial statements** 11 ## **THE NGM TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2023** ## **1 Accounting policies** - a) The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019. The trustees consider the charity to be a going concern and a public benefit entity. - b) Income from donations is included when there is evidence of entitlement to the income, receipt is probable and the amount can be measured reliably, except as follows: i. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods; - ii. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met. - c) Grants, including grants for fixed assets, are recognised within the accounts as the charity receives formal notification of entitlement. Grants received in the accounting period in respect of future accounting periods are deferred until those periods. All material grants are disclosed in accordance with the Statement of Recommended Practice. - d) Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered. - Charitable expenditure comprises those costs incurred by the entity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. - Governance costs include those costs associated with meeting the constitutional and statutory requirements of the entity and include the audit fees and costs linked to the strategic management of the entity. They are included within support costs. - All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. - Rentals applicable to operating lease agreements where substantially all of the benefits and risks of ownership remain with the lessor are charged against net income on a straight line basis over the period of the lease. - e) Tangible fixed assets costing more than £100 are capitalised and included at cost including any incidental expenses of acquisition, excluding property which is held at market value. - Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Buildings - 0% straight line Office equipment - 33.3% straight line Fixtures and fittings - 25% straight line Technical equipment - 20% straight line The Trustees of the charity carry out an annual impairment review of the properties. Buildings are subject to a policy of revaluation every 5 years. - f) Stock is included at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items. - g) Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. - h) Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. - i) Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. - j) Fixed Asset Investments are included at market value at 31st August. The SOFA includes the net gains and losses arising on revaluations and disposals during the year. 12 ## **THE NGM TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2023** ## **1 Accounting policies (continued)** - k) Unrestricted funds can be used in accordance within the charitable objects at the discretion of the Trustees. - l) Designated funds are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects. - m) Restricted funds can only be used for the specific purpose designated by the donor. - n) Investments are made for charitable purposes. |**2**
**Donations and grants**
Grants, donations and regular pledges
Covenants and gift aided donations
Gift aid receivable
**Prior year comparatives**
Grants, donations and regular pledges
Covenants and gift aided donations
Gift aid receivable|**Unrestricted**
**Restricted**
**Total Funds**
**Funds**
**Funds**
**2023**
**£**
**£**
**£**
134,783
16,226
151,009
47,871
12,680
60,551
12,071
3,182
15,253| |---|---| ||194,725
32,088
226,813| ||**Unrestricted**
**Restricted**
**Total Funds**
**Funds**
**Funds**
**2022**
**£**
**£**
**£**
143,236
7,332
150,568
32,066
7,007
39,073
8,686
1,981
10,667| ||183,988
16,320
200,308| Donations of £5,678 (2022: £9,658) were received from Trustees and other related parties during the year. |**3**
**Income from charitable activities**
General
Music and resources
Conferences and events
**Prior year comparatives**
General
Music and resources
Conferences and events|**Unrestricted**
**Restricted**
**Total Funds**
**Funds**
**Funds**
**2023**
**£**
**£**
**£**
11,901
-
11,901
2,473
-
2,473
27,738
-
27,738| |---|---| ||42,112
-
42,112| ||**Unrestricted**
**Restricted**
**Total Funds**
**Funds**
**Funds**
**2022**
**£**
**£**
**£**
9,135
-
9,135
2,353
-
2,353
122,128
1,897
124,025| ||133,616
1,897
135,513| 13 ## **THE NGM TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2023** |**4**
**Expenditure on Charitable activities**
Music and resources
Online events and resources
Conferences and events
Other direct activities
**Prior year comparatives**
Music and resources
Online events and resources
Conferences and events
Other direct activities
**Support costs**
Music and resources
Online events and resources
Conferences and events
Other direct activities|**Direct**
**Project**
**Support**
**Total**
**costs**
**costs**
**2023**
**£**
**£**
**£**
25,725
34,680
60,405
38,153
69,359
107,512
88,608
92,479
181,087
16,936
34,680
51,616
169,422
231,198
400,620
**Direct**
**Project**
**Support**
**Total**
**costs**
**costs**
**2022**
**£**
**£**
**£**
24,580
13,387
37,967
10,026
26,775
36,801
293,065
80,323
373,388
22,240
13,387
35,627
349,911
133,872
483,783
**Premises**
**Admin**
**Total**
**Costs**
**Costs**
**Governance**
**2023**
**£**
**£**
**£**
**£**
24,998
9,294
388
34,680
49,996
18,588
775
69,359
66,661
24,784
1,034
92,479
24,998
9,294
388
34,680|**Direct**
**Project**
**Support**
**Total**
**costs**
**costs**
**2023**
**£**
**£**
**£**
25,725
34,680
60,405
38,153
69,359
107,512
88,608
92,479
181,087
16,936
34,680
51,616| |---|---|---| |||169,422
231,198
400,620| |||**Direct**
**Project**
**Support**
**Total**
**costs**
**costs**
**2022**
**£**
**£**
**£**
24,580
13,387
37,967
10,026
26,775
36,801
293,065
80,323
373,388
22,240
13,387
35,627| |||349,911
133,872
483,783| ||166,653
61,960
2,585
231,198|| Support costs are allocated on the basis of estimated usage. As referred to in the Directors report, the increase in premises cost has been spent on Caedmon Complex to bring it up to standard. There have also been some costs capitalised in relation to this work. This is not yet complete and will continue into the next financial year as well. |**Prior year comparatives**
Music and resources
Online events and resources
Conferences and events
Other direct activities|**Premises**
**Admin**
**Total**
**Costs**
**Costs**
**Governance**
**2022**
**£**
**£**
**£**
**£**
8,176
5,037
174
13,387
16,352
10,074
349
26,775
49,055
30,222
1,046
80,323
8,176
5,037
174
13,387| |---|---| ||81,759
50,370
1,743
133,872| 14 ## **THE NGM TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2023** ## **4 Expenditure on Charitable activities (continued)** |**Governance costs**
Independent examiner's fee
- Independent examination
- Other services
Statutory fees|**2023**
2022
**£**
£
1,850
1,730
721
-
13
13| |---|---| ||2,584
1,743| |**5**
**Net income/(expenditure) for the year**
**This is stated after charging:**
Depreciation
Independent examination fees
Trustees' remuneration
Reimbursement of Trustees' expenses
**6**
**Staff Costs and Numbers**
The aggregate payroll costs were:
Wages and salaries
Social security costs
Pension costs|**2023**
2022
**£**
£
17,538
18,635
1,850
1,730
-
-
-
-| |---|---| ||**2023**
2022
**£**
£
105,771
93,390
8,812
8,355
2,376
70,122| ||116,959
171,867| No employee received emoluments of more than £60,000 during the current year. In the previous year one employee received more than £60,000 due to a £68,000 lump sum payment made into the employees’ pension fund. This lump sum was due to the fact the charity had not been able to afford sufficient pension contributions in earlier years. This was done with the intention to help retain this key person for the future. The average number of employees (headcount) during the year were 5 (2022: 5) Total other benefits received by employees during the year were £2,687 (2022: £2,398) ## **7 Taxation** No provision is made for Corporation Tax, as the Charity is able to claim full statutory exemption subject to the proper application of all its charitable resources. 15 ## **THE NGM TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2023** ## **8 Tangible fixed assets** |**Cost**
At 1 September 2022
Additions
Disposals
Revaluation
At 31 August 2023
**Depreciation**
At 1 September 2022
Charge for the period
At 31 August 2023
**Net book value**
**At 31 August 2023**
At 31 August 2022|**Buildings**
**(Caedmon**
**Office**
**Technical**
**complex)**
**Equipment**
**Fittings**
**Equipment**
**Total**
**£**
**£**
**£**
**£**
**£**
1,800,000
18,476
57,037
45,772
1,921,285
-
880
65,224
2,093
68,197
-
-
(3,341)
-
(3,341)
(1,190,000)
-
-
-
(1,190,000)| |---|---| ||610,000
19,356
118,920
47,865
796,141| ||-
14,577
29,952
39,620
84,149
-
2,279
12,973
2,286
17,538| ||-
16,856
42,925
41,906
101,687| ||**610,000**
**2,500**
**75,995**
**5,959**
**694,454**| ||1,800,000
3,899
27,085
6,152
1,837,136| Caedmon Complex has had Red Book Valuation by an external surveyor. The historical cost of the building was £504,443. ## **9 Investments** |**Investments**
**Listed investments**
At 1 September 2022
Acquisitions at cost
Proceeds on disposal
Net gain on revaluation
At 31 August 2023
**Cash and cash equivalents**
**Stock**
Stock|**2023**
2022
**£**
£
499,668
-
234,672
562,426
(224,302)
(65,786)
6,742
3,028| |---|---| ||516,780
499,668
1,254
3,072| ||518,034
502,740| ||**2023**
2022
**£**
£
16,842
23,404| ## **10 Stock** 16 ## **THE NGM TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2023** ## **11 Debtors** |Trade debtors
Income tax debtor
Inspire Arts Trust
Prepayments
Other debtors|**2023**
2022
**£**
£
-
7
2,601
1,952
9
6
19,696
15,433
9,415
6,343| |---|---| ||31,721
23,741| ## **12 Creditors: amounts falling due within one year** |Trade creditors
Other creditors
Inspire Arts Trust
Taxation and social security
Accruals and deferred income|**2023**
2022
**£**
£
709
13,007
3,399
1,253
-
117
1,129
1,116
56,917
3,714| |---|---| ||62,154
19,207| Accruals and deferred income have increased due to income received in advance of a conference in the next financial year. ## **13 Movement in funds** |**Year ended 31 August 2023**||||**Gain/ (loss) on**||| |---|---|---|---|---|---|---| |||**Income and**|**Expenditure**|
**revaln of fixed**||**31 August**| ||**1 Sept 2022**|**gains**|**and losses**|**assets**|**Transfers**|**2023**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Restricted Bursary funds**||||||| |Spiritual Health Weekend|14,414|8,363|(16,773)|-|-|6,004| |Spiritual Health Days|-|5,031|(3,104)|-|-|1,927| |Books|2,270|6,194|(7,261)|-|657|1,860| |CEO Wellbeing|-|12,500|(6,775)|-|-|5,725| ||16,684|32,088|(33,913)|-|657|15,516| |**Unrestricted funds**||||||| |Designated funds||||||| |Mission and art complex|1,837,136|-|(17,538)|(1,190,000)|64,856|694,454| |General funds|836,076|259,311|(349,169)|-|(65,513)|680,705| ||2,673,212|259,311|(366,707)|(1,190,000)|(657)|1,375,159| ||2,689,896|291,399|(400,620)|(1,190,000)|-|1,390,675| 17 **THE NGM TRUST** **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023** ## **13 Movement in funds (continued)** ## Restricted funds represent: Spiritual Health Weekend bursary fund - allowing ladies from backgrounds of poverty, abuse, prostitution and other challenging situations to attend the weekend for little or no cost. Some of these funds were from specific trusts and some raised through appeals to our supporters. All money raised goes directly to pay for part or full costs for the ladies who attend from the above backgrounds. Spiritual Health Days bursary fund - funds given to allow ladies from backgrounds of poverty, abuse, street work and other difficult circumstances to attend the days and be given encouraging resources to take away with them. Book bursary fund - This has been set up during the pandemic to get our books and CDs into places where we couldn’t physically go such as prisons, foodbanks, debt advice centres etc. This was delivered through a variety of partners and we gave away over 3,500 books and CDs to help support and transform the lives of those in need. The need was so great during the pandemic that we were asked by the agencies working with the recipients to continue this fund. CEO Wellbeing - this fund was given specifically after the CEO had her traumatic brain injury to aid her recovery and wellbeing longer term. The Trustees have used this as requested to cover irregular expenses occurred by the CEO during her longer-term recovery. This has been declared on a PSA settlement agreement. The designated fund represents the net book value of fixed assets in use by the charity. Depreciation including loss on disposal is charged against this fund and transfers in represent additions to fixed assets during the year. |**Year ended 31 August 2022**
**Restricted Bursary funds**
Spiritual Health Weekend
Books
**Unrestricted funds**
Designated funds
Mission and art complex
General funds|**1 Sept 2021**
**Income and**
**gains**
**Expenditure**
**and losses**
**Transfers**
**31 August**
**2022**
**£**
**£**
**£**
**£**
**£**
22,312
17,217
(26,915)
1,800
14,414
2,639
1,000
(1,369)
-
2,270| |---|---| ||24,951
18,217
(28,284)
1,800
16,684
2,613,927
-
(18,635)
(758,156)
1,837,136
191,316
325,268
(436,864)
756,356
836,076| ||2,805,243
325,268
(455,499)
(1,800)
2,673,212| ||2,830,194
343,485
(483,783)
-
2,689,896| The Mission and Art Complex designated fund includes a revaluation reserve of £105,557 (2022: £1,295,557). 18 ## **THE NGM TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2023** |**14**
**Analysis of net assets**
**Analysis of net assets at 31 August 2023**
**Restricted funds**
Spiritual Health Weekend
Spiritual Health Days
Book Bursary Fund
CEO Wellbeing
**Designated funds**
Mission and art complex
General funds
**Analysis of net assets at 31 August 2022**
**Restricted funds**
Spiritual Health Weekend
Book Bursary Fund
**Designated funds**
Mission and art complex
General funds|**Investments**
**Tangible fixed**
**assets**
**Other assets**
**Total**
**£**
**£**
**£**
**£**
-
-
6,004
6,004
-
-
1,927
1,927
-
-
1,860
1,860
-
-
5,725
5,725
-
694,454
-
694,454
518,034
-
162,671
680,705| |---|---| ||518,034
694,454
178,187
1,390,675| ||**Investments**
**Tangible fixed**
**assets**
**Other assets**
**Total**
**£**
**£**
**£**
**£**
-
-
14,414
14,414
-
-
2,270
2,270
-
1,837,136
-
1,837,136
502,740
-
333,336
836,076| ||502,740
1,837,136
350,020
2,689,896| ## **15 Related party transactions** The Inspire Arts Trust is a charity in which Mrs H McGreavy, Mr R Collier-Keywood and Mr D McGinn are also Trustees. At the Balance Sheet date, The Inspire Arts Trust owed the charity £9 (2022: £7). During the year the charity invoiced £14,407 (2022: £10,842) to The Inspire Arts Trust for rent and administration expenses. The Inspire Arts Trust invoiced NGM £nil (2022: £117) for costs incurred on their behalf. Amounts due to The Inspire Arts Trust are disclosed as £nil of creditors falling due within one year (2022: £117). The Trustees consider the key management personnel of the charity to be themselves, the Chief Executive Officer and the General Manager of the charity. Total benefits received by key management personnel and related parties during the year were £107,442 (2022: £151,464). As stated in note 5, no Trustees received any remuneration during the year. There are no other related party transactions other than those already disclosed throughout the financial statements. 19 ## **THE NGM TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2023** ## **16 Comparative Statement of Financial Activities** |**Income from:**
Donations and grants
Raising funds - Royalties
Investments
Charitable activities
Other sources
**Total income**
**Expenditure on:**
Charitable activities
**Total expenditure**
Net gains/(losses) on investments
**Net income/expenditure**
Transfers between funds
**Net movement in funds**
**Total funds brought forward**
**Total funds carried forward**|**Total**
**Unrestricted**
**Restricted**
**Funds**
**Funds**
**Funds**
**2022**
**£**
**£**
**£**
183,988
16,320
200,308
112
-
112
1,754
-
1,754
133,616
1,897
135,513
2,770
-
2,770| |---|---| ||322,240
18,217
340,457| ||455,499
28,284
483,783| ||455,499
28,284
483,783| ||3,028
-
3,028
(130,231)
(10,067)
(140,298)
(1,800)
1,800
-| ||(132,031)
(8,267)
(140,298)
2,805,243
24,951
2,830,194| ||2,673,212
16,684
2,689,896| 20