Grace Enterprises Nottingham Limited
Trustees Annual Report and Unaudited Financial Statements Period ended 31 December 2022
Charity registation - 1189538
Company number - 12579103
Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
Contents
| Trustees annual report | 4 |
|---|---|
| Objects | 4 |
| Acitvities during the period | 4 |
| Plans for future periods | 6 |
| Financial review | 6 |
| Risk management | 7 |
| Governance and management structures | 7 |
| Reference and administrative details | 8 |
| Statement of Board of Trustees’ responsibilities | 8 |
| Independent examiner’s report | 10 |
| Statement of fnancial activities | 12 |
| Balance sheet | 13 |
| Notes to the fnancial statements | 14 |
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
Trustees annual report
The Board of Trustees, who are also directors of the Charity for the purposes of the Companies Act, and trustees for charity law purposes, submit their annual report and the financial statements of Grace Enterprises Nottingham Limited (Grace Enterprises) for the period ended 31 December 2022.
The Board of Trustees confirms that the annual report and financial statements of the Charity comply with current statutory requirements, including the Charity Act 2011, as well as the requirements of the Charity’s governing document and the provisions of 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) second edition (effective 1 January 2019)’, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.
Objects
The objects of Grace Enterprises are:
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The relief of unemployment for the public benefit in the United Kingdom in such ways as may be
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thought fit, including:
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establishing and supporting (financially or otherwise) subsidiary companies which will
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provide ethical employment opportunities for the long-term unemployed or others facing any form of barrier to work (whether by reason of youth, age, ill-health, disability, or any other disadvantage);
• providing support and assistance to individuals seeking employment and ongoing support and assistance to those who find employment (whether by way of mentoring, guidance, advice, training, or any other means); and
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influencing public policy and social attitudes towards the long-term unemployed and the
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support provided to enable vulnerable individuals to find and maintain employment.
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To promote social inclusion for the public benefit in the United Kingdom by preventing people from
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becoming socially excluded and/or relieving the needs of those people who are socially excluded and assisting them to integrate into society.
Grace Enterprises exists to reduce long-term unemployment and poverty. We do this by transforming lives through supportive employment in our sustainable businesses. We create dignifying, paid jobs for people who face significant barriers to work, including ex-offenders, ex-addicts, people who have suffered domestic abuse and those with physical and mental health challenges. Our trading subsidiaries – fully asset-locked social enterprises – pay all staff the real Living Wage, and we provide holistic employee support to our growing team through the Living Life Index, a tool we have developed based on wholeperson care principles.
Acitvities during the period
This financial period coincided with major growth for Grace Enterprises. Most notably, we launched a second trading subsidiary, Jubilee Events, which provides marquee hire and other event services. This enables us to employ those with different barriers to work as part of a diverse team. In its first season, Jubilee Events employed ten part-time staff and did a variety of events, from small garden parties to weddings and corporate events.
Another growth area was in the strength and capacity of the Grace Enterprises core team. Office-based staff combine for three main functions: providing central business services to our trading subsidiaries, offering extensive employee support including mentoring, and influencing wider society regarding the value of supportive employment for those experiencing poverty.
Radiant Cleaners had its five year anniversary in the period, and celebrated having employed over 80 people in that time! The business took on a second Operations Manager to support its continued growth and development, and now provides regular cleaning services for over 40 companies and charities.
Charity number 1189538 Company number 12579103
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Period ended 31 December 2022 Grace Enterprise5 Notlingham Limited Annual report and financial statements Jubilee Evenls Firsl Season ftftftftftftft 10 people employed 20 85 full days ofwork Events loo/ flve star Google revlews -¢ Radiant Cleaners It's been fantastic. I never thought I'd get (] job... this has given me purpose in my life. and I feel much better in myself, in terms of mental health. I feel uplifted. BARRIERS EXPERIENCED BY OUR TEAM 24% 14% Homelessne55 Alcoholism 31 CURRENT EMPLOYEES 24% 28 TEAM MEMBERS HELPED INTO FURTHER EMPLOYMENT Engllsh as L8arnlng second languogg difficulties 21% 21% 82 EMPLOYED TO DATE Includin9: Postman, Electrician. Tax Administrator, Chef. Charity Worker. Office staff. Reto iler, Pocker rug mlsuse In trouble wlth the police If it wasn't for this job I'd be back where I was- doing drugs or in prison 51% HAVE BEEN UNEMPLOYED FOR I YEAR OA MORE OF EMPLOYEE$ SUFFER WITH MENTAL HEALTH ISSUES Charity number 1189538 Company number 12579103
Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
Plans for future periods
In 2023, Grace Enterprises has three strategic priorities:
• Grow our existing businesses to provide more supportive jobs, and strengthen our financial position.
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Launch a third social enterprise with a national reach, employing those with a background of
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homelessness.
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Develop the Living Life Index so that it can be successfully used to support employees outside of
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our immediate locality.
The long-term goal of Grace Enterprises is to run a group of diverse businesses, to enable us to potentially provide a job to anyone, no matter their barriers to work.
Financial review
During the 16 month financial period ended 31 December 2022, Grace Enterprises incurred a deficit of £20,011 (16 month period ended 31 August 2021: surplus of £35,602), decreasing total reserves at year end to £15,591 (31 August 2021: £35,602).
Of the reserves held at period end, £15,591 (31 August 2021: £35,602) were unrestricted in nature.
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Business
Expenditure analysis
development
and travel,
Support costs,
£11,368 , 5%
£7,542 , 3%
Rent, £8,000 , 4%
Other direct Staff costs,
costs and £132,079 , 59%
support to
organisations,
£64,641 , 29%
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Reserves policy
Grace Enterpises’ policy is that the charity’s reserves must be between 25% and 90% of its annual operating expenditure (excluding one-off projects). This equates to between £35,000 and £130,000.
The trustees believe that 25% is the correct minimum level of reserves to protect the charity and those who benefit from it, from the effects of the most likely financial risks. The trustees have reached this conclusion because it would enable Grace Enterprises’ employees to be made redundant, paying them for their notice period and any Statutory Redundancy Pay that they were entitled to. Reduced operations could then be maintained by volunteers.
The trustees believe that 90% is the correct maximum level of reserves because, if more were held, this would unnecessarily tie up donors’ money in an unproductive way.
The trustees monitor the level of the Trust’s reserves monthly, and review the Reserves Policy on an annual basis (at the same time as assessing the Financial Plan for the year ahead) and whenever a change is made to the Trust’s Risk Register. If the reserves needed to temporarily fall below 25% of the charity’s annual operating expenditure, the trustees would be informed immediately by the CEO of Grace Enterprises.
At 31 December 2022, the reserves were below the lower limit at £15,591, and the trustees have taken
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
action to restore these reserves to the level dictated by the reserves policy during the next financial year.
Risk management
The trustees regularly review the risks facing the charity and the main risks currently are:
| Risk | Current mitigations and actions |
|---|---|
| Failure to raise projected funds (i.e. work done, grant revenue) could lead to fnancial diffculties for the charityor its businesses |
Keep core costs low, develop relationships for access to credit, apply for grant opportunities and awards |
| Promised funds (invoices, grants) not reaching us on time could lead to a cashfow shortfall |
Maintain a reasonable reserves policy, keep good relationships with those who owe money, develop partnerships that could support us in a crisis |
| Failure of trading subsidiaries to grow (through low sales) will hinder the charity’s ability to achieve its mission of providing supportive employment through sustainable businesses |
Within each business: •Spread risk between markets / clients •Remain nimble •Be in good contact with customers •Developnew business relationships |
Governance and management structures
Grace Enterprises was incorporated as a company limited by guarantee (England & Wales) on 29 April 2020 (registration number 12579103) and is governed by its Articles of Association. This company is registered with the Charity Commission in England and Wales under reference 1189538, with the registration completed on 18 May 2020.
The charity wholly-owns two trading companies called Radiant Cleaners Limited (company number: 11074139) and Jubilee Events Limited (company number: 13708047). Both companies are recognised as a Social Enterprise and have an asset-lock in place so that all profits will be re-invested in the company or gifted to Grace Enterprises.
The trustee board meets with the management team of Grace Enterprises bi-monthly to review, discuss and set the strategic vision for the charity. The management team are then responsible for executing the strategy in the day to day operations of the charity and its businesses. The trustee team has a broad range of experience and knowledge, ranging from business management to the challenges of the benefits system. For example, Jeremy Dykes (trustee since 2020) brings a proven track record in tackling complex problems, having worked for Rolls Royce for twelve years and now as a Senior Manager at Capgemini Invent. Bringing expertise of working with those with barriers to work, Selina Lee (trustee since 2021) provides insights from her role at Citizens Advice.
Recruitment and Appointment of Trustees
The Trustees are also the directors of Grace Enterprises for the purpose of company law. The Articles of Association require a minimum of three directors and there is no maximum number.
All directors are subject to re-election on a three yearly basis at the Annual General Meeting, with no maximum length of service. Only the current directors can appoint new directors.
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
Reference and administrative details
Registered offce
1 Castle Boulevard Nottingham NG7 1FT
Trustees
The Trustees who served during the period were as follows:
John Philip Collinge Duncan Timothy Kingsley Miller Jeremy Dykes Dr Graham Stephen Bowpitt Selina Lee Dr Loyin Olotu-Umoren
CEO
Matt Parfitt
Accountants
Andy Nash Accounting & Consultancy Units 24 & 25 Goodsheds Container Village Hood Road Barry CF62 5QU
Independent examiners
John O’Brien CA Plus Units 1 and 2 North West 41 Talbot Street Nottingham NG1 5GL
Statement of Board of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the excess of expenditure over income for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
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state whether applicable UK Accounting Standards have been followed, subject to any material
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departures disclosed and explained in the financial statements; and,
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prepare the financial statements on the going concern basis unless it is inappropriate to presume
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that the charitable company will continue its activities.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and 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 have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In addition, the Trustees confirm that they are happy that the content of the annual review on pages 3 to 9 of this document, meet the requirements of both the Trustees’ Annual Report under charity law and the Directors’ Report under company law.
They also confirm that the financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011, 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) second edition (effective 1 January 2019)’, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Trustees confirm that:
• so far as each Trustee is aware, there is no relevant information of which the Charity’s independent examiner is unaware; and,
• each Trustee has taken all the steps that they should have taken as a Trustee/Director in order to make themselves aware of any relevant independent examination information and to establish that the Charity’s independent examiner is aware of that information.
Preparation of the report
This report has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006, and the exemptions available for smaller charities under the Statement of Recommended Practice.
This report was approved and authorised for issue by the Board of Trustees on 28 March 2023 and signed on its behalf by:
J. P. Collinge
J. P. Collinge (Jun 20, 2023 09:38 GMT+1)
JOHN PHILIP COLLINGE
TRUSTEE
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
Independent examiner’s report
I report to the Trustees on my examination of the accounts of Grace Enterprises Nottingham Limited (charity number 1189538, company number 12579103) for the period ended 31 December 2022 which are set out on pages 12 to 22.
Respective responsibilities of trustees and examiner
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (‘the 2011 Act’) nor under Part 16 of the 2006 Act, and that an independent examination is needed.
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, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
• to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and,
- to state whether particular matters have come to my attention.
This report, including my statement, has been prepared for and only for the Charity’s Trustees as a body. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body for my examination work, for this report, or for the statements I have made.
Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters.
The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
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 am a member and Fellow of the Association of Charity Independent Examiners, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Company as required by section 386 of the
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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,
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
• 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.
JOHN O’BRIEN
MSc, FAIA, FCCA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners FAIA, FCCA, FCIE
DATE: 20 JUNE 2023
Community Accounting Plus Units 1 and 2, North West 41 Talbot Street Nottingham. NG1 5GL
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
Statement of financial activities
Incorporating the Income and Expenditure Account & Statement of Realised Gains and Losses
For the period ended 31 December 2022
| Notes Income from: Donations and legacies 3 Charitable activities 4 Other Total income Expenditure on: Charitable activities 5 Total expenditure Net income/(expenditure) Reconciliation of funds Funds brought forward 10 & 11 Funds carried forward 10 & 11 |
Unrestricted Restricted Total Total funds funds funds funds Period ended Period ended Period ended Period ended 31 Dec 2022 31 Dec 2022 31 Dec 2022 31 Aug 2021 £ £ £ £ 93,719 61,000 154,719 42,880 48,900 - 48,900 49,250 - - - 602 |
|---|---|
| 142,619 61,000 203,619 92,732 |
|
| 162,630 61,000 223,630 57,130 |
|
| 162,630 61,000 223,630 57,130 |
|
| (20,011) - (20,011) 35,602 35,602 - 35,602 - |
|
| 15,591 - 15,591 35,602 |
The notes on pages 14 to 22 form part of the financial statements.
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
Balance sheet
As at 31 December 2022
| Notes Fixed assets Investments 7 Current assets Debtors 8 Cash at bank Total current assets Creditors: Amounts falling due within one year 9 Net current assets Net assets Funds of the charity Unrestricted funds 10 & 11 Restricted funds 10 & 11 Total funds |
£ 1,277 26,356 |
Total funds 31 Dec 2022 £ 2 15,589 |
£ 347 38,367 |
Total funds 31 Aug 2021 £ 1 35,601 |
|---|---|---|---|---|
| 27,633 (12,044) |
38,714 (3,113) |
|||
| 15,591 | 35,602 | |||
| 15,591 - |
35,602 - |
|||
| 15,591 | 35,602 |
The notes on pages 14 to 22 form part of the financial statements.
The financial statements have been prepared in accordance with section 415A of the Companies Act 2006 relating to small companies and FRS 102 Section 1A.
The charitable company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the period ended 31 December 2022, and the members have not required the charitable company to obtain an audit of its financial statements for the period ended 31 December 2022 under section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
They were approved and authorised for issue by the Board of Trustees on 28 March 2023 and signed on their behalf by:
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J. P. Collinge
J. P. Collinge (Jun 20, 2023 09:38 GMT+1)
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JOHN PHILIP COLLINGE
TRUSTEE
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
Notes to the financial statements
1. Accounting policies
Basis of preparation of the financial statements
The financial statements have been prepared in accordance with ‘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) second edition (effective 1 January 2019)’, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including Update Bulletin 1, and the Companies Act 2006.
The effect of any event relating to the year ended 31 December 2022, which occurred before the date of approval of the financial statements by the Board of Trustees has been included in the financial statements to the extent required to show a true and fair view of the state of affairs at 31 December 2022 and the results for the year ended on that date.
The functional currency of the Charity is GBP and amounts in the financial statements are rounded to the nearest pound.
Under the exemption available to smaller charities the Board of Trustees has chosen not to include a
Statement of Cash Flows within the financial statements.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The financial statements have been prepared on the going concern basis. The Board of Trustees recognise that reserves at the end of the period were temporarily below policy requirements, and are satisfied that the 2023 budget will restore them to required levels.
Legal status
Grace Enterprises Nottingham Limited is a charitable company registered in England & Wales and meets the definition of a public benefit entity. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member. The registered address is 1 Castle Boulevard, Nottingham, NG7 1FT.
Change in accounting period
During the current financial period the Trustees agreed to amend the accounting year end date from 31 August to 31 December, via a resolution at the board meeting on 26 July 2022, and to apply this to the period that commenced on 1 September 2021 and ran until 31 December 2022. This decision was made to ensure that the financial statements fitted more closely to the activities of the charity and subsidiaries, and also to ensure consistency across all businesses.
Fund Accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds are unrestricted funds which have been designated for a specific purpose by the Trustees. The aim and use of each designated fund is set out in note 10 of the financial statements.
Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or that have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in note 10 of the financial statements.
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
1. Accounting policies (continued from previous page)
Income
Income is recognised when the Charity has entitlement to the funds, any performance indicators attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Donations are recognised in full in the Statement of Financial Activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy. Gift aid receivable is included when claimable.
Grant income is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless the grant relates to a future period, in which case it is deferred.
Income from charitable activities, including national office and On Track contributions, is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless it relates to a specific future period or event, in which case it is deferred.
Interest is recorded when it is receivable.
Expenditure and irrecoverable VAT
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities.
Indirect costs, including governance costs, which cannot be directly attributed to activities, are allocated proportionate to total direct costs allocated to each project area, as outlined in note 5 of the financial statements.
Irrecoverable VAT is charged against the category of expenditure for which it was incurred.
Tangible fixed assets and depreciation
All assets costing more than £1,000 are capitalised.
There are currently no assets held by the Charity over this amount.
Cash at bank and in hand
Cash at bank and in hand includes cash in hand, deposits with banks and funds that are readily convertible into cash at, or close to, their carrying values but are not held for investment purposes.
Debtors and prepayments
Trade and other debtors are recognised at the settlement amount after any trade discount is applied. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors and accruals
Creditors 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.
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
1. Accounting policies (continued from previous page)
Critical estimates and judgements
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The annual depreciation charge for tangible fixed assets is sensitive to changes in useful economic lives and residual values of assets. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
Financial instruments
Basic financial instruments are measured at amortised cost other than investments which are measured at fair value.
Fixed asset investments
Fixed asset investments are measured at cost less impairment on the basis that they represent shares in entities that are not publicly traded and for which the fair value cannot otherwise be measured reliably.
2. Comparative statement of fnancial activities
| Notes Income from: Donations and legacies 3 Charitable activities 4 Other Total income Expenditure on: Charitable activities 5 Total expenditure Net income/(expenditure) Reconciliation of funds Funds brought forward 10 & 11 Funds carried forward 10 & 11 |
Unrestricted Restricted Total funds funds funds Period ended Period ended Period ended 31 Aug 2021 31 Aug 2021 31 Aug 2021 £ £ £ 42,880 - 42,880 49,250 - 49,250 602 - 602 |
|---|---|
| 92,732 - 92,732 |
|
| 57,130 - 57,130 |
|
| 57,130 - 57,130 |
|
| 35,602 - 35,602 - - - |
|
| 35,602 - 35,602 |
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
3. Income from donations and legacies
| 4. Income from charitable activities Grants Donations Jubilee Events funding Grants Donations Management fees from other businesses Management fees from other businesses |
Unrestricted Restricted Total funds funds funds Period ended Period ended Period ended 31 Dec 2022 31 Dec 2022 31 Dec 2022 £ £ £ 56,500 - 56,500 37,219 - 37,219 - 61,000 61,000 |
|---|---|
| 93,719 61,000 154,719 |
|
| Unrestricted Restricted Total funds funds funds Period ended Period ended Period ended 31 Aug 2021 31 Aug 2021 31 Aug 2021 £ £ £ 5,000 - 5,000 37,880 - 37,880 |
|
| 42,880 - 42,880 |
|
| Unrestricted Restricted Total funds funds funds Period ended Period ended Period ended 31 Dec 2022 31 Dec 2022 31 Dec 2022 £ £ £ 48,900 - 48,900 |
|
| 48,900 - 48,900 |
|
| Unrestricted Restricted Total funds funds funds Period ended Period ended Period ended 31 Aug 2021 31 Aug 2021 31 Aug 2021 £ £ £ 49,250 - 49,250 |
|
| 49,250 - 49,250 |
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
5. Total expenditure
| pport costs includes: Staff costs Other direct costs and support to organisations Rent Business development and travel Support costs Staff costs Business development and travel Support costs Accountancy support IT costs Subscriptions Governance Other |
Unrestricted funds Period ended 31 Dec 2022 £ 132,079 3,641 8,000 11,368 7,542 |
Restricted Total funds funds Period ended Period ended 31 Dec 2022 31 Dec 2022 £ £ - 132,079 61,000 64,641 - 8,000 - 11,368 - 7,542 |
|---|---|---|
| 162,630 | 61,000 223,630 |
|
| Unrestricted funds Period ended 31 Aug 2021 £ 49,629 3,375 4,126 |
Restricted Total funds funds Period ended Period ended 31 Aug 2021 31 Aug 2021 £ £ - 49,629 - 3,375 - 4,126 |
|
| 57,130 | - 57,130 |
|
| Total Total funds funds Period ended Period ended 31 Dec 2022 31 Aug 2021 £ £ 1,646 1,600 1,246 488 1,119 911 1,515 800 2,016 327 |
||
| 7,542 4,126 |
Support costs includes:
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
5. Total expenditure (continued from previous page)
Governance costs includes:
| Independent examination Other |
Total Total funds funds Period ended Period ended 31 Dec 2022 31 Aug 2021 £ £ 1,500 800 15 - |
|---|---|
| 1,515 800 |
6. Staff costs
| Gross salaries Employer’s NIC Employer’s pension |
Total Total funds funds Period ended Period ended 31 Dec 2022 31 Aug 2021 £ £ 122,770 50,674 7,008 (2,143) 2,301 1,098 |
|---|---|
| 132,079 49,629 |
The average headcount during the period was 5 persons (16 month period ended 31 August 2021: 3 persons).
No employee received employee benefits of more than £60,000 (16 month period ended 31 August 2021: £NIL).
The total employee benefits paid to key management personnel during the year was £58,556 (16 month period ended 31 August 2021: £49,628).
Charity number 1189538 Company number 12579103
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Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
7. Fixed asset investments
| Cost Balance as of 1 September 2021 Additions Balance as of 31 December 2022 |
Total £ 1 1 |
|---|---|
| 2 |
The above investments reflects a 100% holding in the ordinary share capital of Radiant Cleaners Limited (company number: 11074139) and Jubilee Events Limited (company number: 13708047). Both have their registered office as 1 Castle Boulevard, Nottingham, NG7 1FT.
Grace Enterprises Nottingham Limited is exempt from producing consolidated financial statements as
the consolidated income figure across the group is below £1m.
Radiant Cleaners Limited
At 31 December 2022, the aggregate capital and reserves of the company amounted to £2,826 and the gross income, expenditure and loss for the period ended 31 December 2022 amounted to £312,012, £323,013 and (£11,001), respectively.
Jubilee Events Limited
At 31 December 2022, the aggregate capital and reserves of the company amounted to £598, and the gross income, expenditure and profit for the period ended 31 December 2022 amounted to £46,185, £45,587 and £598 respectively.
8. Debtors and prepayments
| Debtors and prepayments | |
|---|---|
| Prepayments | Total Total funds funds 31 Dec 2022 31 Aug 2021 £ £ 1,277 347 |
| 1,277 347 |
Charity number 1189538 Company number 12579103
20
Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
9. Creditors: amounts falling due within one year
| Trade creditors Accruals HMRC payable Other |
Total Total funds funds 31 Dec 2022 31 Aug 2021 £ £ 2,735 - 3,330 2,400 5,977 712 2 1 |
|---|---|
| 12,044 3,113 |
10. Analysis of charity funds
| Balance Income |
Expenditure | Transfers | Balance | |
|---|---|---|---|---|
| brought in the |
in the | between | carried | |
| forward period |
period | funds | forward | |
| Period ended Period ended |
Period ended | Period ended | Period ended | |
| 31 Dec 2022 31 Dec 2022 |
31 Dec 2022 | 31 Dec 2022 | 31 Dec 2022 | |
| £ £ |
£ | £ | £ | |
| Restricted funds | ||||
| Jubilee Events | - 61,000 |
(61,000) | - | - |
| Total restricted funds | - 61,000 |
(61,000) | - | - |
| Unrestricted funds | 35,602 142,619 |
(162,630) | - | 15,591 |
| Total funds | 35,602 203,619 |
(223,630) | - | 15,591 |
| ubilee Events | ||||
| hese were funds received from a number of sources to support the set-up of Jubilee Events Limited. | ||||
| Balance Income |
Expenditure | Transfers | Balance | |
| brought in the |
in the | between | carried | |
| forward period |
period | funds | forward | |
| Period ended Period ended |
Period ended | Period ended | Period ended | |
| 31 Aug 2021 31 Aug 2021 |
31 Aug 2021 | 31 Aug 2021 | 31 Aug 2021 | |
| £ £ |
£ | £ | £ | |
| Unrestricted funds | - 92,732 |
(57,130) | - | 35,602 |
| Total funds | - 92,732 |
(57,130) | - | 35,602 |
Jubilee Events
These were funds received from a number of sources to support the set-up of Jubilee Events Limited.
Charity number 1189538 Company number 12579103
21
Grace Enterprises Nottingham Limited Annual report and financial statements
Period ended 31 December 2022
11. Analysis of net assets
| Fixed assets Current assets Current liabilities Fixed assets Current assets Current liabilities |
Unrestricted Restricted Total funds funds funds 31 Dec 2022 31 Dec 2022 31 Dec 2022 £ £ £ 2 - 2 27,633 - 27,633 (12,044) - (12,044) |
|---|---|
| 15,591 - 15,591 |
|
| Unrestricted Restricted Total funds funds funds 31 Aug 2021 31 Aug 2021 31 Aug 2021 £ £ £ 1 - 1 38,714 - 38,714 (3,113) - (3,113) |
|
| 35,602 - 35,602 |
12. Trustee remuneration
During the year, no trustee received any remuneration (16 month period ended 31 August 2021: NIL). No members of the Board of Trustees received reimbursement of expenses (16 month period ended 31 August 2021: NIL).
13. Related party transactions
During the year there were no related party transactions other than total donations from trustees of £1,000 (16 month period ended 31 August 2021: NIL).
Charity number 1189538 Company number 12579103
22