Grace Enterprises Annual Report 2024
Registered charity number: 1189538 Company number: 12579103
FOR THE PERIOD 1 JANUARY TO 31 DECEMBER 2024
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Table of Contents Introduction Charitable Objectives Overview & Highlights Page 2 Page 3 Page 4 Employee Journey Barriers to Work Employees & Impact Page 6 Page 7 Page 8 Living Life Index Business Spotlights Wider Influence & The Future Page 10 Page 12 Page 15
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Transforming lives through supportive employment in our sustainable businesses
Grace Enterprises launched in 2017 to create a sustainable solution to one of the biggest challenges in society: long-term unemployment.
Unemployment has a detrimental effect on individuals, their families and wider communities, and it is an even greater challenge for those who experience multiple barriers to work due to adverse life events.
Our pioneering social enterprises (Radiant Cleaners, Jubilee Events and Half the Story) offer supportive employment to people who would otherwise struggle to find and keep a job. This makes a positive impact on those individuals’ lives, with signficant benefits for society.
2024 was a year of growth across our activities. Financially, we saw a 33% increase in our turnover. We provided more employment hours than ever before across the three social enterprises, creating 18 new job roles. Half the Story, which we launched in 2023, has become an award-winning biscuit company that sells nationally.
We also invested in building our foundations for future growth. We strengthened our core team by recruiting two new Operations Managers, and we appointed our first Chief Operating Officer to head up operations in the charity and across our businesses.
We moved our bakery and marquee equipment to a new location, creating a second office space and enabling increased production for Half the Story.
We’re incredibly grateful for what we were able to achieve in 2024, and we have ambitious plans for the next five years — watch this space!
Matt Parfitt Founder & CEO
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Charitable Objectives
Grace Enterprises works for the relief of unemployment for the public benefit in the United Kingdom by:
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establishing and supporting subsidiary companies to provide ethical employment opportunities for the long-term unemployed and others facing barriers to work
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providing assistance to individuals seeking employment and ongoing support to those who we employ
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influencing public policy and social attitudes towards the longterm unemployed and advocating the benefits of supportive employment
“I just want to say how amazing it is, how well you’ve looked after me.” Radiant Cleaners employee
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Life-changing Businesses
A family of social enterprises with a vision for excellence , employment and ethics .
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2017 2022 2023 2026
Radiant JUBILEE ...we’re working
Cleaners EVENTS on it!
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2024 Highlights
22,500+ Hours
We created over 22.5k hours of Real Living Wage employment this year. That’s more than ever.
One to Watch
Our biscuit business was awarded One To Watch at the Social Enterprise UK Awards in December.
18 New Employees
We welcomed 18 new employees into a supportive job during 2024.
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~~l~~ Emp oyee Journey
APPLYING ONBOARDING WORKING SETTLING IN PROGRESSING MOVING ON Richard is Great news! Richard is now in Now that Richard Richard is getting Richard is experiencing major Richard was a post and is working on well and can working towards barriers to work. good fit for the continues to have steadily, he has take advantage personal goals, role and begins LLRs and regular LLRs to of opportunities engaging in He applies for a job working for a GE mentoring, plus reflect on like increased community and in one of our business. Professional wellbeing and hours, more finding selfbusinesses. Development provide an responsibility, or initiated support. He attends his first Reviews. opportunity for maybe a move He’s considering He has access to Living Life Review holistic support into a role at a his career future support and (LLR) to set shortHis working and signposting. different GE — either at a GE signposting. He term and longmilestones are business. business or attends an term goals. He’s celebrated and further informal interview also given access he’s invited to employment and has a work to regular team social elsewhere. trial. meetings with a events. mentor.
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Barriers to Work
45% of employees have struggled with mental health.
45%
“I came from a background of homelessness and addiction.” Half the Story employee
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41%
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41% of Grace Enterprises employees had previously been unemployed for 12+ months.
According to the Learning and Work Institute, this can have a ‘significant impact’ and make it much harder to find work.
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30% 24% 24%
English as a Homelessness Disability
second language
17% 16% 15%
In trouble Drug misuse Refugees
with police
13% 12% 11%
Domestic Alcohol Learning
difficulties
violence
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Other major barriers to work:
Figures relate to all employees up to December 2024.
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Our Employees
“I feel more open now. Getting out there. I feel happy.” Radiant Cleaners employee
60 employees in 2024
128 employees (all time, as of Dec 2024)
Percentage of employees experiencing major barriers to work:
62%
Percentage of employees experiencing some barriers to work:
24%
Percentage of employees with no specific barriers to work:
14%
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Positive Impact
93% of our team agree that working for a Grace Enterprises business has a positive effect on their life.
“It’s proper targeted support in areas where it’s needed.” Half the Story employee
Our employees’ responses to the statement: Working for Grace Enterprises positively impacts my life.
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Neutral Disagree
7% 2%
Strongly
Agree Agree
25% 66%
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Mentoring
As well as holistic in-work support, every employee has the option to access mentoring. We have a team of volunteer mentors who offer additional 1:1 encouragement and support.
employees met regularly with a mentor in 2024 11
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Living Life Index
Our Living Life Index (LLI) enables us to effectively support staff throughout their employment.
In regular one-to-one reviews, we help employees to reflect on various areas of their life.
It’s one way of ensuring that those with barriers to work continue to thrive holistically and move forward.
Through our LLI we can:
Facilitate transformation through reflection, action-planning and signposting.
Monitor transformation holistically to measure our social impact.
Increase our effectiveness at transformation by providing insights to improve our employment model.
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Physical PurposE
Health
Mental
Hope
Health
Living
Relationships
Life Self Esteem
Index
Finances
autonomy
Housing
Workplace
Skills
Drugs and
transferable
Alcohol skills
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Living Life Impact
Here is a real life example of an LLI review.
Helen* gave the first set of responses at the beginning of employment (in purple) and the second set after six months (in yellow).
From Helen’s review data we can see a significant increase in how they’ve reported their self-esteem, workplace skills and mental health.
This check-in process also gives us the opportunity to explore any areas of decrease, and look at future plans.
*name changed for privacy
We carried out 91 Living Life Reviews in 2024. 91
That’s over 68 hours of one-to-one support.
Living Life Review monitoring for Helen*
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Start of Employment At 6 Months
+50%
Purpose +167%
Mental
10 Self
Health Physical Health Hope Esteem
8
6
Mental Health Self Esteem
4
2
Relationships 0 Autonomy
Finances Transferable Skills
Housing Workplace Skills
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Drugs & Alcohol
+67% Workplace Skills
“The whole ethos of your business has helped S to thrive, and changed their life (both inside and outside of work) for the better.”
Nottingham County Council Support Worker
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Before Heather came to Half the Story, she had struggled to find work:
“I was homeless for a while. To look for a job while you're homeless is not easy... To find a job that I can take my son to school then manage to pick him up as well is nearly impossible.”
Heather shared about the impact working at Half the Story has had.
“My mental wellbeing is much relaxed. It gives me that stability for myself and for him as well.”
6000+
hours of Living Wage work
20 Employees (as of December 2024)
She came to work for us in September 2024.
“ It felt like it was a Godsend for me to come and be able to say when I pick my son from school: Mommy what have you been doing? Then I just explained it to him with a smile that this is what I did today.”
“One to watch”
Social Enterprise UK award winner
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“Working with Jubilee Events, it was very adventurous. [It] took me places I’ve never been before, which is nice, and I met new friends as well. And to me, it’s been very exciting ever since.”
Keiron came to the UK and needed to find a job, which was when he was signposted to Jubilee Events. He shared his experience of joining our team.
JUBILEE EVENTS
“I was a bit nervous, not knowing what to do. But as the shifts go by, I started getting used to the way things run. And yeah. I feel like I know a good amount. So, you know, I can like finish taking care of myself.”
1140+ hours of Living Wage work
Keiron described his favourite bits about working at Jubilee Events, and how it has benefited him.
Every event is a different scene, so something different, new challenges, different atmosphere.”
11 Employees
“The service they provided was spot on and it felt extra special that they are a social enterprise and that the profits made were reinvested into worthy causes.”
(as of December 2024)
Jubilee Events wedding customer
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Radiant Cleaners
15,000+ hours of Living Wage work
26 Employees
(as of December 2024)
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Judy* started working at Radiant Cleaners in March 2023. Aside from some volunteering, she hadn’t had a job for 27 years.
“I didn’t have much confidence. I was very quiet... I thought I wouldn’t get the job.”
Judy spoke about how working at Radiant Cleaners has helped her.
“I feel more open now. Getting out there. I feel happy... My friend who lives two doors down said, “I can’t believe how far you’ve come along!”
Judy experienced unexpected, difficult family circumstances whilst working at Radiant Cleaners.
During this time we were able to give her flexible work shifts and time off. She also received financial advice when she got behind on her mortgage payments.
“I just want to say how amazing it is, and how well you’ve looked after me.”
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name changed for privacy
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“Radiant are the best we've ever had the pleasure of working with.”
Radiant Cleaners customer
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Wider Influence
As a pioneering organisation we want to inspire systemic change in Nottingham and beyond.
Through meaningful partnerships we believe we can make a sustainable impact in society.
Churches That Change Communities Conference
Our CEO Matt spoke at this national conference, sharing how churches can provide employment pathways to help direct people out of poverty.
Grace Enterprises Open Days
The subsequent press story highlighted the ways in which large organisations can increase social value in their supply chain.
We held our first open day in November 2024, with the aim of inspiring and equipping a variety of organisations and individuals to create and develop supportive job opportunities in their context.
Social Value conversations
Matt was invited to speak at various national events about ESG and social impact, including the 2024 Social Value Conference. He also shared insights with the Living Wage Foundation, Gather Movement, SEUK and the Centre for Social Justice.
This was well received, with one attendee saying it was “so helpful and inspiring”.
LNER success
Half the Story landed a contract supplying LNER’s first class passengers with life-changing biscuits in the King’s Cross lounge.
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The Future
Over the next year we aim to:
Grow our businesses and create more employment hours
Develop our LLI app to strengthen our employee support
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Strengthen our communications team to broaden our reach and impact
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Invest in business development to see our three social enterprises reach new markets
Explore options scaling and replicating Half the Story across the UK
Strategise for a fourth social enterprise
“Better year than last. Health and work. Eternally grateful to all at Radiant. Looking forward to 2025.”
Radiant Cleaners employee
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Changing Lives Together
Key Partners
Grace Enterprises was launched by Grace Church Nottingham who continue to provide invaluable support.
Funders:
Half the Story is a joint venture with Green Pastures , a housing charity whose partnership has been vital.
Proud to work with:
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We are proud to partner with the Living Wage Foundation , paying the real Living Wage across all our social enterprises.
We are grateful for the influential work of Social Enterprise UK , championing social value and a fairer world.
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Structure, Governance and Management
Nature of governing document:
Grace Enterprises Nottingham Ltd 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. It has no share capital and the liability of each member in the event of winding-up is limited to £1.
Small companies provision statement:
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Relationships with related parties:
The charity wholly-owns two trading companies called Radiant Cleaners Limited (company #11074139) and Jubilee Events Limited (company #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 charity also holds 50% of the voting rights in Half the Story LLP (company #OC448940).
Objectives and activities:
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Trustees
Phil Collinge Graham Bowpitt Selina Lee
Duncan Miller Jeremy Dykes Lindsay Cressey (appointed 25 April 2025) Udeme Nkanga (appointed 25 April 2025) Joy Igbinnosa (appointed 25 April 2025) Joseph Agunbiade (appointed 25 April 2025) Steve Towler (appointed 25 April 2025) Loyin Olutu-Umoren (resigned 31 July 2024)
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Trustee Responsibilities
The Trustees (who are also the directors of Grace Enterprises Nottingham Ltd 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material 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 that the charitable company will continue in business.
Company law requires the Trustees to prepare financial statements for each financial year. 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 incoming resources and application of resources, including its income and expenditure, of the charitable company for that period.
The Trustees are responsible for keeping proper accounting records that can 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.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Financial Review
Financial Outcome & Reserves
For the 12 month period ending on 31 December 2024, Grace Enterprises Nottingham Ltd had a surplus of £15,203 (31 December 2023: £16,969).
This resulted in funds carried forward of £47,763 (31 December 2023: £32,560).
Of the reserves held at period end, £47,763 were unrestricted in nature.
Financial Summary
Grace Enterprises’ principal source of funds comes through management fees from its trading subsidiaries. This is supplemented by grants from trusts and foundations, and monthly support from independent donors.
The main expenditure includes salaries and the provision of holistic support for our beneficiaries.
Reserves Policy
The Trust aims to hold Reserves (unrestricted liquid assets that are not designated to any other purpose apart from as a reserve fund) that equate to between 3 and 6 months of the Charity’s salaries and fixed costs.
The Trustees believe that 3 months 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 employees to be made redundant, paying them for their notice period and any Statutory Redundancy Pay to which they were entitled. Reduced operations could then be maintained by volunteers. The Trustees believe that 6 months is the correct maximum level of reserves, because if more were held, this would unnecessarily tie up donors’ money.
At 31 December 2024 the reserves were slightly below the lower limit, so the Trustees have approved budgets which would restore reserves to the level dictated by the policy in the next financial year.
The Trustees monitor the level of the Trust’s Reserves on a bi-monthly basis. The Trustees review the Reserves Policy on an annual basis and whenever a major change is made to the Risk Register.
Approval & Authorisation
This report was approved and authorised for issue by the Board of Trustees on 29 July 2025 and signed on its behalf by:
Phil Collinge Chair of Trustees
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Independent Examiner’s Report
I report to the charity trustees on my examination of the accounts of Grace Enterprises Nottingham Limited (charity number 1189538, company number 12579103) for the year ended 31 December 2024.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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.
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.
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1.Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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2.The accounts do not accord with those records; or
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3.The accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4.The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
John O’Brien MSc, FAIA, FCIE, Fellow of the Association of Charity Independent Examiners Date: 29 July 2025
Community Accounting Plus, Units 1 & 2 North West 41 Talbot Street, Nottingham NG1 5GL
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Accounts
Statement of financial activities
Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses
For the year ended 31 December 2024 (31 December 2023)
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Note Unrestricted funds (£) Total 2024 (£) Total 2023 (£)
Income and Endowments from:
Donations and legacies 2 121,271 121,271 102,733
Charitable activities 3 119,868 119,868 77,588
Investment income 5 706 706 -
Other income 6 2,215 2,215 473
Total income 244,060 244,060 180,794
Expenditure on:
Charitable activities 7 (228,857) (228,857) (163,825)
Total expenditure (228,857) (228,857) (163,825)
Net income / (expenditure) 15,203 15,203 16,969
Net movement in funds 15,203 15,203 16,969
Reconciliation of funds
Total funds brought forward 32,560 32,560 15,591
Total funds carried forward 14 47,763 47,763 32,560
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The notes on pages 26 to 43 form an integral part of these financial statements.
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Accounts
Statement of financial activities
Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses
Thses are figures for the previous accounting period and are included for comparative purposes.
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Note Unrestricted funds 2023 (£) Total 2023 (£)
Income and Endowments from:
Donations and legacies 2 102,733 102,733
Charitable activities 3 77,588 77,588
Other income 6 473 473
Total income 180,794 180,794
Expenditure on:
Charitable activities 7 (163,825) (163,825)
Total expenditure (163,825) (163,825)
Net income/(expenditure) 16,969 16,969
Net movement in funds 16,969 16,969
Reconciliation of funds
Total funds brought forward 15,591 15,591
Total funds carried forward 15 32,560 32,560
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The notes on pages 26 to 43 form an integral part of these financial statements.
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Company number: 12579103
Accounts
Balance sheet
As at 31 December 2024
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Note 2024 (£) 2023 (£)
Fixed assets
Investments 9 2 2
Tangible assets 10 11,599 -
11,601 2
Current assets
Debtors 11 40,776 30,736
Cash at bank and in hand 12 134,823 32,187
175,599 62,923
Creditors: amounts falling due within one year 13 (103,935) (29,365)
Net current assets 71,664 33,558
Total assets less current liabilities 83,265 33,560
Creditors: amounts falling due after more than one year 14 (35,502) (1,000)
Net assets 47,763 32,560
Funds of the charity:
Unrestricted funds 47,763 32,560
Total funds 15 47,763 32,560
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The notes on pages 26 to 43 form an integral part of these financial statements.
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Accounts
Balance sheet continued
Company number: 12579103
As at 31 December 2024
For the financial year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 26 to 43 were approved by the trustees, and authorised for issue on 29 July 2025 and signed on their behalf by:
Phil Collinge Chair of Trustees
The notes on pages 26 to 43 form an integral part of these financial statements.
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Accounts
Notes to the financial statements
For the year ended 31 December 2024
1 Accounting Policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Grace Enterprises Nottingham Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The functional currency of the charity is GBP and amounts in the financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
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Accounts
Exemption from preparing a cash flow statement
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.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date.
In the event that a donation is
subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met.
Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Notes to the financial statements
For the year ended 31 December 2024
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
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Accounts
Charitable activities
Charitable expenditure comprises those costs incurred by the charity 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.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income
or gains are applied exclusively to charitable purposes.
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.
Tangible fixed assets
Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Notes to the financial statements
For the year ended 31 December 2024
Computer equipment: 25% straight line
Motor vehicles: 33% straight line
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
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Accounts
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Pensions and other post-retirement obligations
The charity operates a defined contribution pension scheme, which is a pension plan under which fixed contributions are paid into a pension fund. The charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to
Notes to the financial statements
For the year ended 31 December 2024
employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Accounts
Notes to the financial statements
For the year ended 31 December 2024
2 Income from donations and legacies
| Unrestricted funds General (£) |
Total 2024 (£) | Total 2023 (£) | |
|---|---|---|---|
| Donations and legacies: | |||
| Donations from companies, trusts and similar proceeds | 485 | 485 | 29,236 |
| Donations from individuals | 27,786 | 27,786 | 13,897 |
| Grants, including capital grants: | |||
| Grants from other charities | 93,000 | 93,000 | 59,600 |
| 121,271 | 121,271 | 102,733 | |
| 3 Income from charitable activities | |||
| Unrestricted funds General (£) |
Total 2024 (£) | Total 2023 (£) | |
| Management fees | 117,827 | 117,827 | 77,588 |
| Other income | 2,041 | 2,041 | - |
| 119,868 | 119,868 | 77,588 |
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Notes to the financial statements
For the year ended 31 December 2024
4 Grants & donations
| Unrestricted Funds (£) | Restricted Funds | Total (£) | |
|---|---|---|---|
| The Randal Foundation | 30.000 | - | 30,000 |
| The Bishop Radford Trust | 21,000 | - | 21,000 |
| Thrive | 15,000 | - | 15,000 |
| The Fore | 9,000 | - | 9,000 |
| The Laing Family Trusts | 8,000 | - | 8,000 |
| The Trusted Executive Charitable Foundation | 5,000 | - | 5,000 |
| Sundry donations & gift aid | 27,133 | - | 27,133 |
| Regular giving | 6,138 | - | 6,138 |
| 121,271 | - | 121,271 | |
| 5 Investment income | |||
| Unrestricted Funds General (£) |
Total 2024 (£) | Total 2023 (£) | |
| Interest receivable on bank deposits | 706 | 706 | - |
| 706 | 706 | - |
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Notes to the financial statements For the year ended 31 December 2024
| 6 Other income | |||
|---|---|---|---|
| Unrestricted Funds General (£) | Total 2024 (£) | Total 2023 (£) | |
| Income from trading subsidiary | 2,215 | 2,215 | 473 |
| 2,215 | 2,215 | 473 |
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Accounts
Notes to the financial statements
For the year ended 31 December 2024
7 Expenditure on charitable activities
| Unrestricted Funds General (£) | Total 2024 (£) | Total 2023 (£) | |
|---|---|---|---|
| Salaries, NI & pensions | 179,841 | 179,841 | 130,257 |
| Staff travel & subsistence | 6,246 | 6,246 | 2,206 |
| Staff training & development | 397 | 397 | 522 |
| Staff wellbeing | 320 | 320 | 457 |
| Professional services - finance | 15,287 | 15,287 | 14,863 |
| Depreciation | 1,464 | 1,464 | - |
| IT costs | 1,352 | 1,352 | - |
| Marketing & PR | 934 | 934 | - |
| Premises costs | 16,450 | 16,450 | 12,600 |
| Office equipment | 133 | 133 | 27 |
| Communications | 1,464 | 1,464 | 2,195 |
| Bank charges & loan interest | 2,680 | 2,680 | 252 |
| Sundry expenses | 18 | 18 | 8 |
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Accounts
Notes to the financial statements
For the year ended 31 December 2024
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7 Expenditure on charitable activities (cont.)
Unrestricted Funds General (£) Total 2024 (£) Total 2023 (£)
Uniforms 58 58 32
Printing, postage & stationery 355 355 68
Insurance 1,070 1,070 338
Motor vehicle expenses 788 788 -
228,857 228,857 163,825
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Accounts
Notes to the financial statements
For the year ended 31 December 2024
8 Staff Costs
The aggregate payroll costs were as follows:
| The aggregate payroll costs were as follows: | ||
|---|---|---|
| Total 2024 (£) | Total 2023 (£) | |
| Staff costs during the year were: | ||
| Wages and salaries | 166,755 | 123,023 |
| Social security costs | 9,367 | 4,675 |
| Pension costs | 3,719 | 2,559 |
| 179,841 | 130,257 | |
| The monthly average number of persons (including senior management team) employed by the charity during the year was as follows: |
||
| 2024 | 2023 | |
| Average numbers of employees | 7 | 6 |
The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:
| was as follows: | ||
|---|---|---|
| 2024 | 2023 | |
| Average numbers of employees | 7 | 6 |
7 (2023: 6) of the above employees participated in the Defined Contribution Pension Scheme. Contributions to the employee pension schemes for the year totalled £3,719 (2023: £2,559). No employee received emoluments of more than £60,000 during the year.
The total employee benefits of the key management personnel of the charity were £52,385 (2023: £47,534).
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Accounts
Notes to the financial statements
For the year ended 31 December 2024
| 9 Fixed asset investments | ||
|---|---|---|
| Shares in group undertakings and participating interests: | Subsidiary Undertakings (£) | Total (£) |
| Cost | ||
| At 1 January 2024 | 2 | 2 |
| At 31 December 2024 | 2 | 2 |
| Net book value | ||
| At 31 December 2024 | 2 | 2 |
| At 31 December 2023 | 2 | 2 |
Details of undertakings
Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital or voting rights are as follows:
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Undertaking Country of incorporation Holding Proportion of voting rights and / or shares
Subsidiary Undertakings 2024 2023
Radiant Cleaners Ltd England & Wales Ordinary share 100% 100%
Jubilee Events Ltd England & Wales Ordinary share 100% 100%
Joint Ventures 2024 2023
Half the Story LLP England & Wales Designated Member 50% 50%
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Accounts
Subsidiaries
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.
The principal activity of Radiant Cleaners is to see lives transformed through supportive employment, using commercial cleaning as the particular vehicle.
The principal activity of Jubilee Events is to see lives transformed through supportive employment, using marquee hire and event management as the particular vehicle.
The profit for the year ended 31 December 2024 for Radiant Cleaners was £2,050 (2023: £3,420) and the aggregate amount of capital & reserves at the end of the period was £7,823 (2023: £6,246).
The loss for the year ended 31 December 2024 for Jubilee Events was £1,306 (2023: profit £1,364) and the aggregate amount of capital & reserves at the end of the period was £657 (2023: £1,963).
Notes to the financial statements
For the year ended 31 December 2024
Joint Ventures
Grace Enterprises Nottingham Limited is a Designated Member of Half the Story LLP (company number: OC448940), holding 50% of the voting rights. Its registered office is 1 Castle Boulevard, Nottingham, NG7 1FT.
The principal activity of Half the Story is to see lives transformed through supportive employment, using biscuit baking as the particular vehicle.
The loss for the year ended 31 March 2025 for Half the Story was £175,720 (31 March 2024: £99,920).
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Accounts
Notes to the financial statements
For the year ended 31 December 2024
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10 Tangible fixed assets
Motor vehicles (£) Computer equipment (£) Total (£)
Cost
Additions 11,034 2,029 13,063
At 31 December 2024 11,034 2,029 13,063
Depreciation
Charge for the year 1,379 85 1,464
At 31 December 2024 1,379 85 1,464
Net book value
At 31 December 2024 9,655 1,944 11,599
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Accounts
Notes to the financial statements
For the year ended 31 December 2024
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2024 (£) 2023 (£)
11 Debtors
Trade debtors - 8,385
Due from group undertakings 39,034 21,473
Prepayments 1,742 878
40,776 30,736
12 Cash and cash equivalents
Cash at bank 134,823 32,187
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Accounts
Notes to the financial statements
For the year ended 31 December 2024
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2024 (£) 2023 (£)
13 Creditors: amounts falling due within one year
Trade creditors 1,795 1,353
Other loans 9,055 12,000
Due to group undertakings 968 -
Other taxation and social security 3,350 3,031
Other creditors 715 7,833
Accruals 88,052 5,148
103,935 29,365
14 Creditors: amounts falling due after one year
Other loans 35,502 1,000
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Other borrowings
Green Pastures with a carrying amount of £1,000 (2003: £13,000) is denominated in Sterling with a nominal interest rate of 0% (2023: 0%). The final instalment is due on 1 January 2025.
Repayment is by monthly instalments of £1,000 for 20 months from June 2023.
Thrive with a carrying amount of £43,557 (2023: £Nil) is denominated in Sterling with a nominal interest rate of 7.5% (2023: 0%). The final instalment is due on 31 August 2029.
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Accounts
Notes to the financial statements
For the year ended 31 December 2024
| 15 Funds | ||||
|---|---|---|---|---|
| 2024 | Balance at 1 January 2024 (£) |
Incoming resources (£) |
Resources expended (£) |
Balance at 31 December 2024 (£) |
| Unrestricted funds | ||||
| General | ||||
| General fund | 32,560 | 244,060 | (228,857) | 47,563 |
| 2023 | ||||
| Balance at 1 January 2023 (£) |
Incoming resources (£) |
Resources expended (£) |
Balance at 31 December 2023 (£) |
|
| Unrestricted funds | ||||
| General | ||||
| General fund | 15,591 | 180,794 | (163,825) | 32,560 |
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Accounts
Notes to the financial statements
For the year ended 31 December 2024
16 Analysis of net assets between funds
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2024 Unrestricted Funds General (£) Total Funds 2024 (£)
Tangible fixed assets 11,599 11,599
Fixed asset investments 2 2
Current assets 175,599 175,599
Current liabilities (103,935) (103,935)
Creditors over 1 year (35,502) (35,502)
Total net assets 47,763 47,763
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| 2023 | Unrestricted Funds General (£) | Total Funds 2023 (£) |
|---|---|---|
| Fixed asset investments | 2 | 2 |
| Current assets | 62,923 | 62,923 |
| Current liabilities | (29,365) | (29.365) |
| Creditors over 1 year | (1,000) | (1,000) |
| Total net assets | 32,560 | 32,560 |
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Accounts
Notes to the financial statements
For the year ended 31 December 2024
17 Fees Payable to Independent Examiner
During the period, the fees payable (excluding VAT) to the charity’s independent examiner Community Accounting Plus are analysed as follows:
| 2024 (£) | 2023 (£) | |
|---|---|---|
| Independent Examination | 1,000 | 1,080 |
| 1,000 | 1,080 |
18 Taxation
The charity is a registered charity and is therefore exempt from taxation.
19 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
20 Related party transactions
There were no related party transactions in the year.
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Legal and Administrative Information
Registered Address
Trustees
Phil Collinge The Ministry Duncan Miller 1 Castle Boulevard Jeremy Dykes Nottingham Graham Bowpitt NG7 1FT Selina Lee Lindsay Cressey Charity Number Udeme Nkanga 1189538 Joy Igbinnosa Joseph Agunbiade Company Number Steve Towler 12579103
CEO
Matt Parfitt
Accountants
Beehive The Barn, Kings Newton Hall Main Street Kings Newton DE73 8BX
Independent Examiner John O’Brien CA Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
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Partner With Us
0115 698 0224 info@GraceEnterprises.co.uk GraceEnterprises.co.uk Join our mailing list:
G R A C E E N T E R P R I S E S N O T T I N G H A M L T D Registered charity number: 1189538 Company number: 12579103