Saved By Grace Foundation Trustees' Report and Unaudited Accounts 31 December 2023 Saved By Grace Foundation Contents ||Pages| |---|---| |Trustees'AnnualReport|1| |IndependentExaminer'sReport|4| |Statement of FinancialActivities|5| |SummaryIncomeandExpenditure Account|6| |BalanceSheet|7| |Statement ofCashflows|8| |Notesto the Accounts|9 to 13| |DetailedStatement of FinancialActivities|14| Page 1 Saved By Grace Foundation Trustees Annual Report The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Company No. Charity No. 1199695 Principal Office 43 Graveney Place Milton Keynes MK6 3LU Registered Office 43 Graveney Place Springfield Milton Keynes MK6 3LU Directors and Trustees The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year: Dr Peter Adura Lois Adura Prof Kohol Iornem Rev Fr Emmanuel Okami Key Management Personnel Chair Lois Adura Trustee Dr Peter Terfa Adura Accountants Anchor Business Solution - 1 24 Acorn House, 351-397 Midsummer Boulevard Milton Keynes Bucks MK9 3HP Bankers Cashplus Bank London SE1 2QG Page 2 Saved ey Grnce Foundatlon T￿stee$ Annual Report OalEcnvES AND AcnvmES saved ByGra¢e Ftyjndailon Is a charitable non.profit oryanliallon sei up to provide support to vulnerable and disadvantaced pers￿5 WitNn Mllion Keynes ctymfflvnrtles habini Issues like dome5ticabuse, destitutlon, lamily problems, home￿$S￿ess. immiiTrtion and *al challenie5. The foundation helps these Indivlduals navi8aie social setyices and build ctmfidence to Seek for help. l. Create awareness: 8yslenp0511r¢and ed￿311￿ the ¢•mrnw4iy about the •vallable resouices and support for them. 2. Emptrwefment ihity4h education: Reliew poveftytrrffatlhtati￿ a¢￿519 ed￿4¢m)n and ba51c lile skills 3. To pro¥ideac¢e5S toessenilal servi￿. Offer lood. (1)th¥￿ and shelter iothose In need. 4.To promote ¢tynmunity¢olaborntion: F051er partnerslmps Tp*th kKal ayn¢iesand Orcanliati￿1 to enh•nce support ser¥ices forwknerable indi¥ith4lk 5. Advocacy TheTwsiees are rt5wnslble for keeimry proper accouiilinG reovds that d￿￿Ose with feasonable accurary al any lime the finanrijl Wiiion ol ihe tharityaThl to enable ihem io ensure ihat the financial 51alemenlS ccynplywith the Companie5 Art 21K6.Tr*TnJ5tets •weals0 reSPon￿bIe for safe¢Ua￿lng the assets of the charity •nd hence takknl rea50naWe sieps lor the pre%YAii(ffi and of lftud and ￿her Irregularliies. The ab¢we report ha5 been wep•red In attrKdance wilh the pr¢r•islon5 appllubse to•nlessublect to the small companies reilme asset•Jt kn Part IS 01t￿(￿DPaThle5 Art 2{￿ and In attordante with ihe Charilits SORP IFRS 1021. don IDl*X194 LoisAdur4 Trustee 31 December 2023 Page 3 cs Camscanner Saved By Grace Foundation Independent ExamineT5 Report Independent Examiner's Report to the trustees of Saved By G￿e Foundation I report to the charity trustees on my examination of the financial slaterr￿nts ol Saved By Gra￿ Foundation for the year ended 31 December 2023. Responsibilitie5 and basis of report As the charity's trustees of the company land also its (Jirectors f(￿ the purpose5 of company lawl you ale responsible for the preparalion of the financial stalements in ￿COrdanCe wtth the requirements of the Companies Act 20061'the 21YJ6 Act. Having satisfied myself thal the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act an(1 are eligible for independenl examiaation. I report in respect of my examination of your charity's financial statemenls as carried (Mrt under seciion 145 of the Charities Act 2011 I'the 2011 Act'i. In carrying oul my examination I have followed the D1￿CtionS gNen by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent examiner's statement I have completed my examination. I can confirm Ihat no malerh?l fflatters have come to my atlention in connection with the examination giving fne cause to believe: accounting record5 were not kept in accordance with 5eclion 386 of the 2(K)6 Act . or the financial statements do not accord with those records.. or the financial stslements do not comply the xcounting requiremenls under secli(M) 396 of the 2006 Act olher than any reqUire[T￿nt thal the financial staternents give a 'tnJe and fair, view which is not a matter considered as part of an independent examination,. or the financial stalements have nol been prepared in ￿cOrdar￿8 with the melhods and principles of the Stalement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounis in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come acro&8 no other matters in connection with the examination lo which attention should be drawn in this ￿pOrt in order to enable a proper understanding of the financial statements lo be reached. Anchor Business Solutions 1-24 Acorn House 351-397 MMJsummer Boulevatd Milfon Keynes, MK9 3PIP Tolulope asanya, AFA MIPA Inslilute of Financial Accounlants Anchor Business Solution 1-24 Acom House, 351-397 Midsummer Boulevard Milton Keynes Bucks MK9 3HP 31 December 2023 Page 4 Saved By Grace Foundation Statement of Financial Activities for the year ended 31 December 2023 |for the year ended 31 December 2023||| |---|---|---| |Notes
Income and endowments
from:
Donationsandlegacies
3
Total
Expenditure on:
Charitableactivities
4
Total
Netgainsoninvestments
Net expenditure
Transfersbetweenfunds
Net expenditure before other
gains/(losses)
Othergainsandlosses
Net movementinfunds
Reconciliation of funds:
Totalfundscarriedforward|Unrestricted
funds
2023
£
5,150|Totalfunds
2023
£
5,150| ||5,150
5,560|5,150
5,560| ||5,560
-|5,560
-| ||(410)
-|(410)
-| ||(410)|(410)| ||(410)|(410)| ||(410)|(410)| Page 5 Saved By Grace Foundation Summary Income and Expenditure Account for the year ended 31 December 2023 |Income
Gross incomefor the year
Expenditure
Totalexpenditurefor the year
Net expenditure before taxfor the year
Net expenditurefor the year|2023
£
5,150| |---|---| ||5,150| ||5,560| ||5,560| ||(410)| ||(410)| Page 6 ¥td By Gract Foundatloft Oalante Sheei at 31 Decem￿20?3 Cornpany N Ilot 2023 Currnii assets Cash at ￿nk and in hand io io Crnllthrs:Amwnt falllniduewithin oneyeir 14et(vrrtntllablities 14201 {4101 {4101 14101 Total assets IlablllNes Netllabllh5e5 exdudtni pens1¢￿ asset orlSoblllry Total net I4￿1111t% 14101 The fvnds olthe ch•rlty R¢s￿ded tunds Unrestrf¢t4d funds General fvThJs 14101 14101 Reseryes Totslfvnd5 {4101 These accounts have been prepared irt accoTd•ncewith the special w0¥15ions of Part IS of ihe Companies Acl 2(rfJ6 Telaiin¢ to small comparles. For the year erwjed 31 Oecember 2023 ihèc0mpany￿JSentlI1ed to exemption under sedlon 477 of Ihe Cornpan￿ Art 2Q)6 relatrni to small cornpan￿. The members have not ieqihred the compary to obt* an audit in attt*dance with sethon 476 of the Cofflpanles Art 2(K6. The diredors acknowW¥e their respon5ibilitie5 for compPwng with the requirements olihe Companles Art 2(￿6 with fesped io attountinl record5 and ihe prepaTrtion of accoun Approved by ihe Ix>ard on 31 Deceth 2023 And signed on Its behall by. Lois Adura Tmstee 31 December 2023 Page 7 cs Camscanner Saved By Grace Foundation Statement of Cash flows for the year ended 31 December 2023 |Cashflowsfrom operatingactivities
Net expenditure perStatement ofFinancialActivities
Netcash usedin operatingactivities
Netcashfrominvestingactivities
Netcashfromfinancingactivities
Net decreaseincash andcash equivalents
Cash andcash equivalentsat the beginningofthe year
Cash andcash equivalentsat the end ofthe year
Componentsofcash andcash equivalents
Cashand bankbalances|2023
£
(410)
(410)
-
-
(410)
-
(410)
10
10|£
-| |---|---|---| |||-| |||-| |||| |||-| |||| |||-| |||-| |||-| |||| |||-| |||| |||-| Page 8 Saved By Grace Foundation Notes to the Accounts - for the year ended 31 December 2023 - 1 Accounting policies ## Basis of preparation 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## Change in basis of accounting or to previous accounts There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## Fund accounting - Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. - Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. - Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. ## Income - Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. - Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. - Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. ## assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets Page 9 Saved By Grace Foundation Notes to the Accounts ## Expenditure Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity. ## Taxation The charity is exempt from corporation tax on its charitable activities. ## Freehold investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. ## Stocks Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. ## Trade and other debtors 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. ## Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. ## Trade and other creditors Short term creditors are measured at the transaction price. Other 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. Page 10 Saved By Grace Foundation Notes to the Accounts ## Research and development Expenditure on research and development is written off in the year in which it is incurred. ## Foreign currencies Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. ## Leased assets Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. ## Pension costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. ## Receipt of donated goods, facilities and services All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. ## 2 Company status The company is a private company limited by guarantee and consequently does not have share capital. Page 11 Saved By Grace Foundation Notes to the Accounts 3 Income from donations and legacies |3
Incomefrom donationsandlegacies|||| |---|---|---|---| |LocalDonationsfrom
individuals
LocalDonationsfrom
organisations
4
Expenditure oncharitable activities
Expenditureoncharitable
activities
Giftsandsupportactivities
Governancecosts
Accountancyfees
5
Staffcosts
No employee received emolumentsin excessof£60,000.
6
Creditors:
amountsfallingdue within one year
Accruals
7
Movementinfunds
Restrictedfunds:
Unrestrictedfunds:
Generalfunds
Totalfunds|Unrestricted
£
4,150
1,000
5,150
Unrestricted
£
5,140
420
5,560
2023
£
420
420
Incoming
resources
(including
other
gains/losses
)
£
5,150
5,150|Total
2023
£
4,150
1,000
5,150
Total
2023
£
5,140
420
5,560
Resources
expended
£
(5,560)
(5,560)|At 31
December
2023
£
(410)| ||||(410)| Page 12 Saved By Grace Foundation Notes to the Accounts 8 Analysis of net assets between funds |8
Analysisofnet assetsbetweenfunds||| |---|---|---| |Netcurrentassets
9
Reconciliation ofnet debt
Cashandcash equivalents
Net debt|Unrestricted
funds
£
(410)
(410)
Cashflows
£|Total
£
(410)| |||(410)| |||At 31
December
2023
£| ||10|10| ||10
10|10| |||10| |||| |10 Related party disclosures
Controlling party||| The company is limited by guarantee and has no share capital; thus no single party controls the company. Page 13 Saved By Grace Foundation Detailed Statement of Financial Activities for the year ended 31 December 2023 |for the year ended 31 December 2023||| |---|---|---| |Income and endowmentsfrom:
Donationsandlegacies
LocalDonationsfromindividuals
LocalDonationsfrom
organisations
Total income and endowments
Expenditure on:
Charitableactivities
Giftsandsupportactivities
Governancecosts
Accountancyfees
Totalofexpenditure oncharitable
activities
Totalexpenditure
Netgainsoninvestments
Net expenditure
Net expenditure before other
gains/(losses)
Other Gains
Net movementinfunds
Reconciliation of funds:
Totalfundsbroughtforward
Totalfundscarriedforward|Unrestricted
funds
2023
£
4,150
1,000
5,150
5,150
5,140
5,140
420
420
5,560
5,560
-
(410)
(410)
-
(410)
-
(410)|Totalfunds
2023
£
4,150
1,000| |||5,150| |||5,150
5,140| |||5,140| |||420| |||420| |||5,560
5,560
-| |||(410)| |||(410)
-| |||(410)| |||-| |||(410)| Page 14