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2023-12-31-accounts

The Noel Buxton Trust Registered Charity No. 220881

Report and Accounts

For the year ended 31 December 2023

THE NOEL BUXTON TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Reference and administrative details

Settlor: Noel Edward Buxton, subsequently Lord Noel-Buxton

Name of the Charity: The Noel Buxton Trust

The principal governing document is a Settlement dated 28 June 1919.

The Trust is a private charitable trust controlled by its Trustees.

Charity Registration No: 220881
Trustees: Emma Compton-Burnett (Chair)
Tahera Aanchawan
Katie Aston, OBE
James Buckley
Katie Buxton
Simon Buxton (deceased 7 July 2023)
Sir Brendan Gormley, KCMG
Anna Stogdon (appointed 22 November 2023)
Jo Tunnard (Vice-chair)
Principal Office Address: P O Box 520
Fleet
GU51 9GX
www.noelbuxtontrust.org.uk
Manager: Anne Murray
Applegate, Crondall Road
Crookham Village
Hampshire GU51 5SS
Independent Examiner: Gilroy and Brookes Accountants Limited
Suite 15, The Enterprise Centre
Coxbridge Business Park
Farnham GU10 5EH
Bankers: CAF Bank Limited
Kings Hill
West Malling
Kent ME19 4TA
Investments held at: M&G Charities
PO Box 9038
Chelmsford CM99 2XF
Charles Stanley
55 Bishopsgate
London EC2N 3AS

2

THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Investment powers : Under the 1919 Settlement Trustees have broad discretion over the classes of investments that may be held.

Objects of the Charity: The promotion of the welfare of the community

Our concerns are with development in Africa, the welfare of families affected by domestic abuse, and the welfare of prisoners and their families in Britain.

We present our annual report and financial statements of the charity for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and they comply with the charity’s trust deed, the Charities Act 2016, and Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP FRS 102) applicable to charities preparing accounts for the accounting period beginning on or after 01 January 2019.

Objectives and activities for the public benefit

We confirm that we have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, planning future activities, and setting the grant-making policy for the year.

The Objects of the Trust reflect the Founder’s world-wide view of human welfare. They require the Board to promote the welfare of communities both by direct means and by supporting social reform. We seek to enact these broad objectives though grant making. In 2023, we worked for the public benefit by making grants supporting voluntary organisations working in three areas, where we have many years of experience:

  1. Sustainable livelihood projects in Africa, such as small business support and training, and microfinance in both urban and rural regions, and projects that support and protect street children.

  2. Work with families affected by domestic abuse in Britain. We fund domestic abuse projects that work with survivors of abuse and with those who want to stop using abusive behaviour in their relationships.

  3. Work by organisations that help to improve the lives of prisoners and former prisoners in Britain. We fund projects that offer practical help to rehabilitate people and help them prepare for life after release.

In addition, we supported the refugee, migrant and asylum-seekers’ sector with a one-off investment made possible by a generous legacy from Dr John Basil Ponsonby.

3

THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Public benefit statement

In shaping our objectives for the year and planning our activities, we have considered the Charity Commission’s guidance on public benefit, including the guidance ‘Public benefit: running a charity’ (PD2). The achievements and activities above demonstrate the public benefit arising through the Charity’s activities.

Principal funding sources

The principal funding source of the Charity is dividend income from the investment portfolio.

Grant-making policies

Grants are awarded after submission of an eligible application by the applicant to the Trustees. We review the application to judge if the grant falls within the charity’s objectives and whether the application meets its requirements in terms of the benefits it gives. Each application is discussed and decided upon by Trustees. All decisions are reported at their regular meetings.

Structure, governance and management

The Noel Buxton Trust was established by Trust Deed in 1919 and is registered as a charity (Charity Number 220881). The Trust is managed by a Board of Trustees who are chosen for their relevant knowledge and experience and from those who share the ethos of the Trust. This year we were saddened to lose our longest-serving Trustee, Simon Buxton. He had been our Trustee since 1982 and was a keen supporter of our work, particularly on the Penal programme which he had helped to run. He is much missed. We welcomed Anna Stogdon to join the Board. Anna is also a member of the Buxton family, and she brings a wealth of experience from her long career in the charitable sector.

The Board met twice in 2023. Grant decisions were formally approved at the meetings. We delegate daily running of the Trust’s business to an experienced manager, who reports directly to the Trust’s Chair. Trustees receive no benefits, although the Trust will cover reasonable travel expenses.

The Trust continued its membership of the Association of Charitable Foundations and took advantage of ACF’s meetings and publications, which help to inform us about good practice in grant making.

4

THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

We have decided that, given the modest budget at our disposal, we must direct grants in an effective manner. We set out guidelines to help potential applicants understand the kinds of applications that are likely to be funded and those that cannot be considered. We publish criteria and exclusions for each of the three areas of work on our website, which was improved this year.

Under our guidelines, we made 34 grants supporting work in Africa, work with families affected by domestic abuse, and work with prisoners. In addition to our normal budget, we benefitted from a legacy left by Dr John Basil Ponsonby, a member of the Buxton family. Trustees decided to mark Dr Ponsonby’s generosity by making three extra grants to organisations that support refugees, asylum seekers and migrants. In total we made 37 grants and we spent £212,483 (2022: £117,733) on work that had direct public benefit in the form of grants. A full list of grants is given on pages 14-17.

Following last year’s review of our Family programme, we proactively sought three key partnerships with organisations working on projects that we strongly endorse.

We continue to learn from the experience of making grants, and actively encourage beneficiary organisations to report on their work. We also meet with beneficiary and other organisations, when we judge that this can help with our decisions and learning.

Financial review

Our legacy aside, the Trust’s work is entirely dependent on the income derived from its investments. It was a volatile year for the asset classes that we hold, which are predominantly equities with some bonds. We were also mindful that the effect of higher inflation erodes the value of our spending. We therefore held firm to our commitment to support our beneficiaries. We maintained our usual grant spending for our three programmes at approximately the same level as the previous year. Our legacy permitted an extra level of spending, which we view as a one-off investment in the refugee, asylumseeking and migrant sector.

Investment performance

Following our investment review in 2021, we continued to diversify our holdings, which had been overly reliant on the UK stock market. To this end we invested in IsharesEuro MSCI EUR EX-UK, an exchange traded fund that gives us some exposure to the European market. We remain predominantly invested in M&G Charifund and continue to hold M&G Charibond. We hold iShares VII PLC S&P 500, an exchange traded fund which gives exposure to the US stock market. We also acquired additional shares in Ecofin GBL, which specialises in green energy. Our aim is to have a balanced allocation across our asset

5

THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

classes and across geographical sectors, without incurring large management costs. We have also sought to improve our engagement with ESG concerns.

The income from the investments was £122,832 (2022: £117,999). The total value under investment at year end was up on the previous year. However, this is because we added the majority of our legacy to the investment pot. Excluding the legacy, our investments would have largely flat-lined in a year of challenging market conditions. At year end our portfolio was valued at £2,770,886 (2022: £2,483,575).

Reserves policy

We have agreed to keep at least six-month’s running costs (approximately £65,000) in cash, at CAF Bank, as a reserve. This money ensures that the Trust can provide continuity of grant making even if the investment income falters.

Risk management

We have assessed the major risks to which the charity is exposed. We have identified that the major risks are those affecting the finances (capital and/or income); the operation of the Trust (though loss of experienced Trustees or Manager) and reputational damage (e.g. fraudulent use of a grant) which might affect the Trust or individual Trustees; and cybersecurity concerns. We monitor these risks at our meetings and, where appropriate, we set out policies and protocols to mitigate risk.

Plans for future periods

We plan to continue funding in the three areas that we have supported for many years and to take note of the lessons we are learning from our new grant making under our revised Africa and Family programmes.

Signed …………………………

Emma Compton-Burnett Chair of Trustees Date: 14 May 2024

6

THE NOEL BUXTON TRUST INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

I report on the accounts of the charity for the year ended 31 December 2023 set out on pages 8 to 17.

Respective Responsibilities of Trustees and Independent Examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act), as amended by section 28 of the Charities Act 2006), and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner’s Statement

My examination was carried out in accordance with the 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 you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on whether the accounts present a 'true and fair view'.

Independent Examiner’s Statement

In connection with my examination, no matter has come to my attention:

Anna Coote, MAAT Dated

Independent Examiner

Gilroy & Brookes Accountants Limited Suite 15, The Enterprise Centre, Coxbridge Business Park, Farnham, Surrey GU10

7

THE NOEL BUXTON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Financial Activities

Note 2023 2022
Unrestricted Unrestricted
Income
Investment income 3 122,832 117,999
Bank interest 4,618 164
Realised sale of investments 1,012
Legacy 440,000
Total income 567,450 119,175
Expenditure
Expenditure on raising funds
Expenditure on charitable
activities
Grant-making 4 225,997 128,526
Donations 1,000
Total expenditure 226,997 128,526
Net income / (expenditure) before
gains and losses on investments
340,452 - 13,487
Netgains/(losses)on investments 8 - 8,216 -178,953
Net movement in funds 332,236 - 188,305
Reconciliation of funds
Total funds brought forward 2,601,140 2,789,445
Total funds carried forward 2,933,376 2,601,140

Continuing Operations

None of the Trust’s activities was acquired or discontinued during the above two financial years.

Total recognised Gains and Losses

The Trust has no recognised gains or losses other than the above movement in funds for the above two financial years.

8

THE NOEL BUXTON TRUST BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023

Balance Sheet

Note
Fixed assets
Investments
8
Total fixed assets
Current assets
Cash at hand and in bank
Total current assets
Liabilities
Creditors falling due within one
year
Net current assets
The fund of the charity
Unrestricted fund
Total charity fund
2023
2022
UnrestrictedUnrestricted
2,770,866
2,483,575
2,770,866
2,483,575
162,510
117,566
2,933,376
2,601,141
-
-
2,933,376
2,601,141
2,933,376
2,601,141
2,933,376
2,601,141

These financial statements were approved by the members of the committee and authorised for issue on 14 May 2024 and are signed on their behalf by the Chair:

Signed …………………………

Emma Compton-Burnett Chair of Trustees

9

THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting Policies

(a) Basis of preparation and assessment of going concern

The accounts (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 for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (FRSSE), and the Charities Act 2011 and applicable regulations. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

(b) Funds structure

The Charity’s assets are unrestricted. The Trustees have wide powers of investment and are able to spend both capital and income in pursuance of the objects of the Trust.

(c) Income recognition

All income is recognised once the charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

(d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated to the applicable expenditure headings in the statement of financial activities. For more information on this allocation refer to note (f) below.

Grants payable are charged in the year when the offer is made. Grants offered subject to conditions that are not met at year end are noted as a commitment, but not accrued as expenditure.

(e) Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

(f) Allocation of support and governance costs

Support costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs relating to trustee Board and sub Committee meetings. The allocation of support and governance costs is analysed in notes 6 and 7.

(h) Charitable activities

The expenditure on charitable activities includes grants made, governance costs and support costs. A full list of grants made in 2023 is given at the end of these notes.

(i) Fixed asset investments

10

THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

(j) Realised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

2. Related party transactions and Trustees’ expenses and remuneration

The Trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2022: £nil). Expenses paid to the Trustees in the year totalled zero (2022: £nil). There were no related party transactions.

3. Investment income

Dividend income
M&G Charifund
M&G Charibond
M&G Corporate Bond Sterling A Inc.
Ecofin GBL UTILITI ORD
iShares VII PLC S&P 500 UCITS ETF
IsharesEuro MSCI EUR EX-UK GBP HDG
UCITS ETF DIST
2023
£
2022
£
100,024
103,429
10,300
5,665
-
5,578
8,844
3,188
3,330
883
334
-
122,832
117,999

4. Analysis of charitable expenditure

Direct costs Grants to
beneficiaries
£
Governance
and support
£
Total
2023
£
Total
2022
£
212,483
13,514
225,997
128,526

11

THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Analysis of grants

Number
2023
Total
2023
£
Number
2022
Total
2022
£
Grants supporting African
communities
7
45,483
9
41,333
Grants supporting families
affected by domestic abuse
7
46,000
8
32,000
Grants supporting prisoners
20
46,000
16
44,400
Grants supporting migrants,
refugees, asylum seekers and
displaced people
3
75,000
-
-
37
212,483
33
117,733
6.
Management and administration costs
Support costs
2023
£
Support costs
2022
£
Administrator’s fee
10,488
9,000
Post, email, web hosting and other
office expenses, including
manager’s transport to meeting
1,400
468
Bank fees
151
222
Charles Stanley custodian charge
514
94
Registration of Legal Entity
Identifier
0
108
Sundries
52
-
12,604
9,892
7.
Governance costs
2023
£
2022
£
Annual subscriptions
270
356
Meeting expenses
167
72
Trustees' expenses
-
-
Independent examiner's fees
474
474
911
902
Number
2023
Total
2023
£
Number
2022
Total
2022
£
Grants supporting African
communities
7
45,483
9
41,333
Grants supporting families
affected by domestic abuse
7
46,000
8
32,000
Grants supporting prisoners
20
46,000
16
44,400
Grants supporting migrants,
refugees, asylum seekers and
displaced people
3
75,000
-
-
37
212,483
33
117,733
6.
Management and administration costs
Support costs
2023
£
Support costs
2022
£
Administrator’s fee
10,488
9,000
Post, email, web hosting and other
office expenses, including
manager’s transport to meeting
1,400
468
Bank fees
151
222
Charles Stanley custodian charge
514
94
Registration of Legal Entity
Identifier
0
108
Sundries
52
-
12,604
9,892
7.
Governance costs
2023
£
2022
£
Annual subscriptions
270
356
Meeting expenses
167
72
Trustees' expenses
-
-
Independent examiner's fees
474
474
911
902
Number
2023
Total
2023
£
Number
2022
Total
2022
£
Grants supporting African
communities
7
45,483
9
41,333
Grants supporting families
affected by domestic abuse
7
46,000
8
32,000
Grants supporting prisoners
20
46,000
16
44,400
Grants supporting migrants,
refugees, asylum seekers and
displaced people
3
75,000
-
-
37
212,483
33
117,733
6.
Management and administration costs
Support costs
2023
£
Support costs
2022
£
Administrator’s fee
10,488
9,000
Post, email, web hosting and other
office expenses, including
manager’s transport to meeting
1,400
468
Bank fees
151
222
Charles Stanley custodian charge
514
94
Registration of Legal Entity
Identifier
0
108
Sundries
52
-
12,604
9,892
7.
Governance costs
2023
£
2022
£
Annual subscriptions
270
356
Meeting expenses
167
72
Trustees' expenses
-
-
Independent examiner's fees
474
474
911
902
12,604
9,892
2023
£
2022
£
270
356
167
72
-
-
474
474
911
902

12

THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8.
Fixed asset investments
Market value
At 1 January 2022
Additions
Disposals
Unrealised gain/(loss) on
investment
Realised gain
At 31 December 2022
2023
£
2022
£
2,479,438
2,658,392
399,645
484,733
100,000
485,745
-8,216
-178,953
0
1,012
2,770,867
2,479,438

The Trust’s holdings at market value

No. units held
31 Dec 2023
M&G Charifund
109,768.742
M&G Charibond
257,511
ISHARES VII PLC S&P
500 UCITS ETF
35,810
ISHARES MSCI EUR EX-
UK GBP HDG UCITS
ETF DIST
47,031
ECOFIN GBL UTILITI
ORD
173,384
31
December
2022
£
No. units
held 31 Dec
2022
1,575,170
116,986.61
288,000
257,511
290,168
35,810
316,707
300,821
113,384
2,770,866
31 December
2022
£

1,719,142
278,910
235,343
246,043
2,479,438

9. Grant commitments

At 31 December 2023 the Trust had commitments in respect of grants offered subject to conditions which have not been met at year end:

Within one year: 2023
2022
79,000
£68,333

13

THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2023

Grants supporting organisations working in Africa

Organisation Location Project Grant
Buhaguzi Action
for Rural
Development
Foundation
(BUARDEFO)
Kikuube District,
Uganda
To help groups of women farmers
improve food security by running a
goat-herding scheme.
£5,000
Danwadaag
Relief Alliance
(DRA)
Dhobley,Somalia To support women setting up Village
Savings and Loans Associations.
£10,000
Edukid Acholi, Uganda To support young mothers to
become more financially secure by
offering micro credit and business
training.
£5,000
Fountain Youth
Initiative
Githuri Slum,
Nairobi, Kenya
To fund a Tool Bank Project to buy
toolkits for graduates of a carpentry
project supporting young people to
start employment and set up
businesses.
£8,150
Mango Tree Homabay, Kenya To support the Our Lives Our Land
project - an agricultural and
fisheries programme led by Mango
Tree Kenya and to support the
handover of responsibilities from
Mango Tree UK to the Kenyan team.
£10,000
Partner Aid Maban County,
South Sudan
To support refugee farmers by
helping them get access to land,
seeds and tools so they can feed
their families.
£5,000
We See Hope Nakuru, Kenya To set up vocational training for
street children who come into the
'transit town' of Nakuru, Kenya and
are otherwisepreyto drug gangs.
£2,333
Total £45,483

14

THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2023

Grants supporting organisations working with families surviving domestic abuse

Organisation Location Project Grant
FRG UK Wide To bring the voices of children and
families with experience of the child
welfare and family justice system
into the discussions that shape
policyandpractice.
£10,000
Llamau Wales To help with the running costs of
the volunteering service that
supports survivors.
£3,000
Pandora Project England To help run a support project, Open
The Box, which has been designed
by survivors of abuse.
£5,000
Respect England To fund Young Persons’ co-
production work to bring YPs’ voices
into a national campaign for policy
change to support families affected
byDA
£10,000
Salcare Northwest To help with the core costs of a
small grass roots organisation.
£3,000
Staying Put West Yorkshire Helping mothers and young children
in refuge by creating a safe sensory
space that complements Staying
Put's trauma-informed work.
£10,000
Staying Put West Yorkshire To fund safe spaces for women
affected by domestic abuse to meet
peers.
£5,000
Total £46,000

15

THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2023

Grants supporting organisations working with prisoners and former offenders

AVID UK wide To help fund a training programme
for volunteers joining AVID's support
work with immigrations detainees.
£2,000
Changing Tunes Southwest To help expand the in-person music
and performance services for
prisoners and former offenders.
£2,000
Chaos Theory Southeast To support young men leaving
prison to break a cycle of violence
and resettle in the community.
£1,500
Clean Sheet England To help former prisoners into
sustainable employment or training
by linking with supportive
employers.
£2,000
Gifted Women Southwest To help run trauma-informed work,
job coaching and bespoke
mentoring for women leaving prison.
£2,000
Landworks Southwest To help prisoners learn transferable
skills (landscaping, gardening,
woodwork) in a supportive
environment.
£2,000
Lifecycle UK Southwest To help fund BikeBack, a
programme offering training in bike
mechanics and work placements to
prisoners.
£2,500
Nepacs Northeast To support the core costs of an
online volunteering project to help
support prisoners during court
visits.
£4,000
New Bridge England and
Wales
To help fund a volunteer befriending
programme for the most vulnerable
prisoners.
£2,000
One 25 Southwest To help fund the criminal justice
casework which provides advice
and advocacy for women prisoners
£2,500
Prodigal Arts Southwest To expand a programme of take its
visual arts workshops in prison
settings.
£2,000

16

THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2023

Resolve West Southwest To help with the core costs of a
restorative justice project.
£3,000
Resonate South To run music workshops for people
held at Hellingly Centre Medium
Secure Unit
£2,500
Safer Living
Foundation
Midlands To work with prisoners most likely to
commit sexual crimes after release.
£2,000
Sing Inside England To expand a programme of
volunteer-led singing workshops in
prisons.
£2,500
SOFA Project Southwest To support job training for prisoners
and ex-offenders
£2,000
Step Together Northwest To support a volunteer peer
mentoring programme working with
women who have been involved
with the CJS.
£2,000
Surrey Care Trust Southeast To support older ex-offenders with
mentoring and training by providing
supervised environmental work
alongthe river Wey.
£3,000
The Upper Room Southeast To support UR4Driving - a project
that teaches former offenders to
drive in return for their contribution
as volunteers.
£1,500
Unlock Southeast To help fund a volunteer-led
helpline giving advice to ex-
offenders who face barriers to
employment and housing.
£3,000
Total £46,000

17