Charliy number: 519849 The Community of Grace Trustees, report and financlal statements for the year ended 31 st March 2024
The Community of Grace Contents Page Legal and adminislratlve information Trustees report Independent examiners, report Statement of financial actlvities Balance sheet 10 Notes to the financial stalemenls
The Community of Grace Legal and administratlve Informatlon Charlty number 519849 Principal office 119 Margaret Road Leicester LE5 5FW Trustees Mr Benjamin Brown Reverend David Howlett Reverend Dr. Deborah Baird (resigned 1s1 Augusl 2023) Accouniants Adkln Slnclair LLP Sterling House 32 Sl John Street Mansfield Notlinghamshire NG18 1QJ Bankers Co-operative Bank 1 Balloon Street Manchester M60 4EP Page 1
The Community of Grace Report of the trustees for the year ended 31 st March 2024 The trustees present their report and the financial statements for the year ended 31st March 2024. The trustees who served during the year and up to the date of this report are set out on page 1. Reference and admlnlgtratlon detalls Our charity is known as The Community of Grace, registered number 519849. Our administrative office address is 119 Margaret Road, Leicester LE5 5FW. Obleeiives and actlvltles Objects and Alms The objects of the charity are the relief of poor persons who are homel8ss or otherwlse socially isolaled by providing accommodation and support. Community of Grace aims to empower homeless and socially isolated people to develop Iheir physical, mental and spiritual capacities so that they may become lull members of society playing iheir part in the local community. We do this by the providing support and accommodation including: Safe and nurturlng accommodallon thai provides a slab18 living experience lo those who have been homeless or socially isolated. People are supported lo develop positive relationships and gain life skills lo Ilve independenlly and maintain their accommodation. Every person has a support plan that identifies his or her health, education and training needs and opportunities. Offering advice, guidance & support. Delivering a Place ol Welcome where people who are socially isolated feel safe to connect, belong and gei involved. The off er ol therapeutic aclivily to help people develop physically, mentally and spiritually. A cornmunily garden that provides a place for exercise, therapy, and healing lor people who have been socially isolated or homeless. Publlc benef11 Community ol Grace activities are designed to meet ils objeclives. We review our objectives and plan each year. This review helps us to remain focused on our stated purposes. 11 also enables us lo look al the key areas of our aclivilies to ensure we have delivered to the individuals and groups we are set to support. Our main actlvities and beneficiaries are described in Ihe report. All our charitab18 work is undertaken to further our charitable purposes for the public benefit. Our work is supported by appropriate policies, procedures, guidelines and governance documentation. We consult with volunteers and clients to ensure wo deliver and improve our services. We have referred lo the Chariiy Commission's General Guidance on Public Benefit in the review of our work presented in this report. The Charity believes it has demonstrated that it provides a public benefit through the services it provides and the target groups which it seeks lo support. Page 2
The Community of Grace Report of the trustees for the year ended 31 st March 2024 Achievements and performance Accommodation Selling of Hunters Lodge In May 2023, the Trustees sold Hunters Lodge in Leicester. While the property had served the charlty well for 35 years, it had since become a listed building and fallen into disrepair. The eslimaled cost of repairs lo bring the building up to the listed building standards ranged between three and four rnillion pounds. Additionally, the surrounding area had changed significantly over the years, with the introduction of a lorry depot and an evenls venue opposite the property, resulting in substantial noise and disruption, particularly at night. The Trustees recognised that the aging, listed status of the building, along with the evolving nalure ol the neighbourhood, hindered Iheir abilily to fulfil their purpose and vision of offering the peace and open spaces essential for promoting the wellbeing and recovery of Community of Grace's clients. Consequently, the Trustees decided to sell the property and partner with Graceworks Gardens Limited to develop a new CoHousing community Ihat would be designed to provide clients with the supportive environment they need. New Accommodatlon In October 2023, after extensive elfort, Graceworks Gardens Limited, with a program-relaled investment from Community of Grace, purchased West Drayion Farm. The vision is to establish a groundbreaking supportive cohousing project that addresses current needs by cr8aling quality, affordable housing with shared spaces. These shared areas will tosler mutual support among residents, encouraging collaboration as they work the land together lo provide sustenance and a sense of shared purpose. This innovative environmenl aims io nurture Communily of Grace's clients, helping them recover holistically from social isolation and homelessness. 11 promotes healing through community, connection, and purposeful engagement. Although still in the early stages of development, Community of Grace is already providing accommodation on the farm, benefiting 5 individuals who have faced homelessness, social isolation, and both physical and mental health challenges. Addre88lng soclal1801allon- Place of Welcome Community of Grace continues lo operate a thriving hub at Wycliffe United Reformed Church in Leicester, in collaboration with Wycliffe UFIC, Grow Together, and One Roof Leicester. Twice a week, Community of Grace hosis a Place of Welcome-an inclusive environment for individuals who are socially isolated or al risk of homelessness. This refuge addresses basic needs by offering support, refreshments, and a nutritious lunch. More importantly, il provides a space that foslers social inclusion through meaningful interactions with volunteers and fellow attendees, helping to combat the effects of loneliness and isolation. Emotional support is al the heart of Ihis initiative. Volunteers provide a compassionale lislening ear, assist individuals in navigating their challenges, and create a sense of belonging. The Plac8 of Welcome also acts as an inlormalion hub, connecting participants to vital local services. Through diverse activities, medilalion sessions, and gardening opportunities, attendees are ernpowered lo rebuild their confidence and self-esteem. By fostering a non-judgmental and supportive atmosphere, these spaces help restore dignity to individuals who may have experienced stigma elsewhere. This holistic and empowering approach addresses the root causes of homelessness and social isolalion, promoting recovery and resilience. Page 3
The Community of Grace Report of the trustees for the year ended 31 st March 2024 Addressing Food Poverty Community of Grace has provided weekly food parcels for our clienls, individuals in emergency accommodation and other vulnerable individuals and families. The food packs contain a range of produce to ensure clients can prepare healthy nourishing meals. A volunteer visils every week to deliv8r th8 healthy, fresh veg, fruil and m8at alongside staples like pasta, rice and tinned food. The weekly visits mean we can check in with people and be a friendly face. We deliver produce grown at our community garden to vulnerable households, along with donations from the public. In July 2023 and January 2024 we received support from Islamic Relief UK and worked with One Roof Leicester lo provide additional food hampers lo residents suttering from food poverty in Leicesler. This involved organising and delivering fresh and non perishable food to over 300 people in the cily. Communlty Garden Community of Grace, in partnership with Grow Together, operat8s a thriving community garden located at tha rear of Wycliffe United Reformed Church. This initialive began eighi years ago when a small group of homeless clients Irom the community expressed a desire to conne¢1 with nature and grow their own food. Since then, the Community Garden has flourished inlo a vibrant ecological permaculture project. It features food production, beehives, aquaponics, and volunteering opportunilies in both the garden ancl the kitchen. The space provides a unique opportunity for individuals lo connect with others in a gentle, non-intrusive way-gardening side by side at their own pace, sharing lea breaks, and enjoying the sense of belonging that comes Irom being part of a regular, non-judgmenlal group. This environment significantly helps reduce feelings of isolalion and exclusion. In 2023, the Community Garden was honoured with the Most Inspiring Entry award in East Midlands in Bloom, a recognition of ils members, unwavering dedication to community engagement, environmental slewardship. and exceptional gardening achievements. Judith Boston, an RHS Assessor, was deeply moved by the garden, describing it as "an oasis of regenerative gardening, where each leaf tells a story of nurture and renewal. Il's a testament to the power of community and nature working hand in hand, creating a haven of hope." A volunleer beautifully encapsulated th8 essence of the garden, saying, "The soul and the soil are nurtured simultaneously in our community garden. 11 stands as a beacon of welcome, offering solace lo those seeking connection. tr4ere, hands meet the soil, and hearts find a home. This garden is not just a haven for the lost or a sanctuary for the lonely but also a playground for growth-not only for plants bul for the human spirit." Page 4
The Community of Grace Report of the trustees for the year ended 31 st March 2024 Volunteers Community of Grace is a charity run by a volunteer force and has no paid workers. Volunteers have pul in over 2000 hours of their own time during the year. Community of Grace has an active group of volunteers who support the charily With.. Client Support Donations Cooking Property Maintenance Food Deliveries Gardening Befriending Bookkeeping Administration Donatlons and Fundralslng This year has been challenging for grant funding, largely due to the uncertainly surrounding the timeline for the property sale and the development al West Drayton Farm. As a resull, no granl applications wer8 submitted during this perlod. However, we have been lortunale to receive donations from individuals who support our mission. A signilicanl aspecl ol the projecl is the invaluable in-kind contributions made by volunteers and local community and faith groups. These contributions include gardening, cooking, maintenance work, food deliveries, providing toiletries, and much more. Their dedication and support play a crucial role in sustaining and advancing our work. Program-Aelated Inv•stm•nl In October 2023, Community of Grace made a £700,000 program-related inveslmenl in Graceworks Gardens Limiled, its partner since 2021, to facilitate the purchase ol Wesl Drayton Farm in Nottinghamshire. The charity is ulilising the West Drayton Farm base lo offer accommodation, counselling services, life skills training, and a supportive community where clients can build self-relianca and Iransition into aclive participation in society. Clients benefit from daily shared meals, collaboratively prepared by members of Graceworks Gardens and Community ol Grace. These meals not only provide nutritious food bul also foster a social environment and offer opportunities for clients to develop essential cooking and household skills. Page 5
The Community of Grace Report of the trustees for the year ended 31 st March 2024 Future development Community of Grace Truslees over the next 5 years are working with Graceworks Gardens to develop.. A shop A community space Additional accommodation These initiatives aim lo address social isolation and support the broader housing and welfare needs of the community. West Drayton Farm serves as an ideal foundation for creating Supportive CoHousing and a Care Farm, empowering individuals recovering from homelessness or social isolation to rebuild their lives. Recognising its limitations in workforce and financial Capacity, Community of Grace has adopted a partnership approach with Graceworks Gardens. This collaboration ensures access lo additional resources needed to advance the project while mitigating risks to the charity. Flnanclal revlew During the year ended 31 st March 2024 the charity recieved income of £27,917 and incurred expenditure of £71,324 which includes £30,000 arising from the sale of the premises in Leicester. Overall this year there was a deficit of £43,407. Reserves and Investment pollcy Unrestricted funds amounted to £725,874 at the year end, of which £700,000 is represented by a long term investment by way of a secured loan to Graceworks Gardens Ltd. Free reserves available for the day lo day operation of the Charity amounted to £25,874 at the year end. Structure, governance and management Nature of Governlng Document Community of Grace (COG) is a charitable Trust that was formed by a Trust Deed dated 22 December 1987 and has a registered charity number 519849. The Iruslees who have served during the period are set oul above. The number of trustees should be a minimum of two and a maximum of nine. New truslees are appointed by existing trustees. The Irustees meet regularly to discuss Ihe business of the charity. Recrultment and Appolnlmenl of Dlreclorsrrruslees New Iruslees attend an induction. This includes information on Community of Grace and other relevant documents e.g. constitution, accounts, minutes of trustee meetings and the most recent projecl update, Page 6
The Community of Grace Report of the trustees for the year ended 31 st March 2024 Statement of trustees. responsibilities The trustees are responsible for preparing the Truslees, Annual Report and the financial slatements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice). Law applicable to chari11gs in England and Wales requires the trustees to prepare financial statements for each financial year which give a Irue and fair view of charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the trustees are required to.. sel8cI suitable accounllng policies and then apply them conslslently., observe the melhods and prlnciples in the Charities SORP 2019 {FFIS 102). make judgements and estimates that are reasonabla and prudent; state whether applicable UK Accounting Standards have been followed, subject to any materlal departures disclosed and explained in the financial stalemenls., and prepare the financial statemenls on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible lor keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011 and the Charity {Accounts and Reports} Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of the board Reverend Davld Howlett Trustee Date: 301h January 2025 Page 7
The Community of Grace Independent examiner's report to the trustees of The Community of Grace. I report to the Charity trustees on my examination of the accounts of The Community of Grace for the year ended 31st March 2024 set out on pages 9 to 19. Responslblllties and basis ol report As the charily's trustees you are responsible for the preparation of the accounts in accordance with Ihe requirements of the Charities Act 2011 {'Ihe Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying oul my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5llbl ol the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting r8cords wer8 not kept In respect of the charity as required by section 130 of the Act., or the accounls do nol accord with those records; or the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts set out in the Charities (Accounts and Reports} Regulations 2008 other Ihan any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wlth the examlnallon lo which allenlion should be drawn in this report in ord8r to enable a proper understanding of the accounts to be reached. Chrlstopher Adkln Chartered Accountanl Adkln Slnclalr LLP Sterllng House 32 St John Street Mansfleld 301h January 2025 Page 8
The Community of Grace Statement of Ilnancial activities For the year ended 31 st March 2024 Unrestrlcted funds 2024 Total 2023 Total Noles Income from: Donations and legacies Charitable activities Investments 5,291 954 21,672 5,291 954 21,672 16,034 1,027 Total Income 27,917 27,917 17,063 Expendllure on: Charitable activities Other resources expended 41,324 30,000 41,324 30,000 17,369 Total expendlture 71,324 71,324 17,369 Net movemenl In funds {43,407) 143,4071 {3061 Total funds brought forward 769,281 769,281 769,587 Total funds carrled forward 725,874 725,874 769,281 The statement of financial activities includes all gains and losses in the year and therefore a separale stalgmenl of total recognised gains and losses has nol been prepared. All of the above amounts relate to continuing activities. The noles on pages 1110 19 form an Integral part of these flnanclal slatements. Page 9
The Communlty of Grace Balance sheet As at 31 st March 2024 2024 2023 Notes Fixed assets Tangible assets Investments 3,152 700,000 754,203 10 703,152 754,203 Current assets Debtors Cash at bank and in hand 429 25,893 14 15,064 26,322 15,078 Creditors: amounts falling due within one year 12 (3,6001 Nei current assets 22,722 15,078 Net assets 725,874 769,281 Funds Unreslricted income funds 13 725,874 769,281 Total funds 725,874 769,281 The linancial statements were approved by the board of trustees on 30th January 2025 and signed on its behalf by Reverend David Howlett Trustee The noles on pages 11 to 19 form an integral part of these financial statements. Page 10
The Community of Grace Notes to the financial statements For the year ended 31 st March 2024 Summary of significant accountlng pollcies The charity constitutes a public benelil entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charilies.. Slatemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. the Charities Act 2011, Ihe Companies Act 2006 and UK Generally Accepted Practice. Thg principal accounting policies applied in the preparalion of these financial stalements are set oul below. The accounting policies have been applied consistently throughout the year and the preceding year. 1.1. Basis of accountlng The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain ilems at fair value. The financial statements are prepared in slerling which is the functional currency of the charity. 1.2. Cashflow The charity has taken advantage of the exemption in the Charities SORP 2019 from the requirement to produce a cashflow slalement. 1.3. Fund accounting Funds held by the charity are either- Unreslricted funds - these are funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds are unrestricled funds set aside for specific purposes at Ihe discretion of the trustees. Restricled funds - these are funds which can only be used for particular restricted purposes within tha objects of the charity. Restrictions arise when specifi8d by the donor or where funds are raised for particular restricled purposes. Transfers between funds: Where permitted, the release of restricted funds to unrestricted general or designated funds may be made al the conclusion ol a restricted activity. General unrestricted funds may be transferred at the discretion of the trustees lo assist in supporting a particular activity. Page 11
The Community of Grace Notes to the financial statements For the year ended 31 st March 2024 1.4. Income recognition All incoming resources are included in the statement ol financial activities when the charity is entitled to the income and the amounl can be quanlified with reasonable accuracy. The following specific policies are applied to particular categories of income- Income and endowmenls Voluntary income including donations, gifts, lega¢ias and grants that provide core lunding or are of a general nalure is recognised when the charity has entitlement to the income, it is probable that the income will be recoived 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 Ihe event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled lo Ihe funds, the income is deferred and not recognised unlil eilher Ihose condilions are fully met, or the fullilmenl of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in tha reporting period. Investment Income Investment income is included when receivable. Grants recelvable Granls are recognised when the charity has an entitlement to the funds and any condilions linked lo 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 Ihe balance sheel as deferred income to be released. Glft Ald Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same tiffle as the gift to which they relate. 1.5. Expenditure All expenditure is recognised once there is a legal or construclive obligation to that expenditure. it is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expendilure heading that aggregate similar costs lo that category. Where cosls 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 slaff costs. Charllable activities Charitable expenditure comprises those costs incurred by the chariiy in the delivery of 115 activities and services for its beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to support them. Governance costs include costs associated with meeting the constitulional and statutory requirements of the charity and inclL¢de the accounts examination fees and cosls linked lo the strategic management of the charity. Page12
The Communlty of Grace Notes to the financial statements For the year ended 31 st March 2024 1.6. Fixed assets Depreclation Depreciation is calculaled using the reducing balance basis method at a rate of 25°/o per annum to write down the cosl of fixed assets over their estimated useful lives at the following rates.. Land and buildings Furniture and equipment Other langible fixed assets Nol depreciated 250/0 reducing balance basis 250/0 reducing balance basis 1.7. Investments Fixed assel investments are initially recorded al cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in Ihe statement of financial activities. 1.8. Leased assets Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straighl line basis over the lease term. Page13
The Community of Grace Notes to the financial statements For the year ended 31 st March 2024 1.9. Financial inslruments A financial assel or a linancial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangemenl constilutes a financing transaclion, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otheiSe be measured reliably, the investment is subsequently measured al fair value with changes in lair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairmenl. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment lor an asset is deferred beyond normal business terms or financed at a rale of interest that is not a market rale, in which case the asset is measured at the present value of the fulure payments discounled at a market rate of interest for a similar debt inslrument. Other financial instruments are subsequently measured at fair valu8, Wlth any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets thal are measured at cost or amortised cosl are reviewed lor objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis ol similar credit risk characteristics. Any reversals of impairment are recognised in profil or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Income from donations and legacies Unreslricled funds 2024 Total 2023 Total Sundry donations Grants receivable - unrestricted 5,291 5.291 15,201 833 5,291 5,291 16,034 Income from donations and legacies was £5,291 {2023 - £16,034) of which £- (2023 - £-) was attributable to restricte(J funds. Page 14
The Community of Grace Notes to the financial statements For the year ended 31 st March 2024 Income from charltable activities Unreslrlcted funds 2024 Total 2023 Total Consultancy 954 954 1.027 954 954 1,027 Income from Charitable activities was £95412023 £1,027) of which £-12023 - £-} was attributable to restricted funds. Income from Invesiments Unrestrlcted funds 2024 Total 2023 Tolal Bank interest receivable Other inleresl receivable 3,173 18,499 3,173 18,499 21,672 21,672 Income from Investments was £21,672 (2023 - £2) of which £- (2023 £-) was attributable to restricted funds. Page 15
The Community of Grace Notes to the flnancial statements For the year ended 31 st March 2024 Expendlture on charllable actlvltles Unrestrlcted funds 2024 Total 2023 Total Dlrect costs: Rent Rates and utilities Light and heat Repairs, maintenanc8 and equipment Insurance Client welfare Legal and professional Telephone and internet Postage, slalionery and telephone Depreciation Travel 21,114 1,765 3,355 186 1,084 758 7,222 1,031 44 1,051 24 21,114 1,765 3,355 186 1,084 758 7,222 1,031 44 1,051 24 4,739 3,843 266 6,488 984 633 74 37,634 37,634 17,027 Governance costs (note 81 3,690 3,690 342 Total 41,324 41,324 17,369 Expenditure on direcl charitable aclivities was £37,634 {2023 - £17,027) of which £-12023 - £-) was attributable to restricted funds. Expenditure on governance costs, was £3,69012023 - £3421 of which £- (2023 - £.) was attributable lo reslricled funds. Governance costs Unrestrlcted funds 2024 Tolal 2023 Total Accountancy and examination Subscriptions 3,600 90 3,600 90 252 90 3,690 3,690 342 Page 16
The Community of Grace Notes to the financial statements For the year ended 31 st March 2024 Other resources expended Unrestricted funds 2024 Tolal 2023 Tolal Loss on disposal of tangible fixed assets 30,000 30,000 30,000 30,000 Employees Employment costs No salaries or wages have been paid to the trustees. Expenses of £Nil12023: £Nil) were reimbursed. Number of employees The average monthly numbers of employees (including the Irustees} during ihe year, calculated on the basis of lull time equivalents, was as follows.. 2024 Number 2023 Number Trustees Land and Fixlures, buildings flttings and freehold equipment Tanglble flxed assets Total Cost At 1 st April 2023 Disposals 750,000 (750,0001 570 3.633 754.203 1750,000) At 31st March 2024 570 3,633 4,203 Depreciation At 1 st April 2023 Charge for the year 143 908 1,051 At 31st March 2024 143 908 1,051 Net book values At 31st March 2024 427 2,725 3,152 At 31st March 2023 750,000 570 3,633 754,203 Page 17
The Community of Grace Notes to the financial statements For the year ended 31 st March 2024 Other unlisted Inveslments 10. Flxed assel Investments Total Valuation Addilions 700,000 700,000 Al 31 sl March 2024 700,000 700,000 Historical cost as at 31 sl March 2024 700,000 700,000 All fixed asset investments are held within the United Kingdom. Fixed asset investment represents a secured loan made to Graceworks Gardens Ltd for a period of 5 years from the 28th September 2023. The loan carries an interest rate of 5.2°/o per annum. 11. Debtors 2024 2023 Other deblors Prepayments and accrued income 14 429 429 14 12. Creditors: amounts falling due within one year 2024 2023 Other creditors and accruals 3,600 Page 18
The Communlty of Grace Notes to the flnanclal statements For the year ended 31 st March 2024 13. Analysis of net assets between funds Unreslricted funds Total funds Fund balances at 31 st March 2024 as represented by: Tangible fixed assets Inveslment assets Current assets Current liabilities 3,152 700,000 26,322 13,600) 3,152 700,000 26,322 13,6001 725,874 725,874 14. Unrestrlcted funds At 1 Aprll Incomlng Ouigolng 2023 resources resources Al 31 March 2024 Unrestricted lunds 769,281 27,917 171,3241 725,874 Page 19