Charity registration number 1165293
Company registration number 09734302 (England and Wales)
THE GRAVITA FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
THE GRAVITA FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
P S Winter
P R Woosey
R Davis
Charity number
1165293
Company number
09734302
Registered office
66 Prescot Street
London
E1 8NN
THE GRAVITA FOUNDATION
CONTENTS
Page
Trustees report
1
Statement of financial activities
2
Balance sheet
3
Notes to the financial statements
4 - 7
THE GRAVITA FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE PERIOD ENDED 30 APRIL 2023
- 1 -

The trustees present their annual report and financial statements for the period ended 30 April 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the foundation's governing documents, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

Objectives and activities

The foundation's objects are to advance the relief of those in need, by reason of youth, age, ill health, disability, financial hardship or other disadvantage. The foundation will make grants and donations to other registered charities and individuals whose objects are in line with the foundation.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the foundation should undertake.

 

The Foundation changed its name to the Gravita Foundation on 24th August 2023.

Achievements and performance
Financial review

It is the policy of the foundation that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the foundation’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.

The trustees have assessed the major risks to which the foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The foundation is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:

P S Winter
P R Woosey
R Davis
Ms A C K Griffiths-Lambeth
(Appointed 27 April 2023 and resigned 31 January 2024)

The trustees are appointed by the members of Gravita III LLP. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The Trustees report was approved by the Board of Trustees.

P R Woosey
Trustee
11 March 2024
THE GRAVITA FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 30 APRIL 2023
- 2 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
3
-
10,000
Expenditure on:
Charitable activities
4
3,450
2,716
Net (expenditure)/income for the period/
Net movement in funds
(3,450)
7,284
Fund balances at 1 September 2022
9,037
1,753
Fund balances at 30 April 2023
5,587
9,037

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE GRAVITA FOUNDATION
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 3 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
6,137
9,587
Creditors: amounts falling due within one year
9
(550)
(550)
Net current assets
5,587
9,037
Income funds
Unrestricted funds
5,587
9,037
5,587
9,037

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 30 April 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 11 March 2024
R Davis
Trustee
Company registration number 09734302
THE GRAVITA FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Charity information

The Gravita Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 66 Prescot Street, London, E1 8NN.

1.1
Reporting period

On the 27th December 2023 the Foundation changed its accounting period from August to April following the acquisition of Carter Backer Winter LLP by the Gravita Group and to align its reporting period with the rest of the group. Therefore the comparative amounts presented (including the related notes) are not entirely comparable.

1.2
Accounting convention

The accounts have been prepared in accordance with the foundation's trust deed, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The foundation is a Public Benefit Entity as defined by FRS 102.

 

The foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the foundation. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the foundation.
1.5
Income
Income is recognised when the foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

THE GRAVITA FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised when the foundation is legally contracted to make payments for services received.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Derecognition of financial liabilities

Financial liabilities are derecognised when the foundation’s contractual obligations expire or are discharged or cancelled.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the foundation is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

THE GRAVITA FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
- 6 -
2
Critical accounting estimates and judgements

In the application of the foundation’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Donations and legacies
Total
Unrestricted
funds
2023
2022
£
£
Donations and gifts
-
10,000
4
Charitable activities
Donations
Donations
2023
2022
£
£
Grant funding of activities (see note 5)
3,450
2,716
5
Grants payable
2023
2022
£
£
Grants to institutions:
North London Hospice
-
500
Little Havens Hospice
1,480
-
British Heart Foundation
50
50
Maidstone and Tunbridge Wells NHS
-
250
Walking for Ukraine
-
538
Age UK
500
500
Alzheimers Society
-
100
Wave for Change
250
-
Pedal Power
250
-
Turkey/Syria Earthquake Appeal
500
-
Other
420
778
3,450
2,716
THE GRAVITA FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
5
Grants payable
(Continued)
- 7 -
6
Trustees

None of the trustees (or any persons connected with them) received any remuneration during the period.

7
Employees

The average monthly number of employees during the period was:

2023
2022
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
8
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

9
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
550
550
10
Related party transactions

During the period the Foundation received a donation of £Nil from an LLP that the trustees had an interest in. (2022 - £10,000).

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