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REGISTERED COMPANY NUMBER: 07461047 (England and Wales)
REGISTERED CHARITY NUMBER: 1143175














REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

Grace Debt Advice
(A Company Limited by Guarantee)

Grace Debt Advice






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Report of the Trustees 1

Independent Examiner's Report 2

Statement of Financial Activities 3

Balance Sheet 4

Notes to the Financial Statements 5 to 8

Grace Debt Advice (Registered number: 07461047)

REPORT OF THE TRUSTEES
for the Year Ended 31 December 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Related parties
The Trustees fees relate to payments made to G Holland in relation to his position as CEO of the charity. These fees consist of fees of £19,454 (2022 £15,808).

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07461047 (England and Wales)

Registered Charity number
1143175

Registered office
Ferneberga House
Alexandra Road
Farnborough
GU14 6DQ

Trustees
Ms A Barling Retired
A D Barnard Company Director
G Holland Company Director

Company Secretary

Independent Examiner
Mark Byron Blackwell
MHR Consultancy Limited
Ferneberga House
Alexandra Road
Farnborough
GU14 6DQ

Approved by order of the board of trustees on 3 August 2024 and signed on its behalf by:





G Holland - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
GRACE DEBT ADVICE

Independent examiner's report to the trustees of Grace Debt Advice ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

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.

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:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
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)).

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.








Mark Byron Blackwell

MHR Consultancy Limited
Ferneberga House
Alexandra Road
Farnborough
GU14 6DQ

3 August 2024

Grace Debt Advice

STATEMENT OF FINANCIAL ACTIVITIES
for the Year Ended 31 December 2023

31.12.23 31.12.22
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 145,454 - 145,454 146,855

Charitable activities
Core Activities 600 - 600 3,147
Total 146,054 - 146,054 150,002

EXPENDITURE ON
Raising funds 50 - 50 -

Charitable activities
Core Activities 151,045 446 151,491 158,322
Total 151,095 446 151,541 158,322

NET INCOME/(EXPENDITURE) (5,041 ) (446 ) (5,487 ) (8,320 )


RECONCILIATION OF FUNDS
Total funds brought forward 25,017 1,267 26,284 34,604

TOTAL FUNDS CARRIED FORWARD 19,976 821 20,797 26,284

Grace Debt Advice (Registered number: 07461047)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
CURRENT ASSETS
Cash at bank 19,976 821 20,797 26,291

CREDITORS
Amounts falling due within one year 5 - - - (7 )

NET CURRENT ASSETS 19,976 821 20,797 26,284

TOTAL ASSETS LESS CURRENT LIABILITIES 19,976 821 20,797 26,284

NET ASSETS 19,976 821 20,797 26,284
FUNDS 6
Unrestricted funds 19,976 25,017
Restricted funds 821 1,267
TOTAL FUNDS 20,797 26,284

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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


The financial statements were approved by the Board of Trustees and authorised for issue on 3 August 2024 and were signed on its behalf by:





G Holland - Trustee





A D Barnard - Trustee

Grace Debt Advice

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. TRUSTEES' REMUNERATION AND BENEFITS
31.12.23 31.12.22
£    £   
Trustees' fees 19,404 15,808

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.


3. STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.23 31.12.22
Management 1 -

No employees received emoluments in excess of £60,000.

4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 146,855 - 146,855

Charitable activities
Core Activities 3,147 - 3,147
Total 150,002 - 150,002

EXPENDITURE ON
Charitable activities
Core Activities 157,173 1,149 158,322

Grace Debt Advice

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund funds funds
£    £    £   

NET INCOME/(EXPENDITURE) (7,171 ) (1,149 ) (8,320 )


RECONCILIATION OF FUNDS
Total funds brought forward 32,188 2,416 34,604

TOTAL FUNDS CARRIED FORWARD 25,017 1,267 26,284

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors - 7

6. MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 25,017 (5,041 ) 19,976

Restricted funds
Somerset Community Foundation - Somerst Growth 430 - 430
Somerset Community Foundation - Homeless Fund 767 (446 ) 321
Live West - Digital Inclusion 70 - 70
1,267 (446 ) 821
TOTAL FUNDS 26,284 (5,487 ) 20,797

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 146,054 (151,095 ) (5,041 )

Restricted funds
Somerset Community Foundation - Homeless Fund - (446 ) (446 )

TOTAL FUNDS 146,054 (151,541 ) (5,487 )


Grace Debt Advice

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.1.22 in funds 31.12.22
£    £    £   
Unrestricted funds
General fund 32,188 (7,171 ) 25,017

Restricted funds
Somerset Community Foundation - Somerst Growth 830 (400 ) 430
Somerset Community Foundation - Homeless Fund 1,016 (249 ) 767
Live West - Digital Inclusion 70 - 70
Disability Workshop 500 (500 ) -
2,416 (1,149 ) 1,267
TOTAL FUNDS 34,604 (8,320 ) 26,284

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 150,002 (157,173 ) (7,171 )

Restricted funds
Somerset Community Foundation - Somerst Growth - (400 ) (400 )
Somerset Community Foundation - Homeless Fund - (249 ) (249 )
Disability Workshop - (500 ) (500 )
- (1,149 ) (1,149 )
TOTAL FUNDS 150,002 (158,322 ) (8,320 )

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.1.22 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 32,188 (12,212 ) 19,976

Restricted funds
Somerset Community Foundation - Somerst Growth 830 (400 ) 430
Somerset Community Foundation - Homeless Fund 1,016 (695 ) 321
Live West - Digital Inclusion 70 - 70
Disability Workshop 500 (500 ) -
2,416 (1,595 ) 821
TOTAL FUNDS 34,604 (13,807 ) 20,797

Grace Debt Advice

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 296,056 (308,268 ) (12,212 )

Restricted funds
Somerset Community Foundation - Somerst Growth - (400 ) (400 )
Somerset Community Foundation - Homeless Fund - (695 ) (695 )
Disability Workshop - (500 ) (500 )
- (1,595 ) (1,595 )
TOTAL FUNDS 296,056 (309,863 ) (13,807 )

7. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.