GRIFFIN Co,NLNILN'ITY TRLST UNAUDITED REPORT AND ACCOUNTS 30 JUNE 2024 (A Company limited by guarantee Kgistered in England & Wales) Company regi.stration number: 02572039 Charity registration number: 1013308
THE GRIFFIN COMMUNITY TRUST Contents Page Directors Annual Rew)rt Chainnan's Report Independent Ex8rnfft¢r's R¢port Accounts comprising: Statement of Financial Activities Balance sheet 10-11 Notes to the ac¢ounl8 12-17 The followin8 page does not forni part ofthc Statutory account5: Detsiled income and expenditure account 18 The Griffin Community Trust (A Company limited by guarantee registered in England & Wales) Company registration number: 02572039, Charity registration number: 1013308
Page I DIRECTORS ANNUAL REPORT Ihe Dircciors. Re FOR THE YEAR ENDED 30 JUNE 2024 inco oralin ort REFERENCE AND ADMtNISTRATIVE DETAILS The Chair presents the report of the directors, which is also the directors, rqx)rt as required by company law, with the accounts of the company for the year ended 30 June 2024. The directors have adopted the provisions of the Statement of Recommended Practice {SORP)"Acuntsng and Reporting by Chorities" (FRS 102 (IA)) in preparing the annual rep)rt and financial slatements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the chartty's governing do¢ument. the Charities Act 2011 and Accountlng and R¢pK)rtin8 by Charlties: Siatemenl of Recommended Praclice (second edition} applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019 (Second Edition) and effective from l January 2019. CHARITY NAME The Griffin Community Trust REGISTERED NUMBER 02572039 (England and Wales) CHAR11'Y NUMBER 1013308 REGISTERED OFFICE 68 Beacon Drive Seaford East Sussex BN25 2JX CHARITY'S DIRECTORS Dr O Akinkugbe Mis5 A Ei. A Barhe Professor B T Colvin DrYCChan Miss A Lim Dr K A Price Mr S P Rockhill Miss J A Walker DrVLCWhite MrTHL Yau Vice Chair Studcnl Ch¥4ir Secretary Govemance Lead Student Chair Vice Chair Finance Chair Accommodation Lead Chair Student Chair (Resigned 7 Nov 2023) (Appointed 7 Nov 2023) (Resigned 7 Nov 2023) The directors of the company have the voting rights for the purposes of the Companies A¢1 2006, No Direcior had a beneficial interest in any conlraci with the company during the period. The Griffin Community Trust (A Company limited by guarantee registered in England & Wales) Company registration number: 02572039. Charity ffgistration number: 1013308
Page 2 DIRCCTORS ANNUAL REPORI. the Directors, Re FOR THE YEAR ENDED 30 JLfNE 2024 inco oralin ort REFERENCE AND ADMINISTRATIVE DETAILS ontinued PRESIDENT Vacant CHAIR Dr V. L. C. White SECRETARY Professor B T Colvin REGISTERED OFFICE 68 Beacon Drive Seaford E&st Sussex BN25 2JX CHARtTY ADMINISTRATOR Anthony Pettit 68 Beacon Drive Seaford East Sussex BN25 2JX ACCOMMODATION MANAGER Heather Hill 53 Cheyne Walk Grange Park London N211 DB BANKERS Barclays Bank PIC 240 WhileGhapel Road IA)ndon El IBS SOLICITORS BDB Pitsnans LLP One Bartholornew Close, L4)ndon ECIA 7BL DEPENDENT EXAMtNERS Barrow LLP Jackson House Station Road Chingford London E4 7BU 'rR RE AN E AND MAN GEM The company is registered for charitable purposes with the Charity Commissioners and is governed by a Memorandum and Articles of Association. It is a medical student inspired organisation. It is limited by guarantee and does not have any share capital. The liability of members in the event of winding up is limited to £1 per member. The Griffin Community Trust (A Company limited by guarantee registered in England & Wales) Company registration number: 02572039, Charity registration number: 1013308
Page 3 DIREC'foRS ANNUAL REPORT the Directors. R ort FOR THE YEAR ENDED 30 JUNE 2024 inco oratin The Memorandum and Articles of Association of the Company (adopted 8 September 2021) states.. The Maximum number of Directors shall be ten and the minimum number of Directors shall be four. The Directors shall include a Student Director, eligibility for which shall be detennined from time to lime by the Directors. A Director may not appoint an altemate director or anyone to act on their behalf at meetings of Directors. The Directors from time lo time shall be the only members. A Director shall, by agreeing to become a Di¢10r. agree to be a M¢mb¢r and a¢¢ordingly shall be admitted to m¢mb¢rship of th¢ Charity on th¢ir appointm¢nt as Dir¢¢¢or. PPOINTMEN DIRECT Any person who is willing io ac¢ as a dir¢clor, and is pemiitted by law lo do so, may be appoinl¢d to be a director by a rcsolution of DirKtor5. provided that no appointment of a director may be which would caus¢ the number of Dire¢lors to ex¢eed any number fix¢d as th¢ maximum nurnb¢r of DireGtor5. RETIREMENT OF DIRECTORS The t¢mis of offi¢e of the directors in office at the date of the adoption of the Articles shall be detern]ined by way of Resolution of the Directors. Any other Director shall bc appointed for a term of three y¢ar5 at the end of whirh ihey shall retire. A person retiring from the olCe of Director shall be eligible for re-appointment but, where the retirement is at the end of a consecutive period of ninc ycar5 or more in office. the Dircrtor shall not be eligible for r¢-appointhieni for a further consecutive term of office, unless approvcd by a unanimous vote of the Directors. The administration of the charity is divided into two cornmittees: Th¢ DIrlOr$ Board This is thc governing Committcc of the whole charity body who hear reports from the Finance Committee, along with other items such as Student Activilics and Residents report. It also oversees all matters regarding the accornmodation. Finance Commit1¢¢ This is a sub-¢ommitt¢¢ of Dir¢¢lors Board who ov¢rs¢¢ Ihe finances of the ¢harity and manage the Administrator who has dclcgalcd responsibility for thc daY-ldaY financial transactions of the Charity. All payments of the Charity are auihorised before payment is made. Th¢ finances ar¢ furthcr divided into 2 areas: Student A1vItieS are dealt with by ihe student treasurer, who reports to the Administrator. The Administrator deals with all other financial transactions. The Griffin Community Trust (A Company limited by guarantee registered in England & Wale5) Company registration number.. 02572039, Charity registration number: 1013308
Page 4 DIRECTORS ANNUAL REPORT incor OR THE YEAR ENDED oratin the Dir¢¢tors' Rc E 2024 Statement of Direetors. responsibilities in respeet of the Directors, Annual Report And the financial slatements The Company Directors are responsible for preparing the directors, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Practice). Company law requires the Directors to prepare financial statements for each financial year, which give a Irue and fair view of the state of affair5 of the charitablc company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements. Ihe directors are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charitie5 SORP 2019 and FRS 102 (I A) make judgements and estimates ihal are r¢asonable and prudent. slate whether applicable UK Accounting Siandards have b¢¢n followed, subject lo any material departures disclosed and cxplaincd in thc financial statements. and prepare thc financial statements on thc ¥oin¥ wncern basis unless it is inappropriate to presume that the chIlable company will continue in operation. The directors are re5ponsiblc for keeping adcquate accounting records that disclosc with rcasonablc accuracy at any time the finanrial posltion of the charitable company and enable them to ensure that the financi&l statements cornply with the Companies Act 2006. They arc also responsible for safeguarding the assets of the charitable company and hence taking reasonable steps for the prcvcntion and detection of fraud and other irregularities. K MANA EME The Finance Committee conducted a review of the financial risks faced by the Charily throughout the year. The Committee considers that there are sufficient financial risk management procedures and intcrnal Gontrols in placc adcquY4tc to rcduGe such risks lo an acceptable level to the directors. It is intended a review of risk management, and all other proGedure5 will be conducted on a timelablcd basis. ND Tl ITIE The Charity's objectives are as follows: (a) the rclicf of elderly infirm handicapped wheiher physically or mentally or physically weak persons by Ihe promotion of social inclusion for the public benefit, ift particular but not exclusively in the East I*.nd of London. and (b) thc provision of short-temi accommodation for medical and dental students from Barts and The London School of Mcdicine and Dcntistry Queen Mary University of London with a view to assisting students (including postgraduate student5 and p¢r50ns engaged in research) to obtain &nd benefit froln educalion or to pursue research at universities and othgr institutions of further education. The charitable purpose under the Chari¢ies Act 2011 is for the advancement of citizenship and community developm¢nt. VOLUNTEERS The directors, friends of Griffin and students provide numerous services at no rost. Thg Griffin Cornmunity Trust r¢lic5 on these volunteers for help in the running of the company'5 many activitie5. The Griffin Community Trust (A Company limited by guarantee registered in England & Wales) Company registration number.. 02572039. Charity registration number: 1013308
Page 5 DIRECTORS ANNUAL REPORT thc Directors. R ort FOR THE YEAR ENDED 30 JUNE 2024 inco orati PUBLIC BENEFIT The directors have refcrrcd to the guidancc contained in the Charity Commission's general guidance on public benefit whcn reviewing our aims and objectives and in planning our fulurc activities. In particular, the directors view that ils innovative work integrnting the medical and denlal students with the elderly in the various activities run has both social and leaming benefits for the Iwo disparate groups. In planning our activities to encompass this integration we will continue lo contribute to the aims and objectives we have set. ACHIEVEMENTS AND PERFORMANCE As part of its ongoing programme the Charity undertook a wlicy VIeW in five areas this year. Three financial r¢ports w¢re reviewed along with the introduction of an investmenl policy. The Trust also wnfirmed their policy on Saf¢guarding adulis. During the year the Charity were saddened to learn of the death of Lady Ursula Westbury. Lady and Lord Westbury had been strong supporters on Gr]In almost since its inceplion. In honour of their support the Charity introduced ihe Wcstbury Prizc in Health and Ageing. This is an annual academic award which was introduced in 2024 with a prize for ihe winner and two runners up. As part of the Inv¢slment Policy review the finance wmmittee undertook a Lhange in thc way the inveslmenls are rnonitored. These are now reviewed at the bi-monthly meetings monitoring perfornianLe on a l O- and 5-year rolling period with a target of CPI plus 40/0. At the end of the financial period this target was cxcccdcd on both mcasured periods. Further improvements were made to the student accommodation part of an ongoing programme. This included a further flat kitchen renewal leaving only one flat remaining lo be refitted. This along with installing CCTV and strengihening the door access will be part of the program of works to be complded over the summer of 2024. 'rhc Charity arc pleased with thc financial p¢rfornianr¢ this year which resulted in a b&lance sheet exceeding £1 million. IN IE A summary of the results of the year's aclivity is given on page 9 of the accounts. Income for thc period was £178,522 (2023 £150,067) and aftcr cxpcnditure and investment gain5 a 5urplu5 resultcd of £44,823 (2023- £25,363). As of 301h Junc 2024, the Charity hcld £831,005 in unrcslriLtcd rescrves (2023 - £740,768) along with £192,848 in r¢stri¢t¢d res¢rv¢s (2023 - £238,262), No funds wer¢ in deficit throughout the year. RF.s'fRIC'I'LD RESERVLS E."UNDS- are funds that are freely available to the Charity to spend on any of its Charitable purposes. Unrestricted Reserves are held to service unexpected need for funds, covering unforeseen day-to-day operational costs, a shortfall in income or to fulfil its obligations. They are derived from rental income, general donations, investment income and bank interest received, after deducting expenses on primary busine55 and Griffin House. RESTIU TED RESER FUND are funds donated to be used for a specific purpose or project. The GritTin House Fund Restricted Reserves is held specifically for their purpose in the development of capital housing projects. The Griffin House capital fund being the balance of the original sum donated for housing projects, plus interest added, less expenditur¢ against this Fund. The Student Artivity fund is financed by donalioDS specifirally for Student activities in the operation of the Charitics objectives after deducting ¢xpenses on such activities. Any expenditur¢ in exccss of these donations is funded by the unrestricted fund. Th¢ Griffin Community Trust (A Company limited by guarantee registered in England & Wales) Company registration number.. 02572039, Charity ffgistration number- 1013308
Page 6 DIRECTORS ANNUAL REPORT tlie Directors, Rc FOR THE YEAR ENDED 30 JUNE 2024 iIicor oratiii OTt INVESTMENT OF RESERVES - Excess liquidity will be placed in an intei-est-bearing account or invested with financial institutions for a loMger-tern] period at Ihe right time. Tliis period is i'eviewed on a i'¢gular basis. ONGOING DEVELOPMENT The director's assessmcnt is that it requires £140,000 to cover expenditure in the event of an inlerrLiplion lo rental incoine. Tlie balance of thc unre.8trictcd rcservc will be added to Ihc cash balanccs of the Griffin Housc fund and placed towards the Oiibyoing dcvclopmcnt of the Griffin Hous¢ Accoinmodation and any new project being d¢veloped or further finaDcixI invcstmcnts. FUTURE PLANS l) Dr Kathryn Price (Vicc Chair) has b¢¢n invlled lo present at the Britisli Geriatric Society ¢onference lo be held at the ExLcl centre in NovLinber 2024. Th¢ topic is bascd on Griffin's dcvelopmcnt, how il has impacted the community it serves along with the stud¢nts and gradiialud students who have been involved in tho Trust sincc ils in¢¢ption, 2) Ongoing work is b¢iiig undertaken to cstablish links with Toynbee Hall tollowing their change in p¢rsonnel and sli'ii¢tiire. To cstabli5h the bcncfit our stud¢nls can providc to the oldcr p¢ople living in the surrounding arca and allcnding the Tornbcc l-lall setting. 3) 'I'h¢ Chai'ily has a strong financial bai>iS, and the Financc CommittCL will encourag¢ fiirther growth by rcgularly monitoring, whilst Continiiing lo seck vuluL for inoi)cy. 'I'IIL Charity will undLrlakc an uccominoddlion revicw of the (ii'iffin Hous¢ Insiirance puliLy iii r¢lation to thL Icase agrccinLnl bLlween Grit£in and trcLhuldcrs Livability 4) The Trust Board will continuL Its policy rcvicws by reviewing the GDPR policy. It is fclt by the board that legal advicc is required lo achicve this. I'l)crcforc, a fim] has b¢en sourccd to assist with th¢ developmcnt of a rcviscd policy. 5) Lt will continu¢ its programinc to cnhance thc quality of thL' accommodation to benefit currcnt and future residcnts lung with a review of ulilily usagyc, cspccially with thc contract renLwal of Ga5 and Electricity supplie5 in Junc 2025. FUNDS HELD AS CUSTODIAN r)IRECTORS ON BEHALF OF o'fHERS All fiinds hcld belong to Griffin Community Trust. No funds ar¢ held on behalf of others. This report has bccn prcparcd in accordance with ihc provision5 of Part 15 of the Coinpanie5 Act 2006 relaling lo small onipaiiies. The Griffin Community Trust (A Company limited by giiaranlee registered in England & Wales) Company registration number.. 02572039, Charity registration number: 1013308
Page 7 THE GRIFFIN COMMUNrfY TRUST Chair's Report 2024 This annual report comcs with a mixture of sadness. very happy memories, 8nd a smile &8 we remember 'Our Urs., the late Dowager Lady Westbury who died in November 2023. Ursula had been part of Griffin for almost as long a5 any ofus can recall- she and the late Lord David were inlroduced to Griifin in the late 1990s via Toynbee Flall and were instrumental in rdising the funds lo build Griffin House. When IA)rd David died in 2001. Ursula ¢onlinu¢d lo staunchly support Griffin. Iraveling across London to attend commitlee meetings. Garden Parties and Christmas dinners. The highlight of any Griifin ycar was Ihe annual soiree that she hosted in Chelsea with her Signatu dish of 'mucked up, chicken, washed down with Eton Mess. A number of us celebrated Urs, life at both her fim¢ra] and her memorial service at the Guards. Chapel in May 2024, close to what would have been hcr iooih birthday. Over the summer, we were delighied to award the first Westbury e55ay prize for Health and Ageing, first prize being awarded to Bishoy Daoud Yassa. and also, to be joined by Clare Blakely. onc of Urs, granddaughters, as a member of Griffin. Over the last year, the GrAffAn students and Shaftesbury rcsidcnts have continued to enjoy both 'in' and 'out' events together including Bingo nights, Christmas Dinner at thc Marriott, High Tea at Brown's, and the amiual Garden Party. We have also returned io having Gr11n meetings in person, or in fact, hybrid meetings. which have bcen working wcll. Work around our Governance structure has continued, and we thank Fabia Chan for ail her work on this. And our thanks to Stephen Rockhill and Tony Pettit for keeping our finances in order. The accommodation committce lcd by Judith Walker continues to do a great job of ensuring an ongoing flow of sludent r¢sid¢nt al Griffin House- thank you to them. And thanks Dr Brian Colvin for continuing as our senior secretary. Also, a big vote of thanks to Heather Hill for coniinuing to look after both thc students and Griffin House. Thank you to Gbenga Akinku¥be, Kat Price and Claire Dow for a5SiSting me in the running of Griffin and supporting thc studcnts, cspecially advising and leaching on saf¢guarding and manual handling. as well as Helen Byrne, Jed Ashman, 'rom Yau and Jamie Henderson for their ongoing advice and support. Thank you lo Annctte Davies for her help and feedbk and for representing her neighbours at Shaftesbury. J would also like to thank the Marie Celesle Samaritan Society for their continued financial sUPPOrt of our cvcnts. Finally, I would like to thank all of the Griffin Housc student5 who have organised the events and support their elderly neighbours With such enthusiasm and energy, particularly the outgoing Ghair, Alicia Lim We look fonvard, w¢ hope that in 2025 we will continue to enjoy each other's company and fri¢ndship and having fun at the events. Thank you. Dr Vcronica LC White Chair, Gr11n Community Trust 5th Novcmbcr 2024 The Griffin Community Trust (A Company limited by guardnt¢¢ registered in England & Wales) Company registration number: 02572039. Charity registration number: 1013308
Page 8 UN UALIFIED REPORT or THE INDEPENDENT FXAMINER TC) TFIC MEMBERS OF TFIE GRlI.-r.IN COMMUNI'fY TRUST IMITED chai'ilable coin Eli lai)d & Wales Independent Examiner's Report to the Directors of The Grirfin Community Trust L report to the charity directors on my examination of the accounts of th¢ company for the year ended 30 June 2024 whlch are 5¢t out on pages 9 to 17. Responsibilit1¢$ ind bA5is of report As the charity director5 of the company, you are responsible for the preparation of the aGcounts in accordance with the requirements of the Compani¢s AGI 2006 ('the 2006 Act,). Having 5alisfied myself ihat the account5 of the company are not required lo bc audited under Part 16 of Ihe 2006 Act and are eli¥ible for independent examination, I report in respect of my exarninalion of your company'5 accounts conducted under section 145 of the Charities Act 2011 ('the 201 l Act,). In conducting my examination, I have followed the Directions given by Ihc Charity Commission under 5¢Gtion 145(5){b) of the 2011 Act. Independent exAmlner's s¢*tement I have completed my examination. I confirm that no matt¢rs have come lo my attention in Connection with the ex8mination giving me cause to believe that in any material respect: accounting records were not kept in respect of the company as required by section 386 of ihe 2006 Act: or the accounls do noi accord with those records; or the accounts do not comply wilh the accounting requirements of section 396 of the 2006 A¢1 other than any requirement ihat ihe accounts give a'true and fair view, which is not a matter con8Adered as part of an independent examination. or the accounts have not been prepared in accordanGe wilh the methods and principles of the Statcmenl of Recommended Practice for accounting and reportin8 by charities applicable to Charities preparing their accounts in accordance with ihe Financial Reporting Siandard applicable in the UK and Ireland (FRS 102 (IA)). I have no concerns and have come across no other matters in connection with the examination lo which altention should be drawn in Ihis report in order to enable a proper understanding of the accounts to be reached. Glcrtn Arn)on-Jones BArrnw LLP Jllek%on I l(Triise Station Iload Chingford Lvndun E4 7BU Date.. 0511112024 Th¢ Griffin Community Trust (A Company limited by guarantee registered in England & Wale5) Company registration number: 02572039, Charity registration number: 1013308
Page 9 THE GRtFFIN COMMUNITY TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDI G INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30TH JUNE 2024 2024 2024 Restricted Unrestricted Funds Funds 2024 Total Funds 2023 Total Funds Notes Income ndEx endi ur ndowments from. Donations and 1¢gleS 350 350 10.200 Charitsble activities 111,263 111,263 111,620 Investments Total income emd endowments enditurc on: Raising funds: Investment managemenl costs Charitable activities 45,941 74.427 120,368 116,975 Other: Governpce costs Total expenditure Net gainsl(1055es) on investrnents 13 Nel incomel(expenditure) (45,414) 90,237 44,823 25,363 on activities N¢t movement in funds 17 (45,414) 90,237 44,823 25,363 iliation of funds: Total funds brought forward on l¥1 July 2023 17 Total funds carried fonvard on 30th June 2024 17 All income and expenditure derive from continuing activities and represents restricted and unrestricted fvnd5 of the charity. There were no recognised gains or losses other than those shown in the Statement of Financial Activities for the year ended 30th June 2024. The notes on page5 12 to 17 fo part of these financial statements. The Griffin Community Trust (A Company limiled by guarantee registered in England & Wales) Company registration number.. 02572039, Charily registration number: 1013308
Page 10 THE GRIFFtN COMMUNITY TRUST BALANCE SHEET 30TH JUNE 2024 otes Total Funds 2024 Total Funds 2023 FIXED ASSETS Tangible assets Investments 12 13 318,807 331.027 Total fixed assets CURRENT ASSETS Debtors Cash at bank and in hand 14 5,693 5,693 Total current assets LIABILITIES Creditors: Amounts falling due within one year 15 NET CURRENT ASSETS NET ASSC'rs The Funds of the charity UNRESTRICTED FUNDS 17 831,005 740,768 RESTRICTED FUNDS 17 Total Charity Funds 17 For the year ending 30 June 2024 the company was entitled lo exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Dir¢¢tors' rwponsibilities: The members have not required the cornpany to obtsin an audit of its accounts for the year in question in a¢¢ordan¢¢ with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with r¢sp¢¢t to acrounting records and the prcparation of aOUnt5. The Griffin Community Trust (A Company limited by guarantee registered in England & Wales) Company registralion number.. 02572039, Charity registration number: 1013308
Pag¢ll BALANCE SHEET. 30TII JUNE 2024 continued The financial statements have bcen prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. Th¢ notes on pages 12 to 17 forni PArt of thcse financial statements. Approvcd on behalf of the directors by.. Chair., Dr Veronica LC White Date of approval.. 5 November 2024 The Griffin Community Trust (A Company limited by guarant¢¢ registered in England & Wales) Company r¢gistration number.. 02572039, Charity registration number: 1013308
Page 12 THE GRIFFIN COMMUNITY TRUST NOTES TO THE ACCOUNTS . 30TH JUNE 2024 PRINCIPAL ACCOUNI'ING POLICIES (a) General information and basis of preparation The Griifin Community Trust is a private company, limiled by guarantee, registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per Director of the charity. The address of the registered office is given in the charity informatlon on pages l and 2 of these financial statements. The charity constitLttes a public benefit entity as defined by li RS 102. The financial statements have been prq)ared under the historical cost convention and in accordance with Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their acc()unts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in Ociober 2019 affccting reporting periods beginning on or after I January 2019. the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charilics Aci 2011, the Lompanies Aci 2006 and UK G¢n¢rally Arccpted Accounting PrdCtiGe as it applies from l January 2015. The charity has lak¢n the advantag)¢ of the disclosure exemption in preparing these financial statements as pemitted by Financial R¢porting Standard FRS102. Thcrefore. the5¢ annual financial slalements do not includc a cash flow stalement on the grounds that it is applying Section l A of Financial Reporting Standard FRS 102. The financial statements are prepared on a goinbT conccrn basis under the hislorical cost convention. modified to include certain items ai fair value. The financial statem¢n15 ar¢ psented in slerling which is the functional currency of the charity and rounded to the nearcst £. Thc siL>nificant accounting policies applied in the preparation of thcsc finanrial statements arc set out below. These policies havc been consistently applied to all years presented unless oih¢rwisc slated. {b) Funds Unrestricted funds are available for use at the discretion of ihe directors in furtherancc of thc gicncral objcctivcs of the charity and which have not been designated for other PUTpose5. Restricted funds are funds which arc to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for a particular puoSe. I'he cost of raising and administering such funds are charged against the specific fund. The aim and usc of each rcstricted fund is set out in ihe Directors Annual Report. (c) Income recognition All incoming resources are included in the Stalement of Financial Activities (sofA) when the charity is legally entitled to the income after any pcrfornianc£ conditions have been met, the amount can be measured reliably. and il is probable that the income will bc received. i) All gr8nts' rcc¢ivabl¢s arc crcdited lo tho income and expenditure account to which they relate provided receipt is oertain, m¢asurable & the charity has Cntitlement. ii) Donations received under Gift Aid together with the associated inwme lax recoveries are credited io the income and expenditure account in the year of receipt of the donation. iii) Rental inwme is credited io ihe financial year in which it relates. iv) Investment incorne relates to money held in the CafGold deposit bank account as well as income generated on the charity's investsnents. (d) Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constru¢tive obligation to mak¢ payment5 to third partie5, it is probable that the settlement will be required, and the amount of the obligation Can b¢ measured reliably. Expenditure includes all irrecoverable VAT. The Griffin Community Trust (A Company limited by guarantee re8lStered in England & Wales) Company registration number: 02572039. Charity registration numb¢r: 1013308
Page 13 THE GRIFFIN COMMUNITY TRUST NOTES TO THE ACCOUNTS . 30TH JUNE 2024 Costs of raising funds comprise investment management costs relative to the charity's investments. Charitable expenditure cornprises all expenditure directly related to the objects of the charity. Governance costs include the costs of governance WTangements, which relate to the general running of the charity as opposed to the direct management functions inherent in generating funds, service delivery and pmgramme or project work. These activities provide the govemance infrastructure. which allows the charity lo operate and to generate the inforniation required for public accountability. They include the strategy planning processes that contribute to future development of the charity. Support costs include the ccntral functions such as general managemenL administration. budgeting and accounting, infomiation technology. and financing. Suppx)rt costs do noL in thernselves, conslitule an activity. instead, they enable output-crealing activities to be undertaken. (e) Support costs allocation. Support ¢osls are those that assist the work of Ihe charity but do not dirccily rcprcsent charitable activities and include 01¢¢ costs and administrative costs. They are incurred directly in support of cxpcnditure on the objects of the charity, Support costs hav¢ b¢¢n allocated solely lo the Gr11n Housc activity on ihc basis that all cosls relating to Student Activities arc alrcady directly attributed to ihis a¢tivily. (D S¢rvices in kind No account is taken of thc Substantial contributions made by the directors, friends of Griffin and students who provide numerous services free of charge &8 volunteers. (g) Tangible fixed Assets Tangible fixed &8sels are staled at cost (or dccmcd cost) less accumulated deprecialion. Cost includes Costs directly allribulable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets. at ratc5 ralrulated to write off the Cost, less e51imaled residual valu4 of each asset on a systematic basis over it5 expected useful life as stated below. The is a full year's provision in the year of purch&sc. Only expenditure greater than £500 on capital items is capitalised. Depreciation ratc 250/0 200/0 2Vo Equipment Fixtures and Fittings Land and Building (h) Investments Invesim¢nts are rccognised inilially at fair value which is nomially thc transaction price. Subsequently, they are measured at fair value with changes recognised in 'net gains l (losscs) on investments, in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. (i) Debtors And creditors receivable I payable wlthln one yegr Debtors and creditors with no stated interest rate and receivable or payabl¢ within one year arc recorded at transaction price. Any loss¢s arising from impaiment are recognised in expenditure. li) Going concern The financial statements have been prepared on a going wnGern basis as the director5 believe that no material uncertainties exist. The dir¢Glors have considered thc level of funds held and the expecled level of income and expenditure for12 months from authorising these financial statements. The budge¢¢d inwme and exp¢nditure are su1clent with the level of reservcs forth¢ charity to bc able to rontinue as a going Goncern. 2. DONA TIONS tN KIND As reportcd in note l (O. The Griifin Community Trust relics on part-time volunte¢r5 for help in the running of the company. The Griffin Community Trust (A Company limited by guarantee r¢gist¢red in England & Wales) Company registration number: 02572039. Charity registration number: 1013308
Page 14 THE GRIFFIN COMMUNITY TRUST NOTES TO THE ACCOUNTS . 30TH JUNE 2024 INCOME FROM DONATIONS AND LEGACIES Restricled Unrestricted Funds Funds Total 2024 Total 2023 Donations 4. INCOME FROM CHARITABLE ACTIVITIES Restricted Unrestricted Funds Funds Total 2024 Totsl 2023 GrilTin House r¢nlal income INCOME FROM INVESTMENTS Restricted Unrestricted Funds Fund5 Total 2024 Total 2023 Schmders distribution Inleresl received. 66.064 668 66,064 845 27,885 362 177 6. INVESTMENT MANAGEMENT COSTS Restricted Unrestricted Funds Funds Total 2024 Totsl 2023 Portfolio management fees 7. EXPENDITURE ON CHARITABLE ACTIVITIES Restricted Unrestricted Funds Funds Total 2024 Tolal 2023 G irrin l.IoLISC Activil I Washing Machine Lease Griffin House Maintenance Utilities Insurance TV Licen¢¢s Site Manager D¢preGiation 893 16,470 22,451 3,495 954 8,400 893 16,470 22,451 3,495 954 8.400 35,085 497 2,144 15,010 22,667 3,321 954 7.800 29,547 192 35,085 Garden Cost Support costs (Note 8) 497 Student activities Student activities Support costs (Note 8) Aclivil 10,856 333 11,189 11.190 Total The Griffin Community Trust (A Company limited by guarantre registered in England & Wale5) Company registration number: 02572039. Charity registration number: 1013308
Page 15 THE GRIFFIN COMMUNITY TRUST NOTES TO THE ACCOUNTS . 30TH JUNE 2024 8. ALLOCATION OF SUPPORT COSTS Griffin Student House Activities (Activity l) (Activity 2) Total 2024 Total 2023 Accountancy 2nd Administration Posiage Stationery Telephone Westbury Prizes Rent Refunds Legal & Professional Bank oharg¢s 14,465 21 445 4,689 250 941 13 14,465 21 445 4.689 250 941 13 19,085 14 453 4,476 13 109 9. GOVERNANCE COSTS Restricted Funds Unrestricted Funds Total 2024 Total 2023 Accountancy and Administration Independenl Examination Fee Meeting Fxpenses 4.400 8,713 218 4.400 ,713 218 4.400 4,360 15 10. NET INCOME/(EXPF.NDITURE) FOR THE YEAR Net income/(expenditurc) is slated after chargin(credIting). Total 2024 2023 Depreciation of iangible fixed assets I I. INDEPENDENT EXAMINERS REMUNERATION The independent examiners remuneration amount5 to an independent examination fee of £2,500 (2023 - £2,200) and accountancy services of £1,860 (2023- £1,800). 12. 1'ANGIBLE FIXED ASSETS Leasehold Total Cost On I July 2023 Additions 596,657 213.538 13,136 823,331 596,657 236,403 13,136 846,196 Disposals On 30th June 2024 rcciation On l July 2023 Disposals 309,639 169,529 13,136 492.304 309.639 84,784 13,136 407,560 Char8e for the year On 30th June 2024 ct Book Valu On 30th Jun¢ 2023 (BIFwd.) On 30th June 2024 (CIFwd.) There was no capital commitments authorised but not entered into at the year-end (2023-nil). All a5sels are held for charitable purposes. The Griffin Community Trust (A Company limited by guarantee registered in England & Wal¢s) Company registration number: 02572039, Charity r¢gislralion number: 1013308
Page 16 THE GIUFFIN COMMUNITY TRUST NOTES TO THE ACCOUNTS _ 30TH JUNE 2024 13. INVESTMENTS Market Value 2023 Additions at cost Disposals at OMV Revaluation Gainl(Loss) Market Value 2024 Schroders Investment Fund Investments at fair value comprise: 2024 2023 Listed investments. Cash within investmenl portfolio 586,892 586,892 Gains/losses on disposal of investments and unrealis gatnsllosses on revaluation: 2024 2023 Gains on disposal of investments Losses on disposal of investments Unrealised gains on revaluation Unrealised losse5 on revaluation 1,189 Net gains/{Ios5es) on investments The funds are invested in the Schroder Income Fund Accumulation, an equily-focuscd invcstment fund. As of 30 June 2024, the charity held 915,016.81 units in the Schroder Income Fund Accumulation, which are reported ai fair value. The charity doe5 not hold any material investments that require separate disclosure. 14. DEBTORS Accrued dividends. 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 023 Trad¢ creditors Accruals Deferred income (Note 16) Prepaid deposits Damage deposits 10.303 ,713 9,008 2,100 11,240 4,400 8,956 2.750 The Griffin Community Trust (A Company limited by guarantee registered in England & Wales) Company registration number: 02572039, Charity registration number: 1013308
Page 17 THE GRIFFfN COMMUNITY TRUST NOTES TO THE ACCOUNTS . 30TH JUNE 2024 16. DEFERRBD INCOME ear Over I ear Total On l July 2023 Additions during the year Amounts released to income. On 30 June 2024 8.956 9,008 8,956 9,008 Incorn¢ has b¢¢n d¢f¢rr¢d for rental income received in advance of the next accounting year. 17. FUND RECONCILIATION Unreslricted fun Balance l July 2023 Movement in Resourc¢s Balance 30 June 2024 Gainsl sses Income endilure Transfers Unrestricted estrict Balance l July 023 Movement in Rcsources Balance 30 June 2024 Gainsl losses Income enditure Transfers The Griffin Housc Fund Student Activity Fund 227.756 177 (35,085) 192,848 Unrestricted funds are available for use at thc discretion of the directors in furtherance of the general objcctives of the harity and have not becn designated for any particular pUryse. The Griffin Housc Fund was established in 1995 to provide for a project to redevelop a home for th¢ ¢ld¢rly and community centre at Lansbury Lodge, incorporating a number of student residences. The Studenl Activtty fund is financed by donations specifically for Student activities in the operation of thc Charities objectives. Any cxpenditure in excess of these donations is fundcd by Ihe unrestricted fund. 18. ANALYSIS OF NF.T ASSETS BETWEEN FUNDS nrestricted fund Restricted fund Fixed asscls Nel current asse{liabilIties) 778,915 192.848 971,763 19. RELATED PARTIES TRANSACTIONS The directors did nol make any donations without wnditions to the Gharity this accounting year (2023 - £Nil). There were no other related party transactions during the period (2023 - £Nil). 20. EXPENSES AND RF.MUNERA"fioN PAID TO DIRECTORS No director received expenses for attending meetings during the period (2023 - £Nil). Neither did any director receive remuneration or benefits (2023 £Nil). 21. STAFF The charily does not employ any staff (2023 - £Nil). The Griffin Community Trust (A Company limited by guardntee registered in England & Wales) Company registration number.. 02572039. Charity registration nurnber: 1013308
Page 18 THE GIUFFIN COMMUNITY TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30TH JUNE 2024 This page does not forni part of the statutory accounts. 2024 2023 INCOME Donations - Restricted Unrestricted 350 111263 10,000 GOVERNANCE AND SUPPORT COST Administrati Investment management fees Travel and subsistence. Accounlan¢y and administration Independent exatnination fec Postage Telephone Stalionery Bank charges Westbury Prizes Rent Refijnds Legal & professional Office & meeting 18.865 8,713 21 4,689 445 23,485 4.360 14 4.476 453 109 13 13 250 21 INCOME AVAILABLE FOR CHARITABLE EXPENDII'URE 77,348 88,752 DJRF.CT CHARITABLE EXPENDITURE itTin Hou Site manager Maintenance Utilities Insurance Garden costs Washing machine lease T V licences Student a¢tivili¢s 8,400 16,470 22,451 3,495 497 893 954 333 7,800 15,010 22,667 3,321 192 2,144 954 estric Depreciation Student aclivities 35.085 29,547 OPERATtNG Surplus/ (Deficit) for the year Interest & investment income Investment (loss) / gains Surplusl (D¢ficit) for the year (22,086) 66.909 (4.073) 28.247 The Griffin Community Trust (A Company limited by guarantee registered in England & Wales) Company registration nurnber: 02572039, Charity registration number: 1013308