2023-10-31-accounts - Grovepalm Limited

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REGISTERED COMPANY NUMBER: 02863657 (England and Wales) REGISTERED CHARITY NUMBER: 1047427

Report of the Trustees and

Unaudited Financial Statements FOR THE YEAR ENDED 31 October 2023

for

GROVEPALM LIMITED

Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH

GROVEPALM LIMITED

Contents of the Financial Statements FOR THE YEAR ENDED 31 OCTOBER 2023

	Page
Report of the Trustees	1 to 2
Independent Examiner's Report	3
Statement of Financial Activities	4
Balance Sheet	5
Notes to the Financial Statements	6 to 7

GROVEPALM LIMITED (REGISTERED NUMBER: 02863657)

Report of the Trustees FOR THE YEAR ENDED 31 OCTOBER 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 October 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).

OBJECTIVES AND ACTIVITIES

Objectives and activities

The principal objectives of the charity throughout the year have been:

1) The advancement of the orthodox Jewish religion;
2) The relief of poverty and sickness;
3) The advancement of Orthodox Jewish religious education;
4) Such other purposes as are charitable according to English Law.

ACHIEVEMENT AND PERFORMANCE

The charity is organised so that the trustees meet regularly to manage its affairs. There are no paid employees and all administration work is carried out on a voluntary basis by the governors.

FINANCIAL REVIEW

Financial position

During the year, the charity's funds have been applied in furtherance of its objectives and the day to day running of the charity.

In the year to 31 October 2023, incoming resources amounted to £313,570 (2022 - £185,610) and resources expended amounted to £291,779 (2022 - £184,172).

At 31 October 2023, the charity had a total unrestricted funds of £354,566 (2022 - £332,775).

There have been no changes in the accounting policies of the charity during the year.

Reserves policy

The trustees have reviewed the charity's needs for reserves in line with the guidance issued by the Charity Commission and have concluded that the general surplus amounting to £25,000 is sufficient to achieve its objectives.

FUTURE PLANS

The trustees intend to continue performing at similar levels to current year to the extent that funding permits, which are considered to be satisfactory.

The Trustees are please that the Charity was able to raise more funds this year despite the effects of Covid 19.

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.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02863657 (England and Wales)

Registered Charity number

1047427

Registered office

First Floor, Winston House 349 Regents Park Road London N3 1DH

Trustees

Mr J Lipschitz Mrs F Lipschitz Mr M Twerski

Page 1

GROVEPALM LIMITED (REGISTERED NUMBER: 02863657)

Report of the Trustees FOR THE YEAR ENDED 31 OCTOBER 2023

REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary Mrs F Lipschitz

Independent Examiner

Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH

Approved by order of the board of trustees on 30 August 2024 and signed on its behalf by:

Mr J Lipschitz - Trustee

Page 2

Independent Examiner's Report to the Trustees of Grovepalm Limited (Registered number: 02863657)

Independent examiner's report to the trustees of Grovepalm Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

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

Danny Fine

Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH

30 August 2024

Page 3

GROVEPALM LIMITED

Statement of Financial Activities FOR THE YEAR ENDED 31 OCTOBER 2023

2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 313,570 EXPENDITURE ON Charitable activities Charitable activities 291,779 NET INCOME 21,791 RECONCILIATION OF FUNDS Total funds brought forward 332,775 TOTAL FUNDS CARRIED FORWARD 354,566	2022 Total funds £ 185,610 184,172 1,438 331,337 332,775

The notes form part of these financial statements

Page 4

GROVEPALM LIMITED (REGISTERED NUMBER: 02863657)

Balance Sheet 31 OCTOBER 2023

2023 Unrestricted fund Notes £ CURRENT ASSETS Debtors 4 392,385 Cash at bank 37 392,422 CREDITORS Amounts falling due within one year 5 (37,856) NET CURRENT ASSETS 354,566 TOTAL ASSETS LESS CURRENT LIABILITIES 354,566 NET ASSETS 354,566 FUNDS Unrestricted funds 354,566 TOTAL FUNDS 354,566	2022 Total funds £ 312,275 42,059 354,334 (21,559) 332,775 332,775 332,775 332,775 332,775

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 30 August 2024 and were signed on its behalf by:

Mr J Lipschitz - Trustee

The notes form part of these financial statements

Page 5

GROVEPALM LIMITED

Notes to the Financial Statements FOR THE YEAR ENDED 31 OCTOBER 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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

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. GRANTS PAYABLE

Charitable activities	2023 £ 290,830	2022 £ 183,220

The total grants paid to institutions during the year was £290,830 (2022: £183,220). The only institution to whom a material donation was provided in aggregate was Machzikei Lomdei Torah of £19,740. No other institution received an aggregate amount that would be considered material. All grants are provided to charitable institutions, are used for the benefit of the public and are in line with the objects of the charity as outlined in the trustees' report.

continued...

Page 6

GROVEPALM LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2023

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022.

Trustees' expenses

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

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors Included in other debtors is amounts owed by companies with common directors. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors Accruals and deferred income	2023 £ 392,385 2023 £ 169 36,907 780 37,856	2022 £ 312,275 2022 £ 169 20,610 780 21,559

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Included in other creditors is amounts owed to companies with common directors.

6. RELATED PARTY DISCLOSURES

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

Page 7