DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
COMPANY REGISTRATION NUMBER: 05021088 CHARITY REGISTRATION NUMBER: 1103485
The Grosvenor Foundation Limited Company Limited by Guarantee Unaudited Financial Statements
For the period ended
31 March 2023
DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Financial Statements
Period from 1 October 2021 to 31 March 2023
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities (including income and expenditure | |
| account) | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Period from 1 October 2021 to 31 March 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the period ended 31 March 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name The Grosvenor Foundation Limited Charity registration number 1103485 Company registration number 05021088 Principal office and registered 10 Grosvenor Gardens office London NW11 0HG The trustees Mrs M Arran (Appointed 14 November 2022) Mr J A Ost Mrs L Ost Independent examiner Asher Sternlicht FCA Cohen Arnold New Burlington House 1075 Finchley Road London NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure
The charity is an incorporated entity, limited by guarantee, and established on 20th January 2004.
The charity has a wholly owned non-charitable subsidiary by the name of Edan Properties Limited (Company No. 00679455). Mr J A and Mrs L Ost are also Directors of the subsidiary company.
Governance and management
The charity is governed by its Memorandum and Articles of Association.
The Articles of Association provide for a minimum of three trustees. Were there a requirement for new trustees, these would be identified and appointed by the remaining trustees.
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity, and are satisfied that the systems are in place to manage those risks.
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DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Period from 1 October 2021 to 31 March 2023
OBJECTIVES AND ACTIVITIES
Charitable objects
The company is established to further those purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the trustees may determine and in particular, but not exclusively, the advancement of education, the relief of poverty and sickness, the relief of poverty and the advancement of the Jewish religion.
The company receives voluntary donations, which it utilises in the provision and distribution of grants and donations to organisations and institutions advancing the objects of the charity. The charity's principal activity throughout the period was the provision and distribution of donations and grants to those causes that fall within the objectives of the charities. No change is envisaged in the immediate future.
The Trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives and in planning its future activities.
Grant making policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
The trustees are approached for donations by a wide variety of charitable institutions operating all over England. The trustees consider all requests which they receive and make donations based on the level of funds available.
ACHIEVEMENTS AND PERFORMANCE
During the period the charity continued its philanthropic activities and its support of charitable with grants and donations totalling £144,210.
FINANCIAL REVIEW
The trustees consider the position of the charity to be satisfactory.
The charity's financial statements show a net surplus of £5,654 (2021: £32,025 deficit) and total reserves of £2,705,206 (2021: £2,599,552). Voluntary income during the period amounted to £155,057. Total resources expended were £149,043.
The financial results of the charity's activities for the period to 31 March 2023 are fully reflected in the attached financial statements together with the notes thereon.
Reserves policy
The charity attempts to maintain sufficient reserves to meet the ever increasing demands on its funds from various charitable organisations.
PLANS FOR FUTURE PERIODS
The charity plans to continue the activities outlined above in the forthcoming years subject to satisfactory incoming resources.
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DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Period from 1 October 2021 to 31 March 2023
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 30 January 2024 and signed on behalf of the board of trustees by:
Mr J A Ost Trustee
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DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Grosvenor Foundation Limited
Period from 1 October 2021 to 31 March 2023
I report to the trustees on my examination of the financial statements of The Grosvenor Foundation Limited ('the charity') for the period ended 31 March 2023.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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 financial statements 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.
Asher Sternlicht FCA Cohen Arnold Independent Examiner
New Burlington House 1075 Finchley Road London NW11 0PU 30 January 2024
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DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Period from 1 October 2021 to 31 March 2023
| Period from 1 Oct 21 to | Period from 1 Oct 21 to | Year to | ||
|---|---|---|---|---|
| 31 Mar 23 | 30 Sep 21 | |||
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations | 5 | 155,057 | 155,057 | 58,250 |
| ------------------------------------- | ------------------------------------- | ------------------------------- | ||
| Total income | 155,057 | 155,057 | 58,250 | |
| ===================================== | ===================================== | =============================== | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | (149,403) | (149,403) | (90,275) |
| ------------------------------------- | ------------------------------------- | ------------------------------- | ||
| Total expenditure | (149,403) | (149,403) | (90,275) | |
| ===================================== | ===================================== | =============================== | ||
| Revaluation of investments | 9 | 100,000 | 100,000 | 2,382,829 |
| ------------------------------------- | ------------------------------------- | ----------------------------------------------- | ||
| Net income and net movement in funds | 105,654 | 105,654 | 2,350,804 | |
| ===================================== | ===================================== | =============================================== | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 2,599,552 | 2,599,552 | 248,748 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Total funds carried forward | 2,705,206 | 2,705,206 | 2,599,552 | |
| =============================================== | =============================================== | =============================================== |
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
The notes on pages 7 to 13 form part of these financial statements.
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DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2023
| 31 Mar 23 | 30 Sep 21 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 13 | 2,700,000 | 2,600,000 |
| Current assets | |||
| Cash at bank and in hand | 19,495 | 17,577 | |
| Creditors: amounts falling due within one year | 14 | (5,351) | (7,098) |
| ------------------------------- | ------------------------------- | ||
| Net current assets | 14,144 | 10,479 | |
| ----------------------------------------------- | ----------------------------------------------- | ||
| Total assets less current liabilities | 2,714,144 | 2,610,479 | |
| Creditors: amounts falling due after more than one year | 15 | (8,938) | (10,927) |
| ----------------------------------------------- | ----------------------------------------------- | ||
| Net assets | 2,705,206 | 2,599,552 | |
| =============================================== | =============================================== | ||
| Funds of the charity | |||
| Unrestricted funds | 2,705,206 | 2,599,552 | |
| ----------------------------------------------- | ----------------------------------------------- | ||
| Total charity funds | 16 | 2,705,206 | 2,599,552 |
| =============================================== | =============================================== |
For the period ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 30 January 2024, and are signed on behalf of the board by:
Mr J A Ost Trustee
The notes on pages 7 to 13 form part of these financial statements.
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DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited Company Limited by Guarantee
Notes to the Financial Statements
Period from 1 October 2021 to 31 March 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 10 Grosvenor Gardens, London, NW11 0HG.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period from 1 October 2021 to 31 March 2023
3. Accounting policies (continued)
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
Income from donations or grants is recognised when there is evidence of unconditional entitlement to the gift, receipt is probable and its amount can be measured reliably. Donations represent voluntary amounts received during the year.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Investment in subsidiary undertaking
Shareholdings acquired are included at market value; any surplus or deficit on revaluation is shown in the Statement of Financial Activities.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
4. Limited by guarantee
Every member undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charity in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
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DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period from 1 October 2021 to 31 March 2023
5. Donations
Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2021 £ £ £ £ Donations Donations 155,057 155,057 58,250 58,250 ===================================== ===================================== =============================== ===============================
Donations received includes £40,500 received from a trustee and £114,557 received from companies connected with the trustees. No conditions were attached to any of the donations.
6. Expenditure on charitable activities by fund type
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Unrestricted|Total Funds|Unrestricted|Total Funds|
|Funds|2023|Funds|2021|
|£|£|£|£|
|Grants paid|144,210|144,210|88,035|88,035|
|Support costs|5,193|5,193|2,240|2,240|
|-------------------------------------|-------------------------------------|-------------------------------|-------------------------------|
|149,403|149,403|90,275|90,275|
|=====================================|=====================================|===============================|===============================|
----- End of picture text -----
7. Expenditure on charitable activities by activity type
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Grant|
|funding of|Total funds|Total fund|
|activities Support costs|2023|2021|
|£|£|£|£|
|Grants paid|144,210|–|144,210|88,035|
|Governance costs|–|5,193|5,193|2,240|
|-------------------------------------|--------------------------|-------------------------------------|-------------------------------|
|144,210|5,193|149,403|90,275|
|=====================================|==========================|=====================================|===============================|
----- End of picture text -----
8. Analysis of grants
----- Start of picture text -----
|||
|---|---|
|Period from|
|1 Oct 21 to|
|31 Mar 23|
|£|
|Grants to institutions|
|Ezer Bekovoid Limited|51,300|
|Achisomoch Aid Company Limited|20,000|
|British Friends of Chatzer Hakodesh Viznitz|20,000|
|Congregation Shar Shulem|20,000|
|Lehachzikom|10,000|
|Yeshuos Shabbos|8,000|
|Kollel Lev Ephraim|4,500|
|Other grants below £4,000|10,410|
|------ --------------------------|
|Total grants|144,210|
|=========== =======================|
----- End of picture text -----
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DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period from 1 October 2021 to 31 March 2023
8. Analysis of grants (continued)
All grants were made to institutions in the fields of Jewish religious education and the relief of poverty.
The trustees of Ezer Bekovoid Limited includes a trustee of this charity.
9. Revaluation of investments
| Revaluation of investments | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Revaluation of investments in group | ||||
| undertakings | 100,000 | 100,000 | 2,382,829 | 2,382,829 |
| ===================================== | ===================================== | =============================================== | =============================================== |
10. Independent examination fees
| Independent examination fees | ||
|---|---|---|
| Period from | ||
| 1 Oct 21 to | Year to | |
| 31 Mar 23 | 30 Sep 21 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 2,370 | 2,160 |
| ========================== | ========================== |
11. Staff costs
The average head count of employees during the period was Nil (2021: Nil).
No employee received employee benefits of more than £60,000 during the period (2021: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period from 1 October 2021 to 31 March 2023
13. Investments
| Investments | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| £ | |
| Valuation | |
| At 1 October 2021 | 2,600,000 |
| Additions | – |
| Fair value movements | 100,000 |
| ----------------------------------------------- | |
| At 31 March 2023 | 2,700,000 |
| =============================================== | |
| Impairment | |
| At 1 October 2021 and 31 March 2023 | – |
| =============================================== | |
| Carrying amount | |
| At 31 March 2023 | 2,700,000 |
| =============================================== | |
| At 30 September 2021 | 2,600,000 |
| =============================================== | |
| All investments shown above are held at valuation. |
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DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period from 1 October 2021 to 31 March 2023
13. Investments (continued)
The charity holds the entire share capital of Edan Properties Limited (Company number 00679455), a company registered in England and Wales. The registered address of the subsidiary undertaking is 27 Yew Tree Court, London, NW11 0RD.
The historical cost of investments in shares in group undertaking is £217,171.
The fair value of the shares in the group undertaking is determined using the net assets of the subsidiary undertaking.
The aggregate assets, liabilities, capital and reserves of the subsidiary as at 31 March 2023 is as follows:
| follows: | |
|---|---|
| 31 March | |
| 2023 | |
| £ | |
| Fixed assets | 833,239 |
| Current assets | 2,681,825 |
| Current liabilities | (1,013,625) |
| Non-current liabilities | (1,165,439) |
| ----------------------------------------------- | |
| Capital and reserves | 1,336,000 |
| =============================================== |
A summary of turnover, expenditure and profit for the year ended 31 March 2023 is as follows:
| 31 March | |
|---|---|
| 2023 | |
| £ | |
| Turnover | 352,144 |
| Cost of sales | (54,879) |
| Administrative expenses | (108,642) |
| Interest payable | (41,132) |
| Taxation | (28,162) |
| ------------------------------------- | |
| Profit for the year | 119,329 |
| ===================================== |
14. Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 31 Mar 23 | 30 Sep 21 | |
| £ | £ | |
| Bank loans and overdrafts | 1,285 | 1,262 |
| Accruals and deferred income | 2,370 | 4,140 |
| Other creditors | 1,696 | 1,696 |
| -------------------------- | -------------------------- | |
| 5,351 | 7,098 | |
| ========================== | ========================== | |
| Creditors: amounts falling due after more than one year | ||
| 31 Mar 23 | 30 Sep 21 | |
| £ | £ | |
| Bank loans and overdrafts | 8,938 | 10,927 |
| ========================== | =============================== |
15. Creditors: amounts falling due after more than one year
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DocuSign Envelope ID: 6B7AA97E-1D81-4359-B1DB-02C2A8C175B5
The Grosvenor Foundation Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period from 1 October 2021 to 31 March 2023
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | 1 October | Gains and | At 31 March | ||
| 2021 | Income | Expenditure | losses | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 2,599,552 | 140,057 | (149,403) | 100,000 | 2,690,206 |
| =============================================== | ===================================== | ===================================== | ===================================== | =============================================== | |
| At 30 | |||||
| At | 1 October | Gains and | September | ||
| 2020 | Income | Expenditure | losses | 2021 | |
| £ | £ | £ | £ | £ | |
| General funds | 248,748 | 58,250 | (90,275) | 2,382,829 | 2,599,552 |
| ===================================== | =============================== | =============================== | =============================================== | =============================================== | |
| Analysis of net assets between funds | |||||
| Unrestricted | Total Funds | ||||
| Funds | 2023 | ||||
| £ | £ | ||||
| Investments | 2,700,000 | 2,700,000 | |||
| Current assets | 19,495 | 19,495 | |||
| Creditors less than 1 year | (5,351) | (5,351) | |||
| Creditors greater than 1 year | (8,938) | (8,938) | |||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| Net assets | 2,705,206 | 2,705,206 | |||
| =============================================== | =============================================== | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2021 | ||||
| £ | £ | ||||
| Investments | 2,600,000 | 2,600,000 | |||
| Current assets | 17,577 | 17,577 | |||
| Creditors less than 1 year | (7,098) | (7,098) |
|||
| Creditors greater than 1 year | (10,927) | (10,927) |
|||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| Net assets | 2,599,552 | 2,599,552 | |||
| =============================================== | =============================================== |
17. Analysis of net assets between funds
18. Related parties
Other creditors falling due within one year represents an amount of £1,696 due to a company where the trustees of this charity are directors.
Additional related party information is included in notes 5 and 8.
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