THE JEAN GROVE TRUST FINAN IAL ATEMENTS R TH YEAR ENDED Registered Charlty No. 1109593
Page I EAN VE TRUST EE ' REPORT FOR THE YEAR ENDED st MARCH 202 REFERENCE AND ADMINISTRATIVE DETAILS The Jean Grove Trust is a registered charity governed by a Trust Deed dated 9tn March 2005. Its registered number is 1109593. The principal office of the Charity is at the Priory of St. Michael (Blackfriars), Buckingham Road, Cambridge CB3 ODD. The official website of the Charity can be found at www.jeangrovetrust.org.uk. TRUSTEES The following were Trustees of the Charity during the year: Professor Eamon Duffy - Chairman Mr Alfred Thomas Grove (died 9rh July 2023) Dr Claerwen James Mr Andrew Powell Dr Deirdre Serieantson Ms Sophie Smiley Mr Francis Spufford ADVISORS Independent Examiner,. Ashleigh Bridges l Dalton Square Cambridge CB4 IQJ Bankers: National Westrnin5ter Bank Regent Street (C) Branch, 250 Regent Street, London W18 3BN
Page 2 THE JEAN GROVE TRUST TRU EE ' REPORT FOR THE YEAR ENDED ItMARCH2 24 srRucfuRE, GOVERNANCE AND MANAGEMENT It is with great sadness that we report the death of our longest serving Trustee, Dick (Mr A T) Grove on the 9th July 2023, at the age of 99. Dick was the surviving husband of Jean Grove, and a founding Trustee of The Jean Grove Trust in her memory. As a cornmitted Catholic and distinguished academic geographer, with a first- hand experience and knowledge of the African Rift Valley and the Horn of Africa, Dick has been a constant source of wisdom and guidance over the 18 years of the Trust's existence, maintaining a lively interest in its affairs until hi5 final year5. He will be much missed,. the surviving Trustees are determined to ensure that the Trust continues to fulfil its mission in memory of both Jean and Dick. Oversight of the charity is in the hands of Trustees who met on three occasions during the year. All meetings were held "in person" Policy Is set and implemented by the Trustees. New Trustees are provided with a trustee file, which includes a copy of the governing document, a copy of the latest annual return and a copy of CC3 'The Essential Trustee, published by the Charity Commission. The Trustees are committed to developing a programrne of trustee in-service training and can attend relevant training courses. The Trustees regularly examine the major strategic, business and operational risks that the Charity faces and have taken any actions necessary to reduce these risks to an atceptable level. The Charlty carrles out Internal revlews and when netrssary, wlll appolnt professlonal advisors to carry out the charity's strategies. OBJECTIVES AND ACTIVMES The objectives of the Charity are to advance the Roman Catholic Religion by advancing the pastoral and social work of the Ethiopian Catholic Church, and to advan the education of children in Ethiopia, regardless of ethnicity or religion, through the support of schools run by the Ethiopian Catholic Church. The addltlon of the second objective, which was agreed in May 2016 with the consent of the Charity Commission, recognises that a significant proportion of donors are not members of the Catholic Church but recognise the value of, and wish to support, the educational work undertaken by the Church. The Charlty's current prlority Is to malntaln and increase the support given to the schools with which the Charity works, and which continue to be able to operate,. The Blessed G Michael School at Bahir Dar, run by the Daughters of the Charity of St Vincent de Paul. The Lord Jesus Catholic School, Zizencho, in the Eparchy (Diocese) of Emdlbir, run by the Bethany Sisters, The Holy Saviour Kindergarten School in Dawhan, in the Eparchy of Adigrat, run by the Sisters of St Louis. The St Peter and Paul School in Zalambessa, in the Eparchy of Adigrat, which was run by the St Lucy Filippini Sisters, was effectively destroyed during the recent conflict in Tigray. The Trustees, very sadly, felt that they had to advise the Order that, in the circumstances, the Trust is unable to provide further support for the foEseeable future, We will continue to keep in touch and will reassess the situation when we are able to visit.
Page 3 THE JEAN GROVE TRUST RTF R THE YEAR ENDED 31st MARCH 20 OBJEcfIvES AND ACTIVITIES (continued) The significant activity of the Charity during the year was to continue to find ways to increase the awareness of the Charity and therefore increase donations to support its objectives. The long-term strategy of the Charity is to rnaintain close personal links wvith the principals of the supported schools and the bishops of the respective Eparchies (the Eparchs) in order to ensure that the giving of grants continues to support the priority needs of the schools. ACHIEVEMENTS AND PERFORMANCE How our Activities and Achievements dellver Public Benefit The benefit that a small charity provides for the education of children in Ethiopia 15 substantial. Two thirds of children in that country are not able to attend school,. in rural communities places have to be rationed and allocated to ensure that the benefit5 of education are spread as widely and effectively across the community. The Catholic Church in Ethiopia provides a high-quality education in much smaller clas*s than can be offered by the Government schools which themselves are unable to cover all areas of the Country, and does not have any kindergarten programme. The pupil wpulation 15 made up of approxim8tely equal numbers of boys and girls, and the education is offered to children irrespective of religious background. Many students progress to higher educatlon and take up key Jobs such as teachers, doctors, nurses etc. resulting in wldespread benefits to their communities and families. The annual cost of educating a child varies from school to school, but around £100 Is still enough to cover the Cost of salaries, teaching materials, uniforms and food for a single student. inflation in Ethiopia remains high and the exchange rate of the Ethiopian Birr has continued to weaken against the pound, which increases the value of our donations. When conflict broke out in the Tigray region in late 2020, there were around 2000 pupils at the four schools supported by the Trust. The charity was providing full support to the equivalent of some 300 children. in reality, the number of children supported was much greater as the principals of the schools are able to all¢xate our funding according to individual needs. One of the aspects that makes support from the Jean Grove Trust particularly welcome is that our grants are given without conditions, and are available to cover operating expenditure, especially teachers, salaries. The schools have consistently told us that that is their greatest challenge. Update from the Schools The situation in Ethiopia changed dramatically in 2020, firstly due to the COVID-19 pandemic, and secondly due to the outbreak of civil war and wider ethnlc conflict affecting the northern part of the country, especially the Tigray region, where two of aur schools are located, In November 2020, the Ethiopian Government commenced military action against the Tigrayan People's Llberation Front (TPLF) and all communlcation5 were shut down with the region. There were many reports of atrocities being committed, including widespread rape of women and murder of schcol age boys, and there are continuing concerns about famine in the area. In November 2022 a ceasefire was agreed between the Government and the TPLF. The civil war is now officially over, and things slowly appear to be stabilising in the area. However communications remain sporadic an unreliable, and there are serious food shortages.
Page 4 THE EAN GROVE TRUST TR EES, REPORT FOR TH YEAR ENDED MARCH ACHIEVEMENTS AND PERFORMANCE {continued) In October 2023 and again in February 2024 we were able to make contact with Sister Letteselassie from the Religious Sisters Filippini, who ran the St Peter and Paul school in Zalambessa. The news was not good. Although the Sisters. residence in Zalambessa is intact and guarded, it was not Fossible to guard the school itself which has been substantially damaged and looted; only the skeleton of the building now exists. The staff are safe and have moved, along with some students, to a sister School in Adigrat. There are no indications at this Stage of any plans to re-establish the St Peter and Paul school. Sr Lette5ela55ie a150 told us that they have a larye and unsustainable debt to the teachers for unpaid salaries over two years. After due consideration, and with the sUPPOrt of the Bishop, the Trustees felt that this was an appropriate use for the funds which had been held over for the School. It wa5 not enough to pay the whole debt, but undoubtedly made a big impact. Sr Letteselassie has expressed their thanks to the Trust thus: 'In tfie middle of this diificult time neh to our Institute you are the first to console us, lighten our burden of the debts we have to pay. As you said yes we have a lot to pay but your contrilyution is a lot too. It is a big he/p. J told the staff of Za/ambessa that you re standing on the side of the School of Sts Peter and Pau// the people of Zalambessa/ always and especially this year with your prayer filled financial help. They told me to thank you on their behalf too. As an Institute we thank and admire you and your assoclation for your sacrlfice to help our people in need. Thank you very much and be assured of ourprayers Through the good offices of the Sisters of St Louis in Dublin, we have received further updates from the sisters running the Holy Saviour Kindergarten School at Dawhan. Following the amazing efforts of Sister Perpetua, who had been able to tra and pay the staff in the midst of hostilities, and due the wonderful loyalty of the stsff themselves, the school was able to re-open in May 2023 with over 100 children. Sisters Maureen and Perpetua gathered the war experiences of all the staff and shared their extraordinary stories with us, An anonymised version can be seen on the Trust's website. It is clear that the arrival of the salary money from the Trust was a life-saving miracle for them: "rhe greatest surprise package for her was the cash retrivedfor her salary and that was hersaving gra. She wil/ forever be thankful. "She paid for every single item used on her at the hospital. Her entire family reflected aLvut t17e whole thing and asked what might have happened if that money was not there? Definitely their daughtsr (and her baby) would have died, They are so appreciative of the n70ney and it was her life line. rhe family will forever be grateful andpraying for the Sisters andjean Gmve frust for saving their daughtsr , and the miracle of cash re/ed during the terrible hunger/ sufferfng llke the Isrc7elites heavenly grain rained down from the sky, food that Goclgave the Israelites during the Exodus for suryival (Exodus16.'J5). - The were 126 children across three kindergarten classes registered for the 2023-24 school year. Sisters Maureen and Perpetua rernain in Addis as It is not yet safe for them to return, and the damage to the schcol kitchen and c¢)oking equipment has not yet been rettified so they are unable to provide a daily meal for the children. There is also pressure on salaries, since the government has annoUnd a pay rise for teachers, but not provided any funding to pay it.
Page 5 TH NGR ST TRUSTEES, REPORT FOR THE YEAR ENDED 31st MARCH 2024 ACHIEVEMENTS AND PERFORMANCE (continued) The city of Bahir Dar, where we have long supported the Blessed G Michael School run by the Daughters of Charity, is the capital of the Amhara region of Ethiopia. The region has suffered both from the consequences of the conflict in Tigray, which has led to ethnic conflict between the Amhara people and the Tigrayans to the east, and from separate conflicts in the western part of the region between Amhara, Gumuz and Oromo peoples. The Government ha5 inteNened, and communications have largely been shut down, as they were in Tigray,. they are only able to communicate with us if they can get to Addis, which is only possible by plane. The Bishop reports a terrible drought in the region, which is causing rapid pritr inflation of essential commodities. Fortunately, the school and the banking system continue to operate, although there have bn period5 when the school has had to close because of the level of risk. The school has a serlous shortsge of educatlonal resources due to a new education currlculum. Support from The Jean Grove Trust has been used partly tc provide materia15 for poor students and to undertake teacher training. We know too that some of the existing buildings are no longer flt for purpose, and there is an urgent need to make improvements to the playing areas for health reasons. We have indicated a willingness to help, but It seems unlikely that It wlll be posslble to carry out Improvements In the current situatlon. In the words of Sr Woynitu, the principal of the school: "As Ethioplan Cathollc C17urch Sparc17y of 8ahlr Dar- Dessie 8GN institution, the daughters of Charity fn?m Bahir Dar we would like to express our heartfe/tgratitude for your aSsiStsn belng next to our se and close* attending as an intimate families and friends. Without you conrn and support the achievements of the aboL/e activities kvou16 not have become a reallty.- The region of Guraghe, in whlch the fourth of our schools, The Lord Jesus Catholic School at Zizencho, is situated, is over 600 miles from the areas in conflict and has been relat1vely unaffected. The school, which was established around 2008, with a single kindergarten class, now provides classes up to grade 8, and has new cla55rooms, a dining hall, a library and a laboratory. Numbers have increased to 550 children on site. 75 % of the children come from poor families and the school strives to provide such student5 Wlth their education and everyday needs free of charge; it remains extremely oversubscribed, and plaS have to be awarded on a 'first come first served, basis. Some students walk up to 7km to get to school every day. Malnutrltion Ss general and the midday meal given by the school is much prized by its recipients. The Trust's annual donation cover5 almost 500/0 of the entire cost of the school. Sr, Jobin writes in her annual report.. "Trank-you very much for your help, This is a very help for us and the children. With your help only we are running the school. It is a great for this village. Now this village has t¢W much improvement. Here we are makin9 some brilliant and active community with the support of yours. This is unforgettable andgreat support for us. kve are verygratttude to you. We have no words to tell thanks. We are trying our best to do for thls people. on again thank-you very much for helping us and Gur children. - 2024 sees the retirement of 8ishop Musie, who has been our friend and host and link into the di0Se and the Catholic Church for almost 20 years. We express our grateful thanks to him. We shall stay in touch with him during his retirement. He is being succeeded by Bishop Lukas, who we have met on our vi51t5 Ill the past and who knows the Trust well, so we feel we are in good hand5.
Page 6 THE JEAN GROVE TRUST YE ED 31 t MARCH 2024 FINANCIAL REVIEW The total income received by the Trust increased to £31,586 (2023: £27,199). Income from the Christmas fair and the sale of Christmas cards, tea towels etc. increased to £2,151 {2023- £1,843). Fundraising activities continue to be severely constrained by the inability of the Trustees to visit the schools due to the dangerous conditions on the ground. It is unlikely that we will be in a position to launch a new fundraising initiative until the Trustees are in a position to make another visit. Despite this constraint, the income raised from donations has increased from £25,117 in 2023 to £28,707 in 2024. Regular donations are again lower than in the previous year and now stand at around £20,300 per annum including gift aid (2023: £21,900); the Trustees have been immensely grateful to the regular supporters who have mostly been happy to continue their support. The Trust was notified during the year of two generous legacies from long-standing supporters, Brian Earle and Dick Grove. The amounts expected to be received in the financial year 2024-25 are £36,411 and £5,000 respectively. The Trustees are deeply grateful to both Brian and Dick for this great vote of confidence in the work we are doing. There are no restrirtion5 involved with either donation, and so the Trustees will be discussing how best to utilise these funds going forward and any impact on our grant glving policies. It is a core principle of the Trust that grants are only made where we have direct contact with the recipient schools and the responsSble bishops, so that we can be assureé that the funds are reaching the intended beneficiaries. We were very glad to re-establish contact with the diocese of Adigrat and the St Lury Filippini Slsters durlng the year, and, as a result, all of the funds held in reserve have now been paid over to the schools. We were pleased also to able to maintain our annual grants to Bahir Dar and Zizencho at the temporarily higher level of £12,000 per school, and to pay Dawhan'5 full 2023 grant of £6,000. Grants paid out therefore came to a total of £42,000 (2023: £30,000), including the funds previously held over for Zalambessa. As a result, there was a deficit in net income of £11,563, which has had the effect of reducing the reserve5 held by the Charity. Following the closure of the IFSL CAF Alternative Strategies Fund in 2023, funds held in reserve are now held in interest earning deposit accounts, split beeen a 'no notice, Business Reserve account wlth National Westminster Bank, and a 35-day notice account with Nationwide Building Society which currently pays significantly higher rate of interest. This is consistent wlth the Investment Policy estsblished by the Trustees. PLANS FOR FUTURE PERIODS It is the Tru5tees' intention to make a personal vlsit to Ethiopia to visit the schools as soon as FCO guidance and our contscts on the ground confirm that it is safe to do so. This will enable us to reinforce relationships, to reassess needs on the ground and to launch new fund-raising initiatives. In the meantime, we continue to focus our efforts on the following abjectives.. l. To increase awareness of the Charity to donors and to undertake further fundraising activities. 2. To continue to monitor the existing projects and to increase awareness of the Charity in the area of benefit and increase grant giving. 3. Maintsin and strengthen links with sclools and other funding bodies and individuals.
Page 7 THE JEAN GROVE TRUST TEE ' REPORT FOR THE YEA EN MARCH 2024 POLICIES AND RISK MANAGEMENT Conflitt5 of Interest Po15cy Trustees have a personal responsibility to decla conflicts of interest, noting that this might include their own business and peisonal interests and those of their spousei partner, family and close relatives. The original Trust deed of The Jean Grove Trust states that a trustee must absent himself or herself from any discu55ion5 Qf the trustees in which it is possible that a conflict will arise between his or her duty to act solely in the interests of the charity and any personal interest (including but not limited to any personal financial interest). The following procedures shall apply: At the beginning of each meeting of the Trustees, the Chalr shall invite Trustees to declare any relevant interests. The Chair will cletermine whether the nature of the conflict is such that the confllcted trustee should absent themselves from the relevant part of the discussion. In the event of a conflict declared by the Chair, helshe should absent themselves from the discussion, unles5 all the TrLJStees present agree that that is not necessary, The minutes shall record conflicts declared and the consequential action taken. Detslls of the discussion held, from which a conflicted Trustee was absent, Shall be recorded, alongside the fact that the relevant trustee wa5 absent. Grant Maklng Policy The policy of the Charity is to sustain and, where possible, grow regular annual support tt) schools to cover the Costs of education. Regular grants are normally made to cover operational costs, including staff salaries and developrnent, and the cost of food and educational materials for the pupils; they are made on the understanding that regular progress rertS are received. These awards are considered each year at a full meetlng of the Trustees. Applications for other 'one off grants made under the policies of the Charity are assessed and recommendations considered at a full meeting of the Trust5, Follow-up action is taken by the Treasurer. Reserves Policy As a grant-glvlng charlty the aim of the Trust in normal times is to disburse its funds in the year of receipt, not to hold them. At the same time, being aware of the reliance that the supported schools have on their annual grant, the Trustees wish to ensure that, in the event of a reduction in donor support, any consequential reductions in grants can be 'smoothed' in order to assist the Schools to adapt. The reserves policy seek5 to provide a cushion to enable grant5 to be sustained for a 0-year period. The Tru5tees' p)licy is therefore to maintain sufficient reserves to cover two years, committed expenditure, after allowing for regular committed income. Unrestricted reserves at 31st March 2024 amounted to £16,974 (2023: £28,537), which represents a return to more normal levels following the Trustees, decision to distribute fund5 previously held back until satisfactory communications could be established and needs assessed.
Page 8 THE JEAN GROVE TRUST TRusfEES' REPORT FOR YEAR ENDED 24 POLICIES AND RISK MANAGEMENT (continued) Investment Policy The Trustees recognise that there are situations in which the Trust may find itself holding funds for a longer term. This might for instance arise because,. l. Instability in Ethiopia means that grants cannot be Sent to beneficiaries, or the situation makes it impossible to be assured that are applied for the intended purposes. 2. 'One-off' fund raising activities or legacies received are designated to be used to support the Trust's work on a longer-term basis. In these circumstance5 there is a risk that the value of funds held in reserve is eroded by low interest rates, or high rates of inflation. Accordingly, the Trustee5 may decide to invest the surplus funds of the Charity to mitigate these risks. In order to guide these deci510nS, the Trustees have adopted the following investment policy: ru vestm Inve tment owers The Tru5tees' powers to invest are governed by the Charities Act, and the current guidance from the Charity Commission (England and Wales). Nothing in the original Trust Deed further constrains these powers. nvestment ob'ectives To protect the real value of the Trusts reserves In order to sustain the real value of the grants made in Ethiopia. To achieve this over an investment horizon of no longer than three to five years To avold unnecessary rlsk of capital Icss. Makin investment decisions In setting these objectives, the Trustees recc*Jnise that the size of the Charity and the fund5 available mean that it will not usually be feasible to seek professional investment advi. Accordinglyi they will follow the following principles i n making investment decisions.. Ensure appropriate diversification of the Trust's reserve5 across different institutions, having regard to the Size of funds available. Use bank dep051t5 in preference to investment funds where they enable investment objectives to be achieved. use diversified Investment funds, designed to meet the needs of srnaller charities, Have due regard to the ethical investment policies of those institutions and funds. The Trust will not invest in any organization or institution, which could be seen as creating a conflict of interest for any of the Trustees. Monitorin rformance The performance of investments will be monitored at regular Trustees, meetings, through the Treasurer's report.
Page 9 THE EAN GROVE TRUST TRusfEES' REP RTFO EN 1st MARCH 202 POLICIES AND RISK MANAGEMENT (continued) Risks faced by the Charity The Trustees have identified three Significant risks faced by the Charity, These are: That the money sent to the schools is diverted or not Used for its intended purpose, This is mitigated by Trustee visits, by the financial reports that the schoo15 Send, ancl by communication at the time of transfer that the money has been safely received. That the Trust fails to raise enough money to cover annual commitments, The reserve policy is designed to mitigate against this. That the Trust inadvertently accepts 'taintsd ctonations, and thereby pla5 Itself In breach of UK Law. In order to mitigate this risk the Trustees have established a policy on the receipt of donations, including due diligence ProdureS to establish the origin of significant donations. The Trustees are confident that the Charity ha5 the resources available to it to continue as a going conrn. The Trust has no employees, and no remuneration is paid to members or Trustees for their work.
Page 10 THE JEAN GROVE T TRUSTEES, R THE YEAR ENDED 31st MARCH 2024 srATEMENT OF TRUSTEES, RESPONSIBILITIES Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each rinancial year which give a true and fair view of the state of the charity's financial attivities during the year and of its financial position at the end of the year. In preparing those financial statements, giving a true and fair view, the Trustees should follow best practice and: select suitable accounting policies and apply them consistently, make judgrnents and estimates that are reasonable and prudent; state whether applicable accounting standard5 have been followed subject to any material departures disclosed and explained in the financial statements; prepare financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate. The Trustees are responslble for keeplng proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with relevant legislation and the trust deed. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on thelr behalf by; Trustee Date
Page 11 INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES OF THE JEAN GROVE TRU I report on the accounts of the Jean Grove Trust for the year ended 31st March 2024, which comprise the statement of financial activities, the balan sheet and related notes. The accounts have been prepared under the historical cost convention. This report is made to the Trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial ststements in accordance with the General Directions given by the Charity Commissioner5. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees, as a body, for my work or for this report. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER A5 the Charity'5 Trustees you are responsible for the preparation of the accounts,. you consider that the audit requirement of settion 145 of the Charities Act 2011 (the Act) does not apply and that an Independent Examination is needed, It is my responsibility to examine the accounts (under section 145 (1) (a) of the Act); to follow procedures specified in the General Directions given by the Charity Commissioners under settion 145 (5) (b) of the Act, whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a revlew of the accountlng records kept by the Charity and a comparison of the accounts presented with those records, It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evldence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair, view and the report is limited to those matters set out in the statement below. INDEPENDENT EXAMINER'S STATEMENT In connection with my examination, no matter has come to my attention., (i) which gives me reasonable cause to believe that in any material respect the requlrements to keep accounting records in accordance with section 130 of the Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Att have not been met. or (2) to whlch, In my oplnlon, attention should be drawn in order to enable a proper understanding of accounts to be reached. Ashleigh Bridges l Dalton Square Cambridge CB4 IQJ
Page 12 THE JEAN GROVE TRUS NT F FINAN IALA VITIES FOR THE YEA Unrestricted Notes 2024 2023 INCOME FROM Grants and Donations Income from Investments Other Trading Activities Other Income Total Income 28,707 728 2,151 25,117 239 1,843 31,586 27,199 RESOURCES EXPENDED Raising Funds Loss on Investments Charitable Attivities Total Expenditure 995 450 395 43,149 30,920 Net Income and Net Movement In Funds -11,563 -3,721 Funds Brought Forward 28,537 32,258 Funds Carried Foard £16,974 £28,537 None of the Charity's activities were acquired or discontinued during the above two financial years.
Page 13 THE JEAN GROVE TRUST BALAN HEEfAT 1st MARCH 2024 Notes 2024 2023 CURRENT ASSETS Cash at Bank and in Hand Debtors 16,660 314 28,537 TOTAL NET ASSETS £16,974 £28,537 INCOME FUND Unrestrlcted General Fund 16,974 28,537 TOTAL FUNDS £16,974 £28,537 Approved by the Board of Trustees on 7th October 2024 and signed on i behalf by: Trustee Trustee
Page 14 THE EAN GROVE TRUST EFIN IAL ATEME FOR THE YEAR ENDED 1st MARCH 2024 ACCOUNnNG POLICIES (a) Basls of Accountlng The accounts have been prepared under the historical c05t convention with items recognised at cost or transartion value unless otherwise ststed in the relevant notes to these account5. They have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FR5 102) issued in July 2014 and the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland (FRS 102 July 2015) and the Charitie5 Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no uncertainties about the Charity's ability to continue as a going concern. (b) Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the arnount of the income receivable can be measured reliably. Donations are recognised when received. Other income is recognised when received, (c) Expendlture Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. (d) Grants Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Gift Aid is accounted for when received. (e) Cashflow Statement The Charity has taken the exemption available under the SORP and has not prodUd a cash flow statement, (f) Fund Accounting The unrestricted funds may be used by the Charity in furtherance of its charitable objectives at the discretion of the Trustees. (g) Value Added Tax The Charity is not registered for VAT and accordingly where applicable, all expenditure incurred is Inclusive of VAT,
Page 15 TH EAN VETR ST NOTES TO OR THE YEAR ENDED 31st MARCH 2024 GRANTS AND DONATIONS 2024 2023 Donors Gift Aid Recovered 24,453 20,982 £28,707 £25,117 CHARITABLE ACTKVITIES Grants to Oryanlsatlons Blessed Gheb Michael Catholic School - Bahir Dar The Lord Jesus Catholic School Zizencho, Emdibir Holy Saviour School, Dahwan St Peter and Paul School, Zalambessa 12,000 12,000 6,000 12,000 12,000 6,000 42,000 30,000 Support Costs Sundry Costs Bank Charges TOTAL CHARITABLE ACTIVITIES 82 72 £42,154 26 49 £30,075 GOVERNANCE COSTS The Charity incurred no Governance Costs, as the Independent Examination was undertaken gratuitously. CVRRENT ASSETS 2024 2023 Cash in bank and at hand: Nat West: Reserve Account Nat West: Current Account Nationwide Building Society Cash in hand Other current assets: Debtors 3,819 1,375 11,332 134 13,794 1,937 12,693 113 314 £16,974 £28,537