THE JEAN GROVE TRUST FINAN IAL sfATEMENTS Registered Charlty No. 1109593
Page I EAN VETR TR TEE 'RE R THE YEAR ENDED 3 st REFERENCE AND ADMINIsfRATIVE DETAILS The Jean Grove Trust is a registered charity governed by a Trust Deed dated 9th 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 Mvw.jeangmYetrust.org.uk, TRusfEES The following were Trustees of the Charity during the year: Profe550r Eamon Duffy - Chairman Dr Claerwen James Mr Andrew Powell Dr Deirdre Serjeantson Ms Sophle Smlley Mr Francis Spufford ADVISORS Independent Examiner: Ashleigh Bridges l Dalton Square Cambridge CB4 IQJ Bankers: National Westminster Sank Regent Street (C) Branch, 250 Regent Street, London W18 38N
Page 2 THE JEAN GROVE TRUSTE STRUCTURE, GOVERNANCE AND MANAGEMENT Oversight of the charity is in the hands of Trustees who met on three occasions during the year. All meetings were held "in person" Poliq 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 tUrn and a copy of CC3 'The Essential Trustee, published by the Charity Commission. The Trustees are committed to developing a programme of trustee In-servi 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 acceptable level. The Charlty carrles out internal review5 and when necessaryi will appoint professional advisors to carry out the charity's strategies. OBJEcfivES AND AcnvrrIes The objectives of the Charity are to advance the Roman Catholic Religlon by advanclng the pastoral and social work of the Ethiopian Catholic Church, and to advance the education of children in Ethiopia, regardless of ethnicity or religion, through the support of schools run by the Ethiopian Catholic Church. The addltion of the second objettlve, whlch was agreed in May 2016 with the consent of the Charity Commission, recognises that a sKJnificant 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 Charity's current priority is to maintain and increase the support given to the schoo15 Wlth which the Charity work5, 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 (DicKese) of Emdibir, run by the Bethany Sisters. The Holy Saviour Kindergarten School in Dawhan, in the Eparchy of Adigrat, run by the Slsters of St Louls. The St Peter and Paul School in Zalambessa, in the Eparchy of Adigrat, which was run by the St Lury 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 5UPPOrt for the foreseeable future. We will continue to keep in touch and will rea55ess the situation when we are able to visit. The significant artivity of the Charity during the year was to continue to find ways to increase the awareness of the Charity and therefore increase donations to 5UPPOrt its objectives. The long-term strategy of the Charity 15 to maintain close personal links with the principals of the supported 5choo15 and the bishops of the respective Eparchie5 (the Eparchs) in order to ensure that the giving of grants continues to support the priority needs of the schools.
Page 3 THE JEAN GROVE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31st MARCH 202 ACHIEVEMENTS AND PERFORMANCE How our Activities and Achievements dellver Publlc Beneflt 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 benefits of education are spread as widely and effectively acr055 the community, The Catholic Church in Ethiopia provides a high-quality education in much smaller classes than can be offered by the Government schools which themselves are unable to cover all areas of the Country, and d¢Jes not have any kindergarten programme. The pupil population is made up of approximately equal nurnbers of b)ys and girls, and the educatlon is offered to children irrespective of religious background. Many students progress to higher education and take up key jobs such as teachers, doctors, nurse5 etc. resulting in widespread benefits to their communities and familie5. The annual cost of educatlng a child varies from school to school, but around £100 Is stlll enough to cover the cost of salarie5, teaching materials, uniforms and ft)Jd for a single student; inflation in Ethiopia remains high but the further devaluation of the Ethiopian Birr in 2024 has had the effect of increasing the value of our donations to compensate. When conflict broke out in the Tigray region in late 2020, there were around 2000 pupils at the four schts)Is 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 allocate 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 glven wlthout 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 Since 2020 much of Ethiopia has been in turmoil. The civil war In figrayi where of our schoo15 were located, left over a million people dead, with many atrocities inflicted on the population. Over 200,000 women suffered sexual violence and many school age boys were murdered. Although hostilities were formally ended in November 2022, the situation remains very far from normal wlth large numbers of people stlll living In tents, the continued presen of foreign troops and constant drone surveillantr by the different partie5. F(KQ and essential supplies main very difficult, 500 schoo15 have c105ed (one of which was the St Peter and Paul school at Zalambessa, which the Trust was supporting) and over Im children have not returned to school. The trauma will take many years to pass. Through the good offi5 of the Sisters of St Louis in Dublin, we continue to receive updates from the sisters runnir)g the Holy Saviour Kindergarten School at Dawhan, and the school succeeded in reopening for the 2023-24 school year with 126 children across three classes. Thls was achleved by the teachers and professional staff, whose salaries the Trust was able to pay through the period of the war. Sisters Maureen and Perpetua were able to return to Dawhan in the early part of this year. One of the consequence5 Of the devaluation of the currency has been that OLir donation now covers the entire salary bill, with something to spare, Salary inflation will undoubtedly eliminate thi5 5urplu5, but in the meantime the school is intending to use the additional funds to build an overhead water tank to ensure the drinking water supply for the school.
Page 4 THE JEAN G E TRUST TRusr RTFO YEAR E MARC ACHIEVEMENTS AND PERFORMANCE (contlnued) The city of Bahlr Dar, where we have long supported the Blessed G Mlchael School run by the Daughters of Charity, is the capitsl 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 beeen Amhara, Gumuz and Oromo peoples. The Government has intervened, and communications were shut down, as in Tigray, Fortunatelyi in this case it seems that the combatants have remained respectful of property and institutions, and so the school and the banking system continue to operate, although there have been periods when the school has had to close because of the level of risk. On a happier note the latest information suggests that the security situation is much improved. In November 2023 we received an appeal from the sisters at Bahir Dar requesting our assistance with Improvements to the playing field at the elementary school. The area was prone to flooding and, without drainage, dirty stsgnant water on the surfatr was preventing use of the field for long periods of time. Teachers and parents had become concerned that it was a health risk, as well as severely StrIctlng the physical educatlon of the children. At the time we were not in a position to assist, but two generous legacies received last year meant that In October we were able to confirm that we would be In a FQSiUon to provide the necessary funding after all, The work has now been completed, despite the surrounding area continuing to be beset by fighting, and the pictures we have received demonstrate what an incredible transformation has been achleved. Sr Woynitu, the principal of the school wrote recently. Thanks to God today kve are opening our school for the new academic year Joumey and hope we will be SucsSfUl again as Ive were very suctrssfully achleved last year in all askYcts of tlje scljool. Ihanks to your strong support the playground is really amazing and becomes attrartive andalso Startsgiving service to the students...,.J wouldlike to say thank you so much foryourendless support" The region of Guraghe, in which the third cf our schools, The Lord Jesus Catholic School at Zizencho, is 51tuated, is over 600 miles from the areas in conflict and remains relatively unaffected. The school, which was established around 2008, with a single kindergarten class, now provides cla55es up to grade 8, and has new classroom5, a dining hall, a library and a laboratory. Numbers have increased to 550 children on site. 750/0 of the children come from poor fatnilies and the school strives to provide such students vvith their education and everyday needs free of charge. it remains extremely oversubscribed, and places have to be awarded on a 'flrst come first served, basis. Some students walk up to 7km to get to school every day. Malnutrition 15 general and the midday meal given by the school is much prized by its recipients. The Trust's annual donation covers almost 50 % of the entire cost of the schcol. Sr Prasantha wrote in her annual report to the Trust: I wouldlike to extendour deepestgratitude foryourgenemus help to support ourefforts inprOv1ng essential resour5 to families and children in this lIage. Your contnbution is instrumental in helping us make a lasting impact within our community, particularly in the areas of educat. -
Page 5 TH EAN ROVE TRUST TR RTF REND MAR FINANCIAL REVIEW The total income retrived by the Trust increased to £74,256 (2024.. £31,586), the incEase being due to the receipt of legacies during the year. Income from the Christmas fair and the sale of Christmas cards, tea towels etc. decreased to £1,633 (2024: £2,151). Fundraising activities continue to be severely constrained by the inability of the Trustees to visit the schools éue to the dangerou5 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 (excludlng legacies) has remained Stsble In comparison to the previous year. Regular donations have increased slightly to around £21,800 per annum including gift aid (2024: £20,300); the Trustees have been immensely grateful to the regular supporters who have been happy to continue their support. The legacies from Brian Earle and Dick Grove, notifled durlng the previous year, came to £42,805, slightly more than expected. The Trustees have discussed the use of these funds and concluded that they should be retained in resetves to enable the value of annual grants to be maintained and to support specific capital projects requested by the schools. One such project was the refurbishment of the playground at the Blessed G Michael school in Bahir Dar and we were very pleased to be abSe to support this work with a specific grant of £8,000. In addition to this specific grant, we were pleased also to able to maintain our annual grants to Bahir Dar and Zizencho at the level of £12,000 per school, and to Dawhan at £6,000. Grants pald out therefore came to total of £38,000 (2024: £42,000 whlch Included the funds previously held over for Zalambessa). As a result, there was a surplus in net incorne of £35,667, which has had the effect of increasing the reseNes held by the Charity. Followlng the closure of the IFSL CAF Alternative Strategies Fund in 2023, funds held in reserve are now held in interest earning deposit accounts, split between a 'no notice, Business Reserve account with National Westmlnster Bank, and a 35-day notice account with Nationwide Building Society which currently pays a significantly higher rate of interest. This is consistent with the Investment Policy established by the Trustees. PLANS FOR FUTURE PERIODS It is the Trustees, intention to make a personal visit to Ethiopia to vislt the schools as soon as FCO guidan and our contacts 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 objectives: l. To increase awareness of the Charity to donors and to undertake further fundraising activities. 2. To continue to monltor the existing projects and to increase awareness of the Charity In the area of benefit and increase grant giving. 3. Maintain and strengthen links with schools and other funding bodies and individuals.
Page S THE EAN ST TR RT FOR TH YEAR ENDE POLICIES AND RISK MANAGEMENT Conflicts of Interest Pollcy Trustees have a personal responsibility to declare conflicts of interest, noting that this might include their own bu5ine55 and personal interests and those of their spouse, 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 discussions of 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 nterest). The following procedures shall apply: At the beginning of each meeting of the Trustees, the Chair shall invite Trustees to decla any relevant Interests. The Chair will determine whether the nature of the conflltt is such that the conflicted trustee should absent themselves from the relevant part of the discussion. In the event of a conflict declared by the Chair, he/she should absent themselves from the dlscussion, unless all the Trustees present agree that that is not necessary. The minutes shall record confllcts declared and the consequential action taken. Details of the discussion held, from which a conflicted Trustee was absent, shall be recorded, alongside the fact that the relevant trustee was absent. Grant Maklng Pollcv The policy of the Charity is to sustain and, where possible, grow regular annual support to schools to cover the costs of education. Regular grants are normally made to cover operational costs, including staff salaries and development, and the cost of food and educational materials for the pupils,. they are made on the understanding that regular progress reports are received. These awards are considered each year at a full meeting 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 Trustees. Follow-up action Is taken by the Treasurer. Reserves Policy As a grant-giving charity the aim of the Trust in normal times is to dlsburse its funds in the year of ceIpt, not to hold them. At the same time, being awart of the reliance that the supported schools have on their annual grant, the Trustee5 W15h to ensure that, in the event of a reduction in donor supp)rt, any consequential reductions in grants can be 'smoothed' in order to assist the schools to adapt. The reseFves policy seeks to provide a cushion to enable grants to be sustained for a two-year period. The Trustees, pollcy is therefore to maintsin sufficient reserves to cover INO years, committed expenditure, after allowing for regular committed income. Unrestricted reserves at 31st March 2025 amounted to £52,641 (2024.. £16,974), which is well in excess of the minimum requirement as a result of legacie5 received during the year, awaiting disbursement.
Page 7 TR RTF R THE YEAR ENDED MAR 25 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 instsnce arise because: l. Instability in Ethiopia means that grants cannot be sent to beneficiaries, or the situation makes it impossible to be assured that the funds are applied for the intended purposes. 2. 'One-off fLJnd raising activities or legacies received are designated to be used to support the Trust's work on a longer-term basis. In these circumstsntrs there is a risk that the value of funds held in reserve is eroded by low interest rates, or hlgh rates of inflation. Accordingly, the Trustees may decide to Invest the surplus fLsnds of the Charity to mltlgate these risks, In order to guide these decisions, the Trustees have adopted the following investrnent policy; nv stm nt The Trustees, 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. Investment iv To protert the al 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 avoid unnecessary risk of capitsl1055. kin tment decisions In setting these objettives, the Trustees recogn15e that the size of the Charity and the fund5 available mean that it will not usually be feasible to seek professional investment advice. Accordingly, they will follow the following principle5 in making investment decisions.. Ensure approprlate diver5ification of the Trust's reserves across different institutions, having regard to the size of funds available. Use bank deposits in preferen to investment funds where they enable investment objectives to be achieved. Use diversified investment funds, designed to meet the needs of smaller charities. Have due regard to the ethical investment policies of those institutions and funds. nve The Trust will not invest in any organization or institution, which could be seen a5 creating a conflict of Inte5t for any of the Trustees. Monitorin The performance of investments will be monitored at regular Tru5tees' meetings, through the Treasurer'5 report. rm
Page 8 THE JEAN VETR EAR ENDED 31 MAR H202 POLICIES AND RISK MANAGEMENT (contlnued) Rlsks faced by the Charity The Trustees have identified three significant risks fad 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 schools send, and by communication at the time of transfer that the money ha5 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 'tainted donations, and thereby plaS itself in breach of UK Law. In order to mitigate this risk the Trustees have established a policy on the recelpt of donations, including due diligence procedures to establish the origin of significant donations. The Trustees are confident that the Charity has the resources available to It to contlnue as a going contrrn. The Trust has no employees, and no remuneration is paid to members or Trustees for their work.
Page 9 TH GROVE TR TEES, REP THE YEAR 31s MA STATEMENT OF TRUSTEES. RESPONSIBILrrIES Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of the charity's financial activities 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 Trustee5 should follow best practi and". select suitable accounting policies and apply them consistently; make judgments and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements., prepare financlal ststements on the going conrn basis unless it Is Inappropriate to pSuMe that the Charity will continue to operate. The Trustees are responsible for keeping 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 step5 for the prevention and detectlon of fraud and other irregularities. Approved by the Trustees and signed on their behalf by: Trustee Date
Page 10 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES THE EAN ROVE TRUS I report on the accounts of the Jean Grove Trust for the year ended 31st March 2025, which comprise the statement of financial activities, the balance 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 temis of my engagement. My work has bn undertaken so that I might carry out an Independent Examination of the financial statements in accordantr with the General Directions given by the Charity Commi55ioners. 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 As the Charity's Trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 145 of the Charities Att 2011 (the Act) does not apply and that an Independent Examination is needed. It is my responsibility to examine the accounts (under sertion 145 (1) (a) of the Act); to follow procedures specified in the General Direttions given by the Charity Commissioners under section 145 (5) (b) of the Att, whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carri& out in accordan with the General Directions given by the Charity Commissioners. An examination include5 a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also include5 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 evidence that would be required in an audit, and consequently no opinlon is given as to whether the accounts present a 'true and falr, view and the report is limlted to those matters set out in the ststement below. INDEPENDENT EXAMINER'S STATEMENT In connection with my examination, no matter ha5 come to my attention: (i) which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with settion 130 of the Act", and to prepare accounts which accord with the accounting records and to comply with the accounting quirements of the Act have not been met; or (2) to which, in my opinion, 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 11 THE EAN ROVE TRUST TATEMENT MAR H 2025 Unrestrlcted Notes 2025 2024 INCOME FROM Grants and Donations Income from Investments Other Trading Activities 71,169 1,454 1,633 28,707 728 2,151 Total Income 74,256 31,586 RESOURCES EXPENDED Raising Funds Charitable Activities 310 38,279 995 42,154 Total Expenditure 38,589 43,149 Net Income and Net Movement In Funds 35,667 -11,563 Funds Brought Forward 16,974 28,537 Funds Carrled Forward £52,641 £16,974 None of the Charlty's activities were acquired or discontinued during the above two financial years.
Page 12 EAN VET BA HE AT31 MARCH 2025 Notes 2025 2024 CURRENT ASSErs Cash at Bank and in Hand Debtors 47,641 5,000 16,660 314 TOTAL NET ASSErs £52,641 £16,974 INCOME FUND Unrestricted General Fund 52,641 16,974 TOTAL FUNDS £52,641 £16,974 Approved by the Board of Trustees on 29th September 2025 and signed on its behalf by: Trust Trustee
Page 13 EAN TRU NOT THEF ANCIAL TATEMENTS THEY R ENDED 31st MA ACCOUNTING POLICIES (a) Basis of Accountin9 The accounts have been prepared under the historical cost convention with items recogni5ed at cost or transaction value unless otherwise stated in the relevant notes to these accounts. They have been prepared In accordance with the Statement of Recommended practi Accounting and Reporting by Charities preparing their accounts in accordance wh the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) issued in July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Iland (FRS 102 July 2015) and the Charities Act 20 11. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no uncertalntles about the Charity's ability to continue as a going concern. (b) Income All income is recognised once the charlty has entitlement to the income, it is probable that the income will be received and the amount of the income re1vable can be measured rellably. Donations are recognised when received, Other income is recognised when reived. (c) Expendlture Expenditure is recognised once there Is a legal or constructive obligation to make payment to a third paty, 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 condlticna1, such grants being recognised as expenditure when the condIonS 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 produced a cash flow statement. (f) Fund Accounting The unrestricted funds may be used by the Charity in furtherance of its charltable objective5 at the discretion of the Trustees. (g) Value Added Tax The Charity is not registered for VAT and accordingly Whe applicable, all expenditure incurred is inclusive of VAT.
Page 14 THEJEAN GR TR ST TO THE FIN IALS MENT FOR T YEA DED3 MARCH 202 GRANTS AND DONATIONS 2025 2024 Donors Legacies received Gift Aid Recovered 24,570 42,805 3,794 24,453 4,253 £71,169 £28,707 CHARrrABLE ACTIVITIES Grants to Organisations Blessed Ghebre Michael Catholic School - Bahir Dar The Lord Jesus Catholic School Zlzencho, Emdibir Holy Saviour School, Dahwan st Peter and Paul Schojl, Zalambessa 20,000 12,000 6,000 12,000 12,000 6,000 12,000 Support Costs Sundry Costs Bank Charges TOTAL CHARITABLE ACTIVITIES 167 112 £38,279 82 72 £42,154 GOVERNANCE cosrs The Charity incurred no Governan Costs, as the Independent Examination was undertaken gratuitously. CURRENT ASSETS 2025 2024 Cash in bank and at hand: Nat West: Reserve Account Nat West: Current Account Nationwide Building Society Cash in hand other current assets: Debtorsl funds in transit 4,179 767 42,606 89 3,819 1,375 11,332 134 314 £16,974 £52,641