REGISTERED CHARITY NUMBER: 1138361
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2020
for
The Grove Trust
Grunberg & Co Limited Chartered Accountants 5 Technology Park Colindeep Lane Colindale London NW9 6BX
The Grove Trust
Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Notes to the Financial Statements | 9 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
The Grove Trust
Report of the Trustees for the Year Ended 31 December 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. 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 aims
The trust helps to further the relief of those in need in our community by channelling local funds to local charities. Given the current economic climate and cuts in government funding, financial pressure on the charitable sector is severe. The Grove Trust aims to enable established charities with a proven track record to continue their valuable work in the local community and to help prevent them from cutting back or terminating much needed projects.
The Grove Trust's annual process for awarding grants is described below:
Identification of a community-based need
At the start of each year the members collectively discuss and decide upon a community-based need on which the trust will focus that year. The trustees then work to identify all the charities in our local area which are dedicated to this particular need. (A "need" could be, for example, working with youth, elderly, or homeless.)
Research local charities
The trustees then conduct extensive research on each identified charity. This includes conducting initial desktop research, reviewing financial reports, interviewing the Director, meeting with key staff members, and touring the premises.
Evaluate and prepare a shortlist
Based on our research all charities are evaluated and the trustees narrow down the full selection of charities to a shortlist. The Directors of the shortlisted charities are invited to present at the annual Member Voting Session.
Member Voting Session
Following the shortlisted charities' presentations and Q&A sessions, members cast their vote for their charity of choice; the charity that receives the most votes is selected as the recipient of The Grove Trust annual grant. As and when appropriate members may decide to divide the year's grant money amongst the charities that have presented.
Award Grant
At the end of the year, the selected charities are awarded The Grove Trust annual grants. An appropriate mechanism for ongoing communication, monitoring and feedback is established. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Public benefit
The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission � s general guidance on public benefit "Charities and Public Benefit" in deciding what activities the Charity should undertake.
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The Grove Trust
Report of the Trustees for the Year Ended 31 December 2020
ACHIEVEMENT AND PERFORMANCE
Charitable Activities
In 2020 we managed thirteen grants for charitable organisations in our community totalling £225,000. We were fortunate to liaise with the CHK Foundation which provided £40,000 in match funding for three of our grants, as detailed below.
Our members were beyond generous as several decided to double their donation on the evening of the presentations so that we could offer more funds to our community in the midst of the pandemic. So many in our community were truly in need of additional support and services during this time.
The Grove Trust chose to support as many of our local charitable partners as we could during the pandemic. Undeniably, 2020 was an exceptional year as we operated amidst the pandemic and amongst the various lockdowns that we experienced in the UK.
The Grove Trust felt that it was necessary to give generous, short-term grants to charities that were well-known to us and that would be able to immediately put the funds to work for the community. To that end, we voted as a membership group to allocate the following thirteen grants in 2020.
All grants were for one year, which was a departure from our standard practice of allocating multi-year grants, however we believed this was the correct thing to do at the time.
| Grant Recipient | Description of Project/Programme | Grant Amount |
|---|---|---|
| Al-Hasaniya | Continuation of the Friday Lunch Club | £14,000 |
| ClementJames | Contribution to core costs | £15,000 |
| Dalgarno Trust | Contribution to core costs | £10,000 |
| £25,000 (£10,000 provided | ||
| by the Grove Trust and | ||
| Family Friends | Contribution to core costs | £15,000 match funded) |
| Future Men | Continue to fund a Coordinator for North Kensington | £15,000 |
| Harrow Club | Youth Outreach Work | £20,000 |
| Nucleo Project | Contribution to core costs | £10,000 |
| Open Age | Continuation of Men's Space | £15,000 |
| Rugby Portobello | ||
| Trust | Fund another year of Magic Mums | £21,000 |
| Fund the expansion of the Mentoring programme and the | ||
| Solidarity Sports | Childhood Obesity programme | £10,000 |
| £25,000 (£10,000 provided | ||
| by the Grove Trust, and | ||
| Spear | Fund another cohort of 16 people to get job ready | £15,000 match funded) |
| £25,000 (£15,000 provided | ||
| by the Grove Trust and | ||
| Venture Centre | Contribution to Core Costs | £10,000 match funded) |
| West London Zone | Contribution to Core Costs | £20,000 |
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The Grove Trust
Report of the Trustees for the Year Ended 31 December 2020
FINANCIAL REVIEW
Financial Position
The Grove Trut continues to donate every pound that we receive directly to local charities, which includes an annual £500 donation to the Kensingtom + Chelsea Foudnation. Therefore all member's donations continue to flow into our pot for Annual Giving, and all other donations that individuals or corporations give to us go directly into our Special Projects Funding which is allocated at the Trustees discretion (without the entire membership group convening to vote).
For 2020, we committed to £220,000 in grants for the thirteen charities listed in the section above, and in additiona we may the following payments
Second Year Payments for Grants Awarded in 2019:
1) The Clement James Centre www.clementjames.org : £54,500 over two years for core costs (£27,250 per year)
2) Family Friends familyfriends.www.uk.com : £54,500 over two years for core costs (£27,250 per year)
Special Projects 2020
In 2019 we allocated our Special Projects funding to Grenfell-related charities and projects which are detailed in our 2019 accounts. Therefore in 2020 we did not have additional funds to invest in Special Projects. Again, as this was an exceptional year we believed this was the best way to allocate our funds.
We did however continue to support the Kensington & Chelsea Foundation as patrons and donated £500 for 2020 over two years . In February, following our monitoring, these charities will receive second year payments of £23,000
Principal funding sources
In 2020 we had a total of 30 members, all contributing an annual contribution of £5,000 totalling £150,000. During the course of our funding decisions we were able to increase this to a total funding amount of £225,000 which included members doubling their donations and match funding from the CHK Foundation.
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The Grove Trust
Report of the Trustees for the Year Ended 31 December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The trust was established in May 2010, the Trust Deed which governs the trust was dated 20 September 2010 and the trust was then registered with the Charity Commission for England and Wales on 11 October 2010. Registration number: 1138361. The trust is based at 78 Elgin Crescent, London W11 2JL.
The trustees who served during the period are:
Julia Coupland
A local resident for 21 years with a background in management consulting specialising in change management and communications. Julia is a co-founder of the Grove Trust and has remained involved in the day to day running of the trust for 11 years.
Dani Hains
A local resident for 22 years and extensively involved in charities both locally and nationally. Dani is a co-founder of the Grove Trust and has remained involved in the day to day running of the trust for 11 years.
Rosalind Oxley
A local resident for over 30 years with extensive experience in event management, a Director of a virtual events company, Ivent and COO of the Harrow Club, a local youth charity.
The Trustees were first appointed on 11 October 2010. Ros Oxley was appointed in 2020. To date there are only three active Trustees and as of yet there are no employees or volunteer workers in the organisation.
In June 2018, Julia Coupland and Dani Duclos (formerly Dani Hains) took on the role of co-Chairs after Katrina Barter stepped down as Chairperson. Katrina remains a Trustee for the Grove Trust.
This charitable trust seeks advice from various organisations within the community such as the K&C Foundation, the K&C Social Council and the K&C Borough Council. However, the charitable trust does not have any related parties.
The trustees have assessed the major risks to which the trust is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1138361
Principal address
98 Elgin Crescent London W11 2JL
Trustees
Mrs J Petropoulos Coupland Mrs D Duclos Mrs R J M Oxley (appointed 9.11.2020)
Independent Examiner
Grunberg & Co Limited Chartered Accountants 5 Technology Park Colindeep Lane Colindale London NW9 6BX
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The Grove Trust
Report of the Trustees for the Year Ended 31 December 2020
Approved by order of the board of trustees on 14 October 2021 and signed on its behalf by:
Mrs J Petropoulos Coupland - Trustee
Page 5
Independent Examiner's Report to the Trustees of The Grove Trust
Independent examiner's report to the trustees of The Grove Trust
I report to the charity trustees on my examination of the accounts of The Grove Trust (the Trust) for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Peter McMahon Grunberg & Co Limited Chartered Accountants 5 Technology Park Colindeep Lane Colindale London NW9 6BX
Date: .............................................
Page 6
The Grove Trust
Statement of Financial Activities for the Year Ended 31 December 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Charitable activities 2 Support of local charities NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.12.20 Unrestricted fund £ 235,000 336,500 (101,500) 132,036 30,536 |
31.12.19 Total funds £ 152,000 191,905 (39,905) 171,941 132,036 |
|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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The Grove Trust
Balance Sheet 31 December 2020
| Balance Sheet 31 December 2020 |
||
|---|---|---|
| Notes CURRENT ASSETS Cash at bank NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 6 Unrestricted funds TOTAL FUNDS |
31.12.20 Unrestricted fund £ 30,536 30,536 30,536 30,536 30,536 30,536 |
31.12.19 Total funds £ 132,036 |
| 132,036 | ||
| 132,036 | ||
| 132,036 | ||
| 132,036 | ||
| 132,036 |
The financial statements were approved by the Board of Trustees and authorised for issue on 14 October 2021 and were signed on its behalf by:
Trustee
The notes form part of these financial statements
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The Grove Trust
Notes to the Financial Statements for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements of the charity, 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'. The financial statements have been prepared under the historical cost convention
The presentation currency of the financial statements is the Pound Sterling £..
Incoming resources
Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Resources expended
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 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.
continued...
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The Grove Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Financial instruments
The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, cash at bank and loans from banks and related or third parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Debtors
Basic financial assets, including trade and other debtors, are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash and cash equivalents represented by cash in hand and deposits held at call with financial institutions, are measured at amortised cost.
Creditors
Basic financial liabilities, including trade and other creditors, are recognised at transaction price.
2. CHARITABLE ACTIVITIES COSTS
3. DIRECT COSTS OF CHARITABLE ACTIVITIES
Grants to institutions:
| £ £ K&C foundation Al-Hasaniya Moroccan Women's Project Ltd Venture Community Association St Giles Rugby Club The Nucleo Project Dalgarno Neighbourhood Trust The ClementJames Centre The Harrow Club Family Friends Spear West London Zone Patron Donation Friday Lunch Club Future Men Solidarity Sports Open Age |
Direct costs 2020 - - 25,000 47,000 11,000 10,000 10,000 42,250 20,000 42,250 25,000 20,000 500 14,000 15,000 16,000 38,500 336,500 |
Total 2019 505 10,000 20,000 8,500 16,000 15,500 22,300 22,250 9,600 22,250 25,000 20,000 - - - - - |
|---|---|---|
| 191,905 |
continued...
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The Grove Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Charitable activities Support of local charities NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 6. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.1.20 £ 132,036 132,036 Incoming resources £ 235,000 235,000 |
Net movement in funds £ (101,500) (101,500) Resources expended £ (336,500) (336,500) |
Unrestricted fund £ 152,000 191,905 (39,905) 171,941 132,036 At 31.12.20 £ 30,536 30,536 Movement in funds £ (101,500) (101,500) |
|---|---|---|---|
continued...
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The Grove Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
6. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.1.19 £ Unrestricted funds General fund 171,941 TOTAL FUNDS 171,941 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 152,000 TOTAL FUNDS 152,000 |
Net movement in funds £ (39,905) (39,905) Resources expended £ (191,905) (191,905) |
At 31.12.19 £ 132,036 132,036 |
|---|---|---|
| Movement in funds £ (39,905) (39,905) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.19 £ 171,941 171,941 |
Net movement in funds £ (141,405) (141,405) |
At 31.12.20 £ 30,536 30,536 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 387,000 387,000 |
Resources expended £ (528,405) (528,405) |
Movement in funds £ (141,405) (141,405) |
|---|---|---|---|
continued...
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The Grove Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
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The Grove Trust
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Total incoming resources EXPENDITURE Charitable activities Grants to institutions Total resources expended Net expenditure |
31.12.20 £ 217,500 17,500 235,000 235,000 336,500 336,500 (101,500) |
31.12.19 £ 152,000 - 152,000 152,000 191,905 191,905 (39,905) |
|---|---|---|
This page does not form part of the statutory financial statements
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