Charity registration number 1138361
THE GROVE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE GROVE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mrs D Duclos |
|---|---|
| Mrs R J M Oxley | |
| Mrs J Coupland | |
| Charity number | 1138361 |
| Independent examiner | Peter McMahon ATT CTA |
| 5 Technology Park | |
| Colindeep Lane | |
| Colindale | |
| London | |
| United Kingdom | |
| NW9 6BX |
THE GROVE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 10 |
THE GROVE TRUST
TRUSTEES REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
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.
Membership Donations
In 2023, The Grove Trust was comprised of 32 members, including new members Erica Wax and Andrew Balls. We also had Elizabeth and Reade Griffiths as new Special Projects funders. In 2023, we realised the benefit of the increased membership donation (to £7,000 per person and £10,00 per couple) and therefore for 2023 we had a total grant pool of £207,500. This included a generous donation pledge of £30,000 per year for the next 3 years from Jeremy Lloyd. Therefore, the total giving fund was £212,500.
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THE GROVE TRUST
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Charitable Activities
In 2023, the Grove Trust focused on local projects and programmes involved in ‘skills and employment’ . The unemployment rate in RBKC is 50% higher than the national average. Whilst unemployment rates were already higher than average, this worsened with the pandemic. This hardship was reflected in the rising demand of local food banks.
Given this backdrop, and after suffering through the toils of the Grenfell Fire, the pandemic, and the subsequent cost of living crisis, the Grove Trust felt the need to re-invest in our community and help our local residents develop skills to gain employment.
Grant Allocations for 2023
Goldfinger Academy (£40,000 over 2 years): This grant will go towards the core costs of Goldfinger Academy’s Future Makers programme.
Nova New Opportunities (£44,000 over 2 years): This grant will help to continue and grow Nova’s Back on Track Programme.
Rugby Portobello Trust (£54,000 over 2 years): This grant will go towards building and supporting RPT’s Future Leaders programme.
Smartworks (£40,000 over 2 years): This grant will go towards the core costs for our local branch of Smartworks based in North Kensington.
Special Projects for 2023
Kids on the Green: We were in the fortune position to allocate £25,000 over 2 years to Kids on the Green. This grant will to go towards their core costs. This grant was the result of a charity gift to Fiona Murphy, which she entrusted the Grove Trust to allocate on her behalf.
Financial review Financial position
The Grove Trust takes in membership donations and then awards 100% of these donations as grants for our neighbouring charities. All our operating costs are covered by the Directors. The Directors work on a voluntary basis and have done so since the inception of The Grove Trust in 2010.
We are extremely proud of what we have been able to achieve over the years and here is the financial summary of our giving from inception through 2023:
Total Grant Giving: £2,093,000
Total Special Projects Giving: £331,570
Total Giving to date: £2,424,570
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THE GROVE TRUST
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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 25 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 14 years.
Dani Hains
A local resident for 26 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 14 years.
Rosalind Oxley
A local resident for over 32 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.
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.
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.
The trustees report was approved by the Board of Trustees.
Mrs J Coupland
Trustee
25 September 2024
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THE GROVE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE GROVE TRUST
I report to the trustees on my examination of the financial statements of The Grove Trust (the trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable 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 that in any material respect:
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1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Peter McMahon ATT CTA
5 Technology Park Colindeep Lane Colindale London NW9 6BX United Kingdom
Dated: 25 September 2024
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THE GROVE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 226,968 | 235,455 |
| Total income | 226,968 | 235,455 | |
| Expenditure on: | |||
| Charitable activities | 3 | 245,530 | 87,061 |
| Total expenditure | 245,530 | 87,061 | |
| Net income/(expenditure) and movement in funds | (18,562) | 148,394 | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2023 | 213,467 | 65,073 | |
| Fund balances at 31 December 2023 | 194,905 | 213,467 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE GROVE TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
| Notes Current assets Cash at bank and in hand Net current assets The funds of the trust Unrestricted funds 8 |
2023 £ 194,905 |
£ 194,905 194,905 194,905 |
2022 £ 213,467 |
£ 213,467 |
|---|---|---|---|---|
| 213,467 | ||||
| 213,467 |
The financial statements were approved by the trustees on 25 September 2024
Mrs J Coupland Trustee
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THE GROVE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
The Grove Trust is a Charitable Trust.
1.1 Accounting 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' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4 Income
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
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THE GROVE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
1.7 Taxation
The charity is exempt from tax on its charitable activities.
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THE GROVE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
| 2 | Income from donations and legacies | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Donations and gifts | 226,968 | 235,455 | |
| 3 | Expenditure on charitable activities | ||
| Charitable | Charitable | ||
| expenditure | expenditure | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Direct costs | |||
| Bank charges | 66 | 61 | |
| Grant funding of activities (see note 4) | 245,464 | 87,000 | |
| 245,530 | 87,061 | ||
| Analysis by fund | |||
| Unrestricted funds | 245,530 | 87,061 | |
| 4 | Grants payable | ||
| Charitable | Charitable | ||
| expenditure | expenditure | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Grants to institutions: | |||
| Other | 245,464 | 87,000 |
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
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THE GROVE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
6 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
7 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
8 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 January | Incoming | Resources | At 31 December |
At 31 December |
|
|---|---|---|---|---|---|
| 2023 | resources | expended | 2023 | ||
| £ | £ | £ | £ | ||
| General funds | 213,467 | 226,968 | (245,530) | 194,905 | |
| Previous year: | At 1 January | Incoming | Resources | At 31 December |
|
| 2022 | resources | expended | 2022 | ||
| £ | £ | £ | £ | ||
| General funds | 65,073 | 235,455 | (87,061) | 213,467 |
9 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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