Grow Volunteer Consulting: Report of the Board of Trustees for the year ended 31 March 2023
Charity registration number: 1139083 Company registration number: 7136203
Grow Volunteer Consulting: Report of the Board of Trustees for the year ended 31 March 2023
Report of the Trustees For the year ended 31 March 2023
The Directors present the report and financial statements for the year ended 31 March 2023.
Reference and Administrative Information
Charity Name: Grow Volunteer Consulting (working name: Grow Volunteer Consulting ) Charity registration number: 1139083 Company registration number: 7136203 Registered Office and operational address: Kemp House 160 City Road, London EC1V 2NX
Board of Directors / Trustees
Siobhan Archer John Correa Will Martindale (Chair)
Secretary
Chris Coghlan
Bankers
Natwest 141 Ebury Street, Belgravia London, SW1W 9QP
Report of the Trustees For the year ended 31 March 2023
The trustees, who are also directors (unless indicated otherwise) of the charity Grow Volunteer Consulting (GVC) for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of the Statement of Recommended Practice 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 2015).
Mission Statement
People in least developed countries have the same needs, failings and dreams as everyone. Grow Volunteer Consulting uses remote volunteer consultants on an ultra-low cost base to help entrepreneurs in these communities realise their dreams, relieve poverty and create employment. Our sponsors and volunteers help improve the world one small action at a time and see the results for themselves.
Activities
Grow Volunteer Consulting (www.growmovement.org) is a UK charity providing free business consulting to micro, small and medium sized enterprises (MSMEs) in developing countries since 20010.
Voluntary help and gifts in kind
Grow Volunteer Consulting relies on significant numbers of remote volunteer consultants donating up to three hours of their time a week to perform its core activities.
Grow Volunteer Consulting: Report of the Board of Trustees for the year ended 31 March 2023
What we did: Activities, Achievements, Performance
The charity’s focus during the year was on testing a new automated platform to lower the charity’s operating unit costs and enable the charity to scale. The charity began drawing down a $92,000 grant from The Genesis Charitable Trust with £49,528 received with £47,086 recognised in the statement of financial activities as it relates to the current year.
Financial review
During the year, the net funds raised from trading income, the general public, grants and through our network of consultants to fund the programmes was £47,111. £25,350 was used in the current year on charitable activities and support costs leaving funds of £21,761 at year end.
Grow Volunteer Consulting aims to be a low-cost operation, using consultants who communicate with businesses by phone, email and Skype. This results in very low costs, comprising the salaries of the on-ground staff in the target countries, an automated volunteering platform and other miscellaneous central oversight costs.
Investment policy
The trustees have a general power of investment and have a policy of keeping any surplus liquid funds in cash deposits, which can be accessed readily.
Reserves policy
The charity holds between 3- and 6-months expenditure as reserves.
Plans for the Future
Our objective to scale Grow Volunteer Consulting to maximize impact.
Objects, Structure, Governance and Management
Our legal objectives
Grow Volunteer Consulting is an international non-governmental, non-political, non-religious organisation established in 2010. It was constituted as a company under the Companies Act on 26 January 2010. It is registered as a charity with the Charity Commission. The Articles of Association defines the charity’s Objects as being:
THE PREVENTION OR RELIEF OF POVERTY FOR THE PUBLIC BENEFIT
Our Charity Commission registration number is 1139083.
Trustees and organisational structure
The Articles of Association allows for a minimum of three trustees to be appointed. Trustees serve for a renewable term of 3 years with one third of trustees (or number nearest to one third) retiring in any one year. Retiring Trustees can be reappointed by ordinary resolution of the members at the annual general meeting. Trustees can serve until they either resign or their term ends without renewal.
Grow Volunteer Consulting: Report of the Board of Trustees for the year ended 31 March 2023
All our existing trustees have long experience of business consulting, and aside from expenses were not remunerated for their trusteeship. Details of trustee expenses and any related party transactions are disclosed in note 6 to the accounts.
Trustees
Our trustees are responsible for setting the strategy and are responsible in law for the running of Grow Volunteer Consulting. All the trustees, except where otherwise stated, served for the whole year:
Siobhan Archer John Correa Will Martindale
Where new trustees are appointed they are given a formal induction to the work of the charity and provided with the information they need to fulfil their roles, which includes information about the role of trustees and charity law. New trustees are nominated by members of the board of trustees, interviewed by a panel of three trustees and appointed where they have the necessary skills to contribute to the charity’s management and development.
Each trustee takes responsibility for monitoring the trust’s activities in specific operational areas; our board meetings are held at least quarterly.
Advisers
We had no external advisors during the year.
Risk management
All significant activities undertaken are subject to a risk review as part of the initial activity assessment and implementation. Major risks are identified and ranked in terms of their potential impact and likelihood.
Major risks, for this purpose, are those that may have a significant effect on: Operational performance, including risks to our personnel and volunteers; Financial sustainability, including stability and security of income; Achievement of our aims and objectives; or Meeting the expectations of our beneficiaries or supporters
The trustees review these risks on an ongoing basis and satisfy themselves that adequate systems and procedures are in place to manage the risks identified. Where appropriate, risks are covered by insurance. The following framework is central to ensuring adequate risk assurance:
Regular monitoring of major risks and development of action plans; Embedding risk identification and assessment within operating procedures; A clear structure of delegated authority and control; Review of key systems and procedures through internal audit arrangements; Income and profit targets for our trading and fundraising activities; Maintaining reserves in line with set policies; and regular summary reports on risk management to the Trustee Board.
Website: growmovement.org
Trustees’ responsibilities in relation to the financial statements
Grow Volunteer Consulting: Report of the Board of Trustees for the year ended 31 March 2023
The trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to:
a) select suitable accounting policies and apply them consistently;
b) observe the methods and principles in the Charities SORP;
c) make judgments and accounting estimates that are reasonable and prudent; d) state whether applicable UK accounting standards have been followed, subject to any
material departures disclosed and explained in the financial statements; e) prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report, which has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, was approved by the Board on 14[th] December 2023 and signed on its behalf.
Approved by the trustees and signed on their behalf by:
Mr Will Martindale
14[th] December 2023
Grow Volunteer Consulting: Report of the Board of Trustees for the year ended 31 March 2023
Independent Examiner’s Report to the Trustees of Grow Volunteer Consulting
I report on the financial statements of the Company for the year ended 31[st] March 2023 as set out on pages 7 to 11.
Responsibilities and basis of report
As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act).
Independent Examiner’s Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1) Accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
-
2) The accounts do not accord with such records; or
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3) The accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a “true and fair” view which is not a matter considered as part of an independent examination; or
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4) The accounts have not been prepared in accordance with the Charities SORP (FRS102)
I have no concerns and have come across no 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.
Alexander Dawe FCA 12[th] December 2023
Grow Volunteer Consulting: Report of the Board of Trustees for the year ended 31 March 2023
Statement of financial activities
| 2023 | 2022 | ||
|---|---|---|---|
| Grants | 47,086 | - |
|
| Donations | 25 | 112 | |
| Trading income | - | 10,385 | |
| Total incoming resources | 47,111 | 10,497 | |
| Resources expended | |||
| Charitable activities | - 25,310 | - | 23,173 |
| Governance costs | - | - | |
| Support costs | - 40 | - 676 | |
| Total resources expended | - 25,350 | - | 23,848 |
| Net incoming resources | 21,761 | - | 13,351 |
| Total funds carried forward | 21,761 | - | 13,351 |
Grow Volunteer Consulting: Report of the Board of Trustees for the year ended 31 March 2023
Balance Sheet
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Current assets | ||
| Cash at bank and in hand | 12,498 | 999 |
| Debtors | 12,704 | - |
| Creditors: amounts falling due in less than one year | -2,442 | - |
| Net current assets | 22,760 | 999 |
| Total assets less current liabilities | 22,760 | 999 |
| Creditors: amounts falling due in more than one year | - | - |
| Net assets | 22,760 | 999 |
| Unrestricted funds | ||
| General funds | 22,760 | 999 |
| Restricted funds | - | - |
| Total funds | 22,760 | 999 |
The notes on the following pages form a part of these accounts.
For the year ending 31[st] March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the trustees and signed on their behalf by:
Mr Will Martindale
Grow Volunteer Consulting: Report of the Board of Trustees for the year ended 31 March 2023
Notes to the accounts
Note 1: Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Grow Volunteer Consulting is a charitable company limited by guarantee registered in England with registration number 07136203. Its registered office address is Kemp House 160 City Road, London EC1V 2NX. The accounts are presented in GBP rounded to £1. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
b) Public benefit entity
The charitable company meets the definition of a public benefit entity under FRS 102.
c) Going concern
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
d) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
e) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
f) Fund accounting
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
g) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation
Grow Volunteer Consulting: Report of the Board of Trustees for the year ended 31 March 2023
can be measured reliably.
h) Intangible and Tangible fixed assets
Intangible assets represent cost of developing a bespoke project management system for the charity.
Items of equipment are capitalised where the purchase price exceeds £100. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
- Computer equipment 3 years
i) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
j) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.
k) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
l) Foreign Currency Transactions
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Note 2: Incoming resources
Incoming resources compromises £47,086 in grants from Genesis Charitable Trust and £25 in individual donations.
Grow Volunteer Consulting: Report of the Board of Trustees for the year ended 31 March 2023
Note 3: Employees
The charity does not have any employees.
Note 4: Trustee remuneration and related party transactions
No trustee or other person related to the charity had any other personal interest in any contract or transaction entered into by the charity.
Note 5: Taxation
As a charity, Grow is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
Note 6: Analysis of net assets between funds
| 2023 | 2022 | |
|---|---|---|
| General funds | £ | £ |
Intangible and Tangible fixed assets |
- | - |
| Current assets | 25,202 | 999 |
| Current liabilities | -2,442 | 0 |
| Net assets at 31st March 2023 and 31st March 2022 |
22,760 | 999 |