Registered number: 07463679 Charity number: 1142269
GRUBB FORWARD LTD
(A company limited by guarantee)
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
GRUBB FORWARD LTD
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Trustees' responsibilities statement | 5 |
| Independent examiner's report | 6 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 17 |
GRUBB FORWARD LTD
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020
Trustees
Ms Caroline Roboh Mr John Gordon Mrs Catherine Hesketh-Harvey Mrs Sarah Gotley Dr Eleanor O'Keefe
Company registered number
07463679
Charity registered number 1142269
Accountants SRLV Audit Limited Chartered Accountants Elsley Court 20-22 Great Titchfield Street London W1W 8BE
Page 1
GRUBB FORWARD LTD
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of the company ("the company") for the year ended 31 December 2020. The Trustees confirm that the Annual report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective January 2015).
Since the company qualifies as small under section 383 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. POLICIES AND OBJECTIVES
The objective of the charity is to promote social inclusion for public benefit, particularly for the Roma people (in Serbia) and for people with disabilities, by preventing people from becoming socially excluded and assisting them to integrate into society.
b. ACTIVITIES FOR ACHIEVING OBJECTIVES
GRUBB actively fights racial prejudice through the GRUBB educational centres, the GRUBB Show and the various arts and education progammes creatd to advocate our goals.
The Trustees have paid due regard to guidance used by the Charity Commission in deciding what activities Grubb Forward should undertake.
c. GRANT MAKING POLICIES
It is the policy of Grubb Forwarde to gant funds to run tutoring and artistic programs in Belgrade, Nis and Novi Sad.
Achievements and performance
a. Review of activities
During the year, the company received donations of £27,153 (2019 - £78,919). Of the donations received during the year, £493 was from Caroline Roboh, a member of the Board of Trustees.
As at 31 December 2020, there were unrestricted reserves of £21,982 (2019 - £34,894) and no restricted reserves (2019 - £NIL). The unrestricted reserves are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
GRUBB has created various projects to allow the collaboration and integration of Roma and non Roma young people including the three GRUBB education centres in Serbia and the GRUBB Show. The GRUBB centres have a high success rate in keeping Roma children in school and allowing them to pass their exams.
Page 2
GRUBB FORWARD LTD
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and performance (continued)
b. Investment policy and performance
The sole investment is in the wholly owned subsidiary, Grubb Productions CIC. Please see the fixed asset investment note for further details.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
It is the policy of the charity that unrestricted funds of £21,982 which have not been designated for a specific use should be maintained at a level equvalent to between three to six months of expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained through the year.
Structure, governance and management
a. CONSTITUTION
The company is registered as a charitable company limited by guaratee that was incorporated on 8 December 2010 and registered as a charity on 6 June 2011. The company has changed its name from RPoint Forward Ltd on 22 January 2013.
The company is constituted under a trust deed. The Trustees, who are also directors for the purpose of company law, and who served during the year were:
Miss Caroline Roboh Mr John Gordon Mrs Sarah Gotley Dr Eleanor O'Keefe Mrs Catherine Hesketh-Harvey
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Page 3
GRUBB FORWARD LTD TRuSrEES' REPORT (coKfThuED) FOR THE YEAR ENDED 31 DECEMBER 2020 go¥ern•noJ and manag (contlnued) TIR TTu%eE5 are aPPDintEd in •cc(rd•DEe the arndu of aswaal a1 mako all ma)ur deosion5 of tm tturxy. Non• TnJ5t•e5 has any D•n1•1 Ir¢ersr In CDrrw. All ot tne TIL•% •r• mwnbtT5 ¢X tn• CoMnY ona gllt0 to cwiirfDut £1 in vts)L or v•iMif4J 4. Tru2ees nave a55essea the rna iThÈ company is poS. aTrJ are saiisfa Lnèi SySl+.rtt% art irt piactr. to (Ilitte txP¢$ure to thc maj( risks d. P10¢5 a4JDpred th• InYucriwt ano otTnffjiees The fui)ding of Ihe tharity ¥¥ill cwlIn lo be reviewerL Tnrt¢es e¥pert to m)ke fwther b•ith the lim of Impmir4J tr livts c mdNidual funds hold as StadIan No hJnd% are hehl 05 • a1&n. APprd DV oruw c* mtmws of Tre$ on 21 October 2021 Sigt)ed on Ihtsr D¢Mlf by- Ms Caro Roboh paoe 4
GRUBB FORWARD LTD
(A company limited by guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' 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 . Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 5
GRUBB FORWARD LTD (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
Independent examiner's report to the Trustees of Grubb Forward Ltd ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 December 2020.
Responsibilities and basis of report
As the Trustees of the company (and its directors 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 under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts 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 matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Page 6
GRUBB FORWARD LTD
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
USE OF OUR REPORT
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Richard Gilbert for and on behalf of
SRLV Audit Limited
Chartered Accountants Elsley Court 20-22 Great Titchfield Street London W1W 8BE
22 October 2021
Page 7
GRUBB FORWARD LTD
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Income from: Donations 3 Other trading activities 4 Total income Expenditure on: Charitable activities 6 Total expenditure Net movement in funds before other recognised gains Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 27,153 3 27,156 40,068 40,068 (12,912) (12,912) 34,894 (12,912) 21,982 |
Total funds 2020 £ 27,153 3 27,156 40,068 40,068 (12,912) (12,912) 34,894 (12,912) 21,982 |
Total funds 2019 £ 78,919 6 78,925 |
|---|---|---|---|
| 61,796 61,796 |
|||
| 17,129 | |||
| 17,129 | |||
| 17,765 17,129 34,894 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 17 form part of these financial statements.
Page 8
GRUBB FORWARD LTD (A ¢omp4ny limited by 9uarantee) REGTSTERED NUMBER: 07463679 BALANCE SHEEr AS AT 31 DECEMBER 2020 2Q 7019 Invy¥(iTLS. 10 12 12 12 12 cash al bank and in hand 31.726 39,694 31,726 39,fj94 CrEdr(ur5: •Mots follift4 dL wiiThirt yr 11 (g.n6) (4,812) 2L970 34.882 Total u¥¢£¥ lew ryTrent lljbllltles 21.982 Net assets excluthng penglon agset 21.912 34,894 T•t•l net assets 21,982 Charity funds Rxricp.ed trJnd5 urS1Cted fijnds 12 12 21,9•2 To¢•1 lunds 21,982 ¥iPamf was ¢nLRtéd LO exém4<1) fwèm S•(tn 477 & iho Corypar••5 Act 2(ts3. Tne TrLmeS cvnsdw thar the coMpY s wrtrled tv fr(ffi th¢ ul¥)ent th na¥ an audlt Iirthr prrJvitL% d VLliOfl 477 ar Comn& Aci x)D16 (Ine ki-i and Mem¥5 reqLJred trse company to obtain an audit for the year in que5ll In accurditKe Mth 470 N4. ThÈ TrLS xknowlèjge thetr re5POtsitiileS tor CDmwwn9 Trth tht rrmI5 ofthe ALt rE5pect to accountsng c()rS prrwr4tiw rf Th• finanoal XatwTrenrs he bn WEpared accurdmce with the •poli¢3ble to ertitits Sutsjttt ro th¢ >Nii c(npbrtièS Yègimé. ThÈ fi173noal *atemerts wore approved and ahDrIsl for by the TnEtee5 on 21 October 2021 gned trrtir by". Ns Giroline Roboh Pay• 9
GRUBB FORWARD LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. General information
The company is a private company limited by guarantee. The members of the company are Trustees named on page 1. In the event of the company being would up, the liability in respect of the guarantee is limited to £1 per member of the company.
The address of its registered office is Elsey Court, 20-22 great Titchfield Street, London, W1W 8BE.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Grubb Forward Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The charity's functional and presentational currency is pound sterling.
2.2 Going concern
There are no material uncertainties about the charity's ability to continue as a going concern.
2.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a correspoonding amount is then recognised in expenditure in the period of receipt.
Page 10
GRUBB FORWARD LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Support costs are those incurred directly in support of expenditure on the objects of the company. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Charitable activities and governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
2.5 Investments
Investments in subsidiaries are shown at cost less impairment.
2.6 Cash at bank and in hand
Cash at bank and 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.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation.
2.8 Financial instruments
The company 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.
Page 11
GRUBB FORWARD LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
2.10 Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise of a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
2.11 Cash flow
Since the company qualifies as small under section 383, it has taken advantage of the exemptions permitted by SORP to prepare cash flow statements.
3. Income from donations
| Donations Donations 4. Income from other trading activities Income from fundraising events Interest Receivable |
Unrestricted funds 2020 £ 27,153 Unrestricted funds 2019 £ 78,919 Unrestricted funds 2020 £ 3 |
Total funds 2020 £ 27,153 Total funds 2019 £ 78,919 Total funds 2020 £ 3 |
|---|---|---|
Page 12
GRUBB FORWARD LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| 4. Income from other trading activities (continued) Income from fundraising events (continued) Interest Receivable 5. Analysis of grants Grants to The Serbian Foundation Grants to The Serbian Foundation 6. Analysis of expenditure on charitable activities Summary by fund type Grants to The Serbian Foundation Grants to The Serbian Foundation |
Unrestricted funds 2019 £ 6 Grants to subsidiary 2020 £ 32,996 Grants to subsidiary 2019 £ 54,994 Unrestricted funds 2020 £ 40,068 Unrestricted funds 2019 £ 61,796 |
Total funds 2019 £ 6 Total funds 2020 £ 32,996 Total funds 2019 £ 54,994 Total funds 2020 £ 40,068 Total funds 2019 £ 61,796 |
|
|---|---|---|---|
Page 13
GRUBB FORWARD LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
7. Analysis of expenditure by activities
| Grants to The Serbian Foundation Grants to The Serbian Foundation |
Grant funding of activities 2020 £ 32,996 Grant funding of activities 2019 £ 54,994 |
Support costs 2020 £ 7,072 Support costs 2019 £ 6,802 |
Total funds 2020 £ 40,068 Total funds 2019 £ 61,796 |
|---|---|---|---|
Page 14
GRUBB FORWARD LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
8. Independent examiner's remuneration
Independent Examiner's remuneration amounts to an Independent Examination fee of £4,800 (2019 - £4,800).
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL).
10. Fixed asset investments
| Cost At 1 January 2020 At 31 December 2020 Net book value At 31 December 2020 As at 31 December 2018 Subsidiary undertaking The following was a subsidiary undertaking of the company: Name Holding Grubb Productions CIC 100% |
Shares in group undertakings £ 12 12 12 12 |
|---|---|
The charity holds 12 ordinary shares of £1 each in its wholly owned subsidiary company Grubb Productions CIC which is registered in England and Wales and whose registered office is Elsey Court, 20-22 Great Titchfield Street, London, W1W 8BE.
11. Creditors: Amounts falling due within one year
| Other creditors Accruals |
2020 £ 12 9,744 9,756 |
2019 £ 12 4,800 |
|---|---|---|
| 4,812 |
Page 15
GRUBB FORWARD LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| 12. Statement of funds Statement of funds - current year Balance at 1 January 2020 £ Income £ Unrestricted funds General Funds 34,894 27,156 Statement of funds - prior year Balance at 1 January 2019 £ Income £ Unrestricted funds General Funds - all funds 17,765 78,925 13. Analysis of net assets between funds Analysis of net assets between funds - current period Investment in subsidiary Current assets Creditors due within one year Total |
Expenditure £ Balance at 31 December 2020 £ (40,068) 21,982 Expenditure £ Balance at 31 December 2019 £ (61,796) 34,894 Unrestricted funds 2020 Total funds 2020 £ £ 12 12 31,726 31,726 (9,756) (9,756) 21,982 21,982 |
Expenditure £ Balance at 31 December 2020 £ (40,068) 21,982 Expenditure £ Balance at 31 December 2019 £ (61,796) 34,894 Unrestricted funds 2020 Total funds 2020 £ £ 12 12 31,726 31,726 (9,756) (9,756) 21,982 21,982 |
|---|---|---|
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GRUBB FORWARD LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Investment in subsidiary Current assets Creditors due within one year Total |
Unrestricted funds 2019 £ 12 39,694 (4,812) 34,894 |
Total funds 2019 £ 12 39,694 (4,812) 34,894 |
|---|---|---|
14. Related party transactions
The company received donations of £493 (2019 - £10,468) from Caroline Roboh, a Trustee of the company.
During the year, the company made grants of £NIL (2019 - £NIL) to, and made payments of £NIL (2019 - £NIL) on behalf of, Grubb Productions CIC. At the balance sheet date, £NIL (2019 - £NIL) was due from the subsidiary.
During the year, the company made grants of £32,996 (2019 - £54,994) to Grubb Fondacija, a Serbian Foundation, an organisation under the control of common trustees. There was no balance outstanding at the balance sheet date.
15. Controlling party
In the opinion of the Trustees, there is no single controlling party.
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