Registered number.. 07463679 Charity number.. 1142289 GRUBB FORWARD LTD (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l CONTENTS Page Reference and adrninistrats've details of the company, its Trustees and advisers Trustees, report Trustees, responslbllltles statement Independent examlner'5 report Statement of financlal activities Balance sheet Notes to the flnanclal statements 10-19
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Ms Caroline Roboh Mrs Sarah Gotley Dr Eleanor O'Keefe Mrs RostrLee Levy Company reglstèr number 07463679 Charity registered number 1142269 A¢¢ountants SRLV Audit Limited Chartered Accountants Elsley Court 20-22 Great Titchfield Street London WIW 88E Page 1
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees (who are also directors of the charity for the purpose of the Companies Artl present their annual report together with the financial statements of the company 1.the company") for the year l January 2023 to 31 December 2023. The Trustees confirm that the annual report and financial statements of the company comply with the currerht statutory requirements, the requirements of the cornpany's governing document ènd the provlsions of the Charities SORP IFRS 1021 Accounting and Reporting by Charlties.. Statement of Recommended Prartice applicable to charities pparIng their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffertive l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Art 2006. Since the company qualifies as small under section 382 of the Companies Act 2006, the strateglc report required of medium and large companies under the Companies Act 2006 {Strategic Report and Dlrectors, Report) Regulations 2013 has been omitted. ObJ•ctlves and actlvltles a• Pollcles and objectlves The objectlve of the charity Is to promote soclal Induslon for public beneflt, partlcularly for the Roma people (ln Serbial and for people with disabilities, by preventlng people from becomlng soclally excluded and assisting them to integrate into society. b. Actlvltles lor achlevlng obJectlves GRU8B actlvely fights racial preludice through the GRUBB educational centres, the GRUBB Show and the varlous arts and educatlon programmes created to advocate our goals. The Trustees have paid due regard to guidance used by the Charlty Commisslon In decldlng what activltles Grubb Forward should undertake, Grant maklng pollcles It is the policy of Grubb Forward to grant funds to run tutoring and artistic programmes in Belgrade, Nis and Novi Sa<J. Page 2
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance a. Révlèw ot actlvltles During the year, the company received donations of E93,629 (2022 - £100,258). Caroline Roboh, a member of the Board of Trustees donated £91,929 12022 £80,000), The Beaverbrook Foundation donated £1,200 12022 - ENILI, Sir Gordon Palmer donated É500 12022 - ENILI and Grubb Productions CIC donated £NIL (2022 - £20,258). As at 31 December 2023, there was a deficit on unrestricted reserves amountin9 to £108,961 12022 £37,017) and no restricted reserves {2022 - £NILI. The unrestrirted reserves are available for use at the discretion of the Trustees in furtherance of the general objettives of the company and which have not been designated for other purposes. In the current year, the TrLtstees have made grants In excess of the total reserves avallable, funded by a loan received from a Trustee. As a result, the charity has a net liability position at the balance sheet date of £108,961 12022 £37,017). Prior to making such grants, the Trustees obtained the confirmation of the fellow Trustee Ilenderl that the loan would not be repayable until such time as the charity has sufficient fund5 to meet Its obligation5 and make any such repayment. The charity ha5 cash reserves of £68,437 12022 - £137,256) as at the year end, and the Trustees expect the balance sheet posltlon to be reversed within the foreseeable future such that donations wlll ex¢ee(1 charltable expenditure and posltlve reserves are malntalned. GRUBB has created various projects to allow the collaboration and Integratlon 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 Romè chlldren In school and allowlng them to pass their exams. b. Inv•stment pollcy and rfoaThC• The sole investment is in the wholly owned subsidiary, Grubb Productions CIC. Hease see the flxed asset Investment note for further details. Flnanclal revlew a. Golng concern After making appropriate enquiries, the Trustees have a reasonable expettation 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 detalls regardSng the adoption of the going concern basis can be found in the accounting policies. b. Rèservès poli¢y It is the policy ol the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent 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. As disclosed in the 'Review of artivities" above, the Trustees made grants in excess of the available reserves in the year. Appropriate steps to ensure that the charity will be able to meet its obligations were taken at the time of making the grants. The charity has sufficient Cash reserve5 to allow it to continue to meet it's activitie5. Page 3
Forword Ltd on 22 2013. MIGG CornHn• Robr& Mrs RostrLee L Mrs S¥•h Gotley Dr seanor O'Kede Mr Johfi Ird 5 Awl 2023) Mrd Cathertne HesketrHw¥V (reneA15 W 2023) the tern of the tnKst dorAI. olxnpary •nd gu•r*•• ts coytht#A• th• of In9 up. dwjvons as fufidlThJ tsecT avalatk wlih the alm of IrTwj Nve5 rf Ind1<1 N• C•mlkn• Wjoh Twstse
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees (who are also the directors of the company for the purposes of company lawl 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 financlal year. 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 resource5, 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 consistenljy,. observe the methods and prlnciples of the Charities SORP IFRS 102),. make judgements and accounting estimates that are reasonable and prudent,. state whether appllcable UK Accounting Standards IFRS 1021 have been followed, subject to any materlal departures disclosed and explained In the financial statements,. prepare the financial statements on the golng concem basls unless It Is Inapproprfate to presume that the company will continue In buslness. The Trustees are responsible for keeplng adequate accountlng records that are sufficlent to show and explain the company's transactlons and dlsclose with reasonable accuracy at any time the financial posltlon of the company and enable thern to ensure that the financial statements comply with the Companles Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable Steps lor the preventSon and detertlon ol Iraud and other Irregularlties. Page 5
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examlner's report to the Trustees of GNbb Fonvard Ltd ('the companv.) I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 December 2023. Regponsibilitie5 and basis of report As the Trustees of the company land its directors lor the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Art 2006 ('the 2006 Act'l. Havlng satlsfled myself that the accounts of the company are not requlred 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 Art 2011 1.the 2011 Art'l. In carrying out my examination I have followed the Direction5 given by the Charity Commission under section 14515llbl of the 2011 Act, Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention In connection wlth the examlnatlon glvlng me cause to belleve= accountlng records were not kept In respett of the company as requlred by sectlon 386 of the 2006 Act,. or the accounts do not accord with those records. or the accounts do not comply with the accounting requlrements of sectlon 396 of the 2006 Act other than any requlrement that the accounts give a 'true and fair, view whlch 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 Prartice for ac¢ounting and reporting by charitie5 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 connertion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be ached. Page 6
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 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 l am required tts 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 responsiblllty to anyone other than the company and the company's Trustees as a body, for my work or for this report. Signed.. Rlchard Gllbert lor and on behalf of SRLV Audit Limited Chartered Accountants Elsley Court 20-22 Great Tltchfleld Street London WIW 8BE Page 7
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donatlons 93.629 522 93.629 522 100,258 86 Other trading attivities Total Incomè 94,151 94,151 100,344 ExpendSturn on: Charitable activitles 166,095 166,095 163,366 Total expendltur• 166,095 166,095 163,366 Net movement lfft funds before other re¢ognlsed galnsl(losses) (71,944) (71,944) 163,0221 Net movement In ffunds (71,944) (71,944) 163,0221 Re¢on¢lllatlon of fund$: Total funds brought forward Net movement In funds (37,017) (71,944) (37,017) (71,944) 26,005 163,0221 Total funds carrl•d forward {108.961) (108.961) 137,0171 The statement of financial attivities indudes all gains and losses tOgniSed in the year. The notes on pages 10 to 19 fomi part of these financial statements. Page 8
AEfa8lÈRED XUIER: •746317¥ 2022 Inv•stmfAts io 12 12 C05h at bjnk In h 137.256 137,256 Cr¢dltty¥' amoynis lalmng thje wlthkn (y li (174.2 (Iw•n) {37.0291 (104961) {37.017) {37,017} Ch•Ty fvnd• 12 (XOfy901) {37,017) (104MI) (37,0171 The com¥any enthd to eThnptkn fr(n urth sth 477 1thE Comp*th Att 20C¢. to the sm•M conwles regln Trust••
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General Intormatlon The company is a private company limited by guarantee. The members of the company are the Trustees named on page one. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The address of Its reglstered office Is Elsey Court, 20-22 Great Tltchfield Street, London, WIW 8BE. Accountlng pollcles 2.1 Ba$ls of preparatlon ol flnanclal statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 1021 {ertertive l January 20191, the Financial Reporting standard appllcable in the UK ènd Republic of Ireland IFRS 1021 and the Companles Act 2006, Grubb Fotiyard Ltd meets the definltlon of a publlc benefit entSty under FRS 102. Assets and Iiabililies are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The charity's lunctional and presentational currency is pound sterllno. 2.2 Golng conc•rn As at the year end, the balance sheet shows that the company has liabilities In excess of assets as a result of a Trustee loan to the company. The Trustees are of the oplnion that thls Is temporary and therefore the accounts have been prepared on a goin9 concern ba515. A Trustee has confirme(I that she will provide support to the charity by not recalling the loan in the foreseeable future and therefore there are no material uncertainties about the charity's ability to contlnue as a golng concern. 2.3 Incorne All income is recognised once the company has entitlement to the income, it 15 probable that the income will be received and the amount of income receivable can be measured reliably. Donated servSces 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 ConISed 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,. corresponding amount is then recognised in expenditu In the period of receipt. Page 10
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (contlnued) 2.4 Expendlture Expenditure is recognised once there is a legal or construttive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benef1ts will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is dassified by artivity. The costs of each artivity are made up of the total of direct Costs and shared costs, including support cost5 involved in undertaking each artivity. Dirett cost5 attributable to a single artlvlty are allocated dlrectly to that activity. Shared costs which contrlbute to more thèn one artlvlty and support costs whSch are not attrlbutable to a sSngle actlvity are apportloned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreoation charges allocated on the portion of the asset's use. Expenditure on charitable artivities 15 incurred on directly undertaking the attivltles which further the company's oblectlves, as well as any assoclated stlpport 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 subjert to conditions which have not been met at the year end are noted as a commltment, but not accrued as expendlture. Support costs are those incurred directly In support of expendlture on the oblerts of the company. Govemance costs are those incurred in connettion with admSnistratlon of the company and compliance with constitutional and statutory requirements. Charltable actlvltles and governance costs are costs Incurred on the company'5 educational operations, including support costs and costs relating to the gtsvernance or the company apportioned to choritable a¢bvits'es. 2.5 Investments Investments In subsidlades are shown at cost less Impalrment. 2.6 Cash at bank and in hand Cash at bank and In hand Includes cash and short-term highly Ilquld Snvestments wlth a short maturlty of three months or less from the date of acqulsltlon or openlng of the deposlt or slmllar account. 2.7 Liabilities and provision5 Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, st is probable that a transfer of economic benefit wlll be requlred In settlement, and the amount of the settlement can be estimated reliably. abilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it ha5 received as advanced payments ft>r the goods or services it rnust provide. Provlsions are measured at the best estlmate of the amounts required to settle the obligation. Page11
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (contlnued) 2.8 Flnanclal 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 setuement value. 2.9 Fufftd •¢¢ountlng General funds are unrestrScted funds which are available for use at the dlscretlon of the Trustees In furtherance of the general objectives of the company and which have not been deslgnated for other purposes. 2.10 Group a¢¢ounts The linanclal statements present Snfom)atlon about the company as an indlvldual undertaklng and not about its group. The company and Sts subsidiary undertaklng comprlse 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 Ilow Slnce the company qualifies as small under section 383 of the CompanSes Act 2006, It has taken advantage of the exemptions permitted by the Charities SORP not to prepare a statement of cash flows. Income trom donatlon$ Unrestrlcted funds 2023 Total funds 2023 Donatlons 93,629 93.629 Unrestritted fund5 2022 Total funds 2022 Donations 100,258 100,258 Page 12
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Incomé frorn othtr adivities Unrestricted furbd5 2023 Total funds 2023 Interest receivable 522 522 Unrestrlcted funds 2022 Total funds 2022 Interest recelvable 86 86 Analyglg of grants Grants to Instltutlons 2023 Total funds 2023 Grants to Grubb Fondaclja, a Serblan Foundatlon 153,207 153,207 Grants to institutions 2022 Total funds 2022 Grants to Grubb Fondacija. a Serbian Foundation 155,218 155,218 Page 13
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of xndItrÉ on charitable activities Summary by fund type Vnrestrirted funds 2023 Total 2023 Charitable costs 166,095 166,095 Unrestrlrted funds 2022 Total 2022 Charltable costs 163,366 163,366 An•lysl$ of expendlture by a¢tlvltles Grant lundlng of actlvltles 2023 Governance costs 2023 Support costs 2023 Total funds 2023 Charltable costs 7,090 153,207 5,798 166,095 Grant fundlng of artivities 2022 Govemance costs 2022 Support Costs 2022 Total funds 2022 Charitable costs 4,950 155,218 3,198 163,366 Page 14
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture by actlvltles (continued) Analysis of support costs Support tosts 2023 TotJl tunds 2023 Bank charge5 Event plannlng Movement on foreign exchange Printing, postage and stationary Legal and profes51onal 140 2,636 2,265 204 553 140 2,636 2,265 204 553 5,798 5,798 Support costs 2022 Total funds 2022 Webslte design Bank charges Event plannSng Interest charged Movement on foreign exchan9e Prlntlng, postage and statlonary Legal and professional 3,353 188 8,422 668 3,353 188 8,422 668 110,058} 132 110,0581 132 493 493 3,198 3,198 Page 15
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of govtrnante costs Govemance costs 2023 Total funds 2023 Independent examlnatlon fee 7,090 7.090 Governance costs 2022 Total funds 2022 Independent examination fee 4,950 4,950 T$t$, r•muneratlon and •xpenses Durlng the year, no Trustee recelved any remuneratlon or other benefits12022 - £NIL). Durlng the year, no Trustee expenses have been Incurred {2022 - £NILI. Page 16
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Flxed asset Investments Shares in group undertakings Cost At l Jarbuary 2023 12 At 31 Oecember 2023 12 Net book value At 31 December 2023 12 At 31 December 2022 12 Subsldlary undertakln9 The followlng was a subsldiary undertaking of the company: Name Holding Grubb Produrtlons CIC IOOWO 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 Tltchfield Street. London, WIW 8BE. 11. Crtditors: Amounts falling due within one year 2023 2022 other creditors Accruals 171,910 5.500 164,703 9,582 177,410 174,285 Page 17
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Statemènt of funds Statement of funds - current year Balance at 31 D*cèmr 2023 l January 2023 Income Expendlture Unrestrlcted funds General Funds - all lunds {37.017) 94.151 (166.095) (108.961) statement of funds - prlor ye•r Balance at 31 December 2022 Balance at l January 2022 Income Expendlture Unmstrlcted funds General Funds - all funds 26,005 100,344 {163,3661 137,0171 13. Analysi$ of net agsets between fund$ Analysls of nat assets between funds- current yèar Unrestrlcted lunds 2023 Total funds 2023 Flxed asset Investments Current assets Creditors due within one year 12 12 68,437 68,437 1177,4101 (177,410) Total 1108,9611 {108.961) Page 18
GRUBB FORWARD LTD IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Analysls of nèt assets betweèn lunds (contlnued) Analysis of net assets between fvnds- prior year Unrestricted funds 2022 Total funds 2022 Flxed asset Investments 12 12 Current assets Credltors due wlthln one year 137,256 137,256 {174,285} {174,2851 Total 137,0171 137,0171 R•lat•d party transactlons During the year, the company received a loan of £87,206 {2022 - £244,691) from Caroline Roboh, a Trustee of the company, of which £80,000 12022 - E80,0001 was released and recorded as a donatlon within the statement of financial activities, leaving a balance of £171,897 12022 £164,691) outstanding at the balance sheet date. The loan is interest-free and repayable on demand with no repayment terms, although the Trustee has provlded conflmatlon that these amounts wlll not be called until such tlme as the entity has sufficient funds to do so. During the year a Trustee also made payments on behalf of the company arnountlng to £11,929 12022 - £NILI, and these were recorded as donatlons within the statement of flnanclal attlvltles. During the year, the company made orants of £153,207 12022 - £155,218) to Grubb Fondacija, a Serblan FoundatSon, an organSsatlon under the control of Trustees In common. There was no balance outstanding at the balance sheet date. During the year, Grubb Forward received donations totalling £NIL (2022 - £20,258) from Grubb Produrtions CIC (IOOQ/o svbsidiary). 15. Controlllng party In the opinion of the Trustees. there is no single controlling party. Page 19