Registered number.. 08765731 Chartty number.. 1154990 GRIMM AND CO. UMITED (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ABUOSY09* 0710112023 COKIPANIES HOUSE A12 #50 GRIMM AND CO. UMITEO IA company Imited byguaranieel CONTENTS Page Reference and admini51rati¥e detsiis of the (harbtable cornpanyj ItsTn￿teeS and advisers Trustee5' report 2-11 Independent audittys. rewt ￿ the hansitive progression for 6 Young Producers o Creative Menioring ongoing with 21 CYP throueh our freelance art15ts Shop activitie5 56 took part in Spring Rabbit hunt. 80 pixie book5 created in summer holidays. tight touch engagement that leads to further atiendance in workshop prLEramrnes. Day to CreateArt5rnark pack5 created xr055 phase. distributed to all Artsrnark schoo15 and further schools through web51te Initiated Creative Youth Neiwork as part of the childr￿.5 Capital of Cutture with 6 films of art15t experiences and additional workplace tasters Oi81tal reach-. Youiube- 2.928 views. 87.3 hourswatch time. Topvideo- bnger Ltsnger Lane (Soap Opera). episode 11274 viewsl. 882 subscribers. 24 films w)sted duringthat time. Website- 40.544 users on S2.488 sessions. 147.613 page views. 305 purchases. 1474 downloads. 140 sign ups to newsletter Iffom website) m3ilchirnp-62% of 5ubscriber5 3re highly en8a8ed on Vol Newslellers llst. On 8eneral list. 38% are h ￿hlY enga8ed. 442 new subscribers to general list. Feedback re impact fiom Saturday clubs la snippet from impatt evaluaiionsl= Parent.. B bves Saturday club. It benefits his school work and he rdishes skniinÉ his abilities when he has English at School and he has a creative writing taskio do. His interest in creativewriting a150 help5 Wth otherareasof his school work. Parent.. Grimm 8ives young people a ¢￿aINe Out￿ and a real sense of bdon8ing. My son looks forward to every session. Parent.. G has only been attendtnt Grimrn & Co Saturday workshop5 for a couple of months but I can already see diffefence. Unlike school. she come5 Out buzi¢n8 and enjoys telling u5 all that she ha5 done during the session. o Volunteer.. It rnakes me feel happyand l enioyworkiD8 Wlth children. It 8ets me out of the house and doin8 50methinB rather than stayirTg inside all day. Volunteer.. It makes me fed amazing and I volunieer there because seeing the children have fun and improve is amazing. These sessions helped improve my ability to mentor the children. My mentorin8 in Saturday club has definitely made me more confident in helping the children and interatting with thern. Child.. I fed like it's grown lrny confidencel like sharing what fve written. I feel like I've gotten creative coming to Saturday Club. Child.. Saturday club has helped meto be rnore confident to be friends with people. Child.. I feel like I can share rny ideas. I dofeel moreconfident at Saturday club than school for exarnple. Because it's in like. a place where thwe's more people like who also have creative ideas and it helps me rnake creative i¢Jeas as a. Fundrai51ngacti¥itiesand Incon*g¢neMwft This year has seen the physical Shop return lo a new site which has helped realisethi5 elemenr of the income portfolio. The extensiorn to the National Portfolio fund through ACE plus ¢xher pandemic related fynds have supported us through a challenging time ol moving premises twice. workingthrough the pandemic, reductiDnsto some servicesand the uncertainties that ar05e from working within the period of the pandemic. We have Secur￿ all funds related to the capiral construction projett (excepting fit outl within this period to enable this part of the capiral projeci to take ￿ace whilst dealing wth signifKant changes, delays. limiiations on resources, increased costs. etc. This year saw the end of the previous Lottery Community Fund projett and the beginning of the new Spoilighis and Stepping siones Kwojecf which introduces ways of en8agine the communtlies through volunteering and family learnin8. Page 7 GRIMP41 ANO CO. UMITED (Acofflpany limited by 8uawanteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDE031 MARCH 2022 Inwestment polkyand perfvrnan Grimm & Co have undertaken an overhaul of policie5 and are introducin8 new kN)licies that brin8 about greater efficsencies and improved communication. The introduction of board sub committees ena￿e5 greater eovernance and detailed scnrtiny of HR, finance, fundraisin& strat￿Y and communications. Finandal review a. Golng wn(ern After making appropriate enouiries. the Tnjstees have a ￿$L￿able exptrtation thatthe tharitable company has adequate resources to continue in operational existence foi the foreseeable futvre. For this reason. they continue to adopt the goin8 concern basis in preparing the finantièl statemenis. Further details re8ardin8 the ath)ptiort of the 80in8 concern basis can be found in the accounting pdicies. Financial position Income from donations received was £23.55812021.. £14.5011. This increase was partly due to the increased visibilily and return of ihe physical shop during this period. prowding a place for donations to take place. Income from charitable auivities was £l.150,92912021.. E731.0671 and thi5 w35 significantty affected by the grants receiveé for the capital project which took a huBe step during this year in contracting the constrbxtion company and the des18ner for the works, proeress be8an swrftly to renovate our new home. Again. this rdurn to a more visible space led to the kx)5sibility of some small acii¥ities which led io a slight increase in income forthi5 year. Orher income, including incoming resources from generated funds was £47,83412021.. £46.97SI a steady level of income, retained ihrough a challenging period bui maintained rather than seeing this level decrease. giving total incorniD8 resource5 for the year of £1.222.32112021.. £792,543). Re50urees expende(I for the year were £544.(K)212021-. £426.9631 The net incorning reSou￿e5 before other recognised 8ains and losses was £678.31912021-. £355.5801. Total funds a5 at 31 March 2022 were £1,554,948 12021.. £876,629). This is comprised of resirKted funds to carry forward for projects that will continue of £959,488 12021.. £417,3791. designated funds io carry forward for alkxation against specrfic capital c05t5 of £261.13912021.. £261.1391 and unre5trirted funds of £334.32112021.. £198.1111. Si8nif+cant events that have affected financial performance and financial p05ilion during the period-. Covid-19 and restriction5 applied éurÈn8 the pandemic has had a significant effect on a51 aspects of Grirnrn & Co's work, including the ability to false funds through donoc campaigns. events and a reduction in Services offered due to limitations on buildings. space. etc. Donor I￿orne has significantly re(luced overlhe last 2 years dve to the irnpart of the pandemic- redirectitsg donations to health-relatedacEiVities and such reduced visibility acr055 Grimm& Co's activitie5 over the rnaiority of this last financial year. This year has seen addifional impact on our budget due to a siRnificant capital projett taking place with due diligence, professional and legal service5. design consultarion and a full capital build projett. This attivity is unusual and inflates the incomelexpenditure ¢)verthi5 per¢od. Page 8 GRIMM AND CO. LIMrrEO IA companylwnited by ￿arantee) TRUSTEES. REPORT ICONMNUEDI FOR THE YEAR ENDED31 MARCH2022 Financlal reviv* (contin￿e￿I Through a cballen8in8 time limpau of Covid-191 for fundraisin8 and whilst overseein8 the capital project, Grimm & Co has been able to retain a rninimum of 3 mnth5 re5erye5 throughout rhis year and built this up towards the enij of this financial vear 10 5 months, operating re5erve5. Grimm & Co's tyjlicy is to strive io achieve 6 rnoTrths' operatin8 free cash reserves but through this difficult time we reviewed thi5 pdicy and reduced our expectarions accordin8ly. However. this is now heading in the ri8ht direction. meaning an improved reserve5 Ptssition. Free reserves as at March 2022 were £324.36512021: £178.3851. These are the net lund5 available for the charity after dedutting unrestricted tangible r￿ed assets of É9.95612021. £19.7261. restTlCted funds of E959,488 12021.. £417.3791 and designated funds of £261,13912021.. £261.1391. This equates to 5 month's operating costs $0 is closing the gap to achieve the desired position of Grimm & Co's reserves policy. However. it should be noied that ihis doesn't include additional contingencies that might be called up(Mi in rdation to the capital projett to ensure the charity is able to open its doors in the earty sta8e5 of 2023-24. The Trustees regularty anaty5e and review the Itvel of reserves and consider that the free re5erve5 of the Trust are sufficient to cover all known risk, liabilities and contin8encies, io absorb setbacks and albwthe Trustto take advantage of change and opportunity. The Trustees review how the assets of the Trust can be best utiliLed to ensure that the obje(tive5 of ihe or8anitation are fulfilled, and the best possible return ispro¥idedtoen5ure rhe lon8-term 5U5tainabilityol theTru5t. The Trustees have agreed that subject to the financial position C*f the charrty, funds can be designated t)v the Trustees towards capital projects to develop new services ol to a$$￿t wih the implementaiion and delivery of strategically relevant development projetts and ¢ivities. The Trustees regular￿ feview ihe level of reserves being held. Reser¥es are held to manage short-term volaiilitv and to support opportunities that rnay arise during the year Isubjett to appropriate bu51Tres5 planningl. L Finan¢i•l risk management obierti¥*sand poli¢ies The charity has been greatly supported by bein8 a National Portfolio Or8aniiation INPOI of the Arts Council, providing some core fundin8 that has enabled operational expenditure. This current contract ceases to exisi in March 2023, therefore, the CEO worked wilh the bgard ol trusree5 to al exarnine 8overnance.. bl prepare the ground for an application to the next funding round and due to the significant growth of the charity. the success of our work. sorne additional elements ¢0 our reach. engagemenr and offer we submiited an application io conrinue to operate as a NPO and for an additional uplift in fund5. The decis￿n5 will be announced bythe 26 October 2022. at whKh Frfxnt Grimm & Co can plan ahead forthe following 3 years. a. Constitution Grimm and Co. Limited is re8lStered as a charTiable company limtted byguarnntee and was set up by a Trust deed. Page 9 GRIMM ANDCO. UMrtED (Acornpany limited by yaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED31 MARCH 2032 5trudure. io¥ernan¢e and mana¢ement Imntlnuedl b. Methods tsf appointrnentor election of Trwtee5 The management of the chaTltable tompany is the responsibility of the Trustees who are elected and co-opted under the terrns of the Trust deed. Trustee5 are appointed followin8 an open recruitrnent process. On appotntment Trustees are provided with a pack of key documents, digital access to policie5 and board rnin￿e51pèpers from the previous 3 meetings. A full induttitsn 15 completed by each t#)ard member antl includes safe8uèrdinL introduction io Grimrn & Co's work and peda8ogy. health and safety. Grirnm & Co undertake a DBS for all TTUStee5 and no attivity can take place until thi5 proces5 is complete with a clear enhanted OBS. Arrangement5 lor settin8 pay and remuneration of key manaeement personnel and any benchmarks. parameters or criteria used a￿ undertaken at a detailed level by ihe HR SU￿0MMitteeW1lh delegated auihorityfrom the ￿ard. Any key decisions made are then brought to the main t4)ard rneeting for raiifical￿n. c. Delèiated responsibility The trusiees (Jelegate day-t{￿aY mèna8ement to the Foundin8 Chief Executive Officer. Dr Deborah Bullivant MBE and take adviceon the runnin8 of theryganitation from ihe CEO ￿th regular updates and dialogue from all mana8ers across the team through presentalions and discussion. The Mead ol Operations attend5 all t*)ard meetings to enable wider dialogue around operation5 and especially around the detail of the capital developThtht5. Further strategic and scrutinizin8 dele8ated responsibility isgiven w thesubte Fljted a55elS Tan8ible a55elS io 807278 347,535 807,278 347,535 Current assets Siocks li 28,414 395,088 18.435 6.130 Debtor5 12 Cash at bank anLI in hand 364.324 519,255 78?￿26 543.820 Creéitor5'. amount5 lallin8 due within one year 13 I￿,156> 114,7261 Ne¢ ¢¥rrent asSrf5 747.670 529,094 Total assets less Current liabilit*s 1.$54.948 876.629 Total net assets 1.554,Y8 876,629 Charity funds Restrided fund5 14 959.488 417,379 Unrestricted hjnds Designated funds General funds 14 161.139 261.139 14 334311 198.111 Total unrestricted funds 14 59S.460 459.250 Total fvnds 1.554.948 876,629 The Trustees acknowledge their fesponsiimlities forcomplying T*ith ihe requirements of the Art with respect to accounting records and preparation of financial statements. The financial statements have been prepared in actordante with the pro¥isN)n5 applicable to entities subj'ect io the srnall cornpanies regime. The financial statement5 were approved and authorised for r5sue bythe Trustees and signed on their behalf bv.. Page 17 GRIMM AND CO. UMITED IA company limited by guarantee) REGISTERED NUMBER.. 08765731 BALANCE SHEET ICONTrNUEOI AS A T31 MARCII 2022 Mrj Sawyer Date.. Nov 23. 2022 The notes pages 20 to 36 form part of these financial staiements. Page 18 GRIMM AND CO. LIM￿£0 IA company limlted by yara#teel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH2022 2022 2021 Cash flows from operztifig activit•es Net cash used in operating activtties 319,133 3S3.088 Cash flowsfrom investiD¢ acti¥bties Purchase of tan8ible fixed assels 1474.0641 197,5981 Net ￿5￿ used ITr investwiz artivities 1474.0641 197.5981 Chan8e in ￿5h and cash egui¥alen15 the ye¥ 1154.9311 255,490 Cash and cash equivalents at ihe beginning of the year 519.255 263.765 Cash and cash equr*alents at the end of the year 364.324 S19.255 The notes pages 20 to 36 form part ofthese financial statements Page 19 GRIMM AND CO. LIMITEO IA company Ilmlted bywaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EhlDED 31 MARCH 2022 Acwuntinz poli(ies 1.1 Bosis of prepomtion olfinvnclu15tuten￿Dts The financial 5t3tements have been prepared in accordarKe with the Charities SORP IFRS 1021- Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charities preparing their account5 in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. Ihe Financial Re￿rtIng Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Companie5 Act 2rJ)6. Grirnm and Co. bmitetl meets the definit￿Tr of a public benefit entity under FRS 102. Assets and liabilitie5 are initia11y re(￿nIsed at hisiorical C￿ or iiansactw ¥alue un￿5 otherwbse thted in the relevant accounting policy. 1.2 Gofflng coRcern The financial statements hève been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Tru￿￿eS have considered the level of funds held and the expected level of incorne and expenditure for 12 months from authorisin8 these fLnancial statements. The budgeted income nd expenditure is sufficient. wbth Ihe level ol reser¥es, f¢y the chariry to be able to continue as a 80ill8 concern. 1.3 Income All income is recognised once the charitable company has eniitlement to the income. it is probable that the income will be received and the arTrount of income receivable can be measured reliably. Grants are included in the statement of finantial activilies on a teceivable basis. The balance of incorne ceived for spe(ific purposes bLrt not expended Ilurint the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt. its recognirion is deferred and included in creéiiors as deferred incorne. Where entitlement ￿CUrS before income is r￿e1Ve￿. the income is accrued. 1.4 Expendlture Expenditure is recognised once there is a legzl or con5trurtive obligati¢)n to transfer economic benefit to a third party. it Is probable that a transfer of economic benefit5 will be required In settlemEnt ènd the amount of the obligation can be rnea5ured reliably. Expenditure 15 classified by activity. The c05t5 of each activity are made up of the total of direct Costs and shareij costs. includin8 5UPPOrt Costs involved in undertaking each activity. Direct costs attributable to a single activity are allLKated dirertly to that activity. Shared costs which contribute to more than one a(tivity and support costs which are not attributable to a single activity are pportioned between those activities on a ba5t5 conslstent with the use of resources. Central staff costs are 110(3ted on the ba515 of time spent. and depreciation charge5 allocaled on the portion ol the asset's use. Expen(liture on rai5in8 fund5 includes all expenditure incurred by the Ihariiable cornpony to raise funds for its charitable purposes and includes c￿ts of all fundraisillz èrtivities events and non