Charity number: 1158001 THE JOHN GRIFFIN FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE JOHN GRIFFIN FOUNDATION CONTENTS Page Rthnco and admlnl8tratlv• dotsils of the charlty. Its Tru8to08 and advlsors Tru8tees' rnport Statoment of flnanclal actlvltl Balance sheot Noto¥ to the flnanclal ststsments 7-12
THE JOHN GRIFFIN FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Tru8te J Griffin, Trustee K Griffin, Trustee L Griffin, Trustee Charity rnglstorod number 1158001 Prlnclpal offlce 1 Hanover Terrace London NW14RJ Chlef exocutlva offlcor John Grffin Accountants Adler Shine LLP Chartered Accountants Aston House Comwall Avenu8 London N3 1LF Page 1
THE JOHN GRIFFIN FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustee8 present their annual report together with the financial statements of the The John Griffin Foundation for the 1 April 2023 to 31 March 2024. ObJ•¢tlve8 and actlvltle8 a. Pollcles and obJectlva8 The ¢)bjocts of the CIO are: 1. To relieve 8icknes8 and to preseNe and protect good he8lth for the public benefit. 2. For the public benefit to promote the education (including 80cial and physical training) of people in England and Wales in such way8 a8 the tru8tees think frt. 3. To help young people, especially but exclusively through youth leadership activities, 80 a8 to develop Iheir ¢apabilrtie8 that they may grow to full maturity 88 indMdual8 and m•mb8r8 of Society. 4. To promote music and art for th• bonafft of the public, in 8u¢h ways as the tru8tee8 think fit. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commi88ion relating to public benefit, including the guidance 'Public benefit: wnning charity (PB2)'. b. 8trategles for achlevlng obJectlve8 The Foundation's policy on grant making Is to split charitable output between a progressive and compa88ion selection of recipient8 who are undertaking projects which advance the charitable object8 of the Foundation. The Foundatlon seek8 to make long term comrnitments With other organlsatlons who have similar objectives. Investments are made in research project8 where there is a possibility of achieving return8 which can then be granted to lund other charitable expenditure. c. A¢tlvftlM undertaken to achleve obJectlve• During the year the Trustees have focu88ed on the internal management of the Foundation, in particular finding new banking partners following issues Wlth the flow of funds from their existing provider. This has necessitated reductton in the review and analysis of grant applications and no new grants have been made during the year. d. Maln actlvltle8 undertak•n to further the charlty'8 purposas for the publlc beneflt During the year the Foundation has focussed on the delivery of all outstanding charitable commitments and undertaking a review of its own internal policies. Going forward other than donating the remainder of the funds in the next few years the Foundation is not making any significant plans, and after which the Foundation is likely to close. The charity was fomed to donate funds lo medical research, and in particular The Griftin Institute. which has now been completed. Paga 2
THE JOHN GRIFFIN FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlev•m•nts and porfomianco . Investmont pollcy and performance The Investment in Griffin Paste Research Limited continuad to make losses during the year. It is expected that the project will not realige futura income and the Foundation ha6 written down rts investment to the nominal value of the shar•s. Flnanclal revl8w . Golng concern After making appropriate enquiries, the Tru8tee8 have a reasonable expectation that the charity ha8 adequate resource8 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 concem ba8is can be found in the accounting policies. b. Reservos pollcy A8 at 31 March 2024, the r88erve8 of the Foundation amount to £50,874 (2023 - £52,415). The Tru8tees hw48 e8tabli8hed a policy whereby free reserve8 held by the charity should be maintained at 8ufficient leve18 to maintain the charivs op8ration8 in the event of 8hort tem funding fluctuations or unforeseen c08t8. Structure, govarnan¢o and management a. Constltutlon The John Griffin Foundatlon Is a registered Charitable Incorporated Organlsation ( CIO"), number 1158001, and was established by a Con8titution on 25 July 2014. b. Methods of appolntmant or electlon of Trugt Apart from the fir8t charlty Truste88. every Trustee must be appolnt•d for a temi of 12 month8 by a r8801ution passed at a properfy convened meeting of the charity Trustees. Page 3
THE JOHN GRIFFIN FOUNDATION TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Statemént of Trustsos, responslbllltlos The Trustees 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). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial 8tstements, the Tru8t••s are required to: Select suitable accountlng pollcles and then apply them con818tently', ¢b8eNe the methods and princlple8 of the Charities SORP (FRS 102),, make judgments and accounting estimates that are reasonable and prudent., 8tate whether applicable UK Accounting Standards {FRS 102) have been followad, 8ubJect to any material departures di8closed and explained in the financial 8tatements-, prepare the financial statements on the going concern ba818 unle38 It is inappropriate to presume that the charity will continue in bu8ine88. The Trustee3 are re8pon8ible for keeplng adequate accounting records that are sufflclent to 8how and explain the charitys transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial 8tat6ment6 comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are a180 responsible for Safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the memb8r8 of the board of Trustees and signed on their behalf by.. J Grlffin Trustee Dat•.. Page 4
THE JOHN GRIFFIN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrastrlcted funds 2024 Total funds 2024 Tot funds 2023 Note Income from: Investment8 261 261 110 Total Income 261 261 110 Expendlture on: Charitable activitie8 1,802 1.802 9,043 Total oxpendltur• 1,802 1,802 9,043 Net movomont In funds 11,641) (1,541) (8,933) Reconclllatlon of lundB: Total fund8 brought fopward Net movement in fund8 62,415 (1,641) 62,415 61,348 (8,933) Total fund8 carrlod forward 60,874 50.874 52,415 Th• Statement of financial activltl88 Includ83 all galn8 and1088e8 recogni8ed in the year. The notas on pages 7 to 12 fomi part of the8e financial statements. Page 5
THE JOHN GRIFFIN FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Nots Flxed ass•ts Investment8 Current assets 40 Debtors Cash at bank and in hand 300 57.134 311 56, 864 57h34 57, 175 Creditor8: amount8 falling due within one year (6.600) (4, 800) Not curront a$•et8 50,834 52,375 Total a•sets1888 currant Ilabllltl08 60,874 52,415 Total not as80ts 50,874 52,415 Charlty funds Restricted fund8 Unrestricted fund8 60,874 52,415 Total funds 50,874 52,415 The financial statemonts were approved and authori8ed for i8gue by the Trustees and 8igned on th•lr behalf by., Trustee Date: lo/f l The notes on pages 7 to 12 fomi part of these financial ststements. Page 6
THE JOHN GRIFFIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Infomiatlon The John Griffin Foundation is a charitable incorporated organisation and incorporated in England and Wales. Its registered office address 18 1 Hanover Terraco, London, NW14RJ. The members of the charity are the Trustee8 names on page 1. In the event of tho charity being wound up there 18 no liability to the members of the charity. The financial statements are presented in Sterfing (£), rounded to the neare8t £1. Accountlng pollcle4 2.1 8a•l¥ of preparatlon of flnanclal 8tat6m•nts The financial ststam8nt8 have been prepar•d in accordanc8 wlth th• Charitie8 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 th8 UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charitie8 Act 2011. The flnancial statements have been prepared to glve a Irua and fai view and have departed from the Charities (Accounts and Reports) Regul8tion8 2008 only to the extent required to provide a Yrue and fairf view. This departure ha8 involved following the Chariti88 SORP (FRS 102) publi8hed in October 2019 rather than the Accounting and Reporting by Chariti88'. Statement of Recommendad Practice effective from 1 April 2005 which ha8 8ince been withdrawn. The John Griffin Foundation meet8 the definition of a public benefit entity under FRS 102. Assets and liabilitleg are initially recogni8ed at historical cost or traniaction value unle88 OtheNiisa $tsted in the relevant accounting policy. 2.2 Golng conc•rn After making enquiries, the Trustee8 have a rea80nablo expectation that the charty has adequate re80urca$ to continue in operational exi8tence and meet its liabilities as they fall due for the foreseeable future. being a period of at least tsvelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 2.3 Income All income is re¢ogni8ed once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Page 7
THE JOHN GRIFFIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles {contlnued) 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be me88ured reliably. Expenditure is da88ified by activty. The costs of each actwity are made up of the total of direct costs and shared cost8. including 8UPPOrt costs involved in undertaking each aGtivty. Direct costs attributable to a single activity are allocated directly to that activty. Shared costg which contribute to more than one activity and support costs which are not attributable to a Single activty are apportioned between those adivities on a basis consistent with the use of resources. Central staff cost8 are allocated on the ba318 of time 8pent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on diredly undertaking the activities which fijrther the charty'8 objective8, as well a8 any associated 8UPPOrt C08ts. All •xp&ndrture 18 inclu8ive of IrrecOrab10 VAT. 2.6 Intsrost rocelvable Interest on fund8 held on dep08it 18 included when receivable and the amount can be measured reliably by the charity, this is nonnally upon notification of the inter88t paid or payable by the in8titution with whom the funds are deposited. 2.6 Invuknents Fixed 88set inve8trnents are a form of financial in8trum6nt and are initially recogni88d at their transaction c081 and subsequéntly measured at fair value at the balance Sheet date, unless the value cannot be measured reliably in which case it is measured at Cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and presentgd as 'Gain81{L088es) on inve8tm8nt$' In the statement of financial activities. Investmants In associates are ststed at th8 amount of the charitys share of nat assets. The statement of financial activities includes the charitys share of the associated companies, net income or expenditure using the equty accounting basi8. 17 Debtorn Trade and other debtor8 are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade di8count8 due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-tenn highly liquid investrnents with a short maturity of three months or less from the date of acquisrtion or opening of the deposit or similar account. Page 8
THE JOHN GRIFFIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 Accounting policias (continuad) 2.9 Liabilitie¥ and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabllltles are recognlsed at the amount that the charity anticipate$ it will pay to settle the dobt or the amount it has received a8 advanced payments for the goods or services It must provide. 2.10 Flnanclal In•trumonts The charity only ha8 financial assets and financlal liabilitie8 of a kind that qualify a8 baslc flnancial instruments. Basic financial in8trument8 are initially recognised at tran68ction value and sub8equentty measured at their settlement value with the exception of bank loan8 which are subsequent measured at amortised cost Using the effective interest method. 2.11 Fund accountlng General fund8 are unrestricted funds which are available for use at the di3cretion of the Tru8te88 in furtherance of the general objectives of the charity and vthich have not been de8ignated for other purp0888. Inve8tment income, gain8 and1088e8 are allocated to the appmpriate fund. Invo8tment Income Unrojtrlctod funds 2024 Total funds 2024 Tot81 funds 2023 Inv•stm•nt Income 261 261 110 Analy¥l3 of expgndlturo by actlvltles Support costs 2024 Total funds 2024 Tot runds 2023 Other 1,802 1.802 Trustees, remuneratlon and expenses Page 9
THE JOHN GRIFFIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 During the year, no Trustees received ary remuneration or other benefrts (2023 - £NIL). During the year ended 31 March 2024. no Tru8tee expense8 have been incurred (2023 - £NIL). Flxed asset Invo8tm•nts Invmtments a88oclats8 Cost or valuatlon At 1 April 2023 250,000 At 31 March 2024 260.000 Impalrniont At 1 Aprll 2023 249.960 At 31 March 2024 249,960 Nat book value At 31 March 2024 At31 ma 2023 40 Prlnclpal a880cl•te• The following wa8 an associate of the charity: Name Falr value of Expendltur• Investment for the y•ar at 31 March 2024 Proflt I (Loss) I Surplug 1 (Dellclt) for the year Griffin Paste Research Limited 40 124,270 (124.270) The associate has been written down to the nominal value of the share5 due to the results of the company to date. The above financial infonnation has been taken from the most recently available financial statements, being the period ended 31 March 2022. Page 10
THE JOHN GRIFFIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Debtor8 2024 2023 Other debtor8 Prepayments and accruad income 300 11 300 311 Crndltors: Amounts falllng due wlthln on• yaar 2024 2023 Trade cr•dltor8 Other creditors Accrua18 and deferred Income 2, 700 4.800 1.800 2, 100 6,600 Statomont of fund• Stat6m•nt of fund8 - currnnt y••r 8alanc8 at 31 March 2024 Balanc• at 1 Aprll 2023 Income Expendltur• Unrgstrlctsd funds General Funds 52N16 261 {1,802) 60,874 statsment of funds - prlor year Balance 8t 31 March 2023 Balan at q Apnl 2022 Income Expenditu Unrnstrlctod funds General Funds 61.348 110 (9,043) 52,415 Page11
THE JOHN GRIFFIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analy818 of net assets between fund¥s Analy¥l¥ of net as80ts tw9•n funds - curront p•rlod Unrostrlcted funds 2024 Total fund8 2024 Fixed asset investments Current assets Creditor8 due within one year 40 57,434 {8,600) 57,434 (6,600) Total 50,874 60,874 Analys1• ol nét a888ts bth••n fund• - prlor p•rlod Unrnstiicted funds 2023 Total funds 2023 Fixed asset Invastment8 Current a38ets Creditorn due wlthin one year 40 57,175 {4, 800) 40 57,175 (4,800) Totsl 52,415 52,415 Page 12