Charlty number: 1158001 THE JOHN GRIFFIN FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE JOHN GRIFFIN FOUNDATION CONTENTS Page R&rence and adminlstratlve d8tsi18 of tha eharity, Its Truste•8 and advlsers Trusté88' report Statemant of flnanclal actlvltle8 Balance Sheet Notes to the flnanclal 8tst•monts 7-12
THE JOHN GRIFFIN FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Truste6$ J Griffin, Trustee K Griffin, Trustee L Griffin, Trustee Charlty reglsterod numbar 1158001 Prlnclpal offlco 1 Hanov8r Terra¢• London NW14RJ Chlof exacutlve 0ffl¢or John Griffin Accountants Adler Shine LLP Chartered Accountsnts Aston House Cornwall Avenue London N3 1LF Pag& 1
THE JOHN GRIFFIN FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statements of the The John Griffin Foundation for the 1 April 2024 to 31 March 2025. obJtIveS and actlvitlos a. Pollcles and objectlves The objects of the CIO are.. 1. To relieve sickness and to preserve and protect good health for the public benefit. 2. For the public benefit to promote the education (including social and phy8ical training) of people in England and Wales in such way8 as the trustees think frt. 3. To help young people, especially but exclusively through youth leadership activities, 80 as to devalop their capabilities that they may grow to full maturity as individuals and members of Society. 4. To promota music and art for th8 benefit of the publ1¢, in such ways a8 tha trust••s think fit. In setting objective8 and planning for activities, the Trustees have given due consideration to general guidance published by thg Charity Commission relating to public benefit, including the guidance 'Public benefit.. running charity (PB2)'. b. Strategles for achleving obJectlva8 Tha Foundation'8 policy on grant making is to split charitable output beteen a progressive and compassion selection of recipients who are undertaking projects which advance the charitable objects of the Foundation. The Foundation saeks to make long term commitments with other organisations who have similar objectives. Investments are made in research projects where there 18 a possibility of achieving returns which can then be granted to fund other charitable expenditure. c. Actlvltles undertaken to achieve objectlv During the year the Trustees have focussed on the internal management of the Foundation, having now established a sustainable banking partner with Coutts. This has necessitated a reduction in the review and analysis of grant applications and no new grants have been made during the year. d. Main actlvftles und8rtaken to further the charlty's purposes for the publlc benefit During the year the Foundation has focussed on the deltvery of all outstanding charitsble commitments and undertaking a review of its own internal policies. Going fotward other than donating the ramainder 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 formed to donate funds to medical research, in particular The Griffin Institute, which has now been completed. Page 2
THE JOHN GRIFFIN FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance a. Investment policy and perfomiance The investment in Griffin Past8 Research Limited was disposed of in the year. The company was dissolved 15 October 2024 having failed to generate sufficient income or investment to sustain its costs. As the Foundation had already written down the value of the investment this Ios8 reflected only the nominal value of the shares held. Flnanclal revlow a. Golng conc•rn After making appropriate enquiries, the Trustees have a reasonable expectation that the charity 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 8doptlon of the going concern basis can be found In the accounting policles. b. Re86rv88 poIIcy As at 31 March 2025, the reserves of the Foundation amount to £49.829 (2024 - £50,874). The Trustees have established a policy whereby free reserves held by the charity should be maintained at sufficlent levels to maintain the charlty's operations in the event of short term funding fluctuations or unforeseen costs. Structurei governance and managemont a. Constltutlon The John Griffin Foundation is a registered Charitable Incorporated Organisation {"CIO ), number 1158001, and was established by a Constitution on 25 July 2014. b. M8thod$ of appolntment or olectlon of Trustees Apart from the first charity Trustees, ev6ry Trustee must be appointed for a temi of 12 months by a resolution passed at 8 properly convened meeting of the charity Trustees. Page 3
THE JOHN GRIFFIN FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees. responsibilities The Trustees ar8 responsible for preparing the Trustees, report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Gen8rally 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 stste of affairs of the ch8rity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these fin8ncial 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); mske judgments and accounting estimates that are reason8ble and prudent., state whether applicable UK Accounting Standards (FRS 102) have b&en 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 inappropriata to pre8ume that the charlty will continue in business. The Truste88 are responsible for keeping adequate accounting records that are sufficient to show and explaln the charity's transactions and disclose with reasonable accuracy at any time the financial posrf(ion of the charity and enable them to ensure that the financial statement8 comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also r88ponsible ft)r Safeguarding the assets of the charity and henc& for taking reasonable Steps for the prevention and detection of fraud and other irregularities. Approved by order of the member8 of the board of Trustees and signed on their behalf by.. J Grlffln Trustee Date.. 3.r /a< /LQZts- Page 4
THE JOHN GRIFFIN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total fvnds 2024 Nota Income from: Investments 796 795 261 Total Income 795 796 261 Expèndlture on: Charitable activitie8 1,200 1,200 1, 802 Total expenditure 1,200 1,200 1,802 Net •xpendlture b•foro not108808 on Inv•stmonts Net108se8 on inve8tm•nt8 {406) (40) (406) (40) (1,541) Net movement In fund8 1446) (445) (1,541) Reconcillatlon of funds: Total funds brought forward Net movement in fund8 60,874 (445) 50,874 1446) 52,415 (1,541) Total funds carriod forward 60,429 50,429 50, 874 The Statement of financial activities includes all gains and1088es recognlsed in th8 year. The notes on pages 7 to 12 form part of these financial statements. Page 5
THE JOHN GRIFFIN FOUNDATION BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Nots Flxed assets Investments Current assets 40 Debtor8 Cash 8t bank and in hand 300 66,129 300 57, 134 56,429 57, 434 Creditors: amounts falling due within one year {6,000) (6, 600) Net current as80ts 50,429 50,834 Total assets less current liabllltles 60,429 50,874 Total net assets 60,429 50,874 Charfty funds Restricted funds Unrestricted funds 60.429 5Q, 874 Totsl funds 60,429 50,874 The financial 8tatement8 were approved and authorised for issue by the Tru8t808 and Signed on their behalf by: J Grlffln Trustee Date: O ?. /£0 The notes on pages 7 to 12 form part of these financial statement8. Page 6
THE JOHN GRIFFIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Information The John Griffin Foundation is a charitable incorporated organisation and incorporated in England and Wales. Its registered office address is 1 Hanover Terrace, London, NW14RJ. The members of the charity are the Trustees names on page 1. In the event of the charity being wound up there is no liability to the members of the charty. The financial Statements are presented in Sterling (£), rounded to the nearest £1. Accounting pollcles 2.1 Ba818 of preparation of flnanclal statements The financial 8tatements have been prepared in accordance with the Charitie8 SORP (FRS 102) - Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accord8nce with the Financial Reporting Standard applicable in the 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 Charities Act 2011. The financial statements have been prepared to give a 'true and fail view and have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Pr8Ctice effective from 1 April 2005 which has since been withdrawn. The John Griffin Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recogni8ed at historical cost or tranGactlon value unle88 Othenvise ststed in the relevant accounting policy. 2.2 Golng concern After making enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least e1ve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparin9 the financial statements. 2.3 Income All income is recognised 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 rneasud 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 2025 Accountlng policles (contlnued) 2A Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefrt to a third paty, it is probable that 8 transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activty. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking esch 8Ctivity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribLrte to more than one activity and support C08t8 which are not attributable to a Single activity are apportioned beeen those activities on a basi8 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 usa. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitls obje¢tiv88, as V11 as any a8SOCi8t&d 8UPPOrt C08t8. All oxpenditure is inclusive of irr8coverable VAT. 2.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notrfication of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Investments Fixed asset investments are a fom of financial instrument and are initially recogni8ed at thelr transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which cas6 rt is measured 8t cost le88 impaimient. Investment gains and losses, whether realised or unrealised. are combined and presented as 'Gains/(Lo68es) on investments, in the statement of financial activities. Investments in assoclates are stated at the amount of the chartys share of net assets. The statement of financial activities includes the charity's Share of the associated companies, net income or expenditure using the equty accounting basis. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-tenm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposrt or similar account. Page 8
THE JOHN GRIFFIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (contlnuod) 2.9 Llabilltleg and provisions Liabilities are recogn ised 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 th• settlement can be estimated reliably. Llabilities are recognisèd at tha amount that the charty antlcipates rf( will pay to settle the debt or the amount it has received as advanced payments for the good8 or services it must provide. 2.10 Flnanclal instruments The charity only hes financial assets and financial liabilities of a kind that qualify as ba8lc financial instruments. Basic financial instruments are initially recognised 8t transaction value and subsequently measured at their settlement value with the exception of bank loans which are 8ub8equently measured at amortised cost using the effective interest method. 2.11 Fund accountlng General funds are unrestricted fund8 which are available for u8& at the discretion of the Tru8tee8 in furtherance of the general objectiv88 of thg charity and which have not been designated for other purposes. Investment income, g8in8 and Ios8es are allocated to the appropriata fund. Investment Incorne Unrestrlctfrd fund8 2026 Total funds 2026 Tol81 funds 2024 Investment income 795 796 261 Analysis of &xpendlturg by actlvltles Support costs 2025 Total funds 2025 Totsl funds 2024 other 1,200 1,200 1,802 Page 9
THE JOHN GRIFFIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). Flxed ass8t Investments Investmènts a880clates At 1 April 2024 Disposals 250,000 (260,000) At 31 March 2025 At 1 April 2024 Impaiment on disposal8 249.960 1249,960 At 31 March 2025 Net book valuo At 31 March 2025 At 31 Mah 2024 40 Debtors 2025 2024 Other debtors 300 Credltors.. Amounts falling due wlthln one year 2025 2024 Other creditors Accruals and deferred income 4,800 1,200 4,800 6,000 6, 600 Page 10
THE JOHN GRIFFIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Statement of fund8 ststement of funds - current year Balance at 31 March 2025 Balance at 1 Aprll 2024 Galn81 (Losses) Income Expandlture Unre8trlcted funds General Funds 60,874 795 {1,200 50,429 Stat8ment of funds - prlor year Balance at 31 March 2024 Balance at 1 Apnl 2023 Income Expendlture Unrestricted funds Genaral Funds 52,415 261 (1,802) 50, 874 10. Anaty818 of not assets betw•on funds Analy$l8 of net a88•ts b•tween funds - curr•nt y•ar Unrestrfcted funds 2025 Total funds 2025 Current 8ssets Creditors due within one year 58,429 (6,000) 56A29 (6,000 Total 50,429 50,429 Page11
THE JOHN GRIFFIN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Anajysls of net assets betwaan funds {continued) Analysis of nat assets betwoan funds - prfor year Unrestricted lunds 2024 Tot81 funds 2024 Fixed asset investments Current assets Creditors due within one year 40 57,434 (6,6LXI) 40 57.434 (6,600) Total 50,874 50.874 Page 12