REGISTERED CHARITY NUMBER: 1200523 REPORT OFTHE TRUSTEE5 AND FINANCIAL STATEMENTS FOR THE 15 MONTHS ENDED 31 DECEMBER2023 FOR GROW FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE 15 MONTHS ENDED 31 DECEM8ER2023 Page Report of the Trustees Ito4 Independent Examinerfs Report Statement of Financial Activities Balancesheet Motesto the Financial Statements 8t0 11 The trustees present their report with the financial statements of the charity for the fifteen months ended 31 December 2023. The trustees have adopted the provision5 of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (effective l J a nua ry 20191. OBJEcfivES AND ACTIVITIES Objectlvesand alms The objects of the CIO are such objects and purposes in any part of the world as are exclusively charitable in accordance with the laws of England and Wales subject to the following clause. Nothing in the objects shall authorise an application of the property of the CIO for the purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment Iscotlandl Act 2005 and section 2 of the Charities Act (Northern Irelandl 2tM)8. All details and particulars of such donations are at the discretion of the trustees who make, but need not make, any quIrernent or condition consistent with the law of charity regardingthe use or application of the funds so donated. The trustees confirm that the Charity has complied with tts duty in section 17 of the Charities Att 2011 to have due regard to publlc benefrt guidance published by the Charitles Commission when reviewing it5 a i ms and objectlves and in planningfuture activitie5. Charitable activities The Grow Foundatlon Is an Incubator for fresh ideas, helping socially minded pioneers deliver thelr vision. With a focus on reconnection, EQ is championed over IQ working predominately with young people.
GROW FOUNDATION TRUSTEES'ANNUAL REPORT FOR TrIE 15 MONTHSTO 31lIV2023 ACHIEVEMENTS AND PERFORMANCE Over the fifteen months since formation the foundation received Income of £62,193. Grants in the year amounted to £39,306 spread over 4 different organisations with grants ranging from £1.640 to £30,363. FINANCIAL REVIEW Prfnclpallundlngsources The principal funding sources of the foundation are donations and grants. Investment policy The foundation does not have an investment poli as all funds are kept as cash In the bank so that they can be easily acce55ed for charitable purposes. Reseries pollcy The charity does not have a resetves policy. As a small charity, our current size and financial structure do not require the implementation of a formal reserves policy at this time. The trustees re8ularly monitor the charity's finance5 and are confident that our income and expenditure levels are well-matched to sustain our operations in the short to medlum term. Given the limited scale of our activities and the nature of our funding, it has not been deemed necessary to maintain substantial financial reserves. However, we remain committed to responsible financial management and will review the need for a reseNes policy as the charity grows or if our circumstances change si8nificantly. At the end of the reporting period the charity held total hjnds of £13,673, all of which was unrestricted. The trustees are satisfied that funds are adequateto maintsin dEfti•nasa8O 0)nm. Going Con¢em The Trustees of the charlty believe that there are no material uncertainties that may cast significant doubt about the ability of the Charity to continue as a going concern. STRUCTURE, GOVERNANCE AND MANAGEMENT Governingdocument The charity is controlled by its governingdocument, aOjFthati)ncrns1ittthn(ktcd14th&F¢nter2l The main term5 of the constitution set out that the income and property of the CIO must be applied solely towards the promotion of the objects at the absolute discretion of the trustees. The constitution sets out the powers of the foundation which are specified but very wide. Recrultment and appolntment of newtrustees The trustees listed on page 2 are the first trustees. Every future appointed trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.
GROW FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE 15 MONTHS TO 3111212023 In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed forthe effective administration of the CIO. On agreeing to become a trustee of the charity, new trLSStees are thoroughly briefed by their to- trustees on the history of the foundation, the day-to-day management, the responsibilities of trustees, the current objettives and future plans. the trLSStees are also encouraged to attend any courses which they feel are relevant to the development of their role, and to keep up-to-date on any changes in legislation. They are a150 supplied with a copy of the current version of the CIO constitution and a copy of the latest Trustees, Annual report and statement of accounts. Organi5ational structure The Trust Partnership Ltd maintain financial and adminlstrative records. REFERENCE AND ADMINISTRATIVE DAlLs Reglstered Charlty number 121J0523 Principal address Grooms House Chesterton Lane Cirencester GLOS GL7 IXQ Trustees Benjamin Janes- Chair Serisa Janes Orlando Janes Independenl Examiner Dunkley's Woodlands Grange Woodland5 Lane 8radley Stoke Bristol BS32 4JY Bankers CAF Bank 25 Kings Hill Ave Kings Hill West Malling ME19 4JQ Unity Trust Bank 4 Brindley Place Birmingham BI 2JB
GROW FOUNDATION TRUSTEES, ANNUAL REPORTFOR ThE 15 MONTHS TO 3111212023 STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charitie5 in England and Wales, the Charitles Act 2011, Charlty IAccounts a n d Reportsl Regulatigns 2008 and the provisions of the trust deed requires the trustees to prepare f i n a n c i a I statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and appllcation of resources, including the income and expenditure, o f the c ha ri ty for that period. In preparingthose financial statements, the trustees are required to selectsuitsble accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP: make judgements and estimatesthat are reasonable and prudent; prepare the finar)cial statements on the going concern basis unless it is Inappropriate to presume that the charitywill continue in buslness. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial posltion of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonablestepsforthe prevention and detectionof fraud and other irregularitie5. Approved by order of the board of trustees on 24th October 2024 and signed on its behalf by: Benjamin Janes Trustee
lllde endent examiner's re ort to the trllstees of Grow Foundation I reportto the charity tntee8 on my examinationof the accounts of Grow Foundation {the Found#tion) for the fifteen months ended 31 December 2023. RponSibIlItIeS and basis of report A5 the charity trjstees of the Foundatio you are responsibl¢ for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Aov). I report in respect of my examination of the Foundation's ac¢ollllts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions givett by the Charity Comtnission under Section 145(5)(b) of the ACL Independent txaminer's statement I bave completed my examination. I confm that no material matter5 have come to my attention in connection with the examination giving me cause to believe that in any ]nateri81 respeet.. accounting records were not kept in respect of the Foundation as required by Section 130 of the A¢l' or the accounts do not accord witb those records" or the accounts do not comply witb the appli¢abl¢ T¢quirements collcernitig the form and ¢ont¢nt of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other thatt any requirement that the aecounts give a tTU¢ and fair view which is not a tter considered as part of arA independent examination. I have Tho ¢on¢erns and1¥t co¢ across otherllLatteis ill connection with the examination towhicb attentioll sbould be drawn in this report in order to enable a proper understanding of tILe ac£ounts to be reathed. Matthew Dobbins FCA Dunkley's Statutory Auditor Chartered Accountants Woodlands Grattge Woodlands Lane Bradley Stoke Bristol United Kingdom BS32 4JY Date..
GROW FOUNDATION STATEMENT OF FINANCIAL AcnviTIES FOR THE 15 MONTHS FROM Z9 SEPTEMBER 2022 TO 31 DECEMBER 2023 IS month perlod to 31.12.2023 Totsl and Unrestrirted Funds Note INCOME AND ENDOWMENTS FROM Donations Donation in kind Grants Received Bank Interest received Total 36,823 1,746 23,613 12 62,193 EXPENDrruRE ON Charitable activities Grants and donations Charltable expendlture In Klnd Expenses 39,806 6,968 1,746 48,520 Total NET INCOME 13,673 RECONCILIATION OF FUNDS Total funds brought fonvard TOTAL FUNDS CARRIED FORWARD 13,673 All income and expenditure15 unrestrirted CONTINUING OPERATIONS All income and expenditure ha5 arisen from continuing activities The notes form part of these financial statements Page 6
GROW FOUNDATION BALANCE SHEET AT 31 DECEMBER 2023 31.12.2023 Total and Unre5trlcted Funds Note FIXED ASSErs CURRENT ASSETS Debtors Cash at bank 15,065 15,065 CREDITORS Amounts falling due within one year {1.3921 NET CURRENT ASSETS 13,673 TOTALASSETS LESS CURRENT UABILITIES 13,673 TOTAL FUNDS 13,673 FUNDS Unrestricted funds 13,673 TOTAL FUNDS 13,673 The flnanclal statements were approved by the board of trustees on signed on their ehalf bv: 24th October 2024 and were es Chair of Trustees The notes form part of these financial statements Page 7
GROW FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE 15 MONTHS ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparfng the flnanclal ststements The financial statements of the charity, which 15 a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Stand3rd applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain 355ets. Income All income 15 recognised in the Statement of Financial Activitie5 once the charity has entltlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure LiaL>ilities are recogniseLI a5 expenditure as soon a5 there is a legal or constructive Obllgatlon commltting the charity to that expenditure. 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 accounted for on an accruals ba515 and has been classified under headings that aggregate all costs related to the category. Where costs cannot be dirertly attributed to particular heading5 they have been allocated to activitie5 on a basis consistent with the use of resources. Grants offered subjert to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Debior5 Debtors lincluding trade debtors and loans receivable) are measured on initial recognition at the settlement amount after any trade discounts or amount advanced by the charity. Subsequently. they are measured at the cash or other consideration expected to be received. Cred5tors The charity has creditors which are measured at settlement amounts less any trade discount. Bank and Cash Cash at bank includes cash held at the bank which Is available on demand. Taxation The charity is exempt from tax on it5 charitable activities. Fund attounting Unrestricted funds can be used in accordance with the charitsble objectives at the discretion of the trustees. Page 8
NOTESTO THE FINANCIALSTATEMENTS R THEI NT ENDED I DECEMBER 2 DONATIONS IN KIND During the period September 2022 to DeTrmber 2023 We Are Grow Ltd paid three Trust Partnerghlp Invol5 on behalf of Grow Foundation, for a total of £1,746. 15 month period to 3111212023 GILANTS RECEIVED Esmee Fairbairn Tower Hamlets Council Total grants recelved 15,000 8,613 FundSng of actlvltles Support Costs Tota15 CHARITABLE AcfwmES COSTS (see note 51 lsee note 61 6rants given Charitable Expendlture 39,306 2,368 41,674 500 4,600 5.100 39.806 6,968 46.774 15 month perlod to 3111212023 GRANTS PAID Are You Mad Legends Academy Seeit Wtsrking Trust C Magat 4,803 1,640 30,363 2,500 39,306 Page 9
GROW FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE 15 MONTHS ENDED 31 DECEMBER 2023 SUPPORT COSTS Other Costs Governance Cost5 Totals Charitable expenditure 2023 Support costs, Included in the above. are as follows 15 month period to 3111212023 Charitsble EKpendSture Other Consultancy Fees Sundry costs Bank charges 3,717 79 Governance Costs Independent examination fee 15 month period to 3111212023 AUDITOR'5 REMUNERATION Independent examination fee Page 10
GROW FOUNDATIO NOTES TO THE FINANCIAL STATEMENTS FOR THE IS MONTHS ENDED 31 DECEMBER 2023 TRUSTEES, RENUMERATION AND BENEFITS There were no trustees, remuneratlon or beneffts during the IS months to 31 December 2024. Trustees, eMnSeS Therè were no trustees, expenses pald durlng the 15 months to 31 December 2023. MOVEMENTIN FUNDS At 29.09.2022 Net At 31.12.23 movement In funds un$t11¢t¢d tvtmls General fund 13,673 13.673 TOTAL FUNDS 13,673 Net movement in funds, included in above for 202212023 are as follows.. Incomln8 resou5 Resources expendÈd Movement In funds Unrestrlrted funds General fund 62,193 148,5201 13,673 TOTAL FUND5 62.193 148,5201 13,673 10 RELATED PARTY DISCLOSURES Benlam5n Janes and Serisa lanes are directors and shareholder5 of The Trust Partnership Ltd, which provSdes administration and accountancy seNices to Grow Foundation. £5,462.90 has been paid to The Trust Partnership relating to the 15 months ended 31st December 2023. 11 ULTIMATE CONTROLLING PARTY No one person or entity has control over the charity, the charity is controlled by its board of tru5tee5. Page 11