REGISTERED CHARITY NUMBER: 1200523
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR GROW FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| IndependentExaminer’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 12 |
1
GROW FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR TO 31/12/2024
The trustees present their report w it h the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
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 (Scotland) Act 2005 and section 2 of the Charities Act (Northern Ireland) 2008.
All details and particulars of such donations are at the discretion of the trustees who make, but need not make, any requirement or condition consistent with the law of charity regarding the use or application of the funds so donated.
The trustees confirm that the Charity has complied with its duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission when reviewing its aims and objectives and in planning future activities.
Charitable activities
The Grow Foundation, having wide charitable objects, has acted as an incubator helping socially minded pioneers deliver their vision. In line with this objective the Foundation intends to focus, for the public benefit, to advance the arts, education, and environmental protection by providing accessible spaces for artistic, educational, and environmental activities in London, particularly for underserved communities.
ACHIEVEMENTS AND PERFORMANCE
Over the year to 31[st] December 2024 foundation received income of £57,912. Grants in the year amounted to £30,249 spread over 3 different organisations with grants ranging from £3,000 to £21,249.
FINANCIAL REVIEW
Principal funding sources
The principal funding sources of the foundation are donations and grants.
Investment policy
The foundation does not have an investment policy as all funds are kept as cash in the bank so that they can be easily accessed for charitable purposes.
Reserves policy
The charity does not have a reserves 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
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GROW FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR TO 31/12/2024
regularly monitor the charity’s finances and are confident that our income and expenditure levels are well-matched to sustain our operations in the short to medium 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 reserves policy as the charity grows or if our circumstances change significantly.
At the end of the reporting period the charity held total funds of £513, all of which was unrestricted. The trustees are satisfied that funds are adequate to maintain the foundation as a going concern.
Going Concern
The Trustees of the charity 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
Governing document
The charity is controlled by its governing document, a CIO Foundation constitution dated 14[th] September 2022.
The main terms 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.
Recruitment and appointment of new trustees
Two of the first trustees have resigned having sought their replacements to bring greater skills and expertise to the board of trustees. Appointed trustee are appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.
In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
On agreeing to become a trustee of the charity, new trustees are thoroughly briefed by their cotrustees on the history of the foundation, the day-to-day management, the responsibilities of trustees, the current objectives and future plans. the trustees 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 also 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.
Organisational structure
The Trust Partnership Ltd maintain financial and administrative records.
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GROW FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR TO 31/12/2024
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 1200523
Principal address Grooms House Chesterton Lane Cirencester GLOS GL7 1XQ
Trustees
Benjamin Janes – Chair Serisa Janes – Resigned 9[th] January 2025 Orlando Janes – Resigned 9[th] January 2025 Elena Pencheva Koseva – Appointed 9[th] January 2025 Rebekah Anne Polding – Appointed 9[th] January 2025
Independent Examiner
Mr Paul Barry MAAT ACCA, PAB Accounting Solutions, 20 Arnolds Way, Cirencester, Gloucestershire, GL7 1TA
Bankers
CAF Bank 25 Kings Hill Ave Kings Hill West Malling ME19 4JQ
Unity Trust Bank 4 Brindley Place Birmingham B1 2JB
4
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 charities in England and Wales, the Charities Act 2011, Charity (Accounts a n d Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare f i n a n c i a l 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 application of resources, including the income and expenditure, o f the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also 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 board of trustees on 2025 and signed 4th July on its behalf by:
Benjamin Janes Trustee
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Inde endent examiner's re ort to the trustees of Grow Foundation I repon io Ilr chaiiiy tnisTee5 on Iny e.xamlroTlon of roUN$ of Oroiv Foundauon (ihc Foutmlationl for thc fffteen illonths ended 3 1 De¢¢mbcr 2024. RespoDssbilities I?lS of port As ihe charit)" lnleeS of t] FOllndatio you are $)nsib for pjeparatson of accounis in accordqnce Ivith t1 qUi ments of Cl]aEities Act 2011 Cthe Acl). I report in resp1 of m), eAamination of the Foundation's accounts Caled out under Section 145 of the Act and in Gatrying out m!." examination I have folloived all applicable Directions given by chlty coullnlOn under Section 14515)Ib) ofu¥ ACL Independent examiner's s#tement I Ive compkted ). examination. J CODfinTh tIHt no inaterial mattekS hav¢ come to my ainlioll in on¢ton with the examiTh4ti011 giving me cause lo believe that in any mat¢rial r¢S¢t.. accouwing records were noi kept in respect of the Foundation as tequired b} Section 130 of il% Act. or th¢ a¢wwttsdo not accord Thithtknse t08", or t1 accoiinls do cotnply with the 2pplie2ble reqUilenIS COnrnIng tk fom) and Colltcnt of accounts kt oiit in t} Chariiies {Accoutlls and R¢ports1 R¢gUlatiO 2008 other than anj" Tequilemcnt llt ihe accounts ve a true and fair Tr'icv, Ivl]icli is Il a iiiatter co11deEed as part of indeIlde1)t eNanliitiO. I lllve cOt5 And 14ve come [oS5 otlr llLters in ¢onnedion the eNawinatioTh to vhich ottention should be drn%i'n in this r¢port in ord¢r to cnabl¢ a propcr urStaling of tk ac¢ounts io ix 1rd. Mr Paul Ball), MAAT ACC PAB A¢¢ountsllg SolutiOllS. 20 Arnolds Wa).. Cirenccster, (iloucesleTshlle, GL7 ETA Date..
GROW FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted 2024 Total Fund Fund Funds 15 month period to 31.12.2023 Total Funds Note INCOME AND ENDOWMENTS FROM Donations Donation in kind Grants Received Bank Interest received Total 417 29,478 29,895 36,823 1,746 23,613 12 27,999 18 27,999 18 28,434 29,478 57,912 62,193 EXPENDITURE ON Charitable activities Grants and donations Charitable expenditure In Kind Expenses 30,249 10,240 30,249 39,718 39,806 6,968 1,746 48,520 29,478 Total 40,489 29,478 69,967 NET INCOME 112,0551 112,05SI 13,673 RECONCILIATION OF FUNDS Total funds brought fonvard 13,673 13,673 TOTAL FUNDS CARRIED FORWARD 1,618 1,618 13,673 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities The notes form part of these financial statements Page 6
GROW FOUNDATION BALANCE SHEET AT 31 DECEMBER 2024 31.12.2024 Total and Unrestricted Fund5 31.12.2023 Total and Unrestricted Funds Unrestrirted Fund Restricted Fund Note FIXED ASSETS CURRENT ASSETS Debtors Cash at bank 2,340 2,340 2,340 2,340 15,065 15,065 CREDITORS Amounts falling due within one year 1,300 1,300 11,3921 NET CURRENT ASSETS 1,040 1,040 13,673 TOTAL ASSETS LESS CURRENT LIABILITIES 1,040 1,040 13,673 TOTAL FUNDS 1,040 1,040 13,673 FUNDS Unrestricted funds 1,040 13,673 TOTAL FUNDS 1,040 13,673 The financial statements were approved by the board of trustees on signed on thei behalf by.. 4th July 2025 and were ne5 Chair of Trustees The notes form part of these financial statements Page 7
GROW FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is 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 Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l JanLJary 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 Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there Is a legal or constructive ot)Iigation committing 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 basis and has been classified under headings that aEgregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activitie5 on a basis consistent with the use of resoLJrces. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Debtors Debtors (including trade debtors and loans receivablel 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. Creditors 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 its charitable activities. Fund atcounting Unrestricted fund5 can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds are given for specific purposes, and they can only be used in line with the restrictions imposed by the donor. Page 8
GROW FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENTOF FINANCIAL AcfiviTIES- PRIOR YEAR 15 month period to 31.12.2023 Total and Unrestricted Funds INCOME AND ENDOWMENTS FROM Donations Donation in kind Grants Received Bank Interest received Total 36,823 1,746 23,613 12 62,193 EXPENDITURE ON Charitable activities Grants and donations Charitable expenditure In Kind Expenses 39,806 6,968 1,746 48,520 Total NET INCOME 13,673 RECONCILIATION OF FUNDS Total funds brought fon¥ard TOTAL FUNDS CARRIED FORWARD 13,673 All Income and expendlture Ss unrestrlcted Page 9
DONATIONS IN KIND During the year to 31st December 2024 there were no donations in kind. (September 2022 to December 2023 We Are Grow Ltd paid three Trust Partnership invoices on behalf of Grow Foundation, for a total of £1,746.1 Unrestri¢ted Fund Re5tritted Fund 2024 Total Funds 15 month perlod to 3111212023 GRANTS RECEIVED Esmee Fairbairn Tower Hamlets Council Total grants received 24.999 3,000 27.999 24,999 3,000 27,999 15,000 8,613 23,613 Funding of activities Support Costs 2024 Total 15 month period to 3111212023 CHARITABLE ACTIVITIES COSTS (see note 51 (see note 61 Grants given Charitable Expenditure 30,249 29,478 59,727 500 30,749 39,218 69,967 39,806 6,968 46,774 9,740 10.240 Funding of activities Isee note 51 Unrestricted Fund Rèstrlctèd Fund 2024 Total 15 month period to 3111212023 Grants Given Funding of activities 30.249 30,249 29.478 59,727 39,306 29,478 29,478 30,249 39,306 Support Costs Isee note 61 Unrestricted Fund Restrirted Fund ZOZ4 Total 15 month period to 3111212023 Grants Given Funding of Activities Totsl Supportcosts 500 500 2,868 4,600 7.468 9,740 10,240 9.740 10.240 Page 10
GROW FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlrted Fund Restrided Fund 2024 Total IS momh perlod to 3111212023 GRANTS PAID Seeit Working Trust Dusty Knuckle Public Farmhouse Are You Mad Legends Academv C Ma8at 21,249 6,0 3,0 21,249 6,000 3,000 30,363 4,803 2,5 39.306 30.249 30.249 OTHER FUNDING OF ACTIVITIES 29.478 29A78 TOTAL FUNDING OF ACTIVITIES COSTS 30.249 29.478 59.727 39.306 SUPPORTCOSTS Other Costs Govemance Costs Totals Totals 2022123 Charitable expenditure 2024 9,740 500 10,240 5,1 Support C05t5, included in the above, are as follow5 Unrestricted Fund Restricted Fund 2024 Total IS month period to 3111212023 Charitsble Charitable Expenditure Expenditure Other Consultancy Fee5 Sundry Costs Bank charges 6,710 2,895 135 6,710 2,895 135 3,717 284 79 Governance Costs Independent examination fee 500 Unrestrlcted Fund Restrlcted Fund 2024 Totsl 15 month perlod to 3111212023 AuDifoR'S REMUNERATION Independent examination fee SW 500 Page 11
GROW FOUNDATION NOTES TO THE FINANCIALSTATEMEMrs FOR THE YEAR ENDED 310ECEMBER 2024 TRUSTEES. RENUMERATION AND BENEFITS There were no trustees, remuneration or benefits during the ye3r to 31 December 2024. IPrior year- £0) Trustees. expenses There were no trustees, expenses paid durin8 the year to 31 December 2024. (Prior Year- ÉOI- MOVEMENT IN FUNDS At 31.12.23 Net At 11.12.24 At 31.12.23 movement in fund5 Vnre51ricted fund5 General fund 13,673 112,0551 1,618 13,673 Restricted lunds Rent TOTAL FUNDS Net movement in funds, included in above for 202212024 are as follows.. Incomlng re50ur¢es Resources expended Movement In fund5 Movemeni In lund$ Unre51ricted fund5 General fund 28,434 140,4891 112,0551 13,673 Restrirted lunds Rent 29.478 129,4781 TOTAL FUNDS 57,912 169,9671 112,0551 13,673 The restritted fund is restricted to rent expenditure for premises. 10 RELATED PARTY DISCLOSURES Benjamin lane5 and Serisa lanes are dirertor5 and shareholder5 of The Trust Partnership Ltd. which provides adrninistration and accountancy service5 to Grow Foundation. £6,492 ha5 been billed by TheTrust Partnership relating to the 12 months ended 31st December 2024. 11 ULTIMATE CONTROLLING PARTY No one person or entity has control over the charity, the charity is controlled by its board of trustee5. Page 12