Draꢀ Financial Statements at 16 July 2025 at 15:27:07
Charity registraꢁon number 1205976
THE GRANT THORNTON FOUNDATION CIO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
Draꢀ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees N Morrison K Campbell F Beighton K Coates P Rao L Drury J Barneꢀ Charity number 1205976 Registered office 8 Finsbury Circus London EC2M 7AZ Independent examiner Mitchell Charlesworth (Audit) Limited 3rd Floor 44 Peter Street Manchester M2 5GP Bankers Barclays Bank UK PLC 1 Churchill Place London E14 5HP
(Appointed 26 February 2024) (Appointed 26 February 2024) (Appointed 26 February 2024)
Draꢀ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of fnancial acꢀviꢀes | 5 |
| Balance sheet | 6 |
| Notes to the fnancial statements | 7 - 12 |
Draꢀ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
TRUSTEES' REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the period ended 31 March 2025.
The financial statements have been prepared in accordance with the accounꢀng policies set out in note 1 to the financial statements and comply with the charity's governing document, the Chariꢀes Act 2011 and "Accounꢀng and Reporꢀng by Chariꢀes: Statement of Recommended Pracꢀce applicable to chariꢀes preparing their accounts in accordance with the Financial Reporꢀng Standard applicable in the UK and Republic of Ireland (FRS 102)" (effecꢀve 1 January 2019).
Objecꢀves and acꢀviꢀes
The Grant Thornton Foundaꢀon (The Foundaꢀon’) is a charity dedicated to making a posiꢀve impact on our communiꢀes through strategic funding and support of chariꢀes. It is a tangible demonstraꢀon of our values, our dedicaꢀon to social impact and our commitment to creaꢀng a beꢁer future for all.
The Foundaꢀon has four objecꢀves:
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ó to promote social inclusion for the public benefit by prevenꢀng people from becoming socially excluded
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ó to promote opportuniꢀes for the development, educaꢀon and support of young people
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ó to advance educaꢀon
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ó to prevent or relieve poverty
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what acꢀviꢀes the charity should undertake.
Acꢀviꢀes
The main acꢀvity of The Foundaꢀon is to provide financial support to varying chariꢀes who meet the requirements of our objecꢀves. We also partner with Grant Thornton UK LLP and Grant Thornton Advisory and Tax LLP (collecꢀvely Grant Thornton UK) to provide volunteering opportuniꢀes with our charity partners to the employees of the UK business.
Achievements and performance
Significant acꢀviꢀes and achievements against objecꢀves
In the period ended 31 March 2025, The Foundaꢀon awarded £74,500 in grants to the following four UKbased chariꢀes:
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ó Magic Breakfast (£20,000, unrestricted): The mission of Magic Breakfast is to ensure that no young person in the UK starts the day too hungry to learn. A donaꢀon of £1000.00 can provide 18 children with breakfast for a whole year. The partnership has supported over 1,000 children with 71,428 nutriꢀous breakfasts as well as enabling a volunteering event, called Magic Makers in Glasgow, where Grant Thornton UK employees delivered educaꢀonal giꢂs to a local school.
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ó The Baytree Centre (£20,000, unrestricted): The Baytree Centre is an educaꢀonal charity based in Brixton, South London. They provide networks and opportuniꢀes to empower women and girls to build skills, and a safe space to gain the confidence and wisdom they need to thrive in life, work and family. Our grant funded employability programmes for 73 girls in South London, with strong outcomes in selfesteem, aspiraꢀons, and life skills. In addiꢀon, seven Grant Thornton UK employees volunteered 42 hours, supporꢀng events and centre acꢀviꢀes.
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ó Future First (£19,500, restricted): ‘Future First are a social mobility charity on a mission for every UK state school and college to be supported by a thriving and engaged community of alumni and relatable role models.’ This is funding school partnerships or career insight days across Grant Thornton’s five main regions in Manchester, Bristol, Glasgow, Sheffield, and London.
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ó Speakers Trust (£15,000, restricted): Speakers Trust are a charity who work with over 600 secondary schools across the UK focussing on underserved areas, delivering high quality public speaking workshops to students, empowering them to become skilled public speakers. The grant has enabled school workshops and judging panel events across the UK. A volunteering event is planned for November 2025, with acꢀviꢀes already underway in London.
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Draꢀ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
TRUSTEES' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
These partnerships reflect the Foundaꢀon’s commitment to impacꢁul giving and creaꢀng meaningful volunteering opportuniꢀes for Grant Thornton UK colleagues.
Plans for the Future
As we look ahead to the remainder of 2025 and beyond, the Trustees remain commiꢂed to the conꢀnued growth and development of The Foundaꢀon with a key priority being to diversify and increase income sources.
We aim to enhance our impact by conꢀnuing to award grants to charitable organisaꢀons, while also strengthening and sustaining relaꢀonships with our exisꢀng partners. Our longterm strategy is to focus on a small number of impacꢁul partnerships—where we can make a meaningful difference through both financial support and deeper engagement. This includes creaꢀng opportuniꢀes for corporate volunteering, enabling colleagues at Grant Thornton UK to contribute their ꢀme and skills to our partner chariꢀes.
Financial review
For the period ended 31 March 2025, The Foundaꢀon received total donaꢀons (including Giꢃ Aid) of £202,087. This included a £128,560 contribuꢀon from Grant Thornton UK LLP, with the balance donated by individual partners and employees of the firm. In addiꢀon, bank interest of £535 was received. No other income was recorded during the period.
Grants totaling £74,500 were awarded to charitable causes. The Trustees provided their services voluntarily, and administraꢀve support was funded by Grant Thornton UK LLP at no cost to the Foundaꢀon.
The net surplus of income over expenditure for the period was £122,902. This amount has been added to reserves and will be used to support grantmaking acꢀviꢀes in the year ending 31 March 2026.
Reserves policy
The Foundaꢀon does not commit to making repeat grants to its charity partners and the Trustees consider that the target for unrestricted reserves, aꢃer any designaꢀons, should be approximately £20,000, to cover a year's worth of operaꢀonal costs and the reasonable professional services costs associated with a winding down of The Foundaꢀon. This level of reserves has been maintained throughout the period .
Structure, governance and management
The charity is a registered charitable incorporated organisaꢀon in England & Wales.
The trustees who served during the period and up to the date of signature of the financial statements were: N Morrison (Appointed 26 February 2024) K Campbell (Appointed 26 February 2024) F Beighton (Appointed 26 February 2024) K Coates P Rao L Drury J Barneꢂ
Recruitment and appointment of trustees
Trustees of The Foundaꢀon serve a threeyear term. Appointments to the Trustee Board are made and raꢀfied by the Trustee Advisory Group (TAG), which comprises a number of partners from Grant Thornton UK Advisory and Tax LLP, including members of the firm’s Strategic Leadership Team.
In selecꢀng new trustees, the TAG considers the skills, knowledge, and experience required for the effecꢀve administraꢀon of the Foundaꢀon. Members of TAG also serve as the members of the Charitable Incorporated Organisaꢀon (CIO).
The Trustees are supported in the administraꢀve running of The Foundaꢀon by resource provided by GTUK.
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Draꢀ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025
The trustees' report was approved by the Board of Trustees.
.............................. N Morrison Trustee 16.07.2025 Date: .............................................
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Draꢀ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE GRANT THORNTON FOUNDATION CIO
I report to the trustees on my examinaꢀon of the financial statements of The Grant Thornton Foundaꢀon CIO (the charity) for the period ended 31 March 2025.
Responsibiliꢀes and basis of report
As the trustees of the charity you are responsible for the preparaꢀon of the financial statements in accordance with the requirements of the Chariꢀes Act 2011 (the 2011 Act).
I report in respect of my examinaꢀon of the charity’s financial statements carried out under secꢀon 145 of the 2011 Act. In carrying out my examinaꢀon I have followed all the applicable Direcꢀons given by the Charity Commission under secꢀon 145 (5)(b) of the 2011 Act.
Independent examiner's statement
Your aꢁenꢀon is drawn to the fact that the charity has prepared financial statements in accordance with Accounꢀng and Reporꢀng by Chariꢀes preparing their accounts in accordance with the Financial Reporꢀng Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounꢀng and Reporꢀng by Chariꢀes: Statement of Recommended Pracꢀce issued on 1 April 2005 which is referred to in the extant regulaꢀons but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounꢀng Pracꢀce effecꢀve for reporꢀng periods beginning on or aꢂer 1 January 2015.
I have completed my examinaꢀon. I confirm that no maꢁers have come to my aꢁenꢀon in connecꢀon with the examinaꢀon giving me cause to believe that in any material respect:
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1 accounꢀng records were not kept in respect of the charity as required by secꢀon 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Chariꢀes (Accounts and Reports) Regulaꢀons 2008 other than any requirement that the accounts give a true and fair view which is not a maꢁer considered as part of an independent examinaꢀon.
I have no concerns and have come across no other maꢁers in connecꢀon with the examinaꢀon to which aꢁenꢀon should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Jamielee Johnston CA For and on behalf of Mitchell Charlesworth (Audit) Limited
3rd Floor 44 Peter Street Manchester M2 5GP
16.07.2025 Dated: .........................
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Draꢀ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2025
| Unrestricted | ||
|---|---|---|
| funds | ||
| 2025 | ||
| Notes | £ | |
| Income from: | ||
| Donaꢀons | 2 | 202,087 |
| Investments | 3 | 535 |
| Total income | 202,622 | |
| Expenditure on: | ||
| Charitable acꢀviꢀes | 4 | 79,720 |
| Total expenditure | 79,720 | |
| Net income and movement in funds | 122,902 | |
| Reconciliaꢁon of funds: | ||
| Fund balances at 30 November 2023 | | |
| Fund balances at 31 March 2025 | 122,902 |
The statement of financial acꢀviꢀes includes all gains and losses recognised in the period. All income and expenditure derive from conꢀnuing acꢀviꢀes.
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Draꢀ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
BALANCE SHEET
AS AT 31 MARCH 2025
| Notes Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets The funds of the charity Unrestricted funds 13 |
2025 £ 1,496 125,066 126,562 (3,660) |
£ 122,902 |
|---|---|---|
| 122,902 | ||
| 122,902 |
The charity is enꢀtled to the exempꢀon from the audit requirement contained in secꢀon 477 of the Companies Act 2006, for the period ended 31 March 2025.
16.07.2025
The financial statements were approved by the trustees on .........................
..............................
N Morrison
Trustee
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Draꢀ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
1 Accounꢀng policies
Charity informaꢀon
The Grant Thornton Foundaꢀon CIO is a registered charitable incorporated organisaꢀon in England & Wales. The registered office address is 8 Finsbury Circus, London, EC2M 7AZ.
1.1 Reporꢀng period
The charity was registered on 30 November 2023 therefore, these financial statements represent the period from 30 November 2023 to 31 March 2025.
1.2 Accounꢀng convenꢀon
The financial statements have been prepared in accordance with the charity's governing document, the Chariꢀes Act 2011, FRS 102 “The Financial Reporꢀng Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Chariꢀes SORP "Accounꢀng and Reporꢀng by Chariꢀes: Statement of Recommended Pracꢀce applicable to chariꢀes preparing their accounts in accordance with the Financial Reporꢀng Standard applicable in the UK and Republic of Ireland (FRS 102)" (effecꢀve 1 January 2019). The charity is a Public Benefit Enꢀty as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for chariꢀes not to prepare a Statement of Cash Flows.
The financial statements have departed from the Chariꢀes (Accounts and Reports) Regulaꢀons 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Pracꢀce for chariꢀes applying FRS 102 rather than the version of the Statement of Recommended Pracꢀce which is referred to in the Regulaꢀons but which has since been withdrawn.
The financial statements are prepared in sterling, which is the funcꢀonal currency of the charity. Monetary amounts in
The financial statements have been prepared under the historical cost convenꢀon, [modified to include the revaluaꢀon of freehold properꢀes and to include investment properꢀes and certain financial instruments at fair value]. The principal accounꢀng policies adopted are set out below.
1.3 Going concern
At the ꢀme of approving the financial statements, the trustees have a reasonable expectaꢀon that the charity has adequate resources to conꢀnue in operaꢀonal existence for the foreseeable future. Thus the trustees conꢀnue to adopt the going concern basis of accounꢀng in preparing the financial statements.
1.4 Charitable funds
Unrestricted funds are available for use at the discreꢀon of the trustees in furtherance of their charitable objecꢀves.
1.5 Income
Income is recognised when the charity is legally enꢀtled to it aꢁer any performance condiꢀons have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donaꢀons are recognised on receipt. Other donaꢀons are recognised once the charity has been noꢀfied of the donaꢀon, unless performance condiꢀons require deferral of the amount. Income tax recoverable in relaꢀon to donaꢀons received under Giꢁ Aid or deeds of covenant is recognised at the ꢀme of the donaꢀon.
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Draꢁ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1 Accounꢀng policies
(Conꢀnued)
1.6 Expenditure
Expenditure is recognised once there is a legal or construcꢀve obligaꢀon to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in seꢁlement, and the amount of the obligaꢀon can be measured reliably.
Expenditure is classified by acꢀvity. The costs of each acꢀvity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each acꢀvity. Direct costs aꢁributable to a single acꢀvity are allocated directly to that acꢀvity. Shared costs which contribute to more than one acꢀvity and support costs which are not aꢁributable to a single acꢀvity are apporꢀoned between those acꢀviꢀes on a basis consistent with the use of resources.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturiꢀes of three months or less, and bank overdraꢂs. Bank overdraꢂs are shown within borrowings in current liabiliꢀes.
1.8 Financial instruments
The charity has elected to apply the provisions of Secꢀon 11 ‘Basic Financial Instruments’ and Secꢀon 12 ‘Other
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabiliꢀes are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intenꢀon to seꢁle on a net basis or to realise the asset and seꢁle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are iniꢀally measured at transacꢀon price including transacꢀon costs and are subsequently carried at amorꢀsed cost using the effecꢀve interest method unless the arrangement consꢀtutes a financing transacꢀon, where the transacꢀon is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amorꢀsed.
Basic financial liabiliꢀes
Basic financial liabiliꢀes, including creditors and bank loans are iniꢀally recognised at transacꢀon price unless the arrangement consꢀtutes a financing transacꢀon, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabiliꢀes classified as payable within one year are not amorꢀsed.
Debt instruments are subsequently carried at amorꢀsed cost, using the effecꢀve interest rate method.
Trade creditors are obligaꢀons to pay for goods or services that have been acquired in the ordinary course of operaꢀons from suppliers. Amounts payable are classified as current liabiliꢀes if payment is due within one year or less. If not, they are presented as noncurrent liabiliꢀes. Trade creditors are recognised iniꢀally at transacꢀon price and subsequently measured at amorꢀsed cost using the effecꢀve interest method.
Derecogniꢀon of financial liabiliꢀes
Financial liabiliꢀes are derecognised when the charity’s contractual obligaꢀons expire or are discharged or cancelled.
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Draꢁ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
| 2 | Income from donaꢀons and legacies | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | |||
| £ | £ | ||
| Donaꢀons and giꢂs | 202,087 | | |
| 3 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | |||
| £ | £ | ||
| Interest receivable | 535 | | |
| 4 | Expenditure on charitable acꢀviꢀes | ||
| Grant funding | |||
| of acꢀviꢀes | |||
| 2025 | |||
| £ | |||
| Direct costs | |||
| Grant funding of acꢀviꢀes (see note 5) | 74,500 | ||
| Share of support and governance costs (see note 6) | |||
| Governance | 5,220 | ||
| 79,720 | |||
| Analysis by fund | |||
| Unrestricted funds | 79,720 |
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Draꢀ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
| 5 | Grants payable | |
|---|---|---|
| Grant funding | ||
| of acꢁviꢁes | ||
| 2025 | ||
| £ | ||
| Grants to insꢀtuꢀons: | ||
| Magic Breakfast | 20,000 | |
| Bay Tree | 20,000 | |
| Speakers Trust | 15,000 | |
| Future First | 19,500 | |
| 74,500 | ||
| 6 | Support costs allocated to acꢁviꢁes | |
| 2025 | ||
| £ | ||
| Governance costs | 5,220 | |
| Analysed between: | ||
| Grant funding of acꢀviꢀes | 5,220 | |
| 2025 | ||
| Governance costs comprise: | £ | |
| Accountancy | 5,220 | |
| 5,220 | ||
| 7 | Net movement in funds | 2025 |
| £ | ||
| The net movement in funds is stated aꢁer charging/(crediꢀng): | ||
| Fees payable to the charity's independent examiner: | ||
| for the independent examinaꢀon of the charity's fnancial statements | 3,300 | |
| for other fnancial services | 1,920 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneraꢀon or benefits from the charity during the period.
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Draꢀ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
9 Employees
There were no employees during the year.
10 Taxaꢀon
The charity is exempt from taxaꢀon on its acꢀviꢀes because all its income is applied for charitable purposes.
11 Debtors
| Amounts falling due within one year: Other debtors Creditors: amounts falling due within one year Trade creditors Accruals and deferred income |
2025 £ 1,496 |
|---|---|
| 2025 £ 180 3,480 |
|
| 3,660 |
12 Creditors: amounts falling due within one year
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donaꢀons and grants which are not subject to specific condiꢀons by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 30 | November | Incoming | Resources | At | 31 March | |
|---|---|---|---|---|---|---|---|
| 2023 | resources | expended | 2025 | ||||
| £ | £ | £ | £ | ||||
| General funds | | 202,622 | (79,720) | 122,902 |
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Draꢁ Financial Statements at 16 July 2025 at 15:27:07 THE GRANT THORNTON FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
14 Related party transacꢀons
During the year, the trustees made donaꢀons to the charity totalling £6,100. These donaꢀons were made voluntarily and without any condiꢀons aꢁached.
Also, during the year, the charity received donaꢀons totalling £102,000 from Grant Thornton UK LLP, an organisaꢀon from which the charity received key management personnel services. In addiꢀon, Grant Thornton UK LLP, paid £1,560 in costs on behalf of the charity which have been classified as an addiꢀonal donaꢀon.
No trustee received any remuneraꢀon or expenses during the year, and there were no other related party transacꢀons requiring disclosure.
The charity's policy is to disclose all related party transacꢀons, including trustees donaꢀons, in accordance with the Chariꢀes SORP (FRS 102).
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