THE GARWOOD FOUNDATION {A Company limited by Guarantee - Reg.No.012858581 Registered Charity No.272905 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 31StAugust 2024 Reglstèred Office la Melville Avenue South Croydon CR2 7HZ
THE GARWOOD FOUNDATION IA Company limited by Guarantee - Reg.No. 012858581 Registered Charity No 272905 DIRECTORS F Newton l Trumper R Bateman G Merrick K Minear R Oakes S Povey J Sanders M Thapar Chairman Treasurer {Appointed 151 March 2025} {Resigned 131h September 20231 COMPANY SECRETARY Miss V Sandlan REPORT OF THE DIRECTORS The Directors present their Report and the audited Financial Statements for the year ended 31, August 2024. REFERENCE and ADMINISTRATIVE DETAILS The Garwood Foundation is a company registered under the Companies Act 2006, limited by Guarantee. The Company and Charity registration numbers are shown above. The address of the registered office (also the principal office of the Foundation) is la Melville Avenue, South Croydon, Surrey, CR2 7HZ. The Foundation operates a school for up to 32 severely disabled children and young people aged 3-25 years in Melville Avenue., a registered residential home (Jean Garwood Hausel serving up 10 14 disabled adults and finally a day centre (Bramley Hill Cenlrel, for up to 40 adults per day aged 18 plus years, with multiple physical and learning disabilities. The names of all the Trustees at the date of this report, as well a5 those who served during the year, are shown above. The Chief Executive Officer to whom day-to-day running of the charity is delegated, is Dr Ross White.
THE GARWOOD FOUNDATION IA Company lirrhited by Guarantee - Reg.No. 012858581 DIRECTORS. REPORT (continued) Names and addresses of relevant organisations are,. Bankers HSBC, 9 Wellesley Road, Croydon, CR9 2AA Barclays, 1 North End, Croydon, CR9 1 RN CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Auditors Bryden Johnson, 1-4 Kings Parade, Lower Coombe Street, Croydon, CRO 1AA STRUCTURE. GOVERNANCE and MANAGEMENT The Foundation wa5 formed in 1952 as the Croydon & District Branch of the National Spastics Society, and later changed its name to the Croydon Sutton & District Spaslics Society. 11 was incorporated as a Company limited by guarantee on 1 April 1977. 11 again changed ils name lo The Garwood Foundation in December 2000 and is governed by its Memorandum and Articles of Association. The Garwood Foundation was proud to have celebrated its 70th Anniversary in 2022. New Trustees and governors are recruited via Croydon Voluntary Action, National Governance Association, social media platforms, internal website, and professional relationships. Trustees are appointed by a majority of serving Trustees on the Board. All new Trustees undergo a period of familiari5alion with the workings of the Board and the Foundation before being voted in as a Trustee. They are also provided with a copy of the Foundation's governing document (Memorandum & Articles), the previous year's accounts, strategy document, previous Trustee5' meeting minutes and copies of relevant Charity Commission publications e.g RS1 and CC3. Under the requirement of the Companies and Charities Acts, The Foundation is no longer required to hold an Annual General Meeting. However, Trustees retire and stand for re-election by rotation. The Foundation makes decisions lo further ils objects by means of several departmental Management Committees and the Board of Governors for Rutherford School, with the final decision on key matters resting with the Board of Trustees. Although independent of any other charitable organisalion, the Foundation leases Jean Gar4vood House and Bramley Hill siles from SCOPE at a peppercorn rent of which there are 53 and 39 years respectively, remaining. In addition, il co-operates with certain other charities such as Croydon Mencap in pursuit of its charitable activities. It also has a wholly-owned subsidiary Croydon CP Trading Limited, which currently runs two charity shops in Addiscombe and Soulh Croydon. The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems or procedures have been established to mitigate those risks and are regularly reviewed by the Trustees and Management of the Foundation. Staff remuneration is reviewed and set annually by the board on recommendation from a delegated committee of Trustees.
THE GARWOOD FOUNDATION IA Company limited by Guarantee - Reg.No. 012858581 DIRECTORS. REPORT {continuedl The Foundation does not conduct major fundraising activities i n support of running its three rnain services, but is gralefLJI for 5UPPOrt from trusts, foundations, business, and individual donors who support specific projects and fund building developrnent and equipment. OBJECTIVES AND ACTIVITIES The objects, as set out in the Articles of Association state that the Foundation, acting as a charity, works for the care, welfare, interest. education, and advancement of people with cerebral palsy and allied conditions residing in Croydon as well as seven alher London boroughs. The Foundation, In order to comply with its aims of providing services for general public benefit, accepts children and adults from the whole spectrum of the total UK population who require specialist support due to their learning and physical disabilities. The aims of the Foundation are lo provide a wide range of services for local people with disabilities, their families, and carers, by the provision of a school, a registered residential home, and a day centre. In addition, the Foundation provides a welfare support service for the children and adults and their families and carers, liaising in these matters with various relevant statutory 5UPPOrt bodies. Key elements of the Foundation's long-term strategy are.. 1. Building stale of Ihe art facilities on the school site at 1 a Melville Avenue for a growing number of 16-25-year-old students. 2. Profile raising via communicationslmarketing recruitment and strategy. 3. BLJilding and nurturing of relationships with commissioners in order to negotiate modern and competitive service level agreements across its adult services. 4. Rulherford school to be an Ofsted outstanding school and recognised nationally fDr its excellence within the PMLD field. 5. Being an employer of choice. The Foundation has referred to the guidelines set out by the Charity Commission on Public Benefit when reviewing its aims and objectives and in the planning for its future. The achievement of our objectives is always challenging as both slatulory and voluntary funds are limited. number of volunteers operate in most aspects of the charity and without their help some activities would not take place. The charity shops are largely staffed by volunteers, several help in the school and al Bramley Hill on a regular basis, as well as occasional events held during the year. The Trustees are. as always, extremely grateful for the enormous conlribulion provided by these volunteers.
THE GARWOOD FOUNDATION IA Company limited by Guarantee- Reg.No. 012858581 DIRECTORS, REPORT Icontinuedl ACHIEVEMENTS and PERFORMANCE During the year we continued to provide high quality education. care, nursing, therapy, and activities to service users, as well as support to carers. Demand for our services remained high. Jean GarwoDd House began and ended Ihe year full with 14 residential placements lan average occupancy of 13 across the yearl, the Rutherford School had 28 students enrolled for three quarters of the year127.75 avera9el, and 58 service users were registered with Bramley Hill al the end of the year lan increase of 11 from the previous yearl. We were pleased that negotiations wilh local authorities resulted in fee uplifts. Bramley Hill's main contract with Croydon increased by 6.10, and across the iiidividual contracts for residents at Jean Garwood House tariffs increased by 7.3'/,. This enabled the Foundation lo manage the impact of increased costs, adiusl salarie5 to ensure that we can recruit and relain staff, make a surplus and therefore increase liquidity. During the year we finalised the design of the 19-25 building development at the Rutherford School, with planning perfflission granted in March 2024. The new improved design will increase the school's capacity up lo 38 students enrolled through building an additional classroom. It will provide a large hydrotherapy pool, create a therapy hub within the school, and repurpose an existing room lo create a cornmu nily café space. At the lime of writing this report building work has commenced on site. The new hydrotherapy pool is due to be completed in July 2025, with the full building programme reaching practical completion in December 2025. We finalised our re-brand for the organisation. The new logo, mission, vision and values and strapline 'where every ability shines, were introduced to our new websile Idesigned during the summer of 2024 for launch in Seplemberl. Rebranding of our shops, vehicles, literature, and property will follow. Jean Garwood House has developed under new management. Yvonne Gordon stepped up from the role of deputy to become the CQC Registered Manager of the home. During the year the residents, corridor wa5 redeGorated and carpeted, a tracked hoist was installed, our IT system was upgraded and CAREIS is being introduced on a phased basis. This is an electronic care record system that records our care and support intepJenlions, has online training, a suite of policies, clinical audit templates, incident reporting. and staff recruitment records, appraisal, and supeNision. Ils implementation is a key slep lo evidellcing that care standards are being met, and further rall-out will take place during the 2024125 year. Throughout the year we employed an experienced HR Manager to provide Human Resources support across the Foundation. Lisa Skelton has worked across the foundation to provide HR support and advice to the service heads. This was particularly helpful at Jean Garwood House with the promotion of two staff into the Manager and Deputy Manager roles, respectively. Having made a difference to the organisalion, Lisa will be leaving the Garwood Foundation al the end of 2024 and has recruited an HR Officer into post ahead of her departure. Our support extends lo carers of people living with disabilities. Our Carer's Forum, a peer support group with 20 carers, mel a number of limes during the year. Carers were able to share their experiences and memories and provide advice and support lo one another. One highlight was a social visit lo London on the fast-clipper boat from Greenwich, where the group included a newly bereaved relative making their first trip out after losing her daughter (who was a regular
THE GARWOOD FOUNDATION IA Company limited by Guarantee- Reg.No. 012858581 DIRECTORS, REPORT (continued) attendee at the Bramley Hill Day Cenlrel. Since then, she has continued to be part of the Carer's Forum as part of her ongoing journey. We were pleased to provide a wide range of activities to people who use our services. The number of people attending the Bramley Hill day centre averaged around 33 a day, with Wednesday being the busiest day with 38. This include5 the residents from Jean Gamood House, which is next door to the day centre. In addition to a full timetable of activities provided within the centre, external activities included wheelchair sports sessions organised by the Change Foundation, weekly bowling sessions, cycling al Croydon Arena, visits lo Godstone Farm and garden cenlres, plus special outings such as a boat trip from Greenwich lo Westminster and our annual interactive MLJSIC day called OrchLab al the Royal Festival Hall with the London Philharmonic Orchestra and Drake Music. The Learning Zone was expanded lo five sessions a week, Goveiing geography, world news, maths. English, reading and writing. Travel training provided within our Learning Zone programme, enabled 4 users to travel on a tram lo Merton Park. Thank5 to a generous donation from the Screwfix Foundation, we were able to upgrade the flooring within our hydrotherapy pool room at Bramley Hill. The Rutherford School provided a wide range of opportunities for learning, development, health, and wellbeing. Our bespoke Gurriculum covers five holistic areas.. My Body, My World, My Voice, My Independence, and My Wellbeing. The success of Dur curriculum lies in the interdisciplinary work between the highly skilled mLJltidisciplinary team consisting of Physioth8rapy, Occupational Therapy, Speech and Language Therapy, a Visual Im pairment specialist, Nursing and Teaching tearns. This collaborative work enables sludenls to access bespoke learning activities and therapies. suited to their specific abilities and needs and provides the platform for a successful educational journey at the school. This approach has a positive impact on student attainment. the development of skills, and on ernolional and mental wellbeing. The 2023-2024 academic year included a wide variety of educational activities which exposed students lo cultural and social experiences. Student activities locus on celebrations such as Diwali. Remembrance Day, World Earth Day, National Disabilities Week, Eid, Easter, Black History Month etc. Highlights in 202314 include a Christmas production by students and staff with supporting acts from the John Fischer school choir and clarinetlisl Margaret Archibald,. a Valentines Ball., our World Book Day Celebration,. and the Rutherford Festival (which included a Cultural Diversity Day, Pride@Rulherford, Butterfly Day, the Big Hangout, and a music Festival featuring a performance from a local acoustic musician). Other participation events included Sports week, where our students accessed sporting events hosted by the John Fisher school." and enlry Into The National Song Competition, where our Music Therapisl Sarah Kong composed and produced an original song that featured students and staff. The school was delighted to have been presented with the Merial Gollin Challenge Cup by Alan Tilchmarsh on behalf of the London Children's Flower Society at the Guildhall in London for the 'Garden Achieved Under Most Difficult Conditions. I n addition, there has been a wide variety of community trips including shopping in Croydon, bowling, cinema and visits to Lloyd Park and Coombe Gardens. The leaching team were committed to providing our students with exciting and varied work experience placemenls in the community. The slLJden15 continued to support the work of local food banks,. helped preparing for the lunchtime shift in a local pub., look part in drarna sessions at
THE GARWOOD FOUNDATION IA Company limited by Guarantee - Reg.No. 012858581 DIRECTORS, REPORT (continued) Trinity School., and helped with horse care al a local stable. Successful work experience placements are a fantastic way for us lo develop our community links and educate other young people about Profound and Multiple Learning Disabilities. We are also grateful to the Tim Henman Foundation for funding the purchase of standing frames. Online safely, relationships, being healthy, and mental health formed part of our programme for Relationships and Sexuality Education IRSE). The school's achievements took place under the leadership of Head Teacher Suzanna Bance. Prior to the summer break a handover look place with Diane Elleman who steps in as Interim Head Teacher while Suzanna takes parental leave. In the year to August 2024 the overall consolidated position for the financial year shows a surplus of £229,12512023.' £230,370) which includes an unrealised gain of £27,661 12023 £3, 0061 upon the revaluation of the investment portfolio. The operating surplus of £201,464 12023.. £227,364} includes depreciatlDn charges lotalling £63,093 {2023.' £66,083). Two of the three services (Rutherford School and Bramley Hill Day Centre> were in surplus, after taking into account the income derived from the hire ol facilities at the cenlres, and after deducting charges far central 5UPPOrt services and depreciation. Jean Garwood House incurred higher than planned agency expenditure used to cover staff vacancies which, combined with a period where the home had two vacant rooms, contributed to a deficit of £71 k, after deducting charges for central support services and depreciation. The trustees are grateful for the continuing support of health and local authorities, with particular reference lo the London Borough of Croydon. which has continued to fund over 50°/0 of The Garwood Foundations SeIceS. The Foundation has an investment portFolio valued at £345,974 invested (£318,313 at 31, August 20231. The policy of the Foundation 15 to hold this portfolio as part of ils reserves for future project costs. The performance of the investment porttolio was 8.7 /0 and in line with ils objective of increasing in line or above with inflation. Social, environmental, ethical considerations are discussed with the investment manager, as is the appelite for risk. The investment property, a bungalow adjacent to the Rutherford School in South Croydon, was occupied throughout the year u nlil the end of June 2024, and then vacated. We redecorated the bungalow both internally and externally ahead of placing it on the market for sale. The proceeds will be used as part-fund ing for the building developments taking place at the Rutherford School during the 24-25 school year. The income from the investment property, donations, legacies, appeals and the two shops helped lo produce the consolidaled surplus shown in the accounts. The shops are operated by Croydon CP Trading Limited, a wholly owned subsidiary of The Garwood Foundation. The shops produced a nel profil of £63,8481£46,326 to August 20231, on a turnover of £177,880 (£210,338 to August 20231. The profit is donated lo The Garwood Foundation in accordance with the Memorandum of Association of Croydon CP Trading Limited.
THE GARWOOD FOUNDATION IA Company limited by Guarantee - Reg,No. 012858581 DIRECTORS. REPORT (continued) FINANCIAL REVIEW The surplus of incoming over outgoing resources for the financial period (see page 16 of the accounts) amounted to £229,12512023'. surplus of £230,370). The total incotne generated from all sources amounted lo £3,262,27212023. £3,068,667) and the total resources expended wcre £3,060,808 12023.. £2,841,303). The Foundation recognised a nel unrealised gain on its investments of £27,661 12023. £3, 0061. A detailed breakdown of all these figures is shown in the attached accounts and notes. The outcome for this period is summarised in Achievements and Performance labovel. The principal long-lerm risk and uncertainly facing the Foundation is that of local authority funding_ The risk is mitigated by the Foundation nol being fully dependent on any one local authority and is managed by communicating wilh the local authorities on an ongoing basis. A shorter-term risk relates to cash-flowing the building project, for which a Charity Bank loan facility has been agreed Ifor ijp to £600kl BASIS OF ACCOUNTING These financial statements have been prepared in accordance with the Companies Act 2006, applicable to small companies and in accordance with the Charities SORP 2019 IFRS1021. FOUNDATION'S POLICY ON RESERVES The Foundation's policy on reserves is to maintain a reasonable balance to ensure that normal running costs can be met as and when they fall dLJe, and the aims and objectives of the charity can be achieved. The Foundation looks lo ensure that at any given lime there are liquid reserves available of a minimum of 100/0 of annual turnover and this being a minimurn of 3 months of operating costs. In this respect, an investment fund portfolio is held, with a market value of £345,974 at 31"ALJgust 202412023.. £318,313). Total reseNes al 31 August 2024 amounted to £4,553,459 12023.. £4,324,334), of which restricted reserves amounted to £3.573 12023.. £108,180). Reserves designated for the capital project amounted lo £1,012,945 12023.. £215,783) and unrestricted reserves amounted to £3.536.941 12023.. £4.000.371) of which a total of £2,672,52712023.' £2,688,848) is represented by freehold and leasehold properties that are used by the Foundation in its operating activities. At the balance sheet date, £362,331 12023.. £180,895) has been spent on the Capital Project and financed from designated and restricted reserves. Al the balance sheet date, the unrestricted funds represented by net assets other than tangible fixed assets and investment properties amounted to £404,721 12023.. £557,772), which is in line with the Foundation's policy on reserves. The Garwood Foundation could not provide the breadth of service without the kind support through legacies, grants, and donations.
THE GARWOOD FOUNDATION IA Company limited by Guaranlee - Reg.No. 012858581 DIRECTORS, REPORT (continued) FREEHOLD PROPERTY The nel book value of the freehold property at 1 a Melville Avenue al 3151 August 2024, (included in the account5 at £2,592,076 is considered by the directors to be satisfactory, although this is less than the figure Df £2,765,000 al which il was professionally valued for insurance purposes on 11 May 2009. The Directors aim to obtain a professional valuation of Ihe property after the completion of the sile development at RLJlherford School. PRINCIPAL FUNDING SOURCES These are.. Local Authorities Donations, grants, and legacies Gross turnover of subsidiary company Hire of facilities Investment income £ 2,840,638 104,511 177,880 127,080 12,163 Expenditure has supported the following operations: Bramley Hill Centre Jean Garwood House Rutherford School 487,058 732,186 £ 1697761 Total resources expended on charitable activities (including support Gosts) £ 2917005 PLANS FOR THE FUTURE Key objectives are to.. maintain, support, and develop safe and effective services lo meet current and future needs of people living with disabilities and those affected by il ensure that statutory and grant funding is suff icient to deliver outstanding services to the people it supports to complete the construction of the hydrotherapy poo5 and commence construction of the classroom block extension at the Rutherford School. facilitate the onward transition ol students at the age of Iwenly-five from the school to other services. fully implernent the organisation's 'rebrand' ensure that our information systems are appropriate to support Ihe delivery of our programmes.
THE GARWOOD FOUNDATION IA Company limited by Guarantee- Reg.No. 0128585BI DIRECTORS, REPORT (continued) STATEMENT OF DIRECTORS, RESPONSIBILITIES IN RESPECT OF THE ACCOUNTS The Trustees (who are also Directors of The Garwood Foundation for the purposes of company law) are responsible for preparing the Directors Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Directors lo prepare financial statements for each financial year. Under company law the Directors must not approve the financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable com pany and of the incoming resources and application of resources, including the income and expendilure, of the charitable company for that period. In preparing these financial Statements, the trustees are required to.. Select SLJitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP 2019 IFRS 1021 Make judgements and estimates that are reasonable and prudent Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation The Iruslees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable thern lo ensu re that the financial statements comply with the Companies Act 2006. They 3re also responsible for safeguarding the assets of the charitable cornpany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. There is no relevant audit information of which the charitable company's auditor is unaware., and The trustees have taken all steps that they ought lo have taken to rnake themselves aware of any relevant audit information and to establish that the auditor is aware of that information Each director has laken all steps that helshe ought lo have taken, as a director, in order lo make himlherself aware of any relevant audit information, and lo establish that the company's auditors are aware of that information. resolution to review the Charity s Auditors will be submitted at the next Board of Trustees meeting. This report has been prepared having taken advantage of the small companies, exemption in the Companies Act 2006. Regi%lered Office 1 a Melville Avenue South Croydon, Surrey CR2 7HZ By order of the Board Frank Newton Chairrnan Dated. Iq lozs
io THE GARWOOD FOUNDATION Annual Report 31. August 2024 INDEPENDENT AUDITORS, REPORT TO THE MEMBERSOF THE GARWOODFOUNDATION Opinit>n WÈ have audited the financial statements ol The GarwDod Foundation Ithe'parent company'l and it5 subsidiaries Irhe 'group'l for the year ended 31 August 2024 which comprise the Group Staiement of Financial Acti¥itie5, the Group and company Balance Sheets, the Group Statement of Cash Flows and notes to the financial statement5, including significant 3ccounlin8 policies. The financial rÈporting framework that has been applied in their preparation is applicable law and United Kingdorn Accountin8 Standards, includin8 Financial Reporting Standard 102 The Financial Reportln8 Standard applicable in the UK and Republic of Ireland (United Klngdom Generally Accepted Aciounting Practicel. In our opinion the financial 5taternent5'. give a true and fair VIÈW of the state of the group and of the parent company's affairs 35 at 31 August 2024. and of the group's profit for the year then Ended- have been properly prepared In 3ccordance with United Kingdom Generally AicÈpted Accounting Pr3crice.' and have been prepared in accordance with the requirements of the Comp3nie5 Act 2006. Basis for opinion We CDnducted our audit in atcordance with International Standards on Auditing IUKI IISAS IUKII and applicable low. Our responsibililie5 under those standards are further described in the Auditarfs responsibilities for the audit of the financial staternent5 Section of our report. We are Independent of the grDUP in accordance with the ethical requirement5 that are relevant to our audit of the financi315tatements in the UK. including the FAC'5 Ethiial Standard, and we have fulfilled our other ethical responsibilities in accordanie with these requirernent5. We believe that the audir evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
li THE GARWOOD FOUNDATION Annual Report 31" August 2024 INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE GARWOOD FOUNDATION Iconiinuedl CDncluslons rÈlating to going concerrb In auditing the financial Statements. we have concluded that the trustee5' Use of thè going concern basis ol 3ccounting in the preparation of the financial stat8rnent5 is appropriate. a5ed Dn the work we have pertormed, we have not identifiÈd any rnaterial uncertaintSes relating to events or condition5 that. individually or collectively. moy cast significant doubt on the group'5 or parent companvs ability to tontinLte a5 3 Boing ionEerrb lor a period ol at least twelve month5 from when the financial statemEnts are authorised for issue_ Our respon5ibilrties and the responsibilities of the trusrÈes with respect to going concern are described in the relevant sections of this report. Other informatlD The oiher InfDrmation comprises the JnfDimarion included in ihe annual report, other than the financial statetnents and our auditorf5 report theTEDn. The trustee5 are responsible for the other infortnation contained within the annual report. Our opinion Dn the financial statement5 doE5 not cover the other information and, excepr 10 the extent otherwise expli£itly stated in our report. we do not express any ftsrm of assurance onclusion thereon. Our responsSbility is to read the other inforrnation and, in doin8 50, ionsider whether the other information 15 rnaterially Inconsistent with the financial statements or our knowledge obtained In the tourse of the audit, or otherwise appèars to be mateiially misstated. If we Identify such material inconsistencie5 or apparent tnateria5 mi55tatement5. we are required to deteTrnint whether thi5 gives rise to a material rni55tatetnent in the financial statement5 thErnselvos. 11. based on the work we have performed, we conclvdÈ that there is a rnaterial tn155tatement of thi5 Other information, we are requiretl to report ihat fact. We have nothing to repart in this regard. Oplnlons on other matters prescribed by thÈ Companies Act 2006 In OUT opinion, based on the work undertaken in the course of the audit.. the information given in the irustees, report for thc financial year for which the financial siatemenrs are prepared is congstÈnt with the financial statements-, and the tru5tee5' report have bcen prepared in accordance with 3pplic3ble legal requirernent5.
12 THE GARWOOD FOUNDATION Annual Report 31. August Z024 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GARWOOD FOUNDATION Icontinuedl Matter5 on which we are re4uired to report by exception In the light of the knowledge and understanding of the group and the parent cornpany and their environment obtained in the course ol the audit, we have not identified tnaterial misstaiements in the trustees. report. We have nDrhing to report in respeit of the following rnatter5 in relation to which the Companies Act 2006 require5 115 to report to you if, in our opinion-. 8dequate a£counting reiords have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us,. or the parent company financial statements are not in agrÈÈmÈnt with the accouniing rÈcDrds and certain disc105ures of trustee5' remuneration specified by law aTe not made; or we have not rE¢eivÈd all the information and explanation5 we require for our audit,. or the trustee5 werÈ not entitled to prepare the financial statement5 in ai£Drdance with the small cornpaniÈs regime and take advafttage of the Small companies, exemptions in prepaiin£ the tru5tees' report and from the requirement to prepare a 5tiategic report. Responslbllltle5 of trustees As explained more fully in the trustees, responsibilities statement, the Iru5tees are responsible for the prepararion of the financial statemEnts and for being Satisfied that they give a true and fair view, and for Such nrernal control 35 the tru5tee5 determine 15 necessary to onable the preparatitsn of financial statement5 thit re free from material mi55tatetnent, whether due to fraud or error. In pr2paring the financial Statements, the trustee5 are responsible for 8sse55lng the group's and the parent company'5 ability to continue a5 a goinE toncern. disclosing. as app1ic3ble. matters related to going concein and USlnE the gDin£ concern ba515 of acccuniing unle55 the trustees either intend to liquidate rhe group or the parent company or to cease operations. or have no realisiic altern3tive but to do so.
13 THE GARWOOD FOUNDATION Annual Report 31" August 2024 INDEPENDENT AUOITQRS. REPORT TO THE MEMBERS OF THE GARWOOD FOVNDATIOfrI Icontlnuedl Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the finarncial 5taternent5 as a whole are free from rnaterial mi551atemcnt, whether due to fraud or error, and to issue an auditols report that includes our opinion. Re350nable assurance is a high level of a55urance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always det¢ct a material mi55tat2ment when it exists. Misstatement5 can aris from fraud or error and 6re ionsidered material if, individually or in the aggregate, they could reasonably be expEtted to influence the econornic decisions tsf users taken on the ba515 of these financial statements. Irregularities. including fraud, ère instances of non-compliance with laws and regulation5. We design procedure5 in line with our responsibilities, Olbtlined above. to detect mateyial mi55taternenis in respett of irre8ularitie5, iniluding Iraud. The extent to which our procedures are capable of deletting irregularities, includinK fraud is detailed below.. We enquired of management ano the finance, audit and risk committee, which included obtaining and reviewing SllPPOrting documentation. concerning the charity's policies and procedures relating to.. IdÈntifying, evaluatin& and complying with laws and regulations and whether they were ware Df any instance5 of non-compliance.. Detecting and responding to the risks of frèud and whether ihey have knowledge of any actual, 51Tr5pected, or alleged fraud; The intÈrn31 controls established to vnitiBatt risks related to fraud or non-compliance with laws and reeulations. We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the legal and rÈgulatory framework that the charity operates in, foiu5ine on those13ws and regulations that had a material effect on the financial statements or that had a fundamenial effect on the oper3tions of the charily from our professional and sector experlence.
14 THE GARWOOD FOUNDATION Annual Report 31, August Z024 INDEPENDENT AUDOR5. REPORTTO THE MEMBERS OF THE GARWOOD FOUNDATION Icontinuedl We communicated applirable13ws and re8ulatlOn5 throughout the audit team and remained alert to any Indication5 of non-compliance throughout the audit. We reviewed any reports made to regulator5. We reviewed the financial Statement disc105ure5 and tested these to SUPPOrting docurnentation io assess compliance with appliiable law5 and regu5atbons. We performed analytical procedure5 to Identify any unusual or unexpected relationship5 that may indicate r15k5 of mèterial missl3ternent due to fraud. In addre55ing the risk of fraud through managernent override of tontrols, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgemÈnts made in making accounting Èstimate5 are Indiiaiive Df a potential bia5 and tested significant tran5a£tions that are unusual or those outside the normal course of business. BÈcause of the inherent limitations of an audit. thÈre Is a risk that we will not detect all irre8ularitiÈs, includin8 those leading to a material misstatement in thÈ financial statemen15 or non-compliance with regulation. Thi5 risk increases the more that compliance with a law or regulation is remD¥ed from the events antj tr3n5actions retlected In the financi315tatements. a5 we will be less likely to become aware of instance5 of non-cornpliance. The risk is also greater regarding irregularities occurring due to fraud rather than ErroT. as fraud involve5 intentional concealment. lorgeryi collusion, oMSsion OT misrepresentation. A further description of our responsibilities is available on the Financial ReportlnE Council's webslte at.. htt www.ffc.or Our-work Audit Alldit-and-assurance tandards-and- uidance Standards-and. nc r-auditors Audttors-res onsibilities-for-aud*t Descfl tion-of-audi nsi audit.as This derIptIOn forms part of our auditor's report. Use of our report This rcport is made 501ely to the company 5 members. as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's metnbers those matters we are fequired to st3te to them in an auditor's report and for no other purpose. To the fullest extent perrllitted by law, we do not accept or assume responsibility to an¥onÈ other than the iompany and the company s mernbers as a body, for our audit work, for this Teport, or for the opinion5 we have formed.
15 THE GARWOOD FOUNDATION Annual Report 31" August 2024 INDEPENDENT AUDITORS, REPDRTTO THE MEMBERS OF THE GARWOOD FOUNDATION Icontlnuedl Neil Joh son (Senior Statuiory Auditor) FDr ènd on behalf of Bryden Johnson Llmlted 1-4 Kings Parade Lower Coombe Street Croydon CRO IAA Chartered Accountant5 Statutory Audltor Date:
16 THE GARWOOD FOUNDATION Annual Report 31st August 2024 CONSOLIDATED STATEMENT OF FINANCIALAcfiviTIES IlncDrporating an Incorno & Expenditure Account) for the year ended 51 August 2024 Designa:ed Funds Notcs Funds Funds Funds 2023 Income & Endowmènts from. 57.OLY 304.960 12.163 2.840.638 3.214.780 47.492 104,511 3Q4,960 12,163 2,840,638 3.262,272 86,191 311,785 16.326 2,654,265 3,068,667 47.4Y2 Expenditure on.. 134.280 2.B99.906 3,034,IB6 9.523 143,803 2,917.005 3,or)(1,808 io 189.592 2,651,711 2,841,303 17.099 17,099 9.523 180,594 30.393 201,464 227,364 on iDvesltncnt aSSPt% 27.661 27.661 27.661 27,661 3,006 3,006 Net IncomellExpenditurel 208.255 3D,393 229.125 230.370 GrDSS transtcrs between funds 806,6RS 1135,0001 15 Net irncDrnIDg resources before other 797,162 229.125 230,370 Net movetnent In funds 1463,4301 797.162 11(M.6071 229,125 230,370 Total fundE brought lorwAid 4.000.371 215,783 L08,1¥0 4,324.334 4,093,964 3,536,g41 1,012,945 4.JJ3,459 4,324,334
17 THE GARWOOD FOUNDATION Annual Report 315t August 2024 CONSOLIOATED BALANCE SHEET AS AT 31 AUGV5T 2024 Group Charity 2024 2023 2D24 Total Funds 2023 Notes Fund5 t0181 funds total funds Fixed Assets Tangible a5set5 Inve5tm8nts Total Fixed Assèis 3,132,220 945,974 4,078,194 2,950,599 913,313 3,868,912 3,132,220 945,976 4,078,196 2,950,599 918,315 3,868.914 Current Assets Debtor5 Cash ar bank Bnd In hand Tota1 Current Assets 322,469 636.379 958,847 576.433 599.642 I,L76,075 354,632 596,201 950,833 704,365 467,288 1.171,653 CreditDf5 falling due within l year Net Current Asset5 483,583 475,265 720.652 455,422 47i.570 475,263 716,233 455,420 4.553,459 4,324,334 4,553,459 4.324.334 Net A55et5 Including Pension Liability 4.552,459 4,324.334 4,553,459 4,324.334 Funds of the Foundation Unrestricted Income Fund5 15 3,536,941 4,000,371 3,536,941 4,DOO,371 Desi8n3ted Income Funds Is I.OL2.945 215,783 1,012,94i 215.783 Restricted Income Fund5 15 3,573 108.180 3.573 108,180 Tot31 Foundation Funds 4,553,459 4.224.334 4,553,459 4,324.334 These financial statements have bcen prepared In accordance with the prpvisions applic3ble to compdnies subject to the srnall companies regime within Part 15 of the Companie5 Act 2006, and In accord3nce with the Charities SORP IFR51021 and were approved by tho board of director5 and authorised for issue on.---. and are signed on It5 behalf by Frdnk Newton Direttors lan Trumper Company Registration Number- 01285858
18 THE GARWOOD FOUNDATION Annual Report 315t August 2024 CON50LIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST AUGUST 2024 2024 2023 Net Cash Used in oper3tlnE activlties Inote 201 269,292 6,647 Cash Flows fiom investing activitie5 Inve5tTnent income Proceeds from disposal of Fixed Assets Purchase of Fixed AgSEts 12,163 16.326 14,500 1106.3511 1244.7181 Cash Provided by Iu5ed inl invE5ting activities 1232,i551 175,5251 Increase Idecre35el In cash and cash equivalents end of the period 36.737 168,8781 Cash and Eash equivalents at the beginning of the period 599,642 668.520 Total cash and cash equivalents at the end of the perlod 636.379 599.642 Held as.. Cash at bank and in hand 636,379 599.642 Total tash and cash equlvalents at the end Df the perlod 636.379 599,642 The Foundation has no overdrifts, loans or findnce lease5, and therefore no retonciliation ol net Cash flow to movement in nct dobt 15 nEcessary Ithe only cash or debt mOVLmeiits are those shown abave and in noie 201.
19 THE GARWOOD FOUNDATION Annual Report 315t August 2024 NOTE5TO THE CON50LIDATED FINANCIAL STATEMENTS For the year ended 31st August 2024 I ACCOUNTING POLICIES al COMPANY INFORMATION The Girwood Found3110n Is a privale Ilmitcd comoany limited bv guarantee, incorpDfated In Englaiid and Wales. The Rogi5tcrod Office is la Mclville Avvnue. South Croydon. Surroy. CR2 7HZ. The tompany registration number 15 01285858. bl BASIS OF PREPARATION The a¢counis are prep?rod In Sterling. which is Ihc funclional currency of the Charity and the Eroup Mjnetary arnounls in these financial statement5 arc rounded to the nearest £ In applyinR the financial reporting IramEWoik. I iruslees have made a number of subjective judgement5, for cxDmple In to be reasonblE under the circumstance5 The nature ol thc estimaiion mean5 tho actual outiomcs could dilfEr from those cl PUbLIC BENEF.'T ENTITY dl GOING CONCERN periud el INCOMF Income, except for Rrant incorne 1% atttsuntÈd for on an accruals basis. Granl'ncDrne 1% rp.cognised under the perfDrtnanr.p rnodel, whereby è gr¥nt that dues nor impose Specified future performancp-related condition5 15 rccogn15ed In Intome fl EXPFNDITURE gl ALLOCATION OF SUPPORT COS I S
20 rHE GARWOOO FOUNDATION Annual Report 31st August 2024 NOTESTO THE CON50LIDATED FINANCIAL STATEMENTS IcontiDLJedl For the year ended 31st August 2024 h) TANGIBLE FIXID A55ETS Frcchold prDp¥rry Property bnder construction Leasehold proporty improvcmL'nis IO% on cost pèr annum Ibul 5eE nnte beluw) 5% on cost per annum 20YJ ¢QSt per anThum Thc ind ihe original 51hool building were don3ted'.o the Found3lion tn3ny years dgD aid therefore havc no cost on the Balanie Sheet. and the ?ropertV 15 In use 11 OPERATING LEASES 11 INVESTMENT5 investment5 in the PEfiDd. kl FINANCIAL INSTRUMEMTS 11 PENSION5 ml TAXATION nl CASH AT BANK AND IN HAND ol DEBTORS Trade aiid other debtors are fe.tr)gnised al the se'.Ilemenl Amnunt due 3rte.r any di5COdnt Dffpred. PrEpayments are v3lued at the artiount prepaid net of any di5count5 due pl CREDITORS AND PROVISIONS
THE GARWOOD FOUNDATION Annual Reporr 315t August 2D24 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icolltinuf dl For the ypar ended 31st August 2024 q) CRITICAL ACCOUNTING ESTIMATES AND IUDGEMENT5 aS5umpiions about the carrying amount of asseis and liabilities that are nDt readily APPArent Irorn othe.r sources. The Tho e5timate5 and underlying assumptions are revicwed on an Dngoing basi5. Revisions to aicountin8 cstirD3tes arv revision and future pcriods whvre the rcvisiDn affects both current and future PEfiod5 The Charity makes an estimate of ihe recoverable v31ue of dEbtor5. When as5e5sinR Impairment of debtors, the Trustees a55ets. The ecDTromic lives and rSidUal valu05 are re-Jssessed annually. Thcy are atnendEd when netessary to rcfloct NO1 3 fjr the carrying amount ol property. p12nt and equipment Rnd Note Ih for thÈ depreciation policy for each cla55 Df a55et.
22 THE GARWOOO FOUNOATION AnttDal Aport Ilsl Augu5t2024 NQTESTQ THE IONSOLIOATED FIF4Atr4CIALSTATEMENT5 Ir(Mlfinuédl 3 TANGI8LEA55Ef&-GAOUPAND CHARirv 2,631.737 Y62.331 583,619 270.941 663.37$ 4.513n33 56l,3 NET 800K IIAIUF 451 25SSg 771 .ILO Undwca ellun 4 INVE5TMENT5 fnn.N 600.LY
TH GARWOOD FOUNDATION Annual Aèport 31stAuiu5t ZOI4 NOTESTOTHE CON50LIDAIED FIN4NCIAL5TATÉMÉNIS IcoThi1ndy S DE6TORS Sroup 2024 Group 1024 2U23 70.750 32146J 102.913 354.626 843 184.775 704.36S 6 CREDrroH5 Idupw1th onÈ yÈarl Group fjroup 5.G92 S9>7 710.652 6US.692 155.S77 483. 141.664 475.570 716.233 7 INCOME FROM GAAFITS, OOPIATtot45& LE6AIIES 2U24 47,492 86,291 OTHER7ftADIPIGAcnvmE5 Unre&tntte 2024 127,QRf> I7780 304.9fw) i?? 21Q.338 9 IMC(IME FROM CHARITABIEACTlVt¥lE5 1014 Sth.899 1.726.118 2.840.638 66D.8gY 1.726.418 2.84Q638 643,P20 2,6S4.265 IQ c05r50FAAINGFUTr15 2024 1023 2n0 5.580 189.S92 9.523 143.80# 11 EXPENDITUREON CHARITABLE A1V[TIEs(sncldlffll aototSono15UPgOrtttistIl 2024 4E7.U5 680.480 18.908 I.W.607 1.697,761 17.1
THE GARwoaD FDUMOATIDN AfflnuDI Repwt 315tAuw5t 2014 NOTE5 FOTHE CONSOLIDATEt)FINANCIAL 5TATEMEP4TS Itontlnuedl Garw¢ -hoa1 1.913 44.83) 4&g32 Id6.& 13 STAFF COSTS 2N7.932 1.99J.527 1.91126 Group 2U2J umbèr fifi mber umber 78 14 14ET INCOMEI EXPENOITURÉ FOftTHÉ YEAR 6.OE3 9.840
25 TAE GARWOOD FQUNDATION NQTESTOTHÉ C014S0LIDATEO FINAWCIALSTATÉMEP4TSlcoffltlnuedl XS MOVEME14TSIN FUNDS 4.IW.331 3.242.441 3.034.186 6?1.685 3.S36,Yl 3.180 8,D 30.ryxi 47.49? 135,L 1135.IWI 17.0991 1573 4,324.334 J.285.933 IJ.Q60.8U81 4.553.45Y 3.7L'ti fvl? 264.585 4.riJ3.964 31N6 3.D7J.67a S3.655 1.841.lQ3 R34.616 Jos,1 4.324.334 £46,436 w". 16 ANALYSIS OF NET A[[5 BETWEEN FUN05 A5AT JI AUGUST2024 Dèbtors 600, 132.220 915.974 322.4Eg 636.379 3.$8J1 4.S53.4Sg 4.W3.371 ios.r 0.599 571433 1?2Q.652 4.117.334
16 THE SARWOOD FOUPIDATIDN 2024 4Q,$44 18 MEMBERS. GVAHANTEE 19 CAPITAL EXPENDITURE COMMITMENT5 20 RECONCILIATION OF NETMOVEMENTS IN FUWDSTQ NET CASH FLO¥V FROM OPERA71NGAcfiviTIES 20 3.Q¥ 21 RELATED PARTYTRANSAt7iop45 22 OPERATING IEASE COMMITMENTS
27 ThE GARWOOD FOUNDl4llQN Aftnual Roport 3151 Auiust 2024 NOTE5TDTHECONSOLIDATED FINANCIAL STATEMENT5lcontinued ForthÈytarended 31stAusust 2014 ia CONTINGENT ASSETS Id TWITION 25 NON-AUDIT 5ERWCES PAOWOEO BY AUOITQRS
28 THE GARWOOD FOUNDATION ADnuJl Report alst Augus12024 NON CONSOLIDATEO STATEMENT OF FINANCIAL ACTIVITIES Iihcorporating an Income & Expenditure Account) for thè year ended 31 August 2024 Funds 2023 Income & Indowments from.. i7.019 b3.848 127.080 1?,163 2.8GO.638 3.100,748 47,492 104.511 63.848 127,03U 12.163 2.840.638 3.148.240 86,291 46,326 IOL,447 16,326 Z,654,265 2,904,655 47.492 2n,248 2,899.9Q6 2.920.154 9,S23 29,771 Z.917,005 25,580 2.651.711 2,677.291 17.099 17.099 9,523 180,594 30,393 201.464 ZZ7,364 GainlLuSS on Investwent $Sel$ 27.661 27,G61 27,661 27.661 3,006 3.006 Total Npt Incnme/lExpenditurol 208.255 30.393 229,125 23D,370 Gros5 translcrs bptween fundi 1671,6851 BD6,685 1135.ODOI Net iicoming resource5 hEfort other 797,Ib2 1104,6071 ??9.125 23D.370 Nor movoment in fund5 1463,4301 797,162 1104.6071 229,1?.5 230,370 Total fund5 brought lorw3rd 4.000.371 215,78 108,ISO 4.324.334 4,D93,964 3.536.941 l.D12,945 3,573 4,553,459 4,324.334