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Registered number: 11903988 Charity number: 1184261 THE GROWTH PROJECT (A company limited by guarantee) UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE GROWTH PROJECT (A company limited by guarantee) CONTENTS
| Page
Reference and administrative details of the Company, its Trustees and advisers | 1
Trustees' report | 2 - 4
Statement of financial activities | 5
Balance sheet | 6 - 7
Notes to the financial statements | 8 - 13
THE GROWTH PROJECT (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025
Trustees | Paul Freedman
| Julie Besbrode (resigned 16 July 2025)
| Graham Goodkind (resigned 16 July 2025)
| David Bloom (resigned 16 July 2025)
| Nicole Sorrell (resigned 16 July 2025)
Company registered number | 11903988
Charity registered number | 1184261
Registered office | 2b Dartmouth Road London NW2 4EU
Accountants | IT & Accounting Solutions Limited Certified Practising Accountants 28 Harrow Way Maidstone Kent ME14 5TU
Page 1
THE GROWTH PROJECT (A company limited by guarantee) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statements of the Company for the year 1 April 2024 to 31 March 2025. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. Objectives and activities l Policies and objectives The charity's objects are for the public benefit to promote and support the education, development and training of actual and potential leaders of third sector organizations (‘third sector leaders’) and without limiting the general scope of these objects by: · (i) educating, developing and training actual and potential third sector leaders by providing sustained one to one mentoring and guidance to them from individuals with substantial relevant experience in industry and commerce with a view to providing and/or enhancing the skills required by third sector leaders to manage and lead successful third sector organizations; · (ii) communicating the expertise and learning in the course of the mentoring process described in (i) above to any third party including but not limited to third sector organizations and individuals working for or with those organizations with a view to improving as a whole the leadership skills and expertise within third sector organizations in the United Kingdom. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. Achievements and performance l Main achievements of the Company We have a particular focus on finding businesses who have already awoken to the need to be a force for good. Accordingly, we have started to focus our efforts on attracting businesses who are accredited as “B Corporations” of which there are over 2,500 in the UK alone. Our only significant expenditure has been to revamp our website in line with our strategy to attract more BCorporations in future years. The costs associated with this work relate solely to web development and design delivered by third parties. Financial review Page 2
THE GROWTH PROJECT (A company limited by guarantee) l Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. l Principal funding The charity’s operations were historically funded from two sources: a three-year grant from our founding partner, Sage Foundation and revenue from the businesses who pay for their leaders to join the program. Charities are never expected to pay for their leaders. Our funding from Sage Foundation covered a three-year period, enabling Sage to learn about the program and then take it ‘in-house’. We are delighted that this has resulted in ‘Sage Grow’ a program bringing together charity leaders and Sage leaders in the true spirit and principles of The Growth Project. Structure, governance and management l Constitution The Growth Project is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. l Methods of appointment or election of Trustees The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. Statement of Trustees' responsibilities The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' 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 Trustees to prepare financial statements for each financial year. Under company law, the Trustees 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: ∙select suitable accounting policies and then apply them consistently; ∙observe the methods and principles of the Charities SORP (FRS 102); ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
THE GROWTH PROJECT (A company limited by guarantee) Approved by order of the members of the board of Trustees on 20 October 2025 and signed on their behalf by:
Paul Freedman |
Page 4
THE GROWTH PROJECT (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025
|  | Unrestricted funds 2025 | Total funds 2025 | Total funds 2024
| Note | £ | £ | £
Income from: |  |  |  |
Investments | 3 | 234 | 234 | 303
Total income |  | 234 | 234 | 303
Expenditure on: |  |  |  |
Charitable activities | 4 | 6,606 | 6,606 | 5,838
Total expenditure |  | 6,606 | 6,606 | 5,838
Net movement in funds |  | (6,372) | (6,372) | (5,535)
Reconciliation of funds: |  |  |  |
Total funds brought forward |  | 26,118 | 26,118 | 31,653
Net movement in funds |  | (6,372) | (6,372) | (5,535)
Total funds carried forward |  | 19,746 | 19,746 | 26,118
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 13 form part of these financial statements.
Page 5
THE GROWTH PROJECT (A company limited by guarantee) REGISTERED NUMBER: 11903988 BALANCE SHEET AS AT 31 MARCH 2025
|  |  | 2025 |  | 2024
| Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 7 |  | 4,812 |  | 3,397
|  |  | 4,812 |  | 3,397
Current assets |  |  |  |  |
Debtors | 8 | - |  | 255 |
Cash at bank and in hand |  | 16,434 |  | 25,285 |
|  | 16,434 |  | 25,540 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 9 | (1,500) |  | (2,819) |
Net current assets |  |  | 14,934 |  | 22,721
Total assets less current liabilities |  |  | 19,746 |  | 26,118
Net assets excluding pension asset |  |  | 19,746 |  | 26,118
Total net assets |  |  | 19,746 |  | 26,118
Charity funds |  |  |  |  |
Restricted funds | 10 |  | - |  | -
Unrestricted funds | 10 |  | 19,746 |  | 26,118
Total funds |  |  | 19,746 |  | 26,118
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 20 October 2025 and signed on their behalf by: Page 6
THE GROWTH PROJECT (A company limited by guarantee) REGISTERED NUMBER: 11903988 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025
Paul Freedman |
The notes on pages 8 to 13 form part of these financial statements.
Page 7
THE GROWTH PROJECT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
The Growth Project is a private company limited by guarantee incorporated in England and Wales and registered charity number 1184261 in England and Wales. The registered office is 2b Dartmouth Road, London, England, NW2 4EU. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Growth Project meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
| 2.2 | Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
| 2.3 | Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT.
| 2.4 | Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 8
THE GROWTH PROJECT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Intangible assets and amortisation
Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life. The estimated useful lives are as follows:
|  |  |  | Website | - | 3 | years
| 2.6 | Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
| 2.7 | Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
| 2.8 | Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
| 2.9 | Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 9
THE GROWTH PROJECT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund.
| 3. | Investment income
|  |  | Unrestricted funds 2025 | Total funds 2025 | Total funds 2024
|  |  | £ | £ | £
| Investment income - local cash | 234 | 234 | 303
| 4. | Analysis of expenditure on charitable activities
|  | Summary by fund type
|  |  | Unrestricted funds 2025 | Total 2025 | Total 2024
|  |  | £ | £ | £
| Direct costs | 6,606 | 6,606 | 5,838
| 5. | Analysis of expenditure by activities
|  |  | Support costs 2025 | Total funds 2025 | Total funds 2024
|  |  | £ | £ | £
| Direct costs | 6,606 | 6,606 | 5,838
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THE GROWTH PROJECT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Trustees' remuneration and expenses
| During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
| During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL).
7. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 April 2024 | 3,500
| Additions | 3,500
| At 31 March 2025 | 7,000
| Amortisation |
| At 1 April 2024 | 103
| Charge for the year | 2,085
| At 31 March 2025 | 2,188
| Net book value |
| At 31 March 2025 | 4,812
| At 31 March 2024 | 3,397
8. | Debtors
|  | 2025 | 2024
|  | £ | £
| Due within one year |  |
| Other debtors | - | 255
|  | - | 255
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THE GROWTH PROJECT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Creditors: Amounts falling due within one year
|  | 2025 | 2024
|  | £ | £
| Other creditors | - | 100
| Accruals and deferred income | 1,500 | 2,719
|  | 1,500 | 2,819
| 10. | Statement of funds
|  | Statement of funds - current year
|  |  | Balance at 1 April 2024 £ | Income £ | Expenditure £ | Balance at 31 March 2025 £
|  | Unrestricted funds |  |  |  |
| General Funds - all funds | 26,118 | 234 | (6,606) | 19,746
| 11. | Summary of funds
|  | Summary of funds - current year
|  |  | Balance at 1 April 2024 £ | Income £ | Expenditure £ | Balance at 31 March 2025 £
| General funds | 26,118 | 234 | (6,606) | 19,746
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THE GROWTH PROJECT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 12. | Analysis of net assets between funds
|  | Analysis of net assets between funds - current year
|  |  | Unrestricted funds 2025 | Total funds 2025
|  |  | £ | £
| Intangible fixed assets | 4,812 | 4,812
| Current assets | 16,434 | 16,434
| Creditors due within one year | (1,500) | (1,500)
| Total | 19,746 | 19,746
13. | Related party transactions
| The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 March 2025.
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