ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) REGISTERED CHARITY No. 1090915 REGISTERED COMPANY No: 04118613 Casue View AUntIng Ltd Ground Flth)r Offices 53 High Street Arundel West Sussex BN18 9AJ
GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page 3 Legal and Admini5tratwe Informati¢ Page4to6 RepcKi of the Directors. Page 7 Statement of Financial Actwibes Page 8 Balance Sheet Pages9to15 Notes to the Finanaal Statements Page 16 Independent Examinerfs Report
GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION WORKING NAMES The Gate The Gate Arts and Community Centre CHARITY NUMBER 1090915 COMPANY REGISTRATION NUMBER 04118613 DATE OF INCORPORATION 1st December 2000 START OF FINANCIAL YEAR 1st April 2024 END OF FINANCIAL YEAR 31st March 2025 DIRECTORS AT 31ST MARCH 2025 Norman Adams Peter Brooks Paul FralS Rob Parsons Robin Vincent John Gallacher GOVERNING DOCUMENT Memorandum and ArtiCS of Association Incorporated 1st December 20¢X) as Amended by Special Resolution Dated 13th December 2002 and As Amended by Special Resolution Dated 131h December 2004. OBJECTS il The provision of. or assistance in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation, either for the benefit of the general public or for the benefit of those who by reason of their youth, age, infirmtty or disablement, elhnictty, poverty or so¢ial and economic circumstances, have a need of such facilities. ill The advancement of education of the public and the promotion of the arts. in particular, bLrt not exclusively, by the training of performers and the giving ol public perfornia[. iiil The prvservation. protection and improvement for the public benefit of any building or buildings of National. Historic, Archrtectural or Artistic or Scientrfic interest and importance. including any ancillary buildings, as shall or may at any time be vested in the Company or in respect of which the Company shall have any interest and the presetvation. protection and improvement for the public IEnefit of any amenity or other land as shall or may at any time be vested in the Company or in respect or which the Company shall have any interest and which is associated with any such building or buildings where such land is of Scientific. Agiicultural, Horticuhural or SI1¢Uhural irrteresl. CORRESPONDENT ADDRESS Glenwo(xJ Centre Circle Way West Cardrft CF23 6UW PRIMARY BANKERS The C¢)-operative Bank PO Box 250 Skelmersdale WN88 INDEPENDENT EXAMINERS Castle View Accounting Ltd Ground Floor Offi 53 High Stwt Arundel West Sussex BN18 9AJ
GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS. FOR THE YEAR ENDED 31ST MARCH 2025 The Trustees present their annual reFx)rt and financial ststements for Ihe year ended 31 March 2025. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless OtheISe stated in the relevant noles to the accounts. The financial statements have been prepared in accordance with the Ststement of Recommended Practice: Accounting and Resx)rting by Charities ISORP 20151 (Second Edition, effective 1st January 20191. the Financial ReptIng Stsndard applicable in the UK and Republic of Ireland {FRS1021, the Chartties Act 2011 and the Companies Act 2006. Objectlves and Actlvitles The objects of the Charity, as set Otrt in Ihe Memorandum and kn¢les of Associalion, are.. The provision of, or aSSistsn in the provision of facilrties in the interests of social welfare for recreation or other leisure lime occupation. erther for the benefrt of the general public or for the benefft of those who by reason of their youth, age, infirmity or disablement. ethnicity, poverty or social and economic circumstances. have a need of such facilities. The advancement of education of the and the promotion of the arts, in particular. but not exclusively, by the training of performers and the giving of puL4ic pErformances. Ensuring Our Work Delivers Gate Trust's Aims. For the Publi¢ Benefrt The Trustees are aware of their dlty to run the charty for the public benefit and are aware of Charity Commission's guidance on public benefrt. As a Charity, we regularly review our aims. objectives. and activities. In the review process. we look at what we have achieved in the last pericKI. the success of each proje¢L and the nefIts that they have brought to the groups of people they were set up to help. The review also helps to ensure our aims. objectives and fvture projects ¢onlinue to be in line with our staled purposes of existence, and cOgnant of the guidance contained in the Charity Commission's general guidance on public benefrt. Achievements and Perfornian¢e The Gate Trust is carefully considering how it will use the funds from the sale of the Gate Arts Centre to continue to fulfil the charitable objects of the Trust During the pericrtl. grants totalling £55.000 have been given, £35,000 to Glenwood Church and £20.(K)O to Going Public. Financial Review The Chartty generated an unrestricted defictt (excluding gain5 and losses on investments) during the year of -£27,947 12023124= £9.1041. Finances The overall financial picture has improved. Rg$grvos Pollcy The directors have established a FK)licy whereby the unrestricted fvThl& not committed or invested in tangible fixed assets Ithe Yree reserves") held by the charity, will be invested in appropriate external fvnds. Unrestricted fund balances carried forward at the year-end were £795.98712023124.. £820.3441. Restricted fund balances carried forward at the year-end were £nil {2023124'. £Nill. Free reserves totslled £795,98712023124- £820,344). Investment Pollcy The Directors have considered that cash funds should be derM)Sfted in Iow-risk high inlerest eaming deposits or medium risk mixed purwse investments deposits which fu11 our Charitable Objec Principal Risks and Uncertainties The principal risks are those of investment
GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS. {Continued) FOR THE YEAR ENDED 31ST MARCH 2025 Plans for Futura Periods Trust has invested the funds from the sale of the Centre into secure high interest earning accounts to keep up with inflation. while further carefully considering future strategy that would fulfil the Charitable Objects of the Gate Trust over the Coming years. The Trustees have agreed to give a grant of £50,000 to the Speakeasy Advice Centre (South Wales Law cent Ltd) during the next financial year and have agreed in principle lo support the work of the TAVS Centre in Roath, Cardtff (run by Hope Trust, registered charity 1161235) to engage, support and emwwer people in Cardtff addressing issues arising from homelessness, addiction, mental health. and isolation. The Trustees are carefully considering Ihe ongoing strategic goals of the Trust to fijlfil the Charitable Objects. Structure, Governance and Management Governing Document The Charity is a charrtab Company Limited by Guarantee, IncorpMJrated on 1st December 2000 and registered as a Charity on 4th March 2002. The Charity is governed by rts Memorandum arHJ Articles of Association. Tradlng Names The tnjsl has operated under a number of trading names including. Yhe G*e' and The Gate Arts and Communty Centre" Gale Trust Limited is based al the Glenw(MJd Church Centre in the Llanedeym ward of Cardiff, Wale5. frorn 1st Auqusl 2022. Board of Trusteas The Directors of the Charilable Company fThe Charilf} are rts Trustees for the purposes of Charity Law. and throughout this reFx)rt are collectively referred to as the Tnjstees. The Trustees meet at least once a year as a fLJII group. Trustees have been chosen based on their professional expertise and commitment to the Trust's vision and its Charitsble Objects, continuallv clarthnq the slrateqv and direction of The Gate Trust to fu1 its Charitsble Obiects. Decision Making The Trustees have made the decisions about strategy and direction. Remuneration There are no paid members of staff. Trustee Induction New Trustees undergo appropriate induction to brief them on their legal obligations under Charity Law, the content of the Trust Deed and the commrttee and decision-making process. Trustees are encouraged to attend external training events. where these will be of benefit to their role. Related Parties Gate Trust has worked closely with Glenwo(xJ Church {registered charty 1125128) and with Going Public Trust Ltd {regislered chartty 10197891. There a some Gats TnJslee5 who also a Trustees on these two Charities. Gate Trust shares some office facilities of Glenwcthl Church (phot¢)¢opier etc). Al transactions btheen the organisations are dealt with properly, with appropriate invoicing taking place them.
GATE TRUST LIMITED IA COMPANY LIMITED BY GUARANfEE) REI>ORT OF THE DIRECTORS. {Continued FOR THE YEAR ENDED 31ST MARCH 2025 ststement ot Dire¢tor¥' ResporbIlIt1es. The Charitses Act and the Companies Act rawirè thè ofTrustees to finarrial #atrnts for each finar¢k81 yèar bthieh giva a trt 4rKI f8ir view of the slate of affairs ol the thrity as at the eThJ of the finasaI year of the surplus deficit ofthe charity. In pr8paring trKM fina14 stalemerts Board is rg4uir&Y to:. Se1 SUitae (XInti[J 8rKI apFty trn ¢61stty. bl Praparè thè fina94 stateEnts the gory ccrwn bags unless it is 1naFvate to eS(ne that the charty wil contirrt in dl Statè whetsr applrAlJe a¢nj ThYards and statements of recommeTrle(t wactice have boen folh)wed gjbiect to any material departures discks6d owained in thè ffinartial ststemen The Directors are alxs f(Y maintain kn]uate recdS which dith ¥th reasonable accuracy at any time the firwncial 01 the charity aryj are sufficwt to SIM aKI exWain the ch8ritYs tranwtions 8 enable them to ensu that thè fintal slat8rne compty with ts Companies Act 2006 and ccmply wilh regulatH)ns made under the charit Act. They are aL80 resp)m"blè kn safeguardirwj the a%sèts of the charity 8ThJ IrKe for tr[j reasonable sieps the prgvorttKffi and det of fraud and other irrewlantie& Th& Directors 8re 81to re3[lb1e for ts C(terts of DireLtors' reF(rt aThJ th& resw1siIty of the i¥MlwNJènt examiner in relation to the DrtOrS, reFX)rt is limrted to &xnIn7j ts retKxI arKI erwrir¥J that (m the fa of the reporL companK?s regime. l approve attac stat8Thnt of fin8rMi81 arKI sheetfcff 31st March 2025 and confirm Ihat I have made ava¢Jable all informth necassary for rts eparat)n. (b Signed on their behalfby D1c .... ...
GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2025 (Incorporating Incorne & Expenditure Account) Unrestricted Restricted Funds Funds TOTAL 2024125 TOTAL 2023124 Notes INCOMING RESOURCES Income Resources from Generated Funds Donations & Legacies 86 Investment Income 3b 29.668 29.668 29.492 Other Incoming Resources 3¢ 212 212 4,380 TOTAL INCOMING RESOURCES 29,966 29.966 33.872 RESOURCES EXPENDED Cost of Generating Funds Cost of Charitable Activities 55,233 55,233 20,149 Governance Costs 4b 2,680 4,619 TOTAL RESOURCES USED 57.913 57.913 24.768 NET INCOMINGI{OUTGOINGI RESOURCES 127.9471 {27.9471 9.104 Balance Brought Forward 820.344 799,767 Unrealised GainsllLosses} on Investments 3,590 3,590 11,473 TOTAL FUNDS CARRIED FORWARD 795,987 795,987 820,344 Movements on all reserves and all re¢(*Jnised gains and losses are shown atx)ve. All of the charity's operations are classed as continuing. The notes on pages 9 to 15 form part of these financial statements.
GATE TRUST UMITED IA COMPANY UMITED BY GuARA1EEl BALANCE SHEEr AS AT 31ST MARCH 2025 Unrestricted Rèstrted TOTAL TOTAL Furwjs FUTr 31-IAar-25 31-Mar-24 Fixed A88•ts Tangibb Assets Investments 2.762 250.762 351.715 Current Assats Debtors & PreFoyrnents Cash at Bank and in HaTh Total Current Assets 67.377 479,746 547.123 67.37T 479.746 547,123 390,428 471.111 crltOrS.. arrk)unts falliNJ due %wthin ore year 10 1.898 2.482 NET CURRENT ASSErs 545225 545,225 468.629 TOTAL ASSETS current liatwlth$ 54S.225 545.225 468,629 Credltors: amounts fallro due in tFwi one year 11 NET ASSETS 795.987 795.987 820,344 Funds otth• Charrty Ggneral Funds Restrictsd FUNJS 795.987 795,987 820.344 Totsl Funds 795,987 795,987 820,344 Dlroetors, Responsibilltl8s: Thè Directors are satisfth that ft)r tt year ended on 31st Mwch 2025 the ctrAntaNe crynpany was to exeMOn fr(xn the requirement to obtain ajdit urKler 477 of the C(xn9ns Act 20C6 aThJ that rK) member or memters havè rèquir1 the company to Obta an art of its acc(MJfrts ts the year in qLESb.¢ in are wrth sectK)n 476 of tt ACL However, in accudae with SeCtic 145 of Ihe chareS Act 2011. the accounts have oxamined by an IndeFendent Examiner vh)se reKXXt 8prears on [ge 16. The Ljrectors ackthlge their reSp(SIll" vrith fv 1p(wirer of the CcThpanigs Act 2006 with The accounts have beèn wepared in rdan the in Part 15 of the C(panIeS Ad 20L% aFw1cae lo compan5 subpct to the SAnall ComWe$ re9 WKI in Lfnce wTrlti firrla1 RepJttwJ StsrKl8rd in the UK and ReWbI of IrelaTrY IFRS1021. with secth)n 386 of the Act for finala t8bts whh give a true and fair view of stat8 of affairs ol the ccfflpany 8s at ej of thè year a1 of ts proft and kss for ffinancpl year in )rdance with requirements of seckn 394 395 arn1 which comply reqUireMS oftl Companies Act 2006 relatiro to acccwnts. so far as 4wlc8e to ts conwany. ApkYov&J bythe DIrectthe....... ..... . .... sIj on theirtehawby Dirth..... . Prnted N&M: PA VL FLfyMccs
GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 Bas1$ of Pre ration & Assessment of Goin Concern Basis of Preparation The financial stslements have been ppared under the historical cost conventi wtth ttems recognised at cost or transaction value unless otherwise ststed in the relevant notes to the accounts. The financial statements have been prepared in accordance with the Statement of RecommerKled Practice: Accounting and Rep)rting by Charities ISORP 20151 (Second Edition. effective 1st January 20191. Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021, the Charities Act 2011 and the Companies Act 2006. The Charity meets the definrtion of a public benefft entty under FRS102. Assets and liabiltties are initially recognised at historical cost unless otherwise stated in the relevant accounting Oicy notes. Assessment of Going Concarn Preparation of the accounts is on a going concem basis. The trustees consider that there are no material nrtaInlieS about the Charity's ability to Continue as a going ncern. Incomin Resources Recognition of Incorning Resources These are Included in the Statement of Financial Actwities (SOFA) when= . the charty becomes errtided to the resources: the trustees are virtually certain they will receive the resources- and . the monetary value can be measured with sufficient reliabilty Incomlng Resources wlth Related Expendlture Where incoming resources have related expendrture (as with fundraising or contract incomel the incoming resource and related expendf(ure are reported gross in the SOF Grants andDonations Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the reg)ur¢es. Tax Re¢lalms on Donatlons and Gifts Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. Contractual Income and Perforniance Related Grants This is only included in the SOFA once the related goods or services has been delivered. Gifts in Kind Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for salè or distribution are included in the accounts as gtfts only whèn sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable. Donatedserwices andFaGilitses These are only included in incoming resources lth an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable. measurable and material. The value placed on these resources is the estimated value to the charity of the Servi or facility received. Volunteor Halp The value of any voluntary help received is not included in the accwnts but is described in the twstees, annual report. Investment Income This is included in the account5 when recewaile. Investment Gains and Losses This included any gain or loss on the sale of investmerrts and any gain or loss resulting from revaluing investments to mart(et value at the end of the year.
GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2025 1. ACCOUNTING POLICIES (Continued) enditure and Liabilitie5 Liability Recognition Liabilities are re¢ognised as soon as the is a legal or constructive Obligati committing the charity to pay out resour$. Govgrnancg Costs Include costs of the preparats.on and examination of atutOry accounts. the costs of the trustees. meets.ngs and cost of any legal advice to trustees on governance or constttutional matters. Grant5 Wlth Perforniance Conditions Where the charity gives a grant with condriions for its payment being a Splfi¢ level of servrce or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. Grants Payable without Pgrformanca Conditions These are only recognised in the accounts when a commitment has been made and there are no condttions to be met relating to a grant which remain in control of the chartty. Unrestricted Funds These funds can be used for the general objectwes of the charity as set oul in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities. RestriTCted Funds These funds are where the donor has specrfied a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes. Designated Funds These funds are funds set ade by the trustees out of unrestricted general funds ft)r particular purposes or pro1ts. Taxation The charity is exempl from tax on rts charitable actNrties. Legal Sta$ of the Charity The charity is a company limited by guarantee and has r¥) Sha capttal. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Fixed Tangible Assets Tangible fixed assets for use by the charity, these a capttalised if they can be used for more than one year, and cost at least £1,500. They are valued at cost or. if gifted. at the value to the charity on receipt. Investments Investments quoted on a recognised strk exchange are valued at market value at the year end. Other investment assets are included at trustees. best estimate of market value. There has been no change to the accounting policies (valuation rules and methods of accounting} since last year. Depreciation Expense Depreciation is calculated at a rate trj write off the cost of tangible fixed assets on a reduang balance basis over their estimated usefvl lives. The rates applied per annum are as follows: Fixtures and Fittings 25% 2. TANGIBLE FIXED ASSETS The Charity held no tangible fixed a55ets during this or the prewous financial year. There are no annual Commitments under non-cancelling operating leases and no capttal commitments.12023124..Nonel 10
GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2025 3. INCOMING RESOURCES Unrestricted Restricted Funds Funds TOTAL 2024125 TOTAL 2023124 Note a) Donation5 & Legacies Gifts & Donations 86 86 86 86 bl Investment Income Interest Investment Income 3.188 26.480 3,188 26,480 4,653 24,839 29.668 29,668 29.492 c) Other Incoming Re$our¢es Sundry Income 212 212 4.380 212 212 4,380 4. RESOURCES EXPENDED Unrestricted Restricted Funds Funds TOTAL 2024125 TOTAL 2023124 a) Costs of Charitable Activitias Grants Insurance Costs 55.(X)O 233 55,000 233 20,000 149 55.233 55,233 20,149 b) Governan¢e Costs Independent Examiners Fee Legal & Professional Fees 10 1.320 1.360 1.320 1.360 2.400 2.219 2,680 2,680 4,619
GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2025 5. RESTRICTED FUNDS The Charity held no restricted funds during this or previous financial year. 6. GRANTS PAYABLE The foll¢)wing grants were payable in furtherance of the Chartty objects". TOTAL 2024125 TOTAL 2023124 Glenwood Church Going Public Trust Limited 23.000 32.000 20.000 55,000 20,000 7. FIXED ASSET INVESTMENTS Listed Unlisted Unrestricted Restricted Investment Investment Fund Fund TOTAL TOTAL 31-Mar-25 31-Mar-24 Market Value 01-Apr-24 111.535 240.180 351.715 351,715 335,341 Additions Disposals 108,897 108,897 108,897 Investment Income 4,354 4,900 Unrealised GainsllLosses} on Investments 3.590 3.590 11.474 Matket Value 31-Mar-25 115,125 135.637 250.762 250,762 351,715 pworth UK Equity Fund The Chartty holds listed investments wrth Epworth UK Equtty Furvj and the market value of the investment stood at £54.140.27 as at 1st April 2024. The investment was provided as an unreslricted endowment and total return investment. The capital and the income and realised gains derived from the endowment can be used by the Charity for general purposes. The market value of the investment fund hekl storxl at £58.145.11 as at 31st March 2025. Epworth Global Equity Fund The Charity holds listed investments wrth Epworth Global Fund and the market value of the investment stcx)d at £57.394.36 as at 1st April 2024. The investment was provided as an unrestricted endowment and total return investment. The capital and the income and realised gains derived from the endowment can be used by the Charrty for general pur$. The market value of the investment fund hekl stcKKI at £56,979.67 as al 31st March 2025. Green Pastures (CBS) Lld The Charity holds unlisted investments with Green Pastures ICBS} Ltd and the market value of the investment stood at £240.180.35 as at 1st April 2024. The investment wa5 provided a5 an unrestricted endowrnent and lolal return investment. The capital and the income and realised gains derived from the endowment can be used by the Charrty for general purFX)ses. The market value of the inve5tmenl fvnd hekl sto(xl at £135.637.35 as at 31st March 2025. 12
GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2025 8. DEBTORS AND PREPAYMENTS Unrestricted Restricted Funds Funds TOTAL TOTAL 31-Mar-25 31-Mar-24 Sundry Debtors 67,377 67,377 80,683 67,377 67,377 80,683 9. CASH AT BANK AND IN HAND Unrestricted Restricted Funds Funds TOTAL TOTAL 31-Mar-25 31-Mar-24 Cash at Bank and in Hand 479,746 479,746 390,428 479,746 479,746 390,428 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Unrestricted Restricted Funds Funds TOTAL TOTAL 31-Mar-25 31-Mar-24 Independent Examiners Fee Sundry Cd[torS 1,320 578 1,320 578 2,400 82 1.898 1,898 2.482 11. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR The Charity held no long term liabilities during this or the previous financial year. 12. NET ASSETS BETWEEN FUNDS Unrestricted Restricted TOTAL TOTAL Funds Funds 31-Mar-25 31-Mar-24 Fixed Asset Investments Net Current Assets Long Term Liabilities 250.762 545.225 250,762 545,225 351.715 468,629 795.987 795.987 820,344 13
GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2025 13. RECONCILIATION OF MOVEMENT ON CAPITAL AND RESERVES The Company is Limited by Guarantee and is a Charity registered with the Charity Commission number 1090915 and is not, therefore, subject to Corporation Tax and does not have a Share capital. TOTAL 2024125 TOTAL 2023124 Profit i Defi¢rt for the financial year Other Recconised Gains 127,9471 9,104 {27.9471 9.104 Balances Brought Forward 820.344 799,767 Unrealised GainsllLosses} on Investments 3.5 11,473 Closing Funds at 31st March 2025 795,987 820,344 14. STAFF COSTS AND NUMBERS The Charty held no restricted funds during this or previous financial year. 15. PAYMENTS TO DIRECTORS AND RELATED PARTIES During the financial year the Charty made grants of £23.000 {2023r24: £20.(M)01 to GlenwocNJ Church IRegistered Charity Number 11252181 in fvrtherance of the Charity's Objec Trustees Mr Paul Francis. Mr Rob Parsons and Mr Norman Adams are also Trustees of Glenwood Church (Registered Charity Number 11252181 and all conflicts of interest have been identified, documented and managed in aordance with the Charity's Goveming Documenl. During the financial year the Charity made grants of £32.IX)0 12023124= £Nill to Going Public Trust Limited IRegistered Charity Number 1019789 and Registered Company Number 02802394} in furtherance of the Charity's objects. Trustees Mr Paul Francis, Mr Norman Adams (Resigned June 20241 and Mr Peler Brooks a also Directors of Going Public Trust Limited (Registered Charity Number 1019789 and Registered Company NuMr 02802394) and all ¢onfiicts of interest have been identified, dumented ar managed in accordance wtth the Chariws Governing DocumenL No other payments were made to directors or any persons connected with them during this financial period. No other material transaction took place between the chartty and a diwtor or any person connected with them. 16. RISK ASSESSMENT The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated Combined with the annual review of the controls over key financial systems Carried out on an annual basis wll provide sU1clent resources in the event of adverse conditions. The Directors have 3150 examined other operatlOn81 and business risks which they fa and confirm that they have estatAished Systems to mitigate the 5ignrficant risks. 14
GATE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2025 17. RESERVES POLICY The Directors have considered the level of reserves they wish to retain. appropriate to the charlS needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its Charitsble objectives even rf there is a temporary shortfall in income or unexpected exsxnditure. The directors will endeavour not to set aside funds unne¢essarity. 18. PUBLIC BENEFIT The Charity acknowledges its requirement to demonstrate clearfy Ihat il must have charitable purposes or 'aims' that are for the public benefiL Details of how Ihe charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charty Commission guidan on public benefrt before deciding what activities the charity should undertake. 15
INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS Report to the trusteesl members of Gate Trust Limited on the accounts for the year ended 31st March 2025 set out on pages 7 to 15. Rospective r8sponsibiliti8s of trustees and examiner The Charity's trustees Iwho are also the directors of the company for the purposes of company lawl are responsible for the preparation of the financial statements. The trustees are satisfied that the audit requirement of Section 144111 of the Chartties Act 2011 {the Acll does not appty. and that there is no requirement in the goveming dLKument or constitution of the Charity for the conducting of an audtL As a consequence. the trustees have elected that the financial statements be subject to independent examination. Having satisfied myseff that the chartty is not subject to and is eligible for independent examination. it is my responsibility to=_ al examine the accounts under section 145 of the Act.. bl to follow the procedures laid down in the General DirectK)ns given by the Chartty Commission under section 14515llbl of the Act., and- cl lo state whether particular matters have come to my attention. Basls of Independent examlner's ststement I conducted my examination in accordance wtth the General DirectK)ns given by the Charity Commi55ioners for England & Wales in relation to the conducting of an independent exaMIr10n. referred to above. An independent examination includes a review of the accounting records kept by the Chartty and of the accounting systems employed by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements . and seeking eX[anatIonS from you as trustees concerning such matters. The purpose of the examination is lo èstablish as far as wssible that there have been no breaches of the Charities legislation and that the financial statements comply with the SORP, on a test basis. of evidence relevant lo the amounts and disclosures in the financial statemen The procedures undertaken do not provide all the evidence that would be required in an audit . and information supplied by the trustees in the course of the examination is not subjected to audit tests or enquiries, and Consequently I do not express an audit opinion on the view given by the financial statements, and in particular, l express no opinion as to whether the financial stslements give a true and fair view of the affairs of Ihe charrty, and my report is limited to the matters set out in the statement below. I planned and performed my examinalion so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report l obtain written assurances from the trustees of all material matters. Independent examinevs statemerrt In the Course of my examination, no matter has come to my attention: which gives me reasonable cause to believe that in, any material respect, the trustees requirements.. . to keep accountiro records in accordance with section 386 of the Companies Act 2006; and . to prepare accounts which accord with the accounting records, comply wrth the accounting requirements of section 396 of the Companies Act 2006 and with the meth¢xls and principles of the Statement of recornmended Practice.. Accounting and Reporting by Chanties. have not been met,. or to which, in my opinion. attention should be drawn in order to enable a prOr understsnding of the accounts to be reached. K. Collaku MAAT Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN189AJ Dale= 18th December 2025 16