Charity registration number 1096729
THE GB TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE GB TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Geoff Booker (Managing Trustee) |
|---|---|
| John Caladine | |
| Gary Booker | |
| Geraldine Booker | |
| Ian Gardner | |
| Charity number | 1096729 |
| Principal address | Flat 46, Orvis Court |
| 5 Midway Quay | |
| Eastbourne | |
| BN23 5DF | |
| Independent examiner | Colin Dadswell FCA FCCA DChA |
| Caladine Limited | |
| Chantry House | |
| 22 Upperton Road | |
| Eastbourne | |
| East Sussex | |
| BN21 1BF | |
| Bankers | CafBank Limited |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4TA | |
| Solicitors | Mayo Wynne Baxter |
| 3 Bell Lane | |
| Lewes | |
| East Sussex | |
| BN7 1JU |
THE GB TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 - 10 |
THE GB TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The Trust's objectives are to hold the capital and income of the Trust fund upon trust to apply the income and all or such part or parts of the capital for or towards such charitable purposes and objects and to make donations to such charitable institutions, societies, organisations or bodies established for such charitable purposes (including but without prejudice to the generality churches) in any part or parts of the world at such time or times and in such manner as the Trustees may in their absolute discretion think fit.
Public benefit
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
During the year, the Trust donated towards the Kabubbu Development Project in Uganda, the Quicken Trust as well as supporting Welcome Baptist Church.
Financial review
There was a surplus in the year of £7,737 (2022: surplus of £1,351). Funds at 31 March 2023 amounted to £28,548 (2022: funds of £20,811).
Risk management
The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Trust was established by a charitable trust deed on 3 March 2003.
The Trustees who served during the year and up to the date of signature of the financial statements were:
Geoff Booker (Managing Trustee) John Caladine Gary Booker Geraldine Booker Ian Gardner
Further Trustees with suitable skills and knowledge of the charitable sector are appointed by the existing Trustees. Training would not be considered appropriate as only persons with experience of being a trustee would be appointed.
The day to day management of the Trust is carried out by Mr Geoff Booker. The Trustees who oversee the charity meet as necessary from time to time.
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THE GB TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Statement of trustees' responsibilities
The Trustees 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).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
.............................. Geoff Booker (Managing Trustee)
Trustee
Date: .............................................
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THE GB TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GB TRUST
I report to the Trustees on my examination of the financial statements of The GB Trust (the trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the Trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Colin Dadswell FCA FCCA DChA
Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF
Dated: .........................
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THE GB TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 54,050 | 23,065 |
| Investments | 4 | 153 | 2 |
| Total income | 54,203 | 23,067 | |
| Expenditure on: | |||
| Charitable activities | 5 | 46,466 | 21,716 |
| Net income for the year/ | |||
| Net movement in funds | 7,737 | 1,351 | |
| Fund balances at 1 April 2022 | 20,811 | 19,460 | |
| Fund balances at 31 March 2023 | 28,548 | 20,811 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE GB TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
| Notes Current assets Trade and other receivables 10 Cash at bank and in hand Current liabilities 11 Net current assets Income funds Unrestricted funds The financial statements were approved by the Trustees on ... |
2023 £ 12,550 16,958 29,508 (960) ...................... |
£ 28,548 28,548 28,548 |
2022 £ 4,600 16,931 21,531 (720) |
£ 20,811 |
|---|---|---|---|---|
| 20,811 | ||||
| 20,811 | ||||
.............................. Geoff Booker (Managing Trustee)
Trustee
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THE GB TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
The GB Trust is a charity governed by a charitable trust deed dated 3 March 2003. The principal address is Flat 46, Orvis Court, 5 Midway Quay, Eastbourne, BN23 5DF.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's Trust Deed, the Charities Act 2011 and "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 trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 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 are allocated on the portion of the asset’s use.
Expenditure is included on an accruals basis and includes irrecoverable VAT.
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THE GB TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies (Continued)
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9 Taxation
The Trust has charitable status and is exempt from corporation tax on the income it has received.
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THE GB TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 54,050 | 23,065 |
| Donations and gifts | ||
| Grants and Donations | 41,500 | 18,465 |
| Gift Aid Receivable | 125 | 4,600 |
| Other | 12,425 | - |
| 54,050 | 23,065 |
4 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Interest receivable | 153 | 2 |
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THE GB TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
5 Charitable activities
| Grant funding of activities (see note 6) Share of support costs (see note 7) Share of governance costs (see note 7) Grants payable Grants to institutions: Quicken Trust Welcome Baptist Church Kabbubu Development Project |
2023 £ 45,265 69 1,132 46,466 2023 £ 7,170 750 37,345 45,265 |
2022 £ 20,515 358 843 |
|---|---|---|
| 21,716 | ||
| 2022 £ 18,165 2,350 - |
||
| 20,515 |
6 Grants payable
7 Support costs
| Support costs Governance costs £ £ Office rates 69 - Accountancy and independent examination - 960 Bank charges - 172 69 1,132 Analysed between Charitable activities 69 1,132 |
2023 Support costs Governance costs £ £ £ 69 358 - 960 - 720 172 - 123 1,201 358 843 1,201 358 843 |
2022 £ 358 720 123 |
|---|---|---|
| 1,201 | ||
| 1,201 |
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THE GB TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
8 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 10 Trade and other receivables
| Amounts falling due within one year: Other receivables 11 Current liabilities Accruals and deferred income |
2023 £ 12,550 2023 £ 960 |
2022 £ 4,600 |
|---|---|---|
| 2022 £ 720 |
12 Related party transactions
Transactions with related parties
The Trustees received no remuneration and were not reimbursed any expenses in their role as Trustees.
The Trustees donated £45,000 to the Trust (2022: £18,400).
Mr John Caladine's practice, Caladine Limited, received professional fees of £960 (2022: £720).
Mr Geoff Booker was a trustee of The Quicken Trust until 7 March 2023. Donations of £7,170 were made to The Quicken Trust (2022: £18,165).
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