Charity reglstratlon number 1096729 THE GB TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Caladine Chartered Certified Accountants
THE GB TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustoes Geoff Booker (Managing Trustee) Gary Booker Geraldine Booker Charlty number 1096729 Prlnclpal addresg Flat 48, Orvis Court 5 Midway Quay Eastbourne BN23 5DF Indopendent gxamlner Colin Dadswell FCA FCCA DChA 84 Anglesey Avenue Hailsham East Sussex BN27 3BQ Bankers CafBank Limited Kings Hlll West Malling Kent ME19 4TA Sollcltors Mayo Wynne Baxter 3 Bell Lane Lewes East Sussex BN7 1JU
THE GB TRUST CONTENTS Page Trustees, report Independent examinevs report ststement of financial activitSes Ststement of flnancial position Notes to the financial statement5 6-11
THE GB TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements for the year ended 31 March 2024. 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 "Accounts"ng 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 20191" Objectlves and actlvltles Tha Trust's objectives are to hold the capital and income of the Trust fund upon trust to apply 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 worfd at such time or times and in such manner as the Trustees may in their absolute dlscretion think fit. Publlc beneflt The Trustees have paid due regard to guidance issued by the Charity Commission In deciding what activities the trust should undertake. Achlevements and performance During the year. the Trust continued supporting grants towards the Kabubbu Development Project in Uganda. Financlal review There was a deficit in the year of £10,234 (2023: surplus of £7,737)- Funds at 31 March 2024 amounted to £18,314 (2023: funds of £28.548). Rlsk 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 signatura of the financial statements were: Geoff Booker (Managing Trustee) John Caladlne Gary Booker Geralding Booker (Resigned 31 March 2024) 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 managemerrt of the Trust is carried out by Mr Geoff Booker. The Trustees who oversee the charity meet as necessary from time to time.
THE GB TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of trustees. responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial ststements 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 stste of affairs of the trust and of the incoming resources and application of resources of the trust for that year. In preparing these financlal statements. the Trustees are requlred to: select suitable accounting policies and then apply them consistently; - observe the methods and principles In the Charities SORP; - make judgements and estimates that are reasonable and prudent., state whether applicable accounting stsndards have been followed, subject to any material departures disclosed and explained in the financial statements. and 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 fsnancial 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 trust OP, report was approved by the Board of Trustees. Geoff ooker (Managing Trustee) Trust•• 16 October 2024
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 (tha trust) for the year ended 31 March 2024. Responslbllltles and basls 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 Ihe trust's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I hav8 followed all the applicable Directions given by the Charity Commission under section 145(5)(bl of the 2011 Acl. Independent examlner's statement Your attention is drawn to the fact that the charity has prepared financial statements in accordarce with Accounting and R&porting 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 18 referred to in the extant regulations but has now been thdrawn. l 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: accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act: or the financial ststements do not accord with those records-, or 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 vi8w which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters In connection with the examination to whlch attentlon should be drawn in this report In order to enable a proper understanding of the financial statements to be reached. J]K Colln Dadswell FCA FCCA DChA 64 Anglesey Avenue Hailsham East Sussex BN27 3BQ Dated: 16 October 2024
THE GB TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds 2024 Unrestrlcted funds 2023 Notes Income from: Donations and legacies Investments 44,957 334 54,050 153 I i Total Income Expendlture on: Charitable activities 45,291 54,203 55,525 46,466 Total expendlture 55,525 46,466 Net Incomel(expendlture) and movement In funds (10,234) 7,737 Reconclllatlon of fundg: Fund balances at 1 April 2023 28,548 20,811 Fund balances at 31 March 2024 18,314 28,548 The ststement of financial activits'es includes all gains and losses recognised in the year. All income and expenditure derive from continuing activitles.
THE GB TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 2024 2023 Notes Current assets Trade and other receivables Cash at bank and in hand 10 9,182 11,112 12,550 16,958 20,274 (1.960) 29,508 (960) Current Ilabllltles 11 Net current assets 18,314 28,548 The funds of the trust Unrestricted funds 18,314 28,548 18,314 28,548 The financial st*ments were approved by the Trustees on 18 October 2024 Geoff Booker (Managing Trustee ustee)
THE GB TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollci8s Charity informatlon 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 conventlon 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 Stsndard 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 flnanclal statements are prepared in sterllng, whlch 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 accountlng policies adopted are set out below. 1.2 Golng 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 exist8nce for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the dlscretlon of the Trustees in furtherance of their charitsble objectives. Restricted funds ara subject to specific conditions by donors or grantors 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 rK)tified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Grft Aid or deeds of covenant is recognised at the time of the donation. 1.5 Expendlture 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 benefrts will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activty. The costs of each activity are made up of the total of dIrt 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 a not attributable to a single activity are apporb'oned 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.
THE GB TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Contlnued 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Flnanclal Instruments The trust has elected to apply the provislons of Section 11 'Basic Financial Instruments, and Section 12 '0ther 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 nel amounts presented in the financial statem8nts, 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 flnancial 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 th8 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 ar8 not amortised. Baslc flnancial Ilabilities 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 inrtially at transaction price and subsequently measured at amortised cost using the effective intarest method. Derncognition of financlal Ilabllities Financial liabilities are derecognised when the trust's contractual obllgations 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 temiination benefits. 1.9 Taxation The Trust has charitable status and is exempt from corporation tax on the income it has received.
THE GB TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 experien 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. Income from donatlon8 and legacles Unr8Strlcted Unrestrfcted funds funds 2024 2023 Donations and gifts 44,957 54,050 Donatlons and glfts Grants and Donations GiftAid Receivable 40,794 4,163 41,500 12,550 44,957 54,050 Income from Investments Unre8trleted Unrestrlcted funds fund8 2024 2023 Interest recelvable 334 153
THE GB TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on charitable activities Charitable actlvltles Charitable activities 2024 2023 Dlrect costs Grant funding of activities (see note 6) 52,250 45,265 Share of support and governance costs (See not• 7) Support Governance 69 1.132 3,275 55,525 46,486 Analysls by fund Unreslricted funds 55,525 46,466 Grant8 payable Charltable actlvltles 2024 Charitable ath'vities 2023 Grants to institutions.. Quicken Trust Welcome Baptist Church Kabbubu Development Project Matthew Twenty Five Foty 7,170 750 37,345 52,000 250 52,250 45,265 Support costs allocated to actlvltles 2024 2023 Office rates Governance costs 3,275 1,132 3,275 1,201 nal sed b Charitable activities 3,275 1,201
THE GB TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to actlvltles (Continued) 2024 2023 Governance costs comprlse: Accountancy Consultancy Bank charges 1.140 2,000 135 172 3.275 1,132 Employeeg The average monthly number of employees during the year was: 2024 Number 2023 Number Totsi There were no employees whose annual remuneration was more than £60,000. Taxatlon The charity is exempt from taxation on its activities because all its income Is applied for charitable purposes. 10 Trade and other recelvable8 2024 2023 Amounts falllng due wlthln one year: other receivables 9,162 12,550 11 Current Ilabllltles 2024 2023 Trade payables Accruals and deferred income 1,000 960 960 1,960 960 10-
THE GB TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2023 Incomlng resources Resources At 31 March expended 2024 General fund8 28,548 45,291 (55,525) 18,314 Prevlou8 year: At 1 Aprll 2022 Incomlng resourc•8 Resources At 31 March expended 2023 General funds 20,811 54,203 (46,466) 28,548 13 Related party trnnsactlons Transactlons wlth related partles The Trustees received no remuneration and were not reimbursed any expenses in their role as Trustees. The Trustees donated £17,64512023: £45,000> to the Trust. Trustee John Caladine's practice, Caladine Limited, received professional fees of £1,140 (2023.. £960). Trustee Geoff Booker recieved £2,000 for professional fees (2023.. nil). 11