2021-11-30-accounts - Gfct

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GFCT Limited

Charity No. 1109385

Company No. 05285411

Trustees' Report and Unaudited Accounts

30 November 2021

GFCT Limited Contents

	Pages
Trustees' Annual Report	2 to 3
Statement of Financial Activities		4
Summary Income and Expenditure Account		5
Balance Sheet		6
Statement of Cash flows		7
Notes to the Accounts	8 to	14
Detailed Statement of Financial Activities	15 to	16

Page 1

GFCT Limited Trustees Annual Report

The Graham Fulford Charitable Trust

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 November 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 05285411

Charity No. 1109385

Principal Office

66B Smith Street Warwick CV34 4HU

Registered Office

66B Smith Street Warwick CV34 4HU

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

C.A. Brown G.R. Fulford S.A. Hart

Accountants

66B Limited 66B Smith Street Warwick CV34 4HU

Bankers

Lloyds Bank Swan Street Warwick CV34 4BJ

OBJECTIVES AND ACTIVITIES

The main objectives of the trust are to spread awareness of prostate cancer and to support seminars and PSA testing programmes throughout the UK.

ACHIEVEMENTS AND PERFORMANCE

Page 2

GFCT Limited Trustees Annual Report

The trustees are satisfied with the achievements for the year again having sponsored and organised many awareness events all over England, and having further established its home testing PSA test kit initiative following the Covid pandemic. The Charity has also established testing programmes for the workforces of a number of Companies.

FINANCIAL REVIEW

The trustees are satisfied with the fund raising activities during a another very difficult year and are confident that the trust is able to fund its 2021/22 programme.

PLANS FOR FUTURE PERIODS

The charity remains totally committed to bringing prostate health and cancer awareness into the public domain.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

G.R. Fulford Trustee 22 July 2022

Page 3

GFCT Limited Statement of Financial Activities

for the year ended 30 November 2021

Unrestricted funds 2021 £ 301,176	Total funds 2021 £ 301,176	Total funds 2020 £ 202,296
301,176 16,238 245,771 23,300	301,176 16,238 245,771 23,300	202,296 1,803 191,296 13,115
285,309 -	285,309 -	206,214 -
15,867 -	15,867 -	(3,918) -
15,867	15,867	(3,918)
15,867 34,145	15,867 34,145	(3,918) 38,063
50,012	50,012	34,145

Page 4

GFCT Limited Summary Income and Expenditure Account

for the year ended 30 November 2021

Income Gross income for the year Expenditure Depreciation and charges for impairment of fixed assets Total expenditure for the year Net income/(expenditure) before tax for the year Net income /(expenditure )for the year	2021 £ 301,176 301,176 284,874 435 285,309 15,867 15,867	2020 £ 202,296
		202,296
		205,634 580
		206,214
		(3,918)
		(3,918)

Page 5

GFCT Limited Balance Sheet

at 30 November 2021

Company No. 05285411 Notes 2021 £ Fixed assets Tangible assets 11 1,303 1,303 Current assets Cash at bank and in hand 123,505 123,505 Creditors:Amount falling due within one year 12 (74,796) Net current assets 48,709 Total assets less current liabilities 50,012 Net assets excluding pension asset or liability 50,012 Total net assets 50,012 The funds of the charity Restricted funds 13 Unrestricted funds 13 General funds 50,012 50,012 Reserves 13 Total funds 50,012	2020 £ 1,738
	1,738 81,274
	81,274 (48,867)
	32,407 34,145
	34,145
	34,145
	34,145
	34,145
	34,145

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 30 November 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 22 July 2022

And signed on its behalf by:

G.R. Fulford Trustee 22 July 2022

Page 6

GFCT Limited Statement of Cash flows for the year ended 30 November 2021

Cash flows from operating activities Net income/(expenditure) per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Decrease in trade and other receivables Increase in trade and other payables Net cash provided by operating activities Net cash used in investing activities Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances	2021 £ 15,867 435 - 25,929 42,231 - - 42,231 81,274 123,505 123,505 123,505	2020 £ (3,918) 580 26,589 38,939
		62,190
		(2,318)

		-

		59,872
		21,402
		81,274

		81,274

		81,274

Page 7

GFCT Limited Notes to the Accounts

for the year ended 30 November 2021

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 8

GFCT Limited Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Computer equipment 25% Reducing balance

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 9

GFCT Limited Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 10

GFCT Limited Notes to the Accounts

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3 Statement of Financial Activities - prior year

3 Statement of Financial Activities - prior year
Income and endowments from: Donations and legacies Total Expenditure on: Raising funds Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies	Unrestricted £ 301,176 301,176	Unrestricted funds 2020 £ 202,296 202,296 1,803 191,296 13,115 206,214 (3,918) (3,918) (3,918) 38,063 34,145 Total 2021 £ 301,176 301,176	Total funds 2020 £ 202,296
			202,296 1,803 191,296 13,115
			206,214
			(3,918)
			(3,918)
			(3,918) 38,063
			34,145
			Total 2020 £ 202,296
			202,296

Page 11

GFCT Limited Notes to the Accounts

GFCT Limited Notes to the Accounts
5 Expenditure on raising funds Costs of generating voluntary income Fundraising trading costs 6 Expenditure on charitable activities Expenditure on charitable activities Governance costs 7 Other expenditure Employee costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 8 Net income/(expenditure) before transfers This is stated after charging: Depreciation of owned fixed assets	Unrestricted £ 13,639 2,599 16,238 Unrestricted £ 245,771 245,771 Unrestricted £ 36 4,200 435 17,019 1,610 23,300 2021 £ 435	Total 2021 £ 13,639 2,599 16,238 Total 2021 £ 245,771 245,771 Total 2021 £ 36 4,200 435 17,019 1,610 23,300	Total 2020 £ 1,605 198
			1,803
			Total 2020 £ 191,296
			191,296
			Total 2020 £ - 4,200 580 7,800 535
			13,115
			2020 £ 580

Page 12

GFCT Limited Notes to the Accounts

9 Trustee remuneration and expenses

2021 2020 Number Number Number of trustees paid expenses 3 3 The nature of the reimbursed expenses One trustee was paid £49,341 for admin, result sending, website & new development services during the period 1st December 2020 to 30th November 2021. One trustee was paid £4,200 for the provision of office services for the period 1st October 2020 to 30th November 2021. One trustee was re-imbursed £475 expenses for the year.

10 Staff costs

The charity has no employees.

The average monthly number of full time equivalent employees during the year was as follows:

2021 Number The charity has no employees and therefore no pension costs. 11 Tangible fixed assets Cost or revaluation At 1 December 2020 At 30 November 2021 Depreciation and impairment At 1 December 2020 Depreciation charge for the year At 30 November 2021 Net book values At 30 November 2021 At 30 November 2020 12 Creditors: amounts falling due within one year 2021 £ Trade creditors 29,402 Accruals and deferred income 45,394 74,796	Computer equipment £ 2,318 2,318 580 435 1,015 1,303 1,738	2020 Number Total £ 2,318
		2,318
		580 435
		1,015
		1,303
		1,738
		2020 £ 2,269 46,598
		48,867

Page 13

GFCT Limited Notes to the Accounts

13 Movement in funds

Incoming resources (including other gains/losses ) £ 301,176 301,176 At 1 December 2020 £	Resources expended £ (285,309) (285,309) Unrestricted funds £ 1,303 48,709 50,012 Cash flows £	At 30 November 2021 £ 50,012
		50,012
		Total £ 1,303 48,709
		50,012
		At 30 November 2021 £
81,274	42,231	123,505
81,274 81,274	42,231 42,231	123,505
		123,505

16 Related party disclosures

Controlling party

No one person controls the charity.

Page 14

GFCT Limited Detailed Statement of Financial Activities

for the year ended 30 November 2021

Income and endowments from: Donations and legacies Total income and endowments Expenditure on: Costs of generating donations and legacies Costs of other trading activities Total of expenditure on raising funds Charitable activities Total of expenditure on charitable activities Employee costs Staff training Premises costs Rent General administrative costs, including depreciation and amortisation Depreciation of Computer equipment Bank charges General insurances Software, IT support and related costs Stationery and printing Sundry expenses Legal and professional costs	Unrestricted funds 2021 £ 301,176 301,176 301,176 13,639 13,639 2,599 2,599 16,238 245,771 245,771 245,771 36 36 4,200 4,200 435 4,357 2,914 418 9,304 26 17,454	Total funds 2021 £ 301,176 301,176 301,176 13,639 13,639 2,599 2,599 16,238 245,771 245,771 245,771 36 36 4,200 4,200 435 4,357 2,914 418 9,304 26 17,454	Total funds 2020 £ 202,296
			202,296
			202,296 1,605
			1,605
			198
			198
			1,803 191,296
			191,296
			191,296 -
			-
			4,200
			4,200
			580 2,513 2,864 - 2,423 -
			8,380

Page 15

GFCT Limited Detailed Statement of Financial Activities

GFCT Limited Detailed Statement of Financial Activities
Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net income/(expenditure) Net income/(expenditure) before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	1,610 1,610 23,300 285,309 - 15,867 15,867 - 15,867 34,145 50,012	1,610 1,610 23,300 285,309 - 15,867 15,867 - 15,867 34,145 50,012	535
			535

			13,115
			206,214 -
			(3,918)
			(3,918) -
			(3,918)
			38,063
			34,145

Page 16