CHARITY REGISTRATION NUMBER: 1114079 FG CHARITABLE TRUST Unaudited Financial Statements 31st May 2022 GRIFFITHS & PEGG LIMITED Chartered Accountants 3 Hagley Court South Waterfront East Level Street Brierley Hill DY5 1XE
FG CHARITABLE TRUST Financial Statements Year ended 31st May 2022 Pages Trustees, annual report 1to4 Independent examinerfs report to the trustees Statement of financial activities Statement of financial posltlon Notes to the financial statements 8t014
Page 1 FG CHARITABLE TRUST Trustees, Annual Report Year ended 31st May 2022 The trustees present their repmjrt and the unaudited ffinancial statements of the charity for the year ended 31st May 2022. Referenco and admlnlstratlve details Rogist6red charity name FG CHARITABLE TRUST Charlty reglstration numbor 1114079 Princlpal offico 24 THE WILLOWS GLINTON PETERBOROUGH PE6 7NE Tho tru$laes Mr G Billage Mr M Billage Mr l Billage Mrs B Billage Mrs P Abrey Mr G Smith Mrs S Smith Mrs S Billage Ind•p8ndent examiner Adrian Graingw. on behalf of Griffiths & Pegg Limited Court Sth Walerfronl East Level Street Briedey Hill DY5 1XE Structurgj governancè and managemont The Trust was eslabllshed by a charitable tnjsl deed on 14 March 2006. The trustees who served during th8 year and up to the (late of signature of Ihe ffinanclal slalemenls were.. Gordon Billago Mark Billage Barbara Billage lan Billa Pamela Abrey Grant Smith SLssan Smith Shirley Billage The trustees are appointed by a resolutn of a meeting of the trustees. The Tnjslees conduct the affairs of the Ch2rlty in such manner as they may consider approprlale. and may make such arrangements in relation lo the adminislralion of the Chaiity as they conslder advisable. Decisions taken by a majorty of Trustees at any duly constituted meeting are valid and binding on all trustees.
Page 2 FG CHARITABLE TRUST Trustees. Annual Report (ned} Year ended 31st May 2022 Objectives and activitias The Trust objeclrves are.. the relief of povety. distress or Suffering by the use of grants lo approprlale Christian organisalions lo provlde assistance (whether medical, reh8bililalive financial or other) in any part of the worfd and in particular {but without prejudice to the generalty of the foregoing) by provision of aid to the needy in Africa, South America, the Indian sub-continent and e8Stem Europe whelher victims of: (al breaches of human rights.. . (b) any public calamity {irKluding famine, earthquake or p8slilencel'. {c) war or clvil disturbance; Id) the immedlale or conlinulng effects of lack of natural or other resources,. or le) any other cause of poverty di$tress or suffering the promotion and advancemenl of the Christian faith the wornhlp of God and the spreadlng of the gospel of the Lord Jesus Christ. There has been no change in these policies or objectives during the year. The Iruslees have paid due regard to guidance issued by the Charity Commission In dldIng what activities the Trust should undertake.
Page 3 FG CHARITABLE TRUST Trustses. Annual Report (contlnued) Year ended 31st May 2022 Achlevemgnts and porfomiance Income for FG Charitable Trust is via Invested capltal managed by a spec4alisl company dealing with many charities and lisled companies over a wde spre8d of industries and Gounlries. plus investments In property in the UK and via Impact Investment projects in Kenya through two separate funds. Investments are reviewed on a regular basis and via an annual meeting with the Accounl Direclor of Ihe specialist company involving at least 2 or 3 tnJstee5. Income from our Kenyan investments continues to be impacted by the slow recovery from the COVID pandemic, however the outlook remain5 Strong, bul our investments are likely to be realised in the mid to long term rather than the short term. There are Iwo properties in the UK that the TrLJSt has an interest in. both by way of lerm loans being repaid monthly over a period of years. Income from these propertie$ is distributed to projects as is the dividend income from the other inveslmenls. A third, shared interest property was divested during the year by way of a gift lo the co-owners resulting in no return lo the Trust. Dlsbursemenls have continued to focus on supportlng organlsalions that work th Children & Young People as well as the Poor & Needy. though there has been an increase in support lo hospitals and disaster relief rdecling the impact of COVID and other humanitarian crises across the wodd Ihis year. The Trust also supports several Church and Communlty projects. As trustees we aim to support smaller charities where we can make a greater difference, ialher than larger organisallons where they receive funds from a wider base of contributors. An approximate indication of region5 and particular needs supported, 1$ Shown below. Funds allocated during the past 12 months were on the following basis= 2021122 71.6% 23.0° 30.9% 8.3% 5.8° 1.0% 2.6Yo 28.40 0.0% 2020121 78.0'.6 23.00 42.00 Overseas Projects Africa Asia • Middle East Europe IEXC. UK) . South America Rest of World UK Projects Overheads 2.5'h 2.oyo 0.0 /0 20.ODA Disbursable funds were allocated lo the followlng areas of need: 2021122 30.0° 18.5% 17.6Yo 28.4V 5.5% 2020121 48.39/0 20.2¥0 10.50 17.2°h 3.8Vo . Children. Young Peoe, Schools & Colleges . Work among51 poor, needy, vulnefaUe & abused Hospitals & Disaster Relief • Chur¢h & Community PTojecls Literature Distribution Overseas visits or meetings with representatives have been posslble due to the impact of COVID reslriclions. However, regular conlacl has been malntsined wherever posslble and the Trust hopes to return lo visiting projects during the next financial year. Overheads have signrficanlly reduced this year allowing &Jditional funds lo go to supporting projects.
Page 4 FG CHARITABLE TRUST TNstees' Annual Report (¢onllnu8rfJ Year ended 31st May 2022 Financial revlew As in the previous year, the Injsl continued its support worldwide making a number of charitable donatn$ to ¢ountries in many parts of the world. The financial objectives of the charity are largely dependanl on World markets, and the effectiveness with which funds in the investment portfolio are managed. As noted above, this risk is miligaled by wider spread investment in lower risk investments. The treasurer will maintain a positNe bank bal3[ at all times from which allocations will be made. Regular income from investrnents Is ed on monthty. quartedy and 6 monthly basis and the trustees will ensure that dislribulions will always be confined lo that available from current funds in hand. Income lax recoverable in relalion lo donalions received under Gift Aid or deeds of covenant is recognised al the time of receipt. The trustees have assessed the major risks to which the Trust is exposed, and a sallsfled that systems are in place to miligale exposure lo the major risks. Given the uncertain stste of the wodd markets, the trustees plan on continuing th a restrained approach lo investment based on lower risk investments with certain bul limited returns, with the exception of the inveslmenls in Kenya mentioned above. which. although of a rlskier nature, aro provldlng benefit through Ihe effect of impact inveslment. The trus:ees' annual repryl was 8pprov6d on 29th October 2022 and signed on behalf of Ihe board of trustees by: Mr M Billage Trustee
Page 5 FG CHARITABLE TRUST Independent Examinerfs Report to the Trustees of FG CHARITABLE TRUST Year ended 31 st May 2022 I report to the trustees on my ex8mination of the financral stalemenis of FG CHARITABLE TRUST I'the chariVI for the year ended 31st May 2022. Responslbllltles and basls of report As th8 Iruslees of the charity you are responsible for the prep8ralion of the financial statements in accordance with the requirements of the Chartties Act 20111.the Act'l. I report in respect of my examlnallon of the charivs financial statements carried out under section 145 of the 2011 Act and In carrying c4Jl my examination I have followed all the applicable Di¢t10nS given by Ihe Charity Commlssk)n under section 14515Xb) of the Act. Indepandent examlnerfs statsmont I have completed my examination. I confirm that no material matters have come lo my attention in connection wllh the examinalion gNing me cause to believe that in any material ftspect.. accounting records were not kept in respect of the charity as required by section 130 of the Acl-, or the flnancial statements do not accord vAth those records,. or the financial slalements do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charib'es {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a matter InSIdered as part of an Independent examinalion. I have no cor¢cerns and have come across no other matters in connection with the examination lo whlch allenlion should be dravm in thls report in order to enable a proper understanding of the accounls to be reached. Adrian Grainger. on behalf ol Griffiths & PesYJ Llmiled Independent Examiner 3 Hagley Court South Waterfront East Level Street Brierley Hill DY5 1XE 29th October 2022
Page 6 FG CHARITABLE TRUST Statsment of Financial Activities Year ended 31st May 2022 2022 Restricted funds Total funds Total funds 2021 Unrestricted fijnds Noto Income and endowments Donations and legacies Investment income 3,250 211.630 194.866 194.866 Totsl Income 194.866 194,866 214,880 Expandlture Expenditure on charitable a¢tiviiies Totsl èxpondlture &7 {216.114) 1216.114) 1216.1141 (247,8001 (216,1141 {247,800) Net (lossesygains on Investments (269,737) {269.737) 782.775 Net {oxpondlturo)Ilncome and ngt movément In funds (290.985) 1290,985) 749.855 Reconclllatlon of funds Total funds brought fornvard Total funds carrled fonvard 7,658,761 4,051 7.662.812 6,912,957 7,662,812 7.367.776 4.051 7,371,827 The slalemenl of financlal aclNJties includes all galns and loss8$ recognlsed In the yoar. All income and expenditure derive from continuing acllvlties. The notss M pagos 8 to 14 fomi part of these financial st*ements.
Page 7 FG CHARITABLE TRUST Statement of Flnanclal Positlon 31st May 2022 2022 2021 Flxed assets Investments 12 7.043,710 7,313,447 Current assets Debtors Cash at bank and In haThJ 13 162.432 166,855 174,070 176,465 329,287 350,535 Credltor8: amounts falllng due withln ono year Net current assets 14 (1.170) 328.117 (1,170) 349,365 Total assets less ¢uirant liabilitlès 7,371.827 7,662,812 Net assets 7,371,827 7,662,812 Funds of the charlty Restricted funds Unrestricted funds 4,051 7,367,778 4,051 7,658,761 Total charlty fund8 15 7,371,827 7.662,812 These financlal statements were approved by the board of trustees and aulhorised for Issue on 29th October 2022, and oign4A h- ' of the board by.. Mr M Billage Trustee Th• notss ¢n pagos 8 to 14 form part of these flnanclal st•tsmèrts.
Page 8 FG CHARITABLE TRUST Notes to the Financial Statements Year ended 31st May 2022 General Infomatlon The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the prinGipal office is 261A Charnwood Road, Loughborou9h, Leicestershire. LE12 9NW. statement of Compllance These financi81 slalemenls have been prepared in CmplIance wth FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {Charilies SORP {FRS 102)) and the Charities Act 2011. Accounting pollclos Basls of preparatlon The flnan¢ial slalemenls have been prepared on the hlstorical cost basi5, as modifled by the revaluation of cert81n financial assets and liabilities and investment properties measured al fair value through income or expenditure. The flnan¢lal statements are prepared In sleriing, whh is the fijnclional curr&ncy of the enllty. Golng concem There are no material uncerlalnlkgs about the charity's ability to continue. Dlsclosure oxemptlons The entity satisfies the criteria of being a qualfying entity as defined in FRS 102. Ils financial statements are consolidated into the financial slalemenls of lenler name of group financial 5talemenls) wh¢ch can be oblained from lenler delaill. As such. advantage has been taken of Ihe following disclosure exemptions available under paragraph 1.12 of FRS 102: lal No cash flow statement ha$ been presented for the Company. Ibl Disclosures in respect of financial Instruments have not been presented. Judg¢ments and key sourcos of 8stlmatlon un¢ertalnty The preparation of the financial statements requires management lo make judgements. esllmates and assumptions that affect the amounts reported. These estlmales and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumsLqnces. Fund a¢¢ountSng Unrestricted funds a available for use at the discretion of the tnJ$lees to further any of the charity's purposes. DeswJnaled fvnd$ are unrestricted funds earrnarked by the trustees for partlcular future project or mmltmenl. Restrtcted funds are subjected to tr[CtionS on their expenditure declared by the donor or through the terms of an appeal. and fall into one of Iwo sub-classes: restricted income funds or endowment funds.
Pago 9 FG CHARITABLE TRUST Notes to the Financial Statements l¢ontlnu8dJ Year ended 31st May 2022 Accountlng policios (conllnu¢dJ Incoming resources Al incomlng resources are induded in the statement of financial activities when enlillement has passed to Ihe charity., it is probable that the economic benefits asswiated with the transaction 11 flow to the Charity and the amount can be reliably measured. The following specific poll¢ies are applied lo partic#Jlar calewles of inme. Income from donalions or grants is recognised whers there is evldence of entittemenl to the gift. receipt is probabl8 and ils amount can bè measured reliably. legacy Income is recognised vthen receipl Is Fyobable and enlrtlement Is estsblished. income from donated goods is measured at the fair value of the goods unless Ihls Is Impractical lo measur8 reliably. in which case the value is derived from the cost lo the donor or the eslimaled resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. Income from contracts for the supply of s8ryice$ is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there Is a conlraclual requirement for it lo be spent on a particular purpose and returned if unspent. In which case It may be regarded as restricted. Resources oxpended Expenditure is recognised on an accruals basis as a liability L8 incurred. Expenditure include5 any VAT which cannot be fully recovered. and is dassified under headlngs of the statement of financlal activities to whlch il relates.. expenditure on raising funds includes the costs of all fundraising acllvilles, events. non- charitable trading activities, and the sale of donated goods. expenditure on charitable actNlties includes all costs incurred by a charity In undertaklng activities that further its charitable aims for the benefit of its beneficiarios, Includlng those support cosls and costs relating lo the governance of the chanty apportloned lo charitable aclivilles. other expenditure indudes all expendrture that is neither related lo raising funds for the charity nor part of its expenditure on charilable activits. All costs are allocated to expenditure categories reflecling the use of the resource. Direct costs attributable 10 2 single actNity are allocated directly lo that activity. Shared costs a apportioned between the activriies they contri1le to on a reasonable, justifiable an¢J conslslent basis. Investménts Unlisted equity investments are inilialty recorded al cost, and sub5equenUy measured at falr value. If fair value cannol be reliably measured. assets are measured at cost less impaimienl. Listed investments are measured at faff value Yth changes in fair value being recognised in income or expendilure.
Page 10 FG CHARITABLE TRUST Notes to the Financlal Statements (condnued) Year ended 31st May 2022 AGGountlng policigs {conUnu Investments in associates Investment¥ in associates accounted for in accorda with the cost model are recorded al cost le89 any accumulated impainnent losses. Investments in assocrates accounted for in accordance with the fair value model are initially recorded al the transaction price. At each reporting date, the investments are measured al fair value, with changes in fair value taken through income or expendilura. Where it is impracticable lo measure fair value reliably without undue cost or effort, the cost model will be adopled. Dividends and olher distribvlions received from the investment are recognised as income without regard lo whether the distribulions are from accumulated profits of the associate arising before or after the dale of acouisilion. Investments In Jolnt ventures Investments in joinlly controlled enlities accounted for In accordance with the cost model are recorded al cost less any accumulated impairmenl losses. Investments In loinlly controlled entities accounted for in accordance with the fair value model are initially recordeii at Ihe Iransaclion price. At each reporting date, the investments are measured at fair value, with ¢hanges in fair value iaken through income or expenditure. Where il is Impracllcable lo measure fair value reliably without undue cost or effort, the ¢osl model will be gjdopled. Dlvidends and other distributions received from the Investment are recognlsed as income without regard lo whether the dislribulions are from accumulated profits of the joint venture arf91n9 before or after the dale of a¢quisition. lrnpairmant of flxed assets A review for indicators of impairnienl is carried out al each reporting dale. with the recoverabl8 amounl belng eslimaled where such indicators exist. whe the cafrying value exceeds th8 recoverable amount. the asset is impaired a¢cordlngly. Prior impairments are also reviewed for posslble reversal at each reF)Orting date. For the purposes of Impaimient lesling, when il Is nol possible lo estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash- generating unit lo which Ihe asset belongs. The cashwerating unit is the smallest idenb'fiablo group of assets that includes (he asset and generates cash inllows that largely independent of the cash InOwS from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, allocated to each of the cash-generating units that are expected lo benefit from the synergies of the Combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnanclal Instrurngnts A financial a55el or a financial liability is recognlwj only when the charity becomes a paty lo the contractual provisions of the instrumenl. Basic financial instruments are intlially recognised at the amount receivable or payable induding any related transaction costs.
Page11 FG CHARITABLE TRUST Notes to the Financial Statements (conrfnue Year ended 31 st May 2022 Accountlng poli¢l?s {condnu8d) Financial instruments (condnu•d) Current assets and current liabilities are subsequently measured at the cash or other consideration expected lo be patd or rew¢d and not discounted. Debt instruments are subsequenlly measured al amortls¢d Whefe irbvestments in Shares are publicly traded or their fair value can otherwise be measured reliably, Ihe inveslment is subsequently measured at fair value with changes in fair value recognised in income and expendilure. All other such investments are subsequently measured at cost less impaimienl. Other financial Inslrumenls. including deriv8tives. are initially recognised al fair valu8, unless payment for an asset is deferred beyond normal busines5 lemis or financed at a rale of interest th21 is not 2 market rate, in which case the asset is measured al the present value of the future payments discounted al a market rale of interesl for a similar debt inslrumenl. Other financial Inslrumenls a subsequently measured al fair value, with any changes ognlsed In the statement of finanaal liVIties. with the ex¢eplion of hedging instrumen18 In a designated hedging relationship. Financlal assets that are measured 81 cost or amortised cost are reviewed for objective evidence of impaSrment al the end of each reporting dale. If there is objective evidence of impairment, an impairment loss is recognised under the approprfate heading In the slalemenl of financl81 aciiviiies in which the inilial gain was recogni5ed. For all equlty Instruments regardless of slgntficance. and other financial assets that are individually signiflcanl. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the baS of similar credit risk characlerlslics. Any reversals of impairment are recoJnised immediately, to the exlent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Donations andlggacios Reslricled Total Fund$ Funds 2022 Restricted Total Funds Funds 2021 Donatlons Donations and grfts 3,250 3,250 Invostmont Incomo unstricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Investment income Interest recelvable 194.799 67 194,799 67 211,578 52 211,578 52 194.866 194.866 211,630 211,630
Page 12 FG CHARITABLE TRUST Notes to the Financial Statements {conrfnuodJ Year ended 31st May 2022 Exp•nditurfr on charltabla actlvltles by fund type Unrestricted Funds Reslricled Total Funds Funds 2022 Donations lo Overseas Donations lo UK Support costs 154.861 58.790 2.463 154,861 58,790 2,463 216.114 216.114 Unll1Cted Funds Restricted Total Funds Funds 2021 Donallons to Overseas Donalions lo UK Support costs 186,194 51,556 7.800 2,250 188,444 51,556 7,800 245,550 2,250 247,800 Expondlture on charttablo a¢tlvltl•s by a¢tlvlty typo Ilvllles undertaken directly Support Total funds costs 2022 Total fund 2021 Donations to Overseas Donations to UK Governance costs 154,861 58,790 704 155,565 58,790 1.759 194,761 51,556 1,483 247.800 1,759 2,463 213.651 216,114 Net {lo$sosllgaln8 on InvtM0nts Unrestricted Total Funds unStrICted Total Funds Funds 2022 Funds 2021 Gainslllossesl on listed investments (269.737) (289,737) 782,775 782,775 Independent examlnatlon f8 2022 2021 Fees payable lo the independent examiner for. Independent examination of the financial slalemenls 1.170 1.170 10. Staff costs The average head count of employees durlng the year was Nil (2021: Nil). No employee recefved employee benefits of more than £60.000 during the year {2021.' Nil).
Page 13 FG CHARITABLE TRUST Notes to the Flnancial Statsments (¢onthu¢dJ Year ended 31st May 2022 11. Trusteg remuneration and expgnsgs No remuneration or other benefrts frorn employment wth the charity or a related entity were received by the trustees. 12. Inveslment$ Other Investments Cost or valuatlon At 1 sl June 2021 Additions Disposals Fair value movements 7,313,447 (69,8611 (199,8761 7,043,710 Al 31st May 2022 Impainngnt At 1 st June 2021 and 31st May 2022 Carrylng amount At 31st May 2022 At 31st May 2021 7.043.710 7,313,447 All Investments shown above are held al valuation. 13. D•btorn 2022 2021 Other debtors 182,432 174,070 14. Cr•ditors: amounts falllng due wlthln ono yoar 2022 2021 AccnJa18 and deferred in¢oma 1,170 1,170 15. Analyslg of charltable funds Unrestrlcted funds Al 1st June 2021 Gains and {losses} At 31st May 2022 Income Expenditure Goneral funds 7,658,761 194,866 (216,114) (269,737) 7,367,776 Al 1st June 20 Gains and (losses) At31sl May 2021 Income Expenditure General fvnds 6,9.9]6 211,630 (245.5501 782,775 7.658.761
Page 14 FG CHARITABLE TRUST Notes to the Flnancial Statements (¢ontirtued) Year ended 31st May 2022 15. Analysis of charltable funds (conthued) Restrlcted funds At1st June 2021 Galns and losse$ At 31st May 2022 Income Expenditure Restricted fund 4.051 4,051 At1st June 2020 Gains and losses At31st May 2021 Income Expenditure Restrtcted fund 3,051 3.250 12.2501 4,051 16. Analysls of net assets between funds Unrestricted Funds Restricted Totsl Funds Funds 2022 Investments Current assets Creditors less than 1 year Net assets 7,043.710 325,236 (1,170) 7,367,776 7.043,710 329,287 11,1701 7,371,827 4,051 4,051 Unrestricted Funds Restri•led Total Flind8 Funds 2021 Investments Current assets Creditors less than 1 year Net a88•ts 7.313.447 346,484 11,170) 7.658,761 7,313.447 350,53S 11.1701 7,662,812 4,051 4,051