CHARITY REGISTRATION NUMBER: 1114079 FG CHARITABLE TRUST Unaudited Financial Statements 31st May 2024 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 2024 Pages Trustees, annual report 1to4 Independent examinerts report to the trustees Statement of financial activities statement of financial position Notes to the financial statements 8t014
Page I FG CHARITABLE TRUST Trustees. Annual Report Year ended 31st May 2024 The trustees present th8ir report and the unaudited financial statements of the charlty for the year ended 31 st May 2024. Reference and admlnlstrative details Registered charlty name FG CHARITABLE TRUST Charlty regl8tratlon number 1114079 Prlnclpal offic8 11A WANNERTON ROAD BLAKEDOWN KIDDERMINSTER WORCESTERSHIRE DY10 3NG The truste88 Mr G Billage Mr M Billage Mr l Billage Mrs B Billag6 Mrs P Abrey Mr G Smith Mrs S Smith Mrs S Billage Mr A Chuter Mrs L A Chuter Independent examiner Adrian Grainger, on behalf of Griffiths & Pegg Limited 3 Hagley Court South Waterfront East Level Street Brierley Hill DYS 1XE
Page 2 FG CHARITABLE TRUST Trustees. Annual Report (Gontinued) Year ended 31st May 2024 structure, govemance and management The Trust was established by a charitable trust deed on 14 March 2006. The trustees who served during the year and up to the date of signature of the financial statements were.. Gordon Billage Mark Billage Barbara Billage lan Billage Pamela Abrey Grant Smith Susan Smith Shirley Billage Andrew Chuter Lesley Chuter The trustees are appointed by a resolution of a meeting of Ihe trustees. The Trustees conduct the affairs of the Charity in such manner as they may consider appropriate. and may make such arrangemenls in relation to the admlnistration of the Charity as they consider 8dvisable. Decisions taken by a majority of Trustees at any duly constituted meeting are valid and binding on all trustees. ObJ8Ctives and activltles The Trust objectives are.. the relief of poverty, distress or suffering by the use of grants to appropriate Christlan organisations to provlde assistance (whether medical, rehabilitative financial or other) in any part of the world and in particular (but without prejudice to the generality of the foregoing} by provision of ald to the needy in Africa, South America, the Indian sub continent and eastern Europe whether victims of.. (a) breaches of human rights., (b) any public calamity (includ ing famine earthquake or pestilence),. (c) war or civil disturbance,. (d) the immediate or continuing effecls of lack of natural or other resources. or (e) any other cause of poverty distress or suffering Ihe promotion and advancement of the Christian faith the worship of God and the spreading of the gospel of the Lord Jesus Chrisl. There has been no change in these policies or objectives during the year. The twstees have paid due regard to guidance issued by the Charity Commi5slon in deciding what activities the Trusl should undertake,
Page 3 FG CHARITABLE TRUST Trustees, Annual Report (contlnu8d) Year ended 31st May 2024 Achi8V8ments and performance Investment Perforniance Income for FG Charitable Trust is via invested capital managed by a specialist company dealing with many charities and listed companies over a wide spread of industries and countries, plus investmenls in property in the UK and via Impact Inveslment projects in Kenya through two separate funds. Investments are reviewed on a regular basis and via an annual meetlng with the Account Director of the specialist company involving at least 2 or 3 trustees. Income from our Kenyan investments continues to be impacted by a number of factors. including the slate of the Kenyan economy and changes in behaviour regarding commercial properly, however the outlook continues to remain favourable. Our investments are likely to be realised in the mid lo long term rather than the short term, and we continue to monltor progress on a regular basis with our investment partners. The original aims of the investment by way of social impact have been realised successfully. During the year, the Trust divested its interest in one UK property. the proceeds of whlch have been added to our investment funds. The Trust continues lo have an interesl in one property in the UK, by way of a term loan being repaid monthly over a period of years. Income from thls properly Is dlstrlbuted to projects as Is the dividend income from the other investments. Project Support Thls year a number of vislts have been made to projects we support to See how those projects are progressing, to beller understand their needs and to see how the grants are being used. Som8 of our Trustees were able to vislt Zambla In September spending time with a number of the projecls supported on a regular basls. A report was provlded to the rest of lh8 Trustees at th8 October meetlng. Disburs8menl8 have continued to focus on supporting organisations that work with children & young people as well as the poor & needy. The incr@as@ in suppori to hospitals and disaster relief has been maintained at a lower level, reflecting the impact of conlinued humanitarian Gfises across the world this year. The Trust also continues to supporl several Church and Community projects in the UK. An approximate indication of regions and partlcular needs supported, is shown below. Funds allocated during Ihe past 12 months were on the following basis: 2023124 2022123 67,8 % 27.2 % 26.8 % 6.7% 7.1% O.OQ/o 0.0019 30.30/0 1.90/0 Overseas ProjeGts . Africa . Asia Middle East Europe {Exc. UK) South America . Resl of World UK Projects overheads 35,5% 4.0% 0.7% 0.0% 23.2 /0 2.10/0 Dlsbursable funds were allocated to the followlng areas of need: 2023124 33.4 % 22.2 % 13.3% 2022123 26.7% Children, Young People, Schools & Colleges . Work amongst poor, needy, vulnerable & abused Hospitals & Disaster Relief . Church & Community Projects Literature Distribution . Admln & Overheads Overheads have remained constant this year with travel being the18rgest cost due to visits to projects, As trustees we aim to support smaller charities where we can make a greater differen¢e, rather than larger organisations where they rec81ve funds from a wlder base of contributors.
Page 4 FG CHARITABLE TRUST Trustees. Annual Report (Gontinued) Year ended 31st May 2024 Financial revlew As in Ihe previous year, the trust continued its Support worldwide making a number of charitable donations to countries in many parts of the world. The financial objectives of the charity are largely dependant on world markets, and the effectiveness wlth which funds In the investment portfolio are managed. As noted above, this risk is mitigated by wider spread Investment In lower risk Investments. The treasurer will maintain a poslllve bank balance at all times from whlch allocatlons will be made. Regular Income from investments Is receiv&d on monthly. quarterly and 6 monthly basis and the trustees will ensure that distributions will always be confined to that available from current funds in hand. Income tax recoverable in relation to donatlons rec8lved under Gift Aid or deeds of covenant is recognised at tho time of receipt. The trustees have assessed the major risks to which the Trust Is exposed, and are salisfied Ihat systems are in place to mitigate exposure to the major rlsks. Given the uncertain state of the world markets, the trustees plan on continuing with a restrained approach to investment based on lower risk investments with certain but limited returns, with the exception of the investments in Keny8 mentioned above, which, although of a riskier nature, are providing benefit through the effect of impact investmenl. The truslees, annu81 report was approved on 9th October 2024 and slgned on behalf of the board of trustees by: Mr M Billage Trustee
Page 5 FG CHARITABLE TRUST Independent Examiner's Report to the Trustees of FG CHARITABLE TRUST Year ended 31st May 2024 I report to the trustees on my examination of the financial statements of FG CHARITABLE TRUST ('the charity.) for the year ended 31 st May 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material 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 charity as required by section 130 of the Act., or the financial statements 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 accounls 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 accounts to be reached. Adrian Grainger. on behalf of Griffiths & Pegg Limited Independent Examiner 3 Hagley Court South Waterfront East Level Street Brierley Hill DY5 1XE 9th October 2024
Page 6 FG CHARITABLE TRUST Statement of Financial Actlvltles Year ended 31st May 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricled funds Noto Income and 8ndowm8nts Donations and legacies Investment income 4.700 206.464 4,700 206,464 610 194,167 Total income 211,164 211,164 194,777 Expendlture Expenditure on charltsble activities Total expenditure 281,143 281,143 281,143 265,534 281,143 265,534 Net gainsl(losses) on investments 503,801 503,801 {267,651) Net Incomel{expendlture) and net movement In funds 433,822 433,822 (S38,408) Reconciliaflon of funds Total funds brought forward Total funds carried forNard 7.029,368 4,051 7,033.419 7,371,827 7.463,190 4,051 7,467,241 7,033,419 The statement of financial aclivities includes all gains and losses recognised in the year. All Income and expenditure derive from continuing activities. The notss on pages 8 to 14 forni part of these flnanclal statemènts.
Page 7 FG CHARITABLE TRUST statement of Financial Position 31st May 2024 2024 2023 Flxed assets Investments 13 7,279,860 6.776,059 Current assets Debtors Cash at bank and in hand 14 37,261 151,380 150,794 107,766 188,641 258,560 Creditors: amounts falling due withln one year Net current assets 15 {1 ,260) 187,381 (1,200) 257,360 Total assets less current Ilabllltles 7,467,241 7,033,419 Net assets 7,467,241 7,033,419 Funds of the charity Restricted funds Unrestricted funds 4,051 7,463,1go 4,051 7,029,368 Total charlty funds 16 7,467,241 7,033,419 These financial slatements were approved by the board of trustees and authorlsed for issue on 9lh October 2024, and are signed on behalf of the board by: Mr M Billage Trustee The notes on pages 8 to 14 form parl of these flnanclal 8tatem8nts.
Page 8 FG CHARITABLE TRUST Notes to the Financial Statements Year ended 31st May 2024 General information The charity is a public benefit entity and a registered charity in England and Wales and is unlncorporated. The address of the principal office Is 11A Wannerton Road, Blakedown, Kidderminster, Worcestershire, DY10 3NG. Statement of compllance These financial statements have been prepared In compliance wlth FRS 102, The Financial Fleportir)g Standard applicable in the UK and the Republlc of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Fleporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. Accountlng policies Basis of preparation The financial statements have been prepared on Ihe historical cost basis, as modified by the revaluation of certain financial assets and liabllities and investment properlies measured at fair value through income or expenditure. The financial statements are prepared in sterllng, which is the funclional currency of the 8ntity- Golng concern There are no material uncertainties about the charity's ability to continue. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial stalements of (enter name of group flnsncial statements) which can be oblained from (enter detail). As such, advantage has been taken of the following disclosure exemptions avallable under paragraph 1.12 of FRS 102- (a) No cash flow statement has been presented for Ihe company. (b) Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, eslimales and 8ssumptions that affecl the amounts reported. These estimates and judgements are continually reviewed and ar$ based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumslances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions 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 endowrnent funds.
Page 9 FG CHARITABLE TRUST Notes to the Financial Statements (contlnued) Year ended 31st May 2024 Accounting policies (continued) Incoming resources All Incoming resources are included in the statement of financial activities when entltlement has passed to the charity,. il Is probable that the economic benefits associated with the transactlon wlll flow to the charity and the amount can be reliably measured. The following specific policies are applied lo particular calegories of income.. income from donatlons or grants is recognised when there is evidence of entitlement to the gift, receipt Is probable and Its amount can be measured reliably. legacy income Is recogni88d when receipt is probable and entilement is established. income from donated goods is measured at Ihe fair value of the goods unless this Is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated 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 tha contributlon of general volunteers. incorne from contracts fcr the supply of services is recognised wilh the delivery of the contracted service. This is classlfied as unrestricted funds unless Ihere is a contractual requirement for It to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is r8cognised on an accruals basis as a liability is incurred. Expenditure Includes any VAT which cannot be fully recovered, and is classified under headings of the slat8ment of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non~charitable trading activities, and the sale of donated goods. expenditure on charitable activilies includes all costs incurred by a charity in undertaking activities that further Its charitable aims for the benefit of ils beneficiaries, including those support costs and costs relatlng to Ihe governance of the charity apporlioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charltable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attribulable to a single activily are allocated directly to Ihat activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot ba r&liably measured, assets are measured at cost less impairment. Listed investrnents are measured at fair value with changes in fair value being recognised in income or expenditure.
Page 10 FG CHARITABLE TRUST Notes to the Flnanclal Statements (continued) Year ended 31st May 2024 Accountlng pollcles (conllnued) Investments In associates Investment5 in associates accounted for in accordance with the cost model are recorded at COSt less any accumulated impairment losses. Investments in associales accounted for in accordance with the fair value model are initially rewrded at the transaction price. At each reporting date, the investments are measured al fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acqulsition, Investments in jolnt ventures Investments in jointly conlrolled entities accounted for in accordance wlth the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled enlities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where It is impracticable to measure fair value reliably wllhout undue cost or effort, the cost model will be adopted. Dividends and other dislributions received from the inveslment are recognised as income wilhout regard to whether the dislributions are from accumulated profits of the joint venture arising before or after the dale of acquisilion. Impalrment of fixed assets A review for indicators of Impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reportlng date. For the purposes of impairment testing, when it Is not possible to eslimale the recoverable amount of an individual asset, an estimate Is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identtfiable group of assets that includes the asset and generales cash Inflows that largely independent of the cash inflows from other assets or groups of asset5. For impairment tesling of goodwill, the goodwill acquired in a business combination is, from Ihe acquisition date, allocated to each of the cash-generating units that are expecled to benefit from the synergies of the combinalion. irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnancial instruments A financial asset or a financial liabilily is recognised only when the charity becomes a party to the contractual provisions of the instrumenl. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Pag8 11 FG CHARITABLE TRUST Notes to the Financlal Statements {contlnued) Year ended 31st May 2024 Accounting pollcle8 (contlnued) Financial instruments (contlnued) Current assets and current liabilities are subsequently measured at the cash or other consideration expecled to be paid or received and not discounted. Debt instruments are subsequ6ntEy measured at amortised cosl. Where investmenls In shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost les5 impairment, Olher flnancial Instruments, Including derivatlves, are initially recognised at fair value, unless paymenl for an asset is deferred beyond norm81 business terms or financed at a rale of interest that is not a market rate, in which case the asset is measured at the pr8sent value of Ih@ future payments discounted at a market rale of interest for a similar debt instrument. Olher financial instruments are subsequently measured al fair value, wllh any changes recognised in the statement of financial activities, with the exptIon of hedging instrum8nts in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for oblectlve evldence of impairment at the end of eaGh reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financlal activilies in which the initial gain was recognised. For all equity Instruments reg8rdless of slgnrficance, and other financial assets that are individually significant, these are assessed individually for impairment. other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of Impairment are recognised immediately, to the extenl Ihat 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 and legacios Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donatlons Donations and gifts 4,700 4,700 610 610 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Investment income Interest receivable 203,401 3,063 203,401 3,063 193,182 985 193,182 985 206,464 206,464 194,167 194,167
Page 12 FG CHARITABLE TRUST Notes to the Flnanclal Statements (Gontinued) Year ended 31st May 2024 Expendlture on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations to Overseas Donations to UK Support costs 212,524 62,662 5,957 212,524 62,662 5,957 185,142 74,596 5,796 185,142 74,596 5,796 281,143 281,143 265,534 265,534 Expendlture on charltable activlties by actlvlty type Activities undertaken directly Support Total funds COSts 2024 Total fund 2023 Donations to Overseas Donations to UK Governance costs 212,524 62,662 4,197 216,721 62,662 1,760 281,143 189,349 74,596 1,589 1,760 275,186 5,957 265,534 Analysis of support costs Total 2024 Total 2023 Support costs - Travelling expenses 4,197 4,099 Net galnsl(losses) on Investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl{108ses) on listed investment8 503,801 503,801 (267,651) (267,651) 10. Independent examination fee8 2024 2023 Fees payable to the independent examiner for.. Independenl examination of th8 financial statements 1,260 1,200 11. Staff costs The average head count of employees during the year was Nil (2023: Nil). No employee received employee benefits of more than £60,000 during the year (2023: Nill.
Page 13 FG CHARITABLE TRUST Notes to the Financial Statements (continusyd) Year ended 31st May 2024 12. Truste8 remuneration and 8xpons8S No remuneration or other benefits from employment with the charity or a related 8ntity were reiVed by the trustees. 13. Investments other Investments Cost or valuation At 1 st June 2023 Additions Falr value movements 6,776,059 503,801 At 31st May 2024 Impalrment At 1st June 2023 and 31st May 2024 Carrying amount At 318t fvlay 2024 At 31 st May 2023 7,279,860 7,279,860 6,776,059 All investments shown above are held at valuation. 14. Debtors 2024 2023 other debtors 37,261 150,794 15. Credltors: amounts falling due wlthln one year 2024 2023 Accruals and deferred inwme 1,260 1,200 16. Analysis of charitable funds Unrostrlcted funds At 1st June 2023 Gains and losses At 31st May 2024 Income Expenditure General funds 7,029,368 211,164 (281.143) 503,801 7,463,190 At 1st June 2022 Gains and loss8s At 31st May 2023 Income Expenditure General funds 7,367,776 194,777 (265,534) (267,6511 7.029,368
Pag8 14 FG CHARITABLE TRUST Notes to the Financial Statements (contlnued) Year ended 31st May 2024 16. Analysis of charitable funds (contlnuod) Restrictod funds At 1st June 2023 Gains and losses At 31st May 2024 Income Expenditure Restricted fund 4,051 4,051 At 1st June 2022 Gains and losses At31st May 2023 Income Expenditure Restricted fund 4.051 4,051 17. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Investments Current assets Creditors less than 1 year Net assats 7.279,860 184,590 {1,260) 7,463,190 7,279,860 188,641 (1,2601 7,467,241 4,051 4,051 Unrestrict8d Funds Restricted Total Funds Funds 2023 Investments Currenl assets Creditors less than 1 y8ar Net assets 6,776,059 254,509 (1,2001 7,029,368 6,776,059 258,560 {1,200} 7,033,419 4,051 4,051