2021-08-31-accounts

Charity registration number: 1121131

Goodwill Foundation Charitable Trust

Trustees' report and financial statements for the year ended 31 August

2021

Goodwill Foundation Charitable Trust

Contents

Legal and administrative information

	Page
Legal and administrative information	2
Trustees' report	3
Independent examiner's report	5
Statement of Financial activities	6
Balance Sheet	7
Notes to the financial statements	8

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Goodwill Foundation Charitable Trust

Legal and administrative information

Charity registration number 1121131 Charity address Unit 69/70 Batley Business & Technology Centre Batley WF17 6ER Trustees J A Sheth A A Patel Independent Examiner W Ahmad BSc ACA AHM Chartered Accountants The Beeches 20 Ring Road Shadwell Leeds, LS17 8NJ Bankers Barclays Bank Plc Crackenedge Lane Dewsbury WF13 1PT

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Goodwill Foundation Charitable Trust

Report of the trustees for the year ended 31 August 2021

The trustees present their report and the financial statements for the year ended 31 August 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the charity's governing document, the trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.

Structure, Governance and Management

Goodwill Foundation Charitable Trust (GFCT) is a registered UK charity constituted on 07 February 2007 under charity number 1121131. It is an unincorporated charity and the governing document is a Trust deed.

The Trustees who served during the year up to the date this report are set out on page 2. The trustees have the power to appoint any person to be a trustee in accordance with the provisions of the charity's governing document. An appointed trustee holds office within the limits permitted by law.

Objectives and activities

The objectives of the trust, as set out in its governing document are:

• the relief of poverty and sickness

• the advancement of religion

• the advancement of education and

• the promotion and protection of good health

When planning activities for the year, the trustees have considered the Commission's guidance on public benefit.

Achievements and performance

During the year, Goodwill Foundation raised £128,265.

Principal risks and mitigations

The trustees have undertaken an assessment as to whether the charity remains a going concern as at the date of the financial statements approval. During the COVID-19 pandemic, the trustees have considered all potential variables that may affect this going concern assumption and have prepared sufficient supporting documentation in order to reach their conclusion. The detailed assumption has been based on cash flow forecasts prepared for at least twelve months from the date of signing the financial statements. Scenario planning by modelling a number of different outcomes for the charity over the same twelve month period has also been undertaken, given the high level of uncertainty regarding the effects of the pandemic in certain areas. The trustees are confident that the charity is in sound financial position with adequate reserves of £4,473 to continue in operational existence for the forseseeable future.

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Laws applicable to charities in England and Wales requires the trustees to prepare financial statements for each calendar year which give a true and fair view of charity and of incoming resources and application of resources of the charity for that year. In preparing these financial statements the trustees are required to:

• select suitable accounting policies and apply them consistently

• observe the methods and principles in the Charities SORP

• makes judgements and estimates that are reasonable and prudent

• state whether applicable UK Accounting Standards 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.

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Goodwill Foundation Charitable Trust

Report of the trustees for the year ended 31 August 2021 (Cont'd)

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the charity's governing document, the Charities Act 2011 and the relevant version of the 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). They are also responsible for safeguarding assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board

J A Sheth Trustee Date: 15 June 2022

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Goodwill Foundation Charitable Trust

Statement of Financial Activities for the year ended 31 August 2021	Statement of Financial Activities for the year ended 31 August 2021	Statement of Financial Activities for the year ended 31 August 2021
Notes Income Voluntary Income: Donations 2 Investment income 3 Total Income Expenditure Expenditure on Charitable activities 4 Management & Administration expenses Total Expenditure Total funds brought forward Total funds carried forward Net (deficit) / Income for the year	Unrestricted Funds 128,265 - 128,265 138,959 563 139,522 (11,257) 15,730 4,473	Restricted 2021 Funds Total - 128,265 - - - 128,265 - 138,959 - 563 - 139,522 - (11,257) - 15,730 - 4,473	2020 Total 126,114 3
			126,117
			135,000 648
			135,648
			(9,531)
			25,261
			15,730

The Statement of Financial Activites includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 8 to 10 form an integral part of these financial statements

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Goodwill Foundation Charitable Trust

Balance Sheet as at 31 August 2021
Notes Current Assets Cash at bank and in hand Creditors: Amount falling due within one year: 7 Net Current Assets Total Assets less Current Liabilities Net Assets Funds of the charity: Restricted funds 8 Unrestricted funds 8, 9 Total Funds	2021 £ 5,636 5,636 1,163 4,473 4,473 4,473 - 4,473 4,473	2020 £ 16,863
		16,863 1,133
		15,730
		15,730
		15,730
		- 15,730
		15,730

The financial statements were approved by the board of trustees and are signed on behalf of the board by:

J A Sheth Date: 15 June 2022

The notes on pages 8 to 10 form an integral part of these financial statements

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Goodwill Foundation Charitable Trust

	Notes to the financial statements for the year ended 31 August 2021
1. Accounting Policies:	The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout
	the year and the preceding year.
(a) Basis of preparation	The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost
	or transaction value unless otherwise stated in the relevant note(s) to these accounts.
	The financial statements have been prepared in accordance with the second edition of the Charities Statement of
	Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and
	Republic of Ireland (FRS 102) and the Charities Act 2011.
	The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charities
	(Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has
	involved following the relevant version of the 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) rather
	than the Accounting and Reporting by Charities: Statemtnt of Recommended Practice effective from 1 April 2005 which has
	since been withdrawn.
(b) Fund accounting	General funds are unrestricted funds which are available for the use of discretion of the trustees in furtherance of the general
	objectives of the charity and has not been put aside for other purposes. Restricted funds are funds which are to be used in
	accordance with specific restrictions which has been raised by the charity for a specific purpose. The cost of raising and
	administering such funds are charged against the specific fund.
(c) Incoming resources	All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the
	amount can be quantified with reasonable accuracy. The following specific policies are applied to the particular categories of
	income.:
	Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial
	activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the
	charity, are recognised when the charity becomes unconditionally entitled to the grant.
	Donated services and facilities are included at the value of the charity where it can be quantified. The value of
	services provided by volunteers has not been included.
(c) Resources expended	Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully
	recovered, and is reported as part of the expenditure to which it relates.
	Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its
	beneficiaries. It includes both costs that can be allocated to such activities and those costs of an indirect nature necessary to
	support them.
(d) Going conern
	The principle risk facing the charity is its ability to generate sufficient income to cover expenditure incurred in fulfilling the
	objectives of the charity. The trustees have reviewed the cash position and cash forecasts at the date of signing the accounts
	and are satisfied that the charity will be able to meet all of its financial commitments. As a consequence the trustees believe
	that the charity is well placed to manage its financial risks successfully despite the current uncertain economic outlook,
	especially with regard to Covid-19 and that the charity has adequate reserves to continue in operational existence for the
	foreseeable future. Accordingly the trustees continue to adopt the going concern basis in preparing the accounts.
	2021 2020
2. Donations	Unrestricted funds Unrestricted funds
	£ £
	Donations from individuals & organisations 128,265 126,114

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Goodwill Foundation Charitable Trust

Notes to the financial statements for the year ended 31 August 2021

	2021	2020
	Unrestricted funds	Unrestricted funds
	£	£
Bank interest received	-	3
ities	£	£
Charitable activities	138,959	135,000
Administrative costs	563	648
	139,522	135,648

3. Investment income

4. Cost of charitable activities

5. Trustees' remuneration

Employment costs

None of the trustees received fees or expenses during the year (2020: nil). No persons were employed during the year (2020: nil)

6. Independent examination fees Fees payable to the independent examiner for examination of the financial statement 7. Creditors: amounts falling due within one year Other creditors 8. Analysis of charitable funds Restricted funds Unrestricted funds Total funds	s £ - 15,730 At 1 September 2020	2021 £ 300 2021 £ 1,163 1,163 £ £ - - 128,265 139,522 Incoming resources Outgoing resources	2020 £ 500 2020 £ 1,133
			560
			£ - 4,473 At 31 August 2021
	15,730	128,265 139,522	4,473

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Goodwill Foundation Charitable Trust

Notes to the financial statements for the year ended 31 August 2021

9. Analysis of net assets between funds

Current assets Current liabilities	5,636 - 5,636 16,863 (1,163) - (1163) (1,133) 2021 Total Funds £ 2020 Total Funds £ Restricted funds £ Unrestricted funds £
	4,473 - 4,473 15,730

10. Related party transactions

During the year J A Sheth who is a trustee of the charity, donated £106,573 to the charity, (2020: £41,114). All transactions with related parties were conducted at arms length and in accordance with the charity's objectives.

11. Post balance sheet events

Since the beginning of 2021, the spread of COVID-19 has severely impacted the economy. As a consequence businesses are being forced to cease or limit operations for long or indefinite periods of time. The Charity has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31 August 2021 have not been adjusted to reflect their impact. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Charity for future periods. However, the charity has concluded, based on forecasts and in depth financial analysis that the impact of COVID-19 is unlikely to affect the charity’s ability to continue as a going concern.

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