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2022-08-31-accounts

Company number: 06818920 (England & Wales)

THE GOLD STANDARD CHARITABLE TRUST

(Company limited by guarantee without share capital, with an exemption from using Limited in its name)

REGISTERED CHARITY NO. 01130999

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

THE GOLD STANDARD CHARITABLE TRUST

CONTENTS

Page
Legal and administrative information 1
Directors’ report 2-5
Independent auditor’s report 6-9
Statement of financial activities (including
an income and expenditure account) 10
Balance sheet 11
Cash flow statement 12
Notes to the financial statements 13-20

THE GOLD STANDARD CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Charity status

Registered in England and Wales

Charity number

1130999

Registered office 40 Queen Anne Street London W1G 9EL Company number 06818920

Founder member

Sir John Ritblat

Trustees

Sir John Ritblat Colin Wagman (resigned 23 June 2022) Dr Priscilla Chadwick Howard Goldsobel Graham Able Julietta Gishen (resigned 24 June 2022) Jane Ritchie Michael Cohen

Auditors

Lewis Golden LLP Chartered Accountants and Statutory Auditors 40 Queen Anne Street London W1G 9EL

Website

https://www.goldstandardcharitabletrust.co.uk

1

THE GOLD STANDARD CHARITABLE TRUST

DIRECTORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

The Directors are pleased to present their report together with the financial statements of the charitable company (“the Charity”) for the year ended 31 August 2022. The report also represents the Trustees' Report which is required to be prepared by Part 8 of the Charities Act 2011.

The financial statements have been prepared in accordance with applicable UK accounting standards, current statutory requirements, the Charities Act 2011, the Companies Act 2006, 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) (2nd Edition, effective 1 January 2019), the accounting policies set out in the Notes to the financial statements and the Charity’s governing document.

Legal and administrative information set out on page 1 forms part of this report. The Directors of the Charity are its Trustees for the purpose of charity law and throughout the report and financial statements are collectively referred to as “the Trustees”. The Trustees who served during the year are set out on page 1.

Objectives and Activities for the Public Benefit

The objectives, for which the Charity was established, as dictated by the Memorandum and Articles of Association, are to promote such purposes as shall be charitable from time to time under English law as the Trustees shall from time to time determine.

The primary focus of the Charity is to provide financial assistance to eligible individuals of any age, who would not otherwise have the means to do so, to facilitate their participation in amateur sport, education, environmental protection or improvement and the arts.

Beneficiary groups are supported by the provision of funding for full or part time education or tutoring at primary, secondary or tertiary level, or by the provision of other resources or equipment necessary to enjoy, attain, complement and benefit their aims. The Trustees are committed to considering bursary applications put forward from Alpha Plus Group schools and colleges. Currently the Trustees do not consider applications for bursaries at schools outside the Alpha Plus Group. During the year the Trustees met and awarded means tested life changing academic bursaries for the academic year 202122 and 2022-23 to individual students in line with the objectives of the Charity.

The Trustees confirm that in accordance with Section 17 of the Charities Act 2011, they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning their future grant making activities.

Achievements and Performance

During the year the Charity received total donations and legacies of £979,710, an increase of £270,380 compared to the previous year. This included £226,811 (2021: £300,012) which was restricted for the award of bursaries at named schools and colleges within the Alpha Plus group.

The Charity received unrestricted donations of £752,899 (2021: £409,318) following fundraising activities and appeals at a number of the schools within the Alpha Plus group. The Trustees elected to designate £539,380 (2021: £230,420) specifically for bursaries at educational institutions. The success of the fundraising activities in the year will allow the Charity opportunity to support more students in future academic years.

The Charity has awarded 37 life changing academic bursaries (2021: 37) in the year. The grants were paid to each of these schools on behalf of the individuals.

2

THE GOLD STANDARD CHARITABLE TRUST DIRECTORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Achievements and Performance (continued)

The split between the schools that the Charity currently supports is as follows:

School
Wetherby
Schools
Falcons Schools
Pembridge Hall
Hilden Grange
St Anthony's
Schools
Portland Place
Chepstow House
DLD
Total:		 Number of
students
20
7
2
3
3
2
-
-
37		 Academic year:
2021/22
2022/23
Total
31/08/22
Total
31/08/21
£
£
£
£
12,421
414,930
427,351
589,687
-
80,822
80,822
65,037
-
33,068
33,068
96,023
9,376
45,006
54,382
15,473
-
29,700
29,700
79,049
-
23,536
23,536
106,608
-
-
-
28,302
-
-
-
11,581
21,797
627,062
648,859
991,760

During the year grant administration and support services with a value of £128,173 (2021: £117,786), premises, utilities and infrastructure costs of £13,056 (2021: £nil) and a £226,811 (2021: £200,000) restricted cash donation was gifted to the Charity by members of the Alpha Plus group. Alpha Plus makes substantial annual contributions to the Gold Standard Charitable Trust. They also fund the development team’s expenditure budget on an annual basis.

The Trustees assess the Charity’s performance with reference to the number of individuals supported in the areas outlined in the Charity’s objectives.

Financial review

The Charity’s activities resulted in total income of £1,253,199 (2021: £725,168) and net income of £341,212 (2021: net expenditure £394,388). At the year end the Charity held £417,494 (2021: £101,910) in cash at bank, £319,608 (2021: £299,376) in investments and £290,000 (2021: £216,352) in debtor balances together with commitments totalling £649,298 (2021: £581,046) included within creditors.

The Charity holds investments and uses the income generated to support the charitable objectives of the Charity. The investment objective is to achieve long term capital growth through investment in securities markets worldwide. The Charity will mainly invest in liquid equities and bonds either directly or through collective investment schemes but may also utilise a range of asset classes in order to achieve its objective. These may include cash, deposits and money market instruments, regulated funds, transferable securities and may include exposure to currencies. Cash and near cash will be held to enable the pursuit of the investment objectives of the Charity, the efficient management of the Fund in accordance with its investment objective, and other ancillary purposes. The investment policy of the Charity may mean that at times, where it is considered appropriate, the assets of the Charity will not be fully invested and that prudent levels of liquidity will be maintained.

3

THE GOLD STANDARD CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Financial review (continued)

The Trustees intend to regularly review the level of expenditure compared to income and available reserves. As at 31 August 2022, the Charity’s reserves, excluding restricted funds, totalled £377,770 (2021: £36,558). At each year end, the Trustees aim to hold reserves to cover commitments for the subsequent academic year. Funds carried forward will be utilised to support additional life changing academic bursaries in the years ahead. The Trustees aim to spend designated funds within five years of designation. All funds are explained in more detail in notes 15 and 17.

The Board of Trustees is responsible for the management of risks faced by the Charity. The Trustees have satisfied themselves that no major risks have been identified.

Plans for future periods

Following successful fundraising events in the year, the Trustees aim to hold further fundraising events in the coming years.

Structure, Governance and Management

The Gold Standard Charitable Trust was incorporated as a company limited by guarantee (with an exemption from using the word limited in its company name) on 13 February 2009, as The Three R's Foundation, and it is governed by its Memorandum and Articles of Association. The Company changed its name to The Alpha Standard Trust on 1 July 2009 and to The Gold Standard Charitable Trust on 15 January 2014. The Company was registered as a Charity on 7 August 2009 and its registered number is 01130999.

The Founder Member has the exclusive power to appoint additional Trustees at an Annual General Meeting (“AGM”) up to a maximum number of twelve, to fill a vacancy amongst the Trustees where there are fewer than the minimum requirement of three Trustees, or to remove a Trustee. The first Trustees retire at the first AGM but are eligible for reappointment for one or more further terms of office. Any person appointed subsequently holds office for a term of office ending on the second AGM following their appointment; unless upon their retirement the number of Trustees will fall below the minimum number required, in which case they may continue until a replacement is found. The Trustees will consider appropriate methods for recruitment when it is decided that new Trustees are required. The number of members is unlimited.

The Trustees meet to administer the Charity. The quorum for meetings of Trustees is two Trustees (unless there are fewer than two Trustees in office) including the Founder Member (unless he has agreed that a meeting may be held in his absence). Decisions are made by majority vote and in the event of a tied vote, the Chairman has a second and deciding vote (except where two Trustees are present at a meeting they act unanimously). A meeting of Trustees at which a quorum is present can exercise all of the powers which the Trustees have, including establishing sub- committees under these powers.

4

THE GOLD STANDARD CHARITABLE TRUST

DIRECTORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Statement of Trustees’ Responsibilities

The Trustees (who are also the directors for the purpose of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and 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 Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the Charity’s auditors are unaware. They have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the Charity's auditors are aware of that information.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Approved by the board and signed on behalf of the Trustees

Michael Cohen Trustee

Date: 23 May 2023

5

THE GOLD STANDARD CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE GOLD STANDARD CHARITABLE TRUST

Independent Auditor’s Report to the Members of The Gold Standard Charitable Trust

Opinion

We have audited the financial statements of The Gold Standard Charitable Trust (the ‘Charity’) for the year ended 31 August 2022 which comprise the Statement of Financial Activities (including an income and expenditure account), The Balance Sheet, The Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated.

6

THE GOLD STANDARD CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE GOLD STANDARD CHARITABLE TRUST (CONTINUED)

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 5 the Trustees (who are also the Directors of the Charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

7

THE GOLD STANDARD CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE GOLD STANDARD CHARITABLE TRUST (CONTINUED)

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial statements as a whole. We used the outputs of a risk assessment, our understanding of the company, its environment, its controls and critical processes, to consider qualitative factors in order to ensure that we obtained sufficient coverage across all financial statement line items.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. In identifying and assessing risks of material misstatement in respect of irregularities including non-compliance with laws and regulations, our procedures included but were not limited to:

We also considered those other laws and regulations that have a direct impact on the preparation of financial statements, including the Companies Act 2006 and the Charities Act 2011.

Our procedures in relation to fraud included but were not limited to:

The primary responsibility for the prevention and detection of irregularities including fraud rests with the Trustees. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

8

THE GOLD STANDARD CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE GOLD STANDARD CHARITABLE TRUST (CONTINUED)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities.

This description forms part of our Auditor’s report.

Use of our report

This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Moss (Senior Statutory Auditor) for and on behalf of Lewis Golden LLP Chartered Accountants and Statutory Auditors

40 Queen Anne Street London W1G 9EL

Date: 23 May 2023

9

THE GOLD STANDARD CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (Including an income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2022

Notes
Income and
endowments from:
Donations and legacies
7
Other trading activities
9
Investments
6
Interest received
Total income
Expenditure on:
Charitable activities
8
Fundraising activities
9
Total expenditure
Net gains on
investments
12
Net income / (expenditure)
Reconciliation of funds:
Fund balances brought forward
Fund balances carried forward		 Unrestricted Funds:
Restricted
Designated
General
Funds
Funds
Funds
Total
Year
ended
Year
ended
Year
ended
Year
ended
31.08.2022
31.08.2022
31.08.2022
31.08.2022
£
£
£
£
226,811
539,380
213,519
979,710
-
261,691
-
261,691
-
-
11,798
11,798
-
- - -
226,811
801,071
225,317
1,253,199
(200,000)
(448,859)
(178,774)
(827,633)
(26,811)
-
(77,775)
(104,586)
(226,811)
(448,859)
(256,549)
(932,219)
-
14,092
6,140
20,232
-
366,304
(25,092)
341,212
34
(6,657)
43,215
36,592
34
359,647
18,123
377,804		 Total
Year
ended
31.08.2021
£
709,330
-
15,836
2
725,168
(1,141,512)
-
(1,141,512)
21,956
(394,388)
430,980
36,592

10

THE GOLD STANDARD CHARITABLE TRUST Company number: 06818920 (England & Wales)

BALANCE SHEET AS AT 31 AUGUST 2022

Notes
Fixed assets
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling
due within one year
14
Net current assets / (liabilities)
Total net assets
Represented by:
Restricted income funds
17
Unrestricted funds:
Designated funds
15
General fund
15		 2022
£
£
319,608
290,000
417,494
707,494
(649,298)
58,196
377,804
34
359,647
18,123
377,770
377,804		 2021
£
£
299,376
216,352
101,910
318,262
(581,046)
(262,784)
36,592
34
(6,657)
43,215
36,558
36,592		 2021
£
£
299,376
216,352
101,910
318,262
(581,046)
(262,784)
36,592
34
(6,657)
43,215
36,558
36,592
707,494
(649,298)		 318,262
(581,046)
359,647
18,123		 (6,657)
43,215
36,592
34
36,558
36,592

These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Approved by the Trustees on 23 May 2023 and signed on their behalf by:

Michael Cohen Trustee

11

THE GOLD STANDARD CHARITABLE TRUST

CASH FLOW STATEMENT AS AT 31 AUGUST 2022

Cash flows from operating activities
Net movement in funds
Adjustments for:
Gains on investments
Deduct interest income shown in investing activities
Deduct investment income shown in investing activities
Increase in debtors
Increase in creditors
Net cash used in operating activities
Cash flows from investing activities
Interest received
Dividends from investments
Proceeds from the sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents during the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2022
£
341,212
(20,232)
-
(11,798)
(73,648)
68,252

(37,426)

-
11,798
339,083
(339,083)
11,798
315,584
101,910
417,494		 2021
£
(394,388)
(21,956)
(2)
(15,836)
(6,022)
260,911
217,095
2
15,836
-
-
15,838
(161,455)
263,365
101,910

The above cash flow statement represents the charitable company’s only movements in net debt during the current and prior year.

12

THE GOLD STANDARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1 Accounting policies

1.1 Basis of preparation

The financial statements are prepared under the historical cost convention unless otherwise stated within these accounting policies and 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) (2[nd] Edition, effective 1 January 2019) – (Charities SORP (FRS 102)), the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

1.2 Going concern

The financial statements have been prepared on the going concern basis as the Charity is able to meet its liabilities as and when they fall due. It has been determined that the charity will be able to continue operations for a period of at least 12 months from the approval of these financial statements and has continued future support from key donors. The Trustees have considered a period of at least 12 months from the date of approval of the financial statements and believe there to be no material uncertainties regarding going concern.

1.3 Income

(i) Donations and grants receivable

Income from donations, gift aid and grants are included in incoming resources when the Charity has – control over the expected economic benefits that flow from the income and any performance-related conditions attached to the income have been fully met, the amount can be measured reliably and it is probable that the income will be received. This includes all income received from school events and donations made directly to the charity.

(ii) Gifts and intangible income

Income from these sources is included in the period in which it is received and valued at a reasonable estimate of the value of the gift or service received.

(iii) Other trading activities

Income from other trading activities includes income from fundraising events such as auctions and concerts by the charity or by volunteers working under the charity’s management.

(iii) Investment income

Income from investments, in the form of dividends, is included in incoming resources when it is received.

(iv) Interest receivable

Interest is included when receivable by the Charity.

1.4 Expenditure

Expenditure in the Statement of Financial Activities (including an income and expenditure account) is dealt with on the accruals basis of accounting and is classified as follows:-

(i) Charitable activities

This comprises all expenditure incurred by the Charity in meeting its charitable objectives. This expenditure comprises grant funding activities and support costs. Support costs include governance costs which are all costs associated with the running of the Charity’s office, and any other costs not attributable to the above headings.

Grants are recognised in the Statement of Financial Activities (including an income and expenditure account) when the charity commits to the payment. Grants are committed to for a set period of time and are reviewed on a case by case basis to establish whether they will be continued further.

13

THE GOLD STANDARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

1 Accounting policies (continued)

1.4 Expenditure (continued)

(ii) Raising funds

This comprises all costs incurred by the Charity relating to the raising of funds to finance its charitable objectives.

1.5 Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Periodically the Trustees designate unrestricted funds to ensure specific funds will be available for a specific purpose.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purpose and uses of the restricted funds are set out in the notes to the financial statements when the Charity holds restricted funds in the appropriate accounting period.

1.6 Investments

Investments are stated in the financial statements at fair value. Realised gains and losses on the sale of investments are calculated as the difference between the sales proceeds and the original cost. Unrealised gains and losses represent movement between fair values. Realised and unrealised gains and losses are included on the face of the Statement of Financial Activities (including an income and expenditure account).

1.7 Financial instruments

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. All of the Charity's financial assets and liabilities are measured at the undiscounted amount of cash or other consideration expected to be paid or received, less any provision for impairment.

1.8 Cash at bank and in hand

Cash at bank and in hand is represented by cash in hand, deposits held at call with financial institutions, and other short term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.9 Debtors and Creditors

Other debtors are recognised at the settlement amount due at the end of the accounting period. Creditors are recognised when the Charity has a present obligation resulting from a past transaction or event, which can be measured or estimated reliably and will probably result in the transfer of funds to a third party. Creditors are usually recognised at their settlement amount.

14

THE GOLD STANDARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

2 Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Charity’s accounting policies, which are described in note 1 above, the Trustees are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. The items in the accounts where these judgments and estimates have been made include:

In the 12 months following the balance sheet date, the most significant areas of uncertainty that will affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets on the investment portfolio held at Investec Wealth & Investment Ltd. The carrying value of the investment portfolio as at 31 August 2022 was £319,608 (2021: £299,376).

3 Staff costs

There were no employees during the year.

No expenses were paid by Trustees and reimbursed by the charity. No Trustee received any remuneration for their role and responsibilities as Trustee of the charity during the current or prior year.

One Trustee received remuneration for providing services to the Charity during the year. Julietta Gishen was employed by the Alpha Plus Group to promote charitable giving, provide donor support, marketing and life changing academic bursary monitoring up to 22 July 2022. She received remuneration totalling £14,586 (2021: £13,000) and an employer pension contribution totalling £1,021 (2021: £650). The total amount is included within Donations as a gift in kind, with the equal cost allocated in support and governance costs, see note 7.

4 Direct taxation

The Charity is a registered charity and is generally exempt from income tax and capital gains tax and is unable to recover VAT. Irrecoverable VAT is included in the cost of those items to which it relates.

5 Auditor’s remuneration

Auditors remuneration (2021: Independent Examiner’s fees) Year
ended
31.08.2022
£
12,000		 Year
ended
31.08.2021
£
12,300

In addition, Lewis Golden LLP received book keeping fees and fees for other services of £25,110 (2021: £19,145).

15

THE GOLD STANDARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

6 Investment income

Year Year
ended ended
31.08.2022
31.08.2021
£ £
Dividends received from UK and Non-UK listed investments
Unrestricted funds:
Designated funds - 11,411
General unrestricted funds 11,798 4,425
11,798 15,836
Donations and legacies
Year ended 31.08.2022 Year ended 31.08.2021
Unrestricted funds: Unrestricted funds:
Restricted
fund		 Designated
fund		 General
fund		 Total Restricted
fund		 Designated
fund		 General
fund		 Total
£ £ £ £ £ £ £ £
Donations 226,811
511,117		 202,042 939,970 300,012 214,762 176,383 691,157
Gift aid
receivable		 -
28,263		 11,477 39,740 - 15,658 2,515 18,173
226,811
539,380		 213,519 979,710 300,012 230,420 178,898 709,330

7 Donations and legacies

Donations in the unrestricted general fund include £141,229 (2021: £117,786) of gifted professional services and facilities from the Alpha Plus group for grant making administration and support. An equal cost is included within Support costs in note 11 below. Donations in the restricted fund includes £226,811 (2021: £200,000) cash donation from a member of the Alpha Plus group.

8 Charitable activities

Grant funding
activities
(see note 10)
Support costs
(see note 11)		 Year ended 31.08.2022
Year ended 31.08.2021
Unrestricted funds:
Unrestricted funds:
Restricted
fund
Designated
fund
General
fund
Total
Restricted
fund
Designated
fund
General
fund
Total
£
£
£
£
£
£
£
£
200,000
448,859
-
648,859
341,565
650,195
-
991,760
-
-
178,774
178,774
-
384
149,368
149,752
200,000
448,859
178,774
827,633
341,565
650,579
149,368
1,141,512

16

THE GOLD STANDARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

9 Fundraising activities

----- Start of picture text -----
Year ended 31.08.2022 Year ended 31.08.2021
Unrestricted
Unrestricted funds:
funds:
Restricted Designated General Total Restricted Designated General Total
fund fund fund fund fund fund
£ £ £ £ £ £ £ £
Event costs 26,811 - 77,775 104,586 - - - -
26,811 - 77,775 104,586 - - - -
----- End of picture text -----

During the year ended 31 August 2022, the Charity incurred £77,775 of costs to run a major charity event, which raised donations to the designated fund of £261,691. The charity received donated goods to support the event and due to the complexities in valuing the items, no gift in kind or associated event cost has been recognised in these financial statements.

10 Grant funding activities

Academic
bursary		 Year ended 31.08.2022
Year ended 31.08.2021
Unrestricted funds:
Unrestricted funds:
Restricted
fund
Designated
fund
General
fund
Total
Restricted
fund
Designated
fund
General
fund
Total
£
£
£
£
£
£
£
£
200,000
448,859
-
648,859
341,565
650,195
-
991,760
200,000
448,859
-
648,859
341,565
650,195
-
991,760

Grants are paid annually to educational institutions within the Alpha Plus group on behalf of individuals.

17

THE GOLD STANDARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

11 Support costs

Legal and
professional
fees
Staff costs
Premises,
utilities and
infrastructure
costs
Governance
Bank charges		 Year ended 31.08.2022
Year ended 31.08.2021
Unrestricted funds:
Unrestricted funds:
Restricted
fund
Designated
fund
General
fund
Total
Restricted
fund
Designated
fund
General
fund
Total
£
£
£
£
£
£
£
£
-
-
37,110
37,110
-
-
149,231
149,231
-
-
116,933
116,933
-
-
-
-
-
-
13,056
13,056
-
-
-
-
-
-
11,240
11,240
-
-
-
-
-
-
435
435
-
384
137
521
-
-
178,774
178,774
-
384
149,368
149,752

The charity has no employees. Staff costs, premises, utilities and infrastructure costs and governance costs are gifted by a member of the Alpha Plus group.

12 Investments

Listed investments:
Fair value brought forward
Additions
Gain on fair value
Disposals
Fair value carried forward		 2022
£
299,376
339,083
20,232
(339,083)
319,608		 2021
£
277,420
-
21,956
-
299,376

18

THE GOLD STANDARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

13 Debtors

2022 2021
£ £
Prepayments and accrued income 290,000 216,352

Included within debtors is £50,000 (2021: £nil) recoverable in greater than one year.

Financial assets that are debt instruments measured at amortised cost comprise accrued income and amount to £290,000 (2021: £200,240).

14 Creditors: amounts falling due within one year

Trade creditors
Accrued expenses
Accrued grants commitments		 2022
£
215,881
15,504
417,913
649,298		 2021
£
176,423
38,300
366,323
581,046

Trade creditors includes £209,148 (2021: £134,169) due in respect of grant commitments invoiced but not paid.

15 Unrestricted funds

Designated
funds
General
funds		 As at
01.09.21
Income
Expenses
As at
31.08.22
As at
01.09.20
Income
Expenses
As at
31.08.21
£
£
£
£
£
£
£
£
(6,657)
815,163
(448,859)
359,647
386,025
241,831
(634,513)
(6,657)
43,215
231,457
(256,549)
18,123
3,368
183,325
(143,478)
43,215
36,558
1,046,620
(705,408)
377,770
389,393
425,156
(777,991)
36,558

The Trustees have designated funds for bursaries and scholarships to individuals attending schools and colleges within the Alpha Plus group, where the donor has expressed a non-binding preference as to the use of the funds, which falls short of imposing a restriction in trust law.

The unrestricted general funds can be used in accordance with the charitable objects of the Charity at the discretion of the trustees.

19

THE GOLD STANDARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

16 Related party transactions

Other than disclosed in note 3, Staff costs there are no related party transactions in the reporting period that require disclosure.

17 Restricted funds

Music
scholarships
Bursary and
Scholarship
Fund		 As at
01.09.21
Income
Expenses
As at
31.08.22
As at
01.09.20
Income
Expenses
As at
31.08.21
£
£
£
£
£
£
£
£
34
-
-
34
34
-
-
34
-
226,811
(226,811)
-
41,553
300,012
(341,565)
-
34
226,811
(226,811)
34
41,587
300,012
(341,565)
34

Restricted funds consist of donations received where the donor has specified a particular purpose of the Charity on which the funds must be applied.

The Music scholarship fund comprises monies received for the specific purpose of granting music scholarships to school children.

The Bursary and Scholarship Fund comprises monies received from donors for the specific purpose of either providing talented students from less privileged backgrounds financial support to access an educational institution within the Alpha Plus group or provide financial support for children currently at school or college within the Alpha Plus group whose parents fall into financial or other difficulty.

18 Analysis of Net Assets between Funds

Investments
Current
assets
Current
liabilities		 Restricted
Unrestricted funds:
Total funds
Restricted
Unrestricted funds:
Total funds
Fund
Designated
General
31.08.2022
Fund
Designated
General
31.08.2021
£
£
£
£
£
£
£
£
-
233,158
86,450
319,608
-
219,065
80,310
299,375
200,034
553,549
(46,089)
707,494
202,534
72,270
43,459
318,263
(200,000)
(427,060)
(22,238)
(649,298)
(202,500)
(297,992)
(80,554)
(581,046)
34
359,647
18,123
377,804
34
(6,657)
43,215
36,592

19 Liability of members

The Company does not have a share capital and is limited by guarantee. In the event of the company being wound up the maximum each member is liable to contribute is £1.

At 31 August 2022 there were 6 members (2021: 8).

20