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
DIRECTORS’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
THE GOLD STANDARD CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Directors’ report | 2-5 |
| Independent examiner’s report | 6-7 |
| Statement of financial activities (including | |
| an income and expenditure account) | 8 |
| Balance sheet | 9 |
| Cash flow statement | 10 |
| Notes to the financial statements | 11-18 |
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 Trustees Graham Able Howard Goldsobel Jane Ritchie Mark Snell (appointed 8 January 2024) Nicholas Wergan (appointed 8 January 2024) Dr Priscilla Chadwick (resigned 24 October 2023) Sir John Ritblat (resigned 25 January 2024) Michael Cohen (resigned 25 January 2024) Independent examiner Peta Parker FCA Lewis Golden LLP Chartered Accountants 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 2023
The Directors are pleased to present their report together with the unaudited financial statements of the charitable company (“the Charity”) for the year ended 31 August 2023. 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 202324 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 £593,414 a decrease of £386,296 compared to the previous year. This included £nil (2022: £226,811) which was restricted for the award of bursaries at named schools and colleges within the Alpha Plus group.
The Charity received unrestricted donations of £593,414 (2022: £752,899) following fundraising activities and appeals at a number of the schools within the Alpha Plus group. The Trustees elected to designate £457,807 (2022: £539,380) 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 36 life changing academic bursaries (2022: 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 2023
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 Ivy House Total: |
Number of students 22 1 2 2 1 2 2 2 2 36 |
Academic year 2023/24 Total 31/08/23 Total 31/08/22 £ £ £ 525,033 525,033 427,351 1,142 1,142 80,822 28,366 28,366 33,068 32,332 32,332 54,382 18,708 18,708 29,700 31,480 31,480 23,535 28,442 28,442 - 40,950 40,950 - 21,180 21,180 - |
|---|---|---|
| 727,633 727,633 648,858 |
During the year grant administration and support services with a value of £111,693 (2022: £112,408), premises, utilities and infrastructure costs of £13,056 (2022: £13,056) and a £nil (2022: £226,811) 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 £642,740 (2022: £1,253,199) and net expenditure of £265,810 (2022: net income £341,212). At the year end the Charity held £489,073 (2022: £417,494) in cash at bank, £329,418 (2022: £319,608) in investments and £65,724 (2022: £290,000) in debtor balances together with commitments totalling £772,221 (2022: £649,298) 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 2023
Financial review (continued)
The Trustees intend to regularly review the level of expenditure compared to income and available reserves. As at 31 August 2023, the Charity’s reserves, excluding restricted funds, totalled £111,960 (2022: £377,770). 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 powers formerly accorded to the founder member have ceased to operate following his resignation as a trustee.
All new trustees are appointed by resolution of the current board whose duty is to ensure a suitable breadth of expertise and experience. Trustees serve for a term of two years as from the AGM following their appointment; they may be re-elected for further two year terms if this is considered desirable by the other trustees.
Two trustees shall form a quorum at a trustees meeting and all decisions shall require a majority vote of those trustees present, whether in person or via a video link.
4
THE GOLD STANDARD CHARITABLE TRUST
DIRECTORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
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:
-
a) select suitable accounting policies and then apply them consistently;
-
b) observe the methods and principles in the Charities SORP;
-
c) make judgments and accounting estimates that are reasonable and prudent;
-
d) state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate.
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.
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
Graham Able
Trustee
Date : 22 May 2024
5
THE GOLD STANDARD CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE GOLD STANDARD CHARITABLE TRUST
I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of The Gold Standard Charitable Trust (‘the charitable company’) for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
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 Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (‘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 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
Since the trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
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 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
6
THE GOLD STANDARD CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE GOLD STANDARD CHARITABLE TRUST
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 financial statements to be reached.
Peta Parker FCA Independent Examiner
Lewis Golden LLP Chartered Accountants 40 Queen Anne Street London W1G 9EL
Date: 22 May 2024
7
THE GOLD STANDARD CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (Including an income and expenditure account)
FOR THE YEAR ENDED 31 AUGUST 2023
| Notes Income and endowments from: Donations and legacies 7 Other trading activities 9 Investments 6 Total income Expenditure on: Charitable activities 8 Fundraising activities 9 Total expenditure Net gains on investments 12 Net (expenditure) / income 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 31.08.2023 31.08.2023 31.08.2023 31.08.2023 £ £ £ £ - 457,807 135,607 593,414 - 48,631 - 48,631 - - 695 695 - 506,438 136,302 642,740 - (727,633) (156,234) (883,867) - (34,493) - (34,493) - (762,126) (156,234) (918,360) - 7,178 2,632 9,810 - (248,510) (17,300) (265,810) 34 359,647 18,123 377,804 34 111,137 823 111,994 |
Total Year ended 31.08.2022 £ 979,710 261,691 11,798 |
|---|---|---|
| 1,253,199 | ||
| (827,633) (104,586) |
||
| (932,219) | ||
| 20,232 | ||
| 341,212 | ||
| 36,592 | ||
| 377,804 |
8
THE GOLD STANDARD CHARITABLE TRUST Company number: 06818920 (England & Wales)
BALANCE SHEET AS AT 31 AUGUST 2023
| 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 (liabilities) / assets Total net assets Represented by: Restricted income funds 17 Unrestricted funds: Designated funds 15 General fund 15 |
2023 £ £ 329,418 65,724 489,073 554,797 (772,221) (217,424) 111,994 34 111,137 823 111,960 111,994 |
2022 £ £ 319,608 290,000 417,494 707,494 (649,298) 58,196 377,804 34 359,647 18,123 377,770 377,804 |
2022 £ £ 319,608 290,000 417,494 707,494 (649,298) 58,196 377,804 34 359,647 18,123 377,770 377,804 |
|---|---|---|---|
| 554,797 (772,221) |
707,494 (649,298) |
||
| 111,137 823 |
359,647 18,123 |
||
| 377,804 | |||
| 34 377,770 |
|||
| 377,804 |
For the year ended 31 August 2023 the company was entitled to exemption from audit under sections 475 and 477 of the Companies Act 2006 relating to small companies.
The Members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the financial statements.
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 22 May 2024 and signed on their behalf by:
Graham Able Trustee
The note on pages 11-18 form part of these financial statements.
9
Company number: 06818920 (England & Wales)
THE GOLD STANDARD CHARITABLE TRUST
CASH FLOW STATEMENT AS AT 31 AUGUST 2023
| Cash flows from operating activities Net movement in funds Adjustments for: Gains on investments Deduct investment income shown in investing activities Decrease / (increase) in debtors Increase in creditors Net cash provided by / (used in) operating activities Cash flows from investing activities 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 |
2023 £ (265,810) (9,810) (695) 224,276 122,923 336,694 695 - - 695 71,579 417,494 489,073 |
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 |
The above cash flow statement represents the charitable company’s only movements in net debt during the current and prior year.
10
THE GOLD STANDARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
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.
11
THE GOLD STANDARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
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.
12
THE GOLD STANDARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
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:
-
Basis of allocation between support and governance costs
-
Estimation of the fair value of gifts in kind (non-cash grants)
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 2023 was £329,418 (2022: £319,608).
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 prior 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. In the year ended 31 August 2022 she received remuneration totalling £14,586 and an employer pension contribution totalling £1,021. 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. She did not receive any remuneration during the year ended 31 August 2023.
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 Independent examiner’s remuneration
| Independent Examiner’s fees (2022: Auditors remuneration) | Year ended 31.08.2023 £ 13,200 |
Year ended 31.08.2022 £ 12,000 |
|---|---|---|
In addition, Lewis Golden LLP received bookkeeping fees and fees for other services of £13,549 (2022: £25,110).
13
THE GOLD STANDARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
6 Investment income
| Dividends received from UK and Non-UK listed investments Unrestricted funds: General unrestricted funds |
Year ended Year ended 31.08.2023 31.08.2022 £ £ 695 11,798 |
|---|---|
7 Donations and legacies
| Donations Gift aid receivable |
Year ended 31.08.2023 Year ended 31.08.2022 Unrestricted funds: Unrestricted funds: Restricted fund Designated fund General fund Total Restricted fund Designated fund General fund Total £ £ £ £ £ £ £ £ - 409,407 129,358 538,765 226,811 511,117 202,042 939,970 - 48,400 6,249 54,649 - 28,263 11,477 39,740 |
|---|---|
| - 457,807 135,607 593,414 226,811 539,380 213,519 979,710 |
Donations in the unrestricted general fund include £124,749 (2022: £125,464) 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 £nil (2022: £226,811) cash donations from a member of the Alpha Plus group. Donations in the designated fund includes £18,000 (2022: £nil) cash donations from a member of the Alpha Plus group.
8 Charitable activities
| Grant funding activities (see note 10) Support costs (see note 11) |
Year ended 31.08.2023 Year ended 31.08.2022 Unrestricted funds: Unrestricted funds: Restricted fund Designated fund General fund Total Restricted fund Designated fund General fund Total £ £ £ £ £ £ £ £ - 727,633 - 727,633 200,000 448,859 - 648,859 - - 156,234 156,234 - - 178,774 178,774 |
|---|---|
| - 727,633 156,234 883,867 200,000 448,859 178,774 827,633 |
14
THE GOLD STANDARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
9 Fundraising activities
| Event costs | Year ended 31.08.2023 Year ended 31.08.2022 Unrestricted funds: Unrestricted funds: Restricted fund Designated fund General fund Total Restricted fund Designated fund General fund Total £ £ £ £ £ £ £ £ - 34,493 - 34,493 26,811 - 77,775 104,586 |
|---|---|
| - 34,493 - 34,493 26,811 - 77,775 104,586 |
During the year ended 31 August 2023, the Charity incurred £34,493 (2022: £77,775) of costs to run a major charity event, which raised donations to the designated fund of £48,631 (2022: £261,691). The charity receives donated goods to support events and due to the complexities in valuing the items, no gift in kind or associated event costs have been recognised in these financial statements.
10 Grant funding activities
| Academic bursaries |
Year ended 31.08.2023 Year ended 31.08.2022 Unrestricted funds: Unrestricted funds: Restricted fund Designated fund General fund Total Restricted fund Designated fund General fund Total £ £ £ £ £ £ £ £ - 727,633 - 727,633 200,000 448,859 - 648,859 |
|---|---|
| - 727,633 - 727,633 200,000 448,859 - 648,859 |
Grants are paid annually to educational institutions within the Alpha Plus group on behalf of individuals.
15
THE GOLD STANDARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
11 Support costs
| Year ended | Year ended | 31.08.2023 | 31.08.2023 | Year ended | Year ended | 31.08.2022 | 31.08.2022 | 31.08.2022 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted funds: | Unrestricted | funds: | |||||||||
| Restricted fund |
Designated fund |
General fund |
Total | Restricted fund |
Designated fund |
General fund |
Total | ||||
| £ | £ | £ | £ | £ | £ | £ | £ | ||||
| Legal and | |||||||||||
| professional | - | - | 29,436 | 29,436 | - | - | 52,875 | 52,875 | |||
| fees | |||||||||||
| Staff costs | - | - | 100,524 | 100,524 | - | - | 101,168 | 101,168 | |||
| Premises, | |||||||||||
| utilities and infrastructure |
- | - | 13,056 | 13,056 | - | - | 13,056 | 13,056 | |||
| costs | |||||||||||
| Governance | - | - | 11,169 | 11,169 | - | - | 11,240 | 11,240 | |||
| Bank charges | - | - | 2,049 | 2,049 | - | - | 435 | 435 | |||
| - | - | 156,234 | 156,234 | - | - | 178,774 | 178,774 | ||||
| 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 | |||||||||||
| 2023 | 2022 | ||||||||||
| £ | £ | ||||||||||
| Listed investments: | |||||||||||
| Fair value brought forward | 319,608 | 299,376 | |||||||||
| Additions | - | 339,083 | |||||||||
| Gain on fair value | 9,810 | 20,232 | |||||||||
| Disposals | - | (339,083) | |||||||||
| Fair value carried forward | 329,418 | 319,608 | |||||||||
| 13 Debtors | |||||||||||
| 2023 | 2022 | ||||||||||
| £ | £ | ||||||||||
| Prepayments | and accrued income | 65,724 | 290,000 |
Included within debtors is £12,500 (2022: £50,000) recoverable in greater than one year.
Financial assets that are debt instruments measured at amortised cost comprise accrued income and amount to £55,000 (2022: £290,000).
16
THE GOLD STANDARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
14 Creditors: amounts falling due within one year
| Trade creditors Accrued expenses Accrued grants commitments |
2023 £ 249,371 23,355 499,495 772,221 |
2022 £ 215,881 15,504 417,913 |
|---|---|---|
| 649,298 |
Trade creditors includes £249,371 (2022: £209,148) due in respect of grant commitments invoiced but not paid.
15 Unrestricted funds
| As at 01.09.22 |
Income | Expenses | As at 31.08.23 |
As at 01.09.21 |
Income | Expenses | As at 31.08.22 |
|
|---|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | £ | £ | |
| Designated funds | 359,647 | 513,616 | (762,126) | 111,137 | (6,657) | 815,163 | (448,859) | 359,647 |
| General funds | 18,123 | 138,934 | (156,234) | 823 | 43,215 | 231,457 | (256,549) | 18,123 |
| 377,770 | 652,550 | (918,360) | 111,960 | 36,558 | 1,046,620 | (705,408) | 377,770 |
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.
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 01.09.22 Income Expenses As at 31.08.23 As at 01.09.21 Income Expenses As at 31.08.22 £ £ £ £ £ £ £ £ 34 - - 34 34 - - 34 - - - - - 226,811 (226,811) - |
|---|---|
| 34 - - 34 34 226,811 (226,811) 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.
17
THE GOLD STANDARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
17 Restricted funds (continued)
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 31.08.2023 Fund Designated General 31.08.2022 £ £ £ £ £ £ £ £ - 240,476 88,942 329,418 - 233,158 86,450 319,608 34 619,527 (64,764) 554,797 200,034 553,549 (46,089) 707,494 - (748,866) (23,355) (772,221) (200,000) (427,060) (22,238) (649,298) |
|---|---|
| 34 111,137 823 111,994 34 359,647 18,123 377,804 |
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 2023 there were 6 members (2022: 6).
18