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THE GOLD STANDARD CHARITABLE TRUST CONTENTS
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THE GOLD STANDARD CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS
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THE GOLD STANDARD CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024
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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 2024. 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. They have been subject to an independent examination by the firm of Price Bailey.
Legal and administrative information set out on page 1 forms part of this report. The Directors of the Charity are the 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. These objectives encompass providing 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 primary focus of the Trustees is to consider bursary applications put forward from schools that are owned by Inspired Education UK group. Prior to Inspired Education’s acquisition of Alpha Plus Group (APG) schools and colleges in January 2024, the Charity supported bursaries for pupils in the APG group.
When a family applies for bursary support, the pupil is first screened by the school; upon recommendation by the school, the Charity then conducts means testing and makes bursary award decisions. Financial means-testing and student progress are reviewed each year.
Currently the Trustees do not consider applications for bursaries at schools outside Inspired Education UK. During the year the Trustees met and awarded means tested life changing academic bursaries for the academic year 2024-25 to individual students in line with the objectives of the Charity.
The Charity’s employees collaborate with head teachers and parent volunteers in each school to raise the funds need to support the bursaries, whether from school-sponsored events, individual donations, or corporate sponsorships.
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 £682,004 (2023: £593,414) an increase of £88,590 compared to the previous year) following fundraising activities and appeals at a number of the Inspired UK schools.
The Trustees elected to designate £530,971 (2023: £506,438) specifically for bursaries at educational institutions. The success of the fundraising activities in a given year allows the Charity opportunity to support more students in future academic years.
The Charity has awarded 38 life changing academic bursaries (2023: 35) in the year. The grants were paid to each of these schools on behalf of the individuals.
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THE GOLD STANDARD CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024
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The split between the schools that the Charity currently supports is as follows:
| Attended in the 2023-2024 schoolyear |
Attended in the 2023-2024 schoolyear |
Commitments for 2024-2025, accrued in 2023-2024 financial statements |
Commitments for 2024-2025, accrued in 2023-2024 financial statements |
|
|---|---|---|---|---|
| Number of Students 2023-2024 |
Academic Year 2023/2024£ |
Number of Students 2024/25 |
Academic Year 2024/25 £ |
|
| School Wetherby Schools Pembridge Hall Hilden Grange St Anthony's Portland Place Chepstow House DLD Reddam House Fulham Prep Ivy House Falcons School |
22 2 2 1 2 1 2 - - 2 1 |
524,921 35,377 30,850 18,708 31,481 27,390 40,950 - - 21,180 18,075 |
28 - 2 3 - 1 1 - 1 1 1 |
638,247 - 29,691 41,859 - 25,790 14,349 - 20,845 9,793 16,720 |
| Total: | 35 | 748,932 | 38 | 797,294 |
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
From September 2023 through July 2024, grant administration and support services with a value of £133,208 (2023: £111,693), premises, utilities and infrastructure costs of £15,546 (2023: £13,056). Alpha Plus annually made substantial annual contributions to the Gold Standard Charitable Trust, including funding the development team's expenditure budget on an annual basis. Instead of donating the above as Benefit in Kind, Inspired Education opted to fund the operating costs of the charity by providing credits on the invoices due for bursaries. The charity’s operating costs for July and August 2024 were netted against payments for the Summer term.
-
The Charity's activities resulted in total income (including from investments) of £689,879 (2023: £642,740),
-
and net movement in funds of £298,132 (2023: £265,810),
-
At the year end the Charity held £343,695 (2023: £489,073) in cash at bank,
-
£nil (2023: £329,418) in investments and
-
£337,569 (2023: £65,724) in debtor balances
-
together with grant commitments totaling £860,163 (2023: £748,866) included within creditors.
As at 31 August 2024, the Charity's reserves, excluding restricted funds, totalled £186,138 deficit (2023: £111,960 surplus). Ideally the Trustees aim to hold reserves to cover commitments for the subsequent academic year.
Any funds carried forward are 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 19.
Principal risk - going concern
The principal risks to the Trust relate to its ability to consistently raise sufficient funds to cover its obligations for bursary payments on behalf of students. Several factors may affect the extent to which potential donors to the Trust may make financial commitments.
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THE GOLD STANDARD CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024
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FY2024 was a year of transition with many challenges faced. Due to the acquisition of the supported schools by Inspired Education, many school parents who would be potential charity donors experienced general uncertainty about the future of the schools and of the bursary programmes. This made them less likely to donate. Some donors withdrew their pledges and a school gala delivered less income than expected. Several administrative transitions also posed challenges to fundraising processes, which affected the income received from certain campaigns. Most notably, due to the transition, a multi-year 6- figure donation, that had been pledged and budgeted for FY2024, was no longer available to the Charity.
These challenges were offset by some fundraising successes, including cultivation of new major donors and the launch of new fundraising campaigns. For instance, the Charity was accepted as a charity partner of the London Landmarks Half Marathon and received over 600 donations, mostly from new supporters.
The FY2023-24 deficit did not affect the delivery of public benefits since all of the bursaries were funded as planned. Furthermore, there are sufficient funds to honour all bursary commitments through the end of FY2024-25.
The Board of Trustees is responsible for the management of risks faced by the Charity, and they regularly review the level of expenditure compared to income and available reserves. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. It is recognised that there is a negative net liabilities position at the balance sheet date and that this adds a material uncertainty about the Charity as a going concern for 12 months from the filing of these accounts.
However, as discussed in the Trustees' Annual Report, the Trustees consider mitigating factors in order to satisfy their concerns about the financial challenges. The draft budget has a conservative revenue projection that could see increases due to a planned school gala in the fall, additional fundraisers, completion of verbal pledges from major donors, and corporate and foundation grants. If funds are not sufficient to pay fees for bursary recipients at the current agreed-upon discount rate, then Inspired has indicated that it will increase the discount to an extent that allows the Charity to honour its financial obligations. This would serve as guarantee that the Charity remains a going concern through the 2025-26 school year.
In future years, if revenues do not increase, then the Trustees will proportionately reduce the amount of bursary funds committed.
Principal risk - plans for future periods
Going forward, challenges remain. Several wealthy donors have departed the UK due to changes in taxation policy. School parents who are feeling the impact of VAT on school fees may be reducing their donations.
There are several new and enhanced initiatives planned to mitigate the risks and increase funding, including: a major named bursary, additional crowdsourcing such as the Half Marathon, enlisting a slate of corporate sponsors, encouraging corporate match funding, special outreach to current and potential major donors, outreach to foundations that support educational opportunity, and a regular cycle of school galas.
The Trustees have satisfied themselves that the current risks can be mitigated. The Trustees feel that fundraising efforts will be successful in covering all obligations for bursaries and other expenses. In future years if revenues do not increase, then the Trustees will proportionately reduce the number of bursaries offered.
Fundraising disclosures
The Charity carries out its fundraising activities in ways that are appropriate within each of the supported schools, and in accordance with GDPR. Communications on behalf of the Charity are sent by email in the normal school channels. No professional fund-raiser has carried out those activities.
We also adhere to the Data Protection regulations. The Charity is registered with Information Commissioners Office certificate number ZB559034.
No failure to comply with the standards mentioned above have been reported, nor have any complaints been received by the charity or a person acting on its behalf about activities by the charity for the purpose of fund-raising.
The Trustees monitor activities carried out on behalf of the charity for the purpose of fund-raising by receiving regular reports from the Development Directors on their fundraising activities. The Charity never discloses the recipients of its bursaries, Donor names are disclosed only with their consent and if parents are interviewed, they provide written consent. The Trustees are satisfied that there has been no intrusion on a person’s privacy; unreasonable persistent approaches for the purpose of soliciting or otherwise procuring money or other property on behalf of the charity; placing undue pressure on a person to give money or other property.
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THE GOLD STANDARD CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024
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Investment Policy
The Charity has held investments and used the income generated to support the charitable objectives of the Charity. Due to the change in the supported schools’ ownership from APG to Inspired Education, during this fiscal year, assets in certain investment funds were required to be liquidated, and the funds were transferred to cash. Any future return to investing funds will depend on the level of fund raising compared to bursary commitments. Assets of the Charity will only be invested after ensuring that prudent levels of liquidity will be maintained
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.
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. Remuneration of key management personnel are determined from market norms. Annual reviews are carried out and any adjustments are agreed by the 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.
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.
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THE GOLD STANDARD CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024
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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
Howard Goldsobel
Graham Able Graham Able (Jun 27, 2025, 9:36am) Howard Goldsobel (Jun 27, 2025,11:58am)Howard Goldsobel Trustee Trustee 27 Jun 2025 27 Jun 2025 Date: June 2025 27 June 2025 Date: June 2025 27 June 2025
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THE GOLD STANDARD CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE GOLD STANDARD CHARITABLE TRUST
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I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024 which are set out on pages 8 to 21.
Responsibilities and basis of report
As the charity trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England & Wales which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect::
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4. the accounts 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).
I draw attention to Note 2.2 in the financial statements, in which the Trustees recognise that there is a negative net liabilities position at the balance sheet date and that this adds a material uncertainty about the Charity as a going concern for 12 months from the filing of these accounts. We also note the Trustees' statement that if funds are not sufficient to pay fees for bursary recipients at the current agreed-upon discount rate, then Inspired has indicated that it will increase the discount to an extent that allows the Charity to honour its financial obligations for the next financial year. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the charity’s ability to continue as a going concern.
I have no other concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Michael Cooper-Davis FCCA ACA
For and on behalf of Price Bailey LLP 3[rd] Floor 24 Old Bond Street London United Kingdom W1S 4AP
Date: 27 June 2025
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THE GOLD STANDARD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024
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| Note Income from: Donations and legacies 4 Other trading activities 5 Investments 6 Total income Expenditure: Charitable activities 7 Fundraising activities 8 Total expenditure Net expenditure Net gains on investments 14 Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 682,004 - 7,875 689,879 (1,005,994) (3,737) (1,009,731) (319,852) 21,754 (298,098) 111,960 (186,138) |
Restricted Funds £ - - - - (34) - (34) (34) - (34) 34 - |
Total Funds 2024 £ 682,004 - 7,875 689,879 (1,006,028) (3,737) (1,009,765) (319,886) 21,754 (298,132) 111,994 (186,138) |
Total Funds 2023 £ 593,414 48,631 695 |
|---|---|---|---|---|
| 642,740 | ||||
| (883,867) (34,493) |
||||
| (918,360) | ||||
| (275,620) 9,810 (265,810) 377,804 |
||||
| 111,994 |
All of the charitable company's activities are classed as continuing.
The charitable company had no gains or losses other than those shown above. The notes on pages 11 to 21 form part of these accounts.
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THE GOLD STANDARD CHARITABLE TRUST BALANCE SHEET AS AT 31 AUGUST 2024
| ������������������������������� Note Fixed assets Investments 14 Current assets Debtors: amounts falling due within one year 15 Debtors: amounts falling due after one year 16 Cash at bank Current liabilities Amounts falling due within one year – grants payable 17 Amounts falling due within one year – other 17 Net (liabilities)/assets Funds Unrestricted funds 19 Restricted funds 19 |
���������������������� 2024 £ £ - 327,569 10,000 343,695 681,264 (860,163) (7,239) (186,138) (186,138) (186,138) - (186,138) |
��������������� 2023 £ £ 329,418 53,224 12,500 489,073 554,797 (748,866) (23,355) (217,424) 111,994 111,960 34 111,994 |
��������������� 2023 £ £ 329,418 53,224 12,500 489,073 554,797 (748,866) (23,355) (217,424) 111,994 111,960 34 111,994 |
|---|---|---|---|
| 111,994 | |||
| 111,960 34 |
|||
| 111,994 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
27 Jun 2025
Approved by the Trustees on:
Howard Goldsobel ……………………… ……………………… Graham Able (Jun 27, 2025, 9:36am) Howard Goldsobel (Jun 27, 2025,11:58am) Graham Able Howard Goldsobel Trustee Trustee
Company registration number: 06818920
The notes on pages 11 to 21 form part of these accounts.
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THE GOLD STANDARD CHARITABLE TRUST
STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 AUGUST 2024
| ����������������������������������� Cash flows from operating activities: (Deficit)/surplus for the financial year Adjustments for: Gains on investments Dividend income from investments Interest income (Increase)/decrease in debtors Increase in creditors Net cash used in operating activities Cash flows from investing activities: Dividends from investments Interest income Proceeds from sale of investments Net cash from investing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash equivalents at the end of the year Statement of net debt Cash at bank and in hand Cash held within investments Cash and cash equivalents |
������������ At the start of the year £ 489,073 200,254 689,327 |
� | ���������� 2024 £ (298,132) (21,754) (5,585) (2,290) (271,845) 95,181 (504,425) 5,585 2,290 351,172 359,047 (145,378) 489,073 343,695 Cash flows £ (145,378) (200,254) |
�� | �������� 2023 £ (265,810) (9,810) (695) - 224,276 122,923 70,884 695 - - 695 71,579 417,494 489,073 At the end of the year £ 343,695 - |
|---|---|---|---|---|---|
| (345,632) | 343,695 |
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THE GOLD STANDARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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1. GENERAL INFORMATION
The Gold Standard Charitable Trust is a UK registered charity, limited by guarantee, registered at the address given on the first page of these financial statements.
The principal activity 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 improvements and the arts.
2. ACCOUNTING POLICIES
2.1 Basics of accounting
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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements are presented in Sterling (£) and are rounded to the nearest £.
2.2 Going Concern
FY2024 was a year of transition with many challenges faced. Due to the acquisition of the supported schools by Inspired Education, many school parents who would be potential charity donors experienced general uncertainty about the future of the schools and of the bursary programmes. This made them less likely to donate. Some donors withdrew their pledges and a school gala delivered less income than expected. Several administrative transitions also posed challenges to fundraising processes, which affected the income received from certain campaigns. Most notably, due to the transition, a multi-year 6-figure donation, that had been pledged and budgeted for FY2024, was no longer available to the Charity.
These challenges were offset by some fundraising successes, including cultivation of new major donors and the launch of new fundraising campaigns. For instance, the Charity was accepted as a charity partner of the London Landmarks Half Marathon and received over 600 donations, mostly from new supporters.
The FY2023-24 deficit did not affect the delivery of public benefits since all of the bursaries were funded as planned. Furthermore, there are sufficient funds to honour all bursary commitments through the end of FY2024-25.
The Board of Trustees is responsible for the management of risks faced by the Charity, and they regularly review the level of expenditure compared to income and available reserves. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. It is recognised that there is a negative net liabilities position at the balance sheet date and that this adds a material uncertainty about the Charity as a going concern for 12 months from the filing of these accounts.
However, as discussed in the Trustees' Annual Report, the Trustees consider mitigating factors in order to satisfy their concerns about the financial challenges. The draft budget has a conservative revenue projection that could see increases due to a planned school gala in the fall, additional fundraisers, completion of verbal pledges from major donors, and corporate and foundation grants. If funds are not sufficient to pay fees for bursary recipients at the current agreed-upon discount rate, then Inspired has indicated that it will increase the discount to an extent that allows the Charity to honour its financial obligations. This would serve as guarantee that the Charity remains a going concern through the 2025-26 school year.
In future years, if revenues do not increase, then the Trustees will proportionately reduce the amount of bursary funds committed.
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THE GOLD STANDARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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2.3 Funds
General funds are unrestricted funds which are available for use at the discretion of the trustees for particular purposes. Periodically the Trustees designate unrestricted funds to ensure specific funds will be available for a specific purpose.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
2.4 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. Discount on fees from Inspired, as noted in note 4, are included as income when it is probable, entitlement is established and it is reliably measured.
(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.
(iv) Investment income
Income from investments, in the form of dividends, is included in incoming resources when it is received.
(v) Interest receivable
Interest is included when receivable by the Charity.
2.5 Expenditure
(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.
(ii) Fundraising activities This comprises all costs incurred by the Charity relating to the raising of funds to finance its charitable objectives.
2.6 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).
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THE GOLD STANDARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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2.7 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount received. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.
2.8 Cash at and cash equivalents
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
2.10 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Trade and other debtors, cash at bank and creditors are recognised at cost which is their fair value.
2.11 Taxation
The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
3. Significant accounting estimates and judgements
In the application of the Charity's accounting policies, which are described in note 2 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)
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THE GOLD STANDARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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4. DONATIONS AND LEGACIES
Voluntary income received during the year as follows:
| Donations Donation from Inspired Education UK Gift aid receivable |
2024 £ 372,556 269,486 39,962 682,004 |
2023 £ 538,765 - 54,649 593,414 |
|---|---|---|
All income from donations is unrestricted.
Donations in the unrestricted fund include £148,754 (2023 - £124,749) of gifted professional services to June 2024 and facilities from the Alpha Plus group for grant making administration and support. An equal cost is included within Support costs in note 10 below. Donations also include £Nil (2023 - £18,000) cash donations from a member of the Alpha Plus group.
From July 2024, ownership changed and Inspired Education provided donations in the form of a discount on bursary fees of £269,486 (2023 - £nil). Of the £269,486, £102,422 related to a discount provided between July to August 2024, and £167,064 relates to discounts provided on grants accrued for Spring and Summer 2025.
5. OTHER TRADING ACTIVITIES
| THER TRADING ACTIVITIES | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Fundraising events | - | 48,631 |
All income from other trading activities is unrestricted.
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THE GOLD STANDARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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| 6. INVESTMENTS 2024 £ Dividends 5,585 Interest receivable 2,290 7,875 All income from investments is unrestricted. 7. CHARITABLE ACTIVITIES 2024 £ Grant funding activities – academic bursaries (note 9) 797,294 Support costs (note 10) 208,734 1,006,028 |
2023 £ 695 - 695 2023 £ 727,633 156,234 883,867 |
|---|---|
Total expenditure was £1,006,028 of which £34 is restricted (2023: £nil) and £1,005,994 (2023: £883,867) is unrestricted.
8. FUNDRAISING ACTIVITIES
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Event costs | 3,737 | 34,493 |
All expenditure is unrestricted.
During the prior year, the Charity incurred £34,493 of costs to help underwrite a partner school’s major charity event, which raised donations to the designated fund of £48,631 via the auction, included in trading activities, and an additional £30,500 (plus Gift Aid), included in donations.
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THE GOLD STANDARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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9. GRANT FUNDING ACTIVTIES
| RANT FUNDING ACTIVTIES | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Academic bursaries | 797,294 | 727,633 |
Grants are paid term by term to 12 schools within the Inspired Education UK group (to June 2024 - Alpha Plus group) on behalf of individuals (see detail by school in the Trustees Report). During FY2024 the Charity increased its commitment to the number of students to be funded in FY2025. This additional commitment is reflected in increased grants payable for FY2024, though the revenues to support the bursaries was expected to be raised in FY2025
10. SUPPORT COSTS
| Staff costs Legal and professional fees Premises, utilities and infrastructure costs Governance costs (note 11) Bank charges |
2024 £ 159,850 13,721 22,044 7,955 5,164 208,734 |
2023 £ 100,524 29,436 13,056 11,169 2,049 156,234 |
|---|---|---|
Up to 30 June 2024, staff costs, premises, utilities and infrastructure costs and governance costs were gifted by the Alpha Plus group.
11. GOVERNANCE COSTS
| Accountancy Other costs |
2024 £ 5,881 2,074 7,955 |
2023 £ 11,169 - 11,169 |
|---|---|---|
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THE GOLD STANDARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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12. NET INCOME FOR THE YEAR
This is stated after charging:
| Fees payable to Independent examiner: Independent examination fees Other assurance services 13. STAFF COSTS Wages and salaries Social security costs Pension costs |
2024 £ 3,000 2,880 5,880 2024 £ 23,902 2,461 273 26,636 |
2023 £ 13,200 13,549 26,749 2023 £ - - - - |
|---|---|---|
From July 2024, the Charity incurred their own staff costs which are then applied as a credit to the bursary fee invoices from Inspired. Previously, staff costs were a donation in kind from Alphaplus Group.
The average number of employees in the year were 4 (2023: 0).
No employees received employee benefits excluding pension contributions over £60,000 (2023: none).
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THE GOLD STANDARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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14. INVESTMENTS
| Investments at market value Cash held within investment portfolio Due to a change in ownership of the Alphaplus Group, assets held within 2024 and transferred to cash at bank and in hand. Listed investments: Market value brought forward Disposals at carrying value Realised gain/(loss) Market value carried forward Historical cost of investments at 31 August 15. DEBTORS – AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments and accrued income 16. DEBTORS – AMOUNTS FALLING DUE AFTER ONE YEAR Accrued income |
2024 2023 £ £ - 329,418 - 200,254 - 529,672 investments were liquidated in 2024 2023 £ £ 329,418 319,608 (351,172) - 21,754 9,810 - 329,418 - 338,507 2024 2023 £ £ 39,950 - 287,619 53,224 327,569 53,224 2024 2023 £ £ 10,000 12,500 |
|---|---|
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THE GOLD STANDARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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17. CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors – grant commitments Other trade creditors Accruals Accrued grant commitments |
2024 £ 298,967 159 7,080 561,196 867,402 |
2023 £ 249,371 - 23,355 499,495 772,221 |
|---|---|---|
18. TRUSTEES’ REMUNERATION AND BENEFITS
During the year 1 Trustee (2023: nil) was reimbursed for expenses amounting to £190 (2023: £nil). The expenses incurred by the trustee were for travel and subsistence.
No Trustee received remuneration for their role and responsibilities as Trustee of the charity during the current or prior year.
19. FUNDS ANALYSIS
| Unrestricted funds General Fund Designated funds Restricted funds Music scholarships Total Funds |
1 September 2023 823 111,137 111,960 34 34 111,994 |
Income 158,908 530,971 689,879 - - 689,879 |
Expenditure (212,437) (797,294) (1,009,731) (34) - (1,009,765) |
Gains 8,367 13,387 21,754 - - 21,754 |
31 August 2024 (44,339) (141,799) |
|---|---|---|---|---|---|
| (186,138) | |||||
| - | |||||
| - | |||||
| (186,138) |
The Trustees have designated funds for bursaries and scholarships to individuals attending schools and colleges within the Inspired Education Group (previously Alpha Plus Group), where the donor has expressed a non-binding preferences 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.
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THE GOLD STANDARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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Prior year:
| Unrestricted funds General Fund Designated funds Restricted funds Music scholarships Total Funds |
1 September 2022 18,123 359,647 377,770 34 34 377,804 |
Income 136,302 506,438 642,740 - - 642,740 |
Expenditure (156,234) (762,126) (918,360) - - (918,360) |
Gains 2,632 7,178 9,810 - - 9,810 |
31 August 2023 823 111,137 |
|---|---|---|---|---|---|
| 111,960 | |||||
| 34 | |||||
| 34 | |||||
| 111,994 |
The Music scholarship fund comprises monies received for the specific purpose of granting music scholarships to school children.
20. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted funds Current assets Current liabilities Prior year: Unrestricted funds Investments Current assets Current liabilities |
Restricted Funds - - - Restricted Funds - 34 - 34 |
Unrestricted Funds 681,264 (867,402) (186,138) Unrestricted Funds 329,418 554,763 (772,221) 111,960 |
Total 2024 681,264 (867,402) |
|---|---|---|---|
| (186,138) | |||
| Total 2023 329,418 554,797 (772,221) 111,994 |
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THE GOLD STANDARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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21. RELATED PARTY TRANSACTIONS
During the year the charity procured services to the value of £2,700 (2023 – £nil) from Spencer West LLP, a business in which Howard Goldsobel (trustee) holds a position of influence. These transactions were authorised by Trustees with value for money considered. There are no amounts outstanding at the year end (2023: £nil).
During the year, the charity received a discount from Inspired Education of whom two Trustees of Gold Standard Charitable Trust are part of the leadership team. Income received in the form of a discount in the year amounted to £269,486 (2023 - £nil). Amounts outstanding as at 31 August 2024 amount to £269,486 (2023 - £nil) and are included in debtors. Grant funding is paid to schools within the Inspired Education (Alpha Plus) group and amounted to £797,294 (2023 - £727,633). Amounts outstanding as at 31 August 2024 amount to £859,493 (2023 - £748,866) and are included in creditors.
There are no other related party relationships and transactions to be disclosed in the financial statements.
22. COMPANY LIMITED BY GUARANTEE
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 2024 there were 5 members (2023: 6).
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