**Charity registration number 1178051 (England and Wales)**
## **GORGIAS CHARITABLE TRUST**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **GORGIAS CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustee** S U Burghardt N Sarris V K Paladugulavenkata **Charity number (England and Wales)** 1178051 **Registered office** 26A Cadogan Square London SW1X 0JP **Auditor** JF Francis Ltd Francis House 2 Park Road Barnet Herts EN5 5RN
## **GORGIAS CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustee report|1 - 3|
|Independent auditor's report|4 - 6|
|Statement of financial activities|7|
|Balance sheet|8|
|Statement of cash flows|9|
|Notes to the financial statements|10 - 16|
## **GORGIAS CHARITABLE TRUST**
## **TRUSTEE REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
The Trustee present their annual report and financial statements for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
## **Objectives and activities**
## **a. Policies and objectives**
The objectives of the charity are to promote: - the advancement of the Christian religion
- the health and the saving of lives
- the advancement of education, whether in medical sciences or otherwise
The charity operates through making grants to individuals, providing buildings or open space to the general public as well as sponsoring or undertaking research.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Achievements and performance**
_Significant activities and achievements against objectives_
## **a. Review of activities**
During the period, the charity received donations and legacies of £272,153.
Donations paid out were £151,102.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
After year end, the charity faced serious financial and governance challenges, including accounting irregularities, delayed statutory filings, and cash flow pressures. Trustees reviewed cash flow forecasts and funding needs, and have considered asset sales to raise working capital and meet liabilities.
The Charity Commission has opened a regulatory inquiry into filing failures, viewed as potential misconduct or mismanagement, and the trustees are cooperating while improving financial controls with professional support. Although these issues create material uncertainty about the charity’s ability to continue as a going concern, the trustees believe that, with planned mitigating actions and their support, the charity can continue operating for the foreseeable future and have therefore prepared the financial statements on a going concern basis.
## **b. Reserves policy**
The trustees aim to maintain a reserve fund, including cash, at a level equating to at least one year's normal charitable expenditure in order to meet any short term variances in cash flow. This enables the trustees to respond to grant applications, and to cover support and governance costs.
- 1 -
## **GORGIAS CHARITABLE TRUST**
## **TRUSTEE REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Structure, governance and management**
## **a. Constitution**
Gorgias Charitable Trust is a registered charity, number 1178051, and is constituted under a Trust deed dated 20 February 2018.
## **b. Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## **Plans for future periods**
The trustees expect the charity in the future to continue to receive donations, make grants to individuals, provide facilities to the general public and sponsor research.
S U Burghardt N Sarris V K Paladugulavenkata A D N Panagopoulos (Resigned 27 March 2025)
## **Statement of Trustee responsibilities**
The Trustee are responsible for preparing the Trustee Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.
In preparing these financial statements, the Trustee are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustee are responsible for keeping sufficient accounting records that 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 2 -
## **GORGIAS CHARITABLE TRUST**
## **TRUSTEE REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
The Trustee report was approved by the Board of Trustee.
V K Paladugulavenkata **Trustee**
30 April 2026
- 3 -
## **GORGIAS CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF GORGIAS CHARITABLE TRUST**
## **Opinion**
We have audited the financial statements of Gorgias Charitable Trust (the ‘Charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the Charities Act 2011.
## **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.
## **Emphasis of matter**
We draw attention to Note 1.2 in the financial statements, which indicates that the charity has experienced significant financial and governance difficulties and is subject to regulatory inquiry by the Charity Commission for England and Wales in respect of delays and deficiencies in filing its accounting information. As stated in Note 1.2, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the charity’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustee 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 Charity’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 Trustee 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 Trustee are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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. 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.
- 4 -
## **GORGIAS CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF GORGIAS CHARITABLE TRUST**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustee report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustee**
As explained more fully in the statement of Trustee responsibilities, the Trustee 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 Trustee 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 Trustee 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 Trustee either intend to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Other matters**
Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
- 5 -
## **GORGIAS CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF GORGIAS CHARITABLE TRUST**
## **Frank Yiallouris (Senior Statutory Auditor)**
For and on behalf of JF Francis Ltd, Statutory Auditor Chartered Accountants Francis House 2 Park Road Barnet Herts EN5 5RN 30 April 2026
JF Francis Ltd is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
- 6 -
## **GORGIAS CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2020**|**2019**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**3**|273,863|516,680|
|**Total income**||273,863|516,680|
|**Expenditure on:**||||
|Charitable activities|**4**|151,103|16,876|
|Other expenditure|**8**|137,099|112,377|
|**Total expenditure**||288,202|129,253|
|**Net income/(expenditure) and movement in funds**||(14,339)|387,427|
|**Reconciliation of funds:**||||
|Fund balances at 1 January 2020||1,132,001|744,574|
|**Fund balances at 31 December 2020**||1,117,662|1,132,001|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 7 -
## **GORGIAS CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2020**_
|**Notes**
**Fixed assets**
Investment property
**10**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**13**
**Net assets**
**The funds of the Charity**
Unrestricted funds
**14**|**2020**
**£**
**£**
5,992,822
144,955
256
145,211
(14,760)
130,451
6,123,273
(5,005,611)
1,117,662
1,117,662
1,117,662|**2019**
**£**
**£**
5,900,690
93,276
574
93,850
(31,792)
62,058
5,962,748
(4,830,747)
1,132,001
1,132,001
1,132,001|
|---|---|---|
The financial statements were approved by the Trustee on 30 April 2026
V K Paladugulavenkata **Trustee**
- 8 -
## **GORGIAS CHARITABLE TRUST**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**Notes**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**16**
**Investing activities**
Purchase of investment property
**Net cash used in investing activities**
**Financing activities**
Proceeds from borrowings
Proceeds from new bank loans
**Net cash generated from financing activities**
**Net decrease in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2020**
**2019**
**£**
**£**
**£**
**£**
(83,050)
316,843
(92,132)
(5,150,690)
(92,132)
(5,150,690)
174,864
1,780,747
-
3,050,000
174,864
4,830,747
(318)
(3,100)
574
3,674
256
574|
|---|---|
- 9 -
## **GORGIAS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **Charity information**
Gorgias Charitable Trust is a registered charity, and is constituted under a Trust deed dated 20 February 2018.The address of the principal office is 26A Cadogan Square London SW1X OJP
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustee have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustee continue to adopt the going concern basis of accounting in preparing the financial statements.
Subsequent the year end, the charity experienced significant financial and governance difficulties, including accounting irregularities, delays in completing statutory accounts and returns, and increasing pressure on cash resources. The trustees have undertaken a review of the charity’s forecast cash flows and funding requirements, including consideration of the potential sale of the assets to provide working capital and settle outstanding liabilities.
The charity is also subject to regulatory inquiry by the Charity Commission in respect of delays and deficiencies in filing its accounting information, which the Commission regards as misconduct and/or mismanagement in the administration of the charity. The trustees are cooperating with the Commission and have implemented measures to strengthen financial reporting and governance and the engagement of professional advisers.
These conditions indicate the existence of a material uncertainty which may cast significant doubt on the charity’s ability to continue as a going concern and therefore to realise its assets and discharge its liabilities in the normal course of business. Nevertheless, after considering the full support of the trustees, available mitigating actions (including the proposed asset disposals), the trustees have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
## **1.3 Charitable funds**
- Unrestricted funds are available for use at the discretion of the Trustee in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
- 10 -
## **GORGIAS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
**(Continued)**
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
## **1.4 Income**
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Investment property**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
[Property rented to a group entity is accounted for as tangible fixed assets.]
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.8 Financial instruments**
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 11 -
## **GORGIAS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
## **1.9 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2 Critical accounting estimates and judgements**
In the application of the Charity’s accounting policies, the Trustee are required to make judgements, estimates and assumptions about the carrying amount 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 that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no significant judgements or estimates involved in the preparation of the financial statements
- 12 -
## **GORGIAS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **3 Income from donations and legacies**
|||**Unrestricted**||**Unrestricted**|
|---|---|---|---|---|
|||**funds**||**funds**|
|||**2020**||**2019**|
|||**£**||**£**|
||Donations and gifts|272,153||512,450|
||Grants|1,710||4,230|
|||273,863||516,680|
|**4**|**Expenditure on charitable activities**||||
|||**Heading**||**Heading**|
|||**#ac982**||**#ac982**|
|||**2020**||**2019**|
||||**£**|**£**|
||**Direct costs**||||
||Donations|151,103||16,876|
||**Analysis by fund**||||
||Unrestricted funds|151,103||16,876|
|**5**|**Net movement in funds**|**2020**||**2019**|
||||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):||||
||Fees payable for the audit of the charity's financial statements|4,000||4,000|
## **6 Trustee**
During the year, £7,989 was paid to Vinay K Paladugulavenkata, a trustee of the charity, for bookkeeping services; this amount is repayable to the charity, has been included within other debtors at the year end, and is disclosed as a related party transaction.
## **7 Employees**
The average monthly number of employees during the year was:
||**2020**|**2019**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
- 13 -
## **GORGIAS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **8 Other expenditure**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2020**|**2019**|
||**£**|**£**|
|Other expenditure|137,099|112,377|
## **9 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **10 Investment property**
|**Fair value**
At 1 January 2020
Additions
At 31 December 2020|**2020**
**£**
5,900,690
92,132|
|---|---|
||5,992,822|
## **11 Debtors**
|**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income
**Creditors: amounts falling due within one year**
Trade creditors
Other creditors
Accruals and deferred income|**2020**
**£**
120,288
24,667
144,955
**2020**
**£**
-
-
14,760
14,760|**2019**
**£**
62,300
30,976|
|---|---|---|
|||93,276|
|||**2019**
**£**
15,360
1,560
14,872|
|||31,792|
## **12 Creditors: amounts falling due within one year**
- 14 -
## **GORGIAS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **13 Creditors: amounts falling due after more than one year**
|**Creditors: amounts falling due after more than one year**|||
|---|---|---|
|**Notes**
Bank loans
Other borrowings|**2020**
**£**
3,050,000
1,955,611
5,005,611|**2019**
**£**
3,050,000
1,780,747|
|||4,830,747|
## **14 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At**
General funds
**Previous year:**
**At**
General funds|**1 January**
**2020**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**December**
**2020**
**£**
**£**
**£**
**£**
1,132,001
273,863
(288,202)
1,117,662
**1 January**
**2019**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**December**
**2019**
**£**
**£**
**£**
**£**
744,574
516,680
(129,253)
1,132,001|
|---|---|
## **15 Related party transactions**
Included in other borrowings falling due after a year is an amount of £21,838 (2019 - £3,420) due to connected companies. The loan is interest free and repayable on demand.
Included in other borrowings falling due after a year is an amount of £98,110 (2019 - Nil) due to the trustee. The loan is interest free and repayable on demand.
Included in other debtors is an amount of £7,989 (2019 - Nil) due from the trustee. This loan is interest free and repayable on demand.
Unrestricted donations totaling £257,374 were received from trustees.
Unrestricted donations totalling £2,495 were received from a company in which a trustee is a director.
- 15 -
## **GORGIAS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**16**
**Cash (absorbed by)/generated from operations**
(Deficit)/surplus for the year
**Movements in working capital:**
(Increase) in debtors
(Decrease)/increase in creditors
**Cash (absorbed by)/generated from operations**
**17**
**Analysis of changes in net (debt)/funds**
**At 1 January**
**2020**
**£**
Cash at bank and in hand
574
Loans falling due after more than one year
(4,830,747)
(4,830,173)|**2020**
**2019**
**£**
**£**
(14,339)
387,427
(51,679)
(93,276)
(17,032)
22,692
(83,050)
316,843
**Cash flows At 31 December**
**2020**
**£**
**£**
(318)
256
(174,864)
(5,005,611)
(175,182)
(5,005,355)|
|---|---|
- 16 -
|REF. NUMBER
**`SJH8E-9EWNB-WA4TJ-CUTSE`**
DOCUMENT COMPLETED BY ALL PARTIES ON
**`30 APR 2026 13:33:27`**
**`UTC`**
**SIGNER**
**TIMESTAMP**
**SIGNATURE**||
|---|---|
|||
|**FRANK YIALLOURIS**
EMAIL
**`FRANK@JFFRANCIS.CO.UK`**
SENT
**`30 APR 2026 13:06:42`**
VIEWED
**`30 APR 2026 13:12:02`**||
|SIGNED
**`30 APR 2026 13:12:12`**
IP ADDRESS
**`161.12.81.62`**
LOCATION
**`NOTTINGHAM, UNITED KINGDOM`**
**RECIPIENT VERIFICATION**
EMAIL VERIFIED
**`30 APR 2026 13:12:02`**||
|||
|**VINAYA KUMAR**
**PALADUGULAVENKATA**
EMAIL
**`VINAY@SLOANEANDCADOGAN.COM`**
SENT
**`30 APR 2026 13:06:42`**
VIEWED
**`30 APR 2026 13:07:42`**
SIGNED
**`30 APR 2026 13:33:27`**
IP ADDRESS
**`62.197.32.206`**
LOCATION
**`CAMDEN, UNITED KINGDOM`**
**RECIPIENT VERIFICATION**
EMAIL VERIFIED
**`30 APR 2026 13:07:42`**||
**Signed with PandaDoc**
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