Registered number: 11267055 Charity number: 1181544
THE G-A-Y FOUNDATION
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
THE G-A-Y FOUNDATION
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Trustees' responsibilities statement | 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 13 |
THE G-A-Y FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2024
| Trustees | J Joseph |
|---|---|
| S M Turner | |
| K McShannon | |
| L Kellow (appointed 1 August 2023) | |
| Company registered number 11267055 Charity registered number 1181544 Registered office G-A-Y Bar 30 Old Compton Street London W1D 4UR Accountants Adler Shine LLP Aston House Cornwall Avenue London N3 1LF |
Page 1
THE G-A-Y FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2024
The Trustees present their annual report together with the financial statements of the company for the financial year ended 30 April 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The G-A-Y Foundation has been established to offer a life changing opportunity to those who need it.
Our areas of priority for funding over the next two to three years will be the following but we will keep them under review annually or more often if needed:-
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health.
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social inclusion.
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promotion of equality and diversity and community development.
A non-exhaustive list of sample grants we would consider include:-
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assisting with costs of purchasing PrEP.
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assisting those who need counselling (e.g. due to alcohol or drug dependency or to improve mental health and wellbeing).
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assisting with costs of funding for gender reassignment or therapy.
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assisting those suffering from infertility to provide support, guidance or necessary funding towards costs of IVF (but not surrogacy).
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supporting people with disabilities or who have suffered an accident to help improve their quality of life e.g. through funding equipment and daily living aids, making adjustments to homes and providing financial support in immediate aftermath of an accident.
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assisting with rental costs for person made homeless due to family rejection.
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)'.
Page 2
THE G-A-Y FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024
Objectives and activities (continued)
b. Strategies for achieving objectives
Our strategy is to fundraise on a case-by case basis for a specified total to make an individual grant. Once the funds have been raised for one successful grant application, we will move onto the next fundraise.
c. Activities undertaken to achieve objectives
The charity continued with its fundraising activities and made a number of grants in line with its objectives.
d. Main activities undertaken to further the company's purposes for the public benefit
Our funds must be applied towards exclusively charitable purposes (under the laws of England and Wales) for the public benefit as the Trustees may from time to time decide. During the period ended 30 April 2024 the charity's fundraising activities generated £105,456 in donations of which it expended £120,288 on charitable purposes.
Achievements and performance
a. Main achievements of the company
Donations have been received from fundraising activities, such as participation in the London Marathon.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 3
THE G-A-Y FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024
Structure, governance and management
a. Constitution
The G-A-Y Foundation is registered as a charitable company limited by guarantee and was set up by the Memorandum and Articles of Association.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
The Trustees who served during the year and to the date of this report are as follows:
J Joseph S M Turner K McShannon L Kellow (appointed 1 August 2023)
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
J Joseph Trustee
Date: 29 January 2025
Page 4
THE G-A-Y FOUNDATION
(A company limited by guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 APRIL 2024
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . 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 company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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.
Approved by order of the members of the board of Trustees and signed on its behalf by:
................................................
J Joseph Trustee Date: 29 January 2025
Page 5
THE G-A-Y FOUNDATION (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 APRIL 2024
Independent examiner's report to the Trustees of The G-A-Y Foundation ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 30 April 2024.
Responsibilities and basis of report
As the Trustees of the company (and 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 the company's accounts 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
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:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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 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 accounts to be reached.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's 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 company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 29 January 2025 Christopher Taylor
Adler Shine LLP
Aston House Cornwall Avenue London N3 1LF
Page 6
THE G-A-Y FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2024
| Note Income from: Donations 3 Total income Expenditure on: Charitable activities Other expenditure 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 105,456 105,456 120,288 11,198 131,486 (26,030) 121,450 (26,030) 95,420 |
Total funds 2024 £ 105,456 105,456 120,288 11,198 131,486 (26,030) 121,450 (26,030) 95,420 |
Total funds 2023 £ 217,205 217,205 |
|---|---|---|---|
| 120,313 9,557 129,870 |
|||
| 87,335 | |||
| 34,115 87,335 121,450 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 13 form part of these financial statements.
Page 7
THE G-A-Y FOUNDATION
(A company limited by guarantee) REGISTERED NUMBER: 11267055
BALANCE SHEET AS AT 30 APRIL 2024
| Note Current assets Cash at bank and in hand 7 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds 8 Total funds |
95,420 95,420 |
2024 £ 95,420 95,420 95,420 95,420 95,420 |
121,450 121,450 |
2023 £ 121,450 |
|---|---|---|---|---|
| 121,450 | ||||
| 121,450 | ||||
| 121,450 | ||||
| 121,450 |
The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
J Joseph Trustee Date: 29 January 2025
The notes on pages 9 to 13 form part of these financial statements.
Page 8
THE G-A-Y FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
1. General information
The G-A-Y Foundation is a company limited by guarantee registered in England and Wales. The members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The principal activity of the company is the promotion of social inclusion, equality, diversity, and the advancement of health.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The G-A-Y Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. After making enquiries, the trustees have concluded that there is a reasonable expectation that the company has adequate resources to continue in operations existence for the foreseeable future being a period of at least 12 months from the date of approval of these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.
2.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Page 9
THE G-A-Y FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
2. Accounting policies (continued)
2.4 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 allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Cash at bank and in hand
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.
2.6 Financial instruments
The company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.7 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Page 10
THE G-A-Y FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Donations | 105,456 | 105,456 | 217,205 |
4. Other expenditure
| Legal fees Accountancy charges Bank fees |
Unrestricted funds 2024 £ 9,306 1,620 272 11,198 |
Total funds 2024 £ 9,306 1,620 272 11,198 |
Total funds 2023 £ 7,800 1,499 258 9,557 |
|---|---|---|---|
5. Trustees' remuneration and expenses
During the year, none of the trustees received any remuneration or other benefits in the course of their duties. During the same period, no payments were made to trustees for expenses incurred on behalf of the foundation.
6. Analysis of expenditure by activities
| Grant | |||
|---|---|---|---|
| funding of | Total | Total | |
| activities | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Charitable expenditure | 120,288 | 120,288 | 120,313 |
Page 11
(A company limited by guarantee)
THE G-A-Y FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
7. Financial instruments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets that are debt instruments measured at amortised cost | 95,420 | 121,450 |
Financial assets measured at fair value through income and expenditure comprise of cash and cash equivalents.
8. Statement of funds
Statement of funds - current year
| Unrestricted funds General funds Statement of funds - prior year Unrestricted funds Unallocated amounts |
Balance at 1 May 2023 £ 121,450 Balance at 1 May 2022 £ 34,115 |
Income £ 121,756 Income £ 217,205 |
Expenditure £ Balance at 30 April 2024 £ (147,786) 95,420 Expenditure £ Balance at 30 April 2023 £ (129,870) 121,450 |
Balance at 30 April 2024 £ 95,420 |
|---|---|---|---|---|
Page 12
THE G-A-Y FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
9. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2024 | 2024 | |
| £ | £ | |
| Current assets | 95,420 | 95,420 |
Analysis of net assets between funds - prior period
| Current assets Total |
Unrestricted funds 2023 £ 121,450 121,450 |
Total funds 2023 £ 121,450 121,450 |
|---|---|---|
10. Related party transactions
During the year ended 30 April 2024, G-A-Y Group Limited collected donations on behalf of The G-A-Y Foundation of £85,520.
At 30 April 2024, £nil was owed by G-A-Y Group Limited to The G-A-Y Foundation.
Jeremy Joseph is the director and controlling shareholder of G-A-Y Group Limited and is a Trustee of The G-A-Y Foundation.
11. Limited by guarantee
The G-A-Y Foundation is a company limited by guarantee and does not have share capital.
Page 13