COMPANY REGISTRATION NUMBER: 11808067 CHARITY REGISTRATION NUMBER: 1182151 GS Tnt Company Limlted by GuAraDtee Fiuncial Statements .28tb Febrnarv 2025 illi *AEH4EZOI" 1L¥1212025 COMPANIES HOUSE A15
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JAVED & CO Chartered accountants & statutory auditor 109 Hagley Road Birmingham B16 8LA
GS Trust Company Limited by Guarantee Financial Statements Year Ended 28th F¢bry 2025 Page Trustees, annual report (inCoryra1n8 the direclorfs reN)rt) Independent auditorfs report to the men Statement of financial activities (including income and expenditure account) 14 Statement of financialposition 15 Statement of cash flows 16 Notes to the financial statemcnts 17
GS Trust Company Limited by Guarnntee Trustees, Annual Report (IncorporatiDg tbe Director's Report) Year EDded 28th February 2025 The truslxs. who are also the directors for the PUTP)ses of company law, present their report and the financial statements of the charity for the year ended 28th Febnwy 2025. Referenee and dministrtfve details Registered ebarity Dame GS Tnt Charity registration number 1182151 Company registration Dumber 11808067 Principal offiee registered oifice CIO Wildings Solicitors Washwood Heath Road Ward End West Midlands B8 2NG England The trustees Mr Mubammad Zahid Sultani Mr Huzaifa ZAhid Mr Wazarat Ah. Audfitor Javtsl & Co Cbartered aclUntants & ststutory auditor 109 Hagley Road Birn]ingbam B16 8LA Bankers Barclays Bank PIC Lcicester" LE87 2BB Solicitors Wildings Solicitors Washwood Heath Road Ward End Birmingbam. West Midlands England B8 2NG
GS Trust Cornpany Limited by Cuarantee Trnstees, Annual Report (Incorporating the Direttor's Report) Yur Ended 28th Febrnary 2025 Structure) governance and management Charitable Activities: During the year Under review. the Tn Continu to engage in activities to promote the objectives set out in the Memordndum. Risk Management: The trustees regularly review w)tential and ntingent operational risks to which the Charity could be exposed to, particularly monitoring its activities and participants. Objectives and activities The core objective of the charity is to raise fifftds for the construction of a new mosque. Once complets the mosque will funthion as a centre for promoting and advancing the Islamic religion for the public benefit, in acconlance with the statement of faith detailed in the schedule. Key activities will focus on providing worship facilities. delivering Islamic education. and promoting the teachings and principles of Islam to fosr greater community understanding and engagement. Mafin activitie5 To advance our obje¢tive4 we are committed to collaborting with individuals, cornmuniti¢s, and partners both locally and online. Fundraising initiatlves Consttuction has progressed sadily througbout 2022025. PriJ)cipal Contractors commencejj Ground Works in Marcb 2024, starting with site preparation and essential earthworks required prior to piling operations. Upon completion of tbis pr¢paratory phase, Piling Contractors executed the piling works, delivering their package OD time and within budget. Overall. coostru¢tion h&s continued without disruption to date. demonstrating effective planning and funding strategy. Following the successful grant of planning pem]ission in June 2023, fimdraising effoTts were expanded to support the construction phase and a subsequent planning amendment application (S73). The S73 application. cornprising of thousdnds of pages, was submitted by the n¢w Principal Desi8Der and has now been approved following months of correspondence. Th¢ Tst appointed a new Lead Arcbitecturdl team and Principal Designer. with funds allocated for their fees, S73 application costs, expenses related to the removal of Conditions. and new consultant fees.
GS Trust CompaDy Limited by Guarantee Trnstees, Annual Report IIDeorporating the Director's Report) (co Year Ended 28th Febrnary 2025 Religious activiti The trustees continue to support religious and educational activities for community benefit on limited scale, utilising other venues public spaces, social media. and direct publi¢ eDgagement surgeries. Achievements and perfornanee Maintained daily security patrols to prevent fly-tippin& Vandalis and crimi1 loitering on the site and surrounding streets. Secured initial planning pennission from Birn]ingham City Council for the new mosque construction. We await the final technical approval for the S73 amenthnenL are working through the renioval of pre-commencement conditions, and anticipate the future tendering process to initiate the enablin& foundation, and reiDforcaJ concrete (RC) construction ph. Appointed a new Principal Designer and Principal Contractor, with the new contractor team commencing work on tbe foundation and RC constsuction pbase in early 2024. Both parties are working collaLMJrdtive]y to ensure the removal of remaining pre-conditions, maintain a safe and secure site, and partner on appointing subsequent ¢ontractOTS. Looking Ahead. Next Stage5: Ground Works: Including formation of the car patk floor slab, lower ground floor slab, and walls within the piled structure, scheduled for fvll completion by the end of 2025. Superstructyre: E¢tion of the steel structure from the lower ground floor to the rf abov¢ the second floor. The tendering process will be initiated and a contrdct awarded in the latter half of 2025, with works due to commence io January 2026. Flnaneial revlew After making appropriate enquiries, the tntee5 bave a re&sonable expectation that the charity bas ad¢quate resources to conlillue in operdtional exislence for the 12 months from the date of tbe accounts signing. Accordingly, the trustees continue to adopt the going concern basis in preparing the fmancial statements.
GS Trust CompaDy Limited by Guarantee Trnstees, Annual Report IIncorporaliDg the Director's Report) Year Ended 28th February 2025 Trnstees, responsibilities Statement The trustees (who are also directors of GS Trust for the pUoseS of company law) are responsible for preparing the Tntstees, Annual Report and the fjnancial statements in acconlance with applicable law and United Kingdom Accounting SLqndards (United Kingdom Generally Accepted Accounting Practice). Company taw requires the trust¢¢s to prepare fanCIal statements for each fmancial year. The trustees must not approve the financial stst¢ments unless they are satisfied that the statemeots give a true and fair view of the state of affairs of GS Tnt and of its incoming resources and application of resources. including its income and expenditure, for that period. In preEwing these fllwicial statem¢nts. the trustees are required to: Select suitable accounting policies and apply th¢m consistently. Observe the methods and principles in the Charities Statement of ReconllDended Practice (SORP). Make judgements and estimates that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial stat¢ment5. Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trsteeS are responsible for kecping adequate accouDling records that disclose with reasonable accuracy the financial FK)sition of the charity and enable th¢m to ensure the fanCial stalemcnts comply with the compani Act 21M)6. The trustees are also responsible for safeguarding tbc assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
GS Trust CompaDy Limited by Guarantee Trustees. Annual Report Oncorp)r*ting the Diredorfs Report) Year Ended 28th Febrnary 2025 Auditor Each of the persons who is a trustee at the date of approval of this rep)rt confimis that: so far as they are aware, thete is no Teltvant audit inforniation of which the charity's auditor is unavrare. and th¢y have tsketE all steps that they ought to have laken as a truste¢ lo make themselves aware of any relevant audit infomiation and to establish that the charity's auditor is awar¢ of that inforn)a¢ion. Small company p910•S This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trusttts, annual Tew)rt was approved on 27th November 2025 and signed on behalf of the board of trusices by: Mr Muhammad Zahid Sultani Trustee
GS Trnst Company Lknited by Gllarantee ldependent Auditor's Report to the Members of GS Trust Year Ended 28th February 2025 Opinion We bave audited the financial ststements of GS Tnt (the 'charity) for the year ended 28th February 2025 which comprise the statement of financial activities (including income and expenditLwe account). statement of financial position, statement of cash flows and the related notes, including a SUMM of significant accounting )lIc]es. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Fi08ncial Reportlng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In OUT opillioD the fiDancial sLmeDts: give a true and fair view of the state of the cbarity'5 affairs as at 28th February 2025 and of its incoming resourcas and application of resources, including its incom¢ and expendilure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepar1 in accorthce with the requirements of the Companies Act 2006. Basis for QPiDion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under tbose standar(ts are furtber described in th¢ auditofs responsibilities for the audit of the fmancial statements section of our report. We are independent of the cty in accordance witb the ethical requirements that are r¢levant to our audit of the financial ststernents in the UL including the FRC'S Ethical SLindard, and we bave fulfilled our other ethical resp)Dsibilities in accordance with these requirements. We b¢lieve that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. CoDclu$ions relalitig to golog Coneern In auditing the financial statements. we bave concluded that the tnLStees' use of tbe going ¢oDcern basis of accounting in the pr¢paration of the financial slatements is appropriate. Based on the work we have wfOTMe we have not ideDtifi¢d any material unceTtsinties relatlDg to events or conditions thaL individually or collectively, may cast significant doubt on the cbarity's ability to continue &s 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 trSte¢S witb Tespect to going concern are described in the relevant sections of this report.
GS Trust Company Limited by Gu%rAntee IDdepeTrdent Auditor's Report to the Members of GS Trnst(wl Yr Ended 28th February 2025 Other infomation The other iDfoTmation comprises the inforniation included in the annual TepoTL other than the fmancial statements and our auditor's report thereon. The trustees are responsible for the other inforn]ation. Our opinton on the financial sLqtements does not cover the other infonnation and. except to the extent otheTWiSe cxplicitly ststed in our report. wc do Dot express any forn] of assuranL% nclusion thereon. In connection with our audit of the financial statements our responsibility is to read the other infonnation and, in doing so, CODsider whether the other inforn]ation is materially inconsistent with the financial statements or our knowledge obtaiDed in the audit or otherwise appears to be materially misstated. if we identtfy sucb material inconsistencies or apparent material misstatements. we are required to deteTmine whether there is a mateTial misstatement in the fjnancial statements or a materiaI misstatement of the other information. V. based on the work we have perforn]e4 we conclude that there is a mateziaj misstatement of this other infomiation. we are required to re)rt that fact. We have nothing to report in this regar(L Opinloos on other matters prescribed by the Companies Aet 2006 In our opinion, based on Ibe work undertaken in the COUT5e of the audit: the infomtion g2ven in the truste&s' report for the financial year for which the financial ststements are prepared is consisteDt with the fioancial staten]ents; and the trustees, report bas been Pr in acconlaDce with applicable legal rcquirernents.
GS Trust CompaDy Limlted by Guarantee IndependeDt Audltor's Reporf to the Members of GS Trust(wKth Yr Ended 28th Febrnary 2025 Matters on whicb we are requlred to report by ceptiOn In the light of the knowledge and understanding of the charity and its environment obtsined in the Course of the audiL we have not identified material mi&statements in the ttee$, report. We have nothing to report ID respect of the fouowing matters in relation to wbich tbe Companies Act 2(K16 requires us to report to you if, in our opinion: adequate accounting Tecords have not been kept, or returns adequate for our audit have not been received frotD branches not visited by us. or the fUhCIal staterneDts are not in agreement with tbe accounting records and returns: or certain disclosures of trustees, retnuneralion specified by law are not nde. or we have not received all the infotrnalion and explanations we require for our audit: or the trustees were not entitled to prepare the financial statements in accordance with th¢ small cornpanics regime and take advantage of the Sn11 companies, exemptions in Preparing the directors, rert and from the requirement to prepare a stratrgic report. Responsibilities of truste As explained more fijlly ID ibe trustees, responsibilities statement. the trustees (who are also tbe directors for the purposes of company law) are resp)nsible foi the pi'eparation of the financial statements and for being satisfied that tbey give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from nrIal rnisstatemcnL wbether due to fraud or error. In preparing thc financial staten)ents. the trust¢¢s ate resnsIble 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 tntee5 either intend to liquidate tbe cbarity or to cease operations, or bave no realistic alternative but to do so.
GS Trust Company Limited by Guarantee Independent Auditor's Report to the Members of GS Trust(L Yr Ended 28th Febrnary 2025 Auditor's responsibilities for the audit of the finandal statements Our objectives are to obtain reasonable assurance about whetber tbe financial ststements as a whole are frce from material misstatemenL wbether due to fraud or ¢rror, and to issue an auditor's Teport that includes our opinion. Reasonable assuranc¢ is a high level of &ssuranc¢. but is not a guarantee an audit conducted in accordance with ISAS IUK) 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 staments. Irregularities, including frau are inslances of non-compliance with laws and regulations. We design procedures iti line with our responsibilities. outltn¢d above. to detect material misstatements in respect of irregularitie& including frau& The extent to which our procedures are capable of detecting Arregularitie& including fraud is detailed below: The objectives of our audit in respect of frau(L are: to identify and ass¢ss the risks of material misstatement of the flnancial statements due to fraud. to obtsin sufficient appropriate audit evidence regarding the assessed risks of material misslatement due to frau(t through designing and implementing appropriate responses to those assessed risks. and to respoDd appropriately to instances of frdud or suspected fraud identified during the audit. However, the primary SPonSibl11ty for tbe prevention and d¢tertion of fraud rests with both management and the InteeS of the charity. Our approach was as follows: - We obtaincd an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006. Charities Act 2011, Charity SORP (FRS 102) and relevant UK taxation legislatio - We obtained an understanding of how the charity complies with these rquirements by discussions with managemeDt and the trttees. - We assessed the risk of material misststement of the financial staternents. iticluding the risk of material misststement due to fraud and how it might occur. by holding discussions with management and the trustees - We inquired of management and those cbarged with govemancc as to any known instances of non-compliance or susp¢cted non-compliance with laws and regulations. - Based on this understanding, appropriate audit procedures w¢re used to identify instance5 of non-compliance with laws and regulation5. This included making enquiries of management and the trustees and obtaining additional corroborative evidence as required.
GS Trust Compaoy Llmited by Guarantee Independent Auditor's Report to the Members of GS Trust{ Year Ended 28th Febrnary 2025 As part of an audis in accordance with ISAS IUK), we exercise professional judgment and maintain professional sc¢pticism throughout the audiL W¢ also: Identify and assess the risks of mateTial misstatement of the financial ststemcnts, whether due to fraud or etror. design and perfomi audit pretheS responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentation4 OT the override of internal control. Obtsin an understaDding of internal control relevant to the audit ID order to design audit procthes that are appropTiate in tbe circumstances. but Dot for the purpose of expressing an opinion on the effectiveness of the inten] control. Evaluale the appropriateness of acLu)unting policies used and the reasonableness of accounting cstimafrs and related disclosures made by the trustecs. Conclude on the appropriateness of the Inte£s, e of the going concern basis of accounting an(L based on th¢ audit eviden¢¢ obtain¢41 whether a material uncertainty exists related to events or conditions that may cast significant doubt on the clwity's ability to Continue as a going concern. If we conclude that a ma*rial uncertainty exists. we aTe required to draw attention iti our auditor's report to the related disclosures in the financial statements or, if such disclosures are itiadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions n)ay cause the charity to cease to continue as a going concern. Evaluate the overall prc5entation, strjcture and content of th¢ financial statements, including the disclosures, and whether the fiDancial statements represent the underlying transactions and events in a nLnoer acbie.ve.s fT prtx.ntatioiL io-
GS Trust Company Limited by Guarantee IndepeDdeDt Auditor's Report to the Members of GS Trust Yur Ended 28th February 2025 We communicate with those charged with goVerDae regardin& among other matters, the plaDDed scope aDd timing of the audit aDd significant audit findings. including any significant deficiencies in internal control that we identify during our audiL Use of our report This rewrt is made solely to tbe cbaritys members, as a Ih)dy, in accordance with Chapter 3 of Part 16 of the Companies Act 21K)6. Our audit work has been undertaken so that we migbt stste to the chaTitys membeTS those matters we are required lo sta* to tbem in an auditorfs Teport and for no other PUryK)sc. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's menthrs as a body, for our audit worK for this re¢ or for the opinions we bave forn]e Mr Rizwan Javed Mphil (Cantsb) FCA {SeDior statOry Auditor) For and on behalf of Javed & Co Chartered aco)untaDts & statutory a]Mlitor 109 Hagley Road Birmingham B16 8LA 27th November 2025 li-
GS Trust Company Limited bv Guarantee Statement of Financial Activities (including income and expenditure ateount) Year Ended 28th February 2025 2025 Unrestricted funds Totsl funds Total fimds 2024 Note Income and endowments Donations and legacies Total income 5 2,790242 2,790242 3,161,512 2.790.242 2,790242 3,161,512 Expenditure Expenditure OD raising funds: Costs of raising donations and legacies ExpeD_dihJre on vbsLrytgble e.rtivities Tot21 expenditure (77,152) {77,152) (64.981) 7,8 (191.0(K)) (191.01)0) (268,152) (268,152) (64,981) Net income and net movement in funds 2,522,090 2A22,090 3.096.531 Reconcili2tioD of fund5 Totsl funds brought forward Total funds Carried forward 5,393.275 5J93275 2.296.744 7,915.365 7.915J65 5.393,275 The ststement of financial activities includes all gatns and losses recognised in the year. All income and expendiftwe derive from continuing activities. The notes on pages 17 to 24 fonn part of these fmanclal statements. 12-
GS Trnst Company Limited by Guarantee Statement of Fillaneial Position 28th Febrnary 2025 2025 2024 Note Fixed assets Tangible fix assets 13 3,121,(m 2.392.682 Current &95ets Debtors Cash at bank alld in hand 14 3.027 4807th43 4,810,670 3.007.492 3,007,492 Creditors: amouots falliDg due within one year 15 6.899 4.794285 3.000.593 Net current assets Total assets less e•rrent liabililies 7,915J65 5,393.275 7.915J65 5.393.275 Net assets Funds ofthe Charity Unrestricted fjjnds 7915J65 5,393,275 7,915J65 5,393,275 Total charity fu•ds 16 These financial statemenls hav¢ been prepared in accordance with the prnvisions appli¢abl¢ to companies subject to the small companies. regime. These financtal statements were approved by the board of trnstees and authorised for issue on 27th Novemb¢r 2025. and are signed on behalf of the by: Mr Muhamma Trustee id Sultani The mot¢s on pages 17 10 24 fom prt of these finaDeial statemeBt& 13-
GS Trust Company Limited by Guarantre ststemet of Cash Flows Yev Ended 28t Febru-n, 2025 2025 2024 Cash nows from operating activities Net income 2.522,090 3.096,531 Adju5tmentsfor." DrerIatIOn of tAogib!e fi_x assets Accrued expenses 52,891 37.266 2.760 Changes in." Trade and otber debtors Trade and other creditors (3.027) 9,486 2&81.440 3.137,456 2581.440 3.137,456 899 Cash generated from operations Net cash from 0ing activities Cash flows from investing aetlvities Pllhase of tangible assets Net casb used in investing adivities (781289) {417.396) (781389) (417,396) Net increase in cash and casb equivalents Cash and cash equivalents at bwnning of yur Cash and Cash equivalents t end of year 100(1,151 2.720,060 3,007.492 287,432 4807,043 3.007,492 The Dotes on pages 17 to 24 forni p*rt of the fanCIal stslements. 14-
GS Trust Company Limited by Guargntse Notes to the FiDanci21 St2temeDts Year Ended 28th February 2025 General infornation The cbarity is a public benefit entity and a private company limited by 8uarantee. regist¢r¢d in EDglaDd and Wales and a registered charity in England and Wales. The address of the registercd office is CIO Wildings Solicitots Washwood Heath RO Ward End, Btrmingham. West Midlands. B8 2NG. Englaod. StstsmeDt of compliance These fmancial statements have been prepar in complian¢¢ with FRS 102, 'Th¢ Fillancial Reporting Stsndard appliuble io the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to clwities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {Cbarities SORP (FRS 102)) and the Companies Act 2006. A¢counting policies Basls of prep•ration The financial ststements have been prepThl on the bistorical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Golng coacern There are no material uncertainties about th¢ charitys ability to continue. Judgenients and key slyuttes of estimgtion Uncertainty The estimates and judgements mad¢ by managemeDt during the current year is in the company's depreciation policy. Tangible Assets The useful lives of tangible assets are deterniined by management and reflect those adopted wiihin tbe industy. Impairnient of fixed assets is further discussed in a separate accounting policy no*. 15-
GS Trust Company Limited by Guarantee Notes to Ihe FiD2Dcial Staternentsi¢•kniag Yegr EDded 28tb Febrnary 2025 Accounting polities (¢•M Fund ac¢ountlng Unrestricted fill)ds are available for use at the discretion of the trustees to fiuther any of the charity's purposes. Designated fimds are unrestricted funds earmarked by the trustees for particular future project or comn)ilmenL Restri¢t¢d fimds are subjected to restrictions on their expenditure declared by the donor or through the tenns of an appeal, and fall into one of two sU¢lasses". restricted income funds or endowment fuDds. Currently, there are no restri¢ted funds in the charity. Incoming resource5 All income is iocluded in th¢ statem¢nt of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associed with the transaction will flow to tbe charity and the amount Can be reliably measured. The following specific policies ar¢ applied to particular categories of income: - income from donations or grants is reColS¢d when there is evid¢nce of entitlement to th¢ receipt is probable and its amount can be measured reliably. - legacy income is Twogmised whcn Teceipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this IS mprdctical to rneUre re! 4Kly, iv]iich CLge •be v2.ue JS deTivd frorn the cost to the donor or the estimated resale value. 16-
GS Trust Comp2Dy Lirnited by Cuaranttt Notes to the Fioancial Statements (e•atiA#ryl Year Ended 28th Febrnary 2025 Accounting policies Resources expended Expenditure is recognised on an accTuals basis as a liability is incuTred. Expenditure includes any VAT which cannot be fully recovete4 and is classified under headings of the ststemcnt of fllkn-4cial activiti to ..¢. l& r¢kn.: expenditure on rdising funds includes the costs of all fundraising activities, events, non-ckwitable trading activities, and the sale of donated goods. expenditure on charitsble activities includes all costs incurred by a charity itt undertaking activities that fither its clwitable aims for tbe benefit of its beneficTraries. including those support costs and costs relating to the governaDce of tbe clwity appc*.CDed to charitable activities. other expenditure includes all exFKnditure that is neither related to raising funds for the charity nor part of its exw)diture OD cbaritable activities. All costs are allocated to eXdittlre categories reflecting the use of the TesouTce. Direct costs attributsble to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Tingible assets Tangible assets are initially recorded at ¢osL and subsequently stated at cost less any accumulated depreciation and impairnlent losses. Depreciation Depreciation is calculated so as to WTite off the cost or valuation of an a&K less its residual value, over the useful economic life of that ¢1 &s follows: Freebold propety Fixtures and fittings 2010 straight line 2(P/o slrdigbt litie ImpairmeDt of red assets A review for indicators of impairn)ent is Caled out at each reporting dale, witb the recoverable amount being estimated where such indicators exist. Wbere the carying value exceeds the recoverdble arDounL the asset is itnpaired accordingly. Prior impairn]ents are also reviewed for $SIble reversal at each r¢portittg date. 17-
GS Trnst Company Limited by Guaranttt Notes to the Financial Ststements Yur Ended 28th Febrnary 2025 Accounting policies fc•*wedJ Financial instruments A fllwicial asset or a fllwicial liability is r¢wised only when tb¢ entity becomes a paty to the contractual provisions of the instrumenL Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction Costs, unless the arrangement constitutes a financing trdnsaction. where it is rewgnis¢d at tbe present value of the fi]ture payments discounted at a market rate of interest for similar debt instrument. Current assets and current liabilities are subsequently measured at the Cash or other consideration expected to be paid or reiVed and Lot discounleLt Limited by guar2n¢e¢ The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, th¢ liabilities in respect of the guarantee is limited to £100 for each (3 directors} member of the chaTity. DonalloDS and legaeks Unrestrictcd fotal Funds Unrestricted Total Funds Funds 21125 Funds 2024 Donations DonatioDS 2.790242 2,790242 3.161,512 3,161,512 & Costs of raising donations a•d legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Costs of raising donatioDS 77.152 77.152 64,981 64,981 Expendhure OD eharitable activitie5 by fuDd type Unrestricted fotal Funds Unrestricted Total Funds 2025 Funds 2024 Grants to chatiti&s 191,0(X) 191,01)0 18-
GS Trust Company Limited by Guarantee Notes to tbe financial Statements (¢¢*j Year Ended 28th February 2025 Expenditure on ebaritxbk ¥detivities by acllvity type Grant funding of Total fuTrds Total fund activities 2025 2024 Grants to cbarities 191,IK)O 191,000 Analysis of grants 2025 2024 GraDts to eharities Jam-E-Masjid Qiblah: Registered Charity No: 513447 Totsl grants 191,000 191,IKKI A allt of £191.(K)O wa5 made to Jam-E-Masjid Qiblah (Registered Charity No: 513447) towards th¢ purchase of a property to be used as an ¢xtension to their existing place of worsh. 10. Net income Net incomc is stated after cbarginW(crediting): 2025 2024 Depreciation of tangible fixed assets 52.891 37266 IO& Audltoys remuneratiti 2025 2024 Audit of the fllwicial statements Other assurance services 4.500 1,500 4,500 1,5IXI 6,000 6,(KlO 11. Staff costs The average head count of employees during th¢ year was nil (2024: nil). The charity currently have a group of volunteers, who help in the charity activities. No employee received b¢nefits of more than £,000 during tbe y&qr (2024: nil). 19-
GS Trust Company Limited by CuaraDtee Nota to the FiDaDciAI Statements (e••w4 Year Ended 28th F¢brnary 2025 12. Trustee remuner*tioD and expen Non¢ of the trustees have been paid any remuneration or received any other benefits from an employment witb their charity or a related entity during the year (2024- £nil). No trustee expenses have been incurred during the year {2024 - £DiI). 13. Tangible red assets Freehold Fixtures and property fittings Total Cost At 1st March 2024 Additions 2,472,075 781.289 34.119 2W6,194 781,289 At 28th Febrnary 2025 Depreeiation At 1st March 2024 Charge for the year At 28th February 2025 Carrying amount At 28th February 2025 At 29th Febnwy 2024 3.253,364 34,119 3.287,483 100,826 46.067 12,686 6.824 19.510 113512 52,891 166,403 146.893 3,106,471 2.371249 14,609 3,121,080 21,433 2,392,682 Capltal eommltments 2025 2024 Contracled for but not provided for in the financial statements 3,050,0110 As at 28 February 2025, the clwity bad capital COmZDilments totalling £3,050,tM)0 (2024: £nil) arising from a building contract signed before the year end. At the balance sheet date, no paents had been made and no construction work in relation to this contract had commence<t 14. Debtors 2025 2024 Prepayments and accnKd income 3,027 -20-
GS Trust Company Limlted by Guxraotee Notes to the FIDaneial Statements(e•atrMe4 Year Ended 28th Febrnary 2025 15. Creditors: amounts falling due wltbin one year 2025 2024 Trnde Creditors A¢¢nlS and deferred income iOJ85 899 6.000 6,899 16J85 16. ADalysis of ¢haritable funds Unrestrieted funds At 1st Marcb 2 024 At 2814 February 2025 Jncome Expenditure General funds Unrestricted fund 2.790,242 (268.152) 2J22.090 5,393,275 5J93,275 5,393,275 2,790.242 (268.152) 7gISJ65 At 1st March 2023 At2 February 2024 Jncome Expenditure General funds u1¢strIcted fund 3.161,512 (64,981) 3,096,531 2,296,744 (64.981) 5.393,275 2296.744 2296.744 3,161,512 21-
GS Trust Con)PgDy Limited by GuAfaDtee Note5 to the FiDancial StstemeBts Year Ended 28th February 2025 17. Analysis of net assets between fuDd$ Total Funds 2025 Unrestricted Funds Tangible fjxed assets Current assets Creditors less than l year Net a$sets as at 28th February 2025 3,121,080 3,121,080 4,810,670 4,810,670 (16,385) (16a85) 7,915.365 7,915J65 UJ)restricted Total Funds Funds 2024 Tangible fixed assets CuThent assets Creditors less than l year Net assets as al 29th Febru4ry 2024 2,392,682 2,392,682 3,LK)7.492 3.007,492 (6.899) (6,899) 5,393275 5,393.275 18. Analysls of chango th Det debt At At l Mar 2024 Cash flows 28 Feb 2025 Casb at bank and in band 3.007,492 1,800,151 4,807,643 19. Tran$action$ Ivith related parties Trustees are the key managenMt of the clwity. During the perio totsl donations of £2.5m were made by a company which is related to one of the tnLStees. -22-