Reglstered charlty number: 1192385 THE GEORGE FAMILY FOUNDATION TRUSTEES, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE GEORGE FAMILY FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr M F George Mr M D George Mrs S L Large Charity number 1192385 Prln¢lpal addre55 The George Family Foundation Victoria Mills London Road Wellingborough NN8 2DT Independent examlner Kerry GallaEher RSM UK Tox and Accounting Limited Davidson House Forburysquare Reading Berkshire RGI 3EU Bankers Barclays Bank PIC Leicester LE87 2B8 THE GEORGE FAMILY FOUNDATION CONTENTS Page Trustees, Report Independent examinerfs report Statement of financial aclivities Balance sheet Notes to the financial statements THE GEORGE FAMILY FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance wlth the accounting policies set out in note I to the financial statements and comply with the charity's governing document. the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice appllcable to charities preparinB their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. Ob5ectlves and activitie5 The charity's objects are to advance such exclusively charitable purposes by making granls and donatlons to individuals and or8anisations at such time or times and in such manner as the Trustees, in their complete discretion thlnk fit. The Trustees have complied with their duly to have due regard to Public Benefit guidance issued by the Charity Commi55ion in deciding what activitie5 the charity should undertake. Grant making policy The Trustees welcome application5 or requests for funding. There is no formal application process. The Trustees meet twice a year to consider the merits of application5 Submitted to the Foundation and to make awards if appropriate which are In Ilne wlth the objectives of the Foundatlon. Achlevements and performance A total of thirty four grants12023: twenty three) and donations totalling £267.20012023: £103,1501 were agreed durlng the year. Further details of these grants can be found in note 5. Flnanclal revlew The results for the year are shown on page 4. The Trustees consider the results for the year to be satisfactory. The prlncipal funding source during the year wa5 a donation of E150,000 {2023'. £150,000). As noted above, during the year the Trustees awarded thirty four grants and donations totalling £267,200 to a variety of worthy causes. Of this £267.200. £107,500 has been pledged in future year5. Total expenditure for the year was £271,37312023.. £107.0351 leaving net liabilities as at 31 March 2024 of £64,83712023 net assets: £56,536). The grar¢ts payable in future years will be funded by donations received in future years. Although the charity currently has net liabilities the Family Trustees control the corporate donor so the Trustees are confldent these future donations will be received. The Trustees have decided that holding reseNes is unnecessary as they will only distribute income as donations or grants to the maximum available in any given year. Any undistributed funds at the year end are rolled over and held to be applied in furtherance of the Foundation's charitable objectives in a future year. Plans for future perlods The charity will contlnue to distribute funds in line wilh the grant making policy as the Trustees see fit. Structurei governance and management The Foundation was established under a trust deed dated 25 August 2020 and is a registered charity, number 1192385. THE GEORGE FAMILY FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 {CONTINUEDI The trust deed defines two types of Trustee.. a. A 'Family Trustee,, bein8 M F George. M D George and any relative of either M F George or M D George; and b. An 'lndependent Trustee,, being any Trustee who is not a Family Trustee. The trust deed provide5 for a minimum of 2 Trustees, one of whom must be a Family Trustee. At least one-third of Ihe Trustees musl be Independent Trustees. Apart from the first Trustees IM F George, M D George and S L Largel every Trustee must be appointed by a resolution of the Trustees passed at a special meeting. The Trustees who seNed during the year and up to the dète of signature of the financial statements were-. Mr M F George Mr M D George Mrs S L Large The Trustees, report was approved by the Trustees on 27 November 2024 and signed on their behalf by.. Mr M F George Trijstee Trustee THE GEORGE FAMILY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GEORGE FAMILY FOUNDATION I report to the Trustees on my examination of the finaDcia5 statements of The George Family Foundation "the charitv, for the year ended 31 March 2024, which are set out on pages 4 to 9. Responsibilities and basis of report As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 20111.the 2011 Act'l. I report in respect of my examination of the charit¢s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 1451Sllbl of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving thelr opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independenl examination can provide. Consequently, l express no opinion as to whether the financial statements present a 'true and fair Vie￿ and my report is limited to those specific matters set out in the independent examinerfs statement. Independent examinerf5 Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect.. accounting records were not kept in respect of the charily as required by seclion 130 of the 2011 Act,. or 2. the financial statemenls do not accord with those records- or 3. the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set oul in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Kerry Gallagher FCA DChA Institute of Chartered Accountants In England and Wales ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountanis Davidson Hovse Forbury Square Reading Berkshire RG13EU Dated.. 051121.24 THE GEORGE FAMILY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Total funds 2024 Total furids 2023 Note Intome from: Donations and legacies 150,000 150,000 Expenditure on: Charitable activities 1271,373} 1107,0351 Net lexpenditure)/income for the year/ Net movement In funds 1121,373) 42,965 Funds balance at l April 2023 Funds balance at 31 March 2024 56.536 164,8371 13,571 56,536 All funds are unrestricted. THE GEORGE FAMILY FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Current assets: Cash at bank and in hand 46,731 60,816 Creditor5: Amounts falling due within one vear 163,5681 14,2801 Net current Iliabilltlesl l assets {16,8371 56,536 Credltors: Amounts falling due after one year 148,0001 Total net (liabllltlesl / a55ets 164,837} 56,536 Income fund5 Unrestricted funds 164,8371 56,536 (64,8371 56,536 The ftnancial statements were approved by the Trustees on 27 November 2024. Mr M F George Trustee Mr M D George Trustee THE GEORGE FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charlty Informatlon The George Family Foundation is a UK registered charily governed by a trust deed dated 25 August 2020. The principal activity of the charity is the payment of grants and donations to individuals and organisations at such time or times and in such manner as the Trustees, in their complete discretion think fit. 1.1. Accounting conventlon The financial statements have been prepared in accordance with the charity's governing document, the Charilies Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportirkg Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Account5 and Reportsl 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 charitie5 applying FR5 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 statement5 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. The prlncipal accounting policies adopted are set out below. 1.2. Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operatiorkal existence for at least twelve months from the date of signing the financial statements as the Trustees only make grants and donations and spend funds when they are available. Grants payable in future years will be funded by donations received in future years. The Family Trustees control the corporate donor so the Trustees are confident these future donations will be received. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statemenls. 1.3. Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objeclives. 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 15 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 donatlon. THE GEORGE FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policie5 lcontlnuedl 1.5. Expendlture and Ilablllties Liabilities are recognised as soon as there is a legal or constructive obligation which commits the charity to the expenditure. Charitable activities include expenditure associated with grant making and include the direct c05tS, support costs and governance cos15 relating to these activities. Crltical accountlne estimates and judgements In the application of the charity's accounting policies, the Trustees are required to make judgement5, estimates and assumptions about the carryinE 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 onBoing 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 critical accotjnting estimates or judgements made in the application of the charity's accounting policies. Donatlons and legacie5 Unrestrlcted funds 2024 Unrestricted funds 2023 Donations and glfts 150,000 150,000 Empendlture on charitable activlties 2024 2023 Direct Costs.. Grants to institutions- see note 5 267,200 103,150 Su ort costs.. Governance costs.. Independent examination 4,068 3.780 othersupport COSts.' Bank charges 105 105 All charitable expenditure is unrestricted. 271.373 107,035 THE GEORGE FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reconclllatlon of grants payable 2024 2023 Commitments at l April Commltments made In the year: Grunts to institution5.' Royal Botanical Gardens Kew The Prince's Trust Iwomen Supporling Women) London Handel Festival Game & Wildlife Conservation Trust IF8 Research Foundation Northamptonshire County Cricket Club Mills Archive Trust Maggie's Thornage Hall Independent Living Steelbacks Foundation National Portrait Gallery Bramptons Primary School Moorland Association Fairy Water Trust / Livir)g Uplands United Learning Trust Country Food Trust Other 60,000 45,000 40,000 25,000 18,000 15,000 10,000 10,000 10,000 10,000 6,000 10,000 6,000 25,000 5,000 15,000 10,000 10,000 5,450 5,000 5,000 4,000 3,000 11,200 6,700 Total commitments made in year: 267,200 103,150 Total commitments made 267,200 103,150 Grants paid in the year 1159,7001 1102,6501 Commltments at 31 March 107,500 500 During the year, the Foundation has agreed to provide four Erants12023-. no grant51 for pledges which cover more than one year. In addition there were three one-off granls12023: one grant) approved by Trustees before the year-end but not paid until after year-end. Commitments at 31 March are to be funded by future donations received and are payable as follows: 2024 2023 Within one year Between two and five years 59,500 48,000 500 107,500 500 THE GEORGE FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Trustees None of the Trustees lor any persons connected wilh them) received any remuneration or benefits from the charity during the year12023'. none). Employees There were no employees during the year12023= none). Credltors 2024 2023 Creditors: amounts falllng due wlthln one year Accruals and deferred income Grants payable (note 51 4,068 59,500 3,780 500 63,568 4,280 Credltors: amounts falllng due after one year Grants payable (note 51 48,IXIO Total creditors 111,568 4,280 Related party transaction5 During the year, donations totalling £150,00012023: £150,000) were received from related parties.