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2022-03-31-accounts

CONTENTS Page Page
Reference and administrative details 2 -3
Chairman' s statement 4
Reportofthe trustee 5- 14
Trustee' s responsibilities statement 15
Independent auditor's report 16- 17
Statement
of accounting
policies		 18- 23
Consolidated statement offinancial activities 24
Foundation statement offinancial activities 25
Consolidated statement offinancial position 26
Foundation statement of financial position 27
Consolidated cash flow statement 28
Foundation
cash flow statement		 29
Notes to the financial statements 30- 61

CORPORATE TRUSTEE/ CUSTODIAN TRUSTEE/ CUSTODIAN TRUSTEE: Albert Gubay Trustee Limited Albert Gubay Trustee Limited Albert Gubay Trustee Limited
3 Denmark Street
Goose
Green
Altrincham
United Kingdom WA14 2SS
DIRECTORS OF THE CORPORATE TRUSTEE Alan Lloyd Gough,Chair (Appointed on 24 March 2021)
John Brian Peers,Treasurer ( Appointed on 24 March 2021)
Mark Jones ( Appointed on 24 March 2021)
Nigel Stuart Machin (Appointed on 24 March 2021)
Carmel Mary Gubay (Appointed on 24 March 2021)
Finn Jones ( Appointed on 24 March 202 1)
John Henry Nugent ( Appointed on 1 January 2023)
EXECUTIVE COMMITTEE: Jonathan
Black
Robin
Johnson
Lukasz
Weckwerth
Finn Jones
Andrew
Green
Nigel
Stuart
Machin
PRINCIPAL ADDRESS: 3 Denmark Street
Goose
Green
Altrincham
United Kingdom
WA14 2SS
INDEPENDENT AUDITOR: Atla Audit and Assurance Limited
Formerly Browne Craine Associates Limited)
Burleigh Manor
Peel
Road
Douglas
Isle of Man
IlVi1
5EP

BANKERS: Barclays Bank PLC Barclays Bank PLC
Barclays House
Victoria
Street
Douglas
Isle of Man
IM99
1AJ
Standard Chartered Bank
1 Basinghall Avenue,London
United
Kingdom
EC2V
5DD
Credit Suisse
One Cabot Square, London
United Kingdom
E14 4QJ
SOLICITORS: Withers
LLP
20 Old Bailey
London
United Kingdom
EC4M
7AN
Brabners LLP
55 King Street
Manchester
United
Kingdom
M2 4LQ
FOUNDATION NAME: The Albert Gubay Charitable Foundation
The Foundation was created by a Trust Deed dated 22
October 2008 as amended by Orders of the Isle of
Man Court
dated		 20 November
2019		 and 4 March
2021,
a Deed
of		 Change of Proper Law dated 30
March 2021,a Deed of Restriction of Purposes dated
30 March 2021,a Charity Commission Scheme dated
30 March 2021 and a Charity Commission Scheme
dated 4 January 2022

THE ALBERT GUBAY CHARITABLE
FOUNDATION
AND ITS SUBSIDIARIES		 THE ALBERT GUBAY CHARITABLE
FOUNDATION
AND ITS SUBSIDIARIES
REPORT OF THE TRUSTEE
FOR THE PERIOD
ENDED
31 MARCH
2022 ( continued)
ACHIEVEMENTS
AND
PERFORMANCE
The projects that the Foundation supports should achieve one or more ofthe following:
improved
facilities
that meet modern
standards
and best practice,
improved
and more energy efficient
places ofworship;
improved mental health and wellbeing;
improved confidence,self-esteem,ambition and skills;
people moving from being homeless to entering supported accommodation and where appropriate moving on to and
sustaining
independent
living;
improved
chances
for people to access training
and employment
and more of those people entering		 and sustaining
training and employment;
the development
of talent;
people able to live their lives or the end stages of their lives with a level of care and security that does not exacerbate
their level of poverty or lead them into poverty;
the development of drugs which will prevent cure or alleviate the symptoms of life threatening or debilitating
illnesses
and diseases.
The Trustees consider all of these aims have been achieved.The Foundation would also hope that the projects that it supports with grants
may have unexpected
benefits to the people that those projects support,and the Trustees ask Grantees to let it know if there have been
unexpected additional benefits.Also,in supporting some charities to develop their services or undertake more collaborative working,the
Foundation would hope that its grants will help to develop a more efficient,effective and impactful charitable sector.As a newly registered
charity in England and Wales,most of the projects that have received funding are in the early stages of delivery.Refer to pages 6 to 7 for
the total grants awarded during the year along with the funding distribution
to the Foundation' s different priorities.

Plant &
machinery		 4%- 20%
Office
equipment		 10%- 20%
Fixtures &
fittings -		 10%- 20%
Motor
vehicles		 20%
Buildings 2%

For the year ended 31 March 2022 For the year ended 31 March 2022 For the year ended 31 March 2022 For the year ended 31 March 2022 For the year ended 31 March 2022 31 March 2021
Notes Restricted Permanent
Income Endowment Total Total
Income
and endowments		 from: STG£ STG£ STG£ STG£
Unaudited
Income
from
investments		 1 34, 978, 503 34, 978, 503 30, 076, 288
Other trading activities 1 1, 732, 802 1, 732, 802 723, 285
Service
charge
income		 1 3, 310, 610 3, 310, 610 3, 390,624
Insurance
income		 1 771, 935 771, 935 710.907
Total incoming
resources		 40, 793, 850 40, 7939850
Expenditure
on:
Cost of generating funds 2 7,
7,		 701,
701,		 663
663		 7,701, 663 8, 044, 835
Charitable activities 4 4, 469, 596 4,469, 596 5, 834,801
Service charge
costs		 4, 806, 678 4,806, 678 3, 936, 831
Insurance
void costs		 810, 760 810, 760 940, 078
Foreign exchange (gains)/ losses 3 357, 002) 357, 002) 844, 329
Loss on disposal of investment properties 15 510.000
Total
costs		 17, 431, 695 - 17,431, 695
Net gain/( loss)on investments 15 70,070,677 70,070, 677 22.523. 516)
Net income/(
loss)before		 taxation 23, 362, 155 70,070, 677 93,432, 832 7,733,286)
Taxation W 5, 148, 371 5, 148, 371 63.421)
Net income/( loss) 28, 510, 526 70,070,677 98, 581, 203 7,796,707)
Other
comprehensive
income/(		 loss):
Exchange differences
on translation of a foreign		 subsidiary 47,517) 47,517) 11, 312)
Fair value
movement of tangible		 fixed assets 12 500,000) ( 500, 000)
Net movement in funds for the year 28, 463, 009 69,570,677 98,033,686 ( 7,808,019)
Reconciliation
of funds:
Total funds
brought
forward		 22 884, 589,746 ( 351, 645, 809) 532,943, 937 540, 751, 956
Transfers
between
funds		 22 404,568, 435) 404, 568, 435 - -
Designation
of investment		 properties as forming
part of permanent
endowment		 funds
Total funds
carried
forward		 22 508, 484,320 122, 493,303 630,977,623 532,943,937
For the year ended 31 March For the year ended 31 March 2022 31 March 2021
Notes Restricted Permanent Total Total
Income Endowment
Income
and endowments		 from: STG£ STG£ STG£ STG£
Donations and legacies 1 3, 025, 857
Other trading activities 1 223, 465 223, 465
Income from investments 1 43, 926, 331 410,368,435 454, 294, 766 3,025, 857
Service
charge
income		 1 502, 565 502,565
Insurance
income		 1 28, 644 28, 644
Total incoming resources 44, 681, 005 410, 368,435 455, 049, 440 6,051, 714
Expenditure
on:
Cost of generating funds 2 916, 502 916, 502 642,597
Charitable
activities		 4 5, 202, 783 5,202, 783 5, 834, 801
Service
charge costs		 543, 305 543, 305
Total costs 6,662, 590 6,662, 590 6,477, 398
Net gains
on investments		 15 31, 526, 565 31, 526,565
Net income/( loss)before taxation 38,018,415 441, 895, 000 479, 913,415 425,684)
Taxation 11
Net incoming resources before transfers 389018, 415 441, 895, 000 479, 913, 415 425,684)
Transfers
between
funds		 22
Other comprehensive
income:
Exchange differences on translation of a foreign subsidiary
Fair
value
movement
of tangible		 fixed assets 12 500, 000) 500, 000)
Net movement
in funds for		 the year 38, 018, 415 441,395,000 479, 413, 415 425,684)
Reconciliation
of funds:
Total funds brought
forward		 22 12, 147, 279 12, 147, 279 12, 572, 963
Total funds
carried
forward		 22 50,165, 694 441, 395, 000 491, 560, 694 12, 147, 279

2022 2021 2021
Notes STG£ STG£
FIXED
ASSETS
Tangible fixed assets 12 5, 600, 000
Investment properties 15 430, 082, 356 -
Investment
in subsidiaries		 13 105 50
CURRENT
ASSETS
CURRENT
ASSETS
Debtors
Debtors		 17 17 529, 982 53,
53,		 120
120
Cash at bank 18 59, 993, 156 12,
12,		 262,
262,		 081
081
60,523, 138 12, 315, 201
CURRENT
LIABILITIES
Creditors falling due within one year 19 4,644, 905) 148, 738)
4, 644, 905) 148, 738)
NET CURRENT
ASSETS		 55, 878, 233 12, 166, 463
TOTAL
ASSETS
LESS		 CURRENT LIABILITIES 491, 560, 694 12, 166, 513
CREDITORS ( Amounts falling due more than one year)
Creditors falling due after more than one year 20 19,234)
NET ASSETS 491,560, 694 12, 147, 279
THE
FUNDS
OF THE FOUNDATION
Restricted
income
funds		 22 50, 165, 694 12, 147, 279
Permanent
endowment
funds		 22 441, 395, 000
TOTAL
FOUNDATION		 FUNDS 491, 560, 694 12, 147, 279
The statement
of accounting		 policies on pages 18 to 23 and the notes on pages 30 to 61 form part of the financial statements.
The
financial
statements		 were app ved and authorised for issue by the Trustee on the , S`.... A and signed on their
behalf by:
Director
of the trustee
t1tuartMachin
Director ofthe trustee------------- ----------
Alan Alan Lloyd Gough

For the period
ended		 the period
ended		 the period
ended
31 March
2022		 31 March
2021
Notes STG£ STG£
Unaudited
CASH
FLOWS
FROM
OPERATING		 ACTIVITIES
Net surplus/(expenditure)for the period 93, 432, 832 7, 733, 286)
Depreciation &
amortisation		 12, 16 79, 265 99, 437
Movement
in fair value of investment
properties		 15 ( 70, 082, 240) 22, 523, 516
Gain)/ loss on the sale offixed assets 11, 563) 510, 000
Revaluation gain on work in progress 1, 626,270)
Decrease
in debtors		 5, 437,309 12, 059, 058
Decrease
in creditors		 1, 574, 760) 11, 188, 522)
Movement
of foreign
exchange		 356, 411) 844, 329
Taxation 393, 495)
Other
non- cash
items		 29,988
Debt write- off 1, 547, 573
Interest
income		 255, 385)
NET CASH INFLOWS FROM OPERATING ACTIVITIES 26, 669, 047 16, 672, 328
CASH
FLOWS
FROM
INVESTING
CASH
FLOWS
FROM
INVESTING		 ACTIVITIES ACTIVITIES
Payments to acquire investment
property		 15 4,
224,
637)
4,
224,
637)		 1, 924, 979)
Payments to acquire work in progress 533, 730)
Payments
to acquire
tangible
fixed
assets		 7, 777)
Payment to buy out the non controlling interest 3, 751, 266)
Interest received 255, 385
Maturity offixed deposit accounts with original maturity greater than 3 months 17, 421, 846 9,567,081)
NET CASH INFLOWS/OUTFLOWS FROM INVESTING ACTIVITIES 13, 452,594 15; 784, 833)
CASH FLOWS FROM FINANCING ACTIVITIES
Amounts paid to related parties- 7,464,015)
Interest
received
Interest
received		 226,
634
226,
634
NET CASH OUTFLOWS FROM FINANCING ACTIVITIES 7, 237, 381)
CHANGE IN CASH AT BANK AND IN HAND IN THE PERIOD 40,
40,		 121,
641
121,
641		 6,349, 886)
For the period ended
RECONCILIATION
TO CASH AND		 CASH EQUIVALENTS 31 March
2022		 31 March
2021
STG£ STG£
CHANGE IN CASH AT BANK AND IN HAND IN THE PERIOD 40, 121, 641 6,349, 886)
CASH AT BANK AND IN HAND AT THE BEGINNING OF THE PERIOD 108, 417, 985 114, 652, 183
CHANGE IN CASH AT BANK AND IN HAND DUE TO EXCHANGE RATE MOVEMENTS 47, 515 115, 688
CASH
AT BANK
AND
IN HAND
AT		 THE END OF THE PERIOD 18 148, 587, 141 108, 417, 985
For the period ended
ANALYSIS
OF CASH AT BANK
AND
IN HAND		 31 March
2022		 31 March 2021
STG£ STG£
Current accounts 18 46, 024, 565 29,751, 482
Fixed deposit accounts with original maturity less than 3 months 18 102, 562, 576 78, 666, 185
Petty cash 318
TOTAL
CASH AT BANK
AND IN HAND		 18 148, 587, 141 108,417,985

For the period
ended		 the period
ended
31 March
2022		 31 March
2021
Notes STG£ STG£
CASH FLOWS
FROM		 OPERATING ACTIVITIES
Net surplus/(expenditure) for the period 479, 913, 415 425, 684)
Movement in fair value of investment properties 15 ( 31, 526, 565)
Increase)/
decrease
in debtors		 397, 572) 965, 439
Increase/(
decrease)
in creditors		 4, 476, 878 1, 072, 486)
Investment income -Qualifying charitable donations 448, 458, 444)
Interest
income		 12, 469)
NET
CASH
INFLOWS/		 OUTFLOWS FROM OPERATING ACTIVITIES 3, 995, 243 532, 731)
CASH
FLOWS
FROM		 INVESTING ACTIVITIES
Investment income -Qualifying charitable donations in cash 43, 810, 719
Development
costs/ work		 in progress 15 ( 87, 356)
Interest
received		 12, 469
NET CASH INFLOWS FROM
INVESTING		 ACTIVITIES 43, 735, 832
CASH
FLOWS
FROM		 FINANCING ACTIVITIES
Amounts received from related parties 12, 141, 062
NET
CASH
INFLOWS		 FROM
FINANCING		 ACTIVITIES 12, 141, 062
CHANGE
IN
CASH
AT
BANK
AND
CHANGE
IN
CASH
AT
BANK
AND		 IN
HAND
IN		 HAND IN IN THE THE PERIOD PERIOD 47, 731, 075 11,
11,		 608,
608,		 331
331
For the period ended
RECONCILIATION
TO
RECONCILIATION		 CASH
AND
TO
CASH
AND		 CASH
CASH		 EQUIVALENTS EQUIVALENTS 31 March
2022		 31 March
2021
STG£
STG£		 STG£
STG£
CHANGE
IN CASH
AT BANK AND		 IN HAND IN THE PERIOD 47, 731, 075 11, 608, 331
CASH AT BANK AND IN HAND AT THE BEGINNING OF THE PERIOD 12, 262, 081 653, 750
CASH AT BANKAND IN HAND AT THE END OF THE PERIOD 18 59, 993, 156 12,262, 081
For the period
ended
ANALYSIS
OF CASH		 AT BANK
AND IN HAND		 31 March
2022		 31 31 March 2021
March
2021
STG£ STG£
STG£
Current
accounts		 18 36, 965, 482 12, 262, 081
Fixed deposit accounts with original maturity less than 3 months 18 18 23,
23,		 027,
674
027,
674
TOTAL
CASH AT BANK AND IN HAND		 18 59, 993, 156 12,262, 081

1 ANALYSIS
OF INCOME		 ANALYSIS
OF INCOME
For the period ended 31 March 2022 31 March 2021
Restricted Permanent
Group . Income Endowment Total Total
STG£ STG£ STG£ STG£
Unaudited
Income from investments
Rental income from investment property 34, 692, 098 34,692,098 29, 849,654
Interest
income		 from short- term deposits 286,405 286,405 226, 634
Other trading activities
Market
hall,car park and other income		 1, 505,478 1, 505, 478 381, 587
License fees 25,072 25,072 108,957
Dilapidations 4L048 41,048 87,000
Miscellaneous income 161, 204 161, 204 145,741
Service charge income 3, 310.610 3, 310, 610 3,390,624
Insurance income 771.935 771, 935 710,907
40, 793, 850 40,793, 850 34,901, 104
Foundation For the period ended 31 March 2022 31 March 2021
Restricted Permanent
Total Total
Income Endowment
STG£ STG£ STG£ STG£
Donations received 3,025,857
Income from investments
Rental
income		 from investment property 5,805, 301 51805, 301
Interest
income		 from short- term deposits 31, 022 31,022
Dividend
income		 38,090.008 410,368,435 448,458,443 3, 025, 857
Other trading
activities
Market hall,car park and other income 12, 067 12,067
License fees 23. 348 23,348
Related party recharges 181238 181, 238
Miscellaneous income 6, 812 6,812
Service charge income 502, 565 502,565
Insurance income 28,644 28,644
44,681, 005 410, 368, 435 455,049,440 6, 051, 714
Turnover,analysed geographically between markets, was as follows: 2022 2021
Stg£ Stg£
Group Unaudited
United Kingdom 39,299,436 33,203, 717
Isle ofMan 137,714 305, 315
Republic ofIreland 1, 356, 700 1, 392, 072
40,793, 850 34,901, 104
Foundation 2022 2021
Stg£ Stg£
United Kingdom 455,049,440 -
Isle ofMan 6,051,714
455,049,440 6,051,714

For the period ended
31		 ended
31
Group March 2022 31 March 2021
Restricted
Total Total
Income
STG£ STG£ STG£
Unaudited
Expenditure
on maintaining		 investment properties 3, 020, 612 3, 020, 612 1, 780, 716
Landlord
costs		 1, 648, 311 1, 648, 311 1, 935, 899
Letting costs 781, 237 781, 237 874,694
Rates 557,554 557, 554 556, 423
Legal costs 33, 510 33, 510 39,970
Revaluation gain on work in progress 1, 626, 270)
Expenditure running investment properties 4,681, 051 4, 681, 051 5, 646, 520
Payroll costs 2,525, 704 2, 525,704 2,472, 998
Staff costs 350, 290 350, 290 108, 681
Travel costs 16, 247 16,247 14, 010
Legal and professional fees 1, 180, 069 1, 180, 069 1, 042, 757
Other overheads 480, 602 480, 602 327, 301
Exceptional costs 48, 875 48, 875 1, 581, 336
Depreciation and amortisation 79, 264 79,264 99, 437
Other cost ofgenerating funds 617, 599
Legal and professional fees 617, 599
7, 701, 663 7, 701, 663 8, 044, 835
For the period ended 31
Foundation March 2022 31 March 2021
Restricted
Total Total
Income
STG£ STG£ STG£
Expenditure on maintaining investment properties 294, 620 294,620
Landlord costs 227,739 227, 739
Letting costs 49,726 49,726
Rates 14,449 14,449
Legal costs 2,706 2, 706
Other cost ofgenerating funds 621, 882 621, 882 642, 597
Exceptional costs 25, 000
Legal and professional fees 621, 882 621, 882 617, 597
916, 502 916, 502 642, 597

3 FOREIGN FOREIGN EXCHANGE EXCHANGE EXCHANGE GAINS GAINS For the period
ended 31 March
Group 2022 2021
STG£ STG£
Unaudited
Foreign exchange gain / ( loss) 357, 002 ( 844, 329)
4 EXPENDITURE ON CHARITABLE ACTIVITIES
For the period ended 31 March 2022 2021
Grant funding
Group of activities Support costs Total Total
STG£ STG£
STG£		 STG£
Unaudited
British Church Grants ( Note 5,6) 969, 053 161, 461 1, 130, 514 1, 362, 914
Irish Church Grants ( Note 5,6) 766, 184 80,731 846, 915 1, 404,771
General Fund Grants ( Note 5,6) 2,299, 388 192, 779 2,492, 167 3, 067, 116
4,034,625 434,971 4,469,596 5, 834,801
For the period ended
31 March
2022		 2021
Grant funding
Foundation of activities Support costs Total Total
STG£ STG£
STG£		 STG£
British Church Grants ( Note 5,6) 969, 053 433,620 1, 402, 673 1, 362, 914
Irish Church Grants ( Note 5,6) 766, 184 216,810 982, 994 1, 404,771
General Fund Grants ( Note 5,6) 2,299,388 517, 728 2,817, 116 3, 067, 116
4,034, 625 1, 168, 158 5,202,783 5,834,801
Group Group For
the
For
the		 period period ended
31
ended
31		 ended
31
ended
31		 March 2022
March
2022		 2022
March
2022		 2022
March
2022		 2021
2021
British Irish General Fund
Church Church Church
Church		 Grants Total Total
STG£ STG£
STG£		 STG£ STG£ STG£
Unaudited
Payroll costs 79, 251 39, 626 94, 623 213, 500 148, 166
Legal and professional fees 71, 327 35, 664 85, 163 192, 154 209,714
Other support costs 10,883 5, 441 12,
993
12,
993		 29, 317 28,495
161, 461 80,
731
80,
731		 192,779 434, 971 386, 375
Foundation Foundation For
the
For
the		 period period ended
31
ended		 31 March 2022
March
2022		 2021
2021
British Irish General Fund
Church Church Grants Total Total
STG£ STG£ STG£ STG£ STG£
Payroll costs 79, 251 39,
626
39,
626
9
26		 94,623 213, 500 148,
166
148,
166
48
Legal and professional fees 75, 698 37, 849 90,382 203,
203,
03		 929
929
29		 209,
714
209,
714
Other
Other
ther		 support
support
upport		 costs
costs
ost		 278,
278,
78		 671
671
71		 139,335 332,723 750, 729 28,495
433, 620 216, 810 517, 728 1, 168, 158 386, 375

For the period ended For the period ended
31 March 2022 31 March 2021
STG£ STG£
Grants awarded 4,034,625 5, 448,425
There were no grants written back during the period.All grants are awarded to institutions,there are no grants
awarded to individuals. An analysis of grants made by type of group funded is described below:
For the period ended
31 March 2022 31 March 2021
Grants to Grants to
institutions institutions
STG£ STG£
Irish Church Fund 766, 184 1, 333,059
British
Church
Fund		 969, 053 1, 219, 492
General Fund 2,299, 388 2,895, 874
4,034,625 5, 448, 425
Grants were made to the following institutions: For the period ended
31 March 2022
Irish Church STG£
Diocese ofGalway Kilmacduagh &Kilfenora ( R.C. ) 85, 456
Diocese of Kilmore R. C. 64,092
Franciscan Missionary Sisters for Africa 81, 385
St.Laurence
O' Toole		 Catholic Social Care T/A Crosscare 258, 616
Archdiocese
of Dublin		 118, 437
Roman Catholic Diocese of Clogher 132, 819
The Archdiocese
of Armagh		 25, 379
766, 1254
British Church
AD of Westminster - Our Lady St Joseph Hall 56,400
Borderlands ( South West)Limited 39, 729
Caritas Diocese of Salford 32,876
Diocese of Salford -St Edmunds 19,000
Diocese ofWrexham 12,000
Out There Supporting Families of Prisoners 35,500
Roman Catholic
Diocese of Southwark		 50,000
Santa Marta Group 125,000
St Mary's University 19, 350
The Congregation
of the Little		 Sisters 48,000
Westminster Roman Catholic Diocese Trust 100,000
The Medaille Trust 281, 198
Diocese of Shrewsbury -St Albans 100,000
Diocese
ofArundel &		 Brighton 50,000
969, 053

For the period ended
31 March
2022
General
Fund		 STG£
Aber Morfa Mission Area 50,000
Access Sport CIO 21, 175
Action
Medical
Research		 82, 560
Ashar Bringing Hope 37,200
Bone Cancer
Research
Trust		 29,193
Bury Voluntary Community 40,000
Chapter (
West Cheshire)
Ltd		 24,720
Church
Urban
Fund		 172,000
Crossgate
Church		 21, 000
Families
United Network		 15, 000
Family
Care Trust		 93, 500
Fareshare
UK (North Wales)		 84, 215
Fareshare
Yorkshire		 80,000
Fortalice (Family Support) 30,000
Fortalice Limited 38,244
Gilgal Birmingham 20,000
Groundwork
Greater
Manchester		 75, 000
Hope for Justice 25, 000
Hope House
Children'
s Hospice		 77,000
Kensington Fields Community Association 12,000
Mersey Counselling and Therapy Centre 32,350
Multiple Sclerosis Society 78,757
Recycling Lives 8,000
Yad Veachisomoch
L'Chaim -Foodbank		 100, 000

Grants were made to the following institutions: Grants were made to the following institutions: For the period ended
31 March 2022
General Fund STG£
Broughtforward sub -total 1, 246,914
Salford Loaves and Fishes 69,358
Sanctuary
Trust Limited		 35,000
Sanctuary
Trust Limited		 -Oldham 31, 000
Sefton Women'
s &
Children's Aid		 33, 306
Shoreline Church 10,000
St Christopher' s IOM 47,728
St Mary of the Isle 15, 000
Stonebridge
City Farm		 30,675
The Brain Tumour Charity 141, 356
The Bridge Mentoring Scheme 6,000
The Edge Theatre 13, 000
The Hope Centre 67, 530
The Living Room 60,000
The Macular Disease Society 100, 188
The Mustard Tree 65, 000
The Oasis Centre 18, 886
The Philadelphia Network 15, 000
The River Manchester 10, 000
The Stroke Association 50, 000
Tommy' s 19, 833
Versus Arthritis 85, 729
Yad Veachisomoch
L'Chaim		 12,000
SNAPS
Yorkshire
CIO		 12, 885
Epilepsy Research UK 80,000
Abergele Community Action 23, 000
2,299,388

31 March 2021
Irish Fund STG£
Diocese
of Kilmore -St Brigid' s Church,East Knockbride		 7,000
Diocese
of Elphin -
The		 Cathedral
of the		 Immaculate Conception 17,650
Archdiocese
of Dublin -		 St Anne' s Church 17,650
Archdiocese
of Dublin -		 St Martin
de Porres		 Church 17,650
Archdiocese ofDublin - Our Lady Immaculate New Life Centre Roof 44, 100
Archdiocese
of Dublin -		 St Agatha' s Church 22,050
Archdiocese
of Dublin -		 St Andrew' s Church 13, 250
Archdiocese ofDublin - Church of the Most Holy Sacrament 17,650
Diocese ofKilmore -St Clare' s Church 44, 100
Diocese
of Kildare & Leighlin -Cathedral		 of the Assumption Youth Base 13, 250
Diocese ofAchonry -St Kevin's Church,Keach 17,500
Irish Bishops Conference 445, 690
Diocese
of Limerick -St		 Philip Neri Spiritual & Wellness Hub 35, 000
Diocese of Cork &Ross -Cathedral of St Mary &St Arm -Energy Hub 21, 750
Diocese of Killaloe -Church ofthe Immaculate Conception & St Senan 44, 100
Diocese
of Waterford &		 Lismore -St Nicholas Church 13, 250
Archdiocese
of Tuam-New Horizons
Room		 43, 500
Diocese ofGalway -Church ofthe Nativity 17,500
Hierarchy
General
Purposes
Trust		 480, 419
1, 333, 059
31 March 2021
British Fund STG£
Diocese ofLancaster -St Anne's Church 15, 160
Archdiocese ofCardiff - St Mary's Church,Newport 8, 000
The Prison Advice &Care Trust ( PACT) 48, 086
Archdiocese
ofLiverpool		 1, 000, 000
Diocese
of Portsmouth -		 Gosport
Open Doors		 28, 603
Diocese ofMenevia -St Michaels 45, 643
Caritas Social Action Network 74, 000
1, 219,492
31 March 2021
General Fund STG£
Congregation of the Sisters ofNazareth 96, 000
Link Galway 9, 000
Back On Track Manchester 30, 000
The Hive 25, 000
Diabetes UK 70,744
Crosscare -Finglas Youth Project 25, 000
Congregation
of the Sisters ofNazareth		 36, 300
Gateway
Action
Salford		 44, 600
Transforming Lives for Good (TLG)Ltd 30,000
Kingsley
Hall Church &		 Community
Centre		 20,800
One Knowsley 24, 220
Liverpool Charity &Voluntary Services 115, 000
Sub -total 526,664

Grants
were made to the following		 Grants
were made to the following		 Grants
were made to the following		 institutions:
31 March 2021
General Fund STG£
Broughtforward
sub -total		 526,664
St Andrew' s Community Network 20, 000
Foodcycle 25, 000
Emerge 3R's 32,300
Sefton Womens &Children Aid 10,000
Warrington Youth Club 15,000
Damdale
Belcamp
New Life		 Centre 20,000
St Ultan' s Childcare
Project		 20,000
Isle of Man Foodbank 20,000
Ykids 5, 000
Newcastle Upon Tyne Hindu Temple 20,000
Church Urban Fund 50,000
The Oasis Centre 25, 000
St Marys (Bramall Lane) Community Centre 15, 000
Blackburn Youth Zone 16,000
MICAH Liverpool 20, 000
Parkinson' s UK 100,000
Target Ovarian
Cancer		 17,000
IOM Athletics Association 20,000
CDARS 10,000
Out There Supporting Families ofPrisoners 8, 500
ClareCare ( Crisis Fund) 2,675
The Mustard Tree (Crisis Fund) 26,000
ClareCare ( Foodbank) 10,000
The Olive Branch 10,000
St George' s Crypt 15, 000
The Mustard Tree ( Foodbank) 35, 000
Liverpool Lighthouse 15, 800
Wirral Youth Zone 6,600
Bradford
Inclusive
Disability		 Service 4,700
JustLife Foundation Ltd 9,000
Goodwin
Foundation		 15, 000
Dovecote &Princess Drive Community Association 12,000
Prestatyn &Meledin Foodbank 2,000
Multiple Sclerosis Society 65, 941
Spinal Research 30,692
Emmaus Merseyside 50, 575
Salford Loaves &Fishes 5,000
Transform NW 5, 000
S2 Food Poverty Network 10,000
Stretford Foodbank 20,000
Farnworth
Baptist Church		 5, 000
Wythenshawe
Foodbank		 5,000
Archdiocese
of Liverpool		 _ Hope Uni Scholarships 30, 000
City Harvest 50,000
Stoke on Trent Foodbank 18, 000
Recycling
Lives		 14,250
Fareshare
Merseyside ( Food)		 46, 500
Fareshare
Merseyside (
Volunteers)		 15,677
Archdiocese
of Liverpool		 865, 000
St Joseph' s Hospice 500, 000
2,895, 874

7 NET INCOME/EXPENDITURE NET INCOME/EXPENDITURE
Net incoming resources is stated after charging: For the period ended
31 March
2022		 31 March 2021
Group STG£ STG£
Unaudited
Auditor'
s remuneration		 115, 624 117, 318
Depreciation and amortisation 79, 265
Foundation
Auditor' s remuneration 18, 318 18, 318
Depreciation and amortisation

Group For the period ended
31 March
2022		 31 March
2021
Staffcosts during the year were as follows: STG£ STG£
Unaudited
Wages and salaries 2, 301, 305 2, 190, 031
Social security costs 252, 974 250, 251
Other pension costs 187, 618 180,232
2, 741, 897 2,620, 514
For the period ended
31 March 2022 31 March 2021
Number Number
Unaudited
60, 000 - £ 69, 999 5 5
70, 000 - £ 79, 999 2 2
80, 000 - £ 89, 999 2 3
90, 000 - £ 99, 999 4 -
110, 000 - £
119, 999		 1 1
120,000 -; E129, 999 I -
150,000 - £ 159, 999 2 1
THE ALBERT GUBAY CHARITABLE FOUNDATION FOUNDATION FOUNDATION AND ITS SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 ( continued)
11 TAXATION ON PROFIT ON ORDINARY ACTIVITIES
For the period ended For the period ended
31 March
2022		 31 March 2021
Group STG£ STG£
Analysis
of income
tax
charge/( credit)in the period		 Unaudited
Current
year provision		 7,955 24, 321
Adjustment
re prior
years (		 4, 484) 4, 217
3, 471 28, 538
Deferred tax charge
Movement
in current year
provision (		 5, 151, 842) 30, 399
Adjustment in respect ofprior periods - 4, 484
Current tax charge ( 5, 148,371) 63, 421
The following
are the factors affecting		 the current year tax.charge.
The tax assessed for the group
for		 the year is lower than the basic rate of corporation tax in the UK of 19%, the differences are
explained below:
For the period
ended
31 March
2022		 31 March 2021
STG£ STG£
Unaudited
Net income/(loss)before taxation 93,432, 832 ( 7,733,286)
Taxation as follows:
Profit/( loss)on ordinary
activities		 before taxation multipl- ed by the basic 17,752, 238 1, 469, 324)
rate of corporation
tax in the UK of 19% ( 2021:UK		 corporation tax at a rate of 19%)
Effects
of,
Non taxable income 7,989,839) 35,995)
Expenses not deductible for tax purposes 2,274, 177 6,555, 444
Trading stock -profit on disposal adjustment 11, 144 89, 300
Losses carried/( utilised)forward 7,429)
Origination/ reversal of timing differences 7,996,382)
Taxes payable at lower rates 6,259,575)
Taxes payable at higher rates
Under provision oftax in prior years 4,484) 4, 217
Change in deferred tax rates 636,408) 159,042)
Movement in unrecognised deferred tax 6,206, 712 239, 822)
Movement
in fair value of investment		 properties 7,008,731) 4,231, 270
Qualifying
charitable
donation unutilised		 908, 132
Qualifying
charitable
donation		 8,354, 167) 2, 653, 052)
Deferred tax asset 303, 370)
Loans written off 36
Current year tax charge ( 5, 148, 371) 63, 421

Foundation 2022 2021
STG£ STG£
At the start of the period 50 50
Additions
in year		 55 -
At 31 March 2022 105 50
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15 INVESTMENT PROPERTIES
2022 2021
Group STG£ STG£
Unaudited
At beginning of the period 394, 087, 628 409, 568, 094
Additions during the period 4, 137, 281 1, 920, 819
Transfer
from work
in progress		 6,340, 000
Transfer from tangible fixed assets 635, 969
Revaluation
of investment
properties		 70, 082, 240 22, 523, 516)
Disposal
of properties		 450, 000)
Development costs -work inprogress 87, 356
Foreign exchange movement 330, 592) 767, 769)
As at 31 March 468, 699, 882 394, 087, 628
All
investments
are		 carried carried at their at their at their at their market value.Investment properties properties are subject to a professional a professional a professional a professional a professional valuation valuation on an annual annual
basis by Knight
Frank Chartered		 Surveyors. The recent appraisal report was issued on 29 July 2022 and the revaluation has
beenreflected in the financial statements for the period.
2022 2022 2021
2021
Foundation
Foundation		 STG£
STG£		 STG£
STG£
At beginning of the period
Transfer
from
subsidiaries		 398, 468, 435
Development costs - work in progress 87,
87,		 356 356
Revaluation
of
investment
Revaluation
of
investment		 properties properties 31, 526, 565
As
at
31
March
As
at
31
March		 430,
430,		 082,
082,		 356 356
16 16 INTANGIBLE
FIXED
INTANGIBLE		 ASSETS
FIXED		 ASSETS Software Software development development
costs
costs
Group
Group		 STG£
STG£
COST
COST
As
at
1
April
2021 (
As
at
1
April
2021 (		 Unaudited)
Unaudited)		 222,
222,		 015
015
Additions -
Additions -
As
at
31
March
2022
As
at
31
March
2022		 222, 015
AMORTISATION
As at
1 April
2021 (		 Unaudited) 97, 559
Charge
for year		 36, 545
As at 31
March
2022		 134, 104
NET BOOK VALUE
31		 MARCH 2022 87, 911
NET BOOK
VALUE
31		 MARCH 2021 124, 456

2022 2022 2021
Group STG£ STG£
Unaudited
Trade debtors 23, 899 1, 464
Prepayments and accrued income 547, 209 377, 384
Other debtors 1, 276, 673 1, 919,273
Amounts owed by group and associated undertakings ( See note 27.2) 404, 490 117,699
Savills income float 3, 266, 518 8, 379, 963
Taxation receivable 160,315
5,
5,		 518,
518,		 789
789		 10,
10,		 956,
098
956,
098
Amounts
Amounts		 owed owed by by group group group and and associated associated undertakings undertakings are are interest interest interest interest interest free,
free,		 free,
free,		 unsecured unsecured and and repayable
repayable		 on
on		 demand.
demand.
2022
2022		 2021 2021
Foundation
Foundation		 STG£
STG£		 STG£
STG£
Amounts
Amounts		 owed owed by by group group and and associated associated undertakings (
undertakings (		 See
See		 note note 27.
27.		 2)
2)		 163,
472 -
163,
472 -
Prepayments
Prepayments		 and and accrued accrued income income 277,
255
277,
255		 53,
53,		 120
120
Other
debtors
Other		 debtors 89,
255 -
89,
255 -
18 18 CASH
CASH		 AT
BANK
AT		 AT
BANK
AT		 AT
BANK
AT		 AT
BANK
AT		 AT
BANK
AT		 BANK BANK AND AND AND IN IN IN HAND HAND
2022
2022		 2021
2021
Group
Group		 STG£
STG£		 STG£
STG£
Unaudited
Unaudited
Current
Current		 accounts accounts 46,
46,		 024,
024,		 565
565		 29,
29,		 751,
482
751,
482
Fixed
deposit
Fixed		 deposit accounts accounts with with original original maturity maturity less less than than 3
3		 months months 102,
102,		 562,
562,		 576
576		 78,
78,		 666,
185
666,
185
Petty
cash
Petty		 cash 318
318
148,
148,		 587,
587,		 141
141		 108,
108,		 417,
985
417,
985
2022
2022		 2021
2021
Foundation
Foundation		 STG£
STG£		 STG£
STG£
Current
Current		 accounts accounts 36,
36,		 965,
965,		 482
482		 12,
12,		 262,
081
262,
081
Fixed
deposit
Fixed		 deposit accounts accounts with with original original maturity maturity less less than than 3
3		 months months 23,
23,		 027,
027,		 674 -
674 -
59,
59,		 993,
993,		 156
156		 12,
12,		 262,
081
262,
081

19 CREDITORS AMOUNTS FALLING FALLING FALLING FALLING FALLING FALLING FALLING FALLING FALLING DUE WITHIN DUE WITHIN DUE WITHIN DUE WITHIN DUE WITHIN DUE WITHIN DUE WITHIN DUE WITHIN DUE WITHIN DUE WITHIN ONE YEAR ONE YEAR ONE YEAR ONE YEAR
2022 2021
Group STG£ STG£
Unaudited
Accruals
for grants
payable (		 See Note 21) 824,761 33, 886
Trade creditors 317, 140 403, 921
Amounts owed to group and associated undertakings (See Note 27.3) 367, 437 389, 040
Accruals
and deferred
income		 2, 065, 875 2, 714, 823
Taxation
and social security		 488, 416 523, 530
Savills
float		 898, 923
Specific provisions 300,628 96,848
Other creditors 150,783 1, 009, 595
4,515,040 6, 070, 566
Amounts owed to group and associated undertakings are interest free, unsecured and repayable on demand.
Deferred
income
relates
to income		 received in advance for rent.
2022 2021
2021
The movement
on deferred
income		 is as follows: STG£ STG£
STG£
Unaudited
Unaudited
Balance
at the
start of the period		 2, 192, 031 1,
1,		 956,
956,		 161
161
Deferred income released
to		 income during the period ( 2, 192, 031) 1,
1,		 956,
161)
956,
161)
Income deferred
at the end of the		 period 1, 499,943 2,
2,		 192,
192,		 031
031
Balance
at the end of the period		 1, 499, 943 2,
2,		 192,
192,		 031
031
2022
2022		 2021
2021
Foundation
Foundation		 STG£
STG£		 STG£
STG£
Accruals
for grants payable (		 See Note 21) 824,761 33,
33,		 886
886
Trade creditors 81, 495
Accruals
and deferred
income		 1,
1,		 639,
507
639,
507		 114,
114,		 852
852
VAT
payable
VAT
payable		 2,574
Savills income float 476, 888
Amounts owed to group and associated undertakings ( See Note 27.3) 1, 619, 680
T,
IVJ
T,
IVJ
Amounts
owed
to
group
and
Amounts
owed
to
group
and		 associated associated undertakings undertakings are
are		 interest interest free,
free,		 unsecured unsecured and
repayable
and		 repayable on on demand.
demand.
Deferred
income
relates
to
income
Deferred
income
relates
to
income		 received received in in advance advance for for rent.
rent.
2022
2022		 2021
2021
The
movement
on
deferred
income
The
movement
on
deferred
income		 is is as as follows:
follows:		 STG£
STG£		 STG£
STG£
Balance
at
the
start
of
the
period
Balance
at
the
start
of
the
period
Deferred
income
released
to
Deferred
income
released
to		 income income during during the the period period
Income
deferred
at
the
end
of
Income
deferred
at
the
end		 the
of
the		 period period 1,
1,		 425,
192 -
425,
192 -
Balance
at
the
end
of
the
period
Balance
at
the
end
of
the		 period 1,
1,		 425,
192 -
425,
192 -
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24 PROVISIONS PROVISIONS
2022 2021
Group STG£ STG£
Unaudited
Provisions introduced at the start ofthe period 96, 848 96,848
Movement in provisions 203, 780 -
As at 31 March 300, 628 96, 848

The Group held the The Group held the contingent liabilities liabilities as follows:
Group 2022 2021
STG£ STG£
Contingent liabilities introduced at the start of the period Unaudited
Undertakings under S 106
and S278		 Town and Country Planning Act 1990 151, 550 328, 290
Payment
Guarantees		 of trading debts for subsidiaries / contractors - 50, 000
151, 550 378, 290

Group Group 2022 2021
STG£ STG£
Unaudited
Within 1 year 2, 842, 907 2, 144, 143
After 1 year &not later than 5 years 4,916, 698 8, 148, 877
Above 5 years 9,095,888 22, 818, 242
16, 855, 493 33, 111, 262
Foundation 2022 2021
STG£ STG£
Within 1 year 1, 426, 102
1, 426, 102

During the period the group had dealings with During the period the group had dealings with During the period the group had dealings with During the period the group had dealings with During the period the group had dealings with related party undertakings as follows: related party undertakings as follows:
Total Total Total
STG£ STG£ STG£
Group Creditors Debtors Combined
Opening
balance ( Unaudited)		 389,040) 117, 699 271, 341)
Movement in the year 21, 603 286, 791 308,394
Closing balance ( Note 27.2 & 27.3) 367,437) 404, 490 37,053
Foundation
Opening
balance
Movement in the year 1, 619,680) 163, 472 ( 1, 456, 208)
Closing
balance (Note		 27.2 & 27.3) 1, 619, 680) 163, 472 ( 1, 456, 208)
27. 2 Balances
with
related		 parties
Debtors -amounts
falling due within		 one year:
2022 2021
2021
Group STG£
STG£		 STG£
STG£
Unaudited
Unaudited
Alvanley
Limited		 1,
1,		 805
805		 1,
805
1,
805
Hafod Management
Services
Company		 Limited 10, 624 12,
805
12,
805
Mount Murray Homes Limited 29,
29,		 328
328		 26,
240
26,
240
College
Farm Management
Company		 Limited 13
The Mallards Management
Company Limited		 2, 069 1,
689
1,
689
The Santon Private Trust Company Limited 355, 638 69,867
The Old Foundry Management Services Company Limited 5, 013 5, 293
404, 490 117,699
The above balances are interest free,unsecured and repayable on demand.
2022 2021
Foundation STG£ STG£
Derwent
Management		 Limited 147, 332
AGF Brandon Limited 380
Anglo International Upholland Limited 15, 760
163, 472

2022 2021
STG£ STG£
Group Unaudited
Amounts owing to spouse of the late Mr Gubay - 18, 188
Deposit liabilities for estate ofMr Gubay ( former director and 367,437 370, 852
beneficial owner)
367, 437 389, 040
2022 2022 2021
STG£ STG£
Foundation
Derwent
Development
Management		 Limited 44, 225
Derwent Estates Limited 25, 546
Derwent
Holdings
Limited		 1, 485, 092
Albert Gubay Charitable Foundation No.2 50
Cashtal Properties Limited 32, 500 -
Derwent Group Holdings Limited 32, 267 -
1,
1,		 619,
619,		 680
680

2022 2021
STG£ STG£
British Church Fund 2,324, 820
Irish Church Fund 273, 929
General Fund 3, 980, 523
Total further grants subject to certain conditions 6,579, 272
British Church Fund
Due in 2022:
Santa Marta Group 125,000
Santa Marta Group 125, 000
Caritas
Salford -Bury		 Red Door 56,037
Archdiocese ofBirmingham -St Elizabeth's Community Hall 100,000
Santa Marta Group 125, 000
Borderlands 40,844
Out There Supporting Families ofPrisoners 35, 500
AD of Westminster - Caritas Bakhita House 100,000
707, 381
Due in 2023:
Archdiocese ofBirmingham -St Elizabeth's Community Hall 100,000
Santa Marta Group 125,000
Caritas
Salford -Bury		 Red Door 59, 103
Archdiocese ofBirmingham -St Elizabeth's Community Hall 100,000
Santa Marta Group 125, 000
Santa Marta Group 125,000
Caritas Salford -Bury Red Door 59, 102
Santa Marta Group 125, 000
Borderlands 41, 981
Out There Supporting Families of Prisoners 35, 500
AD of Westminster - Caritas Bakhita House 100,000
995,686
Due in 2024:
Santa Marta Group 125, 000
Caritas Salford -Bury Red Door 60, 877
Santa Marta Group 125, 000
Santa Marta Group 125, 000
Caritas Salford -Bury Red Door 60,876
Santa Marta Group 125, 000
621, 753

Irish Church Fund
Due in 2022:
Crosscare -Migrants 42,833
Due in 2023:
Crosscare -Migrants 42, 833
Crosscare -
Mental Health Support		 72,715
115, 548
Due in 2024:
Crosscare -Migrants 42, 833
Crosscare -Mental Health Support 72,715
115, 548
General Fund
Due in 2022:
Fareshare UK (North Wales) 59,963
The Stroke Association 31, 177
Crossgate Church ( Landmark) 110,000
The Stroke Association 50,000
Crossgate
Church ( Landmark)		 110,000
Sanctuary Trust Limited -Oldham &Rochdale 23, 400
Family Care Trust 93, 500
Access Sport 21, 175
Families United Network 15,000
Multiple Sclerosis Society (Octopus Trials Platform) 78,757
Salford Loaves &Fishes 70,530
St Christophers Fellowship IOM 52, 175
Stonebridge City Farm 46,910
Versus Arthritis 43,200
Gilgal Birmingham 20,000
825, 787

General
Fund
Due in 2023:
Salford CVS 750,000
Hope for Justice 25,000
Chapter West Cheshire 25,215
ASHAR 25,000
Family Care Trust 93, 500
Mersey
Counselling &
Therapy		 Service 33,320
Sefton Women &Childrens Aid 33, 106
The Brain Tumour Charity (SRC) 83,333
The Stroke Association 33, 666
Epilepsy
Research
UK		 35,000
The Macular
Disease
Society		 33,912
Community Little Hulton 82,365
Abergele
Community
Action		 63,000
The Living Room 60,000
Fareshare UK (North Wales) 88,822
Multiple
Sclerosis
Society ( Octopus		 Trials Platform) 78,757
Family Care Trust 93,500
The Stroke Association 50,000
Sanctuary
Trust Limited -Oldham &		 Rochdale 23, 400
Multiple Sclerosis Society (Octopus Trials Platform) 78,757
Access Sport 21, 175
Families United Network 15,000
Salford Loaves &
Fishes		 71, 940
St Christophers
Fellowship
IOM		 78, 932
Stonebridge
City Farm		 67,490
Gilgal Birmingham 20, 000
SNAPS 13, 276
Timperley Amateur Boxing Club 60, 000
Fareshare UK (Merseyside) 66,000
Rhyl Little Theatre 30, 000
2,233, 466

Due in 2024:
Hope for Justice 25, 000
Multiple
Sclerosis		 Society ( Octopus Trials Platform) 78,757
Chapter West Cheshire 25,715
ASHAR 15,600
Mersey Counselling &
Therapy		 Service 34,330
Sefton Women &Children Aid 32,906
The Brain Tumour Charity ( SRC) 83, 334
The Stroke Association 34, 131
Epilepsy
Research		 UK 35, 000
Abergele Community Action 39,000
Parents
Against
Child Exploitation (		 PACE) 49,740
The Living Room 60,000
Multiple Sclerosis Society (Octopus Trials Platform) 78,757
Multiple Sclerosis Society (Octopus Trials Platform) 78, 972
SNAPS 13, 542
684, 784
Due in 2025:
Multiple Sclerosis Society 78, 972
Multiple
Sclerosis		 Society (Octopus Trials Platform) 78,757
157,729
Due in 2026:
Multiple
Sclerosis		 Society (Octopus Trials Platform) 78,757

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES
INDEPENDENT
AUDITOR'
S REPORT
TO THE TRUSTEE
OF THE ALBERT
GUBAY
CHARITABLE
FOUNDATION
continued)
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under the Charities Act 2011 as amendedby the Charities (Protection and Social Investment)Act 2016 and
report in accordance
with the Acts and relevant
laws and 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 ofassurance, 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 it;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.
Irregularities,
including
fraud,are
instances
of non- compliance
with
laws
and
regulations.
We
design
procedures
in line
with		 our
responsibilities,outlined above,to detect material misstatements in respect ofirregularities,including fraud.The extent to which our procedures
are capable ofdetecting irregularities,including fraud is detailed below:
We obtained an understanding
of the legal and regulatory
frameworks
that are applicable to the Group and Foundation
and determined
that the
most significant
are those
in relation
to FRS
102 ` The Financial
Reporting
Standard
applicable
in the UK
and Republic
of Ireland'
United Kingdomgenerally Accepted Accounting Practice)and the following legislation applicableto charities for both England and Wales:
The Charities
Act 2011
as amended
by the Charities (
Protection
and Social
Investment)
Act 2016;and
The Charities (
Accounts
and Reports)
Regulations
2008
We assessed the susceptibility ofthe Group' s and Foundation' s accounts to material misstatement,including how fraud might occur by
performinginquiryofmanagementabout the risks offraudand the controls inplace to address these risks.
We understood how the Group and Foundation is complying with those frameworks by performing inquiry ofmanagement and of those
charged with governance over the policies in place to ensure compliance and any instances ofnon-compliance identified.We corroborated our
enquiries by reviewing supporting documentation including board minutes.
We considered
the opportunities
for non-compliance with the key laws and regulations
affecting the Foundation
and enquired with
management regarding known or suspected instances ofnon-compliance.
We agreed
the financial
statements
disclosures
to underlying
supporting
documentation.
We reviewed the Trustee minutes to conclude whether there has been any activity in the Foundation
which is required to be disclosed
under this legislation as well as designing tests to ensure the financial statements include all the necessary disclosures required by legislation.
Report on other legal and regulatory requirements
Matters
on which we are required
to report
by exception
Underthe Charities (Accounts and Reports)Regulations 2008 we are requiredto report in respectofthe following matters it;in ouropinion:
the information
given in the financial
statements
is inconsistent
in any material
respect
with the trustee'
s report;or
sufficient
and proper
accounting
records
have not been kept by the Foundation;
or
the parent charity financial statements are not in agreement with the accounting records and returns;or
we have not received all the information and explanations we require for our audit.
We have nothing to report in respect ofthese matters.
A further description ofour responsibilities
for the audit of the financial statements
is located on the Financial Reporting Council' s website at
http://www.frc.org.uk/auditorsresponsibilities.
This description
forms part ofour auditor' s report.