2023-03-31-accounts

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES

TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

REGISTERED CHARITY IN ENGLAND AND WALES No 1193970

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH

CONTENTS	Page
Reference and administrative information	2 - 3
Chairman's statement	4
Report of the trustees	5 - 16
Trustee Company's responsibilities statement	17
Independent auditor's report	18 - 19
Statement of accounting policies	20 - 25
Consolidated statement of financial activities	26
Foundation statement of financial activities	27
Consolidated statement of financial position	28
Foundation statement of financial position	29
Consolidated statement of cash flow	30
Foundation statement of cash flow	31
Notes to the financial statements	32 - 65

Page 1

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES REFERENCE AND ADMINISTRATIVE INFORMATION

CORPORATE TRUSTEE/CUSTODIAN TRUSTEE:	Albert Gubay Trustee Limited
	3 Denmark Street
	Goose Green
	Altrincham
	United Kingdom
	WA14 2SS
MEMBERS OF THE CORPORATE TRUSTEE:	Carmel Mary Gubay
	Finn Jones
	Joseph Elwyn (Appointed as a member on 12 September 2023)
DIRECTORS OF THE CORPORATE TRUSTEE:	Andrew John Green, Chair (Appointed 1 January 2024)
	Alan Lloyd Gough (Resigned on 19 September 2023)
	John Brian Peers, Treasurer
	Mark Jones
	Nigel Stuart Machin
	Carmel Mary Gubay
	Finn Jones
	John Henry Nugent (Appointed on 1 January 2023)
EXECUTIVE COMMITTEE:	Jonathan Black
	Robin Johnson
	Lukasz Weckwerth
	Finn Jones
	Andrew John Green
	Nigel Stuart Machin
SECRETARY:	Helen Elizabeth Ashley Taylor (Appointed on 5 December 2023)
PRINCIPAL ADDRESS:	3 Denmark Street
	Goose Green
	Altrincham
	United Kingdom
	WA14 2SS
INDEPENDENT AUDITOR:	Atla Audit and Assurance Limited
	Burleigh Manor
	Peel Road
	Douglas
	Isle of Man
	IM1 5EP
BANKERS:	Barclays Bank PLC
	Barclays House
	Victoria Street
	Douglas
	Isle of Man
	IM1 2LE
	Barclays UK
	9 Highgate, Kendal
	Cumbria
	LA9 4DA
	Bank of Ireland
	40 Mespil Road
	Dublin
	D04 C2N4

Page 2

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

BANKERS (continued):	Standard Chartered Bank
	1 Basinghall Avenue
	London
	United Kingdom
	EC2V 5DD
	Lloyds Bank
	42-46 Market Street
	Manchester
	United Kingdom
	M1 1PW
	EFG Private Bank Limited
	Parkhouse
	116 Park Street
	London
	W1K 6AP
	HSBC
	88-90 Strand Street
	Douglas
	Isle of Man
	IM1 2EP
INVESTMENT ADVISER:	RBC Brewin Dolphin
	1 The Avenue
	Spinningfields Square
	Manchester
	M3 3AP
SOLICITORS:	Withers LLP
	20 Old Bailey
	London
	United Kingdom
	EC4M 7AN
	Brabners LLP
	100 Barbirolli Square
	Manchester
	United Kingdom
	M2 3BD
FOUNDATION NAME:	The Albert Gubay Charitable Foundation
	The Foundation was created by a Trust Deed ("Foundation's governing
	document") 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

REGISTERED CHARITY IN ENGLAND AND WALES No. 1193970

Page 3

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023

The Albert Gubay Charitable Foundation (the “Foundation”) is a charitable grant-making foundation entered onto the Register of Charities with the Charity Commission in England and Wales on 30 March 2021 (charity registration number 1193970). The registered office of the Foundation is 3 Denmark Street, Goose Green, Altrincham, United Kingdom, WA14 2SS.

THE TRUSTEE COMPANY

The sole corporate trustee of the Foundation is Albert Gubay Trustee Limited (the “Trustee Company”) a company limited by guarantee (company registration number 13289300) incorporated on 24 March 2021 and established for the purpose of being the Foundation’s corporate trustee. The registered office of the Trustee Company is 3 Denmark Street, Goose Green, Altrincham, United Kingdom, WA14 2SS.

The Trustee Company is governed by its Memorandum and Articles of Association. Under the Articles of Association of the Trustee Company, the only persons eligible to be members of the Trustee Company (the “Members”) are Carmel Gubay, Albert Gubay’s widow and his lineal descendants. The Directors of the Trustee Company are referred to as the “Trustees” of the Foundation.

The Trustee Company presents the Trustees' Annual Report and financial statements for the Foundation for the period ended 31 March 2023. This Trustee Company’s report and its Financial Statements have been prepared in accordance with the Charities Act 2011 as amended by the Charities (Protection and Social) Act 2016, the Charity (Accounts and Reports) Regulations 2008, the Statement of Recommended Practice on Accounting and Reporting for Charities (SORP FRS 102), the Charity Commission’s general guidance, the Foundation Trust Deed, and the applicable United Kingdom accounting standards.

PUBLIC BENEFIT

The Foundation operates for the public benefit with the large number of people helped by or otherwise benefitting from the work of the organisations to which it awards grants, being the ultimate beneficiaries of its funds. The Trustee Company confirms that it has referred to the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives, in planning future activities and in setting grant-making policies.

OBJECTIVES AND ACTIVITIES, INCLUDING GRANT-MAKING POLICY

The Foundation is the legacy that has resulted from the drive and passion of Albert Gubay and his vision to ensure that the business empire he created would continue to benefit charitable causes in perpetuity. Sadly, Albert Gubay, passed away on 5 January 2016. The Foundation he created aims to help change the lives of people most in need by funding projects run by registered charities that support people coping with physical and intellectual disability, mental health problems, care needs, terminal illness and life limiting conditions, caring responsibilities and homelessness as well as care leavers, victims of domestic abuse, victims of modern slavery and people recovering from drug and substance misuse. Much of the focus is on how these projects help those people out of poverty and to live as independently as possible. The Foundation also aims to support medical research supported by registered charities that are also Association of Medical Research Council members that could lead to preventing or slowing the onset of a condition or to lessen its symptoms. The other main aim of the Foundation, which constitutes about half of the funding we have to allocate is to support the Roman Catholic Church particularly in areas where the Church and its associated registered charities have a focus on non-conditional outward facing work, often where there is an overlap with some of our other aims. Having seen how a number of the most impactful projects are multifaceted and incorporate co-located and complementary services in one suitable building, there is an ambition to develop appropriate flagship facilities in locations chosen by the charity. This will be piloted over the coming year or two.

There is a geographical restriction in that all the charitable projects that the Foundation funds must be based in England, Wales, the Isle of Man or the Republic of Ireland and be for the benefit of people living in one or more of those jurisdictions. There is a slight preference for projects located in and around the areas where the grant making income comes from. Ultimately, the Foundation aims to fund projects that make a difference, have an impact on people’s lives, have a track record of doing so and that can evidence this impact.

PROCEDURES AND POLICY FOR GRANT-MAKING

In setting the Foundation’s Grant-making policy, the Trustees have given careful consideration to the Charity Commission’s general guidance and when setting the Foundation's priorities have also taken into consideration:

• ⠂ Albert Gubay's wishes;

• ⠂ research based on the impact of past grants; and

• ⠂ our understanding of the charitable sectors that we operate in and discussions with stakeholders.

Page 5

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

PROCEDURES AND POLICY FOR GRANT-MAKING (continued)

The Trust Deed establishes three funds:

• ⠂ The British Church Fund; ⠂ The General Fund; and ⠂ The Irish Church Fund.

Applications are reviewed or assessed through:

• ⠂ a two-stage application process including an eligibility test and an on-line application form;

• ⠂ scrutiny and visits, where practicable, by grant-making staff resulting in a report for the Board of Trustees; and ⠂ trustees' meetings where the applications are further scrutinised.

For projects where the Trustee Company awarded a grant of over £300,000, the charity/project should be visited by one or more Trustees. Grants are only offered to charities upon agreement by the Trustee Company. The offer is conditional on the completion and signing of a Grant Agreement by a director of the Trustee Company and an authorised officer of the recipient charity. Where grant offers are multi-annual, subsequent years’ payments are conditional on satisfactory progress, the meeting of KPIs and evidence of expenditure on eligible costs.

AWARDS

In the 2nd year as a charity registered in England and Wales, the Foundation has awarded a number of grants under each of the three grant funds as follows:

	GENERAL FUND	BRITISH CHURCH FUND	IRISH CHURCH FUND
Grants awarded (Note 6) Number ofgrants	£4,523,168 76	£4,247,776 30	£1,357,318 15

The Foundation has committed to make further grant awards (Note 29.2) amounting to STG£17,382,225 should certain conditions be met to its satisfaction.

The funding has been split as follows across the various funding priorities:

----- Start of picture text -----
General Fund
<1%
9% 6%
2% 6%
5% 3%
8%
12%
5%
2%
22%
20%
----- End of picture text -----

AMATEUR SPORT CARE LEAVERS ELDERLY PEOPLE EX OFFENDERS AND THEIR FAMILIES

HOMELESSNESS

MEDICAL RESEARCH

MULTIPLE PRIORITIES

PEOPLE RECOVERING FROM DRUGS / SUBSTANCE MISUSE PEOPLE WITH TERMINAL ILLNESS/LIFE LIMITING CONDITIONS & THEIR CARERS SUPPORTING PEOPLE WITH INTELLECTUAL DISABILITIES VICTIMS OF DOMESTIC ABUSE

VICTIMS OF MODERN SLAVERY

WORSHIP AND ASSOCIATED COMMUNITY OUTREACH

Page 6

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

AWARDS (continued)

----- Start of picture text -----
British Church Fund
<1%
2%
7%
36%
34%
11%
1% 9%
Irish Church Fund
12%
15%
73%
----- End of picture text -----

CARE LEAVERS

ELDERLY PEOPLE

EX OFFENDERS AND THEIR FAMILIES

HOMELESSNESS

UKRAINE AND THE ROMAN CATHOLIC CHURCH VICTIMS OF DOMESTIC ABUSE

VICTIMS OF MODERN SLAVERY

WORSHIP AND ASSOCIATED COMMUNITY OUTREACH

WORSHIP AND ASSOCIATED COMMUNITY OUTREACH HOMELESSNESS

UKRAINE AND THE ROMAN CATHOLIC CHURCH

Page 7

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

ACHIEVEMENTS AND PERFORMANCE

As a grant-making charity that is still in its infancy in the UK and as a charity that committed to funding many multi-year projects in the first and second years, many of the larger-scale projects funded are still in the early stages of delivery. The success of these will be measured after completion and the metrics for evaluating performance continue to evolve. Each project is set output targets specific to what they intend to deliver based on those that have been outlined in the grant application or discussed during the application process. This ensures that the metrics are relevant and meaningful.

The projects that the Foundation supports should achieve one or more of the following:

• ⠂ improved facilities that meet modern standards and best practice;

• ⠂ improved and more energy-efficient places of worship;

• ⠂ 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 where those people are supported to successfully complete their training and sustain the employment that they access;

• ⠂ 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; and

• ⠂ the development of drugs which will prevent, cure or alleviate the symptoms of life threatening or debilitating illnesses and diseases.

Given the range of projects that the Foundation's funding have supported over the last year, the Trustees are delighted that all of the points outlined above have been achieved through the work of the charities delivering the projects. 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 them 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. 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.

During this financial year 49 projects have been completed. The following outlines the number, value and achievements of these projects under each of the three funds:

General Fund – 20 projects completed at a value of £1,345,921 where:

• ⠂ 197 families of prisoners were supported by a family support worker and 1 facility to support families of prisoners improved;

• ⠂ 98 volunteer mentors recruited and trained and 76 young people supported with mentoring programme;

• ⠂ 16 unemployed people trained in employment skills;

• ⠂ 8 students supported into higher education;

• ⠂ 2 people with intellectual disabilities supported to secured work, 5 accessed work placements and 11 have received qualifications;

• ⠂ 555 homeless people supported with their mental health, 60 supported with work skills and 22 moved on to employment and 1 new residential facility for homeless people improved;

• ⠂ Beds and furniture for 64 rooms provided for new hospice and 1 Children’s hospice building improved;

• ⠂ 653 young people engaged in all inclusive athletics training;

• ⠂ 1 community sports facility improved;

• ⠂ 1 new community facility for victims of domestic abuse built;

• ⠂ 4 medical research projects supported all of which are progressing to the next stage of research (Macular Disease, Multiple Sclerosis, Parkinson’s Disease and Ovarian Cancer); and

• ⠂ 1 guide dog trained and allocated to a person.

• ⠂ Conversion of a community building

British Church Fund - 10 projects completed at a value of £1,372,937 where:

• ⠂ 84 volunteers were recruited and trained to support families of prisoners;

• ⠂ 3,195 families of prisoners supported before, during and after sentencing;

• ⠂ 20 apartments created for homeless people at the end of their lives and 1 new homeless residential facility created;

• ⠂ Beds and furniture for 20 people provided for an extension to a care home;

• ⠂ 2 Churches improved and 1 Chapel created;

• ⠂ 1 new community building converted and 1 extended;

• ⠂ 1 course for practitioners supporting survivors of modern slavery developed and accredited; and

• ⠂ 102 students supported with a bursary.

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

Irish Church Fund - 19 projects completed at a value of €1,096,885 (STG£949,387) where:

• ⠂ 1 hospice heating system was replaced;

• ⠂ 555 families supported out of food poverty; ⠂ 7 new community facilities created and 1 improved; and

• ⠂ 2 Cathedrals and 7 Churches improved.

STRUCTURE

Following his death on 5 January 2016, the Foundation received the benefit of the business and property portfolio that Mr. Gubay had created in his lifetime.

While originally established in his home in the Isle of Man, the Foundation moved to England in 2021 and since then has been registered as a charity by the Charity Commission of England and Wales.

On 26 January 2022, following a further restructure of the business, the Trustee Company, as trustee of the Foundation, became a parent entity that prepares consolidated accounts. On 1 February 2022, a substantial part of the property portfolio, valued at STG£404,568,435 and previously held within subsidiary companies, was transferred to the Foundation to be held as permanent endowment funds, with the income used to further the Foundation's charitable purposes.

The Foundation does not raise funds from the public.

THE TRUSTEE COMPANY GOVERNANCE AND MANAGEMENT

The Directors of the Trustee Company are shown on page 2.

The Members of the Trustee Company are shown on page 2. These Members have certain powers reserved to them as Members, in accordance with the Trustee Company’s Articles of Association including the power to appoint and remove Directors of the Trustee Company, appoint the Chair of the Trustee Company, establish committees, appoint new Members, amend the Articles of Association and exercise rights in relation to subsidiary companies of the Foundation.

TRUSTEE RECRUITMENT, INDUCTION AND TRAINING

The first directors of the Trustee Company were appointed on 24 March 2021 prior to its appointment by the Charity Commission as the sole corporate trustee of the Foundation on 30 March 2021.

A skills audit had been carried out and it was agreed that, given the migration from the Isle of Man and the subsequent and ongoing reorganisation of its subsidiary companies, it was important to retain the continuity, skills and expertise of individuals who had been directors of the Foundation's former trustee in the Isle of Man. Many of these individuals had a close knowledge of Mr Gubay and the property investment business which is now owned by the Foundation. The skills audit also identified gaps in investment property expertise and finance expertise. As a result, the Trustees recruited externally, Mark Jones with investment property expertise and John Peers with finance expertise were welcomed to the Board when the charity migrated to the UK.

Further Trustees are appointed by the Members of the Trustee Company in accordance with its Articles of Association and are issued with letters of appointment which are reviewed annually; any renewal of term of office is contingent on satisfactory performance. A skills audit is carried out regularly to ensure the right mix of skills and experience and to ensure continued alignment with the ongoing and evolving requirements of the Foundation and its revised organisational structure. During the financial year, an additional Trustee, John Nugent, was appointed by the Members on 1 January 2023. John Nugent had been a Director of the former Trustee Company in the Isle of Man and had served as an adviser to Albert Gubay for over 25 years.

Page 9

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

TRUSTEE RECRUITMENT, INDUCTION AND TRAINING (continued)

Since becoming sole corporate trustee of the Foundation on 30 March 2021, the Trustees have approved a Trustee Code of Conduct based upon the Charity Commission guidance CC3 – The Essential Trustee and the Charity Governance Code. The Code of Conduct outlines the orientation and induction process for any new future member of the Trustees and the Code also requires such new members to participate in the induction programme as well as requiring the Trustees to confirm they will strive to attend further training and development activities as necessary.

Ongoing sector updates relevant to the Foundation are built into the annual schedule of Trustees’ business and are included within Trustees’ meeting agendas. In particular, Trustees have received regular briefings on the Charities Act 2022 and the future impact of this on the Charities Act property regime. A presentation on investment duties and opportunities, particularly in relation to investment risk, was also attended by both Trustees and members of the Executive Committee during the period. Executive Committee members (including 2 Trustees) also attended a Health & Safety presentation during the year.

The Trustee Company is a member of the Charity Law Association to enable the Foundation to benefit from charity law sector updates and attend training events. A compliance and operations handbook was approved by the Trustees following the migration of the Foundation from the Isle of Man on 30 March 2021. During the first year of operation as a charity in England and Wales, a Trustee handbook was also compiled containing the key governance documentation, policies and procedures and relevant Charity Commission guidance for ongoing use by the existing Trustees and for use in the induction of any future new Trustees. During the second year of operation this has been updated further. A dedicated board governance portal is to be put in place during the next financial year, to ensure that Trustees have access at all times to all historic and current board meeting information as well as all governance policies and handbooks.

TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for ensuring that the Foundation and its subsidiary companies, achieve the philanthropic aims of its founder, Albert Gubay, of managing the endowment and maximising revenues for the parent charity to enable grant-making in accordance with the charitable objects. The Trustees deliver this by:

• ⠂ agreeing the Foundation’s overall strategic direction;

• ⠂ approving the Foundation’s investment strategy;

• ⠂ retaining overall responsibility for the integrity of the financial controls and systems of risk management;

• ⠂ establishing a framework for establishing high standards of integrity and probity and maintaining the appropriate culture, values and behaviours for the organisation;

• ⠂ approving budgets;

• ⠂ approving property investments;

• ⠂ approving the scheme of delegation;

• ⠂ approving grant-funding decisions;

• ⠂ monitoring progress and the reporting of performance;

• ⠂ approving remuneration decisions; and

• ⠂ ensuring views of the Members and other stakeholders are taken into account where appropriate.

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

GROUP STRUCTURE AND RELATIONSHIPS WITH SUBSIDIARY UNDERTAKINGS

The Trustee Company and its Director Trustees are responsible for the Albert Gubay Trustee Limited group of companies which comprises of the Foundation and its subsidiary undertakings. The subsidiary companies either support the Foundation to deliver its charitable objectives or as investment subsidiaries. Albert Gubay created the Foundation to use its business profits to maximise good through charitable giving. The Trustees have delegated management of the Foundation’s subsidiary companies to the Board of Directors of each subsidiary company with oversight through an Executive Committee of the Trustee or through direct representation on Boards or Committees.

The consolidated results for the Foundation and its subsidiaries (together the "Group") are shown in these accounts. At the financial year-end, Albert Gubay Trustee Limited on behalf of the Foundation wholly owned the following companies:

• ⠂ Derwent Estates Limited – an operational subsidiary and group service company incorporated in England, registered company number 03410326.

• ⠂ Derwent Management Limited – an operational subsidiary and group service company incorporated in the Isle of Man, registered company number 018015V.

• ⠂ Derwent Development Management Limited – an operational property development company incorporated in England, registered company number 12791411.

• ⠂ AGF Brandon Limited – an investment subsidiary incorporated in the Isle of Man company number 002944V. AGF Brandon Limited owns further investment subsidiaries and details of these are shown in the table on Note 13.

Derwent Estates Limited and Derwent Management Limited provide services to the Foundation in relation to property management, and back-office services (including finance, compliance, IT and HR) to enable the Group to function. The Trustee Company approved Group Services Agreements with each of these subsidiary companies which are currently in place and reviewed regularly.

The Trustee Company is also sole shareholder of Derwent Development Management Limited, a subsidiary company which provides services to the Trustee Company in relation to property developments. The Trustee Company approved a Development Management Agreement with Derwent Development Management Limited which is in place for an initial term of 5 years from December 2021.

TRUSTEE DECISION-MAKING AND DELEGATIONS

The Trustees met 8 times during the year to oversee the operations of the Foundation and to consider grant applications. The Trustees also held an in-person strategy day in the first quarter of 2023 to consider the Foundation’s overall strategic direction, investment strategy and grant making strategy. The Scheme of Delegation was reviewed and updated during the year. As well as setting out those matters that are delegated to Committees, the Scheme of Delegation lists matters that are reserved exclusively for decision by the Trustee Company and those which are reserved exclusively for the decision of Members. Trustees are also able to take decisions by unanimous written resolutions, in accordance with the Articles of Association for the Trustee Company.

The Trustee Company and its committees receive dedicated governance and compliance support from a Group Head of Company Secretariat.

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

TRUSTEE COMMITTEES

The Trustees are supported by Committees established in the Scheme of Delegation in accordance with the Articles of Association of the Trustee Company. Each Committee is governed by terms of reference approved by the Trustees. The main committees of the Trustee Company are chaired by and have at least one Trustee as a Committee member. Each Committee will undergo an annual review of effectiveness, in accordance with the Committee terms of reference.

Executive Committee

During the financial year, the Executive Committee comprised two of the Trustees (one of whom chairs the Executive Committee), the Managing Director, the Group Head of Finance, the Property Director as well as an independent non-executive Committee member. The Executive Committee meets at least monthly in accordance with its terms of reference. Membership of the Executive Committee is shown on page 2. The Trustees have delegated the management of the Foundation’s day-to-day operations to the Executive Committee; the Executive Committee reports directly to the Trustees.

Additional Committees

The Trustees have established additional committees which include the following:

• ⠂ Audit and Risk Committee; ⠂ Investment Committee; ⠂ Trustee Remuneration Committee; ⠂ Carmel Gubay Fund Committee; ⠂ Finance and Treasury Committee; and ⠂ Property Committee.

A separate grants advisory group also reviews grant applications in order to provide advice and guidance to the Trustees to assist in funding decisions and also to assist in establishing the strategic priorities for grant making.

Further information about the work of the Trustee Remuneration Committee is provided in the remuneration section below. Further information about the work of the Investment Committee is provided in the investment policy section on page 13. Further information about the work of the Audit and Risk Committee is provided in the section on principal risks faced by the Foundation on pages 13-14.

REMUNERATION OF KEY MANAGEMENT PERSONNEL

Key management personnel are the Trustees and the Managing Director. The Foundation's staff (including the Managing Director) are employed within two service companies, Derwent Estates Limited and Derwent Management Limited, each of which has its own Board of Directors and separate Remuneration Committee. Two of the Trustees serve on each of the Remuneration Committees of each of these subsidiary companies. Staff remuneration is reviewed and approved annually by the Remuneration Committees in full cognisance of the annual budget. Group Service Agreements are in place for the purchase of services from Derwent Estates Limited and Derwent Management Limited for the proper administration of the Foundation, as permitted by the Foundation's Trust Deed.

Part V of the Foundation's Trust Deed contains the power to pay the Trustees (being the Directors of the Trustee Company) for acting in such role, with the Fifth Schedule to the Trust Deed setting out the maximum levels of permitted remuneration. Three Directors of the Trustee Company were remunerated for acting as Directors and details of the remuneration paid are shown in note 9 to the accounts.

The Foundation has procedures in place for the assessment and review of the amounts payable to Trustees and for the monitoring of their performance as Trustees. The Trustee Remuneration Committee monitors the performance of those Directors in receipt of remuneration and ensures that appointment letters are reviewed regularly. The Trustee Remuneration Committee also ensures that the level of remuneration is no greater than is specified in the Foundation's Trust Deed and ensures annually that the level of remuneration is assessed to be reasonable for the responsibilities associated with the role, taking into account all relevant factors (including the value and nature of the property constituting the Foundation's assets from time to time). The Trustee Remuneration Committee has access to such advice as is needed for its decision-making, including support from HR Inspire and the Group Head of Company Secretariat.

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

REMUNERATION OF KEY MANAGEMENT PERSONNEL (continued)

Part V of the Foundation's Trust Deed also contains the power for a Trustee (being a Director of the Trustee Company) to be employed by the Foundation or a subsidiary company, provided certain conditions are satisfied. These include that the Trustee concerned does not receive any remuneration for acting as a Trustee, fewer than half of the Trustees are employed in any financial year and the Trustees are satisfied that it is in the best interests of the Foundation. Two Trustees were employed by Derwent Estates Limited, a subsidiary of the Foundation, during the financial year.

Details of the remuneration paid to two Trustees by Derwent Estates Limited for services provided as employees are shown in notes 9 and 10 to the accounts.

FINANCIAL REVIEW

The Foundation-only statement of financial activities is set on page 27 and shows that income from investments amounted to STG£83,616,587 (2022: STG£454,294,766) for the period ended 31 March 2023. Refer further to note 1 of the accounts. The Foundation’s total expenditure amounted to STG£23,743,011 (2022: STG£6,662,590). The largest area of spend was on charitable activities in the form of grants and support costs amounting to STG£14,646,704 (2022: STG£5,202,783).

At the balance sheet date, the Foundation held a level of cash at STG£102,308,073 (2022: STG£59,993,156) and net assets of the Foundation stood at STG£513,266,136 (2022: STG£491,560,694).

The consolidated statement of financial activities is set on page 26 and shows a net loss before tax of STG£22,717,136 (2022: net surplus before tax of STG£93,432,832) for the period. Total consolidated incoming resources for the period amounted to STG£45,555,506 (2022: STG£40,793,850). The consolidated statement of financial position is set on page 28 and shows total charity funds of STG£606,007,683 (2022: STG£630,977,623).

INVESTMENT POLICY

The Foundation’s investments comprise of treasury investments and investment properties. The investment activities are supervised by the Treasury Management Committee, the Investment Committee and the Property Committee.

Gifted and donated to it by charitable funds are invested by the Trustee Company while the various committees formulate proposals to utilise and expend these funds. Some of the total funds are reserved as working capital and the rest make up the investment portfolio covered by the investment policy. The policy is available from the Trustee Company’s board on request.

The individual charitable funds are ‘pooled’ so that each fund is not separately invested, and no specific policy is applied to each fund. The rate of return allocated to each fund is a proportion of the total return achieved on the investments, based on the total value of the funds. The Trustee Company’s overall investment objective is to produce the best financial return within an acceptable level of risk. The investments are generally for the long term and the Trustee Company will ensure that their ability to meet future planned expenditure is not compromised by over-investment.

RISK MANAGEMENT

The Trustee Company as corporate trustee is responsible for the Foundation’s risk management and the effectiveness of internal control structure.

Risk management is overseen by the Executive Committee and the Audit and Risk Committee, to whom monitoring of the identification, review, and assessment of key risks to the Foundation has been delegated. The updated Risk Register is also tabled at meetings of the Executive Committee where the Chair of the Audit and Risk Committee provides a report following each meeting of the Committee. The risks are evaluated according to their impact and likelihood and the Register describes the current mitigations and controls and plans for future development. The Trustee Company considers liquidity risk, risk in the performance of investments and operational risk from ineffective grant awards to be its key risks.

Page 13

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

RISK MANAGEMENT (continued)

The Foundation’s financial activities are governed by policies approved by the Trustee Company and these activities are directly supervised by the Treasurer and the Group Finance Director. The principal financial assets are cash amounts held at bank and treasury investments. Liquidity risk is mainly attributed to cash at bank, and formal monitoring, control and reporting are in place.

The Trustee Company adopts a well-defined investment policy which establishes an appropriately diversified investment portfolio and treasury investment activities are supervised by the Treasury Management Committee. The Trustee Company considers diversifying investment assets and retaining expert investment advisors to mitigate the major financial risk.

In addition, the Trustee Company diversifies the range of grant recipients and uses personal knowledge to manage the operational risk from ineffective grant awards. Systems have been developed to monitor and control these risks to mitigate any impact that they may have on the organisation in the future.

The Audit and Risk Committee also reviews reports from the internal controls audit undertaken across key operations of the Foundation. This information and recommended actions are presented to the Board of the Trustee Company. These processes are intended to provide the Board of the Trustee Company with the assurance that internal controls and risks are monitored by management, but risk management is itself currently subject to a review intended to further improve the comfort available to the Board of the Trustee Company.

RESERVES

The Trustee Company considers an appropriate level of reserves should be held to ensure that the Foundation has sufficient resources to meet its ongoing expenditures. All funds are restricted and ongoing expenditures are funded by restricted income.

The Trustee Company has established a reserves policy which is reviewed on an ongoing basis. Our policy is, therefore to maintain funds at a level that will provide means of annual operating surpluses and judicious management of expenses and of our foreign exchange risk.

FUNDS OF THE FOUNDATION

The following funds are held by the Foundation:

• ⠂ Permanent endowment funds represent the endowment which is held as capital in perpetuity so that only the income is available for distribution.

• ⠂ Restricted income grant funds represent money which is intended to enable the Foundation to maintain the capacity for making grants whilst balancing the needs of present and future beneficiaries. A portion of the fund has been designated by the Board of the Trustee Company in accordance with its powers to establish funds for future grants.

The Foundation’s governing document goes on to provide that these funds be further apportioned to the following funds:

1. The Irish Church Fund (for charitable causes connected to the Roman Catholic Church in the Republic of Ireland);

2. The British Church Fund (for charitable causes connected to the Roman Catholic Church in England, Isle of Man and Wales); and 3. The General Fund (for charitable purposes in England, Isle of Man, Republic of Ireland and Wales).

The grant-making policies set out the following proportions:

1. The Irish Church Fund – 18.56%

2. The British Church Fund – 37.12%

3. The General Fund – 44.32%

Page 14

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

FUNDS OF THE FOUNDATION (continued)

At 31 March 2023, the Foundation had restricted income funds of STG£53,960,327 (2022: STG£50,165,694) and permanent endowment funds of STG£459,305,808 (2022: STG£441,395,000). The total funds of the Foundation is STG£513,266,136 (2022: STG£491,560,694).

At 31 March 2023, the Group had restricted income funds of STG£146,701,875 (2022: STG£156,838,511) and permanent endowment funds of STG£459,305,808 (2022: STG£474,139,112). The total funds of the Group is STG£606,007,683 (2022: STG£630,977,623).

This level of funds at 31 March 2023 is considered to be sufficient to support the ongoing activities and development of the Foundation.

PLANS FOR FUTURE PERIODS

The Trustee Company, acting in its capacity as Trustee of the Foundation, revisited its funding priorities in February 2023 and reverted back to the original set of priorities, removing the two temporary priorities that were set for the 2022/23 financial year. e.g. Ukrainian refugees and other refugees, and food poverty. The funding priorities for the foreseeable future are:

a) Amateur sport. To improve physical and mental health with a focus on sport provision for people with disabilities.

b) Elderly people. To allow quality care for those who cannot afford private care or continue living at home.

c) People with terminal illnesses / life limiting conditions and their carers. To provide hospice care to support individuals and give respite to their carers to assist them with their mental health and other ambitions.

d) Care leavers. To give them a chance to succeed on a par with other young people.

e) Victims of domestic abuse. To provide emergency safety and to support victims through associated poverty and mental health issues.

f) Drug and substance misuse. To support rehabilitation and the journey back to independent living and work.

g) Ex-offenders and their families. To support the ex-offenders back to work and contributing positively to society and to support their families whose lives can be severely impacted.

h) Homelessness. To provide facilities for and support people, especially young people, on their journey back to independent living, better mental health and employment.

i) People with intellectual disability. To provide support with personal care, job skills and supported living.

j) Medical research. To support research that could lead to preventing or slowing the onset of a condition or to lessen the symptoms.

k) Worship and associated community outreach. To ensure places of worship are energy efficient and watertight with an emphasis on wider community use of church halls or Church buildings where those buildings are redundant or too large and where the parish has a focus on non-conditional outward facing work.

l) Victims of modern slavery. To provide facilities for and support to victims on their journey back to independent living, better mental health and employment.

Refer to Notes 21 and 29.2 for a list of grant liabilities and commitments.

In addition, over the last year, the Trustees have been dedicating time towards the development of larger scale new building projects in areas such as Salford, Liverpool and North Wales. These buildings will provide the base for the charities operating in them once they are built, to turn around the prospects for people in living in those areas. The intention is that the implementation of these capital projects will take place in the coming few years.

In 2022 the Trustee Company agreed that support to charities can take forms other than grants. One of these types of support is the provision of appropriate space for charities to operate from. Two projects will be progressed along these lines following decisions in 2022/23 in Little Hulton, Salford and Kensington, Liverpool.

Further, qualifying charitable donations of STG£261,494, STG£313,522 and STG£108,024 were received post year end by the Albert Gubay Trustee Limited as Trustee of the Foundation from Cashtal Properties Limited, Derwent Development Management Limited and Derwent Estates Limited, respectively.

Page 15

THF. .11.RF.RT f.LR.IV C'HARIT,BI.F. FI)LNT)ATI(>Y ANI) IT% SE1￿￿7[&1ARJF. RFPORT (JF THF. TRI'STF.ES FOR THF PF.RIOD F.YDF.T).11 MARCH 2n2.1 1(thrttinued DISCI.VSLRF OF IYFORIMATIOI TV THE.IL'DITUR Thc T￿￿et5. being Ihe direcstsTS ol. the Tn15tee Compaiiy. i￿lf￿7￿. in fulfilliiig Ilieir duiies as direc￿)r￿. Ihey ha%e iJkern lh¢ -4grecd by th¢ Trii%tee Compaijy %igned on helr bvh4ifby.' Dire TS of tkn¢ Trn5t¢¢ Com N1gel.StuaN Machin Iidtew John G￿£￿ Dale Page 10

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES TRUSTEE COMPANY'S RESPONSIBILITIES STATEMENT

The Trustee Company is responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year. Under Charity law, the trustee must not approve financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the Trustee Company is required to:

• select suitable accounting policies and then applying them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable United Kingdom Accounting Standards, comprising Financial Reporting Standard 102 “The Financial Reporting Standard Applicable in the UK and Republic of Ireland” (“FRS 102”), have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the charity will continue its activities.

The Trustee Company is responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the group and the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 17

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ALBERT GUBAY CHARITABLE FOUNDATION

Opinion

We have audited the financial statements of The Albert Gubay Charitable Foundation (the "Parent Charitable Foundation") and its subsidiaries (the “Group”) for the year ended 31 March 2023 which comprise the Consolidated and Foundation Statement of Financial Activities, the Consolidated and Foundation Statement of Financial Position, the Consolidated and Foundation Statement of Cash Flow and the related notes including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the Group's and of the Parent Charitable Foundation's affairs as at 31 March 2023 and of the Group's and the Parent Charitable Foundation’s incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent Charitable Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charitable Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Group and the Parent Charitable Foundation’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees' Annual Report and financial statements, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Trustees' Annual Report and financial statements. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the Trustees' annual report; or

• sufficient accounting records have not been kept by the parent charity; 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.

Responsibilities of the Trustees

As explained more fully in the Trustees' responsibilities statement set out on page 17, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group and the Parent Charitable Foundation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the Group or the Parent Charitable Foundation or to cease operations, or have no realistic alternative but to do so.

Page 18

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES

STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2023

The Albert Gubay Charitable Foundation (the "Foundation") is an unincorporated charity, established 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 and registered with the Charity Commission for England and Wales, number 1193970. The principal office of the Foundation is 3 Denmark Street, Altrincham, United Kingdom, WA14 2SS. The Foundation is a Public Benefit Entity. The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

BASIS OF PREPARATION AND ACCOUNTING

The consolidated financial statements have been prepared in accordance with applicable United Kingdom Accounting Standards, including Financial Reporting Standard 102. 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') including the Charities SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019 and the Charities Act 2011.

The consolidated financial statements have been prepared on a going concern basis. The Group meets its day to day working capital requirements from its cash reserves. After making enquiries, the corporate trustee has a reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future and have identified no material uncertainties in respect of going concern.

There is no material uncertainties about the Group's ability to continue as a going concern.

The consolidated financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Charities SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The consolidated financial statements are presented in Sterling (STG£), which is considered to be the presentation and functional currency.

The consolidated financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments, freehold properties and investment properties. The principal accounting policies adopted are set out below.

BASIS OF CONSOLIDATION

Group reconstructions

Group reconstructions may be accounted for by using the merger accounting method provided: (a) the use of the merger accounting method is not prohibited by company law or other relevant legislation;

(b) the ultimate equity holders remain the same, and the rights of each equity holder, relative to the others, are unchanged; and (c) no non-controlling interest in the net assets of the group is altered by the transfer.

With the merger accounting method the carrying values of the assets and liabilities of the parties to the combination are not required to be adjusted to fair value, although appropriate adjustments shall be made to achieve uniformity of accounting policies in the combining entities.

The results and cash flows of all the combining entities shall be brought into the financial statements of the combined entity from the beginning of the financial year in which the combination occurred, adjusted so as to achieve uniformity of accounting policies. The comparative information shall be restated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date, adjusted as necessary to achieve uniformity of accounting policies.

Merger expenses are not to be included as part of this adjustment, but shall be charged to the statement of comprehensive income as part of profit or loss of the combined entity at the effective date of the group reconstruction.

On 20 July 2021, the Foundation acquired control of the entities listed in Note 13. The combination has been accounted for as a merger.

Consolidation

The Group consolidated financial statements include the financial statements of the Foundation and all of its subsidiary undertakings made up to 31 March. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity as to obtain benefits from its activities. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

In respect of the subsidiary whose presentation currency differs from the Group, its financial statements are translated using the average rate for the statement of comprehensive income whilst the rate of exchange at year end for the assets and liabilities. Exchange differences arising from the retranslation are accounted for in the consolidated statement of comprehensive income.

Page 20

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2023 (continued)

CHARITABLE FUNDS

Unrestricted funds are available for use at the discretion of the Trustee Company in furtherance of the Foundation's charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Foundation. Endowment may be permanent or expendable. Permanent endowment must be held permanently to produce an income for the Foundation. Expendable endowment, by contrast, can be spent in accordance with the Trustee Company's investment strategy.

TURNOVER

Turnover in the financial statements consists of rental income, service charges and insurance income from properties owned.

a) RENTAL INCOME

Rental income is measured at the fair value of consideration received or receivable and represents the amount receivable under rental contracts, net of value added tax. Rental incentives are accounted for over the term of the lease.

b) SERVICE CHARGE INCOME AND EXPENDITURE

Service charge income and expenditure are reflected gross in the financial statements and are recognised on an accruals basis. Service charge income is included within turnover and service charge expense is included within cost of sales.

c) FEES AND COMMISSIONS

Fees and commissions are recognised on an accruals basis and exclude value added tax.

d) INTEREST RECEIVABLE

Interest receivable is recognised using the effective interest rate method.

EXPENDITURE

Expenditure is accounted for on an accruals basis.

Expenditure on charitable activities comprises all the costs incurred by the Foundation in undertaking its work to meet its charitable objectives as opposed to the cost of generating the funds to finance these activities. Charitable activities comprise all the expenditure by the Foundation in the delivery of goods and services, including its programme and project work that are directed at the achievement of its charitable aims and objectives. Such costs include the direct costs of the charitable activities together with those support costs incurred that enable these activities to be undertaken.

Expenditure is allocated to activities based on its primary activity. Where expenditure does not directly relate to a specific activity, it will be apportioned to the activities to which it relates, where this is possible, or is classified as a support cost. Support costs are defined as those costs that are incurred indirectly that cannot be allocated to specific activities, and relate to both grant making and direct activities that then give the Foundation the capability to carry out its charitable activities. They are allocated to the SORP expenditure headings on the basis of underlying expenditure which reflects the level of activity performed. Support costs are allocated to activities based on a fair and reasonable basis according to the nature of the costs.

Grants are payments made to third parties in the furtherance of the charitable objectives of the Foundation. Grants are recognised in the financial statements as liabilities after they have been approved by Trustees or by delegation, the recipients have been notified of the award (formally or informally). In these circumstances there is a valid expectation by the recipients that they will receive the grant. Once recognised in the financial statements, grants are only written back if the related project is cancelled or if there is a material change in the scope of the project, meaning that it no longer meets the terms of the grant agreement. If the scope or timing of a project significantly changes but the Trustees intend to fund the project, the related grant is written back and disclosed instead as a contingent liability to reflect the uncertainty around the value and timing of any payment.

Page 21

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2023 (continued)

LEASE SURRENDER PREMIUMS

Income from lease surrender premiums and dilapidations is recognised on an accruals basis.

TANGIBLE FIXED ASSETS AND DEPRECIATION

On initial recognition tangible fixed assets are accounted for at cost. Cost includes the original purchase price and costs directly attributable to bringing an asset to its working condition for its intended use. Land is not depreciated. Tangible fixed assets are then stated at the revaluation amount less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible assets, so as to write off the cost less estimated residual value of each asset over its expected useful economic life on a straight line basis at the following annual rates:

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

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investment properties in the course of construction that can not be readily fair valued, are included within tangible fixed assets and are not subject to depreciation, but are reviewed for impairment.

Repairs and maintenance are expensed as incurred. Tangible assets are derecognised on disposal or when no future economic benefits are expected. In disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the statement of comprehensive income.

INVESTMENTS IN SUBSIDIARIES

The Foundation's investments in subsidiary undertakings are stated at cost less accumulated impairment losses.

INVESTMENT PROPERTIES

Property that is held for long-term rental yields or for capital appreciation or both, is classified as investment property. Investment property is measured initially at its cost, including related transaction costs and where applicable borrowing costs. After initial recognition, investment property is carried at fair value.

Fair value of each property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions and is based on one of the following valuation techniques;

Comparative method : collation and analysis of appropriate comparable transactions, together with evidence of demand within the vicinity of the properties and applying this information taking into account size, location, aspect and other material factors. Investment method: collation and analysis of appropriate comparable investment and rental transactions, where available, together with evidence of demand within the vicinity of the properties and applying this information taking into account size, location, terms, covenant and other material factors.

Residual method: using the comparative method as detailed above, deducting from it the total expected costs of development and an allowance for the developer’s profit.

Valuations are performed as at the financial position date by independent professional valuers who hold recognised and relevant professional qualifications and have recent experience in the location and category of the investment property being valued. These valuations form the basis for the carrying amounts in the financial statements.

Subsequent expenditure is capitalised to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred.

Changes in fair values are recognised in the statement of financial activities and accumulated in the revaluation reserve.

Profits and losses on the sale of investment properties are included in the statement of financial activities and are calculated as the difference between the net sales proceeds and the carrying value. Investment properties are derecognised when they have been disposed of.

FINANCIAL INSTRUMENTS

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. The Investment Portfolio is held as a trading portfolio and measured at fair value.

Page 22

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2023 (continued)

FINANCIAL ASSETS AND LIABILITIES

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All financial assets and liabilities are initially measured at transaction price, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value, unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar instrument.

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet certain conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Derecognition of financial assets

Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the Foundation and its subsidiaries transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the Foundation and its subsidiaries, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Derecognition of financial liabilities

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Impairment of financial assets

Investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Impairment is assessed as the difference between the asset’s carrying amount and the best estimate of the amount the entity would receive for the asset if it were to be sold at the reporting date. Impairment testing of investments in subsidiaries is performed if there is a possible indicator of impairment. Judgement is used to determine if there is objective evidence of impairment. Objective evidence may be observable data such as losses incurred on the investments, decrease in estimated future cashflows or if investments are experiencing financial difficulties.

FOREIGN CURRENCY

Foreign currency transactions denominated in foreign currencies are translated to Sterling at actual exchange rates as of the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange prevailing at the year end. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is reported as an exchange gain or loss in the statement of comprehensive income. Non monetary items denominated in foreign currencies and that are measured in terms of historical cost, are translated at the rate as of the date of the transaction.

PROVISIONS

Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured as the best estimate of the expenditure required to settle the obligation at the year end date.

DIVIDENDS

Dividend income is recognised when the right to receive payment is established.

PENSIONS

The Group operates a number of defined contribution pension schemes. All of the Group's pension costs relate to the Group's contributions to the respective schemes and are recognised in the statement of comprehensive income as when they are due. Amounts not paid are shown in creditors (amounts falling due within one year).

DEBTORS

Debtors are initially recognised at transaction price, less any impairment and subsequently measured at amortised cost using the effective interest rate method.

CREDITORS

Creditors are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Page 23

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2023 (continued)

INTANGIBLE ASSETS

Intangible assets are stated at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:

Software development costs - 20% per annum

Amortisation is included in 'cost of generating funds' in the statement of financial activities.

CONTINGENT LIABILITIES

Contingent liabilities are not recognised, but are disclosed unless the possibility of an outflow of economic resources is remote.

CASH

Cash and cash equivalents includes cash in hand and fixed deposits with financial institutions repayable without penalty on notice of not more than 3 months from inception.

DEFERRED INCOME

Income received in the year relating to subsequent periods is deferred until the periods to which it relates.

LEASES

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals under operating leases are charged to the statement of comprehensive income in equal annual instalments over the period of the lease. Lease incentives are recognised in the statement of comprehensive income on a straight-line basis over the period of the lease.

TAXATION

As a charitable trust, the Foundation benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions.

The Foundation is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly, the Foundation is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Group companies make qualifying donations of taxable profit to the Foundation to the full extent allowable.

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is the amount of income tax payable (including UK, Isle of Man and Irish corporation tax) in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Certain entities within the group make charitable donations. These donations, referred to as gift aid payments, qualify as a deduction in the calculation of UK corporation taxation payable.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Page 24

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2023 (continued)

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computations, except for those timing differences in respect of which the standard specifies that deferred tax should not be recognised. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

RECLASSIFICATIONS

Certain items have been reclassified in the prior year consolidated balances to conform with the Foundation-only statements presentation. This included reclassifying the historic investment property revaluations from restricted funds to permanent endowment funds. Refer to note 22 for further details.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group’s accounting policies, the directors are required to make judgements, accounting estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The accounting estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these accounting estimates. The accounting estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below.

Valuation of investment properties

The Group uses independent professional valuers to determine the fair value of investment properties and land as at the financial position date. The professional valuers use recognised valuation models and techniques being the comparative method, the investment method and the residual method. The primary source of evidence for property valuations is recent, comparable market transactions on an arms-length basis. However, the valuation of the Group’s property is inherently subjective, as it is based upon assumptions that may prove to be inaccurate. See the statement of accounting policies on page 22 for further information on the valuation models and techniques.

Deferred tax assets

Deferred tax assets are recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Director's have applied their judgement in estimating these assets.

Taxation

Certain entities within the group make charitable donations to The Albert Gubay Charitable Foundation, a charity registered in England and Wales. These donations, referred to as gift aid payments, qualify as a deduction in the calculation of taxation payable.

In some cases, the corporate gift aid payment may not have been made by the year end date however it is probable that such a payment will be made. In these situations, the group recognises the income tax effect of the future payment at the reporting date and does not recognise a deferred tax liability in respect of the corporate gift aid payment.

The accounting estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the accounting estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Page 25

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2023

Notes Income and endowments from: Income from investments 1 Other trading activities 1 Service charge income 1 Insurance income 1 Total incoming resources Expenditure on: Cost of generating funds 2 Charitable activities 4 Service charge costs Insurance void costs Foreign exchange gains 3 Loss on sale of assets Total costs Net (loss)/gain on investments 15 Net (loss)/income before taxation Taxation 11 Net (loss)/income Other comprehensive income: Exchange differences on translation of a foreign subsidiary Fair value movement of tangible fixed assets 12 Net movement in funds for the year Reconciliation of funds: Total funds brought forward (restated*) 23 Transfers between funds 23 Total funds carried forward 23	Restricted Income Permanent Endowment Total STG£ STG£ STG£ 37,769,661 - 37,769,661 3,005,962 - 3,005,962 4,022,927 - 4,022,927 756,956 - 756,956 45,555,506 - 45,555,506 10,427,694 - 10,427,694 10,817,978 - 10,817,978 4,663,196 - 4,663,196 933,491 - 933,491 (488,737) - (488,737) 52,461 - 52,461 26,406,083 - 26,406,083 158,554 (42,025,113) (41,866,559) 19,307,977 (42,025,113) (22,717,136) (76,485) - (76,485) 19,231,492 (42,025,113) (22,793,621) (356,319) - (356,319) - (1,820,000) (1,820,000) 18,875,173 (43,845,113) (24,969,940) 189,582,623 441,395,000 630,977,623 (61,755,921) 61,755,921 - 146,701,875 459,305,808 606,007,683 For the year ended 31 March 2023	31 March 2022 Total STG£ 34,978,503 1,732,802 3,310,610 771,935
		40,793,850 7,701,663 4,469,596 4,806,678 810,760 (357,002) -
		17,431,695 70,070,677
		93,432,832 5,148,371
		98,581,203 (47,517) (500,000)
		98,033,686 532,943,937 -
		630,977,623

The statement of accounting policies on pages 20 to 25 and the notes on pages 32 to 65 form part of the financial statements.

All the above results relate to continuing operations.

• See Note 22 for details of the prior year adjustment.

Page 26

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES FOUNDATION-ONLY STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2023

Notes Income and endowments from: Other trading activities 1 Income from investments 1 Service charge income 1 Insurance income 1 Total incoming resources Expenditure on: Cost of generating funds 2 Charitable activities 4 Service charge costs Insurance costs Total costs Net (loss)/gains on investments 15 Net income before taxation Taxation 11 Net incoming resources before transfers Other comprehensive income: Fair value movement of tangible fixed assets 12 Net movement in funds for the year Reconciliation of funds: Total funds brought forward 23 Transfers between funds 23 Total funds carried forward 23	Restricted Income Permanent Endowment Total STG£ STG£ STG£ 1,017,351 - 1,017,351 48,597,491 35,019,096 83,616,587 3,903,214 - 3,903,214 756,415 - 756,415 54,274,471 35,019,096 89,293,567 3,773,807 - 3,773,807 14,646,704 - 14,646,704 4,479,780 - 4,479,780 842,720 - 842,720 23,743,011 - 23,743,011 - (42,025,114) (42,025,114) 30,531,460 (7,006,018) 23,525,442 - - - 30,531,460 (7,006,018) 23,525,442 - (1,820,000) (1,820,000) 30,531,460 (8,826,018) 21,705,442 50,165,694 441,395,000 491,560,694 (26,736,826) 26,736,826 - 53,960,328 459,305,808 513,266,136 For the year ended 31 March 2023	31 March 2022 Total STG£ 223,465 454,294,766 502,565 28,644 455,049,440 916,502 5,202,783 543,305 - 6,662,590 31,526,565 479,913,415 - 479,913,415 (500,000) 479,413,415 12,147,279 - 491,560,694

The statement of accounting policies on pages 20 to 25 and the notes on pages 32 to 65 form part of the financial statements.

All the above results relate to continuing operations.

Page 27

							2023	2022
							STG£	STG£
						Notes		Restated*
FIXED ASSETS
Intangible fixed assets						16	52,766	87,911
Tangible fixed assets						12	3, 803, 423	5, 635, 138
Investment properties						15	455, 653, 246	468, 699, 882
							459, 509,435	474, 422, 931
CURRENT ASSETS
Investments						14	10,055, 369 -
Debtors						17	13, 279, 852	5, 518, 789
Fixed deposits > 3 months		-						7, 145, 235
Cash at bank and in hand						18	136, 112, 031	148, 587, 141
							159,447, 252	161, 251, 165
CREDITORS ( Amounts		falling due within one year)
Creditors falling due within		one	year			19 (	12,688,291) (	4, 515, 040)
NET CURRENT ASSETS							146, 758, 961	156, 736, 125
TOTAL ASSETS LESS	CURRENT			LIABILITIES			606, 268, 396	631, 159, 056
CREDITORS ( Amounts		falling due after more than one year)
Creditors falling due after		more	than one		year	20 (	260, 713) (	181, 433)
TOTAL NET ASSETS							606,007,683	630, 977,623
THE FUNDS OF THE FOUNDATION
Restricted income funds						23	146, 701,875	156, 838, 511
Permanent endowment funds						23	459, 305, 808	474, 139, 112
TOTAL FOUNDATION		FUNDS					606, 007, 683	630, 977, 623
See Note 22 for details of	the prioryear				adjustment.

												2023			2022
										Notes		STG£			STG£
FIXED ASSETS
Tangible fixed assets										12		3, 780.000			5,600.000
Investment properties										15		417, 607, 356		430,082,356
Investment in subsidiaries										13		105			105
												421, 387,461		435,682,461
CURRENT ASSETS
Debtors										17		8, 773.523			529.982
Cash at bank										18		102,308,073			59, 993, 156
												111, 081. 596			60,523. 138
CURRENT LIABILITIES
Creditors falling due within		one	year							19	(	19, 202. 921) (			4,644. 905)
												19.202,921) (			4,644, 905)
NET CURRENT ASSETS												91. 878. 675			55. 878. 233
TOTAL ASSETS LESS	CURRENT LIABILITIES											513.266. 136		491, 560.694
CREDITORS ( Amounts	falling			due more			than one year)
Creditors falling due after	more		than		one	year				20
NET ASSETS												513, 266. 136		491, 560,694
THE FUNDS OF THE FOUNDATION
Restricted income funds										23		53, 960. 328			50, 165. 694
Permanent endowment funds										23		459,305,808		441, 395,000
TOTAL FOUNDATION	FUNDS											513.266. 136		491, 560,694
The statement of accounting		policies			on	pages		20 to 25 and the notes on		pages 32 to	65	firm part of the financial	statements.
The financial statements	were		approved			and		authorised	for issue by	the Trustee	on	the	and	signed on their
behalf by:
Director of the "Trustee Company													25/		2
					Nuel Stuart Machin
Director of the Trustee Company
					Andrew			John Green

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOW FOR THE PERIOD ENDED 31 MARCH 2023

Notes CASH FLOWS FROM OPERATING ACTIVITIES Net (expenditure)/surplus for the period before taxation Depreciation & amortisation 12, 16 Movement in fair value of investment properties 15 Movement in fair value of the tangible fixed assets 12 Gain on the sale of fixed assets (Increase)/decrease in debtors Increase/(decrease) in creditors Movement of foreign exchange Debt write-off Interest income NET CASH INFLOWS FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Payments to acquire investment property 15 Payments to acquire short-term investments Interest received Maturity of fixed deposit accounts with original maturity greater than 3 months NET CASH (OUTFLOWS)/INFLOWS FROM INVESTING ACTIVITIES CHANGE IN CASH AT BANK AND IN HAND IN THE PERIOD RECONCILIATION TO CASH AND CASH EQUIVALENTS CHANGE IN CASH AT BANK AND IN HAND IN THE PERIOD CASH AT BANK AND IN HAND AT THE BEGINNING OF THE PERIOD CHANGE IN CASH AT BANK AND IN HAND DUE TO EXCHANGE RATE MOVEMENTS CASH AT BANK AND IN HAND AT THE END OF THE PERIOD 18 ANALYSIS OF CASH AT BANK AND IN HAND Current accounts 18 Fixed deposit accounts with original maturity less than 3 months 18 TOTAL CASH AT BANK AND IN HAND 18	For the year ended For the period ended 31 March 2023 31 March 2022 STG£ STG£ (22,717,136) 93,432,832 37,113 79,265 41,866,559 (70,082,240) - - (52,461) (11,563) (7,761,063) 5,437,309 8,173,251 (1,574,760) (147,859) (356,411) 663,427 - (1,952,163) (255,385) 18,109,668 26,669,047 (29,682,176) (4,224,637) (10,000,000) - 1,952,163 255,385 7,145,235 17,421,846 (30,584,778) 13,452,594 (12,475,110) 40,121,641 For the year ended For the period ended 31 March 2023 31 March 2022 STG£ STG£ (12,475,110) 40,121,641 148,587,141 108,417,985 - 47,515 136,112,031 148,587,141 For the year ended For the period ended 31 March 2023 31 March 2022 STG£ STG£ 136,112,031 46,024,565 - 102,562,576 136,112,031 148,587,141	For the year ended For the period ended 31 March 2023 31 March 2022 STG£ STG£ (22,717,136) 93,432,832 37,113 79,265 41,866,559 (70,082,240) - - (52,461) (11,563) (7,761,063) 5,437,309 8,173,251 (1,574,760) (147,859) (356,411) 663,427 - (1,952,163) (255,385) 18,109,668 26,669,047 (29,682,176) (4,224,637) (10,000,000) - 1,952,163 255,385 7,145,235 17,421,846 (30,584,778) 13,452,594 (12,475,110) 40,121,641 For the year ended For the period ended 31 March 2023 31 March 2022 STG£ STG£ (12,475,110) 40,121,641 148,587,141 108,417,985 - 47,515 136,112,031 148,587,141 For the year ended For the period ended 31 March 2023 31 March 2022 STG£ STG£ 136,112,031 46,024,565 - 102,562,576 136,112,031 148,587,141
		148,587,141

The statement of accounting policies on pages 20 to 25 and the notes on pages 32 to 65 form part of the financial statements.

The total fixed deposit balance of STG£nil (2022: STG£7,145,235) has a maturity date greater than 3 months and therefore cannot be presented as cash and cash equivalents. The movement has been included under investing activities in the consolidated statement of cash flows above.

Page 30

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES FOUNDATION-ONLY STATEMENT OF CASH FLOW FOR THE PERIOD ENDED 31 MARCH 2023

Notes CASH FLOWS FROM OPERATING ACTIVITIES Net surplus for the period before taxation Movement in fair value of investment properties 15 Increase in debtors Increase in creditors Investment income - Qualifying charitable donations Interest income NET CASH INFLOWS FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Payments to acquire investment property 15 Investment income - Qualifying charitable donations in cash Development costs/work in progress 15 Interest received NET CASH INFLOWS FROM INVESTING ACTIVITIES CHANGE IN CASH AT BANK AND IN HAND IN THE PERIOD RECONCILIATION TO CASH AND CASH EQUIVALENTS CHANGE IN CASH AT BANK AND IN HAND IN THE PERIOD CASH AT BANK AND IN HAND AT THE BEGINNING OF THE PERIOD CASH AT BANK AND IN HAND AT THE END OF THE PERIOD 18 ANALYSIS OF CASH AT BANK AND IN HAND Current accounts 18 Fixed deposit accounts with original maturity less than 3 months 18 TOTAL CASH AT BANK AND IN HAND 18	For the year ended For the period ended 31 March 2023 31 March 2022 STG£ STG£ 23,525,442 479,913,415 42,025,114 (31,526,565) (8,243,541) (397,572) 14,558,016 4,476,878 (46,522,919) (448,458,444) (1,388,521) (12,469) 23,953,591 3,995,243 (29,531,017) - 46,503,822 43,810,719 - (87,356) 1,388,521 12,469 18,361,326 43,735,832 42,314,917 47,731,075 For the year ended For the period ended 31 March 2023 31 March 2022 STG£ STG£ 42,314,917 47,731,075 59,993,156 12,262,081 102,308,073 59,993,156 For the year ended For the period ended 31 March 2023 31 March 2022 STG£ STG£ 51,016,059 36,965,482 51,292,014 23,027,674 102,308,073 59,993,156	For the year ended For the period ended 31 March 2023 31 March 2022 STG£ STG£ 23,525,442 479,913,415 42,025,114 (31,526,565) (8,243,541) (397,572) 14,558,016 4,476,878 (46,522,919) (448,458,444) (1,388,521) (12,469) 23,953,591 3,995,243 (29,531,017) - 46,503,822 43,810,719 - (87,356) 1,388,521 12,469 18,361,326 43,735,832 42,314,917 47,731,075 For the year ended For the period ended 31 March 2023 31 March 2022 STG£ STG£ 42,314,917 47,731,075 59,993,156 12,262,081 102,308,073 59,993,156 For the year ended For the period ended 31 March 2023 31 March 2022 STG£ STG£ 51,016,059 36,965,482 51,292,014 23,027,674 102,308,073 59,993,156
		59,993,156

The statement of accounting policies on pages 20 to 25 and the notes on pages 32 to 65 form part of the financial statements.

Non-cash investing activities

During the year, the Foundation received a qualifying charitable donation in the form of properties from its subsidiaries amounting to STG£19,096 (2022: STG£404,568,435).

Page 31

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 ANALYSIS OF INCOME

Group Restricted Income Permanent Endowment Total STG£ STG£ STG£ Income from investments Rental income from investment property 37,769,661 - 37,769,661 Interest income from short-term deposits 1,952,163 - 1,952,163 Other trading activities Market hall, car park and other income 304,945 - 304,945 Licence fees 18,640 - 18,640 Dilapidations - - - Miscellaneous income 730,214 - 730,214 Service charge income 4,022,927 - 4,022,927 Insurance income 756,956 - 756,956 45,555,506 - 45,555,506 Foundation Restricted Income Permanent Endowment Total STG£ STG£ STG£ Income from investments Rental income from investment property 35,724,244 - 35,724,244 Interest income from short-term deposits 1,388,521 - 1,388,521 Dividend income 11,484,726 35,019,096 46,503,822 Other trading activities Market hall, car park and other income 340,156 - 340,156 Licence fees 11,861 - 11,861 Related party recharges - - - Miscellaneous income 665,334 - 665,334 Service charge income 3,903,214 - 3,903,214 Insurance income 756,415 - 756,415 54,274,471 35,019,096 89,293,567 Turnover, analysed geographically between markets, was as follows: 2023 STG£ Group United Kingdom 43,852,832 Isle of Man 259,135 Republic of Ireland 1,443,539 45,555,506 Foundation 2023 STG£ United Kingdom 89,293,567 89,293,567 For the year ended 31 March 2023 For the year ended 31 March 2023	31 March 2022 Total STG£ 34,692,098 286,405 1,505,478 25,072 41,048 161,204 3,310,610 771,935
	40,793,850
	31 March 2022 Total STG£ 5,805,301 31,022 448,458,443 12,067 23,348 181,238 6,812 502,565 28,644
	455,049,440
	2022 STG£ 39,299,436 137,714 1,356,700
	40,793,850
	2022 STG£ 455,049,440
	455,049,440

Page 32

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

2 COST OF GENERATING FUNDS

Group Expenditure on maintaining investment properties Landlord costs Letting costs Rates Legal costs Expenditure running investment properties Payroll costs Staff costs Travel costs Legal and professional fees Other overheads Exceptional costs Depreciation and amortisation Other cost of generating funds Exceptional costs Foundation Expenditure on maintaining investment properties Landlord costs Letting costs Rates Legal costs Other cost of generating funds Exceptional costs Legal and professional fees	Restricted Income Total STG£ STG£ 4,785,433 4,785,433 1,885,547 1,885,547 1,985,185 1,985,185 875,349 875,349 39,352 39,352 5,372,084 5,372,084 2,746,291 2,746,291 223,009 223,009 13,049 13,049 1,171,556 1,171,556 1,181,067 1,181,067 - - 37,112 37,112 270,177 270,177 270,177 270,177 10,427,694 10,427,694 Restricted Income Total STG£ STG£ 3,692,439 3,692,439 931,534 931,534 1,944,568 1,944,568 801,370 801,370 14,967 14,967 81,368 81,368 - - 81,368 81,368 3,773,807 3,773,807 For the year ended 31 March 2023 For the year ended 31 March 2023	31 March 2022 Total STG£ 3,020,612
		1,648,311 781,237 557,554 33,510 4,681,051
		2,525,704 350,290 16,247 1,180,069 480,602 48,875 79,264 -
		-
		7,701,663
		31 March 2022 Total STG£ 294,620
		227,739 49,726 14,449 2,706 621,882
		- 621,882
		916,502

Page 33

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

3 FOREIGN EXCHANGE GAINS 31 March 2023 Group STG£ Foreign exchange (loss)/gain (488,737) 4 EXPENDITURE ON CHARITABLE ACTIVITIES Group Grant funding of activities Support costs Total STG£ STG£ STG£ British Church Grants (Note 5, 6) 4,247,776 256,022 4,503,798 Irish Church Grants (Note 5, 6) 1,357,318 128,011 1,485,329 General Fund Grants (Note 5, 6) 4,523,168 305,683 4,828,851 10,128,262 689,716 10,817,978 Foundation Grant funding of activities Support costs Total STG£ STG£ STG£ British Church Grants (Note 5, 6) 4,247,776 125,707 4,373,483 Irish Church Grants (Note 5, 6) 1,357,318 236,027 1,593,345 General Fund Grants (Note 5, 6) 4,523,168 4,156,708 8,679,876 10,128,262 4,518,442 14,646,704 31 March 2023 31 March 2023	31 March 2022 STG£ 357,002
	31 March 2022 Total STG£ 1,130,514 846,915 2,492,167
	4,469,596
	31 March 2022 Total STG£ 1,402,673 982,994 2,817,116
	5,202,783

Support costs are allocated to the different grant funds in relation to the proportion approved by the corporate trustee and then equally to individual activities.

5 SUPPORT COSTS

Group Payroll costs Legal and professional fees Other support costs Foundation Payroll costs Legal and professional fees Other support costs	British Church Irish Church General Fund Total STG£ STG£ STG£ STG£ 46,662 23,331 55,714 125,707 87,613 43,807 104,607 236,027 121,747 60,873 145,362 327,982 256,022 128,011 305,683 689,716 British Church Irish Church General Fund Total STG£ STG£ STG£ STG£ 46,662 23,331 55,714 125,707 87,613 43,807 104,607 236,027 1,542,970 771,485 1,842,253 4,156,708 1,677,245 838,623 2,002,574 4,518,442 31 March 2023 31 March 2023	31 March 2022 Total STG£ 213,500 192,154 29,317
		434,971
		31 March 2022 Total STG£ 213,500 203,929 750,729
		1,168,158

Support costs are allocated equally to individual activities after considering the fund percentages.

Page 34

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

6 CHARITABLE ACTIVITIES

Charitable activities expense relates to grants. Grant expenditure during the period can be analysed as follows:

	31	March 2023	31 March 2022
		STG£	STG£
Grants awarded		10,128,262	4,034,625

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:

	31 March 2023	31 March 2022
	Grants to	Grants to
	institutions	institutions
	STG£	STG£
Irish Church Fund	1,357,318	766,184
British Church Fund	4,247,776	969,053
General Fund	4,523,168	2,299,388
	10,128,262	4,034,625
Grants were made to the following institutions:		For the year ended
		31 March 2023
		STG£
Irish Church
AD of Armagh - Our Lady of Lourdes		64,971
Archdiocese of Cashel & Emly		71,393
Archdiocese of Dublin		154,044
Ballina Churches Together CLG		21,943
Diocese of Achonry		146,236
Diocese of Ardagh & Clonmacnois		52,695
Diocese of Elphin		26,363
Diocese of Killaloe		26,332
Diocese of Kilmore R.C.		57,664
Diocese of Tuam		21,943
Hierarchy General Purposes Trust		164,808
Parishes in the Diocese of Derry		35,658
St Muredach's Trust		86,871
St. Laurence O' Toole Catholic Social Care T/A Crosscare		206,706
The Archdiocese of Armagh		219,691
		1,357,318
British Church
Archdiocese of Cardiff		25,800
Borderlands (South West) Limited		40,844
Brentwood Roman Catholic Diocese		200,000
Caritas Diocese of Salford		165,140
Catholic Care (Diocese of Leeds)		25,000
D of Arundel & Brighton - St Thomas		100,000
DePaul UK		97,923
Diocese of Hallam		6,000
Diocese of Leeds		180,000
Heart of Tamworth Community Project		35,000
Sub-total		875,707

Page 35

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

6 GRANT EXPENDITURE (continued)

Grants were made to the following institutions:

	For the period ended
	31 March 2023
British Church	STG£
Brought forward sub-total	875,707
Lancaster Roman Catholic Diocesan Trust	10,000
Little Sisters of The Poor	283,189
Medaille Trust	100,000
Nugent Care 2019	9,654
Out There Supporting Families of Prisoners	103,917
Plymouth Diocesan Trust	30,785
Portsmouth Roman Catholic Diocese	67,500
Roman Catholic Diocese of Southwark	50,000
Saint John of God Hospitaller Services	120,000
Santa Marta Group	375,000
Shrewsbury Roman Catholic Diocesan Trust	200,000
St Catherine's Hub	125,000
St John of God Hospitaller Services	46,640
St John the Evangelist, Bath	26,284
The Passage	1,000,000
The Roman Catholic Diocese of Arundel and Brighton	326,000
The Salford Diocesan Trust	25,100
Ukrainian Catholic Eparchy	120,000
Ukrainian Welcome Centre	120,000
Westminster Roman Catholic Diocese Trust	233,000
	4,247,776
General Fund
Aber Morfa Mission Area - St Thomas, Rhyl	50,000
Access Sport CIO	21,175
Action Medical Research	51,406
AF&V Launchpad	57,163
Ashar Bringing Hope	25,000
Aspire	9,500
Avery Fields Community Trust	16,000
Azad Kashmir Welfare Association	25,000
Bendrigg Trust	14,187
Betania CLG	219,434
Blood Cancer UK	99,287
Bolton Lads and Girls Club	29,640
Broughton House	41,488
Chapter (West Cheshire) Ltd	25,215
Church Urban Fund	50,000
Clapton Common Boys Club	7,676
Crossgate Church	350,000
Epilepsy Research UK	35,000
Families United Network	15,000
Family Care Trust	187,000
FareShare	59,963
Fareshare UK (Merseyside)	66,000
Fortalice Limited	29,182
Gilgal Birmingham	20,000
Sub-total	1,504,316

Page 36

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

6	GRANT EXPENDITURE (continued)	For the period ended
		31 March 2023
	General Fund	STG£
	Brought forward sub-total	1,504,316
	Groundwork Greater Manchester	117,000
	Halow Birmingham	11,414
	Hope at Home	35,000
	Hope for Justice	25,000
	Hospice Care	133,334
	Irish Girl Guides	17,575
	KFCA	10,000
	Macular Society	20,000
	Mary Stevens Hospice	4,000
	Mersey Counselling & Therapy Service	33,320
	Multiple Sclerosis Society	78,757
	Muscular Dystrophy UK	60,519
	New Horizon Youth Centre	50,000
	One Small Thing	100,000
	Parents Against Child Exploitation	45,590
	Parkinson's UK	150,000
	Recycling Lives Charity	30,000
	Salford Community and Voluntary Services	375,000
	Salford Loaves and Fishes	70,530
	Sanctuary Trust	64,048
	Sandwell Citizens Advocacy	27,000
	Sefton Women's & Children's Aid	33,106
	SOFEA	100,000
	Somerset & Avon Rape & Sexual Abuse Support	20,435
	Spinal Research	66,790
	Sport 4 Life UK	100,000
	St Christopher's IOM	52,175
	Stonebridge City Farm	46,910
	Target Ovarian Cancer	105,642
	The Brain Tumour Charity	83,333
	The British Diabetic Association	100,000
	The Cathedral Archer Project	22,400
	The Fylde Rugby Community Foundation	20,000
	The Harbour	25,000
	The Light Church Bradford	22,516
	The Living Room	60,000
	The Macular Disease Society	33,912
	The Matthew Project	31,150
	The Meath Epilepsy Charity	26,322
	The Oasis Centre	19,234
	The PCC of St John and St Paul, Widnes	11,000
	The Whitechapel Centre	95,830
	Timperley Amateur Boxing Club	60,000
	Together Dementia Support	13,946
	Tommy's	80,167
	Versus Arthritis	86,397
	Warwickshire Wheelchair Basketb. Academy	20,000
	Waters Edge Arts Ltd	42,000
	We Mind The Gap	75,000
	West London Mission	25,000
	Women Centre Limited	60,000
	Women's Health Matters	22,500
		4,523,168

Page 37

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

6 GRANT EXPENDITURE (continued)

Grants were made to the following institutions:	For the period ended
	31 March 2022
Irish Church	STG£
Diocese of Galway 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
	766,184
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 Edmund's	19,000
Diocese of Wrexham	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 of Arundel & Brighton	50,000
	969,053
General Fund
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
Sub-total	1,246,914

Page 38

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

6 GRANT EXPENDITURE (continued)

Grants were made to the following institutions:	For the period ended
	31 March 2022
General Fund	STG£
Brought forward 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

Page 39

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

7 NET INCOME/EXPENDITURE

Net incoming resources is stated after charging:

Net incoming resources is stated after charging:
	31 March 2023	31 March 2022
Group	STG£	STG£
Auditor's remuneration	121,325	115,624
Depreciation and amortisation	37,113	79,265

Foundation

The audit fee is borne by Derwent Management Limited, a related group company.

8 PENSION COSTS

All of the pension costs relate to the group's contributions to defined contribution schemes and individual pension plans and are charged to the statement of comprehensive income as they accrue. The pension cost represents contributions payable by the group to the pension plans and amounted to STG£201,637 (2022: STG£180,907). Included within this pension cost are pension contributions paid on behalf of the two trustees for STG£20,267 (2022: STG£19,051).

9 TRUSTEE REMUNERATION AND EXPENSES

The Foundation has a corporate trustee. In accordance with the power included in the Foundation Trust Deed (originally authorised by the Isle of Man Court) and believed to be in accordance with the wishes of the Foundation’s Founder, Albert Gubay, three Directors of the Trustee Company were remunerated for their services as Directors and two Directors were remunerated as employees in Derwent Estates Limited, a subsidiary. The total amount received as remuneration by three Directors of the Trustee Company for their services as Directors amounted to STG£124,907 (2022:STG£121,155). The Directors who received remuneration for their services as Directors during the period were Alan Gough STG£55,943 (2022:STG£55,481), John Peers STG£35,117 (2022:STG£38,610) and Mark Jones STG£33,037 (2022:STG£27,064). The total amount received as remuneration by two Directors of the Trustee Company as employees in Derwent Estates Limited amounted to STG£275,997 (2022: STG£252,353). The Directors who were remunerated as employees in a Group company during the year were Nigel Machin STG£125,986 (2022:STG£104,497) and Finn Jones STG£150,011 (2022:STG£127,246). A consultation fee was paid to Nugent Consulting Limited, of which John Henry Nugent is a controlling party, amounting to STG£6,136 (2022: STG£Nil) from the time of his appointment as a member of the Board of Trustees.

Expenses of STG£2,222 (2022:STG£79) were reimbursed or paid by the Foundation to five (2022: one) Directors during the year.

10 STAFF COSTS

Group Staff costs during the year were as follows: Wages and salaries Social security costs Other pension costs	31 March 2023 STG£ 2,374,447 266,652 230,900 2,871,999	31 March 2022 STG£ 2,301,305 252,974 187,618
		2,741,897

The average number of employees during the year was 37 (2022: 42) and 3 for the Foundation (2022: 3).

The number of staff receiving employee benefits, excluding pension costs, over STG£60,000 was as follows:

	31 March 2023	31 March 2022
	Number	Number
£60,000 - £69,999	2	5
£70,000 - £79,999	3	2
£80,000 - £89,999	4	2
£90,000 - £99,999	1	4
£100,000 - £ 109,000	2	-
£110,000 - £119,999	1	1
£120,000 - £129,999	1	1
£130,000 - £139,999	1	-
£150,000 - £159,999	-	2
£170,000 - £179,999	1	2
£180,000 - £189,999	1	-

The key management personnel of the group comprise the directors of the corporate trustee and the managing director. The total remuneration paid to key management personnel was STG693,559 (2022: STG£564,320).

Page 40

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

11 TAXATION ON PROFIT ON ORDINARY ACTIVITIES

Group Analysis of income tax charge in the period Current year provision Adjustment re prior years Deferred tax charge Movement in current year provision Current tax charge/(credit) The following are the factors affecting the current year tax charge.	31 March 2023 STG£ 145,834 (69,349) 76,485 - 76,485	31 March 2022 STG£ 7,955 (4,484)
		3,471 (5,151,842)
		(5,148,371)

A reconciliation of the tax expense and the loss before taxation multiplied by the standard rate of income tax throughout the group is explained below:

Net (loss)/income before taxation Taxation as follows: (Loss)/profit on ordinary activities before taxation multiplied by the basic rate of corporation tax in the UK of 19% (2022: UK corporation tax at a rate Effects of:- Non taxable income Expenses not deductible for tax purposes Trading stock - profit on disposal adjustment Losses carried/(utilised) forward Chargeable losses Origination/(reversal) of timing differences Under provision of tax in prior years Change in deferred tax rates Movement in unrecognised deferred tax Movement in fair value of investment properties Qualifying charitable donation unutilised Qualifying charitable donation Deferred tax asset Loans written off Current year tax charge/(credit)	31 March 2023 STG£ (22,717,136) (4,316,256) of 19%) (6,481,473) 10,615,825 6,650 2,518,644 115,968 99,079 (69,349) 799,672 (3,131,821) 5,000 - (121,659) 36,205 - 76,485	31 March 2022 STG£ 93,432,832
		17,752,238 (7,989,839) 2,274,177 11,144 (7,429) - (7,996,382) (4,484) (636,408) 6,206,712 (7,008,731) 908,132 (8,354,167) (303,370) 36
		(5,148,371)

Where capital allowances and losses are not expected to be utilised in the foreseeable future, a deferred tax asset is not recognised.

As a charitable trust, the Foundation benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions.

The Foundation is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly, the Foundation is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

From 6 April 2020, non-UK resident companies which were subject to income tax on UK source rental income moved into the UK domestic corporation tax regime.

Page 41

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

12 TANGIBLE FIXED ASSETS Group COST At 31 March 2022/1 April 2022 Transfer to investment properties Revaluation Disposals during the year At 31 March 2023 DEPRECIATION At 31 March 2022/1 April 2022 Charge for the year Transfer to investment properties Disposals in year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 Foundation COST At 31 March 2022/1 April 2022 Revaluation At 31 March 2023 DEPRECIATION At 31 March 2022/1 April 2022 Charge for the year At 31 March 2023 At 31 March 2022	Land & Buildings STG£ 5,600,000 - (1,820,000) - 3,780,000 - - - - - 3,780,000 5,600,000 5,600,000 (1,820,000) 3,780,000 - - 3,780,000 5,600,000	Fixtures & Fittings STG£ 184,547 - - - 184,547 184,547 - - - 184,547 - - - - - - - - -	Motor Vehicles STG£ 45,794 - - (16,650) 29,144 39,131 839 - (10,826) 29,144 - 6,663 - - - - - - -	Office Equipment STG£ 240,199 - - (7,777) 232,422 235,147 1,295 - (4,020) 232,422 - 5,052 - - - - - - -	Plant & Machinery STG£ 161,213 - - - 161,213 161,213 - - - 161,213 - - - - - - - - -	Antiques & Paintings STG£ 23,423 - - - 23,423 - - - - - 23,423 23,423 - - - - - - -	Total STG£ 6,255,176 - (1,820,000) (24,427)
							4,410,749
							620,038 2,134 - (14,846)
							607,326
							3,803,423
							5,635,138
							5,600,000 (1,820,000)
							3,780,000
							- -
							3,780,000
							5,600,000

The land is carried at market value. This is subject to a professional valuation on an annual basis by Knight Frank Chartered Surveyors. The recent appraisal report was issued on 19 May 2023 and the revaluation has been reflected in the financial statements for the period. The land is not subject to depreciation. The carrying amount of land is STG£4,562,874 had it been carried under the cost model.

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

13 INVESTMENT IN SUBSIDIARIES

Foundation At the start of the year Additions in year At 31 March	2023 STG£ 105 - 105	2022 STG£ 50 55
		105

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

13 INVESTMENT IN SUBSIDIARIES (continued)

In the opinion of the directors the investments in group undertakings are worth at least that of their carrying value in the financial statements.

Subsidiary	Nature of	Registered	Description	Country of	Proportion			Profit / (Loss)			Capital and
Company Name	Business	Office	of Holding	Incorporation	of Beneficial	Turnover	Expenditure	after tax for	Total assets	Total liabilities	Reserves at
					Holding	31 March 2023	31 March 2023	31 March 2023	31 March 2023	31 March 2023	31 March 2023
						STG£	STG£	STG£	STG£	STG£	STG£
AGF Brandon Limited	Holding	c/o Equiom (Isle of Man) L	100 Ordinary	Isle of Man	100%	-	1,008,187	(1,008,187)	42,183,938	(1,327,978)	40,855,960
(002944V)	Company	Jubilee Buildings	shares of STG£1
		Victoria Street	(Directly held)
		Douglas, Isle of Man
Derwent Group Holdings	Holding	c/o Equiom (Isle of Man) L	50,000 Ordinary	Isle of Man	100%	-	16,304	(10,087,212)	44,388,082	(47,923,252)	(3,535,170)
Ltd	Company	Jubilee Buildings	shares of USD$1
(020587V)		Victoria Street	(Indirectly held)
		Douglas, Isle of Man
Bartone Limited	Management	c/o Equiom (Isle of Man) L	2 Ordinary	Isle of Man	100%	-	(9,347)	9,347	377,833	-	377,833
(101448C)	Company	Jubilee Buildings	Shares of STG£1 each
		Victoria Street	(Indirectly held)
		Douglas, Isle of Man
Derwent Holdings	Property	c/o Equiom (Isle of Man) L	200,000,000 Ordinary	Isle of Man	100%	547,818	(958,668)	(410,850)	80,649,636	(40,241,068)	40,408,568
Limited	Investment	Jubilee Buildings	shares of USD$1
(020641V)	Company	Victoria Street	(Indirectly held)
		Douglas, Isle of Man
Derwent Management	Trading	c/o Equiom (Isle of Man) L	2 Ordinary	Isle of Man	100%	2,362,903	2,282,578	80,325	5,564,908	(315,859)	5,249,049
Limited	Company	Jubilee Buildings	Shares of STG£1 each
(018015V)		Victoria Street	(Directly held)
		Douglas, Isle of Man
Fairways Property	Trading	c/o Equiom (Isle of Man) L	2,000 Ordinary	Isle of Man	100%	-	2,457,156	(2,457,156)	-	-	-
Holdings Limited	Company	Jubilee Buildings	Shares of STG£1 each
(017929V)	(Dissolved 6	Victoria Street	(Indirectly held)
	August 2023)	Douglas, Isle of Man
Langstone	Non Trading	Kroll Advisory Ltd	34,500,000 Ordinary	United	100%	-	-	-	-	-	-
Leisure	Company	The Shard	Shares of STG£.10 each	Kingdom
Limited	(In liquidation)	32 London Bridge St.	(Indirectly held)
(03037436)		London, SE1 9SG

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

13 INVESTMENT IN SUBSIDIARIES (continued)

						1.1525			1.156
Subsidiary	Nature of	Registered	Description	Country of	Proportion			(Loss)/ Profit			Capital and
Company Name	Business	Office	of Holding	Incorporation	of Beneficial	Turnover	Expenditure	after tax for	Total assets	Total liabilities	Reserves at
					Holding	31 March 2023	31 March 2023	31 March 2023	31 March 2023	31 March 2023	31 March 2023
						STG£	STG£	STG£	STG£	STG£	STG£
Mardown	Property	c/o Equiom (Isle of Man	2 Ordinary	Isle of	100%	1,443,539	2,137,181	(693,642)	22,265,558	(21,463,889)	801,669
Limited	Investment	Jubilee Buildings	Shares of £1 each	Man
(017933V)	Company	Victoria Street	(Indirectly held)
		Douglas, Isle of Man
Moyer	Property	c/o Equiom (Isle of Man	2 Ordinary	Isle of	100%	150,586	33,541	117,045	3,401,137	(12,900)	3,388,237
Limited	Investment	Jubilee Buildings	Shares of £1 each	Man
(017934V)	Company	Victoria Street	(Indirectly held)
		Douglas, Isle of Man
Derwent Estates	Property	3 Denmark Street	2 Ordinary	United	100%	2,216,212	2,107,023	109,189	1,027,398	(110,021)	917,377
Limited	Management	Altrincham	Shares of STG£1 each	Kingdom
(03410326)		England	(Directly held)
		WA14 2SS
Starlit Futures Limited	Property	Kroll Advisory Ltd	30,000 Ordinary	United	100%	-	-	-	-	-	-
(03311290)	Investment	The Shard	Shares of STG£1 each	Kingdom
	Company	32 London Bridge St.	(Indirectly held)
	(In liquidation)	London, SE1 9SG
Derwent Capital	Finance	c/o Equiom (Isle of Man	2 Ordinary	Isle of	100%	1,885,221	(5,044,847)	6,930,068	80,649,817	(58,858,777)	21,791,040
Limited	Company	Jubilee Buildings	Shares of STG£1 each	Man
(005216V)		Victoria Street	(Indirectly held)
		Douglas, Isle of Man
Anglo International	Property Rental &	c/o Equiom (Isle of Man	100 Ordinary	Isle of	100%	108,549	277,914	(169,365)	1,397,652	(2,984,330)	(1,586,678)
Properties	Investment	Jubilee Buildings	Shares of STG£1 each	Man
Limited	Company	Victoria Street	(Indirectly held)
(017932V)		Douglas, Isle of Man
Anglo International	Property	c/o Equiom (Isle of Man	2 Ordinary	Isle of	100%	268,600	1,028,091	(759,491)	7,633,028	(11,155,590)	(3,522,562)
Upholland	Investment	Jubilee Buildings	Shares of STG£1 each	Man
Limited	Company	Victoria Street	(Indirectly held)
(017925V)		Douglas, Isle of Man
Derwent Construction	Construction	c/o Equiom (Isle of Man	2 Ordinary	Isle of	100%	-	7,001,407	(7,001,407)	-	-	-
Limited	Company	Jubilee Buildings	Shares of STG£1 each	Man
(017928V)	(Dissolved 6	Victoria Street	(Indirectly held)
	August 2023)	Douglas, Isle of Man

Page 45

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

13 INVESTMENT IN SUBSIDIARIES (continued)

Subsidiary	Nature of	Registered	Description	Country of	Proportion			Profit			Capital and
Company Name	Business	Office	of Holding	Incorporation	of Beneficial	Turnover	Expenditure	after tax for	Total assets	Total liabilities	Reserves at
					Holding	31 March 2023	31 March 2023	31 March 2023	31 March 2023	31 March 2023	31 March 2023
						STG£	STG£	STG£	STG£	STG£	STG£
Anglo International	Property	c/o Equiom (Isle of Man	500,000 Ordinary	Isle of	100%	363,986	(34,269)	398,255	6,982,029	(5,114,822)	1,867,207
Holdings	Investment	Jubilee Buildings	Shares of STG£1 each	Man
Limited	Company	Victoria Street	(Indirectly held)
(017930V)		Douglas, Isle of Man
Anglo International	Non Trading	Kroll Advisory Ltd	100 Ordinary	United	100%	-	(492,884)	492,884	-	-	-
(First U.K.)	Company	The Shard	Shares of STG£1 each	Kingdom
Limited	(In liquidation)	32 London Bridge St.	(Indirectly held)
(02830325)		London, SE1 9SG
Cashtal	Property	c/o Equiom (Isle of Man	1,500,000 Ordinary	Isle of	100%	192,879	52,571	140,308	40,972,961	(6,033,936)	34,939,025
Properties	Investment	Jubilee Buildings	Shares of STG£1 each	Man
Limited	Company	Victoria Street	(Indirectly held)
(017926V)		Douglas, Isle of Man
Cross Atlantic	Non Trading	Nunnery Mills 1	2,000 Ordinary	Isle of	100%	-	(4,605,371)	4,605,371	-	-	-
Ventures	Company	Old Castletown Road	Shares of STG£1 each	Man
Limited	(Dissolved 6	Douglas	(Indirectly held)
(017927V)	August 2023)	IM99 1PL
Derwent Development	Property	3 Denmark Street	1 Ordinary	United	100%	7,719,811	7,356,864	362,947	1,153,466	(839,943)	313,523
Management	Development	Altrincham	Shares of STG£1 each	Kingdom
Limited	Company	England	(Directly held)
(12791411)		WA14 2SS

SUBSIDIARIES EXCLUDED FROM CONSOLIDATION

SUBSIDIARIES EXCLUDED FROM CONSOLIDATION
				Profit			Capital and
Continuing Operations		Turnover	Expenditure	after tax for	Total assets	Total liabilities	Reserves at
Subsidiary and associate interests	Reason for	31 March 2023	31 March 2023	31 March 2023	31 March 2023	31 March 2023	31 March 2023
Company Name (all indirectly held)	exclusion	STG£	STG£	STG£	STG£	STG£	STG£
The Old Foundry Management Services Company Limited	Non core entity and immaterial	19,471	15,380	4,091	6,335	(9,879)	(3,544)
Hafod Management Services Company Limited	Non core entity and immaterial	12,298	9,917	2,381	4,888	(9,765)	(4,877)
College Farm Management Limited	Non core entity and immaterial	-	-	-	1	-	1
Alvanley Limited	Non core entity and immaterial	-	(1,805)	1,805	-	-	-
The Mallards Management Company Limited (Dissolved 19 July 2023)	Non core entity and immaterial	-	-	-	-	(2,069)	(2,069)
Mount Murray Homes Limited	Non core entity and immaterial	1,687	-	1,687	3,437	(33,708)	(30,271)

Subsequent to year-end, Fairways Property Limited, Derwent Construction Limited, and Cross Atlantic Ventures Limited were dissolved on 6 August 2023 while The Mallards Company Limited was dissolved on 19 July 2023.

14 INVESTMENTS

At 1 April 2022 Balance brought forward Additions - listed investments Changes in fair value Balance carried forward	2023 STG£ - 10,000,000 55,369 10,055,369	2022 STG£ - - -
		-

The investment portfolio is measured at fair value, this reflects the portfolio's market price at 31 March 2023.

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

15 INVESTMENT PROPERTIES Group At beginning of the period Additions during the period Transfer from tangible fixed assets Revaluation of investment properties Disposal of properties Development costs - work in progress Foreign exchange movement As at 31 March	2023 STG£ 468,699,882 29,682,176 - (41,866,559) (445,000) - (417,253) 455,653,246	2022 STG£ 394,087,628 4,137,281 635,969 70,082,240 - 87,356 (330,592)
		468,699,882

All investments are carried at their market value. Investment properties are subject to a professional valuation on an annual basis by Knight Frank Chartered Surveyors. The recent appraisal report was issued on 19 May 2023 and the revaluation has been reflected in the financial statements for the period.

Foundation At beginning of the period Transfer from subsidiaries Additions Development costs - work in progress Revaluation of investment properties As at 31 March 16 INTANGIBLE FIXED ASSETS Group COST As at 1 April 2022 Disposals during the year As at 31 March 2023 AMORTISATION As at 1 April 2022 Disposals during the year Charge for year As at 31 March 2023 NET BOOK VALUE 31 MARCH 2023 NET BOOK VALUE 31 MARCH 2022	2023 2022 STG£ STG£ 430,082,356 - - 398,468,435 29,550,114 - - 87,356 (42,025,114) 31,526,565 417,607,356 430,082,356 Software development costs STG£ 222,015 (55,376) 166,639 134,104 (55,210) 34,979 113,873 52,766 87,911	2022 STG£ - 398,468,435 - 87,356 31,526,565
		430,082,356
		166,639
		134,104 (55,210) 34,979
		113,873
		52,766
		87,911

Page 47

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

17 DEBTORS

Group Trade debtors Prepayments and accrued income Other debtors Amounts owed by group and associated undertakings (See note 28.2) Workman/Savills income float Taxation receivable	2023 STG£ 147,489 2,352,694 2,097,598 52,463 8,617,043 12,565 13,279,852	2022 STG£ 23,899 547,209 1,276,673 404,490 3,266,518 -
		5,518,789

Other debtors include of STG£880,000 (2022: STG£881,439) receivable as a result of a loan advance and STG£NIL (2022: STG£103,140) escrow account.

Prepayments and accrued income includes lease incentives of STG£2,059,812 (2022: STG£487,900).

Amounts owed by group and associated undertakings are interest free, unsecured and repayable on demand.

Foundation Amounts owed by group and associated undertakings (See note 28.2) Prepayments and accrued income Workman/Savills income float Other debtors	2023 STG£ 12,154 2,059,812 6,078,680 622,877 8,773,523	2022 STG£ 163,472 277,255 - 89,255
		529,982

Prepayments and accrued income consists of all lease incentives (2022: STG£Nil).

Amounts owed by group and associated undertakings are interest free, unsecured and repayable on demand.

18 CASH AT BANK AND IN HAND

Group Current accounts Fixed deposit accounts with original maturity less than 3 months Foundation Current accounts Fixed deposit accounts with original maturity less than 3 months	2023 STG£ 63,120,362 72,991,669 136,112,031 2023 STG£ 51,016,059 51,292,014 102,308,073	2022 STG£ 46,024,565 102,562,576
		148,587,141
		2022 STG£ 36,965,482 23,027,674
		59,993,156

Page 48

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

19 CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Accruals for grants payable (See Note 21) Trade creditors Amounts owed to group and associated undertakings (See Note 28.3) Accruals and deferred income Taxation and social security Specific provisions (See Note 25) Other creditors	2023 STG£ 2,389,232 996,393 364,741 7,277,274 1,158,203 21,514 480,934 12,688,291	2022 STG£ 824,761 317,140 367,437 2,065,875 488,416 300,628 150,783
		4,515,040

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.

The movement on deferred income is as follows: Balance at the start of the period Deferred income released to income during the period Income deferred at the end of the period Balance at the end of the period Foundation Accruals for grants payable (See Note 21) Trade creditors Accruals and deferred income VAT payable Other creditors Savills income float Amounts owed to group and associated undertakings (See Note 28.3)	2023 STG£ 1,499,943 (1,499,943) 6,174,430 6,174,430 2023 STG£ 2,389,232 183,051 6,180,582 1,190,353 297,196 - 8,962,507 19,202,921	2022 STG£ 2,192,031 (2,192,031) 1,499,943
		1,499,943
		2022 STG£ 824,761 81,495 1,639,507 2,574 - 476,888 1,619,680
		4,644,905

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.

The movement on deferred income is as follows: Balance at the start of the period Deferred income released to income during the period Income deferred at the end of the period Balance at the end of the period	2023 STG£ 1,425,192 (1,425,192) 6,023,189 6,023,189	2022 STG£ - - 1,425,192
		1,425,192

Page 49

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

20 CREDITORS AMOUNTS FALLING DUE AFTER ONE YEAR

20 CREDITORS AMOUNTS FALLING DUE AFTER ONE YEAR
Group Deferred taxation Foundation Accruals for grants payable (See Note 21) 21 GRANT LIABILITIES Group and Foundation Grant liabilities at 31 March New grants awarded Grant payments made Grant liabilities at 31 March Grant liabilities falling due within one year Grant liabilities at 31 March	2023 STG£ 260,713 2023 STG£ - 2023 STG£ 824,761 10,128,263 (8,563,792) 2,389,232 2023 STG£ 2,389,232 2,389,232	2022 STG£ 181,433
		2022 STG£ -
		2022 STG£ 53,120 4,034,625 (3,262,984)
		824,761
		2022 STG£ 824,761
		824,761

Many of the grants awarded consist of staged payments which are individual to each project. Some of these staged payments are quarterly, whereas others are dependent on project progress in the case of larger capital projects or are multi-annual in the case of some revenue grants. For this reason only some of the total grants may have been paid in the financial year. Where a grant award consists of multiple payments, each subsequent payment is dependent on an interim report which will include evidence of expenditure of the previous payment and evidence of progress against individually agreed key performance indicators, outputs and outcomes. If this evidence is not produced the subsequent payment may be postponed where it is related to a minor delay or in more serious circumstances where it is evident that the project is not performing or progressing the grant could be withdrawn. This could result in no future payments being made and in most serious circumstances a request for funding to be returned, neither of these circumstances have occurred in the current financial period.

The time between the Trustee agreeing the award and the time the Grant Agreement is signed and a payment made can mean that the payments are not made until the following financial year.

Page 50

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

22 PRIOR YEAR ADJUSTMENT

It was identified during the year that the Permanent Endowment Funds for the Group were understated due to the inclusion of the historic investment property revaluations losses upon the acquisition of AGF Brandon on 20 July 2021. To correct this error and conform with the Foundation-only statements presentation, the 2022 consolidated brought forwards have been adjusted. The impact of this is shown below:

Group Balance brought forward Revaluation adjustment Investment gains Adjusted balance brought forward	Restricted Reserves Permanent Endowment Funds 2022 Total STG£ STG£ STG£ 884,589,746 (351,645,809) 532,943,937 (351,645,809) 351,645,809 - 32,744,112 (32,744,112) -
	565,688,049 (32,744,112) 532,943,937

Further, for clarity, the cash and property gifts of STG£410,368,435, received by the Foundation during the year ended 31 March 2022 has been reclassified in note 23 from "income" to "capital" in order to better reflect the nature of the introduction of the funds to the Permanent Endowment Fund. The impact of this is shown below:

Foundation Income British Church Grants Irish Church Grants General Fund Grants Capital British Church Grants Irish Church Grants General Fund Grants	31 March 2021 Reclassification 31 March 2022 STG£ STG£ STG£ 152,328,763 (152,328,763) - 76,164,382 (76,164,382) - 181,875,290 (181,875,290) - Permanent Endowment Funds
	410,368,435 (410,368,435) -
	- 152,328,763 152,328,763 - 76,164,382 76,164,382 - 181,875,290 181,875,290
	- 410,368,435 410,368,435

Page 51

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

23 ANALYSIS OF THE MOVEMENT IN CHARITABLE FUNDS

Group Permanent endowment funds British Church Grants Irish Church Grants General Fund Grants Restricted funds British Church Grants Irish Church Grants General Fund Grants Totals Group Permanent endowment funds British Church Grants Irish Church Grants General Fund Grants Restricted funds British Church Grants Irish Church Grants General Fund Grants Totals	Restated Restated Fund balance at 21 July 2021 Income Expenditure Investment gains Transfers Other recognised losses Fund balance at 31 March 2022 STG£ STG£ STG£ STG£ STG£ STG£ STG£** - - - 13,855,621 150,175,803 (185,600) 163,845,824 - - - 6,927,810 75,087,902 (92,800) 81,922,912 - - - 16,543,134 179,304,730 (221,600) 195,626,264
	- - - 37,326,565 404,568,435 (500,000) 441,395,000 197,828,790 15,142,677 (4,559,570) 12,154,614 (150,175,803) (17,638) 70,373,070 98,914,395 7,571,339 (2,279,785) 6,077,307 (75,087,902) (8,819) 35,186,535 236,200,752 18,079,834 (5,443,969) 14,512,191 (179,304,730) (21,060) 84,023,018
	532,943,937 40,793,850 (12,283,324) 32,744,112 (404,568,435) (47,517) 189,582,623
	532,943,937 40,793,850 (12,283,324) 70,070,677 - (547,517) 630,977,623
	Restated Fund balance at 31 March 2022 Income Expenditure Investment losses Transfers Other recognised losses Fund balance at 31 March 2023 STG£ STG£ STG£ STG£ STG£ STG£ STG£* 163,845,824 - - (15,599,722) 22,923,798 (675,584) 170,494,316 81,922,912 - - (7,799,861) 11,461,899 (337,792) 85,247,158 195,626,264 - - (18,625,530) 27,370,224 (806,624) 203,564,334
	441,395,000 - - (42,025,113) 61,755,921 (1,820,000) 459,305,808 70,373,071 16,910,204 (9,830,329) 58,855 (22,923,798) (132,266) 54,455,737 35,186,535 8,455,102 (4,915,165) 29,428 (11,461,899) (66,133) 27,227,868 84,023,017 20,190,200 (11,737,074) 70,271 (27,370,224) (157,920) 65,018,270
	189,582,623 45,555,506 (26,482,568) 158,554 (61,755,921) (356,319) 146,701,875
	630,977,623 45,555,506 (26,482,568) (41,866,559) - (2,176,319) 606,007,683

• See Note 22 for details of the prior year adjustment.

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

23 ANALYSIS OF THE MOVEMENT IN CHARITABLE FUNDS (continued)

Foundation Permanent endowment funds British Church Grants Irish Church Grants General Fund Grants Restricted funds British Church Grants Irish Church Grants General Fund Grants Totals Foundation Permanent endowment funds British Church Grants Irish Church Grants General Fund Grants Restricted funds British Church Grants Irish Church Grants General Fund Grants Totals	Fund balance at 31 March 2021 Income Capital Expenditure Investment gains Transfers Other recognised losses Fund balance at 31 March 2022 STG£ STG£ STG£ STG£ STG£ STG£ STG£ STG£ - - 152,328,763 - 11,702,661 - (185,600) 163,845,824 - - 76,164,382 - 5,851,330 - (92,800) 81,922,912 - - 181,875,290 - 13,972,574 - (221,600) 195,626,264
	- - 410,368,435 - 31,526,565 - (500,000) 441,395,000 4,509,070 16,585,589 - (2,473,153) - - - 18,621,506 2,254,535 8,292,795 - (1,236,577) - - - 9,310,753 5,383,674 19,802,621 - (2,952,860) - - - 22,233,435
	12,147,279 44,681,005 - (6,662,590) - - - 50,165,694
	12,147,279 44,681,005 410,368,435 (6,662,590) 31,526,565 - (500,000) 491,560,694
	Fund balance at 31 March 2022 Income Capital Expenditure Investment losses Transfers Other recognised losses Fund balance at 31 March 2023 STG£ STG£ STG£ STG£ STG£ STG£ STG£ STG£ 163,845,824 - 12,999,089 - (15,599,723) 9,924,710 (675,584) 170,494,316 81,922,912 - 6,499,544 - (7,799,861) 4,962,355 (337,792) 85,247,158 195,626,264 -15,520,463 - (18,625,530) 11,849,761 (806,624) 203,564,334
	441,395,000 - 35,019,096 - (42,025,114) 26,736,826 (1,820,000) 459,305,808 18,621,506 20,146,684 - (8,813,406) - (9,924,710) - 20,030,074 9,310,753 10,073,342 - (4,406,703) - (4,962,355) - 10,015,037 22,233,43524,054,445 - (10,522,902) - (11,849,761) - 23,915,217
	50,165,694 54,274,471 - (23,743,011) - (26,736,826) - 53,960,328
	491,560,694 54,274,471 35,019,096 (23,743,011) (42,025,114) - (1,820,000) 513,266,136

Page 53

THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

23 ANALYSIS OF THE MOVEMENT IN CHARITABLE FUNDS (continued)

The Foundation holds the following funds:

Permanent endowment fund - represents the endowment which is held as capital in perpetuity so that only the income is available for distribution.

Restricted income fund - represents money which is intended to enable the Foundation to maintain the capacity for making grants whilst balancing the needs of present and future beneficiaries.

The Foundation’s governing document goes on to provide that these reserves be further apportioned to the following funds:

1. The Irish Church Fund (for charitable causes connected to the Roman Catholic Church in the Republic of Ireland);

2. The British Church Fund (for charitable causes connected to the Roman Catholic Church in England, Isle of Man and Wales); and

3. The General Fund (for charitable purposes in England, Isle of Man, Republic of Ireland and Wales)

The grant-making policies set out the following proportions:

1. The Irish Church Fund – 18.56%

2. The British Church Fund – 37.12%

3. The General Fund – 44.32%

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

24 ALLOCATION OF ASSETS AND LIABILITIES BY FUND

Group Notes Fixed assets Intangible fixed assets 16 Tangible fixed assets 12 Investment properties 15 Current assets Listed investments 14 Debtors 17 Cash at bank and in hand 18 CREDITORS (Amounts falling due within one year) 19 CREDITORS (Amounts falling due in more than one year) 20 TOTAL NET ASSETS	Restricted funds Permanent Endowment Funds 2023 Total STG£ STG£ STG£ 52,766 - 52,766 23,423 3,780,000 3,803,423 38,133,247 417,519,999 455,653,246 38,209,436 421,299,999 459,509,435 10,055,369 - 10,055,369 13,279,852 - 13,279,852 98,106,222 38,005,809 136,112,031 121,441,443 38,005,809 159,447,252 (12,688,291) - (12,688,291) (260,713) - (260,713) 146,701,875 459,305,808 606,007,683 31 March 2023	Restricted funds Permanent Endowment Funds 2022 Total STG£ STG£ STG£ 87,911 - 87,911 35,138 5,600,000 5,635,138 38,704,882 429,995,000 468,699,882 31 March 2022
		38,827,931 435,595,000 474,422,931 5,518,789 - 5,518,789 7,145,235 - 7,145,235 142,787,141 5,800,000 148,587,141
		155,451,165 5,800,000 161,251,165 (4,515,040) - (4,515,040) (181,433) - (181,433)
		189,582,623 441,395,000 630,977,623

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

24 ALLOCATION OF ASSETS AND LIABILITIES BY FUND

Foundation Notes Fixed assets Tangible fixed assets 12 Investments Investment properties 15 Current assets Debtors 17 Cash at bank and in hand 18 CREDITORS (Amounts falling due within one year) 19 TOTAL NET ASSETS	Restricted funds Permanent Endowment Funds 2023 Total STG£ STG£ STG£ - 3,780,000 3,780,000 105 - 105 87,357 417,519,999 417,607,356 87,462 421,299,999 421,387,461 8,773,523 - 8,773,523 64,302,264 38,005,809 102,308,073 73,075,787 38,005,809 111,081,596 (19,202,921) - (19,202,921) 53,960,328 459,305,808 513,266,136 31 March 2023	Restricted funds Permanent Endowment Funds 2022 Total STG£ STG£ STG£ - 5,600,000 5,600,000 105 - 105 87,356 429,995,000 430,082,356 31 March 2022
		87,461 435,595,000 435,682,461 529,982 - 529,982 54,193,156 5,800,000 59,993,156
		54,723,138 5,800,000 60,523,138 (4,644,905) - (4,644,905)
		50,165,694 441,395,000 491,560,694

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

25 PROVISIONS Group Provisions introduced at the start of the period Movement in provisions As at 31 March	2023 STG£ 300,628 (279,114) 21,514	2022 STG£ 96,848 203,780
		300,628

The Directors of Derwent Management Limited resolved to approve a termination payment to a former employee. This was paid in April 2023.

26 CONTINGENT LIABILITIES

The Group held the contingent liabilities as follows:

Group Undertakings under S106 and S278 Town and Country Planning Act 1990	2023 STG£ 81,550 81,550	2022 STG£ 151,550
		151,550

Contingent liabilities are not recognised in the accounts. There is a risk that wholly owned subsidiary Anglo International Upholland Limited will be issued an urgent works notice by the Local Authority for works and repairs to be carried out on the Seminary, being a grade listed building. The risk, whilst not presently being considered either probable or remote requires disclosure, with the possible works being estimated at STG£15m (2022: STG£10.4m).

27 OPERATING LEASES

As at 31 March 2023, the Group is contracted to receive the following annual receipts in respect of operating leases;

Group Within 1 year After 1 year & not later than 5 years Above 5 years Foundation Within 1 year After 1 year & not later than 5 years Above 5 years	2023 STG£ 34,797,222 117,208,205 128,842,798 280,848,225 2023 STG£ 33,095,282 111,927,522 118,910,176 263,932,980	2022 STG£ 2,842,907 4,916,698 9,095,888
		16,855,493
		2022 STG£ 1,426,102 - -
		1,426,102

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

28 RELATED PARTY TRANSACTIONS AND BALANCES

28.1 Transactions and balances with related parties

During the period the group had dealings with related party undertakings as follows:

Group Opening balance Movement in the year Closing balance (Note 28.2 & 28.3) Foundation Opening balance Movement in the year Closing balance (Note 28.2 & 28.3)	Total STG£ Creditors (367,437) 2,696 (364,741) (1,619,680) (7,342,827) (8,962,507)	Total STG£ Debtors 404,490 (456,953) (52,463) 163,472 (163,472) -	Total STG£ Combined 37,053 (454,257)
			(417,204)
			(1,456,208) (7,506,299)
			(8,962,507)

Included within the movement in the year are the following material transactions:

• Rent and service charge expense of STG£50,484 (2022: STG£Nil) paid to Derwent Estates Limited

• Group service recharge of STG£1,558,890 (2022: STG£339,468) paid to Derwent Estates Limited

• Group service recharge of £1,848,058 (2022: STG £179,212) paid to Derwent Management Limited

28.2 Balances with related parties

Debtors - amounts falling due within one year:

Group Alvanley Limited Hafod Management Services Company Limited Mount Murray Homes Limited College Farm Management Company Limited The Mallards Management Company Limited The Santon Private Trust Company Limited The Old Foundry Management Services Company Limited	2023 STG£ - 11,160 30,056 - - - 11,247 52,463	2022 STG£ 1,805 10,624 29,328 13 2,069 355,638 5,013
		404,490

The above balances are interest free, unsecured and repayable on demand. These balances relate to group companies which have been excluded from the consolidation on the basis that they are a non core entity and are immaterial to the group, refer to note 13 for further details.

Foundation Derwent Management Limited AGF Brandon Limited Anglo International Upholland Limited	2023 STG£ - 12,154 - 12,154	2022 STG£ 147,332 380 15,760
		163,472

The above balances are interest free, unsecured and repayable on demand.

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

28 RELATED PARTY TRANSACTIONS AND BALANCES (continued)

28.3 Creditors - amounts falling due within one year:

Group Deposit liabilities for estate of Albert Gubay (the Foundation's founder)	2023 STG£ 364,741 364,741	2022 STG£ 367,437
		367,437

Deposit liabilities held on behalf of the estate of Mr Gubay (the Foundation's founder) were repayable on demand, interest free and unsecured. These were held within a subsidiary company, Derwent Capital Limited.

Foundation Derwent Capital Limited Mardown Limited Derwent Development Management Limited Derwent Estates Limited Derwent Holdings Limited Albert Gubay Charitable Foundation No. 2 Cashtal Properties Limited Derwent Group Holdings Limited	2023 STG£ 8,563,325 399,182 - - - - - - 8,962,507	2022 STG£ - - 44,225 25,546 1,485,092 50 32,500 32,267
		1,619,680

The above balances are interest free, unsecured and repayable on demand.

28.4 The transactions and balances within the year relate to group undertakings apart from the transactions with the Santon Private Trust Company ("SPTC") which is a company outside of the group, however, a related party due to the significant influence that the group has over SPTC. Included within the movement for the year were payment of legal and professional expenses on behalf of Santon Trust Private Company amounting to STG£248,546 (2022: STG£Nil), funded by Derwent Capital Limited for professional fees paid in relation to a Deed of Indemnity between AGF Brandon Limited and the Santon Private Trust Company Limited.

The following donations were received by the Foundation from related parties without condition:

• Qualifying charitable donation of STG£170,118 from Derwent Estates Limited

• Qualifying charitable donation of STG£11,314,608 from Derwent Holdings Limited

• Cash gift of STG£12,000,000 from Derwent Capital Limited

• Cash gift of STG£23,000,000 from Derwent Holdings Limited

• Gift of investment properties amounting to STG£19,096 from Derwent Holdings Limited

29 COMMITMENTS

29.1 CAPITAL COMMITMENTS

There were capital commitments of STG£73.7m as at 31 March 2023 (2022: STG£67.8m). These commitments have arisen from the development costs contractually agreed and authorised by the Directors of Derwent Development Management Limited on behalf of the Albert Gubay Charitable Foundation, a related party, that own the properties and ultimately bear the costs.

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

29 COMMITMENTS (continued)

29.2 GRANT COMMITMENTS

The Foundation has the following commitments to make further grant awards should certain conditions be met to the satisfaction of the Foundation:

British Church Fund ######### Irish Church Fund ########## General Fund ########## Total further grants subject to certain conditions British Church Fund Due during the remaining period to 31 December 2023: Archdiocese of Westminster - Caritas Bakhita House Archdiocese of Birmingham - St Elizabeth's Community Hall Archdiocese of Cardiff - St Illtyd's Archdiocese of Westminster Caritas Salford - Bury Red Door Caritas Salford - Cornerstones Catholic Care (D of Leeds) D of Arundel & Brighton - St Thomas D of Hallam - Carmel Care Centre D of Leeds - Holy Rosary Church D of Portsmouth - Hubs DePaul Diocese of Leeds - St Augustine's Leeds Diocesan Trust - St Wilfred's Little Sisters of the Poor - Leeds Little Sisters of the Poor - Leeds & Newcastle Out There Supporting Families of Prisoners Portsmouth Diocesan Trust Roman Catholic Diocese of Hallam Santa Marta Group Shrewsbury RC Diocesan Trust - St Joseph's St John of God Hospitaller Services St Mary's Catholic University St Mary's University The Kenelm Youth Trust The Nehemiah Project The Salford Diocesan Trust - St Edmund's Church Ukrainian Catholic Eparchy Your Place (London) Ltd Archdiocese of Westminster - SEIDS	2023 STG£ 4,335,428 ########## 1,069,357 ########## 11,852,440 ########## 17,257,225	2022 STG£ 2,324,820 273,929 3,980,523
		6,579,272
		STG£ 100,000 300,000 268,000 300,000 59,102 100,000 22,120 32,968 6,050 6,423 30,000 93,821 25,000 50,000 200,000 200,000 35,500 300,000 21,000 250,000 310,184 46,640 10,000 19,350 20,000 50,000 100,000 45,000 100,000 45,000
		3,146,158

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

29.2 GRANT COMMITMENTS (continued)

British Church Fund

Due during the year to 31 December 2024: Archdiocese of Cardiff - St Illtyd's Borderlands Caritas Salford - Bury Red Door Caritas Salford - Cornerstones Catholic Care (D of Leeds) D of Hallam - Carmel Care Centre D of Portsmouth - Hubs DePaul Nugent Care Santa Marta Group Due during the year to 31 December 2025: AD of Westminster - SEIDS Caritas Salford - Cornerstones Nugent Care Santa Marta Group Due during the year to 31 December 2026: Santa Marta Group Irish Church Fund Due during the remaining period to 31 December 2023: Archdiocese of Dublin - Holy Redeemer Archdiocese of Dublin - Our Lady of Victories Archdiocese of Dublin - St Andrew's Archdiocese of Dublin - St Brigid's Crosscare - Migrants Crosscare - Portland Row Centre D of Armagh - Redemptorist Mater D of Cork & Ross - Gurranabraher Youth Diocese of Ardagh & Clonmacnoise - St Patrick's Diocese of Clogher - St Patrick's Basilica Diocese of Cork and Ross - Farranferris Diocese of Elphin Diocese of Kildare and Leighlin - St Brigid's Due during the year to 31 December 2024: Ballina Churches Together Crosscare - Mental Health Support Crosscare - Migrants D of Armagh - Redemptorist Mater	STG£ 60,000 41,981 121,753 100,000 22,370 6,100 30,000 98,758 9,654 500,000
	990,616
	14,000 50,000 9,654 125,000
	198,654
	125,000
	130,000 160,000 8,400 75,000 42,833 20,000 172,900 71,451 50,000 75,000 50,000 25,000 5,000
	885,584
	25,000 72,715 42,833 43,225
	183,773

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

29.2 GRANT COMMITMENTS (continued)

General Fund

Due during the remaining period to 31 December 2023: A Band of Brothers Abergele Community Action Access Sport Action Medical Research - PRIOR AI AF & V Launchpad AF & V Launchpad - Liverpool Age UK - West Sussex Age UK - Wakefield District Albert's of Salford CIO ASPIRE Asthma & Lung UK Ategi Limited Avery Fields Community Sports Trust - Wheelchair Rugby Back on Track Bendrigg Trust - Someone Like Me Blood Cancer Research (Bloodwise) Bolton Lads & Girls Club Carlisle Youth Zone Church Urban Fund - Wayfinder Coffee 4 Craig Community Initiatives South West Community Little Hulton Contact a Family Crohn's & Colitis UK Emmaus Merseyside Families United Network Family Care Trust FareShare UK (North Wales) Fight for Sight Fylde Community Association - Wheelchair Rugby Gilgal Birmingham Greater Manchester Youth Network Groundwork Greater Manchester - Carers Grow UK Halow Birmingham Home Start Cymru for Families Homeless Support Project Hope at Home Hospice Care (IoM) Just Ice Kennedy Street Foundation Kensington Fields Community Association Macular Society Macular Society - AMD & CFI Making It Out Meath Epilepsy Charity Multiple Sclerosis Society Muscular Dystrophy UK - Charcot Marie North West Cancer Research Oasis Domestic Abuse Service Ltd Pan Intercultural Arts Sub-total

STG£ 90,000 63,000 21,175 83,352 30,026 29,813 40,000 80,000 50,000 18,000 84,593 45,029 16,000 105,000 33,364 54,080 30,233 30,000 50,000 30,000 20,000 1,037,900 25,000 44,361 50,000 15,000 93,500 88,822 181,081 20,000 20,000 56,195 73,724 50,000 22,500 90,000 47,365 35,000 133,333 25,000 45,000 31,805 390,000 20,000 56,935 76,848 157,514 74,853 100,000 45,846 100,000

4,211,247

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

29.2 GRANT COMMITMENTS (continued)

General Fund Due during the remaining period to 31 December 2023: Brought forward sub-total Parents Against Child Exploitation (PACE) Phoenix Charity Project Turn-Over Prostate Cancer UK Pure Insight Re:Source Blackburn Reach Learning Disability Recycling Lives Rhyl Little Theatre Rotunda Salford CVS Salford Loaves & Fishes Sanctuary Trust - N Wales Homeless Sanctuary Trust - Oldham & Rochdale Sandwell Citizens Advocacy Sawyers Church Somerset & Avon Sexual Abuse Support South Essex Community Hub SPOONS Sport4Life UK Sporting Challenge St Christopher's Fellowship IOM Stanley Grange Community Association Stonebridge City Farm Stroke Association Style Acre SWACA The Burrough Harmony Centre The Cathedral Quarter Trust - Cathedral The Cure Parkinson's Trust The Garwood Foundation The Harbour The Mary Steven's Hospice The Matthew Project The Mortimer Society The Mustard Tree The National Youth Advocacy Service The Stroke Association THOMAS Together Dementia Support - At Home Venus Waltham Forest Churches Homeless Project Warwickshire Wheelchair Basketball Academy Waters Edge Arts Ltd We Mind The Gap Wellbeing of Women West London Mission Methodist Circuit Whitechapel Centre Yad Veachisomoch L'Chaim - Foodbank Yeldall Christian Centres

STG£ 4,211,247

47,660 6,750 50,000 200,000 105,000 20,800 66,465 210,600 105,000 89,847 375,000 71,940 41,459 23,400 27,500 10,000 21,233 24,470 46,100 100,000 28,500 78,932 65,000 67,490 31,177 100,000 22,964 60,000 250,000 150,000 9,000 25,000 4,000 32,140 160,867 72,500 37,764 133,666 100,000 39,946 7,000 100,000 20,000 44,100 50,000 9,600 25,000 97,075 50,000 30,000

7,756,192

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

29.2 GRANT COMMITMENTS (continued)

General Fund

Due during the year to 31 December 2024:	STG£
Abergele Community Action	39,000
Action Medical Research - PRIOR AI	43,482
AF & V Launchpad	31,227
AF & V Launchpad - Liverpool	31,303
ASHAR	15,600
Azad Kashmir Welfare Association	25,000
Back on Track	35,000
Bendrigg Trust - Someone Like Me	37,449
Bolton Lads & Girls Club	30,837
Broughton House - Admiral Nurse	43,148
Chapter West Cheshire	25,715
Church Urban Fund - Wayfinder	50,000
Clapton Common Boys Club	4,974
Contact a Family	25,000
Epilepsy Research UK	35,000
Fortalice - Family Worker No 2	20,818
Fylde Community Association - Wheelchair Rugby	20,000
Greater Manchester Youth Network	54,279
Groundwork Greater Manchester - Carers	75,802
Grow UK	60,000
Halow Birmingham - Prisoner's Children	23,250
Hope at Home	35,000
Hope for Justice	25,000
Hospice Care (IoM)	133,333
Macular Society - AMD & CFI	10,000
Mersey Counselling & Therapy Service	34,330
Multiple Sclerosis Society	236,486
New Horizon Youth Centre	50,000
Parents Against Child Exploitation (PACE)	49,740
Recycling Lives	31,212
Salford CVS	750,000
Sandwell Citizens Advocacy	28,000
Sefton Women's & Children's Aid	32,906
SNAPS	13,542
Somerset & Avon Sexual Abuse Support	21,657
Sport4Life UK	100,000
The Brain Tumour Charity (SRC)	83,334
The Harbour	25,000
The Living Room	60,000
The Matthew Project	33,150
The Meath Epilepsy Charity	27,384
The Sanctuary Trust - N Wales Homeless	42,288
The Stroke Association	34,131
Together Dementia Support - At Home	39,946
Warwickshire Wheelchair Basketball Academy	20,000
Waters Edge Arts Ltd	45,425
We Mind The Gap	25,000
West London Mission	25,000
Whitechapel Centre	98,345
Women's Health Matters	22,500

2,859,593

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THE ALBERT GUBAY CHARITABLE FOUNDATION AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 (continued)

29.2 GRANT COMMITMENTS (continued)

General Fund Due during the year to 31 December 2025: Azad Kashmir Welfare Association Back on Track Broughton House - Admiral Nurse Contact a Family Greater Manchester Youth Network Grow UK Multiple Sclerosis Society Salford CVS Due during the year to 31 December 2026: Multiple Sclerosis Society	STG£ 25,000 35,000 44,873 20,217 55,079 70,000 157,729 750,000
	1,157,898
	78,757
	78,757

Grants are only awarded based on the funds available for distribution, whether these are one-off grant payments or multi-annual payments. No commitments are made where the funds are not available. Therefore, no grants are awarded where they are dependent on future income. The longest commitment undertaken is 5 years, though in general, commitments are usually no longer than 3 years.

30 PARENT UNDERTAKING AND ULTIMATE CONTROLLING PARTY

As at 31 March 2023, the immediate and ultimate controlling party of the Albert Gubay Charitable Foundation is Albert Gubay Trustee Limited, a company incorporated in England and Wales, in its capacity as the Foundation's Trustee.

31 EVENTS SINCE THE STATEMENT OF FINANCIAL POSITION DATE

Qualifying charitable donations of STG£261,494 from Cashtal Properties Limited, STG£313,522 from Derwent Development Management Limited and STG£108,024 from Derwent Estates Limited were received on 6 December 2023 by Albert Gubay Trustee Limited in its capacity as the Trustee of the Albert Gubay Charitable Foundation.

On 28 July 2023, Albert Gubay Trustee Limited in its capacity as the Trustee of the Albert Gubay Charitable Foundation disposed of Cardinal House for STG£11,000,000.

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