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**Charity registration number 1198295** 

## **THE GFY TRUST** 

**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023** 



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## **THE GFY TRUST** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

**Trustees** Jennifer Holdsworth Henry Rhodes Kim Manning-Cooper **Charity number** 1198295 **Auditor** Windsor Audit Limited 65 Compton Street London EC1V 0BN 



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## **THE GFY TRUST** 

## **CONTENTS** 

||**Page**|
|---|---|
|Trustees' report|1|
|Statement of trustees' responsibilities|2|
|Independent auditor's report|3 - 5|
|Statement of financial activities|6|
|Balance sheet|7|
|Statement of cash flows|8|
|Notes to the financial statements|9 - 11|





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## **THE GFY TRUST** 

## **TRUSTEES' REPORT** 

## _**FOR THE PERIOD ENDED 30 JUNE 2023**_ 

The trustees present their annual report and financial statements for the period ended 30 June 2023. 

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). 

## **Structure, governance and management** 

The trustees who served during the period and up to the date of signature of the financial statements were: Jennifer Holdsworth 

Henry Rhodes Kim Manning-Cooper 

The trustees' report was approved by the Board of Trustees. 


Jennifer Holdsworth 


Henry Rhodes 

3 September 2024 

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## **THE GFY TRUST** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** _**FOR THE PERIOD ENDED 30 JUNE 2023**_ 

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. 

In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards 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 charity will continue in operation. 

The trustees are responsible for keeping sufficient accounting records that 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

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## **THE GFY TRUST** 

## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GFY TRUST** 

## **Opinion** 

We have audited the financial statements of The GFY Trust (the ‘charity’) for the period ended 30 June 2023 which comprise of the statement of financial activity, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 charity’s affairs as at 30 June 2023, and of its incoming resources and application of resources, including its income and expenditure, 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 responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity'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. 

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, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. 

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## **THE GFY TRUST** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GFY TRUST** 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which 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' report; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on page 2, 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion, we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management. 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. 

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information. 

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## **THE GFY TRUST** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GFY TRUST** 

Our audit tests included agreeing the financial statements and disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/ audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99sresponsibilities-for. This description forms part of our auditor’s report. 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

## **Use of our report** 

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

......................... 

**Windsor Audit Limited (Statutory Auditor)** 65 Compton Street 

**London EC1V 0BN** 

Dated: 3 September 2024 

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## **THE GFY TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** 

## _**FOR THE PERIOD ENDED 30 JUNE 2023**_ 

|||**Unrestricted**|
|---|---|---|
|||**funds**|
|||**2023**|
||**Notes**|**£**|
|**Income from:**|||
|Donations and legacies|**2**|2,100,000|
|Charitable activities|**3**|1,070,480|
|**Net income and movement in funds**||1,029,520|
|**Reconciliation of funds:**|||
|Fund balances at 18 March 2022||-|
|**Fund balances at 30 June 2023**||1,029,520|



The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities. 

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## **THE GFY TRUST** 

## **BALANCE SHEET** 

## _**AS AT 30 JUNE 2023**_ 

|||**2023**||
|---|---|---|---|
||**Notes**|**£**|**£**|
|**Current assets**||||
|Cash at bank and in hand||1,038,270||
|**Creditors: amounts falling due within one year**|**7**|8,750||
|Net current assets|||1,029,520|
|**The funds of the charity**||||
|Unrestricted funds|||1,029,520|
||||1,029,520|
|The financial statements were approved by the trustees on 3 September 2024||||
|Jennifer Holdsworth||Henry Rhodes||
|**Trustee**||**Trustee**||



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## **THE GFY TRUST** 

## **STATEMENT OF CASH FLOWS** _**FOR THE PERIOD ENDED 30 JUNE 2023**_ 

||||**2023**||
|---|---|---|---|---|
||**Notes**|**£**||**£**|
|**Cash flows from operating activities**|||||
|Cash generated from/(absorbed by) operations|**10**|||1,038,270|
|**Net cash used in investing activities**||||-|
|**Net cash used in financing activities**||||-|
|**Net increase in cash and cash equivalents**||||1,038,270|
|Cash and cash equivalents at beginning of period||||-|
|**Cash and cash equivalents at end of period**||||1,038,270|



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## **THE GFY TRUST** 

## **NOTES TO THE  FINANCIAL STATEMENTS** _**FOR THE PERIOD ENDED 30 JUNE 2023**_ 

## **1 Accounting policies** 

## **Charity information** 

The GFY Trust is a Charitable Incorporated Organisation (CIO). 

## 1.1 **Reporting period** 

These financial statements have been produced for the period 18 March 2022 to 30 June 2023, which is the charity's first reporting period. 

## **1.2 Accounting convention** 

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. 

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 

## **1.3 Going concern** 

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 

## **1.4 Charitable funds** 

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 

Restricted funds are subject to specific conditions by donors or grantors 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 charity. 

## **1.5 Income** 

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. 

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 

## **1.6 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. 

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## **THE GFY TRUST** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 30 JUNE 2023**_ 

## **1 Accounting policies** 

## **(Continued)** 

## **1.7 Cash and cash equivalents** 

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 

## **2 Income from donations and legacies** 

||**Unrestricted**|
|---|---|
||**funds**|
||**2023**|
||**£**|
|Donations and gifts|2,100,000|



## **3 Expenditure on charitable activities** 

|**Direct costs**<br>Bank Fees<br>Bookkeeping Costs<br>Charitable Donations<br>Legal Expenses<br>Printing, Postage and Stationery<br>Accountancy Fees<br>Audit Fees<br>**Analysis by fund**<br>Unrestricted funds|**Expenses**<br>**2023**<br>**£**<br>94<br>316<br>1,052,140<br>9,000<br>180<br>2,750<br>6,000|
|---|---|
||1,070,480|
||1,070,480|



## **4 Trustees** 

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period. 

## **5 Employees** 

The average monthly number of employees during the period was: 

**2023 Number** 

Total - 

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## **THE GFY TRUST** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 30 JUNE 2023**_ 

## **6 Taxation** 

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 

## **7 Creditors: amounts falling due within one year** 

|**Creditors: amounts falling due within one year**||
|---|---|
||**2023**|
||**£**|
|Accruals and deferred income|8,750|



## **8 Unrestricted funds** 

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. 

||**At**|**18**|**March**|**Incoming**|**Resources**|**At 30 June**|
|---|---|---|---|---|---|---|
||||**2022**|**resources**|**expended**|**2023**|
||||**£**|**£**|**£**|**£**|
|General funds|||-|2,100,000|(1,070,480)|1,029,520|



## **9 Related party transactions** 

There were no disclosable related party transactions during the period. 

|**10**<br>**Cash generated from operations**<br>Surplus for the period<br>Movements in working capital:<br>Increase in creditors<br>**Cash generated from/(absorbed by) operations**|**2023**<br>**£**<br>1,029,520<br>8,750|
|---|---|
||1,038,270|



## **11 Analysis of changes in net funds/(debt)** 

The charity had no material debt during the year. 

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