Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **Charity registration number 1198295 (England and Wales)**
## **BTP**
## **FORMERLY THE GFY TRUST**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr H O Rhodes Ms K Manning-Cooper Mr R Williams (Appointed 10 July 2025) **Charity number (England and Wales)** 1198295 **Registered office** 27 Old Gloucester Street London WC1N 3AX **Auditor** Galloways Accounting (Audit) Limited 15 West Street Brighton East Sussex BN1 2RL
Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent auditor's report|3 - 5|
|Statement of financial activities|6 - 7|
|Balance sheet|8|
|Statement of cash flows|9|
|Notes to the financial statements|10 - 14|
Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
The trustees present their annual report and financial statements for the year ended 30 June 2025.
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 trust's 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).
## **Objectives and activities**
The objects of the charity are, in all cases for the public benefit, to benefit 1) such registered charities 2) or such purposes which are charitable according to the law of England and Wales as the trustees see fit.
BTP is a grant-making charitable trust, established to support the work of charities, organisations, and individuals working to effect change and create a more equal and sustainable future. The aims and objectives are achieved by providing grants to appropriate charities and organisations who share like minded goals. Grants are awarded at the sole discretion of the Trustees.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
## **Achievements and performance**
The Trustees continued to oversee the distributing of funds in accordance with its objects.
During 2024/25 £1,162,134 was donated to suitable charities and other organisations to help further BTP’s charitable objectives.
## **Financial review**
We have had a very successful year, during the year our income from donations was £9,333,068 (2024: £3,147,137), our expenditure on charitable activities was £1,174,817 (2024: £994,677) and our unrestricted reserves at year end were £11,370,939 (2024: £3,181,980).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to 12 months total expenditure of projects already committed to which is anticipated to be in the region of £1.5m. This level of reserves has been maintained or exceeded throughout the year. Free reserves at the year end amounted to £2,370,639 (2024: £3,181,980). The Trustees are aware that the free reserves are in excess of the policy and plan to utilise these reserves in coming years.
BTP received a donation of £9m shortly before the year end, the Trustees have designated this to support new projects currently in development. A portion of the designated funds will be put into strategic long-term investments to ensure these projects can be supported long into the future.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Plans for future periods**
In the short term, the trustees intend for the charity to continue to pursue its charitable objects. In addition BTP have a number of committed and planned projects including creating a trading subsidiary and setting up an arts outreach program, these projects will require substantial funding and £9m has been designated to cover this in the immediacy.
## **Structure, governance and management**
The charity is a Charitable Incorporated Organisation (CIO). The governing document was authorised and the charity became a registered charity on 18 March 2022 and changed its name from The GFY Trust to BTP in September 2025.
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Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2025**_
The trustees who served during the year and up to the date of signature of the financial statements were: Ms J M Holdsworth (Resigned 10 July 2025) Mr H O Rhodes Ms K Manning-Cooper Mr R Williams (Appointed 10 July 2025)
New trustees are appointed following a recommendation from the existing board of trustees based on the alignment of those potential trustees with the aims and objectives of the charity, and based on the likelihood of potential new trustees bringing additional skills and experience to the Board.
All new trustees are provided with training and an introduction pack which includes resources provided by the Charity Commission.
The trustees are responsible for all decision making within the charity.
## **Statement of trustees' responsibilities**
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 year.
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.
The trustees' report was approved by the Board of Trustees.
.............................. Mr H O Rhodes **Trustee**
.............................. Ms K Manning-Cooper **Trustee**
01-Oct-25 | 2:11 PDT Date: .............................................
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Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BTP**
## **Opinion**
We have audited the financial statements of BTP (the ‘charity’) for the year ended 30 June 2025 which comprise the statement of financial activities, the balance sheet, the 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 2025 and of its 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 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 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 annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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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Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BTP**
## **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 requires 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 statement of trustees' responsibilities, 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the charity through discussions with management, and from our commercial knowledge and experience of the charity sector;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities SORP 2019, Charities Act 2011, and data protection, anti-bribery, environmental and health and safety legislation;
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance through the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatements, including obtaining an understanding of how fraud might occur; by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge or actual, suspected and alleged fraud;
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BTP**
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journals entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Enquiring of management as to actual and potential litigation and claims;
- Reviewing correspondence with the Charity Commission, relevant regulators and the charity’s legal advisors; and
- Reviewing minutes of trustee board meetings.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **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.
## **Galloways Accounting (Audit) Limited**
**Chartered Accountants Statutory Auditor**
......................... 15 West Street Brighton East Sussex BN1 2RL
Galloways Accounting (Audit) Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a charity under section 1212 of the Companies Act 2006.
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Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
|**Current financial year**
**Unrestricted**
**Unrestricted**
**funds**
**funds**
**general**
**designated**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and gifts
**2**
9,050,000
-
Investments
**3**
30,708
-
**Total income**
9,080,708
-
**Expenditure on:**
Charitable activities
**4**
892,049
-
**Total expenditure**
892,049
-
**Net income**
8,188,659
-
Transfers between funds
(9,000,000)
9,000,000
**Net movement in funds**
**6**
(811,341)
9,000,000
**Reconciliation of funds:**
Fund balances at 1 July 2024
3,181,980
-
**Fund balances at 30 June 2025**
2,370,639
9,000,000|**Restricted**
**funds**
**2025**
**£**
283,068
-
283,068
283,068
283,068
-
-
-
-
-|**Total**
**2025**
**£**
9,333,068
30,708
9,363,776
1,175,117
1,175,117
8,188,659
-
8,188,659
3,181,980
11,370,639|**Total**
**2024**
**£**
3,147,137
-|
|---|---|---|---|
||||3,147,137
994,677|
||||994,677|
||||2,152,460
-|
||||2,152,460
1,029,520|
||||3,181,980|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 6 -
Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
|**Prior financial year**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Donations and gifts
**2**
3,000,000
147,137
**Total income**
3,000,000
147,137
**Expenditure on:**
Charitable activities
**4**
847,540
147,137
**Total expenditure**
847,540
147,137
**Net income and movement in funds**
2,152,460
-
**Reconciliation of funds:**
Fund balances at 1 July 2023
1,029,520
-
**Fund balances at 30 June 2024**
3,181,980
-|**Total**
**2024**
**£**
3,147,137|
|---|---|
||3,147,137
994,677|
||994,677|
||2,152,460
1,029,520|
||3,181,980|
- 7 -
Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST BALANCE SHEET**
## _**AS AT 30 JUNE 2025**_
|**2025**
**Notes**
**£**
**£**
**Current assets**
Cash at bank and in hand
11,377,239
**Creditors: amounts falling due within**
**one year**
**10**
(6,600)
**Net current assets**
11,370,639
**The funds of the charity**
Unrestricted funds - general
**13**
2,370,639
Unrestricted funds - designated
**12**
9,000,000
11,370,639
The financial statements were approved by the trustees on .........................
..............................
..............................
Mr H O Rhodes
Ms K Manning-Cooper
**Trustee**
**Trustee**
01-Oct-25 | 2:13 BST|**2024**
**£**
**£**
3,196,080
(14,100)
3,181,980
3,181,980
-
3,181,980|**2024**
**£**
**£**
3,196,080
(14,100)
3,181,980
3,181,980
-
3,181,980|
|---|---|---|
|||3,181,980
-|
|||3,181,980|
||||
- 8 -
Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 30 JUNE 2025**_
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
**16**
**Investing activities**
Investment income received
**Net cash generated from investing activities**
**Net cash generated from financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2025**
**£**
**£**
8,150,451
30,708
30,708
-
8,181,159
3,196,080
11,377,239|**2024**
**£**
**£**
2,157,810
-
-
-
2,157,810
1,038,270
3,196,080|**2024**
**£**
**£**
2,157,810
-
-
-
2,157,810
1,038,270
3,196,080|
|---|---|---|---|
||||2,157,810
1,038,270|
||||3,196,080|
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Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **1 Accounting policies**
## **Charity information**
BTP is a Charitable Incorporated Organisation (CIO).
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's memorandum of association, 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 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial 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.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 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.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it 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.
## **1.5 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.
## **1.6 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.
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Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **2 Income from donations and gifts**
||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|
||**funds**|**funds**||**funds**|**funds**||
||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Donations and gifts|9,050,000|283,068|9,333,068|3,000,000|147,137|3,147,137|
## **3 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Interest receivable|30,708|-|
- **4 Expenditure on charitable activities**
|**Direct costs**
Bank fee
Bookkeeping costs
Charitable donation
Legal expenses
Printing, postage & stationery
IT software
Subscription
Travel
Consulting
**Share of support and governance costs (see note 5)**
Governance
**Analysis by fund**
Unrestricted funds - general
Restricted funds|**Total**
**2025**
**£**
64
429
1,162,134
3,360
195
-
335
-
500
1,167,017
8,100
1,175,117
892,049
283,068
1,175,117|**Total**
**2024**
**£**
123
406
983,375
-
180
1,620
1,561
262
-|
|---|---|---|
|||987,527
7,150|
|||994,677|
|||847,540
147,137|
|||994,677|
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Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **5 Support costs allocated to activities**
|Governance
**6**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements|**Total**
**2025**
**£**
8,100
**2025**
**£**
6,600|**Total**
**2024**
**£**
7,150|
|---|---|---|
|||**2024**
**£**
8,100|
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **8 Employees**
There were no employees during the year (2024: none).
## **9 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **10 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|Accruals and deferred income|6,600|14,100|
## **11 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||**At**|**1**|**July**|**2024**|**Incoming**|**Resources**|**At**|**30**|**June**|
|---|---|---|---|---|---|---|---|---|---|
||||||**resources**|**expended**|||**2025**|
|||||**£**|**£**|**£**|||**£**|
|Donations||||-|283,068|(283,068)|||-|
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Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **11 Restricted funds**
|**Restricted funds**||||**(Continued)**|
|---|---|---|---|---|
|**Previous year:**|**At 1 July 2023**|**Incoming**|**Resources**|**At 30 June**|
|||**resources**|**expended**|**2024**|
||**£**|**£**|**£**|**£**|
|Donations|-|147,137|(147,137)|-|
## **Note to the restricted funds**
The above fund relates to income received from donors to support specific search and rescue operations.
## **12 Unrestricted funds - designated**
These are unrestricted funds which are material to the charity's activities.
||**At**|**1**|**July**|**2024**|**Transfers**|**At 30 June**|
|---|---|---|---|---|---|---|
|||||||**2025**|
|||||**£**|**£**|**£**|
|Designated funds||||-|9,000,000|9,000,000|
The designated fund has been created to support projects that are planned for 2025/26 onwards including creating long term investments to ensure future stability and support of these projects.
## **13 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 1**
General funds
**Previous year:**
**At 1**
General funds|**July 2024**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 30 June**
**2025**
**£**
**£**
**£**
**£**
**£**
3,181,980
9,080,708
(892,049)
(9,000,000)
2,370,639
**July 2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 30 June**
**2024**
**£**
**£**
**£**
**£**
**£**
1,029,520
3,000,000
(847,540)
-
3,181,980|
|---|---|
- 13 -
Docusign Envelope ID: 14B11C4E-5CAC-4982-8FB3-7AB97C11D3B7
## **BTP FORMERLY THE GFY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **14 Analysis of net assets between funds**
|**Unrestricted**
**Unrestricted**
**funds**
**funds**
**general**
**designated**
**2025**
**2025**
**£**
**£**
**At 30 June 2025:**
Current assets/(liabilities)
2,370,639
9,000,000
2,370,639
9,000,000
**Unrestricted**
**Unrestricted**
**funds**
**funds**
**general**
**designated**
**2024**
**2024**
**£**
**£**
**At 30 June 2024:**
Current assets/(liabilities)
3,181,980
-
3,181,980
-
**15**
**Related party transactions**
There were no disclosable related party transactions during the year (2024 - none).
**16**
**Cash generated from operations**
**2025**
**£**
Surplus for the year
8,188,659
**Adjustments for:**
Investment income recognised in statement of financial activities
(30,708)
**Movements in working capital:**
(Decrease)/increase in creditors
(7,500)
**Cash generated from operations**
8,150,451
**17**
**Analysis of changes in net funds**|**Unrestricted**
**Unrestricted**
**funds**
**funds**
**general**
**designated**
**2025**
**2025**
**£**
**£**
**At 30 June 2025:**
Current assets/(liabilities)
2,370,639
9,000,000
2,370,639
9,000,000
**Unrestricted**
**Unrestricted**
**funds**
**funds**
**general**
**designated**
**2024**
**2024**
**£**
**£**
**At 30 June 2024:**
Current assets/(liabilities)
3,181,980
-
3,181,980
-
**15**
**Related party transactions**
There were no disclosable related party transactions during the year (2024 - none).
**16**
**Cash generated from operations**
**2025**
**£**
Surplus for the year
8,188,659
**Adjustments for:**
Investment income recognised in statement of financial activities
(30,708)
**Movements in working capital:**
(Decrease)/increase in creditors
(7,500)
**Cash generated from operations**
8,150,451
**17**
**Analysis of changes in net funds**|**Total**
**2025**
**£**
11,370,639|
|---|---|---|
|||11,370,639|
|||**Total**
**2024**
**£**
3,181,980|
|||3,181,980|
||||
||||
||**2025**
**£**
8,188,659
(30,708)
(7,500)
8,150,451|**2024**
**£**
2,152,460
-
5,350|
|||2,157,810|
||||
The charity had no material debt during the year.
- 14 -