THE GFF UK TRUST UNAUDITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD FROM 21 JULY 2022 TO 31 DECEMBER 2023 THE GFF UK TRUST CONTENTS Page Charity Information Report of the Trust¢os Independent Examlnerfs Report statement of Flnanclal Actlvltles Balance Sheet Accounting Policies and Notes to the Financial Statements THE GFF UK TRUST CHARITY INFORMATION Truslees Julius Gaudio Belma Gaudio Wilhers Trust Corporation Limiled Principal address Withers LLP 20 Old Bailey London EC4M 7AN Charlty Reglslratlon Number 1200526 Independent Examlner Alastair Duke PKF Littlejohn LLP Chartered Account8nls 15 Westterry Circus Canary Wharf London E14 4HD THE GFF UK TRUST REPORT OF THE TRUSTEES Period ended 31 December 2023 Introduction The Trustees have pleasure in presenling this report and the financial statements of the charity for the period from 21 July 2022 to 31 December 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial slalemenls. Rofarance and Administrative Infom)ation The GFF UK TTUSt (the 'Trusl" or'charity) is regislered with the Charity Commission under charity number 1200526. The Truslees and principal address of the charity are listed, along with particulars of its professional advisor, on page 1. The Charity was established on 21 July 2022 and registered wilh the Charity Commission on 29 September 2022. Slructuro. govemanco and management The Trust was set up for the support of such charitable objects as the Trustees decide in accordance with the law of England and Wales. The Governing Document of the Trust is the Trust Deed. The Truslees have power to appoint new truslees. Charltsble Objects The objects of the charity are.. The Trustees shall hold the capilal and income of the Trust Fund upon trust to apply the income, and all or such part or parts of the capital, at such lime or times and in such manner to, or for Ihe benefit of, such exclusively charitable objects and purposes in any part of the world as the Trustees in their discretion think fit. Publ1¢ Beneflt The Trustees confimi that Ihey have due regard to the guidance contained in the Charily Commission's general guidance on PLJblic benefit when reviewing the Trust's aims and objectives, and in planning future activities. Flnanclal revlew Total incoming resources were £125,997. with £2,500 being committed lo govern8nce expenses, resulting in net incoming resources before movements on investment assets of £123,497 for the period. Reserves policy and future plans The Trustees are reviewing the requirement for a resetves policy in light of plans for future periods. It is the intention of the Trustees to raise funds for distribution through grants in furtherance of the charity's objects. Investment policy The Trustees have the power lo invest in such assets as they see fit. Risk management The Trustees have examined the strategic and operational risks which the Trust faces and confim the steps that are appropriate to the Trust have been taken to mitigate these risks, having regard to the fact that the Trust is a newly registered charity- THE GFF UK TRUST REPORT OF THE TRUSTEES Period ended 31 Do¢ember 2023 Statement of Trustees, responslbllltles The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Charity leglslats.on and related regulations prescribe the manner in which Ihe Trustees musl prepare accounts for each financial pericrfj. In the preparation of these accounts, the Trustees have agreed to accept responsibility to ensure that accounts are prepared in accordance with the applicable legislation and regulats"ons. In discharging their responsikn'lities, the Trustees hav8 ensured Ihal.. suitable accounting policies have been selected and consistently applSed.' any judgements and estimates made are reasonable and prudent.. the methods and princi￿eS of the Charities, SORP. Accounting and Reporting by Charities have been observed,, 11 is slated whether applicable United Kingdom Generally AC￿pted Accounting Practice (United Kingdom UK Accounling Standards and applicable law} has been followed. and any departures therefrom are disclosed and explained in the financial statements., and the financial statements have been prepared on the going C￿￿cern basis unless it is inappropriate to presume that the charity will ￿ntinLte in operabon. The Trustees are responsible for keeping pioper financial records which disdose with reasonable accuracy. al any one lime. the financial position of the Trust and enables them lo ensure that the financial slalements comply with the Charities Act 2011. They are respK)nsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and any other irregularities. By Order of the Board of Trust8es For and on behalf ol Wkihers Trusl Corporation Limiled DI[￿Or Director Julia Abrey Matthew w￿dS Directors, for and on behalf of Withers Trust Corporation Limited Trustee 30 October 2024 THE GFF UK TRUST REPORT OF THE INDEPENDENT EXAMINER Independent Exarniner's report to the Trustees of The GFF UK Trust I report lo the charity s Trustees on my examination of the financial statements of The GFF UK Trust for the period ended 31 December 2023, which are set out on pages 5 10 9. This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's Trustees those matters l am required lo state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accepl or assume responsibility lo anyone other than Ihe charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed. Responslbllltles and basls of report As the charity's truslees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {"the Act"). I report in respect of my examination of Ihe charity's accounts carried out under section 145 of Ihe 2011 Acl and in carying out my examination I have followed all the applicable Directions given by Ihe Charity Commission under section 145{5llb) of the Act. Independent examiner's stalement I confimi that l am qualified to undertake the examination because l a member of the Institute of Chartered Accountants in England and Wales. which is one of the listed bodies. I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the applicable requirements conceming the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Alastair Duke FCA For and on behalf of PKF Littlejohn LLP Chartered Accountants 15 Weslferry Circus Canary Wharf London E14 4HD 30 October 2024 THE GFF UK TRUST STATEMENT OF FINANCIAL ACTIVITIES Period ended 31 December 2023 Notes 2023 Income from: Grants and donations 125,997 Total Income 125,997 Expenditure on: Charitable activities 2,500 Total Expendlture 2,500 Net movement offunds 123,497 Balance brought fotward at start of period Balance carried fO￿ard at end of period £123,497 All funds held are unrestricted. The charity had no gains and losses other than those noted above. All income is derived from continuing activities. The accounting policies and notes on pages 7 to 9 form part of these Financial Statements. THE GFF UK TRUST BALANCE SHEET As at 31 Do¢ernber 2023 Nots5 2023 Cuffent Assots Cash at bank and In hand 125.997 125.997 Less: CUr￿nt Llabllltle$ Creditors.. amounts falling dua within one year (2,5001 Net Current A￿et9 123,497 Net Assets £123,497 Represented by., Unrestricted funds £123.497 The Financial State￿nts were approved and authorised for issue by the Trustees on 30 October 2024. For and on behall ol Withers Trust Corporation Llmsled DI1￿01 Dsrecior Julia Abrey Matthew W(x)ds Directors, for and on behalf of Wilhers Trust Corporation Limit& Trustee The accounting poliaes and notes on pages 710 9 fom part of thes8 Fin8ncial Stslements. THE GFF UK TRUST ACCOUNTING POLICIES General information and basis of preparation The GFF UK Trust is a charity in the United Kingdom. The address of the registered office is given in the charity infomiation on page 1 of these financial statements. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance wilh Accounting and Reporting by Charities.. Statement of Recomrllended Practi applicable lo charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102}, the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2019. The accounts (financial statements) have been prepared to give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulalions 2008 only to the extent required lo provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charits'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reporting by Charities.. Slatemenl of Recommended Practice effective from 1 April 2005 which has Sin￿ been withdrawn. The Trustees have assessed the future cashflows of the charity and believe that there will be sufficient inflows to meet liabilities for 8 period of at least twelve months from the date of approval of the financial stalemenls. The financial statements are therefore prepared on the going concern basis. The financial statements are prepared on a going concern basis under the historical cosl convention, modified to include certain items at fair value. The financial statements are prepared in steding which is the functional currency of the chanty and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all periods presented unless othetwise slated. Voluntary Incorne All incoming resources are included in the Statement of Financial Acb'vities ISOFAI when the charity is legally entitled lo the income, after any performance conditions have been met, when the amount can be measured reliably and when it is probable that the income will be received. Income from donations is recognised on receipt, unless there are conditions attached lo the donation Ihat require a level of perfomance before enlitlemenl can be obtained. In this case income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Resources Expended Liabilities are ￿COgnised as resources expended as soon as there is a legal or constructive obligalion committing the charity lo the expenditure. All expenditure is accounted for on an accruals basis and has been classified as Costs of Charitable Activities. Foreign Currency Translation Transactions in foreign currencies are translated at the exchange rate ruling on the date of the transaction. Funds The funds represented on the Balance Sheet are unrestricted funds and can be used at the Trustees, discretion for either capital or revenue purposes on any of the activities carried out by the charity. THE GFF UK TRUST ACCOUNTING POLICIES Taxation The charity is treated for tax purposes as a charity and is not liable to Incom8 Tax on income derived from charitable aclivities. The charity is not registered for VAT. All expenditure amounts in the Statement of Financial Activities (SOFA) are shown inclusive of VAT, where relevant. Judgments and ostimatss There are no significant judgments or estimates in the financial slalemenls other than investments for which the policy has been disclosed. THE GFF UK TRUST NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2023 2023 1. Grants and donations Donations Grant 5,000 120,997 125.997 2. Charitable activities Governance costs £2,500 3. Net movement in funds Net movement in funds is staled after charging.. Independent examiner's fee £2,500 4. Trustees, Employees and Related Party Transactions The Trustees were not remunerated nor reimbursed any expenses during the period. There were no employees oflhe charity in the period. 5. Creditors: amounts falling due within one year Accruals £2,500 6. Contingent Liabilities There were no contingent liabilities a131 December 2023. 7. Relat￿ Party Transactions A granl of £120,997 was received in the period from The Gaudio Family Foundalion, a charity where Julius Gaudio and Belma Gaudio are trustees. 8. Post Balance Sheel Events There have been no events between the period end and the date on which these Financial Statements were approved that would have a significant effect on the Financial Statements. 9. Ulllmate Controlllng Party The Trustees do not consider that there is an ultimate controlling paty.