The GARL Foundation Annual report and unaudited financial statements For the year ended 5 April 2025 The GARL Foundation Legal and administrative information Trustees Mr C J Hopkins l N &)Iton Registered office 68 srarling Road Radcliffe Manchesier United ltingdom M26 4LN Independent examiner DJH Bury ￿Mited The Exchange 5 Bank Street Bury Lancashire BL9 ODN The GARL Foundation Contents Trustees, report Independent examinerfs report Statemenl of financial activities Balan￿ Sheet Notes to the financial statements 6-12 The GARL Foundation Trustees, report For the year ended 5 April 2025 The trustees present thelr annual ￿pOrt and finanoal siatements for the year ended 5 April 2025. The financial statements have been prepared in accordan￿ with the accounting polioes Set out in note I to the financlal statements and comply with the charity's governing document. the Charities Act 2011. FRS 102 'The Financial Reporting St3ndard applicable in the UK and Republic of Ireland and the Charitiès SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies p￿ParIng their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic Of Ireland IFRS 1021.. Ob3ertive5 ond activities The main aim of the charity is to provide support, wa donation and grant5. to other Charities or Volunlary bodies. Achievements and performance SffgnFfic3nt 3Ctiwities 8nd Achievements against objertives The trust has a portfolio of investments via an investment manager. with investments in the following sectors.. Alternative Investment Market, Construction & Building, Financial general and Real Estate. The charity received donalions in the period totalling £21.633 (2024.. ES2,689} and tNa¢Je donations to institurions of £1,044,866 {2024: E958.950). Lnvestment incoffle of £56,114 remained sifflilar to that of £69,210 irb 2024. The Tru5tee5 are satisfied that all of the charity's assets a￿ ststed in the statement of finanoal position in accordance with the charity's accounting policies. In line with 9ood practice the Trustees continue to review and amend polioe5 to ensure Ihat the charitable objectives continue to be met. Golng concern After considering the role of the Irust within Ihe wider community and risk management. the trustees have reasonable expertation that the trust ha5 adeouate iesources ID meel spending commitments for the roreseeable future. Reserves policy As at Ihe period end date, the trust has unrestricted funds of £2.2m {2024 - £3.3m) of which £1.5m 12024 £3.Iml Is hèld within unitised investment funds. All investments held can be readily realised and are therefore. in the opinion of the Iru5tees, induded in the calculation of free reserves. The Irust has minifnal overheads, which primarily relate to charity compliance costs. therefore the truslees are sarisfied that suffioent reserves are available to meet with future plans. Plans for future periods The trust will continue to make grant5 and donations to appropriate institutions as determined by the founder. structure. governance and management The charity is controlled by its governing document, a deed of tr(Jst and constitutes an unincorporated charity. The trustees who served dunng the year and up to the date of signature of the finanual statements were.. GARLomax IDeceaseL1 10 February 2025) Mr C J Hopkins I M Bolton The GARL Foundation Trustees, report (continued) For the year ended 5 April 2025 The rustees. report Wa5 approved by the Btsard of Trustees. MrCJHop Trust¢• ns Date.. The GARL Foundation Independent examiner's report To the trustees of The GARL Foundation I report to the trustees on my examination of the financial statements of The GARL Foundation (the charity) for the year ended 5 April 2025. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statement5 in accordance with the requirements of the Charities Art 2011. I report in respect of my examination of the charity's financial statements carrieL1 out under section 145 of the Charitie5 Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5){b} of the Charities Act 2011. Independent examiner's statement Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charitie5 preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelalld IFRS 1021 in preference to the AccoLJnting and Reporting by Charitie5= Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulation5 but has now been withdrawn. I understand that this has been done in order for the financial Statements to provide a true and fair view in accordance w¢th UK Genernlly Accepted Accounting Practice. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records We￿ not kept in respect of the charily as ￿qUired by section 130 of the Charities Act 2011. the financièl statements do not accord with those records- or the financial statements do not comply with the applicable requiretnents concerning the form and content of financial statements set out in the Charities {Accounts and Reports) Regulation$ 2008 other than any requirement that the financial statements give a true an¢J fair view, which is not a matter considered as part of an independent examination. I have no concern5 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 financial statements to be reached. Richard Askey FCA DJH Bury Limited The Exchange 5 Bank Street 8ury Lèncashire BL9 ODN Oate.. aL/i/a The GARL Foundation statement of financial activities Including income and expenditure account For the year ended 5 April 2025 Unrestricted funds Unrestrlcled funds 2025 2024 Incomè from: Donations and legacies Investments 21.633 56,114 52.689 69,210 Totsl income 77.747 121.899 Expenditure on: Charitable artivities 1,053,695 971.226 Total •xpenditur• 1.053.695 971.226 Net gains/(losses) on investments {188,6481 1142,7691 Net expenditure and movement in funds 11.164,5961 1992.0961 Reconciliation of fund$: Fund balances at 6 April 2024 3.337.252 4.329,348 Fund balances at 5 April 2025 2.172.656 3.337,252 The statement of financial activities includes all gains and losses iecDgnise(J in the year. All income and expendilure derive from continuin9 activities. The GARL Foundation Balance sheet As at 5 April 2025 2025 2024 Notes Fixed assets Investments 1.543.270 3,148,940 Current assets Debtors Cash at bank and in hand 12 5.964 627.922 8.592 184.040 633.886 192.632 Creditors: amounts fallin9 due within one year 13 14.5001 14.3201 Net current assets 629.386 188,312 Total assets less Current liabilities 2.172.656 3,337,252 The funds of the charity Unrestricted funds 14 2.172.656 3,337,252 2.172.656 3.337,252 r'nancial Statements were approved by the trustees on MrCJHo Trustee in5 The GARL Foundation Notes to the financial statements For the year ended 5 April 2025 Accountln9 pollcles Charity information The GARL Foundation is a charity regulated by the charity commissh)n ￿nce its registratton on 6 December 2022. 1.1 Accounting conventlon The financial statements have been prepared in accordonce wtth the cha¥(ty's governlng document. the Charities Aet 2011, FRS 102 "The Finanaal Reportin9 Standard applicable in the UK and Republlc of Lreland" anij the Charilies SORP 'Accounting and Reporting by Charities.. Statement of Recommended Pract1￿ appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the VK and Republic of Ireland (FRS 1021" The charity Is a Public Benefit Entity as defined by FRS 102. The charity ha5 taken advarEtage of the provisions in the SORP for tharitie5 not to prepare a statement of cash flows. The finanaal sratements have ijeparted from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a twe and fair view. Thls departure has Involved followlng the Statemenl of Recommended practi￿ for charities applying FRS 102 rather than the version of the StaEement of Recommended Practice which is refer￿ to in the Regulations but which has since been withdrawn. The finanaal statements are prepared in sterling, which Is the funrtional currenry of the charity. Monetary amounts In these financial stalÈmenis are rounded to the nearest É. The financial statements have been prepared under the historical cost convention, with the exception of investmenls which are included at market value. The principal accounting policies adopted are set out below. L.2 Going concern At the time of approving the finanaal staternents, the truslees have a reasonable expectation thal the charity has adequate resources to continue in operational existence for the foreseeable futurt. Thus the tru5tee5 continue to adopt the going concem basis of accounting in preparing the financial stalement5. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objertives. Restrlcted funds are subject lo specific conditions by donor5 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. 1.4 Income Income is recognised when the charity is legally enbded to it after any perfomionce conditions have been met, the amount5 can be measured reliably. and it is probable that income will be received. Cash donations are recogni5ed on re￿ipt. Other donatiorbs are recogni5ed once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recov*rèble in ￿latiOn to cloDation5 re￿IVed under Gift Aid or ijeeds of ryTrvenant is recognised at the time of the donation. The GARL Foundation Notes to the financial statements (continued) For the year ended 5 April 2025 Accounting policies (Continued) Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution. the amount is known. and re￿ipt 15 expected. If the amount is not kntswn. the legacy is treated 8s a conlingenl assel. 1.5 Expenditu Expenditure is recognised once ihere is a legal or constructive obligation to transfer economic benefit to a ihird 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. Expenditure is da55ified by activity. The costs of each artivity are made up of the total tsf ¢Jirect Costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs attributable to a single attivify are allocated directly to that activity. Shared costs which contribute io more than one activity and support costs which are not attritmjtable to a single activity are apportioned between Ehose activities on a basis consistent vlith the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the asset's use. 1.6 Fixed asset investments Fixed a55et investments are initially measured at tr3n5aCtion price excluding Iransaction costs, an are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpen¢Jltu￿I for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash eguivalents Cash and cash equivalents indude cash in hand. deposits held at call with banks, other short-term liquid inve5tment5 Wlth original maluritte5 of three month5 or les5, and bank overdraft5. overdrafts are shown with(n borrowings in current liabilities. 1.8 Financial instrument5 The charity ha5 elected to apply the provi5ion5 of SectiorTr 11 '8asic Financial Instruments, and Section 12 '0Lher Financial InstrumenLs 155ues' of FRS 102 to all of its finanoal instrufflents. Financial instrument5 are recognised in the charity'5 balan￿ Sheet when the charity becDme5 Party lo the contractual pr(wisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements. when there is a legally enforceable light to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asser anL1 settle the liability simultaneovsly. Basic financial assets Basic financial assets. which include debtors and cash and bank balances. are initially measured at transaction price including transaction cosls and are subsequently carried at amortised cosl using the effective interest method unless the arrangement constitutes a financino transaction. where the transaction 15 measured at the present value of the future re￿IPtS discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. The GARL Foundation Notes to the financial statements (continued) FOT the year ended 5 April 2025 Acf the trustees received remuneration or other benefits for the year enéed 5 April 2025 nor for the period ended 5 April 2024. Legal serylces are provlded by Butther & Barlow LLP. a fimi in which une of the Trustees is materially interested in a partner. Fees for this work amounted to £nil in the year (2024: £8,688). For the year ended 5 April 2025, investment adw50ry* aistody and transaction fees totallirbg EIO,281 12024.. £2,667) were charged by James Sharp & Co LLP. a firm in which one of the Trustees is materially interested in a partner. Trustee5' expenses There were no trustees, expenses paid for the year ended 5 April 2025 nor for the period ended S April 2024. Gains and losses on Investments Unre5trideil Unrestricted funds funds 2025 2024 Gains/llosses) arisln9 On: Revaluation (>f investments Sale of Investments 146.898 (335.5461 (137,0851 15.684) 1188.6481 1142,7691 10 Taxation Th2 charity 15 exempt from taxation on its activities because all its income is applied for tharitable purposes. io- The GARL Foundation Notes to the financial statements (continued) For the year ended 5 April 2025 11 Fixed asset investmtnts Llsted Investments Cost or valuation At S April 2024 Valuation changes Disposals 3,148,940 146,898 11.752,5681 At 5 April 2025 1,543.270 Carrying amount At 05 April 2025 1,543.270 Al 05 April 2024 3,148,940 2025 2024 Investments at fair value comprise.. Cost Valuation 501,262 1,042,008 2.315.568 833.372 1.543,270 3,148,940 12 Debtors 2025 2024 Amounts falling due within one year: other debtor5 5,964 B,592 13 Credwtors: amounts falling due within one year 2025 2014 Trade cre(Jitors Accruals and deferred income 1.320 3,0(K> 4.500 4,50D 4.320 The GARL Foundation Notes to the financlal statements (continued) For the year ended 5 April 2025 14 Unrestrlcted funds The unfftstricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to speafic conditions by donors and gTrntor5 as to how they may be used. These include designated funds which have been set aside of unrestricted funds by rhe trustees for specific purposes. At 6 April 2024 Incorniny Resovrtes resO￿T(e$ expended Galns and losses At S Aprll 2025 General funds 3.337.252 77.747 11.053.695) (188.6481 2.172.656 Previous year: At 6 Apyll Incominy Resoyrc•s Gains av•d At 5 April 2024 General funds 4,329,348 121.899 {971.2261 1142.7691 3.337.252 15 Related party transactlons During the year the trust received donations of £21,633 {2024= £52.689) from G A R Lomax, a trustee and founder of the trusl. 12