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2025-04-05-accounts

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

Charity number: 264042

RUBY & WILL GEORGE TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

CONTENTS

Page
Reference and administrative details of the Trust, its Trustees and advisers 1
Trustees' report 2 - 5
Independent auditors' report on the financial statements 6 - 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12 - 22

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025

Trustees Ross Waters
David George Waters
William Richard Ellis, Chair Of Trustees
Edward Robert Ellis
Charles David Ellis
Andrew Waters
Charity registered
number
264042
Principal office
125 Cloverfield
West Allotment
Newcastle upon Tyne
NE27 0BE
Independent auditors
Kinnair Associates Limited
Chartered Accountants & Statutory Auditor
Aston House
Redburn Road
Newcastle upon Tyne
NE5 1NB
Bankers
Barclays Bank PLC
5 St Ann's Street
Quayside
Newcastle upon Tyne
NE1 2BH
Solicitors
Womble Bond Dickinson (UK) LLP
Helix
The Spark
Draymans Way
Newcastle upon Tyne
NE4 5DE
Administrator
D Slattery
125 Cloverfield
West Allotment
Newcastle upon Tyne
NE27 0BE
Investment Advisors
Barclays Wealth Management
Barclays Investment Solutions Limited
1 Churchill Place
London
E14 5HP
Accountants
Ryecroft Glenton
32 Portland Terrace
Jesmond
Newcastle upon Tyne
NE2 1QP

Page 1

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their annual report together with the audited financial statements of the Trust for the year to 5 April 2025.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

Policies and objectives

The principal object of the charity is to provide for the advancement of education or the relief of poverty among persons employed or formerly employed in commerce or husbands, wives, widows, widowers or issue of such persons.

The Trustees make grants in response to requests for assistance for the objects of advancing education or relieving poverty.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

Review of activities

During the year income of £128,090 (2024 - £117,389) was generated from the investment portfolio, and grants totalling £93,779 (2024 - £108,146) were awarded to 4 institutions and 21 individuals. (2024 - 4 institutions and 22 individuals).

When awards made by the Trust are payable by instalments, and later instalments are conditional, these are regarded as provisionally payable rather than liabilities, the Trustees having no obligation to pay the future instalments.

The Trustees consider the resources of the charity to be adequate to fulfil its obligations.

Investment policy and performance

The Trustees have agreed a policy for investing funds and have given their investment manager the discretion to achieve long-term total return of 5% per year, to be split between income and capital growth, with the expectation that income of at least 2% will be generated.

The Trust's funds are invested with Barclays Wealth Management in a portfolio of securities that matches the Trustees' risk profile. During the year, the portfolio shows a net deficit of £141,421 (2024: net gain of £302,590).

Whilst the Trustees are pleased with the average performance of the portfolio over the long term, they acknowledge the difficult trading conditions in the global market in recent years and the effect this has had on overall growth. The Trustees specifically acknowledge the particularly volatile market conditions at the reporting date lead to an adverse effect on the closing postion of the portfolio that has since recovered and performed well.

Page 2

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Achievements and performance (continued)

Total Return Policy

At a meeting of the Trustees on the 9th November 2024, after expert council from Womble Bond Dickinson (UK) LLP and Barclays Wealth Management, it was agreed that it was in the Trust's best interest to adopt a policy of total return being satisfied that the Trustees have the power under the Trust's constitution, section 104A of the Charities Act 2011 and the Charities (Total Return) Regulations 2013.

The relevant fund was valued at the time at £4,370,520. The Trustees, with advice from Barclays Wealth Management, determined that the Baseline Investment Fund was valued at £2,352,400 as at 5 April 2009. It was agreed that this would form the Trust for Investment Fund and the unapplied total return would be the remaining £2,018,120.

Income from the endowment’s investments has been allocated to the Endowment Fund. An allocation of £161,742 has been made from the unapplied total return fund towards the grants committed by the Trust to benefactors. This amount has been shown as a transfer between funds within the Statement of Financial Activities.

The charity's activities and the public benefit

The Trustees confirm that they have referred to the general guidance on public benefit published by the Charity Commission when reviewing the charity’s objects and when planning future and conducting current grant-making activities and policies.

The Trust exists with dual aims of the alleviation of poverty and the advancement of education. Most of the income generated by the Trust’s assets is paid out by way of either one off or continuing grants, made predominantly to those in higher education. A proportion of the grants is made to those in straitened circumstances.

Whilst the Trustees particularly welcome applications from the North East of England, where the Trust has its roots, the Trust awards funds worldwide, though its focus remains within the United Kingdom.

The Trust predominantly accepts applications online, though a small minority of applicants may use paper-based applications. The Trust accepts referrals from other charitable organisations and third parties, particularly when considering grants for the alleviation of poverty.

Financial review

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Page 3

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Reserves policy

The Trustees' intention is to award grants in line with expected income together with commitments arising from previous awards where grant conditions have been satisfied. Under these circumstances, and given the Trust's low level of overhead and support costs, there is no requirement to maintain a level of reserves that does not impact upon the capital base of the charity.

With the implementation of a policy of total return, the release of unapplied total return has resulted in the transfer of £161,742 to reduce the deficit in unrestricted funds of £140,523 to £30,926.

Structure, governance and management

Constitution

By a deed dated 21 February 1966, the settlor William Frederick George established the Celluware Trust and conveyed to the trustees 2,000 shares in Celluware Limited. The name of the Trust was changed on 24 April 1993.

The Trust was registered with the Charity Commission on 12 October 1973 and was allocated Charity No. 264042.

Methods of appointment or election of Trustees

The number of Trustees shall not be less than three nor more than seven. New Trustees of the Trust shall be appointed by the continuing Trustees. The trust deed requires that at all times the board includes two lineal descendants of the settlor and his wife, Ruby Eileen George.

Trustee remuneration and indemnity

The Trustees shall act without any remuneration except in the case of Trustees who are engaged in the professions of accountants or solicitors when such Trustees shall be entitled to be paid all usual professional or other charges for any business or act done by them or their respective firms including acts which such Trustees could have done personally.

The Trustees shall be entitled to reimburse themselves and pay and discharge out of the Trust all out of pocket expenses (including travelling expenses) reasonably incurred by them or any of them in or about the execution of the trusts or powers imposed or conferred upon them by virtue of or under the trust deed.

The Trustees shall not be liable for loss arising from the investment of accumulated income of the fund and are entitled to be fully and completely indemnified out of the Trust against all liabilities of whatever nature incurred by them or any of them pursuant to such trusts or powers.

Financial risk management

The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The most significant risk is investment risk which is mitigated by using professional investment managers.

Page 4

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Trust and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Kinnair Associates Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 3 February 2026 and signed on their behalf by:

William Richard Ellis (Chair of Trustees)

Page 5

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RUBY & WILL GEORGE TRUST

Opinion

We have audited the financial statements of Ruby & Will George Trust (the 'charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.

Page 6

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RUBY & WILL GEORGE TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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, except to the extent otherwise explicitly stated in our report, 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.

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 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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.

Page 7

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RUBY & WILL GEORGE TRUST (CONTINUED)

Auditors' 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 Auditors' 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:

•the engagement director 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 trustees and other 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 (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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011et seq., the Trustees Acts 1925 and 2000, and Charity Commission regulations and other legislation identified as being of significance in the context of the entity;

•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

•we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -

•making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and

•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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 journal entries to identify unusual transactions; and

•assessed whether judgements and assumptions made in determining the accounting estimates set out in the notes to the financial statements were indicative of potential bias.

Page 8

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RUBY & WILL GEORGE TRUST (CONTINUED)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -

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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Other matters

The financial statements for the year ended 5 April 2024, forming the corresponding figures of the financial statements for the year ended 5 April 2025, are unaudited.

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 Auditors' 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Kinnair Associates Limited

Chartered Accountants & Statutory Auditor

Aston House

Redburn Road

Newcastle upon Tyne

NE5 1NB

3 February 2026

Kinnair Associates Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

Note
Income and endowments from:
Investments
3
Total income and endowments
Expenditure on:
Raising funds
4
Charitable activities
Total expenditure
Net (expenditure)/income before net
(losses)/gains on investments
Net (losses)/gains on investments
Net (expenditure)/income
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
94,200
94,200
15,745
130,600
146,345
(52,145)
-
(52,145)
161,742
109,597
(140,523)
109,597
(30,926)		 Endowment
funds
2025
£
33,890
33,890
16,010
-
16,010
17,880
(141,428)
(123,548)
(161,742)
(285,290)
4,693,768
(285,290)
4,408,478		 Total
funds
2025
£
128,090
128,090
31,755
130,600
162,355
(34,265)
(141,428)
(175,693)
-
(175,693)
4,553,245
(175,693)
4,377,552		 Total
funds
2024
£
117,389
117,389
29,749
124,421
154,170
(36,781)
302,590
265,809
-
265,809
4,287,436
265,809
4,553,245

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 12 to 22 form part of these financial statements.

Page 10

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

BALANCE SHEET AS AT 5 APRIL 2025

Note
Fixed assets
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
13
Unrestricted funds
13
Total funds		 19,635
227,549
247,184
(41,791)		 2025
£
4,172,159
205,393
4,377,552
4,377,552
4,408,478
(30,926)
4,377,552		 7,172
230,110
237,282
(26,807)		 2024
£
4,342,770
210,475
4,553,245
4,553,245
4,693,768
(140,523)
4,553,245

The financial statements were approved and authorised for issue by the Trustees on 03 February 2026 and signed on their behalf by:

William Richard Ellis

(Chair of Trustees)

The notes on pages 12 to 22 form part of these financial statements.

Page 11

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. General information

The Ruby and Will George Trust is a charity created by trust deed in 1966 and registered in England and Wales, charity number 264042. The registered office is 125 Cloverfield, West Allotment, Newcastle upon Tyne, NE27 0BE.

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 Trust operates as a grant making charity for the enhancement of education or for the relief of poverty

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The 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 the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Ruby & Will George Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees have prepared these financial statements on the basis that the Trust is a going concern. They are aware that incoming resources arising from investment performance may not always cover grants and other resources expended. Whilst the Trust Deed allows the Trustees to apply funds from the accumulated income fund only, relevant measures have been taken to adopt a total return policy to allow funds to be applied from endowment fund gains. The Trustees are aware of the accumulated deficit on the income fund but are satisfied that the Trust continues to meet grant commitments and the going concern basis of accounting is relevant in preparing these financial statements. The Trustees have no plans for significant expenditure in the forthcoming twelve months that will cause them to change their assessment of going concern.

2.3 Income

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Page 12

Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

2. Accounting policies (continued)

2.4 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Trust to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

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Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

2. Accounting policies (continued)

2.7 Total return investment policy

The board passed a resolution on 9 November 2024 to adopt a total return policy in respect of the endowed funds. This approach allows any increase in the value of the investment to be used as income. The decision was taken to ensure that the Trust invests in a way that has appopriate regard to the furtherance of its aims both now and in the future.

The board identified the relevant funds and apportioned it into the value of the original endowment (which forms the Investment Fund) and the unapplied investment return (which forms the unapplied investment return).

All endowed investment returns are designated as unapplied investment return until the Trustees decide how it is to be used. At the discretion of the board, some of the unapplied return may be allocated to the income fund each year to be spent on its aims.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.10 Financial instruments

The Trust 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.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.

Endowment funds are funds permanently invested to generate revenue for charitable activities.

Investment income, gains and losses are allocated to the appropriate fund.

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Docusign Envelope ID: 878CD5DA-3DA4-41B0-92EC-4B14E88A4AAD

RUBY & WILL GEORGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

3. Investment income

Unrestricted
funds
2025
£
Income from listed investments
90,817
Bank interest
3,383
94,200
Income from listed investments
Bank interest		 Endowment
funds
2025
£
33,890
-
33,890
Unrestricted
funds
2024
£
114,721
2,668
117,389		 Total
funds
2025
£
124,707
3,383
128,090
Total
funds
2024
£
114,721
2,668
117,389

4. Investment management costs

Unrestricted
funds
2025
£
Investment management fees
15,745
Investment management fees		 Endowment
funds
2025
£
16,010
Unrestricted
funds
2024
£
29,749		 Total
funds
2025
£
31,755
Total
funds
2024
£
29,749

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RUBY & WILL GEORGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

5. Analysis of grants

Grants, Direct costs
Grants, Direct costs		 Grants to
Institutions
2025
£
71,354
Grants to
Institutions
2024
£
67,964		 Grants to
Individuals
2025
£
22,425
Grants to
Individuals
2024
£
40,182		 Total
funds
2025
£
93,779
Total
funds
2024
£
108,146

The Trust has made the following material grants to institutions during the year:

Name of institution
African Kids In Need
Nozizwe Mother Of Nations Trust
Safe and Sound Homes (SASH)
Ray Collins Foundation		 2025
£
28,354
20,000
15,000
8,000
71,354
71,354		 2024
£
15,850
25,000
15,000
12,114
67,964
67,964

6. Analysis of expenditure by activities

Grant
funding of Support Total
activities costs funds
2025 2025 2025
£ £ £
Direct costs - Grant making 93,779 36,821 130,600

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RUBY & WILL GEORGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

6. Analysis of expenditure by activities (continued)

Grant
funding of Support Total
activities costs funds
2024 2024 2024
£ £ £
Direct costs - Grant making 108,146 16,275 124,421

Analysis of support costs

Administrator fees
Trustees' travel reimbursed
Professional fees
Other costs
Bank charges
Accountancy fees
Audit fees
Legal & professional fees
Total 2025
Administrator fees
Trustees travel reimbursed
Professional fees
Other costs
Bank charges
Accountancy fees
Total 2024		 Activities
2025
£
12,000
1,831
686
2,620
153
5,220
5,940
8,371
36,821
Activities
2024
£
9,000
189
499
1,583
84
4,920
16,275		 Total
funds
2025
£
12,000
1,831
686
2,620
153
5,220
5,940
8,371
36,821
Total
funds
2024
£
9,000
189
499
1,583
84
4,920
16,275

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RUBY & WILL GEORGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

7. Auditors' remuneration

2025 2024
£ £
Fees payable to the Trust's auditor for the audit of the Trust's annual
accounts 5,940 -

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year expenses totalling £ 1,831 were reimbursed or paid directly to 6 Trustees (2024 - £189 to 2 Trustees) . These expenses were to cover travel costs incurred by the trustees when attending quarterly trustee meetings.

9. Fixed asset investments

Cost or valuation
At 6 April 2024
Additions
Disposals
Revaluations
At 5 April 2025
Net book value
At 5 April 2025
At 5 April 2024		 Listed
investments
£
4,253,654
736,424
(702,743)
(141,421)
4,145,914
4,145,914
4,253,654		 Cash held
for re-
investment
£
89,116
840,660
(903,531)
-
26,245
26,245
89,116		 Total
£
4,342,770
1,577,084
(1,606,274)
(141,421)
4,172,159
4,172,159
4,342,770

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RUBY & WILL GEORGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

10. Debtors

Due within one year
Accrued income		 2025
£
19,635
19,635		 2024
£
7,172
7,172

11. Creditors: Amounts falling due within one year

Other creditors
Accruals and deferred income
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure		 2025
£
19,137
22,654
41,791
2025
£
4,253,654		 2024
£
14,280
12,527
26,807
2024
£
4,253,654

12. Financial instruments

Financial assets measured at fair value through income and expenditure comprise listed investments.

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RUBY & WILL GEORGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

13. Statement of funds

Statement of funds - current year

Unrestricted
funds
General Funds
Endowment
funds
Trust for
investment
Unapplied total
return fund		 Balance at 6
April 2024
£
(140,523)
4,693,768
-
4,693,768		 Income
£
94,200
-
33,890
33,890		 Expenditure
£
(146,345)
-
(16,010)
(16,010)		 Transfers
in/out
£
161,742
(2,018,120)
1,856,378
(161,742)		 Gains/
(Losses)
£
-
(323,248)
181,820
(141,428)		 Balance at 5
April 2025
£
(30,926)
2,352,400
2,056,078
4,408,478

During the accounting period the charity adopted a total return policy for investments which has resulted in the calculation of the unapplied total return as shown above. Note 15 shows the full movement this has on the endowment fund.

----- Start of picture text -----
-
Total of funds 4,553,245 128,090 (162,355) (141,428) 4,377,552
Statement of funds - prior year
Balance at Gains/ Balance at
1 April 2023 Income Expenditure (Losses) 5 April 2024
£ £ £ £ £
Unrestricted funds
General Funds (103,742) 117,389 (154,170) - (140,523)
Endowment funds
Trust for investment 4,391,178 - - 302,590 4,693,768
Total of funds 4,287,436 117,389 (154,170) 302,590 4,553,245
----- End of picture text -----

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RUBY & WILL GEORGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Fixed asset investments
-
Current assets
2,882
Creditors due within one year
(33,808)
Total
(30,926)		 Endowment
funds
2025
£
4,172,159
244,302
(7,983)
4,408,478		 Total
funds
2025
£
4,172,159
247,184
(41,791)
4,377,552

Analysis of net assets between funds - prior year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
-
(113,716)
(26,807)
(140,523)		 Endowment
funds
2024
£
4,342,770
350,998
-
4,693,768		 Total
funds
2024
£
4,342,770
237,282
(26,807)
4,553,245

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RUBY & WILL GEORGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

15. Analysis of invested endowed funds

Trust for
investment		 Unapplied
Total Return
Total
Endowment
£ £
£
At begining of the reporting period
Gift component of the permanent endowment
Total		 4,693,768
4,693,768		 -
4,693,768
-
4,693,768
Movements in the reporting period
Allocation from trust for investment		 (2,018,120) 2,018,120
-
Investment return: dividends and interest - 33,890
33,890
Investment return: realised and unrealised
gains and (losses)		 (323,248) 181,820
(141,428)
Less: Investment management costs - (16,010)
(16,010)
Total (2,341,368) 2,217,820
(123,548)
Unapplied total return allocated to income in the
reporting period		 - (161,742)
(161,742)
Net movements in the reporting period (2,341,368) 2,056,078
(285,290)
At end of the reporting period
Gift component of the permanent endowment 2,352,400 -
2,352,400
Unapplied total return - 2,056,078
2,056,078
2,352,400 2,056,078
4,408,478

Total

At a meeting of the Trustees on the 9th November 2024, after expert council from Womble Bond Dickinson (UK) LLP and Barclays Wealth Management, it was agreed it was in the Trust's best interest to adopt a policy of total return being satisfied the Trustees have the power under the Trust's constitution, section 104A of the Charities Act 2011 and the Charities (Total Return) Regulations 2013.

The relevant fund was valued at the time at £4,370,520, and following advise from Barclays Wealth Management, the Trustees determined that the baseline investment fund was valued at £2,352,400 as at 5 April 2009. It was agreed that this would form the Trust for Investment and the unapplied total return was the remaining £2,018,120.

16. Related party transactions

The Trust has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Trust at 5 April 2025.

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