Charity Number: 281616
G4S Employees’ Trust
Report and financial statements For the year ended 5 April 2023
G4S Employees’ Trust
Contents
For the year ended 5 April 2023
Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ......................................................................................................... 7 Statement of financial activities ..................................................................................................... 11 Balance sheet ............................................................................................................................... 12 Notes to the financial statements ................................................................................................. 13
G4S Employees’ Trust
Reference and administrative information
For the year ended 5 April 2023
Date of settlement 3 December 1956 and Deeds of Variation dated 3 December 1980 and 25 April 2006
Name change 16 November 2009 to G4S Employees’ Trust Charity number 281616 Governing document G4S Employees’ Trust is an unincorporated charity, and is governed by its Trust Deed and Deeds of Variation. Settlor G4S Cash Solutions (UK) Ltd Registered office 72 London Road and operational ST ALBANS, Hertfordshire address AL1 1NS Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Mercer & Hole Trustees Limited Sok Wah Lee Catherine Fiona Hooper (Appointed 28 April 2022) Law of trust England and Wales Terms of trust A charitable trust providing benefits for past or present employees of G4S Ltd or any of its subsidiaries, and for dependants of such employees. Beneficiary Employee: any officer, employee or former officer or employee of G4S. Dependant: wife/husband/widow/widower/child/other dependant of employee. Investment Schroder & Co Limited managers 1 London Wall Place and bankers LONDON, EC2Y 5AU Custodian Schroder Investment Management Limited, 1 London Wall Place LONDON, EC2Y 5AU Independent Joanna Pittman Auditor Sayer Vincent LLP Chartered Accountants Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL
This summary is not intended to be a comprehensive statement of the terms of the Trust. Reference should be made to the Trust Deed and Deeds of Variation as required.
1
G4S Employees’ Trust
Trustees’ annual report
For the year ended 5 April 2023
The G4S Employees’ Trust is constituted by a Trust Deed dated 3 December 1956 as varied by Deeds of Variation dated 3 December 1980 and 25 April 2006.
The trustees present their report and the audited financial statements for the year ended 5 April 2023. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practice - Accounting and Reporting by Charities: (SORP 2019) applicable to charities preparing their accounts in accordance with FRS 102.
Objectives and activities
Purposes and aims
The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The review also helps the trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes.
The objects of the Trust are to provide benefits for past or present employees of G4S Ltd or any of its subsidiaries, and for dependants of such employees. The trustees consider making grants in circumstances where all of the contractual and statutory entitlements have been claimed and where these are insufficient to alleviate financial hardship.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. The objectives of the Trust (see above) are clearly of public benefit both directly and indirectly.
Grant making policy
The trustees consider and, whenever appropriate, respond to requests for financial assistance by making cash grants, providing these fall within the terms of the Trust Deed (as varied).
The dispensation of relief by way of such grants can take the form of gifts or loans, in payment for medical treatment, professional services or funeral expenses and discharging of debts.
Claims for grant aid are considered by Human Resources Departments throughout the world and referred for final approval to the trustees based on individual circumstances and benefits are measured in months of local salary equivalent.
2
G4S Employees’ Trust
Trustees’ annual report
For the year ended 5 April 2023
Achievements and performance
The charity's main activities and who it tries to help are described under objectives above. All its charitable activities focus on achieving its objective and are undertaken to further G4S Employees’ Trust’s charitable purposes for the public benefit.
During the year ended 5 April 2023 the trustees met the trust’s objective by making grants totalling £291,554 (2022:£190,482) as shown on pages 18 and 19.
The human resource team at G4S Ltd are identifying claimants worldwide and communicate to the trustees on a regular basis. There were 120 separate grants made to 407 individuals (including 263 grants to South Africa flood victims, 10 grants to Indonesia to earthquake victims and 62 grants to the beneficiaries affected by the conflict in Ukraine) during the year ended 5 April 2023 (2022: 70 grants made to 512 individuals).
Financial review
For the purposes of the financial review, the income comparisons are made between the total income funds including unrestricted and restricted funds.
The total income was £112,860 (2022: £93,987) with expenditure amounting to £394,323 (2022: £293,624). Therefore, there was an increase in incoming resources and an increase in outgoing expenditure.
There were 120 grants made to 407 individuals compared with 70 grants made to 512 individuals during the year ended 5 April 2023. There were 117 grants to 404 individuals from the unrestricted fund totalling £287,616 and 3 grants to 3 individuals from the Ukraine Restricted Fund totalling £3,938. There were 0 grants from the Covid-19 Restricted Fund. The overall amount of the grants paid out was more than in the previous year (2023 £291,554: 2022 £190,482). At the year end the net asset value of the charity was £7,381,177 (2022: £8,033,850).
The investments and cash of the charity are held to the order of the trustees by Schroder Investment Management Limited and are managed by Schroder & Co Limited. The charity made a realised loss on sale of investments of £84,065 (2022 gain £74,251) and an unrealised loss of £282,801 (2022 gain of £225,590) on the revaluation of investments.
The total loss on investments was £366,866, and after deducting the cost of investment management of £54,349, the loss on currency exchange of £4,344 and the transfer to the unrestricted fund of £227,114 this resulted in a net decrease in funds of £652,673 for the year.
3
G4S Employees’ Trust
Trustees’ annual report
For the year ended 5 April 2023
Investment policy
The major part of the income of the charity is derived from its investments. The investment manager’s objective is to maximise total return with due regard to risk. The trustees regularly review with the investment manager the income requirement and capital base. The investment portfolio is held across a broad range of asset classes with worldwide exposure to investment markets.
Reserves policy and going concern
The trustees keep under review the level of reserves and consider it prudent to retain sufficient funds to enable the charity to respond adequately to applications for grant-assistance received from beneficiaries. In the year ended 5 April 2023 the trustees achieved their objective to distribute fully the annual income from the unrestricted fund. The trustees have power to expend capital as well as income in support of their charitable objectives and a transfer of £227,114 was made from the endowment funds.
Principal risks and uncertainties
The trustees have carried out a review of the major risks facing the charity. The trustees also ensure that there is a monitoring and review process in place to capture new risks as they may arise, and that systems are in place to mitigate these.
Plans for the future
The trustees plan for the future is to continue their grant making policy thus assisting the trust in fulfilling their objectives. The trustees aim to utilise the unrestricted, restricted and endowment funds to achieve this objective.
On 6 April 2021, G4S was acquired by Allied Universal, an American provider of security systems and services following which G4S was delisted. The beneficiaries remain the past or present employees of G4S Ltd or any of its subsidiaries, and dependants of such employees. The income of the charity may be applied in making any payments which will provide relief from poverty and hardship of deserving and needy past & present employees of G4S Ltd, or any of its subsidiaries, and for dependants of such employees.
4
G4S Employees’ Trust
Trustees’ annual report
For the year ended 5 April 2023
Structure, governance and management
The organisation is an unincorporated charity registered as a charity in England and Wales.
The charity is constituted under a trust deed dated 3 December 1956 and deeds of variations dated 3 December 1980 and 25 April 2006.
All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 5 to the accounts.
Trustees
Sok Wah Lee, Catherine Fiona Hooper and Mercer & Hole Trustees Limited were trustees during the year ended 5 April 2023.
The present directors of Mercer & Hole Trustees Limited are:
Paul Maberly FCA Gill Tallon CTA Lisa Spearman CTA Helen Price CTA TEP Liz Cuthbertson CA CTA Dan Bisby CTA TEP Alison Palmer CTA Charmain Alway CTA Henry Lowe CTA Simon Coggins TEP
Sok Wah Lee and Catherine Hooper (employed by G4S Ltd) received no remuneration or expenses. No one connected with Mercer & Hole Trustees Limited received any personal benefits or expenses.
Appointment of trustees
The Settlor has the power to appoint new trustees.
Trustee induction and training
If a new or additional trustee is appointed they will be encouraged to receive appropriate training depending on their qualifications and experience.
Related parties and relationships with other organisations
There are no related parties and relationships with other organisations other than Mercer & Hole Trustees Limited.
5
G4S Employees’ Trust | Auditor’s report
Independent auditor’s report to the trustees of G4S Employees’ Trust
Opinion
We have audited the financial statements of G4S Employees’ Trust (the ‘charity’) for the year ended 5 April 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 5 April 2023 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
-
Have been prepared in accordance with the requirements of the Charities Act 2011
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’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.
Prior year unaudited
The financial statements of G4S Employees’ Trust for the year ended 5 April 2022 were unaudited. An independent examination was performed which expressed an unmodified opinion on those statements.
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
7
G4S Employees’ Trust | Auditor’s report
on G4S Employees’ Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information 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 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 trustees’ annual report is inconsistent in any material respect with the financial statements;
-
Sufficient accounting records have not been kept; or
-
The financial statements are not in agreement with the accounting records and returns; 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 set out in the trustees’ annual report, 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.
8
G4S Employees’ Trust | Auditor’s report
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
Capability of the audit in detecting irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
-
We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
-
Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
-
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
-
The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations.
-
We inspected the minutes of meetings of those charged with governance.
-
We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
9
G4S Employees’ Trust | Auditor’s report
-
We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
-
We reviewed any reports made to regulators.
-
We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
-
We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
-
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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.
30 January 2024
Sayer Vincent LLP, Statutory Auditor
Invicta House, 110 Golden Lane, LONDON, EC1Y 0TG
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
10
G4S Employees' Trust
Statement of financial activities
For the year ended 5 April 2023
| Unrestricted Note £ Income from: 2 108,922 Donations received - 108,922 3 - 4 336,036 336,036 - 8 - (227,114) 227,114 - 12 - Reconciliation of funds: - - Investments Total income Expenditure on: Raising funds Charitable activities Grant making Total expenditure Loss on currency exchange Net gains / (losses) on investments Net income / (expenditure) Transfers between funds Net (expenditure) before net gains / (losses) on investments (227,114) Total funds carried forward Net income / (expenditure) before other recognised gains and losses Net movement in funds Total funds brought forward |
Restricted £ - 3,938 3,938 - 3,938 3,938 - - - - - - - 280,627 280,627 |
Endowment £ - - - 54,349 - 54,349 ( 4,344) ( 366,866) (425,559) (227,114) (652,673) (652,673) 7,753,223 7,100,550 (54,349) |
2023 Total £ 108,922 3,938 112,860 54,349 339,974 394,323 ( 4,344) ( 366,866) ( 652,673) - ( 652,673) ( 652,673) 8,033,850 7,381,177 ( 281,463) |
Unrestricted £ 93,987 - 93,987 - 179,568 179,568 - - (85,581) 85,581 - - - - (85,581) |
Restricted Endowment £ £ - - - - - - - 58,057 55,999 - 55,999 58,057 - (1,374) - 299,841 (55,999) 240,410 - (85,581) (55,999) 154,829 (55,999) 154,829 336,626 7,598,394 280,627 7,753,223 (58,057) (55,999) |
2022 Total £ 93,987 - 93,987 58,057 235,567 293,624 (1,374) 299,841 98,830 - 98,830 98,830 7,935,020 8,033,850 (199,637) |
|---|---|---|---|---|---|---|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
11
2023 |
2022 |
||||||
|---|---|---|---|---|---|---|---|
Note |
£ |
£ |
|||||
Fixedassets: |
|||||||
Investments |
6,766,395 |
7,706,269 |
|||||
6,766,395 |
7,706,269 |
||||||
Currentassets: |
|||||||
Debtors |
4,100 |
||||||
Investmentmanagers’bankaccounts |
630,498 |
353,868 |
|||||
634,598 |
353,868 |
||||||
Liabilities: |
|||||||
Creditors:amountsfallingduewithinoneyear |
10 |
(19,816) |
(26,287) |
||||
Netcurrentassets |
614,782 |
327,581 |
|||||
Totalnetassets |
7,381,177 |
8,033,850 |
|||||
Thefundsofthecharity: |
11 |
||||||
Capitalfunds: |
|||||||
Endowments |
7,100,550 |
7,753,223 |
|||||
7,100,550 |
7,753,223 |
||||||
Incomefunds: |
|||||||
Restrictedfunds |
12 |
280,627 |
280,627 |
||||
Unrestricted |
|||||||
280,627 |
280,627 |
||||||
Totalcharityfunds |
7,381,177 |
8,033,850 |
G4S Employees' Trust
Notes to the financial statements
For the year ended 5 April 2023
1 Accounting policies
- a) Statutory information G4S Employees' Trust is an unincorporated charity registered with the Charity Commission in England & Wales. The registered office address is 72 London Road, St Albans, Hertforshire AL1 1NS.
b) Basis of preparation
The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The accounts (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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
c) Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
d) Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
e) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
f) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
g) Fund accounting
- The endowment funds represent the original capital gift to the charity, plus subsequent additions to the endowment, less amounts which have been transferred to the unrestricted fund for distribution. The trustees are entitled to use the endowment in furtherance of the general objectives of the charity at their discretion, and they transfer funds from endowment to the unrestricted funds as required.
Unrestricted funds are incoming resources generated from the endowment for the charitable purposes.
13
G4S Employees' Trust
Notes to the financial statements
For the year ended 5 April 2023
g) Fund accounting continued
The restricted fund is a fund dedicated to beneficiaries who have suffered poverty or hardship as a result of COVID-19. The funds totalling £370,000 were donated by senior employees of G4S. A further separate fund, dedicated to employees who had suffered poverty or hardship as a result of the war in Ukraine, was established in the year ended 5 April 2023. Funds totalling £3,938 were raised and the funds were fully spent in the year ended 5 April 2023.
h) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure consists of:
-
Costs of raising funds relating to investment management costs.
-
Governance costs relate to the management of the charity's assets and compliance with constitutional and statutory requirements.
-
Other expenditure represents those items not falling into any other heading
-
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
i) Grants payable
Grants payable are made to third parties in furtherance of the charity's objects. Single or multiyear grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.
j) Listed investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.
k) Debtors
Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
l) Cash at bank and in hand
Cash at the investment manager's bank is held to meet the day to day running costs of the charity as they fall due.
m) Creditors and provisions
Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.
14
G4S Employees' Trust
Notes to the financial statements
For the year ended 5 April 2023
2 Income from investments
| Investment income Deposit interest |
2023 2022 Unrestricted Restricted Endowment Total Total £ £ £ £ £ 98,654 - - 98,654 93,966 10,268 - - 10,268 21 108,922 - - 108,922 93,987 |
|---|---|
- 3 Cost of generating funds
| Investment management fees |
2023 2022 Unrestricted Restricted Endowment Total Total £ £ £ £ £ - - 54,349 54,349 58,057 - - 54,349 54,349 58,057 |
|---|---|
The investment management costs are all attributed to endowment funds.
- 4 Charitable activities - grant making
| Audit and examination fees Legal fees Grants made to individuals Legal Entity Identifier Mercer & Hole Trustees Limited |
2023 2022 Unrestricted Restricted Total Total £ £ £ £ 287,616 3,938 291,554 190,482 900 - 900 - 40,920 - 40,920 41,340 - - - 145 6,600 - 6,600 3,600 |
|---|---|
| 336,036 3,938 339,974 235,567 |
- 5 Analysis of staff costs, trustee remuneration and expenses
No staff are employed by the charity. Entitlement to trustees' remuneration was granted under the the terms of the Trust Deed. A total of £40,920 (inclusive of VAT) was billed by Mercer & Hole Trustees Limited during the period under review (2022: £41,340).
No expenses have been incurred by the trustees during the period (2022: £nil).
6 Related party transactions
During the year the trust incurred fees of £40,920 (2022:£41,340) for accountancy and administration services payable to Mercer & Hole Trustees Limited.
- 7 Taxation
The charity is exempt from UK corporation tax and income tax as all its income is charitable and is applied for charitable purposes.
15
G4S Employees' Trust
Notes to the financial statements
For the year ended 5 April 2023
| 8 3,352 Robeco BP Global Premium Equities 30,475 Polar UK Value Opportunites Fund 9 Grants repayable 10 Auditor's remuneration Fair value at the start of the year Additions at cost Disposal proceeds Listed investments Historic cost at the end of the year Reinvested income Non-UK listed securities Independent Examiner's remuneration Debtors Shares listed on the London Stock Exchange 7,419 JP Morgan American Equity Fund Net gain / (loss) on change in fair value Fair value at the end of the year Creditors: amounts Investment manager's charges Investments representing over 5% by value of the portfolio comprise: Accountant's fees 8,420 Vanguard Investment Series S&P 500 Etf |
2023 2022 £ £ 7,706,269 7,042,225 1,381,781 3,612,367 (1,961,472) (3,249,390) 6,683 1,226 (366,866) 299,841 6,766,395 7,706,269 5,909,172 6,474,569 £ £ 742,906 1,292,241 6,023,489 6,414,028 6,766,395 7,706,269 2023 2022 £ £ 532,096 575,306 487,998 453,727 - 390,690 522,693 555,552 2023 2022 £ £ 4,100 - 4,100 - 2023 2022 £ £ 13,216 14,047 - 3,600 6,600 - - 8,640 19,816 26,287 |
|---|---|
16
G4S Employees' Trust
Notes to the financial statements
For the year ended 5 April 2023
| 11a Net current assets Investments Analysis of net assets |
Restricted Endowment Total £ £ £ - 6,766,395 6,766,395 280,627 334,155 614,782 |
|---|---|
| Net assets at 5 April 2023 | 280,627 7,100,550 7,381,177 |
| 11b Restricted Endowment Total £ £ £ - 7,706,269 7,706,269 280,627 46,954 327,581 Investments Net current assets Analysis of net assets between funds (prior year) |
|
| Net assets at 5 April 2022 | 280,627 7,753,223 8,033,850 |
17
G4S Employees' Trust
Notes to the financial statements
For the year ended 5 April 2023
| 12 | Analysis of Fund movements £ Covid-19 Restricted Fund Ukraine Restricted Fund Total Analysis of charitable funds Analysis of Fund movements £ Covid-19 Restricted Fund Total Analysis of charitable funds |
Balance b/fwd Income £ £ 280,627 - - 3,938 - 3,938 - restricted fund (prior year) Balance b/fwd Income £ £ - 336,626 - 336,626 - restricted funds |
Expenditure £ - 3,938 3,938 Expenditure £ 55,999 55,999 |
Balance c/fwd £ 280,627 - 280,627 Balance c/fwd £ 280,627 280,627 |
|---|---|---|---|---|
The Covid-19 Restricted Fund was established during the year ended 5 April 2021 by an initial gift of £370,000 by senior employees of G4S Ltd. The fund is dedicated to beneficiaries who have suffered poverty or hardship as a result of the coronavirus pandemic.
The Ukraine Restricted Fund was established during the year ended 5 April 2023 following an internal fund raising appeal within G4S Ltd. Donations totalling £3,938 were received and spent within the year.
13 Grants made during the year
In 2023 there were 117 separate grants to 404 individuals from the unrestricted fund, totalling £287,616. There were 3 grants totalling £3,938 from the Ukraine Restricted Fund. There were no grants paid from the Covid-19 Restricted Fund.
In 2022 there were 50 separate grants to 407 individuals from the unrestricted fund, totalling £134,483. There were 20 separate grants to 105 individuals from the Covid-19 Restricted Fund, totalling £55,999.
Unrestricted Fund
| Country 2 Afghanistan Europe & Middle East Risk Management Group 13 Cameroon Africa Secure Solutions 1 China Asia Pacific & India Information System Department 5 Egypt Africa Secure Solutions 2 Greece Europe & Middle East Secure Solutions 1 Guinea Africa Secure Solutions 1 India Asia Pacific & India Secure Solutions 10 Indonesia Asia Pacific & India Secure Solutions 2 Lebanon Europe & Middle East Secure Solutions 1 Nigeria Africa Secure Solutions 2 Serbia Europe & Middle East Secure Solutions 1 Slovakia Europe & Middle East Technology Solutions 263 South Africa Africa Secure Solutions 1 South Sudan Europe & Middle East Ordnance Management 1 Spain Europe & Middle East Secure Solutions 5 Thailand Asia Pacific & India Secure Solutions 57 Ukraine Europe & Middle East Secure Solutions 2 Ukraine Europe & Middle East 1 UAE Europe & Middle East Secure Solutions 2 UK Europe & Middle East Facilities Management 1 UK Europe & Middle East Transport Services 23 UK Europe & Middle East Secure Solutions 7 USA Americas, LATAM Secure Solutions 404 International Employment Services Limited Number of individuals Division/Region Business Entity |
Amount £ 6,000 21,171 5,232 5,552 4,260 900 500 5,300 3,053 915 1,682 1,500 98,350 410 400 1,231 82,370 8,250 2,563 2,000 2,750 26,180 7,047 287,616 |
|---|---|
18
G4S Employees' Trust
Notes to the financial statements
For the year ended 5 April 2023
- 13 Grants made during the year continued
| Number of individuals Country Division/Region Business Entity 3 Ukraine Europe & Middle East Secure Solutions 3 Ukraine Restricted Fund |
Amount £ 3,938 3,938 |
|---|---|
19