Charlty registration number: 313439
GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Trustees. report and financial statements
for the year ended 31 December 2023

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Contents
Page
Reference and admlnlstrallve d8talls of the Trust, Its Trustees and adv15ers
Trustees. report
Indopendent audltors, report on the flnanclal statements
Consolidated statement of flnanclal actlvltl8s
Consolldated balanc8 sheet
Trust balance sheet
Consolldated statement of cash flows
Notes to the financlal statements
10
11
12
13
14-33

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Reference and adminlstratlve deta51s of the Trust, its Trustees and advlsers
for the year ended 31 December 2023
Trustees
S Woolley, Chair
B Richards (Reslgned December 2023)
S Parklnson
E Nicholson
NRae
A Pratlen
S Orchard
J Westerrnan CBE
A Prochaska
M Sand8rs
M Bennett
G Little (Appolnted May 2023)
Company reglsterèd
number
313439
Reglstered offlcè
86 Wood Lane
Quom
Lelcestershlr8
LE12 8DB
Company secretary
G Llttle
Independont audltors
PKF Smlth Cooper Audlt Llmlled
statulory Auditors
2 Lace Market Square
Nottlngham
NG1 1PB
Page I

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Trustees. report
for the year ended 31 December 2023
The Trustees present their report with the financial statements of the charity for the year ended 31 Decemb8r
2023.
Objectives and a¢tivlties
Pollcles and objectivès
The prlncipal objective of the Trust is to provide educational courses and semlnars for the indlvldual members of
the trad8 unions that are affiliated trade unions. It also pr(xluces publlcations and carrles out project work in
support of Ihese actlvities and for the wid8r benefit of the communlty.
In settlng oblectlves and plannlng for activltles. the Trustees have given due consid8ratlon to g8neral guldance
publlshed by the Charlly Commlsslon relating to publlc beneflt, Indudlng th8 guidanco 'Pub51c benefit., runnlng a
charity (PB2)'.
strateglc report
Achl8vèments and performance
. Maln achlevements of the Trust and revlew of actlvltles
Thls has b88n an excltlng year for the Trust, durlng whlch we hava slgnlflcantly expanded our educatlonal
provislon. We have continued to offer our biteslza and traln the tralner courses, and our popular Young Member
Development Weekend, designed and run by young members for young members. In addltlon, we have pul on
new Workplace R8ps Stage 1 and 2 courses, Health & Safely Stage 1 & 2 courses, a relaunched Trade Unlon &
Working Class Hlstory course, along with new courses on challenglng sexual harassment and on economics.
New courses on the Roots of Racism and Dlgltal Slralegy have also proved popular, along wlth the relaunch of
our Trade Unlon Leadershlp and Innovatlon Programme. Taken togelher, thls Is the blggest expanslon In our
aGliv1118s In at least a decade.
We have retained our Institut8 for Leadership and Managemenl slatus and remain in partnership wlth the
Nallonal Open Colleg8 N8twork to dellver the End Polnt Assessment for the new trade unlon officlals,
apprantlcoshlp.
The appolntment of a n8w Secretary and a n@w Head of Educallon. Campaigns and OrganSslng have been a
slgnlficant developments for the Trust and we marked th8 retlrement of our prevlous S8cretary wlth a oultural
event, whlch $8Ned as 8n opportunlly to hlghllght the work of the Trust.
The Trust has welcomed many unions lo Quom Grange Hotel to dellver their own programmes and Is Involved In
discusslons with some affiliated unions about doser working relationshlps In the future In terms of education
dellvery.
The management of our subsidlary tradlng arm Is th8 responsibllity of the Secretary and the hotel directors and
ragular reports hav6 been received.
All Trustees have undergone regular tralnlng at Trustae meetings and a full programma of Inductlon has bean
undertaken by the new Secretary.
Page 2

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Trustees. report {contlnued)
for the year ended 31 December 2023
strateglc roport {continuèd)
Flnancial revlew
a. Flnanclal revlew
The results of the year are set out In th8 consdldated Statement of Flnancial Aclivitles on page 11 and show a
deflcil of £380,126 {2022: £99,240 surplus). The group had net assels of £488,729 (2022: £868.85518s shown
on the Balance Sheet on page 12, represented by a restricted fund surplus of £1,351.379 <2022.. £1,415,604)
and an unrastricted fLJnd deflcit of £862,650 (2022: £546,749).
The trusl conllnues lo ba, In part. flnanclally supported bythe Federation, whlch malntalns adequat8 resources to
fund the Trust's operations through the payment of a management charge. The Federation has assured the
Trustees that It expects to maintaln these payments to the Trust at a sufficient level lo enabl8 the Trust to
continue Its curr8nt activltles.
In 2023 the General Federation of Trade Unlons had a deficlt of £1,573,408 (2022: £171,536) and showed a
d8fl¢lt before the payment of management charges to Ihe Trust of £1,373,408 (2022: £78,464 surplus).
b. Reservès pollcy
The Trust has two funds, the General ReseNe Fund, whlch the Trustees are free to use in accordance wlth the
charitable objecllves set out in the Trust Deed and the Restricted Reserve fund, which can only be usad to fund
thè speclfic projects undertaken by the Trust. There Is no goveming requirement to hold a specific level of
General Reserves, due to the financial support of the Trust by Ihe General Feder8tlon of Trade Unlons. At
present tho Genaral Reserve slands al £862,650 deficlt (2022,, £546,749). The Trust's pollcy Is to achleve
posltlve general reserv8s over the medlum term.
c. Golng ¢oncern
As described In Note 1,2 to the Flnanclal Slat8ments, each year the Trus188s agsess whelher the use of going
concern Is approprlate. The Trust has made a consolidaled loss In the year lo 31 DeGember 2023 and Is forecasl
to report a consolldated loss In the year to 31 Decembar 2024. As at 31 December 2023. the Trust owed
£4,847,614 to its related undertaking the General Federation of Trade Unlons (GFTU). No speciflc terms and
conditions ara attached regarding repayrn8nl or Interest in resp8Ct of balancas due, but th8 GFTU has agre8d
not lo seek repayment of the amounts for a minlmum of 12 months from the dale of approval of the financial
statements. Whilst the Trust contlnues to receive operational and financial support from Ihe GFTU, which It has
done for many years, the GFTU cannot continu8 to fund the Trust indefinitaly, and the extent of any support will,
In part, be dependent on th8 performance of the GFTU Tradlng Company and the ablllty of the Trust to secure
further Independent fundlng.
In tho absenc8 of other fundlng, whlch the Trust Is endeavourlng to oblaln, the Trust Is dependent upon the
contlnued support of the GFTU to meel its118bllltles as they fall due. Followlng a revlaw of Gashflow forecasts the
Trustees have conclud8d that there will be sufficient funds avallable for the Trust lo continue as going concarn
for a mlnimum of 12 months from Ihe date of approval of the financial stataments.
d. Prlnclpal rlsks and uncertaintlès
The Trustees have assessed the major risks to whlch the Trust is exposed, In particular those related to the
financing of the Trust and its dependence on payments from the Faderalion. The Trustees are satisfled Ihat all
posslble stops have been taken to mltigat8 those rlsks. The risks and opportunlties faclng the trust in thls sector
have been under constant review.
Structure, govemance and management
Page 3

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Trustees. report {contlnued)
for the year ended 31 December 2023
structuro, governance and management (continued)
a. Constltutlon
The Tru8t, an unlncorporated organisation, charlty number 313439. Is a recognlsed charlty, operated under the
rules of Its Trust Deed dated 29 October 1970. The management of the Tnjst Is the responslbllity of the Trustees
who are elect8d and co-opted under the tenns of the Trust Deed (as amended). The G8n8ral F8d8ratlon of
Trade Unions has th8 power to appolnt the Truslees. subject to there not being a majority of Trustees who are
also officers, employees or Trustees of the Federation. The Trustees have reviewed the applicallon and
relevance of the Trust deed 2nd made no amendments. Developments in legislation and guidance from th8
Charily Commissloners have been consldered.
b. Methods of appolntment or electlon of Trustees
The Trust D8ed provldes Ihat Ihe General Federallon of Trad8 Unlons may appolnt trusl8es, sublecl to there
belng a malorlly of independent.truste8s. Should a vacancy for an independent trustee occur, the Trustees seak
nomlnatlons for th8 Indlvlduals havlng regard to any speGIfic skills needed.
c, Organlsatlonal structure and decislonvmaklng pollcles
The board of trustees meet regularly to dI￿US8 the development of the Trust along with finance and Issues
relevant to the runnlng of the Twsl. The day to day operations of th8 charlty are managed by the Secretary who
has delegaled authority, wlthln th8 terms of delegation approved by the trustees, for all operational mallers,
d. Pollcles adopted for the Induction and tralnlng of Trustees
New trustees are fully briefed by the Secretary wlth regard lo thelr legal obllgatlons under th8 charllles18glslatlon,
the content of the Trust Deed, the d8cislon maklng process8s and recent flnanclal performance. Trustees are
encouraged lo att8nd approprlale extemal trainlng events where they wlll facllltate the undertaklng of thelr rol8.
e. Related party relationshlps
The Trust contlnues to m8lntaSn its close relatlonship wllh the G8neral Federatlon of Trade Unions whose
princlpal a¢tlvity is to prowlde se￿iCeS to memb8rs of affilialed trada unions. The F8deratlon has confirmed its
contlnuing support In order that the Trusl can carry out Ils charitable obJectSves.
f. Financlal rlsk management
The Trusle8s have assessed the malor risks to ￿lch tho Group and the Twst are exposed, In particular thos8
related to the operations and finances of the Group and th6 Trust, and are sallsfied that sysloms and procedures
are In place to mltlgate exposure to the major risks.
Page 4

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Trustees. report {continuedl
for tha year ended 31 December 2023
Statement of Trustèes. responslbllltles
The Truste8s are responsible for preparing the Report of the Trustees and the financial statements In
accordance with appllcable law and United Kingdom Accounting Standards {Unlted Klngdom Generally Accepted
Accountlng Practlco),
The law appllcable lo chari118s In England and Wales requires the chartty trust8GS to prepare financlal
statements for each year whlch giva a tnje and fair view of the state of affairs of Ihe charlty and of the incoming
resources and application of resources, of the charity for that perlod. In preparing Ihose financial statements, the
truste8s ar8 required to
select suitable accounllng policies and then apply them consistently,
observe th8 methods and prlnciples of the Charitles SORP <FRS 102);
make ludgmenls and accounting estimates that are reasonable and prudent.,
slat8 whether appllcable UK Accountlng Standards {FRS 102) have been followed, subject to any mat8rial
departures disclosed and explained in the financial statements;
prepare tha financial statements on the golng concern basls unless il Is Inapproprfate to presume that the
Group wlll contlnue in buslness.
The Trustees are responslble for k8eplng proper accountlng records whlch dlsclose wllh reasonable accuracy at
any Ilm8 the financial posltlon of the charlty and to enable Ihem to 8nsure that the financlal slatemenls comply
with the Charities Act 2011, Ihe applS¢able Charities (Accounis and Reports) Regulatlons, and the provlslons of
the Trust deed. They are also responslble for safeguarding the assets of the trust and hance for taklng
reasonable steps for the prevention and det8Ctlon of fraud and other Irregularllles.
Dlsclosure of Information to auditors
Each of the persons who are Trust88s at the tlme wh8n thls Trusteas, report Is approved has conflrm8d that:
so far as that Trustee Is aware, Ihere Is no r818vant audlt Informatlon of whlch the charllabl8 group's
audltors are unaware, and
that Trustée has taken all the steps that ought to have baen taken as 8 Trustee In order to be aware of
any relevant audlt information and to establish Ihal Ihe charltable group's audilors are aware of that
Infomiatlon.
Approved by order of Ihe members of the board of Trustees and slgned on their behalf by..
00116y
Chalr of Trustees
Data..
11 IILIZO
Page 5

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Independent audltors. report to the Members of General Federation of Trade Unlons Educatlonal Trust
Oplnlon
W8 have audlled the financlal statements of General Federation of Trade Unions Educallonal Trust (Ihe 'parent
charitable companl) and its subsldiaries (the 'group') for the year ended 31 December 2023 whlch comprlse the
Consolldated s18tement of financial activities, the Consolidated balance sheel. the Trust balance sheet, the
Consolidated statement of cash flows and the related notes, including a summary of slgnificant aGcounting
policies. The financial reporting framèwork that has been applied in their preparation is appllcable law and Unlled
Kingdom Accounling Standards, Including Financial Reporting Standard 102 'The Financlal Reporting Standard
applicabl8 In the UK and Rapublic of Ireland, (Unlted Kingdorn Generally Accepted Accountlng Pracllce).
In our oplnlon the financlal statements:
glv8 a true and fair view of the state of the Group's and of Ihe parent Charit￿s affalrs as at 31 December
2023 and of the Group's incomlng resources and appljcatlon of resources, Includlng Its Incorne and
expenditure for tha year then ended;
have been properly prepared in accordance wilh United Klngdom Generally Accepted Accounting
Practlce. and
have been prepared In accordance wlth th8 requlrements of Ihe Charitles Act 2011,
Basls for oplnlon
We conducted our audit In accordance with Intematlonal Standards on Auditing (UK) {ISAs (UK)) and appllcable
law. Our responsibilllles under thos8 standards are further descrlbed in the Auditors, respons5bllitles for the audlt
of the flnancial statements section of our report, We are independent of the Group In accordance with the elhlcal
requlremenls Ihal are relevant to our audit of the financlal statements In the Unlted Klngdom. Including the
Financlal Reportlng Council's Ethlcal Standard, and we have fulfilled our other elhlcal responslbilitles In
accordance wth these requlrements. We balieve that Ihe audlt evldence w8 have obtained is sufflcienl and
approprlate to provlde a basis for our opinlon.
Emphasls of matter
We draw your altenllon to nole 1.2 whlch describes events or condltlons ￿th1¢h cast doubt on the abllity of the
Trust to oblaln répayment of amounts due from Its subsldlary undertaklng of £853k, whlch Impacts the Trust's
Statemant of Flnancial Posltlon but not on a Consolldated basls. No provislon has been mada ag21nst amounts
due, albelt there Is no likely repayment, in full or substanllally in part. for a least on8 year from the date of
approval of tha financial slatements.
Furthermore, w8 draw your attention to note 28 which d8scribes a significant adlustlng post balance sheel event
due to the impairmenl of the Trust's most significant asset and the resultant debt foregone by the Geneal
Federations of Trade Unions.
Our oplnlon Is not modlfled In raspect of these matters.
Materlal uncertalnty relaled to golng concern
We draw attention lo nole 1.2 in the financial staternenis. which indicales Ihat there are conditions Identlfied that
may cast significanl doubt on the Trusl's ability lo contlnue as a going concern. The Trust has net curient
Ilabilitles and has reported a consolidated loss in the year lo 31 December 2023 and if forecast to do so In the
year ended 31 December 2024. The Trust Is relianl on the support of the General Federation ofTrade Unlons to
méet its Ilabillties as they fall due. As stated Sn note 1.2, these events or conditions, along with the olher matters
a8 set forth In note 1.2, indicate that a material uncertainty exlsts Ihat may Gast significant doubl on the Trusls
ability lo continue as a golng concem. Our opinion is not modified In respect of this matter.
Page 6

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Independent audltors. report to the Members of General Federatlon of Trade Unlons Educatlonal Trust
(contlnued)
Other Information
The other Information comprises the infonnatlon induded in thè Annual report other than the financial statements
and our Auditors, report thereon, Thè Trustees are responsible for Ihe other information contained withln the
Annual report. Our opinion on the financial statemenls does not cover the oth8r Snformation and. except to the
extent othe￿iSe expllcitly stated in our report, we do nol express any form of assurance concluslon Ihereon. Our
responsibllity Is to r8ad the other Information and. in doing so, consider whether the other Informatlon is
materially Inconsistent wllh the financlal statements or our knowledge obtained In th8 course of the audit, or
otheNise appears lo be materially mlsstat8d. If w8 Identlfy such materlal Inconslstencles or apparent materlal
mlsslatements, we are requlred to determlne whether Ihls glves risa to a materlal mlsstalement Sn the flnancial
slat8ments themselves. If, based on the work we have perfomied, we conclLido that th6r8 Is a materlal
mlsstatement of thls other Informat]on, we are required to report that fact.
We have nothing to report In thls regard.
Matters on whlch we are requlr6d to report by exception
We have nothlng to report In respect of Ihe followlng matters where the Charflies AGI 2011 requlres us to r8POrt
to you if, In our oplnlon:
the InformatSon glven In Ihe Trustees, report Is Inconslstant In any matedal respect wlth the flnancl81
stalements; or
the parent charity has nol kept sufflci8nt accountlng records. or
the parent ¢harily fSnanclal statements are not in agreement with the accountlng records and r8turn5', or
we have not recelved all the Infomiatlon and eXplana￿onS we require for our 8udlt,
R8sponslbllltles of trustees
As explalned mor8 fully In Ihe Trustees, responsibilltles stalem8nt, th8 Trustees are responsible for the
preparation of the financlal statemenls and for being satisfled that they gtve a true and fair vlew, and for such
Internal control as the Trustees determlne is necessary to enable the preparatlon of financlal statem8nts that are
free from material misstalem8nt, whether due to fraud or error.
In prep8rlng the financial statements, lh8 Trustees are responslble for ass8sslng the Group's and the parent
charitls ablllty to contlnue as a golng concern, disdoslng, as applicable, mallers related to golng concern and
Uslng the golng concem basls of accountlng un18ss the Truslaes elther Intend to liquldate lh8 Group or the
parent charlty or to Cease operallons, or have no r&alistlc alt6matlve but to do so.
Page 7

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Ind8pendenl audltors. report to the Members of General Federatlon of Trad8 Unlons Educatlonal Trust
(continued)
Auditor6, responslbillties for the audlt of the financlal statements
We have been appolnted as auditor under sectlon 151 of the Charities Acl 2011 and report In accordance with
the Act and relevant regulations made or having effect thereunder.
Our objectives are lo obtaln reasonable assurance a￿ul whether the financlal statements as a whole are free
from mat8rial misstatement, wh8lher due to fraud or error, and to issue an Auditors, report that Includes our
oplnion. Reasonable assurance is a hlgh lev81 of assur2nc8, but Is not a guarantee that an audit conducted Sn
accordance wlth ISAS (UK) wlll always detect a material misstatament when it exlsts. Misstatemenls can arisa
from fraud or error and ar8 consldered malerlal Sf, indivldually or in the aggregale, they could reasonably b8
expected to influence the economlc declsions of users taken on the basls of these financlal slatements.
Irragularitles, includlng fraud, ar8 instanGes of non-compliance with laws and regulatlons. We deslgn proc8dur6s
In Ilne with our responsibilities, oullined above, to delecl material misstatements In respect of Irregularftles,
Including fraud, The extent to whiGh our procedures are capable of delecllng Irregularllles, Includlng fraud Is
dotailed below,.
Based on our understandlng of the charlty and Industry, we identlfy the key laws and regulallons affectlng Ihe
charlty. We identified that the prlncipal rlsk of fraud or nonwGompliance with laws and regulations related to;
management bias In respect of accounting estlmales and ludg8m8nts made.
managemenl overrld8 of control:
posllng of unusual Journals or Iransactlons.
We focussed on those areas that could glve ris8 to a mat8rfal mlsstatem8nt in the GharStls financlal statem8nt8,
Our procedures Includ8d, but wer8 not limltad lo:
enqulry of manag8ment and those tharged with governance around actual and potential Iltigation and
claims, Includlng Instances of non-¢ompllance with laws and regulatlons and fraud;
revlewlng mlnutes of meetlngs of those charged with govemanc8 whère avallabl8;
revl8wing legal expendlture In tha year to identlfy Instances of non-compliance wlth laws and regulatlons and
fraud;
reviewlng flnanclal statement disdosuras and tesling to supportlng documentation lo assess compllance with
appllcable laws and regulatlons.
performing audit work over Ihe rfsk of management override of controls, including testlng of joumal entrles
and other adjustments for appropiiateness, evaluating the business ration818 of signifjcant transactions
outslde the nomal course of buslness and raviewlng accountlng estlmates for blas. In partlcLJlar the
assumptlons used In relatlon lo the defined beneflt penslon scheme, Snvestm8nt property valuations and
mpairment of tangible fixed assats.
It Is the prlmary responslbility of management, with the oversight of Ihose charged with govemanc8, to ensure
that the entills operations are conducted in accordance With th8 prov5sions of laws and regulatlons and for the
preventlon and detecllon of fraud.
Because of the inherent Ilmilalions of an audit, there is a risk that we wlll nol detect all irregularitles, including
those leading to a material misstatement in the financlal statements or non-compliance with regulatlon. Thls rlsk
increases the mora Ihat compliance wilh a law or regulation is removed from the events and transactions
reflected In th8 financial stat8ments, as we will be less Ilkely to become aware of Inslances of non-compllance.
The risk Is also greater regardlng Irregularllies occurring due to fraud rather than error. as fraud Involves
Intentional concoalment. forgery, collusion, omisslon or mlsrepresenlation.
A further desGriPtlon of our responsibillties for the audit of Ihe financial Statements is located on the Financlal
Reporting Council's website at: www.frc.or
-uklauditorsres
onsibilities. This descrlption forms part of our
Auditors, report.
Paga 8

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Independent audltors, report to the Members of General Fadération of Trade Unlons Educatlonal Trust
(continued)
Use of our report
Thls report is made solely lo the charitys trustees. as a body. in accordance wlth Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertak8n so Ihat we might state to the
Gharitls trustees thosa matters wa arè required lo staté to them In an Auditors, report and for no other purpose,
To the fullest extent permitted by law, we do not accept or assume responslbllily lo anyone other than the charlty
and the charIt￿S trustees, as a body, for our audit work, for Ihls report, or for Ihe oplnlons we have formed,
fL( J @ C(JOe&' LJJJ
PKF Smlth Cooper Audit Llmited
Statutory Auditors
2 Lac8 Market Squar8
Nottingham
NGI 1PB
Date..
11 December 2024
Page 9

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Consolidated Statement of financlal aGtlvltles (Incorporatlng income and expenditure account)
for the year ended 31 December 2023
Restricted Unrestrlcted
funds
funds
2023
2023
Total
funds
2023
Total
funds
2022
Note
Income from:
Incom8 r8ceived from GFTU
Donations
Tradlng acllvltles..
Hotel
HMRC Covid-19 grants received
Inveslm8nl Income
other Income
200,000
216
200,000
216
250,000
1,583,273
1,583,273
1,657, 186
6,000
66
174,190
262
262
124,790
124,790
Total Incoma
1,583,273
325,268
1,908,541
2,027,442
Expendlture on:
Tradlng 8Ctivitles
Hot81
Charftable a¢tlvitl8S',
Educallon Trust expendllure
Impalrment of tanglble flxed assets
(note 28)
Amounts due lo GFTU foregone (note
28)
1,609,498
1,609,498
1,550,975
576,169
576,169
426,727
1,400,000
1,400,000
{1,400,000)
(1,400,000)
Total oxpendlture
1,609,498
576.169
2,185,667
1,977,702
Net {expendlture)Ilncome before net
(lossesllgalns on Investments
Galn on revaluation of Inv8Stment
property
Net lexpendlturelllncome before
taxatlon
Taxation
{26,225)
(250,901)
(277,126)
49. 740
{65,000)
165,000)
49,500
{26,225)
{38,000)
(315,901)
{342,126)
(38,000)
99,240
Net movement ift funds
(64,225)
{315,901)
{380,1261
99,240
Rèconclllatlon of funds:
Total funds brought fO￿ard
Nel movement in funds
1.415,604
(64,225)
(546,749)
(315,901)
868,855
(380,126)
769,615
99,240
Total funds carrled forward
1,351,379
{862,650)
488,729
868,855
The Consolidated statement of flnanGlal activities Includes all gains and losses recognised In the year.
Page 10

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Registered number: 313439
Consolidated balance sheet
as at 31 Decembar 2023
2023
2022
Note
Flxed asset5
Tanglble assets
Investmant property
11
12
3,188,830
2,345,000
4,674,430
2,410,000
5,533,830
7,084,430
Current assets
10,866
141,983
178,408
Stocks
Debtors
Cash at bank and In hand
9,154
104,458
72,823
14
186,435
331,257
Credllors: amounts falllng due wlthin one
year
15
(5,231,536)
(6,546,832)
Net current Ilabllltles
(5,045,101)
(6,215,575)
Total assets less current Ilablllties
488,729
868, 855
Total net assets
488,729
868,855
Charity funds
Reslrlcted funds
Unrestrlcted funds
17
17
1,351,379
(862,650)
1,4t5,604
(546, 749)
Total funds
488,729
868,855
The Truqlees acknowlp.dge their responsiblllties for cOmpl￿ng with the requlrements of the Act wlth respect to
accounting records and preparatlon of financial statements.
The flnanclal statements were approved and authorlsed for Issu8 by the Truste85 and slgned on th8lr behalf by:
S Woolley
Chair of Trustees
Date..
P8ge 11

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Registered number: 313439
Trust balance sheèt
as at 31 December 2023
2023
2022
Note
Fixed assets
Tanglble assets
Investments
Investment property
11
13
12
2,986,236
4,437,203
2,345,000
2,4fO,000
5.331,238
6,847,205
Current assets
Debtors
Cash al bank and in hand
14
894,500
9,708
894, 266
96,885
904,208
991,151
Creditors: amounts falllng due withln on8
year
15
(4,883,657)
(6,177,864)
Net current Ilablllties
(3,979,449)
{5,186,713J
Total ass8t8 less current liabilltles
1,351,789
1,660, 492
Total net assets
1,351,789
1,660,492
Charity funds
Restrlcted funds
Unr8StrScted funds
17
17
2,052,351
(700,562)
2,052,351
(391,859)
Total funds
1,351,789
1,660,492
The Trustees acknowledge Ihelr responsibillties for complying with the requirements of the Act wlth respect to
accounting records and preparalion of flnanaal ststements.
The flnancl81 statements were approvad and authorlsed for Issue by the Trustees and slgned on thelr behalf by.
S Woolley
Chair of Trustees
Date:
Page rf2

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Consolldated statement of rAsh flov
for the year ended 31 December 2023
2023
2022
Cash flows from operatlng actlvltles
Net cash us8d In operatlng activities
(191,677) (137,031)
Cash flows from investlng actlvlties
Rents from Investment property
Purchase of ianglble flxed assets
Purchase of investment property
103,647
(17,555)
106,883
(63,563)
(500)
Net cash provlded by Investlng actlvitles
86,092
42,820
Cash flows from flnan¢lng acllvltlas
Net cash provlded by financlng activlties
Change In cash and cash equlvalents sn the year
Cash and Cash equlvalents at the beglnnlng of th8 year
(105,585)
178,408
(94,211)
272,619
Cash and cash equlvalents at the end of the yèar
72,823
178,408
The notes on pages 14 to 33 form part of these financlal statements
Page 13

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnanclal statements
for the year ended 31 De¢8mber 2023
Accounting policles
1.1 Basls of preparatlon of finan¢lal statements
The flnancial statements have been prepared In accordance wlth the Charltles SORP (FRS 1021
Accounting and Reporting by Charilies: Slalement of Recommended Practice applicable to charilles
preparing their accounts In accordance with the Flnancial Reporting Standard appllcable in the UK
and Republlc of Ireland (FRS 102) (effectlve l January 2019), the Financial Reporting Standard
appllcable In the UK and Republlc of Ireland (FRS 102), the Charities Act 2011.and appllcabl8
regulations
The accounts have be8n prepa￿d under the hlstorfcal CA)sl convention with Items recognlsed at cost
or transaction valu8 unless otheNise slated.
The Consolldalad statement of ftnanclal actlvllles (SOFA) and Consolldaled balance sheet
consolldate the financlal statements ol lh6 Trust and Its subsldlary undertaklngs. The results of the
subsldlaries are consolldated on a15ne by Ilne basls. No separate slatem8nt of flnanclal acllvlll8s Is
presented for the parent undertaking in accordance wilh UK GAAP.
The finandal statements are presented In sterllng whlch Is the functional currency of the Group and
are rounded to the nearest £1.
1.2 Golng concern
The financlal slal8m8nts hav8 been prepared on a golng concern basis. The Trustees assess
whalher tha use of going concern Is approprfate l.e. wh81har ther8 are any malerfal uncertalnt18S
relatod to events or condltlons that may cast signlficant doubt on the ablllty of the Trust to contlnue as
a golng concern for a period of at18ast one year from the dat8 of approval of the financlal statements.
The Trust has made a consolldated loss In the year to 31 December 2023 and18 forecast to report a
consolidated loss In the year to 31 D6￿mber 2024.
As at 31 Decernber 2023, the Trust owed £4,847,614 to Its related und6rtaklng the General
Federallon of Trade Unlons (GFTU). No specific terms and conditions are altached regardlng
repayment or Interest in respecl of balances due, but th8 GFTU has agreed not to seek repayment of
the amounts for a minlmum of 12 M￿thS from the date of approval of the flnanclal statements.
Furth8rmor8, the Trust contlnues lo raceive operatlonal and financlaS support from the GFTU, whlch It
has done for many years, and the members of tha GFTU have ¢onfimi6d that thls wlll contlnue to be
the Gase. Howover, th8 GFTU cannot continua to fund the Trust indefinitely. and the extent of any
support wlll, In part, be dependent on Ihe performanGe of the GFTU Tradlng Company and the abllity
of the Trust to secure furthèr independent funding.
The GFTU Trading Company has made losses in the year 31 December 2023 and If forecast to do
so in the year-ended 31 D6cember 2024. Furth8rmore, tha Trust was ow8d £853k by the GFTU
Trading Company al the 31 December 2023 and the debt will not b6 setlled In full or in part in tha
foreseeable futura. No provision has been made against debts due, as 11 is the opinlon of the
Trustees, Ihat the GFTU Trading Company will be in position to repay the debt In due course. Thls
opinion Is based on informalion provided by the Trading Company, which forecasts a r6tum to
profitablllty in Ihe year ended 31 Dec8mber 2025, following a review of the Companvs operations and
remedlal action being taken.
In th8 absence of other funding, whlch the Trusl Is endeavourlng to oblain, Ihe Trust18 dependent
upon the conllnued support of the GFTU to meet its Ilabllities as they fall due.
Notwlthslandlng the above, the Truste8s are Sa￿SfIed that following a revlew of cashflow forecasts
Ihere will be sufficient funds available for Ihe Trust to continue as going concem for a minimum of 12
months from the date of approval of the financial statements.
Page 14

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnancial statements
for the year ended 31 December 2023
Accountlng pollcles (contlnued)
1.3 Income
Donations and slmilar Is recognlsed once the Trust has entillement to the Income, It Is probable that
the income wlll be received and thè amount of Income receivable can be measured rellably.
Grants aré Included in tha Consolidated statement of financial actlvities on a re¢8ivab5e basls. The
balanca of Income received for speciflc pu￿OseS but not expended during the perlod Is shown In the
r81avant funds on th8 Balance she8t. Wh8re Income is recelved in advanca of entitlement of recelpt,
Its recognlllon Is deforred and Included In creditors as deferred Income, Where entitlement occurs
before Income Is recelved, the In(x)m8 Is accrued.
Management charges Is recognlsed Sn the year it is recelvable.
Income from hotel trading a¢tivitl8s represents falr value of the conslderatlon recelved or recelvable,
8xcluding discounts. rebates, value added tax ar)d olher sales taxes. R8venu8 from the sale of food
and drink is recognised at point of sale. Revenue from accommodation, events and room hlre Is
recognlsed over Ihe perlod to which the Se￿ICe8 relate.
1.4 Expandlture
Expendlture Is r8cognlsed onc8 there is a legal or constructive obllgatlon to transfer economlG beneflt
to a thlrd party, It Is probable that a transfer of economlc beneflts wlll be r8qulred In settlement and
the amount of the obllgatlon can be measured rellably. No 8xpendltur8 Is netted off Incomlng
resources. All costs have been attributed to the functional categorle5 of resource5 expanded in the
statement of Flnancial Aclivitles.
Expenditur8 on charltable actlvltlas Is Incurred on directly undertaklng the actlvities whlch further tha
Group's objecllves, as well as any associated suppotl cosls.
Governance costs comprise all costs involving the accounlablllty of the Group and 118 compliance
wlth regulallon and good practice. These costs include costs relating to statutory audit and
professlonal fees togeth8r wlh an apportlonment of overheads and support costs,
Costs of hotel and tralnlng company tradlng actlvlll8s comprlse cost of sales, establlshmenl,
employThent. admlnlstrallon, depreclatlon and financlal cosls of generatlng the Income from hotel
Irading actlvilles.
All expendilure Is incluslve of Irrecoverable VAT.
1.5 Taxatlon
The Trust Is consldered to pass th8 tests set out in Par8graph 1 Schedule 6 of the Flnance Act 2010
and therefore it meels the definition of a charitable company for UK corporatlon tax purposes.
Accordingly, the Trust is potentially exempt from taxation In resp8Ct of Income or capltal galns
recelved wlthln categories Govered by Chapter 3 Part 11 of the Corporallon Tax Act 2010 or Sectlon
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such Incoma or galns aro
applled excluslvely to charitable purposes.
Subsidiary undertakings aro liable to Corporation and Capital G81ns Tax.
Page 15

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statements
for Ihe year ended 31 December 2023
Accountlng pollcles (contlnued)
1.6 Tanglbl£ flxed assets and depreciatlon
Tangible flxed assets are Initially reccwJnised 8t cost. After recognition. under the cosl model, langlbl8
fixed ass&ts are measured at cost less accumulated depraciallon and any accumulated impairment
losses. All cost5 Incurred to bring a tanglble fixed asset into its intended working condillon should be
Included In the méasurement of cost.
Dapreelatlon Is charged so as to allocate the cost of tanglble fixed assets less Ihelr r8sldual value
over thelr estlmated useful Iiv8S.
Depreclatlon Is provided on the following bases:
Land and buildlngs
2% slraight Ilne
Improvements lo property
150k reduclng balance
Fixtures, fittlngs and equipment - 15°/o reduclng balance or 33'A stralght line
Galns and losses on dlsposals are d8temined by comparing the proce8d8 with the cgrrylng amounl
and are recognlsed In the Consolldated statemenl of flnanclal activlties.
1.7 Investment property
Investment propert18s are Initially measured at cost and subsequently remeasured lo falr value al
each r8portlng date, Changes In falr value are recognlsed In the SOFA.
1.8 Investments
Investments In subsidlarles are valued at cost less provlsion for Impalrmenl.
.9 Stocks
Stocks are stated al the lower of cost and nel realisabla value, balng the estimated selllng price less
costs to complete and sell. Cost Is based on the cost of purchase on a flrsl In, first out basis, Work In
progress and flnlshed gooss Includ8 labour and attrfbutabla overheads.
At each balance sheet date, stocks are assessed for Impairment. If stock Is impaired, the carrylng
amount Is reduGed to its selling price 18ss cosls to complete and s811. The Impairment loss Is
recognlsed Immediately In Ihe Statemenl of Financial Activities.
1.10 Debtors
Debtors and creditors with no stated Inierest rate and recelvable or payable withln one year are
recorded at transaclion prico. Any losses arlslng from impainnenl are recognised in the Statemenl of
Fln8ncial AGliviti8S.
.11 Cash at bank and In hand
Cash at bank and In hand includes cash and short-temi hlghly liquid Investments wlth a short maturlty
of thr80 mohths or less from the date of acquisition or openlng of the deposll or similar account.
Page 16

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnanclal statements
for the year ended 31 December 2023
Accountlng pollcles (contlnued)
1.12 Deferred taxation
Full provislon Is made for def8tTed lax assets and 118bililles arising from all timing differences
between tha recognition of galns and losses in the financial stalements and recognltlon In the tax
computstlon.
A nat deferred tax asset Is recognlsed only If It can b8 regard8d as more Ilkely Ihan not that thare wlll
be sultabl8 taxable surpluses from which th8 future reversal of th8 underlylng limlng dlfferances can
be deducted.
Deferred tax assets and liablllues are calculated at the tax rates expected to be effecllve at Ihe time
Ihe tlming differences are expected to reverse.
4.13 Flnanclal instruments
The Group only has financial assets and financlal Ilabllitles of 8 klnd that quallfy as baslc flnancial
instruments. Baslc financl81 Instruments are Initially recognls8d at Iransaction value and subsequently
measured at their settlement valu8 wlth the exceptlon of bank loans which are subsequently
m8asured at amortisad cosl using tha effective interest melhod.
.14 Operatlng leases
Rentals pald under operatlng leases are charged to the Consolldated statem8llt of financlal aGtlvltles
on a stralght Ilne basls over th8 lease term,
1.15 Penslons
Deflned contrlbutlon scheme
The Group operates a defined conlributlon p8nslon scheme and th8 penslon charge represents the
amounts payabla by the Group to the fund in raspect of th8 year.
Doflned beneflt scheme
Cartaln members of staff have lolnt conlracts of employment ￿th thls enllty and th8 General
Federallons of Trade Unlons (GTFU) and have particlpated In the Deflned Benefit Penslon Scheme
(DBPS) operated by the GFTU. However, Ihe GFTU Is the only adrnlttod body to the DBPS and no
financlal commitments exist in respect of ongolng contributions lo be mad8 by the Trust to the
scheme, these 8re solely the responsibility of the GFTU. Therefore, the actuarial impacl of the OBPS
is reflected in the financial statements of the GFfu only.
The penslon costs of the staff who woth for Ihe Trust are charged to the income and expendlture
account as they become payable.
1.16 Fund accountlng
General funds aro unrestrfcted funds whlch ar8 available for use at the dlsGrellon of the Trust8es In
furtherance of the general objectlves of th8 Group and whlch have not bean deslgnated for other
purposes.
Restrlcted funds are funds which are to be used in acwrdance wilh speclfic restrictlons Imposed by
donors or whith have been raised by the Group for particular purposes. The costs of raising and
adminislering such funds are charged against the specific fund. The aim and use of each reslricled
fund is set out in the notes to the financlal statemenls.
Page 17

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnanclal statements
for the year ended 31 DeGember 2023
Crltlcal accountlng estlmates and areas of Judgment
Estimates and judgments are continually evaluated and are based on historical experience and other
factors, includlng expèctatlons of future events th8t are belleved to b8 reasonable under the
clrcumstan¢&s.
The Trust makes estimates and assumptions concerning the future. The resulting accounling estimates
gnd assumpllons will, by definilion, seldom equal the related actual results. The estlmatas and
assumptions that have a significant risk of causlng a material 8dJustmant to the carrying amounts of
assats and liabllllles wlthln Iha next financlal year are discussed below.
Tanglble Flxed Assets
Managem8nt Judgement Is r8quired in assesslng the falr value of tanglble flxed assels, Includlng the future
economic benefit expected to be generated by those assets. Specifically. the Investment made In the
purchase and r8furblshmenl of the hotel, operated by tha Trust's subsidiary undertaking. The assessment
of th8 useful economlc life and method of depreclating Ihose assets also requires Judgement.
Depreclation is charged to the SOFA based on the useful aconomic life selecled of 50 years, whlch Is the
period over which the Trust expects to consume the economlc benefits of the hotel. Depreclation Is
charged based on the difference between the cost and resldual value of th8 asset, The residual value of
the asset Is based on a professlonal thSrd party valuatlon.
Followlng an Impalrmenl revlew, the truste89 concluded th81 th8 carrylng value of the ass8t as 8131
December 2023 was In excess of r8sldual value. Thls has resulted In an Impalrment charge of
£1,400,000. The Car￿ng value of the hotel at the balance sheet dat8 Is £2,482,587.
Investment Propertles
The Trust carries its Investmant properties at falr value, wllh changes in fair vaSue being recognised the
SOFA. The Trust engages a local independent estate agent lo determln8 the fair value of the propertles,
due to the avai18bilily of ¢omp8rable market data.
Other Incoming resources
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
MEWS housing rent
Other Income
103,647
21,143
103,647
21,143
106.883
7,307
124,790
124,790
114,190
Tolal 2022
114, 190
114,190
In th8 Consolidated stalement of finandal activities. all other materlal income headlngs relate to one Stem
and therefore no separate income not8 has been disclosed.
Page 18

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnancial statements
for the year 8nded 31 DeGember 2023
Analysls of expendllure on charltable actlvltles
Summary by fund lype
Unr8strlGted
funds
2023
Total
2023
Total
2022
Educatlon
576.169
576,169
426,727
Tot812022
426, 727
426,727
Analysls of expandlture by actlvltles
Support
costs
2023
Total
funds
2023
Tolal
funds
2022
Education
576,169
576,169
426, 727
Total 2022
426, 727
426,727
Analysls of support costs
Total
funds
2023
Total
ftinds
2022
staff costs
Depreciatlon
Occupancy costs
Other costs
Governance costs
341,109
67,546
14,700
144,774
8,040
235, 708
68,092
30,640
84, 137
8,150
576,169
426, 727
Page 19

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnanclal statements
for tho year ended 31 December 2023
Educatlonal Trust statement of flnanclal actlvltles
Restricted Unrestricted
Funds
Funds
2023
2023
Total
Funds
2023
To181 Funds
2022
Income
InC0￿e recei*d from GFTU
DonatSon
Quorn Grange Hotel rent
MEWS houslng rent
Other rent
Othèr Incom8
200,000
216
54,000
103,647
8,152
20,135
200,000
216
54,000
103,647
8,152
20,135
250,000
54,000
106, 883
5,056
20, 607
386 150
386 150
456,546
Expenditure
Staff costs
Depreclatlon
Ctcupancy costs
Oiher costs
Gover2nce costs
Impairmenl of fixed assels
Amounts due to GFTU vKltten off
341,109
67,546
35,291
177,867
8,040
1,400,000
1,400,000
341,109
67,546
35,291
177,867
8,040
1,400,000
1,400,000
235, 708
68,092
30,640
114,035
8, 150
629 853
629 853
456,625
Net Income before net galns on
Investments
Galn l (Loss) on rewdlUat1￿ of
In￿SInK8nt property
243,703
243,703
(20, 079)
65,000
65,000
49,500
Net movement In funds
308 703
308 703
29,421
Reconclliatlon of funds:
Total funds brought foNprd
Net movement in funds
2,052,351
(391,859)
308,703
1,660,492
308,703
1,630,411
660
Total funds carrled forward
700 562
2052351 1,351789
1,631071
Page 20

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financlal statements
for the year ended 31 December 2023
Audltors. remuneratlon
2023
2022
Fees payable to Ihe Trust's audltor for the audlt of the Twst's annual
accounts
8,040
8,150
staff costs
Group
2023
Group
2022
Trust
2023
Trusl
2022
Wages and salaries
Soclal securlty costs
Penslon costs
1,175,855
27,430
25,214
999, 640
20,039
21,998
288,465
27,430
25,214
193,671
20,039
2q,998
1,228,499
1,041,677
341,109
235, 708
The average number of person8 employed by Ihe Trust durlng the year was as follows:
Group
Trust
2022
2023
Group
2023
Trusl
2022
No,
Research and C8mpalgn
AdmSnistrallon
Education
Fundralslng
Hotel Staff
46
46
58
54
The number of employees whose employee benefits (excluding employer penslon costs) exceeded
£60,000 was:
Group
2023
Group
2022
In the band £60,001- £70,000
Key management personnel r8muneration during Ihe year totalled £165,032 {2022: £72,563) for short-
term employment benefits and £18,016 <2022: £13,460) for posl-amploymenl benofils.
Page 21

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnanclal slatements
for the year ended 31 December 2023
Trustees, remuneration and expenses
During the year, 1 Trustee recelved remuneration for seNlces provlded as an employee of the Charlty.
No renLtmeratlon was pald in relation to their role as a Trustee.
Durlng the year ended 31 December 2023, expens8s totalling f2,380 wore relmbursed or pald dlr&ctSy to
3 Tmstees {2022 - £NIL).
10. Intanglble assets
Group and Trust
Goodwlll
Cost
At 1 January 2023
At 31 December 2023
Amortlsation
At 1 January 2023
At 31 December 2023
Net book value
At 31 December 2023
At 31 DeG8mbor 2022
The goodwlll arose on the purchase of th8 Quom Grange Hotel investment property In 2012.
Page 22

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnanclal statements
for Iha year ended 31 December 2023
11. Tanglble fixed assets
Group
Flxtures,
Land and
Property flltlngs and
buildings Improvements
equipment
Total
Cost
At 1 January 2023
Additlons
4,318,120
397,797
1.631
677,614
15,924
5,393,531
17,555
At 31 December 2023
4,318,120
399,428
693,538
5,411,086
Dapreclallon
At 1 January 2023
Charge for the year
Impairment charge
51,754
36,662
1,400,000
279.983
17,673
387,364
48,820
719,101
103,155
1,400,000
At 31 December 2023
1,488.41 6
297,656
436,184
2,222,256
Net book value
At 31 Dec8mber 2023
2,829,704
101,772
257,354
3,188,830
Al l January 2023
4,266,366
117,8q4
290,250
4,674,430
Paga 23

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnancial slatements
for the year ended 31 December 2023
11. Tangible flxed assets (Gontlnued)
Trust
Flxtures,
Freehold
Property flttlngs and
property Improvements
equipment
Total
Cost
At 1 January 2023
AdditSons
4,318,120
6,811
1,631
377,619
14,948
4,702,550
16,579
At 31 December 2023
4,318,120
8,442
392,567
4,719,129
Depreclatlon
At 1 January 2023
Charg8 for the year
Impalrmenl charge
51,754
36,662
1,400,000
5,228
238
208,365
30,646
265,347
67,546
1,400,000
At 31 December 2023
1,488,416
5,466
239,011
1,732,893
Net book value
At 31 December 2023
2,829,704
2,976
153,556
2,986,236
At l January 2023
4,266,366
1,583
169, 254
4,437,203
12, Investment property
Group and Trust
Freehold
Investment
property
Valuation
At 1 January 2022
Surplus on revaluation
2,410,000
{65,000)
At 31 Dec8mber 2023
2,345,000
The Investment property was revalued on 31 December 2022 by Berkley Estales, based on market value.
PBge 24

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnancial statements
for the year ended 31 Décember 2023
13.
Flxed asset Investments
Investments
In
subsldlary
companles
Trust
Cost and net book value
Al 1 January 2023
At 31 December 2023
Prlnclpal subsldlarl8S
Th8 followlng was a subsldlary undertaklng of the Trust:
Company
number
Name
Prlnclpal acllvlty
Class of Holdlng
sharos
GFTUET Tradlng Company Llmited
08282681
Quom Grange Hotel Ordlnary
1000
Included In
Consolldatlon
YGS
The flnanclal r88ulls of the subsldlarles for Ihe year w8r8:
Profltl{Loss)
for the year
Net assets
Names
GFTUET Trading Company Llmiled
The registéred office of the subsidiary undertaking is the same as Ihat of the parent charity.
The subscrlbers to the shares of GFTUET Trading Company Limited are G Llltle and S Woolley, Irusle8S
to the Trust and Ihe Trust is the beneficial owner of those shares.
Alblon Education and Tralning Ltd, a wholly owned subsldlary of GFTUET Tradlng Company Limlted, was
dlssolved in June 2023.
(32,139)
(825,056)
Page 25

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statements
for the year ended 31 December 2023
14. Debtors
Group
2023
Group
2022
Trust
2023
Trusl
2022
Duè wlthln one year
Trade deblors
Amounts owed bygroup undertaklngs
other debtors
Prepayments and accrued Income
Deferred taxatlon
32,179
52,851
5,185
853,109
31,117
5,089
945
856. 787
29,290
7,244
67,190
5,089
43,888
7,244
38,000
104,458
141,983
894,500
894,266
15. Credltors: Amounts falllng due wilhin one y8ar
Group
2023
Group
2022
Trust
2023
Trust
2022
Amounts due to GFTU
Trade credltors
other taxatlon and soclal security
Accruals and def8rr8d Income
4,847,614
155,582
108,271
120.069
6,225,459
115,631
66,710
139,032
4,847,614
9,393
6. 161,661
6.356
26,650
9,847
5,231,536
6,546,832
4,883,657
6, 177,864
Amounts due lo thè GFTU are classified wlthin one year In absence of a formal loan agreement betwe8n
Ihe hNo partles and is therefore lechnically repayable on demand. However, the GFTU have conflrmed
that Ihere Is no expectation that amounts would need to be repaid In the foreseeable future,
Page 26

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnanclal statements
lor the year ended 31 December 2023
16.
Flnanclal Instruments
Group
2023
Group
2022
Trust
2023
Trusl
2022
Flnanclal assets
Flnanclal ass8tS thal are debt Snstrumants
measured at amortlsad cost
99,369
96,739
889,411
887,022
Group
2023
Group
2022
Trust
2023
Trusl
2022
Flnanclal Ilabllltles
Flnancial Ilabilltles measured at amortis&d
cost
6,403,196
6,34q,090
6,257,007
6,168,017
Fln8nclal assets that are debt instruments m888ured at amortlsed cost comprlse trade debtors, olher
debtors and amounts owed by group undortakings.
Flnancial Ilabilltles maasured at 8mortlsed cost comprlse trada credltors and amounts due to GFTU.
Page 27

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financlal statements
for the year ended 31 December 2023
17. Statement of funds
statement of funds- current year
Balance at
31
Gainsl Decemb8r
{Losses)
2023
Balance at 1
January
2022
Income Expendlture
Taxatlon
Unrestrlcted
funds
General reserve
fund
Revaluatlon
reserv8
(1,010,696)
325,268
(576.169)
(1,261,597)
463,947
(65,000).
398,947
{$46,749)
325,268
(576,169)
{65,000) (862,650)
Restrlcled
funds
Reslrlcted Funds
all funds
1,415,604
1,583,273 {1,609,498)
{38,000)
1,351,379
Total of funds
868,855
1.908,541
(2,185,667)
{38,000)
(65,000)
488,729
P2ge 28

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnanclal statements
for the year ended 31 December 2023
17. Slatement of funds (Gontlnued)
Statement of funds- prior year
Balanc8 al
31
Decemb8r
2022
Balanc8 al
l J8nuary
2021
Galns/
(Losses)
Income Expendllure
Unrestricted funds
General reserve fund
Revaluatlon reserve
(948,225)
414,447
364.256
(426.727)
(I,otO,696)
463,947
49,500
(533,778)
364,256
(426, 727)
49,500
(546, 749)
Restrlcled funds
Reslricted reseNe fund -
Investment
1,303,393
1,663,186 (1,550,975)
1,415,604
868,855
Total of funds
769,615
2,027,442 (1,977,702)
49,500
Restrlcted reserve fund - investment
The Trustees conslder the capltal element of the exceptlonal Glft Aid received In 2005 amountlng to
£3,000,000 should be Irealed as a restricted fund on the grounds that whllst the Income from thls capltal
fund can be used In accordance with ch8rit3ble objectlves set out In the trust deed, the capltal fund itself
cannot be expended, Accordingly the Statemenl of Flnandal Actlvilies has been presented to separately
dlsclose Ihe restrlcled funds is mada each year to malntaln the capltal element of the 2005 except5onal
Glft Ald at Its mark81 value.
Durlng 2012 the Trust dlsposed of ils managed Investmenls portfollo and used th8 reallsed proce8ds to
purchase a hotel property and a Ilmited companyto operate the holel business. As such, tha income and
expenditure from the hotel trading actlvities, and any realised or unreallsed galnl(loss} on revaluatlon Is
treated as restrlcted funds in the Consolidated Statement of Flnancial Aclivlties. During 2014 a trainlng
company was Incorporated as a subsldiary of the holel trading company and, as such, the income and
exponditure from the tralning company tradlng activitles is treated in the samè manner.
Page 29

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnanclal statements
for the year ended 31 Decemb8r 2023
18.
Summary of funds
Summary of funds - current year
Balance at
31
GaSnsl Docember
(Losses)
2023
Balance at
January
2023
Income Expenditure
Taxation
General funds
Restricted funds
(546,749)
1,415,604
325,268
(576,169)
,583,273 {1,609,498)
{65,000) (862,650)
1,351,379
(38,000)
868,855
1,908,541 (2.185,667)
(38,000)
(65,000)
488,729
Surnmary of funds - prior year
Balance al
31
Decembei
2022
Balance al
l January
2022
Gainsi
(Losses)
Income Exp8nditure
General funds
Restrlcted funds
(533,778)
1,303,393
364,256
(428, 727)
1,663,186 (1,550,975)
49,500
(546, 749)
1,415,604
769,615
2,027,442 fl.977, 702)
49,500
868,855
19. Analysis of net assets between funds
Analysls of net assets between funds - current year
Rèstrlcted Unrestrlcted
funds
funds
2023
2023
Total
funds
2023
Tanglble fixed assets
Investment property
Current assets
Cr8dltors due within onè year
1.567,182
1,621,648
3,188,830
2,345,000
2,345,000
135,076
51,359
186,435
(350,879) <4,880,657) (5,23q,536)
Total
1,351,379
(862,650)
488,729
Page 30

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnanclal statements
for the year ended 31 December 2023
19. Analysls of net assets between funds {contlnued)
Analysis of net assets between funds - prfor year
R8strictGd Unreslricted
funds
funds
2022
2022
Total
funds
2022
Tangible flxed assets
Investment property
Current assets
Creditors due wlthin one y8ar
Provlsions for Ilabllitles and charges
1,588,96t
3.085,469
4,674,430
2,4to,000
2,410,000
157.611
135,646
293,257
(368,968) (6,177,864) (6,546,832)
38,000
38,000
1,415,604
(546, 749)
868,855
Total
20. Reconcillatlon of net movement in funds to nat cash flow from operatlng actlvltles
Group
2023
Group
2022
Net Incamelexpendlture for th8 year (as per Statement of Financlal
AGtivlties)
99,240
(380,126)
Adlustments for.
Deprec18tlon charges
Impairment of tanglble fixed assets
Losses l{Galns) on Investment property
Rents from Investment property
Lossl(profit) on the sa16 of fixed assets
Decreasel{incre8se) In stocks
Decrease In debtors
Decrease In creditors
109,465
103,155
1,400,000
65,000
(49,500)
(103,647) (106,883)
(29,125)
1,712
(3, 664)
40,574
37,525
{1,315,296) (197,138)
Net cash used in operating activlties
{191,677) (137,031)
21. Analysls of cash and cash equlvalents
Group
2023
Group
2022
Cash in hand
72,823
178,408
Total cash and cash equlvalents
72,823
178,408
Paga 31

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnanclal statements
for the year 8nded 31 December 2023
22. Analysis of changas In nèt debt
At1
January
2023 Cash flows
At31
December
2023
Cash at bank and In hand
178,408
{105,585)
72,823
178,408
(105,585)
72,823
23. Contlngent liabllltles
A clalm of £106,000 has been made on the Trust In connectlon wlth Ihe refurblshment of the hotel,
operated by the Trust's tradlng company. Havlng taken appropriate advlce, in Ihe Trustees, vlew the Trust
is not liable and Is con18Sting the claim on the basls that the work was not completed In accordance wlth
the contract. Th8refore, the clalm has nol been provided for in lh8 financial statements, as In the Trustees,
opinlon, it Is not probable thal It will be paid.
24. Penslon commltménts
The Charlty and Its subsldlary operates a defined contrlbutlon penslon scheme for Its employees. The
penslon cosls for the year represents contribullons payable by the Charlty and Its subsldlary to the
scheme and amounted to £25,214 (2022: £21,998)
Conlrlbutlons lolalling £3.445 {2022: £2,849) were payable to the scheme at the end of the year and are
included within accruals.
25. Operatlng lease commitments
At 31 December 2023 tha Group and th8 Trust had commltm8nts to make fulure mlnlmum lease
payments under non-canceSlab16 OP8ratlng leases as follows."
Group
2023
Gmup
2022
Trust
2023
Trust
2022
Not later than 1 year
Later than 1 year and not later than 5 years
6,721
13.372
6.299
3,336
2,470
5,294
3,336
20.093
9,635
2,470
8,63Q
26. Contingent assel
The Trust's subsldlary undertaking is Currently in advanced dlscusslons regarding an Insurance clalm in
respeGt of buslness disruption exper1en￿d during the Covid 19 pandemiG. The dlrectors of GFTUET
Tradlng Company Limited conslder it more likely than not thera will an inflow of economic benefits, but It is
not practicable to estimato the financial effect at the date of approval of the fsnancial statements.
Page 32

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the flnancial statements
for the year ended 31 December 2023
27. Related party transactSons
The Educational Trust was established by the General Federalion of Trade Unlons (GFTU) 8nd continues
to be supported financlally by it.
During the year management charges of £200,000 (2022: £250,000) were p81d by GFTU to tha Trust.
GFTU also reGharges employment costs of £341.109 (2022: £235,708) lo the Trust. An amount of
£1,400,000 due to to GFTU from the Trust was wriltan off. as reportad in mora detail in nola 28.
At the balance sheet dat6 an amount of £4,847.614 (2022: £6.161,661) was due to GFfu from the Trust.
Slrlke Map UK Ltd Is a related party due to a common dlreGtorshlp. The Twst made sales to th8 company
of £384. There Is <in amount in debtors due from the company of £413.
Clouds Unfold Llmited is a related party due to a common dlrectorshlp. The Twst made purchases from
the company of £1,100.
28.
Post balance sheet events
Ev8nts or cond5tlons were In exlstenc8 at the 31 December 2023, whlch r8qulred an Impalnn8nt of the
Trust's malor flx8d asset, a holel, by £1.4m to £2.5m.
The Trust was orlglnally provlded wlth In excess of £6m of funds to purchase and refurblsh the hotel and
relal8d assels by a related party - the General Fed8ratlon of Trade Unlons (GFTU).
Subsequent to the year-end, the memb8rs of the GFTU elecled to forego Ihe equivalent amount of £1 .4m,
in respect of amounts owlng by th8 Trust to th8 GFTU. Whilst Ihe electlon was made subsequent to th8
year4nd, thls has been reported In the flnancial statemanls as an adlustlng post balance sheet event.
Thls was on the basls Ihat events or Conditions exisled at the reportlng date- Ihe Impairmant of th8 hotel
which meant the debt could not be repaid In full to the GFTU. It was always the Intentlon of the GFTU that
the most likely outcome In respect of the setllemenl of th8 debt would ba on the eventual sale of the hotel.
Further, th6 Trust has always been financially supported by th8 GFTU on an annual basis, and there Is a
significant amount of mutuality to th8 two antitles operatlons. There ar8 no condlllons, legal or olhèrwlse,
In exlstence in respect of the balances owed by the Trust lo the GFTU. For those reasons. In the Trustee,
oplnlon, if the debt forgone was nol reflected In the financlal statemants at the 31 Decembar 2023, a truo
and falr vlew would not b8 reported.
Page 33