Charity registration number: 313439
GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Trustees. report and financial statements
for the year ended 31 December 2024

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Contents
Page
Reference and administrative details of the Trust. its Trustees and athfisers
Trustees, report
Independent auditor5, report on the financial slatements
Consolidated statement of flnancial activlties
Consolidated balance sheet
Trust balance sheet
8-11
12
13
14
Consolidated statement of cash flows
15
Notes to the financial statements
16-32

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Refèrence and administrative details of the Trus( its Trustses and advisers
for the year ended 31 December 2024
Trustees
S Woolley, Chaic
G ￿ttle
S Parkinson
E Nicholson
NRae
A Pratten
S Orchard
R McKenie (appointed 15 November 2024)
B Chacko (appointed 11 November 2024)
J Westerman CBE
A Prochaska
M Sanders
M Bennett
Company reglstered
number
313439
Reglstered office
86 Wood Lane
Quom
Leicestershire
LE12 8DB
Company secretary
G Little
Independent auditors
PKF Smith Cooper Audit Limitad
statutory Auditors
2 La￿ Market Square
Nottingham
NG11PB
Page 1

GENERAL FEDERATION OFTRADE UNIONS EDUCATIONAL TRUST
Trustees. report
for the year ended 31 December 2024
The Trustees present their rèport wtth the financial statements of the chaiity for the year ended 31 De￿rnber
2024.
Objectives and activities
a. Policies and objectives
The principal objective of the Trust is to provide educational courses and seminars for the individual members of
the trade unions that are affiliated trade unions. It also produces publications and carries out project work in
support of these activities and for the wider benefft of the communty.
In setting objectives and planning for activities, the Trustees have given due consideratlon to general guidance
published by the CharÉty Commission relating to public benefit. including the guidance 'Public benefrt: running a
charity (PB2)'.
Strategic report
Achievements and perfomiance
. Main a¢hievements of the Trust and revlew of actlvities
ore Education Progr8mme Reach
The past y6ar has been a period of significant growth for the G￿u Educational Trust. In July 2023, we launched
our 2023124 education programme of 38 courses. This recrutted 537 students during 2023. In July 2024, we
launched our 2024125 educaticn programme of 70 courses. In 2024, across both programmes, we recruited
1,657 students, mor8 than tripling the reach of the Educational Trust. This also represents a signrficant increase
in average students per course from 14.1 to 23.7, meaning greater reach for individual courses and greatgr
efficiency across the work of the Educational Trust.
No of courses launched
No of students reglstered
Averag8 Students per
course
2023
2024
38
70
537
1657
14.1
23.7
+2090/9
+68 /0
Core Education Programme Impact
14 % of students left feedback in 2024. Of these 67°A strongly agreed that the objecttves of the course were met.
100 /0 agreed or strongly agreed that the objectives of the course were met. In addition, the following impact was
reported by students.
Page 2

GENERAL FEDERATION OFTRADE UNIONS EDUCATIONAL TRUST
TTustees' report (continued)
for the year ended 31 December 2024
Strategic report (continued)
Achievements and perforniance (continued)
/D of students re
ortin
rowth in the followin
areas:
Ability to build sustainable change in organisations and workplaces, including workplaces free
from discrimination, bul
and harassment
Knowledge and awareness to build positive change in my unions andlor workplaces
My confidence and leadership skills to take part in trade unionl workplace activities
My knowledge and awareness of education opportunities and learning and employment
athwa
s available to me and I feel su
orted to access them
Opportunity to have an effective voice
Opportunity to have fair work and to support dev81opment of fair employment for others,
includin
affectin
roved
and condttions
Opportunity to build strong networks of support through networking or peer mentoring
/0 Students reporting development Sn the following skAIIs:
Communication skills
Employment law and practice
Equality and diversity
Leadership skills
Organise my union group at work
84Yts
70Q/c*
660/0
740/0
64°/
620/D
53Q/D
59/
43/ts
Kno￿edge Transfer Partnètship
We are delighted to say that as part of our development strategy for the educational prograrnme 2023-2024, we
have been able to Secu￿ a knowledge transfer partnership with SOAS. the School of Oriental and African
Studies IUnNersity of London). This m8ans we will be developing in depth political economy courses. Working
closely with the expertise of the economics departrnent of SOAS. we will welcome a new Associate in 2025 to
help us expand our capacty for delivering political economy training. including delNery of an international onlin8
leGture series with SOAS (Untversity of London), The New School for Social Research (New York) and the
Centre for Heterodox Ewnomics (UntveTsity of Tu15a). Through this collaboration. we will produce political
economy courses and resources for the whole trade union and labour movement.
Education Support and ConsuRancy
In addition to our core programme, we have offered bespoke courses, consultancy or other educational support
to a range of unions, including NAHT, BMA. TSSA, FBU. Equity. BFAWU, Aegis. Napo. RCM, BDA, HCSA and
UKPHD,
Research P8rtnerships
Throughout 2024, we have also stepped up our research involvement and are starting to collaborate on a
nLJmber of projects, 8s well as the research being (x)nducted intemally as part of the tffP project. which will
focus in the first instsnce on the implications of the gig economy for trade union organisation. wages and
conditions. We are party to a successful project with the Universty of LNerpool to secure funding to establish a
Centre for People's Justice, built around the School of Law and Social Justic8 at the Univ8rsity. Now the funding
has been re￿ived, we look forward to playing a role in shaping the new centre and invotving affiliates in this
work. We are SuppO￿ng a project with King's College London entitled Al regulation from below: UK-US
collaboratnie research on the uses and responses to Al technologies by workers and trade/labor unionists. This
will involve collaboration between academics and activists in Britain and the US on the impact of Al on jobs and
worker responses to this. We are also extending a previous project wth University of Wolverhampton on the
impact and legaty of the closure of the coal industy. A small pot of money wll be used for dissemination of
project findings on deindustrÈalisalion through G￿u education courses and potentially newsletterslpublications.
This is very relevant in the current context and allows us to link with current work we are doing on
Page 3

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Trustees. ￿POrt {continued)
for the year ended 31 December 2024
Strategic report (continued)
Achievements and perforniance {continued)
deindustrialisation. politics and Culttj￿.
Friends of the GFTU Educational Tnist
Our Friends of the GFTU Educational Trust initiative is a comerstone of our funding and engagement strategy.
Launched with a Parliamentary reception in March 2024, it gives supporters and opportunity to directly contribute
to the work of the Educational Trust and build a close relationship with us. By becoming a Friend. members can
support the future of trade union education and choose their level of involvement.
Financial review
a. Flnanclal revlew
The results of the year are set out in tha consolidated Statement of Financial Activitses on page 11 and show a
surplus of £54,479 (2023: £380,126 deficit). The group had n8t assets of £543,208 (2023: £488,729) as shown
on the Balance Sheet on page 12, represented by a restricted fund surplus of £1.505.794 (2023: £1,351,379)
and an unrestricted fund deficit of £962,586 (2023- £862,650).
The trust continues to be. in part. financially supported by the Federation, which maintains adequate resources t9
fund the Trust's operations through the pa￿nent of a management charge. The Federation has assured th&
Trustees that it expects to maintain these payTnents to the Trust at a 5uffi¢ient level to enable the Trust to
txjntinue its current activities.
In 2024 the General Federation of Trad8 UniDns had a deficit of £303.288 (2023: £1,573,408) and showed
deficit before th8 payment of management charges to the Trust of £193,288 (2023: £1,373,408).
However, the trustees acknowledge this is not a sustsinable p0S￿On and are committed to reducing the
requirement for this level of management charge by covering more of its own costs. It proposes to do this by:
Ensuring the trading company starts to make surpluses again;
Implementing its fundraising strategy to generate funds for its training activities. and
Increasing eamed in￿rne from accounting and other services.
The Trust's trading subsidiary was set up in 2012 to run the Quom Grange Hotel. As well as pawng rent to the
Trust, the hotel contributes any surpluses to the Trust and cnjcially provides the Trust wth subsidised training
rooms and free or Iow-COSt residential accommodation for delegates on our courses. This is a key part of our
strategy to ensure out training is affordable to everyone.
Unfortunately, Quom Grange Plotel, alongside the whole hotel Industy, was htt very badly by the Pandemic and
since 2020 it has been making defitrAts. The Trustees together with the directors of the trading company and the
members of the GFTU, have carried out an in4Jepth review of the investment in the trading company. Together
they believe that the investrnent in the trading subsidiary remains of value to the Group. The hotel is forecasting
a small surplus in 2025 which is planned to increase in fubjre years. Furthemiore, the hotel continues to provide
valuable, subsidi5ed accommodation for the Trust (this year saving the trust over £100,000 in extemal
bookings).
Trustees continue to monitor the hotel's financial postlion closely and will take remedial action immediately, rf
needed.
Page 4

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Trustees. report (contfnued)
for the year ended 31 Decembèr 2024
b. Reserves policy
The Trust has two funds. the General Reserve Fund, which the Trust8es are free to use in accordance with th6
charitable objectives set out in the Trust Deed and the Restricted Reserve fund. which can only be used to fund
the specrfic projects undertaken by the Trust. There is no goveming requirement to hold a specÈfic level of
General Reserves, due to the financial support of the Trust by the General Federation of Trade Unions. At
present the General Reserve stands at £962,586 deficit (2023". £862.650). The Trusys policy is to achieve
posttive general reserves over the medium term.
. Going concem
As described in Note 1.2 to the Financial Statements. each year the Trustees assèss whether the use of going
cOn￿M is appropriate. The Trust has made a consolidated loss in the year to 31 December 2024. prior to any
contributions from the General Federation of Trade Unions. and is fore￿St to report a consolidated loss in the
year to 31 December 2025. As at 31 December 2024, the Trust owed £4,847k to its relat&d undertaking the
General Federation of Trade Unions (G￿U). No specffic terms and conditions are attached regarding
repayment or interest in respect of balances due, but the G￿u has agreed not to seek repayment of the
amounts for a minimum of 12 months from the date of approval of the financial ststements.
Furtherniore, the Trust continues to receive operational and financial support from the GFfu. which it has done
for many years, and the members of the GFfu have confimied that this will continue to be the case. However,
the GFTU cannot continue to fijnd the Tnjst indefinitely, and the extent of any support will, in part, be dependent
on the performanca of the GFfu Trading Company and the abilty of the Trust to secur8 further independent
funding.
The GFTUET Trading Company has made operating losses in the year 31 December 2024 and is forecast to
make a small profit in 31 Be￿rnber 2025. Furthem)or6, the Trust was owed £873k by the GFTUET Trading
Company at the 31 De￿mber 2024 and the debt will not be settled in full or in part in the fO￿Seeable future. No
provision has been made against debts due, as it is the opinion of the Trustees, that the GFfuET Trading
Company will be in position to repay the debt in due course. This opinion is based on information provided by the
Trading Company, which forecasts a retum to profitabilty in the year ended 31 December 2025, following a
review of the Companys operations and remedial action being taken. In the absence of other funding, which the
Trust is endeavouring obtain, the Trust is dependent upon the continued support of the GFTU to meet its,
liabilities as they fall due.
The Trustees are satisfied that following a review of cashftow forecasts there will be sufficient funds available for
the Trust to continue as going concem for a minimum of 12 months from the date of approval of the financlal
statsments.
d. Principal rlsks and uncertalnties
The Trustees have assessed the major risks to which the Trust is exposed. in particular those related to th8
financing of the Trust and ils dependence on payments from the Federation. The Trustees are satisfied that all
possible steps have been tsken to mitigate those risks. The risks and opportunttses facing the trust in this s8ctDr
have been under constant review.
Structurei governance and management
. Constitution
The Trust, an unincorporated organisation, charity number 313439, is a recognised charity, operated under the
rules of its Trust Deed dated 29 October 1970. The managemènt of the Trust is the responsibiltty of the Trustees
who are elected and co-opted under the terms of the Trust Deed (as amended). The General Federation of
Trade Unions has the power to appoint the Trustees. subject to there not being a majority of Trustees who are
also officers, employees or Trustees of the Federation. The Trustees have reviewed the application and
relevance of the Trust deed and made no amendments. Developments in legislation and guidance from the
Charity Commissioners have been considered.
Page 5

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Trustees. report (continued)
for the year ended 31 December 2024
Structure, govemanGe and management (continued)
b. Methods of appointment or election of Trustees
The Trust Deed provides that the General Federation of Trade Unions may appoint trustee5, subject to there
being a majority of independent trustees. Should a vacancy for an independent trustee occur. the Trustees seek
nominations for the individuals having regard to any specific skills needed.
G. Organlsational structure and decislon-maklng policies
The board of trustees meet regularly to discuss the devèlopment of the Trust along with finan￿ and issues
relevant to the running of the Trust. The day to day operations of the charity are managed by the Secretary who
has delegated authority, wtthin the tems of delegation approved by the trustees, for all operational matters.
d. Policies adopted for the induction and training of Trustees
New trustees are fully briefed by the Secretary with regard to their legal obligations under the charities legislation,
the content of the Trust Deed, the decision making processes and recent financial performance. Trustees are
encouraged to 8tt8nd appropriate extemal training events wh8r8 they will facilitste the underLgking of their role.
e. Related party relationshlps
The Trust continues to maintain its close relationship with the General Federation of Trade Unions whose
principal activity is to provide services to members of affiliated trade unions. The Federation has confimied its
continuing support in order that the Trust can carry out its charitable objecttves.
l. Financlal risk management
The Trustees have assessed the major risks to which the Group and the Trust are exposed, in particular those
related to the operations and finances of the Group and the Trust, and are satisfied that systems and procedures
are in place to mitigate exposure to the major risks.
Page 6

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Trustees. report (continued)
for the year endÈd 310ecember 2024
Statement of Trustees, responsibilities
The Trustees are responsibl8 for preparing the Report of the Trustees and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted
Accounting Practice).
The law applicable to charittes in England and Wales requires the charity trustees to prepare financial
statements for each year which gNe a true and fair view of the state of affairs of the charity and of the incoming
resources and application of resources. of the charity for that period. In preparing those financial statements, the
trustees are ￿qUired to
select suitable accounting policies and then apply them consistent￿.
observe the methods and principles of the Charities SORP (FRS 102).
make Judgments and accounting estimates that ar8 reasonab18 and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material
departures disclosed and explained in the financial statements.
prepare the financial statements on the going concem basis unless it is inappropriate to presume that th&
Group will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at
any time the financial posibon of the charity and to enable them to ensu￿ that the financial statements comply
with the Charities Act 2011. the applicable Charities (Accounts and Reports) Regulations, and the provisions of
the Trust deed. They are a￿0 responsible for safeguarding the assets of the trust and hence for taking
reasonable steps for the prevention and detsction of fraud and other irregutartties.
Disclosure of infomiation to auditors
Each of the p&rsons who are Trustees at the time when this Trustees, report is approved has confirmed that.,
so far as that Trustee is aware. there is no relevant audit informatiorb of which the charitsble group's
auditors are unaware, and
that Truste6 has tsken all the steps that ought to have been taken as a Trustee in order to be aware of
any relevant audit information and to establish that the charitable group's auditors are aware of that
information.
Approved by order of the members of the board of Trustees and signed on their behalf by:
S Woolley
Chair of Trustees
Date:
2-5-Zfj
Page 7

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Independent audltors. report to the Members of Gèneral Federation of Trade Unions Educatlonal Trust
Opinion
We have audited the financial statements of General Federation of Trade Unions Educational Trust (the 'parent
charitable companv) and its subsidiaries (the 'group'} for the year ended 31 December 2024 which comprlse the
Consolidated st8tement of financial activttses, the Consolidated balance sheel, the Trust balance sheet, the
Consolidated statement of cash fiows and the related notes. including a summary of significant accounting
policies. The financial reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice)-
In our opinion the financial ststements:
give a true and fair view of the state of the Group's and of the parent charitys affairs as at 31 December
2024 and of the Group's incoming reSoUr￿S and application of resources, including its income and
expenditure for the year then ended;
have been properly prepared in accordance with United Fthngdom Generally Accepted Accounting
Practi￿. and
hav8 b8en prepared in accordants WFth th8 requirements of the Charities Act 2011.
Basis for oplnlon
We conducted our audit in accordance wlth Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audil
of the financial statements section of our report. We are independent of the Group in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the United Kingdom, including the
Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Emphasls of matter
We draw your attention to note 1.2 which describes events or condltions which cast doubt on the ability of the
Trust to obtain repayment of amounts due from its subsidiary undertaking of £873k, which Impacts th8 Trusys
Statement of Financial Position but not on a Consolidated basis. No provision has been made against amounts
due, albeit there is no likely repayment, in full or substsntially in part, for a least one year from the date of
approval of the financial statements.
Furthermore, we draw your attention to note 25 which describes a signtficant adjusting post balan￿ sheet event
due to the impairment of the Trusys most signfficant asset and the resultant debt foregone by the G&neral
Federations of Trade Unions.
Our opinion is not modified in respect of these matters.
Page 8

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Independent audilors. report to the Members of General Federation of Trade Unions Educational Trust
(continued)
Material uncertainty related to going concern
We draw attention to note 1.2 in the financial statements, which indicates that there are condttions identified that
m8y cast significant doubt on the Trusvs abilty to continue as a going CDncern. The Trust has net current
liabililies and has reported a consolidated loss in the year to 31 December 2024. prior to any contributions from
the General Federation of Trade Union, and Ft forecasts to do so in the year ended 31 December 2025. The
Trust is reliant on the support of the General Federation of Trade Unions to meet its liabilities as they fall due.
As stated in not& 1.2, these events or conditions, along wth the other matters as set forth in note 1.2, indicate
that a material uncèrtainty exists that may cast significant doubt on the Trusts ability to continue as a going
concern. Our opinion is not modified in respect of thÉs matter.
In auditing the financlal statements. we have concluded that the Truste8s' use of the going concern basis of
accounting in the preparation of the financial statements is approprtate.
Our responsibilities and the responsibilities of the Trustees wth respect lo going concern are described in the
relevant sections of this report.
other informatlon
The other information comprises the infomation included in the Annual report other than thè financial ststements
and our Audltors. report thereon. The Trust88s are responsible for the other information contained within th8
Annual report. Our opinion on the financial statements does not cover the other informatlon 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 th6 Other information and. in doing so. consider whether the other infonnation is
materially inconsistent with the financial statements or our knowledge obtsined in the course of the audit, or
otherwise appear5 to be materially misststed. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise to a materral misstatement in the financial
statements Ihemselves. 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 whlch wé are required to report by exceptlon
We have nothing to report in respect of the following matter5 where the Charities Act 2011 requir8S US to report
to you rf, in our opinlon:
the inforrnation given in the Trustees, report is inconsistent in any material respect with the financial
statements: or
the parent charity has not kept sufficient accounting records" or
the parent charity financial statements are not in agreement with the accounting records and returns", or
we have not receNed all the infonnation and explanations we require for our audtt.
Responsibilities of trustees
As explained more fulEy in the Truslees, responsibilities statement, the Trustees are responsible for the
prepar8tion 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.
In preparing the financial statements. the Trustees are responsible for assesslng the Group's and the parent
chartvs ability to continue as a going concem. disclosing. as applicable, matters related to going concern and
using the going concem basis of acwunting unle55 the Trustees e(ther intend to liquidate the Group or the
par&nt charity or to cease operations, or have no realistÈc alternative but to do so.
Page 9

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Independent auditors. report to the Members of General Federation of Trade Unions Educational Trust
(continued)
Auditors. responsibilities for the audit of the financial statements
We have been appointed as auditor under section 151 of the Chartlies Act 2011 and report in accordance wtth
the Act and relevant regulations made or having effect the￿under.
Our objectwes a￿ to obtain reasonable assurance about whether the financial statements as a whole are free
from material misststemen( whether due to fraud or error, and to issue an Auditors, report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordancè with ISAS (UK) will atways detect a material misstatement when it exist5. Misstatements can artse
from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be
expected to influence the economic decisions Df users taken on the basis of these financial statements.
Irregularities. including fraud, are instances of non-compliance wtth 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 i￿egUlaritieS, including fraud is
detailed below:
Based on our understanding of the charity and industy. we identify the key laws and regulations affectlng the
charity. We identffied that the principal risk of fraud or non-compliance with laws and regulations related to:
management bias in respect of accounting estimates and judgements made:
management overrfde of control.
posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misststement in thè charitvs financial stat8ments.
Our prO￿d￿reS included. but were not limrted to:
enquiry of management and those charged with govemance around actual and potential litigation 2nd
claims, including instances of non-complian￿ with laws and regulations and fraud.
reviewing legal expenditure In the year to identify instances of non-compliance with laws and regulatlons and
fraud;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance wlth
applicable laws and regulations;
performing audff( work over the risk of managem8nt overrrde of controls, including testing of joumal entrtes
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for bias. In particular the
assumptions used in relation to the defined benefft pension scheme. investrnont property valuations and
impaiment of tangible r￿ed assets.
It is the primary responsibilty of management. wrth the oversight of those charged with govemance, to 6nsure
that the entitys operations are conducted in accordance with the provisions of laws and regulations and for the
prevention and detection of fraud.
Because of the inherent limitations of an audi¢ there is a risk that we will not detect all I￿egularitieS, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
Inc￿aseS the more that compliance wtth a law or regulation is removed from th8 events and transactions
reflected in the financial statements. as we will be less likeEy to become aware of instani*s of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud invofves
intentional concealment. forgery, collusion. omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located Dn the Financial
Reporting Council's website at: www.frc.o
.uklauditorsres
onsibilities. This description forms part of our
Audttors. report.
Page 10

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Independent audltors. report to the Members of General Federation of Trade Unions Educational Trust
(conttnued)
Use of our report
This report is made solely to the charitys trustees. as a body, in accordan￿ with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audrt work has been undertaken so that we might state to thg
charivs trustees those matters we a￿ required to state to them in an Auditors, report and for no other purpose.
To the fullest extent permitted by law. we do not accept or assume responsibilty to anyone other than the charity
and the charitys trustees, as a body, for our audit work, for this report or for the opinions we have formed.
(Lth ,I
PKF Smith Cooper Audit Limited
Statutory Audttors
2 Lace Market Square
Nottingham
NG1 1PB
Date: 9 May 2025
Page11

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Consolldated Statement of financial acttvities (incorporating income and expenditure account)
for the year ended 31 December 2024
Restrtcted Unrestrithd
funds
funds
2024
2024
Total
funds
2024
Total
funds
2023
Note
Income from:
Income recetved from GFru
Donations
Trading actNities:
Hotèl
Hotel - exceptional other operating
Income
Investment income
Other income
110,000
110.000
200,000
216
1.353,052
1.353,052
1.583.273
300,000
300,000
56
262
724,790
258,054
258,054
Total Income
1,653.108
368,054
2,021,162
1,908.541
Expenditure on:
Trading activits'es
Hotel
Day Nursery
Charitable activities:
Education Trust expenditure
Impairment of tangible fixed assets
(note 23)
Amounts due to GFTU foregone (note
23)
1,470.693
28.000
1,470,693
28,000
1,609,498
669.011
669,011
576,169
7,400,000
(201,021)
(201,021) (1.400.000)
Total expenditure
1,498,693
467.990
1.966,683
2, 185,667
Net Incomel(expenditure) before net
losses on investments
(Los5) on revaluation of Investment
property
Net incomel(expendlture) before
taxation
154,41 S
(99,936)
54,479
(277, 726)
(65,000)
154,415
(99,936)
54,479
(342.126)
(38,000)
Taxation
Net movement in funds
154,415
(99,936)
54,479
(380, 126)
Reconclliation of funds:
Total funds brought fotward
Net movement in funds
1,351.379
154.415
(862,650)
(99.936)
488,729
54,479
868, 855
(380, 126)
Total funds carried forward
1,505.794
(962.586)
543.208
488.729
The Consolidated statement of financial activities indudes all gains and losses recognised in the year.
Page 12

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Registered number: 313439
Consolidated balance sheet
as at 31 December 2024
2024
2023
Note
Fixed assets
Tangible assets
Investment propety
10
11
3,055.785
2,345,000
3.188.830
2,345,000
5,400,785
5.533.830
Current assets
stocks
Debtors
Cash at bank and in hand
12,431
410,886
15,666
9,154
104,458
72,823
13
438,983
186,435
Creditors: amounts falling due within one
year
14
(5,296,560)
(5,231,536)
Net current Ilabllltles
{4,857,$77)
(5,045, 101)
Total assets less Gurront liabilities
543,208
488, 729
Total net assets
543,208
488, 729
Charity funds
Restricted funds
Unrestricted funds
15
15
1,505,794
(962,586)
1,357,379
(862, 650)
Total funds
543.208
488, 729
The Trustees acknowledge their responsibillties for complytng with the requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial statements were approved and authorised for ￿sue by the Trustees and signed on their behalf by.
S Woolley
Chair of Trustees
Date:
g-S-Z025
Pag8 13

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Registered number: 313439
Trust balance sheet
as at 31 December 2024
2024
2023
Note
Ftxed assets
Tangible assets
Investments
Investment property
10
2,905,165
2,986,236
12
11
2,345,000
2,345,000
5,250,167
5.337,238
Current assets
Debtors
Cash at bank and in hand
13
884.541
4,048
894,500
9, 708
888.589
904,208
Creditors: amounts falling due within one
year
14
(4,882,379)
(4, 883, 657)
Net current liabilities
(3,993,790)
(3,979,449)
Total assets less curront liabilities
1,256,377
1,351, 789
Total net assets
1,256,377
1,351,789
Charlty funds
Restricted funds
Unrestricted funds
15
15
2,052,351
(795,974)
2,052,357
(700,562)
Total funds
1,256,377
7,357,789
The Trustees acknowledge their responsibilities for comptwng with the requirements of the Act with respect to
accounting racords and preparation of financial ststements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
oolley
Chair of Trustees
Date..
S-5-ZOZ¥
Page 14

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Consolidated statement of cash flows
for the year ended 31 Decèmber 2024
2024
2023
Cash flows from operating ac￿VItieS
Net ￿sh used in operating activities
(167,660)
(191,677)
Cash flows from investing activities
Rents from investrnent propety
Purchase of tangible fixed assets
115,267
(4,764)
103.647
{17.555)
Net cash provided by Investlng activrties
110,503
86,092
Cash flows from flnancing activities
Net cash provided by flnancing activities
Change In cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
(57,15n (105,585)
72,823
178.408
Cash and cash equivalents at the end of the year
15,666
72, 823
The notes on pages 16 to 32 form part of these financial statements
Page 15

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notès to the financial statements
for the year ended 31 December 2024
Accountlng policies
1.1 Basis of preparation of financial statsments
The financial ststements have been prepared in accordance with the Chartttes SORP (FRS 102) -
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard appli￿ble in the UK
and Republic of Ireland (FRS 102) (effecttve 1 January 20191. the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102). the Charities Act 2011.and applicable
regulations
The accounts have been prePa￿d under the historical cost convention with items recognlsed at cost
or transaction value unless othernisÈ ststed.
The Consolidated statement of financial actlvttles (SOFA) and Consolidated balance sheet
consolidate the financial statements of the Trust and its subsidiary undertakings. The resutts of the
subsidiaries are consolidated on a line by line basis. No separate stalement of financial activities is
presented for the parent undertaking in accordance wrth UK GAAP.
The financial statements are presented in sterling which is the functional currency of the Group and
are rounded to the nearest £1.
1.2 Going concern
The financial statements have been prepared on a going concern basis. The Trustees assess
whether the use of going concern is appropriate i.e. whether there are any materlal unc6rtainties
related to events or conditions that may cast signtficant doubt on the ability of th8 Trust to continue as
a going concem for a period of at least one year from the date of approval of the financial statements.
The Trust has made a con501idated loss in the year to 31 December 2024, prfor to any contrlbutlons
from the General Federation of Trade Unions and is forecast to report a consolidated loss in the year
to 31 December 2025. As at 31 De￿mber 2024. the Trust owed £4,847k to its related undertaking
the General Federation of Trade Unions (G￿u). No specrfic terms and conditions are attached
regarding repaymerst or interest in respect of balances due. but the GFTU has agreed not to seek
repayment of the amounts for a minimum of 12 months from the date of approval of the financial
statements.
Furthermore, the Trust conkn'nues to re￿1ve operational and financial support from the GFTU, which tt
has done for many years, and the members of the G￿u have confirmed that this will continue to be
the case. However, the GFTU cannot continue to fijnd the Trust indefinitely, and the extent of any
support wll, in part. be dependent on the perfomance of the GFTUET Trading Company and the
ability Df the Trust to secure further independent funding.
The GFTu￿ Trading Company has made losses in the year 31 De￿rnber 2024 and is forecast to
make a small profit in 31 De￿mber 2025. Furthemore, the Trust was owed £873k by the GFTUET
Trading Company at the 31 December 2024 and the debt will not be settled in full or in part in the
foreseeable future.
No provision has been made against debts due, as it is the opinion of the Trustees, that the GFTUEr
Trading Company will be in position to repay the debt in due course. This opinion is based on
information provided by the Trading Company, which forecasts a retum to profitability in the year
ended 31 December 2025. following a review of the Companys operations and remedial action being
taken. In the absence of other funding. which the Trust is endeavouring obtain, the Trust is
dependent upon the continued support of the GFfu to meet tts. liabilities as they fall due.
Notwithstanding the above. the Trustees are satisfied that following a review of cashfiow forecasts
there will be sufficient funds available for the Trust to continue as going concem for a minimum of 12
months from the date of approval of the financial statements.
Page 16

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statements
for the year ended 31 December 2024
Accounting policies (continued)
1.3 Income
Donation5 and similar is recognised On￿ the Trust has enbtlement to thè in(x)me. it is probable that
the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Consolidated statement of financial activities on a receivable basts. The
balance of income recewed for specific purposes but not expended during the period is shown in th
relevant funds on the Balan￿ sheet. Where incomè is ￿te[Ved in advance of entitlement of receipt,
its recognition is deferred and included in creditors as deferrad income. Where entiuement occurs
before income is received. the incorne is accrued.
Management charges is recognised in the year it is receivable.
Income from hotel trading actmties represents fair value of the consideration rec6ived or reTrivable,
excluding discounts, rebates. value added tax and other sales taxes. Revenue from the sale of food
and drink is recognised at point of sale. Revenue from accommodation. events end room hire is
recognised over the period to which the Servi￿ ￿late.
1.4 Expenditure
Expenditure Is recognised once there is a legal or constructive obligatlon to transfer economic benefit
to a third paty, it is probable that a transfer of economic benefits will be required in sett16ment and
the amount of the obligation can be measured reliably. No expenditure Is netted off incoming
resources. Al costs have been attributed to the functional categories of resources expended In the
Statement of Financial Activities.
Expenditure on charitable activities is incurred on directIy undertaknng the activities which further the
Group's objectives. as well as any associated support costs.
Governance costs comprise all costs involving the accountsbilty of the Group and its compliance
with regulation and good practi￿. These costs include costs relating to statutory audit and
professional fees together with an apportionment of overheads and support costs.
Costs of hotel and training company trading actÉvities comprise cost of sales, establlshment,
employment. administration, depreciation and financial costs of generating the income from hotel
trading activities.
All expenditure is inclusive of irrecoverable VAT.
1.5 Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Trust but are presented
separately due to th8ir size or incidence.
1.6 Taxation
The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010
and therefore it meets the definition of a charitable company for UK corporation tsx purposes.
Accordingly, tt)e Trust is potentially exempt from taxation in respect of income or capital gains
recetved within categories cOVe￿d by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are
applied exclusÉvety to charitable purposes.
Subsidiary undertakings are liable to Corporation and Capital Gains Tax.
Page 17

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statements
for year ended 31 December 2024
Accounting polici8s (continued)
1.7 Tangible fixed assets and depreciation
Tangible fixed assets are Initial￿ recognised at cost. After recognition. under the cost model, t8ngible
fixed assets are measured at cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred to bring a tsngible fixed asset into its intended working condition should be
included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible ftxed assets 18SS their residual value
over their estimated useful lives.
Depreciation is provided on the following bases:
Land and buildings
2010 straight line
Improvements to property
20 /0 straight line
Fixtures, fittings and equipment 200A straight line or 330/D reducing balan
Gains and losses on disposals are determined by ￿rnparing the proceeds with the carrying amount
and are recognised in the Consolidated statement of financial activities.
1.8 Investment property
Investmènt properties are initially measured at cost and subsequently remeasured to fair value at
each reporting date. Changes in fair value are recognised in the SOFA.
1.9 Investments
Investments in subsidiaries are valued at cost less provision for impairment.
1.10 stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price16SS
costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in
progress and finished goods include labour and attributsble overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the Carrying
amount is reduced to its selling price less costs to complete and sell. The impairment loss is
recognised immediatety in th8 Statement of Financial Activities.
1.11 Debtors
Debtors and creditors with no st8ted interest rate and receivable or payable within one year are
recorded at transaction pri￿. Any losses arising from impairnient are recognised in the Ststement of
Financial Activities.
1.12 Cash at bank and in hand
Cash at bank and in hand includes cash and short-temi highly liquid investments with a short Maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
1.13 Flnancial instruments
The Group onty has financial assets and financial liabil￿e5 of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement Value with the exception of bank loans which a￿ subsequently
measured at amortised cost using the effective interest method.
Page 18

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial slatements
for the year ended 31 December 2024
Accounting policies (contlnued)
1.14 Operating leases
Rentals paid under operating leases are charged to the Consolidated statement of financial actrvtties
on a straight line basis over the lease temi.
1.15 Pensions
Defined contrlbution scheme
The Group operates a defined contribution pension scheme and the pension charge represents the
amounts payable by the Group to the fund in respect of the year.
Deflned benefit scheme
Certain members of staff have joint contracts of employment wrth this entity and the General
Federations of Trade Unions (GTFU) and have participated in the Defined Benefit Pension Scheme
(DBPS) operated by the G￿U. However. the GFfu is the only admitted body to the DBPS and no
financial commitments exist in respect of ongoing contributions to be made by the Trust to the
scheme, these are solely the responsibility of the G￿U. Therefore, the actuarial irnpact of the DBPS
is reflected in the financial statements of the GFTU only.
The pension costs of the staff who work for the Trust are charged to the income and expendtture
account as they become payable.
1.16 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Group and which have not been designated for other
purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the Group for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. The aim and use of each restricted
fund is sat out in the notes to the financial statements.
Page 19

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statements
for the year ended 31 December 2024
Critical accounting estimates and areas of judgment
Estimates and judgments are continualty 8valuated and a￿ based on historical experience and other
factors, including expectab'ons of future events that are believed to b& reasonable under the
circumstances.
The Trust makes estimates and assumptions Concerning Ihe ftjture. The resulting accounting estimates
and assumptions will, by definition. seldom equal the related actual results. The estimates and
assumptions that have a signfficant risk of causing a material adjustment to the canying amounts of
assets and liabil(ties within the next financial year are discussed below.
Tanglbl• Fixed Assets
Managernent judgement is required in assessing the fair value of tangible fixed assets, including the future
economic benefit expected to be generated by those assets. Specifically, the investment made in the
purchase and refurbishment of the hotel. operated by the Trusfs subsidiary undertaking. The assessment
of the useful economic life and method of depreciating those assets also requires judgement.
Depreciation is charged to the SOFA based on the usefijl economic lrfe selected of 50 years, which is the
period over which the Trust expects to consume the economic benefits of the hotel. Depreciation is
charged based on the drfference between the cost and residual value of the asset.
At each balan￿ sheet date, the trustees undertake an impalrment rèview to ensure that the carying value
of the hotel is not in excess of residual value. The residual value of the asset is based on a professional
third paty valuation.
Investment Properties
The Trust carries its investment properties at fair value. with changes in fair value being recognised in the
SOFA. The Trust engages a local independent estate agent to determine the fair value of the properties.
due to the availability of comparable market data.
Other incomlng resources
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
MEWS housing rent
Accounts services and commissions
Other income
115,267
91,T17
51.010
115,267
91,777
51,010
103.647
5,225
15,978
258,054
258,054
124.790
Total 2023
124. 790
724, 790
In the Consolidated statement of financial activtties. all other material income headings relate to one item
and therefore no separate Income note has been di5Glosed.
Page 20

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statements
for the year ended 31 December 2024
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
funds
2024
Total
2024
Total
2023
Education
467,990
467,990
576.169
Total 2023
576. 769
576, 169
Anatysis of èxpendtture by activities
Support
costs
2024
Total
funds
2024
Tot81
funds
2023
EdU￿tIOn
467,990
467,990
576,169
Totsl 2023
576,169
576, 169
Anatysis ofsupport costs
Total
funds
2024
Total
fvnds
2023
Staff costs
Depreciation
Occupancy costs
other Costs
Governance costs
406.040
85,835
37,737
(68,822)
7,200
341,109
67, 546
14,700
144,7T4
8,040
467,990
576. 169
Page 21

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statements
for the year ended 31 December 2024
Educational Trust Statement of financial activities
Restricted Unrestricted
Funds
Funds
2024
2024
Total Funds
2024
Total Funds
2023
Income
Inco￿£ r8ce1￿1 from GFtu
Donation
Quorn Grange Fbtel rent
MEWS hoLksing rent
Otr)er rent
Accounts seNces and ccxrwrisson
Other incoff
110,01)0
110,000
200.000
216
54, 000
103,647
8, 752
5, 225
14,970
26,000
115,267
6,925
100.012
51,010
26,000
115,267
6,925
100,012
51,010
409,214
409,214
386, 150
Expendlture
Slaff costs
Depreciation
Occupancy costs
Other costs
verance costs
1mpalrn￿nt of fiy£d assets
AtrDunts due to G￿ vffitten off
406,040
85,835
37,737
166.541
406,040
85,835
37,737
166,541
341, 709
67,546
35,291
177,867
8,040
1,400,000
(1,400, QOO)
(201,021)
(201,021)
629, 853
Net income before net gains on
investments
Gain on revaluation of in￿StrI￿t
property
(95,412)
(95,412)
(243, 703)
Net mvement In funds
95,412
95,412
(243. 703)
Reconciliation of funds:
Total funds brought forward
r￿￿rrEnt in funds
2,052,351
(700.562)
(95,412)
1.351.789
(95.412)
1,595,492
(243, 703)
Total funds carried forward
795,974
052,351 ￿ 1,256,377
1.351.789
Page 22

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statements
for the year ended 31 December 2024
Auditors. remuneration
2024
2023
Fe8s payable to the Trusvs auditor for the audit of the Trust's annual
accounts
T,525
8,040
staff costs
Group
2024
Group
2023
Trust
2024
Trust
2023
Wages and salaries
Social securty costs
Pension costs
1.203,292
33,473
24,928
1, 175.855
27,430
25,214
347,639
33,473
24,928
288,465
27,430
25,214
1,261,693
1,228.499
406.040
341, 109
The average number of persons èmployed by the Trust during the year was as follows:
Group
2024
Gmup
2023
No.
Trust
2024
Trust
2023
No.
Research and Campaign
Administration
Education
Fundraising
Hotel Staff
42
46
56
58
14
No employee re￿iVed remuneration amounting to more than £60,000 in either year.
Key management personnel remuneration during the year totalled £157.422 (2023: £165,032) for short-
term employment benefits and £13,229 (2023: £18,016) for post*mployment benefits.
Page 23

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statèments
for the year ended 31 De¢ember2024
Trustees. remuneration and expenses
During the year, 1 Trustee re￿Ned remuneration for services provided as an employee of the Charity.
No renumeration was paid in relation to their role as a Trustee.
Durtng the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £2,380).
10. Tanglble fixed assets
Group
Fixtures,
Land and
Propety fittings and
bulldings improvements
equlpment
Total
Cost
At 1 January 2024
Additions
Disposals
4,318.120
399,428
693,538
4,764
(90.945)
5,411,086
4,764
(208,031)
(117.086)
At 31 December 2024
4,318.120
282,342
607,357
5,207,819
Depreclation
At 1 January 2024
Charge for the year
On disposals
1,488,416
36,662
297,656
16,716
(109,868)
436,184
63.071
(76,8031
2,222,256
116,449
(186,671)
At 31 De￿mber 2024
1,525.078
204,504
422,452
2,152,034
Nat book value
At 31 December 2024
2,793.042
77,838
184,905
3,055,785
At 7 January 2023
2,829.704
101,772
257,354
3, 188,83Q
Page 24

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statements
for thè year ended 31 December 2024
10. Tangible fixed assets (contlnued)
Trust
Fixturès,
Freehold
Property fittings and
property irnprovements
•quipment
Total
Cost
At 1 January 2024
Additions
4,318,120
392.567
4,764
4.719.129
4,764
At 31 December 2024
4,318,120
8,442
397,331
4,723,893
Deprèclatlon
At 1 January 2024
Charge for the yèar
1,488,416
36,662
5.466
1,672
239,011
47,501
1,732,893
85,835
At 31 December 2024
1,525,078
7,138
286,512
1,818,728
Net book value
At 31 December 2024
2,793,042
1,304
110.819
2,905,165
At 1 January 2023
2.829,704
2,976
753,556
2,986,236
11.
Invèstment property
Group and Trust
Freehold
Investment
property
Valuation
At 1 January 2023
2,345,000
At 31 De￿rnber 2024
2,345,000
The investment property was rewewed on a desk-top basis as at 31 December 2024 by Berkley Estates,
based on market values for similar properties in the area.
Page 25

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statements
for the year ended 31 December 2024
12.
Fixed asset investments
Investments
sub5idlary
companies
Trust
Cost or valuation
At 1 January 2024
At 31 Decamber 2024
Princlpal subsldiaries
The following was a subsidiary undertaking of the Trust:
Nam•
Company
number
Princlpal activity
Class of
shares
Holding
GFTUET Trading Company Limited
08282681
Quom Grange Hot81 Ordinary
100Y.
The financial resutts of the subsidiari8s for the year we￿.
Names
Income
Expenditure Profitl(Logs)
for the year
Net
assetsl(liabi
Iltles)
GFTUET Trading Company Llmlted
1,691.760
(1.541,869)
149,891
(713,166)
The registered office of the subsidiary undertaking is the same as thal of th8 parent charty.
The subscribers to the shares of G￿ru￿ Trading Company Limited are G Little and S Woolley, trustee5
to the Trust and the Trust is the beneficial owner of those shares.
Page 26

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes lo the fjnancial statemènts
for the year ended 31 December 2024
13.
Debtors
Group
2024
Group
2023
Trust
2024
Trust
2023
Due wtthin one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
64,583
32,779
2,9S3
873,186
5, 185
853. 109
31,117
5,089
337.901
8,402
67, 190
5, 089
8,402
410.886
104.458
884,541
894,500
14. Creditors: Amounts falling due within one year
Group
2024
Group
2023
Trust
2024
Trust
2023
Amounts due to GFru
Trade Creditors
Other taxation and social security
Other creditors
4,847,614
169.436
54.721
224,789
4.847,614
155,582
108.271
120,OS9
4847,614
12,351
4,847,614
9,393
20,574
26.650
5,296,560
5,231,536
4,882,379
4, 883, 657
Amounts due to the GFfu are classified within one year in absence of a fomial loan agreement be￿een
the parties and is therefore technically repayable on demand. However, the GFfu have confirmed
that the￿ is no expectation that amounts would need to be repaid in the foreseeable future.
Group
2024
Group
2023
Trust
2024
Trust
2023
Deferred income at 1 January 2024
Resources deferred during the year
Amounts released from previous periods
15.T11
9,425
(15,771)
7.521
15,771
(T.521)
15,771
9.425
{15.771)
7,521
15, 771
(7,527)
9.425
15.7T1
9,425
15.777
Deferred income relates to course fees re￿IVed in advance of delivery and grant income re￿iVed in
advance of entttlement.
Page 27

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notss to the financial stalements
for the year ended 31 December 2024
15.
Statement of funds
Statement of funds - current year
Balance at
31
December
2024
Balance at 1
January
2022
Income Expenditure
Unrestricted funds
General reseNe fvnd
Revaluation reserve
(1,261.59n
398,947
368.054
(467.990) (1,361,533)
398,947
(862,650)
368,054
(467.990)
(962,586)
Restricted funds
Restricted Funds - all funds
1.3S1.379
1,653,108
(1,498.693) 1,505,794
Totsl of lunds
488.729
2,021,162
11,966,683)
543,208
Page 28

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statements
for the year ended 31 December 2024
Statement of funds (continued)
Statement of funds - prior year
15.
Balance at
1 January
2021
Balance at
31
DeGemb&r
2023
Gains/
(Losses)
Jncome Expenditure
Taxation
Unrestricted
funds
General Funds-
all funds
Revaluation
resetve
(1.010,696)
325.268
(576. 769)
(1,267,597)
463,947
(65,000)
398, 947
(546, 749)
325.268
(576. 169)
(65,000)
(862,650)
Restricted
funds
Restricted Funds
all funds
1,415,604
1.583,273 (1,609.498)
(38.000)
1.351,379
Totsl of funds
868,855
1,908.541
(2,185,667)
(38.000)
(65,OOOJ
488, 729
Restricted reserve fund - investrnent
During 2012 the Trust disposed of its managed inv8Stments portfolro and used the realised procèeds to
purchase a hotel propety and a limited company to operate the hotel business. As such, the income and
expenditure from the hotel trading aciTVities, and any realised or unrealised gainl(loss) on revaluation is
treated as restricted funds in the Consolidated Ststement of Financial Activites.
16. Anatysis of net assets between fvnds
Analysis of net assets between funds - current period
Restricted Un￿$triCted
funds
funds
2024
2024
Total
funds
2024
Tangible fixed assets
Investment propety
Cu￿ent assets
Creditors due within one year
2.604,092
451.693
3.055,785
2,345,000
2,345,000
420,581
18.402
438,983
(1.518.879) (3.777,681) (5,296,560)
Totsl
1.505,794
{962,586)
543,208
Page 29

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to thè financlal statements
for the year ended 31 December 2024
16. Anatysls of net assets between funds (continued)
Analysi5 of net assets between funds - prior period
Reslricted Un￿striCted
funds
funds
2023
2023
Total
fvnds
2023
Tangible fixèd assets
Investment property
Current assets
Creditors due wtthin one 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) (5,231,536)
Total
1,351,379
(862, 650J
488. 729
17.
Reconciliation of net movement in funds to net cash flow from operat5ng actlvlties
Group
2024
Group
2023
Net incom818XP8nditur8 for the period (as per Statement of Flnanclal
Activities)
54,479
(380, 126)
Adjustments for:
Depreciation charges
Impairment of tsngible fixed assets
Losses l(Gainsl on investment property
Rents from investment property
Loss on disposal of fixed assets
Decreasel(increase) in stocks
Decreasel(increase) in debtors
Increasel(deC￿a$e) in credttors
116,449
103, 155
7.400,000
65.OJO
(115,267) (103,64T)
21,360
(3,27n
1,712
(306,428)
37,525
65,024 (1,315,296J
Net cash used in opèrating activities
(167,660) (191,677J
18. Anatysis of cash and cash equivalents
Group
2024
Gmup
2023
Cash in hand
15,666
72,823
Page 30

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notès to the financial statemènts
for the year ended 31 December 2024
19. Analysis of changes in net debt
At31
December
2024
January
2024 Cash flows
Cash at bank and in hand
72,823
(57,157)
15,666
72,823
(57,15n
15,666
20. Contingent Ilablllties
A claim of £106.000 has been made on the Trust in conneclion with the refurbishment of the hotel
operated by the Trusfs trading company. Having tsken appropriate advice, in the Trustees, view the Trust
Is not liable and is contesting the claim on the basis that the work was not completed in accordance with
the contract. Therefore. the claim has not been provided for in the financial statements, es in the Trustees,
opinion. it is not probable that it will b& paid.
21.
Penslon commitments
The Charity and ts subsidiary operates a defined contrtbution pen5i0n scheme for its employees. The
pension costs for th6 year represents contributions payable by the Charty and its subsidiary to the
scheme and amounted to £24.928 (2023: £25,214)
Contribullons totalling £2,410 (2023: £3.445} were payable to the scheme at the end of the year and are
included within accruals.
22. Operating lease commitments
At 31 December 2024 the Group and the Trust had commrtments to make future minimum lease
payments under non-oncellable operating leases as follows".
Group
2024
Gmup
2023
Trust
2024
Trust
2023
Not later than l year
Later than 1 year and not later than 5 years
4,251
9,121
6.721
13,372
2,470
13,372
20,093
2,47Q
Page 31

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST
Notes to the financial statements
for the year ended 31 December 2024
23.
Exceptional item
In the prior year, an impairment charge of £1.4m was provided for in respect of the Tru5Vs major fixed
asset, a hotel.
The Trust was originally provided with in excess of £6m of funds to purchase and refurbish the hotel and
related assets by a related party- the General Federation of Trade Unions (GFfu). In 2023, the members
of G￿u elected to forego the equivalent amount of £1.4m in respect of amounts owing by the Trust to
GFru.
In the current year an additional amount of £201,021 was forgona in respect of these debts as reported in
more detail in note 25.
24. Related party transactions
The Educational Trust was established by the General Federation of Trade Unions IGFTU) and continues
to be supported financially by it
During the year management charges of £110.000 (2023: £200,000) were paid by GFTU to the Trust.
GFTU also recharges employment costs of £406,040 12023: £341,109) to the Trust. An amount of
£201,021 (2023: £1.400,00) due to G￿u from the Trust was written off. as reported in more detail in
not6 25.
At the balance sheet date an amount of £4.847.614 (2023: £4.847.614) was due to G￿u from the Tnjst.
strike Map UK Ltd is a related party due to a common directorship. The Trust made sales to the company
of £10,718 (2023.. £384). The￿ is an amount in debtors due from the company of £553 (2023.. £413).
Clouds Unfold Limited Is a related paty due to a common directorship. The Trust made purchases from
the company of £Nil (£1,100).
25. Post balance sheet evènts
Subsequent to the year*nd, the members of the GFfu elected to forego an amount of £201,021 in
respect of amounts owing by the Trust to the GFfu. Whilst the fr)rmal election wa5 made subsequent to
the year*nd, this has been reported in the financial statements as an adjustlng post balance sheet event.
This was on the basis that events or conditions existed at the reporting date which meant the debt could
not be repaid in full to the GFtU, nor is it the intention of the GTFU to expect repayment. The amounts
had already been forwarded in full to the G￿u during the year*nded 31 December 2024. The Trust has
a￿ayS been financially supported by the GFfu on an annual basis. and there is a significant amount of
mutuality to the two entities operations. There are no conditions. legal or otherwise, in existence in respect
of the balances owed by the Trust to the GFTU. For those reasons, in the Trustee, opinion, if the debt
forgone was not reflected in the financial statements at the 31 December 2024. 8 true and fair view would
not be reported.
Page 32