THE GENERATION TRUST Report and Accounts 5 April 2024 Charity registration number 502885
The Generatlon Trust Report and accounts Contents Pag• Trust Inforniation Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance sheet Cashflow Notes to the accounts
The Generation Trust Trust information Trustees Reverend D F Mayhew Mr R J B Marioribanks Rev8r8nd R F Skinner Miss M Simpson Mr T K Young Mr M Rustad Dr M M Rustad Secrntary Reverend R F Skinner Charlty numb•r 502885 Princlpal offlce 6 St Lawrence Avenue Bidborough Tunbridge Wells Kent TN4 OXB Accountant Kinnair and Company Limited Aston House Redburn Road Newcastle Upon Tsry)e NE5 1NB
The Generation Trust Trustses. report Introduction The trustees of The Generation Trust present their report and accounts for the year end8d 5 April 2024. Objectlves and prlnclpal actlvlty The charitys objects are the advancement of the Chrfstian religion and the relief of poverty. sickness and suffering. Publlc benefit The charity is a grant making body and dlstributes all of its income and much of th8 reserrfes annually to charitable organisations working in the UK and ov8rsoas. The trustees confinn that they have complied with the requlrements of section 17 of the Charltles Act 2011 to have due regard to the public benefit guidance published by the Charities Commlsslon for England and Wales. Grant maklng pollcles The trustees meet annually to discuss grants and to receive propM)sals from fellow trustees. The relative merits of each proposal are discussed in depth and agreement reached on the proposals to support. decline or refer. Achlevomonts and perfomiance The trustees made grants of £28,500 during the year. Cash was available to support grant making while adhering to the reserve policy mentioned below. A propety with a valuation of £225.000 was donated to the charlty. Flnancial rnviow During the year the chaiitys rentsl income increased by £18,903 to £46,229. During the year £225,000 in donations were received. all of which was a donation of a property to the charity to mak8 available for rental income in the future. During the year. the charityls total expenditure decreased by £12,425 to £49,451. This decrease was mainly due to a decrease in grants made of £25,000, countered by an increase in property repalr costs (£11.114) and an increase in property rent collection fees (£1.797). The total of the charitys funds at 5 April 2024 was £755,898 Res8rves policy: The Charity has set a cash resetves amount of £10,000 to cover repairs on the properties. Plans for future periods The annual Income of the trust is expected to continue at this level until a prop8ty is sold. Thls should support annual grant making. The Trustees continue to review the state of the student letting market in Newcaslle and, in the medium term, may look to sell the properties thereby releasing funds for further grant making.
The Generation Trust Trustees. rgport structure, ov•rnanco and management Naturn of govornlng document The charity is controlled by its governing document. a deed of trust. and is constttuted as an unincorporated charity. The charlty fomied on 26th October 1973 under a declaration of trust. Charitsble status was obtalned on 21st January 1974. Rocrultm•nt and appolntment of trustees Trustees are appolnted for an indefinite temi and It Is rare that new trustees are appolnt8d. The trust deed provides that new trusteas be appointed when the number of trustees fa]Is below five. Inductlon •nd tralnlng of trnste•s It is the policy of the ¢harlty to provide new trustees wlth a copy of the lastest annual report and accounts and to meet to discuss the grant making process. MaJOrkS and management ofthose rtsks Fraud and offor The trustees have a duty to Identify and review the risks to which the charity is exposed and lo ensure that appropriate controls are In place to provlde a reasonable assurance against fraud and error. The investment properties are managed by a propety management agency. Bank balances are held at tsvo deposlt takèrs and InstruGtions requlre approval by two signatorfes. R•feren¢o and admlnlstrntlve detslls The Generation Trust ( the trust, the charity) Is a registar8d chaiity {registration number 502885). The charity is admlnlstered by a board of trustees who meet together on a regular basis.The trustses appolnt 8 chair annualty. The trustees have also nomlnated one trustse as th8 Sretary and one as the treasurer. The registered office of the Charity and details of its prfnciple advisors are shown on page 1.
The Generatlon Trust Trustees. rnport statènNnt of trustees. rosponslbllltlos The trtee8 are respon$lble for preparfng the Iw8tee8' report and the financ1 statsm8nts In a¢cordance Iwlh th8 Unlted lfjngdom Accounting Standards (Unlted Klngdom Generally A¢copted Accwntrng Practice) and the 0)kable1&W and reuwlallons. The law appll¢able to ¢haribe8 Tequires the trustees to pr¢par8 the finanelal ststements lor èath finan(ial year Ythich sive 8 true and falr eW ol the state of affairs of the tharity and of the Incoming resources and application ofre8ource8 01 the charity for that period. In preparing the these fnancial statsments, the trustees are rewiTed to: selectsuttable a¢counlng pdkles and apptythem ¢81tenty, observe the method8 and Fthaples In th• CharHles SORP; make judgements and e8timates that are reasonable and pnJden£' 8tote vthether app]IcaNe ao¢ounting Standards have been folkmd, subje¢tto arry materfal depathre ¢thsdosed and explained in the financial 8tatemènts, and prepare the financial statements on the golng wicem basls unless it f8 Inapproprlate to wesume that the chaTity Y•ill continue in lneSS. The IStee5 are re8ponslble for keeplng proper accounlng r6¢0rd5 that thsdoBe rea$(ab]e a¢curacrf at any Ilme th8 financial postlion of the charlty and enable them to ensure that the Ilnand81 statements comp Thith Ihg Charilie8 Act 2011, the applicable Charitie5 (Acccwnts and Report8) Regulalions , and the pro$10n5 of the cons11tiOn. The trustees are also responsible for $8fewardlng th8 assets of the oharity and hence for tsklng reasonable steps for the praventlon and detscuon of fraud and olher Irregularflle¥. This rePt wa8 approved by the Trust on .. and slwed on Its bèhalfby: Mr T Kyoung Trustee and treasurer
The Generatlon Trust Independent Examiner's Report Independent examlneffs report to the Trustees of Tho Goneratlon Trust I report on the accounts of the Trust for the year ended 5 April 2024, which are set out on pages 6 to 14. Resp•ctfve responsibiliti•s of the Trust and the examiner As members of the Trust you are responslble for the preparation of the accounts. The Trustees consider that an audit Is not required for this year under section 144(2) of the Charities .4ct 2011 ('the 2011 .AcY) and that an Independent 8xarnination Is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Ac( to follow the procedures laid down in the General Directions given by the Charity Commissioner (under section 145(5)(b) of the 2011 Act); and to stat8 whether particular matters have come to my attentlon. Basls of thls Independent examlnerfs r•port My examination was carried out in accordance with the general Direclions given by the Chaiity Commissioner. That examination includes a review of the accounting records kept by the Trust and a comparison of the accounts presented with those records. It also indudes considering any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently, no opinion Is glven as to whether the accounts present a Irue and fair view and the report Is limited to those matters set out in the statement below. Independent examlnefs statement Since the gross income for the year exceeds the amount provided In section 145(3) of the Act, I confimi that l am qualffied to act as Independent Examiner under the provisions of that section of the Act and that my qualification is as shown below. In connection wtth my examination, no matter has come to my attention: which gives me reasonable cause to believe that in any material respect the requirements (a) to keep accounting records in accordance with section 130 of the 2011 Act: and (b) to prepare accounts which accord wlth the accounting records and to comply wlth the accounting requlrements of th8 2011 Act have not been met; or to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mal L C Mak BSG. Hons. FCA Chartered Accountant Kinnair and Company Limited Chartered Accountants Aston House Newcastle Upon Tyne
The Generation Trust statement of Financlal Actlvltlos for the year ended 5 Aprll 2024 Total funds 2024 Total funds 2023 Unrestrlcted funds Notes Income Voluntsry income Other income 225.000 46.229 225.000 46,229 182,500 27,326 Total Incomo 271,229 271.229 209,826 Expendlturn Raising funds - Charitable activities 19.388 30.063 19,388 30,063 6,314 55.562 Total •xpendlture 49,451 49,451 61.876 Net income before investment gains 221.778 221,778 147,950 Net movgment In funds 221,778 221,778 147.950 Total funds brought forward 534.120 534,120 386,170 Total funds carrled forward 755,898 755,898 534.120 The Trust has no recognised gains or losses other than those shown in the Statement of Financial Activities. All of the activities of th8 Trust are classed as continuing. All of the activities for both periods are unrestricted.
The Gen•ratlon Trust Balance Shtrt as at 5 April 2024 2024 2023 Flx•d assets Tangknle aets 744,414 519,414 Debtors Cash at bank and In hand 580 11.7W2 12,372 2,915 12,619 15,534 Cr[torS. amounts fallkng due withln one year 10 1888) (828) Not ¢urr•nl assets 11,484 14,706 755 898 Fund• Unr8strid&d fvnds.. - Genual Fund 755.898 755.898 534,120 534,120 Total TNst nd9 534,120 These accounts were approv bythe Trust8è5 .. and signed on Sts behalf by. MrT K Young Tn*teè #nd tre•sur¢r
The Generatlon Trust Cash Flow Statement for the year ended 5 Aprfl 2024 Not•s 2024 2023 Cashflows from 0rntIng actMtI•s N•t Gash ouffiow from opgrating actlvltles 11 (827) (25,735) Change In cash and cash equlvalents In the reportlng porlod <827) (25,735) Cash and cash equivalents at 6 Aprll 2023 12.619 38.354 Cash and cash •qulvalents at 5 Aprll 2024 11,792 12,619
The Generatlon Trust Notes to the Accounts for the year ended 5 April 2024 1 Accountlng pollcles Basls of prnparatlon The financial statements of the charity have been prepared in accordance wth the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charites SORP (FRS102)) and the Charities Act 2011. The Generation Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are intially recognised at historical cost or transaction value unless othen4vise ststed in the relevant accounting policy note. Golng conc•rn The trustses ass8ss whether the use of going concern is appropriate ie whether there are any material uncerlainties related to events or conditions that may cast significant doubt on the ability of the charty to contlnue as a going concem. The trustees make this assessment in respect of a period of one year from the date of authorisation of issue of the financial statements and have conduded that the charity has adequate resources to continue in operational existence for the forseeable future and there are no material uncertalnties about the Charitys ability to contlne as a going concem. thus they continue to adopt the going concem basis of accountlng In the preparatlon of the financial statements. A surnmary of the principal accounting policies. whith have been consistently applied. is set out below. Income Voluntary inGome is recognlsed in the financlal statements vthen tt is received, or on an accruals basis where it can be assured with reasonable certainty and is receivable by the balance sheet date. Income tax recoverable on voluntary donations is recognised in the financial ststements when it is receivable fn)m HM Revenue and Customs. All other incoming resources are Included in the statement of financial activtti8s on a cash recelved basis or on an accruals basis vth8re they are assured wth reasonable certainty and recelvable by th8 balance sheet date. Expendlture All expendlture Is recognised once there is a legal or constructive oblIgaOn to the expenditur8, it is probable that settlement is required and the amount can be measured reliably. All costs are allocated to the applicable heading that aggregate similar costs to that category. Where costs cannot be directly attributed to the particular headings they have been allocated on a basis consistent with the use of the resource. All resources expended is inclusive of irrecoverable VAT. Ralslng funds These are costs incurred in attracting voluntsry income. the management of investments and those Incurred in trading activities that raise funds. Charltable actlvitl•s Charftable exp8nditure comprises those costs incurred by the charfty in the d81iv8ry of its activities and services for its benffjiciaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
The Generation Trust Notes to the Accounts for tho year ended 5 Aprll 2024 Grantprovlslons Provisions for grants are made vthen the intention to make the grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Govemance costs These indude the costs attributable to the charivs compliance constitutional and statutory requirements, induding audit, strategic management and trustee, meetings and reimbursed expenses. lffecoverable VA T Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Investmont propertles Investment propety Is held at fair value, derived from the current market prices for comparable real estates. adjusted if necessary for any dlfferences in the nature, locatlon or condition of th8 specific asset. Changes in fair value are recognised in the SOF Trade debtors Trade debtors are amounts due for sep4ices perfomied in the ordinary course of business. Trade debtors are initially recognised at the transaction price. They are subsequently measured at amortised cost using the effective interest method. less provlsion for impaimient. A provislon for the impainnent Is established when there is objective evidence that charity will not be able to collect all amounts du8 according to the original temis of the receivables. Cash and cash eqlvalents Cash and cash equivalents Comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertlble to a known amount of cash and are subject to an insignificant risk of change in value. Trade Creditors Trade creditors are amounts owing for services rendered and are recognised at the intial invoice value. Taxation The Charity is exempt from Income Tax on its charitable activities but is not exempt from Value Added Tax. Irrecoverable VAT is included in the cost of those items to whlch It relates. Fund accountlng Unrestricted income funds are general fvnds tIRt are available for use at the trustees, discretion in furtherance of the objectives of the charty. 10
The Generatlon Trust Notes to the Accounts for the year ended 5 Aprfl 2024 2 Income: Donatlons 2024 Unrestrlcted 2024 Total 2023 Total Donation of propety Gift aid 225.000 225,000 170.000 12,500 182.500 225.000 225,000 3 Income: (Xher 2024 Unrnstrlcted 2024 Total 2023 Totsl Rental incorne 46,229 46.229 46.229 46.229 27.326 27.326 4 Expendiluro on ralslng funds 2024 Unrestrlcted 2024 Total 2023 Totsl Cost of rent collection Insurance Propety repairs 4.529 611 14,248 19,388 4.529 611 14.248 19.388 2.733 447 3,134 6,314 S Expendlturo on charltable actlvltles 2024 Unrestrlctsd 2024 Total 2023 Total Trustees, expenses Legal and professional fees Governance costs Donations 133 542 133 542 888 28,500 30,063 108 1,126 828 53.500 55.562 28,500 30.063 6 Resourcgs expended: Governance Costs 2024 2023 Accountancy fees 888 828 888 828 11
The Generation Trust Notes to the Accounts for the year ended 5 Aprll 2024 7 Grant maklng 2024 2023 Grants approved 28,500 53,500 53,500 Below are detalls of the material grants made to institutions by the charlty. 2024 2023 Name of Institution Activity AID South Sudan Making of Charitsble grants Arab World Ministries Making of Charitsble grarrts Artizan International (prev. Craft Making of Charltable grants Christian Books Worldwide Making of Charitable grants Coffee Tots (Three Spir8s) Maklng of Charitabl8 grants Edinburgh City Mission Making of Charitable grants Elswick Parish Church Making of Charitable grants Global Care Making of Charitable grants Helimission Making of Charitsble grants In20ut Making of Charitsble grants Junction 42 Foundation Making of Charitable grants Lert Sa Wat Making of Charitable grants Love Burundl Maklng of Charitable grants MAF Making of Charitable grants Mandritsara Hospital Making of Charitable grants Message Trust Making of Charitable grants Million Meal Miracle Making of Charitable grants Navajeevana Making of Charitable grants Beglnnlngs Charitable F Making of Charitable grants Safe Famili8s for Children Making of Charltable grants Scottish Bible Soclety Making of Charitable grants Scripture Union Making of Charitable grants Scripture Union {Scotland) Making of Charitable grants UCCF Making of Charitable grants Wellspring therapy and training Making of Charitable grants Wheel Trust. Partick Schools, GIÉ Making of Charitable grants 2,000 1,000 2.500 5.000 2.000 4.500 1,000 3,000 1.000 1,000 2,000 5,000 1.000 3.000 1.000 1,500 1,000 1.000 6.000 4.000 2,000 1.000 2.000 1,000 3,000 2,000 2.000 2.000 2.000 1.500 1.000 1,000 2,000 2.000 2.000 1.000 1,000 2,000 2.000 1,000 28,500 53.500 12
Tho Generation Trust Notes to the Accounts for the year ended 5 April 2024 8 Tanglblé fixod assets Freehold land and buildings Cost At 6 Aprll 2023 Additions 519,414 225.000 744.414 At 5 April 2024 Dopreclatlon At 6 April 2023 At 5 April 2024 Net book valu• At 5 April 2024 At 5 April 2023 744,414 519.414 Historical cost of investrnent properties 542,445 9 Debtors 2024 2023 Other debtors 580 2,915 10 Creditors: amounts falllng du• withln one year 2024 2023 Accruals and deferred income 828 11 Reconclliation of net Incomel{exponditure) to net cash flow from operating actlvltles 2024 2023 Net incomel(expenditure) for the reporting period (as per the statement of financial activltles Non cash donation (Increase) I decrease in debtors (Decrease) l increase in creditors 221,778 (225,000) 2,335 147.950 {171,535) (2,600) 450 Net cash (used In ) I provlded by op8ratlng actlvltles 827 25.735 13
The Generation Trust Notes to the Accounts for the year ended 5 Aprll 2024 12 Trusto0s' r•muneratlon, expensos and donatlons During the ar. No Trustees received any remuneration {2023: £NIL}. £133 of travel expenses were reimbursed to four Trustees. Mr M Rustad donated a property valued at £225,000 to the Trust. Yetholm Prop8rti8s received remuneration of £4.529 (2023: £2.733). The properties are managed by Yetholm Propertles. a company controlled by Mr Rustad and his family. The Commisslon has b88n negotiated at a discounted rate. Pemitted by the Trust Deed of 26th October 1973 14