Kinnair & 5, Company ~~ CHARTERED ACCOUNTANTS
THE GENERATION TRUST Report and Accounts
5 April 2025
Charity registration number 502885
The Generation Trust Report and accounts Contents
| Page | |
|---|---|
| Trust information | 1 |
| Report ofthe Trustees | 2 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance sheet | 7 |
| Cashflow | 8 |
| Notestotheaccounts | 9 |
The Generation Trust Trust information
Trustees Reverend D F Mayhew Mr R J B Marjoribanks Reverend R F Skinner Miss M Simpson MrT K Young Mr M Rustad Dr M M Rustad Secretary Mr R J B Marjoribanks Charity number 502885 Principal office 20 Templemans Way Southwell Nottinghamshire NG25 OEF Accountant Kinnair and Company Limited Aston House Redburn Road Newcastle Upon Tyne NE5 1NB
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The Generation Trust
Trustees' report
Introduction
The trustees of The Generation Trust present their report and accounts for the year ended 5 April 2025.
TheObjectivesand principal activity: charity's objects are the advancement of the Christian religion and the relief of poverty, sickness and suffering.
Public benefit
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The charity is a grant making body and aims to distribute all of its income annually to charitable organisations working in the UK and overseas.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission for England and Wales.
Grant makingThe policiesannually
Grant makingThe trustees makingmeetpoliciesannually to: discuss grants and _to receive: proposals from fellow trustees. The relative merits of each proposal are discussed in depth and agreement reached on the proposals to support, decline or refer.
AchievementsThe and performance, eee trustees made grants of £47,500 during the year and received a £35,000 refund of a grant made in a previous year. This refunded grant had been for a specific project and treated as restricted funds by the donee. The project did not go ahead due to restrictions placed by the Indian government and so was repaid to us. This was too late to be considered in our 2025 round of grants and so will be available in our 2026 round. Net grants during the year therefore totalled £12,500. Cash was available to support grant making while adhering to the reserve policy mentioned below.
A property with a valuation of £150,000 was donated to the charity.
Financialreview
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During the year the charity's rental income increased by £29,331 to £75,560. During the year £150,000 in donations were received, all of which was a donation of a property to the charity which will increase rental income in the future.
During the year, the charity's total expenditure decreased by £10,653 to £38,798. This decrease was mainly due to a decrease in grants made of £16,000, countered by an increase in property repair costs (£2,759) and an increase in property rent collection fees (£2,261).
The total of the charity's funds at 5 April 2025 was £942,660 (2024 - £755,989).
Reserves policy: The charity has set a cash reserves amount of £10,000 to cover repairs on the properties.
Plansforfuture periods
The annual income of the trust is expected to continue at this level until a property is sold. This should support annual grant making.
The Trustees continue to review the state of the student letting market in Newcastle and, in the medium term, may look to sell the properties thereby releasing funds for further grant making.
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The Generation Trust
Trustees’ report
Structure, governance and management
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Nature of governing document
The charity is controlled by its governing document, a deed of trust, and is constituted as an unincorporated charity. The charity was formed on 26th October 1973 under a declaration of trust. Charitable status was obtained on 21st January 1974.
Recruitment and appointment of trustees
Trustees are appointed for an indefinite term and it is rare that new trustees are appointed. The trust deed provides that new trustees be appointed when the number of trustees falls below five.
Induction and training of trustees
It is the policy of the charity to provide new trustees with a copy of the lastest annual report and accounts and to meet to discuss the grant making process.
Major risks and management of those risks
Fraud and error
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure that appropriate controls are in place to provide a reasonable assurance against fraud and error. The investment properties are managed by a property management agency. Bank instructions require approval by two signatories
ReferenceThe and administrativedetails Generation Trust ( the trust, the charity) is a registered charity (registration number 502885).
The charity is administered by a board of trustees who meet together on a regular basis. The trustees appoint a chair annually. The trustees have also nominated one trustee as the secretary and one as the treasurer.
The registered office of the Charity and details of its principle advisors are shown on page 1.
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The Generation Trust
Trustees’ report
Statement of trustees' responsibilities
The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the applicable law and regulations.
The law applicable to charities requires the trustees to prepare the financial statements for each financial year which give 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 the these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations , and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report was approved by the Trust on 27[26 and signed on its behalf by:
Mr T K Young Trustee and treasurer
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The Generation Trust
Independent Examiner's Report
Independent examiner's report to the Trustees of The Generation Trust
| report on the accounts of the Trust for the year ended 5 April 2025, which are set out on pages 6 to 14.
Respective responsibilities of the Trust and the examiner
As members of the Trust you are responsible 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 Act 2011(‘the 2011 Act’) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act:
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- 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
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to state whether particular matters have come to my attention.
Basis of this independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity 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 includes 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 given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
Since the gross income for the year exceeds the amount provided in section 145(3) of the Act, | confirm that | am qualified to act as Independent Examiner under the provisions of that section of the Act and that my qualification is as shown below.
In connection with my examination, no matter has come to my attention:
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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 with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
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- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mai L C Mak BSc. Hons. FCA Chartered Accountant
Kinnair and Company Limited Chartered Accountants Aston House Newcastle Upon Tyne
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The Generation Trust
Statement of Financial Activities for the year ended 5 April 2025
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||||||||
|---|---|---|---|---|---|---|
|Unrestricted|fundsTotal|fundsTotal|
|Notes|funds|2025|2024|
|£|£|£|
|Income|
|Voluntary income|2|150,000|150,000|225,000|
|Other income|3|75,560|75,560|46,229|
|Total income|225,560|«225,560|27,229|
|Expenditure|
|-|Raising|funds|4|25,203|25,203|19,930|
|-|Charitable|activities|5|13,595|13,595|29,521|
|Total expenditure|38,798|38,798|;|49,451|
|Net|income|
|before|investment|gains|186,762|186,762|221,778|
|Net movement in funds|186,762|«186,762|==|-22,778|
|Total|funds|brought forward|755,898|755,898|534,120|
|Total funds|carried forward|942,660.|.|942,660|755,898|
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The Trust has no recognised gains or losses other than those shown in the Statement of Financial Activities. All of the activities of the Trust are classed as continuing.
All of the activities for both periods are unrestricted.
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The Generation Trust Balance Sheet as at 5 April 2025
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Notes 2025 2024
£ £
Fixed assets
Tangible assets 8 894,414 744,414
Current assets
Debtors 9 635 580
Cash at bank and in hand 56,029 11,792
56,664 12,372
Creditors: amounts falling due
within one year 10 (8,418) (888)
Net current assets 48,246 11,484
Net assets 942,660 755,898
Funds
Unrestricted funds:
- General Fund 942,660 __ 755,898
942,660 755,898
Total Trust funds 942,660 755,898
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These accounts were approved by the Trustees on 771Vv {24 and signed on its behalf by:
Mr T K Young Trustee and treasurer
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The Generation Trust Cash Flow Statement for the year ended 5 April 2025
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|---|---|---|---|---|---|---|---|---|---|---|---|
|Notes|2025|2024|
|£|£|
|Cashflows|from|operating|activities|
|Net cash|inflow/(outflow)|from|operating|activities|11|44,237|(827)|
|Change|in|cash|and|cash|equivalents|in|the|reporting|;|oo|OS|
|period|44,237|(827)|
|Cash|and|cash|equivalents|at 6|April 2024|11,792|12,619|
|Cash and cash equivalents|at 5 April 2025|56,029|14,792|
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The Generation Trust
Notes to the Accounts for the year ended 5 April 2025
- 1 Accounting policies
Basis of preparation
The financial statements of the charity have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities 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 otherwise stated in the relevant accounting policy note.
Going concern
The trustees assess whether the use of going concern is appropriate ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. 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 concluded that the charity has adequate resources to continue in operational existence for the forseeable future and there are no material uncertainties about the Charity's ability to contine as a going concern, thus they continue to adopt the going concern basis of accounting in the preparation of the financial statements.
A summary of the principal accounting policies, which have been consistently applied, is set out below.
Income
Voluntary income is recognised in the financial statements when it 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 statements when it is receivable from HM Revenue and Customs.
All other incoming resources are included in the statement of financial activities on a cash received basis or on an accruals basis where they are assured with reasonable certainty and receivable by the balance sheet date.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to the expenditure, 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.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its benificiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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The Generation Trust
Notes to the Accounts for the year ended 5 April 2025
Grant provisions
Provisions for grants are made when 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.
Governance costs
These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustee’ meetings and reimbursed expenses.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Investment properties
Investment property is held at fair value, derived from the current market prices for comparable real estates, adjusted if necessary for any differences in the nature, location or condition of the specific asset. Changes in fair value are recognised in the SOFA.
Trade debtors
Trade debtors are amounts due for services performed 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 provision for impairment. A provision for the impairment is established when there is objective evidence that charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash eqivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible 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 which it relates.
Fund accounting
Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.
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The Generation Trust
Notes to the Accounts
for the year ended 5 April 2025
2 Income: Donations
| 2025 | 2025 | 2024 | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Total | Total | |||||
| £ | £ | £ | |||||
| Donation ofproperty | __ | 150,000 | —_ | 150,000 | 225,000 | ||
| 150,000 | 150,000 | 225,000 | |||||
| 3 | Income: Other | ||||||
| 2025 | 2025 | 2024 | |||||
| Unrestricted | Total | Total | |||||
| £ | £ | £ | |||||
| Rental income | 75,560 | 75,560 | — | 46,229° | |||
| 75,560 | 75,560 | 46,229 | |||||
| 4 | Expenditure on raising funds | ||||||
| 2025 | 2025 | 2024 | |||||
| Unrestricted | Total | Total | |||||
| £ | £ | £ | |||||
| Cost ofrent collection | 6,790 | 6,790 | 4,529 | ||||
| Insurance | 772 | 772 | 611 | ||||
| Other direct rental costs | 633 | 633 | 542 | ||||
| Propertyrepairs | 17,008 | ==— | 17,008 | = 14,248 | |||
| 25,203 | 25,203 | 19,930 | |||||
| 5 | Expenditure on charitable activities | ||||||
| 2025 | 2025 | 2024 | |||||
| Unrestricted | Total | Total | |||||
| £ | £ | £ | |||||
| Trustees’ expenses | 177 | 177 | 133 | ||||
| Governance costs | 918 | 918 | 888 | ||||
| Donations | 12,500 | ~——- | 12,500 | _28,500 © | |||
| 13,595 | 13,595 | 29,521 | |||||
| 6 | Independent examiner's remuneration | 2025 | 2024 | ||||
| £ | £ | ||||||
| Fees payable to Charity's independent examinerforthe | |||||||
| independentexamination ofthe Charity's annualaccounts | 918 | 888 | |||||
| 918 | 888 |
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The Generation Trust
Notes to the Accounts for the year ended 5 April 2025
7 Grant making
| Grant | making | 2025 | 2024 | |
|---|---|---|---|---|
| £ | £ | |||
| Grants | approved | 12,500 | 28,500 | © |
| 12,500 | 28,500 |
Below are details of the material grants made to institutions by the charity.
Regarding the £35,000 refund of a charitable grant for Bellary Support Group - this refunded grant had been for a specific project and treated as restricted funds by the donee. The project did not go ahead due to restrictions placed by the Indian government and so was repaid to us. This was too late to be considered in our 2025 round of grants and so will be available in our 2026 round.
| 2025 | 2024 | ||
|---|---|---|---|
| Name ofInstitution | Activity | £ | £ |
| AID South Sudan | Making ofCharitable grants | - | 2,000 |
| Anglican International Dev | Making ofCharitable grants | 2,000 | - |
| Arab World Ministries | Making ofCharitable grants | 1,000 | 1,000 |
| Artizan International (prev. Craft | Making ofCharitable grants | 4,000 | 2,500 |
| CPAS | Making ofCharitable grants | 3,000 | - |
| Edinburgh CityMission | Making ofCharitable grants | - | 1,000 |
| Friends ofMandritsara | Making ofCharitable grants | 3,000 | - |
| Friends ofNavajeevana Healthca | Making ofCharitable grants | 2,000 | 2,000 |
| Global Care Helimission In2Out |
Making ofCharitable grants Making ofCharitable grants Making ofCharitablegrants |
5,000 1,500 2,000 |
2,000 1,000 2,000 |
| LertSaWat | Making ofCharitable grants | 1,500 | 1,000 |
| MAF | Making ofCharitable grants | 1,500 | - |
| Mandritsara Hospital | Making ofCharitable grants | - | 3,000 |
| Message Trust | Making ofCharitable grants | 3,000 | 2,000 |
| Million Meal Miracle | Refund ofCharitable grants | - | 2,000 |
| Scripture Union | Making ofCharitable grants | 2,000 | 1,000 |
| Scripture Union (Scotland) | Making ofCharitable grants | 2,000 | 1,000 |
| Stewardship (Kijabe) | Making ofCharitable grants | 7,500 | - |
| Three Spires FamilySupportTrusMaking | Making ofCharitable grants | 2,500 | 1,000 |
| UCCF | Making ofCharitable grants | 4,000 | 2,000 |
| Wellspring therapyand training | Making ofCharitable grants | 2,000 | |
| BellarySupport Group | Refund of Charitable grants | > 35000 | -— |
| 12,500 | 28,500 |
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The Generation Trust Notes to the Accounts for the year ended 5 April 2025
8 Tangible fixed assets
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|||||||||
|---|---|---|---|---|---|---|---|
|Freehold|
|land|and|
|buildings|
|£|
|Cost/Valuation|
|At 6|April|2024|744,414|
|Additions|150,000|
|At 5 April|2025|894,414|
|Depreciation|
|At 6 April 2024|le|
|At|5|April|2025|-|
|Net|book|value|
|At 5|April|2025|894,414|
|At 5|April|2024|744,414|
|Historical|cost|of investment|properties|918,214|
|9|Debtors|2025|2024|
|£|£|
|Other debtors|635|580|
|10|Creditors:|amounts|falling|due within|one year|2025|2024|
|£|£|
|Accruals|and|deferred|income|8,418|888|
|11|Reconciliation|of net|income/(expenditure)|to|net|cash|flow|
|from|operating|activities|2025|2024|
|£|£|
|Net|income/(expenditure)|for the|reporting|period|(as|per the|
|statement|of financial|activities|186,762|221,778|
|Non|cash|donation|(150,000)|(225,000)|
|(Increase)|/ decrease|in|debtors|(55)|2,335|
|(Decrease)|/ increase|in|creditors|7,530|60|
|Net cash (used|in|) / provided by operating|activities|44,237|(827)|
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The Generation Trust
Notes to the Accounts for the year ended 5 April 2025
12 Trustees’ remuneration, expenses and donations
During the year:
No Trustees received any remuneration (2024: £NIL).
£177 of travel expenses were reimbursed to three Trustees.
Mr M Rustad donated a property valued at £150,000 to the Trust.
Yetholm Properties received remuneration of £6,790 (2024: £4,529).
The properties are managed by Yetholm Properties, a company controlled by Mr Rustad and his family. The commission has been negotiated at a discounted rate.
Permitted by the Trust Deed of 26th October 1973
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