Company registration number.. N1669612
Charity registration number.. 108164
Gifted Trust
{A company limited by guarantee)
Annual Report and Financlal Slatemenls
for the Year Ended 31 March 2024
RBCA Limited
Linenhall Exchange
26 Linenhall Street
Belfast
BT2 8BG
•ADLM2R61X•
221011202S
COMPANIES HOUSE
A14
#10

Glfted Trust
Contents
Trustees, Annual Report (Incorporating the Director's Report)
1to3
Reference and adminislralive details
Reference and Adminislralive Oelails
Slalemenl of Iruslee's responsibilities
Small Company Provisions
Independent Examiner's Repori
Slalement of Financial Aclivilies
Balance Sheet
Slalement of Cash Flows
Notes lo the Financial Statements
8t011

Gifted Trust
Trustees. Annual Report (Incorporating the Director's Report)
The Iruslees, who are direclors for the purposes of company law, present the annual report together
with the financial slatements and auditors, report of the charitable company for the year ended 31
Maich 2024.
Prior to Ihis year the charily was dormant and therefore no comparative information has been included
in the financial statements.
Reference and administrative details
Charity Registration Number
108164
Company Reglstratlon Number N1669612
Reglstered Office
77 Main Street
Bangor
BT20 SAP
Trustees
Karen Connor
Margaret Weir
R8CA Limited
Linenhall Exchange
26 Linenhall Street
8elfasl
8T2 88G
Independent Examlner
structurej governance and management
The Gifted Trust has been established lo supporl social enterprise, economic and social regeneration
in the Ards & North Down region. Key features of the Trust will be educational, employability, heritag8.
culture and crealivily.
e.ryitled Trust has structured ils organisalional culture around core beliefs. These core values include
community, empowerment, innovalion, diversity, integrity, and ownership.
Objectives and a¢tivlties
The objectives are lo facilitate the trealion of and supporting social enlerprise, social bLssiness, and
charities. cultural and creative projects within disadvantaged communities. The Trust is particularly
interested in Town Cenlre regeneration through communily aclivily and engagement and in Covid
Recov8ry programmes using social benefits.
Th8 social enterprise will invest profits in business and communities offering inspiralional and creative
approaches, and working in a way Ihal is empowering lo the community.
Page 1

Gifted Trust
Trustees, Annual Report (Incorporating the Director's Report)
Financial review
After a period of doimancy the charity began activitie5 during the ye2r. There were closing funds of
£14,808 (2023.. £ nil) as a resull of total income for the year of £22,803 and total expenditure of
£7,995
Reserves Policy
Gifted Trust's rese￿eS policy aims lo Gover a minimum of three months costs in order lo meet
unexpected demands, a delay in receiving funding and lo give breathin9 space should there be an
unfavouiable change lo governmenl policy.
Regular budgetary control allows us lo monitor our financial well being on a monthly basis. ReseNes
are reslricled lo ensure we can also meet any redundancy liability for employed staff who complete
fixed term conlracls.
Plans for future periods
Working towards supporting successful social enterprises encourages the ethos of moulding
organisalional culture 8round a sel of core beliefs or values Ihal help provide a focus lo ils vision ol
social inclusion wllh a culture and sel of beliefs, assumptions, symbols, and values that shape the
way in which the organisation conducts its aclivilies.
The creation of an organisational culture has pervasive effects as il not only delines who ils relevant
employees, cuslomers, suppliers, and competitors are, bul also defines how a firm will inleracl with
these key seclors wilh social benefits al Ils cole.
Page 2

Gifted Trust
Trustees. Annual Report (Incorporating the Director's Report)
Statement of trustee's responsiblllties
The trustees (who are also the directors of Gifted Trust for the purposes of company law) are
responsible for preparlng Ihe trustees, report and the financial slalemenls in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Aocepied
Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and
Republic of Ireland"
Company law requires the Iruslees to prèpare financial statements for each financial period. Under
company law the trustees musl not approve the financial stalemenls unless they ale satisfied th81
they give a true and fair view of the stale of affairs of the charitable company and of the incoming
resources and applic81ion of resources, including ils income and 8xpendllure, of the charitable
company for Ihal period. In preparlng thes8 financial slalements, Ihe Iruslees are required lo..
select suitable accounting policles and apply them consistently;
obsarve th6 rnelhods and principles in the Charities SORP-,
make judgements and estimates that are reasonable and prudent.,
sla16 whether appllcable accounting standards, comprising FRS 102 have be8n followed, subject to
any material departures disclosed and explained in the financial slalements., and
prepare the fi'nancial slalemenls on the going concern basis unless il is inappropriate lo presume
Ihal the charltable company will continue in business.
The Iruslees 8re responsible for keeping proper accounting records that can dlsclose with reasonable
accuracy al any lime the financial position of the charitable company and enable them lo ènsLJrÈ Ihal
the financlal slalemenls comply wSlh Ihe Companies Act 2006. They are also rèsponsible for
Safeguarding the assets of the charitable company and hence for laklng reasonable steps for the
preventlon and d@lection of fraud and other irregularllies.
The trustees 8re responslble for the maintenance and inlegrlly of the corporala and flnancial
information Included on Ihe charitable company's website. Legislation governinq th8 preparation and
disseminalion of financial slalemenls may differ from legislation in other jurisdictions.
Small Company Provlslons
This report has been prep8red In accord8nce with the provisions 8pplicable lo companies enlilled lo
Ihe small companies exempiion.
20 Dec 2024
The annual report was approved by the Iruslees of the charity on
behalf by..
and signed on ils
/4
Karen Connor
Tfuslee
Margaret Weir
Trustee
Page 3

Gifted Trust
Independent Examiner's Report to the trustees of Gifted Trust {'the Charity'}
We report lo the charity Iruslees on my examination of Ihe accounts of the Charity for the year ended
31 March 2024.
Responsibilities and basis of report
As the charity's Iruslees of Gifted Trusl {8nd also ils directors for Ihe purposes of company lawl you
are responsible for the preparalion of the accounts in accordance with Ihe requirements of the
Companies Act 2006 ('Ihe 2006 Act,).
Having salislied ours81v8s Ihal (he accounts of Gifted Trusl ar8 nol required lo be audiled under Part
16 of the 2006 Act and are eligible for independent examination, we report in respect of my
examination of your chaiily's accounts as carried oul under section 65 of the Charities Act {Northein
Ireland) 20081'lhe 2008 Acl'l. In carrying out my examination we have followed Ihe Direclions glven
by the Charily Commisslon for Northern Ireland under section 65191(bl of the 2008 Act.
Independènt examln8r's statement
We have completed my examination. We conflrm Ihal no matters have come lo my attention in
connection wilh my examination giving me cause lo believe that in any material respecl..
accounllng records were not kept in respect of th8 ¢harlly as requlred by se¢lion 386 of the 2006
A¢l'. or
the lin8nci81 sl8lement8 do not accord with Ihose records., or
• the financial statements do nol comply with the accounting reouiremenls of section 396 of the 2006
Act other than any requirement Ihal the accounts give 8 'lrLJe end fair, view which is not a maller
considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of
the Slalemenl of Recommended Praclicé for accounting and r8porling by chari118s applicable lo
charilles preparing their accounts in accordance wlth Ihe Financial Reporting Standard applicable in
the UK and Republlc of Ireland {FRS 1021.
We confirm that there are no other matters lo which your allenllon should be drawn to enable a proper
understanding of the accounts lo be reached.
o@CA L4J
RBCA Limited
Chartered Accountants
Linenhall Exchange
26 Linenhall Slreel
Belfast
BT2 8BG
21 Dec 2024
Oale..
Page 4

Gifted Trust
statement of Financial Activities for the Year Ended 31 March 2024
(Including Income and Expenditure Account and Statement of Total
Recognised Gains and Losses)
Unrestricted
funds
Restrlctgd
lunds
Total
2024
Note
Income and Endowments from:
Investment income
Other income
62
22,741
62
22,741
Total income
22,803
22,803
Expenditure on:
Charitable activities
7,995
Total expenditure
7,995
7,995
Net income
14,808
14,808
Net movement in funds
14,808
14.808
Reconciliatlon of funds
Total funds carried foNard
14,808
14,808
The notes on pages 8 to 11 form an integral part of these financial statements.
Page 5

Gifted Trust
(Registration number: N1669612)
Balance Sheet as at 31 March 2024
2024
Note
Flxed assets
Tangible assets
2,300
Current assets
Debtors
Cash at bank and in hand
4,995
7,791
12.786
Creditors: Amounts falling due within one year
Net current assets
278
12,508
Net assets
14,808
Funds of the charlty:
Total funds
14,808
For the financial year ending 31 March 2024 the charity was ensitled to exemption from audit under
section 477 of the Companies Act 2006 relaling lo small companies.
Directors, responsibilities:
The members have not required the charity to obtain an audit of its accounts for the year in
question in accordance with section 476- and
The directors acknowledge their responsibilities for complying with the requirements of the Act with
respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to
companies subject to Ihe small companies regime within Part 15 of the Companies Act 2006.
The Ilnancial slalemenls on pages 5 10 11 were approved by th6 Iruslees, and 8ulhorSs8d for Issue on
20 TJéU2024... and slgned on their behalf by:
Karen Connor
Trustee
/4&b
Margai'el Well.
Trustee
The notes on pages 8 to 11 form an integral part of these financial statements.
Page 6

Gifted Trust
Statement of Cash Flows for the Year Ended 31 March 2024
2024
Note
Cash flows from operating activities
Net cash Income
14,808
Working capital adjustments
Increase in debtors
Increase In Gredilors
{4,995)
278
Nel cash flows from operating aclivilies
Cash flows from Investlng activitles
Acquisitions of tangible assets
Net increase in cash and cash equivalents
10,091
2,300
7,791
Cash and cash equivalenls at 1 April 2023
Cash and cash equivalents al 31 March 2024
All of the cash flows are derlved from continuing operations during the above two periods.
The notes on pages 810 11 form an inlegral part of thes8 financial statements.
Page 7

Gifted Trust
Notes to the Flnanclal Statements for the Year Ended 31 March 2024
1 Charlty status
The charity is limited by guaranta8, incorporaled In , and consequently does not have share capital.
Each of the Irustees is liable lo conlribule an amount nol exceeding £Nil towards the assets of the
charily In the event of liquidation.
The address of ils registered office is..
77 Main Street
Bangor
8T20 SAP
2 Accounting pollcles
Summary of slgnlflcant accountlng pollcles and key accounting estimates
The principal accounting policies applied in the preparation of Ihese financial slalemenls are sel out
below. These policies have been con51slenlly applied lo all the years presented. unless othewise
staled.
Statement of compllance
The flnancial s181ements have beèn prep8red in accordance with Accounllng and Réporting by
Charities., Slalement of Recommended Practice (applicable lo ch8rS1ies preparing Ihelr accounls In
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS
10211 (Issued In October 20191 (Charilles SORP (FRS 1021), the Financial Reporting S18ndard
applicable in Ihè UK and Republlc of Ireland {FRS 102) and the Companles Act 2006.
Basis of preparation
Gified Trust mee15 the d8finilion ol a public benefil enlily under FRS 102. Assels and liabililies are
initially recognised al hlslori¢al ¢ost or Iransacllon value unless othe￿ise slated in the relevant
accounting policy notes.
Going concern
The Iruslees consider that there are no materi81 uncertainties about the charilvs ability lo continue as
a going concern nor any signilicanl areas of uncertainly Ihal affect the c8rrying value of assels held by
the charily.
Taxation
The charlty Is considered lo pass the tests sel out In Paragraph 1 Schedule 6 of the Finance Act 2010
and therefore il meels the definllion of a charitable company for UK corporation lax purposes.
Accordingly, Ihe charity is potentially exempl from laxalion in respect of income or capital gains
received wilhln calegorles covered by Chapter 3 Part 11 of the Corporallon Tax Acl 2010 or Section
256 of the Taxation of Chargeable Gains Acl 1992, to the extent Ihal such Income or gains are
applied exclusively to charitable purposes.
Trustees remuneration and expenses
No trustees have received remuneration in the year.
Page 8

Gifted Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets
Indlvidual fixed assets costin9 £0.00 or more are ini11311y re¢orded al cost, less any subsequent
accumulated depreclallon and subsequent accumulated Impalmient losses.
Trade debtors
Trade debtors are amounts (ive from Guslomers for merchandise sold or services performed in Ihe
ordinary course of business.
Trade debtors are recognised initially al the transaction price. They are subsequently me8sured at
amortised cost usin9 the effective interest method, less provision for Impairment. A provision for the
impairmenl of trade debtors is established when there is objective evidence thal the charity wlll not be
abl8 lo collect all amounts due according io the original terms of the receivables.
Cash and cash equlvalents
Cash and cash equivalents comprlse cash on hand and call deposlls, and other short-term highly
liquid investments that are readlly convertible lo a known amount of cash and are 5ubjeGI to an
Insignificant risk of change in value.
Trade credltors
Trade creditors are obligations lo pay for goods or services Ihat have been acquired in the ordinary
course of business from suppliers. AcGounls payable are classified as current liabilities if the charity
doès not have an unconditional rSghl, at the end ol the reporting period. lo defer selllemenl of the
redilor for al least twelv8 months after the reporting dale. If there is an uncondition81 right lo defer
selllemenl for al lèast twelve months after the reporting d81e, they are presented as non-curr8nt
Trade credllors are rècognlsed SnllSally al the transacllon prlce and subs8qiJHnlly mAA.qiifAd al
amortised ¢osl using th6 effeclive interest method.
3 Investment income
Unrestricted
funds
General
Total
funds
Interest receivable and similar income;
Interest receivable on bank deposits
62
62
Total for 2024
62
62
Page 9

Gifted Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
4 Income from other trading activltles
Total
Funds
2024
Unrestricted
Funds
other Trading Actlvltles
Sales
Other income
20,271
2,470
20,271
2,470
22,741
22.741
22,741
22,741
5 Taxation
The charlly Is 8 registered ch8rily and is therefore &xempi from laxation.
6 Tanglbl8 flx8d assets
Furniture and
equlpment
Total
Cost
Al l Aprll 2023
Additions
2,300
2,300
Al 31 M8r¢h 2024
2,300
2,300
Depreciatlon
Al 31 March 2024
Net book value
At 31 March 2024
2,300
2,300
7 Debtors
2024
Other debtors
4,995
Paoe 10

Gifted Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
8 Cash and cash equivalents
2024
Cash al bank
7,791
9 Creditors.. amounts falling due within one year
2024
Other lax and soc181 se¢urlly
278
10 Analysis of net funds
Unrestricted
funds
General
Total funds
at 31 March
2024
Tangible fixed ass8ts
Current assets
Curr8nt liabllilies
2,300
12.786
2781
2.300
12,786
278
To181 net 85sels
14,808
14,808
Page 11