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
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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 reseeS 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 otheise 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