Charity registration number NIC108783
Company registration number N1687091 (Northern Ireland)
GF TRUST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

GF TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr Ciaran Gillan
Mrs Mairead McAloon
Mrs Mary Bernadette Gillan
Mr Seamus Martin Gillan
Mr Seamus Gerald Gillan
Mr Sean Gillan
Charity number
NIC108783
Company number
N1687091
Registered office
Unit I, Building 10
Central Park
Mallusk Road
Newtownabbey
Co. Antrim
Northem Ireland
BT36 4FS
Auditor
AAB Group Accountants Limited
1 - 3 Arthur Street
Belfast
Co. Antrim
Northem Ireland
BT14GA
Bankers
Ulster Bank Limited
11-16 Donegall Square East
Belfast
Co. Antrim
Northem Ireland
BTI SUB

GF TRUST LIMITED
CONTENTS
Page
Trustee5' report
Independent auditor's report
Ststement of financial attivities
10
Balance sheet
Statement of cash flows
13
Notes to the financial Statements
14-20

GF TRUST LIMITED
TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report and audited financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to
the financial statements and comply with the Charity's (Northern Ireland) Act 2008, the Companies Ad 2006
and "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 IFRS 1021 (effective 1 January 2019)"
The GF Trust Limited {Grn is a charitable company operating in Northern Ireland. The charity is registered
with the Charity Commission for N. Ireland INIC 108783) and recognised as a charity by H.M. Revenue and
Customs (2427511237) It is also a Private Company Limited by Guarantee (NI 687091}. The registefed
principal address and a list of directors who served the company during the year are listed are noted within
Legal and Administrative information.
Objective5 and activities
The charity's objects are:
The prevention or relief of poverty - aims to contribute to the prevention and relief of poverty
by directly benefiting those who receive support, as well as reducing the prevalence of suffering and
inequality in society. Our partnerships support the most in need. the poor and marginali5ed young
people, families and communities.
The advancement of health or the saving of lives
We work with Health and Social Care
organisations and other charities that provide health seNices to reduce illness and to improve the
quality of lives of those living with illness for both the individuals and their families.
The advancement of citizenship or community development - We financially support community
development and active citizenship. By involving and empowering relevant stakeholders in projects
we advance citizenship and support beneficiaries to become agents of development and change.
The advancement of amateur sport- GFT wishes to continue to financially support amateur sport in
our local community which will lead to increased health, fitness and a sense of teamwork in our
local communities.
GFT wishes to support any other charitable purposes which includes any purpose recognised as charitable
under existing charity law and any purposes which may reasonably be regarded as analogous to the listed
purposes above, as well as those by virtue of section one of the Recreational Charities Act 11958).
Public benefit:
The direct benefit from the charity's purposes is that people's lives will be enricheLI by awarding grants or
providing donations to charities. voluntary led organisations and individuals who are in need or who work
with people or communities in need in furtherance of our charitsble purposes. The tnjstees have paid due
regard to guidance issued by the Charity Commission in deciding what activtties the charity should
undertake and are satisfied that that it has complied within the remit of this guidance

GF TRUST LIMITED
TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Grant making policy.
All grants will be awarded on the basis of evidence of need provided through our grant application process.
These benefits will be evider)ced through the number of grants and donations that are made. All
organisations that receive a grant will be required to demonstrate how the grant has benefited those in
need. They will be required to complete a monitoring and evaluation fomi which will be reviewed by the
charity. The purposes of the chartty do not lead to any harm. The beneficiaries are primarily people and
voluntary organisations in Northem Ireland but may from time to be anywhere in the world depending on
charitable need identtfied. There is no private benefit flowing from any of these purposes.
Achievements and perforniance
Overview 2023/2024
The charity is funded by two trading companies under common control, South Bank Square Ltd and BSG
Civil Engineering Limited and received £2,761.943 during this financial year.
During 2023124, the Trustees approved and paid £432.468 of donations in support of their charitable
objectives. The Trustees also successfully acquired land during the year. with the intention of working in
partnership with the National Autistic Society to fijnd large scale facilty in Randalstown which will greatly
benefit the local community.
Financial Review
The results for the year are set out in the attached financial statements The results for the Ye￿ show a net
surplus of £2,343,234. Income for the year is made up of donations £2,761,943 12023- £2,932,110) and
investment income of £19,509 (2023= £400). Expenditure for the year totalled £438,218 (2023: £2,0(K)}.
Reserves Policy.
The charity holds total funds at 31 March 2024 of £5,273,744 (2023: £2.930,510).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use
should be maintained at a level equivalent to between th￿e and Six month's expenditure. The trustees
consider that reserves at this level will ensure thaL in the event of a significant drop in funding they will be
able to continue the charity's current activities while consideration is given to ways in which additional funds
may be raised. This level of reserves has been maintained throughout the year.
At 31 March 2024, the charity had free reserves of £5,048,277 {2023= £2,930,510). While this is higher than
the charity's reseNes policy, the trustees have plan5 to signifi.cantly increase charttable donations within the
next 2 years.

GF TRUST LIMITED
TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Going Concem:
The trLAStees have reasonable expectation that the charity has adequate resources to continue in operational
sense for the foreseeable future. Thus, the trustees have adopted the going concern basis of accounting in
preparing the financial statements.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are
in place to mitigate exposure to the major risks.
Plans for future periods
The trustees intend to continue to prowde grants and donations to the local community in line with its
charitable objectives. Their most significant contribution in 2024125 will be the ongoing development of land
which was acquired during this financial year. While the charity itself will not be involved in this
development. it will act as the principal funder.
Structure, governance and management
The role of the trustees is to ensure the charity is effectivety governed, that it complies with ai relevant
legislation including its Memorandum and Articles of Association and Company law. The charity's PrI￿1PaI
governing document is its Memorandum and Articles of Association.
The trustees, who are also the directors for the purpose of company law. and who served during the year
and up to the date of signature of the financi31 statements were=
Mr Ciaran Gillan
Ms Mairead Gillan
Mrs Mary Bemadette Gillan
Mr Seamus Martin Gillan
Mr Seamus Gerald Gillan
Mr S Gillan
The trustees of the charity receive no private benefit from their involvemer)t in the charity- Durrlg year
ended 31 March 2024, no trustee or connected persons received remuneration, expenses or payment.
(202212023 £nil).
There were no conflicts of interests declared by trustees during the year (2022/2023 - none).

GF TRUST LIMITED
TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Statement of Trustees. responsibilities
The trustees, who are also the directors of GF Trust Limited for the purpose of company law, are ￿spOnsible
for preparing the Trustees. Report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare 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 resource5 and application of
resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to.-
select suitable accounting policies and then apply them consistentl
observe the methods and principles in the Charities SORP-
make judgements and estimates that are reasonable and prudent
state whether applicable UK Accounting Standards have been followed, subject to any material depklrtures
disclosed and explained in the financial statements,- and
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the
charity will contillue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy
at any time the firFancial position of the charity and enable them to ensure that the financial stat8nents
comply with the Companies Art 2006. They 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.

GF TRUST LIMITED
TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Auditor
In accordance with the company's articles, a re501ution proposing that AAB Group Accountants Limited be
appointed as auditor of the charitable company
Disclosure of information to auditor
Each of the trustees has confirmed that there is no infomiation of which they are aware which is relevant to
the audit, but of which the auditor is unaware. They have further confirmed that they have taken aptxopriate
steps to identify such relevant information and to establish that the auditor is aware of such infomation.
The Trustees, report was approved by the Board of Trustees.
Mr Sean Gillan
Trustee
lj-11.￿2

GF TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF GF TRUST LIMITED
Opinion
We have audited the financial statements of GF Trust Limited (the 'charity) for the year ended 31 March 2024
which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes
to the financial statements, including 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 Stsnd3rd applicable in the UKand Republic of /re/ano
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of it5
incoming resources and application of resources. for the year then ended,-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prattice-
and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors responsibilities for thÉ
audit of the financial statements sertion of our report We are independent of the charFty in accordance with
the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S
Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufFicient and appropriate to provide a basis for our
opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustee5' use of the going concem ba515 of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a
going concern for a period of at least twefve months from when the financial statements are authorised for
issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the
relevant Sections of this report

GF TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF GF TRUST LIMITED
Other information
The other information comprises the information included in the annual report other than the financial
statements and our auditor's report thereon. The trustees are responsible for the other information contained
within the annual report. Our opinion on the financial statements does not cover the other informatk)n and we
do not express any form of assurance conclusion thereon. Our responsibility is to read the other infonmation
and, in doing 50, consider whether the other information is materially inconsistent with the financial statements
or our knowledge obtained in the course of the audit or othemise appears to be materially misstated. If we
identify such material inconsistencies or apparent material misstatements, we are required to determine
whether this gives rise to a material mi55tatement in the financial statements themselve5. 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 thi5 regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and
Reports) Regulations 2008 require us to report to you if, in our opinion.
the information given in the financial statements is inconsistent in any material respect with the Trustees.
report- or
sufficient accounting records have not been kept or
the financial statements are not in agreement with the accounting records- or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the statement of Trustees. responsibilities, the trustees who are also the directors of
the charity for the purpose of company law, are responsible for the preparation of the financial statement5 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 assessing the
charity's ability to continue as a going concern. disclosing. as applicable. matters related to going concern and
using the going concern basis of accounting unless the trustees either intend to liquidate the charttable
company or to cease operations, or have no realistic altemative but to do so.
Auditor's responsibilities for the audit of the financial statements
AA8 Group Accountants Limited have been appointed as auditor of the charity by virtue of its eligibility for
appointment as auditor of a company under section 1212 of the Companies Act 2006.

GF TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF GF TRUST LIMITED
Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free
from material mi55tatement. whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit condjcted in
accordance with ISAS (UK) will always detect a material misstatement when tt exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities. outlined above, to detett material misstatements in respect of itregularities,
including fraud. The extent to which our procedures are capable of deterting irregularities, including fraud is
detailed below.
We developed an understanding of the key fraud risks to the entity (including how fraud might occurl, the
controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial
statements which may be susceptible to management bias. Our understanding was obtained through review of
the financial statements for significant accounting estimates. analysis of journal entries, walkthrijjgh of the key
controls cycles in place and enquiry of management.
Our procedures to resFK)nd to those risks identified included, but were not limited to:
Enquiry of management, and the entity's solicitors around actual and potential litigation and claims.
Enquiry of management to identify any instances of non-compliance with laws and regulations.
Reviewing minutes of meetings of those charged with govemance.
Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations.
Auditing the risk of management override of control& including through testing journal entries arKI
other adjustments for appropriateness. and evaluating the business rationale of significant transaction5
outside the normal course of busine￿.
A further description of our responsibilities is available on the Financial Reporting Council's webstte at-. https.'//
ww.frc.org.uVauditor5responsibilities. This description forms part of our auditoffs report
Use of our report
This report is made solely to the company's members, as a body, in accordance with section 391 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the compan￿5 members
those matters we are required to stste to them in an auditorfs report and for no other purpose. To the fullest
extent permitted by law. we do not accept or assume responsibility to anyone other than the company and the
company's members as a body, for our audit worl for this report, or for the opinions we have formed.

GF TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF GF TRUST LIMITED
AAB Group Accountants Limited
Chartered Accountants
Statutory Auditors
1 3 Arthur Street
Belfast
Co. Antrim
Northern Ireland
BT1 4GA
AAB Group Accountants Limited is eligible for appointment as auditor of the charity by virtue of ￿S eligibility
for appointment as auditor of a company under section 1212 of the Companies Act 2006.

GF TRUST LIMITED
STATEMENT OF FINANCIAL AcfiviTIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted Unrestricted
funds
funds
2024
2023
Notes
Income from".
Donations and legacies
Investments
2,761,943
19,509
2,932,110
400
Total income
2,781,452
2,932,510
Expenditure on:
Charitable activities
438,218
2,000
Totsl expenditure
438,218
2,000
Net income and movement in fvnds
2,343,234
2,930,510
Reconciliation of funds".
Fund balances at 1 April 2023
2,930,510
Fund balances at 31 March 2024
5,273,744
2,930.510
All income and expenditure derive from continuing activities and is determined as unrestricted.
10-

GF TRUST LIMITED
BALANCE SHEET
ASA T31 MARCH 2024
2024
2023
Notes
Fixed assets
Tangible assets
Current assets
Investments
Cash at bank and in hand
10
225,467
12
3.519.509
1.531.518
2,930,510
5,051,027
2.930,510
Creditors: amounts falling due within
one year
13
{1750)
Net current assets
5,048,277
2.930,510
Total asset5 less current liabilities
5.273,744
2,930,510
Income funds
Unrestricted funds
5,273,744
2,930,510
5.273,744
2,930.510
11

GF TRUST LIMITED
BALANCE SHEET (CONTINUED)
ASA T31 MARCH 2024
The company is entitled to the exemption from the audit requirement contained in section 477 of the
Companies Act 2006. for the year ended 31 March 2024 although an audit has been carried out under section
65 of the Charities Act (Northern Ireland) 2008. No member of the company has deposited a notice, pursuant
of Section 476, requiring an audit of these financial statements sunder the requirements of the COm￿nieS Act
2006.
The directors acknowledge their responsibilities for ensuring that the charity k&ps accounting records which
comply with section 386 of the Att and for preparing financial statements which give a true and fair view of
the state of affairs of the company as at the end of the financial year and of its incoming resourc& and
application o* resources. including its income and expenditure, for the financial year in accordance with the
requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies
Act 2006 relating to financial statements. so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements under the
requirements of the Companies Art 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to comFA3nies
subject to the small companies regime.
The financial statements were approved by the Trustees on
Mr Sean Gillan
Trustee
Company Registration No. N1687091
12-

GF TRUST LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Notes
Cash flows from operating activities
Cash generated from operations
16
2,326,475
2,930,110
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Investment income received
(225.467)
{3.500,000)
400
Net cash lused in)Igenerated from
investing activities
400
(3,725.467)
Net cash used in financing activities
Net (decrea5e)fincrease in cash and cash
equivalents
(1,398,9921
2,930.510
Cash and cash equivalents at beginning of year
2,930,510
Cash and cash equivalents at end of year
1,531,518
2,930,510
13-

GF TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policie5
Charity information
GF Trust Limited is a private company limited by guarantee incorporated in Northem Ireland. The
registered office is Unit 1. Building 10. Central Part Mallusk Road. Newtownabbey. Co. Antrim, BT36 4FS,
Northern Ireland.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing documentl, the
Companies Art 2006 and -Accounting and Reporting by Charities: Statement of Recommended Prattice
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland {FRS 102) {effective l January 2019)" The charity is a Public
Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling. which is the funttional currency of the charity- Monetary
amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include
certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concem
At the time of approving the financial statements. the trustees have a reasonable expectation that the
charity has adequate resources to continue in operational existence for the foreseeable future. Thus the
trustees continue to adopt the going concem basis of accounting in preparing the financial statements.
1.3 Charitable fund5
un￿StriCted funds are available for use at the discretion of the trustees in furtherance of their charitable
objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The
purposes and uses of the restritted fijnds are ot out in the notes to the financial statements.
Endowment fund5 are Subject to specific conditions by donors that the capital must be maintained by the
charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance condttions hwe been
meL the amounts can be measured reliably. and it is probable that income will be received.
Cash donations are recognised on receipt Other donations are recognised once the charity has been
notified of the donation. unless performance conditions require deferral of the amount. Income tax
recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the
time of the donation.
14-

GF TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to
a third paty, it is probable that a transfer of economic benefits will be required in settlemenL the
amount of the obligation can be measured reliably.
Expenditure is classified by activity- The costs of each activity are made up of the total of direct costs and
shared costs, including SUPFlOrt costs involved in undertaking each activity. Direct costs attributatle to a
single activity are allocated directly to that actlvlty. Shared costs which contribute to more than one
activity and support costs which are not attributable to a single activity are apportioned between 1hose
activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of
time spent, and depreciation charges are allocated on the portion of the asset's use.
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third
paty, it is probable that settlement will be required and the amount of the obligation can be measured
reliably.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losse
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over
their usefijl lives on the following bases..
Freehold land and buildings
The gain or loss arising on the disposal of an asset is determined as the difference between the sale
proceeds and the carrying value of the asset and is recognised in the statement of financial artivf(ies.
1.7 Impairment of fixed assets
At each reporting end date. the charity reviews the carrying amounts of its tangible assets to d@temiine
whether there is any indication that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to detennine the extent of thE
impaimient loss (if any).
1.8 Cash and cash equivalents
Cash ar)d cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid
investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are
shown within borrowings in current liabilities.
15-

GF TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
(Continued)
1.9 Financial instruments
The charity has elected to apply the provision5 of Section 11 'Basic Financial Instruments. and Section 12
'Other Financial Instruments Issues. of FRS 102 to all of its financial instnjments.
Financial instruments are ￿CogniSed in the charity's balance sheet when the charity becomes paty to the
contractual provisions of the instmment.
Financial assets and liabilities are offset with the net amounts presented in the financial statanents, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle
on a net basis or to realise the asset and settle the liability simultaneously.
Basic financialassets
Basic financial assets, which include debtors and cash and bank balances, are initially measured *
transaction price including transaction costs and are subsequently carried at amortised cost using Ihe
effertive interest method unles5 the arrangement constitutes a financing transaction, where the
transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Derecognition of r
Inancial liabilities
Financial liabilities are derecognised when the charitys contrattual obligations expire or are discharged or
cancelled.
1.10 Current Investments
Current investments include cash held in fixed term deposits held with banks with original maturFty date5
of three months or more. All investments recorded Matu￿ within 12 months of the balance sheet date.
Investments are initially recorded at cost. They are subsequently measured at fair value at each reprting
date.
Critical accounting estimates and judgements
In the application of the charity's accounting policies, the trustees are required to make jUdgem￿ts,
estimates and assumption5 about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant Actual results may differ from these
estimates.
The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision afferts only
that period, or in the period of the revision and future periods where the revision affetts both current and
future periods.
16-

GF TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Income from donations and legacies
Unrestricted Unrestrirted
funds
fvnds
2024
2023
Donations and gifts
2,761,943
2,932,110
Income from investments
Unrestricted Unrestricted
funds
funds
2024
2023
Income from short term deposits
Interest receivable
19,509
400
19,509
400
Expenditure on charitable activities
2024
2023
Direct costs
Charitable Donations
432,468
2,000
Share of support and governance costs (see note 6)
Governance
5,750
438,218
2,000
Anatysis by fund
Unrestricted funds
438,218
2,000
17-

GF TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 37 MARCH 2024
Support ¢05ts allocated to activtties
2024
2023
Governance costs
5,750
Analysed betwee
Audit
5,750
Trustees
None of the trustees trustees lor any persons connetted with them) received any rernuneration or
benefits from the charity during the year.
Employees
The average monthly number of employees during the year was:
2024
Number
2023
Number
Total
There were no employees whose annual remuneration was more than £60,000.
Taxation
The charity is exempt from taxation on its activtties because all Fts income is applied for charitable
purposes.
10 Tangible fixed assets
Freehold land
and buildings
Cost
Additions
225,467
At 31 March 2024
225,467
Carrying amount
At 31 March 2024
225.467
18-

GF TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11 Financial instruments
2024
2023
Carrying amount of financial a55ets
Instruments measured at fair value through profit or loss
3.519,509
12 Current asset investments
2024
2023
Unlisted investments
3,519,509
The trustees consider that the carying amounts of financial assets carried at amortised cost in the
financial statements approximate to their fair values.
13 Creditors- amounts falling due within one year
2024
2023
Accruals and deferred income
2,750
14 Unrestricted funds
The unrestricted ftjnds of the charity comprise the unexpended balances of donations and grants which
are not subject to specific conditions by donors and grantors as to how they may be used. These include
designated funds which have been set aside out of unrestricted fijnds by the trustees for specific
purposes.
At 1 April
2023
Incoming
resources
Resources At 31 March
expended
2024
General funds
2,930.510
2.781,452
(438,218)
5,273,744
Previous year.
At 1 April
2022
Incoming
resources
Resources At 31 March
expended
2023
General funds
2.932,510
12.000)
2,930,510
19-

GF TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15 Related party transactions
The charity received income of £2.761.943 {2023 £2.932.110) from entities under common control. South
Bank Square Ltd and BSG Civil Engineering Limited. There were no other related party transactions during
the year.
16 Cash generated from operations
2024
2023
Surplus for the year
2,343,234
2,930,510
Adjustments for.
Investment income recognised in ststement of financial activities
(19,509)
1400)
Movements in working capital-
Increase in creditors
2,750
Cash generated from operations
2,326,475
2,930,110
17 Analysis of changes in net funds
The charity had no material debt during the year.