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 the 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 PrI1PaI 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 compan5 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 COmnieS 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 unStriCted 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 jUdgemts, 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.