Charlty t•gl•tf8tlon niimb•f NIC1081831North•fn Ifd•nd> Complry r•pl•tfrfOn nufflb•f Pl16870 GF TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 (Northern Ireland) NIC108783 Company number N1687091 Registered office Unit 1 Building 10 Central Park Mallusk Road Newtownabbey Co Antrim Northern Ireland BT36 4FS Auditor AAB Group Accountants Limited 1- 3 Arthur Street Belfast Co. Antrim Northern Ireland BT14GA Bankers Ulster Bank Limited 11-16 Donegall Square East Belfast Co. Antrim Northern Ireland BT15UB Solicitors Carson McDowell Murray House, Murray Street Belfast Co.Antirm Northern Ireland BT16DN
GF TRUST LIMITED CONTENTS Page Trustees, report Independent auditor's report Statement of financial activities Balance sheet 10 Statement of cash flows 11 Notes to the financial statements 12-17
GF TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their report and audited financial statements for the year ended 31 March 2025. 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 Act 2Cn6 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 (FRS 102) (effective 1 January 2019)" The GF Trust Limited (GFT) is a charitable company operating in Northern Ireland. The charity is registered with the Charity Commission for N. Ireland (NIC 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 registered principal address and a list of directors who served the company during the year are listed are noted within Legal and Administrative information. Objectives and activities The charity's objects are: The prevention or relief of poverty - GFT 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 marginalised 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 services 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 (1958). Public benefit: The direct benefit from the charity's purposes is that people's lives will be enriched 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 charitable purposes. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake and. are satisfied that that it has complied within the remit of this guidance. 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 evidenced through the number of grants and donations that are made. All orgarisations 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 form which will be reviewed by the charity. The purposes of the charity do not lead to any harm. The beneficiaries are primarily people and voluntary organisations in Northern Ireland but may from time to be anywhere in the world depending on charitable need identified. There is no private benefit flowing from any of these purposes.
GF TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance Overview 202412025 The charity is funded by two trading companies under common control and received £3.985,370 during this financial year. During 2024125, the Trustees approved and paid £3,085,784 of expenditure in support of their charrtable objectives. A significant proportion of this expenditure was spent working in partnership with the National Autistic Society to fund large scale facility 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 year show a net surplus of £1,063,419. Income for the year is made up of donations £3,985,370 (2024. £2,761,943) and investment income of £163,883 (2024. £19,509). Expenditure for the year totalled £3,085,834 (2024: £438,218). Reserves Policy: The charity holds total funds at 31 March 2025 of £6,337,163 (2024: £5,273,744). It is the policy of the charity that unrestricted funds which have not been designated for a specrfic use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, 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 2025, the charity had free reserves of £6,261,696 (2024. £5,048,277). While this is higher than the charity's reserves policy, the trustees have plans to significantly increase charitable donations within the next 2 years. Going Concern: The trustees 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 provide grants and donations to the local community in line with its charitable objectives.
GF TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management The role of the trustees is to ensure the charity is effectively govemed, thal rt complies with all relevant legislation including its Memorandum and Articles of Association and Company law. The charitls principal governing document is its Memorandum and Articles ofAssociation. 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 financial statements were" Mr Ciaran Gillan Mrs Mairead McAloon Mrs Mary Bemadette Gillan Mr Seamus Martin Gillan Mr Seamus Gerald Gillan Mr Sean Gillan The trustees of the charity receive no private benefit from their involvement in the charity. During year ended 3 March 2025, no trustee or connected persons received remuneration, expenses or payment (202312024 - £nil). There were no conflicts of interests declared by trustees during the year (202312024 - none).
GF TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Auditor In accordan with the company's articles, a resolution 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 information of which they are aware which is releva ttothe audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify suc relevant information and to establish that the auditor is aware of such information. Trustees, report was approved by the Board of Trustees. Mrs Mairead McAloon Trustee Dated: 21 October 2025
GF TRUST LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 he trustees, who are also the directors of G Trust Limited for the purpose of company law, are preparing the rustees, Report and the financial statements in accordance with applicable law and Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company aw requires the trustees to prepare financial statements for each financial year which give a true a view of the state of affairs of the charity and of the incoming resources and application of resources, cluding nco e 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 consistently. observe the methods and principles in the Charities SORP, sponsi gd fai make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the chari will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy a any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 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 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 2025 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 Finai?cial Reporting Standard applicable in the UK and Republic of Ireland (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 2025 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 Trustees, use of the going concem basis 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 conrn for a period of at least twelve 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. Other information The other information comprises the information included in the annual report other than the financial statements and our auditorfs 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 information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise 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 misstatement in the financial statements themselves. 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 this 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 (Northern Ireland) 2015 requires 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 aLidit.
GF TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GF TRUST LIMITED Responsibilities of trusteés 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 statements 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 concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements AAB 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. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 conducted in accordance with ISAS (UK) will always detect a material misstatement when it 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 detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We developed an understanding of the key fraud risks to the entity (including how fraud might occur), 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, walkthrough of the key controls cycles in place and enquiry of management. Our procedures to respond 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 governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 company s members those matters we are required to state 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 work, 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 Teresa Campbell (Senior Statutory Auditor) for and on behalf of AAB Group Accountants Limited Accountants Statutory Auditor 1- 3 Arthur Street Belfast Co. Antrim Northem Ireland BT14GA 21 October 2025 AAB Group Accountants Limited is eligible for appointment 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 STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Unrestricted funds funds 2025 2024 Notes Income from: Donations and legacies Investments 3,985,370 163,883 2.761,943 19,509 Total income 4.149,253 2,781,452 Expenditure on: Charitable activities Other expenditure 3,085,784 50 438,218 Total expenditure 3,085,834 438,218 Net income and movement in funds 1.063,419 2,343,234 Reconciliation of funds: Fund balances at 1 April 2024 5,273,744 2,930.510 Fund balances at 31 March 2025 6.337.163 5,273.744 All income and expenditure derive from continuing activities and is determined as unrestricted.
GF TRUST LIMITED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Current assets Investments Cash at bank and in hand 11 75.467 225.467 13 5.307,480 960,156 3,519,509 1,531,518 6,267,636 5,051,027 Creditors: amounts falling due within one year 14 (5,940) (2,750) Net current assets 6,261,696 5.048,277 Total assets less cUrnt liabilities 6,337,163 5.273,744 Income funds Unrestricted funds 6,337,163 5,273,744 6,337,163 5,273,744 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 2025 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 Companies Act 2006. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act 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 resources and application of resources, induding 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 Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 21 October 2025 Mrs Mairead McAloon Trustee Company R_egistratSon No. N1687091 10.
GF TRUST LIMITED STATEMENT OF CASH FLOWS F¢>P THE YEAR ENDED 31 AIARCH 2025 2025 2024 Notes 17 9)2.726 2.326.475 (225.46n 150.(XX) (5250.(JX)) 3.5(X).( 125.912 (3.5(X).() (1.474.088) (3.r25.46n (571.362) (1.398.992) 1.531.i18 2.930.510 cath knV4V4uiYaLnts at end of yr .1 1.531.518 11
GF TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity infonnation GF Trust Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered Offi is Unit 1 Building 10, Central Park. Mallusk Road, Newtownabbey, Co Antrim, BT36 4FS, Northern Ireland. 1.1 Basis of preparation The financial statements have been prepared in accordance with the charity's [governing document] the Companies Act 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 (FRS 102) (effective 1 January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional 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 concern 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 trLLStees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted 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 restricted funds are set out in the notes to the financial statements. Endowment funds 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 conditions have been met 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. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and 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 dIrt costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those 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. 12
GF TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 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 losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful 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 activities. 1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such IndatIOn exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, 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 financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless 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 financial liabilities Financial liabilities are derecognised when the charity's contractual 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 maturity dates of three months or more. All investments recorded mature within 12 months of the balance sheet date. Investments are initially recorded at cost. They are subseqLiently measured at fair value at each reporting date. 13
GF TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make Judgements, estimates and assumptions about the carying 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 are considered to be relevant. Actual results may differ from these estimates. he estimates and underlying 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 affects {lY that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestricted Unrestricted funds funds 2025 2024 Donations and gifts 3,985,370 2,761,943 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Income from short term deposits 163,883 19,509 Expenditure on charitable activities Unrestricted Unrestricted Total Total 2025 2024 Direct costs Charitable Donations Bank Charges 3,076,046 82 432,468 3,076,128 432,468 Share of support and governance costs (see note 6) Governance 9,656 5,750 3,085,784 438,218 Analysis by fund Unrestricted funds 3,085,784 438,218 14
GF TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support Costs allocated to activities 2025 2024 ovemance costs 9,656 5,750 Analysed between: Audit Legal and Professional 6,775 2.881 5.750 9,656 5,750 Trustees None of the trustees trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. Employees The average monthly number of employees during the year was: 2025 Number 2024 Number Total There were no employees whose annual remuneration was more than £60,000. Other expenditure Unrestricted Unrestricted funds funds 2025 2024 Subscriptions and Professional Fees 50 10 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 15
GF TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Tangible fixed 8s5Èts Freehold land and bulldlngs C05t At 1 April 2024 Disposals 225.467 (150,000) At 31 March 2025 75,467 Carrying amount At 31 March 2025 75,467 At 31 March 2024 225,467 12 Financial instruments 2025 2024 Carying amount of financial assets Instruments measured at fair value through profit or loss 5,307,480 3.519,509 13 Current asset investments 2025 2024 Unlisted investments 5,307,480 3,519,509 The trustees consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values. 14 Creditors: amounts falling due within one year 2025 2024 Accruals and deferred income 5,940 2,750 15 Unrestricted funds The unrestricted funds 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 funds by the trustees for specific PLirposes. At 1 April 2024 Incoming resources Resources At 31 March expended 2025 General funds 5,273,744 4,149,253 (3,085,834) 6,337,163 16
GF TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Unrestricted funds (Continued) 'Previous year: At 1 April 2023 Incoming Resourceg At 31 March resources expended 2024 General funds 2,930,510 2,781,452 (438,218) 5,273,744 16 Related party transactions The charity received income of £3,985,370 (2024: £2,761,943) from entities under common control. There were no other related paty transactions during the year. 17 Commitments At 31 March 2025, the charity has committed to provide donations of £639,492 under contradual letters of offer which were in place at the balance sheet date. 18 Cash generated from operations 2025 2024 Surplus for the year 1,063,419 2,343,234 Adjustments for: Investment income recognised in statement of financial activities (163,883) (19,509) Movements in working capital: Increase in creditors 3,190 2,750 Cash generated from operations 902,726 2,326,475 19 Analysis of changes in net funds The charity had no material debt during the year. 17