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Registered number: 01468216 G.G.F. Fund Limited Directors' Report and Financial Statements For the year ended 31 December 2024
G.G.F. Fund Limited Company Information
Directors | W J Agnew
| A M Smith
| B Wallace
Company secretary | W J Agnew
Registered number | 01468216
Registered office | 40 Rushworth Street
| London
| England
| SE1 0RB
Independent auditor | Kreston Reeves LLP
| Statutory Auditor & Chartered Accountants
| Second Floor
| 168 Shoreditch High Street
| London
| E1 6RA
G.G.F. Fund Limited Contents
| Page
Directors' Report | 1 - 2
Independent Auditor's Report | 3 - 6
Statement of Income and Retained Earnings | 7
Balance Sheet | 8
Notes to the Financial Statements | 9 - 12
G.G.F. Fund Limited Directors' Report For the year ended 31 December 2024 The Directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
Directors
The Directors who served during the year were:
W J Agnew
A M Smith
B Wallace (appointed 1 August 2024)
Disclosure of information to auditor
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
Under section 487(2) of the Companies Act 2006, Kreston Reeves LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. Page 1
G.G.F. Fund Limited Directors' Report (continued) For the year ended 31 December 2024
Small companies exemptions
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
W J Agnew Director
Date: 5 September 2025
Page 2
G.G.F. Fund Limited Independent Auditor's Report to the Members of G.G.F. Fund Limited
Opinion
We have audited the financial statements of G.G.F. Fund Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of 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 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 Company's affairs as at 31 December 2024 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
Emphasis of matter - basis of preparation
We draw attention to note 2.2 in the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2.2. Our opinion is not modified in this respect of this matter. Our responsibilities and the responsibilities of the Directors 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 Auditor's Report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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. Page 3
G.G.F. Fund Limited Independent Auditor's Report to the Members of G.G.F. Fund Limited (continued)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, the Directors 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 Directors 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 Directors are responsible for assessing the Company'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 Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 4
G.G.F. Fund Limited Independent Auditor's Report to the Members of G.G.F. Fund Limited (continued)
Auditor's responsibilities for the audit of the financial statements
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: Capability of the audit in detecting irregularities, including fraud Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure. Audit procedures performed by the engagement team included: ∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud, and review of the reports made by management; and ∙Assessment of identified fraud risk factors; and ∙Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and ∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and ∙Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax authorities; and ∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Page 5
G.G.F. Fund Limited Independent Auditor's Report to the Members of G.G.F. Fund Limited (continued) As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors. ∙Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 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 Auditor's 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. Allan Pinner FCCA (Senior Statutory Auditor) for and on behalf of Kreston Reeves LLP Statutory Auditor Chartered Accountants London 8 September 2025 Page 6
G.G.F. Fund Limited Statement of Income and Retained Earnings For the year ended 31 December 2024
| 2024 | 2023
| £ | £
Administrative expenses | (190,420) | (114,672)
Operating loss | (190,420) | (114,672)
Interest receivable and similar income | 203,949 | 160,588
Profit before tax | 13,529 | 45,916
Tax on profit | (56,969) | (36,768)
(Loss)/profit after tax | (43,440) | 9,148
Retained earnings at the beginning of the year | 4,037,877 | 4,028,729
(Loss)/profit for the year | (43,440) | 9,148
Retained earnings at the end of the year | 3,994,437 | 4,037,877
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.
The notes on pages 9 to 12 form part of these financial statements.
Page 7
G.G.F. Fund Limited Registered number: 01468216 Balance Sheet As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 4 | 375 |  | 2,190 |
Cash at bank and in hand |  | 4,103,237 |  | 4,133,199 |
|  | 4,103,612 |  | 4,135,389 |
Creditors: amounts falling due within one year | 5 | (109,075) |  | (97,412) |
Net current assets |  |  | 3,994,537 |  | 4,037,977
Total assets less current liabilities |  |  | 3,994,537 |  | 4,037,977
Net assets |  |  | 3,994,537 |  | 4,037,977
Capital and reserves |  |  |  |  |
Called up share capital | 6 |  | 100 |  | 100
Profit and loss account |  |  | 3,994,437 |  | 4,037,877
|  |  | 3,994,537 |  | 4,037,977
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
W J Agnew
Director
Date: 5 September 2025
The notes on pages 9 to 12 form part of these financial statements. Page 8
G.G.F. Fund Limited Notes to the Financial Statements For the year ended 31 December 2024
1. | General information
G.G.F. Fund Limited is a private company limited by shares and is incorporated in England with the registration number 01468216. The address of the registered office is 40 Rushworth Street, London, England, SE1 0RB. The principal activity of the company is the maintenance of a discretionary indemnity fund to protect deposits placed by members of the public with contributors to the Fund. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The financial statements are presented in pound sterling and rounded to the nearest pound. The following principal accounting policies have been applied:
| 2.2 | Going concern
As explained in the directors' report, due to the impact of the COVID-19 pandemic on its members and the glazing industry as a whole, the directors closed the Fund to new business with effect from 1 April 2020. The surplus assets attributable to Members will be ascertained after all claims made by consumers for assistance from the Fund have been determined and fully provided. In addition, regard will be made for all outgoings of the Fund (including costs and expenses incurred by GGF Deposit Indemnity Fund) which may be incurred in connection with the winding-up and otherwise under the Fund Rules. The distribution of such surplus shall be made to Members (whose subscriptions are fully paid up to the date of the termination), in proportion to their aggregate subscriptions paid during their respective periods of Membership. Although at the exact timings are not yet known at the date of approval of these financial statements, the directors ultimately intend to liquidate the company following the surplus distribution. These financial statements are therefore prepared on a basis other than going concern. Page 9
G.G.F. Fund Limited Notes to the Financial Statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.3 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.4 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.5 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.6 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 10
G.G.F. Fund Limited Notes to the Financial Statements For the year ended 31 December 2024
3. | Employees
| The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL).
4. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 375 | 370
| Other debtors | - | 1,820
|  | 375 | 2,190
5. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 180 | 1,068
| Corporation tax | 50,296 | 30,096
| Other creditors | 6,573 | 6,568
| Accruals and deferred income | 52,026 | 59,680
|  | 109,075 | 97,412
6. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2023 - 100) Ordinary shares of £1 each | 100 | 100
7. | Contingent liabilities
The company forms a VAT group with Glass and Glazing Federation, FENSA Limited, Borough IT Limited, GGFi Limited, GGF Training Ltd, British Fenestration Rating Council Limited, GGF Property Limited and Rushworth Inspection Services and Auditing Limited and as such is jointly and severally liable for any liabilities as they fall due. No provision has been made because the directors consider that all parties have the financial resources to meet the liability as it falls due and it is therefore unlikely that this company will incur any additional liability. The total VAT not recognised in the accounts is £519,616 (2023 - £549,445).
8. | Related party transactions
| All related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions.
Page 11
G.G.F. Fund Limited Notes to the Financial Statements For the year ended 31 December 2024
9. | Controlling party
The controlling parties are W J Agnew and HSBC plc as nominees for the current contributing members.
Page 12