Charity registration number 1146665
Company registration number 07848581 (England and Wales)
GEFC LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GEFC LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr David Beeley
Dr Morris Gallagher
Mr Donald Sinclair
Mr J D S Morgan
Charity number
1146665
Company number
07848581
Registered office
10 Glendale Gardens
Gateshead
NE9 5SA
Independent examiner
TC Group
A6 Kingfisher House
Kingsway
Team Valley Trading Estate
Gateshead
NE11 0JQ
GEFC LIMITED
CONTENTS
Page
Trustees' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 12
GEFC LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The trustees present their annual report and 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 Memorandum and Articles of Association, 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).

Objectives and activities

1. The charity’s objects are for the public benefit to advance the Christian faith in accordance with the statement of beliefs in Tyne & Wear and in such parts of the United Kingdom and the world as the trustees from time to time may think fit. The charity will fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected to the charitable work of the charity.

The church is community based and is open to all to become involved.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity undertakes.

Activities

The strategies employed to achieve the charity’s aims and objectives are to

hold weekly services with a variety of speakers who provide insight and education into religion

make donations on a planned basis to projects adopted by the church

make donations to projects in need following natural disasters or those facing hardship

employ church workers to visit and support church and community members and pursue the objects of the charity

Achievements and performance
Significant activities and achievements against objectives

1. The charity continued employing one leader on a part-time basis supporting the local community and pursuing the objects of the charity.

The charity held weekly meetings to hear speakers and contemplate all aspects of the Christian Faith. Monies were gifted to projects in or operated by

|  | £
G Leeder |  | 2,520
Michael Griffiths |  | 1,000
Samaritan's Purse |  | 245
Other – including hardship grants |  | 3,571
OMF International |  | 2,520
FIEC |  | 500

GEFC LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Financial review

1. The charity gifted in total £10,356 and used £36,617 on salaries and operating costs. Income amounted to £54,276. There is a healthy bank balance of £82,083 (202 3 - £77,684). Liabilities are negligible.

Reserves policy

Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned expenditure. The trustees in line with Charity Commission guidance seek to have a minimum of six months expenditure in reserves. This target has been achieved. The trustees do not believe going concern is an issue in the next twelve months given the careful financial management employed by the charity and level of monies held in the bank.

Major risks

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.

Structure, governance and management

1. The organisation is a charitable company limited by guarantee, incorporated on 15 November 2011 and registered as a charity on 29 March 2012. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

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 David Beeley
Dr Morris Gallagher
Mr Matthew Hopper
(Resigned 16 June 2024)
Mr Donald Sinclair
Mr J D S Morgan
Recruitment and appointment of trustees

1. The directors of the company are also charity trustees for the purpose of charity law.

3. The trustees continually audit the available skills of the board and look to acquire new trustees with different skills and experiences which can assist in the growth of the organisation. Recruitment is by approach and word of mouth.

The charity has a management committee of 6 members who communicate on a regular basis.

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

GEFC LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The trustees' r eport was approved by the Board of Trustees.

Mr David Beeley
Trustee
21 September 2025
GEFC LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GEFC LIMITED
- 4 -

I report to the trustees on my examination of the financial statements of GEFC Limited (the charity) for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

TC Group
A6 Kingfisher House
Kingsway
Team Valley Trading Estate
Gateshead
NE11 0JQ
Dated: 21 September 2025
GEFC LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Unrestricted
Unrestricted
funds
funds
2025
2024
Notes
£
£
Income and endowments from:
Donations and legacies
2
45,949
53,687
Investments
3
1,974
1,189
Other income
4
1,402
620
Total income
49,325
55,496
Expenditure on:
Charitable activities
5
48,377
40,638
Total expenditure
48,377
40,638
Net income and movement in funds
948
14,858
Reconciliation of funds:
Fund balances at 1 April 2024
87,457
72,599
Fund balances at 31 March 2025
88,405
87,457

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

GEFC LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 6 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
10
8,434
10,856
Cash at bank and in hand
82,083
77,684
90,517
88,540
Creditors: amounts falling due within one year
11
(2,112)
(1,083)
Net current assets
88,405
87,457
Net assets excluding pension liability
88,405
87,457
The funds of the charity
Unrestricted funds
88,405
87,457
88,405
87,457

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements 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 September 2025
Mr David Beeley
Trustee
Company registration number 07848581 (England and Wales)
GEFC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
1
Accounting policies
Charity information

GEFC Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 10 Glendale Gardens, Gateshead, NE9 5SA.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

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 trustees 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. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
GEFC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 8 -
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 direct 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.

1.6
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.

1.7
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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

GEFC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Donations and gifts
45,949
53,687
3
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Interest receivable
1,974
1,189
4
Other income
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£

Employment allowance

1,402
620
GEFC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
5
Expenditure on charitable activities
Heading #ac982
Heading #ac982
2025
2024
£
£
Direct costs
Staff costs
22,579
15,574

Church activities.

7,095
6,676

Speakers

1,210
1,450

IT and Audio-visual

681
2,153

Safeguarding

280
207

Travel costs

220
253

Marketing and office costs

2,248
2,162

Rent

6,035
5,837

Insurance

472
472

Sundry

1,400
864

Accountancy

1,270
828

Activities

995
1,068

Other professional services

627
434

Legal and professional

-
510
Other charitable expenditure
3,265
2,150
48,377
40,638
Analysis by fund
Unrestricted funds
48,377
40,638
6

Church activities

Church activities

7
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year in relation to their role as trustee.

GEFC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
8
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Support staff
1
1
Employment costs
2025
2024
£
£
Wages and salaries
20,654
14,215
Other pension costs
1,925
1,359
22,579
15,574
There were no employees whose annual remuneration was more than £60,000.
9
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
8,434
10,856
11
Creditors: amounts falling due within one year
2025
2024
£
£
Other taxation and social security
1,202
255
Accruals and deferred income
910
828
2,112
1,083
GEFC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
12
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,925
1,359

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

13
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2024
Incoming resources
Resources expended
At 31 March 2025
£
£
£
£
General funds
87,457
49,325
(48,377)
88,405
Previous year:
At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
72,599
55,496
(40,638)
87,457
14
Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

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