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 Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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 objectives of the Charity are to advance such charitable purposes or charitable institutions in such proportions and manner as the Trustees shall think fit. A charitable purpose is defined in the company's objects as meaning a charitable purpose under section 7 of the Charities and Trustee Investment (Scotland) Act 2005. The Trustees intend to achieve these activities by making grants to other registered charities and projects. At present, the trustees intend to make grants principally to other registered charities. The trustees will make decisions about which bodies receive grants and how the support will be structured.
The Trustees have paid due regard to guidance issued by the Office of the Scottish Charity Regulator (OSCR), in deciding what activities the Charity should undertake.
Gorol Family Charity Trust (Company Number SC658008) was incorporated on 23 March 2020 as a company limited by guarantee. The company obtained charitable status from OSCR on 7 April 2020 (SC050070).
During the year to 31 March 2025, the company did not hold any funds or make any grants.
The results for the year are set out on pages 4 and 5.
During the year, the trustees advanced a loan to the charity to cover ongoing governance costs. The trustees have confirmed that they will continue to finance the charity's governance costs as required until the charity begins to operate. Once operational, the trustees will establish a formal reserves policy.
The Charity is a company limited by guarantee, has no share capital and has charitable status. The company is governed by its 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 financial statements were:
New trustees are appointed by the existing trustees. Under the Articles of Association the minimum number of trustees is two and the maximum is seven.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Charity is governed by the board of Trustees who are in the process of moving the charity to an operational position. Once the Charity ceases to be dormant the Trustees will meet regularly to review grant applications and award funds as appropriate.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The Trustees' report was approved by the Board of Trustees.
I report on the financial statements of the Charity for the year ended 31 March 2025, which are set out on pages 4 to 8.
It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.
In the course of my examination, no matter has come to my attention
1. which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with Section 44(1)(a) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006, and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006
have not been met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Gorol Family Charity Trust is a private company limited by guarantee incorporated in Scotland. The registered office is TC Trustees Limited, c/o Turcan Connell, 1 Earl Grey Street, Edinburgh, Lothian, EH3 9EE, Scotland.
The financial statements have been prepared in accordance with the Charity's the Charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), 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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
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.
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.
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, 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 payments 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.
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
The average monthly number of employees during the year was:
The loan has been advanced by the trustees of the charity to support ongoing operational costs.
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 purposes.
During the year, the charity received a loan of £5,000 from the trustees of the charity. The loan bears no interest and there are no fixed repayment terms.