The George Stone Trust Charity Accounts

COMPANY REGISTRATION NUMBER: 02532807

CHARITY REGISTRATION NUMBER: 1000370

The George Stone Trust

Company Limited by Guarantee

Unaudited Financial Statements

5 April 2025

The George Stone Trust

Company Limited by Guarantee

Financial Statements

Year ended 5 April 2025

	Page

Trustees' annual report (incorporating the director's report)	1

Statement of financial activities (including income and expenditure account)	3

Statement of financial position	4

Notes to the financial statements	5

The George Stone Trust

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 5 April 2025

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 5 April 2025 .

Reference and administrative details

Registered charity name	The George Stone Trust

Charity registration number	1000370

Company registration number	02532807

Principal office and registered	C/O Elliot, Woolfe & Rose Limited
office	Devonshire House
	582 Honeypot Lane
	Stanmore
	Middlesex
	HA7 1JS

The trustees

	Mr JMF Barbara
	Mr R Swyer

Accountants	Elliot, Woolfe & Rose Limited
	Chartered accountants
	Devonshire House
	582 Honeypot Lane
	Stanmore
	Middlesex
	HA7 1JS

Structure, governance and management

The Company is a Company Limited by guarantee and its governing document is its Memorandum and Articles of Association.

The Trustees are also Directors for the purpose of company law. The continuing Directors have the power to appoint new or additional Directors to act jointly with them as they see fit.

Objectives and activities

The Company's objective is the promotion of any charitable purpose. The donation policy was implemented at the regular meeting of the Trustees at which the Trustees consider applications. There has been no change to this policy during the year.

Achievements and performance

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Company should undertake.

There were no grants made by the Trustees during the year.

All of the company's capital is held in a bank after a decision to liquidate the stock they held in previous years. As at 5 April 2024, the amount held was £21,997 (2024: £581).

It is the policy of the Company that unrestricted funds which have not been designated for a specific use should be maintained at a level to provide sufficient income for the Company to meet its objectives. 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 Company'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.

Financial review

Total incoming resources were £Nil (£535 in 2024), with £4,140 (£5,501 in 2024) being committed to charitable activities of which all (£5,091 in 2024) related to support and governance costs. There was a net outflow of funds of £4,140 (£6,055 in 2024).

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 10 April 2025 and signed on behalf of the board of trustees by:

Mr R Swyer

Trustee

The George Stone Trust

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 5 April 2025

	2025		2024
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Investment income	5	–	–	535
		----	----	----
Total income		–	–	535
		----	----	----

Expenditure

Expenditure on raising funds:

	Investment management costs	6	–	–	410
Expenditure on charitable activities		7,8	4,140	4,140	5,091
			-------	-------	-------
Total expenditure			4,140	4,140	5,501
			-------	-------	-------

Net losses on investments	9	–	–	( 1,089)

	-------	-------	-------
Net expenditure and net movement in funds	( 4,140)	( 4,140)	( 6,055)
	-------	-------	-------

Reconciliation of funds

Total funds brought forward	24,637	24,637	30,692
	--------	--------	--------
Total funds carried forward	20,497	20,497	24,637
	--------	--------	--------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The George Stone Trust

Company Limited by Guarantee

Statement of Financial Position

5 April 2025

	2025	2024
Note	£	£

Fixed assets

Investments	13	–	25,056

Current assets

Cash at bank and in hand	21,997	581

Creditors: amounts falling due within one year	14	1,500	1,000
		--------	-------
Net current assets		20,497	( 419)
		--------	--------
Total assets less current liabilities		20,497	24,637
		--------	--------
Net assets		20,497	24,637
		--------	--------

Funds of the charity

Unrestricted funds		20,497	24,637
		--------	--------
Total charity funds	15	20,497	24,637
		--------	--------

For the year ending 5 April 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

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

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 10 April 2025 , and are signed on behalf of the board by:

Mr R Swyer

Trustee

The George Stone Trust

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 5 April 2025

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is C/O Elliot, Woolfe & Rose Limited, Devonshire House, 582 Honeypot Lane, Stanmore, Middlesex, HA7 1JS.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Trustees are required to make judgements, estimates and assumptions 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 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 only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Fixed asset investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The company is limited by guarantee and does not have any share capital. None of the trustees have a 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.

5. Investment income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Income from listed investments	–	–	386	386
Bank interest receivable	–	–	149	149
	----	----	----	----
	–	–	535	535
	----	----	----	----

6. Investment management costs

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Portfolio management	–	–	410	410
	----	----	----	----

7. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Support costs	4,140	4,140	5,091	5,091
	-------	-------	-------	-------

8. Expenditure on charitable activities by activity type

	Support costs	Total funds 2025	Total fund 2024
	£	£	£
Governance costs	4,140	4,140	5,091
	-------	-------	-------

9. Net losses on investments

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Gains/(losses) on listed investments	–	–	( 1,089)	( 1,089)
	----	----	-------	-------

10. Net expenditure

Net expenditure is stated after charging/(crediting):

	2025	2024
	£	£
Foreign exchange differences	847	–
	----	----

11. Staff costs

The average head count of employees during the year was Nil (2024: Nil).

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

12. Trustee remuneration and expenses

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Company during the year.

13. Investments

	Cash or cash equivalents
	£
Cost or valuation
At 6 April 2024	25,056
Additions	–
Transfers	(25,056)
	--------
At 5 April 2025	–
	--------
Impairment
At 6 April 2024 and 5 April 2025
Carrying amount
At 5 April 2025	–
	--------
At 5 April 2024	25,056
	--------

All investments shown above are held at valuation.

14. Creditors: amounts falling due within one year

	2025	2024
	£	£
Accruals and deferred income	1,500	1,000
	-------	-------

15. Analysis of charitable funds

Unrestricted funds

	At 6 April 2024	Income	Expenditure	Gains and losses	At 5 April 2025
	£	£	£	£	£
General funds	24,637	–	(4,140)	–	20,497
	--------	----	-------	----	--------

	At 6 April 2023	Income	Expenditure	Gains and losses	At 5 April 2024
	£	£	£	£	£
General funds	30,692	535	(5,501)	(1,089)	24,637
	--------	----	-------	-------	--------

16. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2025
	£	£
Investments	–	–
Current assets	20,497	20,497
Creditors less than 1 year	–	–
	--------	--------
Net assets	20,497	20,497
	--------	--------

	Unrestricted Funds	Total Funds 2024
	£	£
Investments	25,056	25,056
Current assets	581	581
Creditors less than 1 year	(1,000)	(1,000)
	--------	--------
Net assets	24,637	24,637
	--------	--------