EC Meeting Papers July 2018

GENERAL FEDERATION OF TRADE UNIONS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2017

16.

Movement in funds - continued

Trust Investment

The Trustees consider the capital element of the exceptional Gift Aid received in 2005 amounting to £3,000,000 should be treated as a restricted fund on the grounds that whilst the income from this capital fund can be used in accordance with charitable objectives set out in the trust deed, the capital fund itself cannot be expended. Accordingly the Statement of Financial Activities on page 9 has been presented to separately disclose the restricted and unrestricted income and expenditure.

Trust

At 1 January 2017

Net movement in funds

Transfers between funds

At 31 December 2017

£

£

£

£

Unrestricted funds General reserve fund

(1,250,097)

(85,910)

-

(1,336,007)

Restricted funds Restricted reserve fund - investment

2,884,541

(141,390)

-

2,743,151

TOTAL FUNDS

1,634,444

(227,300)

-

1,407,144

18.

Related party disclosures

Group

The Educational Trust was established by the General Federation of Trade Unions and continues to be supported financially by it. Financial transactions during the year included:

2017

2016

£

£

Gift Aid donated by the General Federation of Trade Unions

-

100,000

Employment costs allocated by the General Federation of Trade Unions

188,367

199,101

Rent costs allocated by the General Federation of Trade Unions

-

-

The balance due to the General Federation of Trade Unions by the GFTU Educational Trust at the year end was £1,604,135 (2016 - £1,178,230) which is included in creditors.

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