Charlty number: 1000033 THE PERCY HEDLEY 1990 CHARITABLE TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE PERCY HEDLEY 1990 CHARITABLE TRUST CONTENTS Page Reference and Administratlve Details of the Charity. its Trustees and Advisers Trustees. Report Independent Examiner's Report Statement of Flnancial Activities Balance Sheet Notes to the Financial Statements 8-18
THE PERCY HEDLEY 1990 CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees G W Meikle J R Armstrong Mrs F M Ruffman Charity registered number 1000033 Prlnclpal offlce 10 Castleton Close Jesmond Newcastle upon Tyne NE2 2HF Accountants Kinnair Associates Limited Chartered Accountants Aston House Redburn Road Newcastle upon Tyne NE5 1NB Bankers Barclays Bank PLC 1 Churchill Place London EH14 5HP Sollcfito Womble Bond Dickinson (UK) LLP St Ann's Wharf 112 Quayside Newcastle upon Tyne NE13DX Investment Advisors Barclays Bank PLC 1 Churchill Place London EH14 5HP Page 1
THE PERCY HEDLEY 1990 CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report together with the financial statements of the Charity for the year from 6 April 2023 to 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Objectives and activities • Policies and objectives The object of the Trust is the payment of donations to such charitable bodies or institutions as the Trustees may in their absolute discretion from time to time detemiine. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Comrnission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. Achlevements and performance • Review of activltles During the year the Trustees have authorised charitable donations to 69 organisations totalling £57,500 (2023.. 66 organisations £58,000) as shown in the notes to the financial ststements. Investment policy and performance The Trustees, having taken professional advice, consider that the investment portfolio is both well balanced and producing a good yield. Barclays Private Bank Limited manage the Trust's investments on a discretionary basis. Flnanclal review Going concern After making appropriate enquiries the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. • Reserves policy The policy of the Trustees is to distribute all available income to charitable bodies and to fulfil this obligation they hold meetings each year to decide the amount of charitable donations. The Trustees consider the current level of the unrestricted funds of £14.736 (2023: £23,542), being the free reserves of the charity, to be sufficient to meet both ongoing charitable donations and the management and administration costs of the Trust. P2ge 2
THE PERCY HEDLEY 1990 CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 • Principal rlsks and uncertainties The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to mitigate these risks. Overview During the year under review, the Trust had net outgoing resour$ of £24,748 (2023.. £23,985) and made realised and unrealised investment gains on investment assets of £115,022 (2023- losses of £127,724) as shown on the Statement of Financial Activities and notes to the financial statements. Structure, governance and management Constitutlon The Percy Hedley 1990 Charitable Trust is a registered charity, number 1000033, and is constituted under Twst deed dated 24 July 1990. Under the terms of the Trust deed the Twstees were directed to pay and apply Capital and income to such charitable objects or institutions as they from ts'me to tlme In their absolute dlscretlon decide, By a Deed dated 24 July 1990 under the power granted to him by clause 14 of the Will of Percy Hedley dated 24 December 1940, J S Armstrong appointed that from his death, the funds of the Will Trust should be held upon the trusts of the Charity known as Percy Hedbey 1990 Charitable Trust. J S Armstrong died on 19 November 1999 on which date the assets comprising The Percy Hedley Will Trust were added to this Trust. • Methods of appolntment or electlon of Trustses The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. There shall not be less than three Trustees. In the event of the number of Trustees falling to a new Trustee or Trustees shall immediately be appointed by the remaining Trustees who have the sole power to appoint new Trustees. • Poli¢i¢s adopted for the induction and training of Trustees A briefing is given to all new Trustees which gives the necessary information about the Charity, its strategic objectives and history. It explains the Charitable Trust and principles of good governance. The briefing is dedicated to explaining the Trustee's role. the skills and qualities required and the role of the Trustees in strategic planning. The briefing goes on to identify guidance from the Charities Commission to Trustees on their responsibilities. Plans for future periods The Trustees plan to continue to operate the charity in a manner consistent with previous years and to distribute grants at a level determined by the investment income received. Page 3
THE PERCY HEDLEY 1990 CHARITABLE TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED S APRIL 2024 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently: observe the melhods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeplng adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hen for tsking reasonable steps for the prevention and detectlon of fraud and other irregularities. Approved by order of the members of the board of Trustees on 28 October 2024 and signed on their behalf by: G W Molkle J R Armstrong Nlrs F M Ruffman Page 4
THE PERCY HEDLEY 1990 CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED S APRIL 2024 Independent Examinerfs Report to the Trustees of The Percy Hedley 1990 Charitable Trust {'the Charity.) Vve report to the charity Trustees on our examination of the accounts of the Charity for the year ended 5 April 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act')- We report in respect of our examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed the applicable Directions given by the Charity Commission under section 14515)(b) of the 2011 Act. Independent Examinerfs Statement Your attention is drawn to the fact that the Charity has pPared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Ststement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements Conrning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. We 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 accounts to be reached. This report Is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Independent Examiner'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 Charity and the Charity's Trustees as a body, for our work or for this report. Signed., Detlev Anderson FCA Dated.. 28 October 2024 Kinnalr Associates Limlted Chartered Accountants Aston House Redburn Road Newcastle upon Tyne NE51NB Page 5
THE PERCY HEDLEY 1990 CHARABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 52A49 52,449 53.013 Total income 52,449 52,449 53,013 Expendlture on: Raising funds Charitable activities 16,023 61,174 16,023 61,174 15, 725 61,273 Total expenditure 77,197 77,197 76,998 Net expenditure before net gainslllosses) on investments Net gainsl{losses) on investments (24,748) 115,022 (24,748) 115,022 (23, 985) (127, 724) Net movement In funds 90,274 90,274 (751,709) Reconclllation of funds: Total funds brought forward Net movement in funds 1,785,Oq O 90,274 1,785,010 90,274 1,936, 719 (151, 709) Total funds carried forward 1,875,284 1,875,284 1,785,010 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 to 18 form part of these financial statements. Page 6
THE PERCY HEDLEY 1990 CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Flxed assets Investments 11 1,860,548 1, 761,468 1,860,548 1,761,468 Current assets Debtors Cash at bank and in hand 12 504 1,358 29,628 21,973 22,477 30,986 Creditors.. amounts falling due within one year 13 (7,7411 (7,444) Net current assets 14,736 23.542 Total net assets 1,875,284 1, 785,010 Charity funds Restricted funds Unrestricted funds 15 15 1,875,284 1,785,010 Total funds 1,875,284 1,785,010 The linancial statements were approved and authorised for issue by the Trustees on 28 October 2024 and signed on their behalf by: &bL.r ' G W Meikle J R Amistrong Mrs F M Ruffman The notes on pages 8 to 18 form part of these financial statements. Page 7
THE PERCY HEDLEY 1990 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 General information The charity is a charitable trust registered with the Charity Commission in England and Wales as charity number 1000033. The principal office is at 10 Castleton Close, Newcastle upon Tyne, NE2 2HF. Accounting policies 2.1 Basis of preparation of financlal statements The financial statements have been prepared in accordan with the Charities SORP {FRS 102) 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Percy Hedley 1990 Charitsble Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othepNise stated in the relevant accounting policy. The financial ststernents are presented in pounds Sterling and rounded to the nearest pound. 2.2 Going concern Almost all the Charity's expenditure is incurred at the discretion of the Trustees and so any reducts'ons in income are reflected in the decisions the Trustees make. The Trustees are therefore satisfied that it is appropriate for them to prepare these financial statements on thè basis that the Charity continues to be a going concern. 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.4 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 on raising funds indudes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non<haritable trading. Expenditure on charitable activitie5 is incurred on directly undertaking the activities which further the Charity's objeGtives, as well as any associated support costs. Page 8
THE PERCY HEDLEY 1990 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcles {contlnued) 2.4 Expendlture (continuedl Grants payable are charged in the year when the offer 15 made except in those cases where the offer is conditional, such grants being regnised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Where VAT is charged on expenditure; that expenditure is inclusive of the irrecoverable VAT. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity- this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in whlch case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Ststement of Financial Activities, Investments held as fixed assets are shown at cost less provision for impaimient. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered, Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefi't will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 2.10 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans whlch are subsequently measured at amortised cost using the effective interest method. Page g
THE PERCY HEDLEY 1990 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Accounting policies Iconttnued) 2.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from listed investments Interest received 52,123 326 52,123 326 52, 854 159 52,449 52,449 53,013 Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment managers charges 16,023 16,023 15.725 Page 10
THE PERCY HEDLEY 1990 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of grants Grants to Institutions 2024 Total funds 2024 69 Grants to charitable institutions 57,500 57,500 Grants to Institutions 2023 Total funds 2023 66 Grants to charitable institutions 58, OQO 58, 000 An analysis of donations is set out on the following pages. Page 11
THE PERCY HEDLEY 1990 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 All of us Versus Arthritis Alzheimer's Research UK A5zheimerfs Society Amble Community Sports & Development Centre Anaphylaxis Campaign Awards for Young Musicians Bowel Cancer UK Bowel Research UK British Heart Foundation British Wireless For The Blind Fund Calibre Audio Campaign to Protect Rural England Canine Partners Cardiac Risk in the Young Carers Trust Coquetdale Music Trust Cramlington Community Association Crime Stoppers Trust Cruse Cure Parkinson's Trust Dame Allan's School Dance City Dementia Matters Escape Family Support Exeter College Oxford Fusiliers Museum of Northumberfand Guide Dogs Hospice Care North Northumberland Hospitality and Hope Independent Age Interact Stroke Support Isabella Community Association Jesmond Library Friends Koestler Trust Landmark Trust Listening Books Living Paintings Macmillan Cancer Support Macular Society 1,000 1,000 1,000 500 1,000 1,000 1,000 500 1,000 500 1,000 500 1,000 500 1,000 1,000 500 500 500 500 500 500 1,000 500 1.000 1,500 500 1,000 1,500 1,000 1,000 500 500 500 500 1,000 500 500 500 500 500 1,000 500 500 1,000 500 1,000 500 500 500 500 500 500 500 1,000 500 1,000 Page 12
THE PERCY HEDLEY 1990 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Maggie's Newcastle Marie Curie Conrad House Marine Conservation Society Medicinema Mencap Meningitis Now Moorland Mousie Trust Motor Neurone Disease Association National Autistic Society National History Society of Northumbria Newcastle High School for Girls Newcastle Hospitals Trust North East Youth North Music Trust (formerly the Sage) Northumberland Wildlife Trust Northumbria Calvert Trust Oesophageal Patients Association Ovarian Cancer Action Pallion Action Group PDSA Pennywell Neighbourhood Centre Percy Hedley Foundation Props North East Prostste Cancer UK Ramblers Read for Good Respite Association Royal Grammar School Educational Trust Road to Recovery Trust Salvation Army Samaritans of Tyneside Sick Children's Trust Skills for People Species Recovery Trust St Aidan's Church Bamburgh St Mungo's Church, Simonbum St Oswald's Hospice Stepney Bank Stables Stroke Association Support Dogs Surfers Against Sewage Suzy Lamplugh Trust Target Ovarian Cancer 1,000 1,000 1,000 1.000 1,000 1,500 1,000 1,000 500 500 500 1,000 500 500 1,000 1,500 1,000 1,000 1,000 1,000 1,000 500 500 1,000 1,500 1,000 1,000 1,000 1,000 1,000 500 500 500 500 500 500 3,000 1,000 500 1,000 1,000 500 3,000 500 1,000 1,000 3.000 3,000 500 1,000 1,000 1,000 1.000 1,000 500 500 500 500 2,000 500 2,000 500 500 500 1,000 1,000 500 1,000 1,000 500 1,000 Page 13
THE PERCY HEDLEY 1990 CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Teenage Cancer Trust The Key Tom's Trust Tyneside Cinema Tyne Theatre and Opera House Preserrfation Trust University College London Hospitals Trust Versus Arthritis 500 1,000 500 500 1,000 1,000 500 1,000 Analysis of expendlture on charltable actlvltles Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Direct costs - Charitable activities 61,174 61,174 61,273 Analysls of expendlturè by actlvltles Grant funding of activities 2024 Support costs 2024 Total funds 2024 Direct costs - Charitable activities 57.500 3,674 61,174 Grant funding ol activities 2023 Support costs 2023 Total funds 2023 Direct costs - Charitsble activities 58,000 3,273 61,273 Page 14
THE PERCY HEDLEY 1990 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2024 Total funds 2023 Activities 2024 Governance costs (Gain)Iloss on foreign currency exchange 3,636 38 3,636 38 3,420 (147) 3,674 3,674 3.273 Governance costs comprise the independent examinerfs costs for th8 preparation and independent examination of the annual aGcounts. Independent examiner's remuneratlon 2024 2023 Fees payable to the Charivs independent examiner for the independent examination of the Charity's annual accounts Fees payable to the Charity's independent examiner in respect ot. Accountancy services 988 921 2,062 1,929 Trustees. remuneration and expenses During the year, no Trustees received any refflunerats'on or other benefits (2023 - £NILJ. During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL). 10. Net gains on investments 2024 2023 Gainsl(losses) on disposal of share investment assets Gainsl(losses) on revaluations of share investment assets 433 114,589 (26,098) (101.626) 115,022 (127, 724J Page 15
THE PERCY HEDLEY 1990 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 11. Fixed asset investments Other fixed Listed asset investments investments Total Cost or valuation At 6 April 2023 Additions Disposals Revaluations 1.724,236 667,580 1663,974) 114,589 37,233 (19.11SI 1,761,468 648,465 (663,974 114,589 At 5 April 2024 1,842,430 18,118 1,860,548 Net book value At 5 April 2024 1,842,430 18,118 1,860,548 At 5 April 2023 1, 724,235 37, 233 1,761.468 12. Debtors 2024 2023 Due within one year Other debtors 504 1,358 504 1,358 13. Creditors: Amounts falllng due within one year 2024 2023 Accruals and deferred income 7,741 7, 444 Page 16
THE PERCY HEDLEY 1990 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 14. Financlal instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 1,842,430 1, 724,235 Financial assets measured at fair value through income and expenditure comprise listed investments stated at market value. 15. Statement of funds Statement of funds - current year Balance at 6 April 2023 Transfers inlout Gainsl Balance at S (Losses) April 2024 Income Expenditure Unrestrlcted funds Investment fund General fund 1,761,468 23,542 115,942 15,942 115.022 1,860,548 14,736 52,449 (77,197 1,785,010 52,449 (77.197) 115,022 1,875,284 Statement of funds - prior year Balance at l Apnl 2022 Transfers in/oul Galn Bal8nc8 at (Losses) 5 Apnl 2023 Incon7e Expenditure Unrestricted funds Investment fund General fund 1.905. 180 3t,539 (15,988) 15,988 (127. 724) 1, 761,468 23,542 53,013 (76, 998) 1,936, 719 53,013 (76,998) (127, 724) 1, 785,010 Page 17
THE PERCY HEDLEY 1990 CHARtrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 16. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments Current assets 1,860,548 22,477 (7,741) 1,860,548 22,477 (7,741) Creditors due within one year Total 1,875.284 1,875,284 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 1, 761.468 30,986 (7.444) 1,761,468 30, 986 (7,444) Total 1,785,010 1,785,010 17. Related party transactions The Charity shares a Trustee (J R Armstrong) with The Fusiliers Museum of Northumberl8nd to whom the Charity has made a donation of £500 (2023 . £500) in the year. With that exception the Charity has not entered into any related party transactions during the year, nor are there any outstanding balances owing beeen related parties and the Charty at 5 April 2024. Page 18