2025-03-31-accounts

CHARITY REGISTRATION NUMBER: 1022838

MARGARET GIFFEN CHARITABLE TRUST FINANCIAL STATEMENTS 31 MARCH 2025

MEADOWS & CO LIMITED

Chartered accountants & statutory auditor Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ

MARGARET GIFFEN CHARITABLE TRUST

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

	PAGES
Trustees' annual report	1 to 3
Independent auditor's report to the members	4 to 7
Statement of financial activities	8
Statement of financial position	9
Notes to the financial statements	10 to 15

Page 1

MARGARET GIFFEN CHARITABLE TRUST

TRUSTEES' ANNUAL REPORT

YEAR ENDED 31 MARCH 2025

The trustees present their report and the financial statements of the charity for the year ended 31 March 2025.

Chair's report

The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity.

REFERENCE AND ADMINISTRATIVE DETAILS

Margaret Giffen Charitable Trust

Registered charity name Margaret Giffen Charitable Trust Charity registration number 1022838 Principal office c/o Tollers Solicitors 2 Exchange Court Cottingham Road Corby Northamptonshire NN17 1TY THE TRUSTEES Mr B C Rogers Mr J Butt Mrs A Maris Mrs A Park AUDITOR Meadows & Co Limited Chartered accountants & statutory auditor Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Margaret Giffen Charitable Trust is administered by a board of one professional trustee and three unpaid trustees. The board meets annually. Mr B C Rogers manages the day-to-day operations of the charity. The trust is governed by the trust deed dated 28 April 1993. Decisions are made by unanimous agreement of the trustees.

Page 2

MARGARET GIFFEN CHARITABLE TRUST

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

The Trust is established for general charitable purposes but in particular provides benefits to the elderly, young persons and animal welfare groups. Referrals are received from individuals and charities.

The strategies employed to assist the charity to meet their objectives include the following:

• Providing charitable grants to individuals and organisations in need.

• Providing charitable grants to projects working with disadvantaged people.

The trustees have compiled with their duty under section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. The following are examples of direct public benefits:

Provision of financial support to:

• Cancer care groups

• Local charities supporting young people

• Local air ambulance

• Charities supporting the elderly

ACHIEVEMENTS AND PERFORMANCE

The trust met once during the year to consider requests for funding and to review investment performance. Donations of £2,049,555 were made to groups supporting the charity's objectives.

FINANCIAL REVIEW

During the year investments generated income of £42,579, unrealised gains on revaluations of £3,506 and disposal of investment assets totalled gains of £nil. Grants of £2,049,555 and administration costs of £20,849 left funds to carry forward of £127,178.

PLANS FOR FUTURE PERIODS

Over the next 12 - 24 months the trustees will look to wind up the Trust, once the current funds have been exhausted. In the interim, the Trust will continue to support organisations with whom links have now been established to benefit causes that meet our prime objectives.

FUND-RAISING STANDARDS INFORMATION

The charity does not carry out any fundraising activities.

TRUSTEES' RESPONSIBILITIES STATEMENT

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 and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.

Page 3

MARGARET GIFFEN CHARITABLE TRUST

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2025

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' annual report was approved on 6 November 2025 and signed on behalf of the board of trustees by:

Mr B C Rogers Trustee

Page 4

MARGARET GIFFEN CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARGARET GIFFEN CHARITABLE TRUST

YEAR ENDED 31 MARCH 2025

OPINION

We have audited the financial statements of Margaret Giffen Charitable Trust (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Charities Act 2011.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees' use of the going concern basis of accounting in the preparation of the financial

• statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that

• may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Page 5

MARGARET GIFFEN CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARGARET GIFFEN CHARITABLE

TRUST (continued)

YEAR ENDED 31 MARCH 2025

OTHER INFORMATION

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

• the information given in the trustees' report is inconsistent in any material respect with the financial statements; or

• adequate accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees' responsibilities statement (set out on page 2 and 3), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 6

MARGARET GIFFEN CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARGARET GIFFEN CHARITABLE

TRUST (continued)

YEAR ENDED 31 MARCH 2025

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have undertaken high level reviews of the results and position of the charity for the year in question, and have considered the effects of the sector and wider economy on the charity.

We have made enquiries of the trustees regarding the charity's own risk assessment procedures and any identified irregularities, including fraud, identified in the year.

We have used our knowledge and understanding of the charity's activities, including the remuneration of key management personnel, to assess how and where irregularities, including fraud, might arise and we have planned our testing using a risk based approach. We have considered the potential for irregularities, including fraud, in all our testing but have also carried out specific testing to comply with the ISA (UK) requirements regarding management override of controls.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

Page 7

MARGARET GIFFEN CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARGARET GIFFEN CHARITABLE TRUST (continued)

YEAR ENDED 31 MARCH 2025

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

USE OF OUR REPORT

This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor'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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Meadows & Co Limited Chartered accountants & statutory auditor Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ

6 November 2025

Page 8

MARGARET GIFFEN CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2025

		2025	2025	2024
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Investment income	4	42,399	42,399	90,910
Other income	5	180	180	–
		----------------------------	----------------------------	----------------------------
Total income		42,579	42,579	90,910
		============================	============================	============================
Expenditure
Expenditure on charitable activities	6,7	(2,070,404)	(2,070,404)	(91,824)
		-----------------------------------------	-----------------------------------------	----------------------------
Total expenditure		(2,070,404)	(2,070,404)	(91,824)
		=========================================	=========================================	============================
Net gains on investments	9	3,506	3,506	3,523
		-----------------------------------------	-----------------------------------------	----------------------------
Net (expenditure)/income and net movement in funds		(2,024,319)	(2,024,319)	2,609
		=========================================	=========================================	============================
Reconciliation of funds
Total funds brought forward		2,151,497	2,151,497	2,148,888
		-----------------------------------------	-----------------------------------------	-----------------------------------------
Total funds carried forward		127,178	127,178	2,151,497
		=========================================	=========================================	=========================================

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

The notes on pages 10 to 15 form part of these financial statements.

Page 9

MARGARET GIFFEN CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

	31	MARCH 2025
		2025		2024
	Note	£	£	£	£
FIXED ASSETS
Investments	13		128,134		2,151,512
CURRENT ASSETS
Cash at bank and in hand		2,824		3,585
CREDITORS: amounts falling due
within one year	14	3,780		3,600
		-----------------------		-----------------------
NET CURRENT LIABILITIES			956		15
			--------------------------------		-----------------------------------------
TOTAL ASSETS LESS CURRENT
LIABILITIES			127,178		2,151,497
			--------------------------------		-----------------------------------------
NET ASSETS			127,178		2,151,497
			================================		=========================================
FUNDS OF THE CHARITY
Unrestricted funds			127,178		2,151,497
			--------------------------------		-----------------------------------------
Total charity funds	15		127,178 ================================		2,151,497 =========================================

These financial statements were approved by the board of trustees and authorised for issue on 6 November 2025, and are signed on behalf of the board by:

Mr B C Rogers Trustee

The notes on pages 10 to 15 form part of these financial statements.

Page 10

MARGARET GIFFEN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. GENERAL INFORMATION

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Tollers Solicitors, 2 Exchange Court, Cottingham Road, Corby, Northamptonshire, NN17 1TY.

2. STATEMENT OF COMPLIANCE

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

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.

Disclosure exemptions

In line with the provisions of FRS 102 and the Charities SORP, the charity, being a small entity, has taken advantage of the following reduced disclosure exemptions:

• Statement of Cash Flows: The charity has elected not to prepare a statement of cash flows for the financial year in accordance with section 7.1B of FRS 102, due to its classification as a small entity with an annual income of less than £500,000.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Page 11

MARGARET GIFFEN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2025

3. ACCOUNTING POLICIES (continued)

Incoming resources

Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except in so far as they are incapable of financial measurement. Deferred income represents amounts received for future periods and is released to incoming resources in the year for which it has been received.

Resources expended

All expenditure, including grants payable, is included on an accruals basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

4. INVESTMENT INCOME

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Income from listed investments	–	–	40,838	40,838
Bank interest receivable	42,399	42,399	50,072	50,072
	----------------------------	----------------------------	----------------------------	----------------------------
	42,399	42,399	90,910	90,910
	============================	============================	============================	============================

5. OTHER INCOME

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Licence fee	180	180	–	–
	==============	==============	==============	==============

Page 12

MARGARET GIFFEN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2025

6. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Donations	2,049,555	2,049,555	79,000	79,000
Support costs	20,849	20,849	12,824	12,824
	-----------------------------------------	-----------------------------------------	----------------------------	----------------------------
	2,070,404	2,070,404	91,824	91,824
	=========================================	=========================================	============================	============================

A breakdown of donations made out of unrestricted funds are shown on note 12.

7. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

	Activities
	undertaken	Support	Total funds	Total fund
	directly	costs	2025	2024
	£	£	£	£
Donations	2,049,555	–	2,049,555	79,000
Governance costs	–	20,849	20,849	12,824
	-----------------------------------------	----------------------------	-----------------------------------------	----------------------------
	2,049,555	20,849	2,070,404	91,824
	=========================================	============================	=========================================	============================

A breakdown of donations relating to activities undertaken directly are shown on note 12.

8. ANALYSIS OF SUPPORT COSTS

	General	Total 2025	Total 2024
	£	£	£
Finance costs	2,283	2,283	3,833
Governance costs	18,566	18,566	8,991
	----------------------------	----------------------------	----------------------------
	20,849	20,849	12,824
	============================	============================	============================

9. NET GAINS ON INVESTMENTS

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2025	Funds	2024
		£	£	£	£
	Unrealised gains (losses) on
	revaluation of investment assets	3,506	3,506	2,210	2,210
	Gains/(losses) on investment assets	–	–	1,313	1,313
		-----------------------	-----------------------	-----------------------	-----------------------
		3,506	3,506	3,523	3,523
		=======================	=======================	=======================	=======================
10.	AUDITORS REMUNERATION
				2025	2024
				£	£
	Fees payable for the audit of the financial statements			1,890	1,800
				=======================	=======================

Page 13

MARGARET GIFFEN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2025

11. TRUSTEES' REMUNERATION AND EXPENSES

Tollers solicitors, a firm in which B C Rogers (trustee) is a consultant, received fees during the year ended 31 March 2025 of £14,158 (2024 - £4,827), all were approved for payment by remaining trustees, for costs of administering the charity.

There were no travel costs reimbursed to any trustees this year or in the prior year.

12. ANALYSIS OF DONATIONS

	2025	2024
	£	£
All Saints Church, Sudborough	15,000	–
Asthma Relief	2,000	2,000
Care and Repair (Northamptonshire) Ltd	2,000	2,000
Chailey Heritage Foundation	5,000	5,000
Cransley Hospice Trust	2,000,000	–
Crohn's & Colitis UK	–	5,000
Cycle for Caroline	1,000	–
Daylight Centre Fellowship	–	5,000
Ely Cathedral Trust	–	1,000
Encompass	2,000	3,000
Francis Giffen Memorial Hall Trust	5,000	–
Hope UK	1,000	–
Kidney Research UK	–	3,000
Lakelands Day Care Hospice	5,000	20,000
Mind - Kettering branch	3,555	–
Motor Neurone Disease Association	–	5,000
Nene Valley Care Trust	1,000	–
Oakfield Community	1,000	–
Pen Green Centre	–	5,000
Phoenix Furniture Kettering Limited	–	2,000
Rotary Club of Kettering Charitable Trust Fund	1,000	–
SERVE	2,000	2,000
Shine: Support and Help in Education	–	5,000
St John Ambulance	–	1,000
The Air Ambulance Service	–	10,000
The Bas Breakwell Charitable Trust	–	2,000
The Voice That Makes a Difference	1,000	1,000
Thrapston Town Band	2,000	–
	-----------------------------------------	----------------------------
Total of donations	2,049,555	79,000
	=========================================	============================

Page 14

MARGARET GIFFEN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2025

13. INVESTMENTS

	Cash or cash	Other
	equivalents	investments	Total
	£	£	£
Cost or valuation
At 1 April 2024	2,082,080	69,432	2,151,512
Additions	–	–	–
Fair value movements	40,146	3,506	43,652
Transfers	(2,067,030)	–	(2,067,030)
	-----------------------------------------	----------------------------	-----------------------------------------
At 31 March 2025	55,196	72,938	128,134
	=========================================	============================	=========================================
Carrying amount
At 31 March 2025	55,196	72,938	128,134
	=========================================	============================	=========================================
At 31 March 2024	2,082,080	69,432	2,151,512
	=========================================	============================	=========================================

All investments shown above are held at valuation.

14. CREDITORS: amounts falling due within one year

Accruals and deferred income

2025	2024
£	£
3,780	3,600
=======================	=======================

15. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

					Gains and	At
	At	1 April 2024	Income	Expenditure	losses	31 March 2025
		£	£	£	£	£
General funds		2,151,497	42,579	(2,070,404)	3,506	127,178
		=========================================	============================	=========================================	=======================	================================
					Gains and	At
	At	1 April 2023	Income	Expenditure	losses	31 March 2024
		£	£	£	£	£
General funds		2,148,888	90,910	(91,824)	3,523	2,151,497
		=========================================	============================	============================	=======================	=========================================

Page 15

MARGARET GIFFEN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2025

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Total Funds
	Funds	2025
	£	£
Fixed assets	128,134	128,134
Current assets	2,824	2,824
Creditors less than 1 year	(3,780)	(3,780)
	--------------------------------	--------------------------------
Net assets	127,178	127,178
	================================	================================
	Unrestricted	Total Funds
	Funds	2024
	£	£
Fixed assets	2,151,512	2,151,512
Current assets	3,585	3,585
Creditors less than 1 year	(3,600)	(3,600)
	-----------------------------------------	-----------------------------------------
Net assets	2,151,497	2,151,497
	=========================================	=========================================

17. RELATED PARTIES

There are no related party transactions during the period (2024 - £nil).