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2024-08-31-accounts

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

Charity registration number 1037597 (England and Wales)

Company registration number 02772962

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P Strong
E Tate
S Ostrowski
E Coxhead
C Matthews
R Thevathason
A Taylor
The Headmaster and Bursar (Chief Executive
R Goody
Officer)
Charity number 1037597
Company number 02772962
Registered office St Winefride's School
Belmont
Shrewsbury
Shropshire
SY1 1TE
Independent examiner Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Statement of cash flows 7
Notes to the financial statements 8 - 17

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2024

The trustees present their annual report and financial statements for the year ended 31 August 2024.

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 trust's governing document, the Companies Act 2006 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).

Objectives and activities

The object as set out in the Memorandum, which is the governing document, is the running of an independent school.

In accordance with the Memorandum, the School is a day school and kindergarten for pupils up to the age of eleven, educating them to a high standard to enable them to move to a senior school.

The school aims to help low income parents by offering reduced fees to enable their children to attend the school.

The school aims to teach children the importance of giving and sharing with people who are less fortunate.

Public benefit

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

Volunteers

The Charity is not dependent upon the services of unpaid volunteers.

Achievements and performance

Significant activities and achievements against objectives

The average number of pupils in the year ended 31 August 2024 was 100 (2023: 94), made up of 47 infants (2023: 47), 53 juniors (2023: 49). 5 additional pupils in kindergarten (2023: 5).

The Trustees report a fee income for the year of £582,593 (2023: £546,304) and a deficit for the year of £70,160 (2023: £153,199 deficit).

Financial review

Reserves policy

It is the Charity’s policy to retain adequate reserves to be able to fund future operations. Prior to 1 September 2020, the Headmistress was paid a salary below market value. There had previously been a policy of building up reserves to cover the additional costs that arised when a new full time Head teacher was appointed as at 1st September 2023.

Following the appointment of Mrs E Devey reserves will be used to cover a salary at market value. Also the trustee's have started to use the reserves to update the school building and facilities as planned.

As at 31 August 2024, the trust’s level of free reserves stands at £440,904 (2023: £494,711). Free reserves are calculated as total unrestricted funds, excluding designated funds, and any unrestricted funds tied up in tangible fixed assets.

The calculation is as follows:

The school has set up a restricted fund to provide a bursary for under privileged children wishing to attend the school. £18,106 is held in a separate bank account as resources designated for special purposes (2023: £17,918).

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Investment policy

The Memorandum allows the Directors to invest monies not immediately required for its purposes in such investments, securities or property as the Directors shall think fit, subject to Charity Law.

Major risks

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The School has a risk assessment policy in place which is continually updated. It also maintains an insurance policy which covers major risks.

Plans for future periods

The School expects to continue its educational function and to remain viable.

The School is currently providing financial assistance to local, national and international charities, as well as clubs in a deprived areas of Shrewsbury, and plans to continue to do so in the future.

Structure, governance and management

The charity is registered as a company limited by guarantee and is constituted under its Memorandum and 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:

P Strong

E Tate

S Ostrowski

E Coxhead

C Matthews

R Thevathason

A Taylor

Recruitment and appointment of trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum.

New trustees are invited to attend Trustees meetings and are assisted by other members of the Board.

Long serving trustees

The following have been Trustees of the Trust for over 9 years; Mr P Strong (11 years) and Mr E Tate (11 years).

Organisational structure

The charity is organised with a Board of Trustees.

The day to day management of the company are delegated to the Headmaster and Bursar, Mr R Goody.

Other matters

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

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

The trustees' report was approved by the Board of Trustees.

E Tate

Trustee

4 July 2025

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

I report to the trustees on my examination of the financial statements of St. Winefride's School Shrewsbury Trust (the trust) for the year ended 31 August 2024.

Responsibilities and basis of report

As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the trust’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants (ACCA) - UK, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I 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 financial statements to be reached.

Audrey Williams FCCA Dyke Yaxley Limited

1 Brassey Road Old Potts Way Shrewsbury Shropshire SY3 7FA

Dated: 7 July 2025

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
2
1,350
-
Charitable activities
3
633,522
-
Other trading activities
4
693
-
Investments
5
26,824
188
Total income
662,389
188
Expenditure on:
Charitable activities
6
732,737
-
Total expenditure
732,737
-
Net income/(expenditure) and
movement in funds
(70,348)
188
Reconciliation of funds:
Fund balances at 1 September
2023
910,656
17,918
Fund balances at 31 August
2024
840,308
18,106		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
1,350
1,193
-
633,522
592,280
-
693
999
-
27,012
9,669
102
662,577
604,141
102
732,737
757,442
-
732,737
757,442
-
(70,160)
(153,301)
102
928,574
1,063,957
17,816
858,414
910,656
17,918		 Total
2023
£
1,193
592,280
999
9,771
604,243
757,442
757,442
(153,199)
1,081,773
928,574

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

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

BALANCE SHEET

AS AT 31 AUGUST 2024

2024
Notes
£
Fixed assets
Tangible assets
13
Current assets
Debtors
14
203,621
Cash at bank and in hand
607,465
811,086
Creditors: amounts falling due within
one year
15
(269,571)
Net current assets
Total assets less current liabilities
The funds of the trust
Restricted income funds
18
Unrestricted funds
19		 2023
£
£
316,899
179,427
667,030
846,457
(251,323)
541,515
858,414
18,106
840,308
858,414		 £
333,440
595,134
928,574
17,918
910,656
928,574

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the trustees on 4 July 2025

E Tate

Trustee

Company registration number 02772962 (England and Wales)

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2024

Notes
Cash flows from operating activities
Cash absorbed by operations
22
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(250)
27,012		 £
(86,327)
26,762
-
(59,565)
667,030
607,465		 2023
£
£
(168,753)
-
9,771
9,771
-
(158,982)
826,012
667,030

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

Charity information

St. Winefride's School Shrewsbury Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is St Winefride's School, Belmont, Shrewsbury, Shropshire, SY1 1TE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust's Memorandum and Articles, the Companies Act 2006, 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 trust is a Public Benefit Entity as defined by FRS 102.

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

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount.

Fees are recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received. Income is deferred in respect of cash received relating to future fees.

Deferred income is £225,393 (2023: £241,352) as a result of fee invoices being raised prior to the year end which relate to the following academic year.

Debtors are recognised when the charity has entitlement to the funds after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received.

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.5 Expenditure

All expenditure is accounted for on an accruals basis and related costs aggregated into categories. Costs are allocated between direct charitable costs, support & governance costs and other costs according to the nature of the cost.

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property & improvements 2% per annum straight line Equipment 25% per annum reducing balance Website 33.3% per annum straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

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.

1.9 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

2 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Grants 1,060 600
Donated goods and services 290 593
1,350 1,193

Amounts received in the prior year in respect of nursery funding were previously disclosed under 'income from donations and legacies - grants'. In order to present a more accurate and consistent analysis of income in line with the Charities SORP (FRS102), the comparative amount has been reclassified to 'income from charitable activities - fee income'.

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
St Winefride's School
Fee income 582,593 546,304
Income from trips and tuck shops 50,929 45,976
633,522 592,280

Charitable trading income

Amounts received in the prior year in respect of nursery funding were previously disclosed under 'Income from donations and legacies - Grants'. In order to present a more accurate and consistent analysis of income in line with the Charities SORP (FRS102), the comparative amount has been reclassified to 'Income from charitable activities - Fee income'.

4 Income from other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising events 693 999

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

5 Income from investments

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Interest receivable 26,824 188 27,012 9,669 102 9,771

6 Expenditure on charitable activities

St St
Winefride's Winefride's
School School
2024 2023
£ £
Direct costs
Staff costs 549,291 469,169
Depreciation and impairment 16,791 21,874
Uniform 450 -
Cost of trips and tuck shop purchases 6,694 5,702
Repairs and renewals 13,365 76,019
School books and educational equipment 6,469 9,021
Light, heat, and water 15,362 11,955
Cleaning expenses 20,639 13,884
Telephone, postage, and stationery 9,682 10,580
General rates 3,867 4,294
Sundry items 5,882 2,326
648,492 624,824
Grant funding of activities (see note 7) 120 -
Share of support and governance costs (see note 8)
Support 82,725 124,735
Governance 1,400 7,883
732,737 757,442
Analysis by fund
Unrestricted funds 732,737 757,442

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

7 Grants payable

Grants to institutions (1 grant):
Lingen Davies
-
8
Support costs allocated to activities
Staff costs
Courses, licenses and subscriptions
Insurance
Advertising
Accountancy
Governance costs
Analysed between:
St Winefride's School
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets		 St
Winefride's
School
2024
£
120
2024
2023
£
£
40,982
75,975
12,829
26,518
18,695
16,916
4,941
5,326
5,278
3,926
1,400
3,957
84,125
132,618
84,125
132,618
2024
2023
£
£
1,400
3,957
16,791
21,874

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year (2023: £nil).

One of the trustees received reimbursement of expenses totaling £444 during the year for expenses incurred (2023: £nil).

Key management personnel received reimbursement of expenses totaling £115 during the year for expenses incurred (2023: £nil).

Donations received includes a donation of £240 (2023: £nil) from Mr E Tate, a trustee of the trust.

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

11 Employees

The average monthly number of employees during the year was:

Teaching
Administration of the school
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
Aggregate compensation		 2024
Number
19
2
21
2024
£
497,992
31,466
60,815
590,273
2024
£
52,659		 2023
Number
19
2
21
2023
£
465,765
28,578
50,801
545,144
2023
£
37,527

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

13
Tangible fixed assets
Freehold
property &
improvements
Equipment
£
£
Cost
At 1 September 2023
487,946
197,947
Additions
-
250
At 31 August 2024
487,946
198,197
Depreciation and impairment
At 1 September 2023
183,434
169,019
Depreciation charged in the year
9,527
7,264
At 31 August 2024
192,961
176,283
Carrying amount
At 31 August 2024
294,985
21,914
At 31 August 2023
304,512
28,928
14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
16
Trade creditors
Other creditors
Accruals		 Website
£
6,478
-
6,478
6,478
-
6,478
-
-
2024
£
196,331
300
6,990
203,621
2024
£
8,202
225,393
12,719
23,257
-
269,571		 Total
£
692,371
250
692,621
358,931
16,791
375,722
316,899
333,440
2023
£
173,055
402
5,970
179,427
2023
£
-
241,352
3,886
718
5,367
251,323

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

16 Deferred income
2024 2023
£ £
Other deferred income 225,393 241,352
Deferred income is included in the financial statements as follows:
2024 2023
£ £
Deferred income is included within:
Current liabilities 225,393 241,352
Movements in the year:
Deferred income at 1 September 2023 241,352 259,601
Released from previous periods (211,634) (224,228)
Resources deferred in the year 195,675 205,979
Deferred income at 31 August 2024 225,393 241,352
17 Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 60,815 50,801

The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund.

18 Restricted funds

The school has a restricted fund to provide a bursary fund to assist under privileged children wishing to attend the school.

At 1 Incoming At 31 August At 31 August
September resources 2024
2023
£ £ £
Restricted Bursary 17,918 188 18,106
Previous year: At 1 Incoming At 31 August
September resources 2023
2022
£ £ £
Restricted Bursary 17,816 102 17,918

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

18 Restricted funds

(Continued)

Cash at bank includes an account with Santander for the restricted funds of £18,106 (2023: £17,918). During the year interest of £188 (2023: £102) was received on the restricted fund balance.

19 Unrestricted funds

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.

At 1 Incoming Resources At 31 August
September resources expended 2024
2023
£ £ £ £
Asset fund 82,505 - - 82,505
General funds 828,151 662,389 (732,737) 757,803
910,656 662,389 (732,737) 840,308
Previous year: At 1 Incoming Resources At 31 August
September resources expended 2023
2022
£ £ £ £
Asset fund 82,505 - - 82,505
General funds 981,452 604,141 (757,442) 828,151
1,063,957 604,141 (757,442) 910,656

In an agreement with the Union of the Sisters of Mercy Great Britain, the assets of St Winefride's school were transferred to the company on 1st January 1993. The value of the assets at that date was £80,419 and this was credited to the Asset Fund. During 1994 it was recognised that certain interest was being received under reduction of tax. The tax was refunded by the Trusts bankers. £2,086 related to before 1st January 1993 and was credited to the capital fund.

20 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 August 2024:
Tangible assets
316,899
-
Current assets/(liabilities)
523,409
18,106
840,308
18,106		 Total
2024
£
316,899
541,515
858,414

ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

20 Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 August 2023:
Tangible assets 333,440 - 333,440
Current assets/(liabilities) 577,216 17,918 595,134
910,656 17,918 928,574
21 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
22 Cash absorbed by operations 2024 2023
£ £
Deficit for the year (70,160) (153,199)
Adjustments for:
Investment income recognised in statement of financial activities (27,012) (9,771)
Depreciation and impairment of tangible fixed assets 16,791 21,874
Movements in working capital:
(Increase)/decrease in debtors (24,194) 6,086
Increase/(decrease) in creditors 34,207 (15,494)
(Decrease) in deferred income (15,959) (18,249)
Cash absorbed by operations (86,327) (168,753)

23 Analysis of changes in net funds

The trust had no material debt during the year.