Company registration number.. 01126882 Charity re815tratfjon number.. 1042395 The Franco-British Council - British Section IA company limited byguaranteel Annual Report and Financial Statements for the Year Ended 31 March 2023 Field Sulllvan knmited 9 Hare & Billet Road Blackheath SE3 ORB The FranC￿BritIsh Council - Britlsh Section Contents Reference and Adminisirative Detai Trustee5 Report 2to4 Independent Examinerfs Report 5t06 Statement of Financial Attivitles 7t08 8alance Sheet Statement of Cash Flow5 io Notes to the Financial Statements iito21 The FranC￿British Councll- British Sertlon Reference and Administrative Detalls Trustees Simon Day Philippe Pei Oriel Petry Marisha Ray Rupert Ree Lord Peter Ricketts Catriona Seth Dawd Wahl Secretary David Mackintosh Charlty Re8lstratlon Number 1042395 Company Reglstratlon 14umber 01126882 The charity is ineorpofated in England and Walès. 167-169 Great Portland Street 5th Floor London WIW SPF R￿[stered Office Independent Examlner Field Sullivan timtted 9 Hare & Billet Road Blackheath SE3 ORB PaAe I The FrancovBrftlsh Council - Britlsh Section Trustees Report Trustees Simon Day Philippe Peirs Oriel Petry (appointed 29 June 20221 Marisha Rav Rupert Ree Lord Peter Ricketts (Chairl Catriona Seth (appointed 29 June 20221 David Wahl (Treasurer) Mark 8oleat Iresigned 29 June 20221 Michael Butcher (resigned 23 May 20221 Christopher Deaeon (resigned 23 May 20221 The trustees present their report and the financial statements for the year ended 31 March 2023. This is directors. report required by s417 of the CornpanTres Act 2(￿￿ and all trustees are directors. The financial staternents comply with current statutory requirements and the requirements of the Memordndum and Articles of Associ3tion. Strurturei governance and management Goveming document The Franco-British Council - Brttish Section (The Council'l is a charitsble company limited by guarantee, incorporated on 6 Au8LlSt 1973 and registered as a charity on 29 November 1994. The company was established under a memorandum of asyjciation which established the objerts and powers of the charitable company and is govemed under its articles of association. 7he Council is distinct from the Conseil Francr￿8rItannl9Ue Section FrarLcaise I'Le Conseil'l which was established simultaneously under Ffench law to share the same rni55ion. Both have their own governing documents. In 2016. Le Conseil established a separate non-profit organisation Il'Association Loi 1901 Fr3nco-British Young Leaders l Avenir Franco-8ritanniqvel with which the Council ente￿d a Memorandum of UnderstandÈng forthe joint governan￿ and delivery of the FranuFBritish Young Leader5 programme. pointment of mernbers The Trustees serve as member5 of the Council. Membership is by bnviration and the Countil seeks to achieve gender balance and dsversity. mem￿r$ of the charitsble company guarantee to contfibute to amount not exceeding £10 to the assets of the charitable company in the event of windin8 up. Members meet annually at the AGM and are invited to contribute ideas 3nd to assist in activtries of The Council on a voluntsry b3515. .￿￿oIntMent oftrustees The Council has 8 trustees who are the directors of the charity. Trustees who seNed during the financial year are listed on page l. Trustees are subject to retirement after three years in Offi￿ and are subject to reappointment by the board up to a maximum of nine yeats. Nomination5 are putto the board of trustees. The trustees have no beneficial interest in the charitable company. anisation The day-to-day operation of the Counol's affair5 is delegated to the Dirertor. Since January 2019 this ha5 been David Matkintosh. Strate8ic and policy matters are referred to the fvll board at regular tnb5tee meetings and meetin8s of the Joint Board which also receive report5 on activities. future programme plan5. personnel, finance and other matters arising. Three such meetings were held in the year Ènding 31st March 2023. Other staff included a part-ttme administrator and intems who have provided administrative help and support. PaRe 2 The FrancoTrBrltlsh Council- Brltlsh Section Trustees Report A mergeT of the organtr5ational structures of the FrancTrBritish Council and the Conseil FranctrBritsnnique took place on 1st January 2020 with the Director and staff working for both British and French section under the direction of a Joint 8oard with twefve members. Six of the Tn￿tee5 from the Bn"tish sertion serve gn the Joint Board which met on 7th March 2023. Reserves The Council'5 Memornndum of Understanding with the Forei8n. Qjmmonweatth and Development OfFice IFCDOI, our core funder. states that it cannot carry over from one financial year to the next any substant¢al portion of the authorised grant-in-aid. The Council has this year operated within these restrictions. Funding Income included £53,213 fundin8 by the FCt)O and £11.031 in private and grant funding Ire5trictedl. Income also included an extra EIO.CW from the UK Ministry of Defence for the Franco-British Council Defence conference which was cancelled in 2021 and re5theduled for 2023. We express our Kratr(ude to all our generous funders and supporters thi5 year again. Risk statement Following a reduction in tore funding by the FCDO in 2015-16. trustees have identified the primary rfjsk as anv further withdrawal of the FCDO grant-in-aid which is applied for annually. Other risks include10ss of staff. Purpose. arti¥ities and revlew Pur The Council was established for the'advancement of edutation in both countries and the promotion of general knowledge of the British and French ways of lrfe.. Since its creation in 1973, it has performed it5 mission through a programme of meetin8s and reports. with contributions from leading representatives of the worlds of culture. science. the afts. edutation, politics and business. Actfvfties In 2016-17. the Council launched the FranctrBrttish Young Leaders Programrne. a major new bilateral initiative with the support from the British and French Governments which was endorsed at the Sandhurst Summit in January 2018. The pro8ramme's objectives f¢)cus on the engagement of established and emerging leaders In building the future of the Franc¢>Brttish ￿lationS. The support of boih the UK (through the FCDOI and the Fre￿ch 8ovemments have been a key enablin8 factor to this year's achievements with also £28.340 generated in private support{20,￿ EUR 1 £17.310 from French sponsors? including in-kind support. Achievèments Selected 22 Young Leaders and 4 Local Leaders as part of the cohort in 2023 and Alumni projects forthe Young Leader were also undertaken. ststement of public benefit The trustees confirm that they have complied with their duty to have due regard to the Charities Commission's public benefrt guidance when exercising any powers or duties to which the guidance 15 relevant. Pa%e 3 The FranctrBritish Council - Brttlsh Sertion Trustees Report Statement of Responsibilitles The trustees Iwho are also the directors of The Franco-British Council - British Sertion fol the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordance wlth applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practice). includin8 FRS 102 The Finanual Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial ststements unless they a￿ satisfied that they gi¥e a true and fair view of the state of affairs of the charitablè company and of the incoming resources and application of resource5, including its income and expenditure. of the charitable company for that period. In preparing these financial statements. the trustee5 are required to-. select suitable accountin8 policles and apply them con515tentlv- Observe the methods and principle5 in the Charities SORP; make judgements and estimates that are reasonable and prudent., state whether applicable accountin8 Standards. comprising FRS 102 have been followed, subjert to anv material departures disclosed and explained in the financial 5tatements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charftable company will continue in business. The trustees are responsible for keepin8 proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2[#)6. They are also responsible for safeguarding the assets of the charitable company and hence for tskin8 reasonable steps for the prevention and detertion of fraud and other irregularitie5. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation govemln8 the preparation and dissernination of financial statements may differ from legislation in other jurisdiction5. Small companies provision ststement This report has been prepared in accordance wtth the small companie5 regime under the Companies Art 2006. Approve(I by the trustees of the charity on 32 De￿rnber 2023 and signed on its behzlf bv: David Wahl Trustee PaRe 4 The FranC￿BritISh Council- Brltlsh Sectlon Independent Examlnerfs Report to the trustees of The Franc￿8￿tISh Council- Brltish Section llhe Company.) I report to the charity trustee5 (who are also Oirectors for the purpose of company lawl on my examination of the accounts of the The Franco-Brttish Council - British Settion I'the charitable companVI for the year ended 31 March 2023 which comprise the Statement of Financial Arti¥ities. the Balance Sheet and related notes. 7 21 This report is made solely to the charitys trustees, as a body. in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might State to the charitV5 trustees those rnatters l am required to stste to them in this report and for no other purpose. To the fullert ertent perrnitted by law, I do not accept or assume responsibility to anyone other than the charity and the chariws trustees as a body* for my worl for this report, or for the opinions I have formed. Re$pon$lbilities and basis of report As the charlws trustees of The Franco-British Council - British Section you are responsible for the preparation ofthe accojjnts in accordance with thè requirements of the Companies Act 2￿61'the 2CI)6 Artl. H8￿n8 satlsfied myself that the accounts of The FrancLFBritish Council - British Section are not required to be audited under Part 16 of the 2(KJ6 Act and are eligible for independent examination, I report in respect of mv examination of your charitvs accounts as carried out under settion 14S of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions &ven by the Charity Commission under section 14515llbl of the 2011 ACL An independent examination does not invofve gathering all the evidence that would be required in an audtt and consequently doe5 not cover all the matters that an auditor considers in gtying their opinion on the rsnancial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can prO￿￿e. Consequently l express no opinion as to whether the financial statements present a 'true and fairf view and my report L5 limited to those Specific matters Set out in the independent examinerfs statement. Independent examinerfs statement I have completed my examination. We draw your attention to the 8oing cOn￿M pglicy that explains why the goin8 concern is appropriate for the preparation of the accounts. Our opinion is not modrfied in respect of this matter. I confim that no other matters have come to my attention in connection with the examination givlng me reasonable Cause to believe that in any material re5pett- l. accounting record5 were not kept in respect of The FrancfrBrttish Council- British Section as requlred by section 386 of the 2CM16 ALt.' or 2. the accounts do not accord with those record5: or 3. the accounts do not compty wrth the accounting requirements of section 396 of the 2W6 Act other than any requirement that the accounts 8i¥È a'true and fair wie%V whkh is not a matter considered as part of an independent exarnination.. or 4. the accounts have not been prepared in accordance with the methods znd principles of the Statement of Recommended Practice fof accounting and reporting by charttie5 applicable to charities Preparing their ac£ounts in accordan￿ with the Financial Reporting standard applicable in the UK and Republit of Ireland IFRS 1021. PaRe 5 The FranctrBritish Councll- British Sertion Independent Examlner's Report to the trustees of The FrancovBritish Council- Brltlsh Section ('the Company,) I have no concerns and have come across no other matters in connection with the eyamination to whsch attention should be drawn in this report in order to enable a proper understanding of the accounts to be feached. Kirsty Nicholls FCG4 ICAEW 9 Hare & Billet Road 8lackheath SE3 OR8 December 2023 PaRe 6 t75 ￿ r The FrancTrBritlsh Council- Brltlsh Sertion (Re8iStration number: 011268821 Balance Sheet as at 31 March 2023 2023 2022 Note FIMed assets Tangible assets 13 239 479 CurrÈnt assèts Debtors 14 59 37,819 32.097 Cash at bank and in hand 15 19.969 20,028 69,916 Credltors: Amounts falling dut within one year 16 129.7341 124.9991 Net current Illabllltlesllassets 19.7061 44,917 Net Illabllltiesllassets 19.4671 45,396 Funds of the charity. Restrirted income funds Restricted funds 134,1631 1,428 Unrestrirted inconw lunds Unrestricted funds 24,696 43,968 Totsl funds 17 19,4671 45,396 For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2(X)6 relatin8 to small companies. Dlrectors. responsibilities: The members have not reqUI￿d the charity to obtsin an audit of its accounts for the year in question In accordance with sertion 476- and The directors acknowledge their re¥x)nsibiltiies for complying with the requlrements of the Act with respect to accounting record5 and the preparation of accounts. The financial statements on pages 7 to 21 were approved by thè tnJstee5, and authorised for Issue on December 2023 and signed on their behalf by= David Wahl Trustee The notes on pages 11 to 21form an integral part of these ffinancial statements. PaRe 9 The FranctrBritlsh Coundl- Britlsh Sertion Statement of Cash Flows for the Year Ended 31 March 2023 20Z3 2022 Cash fiows from operatin8 artivitles Net cash lexpendltureifincome 154,8631 4,454 Adjustrnèntsto ¢ash IlowsfTOffl non4ash Iten Depreciation Investment income 240 240 154.6241 4,694 Working capltsl adjustments Decreasellincfeasel in Ilebtors Increaselldecreasel in creditor5 Increaselldecreasel in deferred income 14 37,760 3,935 110.1651 111.5911 1651 16 Net tash flows from operating activitie5 112,1291 117.1271 Cash IIow5 from In¥estin8 actl Interest receivable and similar income Net decrease in (ash and cash equiwdlents 112.1281 117,1271 Cash and cash equivalents at l April 32.097 49,224 Cash and cash equNalents at 31 Marth 19.969 32.097 All of tht cash flows are derived from continuing operations duringthe above two periods. The notes on pages 11 to 21 fom an integral part of these financlal ststements. PaAe 10 The FTanco-Brltlsh Council- British Section Notes to the Flnancial Statements for the Year Ended 31 March 2023 I Charity status The charity is limited by guarantee, incorporated in England and Wzles, and consequently does not have share capitsl. Each of the trustees is liable to contribute an amount not exceeding £10 toward5 the assets of the charity in the event of liquidation. The address of Its re8iStered office is: 167-169 Great Portland Street 5th Floor London WIW5PF These financial ststements were authorised for Issue by the trustees on tiecember 2023. 2 Attountlng pollcle5 Sumrnary of slenlficant accountlng polioes and key accountSnR eslimate5 The printipal accounting policies applièd in ihe preparation of these financial statement5 are set out below. These policies have been tonsistently applied to all the years presented. unless otherwise stated. Statement of complianc• The financial ststements have been Pfepared in accordance with Accountin8 and Reportin8 by Charities: Statement of Recommended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191- ICharitie5 SORP IFRS 1021 Second edition October 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. They a150 tomply with ihe Companies Act 2(M)6 and Charities Act 2011. Basis of prepara￿OTr The FTanco-8ritish Council- British Sectlon meets the deffinition of a publi¢ benefft entity under FRS 102. As5et5 and liabilities are initially recogni5ed at historical cost or transartion value unless otherwise stated in the relevant accounting policy notes. Goln8 concern The financial statements have been prepa￿d on the goin8 contem basis as we believe that adequate cash resources will be available to cover the charl￿5 requirements for working capital and capital expenditure for at least the ne￿ twelve months. The charity are aware of the risks relating to any changes in government fundin8 which could put into jeopardy the charl￿5 going concern status during or beyond this period and they have takern steps to monitOT thi5 $0 any appropriate action could be tsken. PaKe 11 The FrancfrBritish Council- British Sertion Notes to the Financial Statements for the Year Ended 31 March 2023 Judgements and key sour￿$ of esdrnation Ub)¢ertsinty In the application of the charl￿5 accounting policies. the trustee5 are ￿qUired to make judgements. estimates and assumptions about the carryin8 amount of assets and liabillties that are not readily apparent from other sources. The estirnaies and associated assurnptions are based on historical experience and other factOTS that are considered to be relevant. Actual results may dtiter from these e5tirnates. The estimates and underlying assumptions are rewewed on an ongoing basls. Revlsion5 to accounting estimates are reco8nised in the periods in whith the estimate is revised where revisions affects only that period. or in the period of the revision and future periods where the wsions affect5 both current and future periods. Income and endowmefits All income is recogni5ed once the charity has entitlement to the income. it Is probable that the in￿rne will be received and the amount of the income receivable can be measured reliably. lknotions ond legud Donations are recognised when the charity has been notified in writing of tK)th the amount and settlement date. In the event that a donation Ss subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met. or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Grants receivobk Grants are recognised when the charity has an entitlement to the fvnds and any condttions linked to the grants have been met. Where perforrnante conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Defrrred income Deferred income represents amounts received for future periods and b5 released to incoming resources in the period for which. it has been received. ￿ch income 15 only deferred when.. - The donor specifies that the grant or donation must only be used in futu￿ accounting periods,. or - The donor ha5 imposed conditions which rnust be met before the charity has uncondstional entitlement. 61ft5 In klnd Gifts in kind arè reco8nised tn different ways dependent on how they are used by the charity.. lil Those donated for resale produce income when they are sold. They are valued at the amount actually realised. lill Those donated for onward transmLSSion to beneficiaries are included in the Statement of Financial Artivities as incoming resources and rèsources expended when they are distributed. They are valued at the amount the charity would have had to pay to acquiye them. Illil Those donated for use by the charity itself are included when receNable. They are valued at the amount the charity would have had to pay to atquire them. PaRe 12 The Franc￿BritIsh Council - British Sertion Notes to the Financial Statements for the Year Ended 31 March 2023 Investment income Dividends are reco8nised On￿ the diwdend has been declared and notification has received of the dividend due. Expendlture All expenditure is ￿COgnISed once there is a legal or construct￿e obli8ation to that expenditure. it is probable settlement is required and the arnount can be measured reliably. All c05t5 are allocated to the applicable expenditure heading that a88regate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been alIc￿ted on a basis consistent with the use of iesources, with central staff Costs all￿ted on the basis of time spent. and depreciation charges allocated on the portion of the assevs use. Other support Costs are allocated based on the spread of staff Costs. RaislngJunds These a￿ costs incurred in attracting voluntary income, the mana8ement of investments and those incurred in trading activities ihat raise funds. Ch•rltable octivities Charitable expenditure comprises those costs incurred by the charity in the delwery of Its activities and servicÈs for its beneficsaries. It includes both costs that can be allocated dirertly to such activities and those costs of an indirert nature necÈ5sary to support them. Support cost5 Support costs Include central fi&nction5 and have been allocate(I to activity Cost categories on a basls consistent with the use of resources. for e¥ample. allocating property costs by floor areas. or per capita. stsff Costs bythe time spent and other c05t5 by their usage. Go¥emance ￿$ts These include the costs attributable to the chariws compliance with constitutional and statutory requirements. including audst, strategic management and trustees meetings and reimbursed expenses. Taxatlon The charity is considered to pass the tests set out in Paragraph I Schedule 6 01 the Finance Act 2010 and therefore St meets the definition of a charitable company for UK corporation tax purposes. According1yJ the charity is potentially exempt from taxation in respect of income or capitsl 8a¥ns received within categories covered by Chapter 3 Part 11 of the Co￿•ration Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income orgains are applied exclusively to charitable purposes. TanBlble flxed assets Individual fixed assets cost6ne £250.W or more are initially recorded at C05t. DÈpredatlon and amorbsatlon Depreclation is provided on tangfjble fixed assets 50 as to wI￿e off the cost or valuation. less any estimated residual value, over their expected useful economic lrfe asfollows- PaRe 13 The FrancTrBritish Councll - Britlsh Settlon Notes to the Financial Statements for the Year Ended 31 March 2023 Asset class Furniture and equipment Depredatlon method and rate 20% straight line method Trade debtors Trade debtors afe amount5 due from customer5 for merthandise sold or performed in the ordinary course of busine55. Trade debtors are ￿cOgnised initialty at the tran5artion price. They are subsequently measured at amortlsed cost using the effèctNe interest method, less provision for impairment. A provision for the impairrnent of trade debtors is established when there is objecti¥e evidence that the charity will not be able to collert all arnount5 due accordin8 to the original ternis of the receivables. Cash and cash eqU1￿1•nts Cash and cash equivalents comprise cash on hand and call dek)osits. and other short-term highly Ilquld investments that are readily convertible to a kn¢)wn amount of cash and are subject to an Snsignificant risk of change in value. Trade creditors Trade creditors are obli8ations to pay for g(Kbds or seNces that have been aeoulred In the ordinary course of business from suppliers. Accounts payable are classified as cUr￿nt liabilitie5 rf the charity does not have an uncondilional right, at the end of the reporting period. to defer settlement of the creditor for at least twelve months after the reporting date. If there 15 an untonditional right to defer settlement for at least twelve months after the reporting date. they are presented a5 non 2022 Charitable actI￿tieS PaRe 17 The FranctrBrftish Council- Brltlsh Section Notes to the Financial Statements for the Year Ended 31 March 2023 Contribution5 to the employee pension schemes for the yeartotalled £5,79812022- £5,270). No employee received emoluments of more than £60.IXQ during the year. 11 Taxation The charfty is a reg[￿ere￿ charity and is therefore exempt from tsxation. 12 Flxed asset Investments Subsldlarfes As 3t 31 Marth 2022 The FranC￿BrItISh Council - British Section holds cash at bank of £nll12022- £17.5231 on behalf of The Entente Cordiale Scholarship5 Trust. An equal and opposite traTrsattion is included within creditors as thi5 money relates to the subsidiary. 13 Tanelble fixed 0$5ets Furniture and equiprnent Total Cost At l April 2022 Disposals 3.118 11,9201 3,118 11,9201 At 31 March 2023 1.198 1,198 Depreciation At l April 2022 Charge for the year Eliminated on disp953ls 2.639 240 11.9201 2,639 240 11,9201 At 31 Marth 2023 959 959 Net bookvaluè At 31 March 2023 239 239 At 31 March 2022 479 479 PaRe 18 The FranC￿BrItish Coundl- British Sectlon Notes to the Financial Statements for the Year Ended 31 March 2023 14 Debtor5 2023 2022 Prepayments Other debtors 1.980 35.839 59 59 37,819 15 Cash and ¢ash equivalents 2023 2022 Cash on haftd 22 Cash at bank 19.947 32,097 19.969 32.097 16 Credltors: amounts falling due within oneyear 2023 2022 Trade creditors 2.220 1.811 18.626 2,342 Other taxation and social seturtty Other creditors 4,862 5.597 16,869 Accruals Deferred tntome 29.734 24,999 PaRe 19 The FrancovBrftlsh Council - Brftish Sertion Notes to the Financial Statements for the Year Ended 31 March 2023 17 Funds Balance at 31 March 2023 Balance at I April 2022 Incoming resour expended Transfets Unrestrlcted 6eneMI General Funds 43.968 42397 155.0141 16,6551 24.696 Restrlcted Young Leaders Programme Defence Conference 26.340 124.9121 69.244 io.c 1102.2391 119.2511 6.655 134.1631 1.428 79,244 1121.4901 6.655 134,1631 Total funds 45,396 121.641 1176,5041 19.4671 83bants at i Aprll 2021 Incorning Balance at 31 March 2022 expended unrestriC￿d Generol General Funds 39,025 61.1( 156.1631 43.968 Restricted Young Leaders Programme Defence Conference 1.917 93.591 28,(X 169.1681 152,9121 26.340 124,9121 1.917 121.591 1122.0801 1.428 Total funds 40,942 182,697 1178,2431 45,396 The Franco-8Tttish Youn8 Leaders Programme is governed by Joint Resolution between Association Franc￿British Young LeaderslAvenir Franco-Britannique W751236044 Association de droit fran￿15 ré8ie par la 105 du ler juillet 1901. 4 8 Avenue Hothe. 75LN)8 Paris. France Defence Cgnference, the FBC received money which helped fund the conference with staffin8 lour defence senior advisor). 108iStics, caterin& interpreter. photO8rapher and communications. ètL £35,(KMI of thi5 fundln8 wa5 committed and will be received post year end. PaRe 20 The Franco•Brltlsh Council- British Sertlon Notes to the Flnancial Statements for the Year Ended 31 March 2023 18 Analysls of net assets between funds 2022 net assets between funds Totsl funds at 31 March 2023 funds G¢nerdl Re5trirted funds TangTble fixed assets Current assets 239 239 54.191 129,7341 134,1631 20.028 129,7341 Current liabilitiès Total net assets 24,696 134,1631 19,4671 2021 net assets between funds Unrestrirted funds Ge￿rdI Total funds at 31 March 2022 Restrlrted funds Tangible fixed assets Cutrent assets 479 479 1,428 69,916 24,9991 Current liabilities 124,9991 Total net assets 43,968 1.428 45,396 PaRe 21