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← Corfe Castle Charity

2025-03-31-accounts

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CHARITY NUMBER 1055846

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CORFE CASTLE CHARITY TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FLETCHER & PARTNERS

CHARTERED ACCOUNTANTS

SALISBURY

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| CORFE CASTLE CHARITY |

CONTENTS

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Page| |Reference|and|administrative|details|of the|Charity,|its|Trustees|and|advisers|1| |Trustees'|report|2-3| |Independent auditor's report|4-6| |Statement of financial|activities|7| |Balance|sheet|8| |Notes to the financial statements|9-18| |The|following|pages|do|not|form|part|of|the|statutory|accounts:| |Detailed income and expenditure account|19|

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CORFE CASTLE CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS for the year ended 31 March 2025

Trustees

Mrs K Anson (co-opted)

Mr K Batchelor (co-opted)

Mrs K Bennett (nominated)

Mr M J A Bond (nominated)

Mr J Coverdale, Chairman (co-opted)

Mr N Dragon (nominated)

Rev R White (ex-officio) joined 13 January 2025 Mr J Phillips (nominated)

Mrs G M Sellen (co-opted)

Custodian Trustee

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The Official Custodian for Charities

Charity registered number 1055846

Principal office

2 Battlemead, Corfe Castle, Wareham, BH20 5ER

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Clerk to the Trustees

Mrs A Meaker

Property Managers

: Mr B Rowlatt : East Boro Housing Trust, Sarsen Court, Horton Avenue, Cannings Hill, Devizes, SN10 2AZ | Dorset Property, 4-5 East Street, Wimborne, Dorset, BH21 1DS

Auditor

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Fletcher & Partners, Crown Chambers, Bridge Street, Salisbury, SP1 2LZ

Bankers

Lloyds Bank plc, Wareham, 3 South Street, Wareham, Dorset, BH20 4LX

Investment Managers | CCLA, One Angel Lane, London EC4R 3AB

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Solicitors

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Laceys Solicitors LLP, 5 Poole Road, Bournemouth, Dorset, BH2 5QL

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Chartered Surveyors

Carter Jonas, Ailesbury Court, 3rd Floor, High Street, Marlborough, SN8 1AA Sibbett Gregory, 6 Winchester Place, North Street, Poole BH15 1NX

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CORFE CASTLE CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees submit their annual report and the financial statements of Corfe Castle Charity (the Charity) for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 9 to 11 and comply with the Charity Commission Order, the Charities Act 2011 and the 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 (Charities SORP FRS102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland published in March 2018 (FRS102). The Charity comprises the following permanent charitable trusts: The Charities of Robert Abbott, The Church Lands Charity, The Charity of Henry Dackombe (otherwise the Church Merrifield Charity), The Green's Acre Charity, The | Charity of John Harden, The Charity of Sir Edmund Uvedale, The Woolgarston Lands Charity, The Charity known as | The Almshouses, The Charity of Alice Augusta Gertrude Sotheran, The Charles Memorial Fund and The Hubbard Fund. :7 TheConstitutionCharity ispolicies,constitutedobjectivesunder anda CharityactivitiesCommission Scheme dated 15 February 1995 as amended by further 7 schemes dated 30 March 2006 and 23 April 2018, and is a registered charity, number 1055846. / The principal objects of the Charity are to provide relief to those in need, to provide and maintain almshouse and | affordable accommodation for the poor and needy people resident in the Parish of Corfe Castle, and to use surplus , funds to support other charitable purposes in the Parish.

TheindividualsCharityandprovidesinstitutions16 unitswithinof almshousethe Parish.accommodationThe Charity alsoand holds15 unitsotherof affordableproperties housingand landandwhichmakesit letsgrantson toa commercial basis to provide additional funds to the Charity.

Organisational structure and decision making The Charity is administered by a board of nine Trustees who meet on a monthly basis. The Trustees oversee the operation of the Charity's almshouses and social housing, approve all grants, and manage the Charity's assets. The Charity’s Trustees monitor the Charity's financial position through regular comparison of expenditure to budget, and the periodic review of investments.

The day to day operations of the Charity are carried out by the Clerk to the Trustees who oversees the many aspects of the running of the Charity, and the Property Manager who oversees the maintenance and upkeep of the charity's properties on behalf of the Trustees.

Method of appointment or election of Trustees The Trustees comprise one ex-officio Trustee, four nominated Trustees and four co-opted Trustees. The ex-officio Trustee is the Incumbent/Priest in Charge of the Parish of St Edward King and Martyr, Corfe Castle.

The nominated Trustees are appointed by Corfe Castle Parish Council for a term of four years.

The co-opted Trustees are selected and appointed by the body of Trustees for a term of five years. New trustees are trained by the Chairman and Clerk.

Key management personnel remuneration for the Clerk and Property Manager is reviewed by the trustees annually and normally increases in line with the Consumer Prices Index.

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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The law applicable to charities in England and 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 the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:

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‘GORFE CASTLE CHARITY

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025

The Trustees are responsible for keeping proper accounting records that 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. 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.

Reserves policy

The Trustees recognise their responsibility to utilise income as it is earned and not generate unnecessary reserves, but consider it necessary to retain sufficient funds to ensure that they are able to undertake their planned charitable activities and maintain the standard of the Charity's social housing.

The Trustees have a long term objective of acquiring property in the village which could be fet as housing at affordable rents, which requires them to hold funds available to purchase suitable properties when they become available. At the year end the free reserves, excluding those invested in property, were a total of £1,040,050.

Risk management

The Trustees have assessed the major risks to which the Charity is exposed, In particular those related to the operations and finances of the Charity, and are satisfied that systems are in place to mitigate their exposure. The principal risks are in the performance of investments and operational risks from owning property and making effective grants and loans.

Investment policy and performance

The Trustees are required to invest all sums not needed for immediate working purposes by the Scheme. The Trusiees have apportioned the investments between quoted investments and deposit accounts, to reflect their potential need for funds at short notice. The Trustees have a medium to low risk attitude and the return to the Charity is managed by investing In COIF Charities Investment Fund units, providing a mixture of capital appreciation and income growth. The market risk is mitigated by investment in professionally managed common investment funds operated by CCLA Investment Management.

Grant making policies

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To achieve its objects for the public benefit, the Charity invites both organisations and needy individuals within the parish to apply for grants or loans. These can be for higher educational courses, meeting the needs of the disabled, sick and elderly as well as to mitigate hardship or distress.

Public Benefit The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The Charity meets its public benefit remit by providing accommodation and financial assistance to needy persons and institutions within the Parish.

Review of activities and financial review The Charity had incoming resources for the year of £362,267 (2024: £349,022).

The Trustees have continued to respond to cases of hardship within the community with grants and interestfree loans and have recelved nurneraus expressions of thanks from individuals whorn they have helped during the year. The Charity made grants of £25,929 (2024: £32,799) and spent £94,469 (2024; £90,591) in providing both sheltered and reasonably priced housing. This excludes staff costs, depreciation and support costs. The total of charitable expenditure including these costs was £229,179 (2024: £227,192).The Charity had net income for the year of £105,363 (2024: net income £86,246) before other recognised gains and losses.

Investments decreased in value by £45,348 for the year (2024: increase of £98,156). Investment properties’ value decreased by £250,000 (2024: £0).

At the year end, the Charity had total funds of £4,407,982 (2024: £4,597,967) of which £1,442,465 were endgwed funds, £550,490 were designated funds and £2,045,027 were general funds. __ is|report was approved by the Trustees on ( 3 Cc Ag p £2025 and signed on their behalf, by: — Coverdale x rman

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CORFE CASTLE CHARITY

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CORFE CASTLE CHARITY FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Corfe Castle Charity (the “Charity”) for the year ended 31 March 2025 which comprise the Statement of financial activities, Balance Sheet and notes to the financial statements, 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 Financial Reporting Standard 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:

WeBasis conductedfor opinionour 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 the provisions available for small entities, 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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

: Other information | The trustees are-responsible for the 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. 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.

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CORFE CASTLE CHARITY INDEPENDENT AUDITOR'S REPORT (continued) TO THE TRUSTEES OF CORFE CASTLE CHARITY FOR THE YEAR ENDED 31 MARCH 2025

Other information (continued)

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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine 7 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

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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’ Annual 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:

(iii) the financial statements are not in agreement with the accounting records and returns; or (iv) we have not received all the information and explanations we require for our audit.

Responsibilities of the trustees As explained more fully in the trustees’ responsibilities statement set out on page 2, 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 they determine is necessary to enable the preparation of : financial statements that are free from materia! 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.

Auditor's responsibilities for the audit of the financial statements

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Fletcher & Partners is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are tree 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:

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CORFE CASTLE CHARITY

INDEPENDENT AUDITOR'S REPORT (continued) TO THE TRUSTEES OF CORFE CASTLE CHARITY FOR THE YEAR ENDED 31 MARCH 2025

Auditor's responsibilities for the audit of the financial statements (continued) We ensured that the engagement team collectivelyhad the appropriate competence and capabilities to recognise non-compliance with applicable laws and regulations;

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We identified the laws applicable to the charity through discussions with trustees and management, and from our knowledge and experience of the charity and the sector; and andWe ensuredthat they thatremained the lawsalert andto regulinst a ncestions whichof non- wecomplianc identifi e d werethrough c o mmunicatedut the audit. to the engagement team We assessed the susceptibility of the charity's financial statements to material mis-statement, including obtalning an understanding of how fraud might occur, by:

We addressed the risk of fraud through management bias and the over-ride of controls by assessing whether judgements and assumptions made by management were indicative of potential bias and by investigating the rationale behind significant or unusual transactions. In order to address the risk of irregularities we carried out procedures which included agreeing the financial statements to underlying documentation and enquiring of management as to actual and potential litigation and instances of non-compliance.

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There are however inherent limitations in these audit procedures. The more removed that laws and regulations arestandardsfrom financialalso limittransactions, the proceduresthe lessrequiredlikely toit identifyis that we non-compliancewould be aware to enquiryof non-compliance. of managementAuditing and inspection of relevant correspondence. Furthermore misstatements due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

ThisUse ofreport our reportis made solely to the Charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit 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 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's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Ferre £ footrest

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Fletcher & Partners (Chartered Accountants and Statutory Auditor)

Crown Chambers Bridge Street Salisbury SP1 2LZ

: rer Ochelow..205

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CORFE CASTLE CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Endowment|Total|Total| |Funds|Funds|Funds|Funds| |2025|2024| |Note|£|£|£|£| |INCOME|FROM:| ||| |Donations and legacies|2|-|-|-|850||| |Investments|3|146,967|-|.|146|967|143,815||| |Charitable|activities|4|215,250|“|215,250|204,357| |Other|50|-|50|-| |TOTAL INCOME|362,267|-|362,267|349,022||| |EXPENDITURE|ON:|:| |Raising funds|5|27,725|-|27,725|35,584|!| |Charitable|activities|6|226,769|2,410|229,179|227,192| |TOTAL|EXPENDITURE|.|254,494|2,410|256,904|262,776||| |NET INCOME|/ (EXPENDITURE)|107,773|(2,410)|105,363|86,246| |NET|GAINS/(LOSSES)|ON|INVESTMENTS|:| |Unrealised Gains and|losses on|revaluation|of||| |Investment|properties|13|(126,792)|(123,208)|(250,000)|-||| |Investments|14|(36,175)|(9,173)|(45,348)|98,156|:| |TOTAL|GAINS/(LOSSES) ON|INVESTMENTS|(162,967)|(132,381)|(295,348)|98,156||| |NET MOVEMENT IN FUNDS FOR THE YEAR|(55,194)|(134,791)|(189,985)|184,402||| |Total|funds|at|1|April|2024|23|3,050,711|1,547,256|4,597,967|4,413,565|.| |TOTAL FUNDS AT 31|MARCH 2025|18|£2,995,517|£1,412,465|£4,407 ,982|£4,597 ,967|

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The notes on pages 9 to 18 form part of these accounts.

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CORFE CASTLE CHARITY

||||||BALANCESHEET|BALANCESHEET||||| |---|---|---|---|---|---|---|---|---|---| ||||AS AT 31 MARCH 2025||||||| ||||.|||2025||2024||| |||FIXEDASSETS||_|Note|£.|£|£|£|!| ||Tangibleassets|||12||1,889,237||1,580,976||| ||Investment properties|||13||4,591,000||1,841,000|| ||Otherinvestments|||14||1,098,544||1,093,892|| |||||||4,278,781||4,515,868|| ||OTHER NONCURRENTASSETS||||||||| ||Loans to individuals
©|||16||20,202||23,927|| |||Prepayments and accrued|income||16||440||10,637|| |||:||||20,642||34,564|:| ||CURRENTASSETS||||||||| |||Stock|||16|2,309||2,309||| ||Debtors|||16|40,831||43,183||| ||Cash at bank and in hand||||102,247||45,240||| ||LIABILITIES||||445,387||90,732||| ||Creditors: amounts falling due within||oneyear|17|(36,828)||(43,197)||| ||NETCURRENTASSETS|||||108,559||47,535|| |;|NETASSETS|||||£4,407,982||£4,597,967|| ||THE FUNDS OFTHE CHARITY||||||||| ||Endowment funds|||18||4,412,465||1,547,256|| ||Unrestricted funds|||18||2,995,517||3,050,714|:| |:|TOTALCHARITYFUNDS|||||£4,407,982||£4,507,067|| |:|The financialstatementswereapproved by.theTrustees|||Trusteeson {d CowLN||LN andsignedon|ontheirbehalf, by:|||| ||
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Coverdale
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The notes on pages 9 to 18 form part of these accounts.

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CORFE CASTLE CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year.ended 31 March 2025

1. ACCOUNTING POLICIES

The financial statements of the Charity are prepared in accordance with the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011 and applicable regulations. Corfe Castle Charity meets the definition of a public benefit entity under FRS 102, The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Estimates and judgements judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. No judgements (apart from those involving estimates) have been made in the process of applying the above policies. The key assumptions concerning the future and key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include the revaluation of the freehold investment properties and the level of investment return and performance of the investment markets.

Estimates and judgements judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the | circumstances. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. |

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1.2 Charity status

The charity is constituted by trust registered with the Charity Commission for England and Wales. The principal office is 2 Battlemead, Corfe Castle, Wareham, BH20 5ER.

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1.3 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. Any additions to endowed properties financed from unrestricted funds continue to be part of unrestricted funds.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

The endowment fund represents those assets which must be held permanently by the Charity. Income arising on the endowment fund can be used in accordance with the objects of the Charity and is included as unrestricted income. Any realised or unrealised capital gains or losses arising on the investments form part of the the fund.

| investments form part of the the fund. | Investment income, gains and losses are allocated to the appropriate fund. : 1.4 Income All income is recognised once the Charity has entitlement to the income, there is sufficient certainty of 7 receipt and so it is probable that the income will be received, and the amount of income receivable can : be measured reliably. : Maintenance contributions from almshouses and rents from affordable housing and agricultural land are recognised in the period to which they relate. Rent from investment properties let under operating leases is recognised on a straight-line basis over the lease term, unless the receipts are structured to increase in line with expected general inflation. Income from listed investments is recognised when declared receivable.

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3 1. ACCOUNTING POLICIES (continued) 3 1.5 Expenditure

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CORFE CASTLE CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.

1.6 Expenditure on Raising Funds

Expenditure on raising funds comprises costs in relation to the investment properties held by the Charity.

1.7 Expenditure on Charitable Activities The charitable activities of the Charity comprise making grants and gifts to those in need, providing aimshouse accommodation and providing affordable housing.

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Grants payable are payments to third parties in furtherance of the charitable objects of the trust, which are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised 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.

Costs of Charitable Activities include direct expenditure on the charitable activities and an apportionment of support costs as shown in note 6,

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1.8 Support costs

Support costs comprise of governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to legal and professional fees, and audit/independent examination together with a portion of Clerk's salary costs relating to governance. Other support costs comprise the remainder of Clerk's salary costs and office expenses. All support costs are allocated equally across charitable activities they support.

1.9 Tangible Fixed Assets and Depreciation

All assets costing more than £1,000 are capitalised and valued at historical cost. Certain endowment properties for which no cost was known are included at a previous revalued amount as at the date of transition to FRS102, (1 April 2015) and such values are now treated as deemed cost,

Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates
calculated to write off the cost of fixed assets, less their estimated residual value, over their
expected useful lives on the following bases:
Freehold Land
0%
not depreciated
Freehold Buildings
2%
straight line
Fixtures & Fittings
20% _ straight line
HousingEquipment
4%/6.67%/10%
straightline

Additions to freehold buildings are depreciated over the remaining life of the building concerned. Where the recoverable amount of a tangible asset is found to be below its net book value, the asset is written down to its recoverable amount and the loss on impairment is charged to the relevant expenditure category of the Statement of Financial Activities.

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CORFE CASTLE CHARITY

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NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

| 1. ACCOUNTING POLICIES (continued) 1.10 Investments . Investments are a form of basic financial instrument and are initially recognised at their transaction | value. Subsequently they are statedat fair (bid) value at the balance sheet date. All gains and : losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between the sale proceeds and opening fair value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the fair value at the year end and opening fair value (or purchase date if later).

1.11 Investment Properties

Investment properties are included in the Balance Sheet at their fair value as at the balance sheet date and are not depreciated. This is in accordance with Generally Accepted Accounting Practice for investment properties.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between the sale proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the atenater). between the market value at the year end and opening market value (or purchase date if

1.12 Stock

Stock is valued at the lower of cost and net realisable value. Cost comprises direct costs of production.

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1.13 DebtorsDebtors amount are measured at the amounts the Charity anticipates it will receive from a debt or the made it has paid in advance for goods or services. Loans to individuals are concessionary loans to advance charitable purposes for the benefit of the charity's beneficiaries. Loans are initially recognised and measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments or further loans made. No interest is charged.

1.14 Cash at bank and in hand

Cash at bank and in hand includes cash and cash on deposit.

1.15 Liabilities

Liabilities are measured at the amounts the Charity anticipates it will pay to settle a debt or the amount it has received as an advance payment for goods or services it must provide.

1.16 Financial Instruments

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value, except for investments, which are shown at fair value (see note 1.10).

1.17 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

1.18 Taxation

The Charity is registered for VAT and is partially exempt. Irrecoverable VAT is not separately analysed and is charged to the Statement of Financial Activities when the expenditure to which it relates is incurred and is allocated as part of the expenditure to which it relates.

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CORFE CASTLE CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

2. INCOME FROM DONATIONS INCOME FROM DONATIONS Unrestricted Funds
2025 2024
£ £
Donations - £850
3. INCOME FROM INVESTMENTS Unrestricted Funds
2025 2024
£ £
Rent from investment properties 124,501 123,192
Income from investments
Interest receivable		 22,395
71		 20,550
73
£146,967 £143,815
4, INCOME FROM CHARITABLEACTIVITIES Unrestricted Funds
Maintenance
contributions fromalmshouses
Rents
fromaffordablehousing		 ; 2025
£
90,325
124,925
___£215,250		 2024
£
85,381
118,976
£204,357
5. EXPENDITURE ON RAISING FUNDS Unrestricted Funds
. £ £
Investment properties’ expenses ; 18,559 23,969
Letting agents’ fees 7,197 10,338
Legal fees 1,200 500
Staffcosts 769 730
Book printing and associated costs (adjusted for stock) - 47
£27,725 £35,584
6. EXPENDITURE ON CHARITABLE ACTIVITIES
2025 Directcosts Support Total
Otherdirect Staff Depreciation costs
costs
£		 costs
£		 anddisposals
£		 (Note7)
£		 2025
£
Grantsand gifts (Note 9)
Almshouses		 25,929
48,458		 -
10,764		 -
18,185		 14,460
14,460		 40,389
91,867
Affordable Housing 46,011 3,844 32,607 14,461 96,923
£120,398 £14,608 £50,792 £43,381 £229,179
2024 Other direct Directcosts
Staff		 Depreciation Support
costs		 Total
costs costs and disposals (Note 7)
2024
£ £ £ £ £
Grants and gifts (Note 9) 32,799 - - 14,047 46,846
Almshouses 43,008 10,215 16,174 14,047 83,444
Affordable Housing 47 583 3,648 31,623 14,048 96,902
£123,390 £13,863 £47,797 £42,142 £227,192
  1. EXPENDITURE ON CHARITABLE ACTIVITIES

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Of the total expenditure on charitable activities, £226,769 (2024: 224,782) was expenditure from unrestricted funds and £2,410 (2024: £2,410) was expenditure from endowment funds.

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CORFE CASTLE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

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7. SUPPORT COSTS Unrestricted Funds Unrestricted Funds Unrestricted Funds
2025 2024
GOVERNANCE COSTS £ £
Accountancy fees:
Audit 4,641 4,368
Accounts preparation 3,256 3,101
Payroll and auto-enrolment 745 715
Vat Returns and assistance
Insurance
Staff costs		 1,964
2,424
7,575		 1,912
2,612
7,346
Professional fees - :
20,605 20,054
OTHER SUPPORT COSTS
Staffcosts
Office expenses		 22,726
50		 22,038
50
Total £43,381 £42,142
8. STAFFCOSTS Total Total
2025 2024
£ £
Wages and salaries 44,977 43,303
Pension costs 701
Staffcosts comprised of:
a) Clerk's salary costs classed as support costs and allocated to activities they support based on time
apportionment.
b) Property Manager's salary costs classed as direct costs shared between Raising Funds and
Charitable activities based on time apportionment to commerical and charitable rental properties.
The average number of employees during the year was 2 (2024: 2). No employee received
remuneration
in excess of £60,000 and no Trustee received any remuneration, benefits in		 kind or
reimbursed expenses (2024: Nil).
The Trustees, the Clerk to the Trustees
management personnel of the charity. The		 and the Property Manager are considered
total cost ofthe key management personnel		 to be the key
during the year
was £45,678 (2024: £43,977).
9. GRANTS AND GIFTS Total Total
To individuals 2025
:
24,529		 2024
29,713
To institutions ~ 1,400
£26,928		 3,086
£52,799
Grants to Individuals Number Total Number Total
of grants 2025 of grants 2024
£ £
General grants 31 2,750 26 6,042
Educational grants 17 21,779 18 23,671
48 £24,529 44 £29,713

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CORFE CASTLE CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

9. GRANTS AND GIFTS (CONTINUED)

Grantsto Institutions Number Total Number Total
ofgrants 2025 ofgrants 2024
£ £
2 £1,400 5 £3,086

In 24/25 a grant of £1,000 was made to Corfe Valley News and a grant of £400 to Harlequin Care.

In 23/24 a grant of £1,000 was made to Crazy 4 Corfe, two grants in total of £1,500 to Corfe Valley News, a grant of £486 to Corfe Castle Primary School and a grant of £100 to Friends of Corfe Castle Community Library.

10, RELATED PARTY TRANSACTIONS

During the year two grants of £2,000 each were paid to relatives of a trustee and the clerk. (In 2024 two grants of £2,000 each were paid to relatives of a trustee and the clerk.)

  1. POST BALANCE SHEET EVENTS

In June 2024, the retail tenant of one of the commercial properties went into administration, with the property lease expected to be assigned to the new owner. Negotiations were underway prior to the yearend with the new owner which would have resulted in a reduction of future cash flows to the charity, and thereforeowner vacated a reducedthe propertymarket valuationwith no new waslease agreedin place.at 31 InMarchJuly 2025. 2025 thePosttrustees year-end,madein Maythe 2025,decisiontheto new market the property. With the original lease expected to be surrendered by the administrators, there is less certainty regarding future cash flows, estimated to reduce the value of the property by approximately £120,000 post year- end.

12. TANGIBLEFIXEDASSETS
COST		 Freehold
landand
buildings
£		 Furniture
fittingsand
equipment
£		 Housing
equipment
£		 Total
£
At 1 April2024
Additions		 2,109,901
-		 11,428
-		 310,876
59,053		 2,432,205
59,053
At 31 March 2025 2,109,901 11,428 369,929 2,491,258
DEPRECIATION
At 1 April2024
Charge for the year		 658,859
29,621		 11,428
-		 180,942
21,171		 851,229
50,792
Written back on disposals - - - -
At 31 March2025 688,480 11,428 202,113 902,021
NET BOOKVALUE
At 31 March 2025 £1,421,421 - £167,816 £1,589,237
At31 March2024 £1,451,042 - £129,934 £1,580,976
13. INVESTMENT PROPERTIES . Freehold
property
VALUATION 3
At 1 April 2024 1,841,000
Revaluation (250,000)
At31March2025 £1,591,000

The investment properties were valued in 2025 by the trustees. The trustees made assumptions regarding the expected future cash flows from commercial properties as at 31 March 2025 resulting in a reduction in the fair value of the properties. (see Note 11)

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:CORFE CASTLE CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

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||||||| |---|---|---|---|---|---| |14.|FIXED|ASSET|INVESTMENTS|||Charitable| |Common| |Investment| |Funds| |MARKET|VALUE|£| |At|1|April|2024|.|1,093,892| |Additions|at|cost|50,000| |Revaluations|(45,348)| |At|31|March|2025|£1,098,544|

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The historic cost of fixed asset investments at 31 March 2025 was £645,481 (2024: £595,481).

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|||||||||| |---|---|---|---|---|---|---|---|---| |15.|STOCK| |£|£| |Stock|of books|"The|Penny|Loaves|of Corfe|Castle"|£2,309|£2,309| |16.|DEBTORS| |AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR| |2025|2024| |£|£| |Trade|debtors|9,627|19,473| |Loans|to|individuals|5,000|6,062| |Prepayments|and|accrued|income|26,204|17,648| |£40,831|£43,183| |AMOUNTS|FALLING|DUE AFTER|MORE|THAN|ONE|YEAR| |2025|2024| |£|£| |Loans|to|individuals|20,202|23,927| |Prepayments|and|accrued|income|440|10,637| |£20,642|£34,564|

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The|loans|have|been|made|on|an|interest-free|basis|to|individual|households|that|have|encountered| |serious|financial|difficulty,|and|are|being|repaid|by|monthly|instalments.|The|loans|are|unsecured.| |Total|Loans|to|individuals|2025|2024| |£|£| |Balance|at|1|April|2024|29,989|10,548| |New|loans|authorised|in|year|250|25,560| |Amounts|repaid|in|the|period|(5,037)|(6,119)| |Balance|at|31|March|2025|£25,202|£29,989| |17.|CREDITORS:| |:|AMOUNTS FALLING DUE WITHIN ONE YEAR|2025£|2024£| |.|Rent deposits|6,071|6,071| |7|VAT,|Social|security|and|other taxes|5,486|5,165| |||Other creditors|3,172|2,056| |||Accruals and|deferred|income|21,725|28,780| |Accruals|for grants|payable|374|1,125| |£36,828|£43,197| |||Page|15|SSS EEE|

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CORFE CASTLE CHARITY

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NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

)

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (CONTINUED)

,

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||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Deferred|income|2025|2024| |£|£| |Balance|at|1|April|2024|19,559|18,461| |Amounts|released|to|incoming|resources|(19,559)|(18,461)| |Amounts|deferred|in|the|period|14,545|19,559| |Balance|at|31|March|2025|£14,545|£19,559| |Deferred|income|comprises|the|portion|of|rent|that|relates|to|periods|after|the|balance|sheet|date.| |Accruals|for grants|payable|2025|2024| |£|£| |Grant commitments|recognised|as|at|1|April|2024|1,125|1,250| |New grant commitments charged|to the SOFA|in year|25,929|32,799| |Grants|paid during|the|year|(26,680)|(32,924)| |Grant commitments|recognised|as|at|31|March|2025|£374|£1,125| |— ee| |THE|FUNDS|OF|THE|CHARITY| |2025|Brought|Income|Expenditure|Gains/|Carried| |Forward|(Losses)|Forward| |£|g|£|£|£| |ENDOWMENT|FUNDS| |Endowed|Funds|1,547,256|-|(2,410)|(132,381)|1,412,465| |UNRESTRICTED|FUNDS| |General|Fund|2,080,966|362,267|(235,239)|(162,967)|.|2,045,027| |Designated|Property|Fund|969,745|-|(19,255)|-|950,490| |TOTAL|3,050,711|362,267|(254,494)|(162,967)|2,995,517| |FUNDS|£4,597,|967|£362,267|£(256,904)|(295,348)|£4,407 ,982| |2024|Brought|Income|Expenditure|Gains/|Carried| |Forward|(Losses)|Forward| |£|£|£|£|£| |ENDOWMENT|FUNDS| |Endowed|Funds|1,533,104|-|(2,410)|16,562|1,547,256| |UNRESTRICTED|FUNDS| |General|Fund|1,891,461|349,022|(241,111)|81,594|2,080,966| |Designated|Property|Fund|989,000|~|(19,255)|-|969,745| |2,880,461|349,022|(260,366)|81,594|3,050,711| |TOTAL FUNDS|£4,413,565|£349,022|£(262,776)|£98,156|£4,597, 967|

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18. THE FUNDS OF THE CHARITY

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H 7CORFE CASTLE CHARITY :

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

18. THE FUNDS OF THE CHARITY (CONTINUED)

The permanent Endowment Funds comprise assets gifted to the Charity for it to use to provide benefits to the local community. The income arising is unrestricted,

The General Fund exists to provide relief either generally or individually to persons resident in the parish of Corfe Castle who are in conditions of need, hardship or distress, including the provision of

Any additions to endowed properties financed from Unrestricted Funds continue to be part of Unrestricted funds.

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The Designated Property Fund represents the net book value of properties purchased and built to provide affordable housing in the parish of Corfe Castle. The Trustees have designated this fund to distinguish it from resources freely available to fund future projects.

iI n theaccordance Trustees'withopinion,any restrictions.the resources are held in an appropriate form to enable each fund to be applied

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19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDSOF NET ASSETS BETWEEN FUNDSNET ASSETS BETWEEN FUNDSBETWEEN FUNDSFUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDSOF NET ASSETS BETWEEN FUNDSNET ASSETS BETWEEN FUNDSBETWEEN FUNDSFUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDSOF NET ASSETS BETWEEN FUNDSNET ASSETS BETWEEN FUNDSBETWEEN FUNDSFUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDSOF NET ASSETS BETWEEN FUNDSNET ASSETS BETWEEN FUNDSBETWEEN FUNDSFUNDS Unrestricted Endowment Total
Funds Funds Funds
2025 2025 2025 2025
£ £ £
Tangible fixed assets 1,392,193 197,044 1,589,237
Investment properties , 563,274 1,027,726 1,591,000
Fixed asset investments 910,849 187,695 1,098,544
Debtors due in more than one year 20,642 - 20,642
Stock 2,309 - 2,309
Debtors due in less than one year 40,831 - 40,831
Cash at bank and in hand 102,247 - 102,247
Liabilities (36,828) - (36,828)
£2,995,517
Fo		 £1,412,465 £4,407 ,982
A
Unrestricted Endowment Total
Funds Funds Funds
2024 . 2024 2024 2024
£ £ £
Tangible fixed assets 1,381,525 199,451 1,580,976
Investment properties 690,067 1,150,933 1,841,000
Fixed asset investments
Debtors due in more than one year		 897,020
34,564		 196,872
-		 1,093,892
34,564
Stock . 2,309 - 2,309
Debtors due in less than one year
Cash at bank and in hand		 43,183
45,240		 -
-		 43,183
45,240
Liabilities (43,197) - (43,197)
£3,050,711 £1547,256 £4597,967

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At 31 March 2025 the charity had £11,294 of capital expenditure commitments (2024: £9,163),

  1. CAPITAL COMMITMENTS

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CORFE CASTLE CHARITY

NOTES TO THE FINANGIAL STATEMENTS for the year ended 31 March 2025

21. PENSION COMMITMENTS

----- Start of picture text -----
7
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The charity contributes to a defined contribution pension scheme with NEST and had 1 active member in the scheme. During the year the contributions were £701 (2024: £674) and contributions of £560 (2024: £358) were outstanding at the balance sheet date.

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22. OPERATING LEASES (a lessor) The charity is entitled to the following future minimum lease receipts under non-cancellable operating leases:

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Due|in|not|later than|one|year|27,754|50,833| |Due|in|later than|one|year|and|not|later than|five|years|26,667|171,000| |Due|in|later than|five|years|-|127,500| |54,421|349,333| |COMPARATIVE|STATEMENT|OF|FINANCIAL|ACTIVITIES|FOR YEAR YEAR|ENDED|31|MARCH|2024| |Unrestricted|Endowment|Total| |Funds|Funds|Funds| |2024| |Note|£|£|£| |INCOME FROM:| |Donations|and|legacies|2|850|-|850| |investments|3|143,815|-|143,815| |Charitable|activities|4|204,357|-|204,357| |Other|-|-|.| |TOTAL INCOME|349,022|-|349,022| |EXPENDITURE|ON:| |Raising funds|5|35,584|-|35,584| |Charitable|activities|6|224,782|2,410|227,192| |TOTAL EXPENDITURE|260,366|2,410|262,776| |NET|INCOME|/ (EXPENDITURE)|88,656|(2,410)|86,246| |NET GAINS/(LOSSES)|ON INVESTMENTS| |Unrealised|Gains|and losses|on|revaluation|of| |Investments|13|81,594|16,562|98,156| |TOTAL GAINSHLOSSES)|ON INVESTMENTS|81,594|16,562|98,156| |NET MOVEMENT IN FUNDS FOR|THE|YEAR|170,250|14,152|184,402| |Total funds|at|7|April 2023|18|2,880,467|1,533,104|4,413,565| |TOTAL FUNDS AT 31 MARCH 2024|18|£3,050,711|£1,547,256|£4,597 ,967|

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23. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR YEAR ENDED 31 MARCH 2024

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