REGISTERED COMPANY NUMBER: 03416760 (England and Wales)
REGISTERED CHARITY NUMBER: 1079008
Re
ort of the Trustees and
Financial statements forthe Year Ended 31 December 2023
for
TheA le
Pa
er Trail
Xeinadin Audit Limlted
8th Floor Becket House
36 Old Jewry
London
EC2R 8DD

The A sle
er Trail
Contents of the Financial Ststements
for the Year Ended 31 December 2023
Page
Report of the Trustees
Report of the Independent Auditors
9 to 12
Statement of Financial Activitie5
13
Balance Sheet
14 to 15
Cash Flow Statement
16
Notes to the Financial Statements
17 to 32
Detailed Statement of Financial Activities
33 to 36

The A sle Pa
erTrail
Re
ort of the Trustees
for the Year Ended 31 December 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present
their report with the financial statements of the charity for the year ended 31 December 2023. The trustees
have adopted the provisions of 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 IFRS 102) (effective l January 20191.
OBJECTIVES AND AcfiviTIES
Objertives and aims
To educate the public in the art and science of paper based communication including its history, present
and future, and to conserve and maintain buildings, equipment and documents connected with paper
production and usage in the United Kingdom.. particularly in the valley of the River Gade.
Page I

TheA le
Pa
r Trail
rt of the Trustees
for the Year Ended 31 December 2023
OBJEcfivE5 AND AcfiviTIES
Significant events In 2023
o APT are paying a Significant rent to its landlord, the Dacorum Borough Council. It is still an objective of
the Trust to gain ownership of Frogmore Paper Mill. The Council is in agreement in principal that APT
purchase Frogmore Mill land and buildings, initial dlscussions have commenced in 2024.
o APT recelved 13 grants totalling £27,025. These included monies to deliver a green loutdoorl classroom,
an archive extension, and LED lighting throughout.
o Work was completed on a third paper machine, a bespoke Fourdrinier conveyor mould paper machine. It
is dedicated to producing seed papers, a Frogmore paper grade that has gained enormously in popularity
amongst specialist paper buyers.
o Successful fund-raising campaigns yielded over £40,500 in the year.
o APT is now offlcially working towards the Arts Council Museum Accreditation.
o Plannlng consent has been approved forthe major repair works of roof5 and brick walls of the stock room
and PM2 building. A design and construction team is managing this'Phoenix' project.
o Following the arson attack of 2022, the insurance payout has been agreed and paid out.
o There has been a successful prosecution of the young arsonists, who participated in RJR (Restorative
Justice Reparation) work at Frogmore Paper Mill during the summer.
o A ceremony was held at St. Mary's church, Abbots Langley, to celebrate the centenary of John Evans
birth.
o The APT Heritage Fire Brigade team were able to attend two local shows during the year and contlnue to
maintain and improve the qua lity of these historic appliances.
o Full occupancy of APT'S investment properties was realized for the first time.
o Our growing volunteer maintenance team coordinated by Alan Banton completed many valuable
projects. It also fulfilled some key tasks including garden maintenance on our two sites, recommissioning
inside spaces for further mill use, preparin8 and decorating office space in readiness to accommodate
additional tenants, and completing the refurbishment of the JDEC bathrooms.
o Industrial areas within the Mill and currently unused by the Charity continue to be rented out to film
companies.
o Despite the fact the centre is closed to Vi51tor5, APT'S education officer, Sue Woolnough's promotion of
Frogmore to schools via 'outreach' assemblies and workshops.
o Gary Fuller's management of our in-house paper business continues to achieve growth year on year. He
has also been Instrumental in tralning up staff to operate the bespoke paper machine commissioned thls
year. It has helped towards a record year for sales,
o During the year, and when possible, volunteers gave off-site talks promoting Apsley Paper Trail.
Page 2

The A sle Pa
er Trail
ort of the Trustees
forthe Year Ended 31 December 2023
OBJECTIVES AND AcfMTIES
o Other activities included successful'storyboats, throughout the year and a successful art auction.
o The Rotary Club's Santa's Sleigh was based at Frogmore in the days before Christmas.
Public benefit
Beyond being a significant 51te from a world-wide and national viewpoint, the Trust serves the local region,
particularly these six communities:
Gade Valley residents. workers, learners and visitors
Schools, especially in and around the Gade Valley
-The British paper industry and allied trades
Paper based art and craft practitioners
Descendants of former Gade Valley paper mill workers
Social and industrial historians
Apsley Paper Trail's charitable activities provide the following benefits, some of which have been restricted
due to the arson attack on 22nd January 2022 that resulted in the demolition of the Visitor Centre:
o We are custodians of a heritage site of world significance, preserving and conserving paper industry
history by keeplng the world's oldest mechanised paper mill operatlng, and giving the public access to
industrial processes and historical exhibitions. We inform and entertain visitors With the story of paper.
o We maintain and catalogue the archlve for John Dickinson Stationary Ltd, formerly the major employer
in the area; the British Paper Company; and other local paper and print related collections.
o We house The Paper Trail Heritage Fire Brigade, conserving historic paper-mill fire appliances and
equipment.
o We provide rehearsal and storage space for the Hemel Hempstead Band (formerly the John Dickinson
factory band).
o We have the 'Learning Outside the Classroom Quality Badge, and deliver a unique schools, education
programme related to heritage paper making to students every year. Currently this is delivered through
outreach.
o We offer work experience for young adults including those with severe learning and physical
difficulties.
o We provide free training for long-term unemployed people, helping them back into work, free IT
training to assist them and the digitally excluded, and training to help companies to improve their business.
o We provide free IT drop-in training sessions, {due to the fire, these are currently held at the Sin Café
-Apsley- mostly used by senior member5 of the local community.
o Pre fire we offered a range of adult leisure classes. designed to cover subjects no longer delivered by
our local college, some of them free. These are suspended until an in-house facility has been constructed.
o We specialise in supporting the socially or economicaSly excluded, and our volunteer programme provides
additional opportunities for more than 60 volunteers from all walks of life.
o The art gallery, that provided studio accommodation for artists in exchanEe for support with our visitor
activities was also destroyed by the fire. This facility too must wait reconstruction of a visitor area.
o We continue to provide accommodation for over 20 businesses in our enterprise centre, helping sustain
more than 90 local jobs.
o We support local small businesses by offering space, at minimal cost, for Selling their products at our
Christmas fair, food fairs and other event5.
Page 3

The A sle
er Trail
Re
ort of the Trustees
forthe Year Ended 31 December 2023
FINANCIAL REVIEW
Financlal Review and Reserves Pollcy
In 2023 the charity carefully managed its resources in order to continue to support its objectives and
rnaintain financial viability. The Trustees have paid due regard to guidance issued by the Charity
Commission in deciding what activities they should undertake.
Our principal revenue streams were as follows: Donations and legacies £33,496 12022: £118,006)
Investment income £411,383 (2022: £304,767), Charitable activities £245,581 {2022: £253,017), and other
income £16,25112022: £1,978,764).
Depreciation and amortisation totalled £27,366 {2022: £23,948)
We finished the period covered by this report with a cash balance of £1,046,558 {2022: £455,248)
Unrestricted funds at the year end totalled £3.268,653, while restricted funds totalled £259,323.
We note that the audit report has been qualified in respect of the valuations of the properties included
within freehold property and investment property. While we are aware of the requirement to revalue the
properties wlth sufficient regularity to ensure they are not mi5Stated, at this time we do not consider it to
be a suitable use of the charities funds to do so.
Reserves policy
We maintained our reserves poli￿ of £50,000 credit,
FUTURE PLANS FOR 2024 AND BEYOND
The key objective for 2024 is to work on delivery of the temporary visitor centre in the store room area
(close to Durance Hill Road) to include shop, drinks facility, museum, visitor toilets, and to plan and devise a
guided visitor route through the Paper Mlll. It is hoped this will facilitate reopening to visitors in 2025.
o Continue making grant applications, and additionally with the very attive and, all-encompassing,
fund-raising campaign.
o Continue to develop our plan5 for an enhanced visitor experience at Frogmore Paper Mill for 2024125.
o Given the arson attack, still investl8ate the possibility of the Charity purchasing the Frogmore Paper Mill
site.
o Develop further our relationship with the paper manufacturing industry.
o Revisit APT'S various policies, and ensure they meet today's requirements, particularly with regard to
'safeguarding', financial management et al,, and 'risk assessment,.
o Further develop the archive to include a substantial focus on the Gade Valley as the blrthplace of
mechanized paper production. and on its entrepreneur and paper maker John Dickinson and the John
Dickinson Company.
Page 4

TheA sle Pa erTrail
Re ort of the Trustees
for the Year Ended 31 December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Govemlng document
The Apsley Paper Trail is a charitable company limited by guarantee, governed by its Memorandum and
Articles of A550ciation dated 8th August 1997 amended by Special Resolution dated 14th January 2000.
The Charity operates on two Sites near each other in Apsley, Hertfordshire- Ap51ey Mills Cottage, and
Frogmore Paper Mill.
The Trustees, together with the CEO and senior manager5, are responsible for strategic direction of the
Charity. Operational decisions are delegated to staff.
The Trustees meet at least quarterlv.
Trustees are appolnted by the Board. New Trustees are selected for their appropriate skills and the
manner in which these skills compliment those of other board members.
All Trustees give their time
voluntarily and received no benefits from the Charity.
Volunteers play a key role in the delivery of the Charity's objectives. They are managed by the Charity
which interviews all applicants and matches their skills and knowledge to available opportunities.
Volunteers donate their time and skills in a wide range of tasks including: creating a unique archive and
artefact collection. Tour-guiding, demonstrating hand-made paper making, staffing the Visitor Centre,
making and selling stationary products has ceased due to the reconstruction of the site following the arson
attack in January 2022. It is hoped the temporary visitor centre will open again at the end of 2024/ earlv
2025. However, they are engaged in supporting some work on the reconstruction and still art as tutor5 for
IT and other course5, maintaining and crewing its boat, maintaining & demonstrating the heritage fire
equipment. They continue their support with ongoing maintenance & restoration work, painting &
decorating, gardenin& and office & administration work.
Thanks
It is not possible to overstate the effort and 5UPPOrt given to the Charlty by it5 Staff, volunteers and
consultants.
Sincere thanks to all.. from the Trustees.
Page 5

The A sle
Pa er Trail
Re
ort of the Trustees
for the Year Ended 31 December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The Trustees accept and take seriously their responsibility for risk management at Apsley Paper Trail. We
have taken advice from professiona15 and put in place a comprehensive risk management process which
includes-
Identification of risk through risk assessments for all areas and activities.
Assessment of levels of risk according to possible impact and the likelihood of occurrence.
Establishment of control systems to manage identified risks.
Maintenance of a Risk Register.
Regular reviews by senior management.
Given the nature and complexity of our activities, particularly the heritage equipment and manufacturing
operation which is fundament31 to our strategic objectives and is open to the public, we take very seriously
our duty to protect staff, volunteers and visitors, complying with legal and insurance requirements, while
continuing the manufacturing operation.
Controls in place for major risks include:
Regular health and safety checks on all Machinery, equipment and buildings.
Strict rules on supervlsion of visitors, with a higher supervlsor ratio for young and vulnerable people.
Properly guarded machinery with clearly marked routes for visitors.
Clearly signed emergency exits, with provision for 31ertin8 those with vision or hearing problems, and for
assisting those with mobility problems.
Provision of safety clothing and equipment where relevant.
Appropriate skills specified for Trustees, staff, sub-contractors and volunteers, with training and
development as appropriate.
Strategic and operational plans agreed at Trustee level and monitored throughout the year.
Reserves policy and contingency plan.
Spending controls including specified authority levels.
Careful management of grant-funded projects to ensure compliance and delivery of all contracted
activitie5 on time.
Disaster recovery plan including data back-up procedures and precautions.
Communications plan including procedure for complaints and adverse publicity.
Input from professional advisers including auditors. insurers, health and safety specialists.
Embedding risk identification, evaluation and monitoring in working processes, and management
procedures.
Monthly reviews by senior management.
Bi-annual review by the Trustees.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
03416760 (England and Wales)
Registered Charity number
1079008
Pa8e 6

TheA le Pa
rTrail
rt of the Trustees
for the Year Ended 31 December 2023
Registered office
Apsley Mills Cottage
London Road
Hemel Hempstead
Hertfordshire
HP3 9RL
Trustees
S N P Ody Leisure industry consultant
H B Clarke Company director
J D Watsorb Chair
Mrs H Robinson Company director
Dr S Mann Company director
J Colton
P Burford
Auditor5
Xeinadin Audit Limited
8th Floor Becket House
36 Old Jewry
London
EC2R 8DD
CEO
Mrs Elena Lewendon
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The trustees {who are also the directors of The Apsley Paper Trail for the purposes of company law) are
responsible for preparing the Report of the Trustees and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
Company law 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 charitable company and of the incoming resources and
application of resource5, including the income and expenditure. of the charitable company for that period.
In preparing those financial statements, the trustees are required to
select suitable accounting policies and then apply them consistentlyi
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the charitable company and to enable them to ensure that
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the charitable company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
Page 7

The A sle Pa
erTrail
Re ort of the Trustees
for the Year Ended 31 December 2023
srATEMENT OF TRUSTEES. RESPONSIBILITIES - continued
In $0 far a5 the trustees are aware:
there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any
relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual
General Meeting.
Approved by order of the board of trustees on......
and signed on it5 behalf by:
J D Watson - Trustee
Page 8

Re ort of the Inde endent Auditors to the Trustees of
The A sle
Pa er Trail
Qualified oplnlon
We have audited the financial statements of The Apsley Paper Trail (the 'charitable company,) for the year
ended 31 December 2023 which comprise the statement of Financial Activities, Balance Sheet, the Cash
Flow Statement, 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the Basis for qualified opinion section the
financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of
it5 incoming resources and application of resources, including its income and expenditure. for the year
then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for qualified oplnion
We were unable to obtain sufficient audit evidence to satisfy ourselves concerning the properties valuation
at 31 December 2022 which is included in the comparative results. Consequently we were unable to
determine whether any adjustment to these results were necessary.
The properties were revalued in 2023 and we believe that the value of the properties is appropriately
stated at 31 December 2023.
Conclusion5 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 condition5 that, individually or collectively, may cast significant doubt on the charitable company's ability
to continue as a gotng concern for a period of at least twelve months from when the financial statements
are authorised for issue.
Our responsibilities and the responsibilitie5 of the trustees with respect to going concern are described in
the relevant sections of this report.
Page 9

Re
ort of the Inde
endent Auditors to the Trustees of
The A sle
er Trail
Other information
The trustees are responsible for the other information. The other information comprises the information
included in the Annual Report, other than the financial Statements and our Report of the Independent
Auditors 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.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing $0, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material misstatements, we are required to determine
whether this gives rise to a material misstatement in the financial statements themselves, 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.
As described in the Basis for qualified opinion section of our report, our audit opinion is qualified for the
lack of revaluation of the properties and the lack of depreciation of freehold property. Information on fixed
assets included in the Trustee's report also omits this infomiation and accordingly we have concluded that
the other information is materially misstated forthe same reason.
Matters on whl¢h we are required to report by exceptlon
We have nothing to report in respect of the following matters where the Charities {Accounts and Reports)
Regulations 2008 requires us to report to you if, in our opinion:
the information given in the Report of the Trustees is inconsistent in any material respect with the
financial statements. or
the charitable company has not kept adequate accounting records; or
the financial statements are not in agreement with the accounting records and
returns; or
we have not received all the information and explanations we require for our audit.
Responsibilltles of trustees
As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the
directors of the charitable company for the purposes of company law) are responsible for the preparation
of the financial statements and for being satisfied that they give a true and fair view, and for such internal
control as the trustees determine is necessary to enable the preparation of financial statement5 that are
free from materlal misstatement, whether due to fraud or error.
In preparlng the financial statements, the trustees are responsible for assessing the charitable company's
ability to continue as a going concern, disc105ing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the trustees either intend to liquidate the charitable Company
or to cease operations, or have no realistic atternative but to do so.
Page 10

ort of the Inde
endent Auditors to the Trustees of
The A sle
Pa
er Trail
Our responsibllltSe5 for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance
with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent
Auditors 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 {UKI will always detect a material misstatement
when it exists. Misstatements can arlse 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.
The extent to which our procedures are capable of detecting irregularities, including fraud Is detailed
below:
Discussions with and enquiries of management and those charged with governance were held with a view
to identifying those laws and regulations that could be expected to have a material impatt on the financial
statements, During the engagement team briefingi the outcomes of these discussions and enquiries were
shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a dirert effect on the financial statement include UK
flnancial reporting standards, Charities Regulations, Company Law and Tax.
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the
business and therefore may have material effect on the financial statements include antl-bribery, health
and safety legislation and regulations affecting public relations companie5.
Audit procedures undertaken in response to the potential risks relating to irregularities Iwhich include
fraud and
non-compliance with laws and regulattonsl comprised of..
Inquiries of management and those charged with governance as to whether the entity complies with such
laws and regulatlons.
Enquiries with the same concerning any artual or potential litigation or claims.
Inspection of relevant legal correspondence and review of board minutes.
- Testingthe appropriateness of journal entries.
Performance of analytical review to identify unexpected movements in account balances which may be
indicative of fraud, with particular focus on areas affecting the recognition of revenue.
A further description of our responsibilities for the audit of the financial statements is located on the
Financlal Reporting Council's web51te at www.frc.org.uk/auditorsrespon5ibilities. This description forms
part of our Report of the Independent Auditors.
Page 11

Re
rt of the Inde
ndent Auditors to the Trustees of
The A sle Pa
rTrail
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the
Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might
state to the charitable company's trustees those matters we are required to state to them in an auditors.
report and for no other purpose. To the fullest extent permitted by law, we do not accept or a55ume
responsibility to anyone other than the charitable company and the charitable company's trustees as a
body, for our audit work, for this report, or for the opinions we have formed.
Xeinadin Audit Limited
EIiEible to act as an auditor in terms of Section 1212 of the Companies Act 2006
8th Floor Becket House
36 Old Jewry
London
EC2R 8DD
Date: ...................
Page 12

The A sle
erTrail
Statement of Financial Activities
for the Year Ended 31 December 2023
31.12.23
Total
funds
31.12.22
Total
funds
as restated
Unrestricted
fund
Restricted
fund
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
33A96
33,496
118,006
Charitable artivities
Visitor centre
Grants
Papertrading
Education and training
13,359
27,025
205.197
13,359
27,025
205.197
7,541
50,290
194,715
471
Investment income
Other income
411.383
16,251
411,383
16,251
304,767
1,978,764
Total
706,711
706,711
2,654,554
EXPENDITURE ON
Raising funds
281,877
2.198
284,075
257,913
Charltable activities
Visitor centre
Paper trading
Education and training
281,582
199,532
68,001
3.517
2,198
880
285,099
201,730
68,881
1,035,488
151,273
56,235
Other
155,504
155,504
196,019
Total
986,496
8,793
995,289
1,696,928
Net gainslllosses} on investments
150,0001
150,000)
NEf INCOME/(EXPENDITUREI
{329.785)
18,793) (338,578)
957,626
RECONCIUATION OF FUNDS
Total funds brought forward
3,598,438
268,116
3,866,554
2.908,928
TOTAL FUNDS CARRIED FORWARD
3,268,653
259,323
3,527,976
3,866,554
The notes form part of these financial statements
Page 13

The A sle
er Trail
Balance Sheet
31 December 2023
31.12.23
Total
funds
31.12.22
Total
funds
as restated
Unrestricted Restricted
fund
fund
Notes
FIXED ASSETS
Intangible assets
Tangible assets
Heritage assets
Investment property
15
2,420
16
477,308
17
532.044
18 2,700,000
2,420
736,631
532,044
2,700,000
3,025
378,247
532,044
2,750,000
259,323
3,711,772
259,323
3,971,095
3,663,316
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in hand
19
20
27A31
175,626
1,046.558
27,431
175,626
1,046,558
26,583
1,461,780
455,248
1,249,615
1,249,615
1,943,611
CREDITORS
Amounts falling due within one year
21
(338,701)
(338,701)
1374,867)
CURREKf ASSErs
910,914
910,914
1,568,744
TOTAL ASSETS LESS CURRENT LIABIUTIES
4,622.686
259,323
4,882,009
5,232,060
CREDITORS
Amounts falling due after more than one
year
22 11,354,033)
11,354,033) (1,365,506)
NET ASSETS
3,268.653
259,323
3,527,976
3,866,554
FUNDS
Unrestricted funds
Restricted funds
26
3,268,653
259,3Z3
3,598,438
268.116
TOTAL FUNDS
3,527.976
3,866,554
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006
for the year ended 31 December 2023.
The notes form part of these financial statements
Page 14
continued...

The A le Pa erTrail
Balance Sheet- continued
31 December 2023
The members have not deposited notice, pursuantto Section 476 of the Companies Act 2006 requiring an
audit of these financial statements.
The trustees acknowledge their responsibilities for
(a)
ensuring that the charitable company keeps accounting record5 that comply with Sections 386 and
387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable
company as at the end of each financial year and of its surplus or deficit for each financial year in
accordance with the requirements of Sections 394 and 395 and which otherwise comply with the
requirements of the Companies Art 2006 relating to financial statements, so far as applicable to the
charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act
2011.
These financial statements have been prepared in accordance with the provisions applicable to charitable
companies subject to the small companies regime.
The
ancial statements were approved by the Board of Trustees and authorised for issue on
and were signed on its behalf by:
J D Watson - Trustee
The notes form part of these financial statements
Page 15

The A sle Pa
er Trail
Cash Flow Statement
for the Year Ended 31 December 2023
31.12.23
31.12.22
as restated
Notes
Cash flows from operating activities
Cash generated from operations
Interest paid
30
1,1)68.888
{90,3791
345,676
{45,051}
Net cash provided by operating activities
978,509
300,625
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
(385,145)
{189,837}
138,438
188
38,522
Net cash used in investing activities
1346,623)
{51,2111
Cash flows from financing actlvltles
Loan repayments in year
(39,792)
{44,129)
Net cash used in financing activities
139,792)
{44,129}
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
592,094
205,285
31
454A64
249,179
Cash and cash equivalents at the end
of the reporting period
31
1.046.558
454,464
The notes form part of these financial statements
Page 16

TheA le Pa
r Trail
Notesto the Financlal Statements
forthe Year Ended 31 December 2023
ACCOUNTING POLICIES
Basls of preparing the flnancial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102,
have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by
Charities- Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland {FRS
1021 {effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements
have been prepared under the historical cost convention, as modified by the revaluation of certain
assets.
Going concern
The trustees believe that sufficient funds are available forthe foreseeable future and that the charity
will continue for the next 12 months, hence the accounts have been prepared on the going concern
basis.
Income
All incorne Is recognised in the Statement of Financial Activities once the charity has entitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
PaperTradlng Income
Paper trading income is measured at the fair value of the consideration received or receivable,
excluding discounts, rebates, value added tax and other sales taxes for the paper that is sold. The
income is recognised at the date the paper is transferred to the customer.
Grant Income
Grant income is recognised on the accruals basis.
Other Income
Other income is recognised on the accruals basis once the amount can be measured reliably.
Rental Income
Rental income is recognised on the accruals basis based on which period the rent relates to.
Interest Income
Interest income is recognised on the accruals ba515.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or construttive obligation
committing the charity to that expenditure, it is probable that a transfer of economic benefits will be
required in settlement and the amount of the obligation can be measured reliably. Expenditure is
accounted for on an accruals basis and has been classified under heading5 that aggregate all cost
related to the category. Where costs cannot be dirertly attributed to particular headings they have
been allocated to activities on a basis con5i5tent with the use of resources.
Allocatlon and apportlonment of costs
All costs directly associated with a particular activity are allocated wholly to the applicable activity.
Page 17
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The A sle Pa er Trail
Notes to the Financial Statements- continued
for the Year Ended 31 December 2023
ACCOUNTING POLICIES - contlnued
Allocation and apportionment of costs
For all other costs, these are apportioned based on the number of hours attributable to each area.
These costs a￿ split as follows:
Percentage of
costs allocated
Activity
Investment
management
Visitor centre
Grants
Paper trading
Education and training
2022
2S
40
25
40
25
io
25
io
There has been no change is cost allocation.
Intangible assets
The Charity acquired trademarks in the previous year. They are held at cost. As trading under the
names has commenced, the following amortisation policy.
Patents and licences
- IO% on cost
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each a$5et over its
estimated useful life.
lrnprovements to leasehold property - 2% on cost
Plant and machinery
- IO% on cost
Fixtures and fittings
- 20% on cost
Computer equipment
- 33% on cost
Heritage
- not provided
Heritage assets
Heritage assets are recognised and held at historic cost.
Investments
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from
changes in fair value is recognised in the Statement of Financial Activities.
Investment properties are measured at cost in the year of their acquisition and then at fair value
each year thereafter in accordance with section 10.48 of the charities SORP {FR5102). Any variation
in value year on year is recognised in the SOFA.
The investment properties are rented out to tenants. The method used to determine the fair value is
to take a multiple of the market rate rent which the trustees view to be reasonable.
Page 18
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The A sle Pa
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Notes to the Financial Statements- continued
for the Year Ended 31 December 2023
AccouKfiNG POLICIES - cont5nued
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for
obsolete and slow moving items.
Taxatlon
The charity is exempt from corporation tax on its charitable activities.
Investment income is also exempt as it is fully reinvested in charitable activities.
Fund accounting
Unrestricted fund5 can be used in accordance with the charitable objective5 at the discretion of the
trustees.
Restricted funds can only be used for particular restricted purposes Wlthin the objects of the charity.
Restrictions arise when specified by the donor or when fund5 are raised for particular restricted
purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial
statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable
to the charitable company's pension scheme are charged to the Statement of Financial Activities in
the period to which they relate.
Financial instruments
Debtors
Short term debtors are measured at transartion price. less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, includin8
bank loans, are measured initially at fair value, net of transaction cost5, and are measured
subsequently at amortised cost Using the effective interest method.
Cash In Hand
Cash at bank in the balance sheet comprlse cash at banks and in hand and short term deposits with
an original maturity date of three months or less.
Page 19
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The A sle
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Notes to the Financial Statements- continued
for the Year Ended 31 December 2023
DONATIONS AND LEGACIES
31.12.23
31.12.22
as restated
Donations
33,496
118,006
INVESTMENT INCOME
31.12.23
31.12.22
as restated
Rents received
Deposit account interest
372,861
38,522
304.579
188
411,383
304,767
INCOME FROM CHARITABLE AcfiviTIES
31.12.23
31.12.22
as restated
Activity
Visitor centre admissions,
etc
Grants
Paper making
Courses
Visitor centre
Grants
Paper trading
Education and training
13.359
27.025
205,197
7.541
50,290
194,715
471
245,581
253,017
OTHER INCOME
31.12.23
31.12.22
as restated
Rents received
Insurance payment receivable
16.251
11,845
1,966,919
16.251
1,978,764
Other income in prior period includes insurance proceeds received following the fire at the visitor
centre. The proceeds have no conditions attached to them and the￿fOre are unrestricted income. A
proportion of the proceeds have been netted off with the associated loss on disposals to the extent
that the restricted fund is not in deficit at the year end. No further funds are expected from the
insurance company.
Page 20
continued..

TheA sle Pa
rTrail
Note5 to the Flnancial Statements- continued
for the Year Ended 31 December 2023
RAISING FUNDS
Investment management costs
31.12.23
31.12.22
as restated
Staff costs
Administrative expenses
Rates and utilities
Property repairs
Insurance
Bad debts
Management fees
Depreciation
Support costs
74.766
3,985
131,932
37,327
22,077
69,588
5.281
134,695
20,257
12,837
2,450
5,897
5,987
921
7.146
6.842
284,075
257,913
CHARITABLE AcfiviTIES COSTS
Support
costs15ee
note 8)
Direct
Costs
Totals
Visitor centre
Paper trading
Education and training
13,013
31,680
251
272.086
170,050
68.630
285,099
201.730
68A81
44,944
510,766
555,710
SUPPORT COSTS
Visitor
centre
Education
& training
Finance
Other resources expended
Visitor centre
Papertrading
Education and training
90,379
972
271,114
851
67.779
92,810
271,114
67,779
Page 21
continued...

The A sle
Pa er Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
SUPPORT COSTS - continued
Governance
costs
Other
Totals
Other resources expended
Visitor centre
Paper trading
Education and training
65,125
155,504
272,086
170,OSO
68,630
169,442
169,442
65,125
666,270
NEf INCOME/IEXPENDITURE)
Net income/(expenditurel is stated after charging/lcrediting>:
31.12.23
31.12.22
as restated
Depreciation - owned assets
Deficit on disposal of fixed assets
Patent5 and licences amortisation
Insurance proceeds
26,761
23,343
773,245
605
(1,966,919)
605
10. AUDITORS, REMUNERATION
31.12.23
31.12.22
as restated
Fees payable to the charity's auditors for the audit of the charity's
financial statements
Auditors, remuneration for non audit work
4,575
4,250
1,556
Page 22
continued...

The A sle Pa er Trail
Notes to the Financial Statements- continued
forthe Year Ended 31 December 2023
11. TRUSTEES. REMUNERATION AND BENEFITS
There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor
for the year ended 31 December 2022.
Trustees, expenses
There were no trustees, expenses paid for the year ended 31 December 2023 nor for the year
ended 31 December 2022.
12. STAFF COSTS
31.12.23
31.12.22
as restated
Wages and salaries
Social security Costs
other pension costs
274,185
17,428
7,452
254,324
17,503
6,525
299,065
278,352
The average monthly number of employees during the year wa5 a5 follows:
31.12.23
31.12.22
as restated
Management
Finance
Support staff
10
10
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
31.12.23
31.12.22
as restated
£60,001- £70,000
The total amount of employee benefits (including employer pension contributions} received by kev
management personnel for their services to the charity was £150,418 {2022: £135,486}.
Page 23
continued...

The A sle
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Note5 to the Flnancial Statements - continued
forthe Year Ended 31 December 2023
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcrivmES
Unrestricted Restrirted
fund
fund
Total
funds
as restated
INCOME AND ENDOWMENTS FROM
Donations and legacies
118,006
118,006
Charitsble activities
Visitor centre
Grants
Paper trading
Education and training
7,541
50,290
194,715
7.541
50,290
194,715
471
471
Investment income
Other income
304,767
1,978,764
304,767
1,978.764
Total
2,654,083
471
2,654,554
EXPENDITURE ON
Raising funds
255,755
2,IS8
257,913
Charitsble artivities
Visitor centre
Paper trading
Education and training
258,788
149,115
54,883
776,700
2,158
1,352
1,035,488
151,273
56,235
Other
196,019
196,019
Total
914,560
782,368
1,696,928
NEf INCOMEI(EXPENDrruRE)
1,739,523
(781,897)
957,626
RECONCIUATION OF FUNDS
Total funds brought forward
1,858,915
1.050,013
2,908,928
TOTAL FUNDS CARRIED FORWARD
3,598,438
268,116
3,866,554
Page 24
continued...

The A sle
Pa er Trail
Notes to the Financial Statements - continued
forthe Year Ended 31 December 2023
14. PRIOR YEAR ADJUSTMENT
A prior year adjustment has been made to the presentation of properties. The property previously
classified a5 freehold property of £1,250,000 has now been moved and shown as an investment
property with the change having no effect on the Statement of Financial Activities.
15. IKfANGIBLE FIXED ASSEfS
Patents
and
licences
COST
At l January 2023 and
31 December 2023
6,050
AMORTISATION
At l January 2023
Charge for year
3,025
605
At 31 December 2023
3,630
NET BOOK VALUE
At 31 December 2023
2,420
At 31 December 2022
3,025
16. TANGIBLE FIXED ASSETS
Improvements
to
property
Fixtures
and
fittings
Plant and
machinery
Computer
equipment
Totals
COST
At l January 2023
Additions
386.171
375,374
243.193
9.771
200
5.565
635,129
385.145
At 31 December 2023
761.545
252,964
200
5,565
1,020,274
DEPRECIATION
At l January 2023
Charge for year
118,055
8,793
133.142
17,928
120
40
5,565
256,882
26.761
At 31 December 2023
I26￿8
151.070
160
5,565
283,643
NET BOOK VALUE
At 31 December 2023
634,697
lo1￿94
40
736,631
At 31 December 2022
268,116
110,051
80
378,247
Page 25
continued..-

The A sle Pa er Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
17. HERITAGE ASSETS
Total
MARKEf VALUE
At l January 2023 and
31 December 2023
532,044
NEf BOOK VALUE
At 31 December 2023
532,044
At 31 December 2022
532,044
The charity maintains a listing of the heritage assets held, further details of the heritage assets can
be found in the public benefit section of the Report of the Trustees.
18. INVESTMENT PROPERTY
FAIR VALUE
At l January 2023
Impairments
2,750,000
{50,000)
At 31 December 2023
2,700,000
BOOKVALUE
At 31 December 2023
2,700,000
At 31 December 2022
2,750,1)00
The investment property balance comprises the freehold properties known as JDEC Centre and
Ap51ey Mills Cottage, which are let entirely for rental income.
Fair value at 31 December 2023 is represented by:
Valuation in 2023
Cost
(50,000)
2,750.IXK)
2,700,000
The property was revalued on 24th June 2024 by an independent third party at a value of
£2,700,LXXI.
The Trustees believe the value at 31st December 2023 was the same and therefore the investment
property has been valued at £2,700,000.
The historic cost of the JDEC Centre comprises a gift of the freehold to the Charity on 14 September
2000 plu5 £375,504 of subsequent capital expenditure on the building5.
Page 26
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TheA le
er Trail
Notes to the Financial Statements- continued
for the Year Ended 31 December 2023
19. STOCKS
31.12.23
31.12.22
as restated
Finished goods
27.431
26,583
20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23
31.12.22
as restated
Trade debtors
Other debtors
VAT
Prepayments and accrued intome
Prepayments
30,333
21,182
1,355,000
28,791
60,983
14.765
69,545
56,807
175.626
1,461,780
Included within other debtors is £nil {2022: £1,355,000) in regards to the insurance proceeds.
21. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR
31.12.23
31.12.22
as restated
Bank loans and overdrafts (see note 23}
Trade creditors
social security and othertaxes
Rental deposits
Pension
Accruals and deferred income
Accrued expenses
43.990
140.913
5,735
37,888
1,676
50,078
58.421
73,090
186,061
5,485
40,340
1,507
50.077
18,307
338,701
374,867
Page 27
continued.

The A sle Pa
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Notes to the Financial Statements - continued
forthe Year Ended 31 December 2023
22. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR
31.12.23
31.12.22
as restated
Bank loans (see note 23}
1,354,033
1,365.506
The average interest rate on loans due for repayment in over 5 years is 6.95%. The loans are due
for repayment in 2030. Two of the loans are payable by instalments with one being due in full at the
redemption date.
23. LOANS
An analysis of the maturity of loans is given below..
31.12.23
31.12.22
as restated
Amounts falling due within one year on demand:
Bank overdrafts
Bank loan5
43,990
72,306
43,990
73,090
Amounts falling between one and two years.,
Bank loans- 1-2 years
46,184
73,661
Amounts falling due between two and five years:
Bank loans- 2-5 years
159,729
229,824
Amounts falling due in more than five years:
Repayable by in5talments:
Bank loan5 more S yr by instalments
Repayable otherwise than by instalments:
Bank loans more 5 yrs non-instalments
946,611
982,030
201,509
79,991
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TheA le Pa
r Trail
Notes to the Financial Ststements - continued
for the Year Ended 31 December 2023
24. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23
31.12.22
as restated
Within one year
Between one and five years
55.618
166,854
41,398
175,942
222,472
217,340
The Apsley Paper Trail has just over 130 year5 left on its leasehold (Frogmore Paper Mill}, which has
an annual rental of £55,618 and reviewable every 5 years with the next review due in 2027. The rent
charge has been undercharged since April 2022 for which an accrual of £16,310 has been added to
the accounts.
25. SECURED DEBTS
The following secured debts are included within creditors:
31.12.23
31.12.22
as restated
Bank loan5
1,398,023
1,437,812
Security is held by a secured charge over the properties held bythe charity.
26. MOVEMENT IN FUNDS
Net
movement
in funds
At
31.12.23
At 1.1.23
Unrestricted funds
General fund
3,598,438
(329,785) 3,268,653
Restrlcted fvnds
General restricted fund
268,116
(8,793)
259,323
TOTAL FUNDS
3,866,554
(338,578}
3.527,976
Page 29
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The A sle
Pa
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Notes to the Financial Statements- continued
for the Year Ended 31 December 2023
26. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Incoming
resources
Resources
expended
Gains and Movement
105ses
in funds
Unrestricted funds
General fund
706,711
1986,496)
(50,000) {329,785)
Restrirted funds
General restritted fund
(8.793)
(8,793)
TOTAL FUNDS
706,711
1995,289}
(50,000)
1338,5781
Comparatives for movement in funds
Net
movement
in funds
At
31.12.22
At 1.1.22
Unrestricted funds
General fund
1,858,915
1,739,523
3,598,438
Restricted funds
General restricted fund
1,050,013
1781,897)
268,116
TOTAL FUNDS
2,908,928
957,626
3,866,554
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
Resources
expended
Movement
in funds
Unrestricted funds
General fund
2,654,083
1914,5601
1,739,523
Restricted funds
General restricted fund
471
1782,368)
{781,8971
TOTAL FUNDS
2,654,554 (1,696,928)
957,626
Page 30
continued...

TheA le Pa
rTrail
Notes to the Financial Statements- continued
for the Year Ended 31 December 2023
27. CONTINGENT LIABILITIES
A grant contract dated 3 April 2007 for a term of 25 years from the Trustees of the National Heritage
Memorial Fund, has been secured by a legal charge dated 16 October 2007 on the Frogmore Paper
Mill lease.
28. RELATED PARTY DISCLOSURES
The only related party transactions during the year were donations from the trustees to the charity
and the salary paid to the key management personnel.
29. ULTIMATE CONTROLLING PARTY
The trustees believe there is no ultimate controlling party.
30. RECONCILIATION OF NET (EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING
ACTIVITIES
31.12.23
31.12.22
as restated
Net (expenditure)lincome for the reportlng period las per the
Statement of Financial Activities}
Adjustments for:
Depreciation charges
Losses on investments
Loss on disposal of fixed assets
Interest received
Interest paid
Increase in stocks
Decrease/lincreasel in debtors
Decrease in creditors
1338.578)
957,626
27,369
50,000
23,948
773,245
(188)
45,051
{20,179}
{1,316,150)
{117,677}
138,522)
90,379
(848)
1,286.154
(7,066)
Net cash provlded by operatlons
1,068,888
345,676
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TheA le
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Notes to the Financial Statements- continued
forthe Year Ended 31 December 2023
31. ANALYSIS OF CASH AND CASH EQUIVALENTS
31.12.23
31.12.22
as restated
Cash in hand
Notice deposits (less than 3 months}
Overdrafts included in bank loans and overdrafts falling due within
one year
1,099
1,045.459
363
454,885
{7841
Total cash and cash equivalents
1,046,558
454,464
32. ANALYS15 OF CHANGES IN NEf DEBT
At 1.1.23
Cash flow
At 31.12.23
Net cash
Cash at bank and in hand
Bank overdraft
455,248
{784)
591,310
1,046,558
454,464
592,094
1,046,558
Debt
Debts falling due within l year
Debts falling due after l year
(72,306)
11,365,506)
28,316
11,473
(43,990)
{1,354,033)
(1,437,812)
39,789
{1,398,023)
Total
(983,348)
631.883
{351,465>
Page 32

The A sle
er Trail
Detailed Statement of Financial Activities
forthe Year Ended 31 December 2023
31.12.23
31.12.22
as restated
INCOME AND ENDOWMENTS
Donatlons and legacles
Donations
33,496
118,006
Investment Income
Rents received
Deposit account interest
372,861
38,522
304,579
188
411,383
304,767
Charitable artivities
Visitor centre admissions, etc
Paper making
Courses
Grants
13,359
205,197
7,541
194,715
471
50,290
27,025
245,581
253,017
Other Income
Rents received
Insurance payment receivable
16,251
11,845
1,966,919
16,251
1,978,764
Total Incoming resources
706,711
2,654,554
EXPENDITURE
Investment management costs
Wages
Social security
Pensions
Administrative expenses
Rates and utilities
Property repairs
Insurance
Bad debts
Management fee5
Carried forward
68,546
4,357
1,863
3,985
131,932
37,327
22,077
63,581
4,376
1,631
5,281
134,695
20,257
12,837
2,450
5,897
251,005
7,146
277,233
This page does not form part of the statutory financial statements
Page 33

The A sle Pa erTrail
Detailed Statement of Financial Activities
forthe Year Ended 310ecember 2023
31.12.23
31.12.22
as restated
Investment management costs
Brought forward
Patents and li￿nCeS
Improvements to property
Plant and machinery
Fixtures and fittings
277,233
151
2,198
4A83
io
251,005
151
2,158
3,668
io
284.075
256.992
Charitable actlvitles
Sundries
51,656
Support costs
Flnance
Bank charges
Mortgage
2,431
90,379
3,683
45,051
92,810
48,734
Vlsltor centre
Wages
Social security
Pensions
Rent, rates and water
Insurance
Light and heat
Telephone
Postage and statlDnery
Svndries
Repairs and maintenance
Advertisement
Patents and licences
Improvements to property
Plant and machinery
Fixtures and fittings
Loss on sale of tangible fixed assets
109,674
6,971
2,981
19,147
35,324
19.963
989
935
4,306
59.723
154
242
3.517
7,172
16
101,730
7,001
2,610
19,571
20,539
19,621
2,416
816
4,313
32,410
904
242
3,452
5,869
16
773,245
271.114
994,755
Education & training
Wages
Carried forward
27,419
27,419
25,432
25.432
This page does not form part of the statutory financial statements
Page 34

TheA sle Pa
er Trail
Detailed Statement of Financial Activities
for the Year Ended 31 December 2023
31.12.23
31.12.22
as restated
Education & trainin£
Brought forward
Social security
Pension5
Rent, rate5 and water
Insurance
Light and heat
Telephone
Postage and stationery
Repairs and maintenance
Advertisement
Sundries
Patents and licences
Improvements to property
Plant and machinery
Fixtures and fittings
27,419
1.743
745
4,787
8.831
4,991
247
234
14,931
39
1,074
61
880
1,793
25.432
1,750
653
4,893
5.135
4.905
604
204
8,103
226
1,078
61
863
1,467
67,779
55,378
Other
Wages
Social security
Pensions
Rent, rates and water
Insurance
light and heat
Telephone
68,546
4,357
1,863
11,967
22,077
12.477
618
63,581
4,376
1,631
12,232
12,837
12,263
I,sio
k 11
Postage and stationery
Sundries
Repairs and maintenance
Advertisement
Patents and licence5
Improvements to property
Plant and machinery
Fixtures and fittings
584
2.686
37,328
97
151
2.198
4,483
io
510
2,696
20,257
565
151
2,158
3,668
io
169.442
138,445
Governance costs
Auditors, remuneration
Auditors, remuneration for non audit work
Carried forward
4,575
4,250
1,556
5,806
7.619
This page does not form part of the statutory financial statements
Page 35

The A sle
Pa er Trail
Detailed Statement of Financial Activities
forthe Year Ended 31 December 2023
31.12,23
31.12.22
as restated
Governance costs
Brought forward
Consultancy fee5
Legal fees
7,619
49,725
7,781
5,806
57,575
87,587
65,125
150,968
Total resources expended
995,289
1,696,928
Net (expenditure)lincome
1288,578)
957,626
This page does not form part of the statutory financial statements
Page 36