Company registration number: 3920430 Charity registration number: 1081148
## Parchment Trust
(A company limited by guarantee)
Annual Report and Financial Statements for the period from 1 August 2024 to 31 March 2025
Manningtons Statutory Auditor 39 High Street Battle East Sussex TN33 0EE
## **Parchment Trust**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 8|
|Statement of Trustees' Responsibilities|9|
|Independent Auditors' Report|10 to 13|
|Statement of Financial Activities|14 to 15|
|Balance Sheet|16|
|Statement of Cash Flows|17|
|Notes to the Financial Statements|18 to 31|
## **Parchment Trust**
|**Reference and Administrative Details**|**Reference and Administrative Details**|
|---|---|
|**Trustees**|J A Hassell|
||D M Walker|
||K T Walker|
||S Parsons|
||R D White|
|**Secretary**|J A Hassell|
|**Charity Registration Number**|1081148|
|**Company Registration Number**|3920430|
||The charity is incorporated in England and Wales.|
|**Registered Office**|Ore Place Farm|
||The Ridge|
||Hastings|
||East Sussex|
||TN34 2RA|
|**Principal Office**|Ore Place Farm|
||The Ridge|
||Hastings|
||East Sussex|
||TN34 2RA|
|**Auditor**|Manningtons|
||Statutory Auditor|
||39 High Street|
||Battle|
||East Sussex|
||TN33 0EE|
|**Solicitors:**|Heringtons|
||37-39 Gildredge Road|
||Eastbourne|
||BN21 4RX|
|**Bankers**|National Westminster Bank plc|
||Havelock Road|
||Hastings|
||East Sussex|
||TN34 1BE|
Page 1
## **Parchment Trust**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the period ended 31 March 2025.
## **Objectives and activities**
## _**Objects and aims**_
Objects
The objects of the charity are:
• the relief of persons with physical, mental and learning disabilities by the provision of occupational and day care activities, and all other activities that are conducive to the attainment of this object.
• to promote social inclusion for the public benefit by preventing people becoming socially excluded, minimising the effects of disability and impairments, which include isolation, poverty and disadvantage in the workplace, relieving the needs of those people who are socially excluded and assisting them to integrate into society by:
i) the provision of services directly to eligible individuals, either residential, in the community or through supported employment training programmes.
ii) improving opportunities to the local community, of which the above mentioned individuals are part, by creating employment opportunities, recreational facilities and community centres and supported businesses which benefit the whole community social structure.
Our Values:
Act with love: We lead with kindness, compassion and respect, and inspire others to do the same.
Be ambitious: We support everyone to use their strengths and reach their potential with maximum independence and autonomy.
Never stop learning: We are curious experts, always looking for the best ways to make a difference to people’s lives.
Do it together: We work with our members, the community and each other to drive better opportunities for disabled people.
Share the joy: Our caring culture and strong relationships bring a unique sense of joy and wellbeing. Let’s share it.
Our Purpose: Working together for better lives.
Our Vision: We believe in a world where disabled people can flourish equally and experience their true potential.
Our Mission: Our day services create powerful opportunities and lasting change for disabled adults, through expert support, learning and connection.
Page 2
## **Parchment Trust**
## **Trustees' Report**
Aims and activities:
Parchment Trust provides individually tailored, person-centred day services to adults with a wide range of disabilities, including Autism. There is a choice of four day services, with crossover between them as appropriate to the individual needs of our members:
1. The Co-operative: focuses on independent living, life skills and community contribution to support positive health and wellbeing, connection and opportunities for all
2. Friary Gardeners: provides a specialist horticultural work-based scheme in a social enterprise, which opens up the world of work and community in a supported environment
3. Dedicated and Bespoke Services: offer 1-2-1 and 2-2-1 community-based schemes for adults with profound and multiple disabilities, which provide individualised programmes of support in line with care plans 4. Supported Employment: for any Parchment Trust member who is interested in getting a job
We provide a range of activities, experiences and learning opportunities for our members. We support everyone to set goals and focus on aspects which support them to have better lives.
Parchment Trust was founded on Christian principles which have acted as the basis for the values within which we work today. However, we do not exclusively employ nor provide services in relation to any particular faith. Our modern, inclusive values (described earlier) are reflected in everything we do, and we support all staff to uphold these values every day.
Page 3
## **Parchment Trust**
## **Trustees' Report**
## _**Public benefit**_
The trustees have given full consideration to the Charity Commission guidance on public benefit and are confident that their core activities fully meet this requirement.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Achievements and performance**
We remain amongst the largest independent sector providers of day services to our client group in East Sussex, providing services to more than 185 people in any given week and employing around 130 staff. Our largest area of demand continues to be provision of service to profoundly and multiply disabled people, who often require 2:1 support.
Member achievements cover a vast breadth in line with their personal goals, supporting independence, autonomy, friendships and connections both inside Parchment Trust and in the wider community, intentionally turning the dial on authentic inclusion.
We continue to prepare our most independent members for paid employment according to their ambitions. This is in line with government policy to significantly reduce the gap between disabled and non-disabled people in work. Since starting the supported employment service in 2021, we have placed 16 people in paid work, 41 in voluntary placements and further work trials. We are now shifting our focus on ‘work’ to engage members further from the labour market in work-based activity and skills development across all of our services, to provide useful transferrable skills for life and stimulate further interest in the world of work.
Our Member Forum provides a formal mechanism for members to lead, have their say and contribute to decisions on a Trust-wide basis, the outcomes of which are reported to Board level.
In line with our values, we are constantly reflecting on new ways to work with our members to ensure our services are responsive to what they want and need.
## **Financial review**
Our continued careful and active financial management has resulted in the maintenance of our healthy financial position. Average monthly turnover for the year 2024/25 was £319,373, up from £311,365 the previous year. This increase in average monthly turnover can be explained by a rise in fee rates from Adult Social Care and some additional higher rated services.
This additional revenue has been entirely used to meet increases in staff salaries, in response to local market forces and uplifts to the national minimum wage.
Reserves have remained relatively constant.
## Valuation Policy
Trustees have discussed the value of the premises at Ore Place Farm and whether it is too high in the accounts now the residential order has been lifted. They took the decision to leave it at historical cost.
## _**Policy on reserves**_
The board continues to have in mind the need to maintain sufficient liquid reserves to ensure the smooth operation of the company and for some years has pursued the objective of reaching and maintaining liquidity of 6 weeks operational turnover. We are pleased to report that this has again been achieved. Free reserves as of 31 March 2025 amounted to £898,066. This compares to £833,424 at 31 July 2024.
Page 4
## **Parchment Trust**
## **Trustees' Report**
## **Plans for future periods**
## _**Aims and key objectives for future periods**_
Whilst our satisfactory financial position is welcome, we continue to take a cautious view of the immediate future with Local Authority and NHS budgets under increasing financial pressure, and the unprecedented increase in employers’ National Insurance Contributions from April 1st 2025. Despite this broader context, we continue to receive a significant number of requests for new and additional services.
We are actively looking at ways to control costs and to generate alternative income streams whilst ensuring we maintain excellence within the services provided. In support of this we:
- Are reviewing and streamlining use of all facilities to identify opportunities for cost reduction
- Registered for VAT in 2024 to accommodate increased demand for year-round sales through trading, particularly through our Friary Gardeners plant nursery.
- Continue to increase our focus on bid writing, responding to the emphasis placed by commissioners on the Social Value element in the tendering process. We hope to continue to gain additional funding to support a variety of development and site renovation projects
- Are building our online and community presence using our newly developed branding, with a view to increasing support and opening channels for increased partnerships and donations over the longer term
A new 3 year strategy ‘working together for better lives’ was written in consultation with all key stakeholders and approved April 2024. The focus until 2027 is on outcomes, not growth. We intend to strengthen our partnerships locally and work together to provide even better opportunities and outcomes for our disabled members.
Page 5
## **Parchment Trust**
## **Trustees' Report**
## **Going concern**
The trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the trust’s ability to continue as a going concern. They continue to adopt the going concern basis of accounting in preparing the financial statements.
Budget forecasts are prepared prior to the beginning of each financial year. Figures are prepared on the basis of the accuracy of previous years’ forecasts, potential new business (and loss of business), uplift in fees from commissioners (if any) and projected salary and pension contribution increases plus any agreed development projects. This year, the Government’s increase in National Insurance Contributions from 1st April 2025 has also been factored in. In direct relation to this, the budgeted forecast this year is -£86,937. This deficit budget will require the organization to utilize money from its reserves whilst it considers options for increasing income and decreasing cost in the medium term. Trustees have always taken a conservative attitude to the financial health of the organization. This is reflected in the fact that actual financial performance has regularly exceeded forecast.
Management accounts are published monthly and are analysed by the Chief Executive and the Finance Manager, prior to distribution to all trustees. The Profit and Loss Account and Income and Expenditure figures are compared to the budget profile and any anomalies or unexpected differences are commented on and explained. Prior to every quarterly trustee meeting, the Finance Manager submits a report to the trustees for consideration and expresses an opinion as to the financial state of the organisation. The Chief Executive also makes a written report to every trustees’ meeting and includes financial highlights. These include surplus to date, account balances, provisional depreciation and accounts receivable. A close watch is kept ensuring that invoicing is done regularly and promptly and that payment in response is also timely. Bad debt is closely monitored. Trustees have also requested that the Chief Executive comments on pension contributions in their report.
The trustees and Chief Executive constantly review the economic climate, and policy from both central and local government are discussed. Particular consideration is given to these when the annual salary review takes place and this review coincides with the publishing of local government spending plans for the coming financial year.
Increases in demand for the Trust’s services have meant that finances have remained sound and reserve levels are relatively constant in relation to turnover. We also account and plan for the year on year increases in the National Minimum Wage that have a significant impact on our budget.
The organisation has a robust and thorough Risk Register which is reviewed at least annually. Strategic, Operational, Compliance and Financial risks are all included in the register. Any aspects of high risk are monitored and reported with proportionate frequency to Trustee level.
The organisation has not been materially affected by Brexit. None of the trust’s business is conducted outside the UK and to date it has not recruited significant numbers of staff from the European Union. However, the UK still faces huge financial uncertainty due to macro economic volatility, caused at least in part by worldwide conflict. The senior leadership continues to monitor the economic climate closely.
Page 6
## **Parchment Trust**
## **Trustees' Report**
## **Structure, governance and management**
## _**Nature of governing document**_
The Company was formed in February 2000 as a Company Limited by Guarantee and is a Registered Charity. At the time of formation the Company took over the activities of an unregistered and unincorporated Charitable Trust which had been operating since 1993. All activities are carried out directly by the Company although in addition to the Parchment Trust name, it also operates in the name of Friary Gardeners for its horticultural operations.
## _**Recruitment and appointment of trustees**_
Trustees serve for a period of 3 years after which they become eligible for re-election. The board has a policy of attracting new trustees from the local community who are fully committed to the values of the organisation. They are introduced into the charity where they meet the existing board, staff and members prior to a final decision on their appointment. At the Annual General Meeting of the 27th January 2025, Karen Walker was elected for another year as Chair.
## _**Induction and training of trustees**_
Parchment Trust has a protocol for the induction and training of new trustees. This protocol covers administrative details, an organisational overview, key relationships (both internal and external) and the policies and procedures of the trust. The Charity Commissioners, in their Review Visit Report, described the protocol as “comprehensive”.
## _**Organisational structure**_
The Company is governed by the non-executive Board of Directors/Trustees, currently five in number. The Board meet formally at least 4 times a year with other ad-hoc meetings as appropriate to the operation. Day-to-day management is in the hands of the Chief Executive and the Senior Management Team, comprising the Director of Services, and managers related to services, quality, data, facilities, finance and human resources. Since appointment in November 2023, the new Chief Executive has been working with the senior management team to develop and implement the new strategy.
## _**Major risks and management of those risks**_
## _Risk management_
The Company has a well-developed risk management process in all areas of its operations and the Board continues to undertake an annual review of strategic risks, taking such action as is considered necessary to mitigate any risks so identified. Our comprehensive risk register is reviewed annually and is a standing Agenda item at every Annual General Meeting. As arising, any high-level risks are tackled head-on through project management including systematic monitoring and Board level-reporting until risk reduces to a satisfactory status.
Page 7
## **Parchment Trust**
## **Trustees' Report**
## **Disclosure of information to auditor**
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
## **Small companies provision statement**
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Page 8
## **Parchment Trust**
## **Statement of Trustees' Responsibilities**
The trustees (who are also the directors of Parchment Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial period. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... J A Hassell Trustee
Page 9
## **Parchment Trust**
## **Independent Auditor's Report to the Members of Parchment Trust**
## **Opinion**
We have audited the financial statements of Parchment Trust (the 'charity') for the period from 1 August 2024 to 31 March 2025, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the period 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.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
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 twelve months from when the original financial statements were 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 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 10
## **Parchment Trust**
## **Independent Auditor's Report to the Members of Parchment Trust**
## **Opinion on other matter prescribed by the Companies Act 2006**
- In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 9), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 11
## **Parchment Trust**
## **Independent Auditor's Report to the Members of Parchment Trust**
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
• Conclude on the appropriateness of the trustees use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charity to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the charity audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **Use of our report**
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Page 12
## **Parchment Trust**
## **Independent Auditor's Report to the Members of Parchment Trust**
...................................... Rowena Walsh FCCA (Senior Statutory Auditor) For and on behalf of Manningtons, Statutory Auditor
39 High Street Battle East Sussex TN33 0EE
Date:.............................
Page 13
## **Parchment Trust**
## **Statement of Financial Activities for the Period from 1 August 2024 to 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Investment income
5
Total income
**Expenditure on:**
Charitable activities
6
Total expenditure
Net income
Transfers between funds
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
19|**Unrestricted**
**funds**
**£**
7,330
2,554,885
10,379
2,572,594
(2,493,739)
(2,493,739)
78,855
1,573
80,428
1,616,545
1,696,973|**Restricted**
**funds**
**£**
39,003
-
-
39,003
(17,343)
(17,343)
21,660
(1,573)
20,087
976,703
996,790|**Total**
**2025**
**£**
46,333
2,554,885
10,379|
|---|---|---|---|
||||2,611,597|
||||(2,511,082)|
||||(2,511,082)|
||||100,515
-|
||||100,515
2,593,248|
||||2,693,763|
The notes on pages 18 to 31 form an integral part of these financial statements. Page 14
## **Parchment Trust**
## **Statement of Financial Activities for the Period from 1 August 2024 to 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Investment income
5
Total income
**Expenditure on:**
Charitable activities
6
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
19|**Unrestricted**
**£**
14,845
3,746,655
13,586
3,775,086
(3,622,235)
(3,622,235)
152,851
152,851
1,463,694
1,616,545|**Restricted**
**£**
525,050
-
-
525,050
(33,519)
(33,519)
491,531
491,531
485,172
976,703|**Total**
**31 July 2024**
**£**
539,895
3,746,655
13,586|
|---|---|---|---|
||||4,300,136|
||||(3,655,754)|
||||(3,655,754)|
||||644,382|
||||644,382
1,948,866|
||||2,593,248|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 and 2025 is shown in note 19.
The notes on pages 18 to 31 form an integral part of these financial statements. Page 15
## **Parchment Trust**
## **(Registration number: 3920430) Balance Sheet as at 31 March 2025**
|**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Debtors
13
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
14
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
15
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
19
**Unrestricted income funds**
Unrestricted funds
**Total funds**
19|**2025**
**£**
1,999,961
280,424
732,307
1,012,731
(196,924)
815,807
2,815,768
(122,005)
2,693,763
996,790
1,696,973
2,693,763|**2024**
**£**
1,969,617
337,748
584,460|
|---|---|---|
|||922,208
(167,989)|
|||754,219|
|||2,723,836
(130,588)|
|||2,593,248|
|||976,703
1,616,545|
|||2,593,248|
The financial statements on pages 14 to 31 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... J A Hassell Trustee
..................................................................... Trustee
The notes on pages 18 to 31 form an integral part of these financial statements. Page 16
## **Parchment Trust**
## **Statement of Cash Flows for the Period from 1 August 2024 to 31 March 2025**
|**Note**
**Cash flows from operating activities**
Net cash income
**Adjustments to cash flows from non-cash items**
Depreciation
Investment income
5
Profit/ (Loss) on disposal of fixed assets held for the charity's own
use
8
**Working capital adjustments**
Decrease/(increase) in debtors
13
Increase in creditors
14
Increase/(decrease) in deferred income
15
Net cash flows from operating activities
**Cash flows from investing activities**
Interest receivable and similar income
5
Purchase of tangible fixed assets
12
Sale of tangible fixed assets
Net cash flows from investing activities
**Cash flows from financing activities**
Repayment of loans and borrowings
14
Repayment of capital element of finance leases and HP contracts
16
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 August
Cash and cash equivalents at 31 March|**31 March 2025**
**£**
100,515
118,900
(10,379)
2,383
211,419
57,324
16,108
590
285,441
10,379
(152,930)
1,303
(141,248)
(6,228)
9,882
3,654
147,847
584,460
732,307|**31 July 2024**
**£**
644,382
203,666
(13,586)
(2,236)|
|---|---|---|
|||832,226
(22,587)
21,664
(143)|
|||831,160|
|||13,586
(682,763)
23,948|
|||(645,229)|
|||(8,827)
(80,369)|
|||(89,196)|
|||96,735
487,725|
|||584,460|
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 18 to 31 form an integral part of these financial statements. Page 17
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Ore Place Farm The Ridge Hastings East Sussex TN34 2RA The principal place of business is: Ore Place Farm The Ridge Hastings East Sussex TN34 2RA
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
Parchment Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The current reporting period is for 8 months ended 31st March 2025, compared to the previous full year of 12 months ended 31st July 2024. This was due to changing the reporting period annually to start 1st April and end 31st March, in order to align with annual uplifts in income. As a result, the figures presented this year in the Statement of Financial Activities and Balance Sheet are not directly comparable with previous years.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Page 18
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **Judgements**
Determination of whether there are indicators of impairment of the Charity's tangible assets. Factors taken into consideration in reaching such a decision include the economic viabilty and expected future financial performance of the asset.
## **Key sources of estimation uncertainty**
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The carrying amount is £1,999,961 (2024 -£1,969,617).
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. This income is derived from the provision of goods/services and stated after trade discounts and net of vat were applicable.
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
## _**Grants receivable**_
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
## _**Deferred income**_
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
## _**Investment income**_
The charity received bank interest throughout the year.
## _**Charitable activities**_
Charitable income is for the provision of services to provide person-centred services to wide range of disabilities through occupational and day care activities. Whilst also selling any products made through the occupational activities by the service users to generate more funds.
## _**Other income**_
Other trading income is generated through small fund raising activities throughout the year.
Page 19
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
## **Government grants**
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £100 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Page 20
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
**Asset class Depreciation method and rate** Land and buildings Buildings straight line over 5 to 50 years Fixtures and fittings 20% to 25% reducing balance Motor Vehicles 25% reducing balance
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 21
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
## **Pensions and other post retirement obligations**
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 22
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **3 Income from donations and legacies**
|**Unrestricted**
**funds**
**General**
**£**
Donations and legacies;
Donations from companies, trusts
and similar proceeds
1,500
Donations from individuals
5,262
Gift aid reclaimed
568
Grants, including capital grants;
Grants from other agencies
-
7,330
**4**
**Income from charitable activities**
Occupational and day care services
Sale of goods
VAT interest received
**5**
**Investment income**
Interest receivable and similar income;
Interest receivable on bank deposits|**Restricted**
**funds**
**£**
14,003
-
-
25,000
39,003
**Unrestricted**
**funds**
**General**
**£**
2,540,905
13,885
95
2,554,885
**Unrestricted**
**funds**
**General**
**£**
10,379|**Total**
**2025**
**£**
15,503
5,262
568
25,000
46,333
**Total**
**2025**
**£**
2,540,905
13,885
95
2,554,885
**Total**
**2025**
**£**
10,379|**Total**
**2024**
**£**
525,000
14,895
-
-|
|---|---|---|---|
||||539,895|
||||**Total**
**2024**
**£**
3,661,165
85,490
-|
||||3,746,655|
||||**Total**
**2024**
**£**
13,586|
Page 23
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **6 Expenditure on charitable activities**
|**Note**
Occupational and day
care services
Depreciation,
amortisation and
other similar costs
Staff costs
Governance costs
7|**Unrestricted**
**funds**
**General**
**£**
476,502
106,045
1,893,992
17,200
2,493,739|**Restricted**
**funds**
**£**
6,871
10,472
-
-
17,343|**Total**
**2025**
**£**
483,373
116,517
1,893,992
17,200
2,511,082|**Total**
**2024**
**£**
856,732
205,902
2,573,249
19,871|
|---|---|---|---|---|
|||||3,655,754|
## **7 Analysis of governance and support costs**
## **Governance costs**
|**Unrestricted**
**funds**
**General**
**£**
Staff costs
Other staff costs
1,000
Audit fees
Audit of the financial statements
6,920
Other fees paid to auditors
3,896
Legal fees
5,384
Other governance costs
-
17,200
**8**
**Net incoming/outgoing resources**
Net incoming resources for the period include:
Audit fees
(Profit)/Loss on disposal of fixed assets held for the charity's own use
Depreciation of fixed assets|**Total**
**2025**
**£**
1,000
6,920
3,896
5,384
-
17,200
**31 March 2025**
**£**
6,920
(2,383)
118,900|**Total**
**2024**
**£**
7,700
7,480
4,592
-
99|
|---|---|---|
|||19,871|
|||**31 July 2024**
**£**
7,480
2,236
203,666|
Page 24
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **9 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **10 Staff costs**
The aggregate payroll costs were as follows:
|The aggregate payroll costs were as follows:|||
|---|---|---|
|**Staff costs during the period were:**
Wages and salaries
Social security costs
Pension costs
Other staff costs|**2025**
**£**
1,728,396
133,620
31,976
1,000
1,894,992|**2024**
**£**
2,357,012
173,137
43,100
7,700|
|||2,580,949|
The monthly average number of persons (including senior management / leadership team) employed by the charity during the period expressed as full time equivalents was as follows:
|charity during the period expressed as full time equivalents was as follows:|||
|---|---|---|
|Occupational and daycare services
Administration and support|**2025**
**No**
126
2
128|**2024**
**No**
127
3|
|||130|
No employee received emoluments of more than £60,000 during the period.
The total employee benefits of the key management personnel of the charity were £48,477 (2024 - £77,581).
## **11 Taxation**
The charity is a registered charity and is therefore exempt from Corporation Tax.
Page 25
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **12 Tangible fixed assets**
|**Cost**
At 1 August 2024
Additions
Disposals
At 31 March 2025
**Depreciation**
At 1 August 2024
Charge for the year
Eliminated on disposals
At 31 March 2025
**Net book value**
At 31 March 2025
At 31 July 2024|**Land and**
**buildings**
**£**
1,742,432
15,889
-
1,758,321
307,975
23,284
-
331,259
1,427,062
1,434,457|**Furniture and**
**equipment**
**£**
269,619
45,825
-
315,444
179,258
15,562
-
194,820
120,624
90,361|**Motor vehicles**
**£**
854,799
91,216
(27,750)
918,265
410,000
80,054
(24,064)
465,990
452,275
444,799|**Total**
**£**
2,866,850
152,930
(27,750)|
|---|---|---|---|---|
|||||2,992,030|
|||||897,233
118,900
(24,064)|
|||||992,069|
|||||1,999,961|
|||||1,969,617|
Parchment Trust in the year to 31 July 2024 acquired a new site (The Bridge) valued at £525,000 which has been capitalised and is therefore shown within Fixed assets: Land and buildings on the Balance Sheet. The Bridge was acquired for no consideration and therefore is treated as a donated asset.
## **13 Debtors**
|Trade debtors
Prepayments
Accrued income
VAT recoverable
Other debtors|**2025**
**£**
162,982
19,150
90,297
3,912
4,083
280,424|**2024**
**£**
171,687
39,228
124,317
-
2,516|
|---|---|---|
|||337,748|
Page 26
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **14 Creditors: amounts falling due within one year**
|**2025**
**£**
Bank loans
9,670
Trade creditors
32,327
Hire purchase and finance leases
85,772
Other taxation and social security
41,597
Other creditors
10,554
Accruals
16,414
Deferred income
590
196,924
**15 Creditors: amounts falling due after one year**
**2025**
**£**
Bank loans
79,853
Hire purchase and finance leases
42,152
122,005
Included in the creditors are the following amounts due after more than five years:
**31 March 2025**
**£**
After more than five years by instalments
33,572|**2024**
**£**
9,279
18,153
73,926
38,820
10,672
17,139
-|
|---|---|
||167,989|
||**2024**
**£**
86,472
44,116|
||130,588|
||**31 July 2024**
**£**
42,175|
## **Bank loans**
The loan is secured by a first fixed legal charge with full guarantee over the freehold interest in the property; Ore Place Farm. The loan is a full repayment loan over 25 years from August 2007 at a rate of 6.5% interest.
Interest and charges on the loan expensed in the year was £4,029 (2024 - £6,558).
Page 27
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **16 Obligations under leases and hire purchase contracts**
## **Operating lease commitments**
Total future minimum lease payments under non-cancellable operating leases are as follows:
|**Land and buildings**
Within one year
Between one and five years|**2025**
**£**
41,000
105,917
146,917|**2024**
**£**
41,000
146,917|
|---|---|---|
|||187,917|
The lease was agreed as a 5 year lease begining on 6th February 2024. Total operating lease payments expensed in the year were £27,333 (2024 - £39,517).
## **17 Pension and other schemes**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £31,976 (2024 - £43,100).
## **18 Commitments**
## **Other financial commitments**
## Phone Equipment
The Charity had entered into a 5 year non-cancellable hire lease commitment for phone equipment at a rate of £87 per month from May 2020.
## Printer
The Charity had entered into a 5 year non-cancellable hire lease commitment for a printer at a rate of £101 per month from October 2020.
## Printer
The Charity had entered into a 5 year non-cancellable hire lease commitment for a printer at a rate of £84.60 per month from September 2021.
Page 28
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **19 Funds**
|**Unrestricted funds**
**_General_**
General fund
**Restricted funds**
Acquisition fund
New trailer
SEIF Project
Foreshore Trust grant
Theaklen drive kitchen
Shaded area (FG)
Outside work
Woodworking equipment
The Bridge
The Friary - Till
The Percy Bilton Charity -
Supported employment
project
HVA Big Local Legacy
ESCC skills fund grant
Screwfix
**Total restricted funds**
**Total funds**|**Balance at 1**
**August 2024**
**£**
1,616,545
141,958
16
300,155
216
500
283
3,000
500
525,000
2,044
3,031
-
-
-
976,703
2,593,248|**Incoming**
**resources**
**£**
2,572,594
-
-
-
-
-
-
-
-
-
-
-
9,183
25,000
4,820
39,003
2,611,597|**Resources**
**expended**
**£**
(2,493,739)
(2,114)
-
(6,473)
(9)
-
(38)
-
-
-
(779)
(296)
-
(2,921)
(4,713)
(17,343)
(2,511,082)|**Transfers**
**£**
1,573
-
(16)
(6)
(163)
-
-
-
-
-
-
(1,114)
-
(167)
(107)
(1,573)
-|**Balance at**
**31 March**
**2025**
**£**
1,696,973
139,844
-
293,676
44
500
245
3,000
500
525,000
1,265
1,621
9,183
21,912
-|
|---|---|---|---|---|---|
||||||996,790|
||||||2,693,763|
Page 29
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
|**Unrestricted funds**
**_General_**
General fund
**Restricted**
Acquisition fund
New trailer
SEIF Project
Foreshore Trust grant
BIFFA grant - Timber sheds
Theaklen drive kitchen
Shaded area (FG)
Outside work
Woodworking equipment
Metal Detector fund
The Bridge
The Friary - Till
The Percy Bilton Charity -
Supported employment project
**Total restricted funds**
**Total funds**|**Balance at 1**
**August 2023**
**£**
1,463,694
149,041
16
318,299
234
6,807
500
353
3,000
500
-
-
3,212
3,210
485,172
1,948,866|**Incoming**
**resources**
**£**
3,775,086
-
-
-
-
-
-
-
-
-
50
525,000
-
-
525,050
4,300,136|**Resources**
**expended**
**£**
(3,622,235)
(7,083)
-
(18,144)
(18)
(6,807)
-
(70)
-
-
(50)
-
(1,168)
(179)
(33,519)
(3,655,754)|**Balance at 31**
**July 2024**
**£**
1,616,545
141,958
16
300,155
216
-
500
283
3,000
500
-
525,000
2,044
3,031|
|---|---|---|---|---|
|||||976,703|
|||||2,593,248|
The specific purposes for which the funds are to be applied are as follows:
Purposes of restricted funds:
The purpose of the individual funds is generally shown by their titles. Those funds used to purchase fixed assets have the depreciation charged on those assets in the year allocated to the fund until it is fully utilised.
The Aquisition Fund's purpose was to buy the freehold to Ore Place Farm at a cost of approximatly £190,000, the only movement in this fund now is depreciation and the vaulation of the bridge re-built.
The SEIF project fund comprises a grant from SEIF towards the cost of restoring and converting previously unusable parts of the charity's buildings at Ore Place to become additional facilities for use in the charity's work.
The Foreshore Trust grant was received to fund the purchase of IT equipment.
The BIFFA grant was received to fund the purchase and erection of two timber sheds at Friary Gardens.
The Bridge is a new site that was effectively donated to Parchment Trust, however there are covenants for strict community use attached to the site deed, which would be passed onto any future owner.
Page 30
## **Parchment Trust**
## **Notes to the Financial Statements for the Period from 1 August 2024 to 31 March 2025**
## **20 Analysis of net assets between funds**
|**20 Analysis of net assets between funds**|||||
|---|---|---|---|---|
|Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
**21 Analysis of net funds**
Cash at bank and in hand
Finance leases and hire purchase contracts
Net debt
Cash at bank and in hand
Finance leases and hire purchase contracts
Net debt||**Unrestricted**
**funds**
**General**
**£**
1,016,354
999,548
(196,924)
(122,005)
1,696,973
**Unrestricted**
**funds**
**General**
**£**
996,914
918,208
(167,989)
(130,588)
1,616,545
**At 1 August**
**2024**
**£**
584,460
(118,042)
466,418
**At 1 August**
**2023**
**£**
487,725
(198,411)
289,314|**Restricted**
**funds**
**£**
983,607
13,183
-
-
996,790
**Restricted**
**funds**
**£**
972,703
4,000
-
-
976,703
**Financing cash**
**flows**
**£**
147,847
(9,882)
137,965
**Financing cash**
**flows**
**£**
96,735
80,369
177,104|**Total funds at**
**31 March**
**2025**
**£**
1,999,961
1,012,731
(196,924)
(122,005)|
|||||2,693,763|
|||||**Total funds at**
**31 July**
**2024**
**£**
1,969,617
922,208
(167,989)
(130,588)|
|||||2,593,248|
|||||**At 31 March**
**2025**
**£**
732,307
(127,924)
604,383
**At 31 July**
**2024**
**£**
584,460
(118,042)
466,418|
Page 31