Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
**REGISTERED CHARITY NUMBER: 1093301**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **FOR**
## **BISHOPSLAND EDUCATIONAL TRUST**
Rothmans LLP Chartered Accountants Chilworth Point 1 Chilworth Road Southampton Hampshire SO16 7JQ
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
**BISHOPSLAND EDUCATIONAL TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|7|
|**Independent Examiner's Report**||8||
|**Statement of Financial Activities**||9||
|**Balance Sheet**||10||
|**Notes to the Financial Statements**|11|to|21|
|**Detailed Statement of Financial Activities**|22|to|23|
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025**
The trustees present their report with the financial statements of the charity for the year ended 30 September 2025. 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 (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The charity's purposes are exclusively charitable according to the laws of England and Wales, and are to provide vocational training in the fine and applied arts and crafts to persons who are in financial need, and assistance in the establishment of such persons as craftsmen.
To fulfil these objectives, the charity provides a one or two-year immersive programme for early-in-career silversmiths and jewellers. Each annual cohort comprises twelve talented makers selected regardless of background, means or academic ability. All share a desire to further a career in the silversmithing and/or jewellery sectors, whether that be as independent makers or within the wider trade. Our vocational skills training, which advances making skills in tandem with business knowledge and experience, is a proven formula for success. Mirroring the traditional 'artisanal' approach of living, learning and working together, we aim to foster knowledge, confidence and support networks that will sustain each maker as they build their respective careers.
## **Significant activities**
To deliver our objectives, the charity provides accommodation; well-stocked workshop facilities which are open seven days a week; 121 tutoring; in-depth group masterclasses led by master craftsmen; opportunities to exhibit at a range of public exhibitions, galleries and events; access to both public and private museum collections; and competitions, as well as opportunities to teach.
The relocation of the Trust in 2024 to a site within the National Trust's Heritage & Rural Skills Centre in W Oxfordshire marked a significant milestone in the history of Bishopsland. Executing a major refurbishment of part of our new site, moving machinery and tools, establishing new workshops and associated health and safety procedures all took place to budget and schedule. Importantly this allowed us to continue delivering our annual silversmithing programme un-interrupted and we were delighted to welcome a new cohort of twelve makers in September 2024. The ability to continue delivering the programme with no gap or significant delay was a key factor in the Trustee's decision making, as much of our operational income and grant funding relies on the delivery of our core teaching programme.
Cohort of 2024/25 receiving end of year Awards at Retro, July 2025
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Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and activities**
We have forged a strong and mutually beneficial relationship with the National Trust team based at the Buscot and Coleshill estate and are extremely grateful to the whole team for their warm welcome to the area. In August 2025 we added a seventh house to our rented residential portfolio, enabling us to accommodate eight Makers within walking distance of the workshop and a further six within a short cycle ride. We also have two staff houses, one for our Principal and one for the Workshop Coordinator. All are EPC compliant and fully furnished. The residential lease allows for flexibility to increase or decrease residential capacity to respond to future dips or increases in annual cohort volumes.
The accommodation is fully utilised as we also have two Silversmiths who completed two years on the programme and are now establishing their commercial practices from incubation workshops provided by the Trust. Both also support Bishopsland by delivering our schools outreach and beginners courses and managing the tools library.
In order to maximise income we commenced a summer school programme targeted at Bishopsland alumni and advanced makers. The two three-day courses delivered during August 2025 proved a great success with excellent feedback from participants "(The Tutor) was so willing to share her knowledge, process and tips. It was an invaluable opportunity and experience". "A true expert in her field and a natural teacher, a combination that made for a superb three days…Just fantastic." We have acted on all the feedback received and hope to grow the programme to four courses in August 2026.
## **Public benefit**
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **ACHIEVEMENTS AND PERFORMANCE Charitable activities**
Twelve Makers commenced the 2024/25 programme, three undertaking a second year and one a returner who, due to personal reasons, had had to withdraw the previous year. Half way through the programme one Maker left as she was required to return home to help run her family business.
The Principal, Angela Cork, continued to enhance the programme and her schedule of weekly 121 tutorials with each maker can be credited for delivering strong cohort satisfaction levels and rapid skills progression. Validation of the Trust's focus on quality teaching came in March 2025 when we won the College Trophy at the Goldsmiths Craft and Design Awards, improving on our Silver award the previous year.
Bishopsland Cohort and College Trophy winners, March 2025
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Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **ACHIEVEMENTS AND PERFORMANCE Charitable activities**
A total of nine masterclasses were delivered equating to 41 days during which the cohort were under the guidance of a master silversmith. These comprised Raising (Abigail Brown); Argentium fusing and granulation (Machi de Waard); Box making (Patrick Davison); Enamelling (Sheila McDonald); Chasing & Repousse (Bryony Knox); Hand engraving (Ruth Anthony); Alloys & Ingot Making (Patrick Davison); Drawbench Techniques (Ray Walton).
In addition to the masterclass schedule, weekly 121 and group tutoring were led by either the Principal or Workshop Coordinator. The schedule also included handling sessions, talks, exhibitions and competitions and resulted in contact time of 50%. The remaining time is equally valuable to the cohort, as this is self-guided design, investigation, practice and making space allowing each member to put into practice the skills they are being taught. We encourage self-directed time to be undertaken in the workshops which are open seven days a week.
Many of the masterclass tutors are long term Bishopsland tutors to whom we remain tremendously grateful for their ongoing participation and generosity. Alongside, Angela has done much to modernise our provision, bring in new tutors, introducing new tools & machinery and modern practices. We've even entered the digital age, with a fully interactive white board and 3D printer.
On reflecting on the year we credit our new workshops with helping increase visibility and engagement, witnessed by a strong schedule of visits from our key charitable funders. Our inclusion in the Financial Times article in December 2024 proved pivotal. The cohort of 2024/25 achieved some notable awards, placements and recognition and, with another three opting for a second year in 2025/26, we consider the legacy established by the Makowers to be in safe hands. We have also continued to attract incredibly generous donations of tools and bullion and would like to thank in particular Leo De Vroomen's estate, Christopher Grimwade, Madeleine Watkins, Alewijn Slingerland & Harry Stokes, Lucy Tomlinson, Ian Lawrence's family, Roger Holden, Grant MacDonald, Clive Burr, The Silver Society and The Clothworkers' Company.
2025 saw us deliver four sessions to local A level school children which is the commencement of our Outreach activities, made possible due to the new site. It was fantastic to introduce silversmithing to students from Marlborough College, St Edwards Oxford, Faringdon Community College and National Trust Saturday Club attendees. As funds, staff availability and facilities allow we plan to expand this in 2026.
Marlborough College Silver Spoon Outreach Project, May 2025
Challenges do exist however - 2025 saw sustained high bullion prices which restrict the cohort in the size and quantity of the objects they can make. There are fewer and fewer galleries and routes to market for emerging makers and the ongoing high cost of living make funding a year at Bishopsland challenging for many. As a Trust we work extremely hard to attract funding, bursaries and donations and to keep costs as reasonable as possible.
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Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **ACHIEVEMENTS AND PERFORMANCE Charitable activities**
From the Trust's point of view, the very limited availability of Capital funding delayed our plans to undertake the next phase of renovations. Despite having significantly more room than our previous location, with our expanded cohort and deliverables, a second Creative Workshop is greatly needed. As is an onsite kitchen and rest area, with the lack of these facilities curtailing the expansion of our outreach programme and costing the Trust valuable funds by having to rent alternative facilities.
The Trustees are extremely grateful for the passion and commitment of our three part-time staff and recognise that much of what has been achieved this year is down to their dedication and hard work.
## **Events and exhibitions**
Exhibitions were held at Cutlers Hall in May 2025; Goldsmiths Centre in June 2025, Waterperry Gardens (a public Fair organised by Craft in Focus) and our Retro/End of Year Awards held at our site in July 2025. All events proved popular with our traditional supporters but Cutlers Hall was notable as it was the first year we were included in London Craft Week and this generated a strong footfall.
Rachel Wang's Silver Objects made at Bishopsland at Goldsmiths Centre Pop-Up, June 2025 Photogaphy Credit : Julia Skupny
With the limited number of gallery opportunities available and the difficulty for emerging makers in selling online in the early stages of their careers, exhibitions are a key route to market. However sales in the financial year were disappointing and reflected wider market caution/price sensitivity. In parallel, the cost to the Trust of staging exhibitions continues to increase.
## **Moving on from Bishopsland**
Proof of the impact of the programme resides with the fact that over 70% of alumni remain active craftspeople. Despite the current unfavourable market conditions, Makers who attend Bishopsland are committed jewellers and silversmiths and it is heartening to see this graduating cohort is no different:
Three makers from the 24/25 cohort are undertaking a second year and all have supplemented the training they receive at Bishopsland with additional work experience, training and selling opportunities
Two makers are based at our Incubation Workshop and are building income streams from a mix of teaching, trade work, workshop management and sales of their own work
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Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025**
One maker is undertaking a Craft MA at Edinburgh University
Four makers took roles as 'Artist in Residence' as a next step in establishing themselves as Designer Makers. The locations of these are Marchmont, Yorkshire Arts Space, Birmingham and Greece
One has established a bench at home and is developing her work.
## **FINANCIAL REVIEW**
## **Financial position**
Funds provided to the Trust are regarded as restricted if they are used directly or indirectly for the provision of the Programme. Where donors offer funds for other purposes they are considered to be unrestricted and their use is to be for the general benefit of the Trust. The financial statements reflect the current financial status of the Trust. Income received from restricted funds £305,781; unrestricted donations and grants £26,821; charitable activities £159,715 and investment income £520. This resulted in a total income for the Trust of £492,837, an increase of 119% over the previous financial year.
Expenditure decreased by 19% over the prior year, to £340,844 resulting in a surplus of £150,580 for the year after taking into account losses on investments of £1,413.
The application of existing funds toward the development of the new site, compared to the movement in funds in relation to operating activities, can be summarised as follows:
|Net incoming resource
Funds brought forward
Utilisation of other funds brought forward
Donation & Grant income restricted for new site
Depreciation of site assets in year
Total funds carried forward|Operating
activities funds
**150,580**
201,159
(91,132)
(183,458)|Capital (new
site
development)
funds
**- **
282,213
91,132
183,458
**556,803**
(16,146)
**540,657**|
|---|---|---|
||**77,149**
16,146
**93,295**||
## **Funding sources**
In line with the Trustee's policy, we have tried to broaden sources of funding with efforts to establish ongoing unrestricted income from short courses and the summer school proving successful. Long term charitable donors continue to support us for which we are extremely grateful - we acknowledge their trust in the Bishopsland team through a period of change and capital investment. We've achieved mixed success with formal capital funding and were disappointed not to succeed with a National Lottery Heritage Fund bid, despite significant resources and time spent on its generation.
## **Financial review**
We are grateful to the following for operational funding: South Square Trust Regional England Prosperity Fund The Goldsmiths' Centre Benevolent Society Garfield Weston The Clothworkers' Foundation Newby Trust Gold & Silver Wyre Drawers Silver Society Rod Kelly/South House Trust Scholarship Radcliffe Trust
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Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Reserves policy**
The Trustees review the reserves policy to ensure it is in line with the day-day operations of the charity. When reviewing the 2024 accounts and the charity's operations the Trustees agreed that the revenue reserve should be set to £150,000 which considers the need to provide the continuation of the programme should there be a hiatus once it has commenced. This could be due to a change in policy by existing funders, additional tutoring, housing requirements, administrational support or a general decline in earned income due to a variety of reasons.
## **FUTURE PLANS**
For the coming year our focus will be :-
- Securing funding to enable the full renovation of Building B, including the cohort kitchen and rest area
- Identifying funding opportunities to renovate the rest of the site
- Careful management of our costs and adhering to the budget set
- Continuing to adapt our programme deliverables to suit maker requirements and ensure those completing the programme leave with the very best chance of success
- Further developing our activities within the circular economy though operationalising the Tools Library so that we can loan, gift and sell heritage tools to emerging makers
- Delivering schools outreach as space and time enables
- Growing revenues from short courses
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an Charitable Incorporated Organisation, converting to this structure in 2025
Two Trustees resigned during the year, Andrew Nugee having completed over nine years as a Trustee and Karin Paynter due to a conflict of interest with a new Trustee role she accepted with The Goldsmiths Foundation. The Chair and Board extend their heartfelt thanks to both for their long term contribution to the success of Bishopsland.
## **Risk management**
The Trustees regularly review a risk management template which assesses the likelihood that a certain risk may occur and the impact if it were to do so. Clearly health and safety in the workshop is a key consideration and we are delighted that the new workshops lend themselves to safe working practices resulting in only minor accidents occurring (cuts etc).
Other risks include accidents to visitors whilst at site or at an exhibition, financial risks, challenges if staff leave, reputational risks etc.
**REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1093301
**Principal address** Hills Yard Buscot Faringdon Oxfordshire SN7 8BY
## **Trustees**
Mr H J Dellar, Chair, (resigned 04.02.2026) Mr T Jones, Chair (appointed 04.02.2026) Ms J Gregory (appointed 11.11.2022) Ms R L Knott (appointed 11.11.2022) Mr A Nugee (resigned 22.01.2025) Ms K Paynter (resigned 12.05.2025) Ms R Van Rooijen (appointed 26.10.2017) Mr C Menzies (Treasurer) (appointed 11.01.2024) Ms R Kirk (appointed 11.01.2024) Mr G Hawksbee (appointed 25.03.2025) Mr P White (appointed 04.02.2026)
## **Chief Executive**
Ms C Murdoch
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Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
**BISHOPSLAND EDUCATIONAL TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025**
**Independent Examiner** Lisa Wilson FCA Rothmans LLP Chartered Accountants Chilworth Point 1 Chilworth Road Southampton Hampshire SO16 7JQ
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Solicitors**
Lee Bolton Monier-Williams 1 The Sanctuary Westminster London SW1P 3JT
## **Principal**
Ms Angela Cork MA RCA (appointed 04.09.23)
**Bankers** National Westminster Bank PLC NatWest Bank 1 Hardman Blvd Manchester M3 3AQ
## **EVENTS SINCE THE END OF THE YEAR**
Information relating to events since the end of the year is given in the notes to the financial statements. 27/02/2026
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
> [Jones] |[Tom] Signed by: ........................................................................ 3E3AC10D392B456... Mr T Jones - Trustee
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Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BISHOPSLAND EDUCATIONAL TRUST**
## **Independent examiner's report to the trustees of Bishopsland Educational Trust**
I report to the charity trustees on my examination of the accounts of Bishopsland Educational Trust (the Trust) for the year ended 30 September 2025.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Vi Fa
Lisa Wilson FCA
The Institute of Chartered Accountants in England and Wales
Rothmans LLP Chartered Accountants Chilworth Point 1 Chilworth Road Southampton Hampshire SO16 7JQ
!"#$%&'"()(* Date: .............................................
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Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
26,821
**Charitable activities**
6
The Programme
152,715
Other trading activities
4
7,000
Investment income
5
520
**Total**
187,056
**EXPENDITURE ON**
Raising funds
7
8,836
**Charitable activities**
8
The Programme
246,957
**Total**
255,793
Net gains/(losses) on investments
(1,413)
**NET INCOME/(EXPENDITURE)**
(70,150)
**Transfers between funds**
21
299,139
**Net movement in funds**
228,989
**RECONCILIATION OF FUNDS**
Total funds brought forward
398,302
**TOTAL FUNDS CARRIED FORWARD**
627,291|Restricted
funds
£
270,780
-
35,000
-
305,780
11,814
73,236
85,050
-
220,730
(299,139)
(78,409)
85,070
6,661|2025
Total
funds
£
297,601
152,715
42,000
520
492,836
20,650
320,193
340,843
(1,413)
150,580
-
150,580
483,372
633,952|2024
Total
funds
£
120,780
101,913
-
1,959
224,652
18,614
403,143
421,757
46,382
(150,723)
-
(150,723)
634,095
483,372|
|---|---|---|---|
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **BALANCE SHEET 30 SEPTEMBER 2025**
|||2025|2024|
|---|---|---|---|
||Notes|£|£|
|**FIXED ASSETS**||||
|Tangible assets|15|559,228|301,586|
|**CURRENT ASSETS**||||
|Debtors|16|26,112|20,946|
|Investments|17|133,132|159,545|
|Cash at bank||56,546|65,483|
|||215,790|245,974|
|**CREDITORS**||||
|Amounts falling due within one year|18|(141,066)|(64,188)|
|**NET CURRENT ASSETS**||74,724|181,786|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**||633,952|483,372|
|**NET ASSETS**||633,952|483,372|
|**FUNDS**|21|||
|Unrestricted funds||627,291|398,302|
|Restricted funds||6,661|85,070|
|**TOTAL FUNDS**||633,952|483,372|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 27/02/2026
............................................. 3E3AC10D392B456.. Mr T Jones - Trustee
The notes form part of these financial statements
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Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
**BISHOPSLAND EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **1. GENERAL INFORMATION**
Bishopsland Educational Trust is registered as a Charitable Incorporated Organisation (CIO) in England and Wales. The registered office address is Hills Yard, Buscot, Faringdon, Oxfordshire, SN7 8BY.
The financial statements are presented in Sterling, which is the functional currency of the trust's operations.
## **2. ACCOUNTING POLICIES**
## **BASIS OF PREPARING THE FINANCIAL STATEMENTS**
The financial statements of the charity, 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 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
These financial statements have been prepared on the going concern basis, as there are no material uncertainties about the charity's ability to continue. The trustees' have reached this conclusion based on the nature of the grant funding, contracts for which have been agreed for the foreseeable future.
In accordance with Section 14 of the Charities SORP (FRS102), the Charity has taken exemption from the Requirement to prepare a statement of cash flows.
## **INCOME**
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income, the receipt of such income is probable and the amount can be measured with sufficient accuracy. If these conditions have not been met, but has been received, it will be treated as deferred income until necessary.
Donations and legacies income represents donations, bursaries and grants and is recognised when the charity is entitled to receive the donation.
No amounts are included in the financial statements for services donated by volunteers.
Investment income represents interest from listed investments and cash held. Interest from listed investments and cash held is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Charitable activities income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Rent received relates to student accommodation which is part of the charitable activities of the charity, and is recognised on an accruals basis.
Sponsorship income is recognised in income when the event takes place. If the sponsorship agreement includes performance-related conditions, income is recognised only as those conditions are met. Sponsorship income received in exchange for benefits to the sponsor is recorded as income from other trading activities. Where there is no significant benefit to the donor, they are treated as donations.
## **EXPENDITURE**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are apportioned directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **TANGIBLE FIXED ASSETS**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
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Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
**BISHOPSLAND EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **2. ACCOUNTING POLICIES - continued**
## **TANGIBLE FIXED ASSETS**
- Improvements to property Over the length of the lease Plant and machinery - 25% on cost
Tangible fixed assets are stated at historical cost less accumulated depreciation. Tangible fixed assets are reviewed annually for indicators or any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Tools held in the library collection are recognised at cost on acquisition and used in the charity's workshops as part of ongoing teaching programmes. There is no expected end date for use of the tools given their historic, bespoke nature and continual appreciation in financial worth, giving rise to a residual value in excess of the carrying amount. Accordingly, depreciation has not been charged on this class of asset.
All assets' residual values, useful lives and depreciation methods are reviewed and, if appropriate, are adjusted it there is an indication of a significant change since the last reporting date.
## **TAXATION**
Bishopsland Educational Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 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. The Charity's activities are exempt from VAT and accordingly irrecoverable VAT is charged to the Statement of Financial Activities when incurred and included within the expenditure category to which it relates or capitalised under tangible fixed assets if relating to capital expenditure.
## **FUND ACCOUNTING**
General funds are unrestricted funds which are available for the use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with the specific restrictions imposed by the donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## **HIRE PURCHASE AND LEASING COMMITMENTS**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **INVESTMENTS**
Investments are shown at closing market value where this is a readily identifiable.
Investments are revalued at the Balance Sheet date so that when investments are sold, gains or losses which arose before the previous year end have already been recognised. Movements in value arising from investment changes or revaluation, together with profits on disposal of investments, have been recognised in the Statement of Financial Activities.
## **DEBTORS**
Debtors receivable within one year or upon demand are recorded at transaction price whether or not a rate of interest is charged on the balance. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **CASH AT BANK AND IN HAND**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **CREDITORS**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions within one year or upon demand are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 12
continued...
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **2. ACCOUNTING POLICIES - continued**
## **INVESTMENTS**
## **FINANCIAL INSTRUMENTS**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **LEGAL STATUS OF THE CHARITY**
The Charity is a Charitable Incorporated Organisation (CIO), registered in England and Wales. It has no share capital. In the event of the charity being wound up, the members will not be required to contribute, as their liability is limited to nil.
## **3. DONATIONS AND LEGACIES**
|Donations
Grants
Grants received, included in the above, are as follows:
South Square Trust
Regional Eng Prosperity Fund
The Goldsmiths' Centre
Arts Council 24
Benevolent Society
Garfield Weston
The Clothworkers' Foundation
Newby Trust
Gold and Silver Wyre Drawers
Silver Society
Arts Scholars Bursary
The Arts Society
**4.**
**OTHER TRADING ACTIVITIES**
Sponsorships
**5.**
**INVESTMENT INCOME**
Deposit account interest|2025
£
12,821
284,780
297,601
2025
£
140,000
41,458
30,000
23,463
15,255
10,000
8,104
7,500
4,000
3,500
1,500
-
284,780
2025
£
42,000
2025
£
520|2024
£
35,280
85,500|2024
£
35,280
85,500|
|---|---|---|---|
|||120,780||
||||2024
£
18,500
-
40,000
-
-
10,000
8,000
-
4,000
3,500
-
1,500|
||||85,500|
||||2024
£
-|
||||2024
£
1,959|
Page 13
continued...
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **6. INCOME FROM CHARITABLE ACTIVITIES**
|Activity
Commission sales
The Programme
Workshop fees
The Programme
Short course sales
The Programme
Rents received
The Programme|2025
£
12,464
76,157
16,083
48,011
152,715|2024
£
9,501
61,766
94
30,552
101,913|
|---|---|---|
**7. RAISING FUNDS**
|**RAISING DONATIONS AND LEGACIES**
2025
£
Staff costs
8,836
Freelance costs
11,814
20,650
**8.**
**CHARITABLE ACTIVITIES COSTS**
Direct
Support
Costs (see
costs (see
note 9)
note 10)
£
£
The Programme
238,593
81,600
**9.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
2025
£
Staff costs
66,219
Materials, tool hire and maintenance
18,012
Masterclasses
28,390
Bursary fund payments
12,326
Exhibition costs
8,487
Professional fees
5,378
Commission expense
6,540
Rent
89,593
Artist in residence costs
2,648
Prizes awarded
1,000
238,593
**10.**
**SUPPORT COSTS**
Governance
Management
costs
£
£
The Programme
75,214
6,386||2024
£
7,829
10,785|
|---|---|---|
|||18,614|
||||
||||
A detailed breakdown of all support costs can be found in the detailed statement of financial activities.
Page 14
continued...
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **10. SUPPORT COSTS - continued**
Support costs, included in the above, are as follows:
## **MANAGEMENT**
|2025
The
Programme
£
Utilities
3,703
Insurance
2,713
Telephone
2,019
Postage and stationery
511
Sundries
2,920
Travel and subsistence
2,791
Hospitality
-
IT costs
4,630
Rent
-
Staff costs
29,211
Repairs
1,757
Cleaning
1,148
Marketing
5,097
Depreciation of tangible assets
18,714
75,214
**OTHER**
2025
Total
activities
£
Costs of exiting lease
-
Deficit on disposal of tangible fixed assets
-
-
**GOVERNANCE COSTS**
2025
The
Programme
£
Independent examiners' remuneration
630
Accountancy and legal fees
5,756
6,386||
|---|---|
## **11. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024.
## **TRUSTEES' EXPENSES**
During the year ended 30 September 2025 expenses of £427 (2024: £168) were reimbursed to 2 trustees of the charity, relating to their attendance at trustee meetings.
In addition, expenses incurred as a result of trustees entertainment totalled £620.
Page 15
continued...
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **12. STAFF COSTS**
|Wages and salaries
Social security costs
Pension costs|2025
£
96,511
5,581
2,174
104,266|2024
£
84,654
574
1,972
87,199|
|---|---|---|
The company operates a defined contribution pension scheme for its employees.
The average monthly number of employees during the year was as follows:
||2025|2024|
|---|---|---|
|Managerial|1|1|
|Principal & teaching/technical|2|2|
No employees received emoluments in excess of £60,000.
Staff costs have been pro rated against the categories to which they relate on a per employee basis, as follows:
|Raising donations and legacies
Charitable activities
Support costs
**13.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
32,179
**Charitable activities**
The Programme
101,913
Investment income
1,959
**Total**
136,051
**EXPENDITURE ON**
Raising funds
18,614
**Charitable activities**
The Programme
230,482
**Total**
249,096
Net gains on investments
46,382
**NET INCOME/(EXPENDITURE)**
(66,663)
**Transfers between funds**
50,533
**Net movement in funds**
(16,130)
**RECONCILIATION OF FUNDS**
Total funds brought forward
414,432|2025
£
8,836
66,219
29,211
104,266|2025
£
8,836
66,219
29,211
104,266||2024
£
7,829
53,845
25,524
87,199
Total
funds
£
120,780
101,913
1,959
224,652
18,614
403,143
421,757
46,382
(150,723)
-
(150,723)
634,095|
|---|---|---|---|---|
||||||
|||Restricted
funds
£
88,601
-
-
88,601
-
172,661
172,661
-
(84,060)
(50,533)
(134,593)
219,663|||
Page 16
continued...
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|||
|---|---|---|
|Unrestricted
funds
£
**TOTAL FUNDS CARRIED FORWARD**
398,302|Restricted
funds
£
85,070|Total
funds
£|
|||483,372|
## **14. INDEPENDENT EXAMINER'S REMUNERATION**
The total independent examiner's remuneration included in the accounts amounts to £6,386, for services as provided below.
|Independent Examination
Accountancy services
Total
**15.**
**TANGIBLE FIXED ASSETS**
Improvements
to
property
£
**COST**
At 1 October 2024
290,513
Additions
274,590
At 30 September 2025
565,103
**DEPRECIATION**
At 1 October 2024
8,300
Charge for year
16,146
At 30 September 2025
24,446
**NET BOOK VALUE**
At 30 September 2025
540,657
At 30 September 2024
282,213
**16.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Prepayments|Plant and
machinery
£
11,342
1,766
13,108
2,835
2,568
5,403
7,705||2025
£
630
5,756
6,386
Tools
library
£
10,866
-
10,866
-
-
-
10,866|
|2024
£
416
4,743
5,159
Totals
£
312,721
276,356
589,077
11,135
18,714
29,849
559,228
301,586
2024
£
-
20,946|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
||8,507||10,866
2025
£
2,356
23,756
26,112|||
|||||||
||||||20,946|
Page 17
continued...
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **17. CURRENT ASSET INVESTMENTS**
|Listed investments
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Social security and other taxes
Other creditors
Deferred income
Accrued expenses||2025
£
133,132
2025
£
1,253
17,858
109,171
12,784
141,066||2024
£
159,545|
|---|---|---|---|---|
|||||2024
£
-
6,614
36,050
21,524
64,188|
## **18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **19. LEASING AGREEMENTS**
Minimum lease payments under non-cancellable operating leases fall due as follows:
|Within one year
Between one and five years
In more than five years|2025
£
68,642
269,405
95,782
433,829|2024
£
68,642
271,987
110,070|
|---|---|---|
|||450,699|
## **20. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Unrestricted
funds
£
Fixed assets
559,228
Current assets
98,663
Current liabilities
(30,600)
627,291|Restricted
funds
£
-
117,127
(110,466)
6,661|2025
Total
funds
£
559,228
215,790
(141,066)
633,952|2024
Total
funds
£
301,586
245,974
(64,188)
483,372|
|---|---|---|---|
## **21. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
Development - Buildings
**Restricted funds**
The Programme
Bursaries and Grants
Development - Buildings
Arts Council Project
**TOTAL FUNDS**|At
1.10.24
£
116,089
282,213
398,302
15,327
69,743
-
-
85,070
483,372|Net
movement
in funds
£
(54,004)
(16,146)
(70,150)
(21,890)
34,957
189,662
18,001
220,730
150,580|Transfers
between
funds
£
24,549
274,590
299,139
6,563
(104,700)
(183,001)
(18,001)
(299,139)
-|At
30.9.25
£
86,634
540,657
627,291
-
-
6,661
-
6,661
633,952|
|---|---|---|---|---|
Page 18
continued...
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **21. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Development - Buildings
**Restricted funds**
The Programme
Bursaries and Grants
Development - Buildings
Arts Council Project
**TOTAL FUNDS**|Incoming
resources
£
187,056
-
187,056
35,499
45,359
201,458
23,464
305,780
492,836|Resources
expended
£
(239,647)
(16,146)
(255,793)
(57,389)
(10,402)
(11,796)
(5,463)
(85,050)
(340,843)|Gains and
Movement
losses
in funds
£
£
(1,413)
(54,004)
-
(16,146)
(1,413)
(70,150)
-
(21,890)
-
34,957
-
189,662
-
18,001
-
220,730
(1,413)
150,580|
|---|---|---|---|
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
Development - Buildings
**Restricted funds**
The Programme
Bursaries and Grants
Development - Buildings
Bookbinding - Study
Website
Maintenance
Maintenance - Driveway
**TOTAL FUNDS**|At
1.10.23
£
414,432
-
414,432
-
71,977
93,900
5,000
600
33,877
14,309
219,663
634,095|Net
movement
in funds
£
(58,363)
(8,300)
(66,663)
15,327
(2,234)
(43,367)
(5,000)
(600)
(33,877)
(14,309)
(84,060)
(150,723)|Transfers
between
funds
£
(239,980)
290,513
50,533
-
-
(50,533)
-
-
-
-
(50,533)
-|At
30.9.24
£
116,089
282,213
398,302
15,327
69,743
-
-
-
-
-
85,070
483,372|
|---|---|---|---|---|
Page 19
continued...
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **21. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Development - Buildings
**Restricted funds**
The Programme
Bursaries and Grants
Development - Buildings
Bookbinding - Study
Website
Maintenance
Maintenance - Driveway
**TOTAL FUNDS**|Incoming
resources
£
136,051
-
136,051
51,500
10,001
27,100
-
-
-
-
88,601
224,652|Resources
expended
£
(240,796)
(8,300)
(249,096)
(36,173)
(12,235)
(70,467)
(5,000)
(600)
(33,877)
(14,309)
(172,661)
(421,757)|Gains and
Movement
losses
in funds
£
£
46,382
(58,363)
-
(8,300)
46,382
(66,663)
-
15,327
-
(2,234)
-
(43,367)
-
(5,000)
-
(600)
-
(33,877)
-
(14,309)
-
(84,060)
46,382
(150,723)|
|---|---|---|---|
## **Restricted and designated funds**
The development - buildings funds relate to the improvements to leasehold property. The brought forward balance, together with income received in the year was transferred to the designated fund as the balance has been capitalised as new fixed assets (see detailed summary below). The designated fund holds the improvements to leasehold property, being an asset in general use by the charity.
During the last three years the charity has made a substantial investment in property improvements to its new premises for the long term benefit of its charitable activities. In order to achieve this, the charity required extensive cash resources, which were primarily obtained through grant income. A full summary as relates to the new property only is included below.
|Balance in restricted fund brought forward
Cost element of improvements to new property brought forward
Restricted income used for this purpose
Amounts accrued for
Amounts from charity general funds (investments)
Cost element of improvements to new property (Note 15)|2025
£
-
290,513
183,458
284
90,848
565,103|2024
£
23,433
-
27,100
12,667
227,313|
|---|---|---|
|||290,513|
The Programme represents monies received for the primary activity of the charity and the relevant costs allocated against it. Although a small surplus has been recognised this year, the fund does not generally hold a significant balance.
Bursaries and grants represent the amounts received in respect of bursaries and their subsequent distribution.
The Arts Council Grant fund represents monies received to operationalise the tools library.
The bookbinding - study fund represented amounts received for the purpose of bookbinding. This balance has been spent and the fund is no longer in use.
The website fund represented amount received to create / maintain the charity's website. This balance has been spent and the fund is no longer in use.
The maintenance fund represented amount received to maintain the property and equipment used by the charity. This balance has been spent and the fund is no longer in use.
Page 20
continued...
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **22. CAPITAL COMMITMENTS**
|Contracted but not provided for in the financial statements|2025
£
-|2024
£
235,107|
|---|---|---|
These related to the capital work being carried out on the new premises.
## **PENSION COMMITMENTS**
At 30 September 2025, the charity had pension commitments of £406 (2024: £630).
## **23. RELATED PARTY DISCLOSURES**
The Nugee Foundation, whereby Andrew Nugee is a trustee of, and was a trustee during the year of Bishopland Educational Trust, made unrestricted grants totalling £6,000.
In 2024, Bishopland Educational Trust moved out of the premises in which the lessor, Pope and Oliver Makower, were related parties, being the owners and former trustees. During 2024, £30,125 was paid to them in respect of rent.
Pope and Oliver Makower owed Bishopland Educational Trust £39,792 in relation to the Trust's lease. To facilitate an orderly and amicable early termination of the lease, it was agreed that £23,500 would be paid to the Trust, which was received during 2024. The remaining balance of £16,292 was written off by mutual agreement.
During 2024, Ms K Paynter, a former trustee, also received £8,034 for providing cover for a member of staff.
## **24. POST BALANCE SHEET EVENTS**
There were no events that occurred post balance sheet to be declared in the financial statements.
## **25. DEFERRED INCOME**
|Balance brought forward
Amount released to the statement of financial activities
Amount deferred in the year
Balance carried forward|2025
£
101,600
101,600
109,171
**109,171**|2024
£
21,315
21,315
101,600
**101,600**|
|---|---|---|
Page 21
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Grants
**Other trading activities**
Sponsorships
**Investment income**
Deposit account interest
**Charitable activities**
Commission sales
Workshop fees
Short course sales
Rents received
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Staff costs
Freelance costs
**Charitable activities**
Staff costs
Materials, tool hire and maintenance
Masterclasses
Bursary fund payments
Exhibition costs
Professional fees
Commission expense
Rent
Artist in residence costs
Prizes awarded
**Support costs**
**Management**
Utilities
Insurance
Telephone
Postage and stationery
Sundries
Travel and subsistence
Hospitality
IT costs
Rent
Carried forward|2025
£
12,821
284,780
297,601
42,000
520
12,464
76,157
16,083
48,011
152,715
492,836
8,836
11,814
20,650
66,219
18,012
28,390
12,326
8,487
5,378
6,540
89,593
2,648
1,000
238,593
3,703
2,713
2,019
511
2,920
2,791
-
4,630
-
19,287|2024
£
35,280
85,500
120,780
-
1,959
9,501
61,766
94
30,552
101,913
224,652
7,829
10,785
18,614
53,845
11,049
28,557
16,668
10,652
5,899
4,762
11,029
209
1,000
143,670
11,711
6,141
1,327
657
1,608
6,955
1,069
3,790
15,459
48,717|
|---|---|---|
This page does not form part of the statutory financial statements
Page 22
Docusign Envelope ID: D8F2F6FB-4549-44C8-B427-7611B7689752
## **BISHOPSLAND EDUCATIONAL TRUST**
|**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
**FOR THE YEAR ENDED 30 SEPTEMBER 2025**
**Management**
Brought forward
Staff costs
Repairs
Cleaning
Marketing
Improvements to property
Plant and machinery
**Other**
Costs of exiting lease
Deficit on disposal of tangible fixed assets
**Governance costs**
Independent examiners' remuneration
Accountancy and legal fees
Total resources expended
**Net income/(expenditure) before gains and**
**losses**
**Realised recognised gains and losses**
Current asset investments
**Net income/(expenditure)**|2025
£
19,287
29,211
1,757
1,148
5,097
16,146
2,568
75,214
-
-
-
630
5,756
6,386
340,843
151,993
(1,413)
150,580|2024
£
48,717
25,524
-
1,500
5,000
8,300
2,835
91,876
16,292
146,146
162,438
416
4,743
5,159
421,757
(197,105)
46,382
(150,723)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 23