DocuSign Envelope ID: 0E1E0716-6B93-46C7-BE22-E1BBF911AF3F
Charity registration number 1097052
INVESTREAM CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
DocuSign Envelope ID: 0E1E0716-6B93-46C7-BE22-E1BBF911AF3F
INVESTREAM CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees M Morris G S Morris Charity number 1097052 Principal address 1 Portland Place London W1B 1PN Independent examiner Mark Bailey Chartered Accountants Devonshire House 1 Devonshire Street London W1W 5DR Bankers Royal Bank of Scotland plc 62 - 63 Threadneedle Street London EC2R 8LA Metro Bank One Southampton Row London WC1B 5HA
DocuSign Envelope ID: 0E1E0716-6B93-46C7-BE22-E1BBF911AF3F
INVESTREAM CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 13 |
DocuSign Envelope ID: 0E1E0716-6B93-46C7-BE22-E1BBF911AF3F
INVESTREAM CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2023
The Trustees present their annual report and financial statements for the year ended 30 April 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's Deed dated 17 January 2003, the Charities Act 2011 and "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
The Trust's objectives are to assist charitable causes in the advancement of education, the relief of poverty and infirmity and such other purposes beneficial to the community as are considered by English law to be charitable.
The Trustees have unrestricted power to apply Trust funds towards these charitable objectives.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.
The Trust's primary source of income derives from donations made by Mark Morris, a Trustee, and related entities.
The Charity is not actively engaged in fund raising nor does it solicit donations. The funds are maintained at levels which the Trustees consider appropriate in order maintain liquidity within the Trust, to cover costs of management and administration and to satisfy a distribution policy consistent with the Trust's overall charitable objectives.
The Trustees follow a policy of making charitable donations only after they are satisfied that the Trust has adequate resources to meet its commitments. As at 30 April 2023 there were no future commitments with regards to the funds held.
The Trustees have adopted a policy of making regular donations to charitable causes, having regard to the level of the Trust's annual income and surplus funds available. They regularly appraise new opportunities for direct charitable expenditure and from time to time make substantial donations to support special or capital projects.
During the year the Trust made donations to qualifying organisations amounting in aggregate to £762,650 (2022: £911,185).
At the year end the Trust had a loan outstanding from Redbourne Avenue LLP for £500,000 (2022: £500,000). This is a considered to be a social investment as it has been made to meet the charitable activities of the Trust.
Achievements and performance
The Trust utilised funds received in previous years and the current year to continue to meet its charitable objectives in the current year.
During the previous year, the Trust purchased a property which will be provided to persons in need, with rent free accommodation, therein advancing the Trust's charitable objectives. The property was purchased in February 2022 for £418,367 and any costs associated in the upkeep of the property will be borne by the Trust or its benefactors. During the year, one of the Trustees met property upkeep costs as a personal donation of £21,866.
During the year, the Trust's accountancy fees were paid by an entity under common control.
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INVESTREAM CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
Financial review
The results for the year are set out in the Statement of Financial Activities for the year on page 5. During the year the Trust had total incoming resources of £822,399 (2022: £1,408,753), comprising mainly of donations received.
Whilst holding unrestricted powers, the Trustees' policy towards investment is designed to maximise security of capital at a time of low interest rates and yields. Consequently, surplus resources have been invested in interestbearing accounts that do not expose the Trust's capital to significant market risk. To date the Trustees have followed a policy of making frequent distributions and they therefore consider it appropriate for surplus funds to be invested into readily realisable deposits. After taking account of direct charitable expenditure amounting to £786,398 (2022: £913,058), including support and governance costs of £23,748 (2022: £1,873), there was a surplus of incoming resources over resources expended of £36,001 (2022: £495,695).
The Statement of Financial Position on page 6 shows the financial position of the Trust as at 30 April 2023.
At that date there was a net asset surplus of £1,228,535 (2022: £1,192,534). The unrestricted fund is applied towards the Trust's charitable objectives and in order to meet the modest operating costs of the Trust.
In accordance with the Trust Deed the endowment fund is expendable at the discretion of the Trustees, that is the capital can be expended when the Trustees so decide, although it is the usual policy of the Trustees to make awards from the unrestricted funds only.
The net assets of the Trust amounted to £1,228,535, which are represented by the balance on the unrestricted funds of £1,228,525 and endowment funds of £10.
The net assets of the Trust’s unrestricted fund are held to further enhance the Trust’s charitable objectives. It is the Trust’s policy to retain free reserves sufficient to cover its grant making commitments for a period of 12 months from the balance sheet date. The Trustees consider that the total closing unrestricted funds of £1,228,525 are adequate to meet such commitments.
Risk statement
The Trustees regularly review the major risks that the Trust faces and believe that maintaining the reserves at appropriate levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the face of adverse conditions. The Trustees have also examined the operational and business risks which the Charity faces and consider that the Charity's internal control systems are appropriate, given the size and nature of the operations, to mitigate the significant risks.
The Trustees take great care to research potential benefactors before grants are made. Regarding projects of a capital nature monitoring is undertaken to ensure that the grants made by the Trust achieve their objectives.
Plans for the future
The Trustees believe that grants made to various charities in the year will go some way towards the advancement of education, the relief of poverty and infirmity and such other purposes beneficial to the community. It is anticipated that continued support from the Trustees and entities related thereto will enable the Trust to maintain its level of charitable giving in the foreseeable future.
The Trustees intend, for the foreseeable future, to continue their policy of distributing income within a short period of time from its receipt rather than accumulating reserves for future projects.
Structure, governance and management
The Trust was established by a charitable trust deed on 17 January 2003. The Charity was registered with the Charity Commission on 15 April 2003. On that date Investream Limited settled £10 as the initial sum to establish the Trust.
The Trust's day to day activities are administered by the Trustees, as the Trust employs no staff. The Trustees, who receive no remuneration or benefits for their services, are solely responsible for the consideration and authorisation of the charitable donations made by the Trust.
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INVESTREAM CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
The Trustees who served during the year were:
M Morris G S Morris
The Trustees are responsible for the appointment of further Trustees.
The Trustees' report was approved by the Board of Trustees.
..............................
M Morris
Trustee 29/1/2024 Dated: ....................
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INVESTREAM CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF INVESTREAM CHARITABLE TRUST
I report to the Trustees on my examination of the financial statements of Investream Charitable Trust (the Trust) for the year ended 30 April 2023.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Mark Bailey FCA CTA
Devonshire House 1 Devonshire Street London W1W 5DR 30/1/2024 Dated: .........................
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INVESTREAM CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL 2023
| Unrestricted Endowment funds funds 2023 2023 Notes £ £ Income from: Donations 4 818,666 - Activities in furtherance of the Charity's activities 3 3,109 - Investments 5 624 - Total income 822,399 - Expenditure on: Charitable activities Education 6 303,652 - Medical 6 57,500 - Community and Elderly care 6 425,246 - Total charitable expenditure 786,398 - Net income for the year/ Net movement in funds 36,001 - Fund balances at 1 May 2022 1,192,524 10 Fund balances at 30 April 2023 1,228,525 10 |
Total 2023 £ 818,666 3,109 624 822,399 303,652 57,500 425,246 786,398 36,001 1,192,534 1,228,535 |
Total 2022 £ 1,393,272 15,441 40 |
|---|---|---|
| 1,408,753 | ||
| 361,098 37,800 514,160 |
||
| 913,058 | ||
| 495,695 696,839 |
||
| 1,192,534 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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INVESTREAM CHARITABLE TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023
| Notes Fixed assets Heritage assets 11 Investment properties 10 Investments 12 Current assets Debtors falling due after one year 14 Cash at bank and in hand Current liabilities 15 Net current assets Total assets less current liabilities Capital funds Endowment funds Income funds Unrestricted funds |
2023 £ £ 26,000 35,300 421,739 483,039 500,000 247,996 747,996 (2,500) 745,496 1,228,535 10 1,228,525 1,228,535 |
2022 £ £ 26,000 35,300 421,739 483,039 500,000 211,995 711,995 (2,500) 709,495 1,192,534 10 1,192,524 1,192,534 |
2022 £ £ 26,000 35,300 421,739 483,039 500,000 211,995 711,995 (2,500) 709,495 1,192,534 10 1,192,524 1,192,534 |
|---|---|---|---|
| 483,039 709,495 |
|||
| 1,192,534 | |||
| 10 1,192,524 |
|||
| 1,192,534 |
29/1/2024
The financial statements were approved by the Trustees on .........................
..............................
M Morris Trustee
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INVESTREAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
1 Accounting policies
Charity information
Investream Charitable Trust is a registered, unincorporated charity.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Trust's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in pound sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest pound sterling.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the Trust's charitable objectives unless the funds have been designated for other purposes.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.
1.4 Incoming resources
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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INVESTREAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
1 Accounting policies
(Continued)
1.5 Resources expended
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 allocated 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 are allocated on the portion of the asset’s use.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.
1.6 Investment properties
Investment property, which is property held to earn rental income and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.7 Heritage assets
Heritage assets are initially measured at transaction price excluding transaction costs. They are considered to have an indefinite useful economic life, and as such are not depreciated, but rather are reviewed at each reporting date for evidence of impairment. If any impairment is recognised, this will be included within net income/(expenditure) during the year.
1.8 Non-current investments
Unlisted investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
Programme related investments are investments which are held at cost for the furtherance of the Trust's objectives.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
1.10 Financial instruments
The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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INVESTREAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.
1.11 Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into pound sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.
1.12 Governance costs
Governance costs comprise of bank charges and accountancy fees.
1.13 Social investments
Social investments are initially measured at transaction price including transaction costs.
Social investments arise when the Trust provides financial support in the form of interest free loans to other entities in order to further the Trust's charitable aims.
The expectation is that the loans will be repaid. The Trustees review the loans annually and if there is a risk of non-payment, an impairment provision is made.
2 Critical accounting estimates and judgements
In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Trust recognises its investment properties at fair value. These properties have been held at cost but compared to on an open value at 30 April 2023 by the Trustees. The Trustees believe that the cost was materially equivalent to the open market value at the balance sheet date.
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INVESTREAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
3 Activities in furtherance of the Charity's activities
| Rental | Rental | |
|---|---|---|
| income | income | |
| 2023 | 2022 | |
| £ | £ | |
| Charitable rental income | 3,109 | 15,441 |
4 Donations
| **Unrestricted ** | Unrestricted | |||||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Donations and gifts | 795,000 | 1,390,000 | ||||
| Donated services | 23,666 | 3,272 | ||||
| 5 | Investments | |||||
| Unrestricted | Total | |||||
| funds | ||||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Interest receivable | 624 | 40 | ||||
| 6 | Grants payable | |||||
| Education | **Medical ** | Community | Total |
Total | ||
| and Elderly | 2023 |
2022 | ||||
| care | ||||||
| £ | £ | £ | £ | £ | ||
| Grants to institutions: | ||||||
| Other | 301,770 | 57,500 | 403,380 | 762,650 | 911,185 |
All grants payable were made to charitable institutions. Of these, grants totalling more than £30,000 of charitable expenditure were made to Achisomoch Aid Company Limited (£180,000), Moreshet Hatorah (£101,000), The Belz Foundation (£83,000), Chana Charity (£47,500), Torah & Chesed (£37,000) and Work Avenue (£35,000). All other grants totalled £279,150.
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.
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INVESTREAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
8 Support and governance costs
| Support costs Audit fees Independent examination fees Bank charges Analysed as Charitable activities |
2023 £ 21,866 - 1,800 82 23,748 23,748 |
2022 £ - 1,800 - 73 |
|---|---|---|
| 1,873 | ||
| 1,873 |
9 Employees
There were no employees during the year.
10 Investment property
| Investment property | |
|---|---|
| 2023 | |
| £ | |
| Fair value | |
| At 1 May 2022 and 30 April 2023 | 35,300 |
The investment property represents a 5% holding in a commercial property in Hamilton, Lanarkshire. At the year end, the Trustees have determined the fair value of the investment to be equal to its original acquisition cost.
11 Heritage assets
| Heritage asset | ||||||||
|---|---|---|---|---|---|---|---|---|
| £ | ||||||||
| At | 1 | May | 2022 | and at | 30 | April | 2023 | 26,000 |
The Trust has purchased two Sefer Torahs to further its charitable objectives. The first was purchased in the year ended 30 April 2018 for a cost of £11,250, and the second was purchased in the year ended 30 April 2020 for £14,750.
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INVESTREAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
12 Fixed asset investments
| Unlisted investments Programme related investments £ £ Cost or valuation At 1 May 2022 & 30 April 2023 100 421,639 Carrying amount At 30 April 2023 100 421,639 At 30 April 2022 100 421,639 13 Financial instruments 2023 £ Carrying amount of financial assets Debt instruments measured at amortised cost 500,000 Equity instruments measured at cost less impairment 421,739 Carrying amount of financial liabilities Measured at amortised cost 2,500 14 Trade and other receivables 2023 Amounts falling due after more than one year: £ Other receivables 500,000 |
Total £ 421,739 |
|---|---|
| 421,739 | |
| 421,739 | |
| 2022 £ 500,000 421,739 |
|
| 2,500 | |
| 2022 £ 500,000 |
Debtors due after more than one year comprise a loan of £500,000 (2022: £500,000). The loan is interest free and repayable within 90 days of notice, given by the Trust to Redbourne Avenue LLP, although it is not the Trustees' intention to give notice within twelve months from the balance sheet date. The loan is regarded as a social investment because it has been made to meet the charitable objectives of the Trust.
15 Current liabilities
| Other payables Accruals and deferred income |
2023 £ 100 2,400 2,500 |
2022 £ 100 2,400 |
|---|---|---|
| 2,500 |
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INVESTREAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
16 Analysis of net assets between funds
| Analysis of net assets between funds | |
|---|---|
| Unrestricted funds Endowment funds £ £ Fund balances at 30 April 2023 are represented by: Heritage assets 26,000 - Investment properties 35,300 - Investments 421,739 - Current assets/(liabilities) 245,486 10 Non-current assets 500,000 - 1,228,525 10 |
Total £ 26,000 35,300 421,739 245,496 500,000 |
| 1,228,535 |
The Trust was settled with £10 as the intial sum to establish the Trust.
17 Related party transactions
Remuneration of key management personnel
No key management personnel were remunerated during the year.
Transactions with related parties
During the year, the trust received donations totalling £500,000 (2022: £1,100,000) from Mark Morris, who is a trustee. The trust received a further £170,000 from entities under common control (2022: £nil).
At the year end the Trust was owed £500,000 by an entity in which the Trust has a membership interest (2022: £500,000). The loan is regarded as a social investment, per note 14.
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