FRIEM)S OF FOLKESTONE ACADEMY LTD {a company Ilmit¢d by guarantee) TRUSTEES, REPORT AND ACCOUNTS YEAR ENDED 31 JANUARY 2024 Compally Limit¢d by GUar￿te¢ Company R¢gistration Number 5017884 (England and Wales) Charity R¢gistration Nun]ber 1103352 FRIENDS OF FOLKESTONE ACADEMY LTD LEGAL AND ADMtNISTRATIVE INFORMATION Trustees Sir Roger De Haan CBE DL (Chair￿) Graham Badman CBE Michael Pearce Tracy Luke MBE Louisa Coppins Am'¢ Moris appointed 2 October 2023 appointed 2 Octob¢r 2023 Secretary Paula Hall Registsred and Prlllcipal Office Strand House Pilgrims Way Monks Horton Ashford TN25 6DR Solicitors Withers LLP 16 Old Bailey London EC4M 7EG Bankers National Westininster BaDk plc 37 Old Dover Road Canterbury CTI 3JB Independent Examlner Jonathan Spurling FCCA Spurling Cannon Chartcred Certified Accountants 424 Margate Road Westwood Ramsgate Kent CT12 6SJ Investment Manager Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU FRIENDS OF FOLKESTONE ACADEMY LTD REPORT OF THE TRUSTEES The trustees of the Friends of Folkestone Academy Ltd, who are also the directOT8 of the con]paay, present their report together with the auditsd financial statements for the year ended 31 January 2024. The trustees confirm that the annual report and fllMncial statements of the charity comply with current statutory requirements, the requirements of the governing document and the provisions of the Statement of Recommended Practice (SORP) "Accountitig and ReporLing by Charities" applicable to charities pT¢paring their accounts in accordance with th¢ Financial R¢porting Standard applicable in the UK and Republic of Ireland (FRS 102). Constitution and Principal Objectives The Friends of Folkestone Academy Ltd, a company lirnited by guarantee and a registered charity. was established on 16 January 2004 (company number 5017884, charity numb¢T 1103352). The Friends of Foll(estone Academy Ltd is hereafter referred to as'*he charity, these independently examined financial statements. The charity's Articlc8 of Association are the PTinw governing documents. The trustees mcct as oftcn as is required to tske decisions affecting the operation of the charity. As the charity ILas no staff, all decisions related to the operation of the clwity are taken by the trustces. The objects of the charity are to advance for the public benefiL education in the United Kingdom including support of the aims alld objectives of the primary and secondary phase8 of Fojkestone Academy, the relief of unemploymenL the provision of facilities in the interest of social welfare, for recreation and other leisure time occupatio Trustees Trustees are appointed by the recommendation of the existing ttust¢¢s, subject to the approval of a member of tbe charity. New trustees, when appointed, will be provid￿ with an iDfornution pack including the latest a￿OUnts and the Articles of Association and will be afforded the opportunity to undertake a site visit to the premises of Fo]kestone Academy. The following are the trust¢¢s of the charity: Sir Roger De Haan GTabam Badman CBE Michael Pearce Tracy Luke MBE Louisa Coppins kn'e Moris Gralmm Badman and Michael Pearce retire by rotation and both being eligible, a resolution proposing their re-appoinlment wÉll be submitted at the Annual Genwal Meeting. All of the trustees are also members of the clwity but they hold no beneficial interest thereiL Although no specific trustee training programme exists, tNstees continue to have exposure to educational and Glwitable matters either thmugh their principal occupation alldlor involvement in other charitable institutions. FRIENDS OF FOLKESTONE ACADEMY LTD RLPORT OF TRUSTKES (CONTINUED) Members? Liabillty Eachmember of the cbaritable company undertake8 to contribute to the &ssets of the charity in the event of it being wound up whil¢ he/shc 18 a member, or within one year after hdsbe cease8 to be a member, such amount as may be Tequire(L not exceeding £1, for the debts and liabilities contracted before holshe ceases to b¢ a member. Reserves Pollcy The policy of the trustees is to maintain a wwing level of reserves whiGh underpins the long terni grant-making strategy of the charity. At this stage, no specifiG monetary target has been set. The trustees are satisfied that th¢ clwity's reserves arc sufficient for its current purposes. The reserves as at 31 January 2024 amounted to £3,918,000 (2023: £3,942,000) of which £1,132,000 comprises fixed asset fi￿ds. Investment Policy The trustees have appointcd Sarasin & Partners LLP to manage the investment portfolio. MoDie8 are invested in one of SaTasill's Charity Authorised Investment Funds which is designed specifically for charities. The investment objcctive is to provide long terni capital and incom¢ growth through a brnadly diversified global portfolio. Grallt Making Policy The charity's ￿ant making activity is presently focussed on supporting the primary alld secondary phases of two SCI￿OIS comprising Foll(eston¢ Academy. Operatlng and FiD8nelal Revlew The net loss for the year before inves(ment gains amounted to £70,000 (2023". net income £27,000). The 2024 resull compared to 2023, arose primarily from a signifiGalldy ljigher donations cost. The charity rcccived a £48,000 (2023: £66,000) donation from its trading subsidiary and continued to bcnefit from rental income arising from its subsidiary's occupation of the Marlowe Innovation Centre. The investment portfolio increased by £125,000 during the year due to both an increase in the market value of the charity's investments and the reillvestment of income. Jnvegtment gains amounted to £46,000 (2023: losses £135,000), reflecting a 1.60/0 rise in unit pric&8 in the year (2023: fall 4.8%). The charity has a wholly owned subsidiary, FFMA (Trading) Limited tla 'The Marlowe Innovation Centre" The subsidiary operat&5 att "Innovation C¢ntre" from premises on a site adjacent to the Royal Harbour Academy in Ramsg&te, K¢nt. The objective is to attract young, innovative businesses to the Marlowe Innovation Centre and to build a close working relation8hip betwecn the school and tenant businesses. with the aim of assisting in the e(lucation of StL￿ellts alld creating employment opportunities in the are& Su4)luses generated are paid to the parent charity. FRIENDS OF FOLKESTONE ACADEMY LTD REPORT OF THE TRUSTEES (CONTINUED) Operating and Financlal Review (Contillued) The Marlowe Irniovation Centre (MIC) continueg with efficiently providing versatile accommodation for small businesses in Thanet and Su￿ound1ng areas. Tbis ye&r the centre has Successfi￿YrOaJn￿jllcd very high occupanGy Tates of between 970/0 & 100%. The easy- I￿ easy-out tenancy has seen 3 businesses move on to different accommodation and 3 new busillesses replace tlwn. Virti￿1 tenants (VT'S) are an area th¢y are hoping to expand in the con]ing year. The number of VTS ha8 Stayed th¢ same tbis year, though some businesses have gone and been replaced. Back office services are offered to all tenants, old and new. These are well utiIised. Boardroom and meeting room bookings have remained st¢ady this yvar, however an increase in enquiries has becn noted. The centre benefits from many boardroom referrals and excellent feedback from users. Social media platfornls tend to be the only marketing tool used to advertise the offerings available at The Marlowe Innovation Centre wbich 18 both effective and at nil cost. Word of mouth referrals are also very commoTr The MIC is looking to expand its social EneAlia presence this year to encourage increased boardroom usage and vrs. The clwity has funded the installation of solar panels at tbe MIC in the year which has already reduced the impact of the increase in energy cost5. Since the year end 2 electric vehicle charging points have a180 been fullded and installed, as well as 2 new boiler8. The Marlow¢ IDmvation Centre continues to work with the wider cornmunity and welcomes students from the Royal Harbour Academy and other local schools to work alongside businesses where all opportLUllty arises. Pub]ic Benefit The Ch￿Ity'S grant making activity has been focused on supporiing the aims and objectives of the Folkeston¢ Academy. The principal way in which this has been accomplished has been tI￿ough payment of direct clwitable ￿allts to fimd initiatives not funded by the school's mainthatn government grants. The tLUStees have considered the impact of public benefit requirement including the guida￿¢ issued by the CIMTity Commission. FRITNDS OF FOLKESTONE ACADEMY LTD REPORT OF THE IRUSTEES (CONTINUED) Rlsk Management The trustees have Cramined the major strategic, business and operational risks which th¢ charity face8 and have put in place sy8ten]s, policies, procedures and controls in order to ll￿age and mitigate these risks. Where appropriate, the trnstees vrfill act only aftw takillg appropriate professional advice. The main risk faced by the charity relates to investment risk on its portfo]io. This risk 18 mitigated by investing all the Ch￿Ity'S surplus funds in a reputable diversified investLDent fund dcsigned exclusively for c}￿ltieS. ststement of Trustees? Responsibilities The trustees (who are al80 dircctor8 of Friends of Folkestone Academy Ltd for thepurposes of company law) are responsible for prep￿ill8 the trustces, report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kitigdom Generally Accepted Accounting PrartiGe). Company law requires the tn￿teeS to prepare fmancial statements for each financial year which give a true and fair view of the stats of affair8 of the charity and of the incojning resources and application of resources, including the income and expenditure, ofthe charity for that period. In preparing these financial ststements, the trustees are required to: select 8Uitable accounting policies and then apply them consistently> observe the methods and principl¢s in the Charities, SORP; make judgements and estitnates that are re￿Ollable and prudent; stste whether applicable United Kingdom Accounting Standardg have been followe subject to any ￿￿terIal departures disclosed and explained in the fuwicial statements; prepare the financial ststements on the going Conc￿ basis unless it is inappropriat¢ to presum¢ th&t the charitable company will continue in operation. The trnstees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position ofthe charitable company and enable them to ensuTe that the financial ststements comply with the Compauies 2006. They are also responsible for safeguarding tbe assets of the charitable company and h¢nce for taking reasonable st¢ps for the prevention and d¢t¢ction of fraud and other irregularitics. Each of the trustees ¢onfirms that: so far as the trustee is aware, th¢r¢ is no relevartt audit ]nfOrn￿tiOll of wlLich the clwitable company's auditor is unaware. and the trustee ha8 taken all the steps that ought to have taken as a trustee in order to b¢ awar¢ of any relevant audit inforniation and to establish that the charitable compaoy, auditor is aware of that inforniatio FIUENDS OF FOLKESTONE ACADENtY LTD REPORT OF THE TRUSTEES (CONTINUED) In Preparing this report the tn￿teeS hav¢ taken advantage of the small companies exemptions provided by section 415A of Part 15 of the Companies Act 2006. The report ofthe trustees was approved by the trustees on 2 3 - 09 - 2 on their bchalf by: and signed Sir Roger De H&4n Trustee Regtstered and Principal Office Strand House Pilgrims Way Monks Horton Ashford TN25 6DR FRIENDS OF FOLKESTONE ACADE11￿ LYI) Independent examiner's report to the trustees of Friends of Folkestone Aeodemy Ltd (Ithe Company,) I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 January 2024. Responsibllities and basis of report As the Tn￿tee8 of the Company (and its directors for the purposes of company law) you are responsible for the preparation of th¢ accounts in accordance with the requirements of the Companies Act 2006 (tthe 2006 Act,). Having satisfLed myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for indepcndent examinatio￿ I report in respcct of my examination of the Company's accounts canied out under section 145 of the Charities Act 2011 ('the 2011 Act?. Ill carrying out my examination I have followed the Directions given by the Charity Cojnmission under section 145(5)(b) of the 2011 Act. Independent examlner's statemellt I have completed my examinatio￿ I confirn that no matters have come to my attention in connection with the examination giving n)¢ cause to believe: . accounting records were not kept in respect of the Company a8 required by section 386 of the 2006 Act. or 2. the accounts do not accord with those records; or 3. the accounts do not conwly with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a Mrue and faie view which is not a matter considered as part of an indepcndent examination" or 4. the accounts have not been prepared in accordance with tbe methods and principles of the Statement of Recojjmiended Practice for accounting and reportillg by charities [applicable to charAties preparing tbeir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland (FRS 102)]. I have no Concerns and hav¢ Come across no other matters in connection with the cx&mination to which attention should be drawn in this report in order to ¢nable a proper understanding of the accounts to be reached. This report 18 made Solely to the Company's Trnstees, as a body, in accordance with Part 4 of the Charities (Accounts and Rcports) Regulations 2008. My work has been undertaken so that I rnight state to thc Companvs Trustees those matters I am required to state to them in an Independent examiner's report and for no other pu￿OSe. To the fullest extent permitted by law, I d not accept or assume responsibility to anyone other than the Com ny and the pany's Trustees as a body, for my work or for this report. Sign Jona Sp Spurling canno￿ Chartered Certified Accountants 424 Margat¢ Road, Westwood Ramsgate, Kent, CT12 6SJ United Kingdom Dated: / io/- FRIENDS OF FOLKESTONE ACADEMY LID STATEivIENf OF FINANCIAL ACTIvrrIES FOR THE YEAR TO 31 JANUARY 2024 2024 2024 Restricted Unrestrl¢ted Funds Fund Flxed Flxed Asset Asset £iooo £'ooo 2024 2023 Total Fund8 £iooo Totsl Funds £iooo General £'ooo Note Income and endomryllents from: Otber income Bank interest Investment income Total Income 75 75 75 127 205 127 205 142 218 Expendlture on: Raising funds C]witable activiti¢s Support costs Totsl expendlture 241 31 272 178 13 191 244 31 275 Net income before Investment gafns/Oosse$) (39) (31) (70) 27 Gains/(108ses) on inv¢stments 11 46 46 (135) Net Income (31) (24) (108) Transfer b¢tw¢¢n funds (48) 48 Funds brought foThvard 2,827 1,115 3,942 4,050 Total fimds carrfed forward 15 2,786 1,132 3,918 3,942 The notes on pages 9 to 16 forni part of these financial statement8. FRIENDS OF FOLKESTONE ACADEMY LTD (A Company limfited by gllarantee) Regl%tertd Number: 05017884 BALAI¥CE SHEET 31 JAIWARY 2024 Nots 31 January 31 January 2024 2023 £'ooo Fixed knets Tangiblc fixed &8sets Investments InvestoTht in subsidiary undertsking 1,132 2.829 1,115 2.704 li 3,961 3,819 CurreDt assets Cash held by InvestD￿nt Mallager Cash at bAtJk and In hand 12 39 170 209 39 257 296 CredAtor8: 4010unts falling due within one y 13 (252} (173) N¢t ￿trent assets (43) 3.918 123 Tot&1 Assets le4J current114bilities 3.942 ChArlty Fund8 Restricted Funds Fixed Asset Fund 15 1,132 1,115 Ul￿eStriCted funds General Fund Fixed Asset Fuod 15 2,786 2,827 15 3,918 3,942 The ￿1￿ceS consider that the Company is entitled to exeD￿tiOn from the requiremthrt to have an audit under th¢ provisioDS of section 477 of the Companies Act 2006 ("thc Act.) and members have not required the company to obtain an audit for the year in ques¢ioo in QCCOTdance with scction 476 of the ACL In accordance wtth ￿ti￿ll 145 of the Cl)arities Act 2011 an independent exami￿0￿ is require The tn￿ acknowledge their responslbilitieg for complying with the requirements of the Act with r¢sp¢¢t to accounting records and for prepatiog financial statements which givc a tnje and fair view of the state of affairs of the company as &t 31 January 2024 and of its net incoming ￿so￿l￿eS for the year in accordance with the quirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the knt relating to financial statements, so far as applicable to the compatty. The financiaI statements bav¢ been prepard in accordance witb the provisions applicable to Cotnpanies subject to th¢ small compatiies regime and in acconknce with the provisioL8 of FRS 102 Section IA- small entities. were approved by trustees on 13- 09 nancl state 2024 alld signed on thetr behalf by. Sir Roger De Haan (Tr￿te¢) Tr notrs on p8g¢s 9 to 16 fomi part of these fiD&ncial statements. FRIENDS OF FOLKESTONE ACADEMY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARENDED 31 JAIYUARY 2024 l Accounting Policies 1.1 Basls of Preparation of Financial Statsmellts Friends of Folkestone Acadelny Ltd is a regist¢r¢d Charity &tMI a Company limited by gLMrantee, incorporated in England and Wales. Its registered office and prAncipal place of business is disclosed in the Legal and Administrative Inforniation. The fmancial statements have been prepared Ullder the historical cost convention, except for the valuation of investments which are included at market value, and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitieg pr￿aring their accounts in accordance with the Financial ReportAng Standard applicable in the UK and Republic of treland (FRS 102) - (Charities SORP (FRS 102)), the Charitie8 Act 2011 and the Companies Act 2006. Friends of Folkestone Academy Ltd meets the definition of a public benefit entity under FRS 102. Thc financial statements have been pr¢sented in GBP and rounded to £'OOO. 1.2 Rental Income and Rents Receivable Rental income and rents receivable &re included in the statemcnt of financial activities on an accn]als basis. 1.3 Grants Receivable and Payable Grants Teceivable and payable are included in the statement of financial acttvities on an acGn￿S basis. 1.4 Investment Income and Interest Receivable Investn]ent income and interest receivable are included in the ststement of financial activities on an acen￿lS basis. 1.5 Expen(llture Expenditure is accounted for on an accruals basis and has been olassified under expense categories that aggregate all costs relating to that category. Where costs cannot be directly attributed to particular activities th¢y have been allocated on a basis consistent with the use of resources. 1.6 Unrestricted Funds All funds except the Marlowe tnnovation Centre (MIC) fixed asset fimd are unrestiicted. The MIC propety ha8 restrictions on its use for & peAiod of iizne whiGh expires ill 2028. FIUENDS OF FOLKESTONE ACADEMY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 l Accountlng pollcles (continued) 1.7 Support Costs Support costs comprise of expenditure incurred in connection with administration of the Gharity and compliance with conslitutional and Sta￿tOry requlrements. 1.8 Tangible fixed assets Tangible fixed assets are included in the balance sheet at cost aud ar¢ d¢preciated overtheir usefid economic lives in accordanG¢ with the depreciation policy. Related ￿lts are cr¢dited to a fixed asset fund in the statement of finall¢ial activities aud carried forward in the balan¢¢ sheet. Assets are reviewed annually for impairnient. Assets costing less than £1,000 are written off in the year of acquisitio￿ unless they are part of a ￿eater amount. 1.9 Depreclatlon Depreciation is provided on a straight line basis onthc cost of tangible fixed assets, to write them down to their estimated residual values over their expected us¢fill lives. Tbe annual rate8 used are: Leasebold buildings 20/0 Energy saving equipment 50/0 Fixtures and equipment 200/0 1.10 Investments Jnvestments are included in the financial statements at their market value at the balance sheet date. R¢dis¢d and unrealised gains (or losses) are credited (or debited) to the statement of financial activities in the year in which they arise. Investments are a forni of financial instrlllnent and are initially rccognised &t their transaction c08t and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in wbich case it is measured at cost less impairnicnt. Investment gains &nd losses, whether realised or unrealise4 are combined and presented 'Gains/(Losses) on investments, in the Statement of Financial Activities. 1.11 Golng concern The ¢harity bas prudently built up its reseThTes over the past few years and its gencral fimd as at 31 January 2024 was £2.8 million. There are no restrictions on trustees, ability to use these funds if necessary to enable it to continue to fulfil its charitable objects. Based on the abov¢ and having regard to the resources available to the entity, the Trustees hav¢ concluded that there is no material uncertainty and that they can Gontinue to adopt the going concern basi8 in preparing the annual report aud account8. 10 FRIENDS OF FOLKESTONE ACADEMY LTD NofEs TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 JANUARY 2024 1.12 Flnandal Instruments Th¢ CIMity only enters into basic financial instrLllnent transactions that result in the recognition of fmancial assets and ]iabilities such as trade other debtors and creditors, loans from banks and other thirdparti¢s, loans to related parties and investments in ordinary shares. 2 Taxydtion The Friends of Folkestone Academy Ltd is a re8iStered charity and as Such its income and gains are exempt from income tax and corporation t&T to the extent that they are applied to its clwitable activities under the provisions of the Income and Corporation Taxes Act 1988. 3 Other Income 2024 £iooo 75 2023 £iooo 75 Rent received 4 Bank Interest 2024 £'ooo 2023 £tooo Bank interest received 5 Investment Income 2023 £iooo 48 79 127 2023 £'ooo 66 76 142 Donation from subsidiary Other investtnent income 6 Charitable Aetivitles 2024 2023 £'ooo £'ooo 241 150 31 28 272 178 Donations Depreciation Costs of clwitable activities totalling £272,000 (2023: £178,000} were attnl)utable as follows: £241,000 from general U[￿estricted funds (2023= £150,000). £nil from fixed asset unrestricted funds (2023: £nil) and £31,000 from restricted fimds (2023: £28,000). 11 FRIENDS OF FOLKESTONE ACADEMY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARENDED 31 JANUARY 2024 7 Support Costs 2024 £'ooo 2023 £iooo Legal and professional services Assurdnce services 13 Support costs of £3,000 (2023.. £13,000) were attributable to general unrestricted funds and all reIate to govcmance costs. 8 Staff Costs No staff were employed during the year and no trustee received remuueration or expense8 (2023: none). 9 TAngible fixed assets Land and Bulldlngs Equipment Totydl £iooo £iooo £iooo 1.407 19 1,426 48 48 Flxthres Cost At l February 2023 Additions Written off At 31 January 2024 1.455 19 1,474 Depreclation At l February 2023 Chargc Written off At 31 January 2024 292 31 19 311 31 323 19 342 Net Book Values At 31 January 2024 1,132 1,132 At 31 January 2023 1,115 1.115 12 FRIENDS OF FOLKESTONE ACADEMY LTD NOTES TO THE FINANCIAL STATEMENfS FOR THE YEAR ENDED 31 JANUARY 2024 At 31 January 2023 the charity had agreed to spending £65,000 (2022: £nil) in capital equipment at the Marlowe Imiovation Centre, though no contracts IMd been entered into. As at 31 January 2024 £27,000 of this conjmitment remained. The land and buildings r¢late to the Marlowe Tnnovation C¢ntre. Th¢ building i8 Icased from Kent Coullty Council at a pepp￿Corn rent over a lease of 75 years from July 2009. No value has been placed on the land in the financial statements due to the restrictive covenants attaobing to the asset. The charity has an option to acquire the land at the end of the lease tern]. Included within tangible fixed assets are land and buildings with a carying value of £1,132,000 (2023: £1,115,000) that are rented to the charity's wholly owned subsidiary* FFMA (Trading) Limited. 10 IllvestJllent in subsidiary undertaldng 2024 2023 £'ooo £'ooo FFMA (Trading) Limited The investsnent cornprises l ordinary Share of £1 which is IOOO/o of the issued shar¢ capital of the company. The company, which is registered in England attd Wales, is the trading arni of the charity. Its results for the year were as follows: 2024 £iooo 312 (254) 2023 £'ooo 294 (244) Turnover Expenditure Other operating income Profit for the year before tax Distnbution to the clwity Retained (loss)/profit 58 47 11 50 98 67 31 88 68 20 Liabi]ities Shareholders, funds 13 FRIENDS OF FOLKESTONE ACADEMY LTD NOTES TO FINANCIAL STATEMENTS FOR T￿£ YEAR ENDED 31 JANUARY 2024 11 Llsted Investments 2024 £'ooo 1,953 78 2023 £iooo 1,916 37 At Cost: Opening balance Additions Disposals Total investments at C08t 2,031 1,953 At Market Value: Charity Authorised Investment Fund Total Investments at market value 2,829 2,829 2,704 2,704 Movements in investments at market value Market value as at l Febrnary 2023 Additions at c￿st less equalisation Disposals UnreaIised investment gains/Oosses) Totsl investments at market value 2,704 79 2,802 37 46 2,829 (135) 2,704 The investrnents are held in a Sarasin & Parthers Clwity Authorised Investment Fund. Income received on the invcslment portfolio during the year comprised of bank interest amounting to £1,553 (2023: £294) and dividend income of £77,600 (2023: £75,960). The fixed asset investments in the Sarasin fimd are invested in a wide variety of sectors with a signific&nt geo￿aphICal spread. 12 Current asset investment 2024 £pooo 39 39 2023 £iooo 39 39 Cagh held by S&P LLP 13 CredltOTS - amounts fydlllng due Jvlthln one year 2024 £iooo 250 2023 £'ooo 169 Trade creditors Accruals and deferred income 252 173 14 FIUENDS OF FOLI