Charity registration number 1111848
THE RAZUMOVSKY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE RAZUMOVSKY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Sir B A Rix Sir R Aikens Ms J Barraclough Ms S Stewart
Charity number 1111848 Registered office 48 Ashburnham Road London NW10 5SD
Independent examiner
Mark Adrian Gold Silver Levene (UK) Limited Chartered Certified Accountants Level 5A, Maple House 149 Tottenham Court Road London W1T 7NF
THE RAZUMOVSKY TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
THE RAZUMOVSKY TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the governing document, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016).
Objectives and activities
The objects are to support outstanding musical talent for the most part by sponsoring students tuition and their attendance at master classes, staging concerts providing performance opportunities for young and established musicians. It was established to "Provide musical excellence and develop exceptional musical talent" and is currently continuing to support the work of the "Razumovsky Academy”. To advance improve promote develop and maintain public education in and appreciation of the art and science of music in all aspects and specifically but without limitation the music of the Razumovsky Ensemble by the presentation of public events and by such other activities as the trustees think fit; to encourage and support for the public benefit all art forms particularly but not exclusively those involving music including other cultural and educational activities in order to make these more accessible to the public at large; to benefit any charity and to further any purposes which are charitable as the trustees think fit.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Activities
The main activities are the Sponsoring of concerts, Tuition / Education, Career Mentoring and High quality Showcasing opportunities.
Grant making policy
Policy on grant making within its resources, to make both finance and guidance available to exceptional musicians and to musical education generally, in the context and support of the above mentioned activities.
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THE RAZUMOVSKY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance
To date the funding has come from donations from supporters and friends of the Razumovsky Trust, and income from fundraising charity concerts. This year the Trust has supported:
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Razumovsky Academy Help Refugees appeal and provision of support and tuition to those fleeing from the conflict zone.
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The Trust Has supported the Imogen Cooper Music Trust (ICMT) by accommodating the ICMT’s Scholarship Holder’s concerts at our Razumovsky Recital Hall and bringing these concerts to the attention of the Razumovsky audiences.
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The Trust has supported the young gifted musicians of the Yehudi Menuhin School by providing performance opportunities at the Razumovsky Recital Hall and introducing these musicians to the Razumovsky audiences
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The Trust has supported a unique event presented by the world renowned pianist Evgeny Kissin at St John's Smith Square, dedicated to the victims of Stalin’s anti-Semitic campaign - the world premiere of this literary-musical composition took place in the previous year at the Carnegie Hall, New York, and received a standing ovation from its audience.
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The Trust has welcomed a celebrated violinist, Professor Kolja Blacher who returned once again to lead a masterclass and to give a rare performance of J.S.Bach masterpieces for solo violin.
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The Trust introduced its young artist, a cellist Sandra Lied Haga, to the legendary violin virtuoso Maxim Vengerov. This resulted in Sandra performing the Brahms Double concerto with Maestro Vengerov and Oxford Philharmonic under a baton of Marios Papadopoulos at the Royal Albert Hall, London, on 25th April 2023.
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The Trust’s alumni cellist Dora Kokas gave a fine recital, ahead of her latest CD recording sessions.
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The Trust’s Patron, the legendary Oscar nominated British actor Bill Nighy has returned to the Razumovsky Academy, graciously lending his support to the Razumovsky Trust’s Help Ukrainian Refugees Appeal. Together, we raised further funds that enable the Trust to continue helping numerous displaced people, especially musicians, who have been forced to flee their homes due to the ongoing war. Bill Nighy has invited his fellow actor Tom Burke, who starred with him in the Oscar nominated film “Living”, to join him for this concert on the anniversary of our last year’s memorable charity evening. We are grateful to Bill Nighy for his most generous help.
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The Trust has supported Belinda Drake in staging a Gala Concert and Reception to raise money for the refugee Afghan family. The performers were Ian Bostridge, Dame Imogen Cooper, Julius Drake, Emre Gokalp, Toby Jones and Oleg Kogan.
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The Trust has staged a fundraising concert and dinner in memory of the Trust’s devoted Parton Anthony Lester, Lords Lester of Herne Hill. String Quintet in C Major by Franz Schubert was performed by ClaraJumi Kang, Sergei Bresler, Maxim Rysanov, Kyril Zlotnikov and Oleg Kogan.
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The Trust was delighted to host the first public English Song masterclass given by Dame Felicity Lott and pianist Sebastian Wybrew, as part of the performance opportunities provided by the Ashburnham English Song Awards. Four singers and their pianists presented their chosen repertoire working with Dame Felicity Lott and Sebastian Wybrew. This was a unique occasion.
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In addition, numerous young and established pianists, singers and string instrumentalists gave recitals and made recordings using the Trust’s pianos.
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Instrumental lessons for exceptionally gifted young artists and Razumovsky Academy students.
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Instrumental lessons and guidance provided to gifted young and established musicians who were affected by the war in Ukraine.
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Our star alumni cellist David Cohen was appointed Principal Cellist of the London Symphony Orchestra. He continues to use the Trust’s Montagnana cello for performance and teaching.
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THE RAZUMOVSKY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Financial review
It is the policy of the charity that unrestricted funds, which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. There is no deficit to report.
Since inception, donations from sponsors and friends and income from concerts have been the main source of funds. The trust is reviewing its sponsorship needs in order to plan its fund raising in future. The trust will approach individuals, other trusts and grant making trusts for its requirements. The trust has run with minimal expenses to date allowing almost all the funds raised to be applied directly to sponsoring concerts and students.
The trust will hold in reserve the sum of 5% of its funds at any one time or £10,000, whichever is the greater.
Future plans
It is the charity's intention to continue growing its activities in the forthcoming year given the relaxation of the restrictions imposed as a result of Covid-19.
Structure, governance and management
The charity was established by a Declaration of Trust dated 28 July 2005.
The trustees who served during the year and up to the date of signature of the financial statements were:
Sir B A Rix Sir R Aikens Ms J Barraclough Ms S Stewart
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The trustees' report was approved by the Board of Trustees.
On behalf of the board of trustees.
.............................. Sir B A Rix Trustee
Date: .............................................
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THE RAZUMOVSKY TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RAZUMOVSKY TRUST
I report to the trustees on my examination of the financial statements of The Razumovsky Trust (the charity) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the charity 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 charity’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
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 charity 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 Adrian Gold Silver Levene (UK) Limited Chartered Certified Accountants Level 5A, Maple House 149 Tottenham Court Road London W1T 7NF
Dated: .........................
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THE RAZUMOVSKY TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted Restricted funds funds Notes £ £ Income from: Donations and legacies 3 144,533 - Charitable activities 4 8,600 - Other trading activities 5 2,255 - Investments 6 1,496 - Total income 156,884 - Expenditure on: Charitable activities 7 80,989 - Total charitable expenditure 80,989 - Net income for the year/ Net movement in funds 75,895 - Fund balances at 1 January 2023 226,801 105,040 Fund balances at 31 December 2023 302,696 105,040 |
Total 2023 £ 144,533 8,600 2,255 1,496 156,884 80,989 80,989 75,895 331,841 407,736 |
Total 2022 £ 51,396 - 540 60 |
|---|---|---|
| 51,996 | ||
| 32,876 | ||
| 32,876 | ||
| 19,120 312,721 |
||
| 331,841 |
The statement of financial activities includes all gains and losses recognised in the year.
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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THE RAZUMOVSKY TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Fixed assets Tangible assets 12 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 13 Net assets The funds of the charity Restricted income funds 15 Unrestricted funds 16 |
2023 £ £ 929,116 250,410 (3,000) 247,410 1,176,526 (768,790) 407,736 105,040 302,696 407,736 |
2022 £ £ 932,962 172,749 (5,080) 167,669 1,100,631 (768,790) 331,841 105,040 226,801 331,841 |
|---|---|---|
The financial statements were approved by the trustees on .........................
.............................. Sir B A Rix Trustee
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THE RAZUMOVSKY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
The Razumovsky Trust is a is regisetered in England and Wales.
1.1 Accounting convention
The accounts have been prepared in accordance with 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, apart from certain tangible fixed assets which have been included at the trustees' valuation. 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 charity 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 their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity 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.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is classifed under the principal categories of cost in furtherance of charitable activities and grants awarded rather than the type of expenses, in order to provide more useful information to users of the financial statements.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
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THE RAZUMOVSKY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings N/A Violencello N/A Plant and machinery Straight Line-20%
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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 payments 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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THE RAZUMOVSKY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’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.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 144,533 | 51,396 |
| Income from charitable activities | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Gift aids from HMRC | ||
| Other income | 8,600 | - |
| Income from other trading activities | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Sponsorships and social lotteries | 2,255 | 540 |
4 Income from charitable activities
5 Income from other trading activities
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THE RAZUMOVSKY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
| 6 Investments Unrestricted funds 2023 £ Interest receivable 1,496 7 Charitable activities Total 2023 £ Depreciation and impairment 7,173 Sponsoring of concerts 37,196 Tuition and education 33,684 78,053 Governance costs 2,936 80,989 8 Net movement in funds 2023 £ The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements 3,000 Depreciation of owned tangible fixed assets 7,173 |
funds 2022 £ 60 |
|---|---|
| Total 2022 £ 6,840 12,162 10,960 |
|
| 29,962 2,914 |
|
| 32,876 | |
| 2022 £ 2,800 6,840 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year.
10 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
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THE RAZUMOVSKY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
11 Governance costs
| Governance costs | ||
|---|---|---|
| Accountancy Management and administration |
2023 £ 3,000 10,708 13,708 |
2022 £ 2,800 148 |
| 2,948 |
Governance costs includes a cost of £3,000 (2022- £2,800) for an independent examination.
12 Tangible fixed assets
| Cost At 1 January 2023 Additions At 31 December 2023 Depreciation and impairment At 1 January 2023 Depreciation charged in the year At 31 December 2023 Carrying amount At 31 December 2023 At 31 December 2022 |
Land and buildings Violencello Plant and machinery £ £ £ 100,000 784,790 68,401 - - 3,326 100,000 784,790 71,727 - - 20,228 - - 7,173 - - 27,401 100,000 784,790 44,326 100,000 784,790 48,172 |
Total £ 953,191 3,326 |
|---|---|---|
| 956,517 | ||
| 20,228 7,173 |
||
| 27,401 | ||
| 929,116 | ||
| 932,962 |
13 Creditors: amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other creditors | 768,790 | 768,790 |
Other creditors comprises of an interest free loan of £768,790. A commercial lender would have charged around £50,000 per annum in respect of the interest on the loan.
14 Creditors: amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals | 3,000 | 5,080 |
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THE RAZUMOVSKY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
15 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 Previous year: At 1 |
January 2023 At 31 December 2023 £ £ 105,040 105,040 January 2022 At 31 December 2022 £ £ 105,040 105,040 |
|---|---|
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Previous year: At 1 General funds |
January 2023 Incoming resources Resources expended At 31 December 2023 £ £ £ £ 226,801 156,884 (80,989) 302,696 January 2022 Incoming resources Resources expended At 31 December 2022 £ £ £ £ 207,681 51,996 (32,876) 226,801 |
|---|---|
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THE RAZUMOVSKY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
17 Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| funds | funds | ||
| £ | £ | £ | |
| Fund balances at 31 December 2023 are represented by: | |||
| Tangible assets | 929,116 | - | 929,116 |
| Net current assets | 247,410 | - | 247,410 |
| Creditors: amounts falling due after more than one year | (768,790) | - | (768,790) |
| 407,736 | - | 407,736 |
The restricted funds represent charity's share of the property which it utilises. The property was purchased in the previous years. There is no movement during the year.
18 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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