KENNAWAY HOUSE TRUST (formerly known as Kennaway House Limited)
TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
Charity Registration Number: 1122667 Company Registration Number: 6471831 (England and Wales)
KENNAWAY HOUSE TRUST TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS
Year Ended 31 December 2022
| CONTENTS | |
|---|---|
| Page | |
| Trustees Annual Report | 1 - 5 |
| Independent Examiners Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes on the Financial Statements | 9 - 15 |
KENNAWAY HOUSE TRUST TRUSTEES’ ANNUAL REPORT
Year Ended 31 December 2022
The Trustees, who are directors for Company Law purposes, have pleasure in presenting their report along with the financial statements for the year ended 31 December 2022. The financial statements have been prepared in accordance with current statutory requirements, the charity’s governing documents, and the recommendations of the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP 2005) and complies with applicable law. We have also referred to the guidance contained in the Charity Commission’s guidance on public benefit when reviewing our aims and objectives for the year.
Objects and Policies
Objectives
The objective of the charity is to advance public education in particular, but not exclusively, by the provision of an educational centre for people of all ages in Sidmouth and the surrounding area.
Policies
The policy of the Trust continues to be to encourage a wide variety of educational classes and events alongside our successful art gallery and to preserve, maintain and improve our Grade 2* listed building by generating income, predominately through the rental of rooms and spaces.
Achievements and Performance
Report on 2022
The house was fully opened and operational following the lifting of Covid restrictions. Some regular routine classes did not restart, but overall, the house was busy, and our income exceeded our expenditure. This achievement was largely due to the addition of an outdoor bar during the Folk Festival run by the house to support the food traders and hosting the first Sidmouth Jazz Festival. Our lawn was used for free jazz concerts, and the house for the performers changing rooms, green room, and refreshments.
Wedding Ceremonies and complete Wedding events played a major role in the success of the house, with the most bookings we have accommodated in a while. The House makes a beautiful venue for these occasions.
Art Exhibitions continued and with increased footfall. Local artists continue to book regularly, as do the very popular monthly Craft Fairs. Peter Vaillant, an International abstract artist held an exhibition here, which was a first for him and resounding success. He will be returning in the future. South West Academicians held a second successful Open Exhibition in November, and are now using the house as their base, occupying a room on the ground floor as a gallery and office.
Community events at the house included Daffodil Day in March, the Folk and Food Festival in August, the Walking Festival in September, and Science Festival during October. Super Science Saturday with hands on activities for children and parents, held on the lawn is proving more popular each year. Sidmouth Arboretum have used both our lawn area and cellar for their Celebration of Trees event. A new Biodiversity Festival took place at the house this year with very positive comments and will be held annually.
Maintenance and redecoration are ongoing and continue to be prioritised; the latest work was in the yard and small office on the second floor. We have been able to add to the maintenance account giving a degree of resilience for predictable repairs and unexpected problems.
Overall, it was a successful year, and we are again grateful for the energy and enthusiasm of our house manager and her small team.
Overview and future plans
We aim to build our community presence by encouraging local organisations to hold more events here, making use of both the house and lawn area. We continue to market our facilities for weddings and publicise all activities. To maintain our income, new fundraising opportunities are being explored with volunteers playing a major role in the planning and running of the events.
1
KENNAWAY HOUSE TRUST TRUSTEES’ ANNUAL REPORT
Year Ended 31 December 2022
Maintenance challenges continue. Some urgent repair work on our balcony awaits the completion of significant restoration of the adjoining building which has required scaffolding, skips etc which have somewhat detracted from the appearance of the house. We have accommodated scaffolding and vehicles on our land to assist the builders.
The emergency exit door in the cellar/function room needs replacing, and we must reduce the risk of flooding into this room as the Insurance company will not re-insure the floor following damage in 2022. The lift is showing signs of age and its inspection and repair costs are becoming more expensive. An attic window is rotting and needs extensive repair. The maintenance account will reduce as a result but is expected to remain sound.
Financial Review
Total incoming resources in the Unrestricted Fund for the year to 31 December 2022 amounted to £122,431 (year ended 31 December 2021 £98,600).
General fund expenditure amounted to £112,971 (year ended 31 December 2021 £80,459).
The Charity had £(226,191) (year ended 31 December 2021 £(235,651)) in its general fund at the year ended 31 December 2022. This accounting deficit arose, as a result of significant expenditure incurred on the renovation of the Kennaway House building which ended in the year to 31 December 2009. The general fund, together with the property revaluation reserve and the capital fund, as shown on the balance sheet, shows an overall total charity fund amount of £1,229,901 (year ended 31 December 2021 £1,220,441).
In January 2015, East Devon District Council agreed with the Trust that for five years 2015 to 2021, no interest payment would be required on their loan. Instead, five years’ interest would be “rolled up” and become due for payment in 2034, along with the principal of the loan.
During 2023 we begun to pay interest on the loan and opened discussions as to how we might deal with paying the principal sum. The outstanding loan makes it difficult to apply for grant funding, but that we are self-supporting.
As at 31 December 2022, cash at bank and in handheld by the charity was £131,848 (31 December 2021 £126,092), with a healthy net current assets figure of £112,205 (31 December 2021 £111,728).
The purposes of the different types of funds are explained in the accounting policies as shown in the financial statements.
Notes 15 and 16 to the financial statements provide further explanation.
Reserves Policies
Reserves Policy
It is the policy of the charity to maintain liquid reserves at a level which equates to approximately 3 months of unrestricted expenditure. This provides sufficient funds to cover management, administration and support costs.
The charity has a deficit in the general fund, which resulted from the initial restoration work on Kennaway House. The trustees and staff are working towards reducing the deficit year on year and have increased the total cash balances to help towards improving the reserves position.
Risk Management
The Trustees of Kennaway House have put in place a risk management strategy which comprises:
-
An annual review of the risks the charity may face,
-
The establishment of systems and procedures to mitigate those risks, and
-
The implementation of procedures designed to mitigate any potential impact on the charity should those risks materialise.
2
KENNAWAY HOUSE TRUST TRUSTEES’ ANNUAL REPORT
Year Ended 31 December 2022
During 2022, trustees continued to monitor with care the finances of the trust, as essential maintenance work was undertaken. At the time of writing, we are planning how to improve the flood resilience of our cellar bar and are looking ahead to the 2030’s when we are due to repay a loan taken out to enable the initial restoration of the house.
Structure, Governance and Management
Kennaway House Trust is a company limited by guarantee, incorporated on 14[th] January 2008 and governed by its Memorandum and Articles of Association. The Charity Commission registered it as a charity on 6[th] February 2008.
The guarantors of the company are its members, each of whom undertakes to contribute £10 in the event of the charity winding up. The first members were the team who worked from 2001 to 2008 to raise £1 million to restore the house; others may apply to become members of the company.
The Trustees are elected by the members at the Annual General Meeting (or any general meeting). Members may propose and second a member for election, in writing and circulated to all members one month before the meeting.
Trustees are elected for three years, at the end of which they may retire or stand for re-election. The Articles of Association require that one third of the Trustees should retire at an AGM. The Board has the power to co-opt a Trustee in between AGMs, but he or she must retire or stand for re-election at the next AGM.
The Chairman is elected annually by the Board of Trustees, to serve for one year.
The Board of Trustees administers the charity and meets bi-monthly. Individual Trustees may take responsibility for a particular aspect of the administration. The board appoints the Manager to manage the day to day operations of the charity with the authority delegated by the Trustees for operational matters including finance. The Premises Manager/Caretaker reports to the Manager of Kennaway House.
Reference and Administration Details
Patron of the Kennaway Gallery
Professor Alan Cotton MBE
President Michael James MBE Vice President Jackie Street-Palmer
Trustees
Linda Williams (Chair) Michael James MBE Ralph Cox Stephen Williams Douglas Waller (to May 2022) Penelope Bates (to October 2022) Alison Young Joanna Baylis Paul Smith (from April 2023)
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KENNAWAY HOUSE TRUST TRUSTEES’ ANNUAL REPORT
Year Ended 31 December 2022
Kennaway House Manager Nicola Dawkins Caretaker Douglas Waller (from May 2022) Registered Charity Number 1122667 Registered Company Number 6471831 Registered Address Coburg Road, Sidmouth, Devon, EX10 8NG Bankers HSBC Bank PLC, Fore Street, Sidmouth, Devon, EX10 8AA CCLA Investment Management, Senator House, 85 Queen Victoria Street, London, EC4V 4ET Solicitors Gilbert Stephens, 36 High Street, Sidmouth, Devon, EX10 8ED Accountants Merlin Accountancy Services Ltd, 2[nd] Floor, 33 Longbrook Street, Exeter, Devon, EX4 6AW
4
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KENNAWAY HOUSE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
Year Ended 31 December 2022
| Notes Incoming Resources Donations and Legacies 3 Other Trading Activities 4 Income from Investments Income from Charitable Activities 5 Total Incoming Resources Resources Expended Expenditure on Raising Funds 6 Expenditure from Charitable Activities 7 Total Resources Expended Net Income/(Expenditure) for the year Gain/(Loss) on Revaluation of Fixed Assets Total Funds Brought Forward at 1st January 2022 16 Total Funds Carried Forward at 31st December 2022 16 |
Unrestricted Funds 2022 Designated Funds 2022 Total Funds 2022 Total Funds 2021 £ £ £ £ 1,283 - 1,283 1,410 - - - - 429 - 429 17 120,722 - 120,722 97,173 |
|---|---|
| 122,431 - 122,431 98,600 |
|
| 20,413 - 20,413 13,795 92,558 - 92,558 66,664 |
|
| 112,971 - 112,971 80,459 |
|
| 9,460 - 9,460 18,141 |
|
| - - - 450,000 |
|
| (235,651) 1,456,092 1,220,441 752,300 |
|
| (226,191) 1,456,092 1,229,901 1,220,441 |
The statement of financial activities includes all gains and losses recognised in the period.
All income resources and resources expended derive from continuing activities. No operations have been discontinued or acquired during the year.
The charity’s only activity is the provision of Kennaway House as a centre for the arts, learning, heritage and events.
The notes on pages 9 to 15 form part of the Financial Statements.
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KeiiiiAWAY HOUSE TRLSY BALAficE SHEET Reqlxttred Charity Numb¢r. IIZ2667 3at 31 D2D21 2021 Tan01b Assets Jo 1.456.733 1.458.225 CuThent AsG•ts 918 li 12 s92 Cash at bank and in I30,• ent Uablltl •TUrts f41?ir#J du¢ within on• )r N•t CurTw A•••ti 112 1,568,938 1569,953 L¢ng T•rm Llabllkkni falling aftu rrKYe than Or¢ ar 14 Totsl Fundi UTYEStrLtcd frundg., C3F4ts1 fund -Dwty Reze Genernl Fw Yffj.097 5rJo,g00 235 651) 950,000 The aThpJny ts entilknj to UFthr SeitTh 477(1) 4¢ CryryThe5 21J)6 t year erthj 31 Dfrber 2Q2Z. The wrtefs reqr Ime ¢Vk npary io obtaln w att ol lknancta StaMents foi the erKled 31 2022 In aCcDrdae wrth SeLIiDn 476 01 CThynles ki 2006 - In accordan Settl 14S c+ the Jar(tie5 P£t 2011 the aco)unts kne teen min& ty an irttlepent eonyner reFttt &i)ws p42 6. tru51cv• J(knwkdge tr re5W)n= Cal SurIng the compary key crAtry ¥thrh bon 386 387 of the cp)leS atttl (bl FYGF4iriry fiwcwl sÈat•mort5 arKI far of ststB cl •ffairs rf the as eThJ of eKh finarKl ffar End rf its or ewdiiure for troThJal year In CcdcC 1th rcquYcTrths of ScctsJn 395 and ¥Yhth olrtse £onrAy wth the rWrèM cl the relhE to so far as ar¢)Itsb to the ompany. Tfese fifiancl statements ha been Nepar& In accorts2 wth the Wial cl Part IS nr th(. Cunwnie5 kt 20Q6 reIr9 to ynall 4rynd trth the fithryncijl Rewrtirwj Stalldatd for Smaler Ertili25 lefftttivejanuary 21IJn. AFv¢Jbj by tre &Aird LITru5tees ..... . . . slyd on it5 beldf Ery: . b4. LNJ,IL os) . "niia Ylilkm5
KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 December 2022
1. COMPANY STATUS
The charity is a company limited by guarantee and has no share capital and is registered in England and Wales. The company was incorporated on 14[th] January 2008, and the charities registered number and registered office address can be found within the Reference and Administration details on page 3 - 4 of the financial statements.
The members of the company are the trustees who are also ordinary members. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. A list of these members can be found in the Reference and Administration details as shown on page 3.
Since 31[st] December 2017, the Trustees of the charity changed its name from Kennaway House Limited to Kennaway House Trust.
2. ACCOUNTING POLICIES
a) Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
In drafting these financial statements, the charity has also takes advantage of the exemptions for smaller charities contained in Charity Commission publication CC17.
Kennaway House meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The financial statements are presented in pound sterling (£) which is the charity’s functional and presentation currency.
b) Preparation of the financial statements on a going concern basis
Kennaway House Trust reported a net surplus in the reporting period of £9,460, with total funds held at the end of the period of £1,229,901. Of these total funds, £(226,191) was held in the General Fund.
The deficit is financed by a loan which has a current balance of £339,037. This loan is not due to be repaid until 2033/34.
The trustees are of the view that, on the above basis, the charity is a going concern.
Kennaway House Trust is reliant on the local community to continue purchasing its services and the economic outlook, cuts in public spending, and reduced levels of available funding, are a potential area of financial uncertainty for the charity.
c) Incoming Resources
The charity’s only activity is the provision of Kennaway House as a centre for the arts, learning, heritage and events.
Legacies are recognised by reference to the date probate is granted, or if later, as soon as they are capable of being measured in financial terms.
Grants of a general nature are recognised as voluntary income.
9
KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 December 2022
Accounting Policies – continued
d) Volunteers and Donated Services and Facilities
The value of services provided by volunteers is not incorporated into these financial statements.
e) Resources Expended
The Unrestricted Fund is used for the cost of generating funds, i.e. fundraising costs and loan interest, on charitable activities such as running costs of the building, staff costs and expenses, and setup costs towards post-restoration activities. Governance costs are set out in note 7.
Expenditure is included on an accrual basis and incorporates provisions for known liabilities where the costs can be predicted. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources.
Resources expended include attributable VAT which cannot be recovered.
f) Taxation
Under section 505 ICTA 1988 the charity is exempt from certain taxes. Full account is taken of tax credits attaching to gifts and qualifying donations. Kennaway House Trust has charitable status and is exempt from Corporation Tax on income it receives.
g) Operating Leases
The lease of the photocopier is classified as an operating lease, the title of the equipment remaining with the lessor and rental charges charged on a straight line basis over the term of the lease. £1,200 was paid in the year on Operating Leases.
h) Tangible Fixed Assets
Individual fixed assets are capitalised at cost. Capital items below £50 are not treated as capital items, and instead are charged as a revenue expense. Fixed assets are reviewed annually for impairment. Furnishings, fixtures and equipment are depreciated on a reducing balance basis at an annual rate of 25%.
i) Financial instruments
Kennaway House Trust 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.
-
Financial assets, includes trade receivables, cash and balances and investments are recognised at transaction value.
-
Financial liabilities, includes trade payables and recognised at transaction value. Trade payables are obligations to pay for goods and services required from suppliers in the course of business activities.
j) Stock
The stock held is for bar stock valued at cost.
k) Funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of the freehold property at Director’s valuation.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds are subjected to restrictions on the expenditure imposed by the donor or through the terms of an appeal.
10
KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 December 2022
3. DONATIONS AND LEGACIES
| Year Ended | Year Ended | ||
|---|---|---|---|
| 31 December | 31 December | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Donations | 50 | - | |
| Friends Subscriptions | 1,233 | 1,410 | |
| 1,283 | 1,410 | ||
| 4. | OTHER TRADING ACTIVITIES | ||
| Year Ended | Year Ended | ||
| 31 December | 31 December | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Friends Events | - | - | |
| - | - |
5. INCOME FROM CHARITABLE ACTIVITIES
Kennaway House was used for adult education classes, lectures, art exhibitions, other arts events, weddings, civic and other social events.
| Year Ended | Year Ended | |
|---|---|---|
| 31 December | 31 December | |
| 2022 | 2021 | |
| £ | £ | |
| Room Hire | 84,730 | 53,220 |
| Bar Sales | 21,053 | 4,438 |
| Craft and Music Events | 8,810 | 6,265 |
| Art Sales | 49 | 82 |
| Miscellaneous | 6,080 | 33,168 |
| 120,722 | 97,173 | |
| XPENDITURE ON RAISING FUNDS | ||
| Year Ended | Year Ended | |
| 31 December | 31 December | |
| 2022 | 2021 | |
| £ | £ | |
| Fundraising, Cost of Grants, Donations and | ||
| Events | 9,163 | 3,042 |
| Loan Interest | 10,475 | 10,475 |
| Bank Charges | 775 | 278 |
| 20,413 | 13,795 |
6. EXPENDITURE ON RAISING FUNDS
11
KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 December 2022
7. EXPENDITURE FROM CHARITABLE ACTIVITIES
| Year Ended | Year Ended | ||
|---|---|---|---|
| 31 December | 31 December | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Building Running Costs | 33,004 | 23,122 | |
| Advertising, Website and Promotional Costs | 1,759 | 2,979 | |
| Staff Costs | 53,566 | 38,270 | |
| Governance Costs | 4,229 | 2,293 | |
| 92,558 | 66,664 | ||
| 8. | STAFF COSTS | ||
| Year Ended | Year Ended | ||
| 31 December | 31 December | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Wages and Salaries | 52,846 | 37,707 | |
| Pension costs | 720 | 563 |
The staff costs relate to the salaries paid to the full time Premises Manager and 2 part time staff who help the manager with the running of Kennaway House, with their National Insurance and Pension costs. National Insurance costs are currently covered by HRMC’s Employment Allowance of £5,000.
The Key Management Personnel of Kennaway House is the Premises Manager.
No employee received remuneration in excess of £60,000 in either the current or previous year.
The average number of employees during the year were 3.67 (2021: 2.75).
9. MOVEMENTS IN TOTAL FUNDS FOR THE YEAR
| Year Ended | Year Ended | |
|---|---|---|
| 31 December | 31 December | |
| This is stated after charging: | 2022 | 2021 |
| £ | £ | |
| Depreciation | 2,007 | 2,742 |
| Independent Examiner’s Fee/Accountancy Fee | 1,443 | 1,407 |
| Operating Lease Commitment | - | 1,200 |
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KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 December 2022
10. TANGIBLE FIXED ASSETS
| COST At 1 January 2022 Additions At 31 December 2022 DEPRECIATION At 1 January 2022 Charge for year At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Freehold Property 1,450,000 - 1,450,000 - - - 1,450,000 1,450,000 |
Computer Equipment 2,347 - 2,347 1,358 248 1,606 741 989 |
Furnishings 20,197 446 20,663 19,671 249 19,920 743 526 |
Fixtures & Fittings 48,857 289 49,146 42,147 1,750 43,897 5,249 6,710 |
Total 1,521,401 755 |
|---|---|---|---|---|---|
| 1,522,156 | |||||
| 63,176 2,247 |
|||||
| 65,423 | |||||
| 1,456,733 | |||||
| 1,458,225 |
Freehold Property: Kennaway House is shown at a surveyors revaluation of April 2022.
11. DEBTORS AND PREPAYMENTS
| Year Ended | Year Ended | |
|---|---|---|
| 31 December | 31 December | |
| Due Within One Year | 2022 | 2021 |
| £ | £ | |
| Debtors | 2,153 | 665 |
| Prepayments | 2,180 | 3,129 |
| Other Debtors | 2,359 | - |
| 6,692 | 3,794 |
12. CASH AT BANK AND IN HAND
| Year Ended | Year Ended | |
|---|---|---|
| 31 December | 31 December | |
| 2022 | 2021 | |
| £ | £ | |
| CCLA Deposit Accounts | 32,801 | 32,375 |
| HSBC Current Accounts | 98,771 | 93,457 |
| Cash in Hand | 276 | 260 |
| 131,848 | 126,092 |
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KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 December 2022
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Year Ended | Year Ended | |
|---|---|---|
| 31 December | 31 December | |
| 2022 | 2021 | |
| £ | £ | |
| Creditors | 293 | 202 |
| Accruals | 3,174 | 13,637 |
| Social Security and Other Taxes | 1,978 | 2,031 |
| Other Creditors | 1,280 | 3,206 |
| Loan Interest | 20,950 | - |
| 27,675 | 19,076 |
14. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
| East Devon District Council Loan. Amounts due as follows: | East Devon District Council Loan. Amounts due as follows: |
|---|---|
| Amounts due within 1 year | £20,950 |
| Amounts due within 2-5 years | Nil |
| Amounts due over 5 years | £339,037 |
This interest only loan is secured against the Kennaway House property by way of legal charge. The interest rate for this loan is 4.19%. The loan is due for repayment in 2033/34.
15. MOVEMENT IN FUNDS
| Capital Fund Property Revaluation Reserve General Fund Total Funds |
As at 01 Jan 2022 £ 506,092 950,000 (235,651) 1,220,441 |
Income £ - - 122,431 122,431 |
Expenditure £ - - 112,971 112,971 |
As at 31 Dec 2022 £ 506,092 950,000 (226,191) |
|---|---|---|---|---|
| 1,229,901 |
The General Fund has been established to maintain liquid reserves at a level which equates to approximately 3 months of unrestricted expenditure. This provides sufficient funds to cover management, administration and support costs.
The Capital Fund and the Revaluation Reserve is the value of designated funds represented by the freehold property owned by the charity.
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KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 December 2022
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible Fixed Assets Current Assets Current Liabilities Long Term Liabilities Net assets |
General Fund £ Designated Funds £ Total Funds As at 31 Dec 2022 £ Total Funds As at 31 Dec 2021 £ 641 1,456,092 1,456,733 1,458,225 139,880 - 139,880 130,804 (27,675) - (27,675) (19,076) (339,037) - (339,037) (349,512) |
|---|---|
| (226,191) 1,456,092 1,229,901 1,220,441 |
17. RELATED PARTIES
No trustee or connected person has received fees or emoluments, or reimbursement of expenses incurred during the year.
There were no related party transactions in the year.
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