The Cayzer Family Archive Report and financial statements Year ended 31 March 2024 Charity number: 1122921 Registered in England & Wales No. 06212781
The Cayzer Family Archive Contents Page Report of the Board of Trustees Independent examinerfs report Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements
The Cayzer Family Archive Report of the Board of Trustees The Board of Trustees presents its report, which is also the directors, report forthe purpose of company law, and the financial statements of the charity forthe year to 31 March 2024. Reference and administrative information Directors and trustees The directors and trustees are as follows: The Honourable Mrs Elizabeth Gilmour James Michael Beale Cayzer-colvin James Rushworth Hope Loudon (resigned 6 August 2024) Dominic Vaughan Gibbs (secretary and director) Sonia Claire Barry The Honourable Mrs Elizabeth Gilmour, Mrjames Loudon, and Mr Dominic Gibbs were all appointed on 31 May 2007. Mr James Cayzer-colvin and Mrs sonia Barry were each appointed on 29 May 2020. All served throughout the financial year. The directors of the charitable company are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. Secretary and registered office: Dominic Vaughan Gibbs Cayzer House 30 Buckingham Gate London SWIE 6NN Solicitors: BDB Pitm3ns LLP One Bartholomew Close London ECIA 7BL Bankers: The Royal Bank of Scotland plc Drummonds Branch 49 Charing Cross London SWIA 20X Independent examiner: S J Wakefield ACA Dixon Wilson Chartered Accountants 22 Chancery Lane London WC2A ILS Structure• governance, and management The Cayzer Family Archive is a company limited by guarantee and governed by its current Memorandum and Articles of Association. The company was incorporated on 13 April 2007 under number 06212781 and the charity was registered bythe Charity Commissioners for England and Wales on 22 February 2008 under charity number 1122921.
The Cayzer Family Archive Report of the Board of Trustees (continued) Structure. governance, and management (tontinued} The power of appointing new trustees is as set out in the Memorandum and Articles of Association and shall be a maximum of six and a minimum of three. New trustees may be elected by a simple majority at anv meeting of the board. At any one time the majority of the trustees shall be members of the Cayzer family. The board of trustee5, which meets at leasttwice a year, administers the charity and agrees the broad strategy and areas of activityfor the charity, including investment policy, risk management, reserves, and performance. All trustees give their time freely and no trustee remuneration was paid in the year. Details of related party transactions are disclosed in note 12 to the accounts. The Memorandum and Articles of A55ociation gives the trustees the power to accept subscriptions, donations, devises, and bequests of any real or personal estate, and to accept transfers of property and assets and gifts of money etc., but prohibits the trustees from undertaking any permanent trading activities for the purpose only of raising funds for the objects of the charity. Objertives and actlvlties The object of the charity is to advance education for the public benefit by the preservation, maintenance, and exhibition of the books, letters, manuscripts, and other memorabilia, which together form the historical archives of the Cayzer family and the Cayzerfamily businesses. On 28 March 2008, the charity received a substantial cash endowment from The Honourable Mrs Gilmour, which was applied in part to defray formation. set-up, and other costs. The balance of the endowment is retained as an expendable endowment. Further donations from The Honourable Mrs Gilmour were received in subsequent years, and were added to the expendable endowment. The trustees will not consider making grants to people or organisations who apply speculatively, except to further the aims and objects of the charity. The trustees also have a policy of not respondingto any correspondence unless It relatesto any grants it has agreed to make or to the general management and administration of the charity. The trustees record historical archive material on the charity's electronic cataloguing system, CALM. The charity also maintains a detailed website which contains catalogues and extracts of material held, as well as examples of specific artefacts. The website wa5 substantially updated in 2020-21 and moved onto a more modern platform. Further to this, a comprehensive family tree was added to the website in 2022-23, and an interactive section showing details of the routes travelled by Clan Line and Union-castle Line ships was added during the year to 31 March 2024, with the aim to develop this further as time goes on. The charity leases an archive room and an office at a peppercorn rent. This rental agreement runs until August 2027. The estimated value of the peppercorn rental is £16,014 (2023 - £15,895), and is shown as voluntary income and then offset as rental expenditure in the accounts. The prior year included additional space used by a contracted project archivist until the end of April 2022. The trustees, having regard to the Public Benefit Guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activitie5 of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act.
The Cayzer Family Archive Report of the Board of Trustees (continued) Achievements and performance The year to 31 March 2024 saw a good number of visitors to the archive, including a lady whose mother and father first met thanks to the grounding of the SS Clan MacQuarrie in 1953. This led to much fruitful research in the archive, in part using material provided by the lady in question. During this year the archivist attended the annual October reunion of staff who served on Clan Line, in Liverpool, along with over 100 former members of staff. Following this, a former Clan Line employee donated a large amount of ephemera previously belonging to a one~time president of the Union-castle Pursers, Association. A large number of enquiries were received in the year, ranging from members of the public looking for details of their parents and grandparents, relationshipsto the family companies, to request5 in relation to the family's forays into the aviation industry, through the ownership of British United Airways. Several genealogical enquiries were also received, ranging from research into the founder's own parents and relatives, to a query around medals around handed out after WWI by the first Lady Jellicoe. An American academic contacted the Archive in February in order to access the papers of Charles Cayzer 2nd Bt., better known as the poet Charles Whitworth Wynne. The curators of the Glasgow Riverside Museum a150 contacted the archive in the year, with a request to make copies of the la5car painting on display at Cayzer House, in order to feature this item and its story in their exhibition about lascars employed by Scottish shipping. The process of sorting and cataloguing the Lord Cayzer Papers, both business and personal, is now complete. The papers have been electronically catalogued, which makes them considerably more user-friendly and easier to search. The next phase will be to rearrange the physical papers into the logical order in which they are now filed electronically. This yearfs annual charity e-newsletter featured a review of the archive's activities forthe previous year, along with a researched article looking at the constituency of Barrow-in-Furness, formed in 1895 by act of government. The founder, Charles Cayzer, stood for this constituency in 1892, and held this seat through by- elections and general elections from then until he was unseated in 1906. Material to illustrate this story was drawn partly from the archive, and partly from the B3rrow-in-Furne5s archives, for which many thanks was given. Acquisitions this year have included books and staff magazines. a small collection from a man whose father had redesigned the passenger tickets used by the Union-castle Line; and the aforementioned collection of ephemera. Financial review, investment policy. and reserves policy The charity's investment powers are prescribed in the Memorandum and Articles of Association and these give the trustees very wide powers of investment. On 28 March 2008, The Honourable Mrs Gilmour donated £600,IX)O to the charity under the gift aid scheme as an expendable endowment and has since donated a further £750,000. All amounts have been treated as additions to the endowment along with the applicable gift aid received. This endowment fund has been invested to earn income to meet operational cost5 and the charityls objectives. The trustees regularly monitor the cash flow to ensure there are adequate funds to cover charitable expenditure. The trustees do however have the powerto Spend the expendable endowment as necessary. Total expenditure in the year came to £81,461 (2023 - £85,248), representing only a minor change from the prior year.
The Cayzer Family Archive Report of the Board of Trustees (contlnued) Flnanclal revlew. investment pollcy, and reserves pollcy (continued) The charity hold5 an investment portfolio under the discretionary management of Charles Stanley. Other investments include funds invested in the Church House Fixed Interest Fund, the Troy Asset Management Trojan Income Fund, and the Troy Asset Management Trojan Fund, along with smaller investments in Caledonia Investments PIC and The Cayzer Trust Company Limited. No significant changes are planned to the investment strategy. Total gains on investment assets during the year were £57,223 (2023 - losses of £123,713). These gains were a result of general market movements in the year, as were the losses in the prior year. At 31 March 2024 the total reserwes held were £2,653,027 (2023 £2,586,804}, These reserves are predominantly endowment reserves held in order to generate income for ongoing annual operating costs. The charity maintains cash reserves for between one and two years of normal expenditure. Rlsk management The trustees annually review the risks facing the charity. The charity's risks include risks in relation to the management of investment assets and these have been ameliorated by diversification over investment mangers and sectors of the economy. Risks in relation to the physical security over the archive's artefacts and other documents are mitigated by insurance, controls over access, continued cataloguing and scanning of documents by the professional archivist, and maintenance agreements for artwork and shipping models. Statement of trusteed responslbllities The charity trustees are responsible for preparing a trustees, annual report and financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that year. In preparing those financial statements the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disc105e with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 30 OcfyoW20L4 and signed on its behalf by Approved by the Board of Trustees on The Honourable Mrs Elizabeth Gllmour Chairman
The Cayzer Family Archive Independent examinerfs report to the trustees of The Cayzer Family Archive {'the Compan} I report to the trustees on my examination of the accounts of the Companyforthe year ended 31 March 2024. Responsibilitles and basis of report As the charity trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 21X)6 Act'l. You are satisfied that an audit is not required for this year under charity or company law and that an independent examination is needed. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts a5 carried out under section 145 of the Charities Act 20111.the 2011 Act,). In carrying out my examination I have followed the Directions given by The Charity Commission under section 145{5)Ibl of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as to whether the accounts present a 'true and fair, view and my report is limited to those specific matters set out in the independent examinerfs statement. Independent examlnees ststement l am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales. I have completed myexamination. I confirm that no material matter5 havecometo my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or the accounts do not accord with those records: or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement thatthe accounts give a 'true and fairVie which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no matter5 in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. S J WAKEFIELD ACA Dixon Wilson 22 Chancery Lane London WC2A ILS 8 Novemb8r 2024
The Cayzer Family Archive Statement of f inancial activites for the year to 31 March 2024 Expendable Unrestrirted Endowment fund fund Expendable Endowment fund Total 2024 Unrestricted fund Totsl 2023 Note Income Donations Investment income 40,014 50,554 40,014 50,447 49,696 52,198 49.696 52,143 11071 155) Tolal Sncome 90.568 11071 90,461 101,894 (55) 101,839 Expendithre Expenditure on charitable activities Costs of raisln8 funds 72.908 6,233 2,320 79,141 2,320 77,718 5.200 2,330 82.918 2.330 Total expenditure 72,908 8.553 81,461 77,718 7,530 85,248 Net gains / (losses) on investments 57,223 57.223 (123.713) (123.713) Net income I lexpenditure) and net movement In funds 17,660 48,563 66.223 24,176 (131.298) 1107,122) Reconciliation of funds Total funds brought forwaid 949.594 1.637.210 2,586,804 925,418 1.768.508 2,693,926 Total fund5 carrfed forward io 967,254 1.685,773 2.653,027 949,594 1,637,210 2,586,804 This statement of financial actlvities includes all gains and losses in the year. All income and expenditure derives from continuing activities. The notes on pages 9 to 14 form an integral part of these financial statements.
The Cayzer Family Archive (company no. 06212781) Balance sheet at 31 March 2024 Expendable Unrestrlcted Endowment fund fund Expendable Endowment fund Totsl 2024 Unrestslcted fund Total 2023 Note Flxed assets Tangible assets Heritage assets Investments 54,863 54,863 891.903 1,544.978 52,996 52.996 891.903 1,490,138 891.903 891,903 1.544.978 1.490.138 891,903 1,599,841 2.491,744 891.903 1,543,134 2,435,037 Crnt assets Debtors Cash at bank and in hand 35 35 170,926 35 66,543 35 161,195 84,374 86.552 94.652 84,409 86,552 170.961 66,578 94.652 161.230 Creditors falling due within one year Other creditors 19.0581 {6201 19.6781 18,887) (576) (9.463J Net current assets 75,351 85,932 161.283 57,691 94.076 151,767 Net assets 967,254 1.685,773 2,653,027 949,594 1,637.210 2,586.804 The funds of the charity: Unrestricted fund Expendable endowment fund io 967.254 967,254 1,685,773 949.594 949.594 1,637,210 io 1.685,773 1,637.210 967,254 1,685,773 2.653.027 949,594 1.637,210 2.586,804 Audit exemptlon For the year to 31 March 2024 the company was entitled to exemption from audit under sertion 477 of the Companies Act 2006, relatir)g to small companies. al The members have not required the company to obtaln an audit of its account5 for the year in question In accordance with section 476. bl The directors acknowledge their responsibilities for comptying with the requlrements of the Act with respect to accounting records and the preparation of accounts. c} These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companie5 regime. Approved by the Board of Trustees on ...&.0 OcJobe(2QL¥and signed on thelr behalf by The ourable Mrs Elizabeth Gilmour Chairman Mrs Sonia Barry Dirertor l Trustee The note5 on pages 9 to 14 form an integral part of these financial statements.
The Cayzer Family Archive Statement of cash flows for the year to 31 March 2024 Note Totsl 2024 Totsl 2023 Net cash used in operating activities 13 132,722} {38,803J Cash flows from Investlns artlvltles Interest and dividends Investment management costs Movement of cash within investment portfollo Purchases of investments Sales of inve5tment51 returns of capital Purchases of tangible a55ets 50,554 12,277) 477 153,5311 55,330 18,1001 52.300 f2,388) 34.393 (78,680) 46,675 125.128) Net cash provided by by investing artivities 42.453 27.172 Cash flow5 from financing activities Receipt of expendable endowment 12.500 Net cash flow from flnanclng artlvltles 12.500 Change in cash and cash equivalents In the year 9,731 869 Cash and cash equivalents brought forward 161,195 160,326 Cash and cash equivalents Carried fonvard 170,926 161,195
The Cayzer Family Archive Notes to the financial statements for the year to 31 March 2024 Accounting policies Basis of preparation These financial statements have been prepared in accordance with the Statement of Recommended Practice,. Accounting and Reporting by charlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 2 October 2019 and the Charities Act 2011, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021, and the Companies Act 2006. The Cayzer Family Archive meets the definition of a public benefit entity under FRS 102. Going concern The trustees consider that there are no material uncertainties about the company's ability to continue as a going concern, and that there are no key assumptions that affect item5 in the accounts. Legal status of the charity The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding-up is limited to £1. Incoffle reeognltion All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount can be measured reliably. Gift aid reclaimable on donations to the charity is included with the amount received. Dividends and other income from investments are reco8nised in the financial statements when the charity is entitled to the income. Income from cash deposits is included on an accruals basis. Expendlture recognltlon Expenditure is recognised once there is a legal or constructive obli8ation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is included in the accounts on an accruals basis. Irrecoverable VAT has been charged against the relevant expenditure. Investment5 Investments are a form of basic financial instrument and are initially recognised at their transaction value. Subsequently, investments are valued at at their fair value at the balance sheet date, using the closing market price for listed investments, and using market price where available, or the trustees, valuation based on dealing prices or other information available as appropriate for unlisted investments. The Statement of financial activities include5 the net gains and1055e5 arising on revaluation and disposals throughout the year. Donated facilitie5 These are only included as income (with a corresponding amount recognised in expenditurel when the benefit to the charty is probable and can be measured reliably. The value placed on these resources is the estimated value of the gift to the charity. which is the amount the charity would have been willing to pay to obtain facilities of equivalent economic benefit on the open market. Fixed assets Website development costs have been capitalised as future economic benefits to the charity are expected In the form of the provision of educatlonal material to the publlc. These costs are wrltten off over IS years from the launch date of any components as the economic benefits are expected to continue for the long term.
The Cayzer Family Archive Notes to the financial statements for the year to 31 March 2024 (continued) Atcounting policies {contlnuedl Heritage assets Heritage assets consist of a number of artefacts that were purchased by the archive in October 2013, and additional items that have been donated since then. Upon receipt donated iterns are valued at cost or trustees, estimated value. but a revaluation exercise was undertaken in the year ended 31 March 2019, after which artefacts were valued at market value. The revaluation was undertaken by a a specialist auction house. These assets will not be depreciated as it is not expected that their value will diminish over time. This is in accordance with Section 18 of the SORP. The acquisition of heritage assets is only with the agreement of the trustees, considering the expected cultural and knowledge value that would be brought to the charity's existing collection. A number of other heritage items hove a150 been loaned to the archive under agreement. but are not beneficially owned by the charity and have not been recorded in these accounts. 2024 2023 Donatlons Unrestrirtedfund Cash donations Donations in kind lartefactsl Donations in kind Irentall 24,000 24,500 9,301 15,895 16,014 40,014 49,696 The charity leases the archive rooms at a peppercorn rental, and leased a second office room from late March 2020 to the end of April 2022. The value to the charity is calculated using the market rental square footrate payable by other tenants of the building, which wa5 reviewed and increased during the prior year. The corresponding rental expense is disclosed within archive occupancy costs. 2024 2023 Investment income UK listed investments UK unlisted investments Overseas listed investments Interest Income Property Income dlstrlbutions 24,386 2,818 3,121 19,484 638 25.660 9,966 2,579 12,783 1,155 50,447 52,143 All investment income in both years arose in the unrestricted fund, with the exception of £107 of accrued UK interest income charges12023 - £551, which arose in the expendable endowment fund. 10
The Cayzer Family Archive Notes to the financial statements for the year to 31 March 2024 (continued) 2024 2023 Expenditure on charltable actlvltles Unrestrlctedfvndcosts Direct costs Archive occupancy costs Archiving costs Wages & salaries - archivists Special projects Bank charges 24.364 3.619 36.903 125 60 22,631 4,643 39,279 2,940 60 65,071 69,553 Governonce ¢ost5 Independent examination fee Accounts preparation and administration fee Compliance costs 1,560 6,242 35 1,500 6,630 35 7,837 8,165 72,908 77,718 Expenduble endowmentfvnd costs Dlrert costs Website depreciation 6,233 5.2(2J 79,141 82,918 2024 2023 Tangible flxed assets (expendable endowment fund} Charity website Cost - opening balance at l April Additions 88,599 8,100 78,099 10,500 Cost- c105ing balance at 31 March 96,699 88.599 Accumulated depreciation - openlng balance at l April Depreciation for year (35,6031 16,233) (30,403) 15,200) Accumulated depreciation - closing balance at 31 March 141,8361 135,603) Net book value at 31 March 54,863 52.996
The Cayzer Family Archive Notes to the financial statements for the year to 31 March 2024 (continued) Heritage assets (unrestrlcted fund) Z024 2023 2022 2021 2020 Fair value / cost- opening balance at l April Donations of artefacts Artef3Cts written out and valuation changes Revaluation 891.903 882.602 9.301 880.602 880.602 837,876 37.843 (1.367) 6,250 2,000 Fair value I cost- closing balance at 31 March 891,903 891,903 882,602 880,602 88Q.602 Various artefacts were donated during the years ended 31 March 2020 and 31 March 2023 by The Cayzer Trust Company Ltd and have been valued at cost. A revaluation by Charle5 Miller Ltd was undertaken in November 2018. Charles Miller Ltd are a specialist auction house dedicated to the sale of marine. maritime, nautical, and scientific antiques. Maintenance and insurance of the heritage assets is the responsibillty of C31edonia Investments plc under an agreement dated 25 Ortober 2013. The artefacts are Insured for the full values stated in the accounts. 2024 2023 Flxed assets- Investments (expendable endowment fund) Movement in fixed a55et investments: Opening fair values at l April Purchases Disposal proceeds Movement in portfolio cash Net gains l (losses) on revaluation and disposals 1.490.138 53,424 155,3301 14771 57.223 1.616.294 78.599 (46,649) (34,393) {123,713J Closing fair values at 31 March 1,544,978 1,490,138 Investments at falr value comprise: Equities Fixed income Property and alternatives Capital cash held within the investment portfolio 1,094.772 411,899 37.680 627 1.083,944 387,855 17,235 1,104 1,544,978 1,490,138 Fair value Fair value Materlal Investments at 31 March Church House Investment Grade Fixed Interest Fund Trojan Income Fund Trojan Fund 351,465 413,652 186,614 342,941 404.193 182,487 12
The Cayzer Family Archive Notes to the financial statements for the year to 31 March 2024 (continued) 2024 Z023 Debtors Unrestrictedfvnd debtors Prepayments and accrued income 35 35 2024 2023 Credltors falling due within one year Unrestrictedfund creditor5 Creditors 9,058 9,058 8,887 8,887 Expendoble endowmentfund creditors Accruals 620 576 9,678 9,463 2024 2023 10. The funds of the charlty Unrestrlrted Balance at l April Incomin8 resources Resources expended 949,594 90,568 172,9081 925.418 101.894 (77, 718) Balance at 31 March 967,254 949.594 Expendable endowment Balance at l April Incoming resources Resource5 expended Gain / Ilossl on investment assets 1,637,210 1107) 18,5531 57.223 1,768,508 (55) f7.530) 1123.713J Balanee at 31 Marth 1,685,773 1,637,210 11. Employees The average number of staff employed by the archive during the year was l {2023- 1}. 12. Transactions with trustee5 or connected person5 An administration fee of £6,24212023- £6.6301 is payable to a company of which The Hon. Mrs Gilmour, MrJame5 Cayzer-colvin, Mr Dominlc Gibbs, and Mrs Sonla Barry are directors. No other arrangement. including transactions, contracts and Erants, existed during the accounting period with trustees or connected persons. No trustees. or connected persons, received remuneration directly or indirectly from the charity during the accounting period nor did the trustees receive reimbursement of any expenses. 13
The Cayzer Family Archive Notes to the financial statements for the year to 31 March 2024 (continued) 2024 13. Reconciliatlon of net movement in funds to net cash flow from operating artlvitles 2023 Net movement in funds Deduct donations in kind and artefact5 donated Deduct investment income and expenses shown in investing activities Add back non cash expenditure (Deduct gain) / add loss on revaluation and disposal of investments Decrease in operating debtors Increase / (decrease) In operating creditors 66,223 116,0141 {48,127) 22,247 157,2231 (107,122) {25.196} {49.813J 21,095 123,713 37 (1,517) 172 132,7221 (38.803) 2024 14. Reconciliation of net debt 2023 At l April (all held in Cashl Cash flows for the year 161,195 9,731 160.326 869 At 31 March (all held In cashl 170,926 161,195 15. Taxation The charty is a registered charity and is thus exempt from taxation of its income and gains falling within Part 11 of the Corporation Tax Act 2010 to the eAtent that they are applied to its charitable objectives. No tax charges have arisen in the charty. 16. Flnancial assets and Ilabilities The followin8 are financial assets and financial liabilities that qualify as basic financial instruments and are initially recogni5ed at transaction value and subsequently measured at their amortised cost. 2024 2023 Financialassets Debtors 35 35 Finonciol liabilities Creditors Accruals 9,058 620 8.887 576 9,678 9.463 The following are financial assets and financial liabilities that qualify as basic financlal instruments and are initlally recognlsed at transaction value and subsequently measured at their fair value as at the balance sheet date, using the closing market price. Financial assets Investments 1,544,978 1,490,138 17. Events after the end of the reportlng period There are no events that have occurred since the end of the reporting period that require disclosure under FR5 102. 14