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2025-12-31-accounts

Shelford Gospel Trust

Report and Accounts

year ended 31 December 2025

1 Lamb's Passage LONDON EC1Y 8AB t: 020 8502 5600 e: enquiries@stewardship.org.uk w: www.stewardship.org.uk

SHELFORD GOSPEL TRUST

FOR THE YEAR ENDED 31 DECEMBER 2025

COMPANY INFORMATION

Directors/Trustees

Rosemary Bridge Robert White Christopher Ash Retired 21 Oct 2025 Nicholas Bewes Joanna Pearce Nicholas Georgiadis Appointed 21 Oct 2025

Company Secretary Governing Document

Rosemary Bridge

Memorandum and Articles of Association

Company Registration Number 6474770 Charity Registration Number 1123608

Registered Office

43 Sedley Taylor Road, Cambridge, CB2 8PN

Independent Examiner

Nick Spear ACCA Stewardship 1 Lamb's Passage, London EC1Y 8AB

Financial Institutions

Barclays Bank PLC 28 Chesterton Road, Cambridge CB4 3AZ

Stewardship Services (UKET) Limited 1 Lamb's Passage, London EC1Y 8AB

Kingdom Bank Ltd

Media House, Padge Rd, Beeston, Nottingham NG9 2RS

CONTENTS

CONTENTS
Page
Company Information 1
Report of the Directors 2-5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9-13
Detailed Statement of Financial Activities with Comparatives 14

Page 1

SHELFORD GOSPEL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors have pleasure in submitting the Report and Accounts for Shelford Gospel Trust ("the Trust") for the year.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Objects of the charity

The primary objects of the Trust are:

in Little Shelford, Cambridgeshire and in such other parts of the UK or the world as the Trustees may from time to time think fit.

The Trustees have regard to the Charity Commission’s guidance on public benefit and take this into account when considering possible new projects. The main activities undertaken to date have been the provision of staff housing for two churches in South Cambridgeshire plus a church building for Christ Church Trumpington. All churches provide wide ranging ministries, which are believed to be in the public interest,in their local areas.

Statement of beliefs

We believe in the fundamental truths of Christianity as revealed in Holy Scripture including:

Page 2

Governance

The Trust is a company limited by guarantee governed by its Memorandum and Articles of Association. It was incorporated in England and Wales on 16 January 2008 and registered with the Charities Commission on 12 April 2008.

The number of Trustees shall be not less than three. The Trustees are those persons named in the company information section of the report. At annual general meetings one-third of the Trustees retire by rotation. The Trustees may by ordinary resolution appoint a person who is willing to act to be a Trustee either to fill a vacancy or as an additional Trustee, subject to certain conditions, including his willingness to subscribe to the Statement of Beliefs above.

Continuing Trustees are responsible for the induction of any new Trustee, which involves awareness of a Trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Trust.

The business of the Trust will be managed and administered by the Trustees who may exercise all the powers of the Charity. None of the Trustees receive remuneration or other benefit from their work with the charity.

Individual requests for assistance will be considered by the Trustees on application and subject to their discretion. Normally they would require formal applications saying how the funds would be used and what would be achieved. The Trustees will seek feedback on the actual use of grants given and the achievements made. The explanations and feedback received are sufficient for monitoring the quality of the grants made.

The Memorandum and Articles of Association give the Trustees discretion over whether funds are held in cash or investments. During the year, the Trust held cash in two separate institutions.

Review of activities

During 2025, the Trust received charitable donations and rent from its charitable activities, being the provision of residential accommodation to support the gospel ministry in South Cambridgeshire plus a property in Alpha Terrace for Christ Church Trumpington, Cambridge.

In November 2016, the Trust acquired a chapel building and adjacent community hall in Alpha Terrace, Trumpington, Cambridge, in order to support the long-term Christian witness and work of Christ Church Trumpington. The Trust has entered into a 16 year lease agreement with Christ Church Trumpington. The provision of this building for Christ Church Trumpington will support and facilitate gospel ministry in South Cambridge in accordance with the Trust’s primary object.

On 12 November 2021, the Trust completed the legal transfer of a gift of a residential property in Sawston, Cambridgeshire and subsequently entered into a tenancy agreement to enable the minister of Christ Church South Cambs to live in the village, which supports the gospel ministry of the church in Sawston in accordance with the Trust’s primary object.

In January 2022, the Trust completed the purchase of 26 Church Street, Little Shelford, Cambridge, a large house ideally located opposite All Saints, Little Shelford. As well as housing an assistant minister with a family, this property will provide a two-bedroomed Annex for a church worker. During 2024 a signficiant refurbishment project was completed, partially funded by a mortgage from Kingdom Bank.

Page 3

Financial review

Income for the year amounted to £83,197 (2024: £105,284), none of which related to the 2021 Appeal for the Church Street project (2024: £62,500).

There was no expenditure on generating funds but there were administration costs during the year of £1,141 (2024: 1,339) and expenditure on charitable activities of £47,159 (2024: £28,515).

Future plans

The Trustees intend to have fund raising activities in order to provide the Trust with financial resources to facilitate grants that can further the objects of the Trust. Examples of possible projects are:

In the immediate future, the resources will be focused on refurbishing the property in Sawston and reducing the mortgage related to the property in Little Shelford (see above).

Reserves policy

The Trustees have resolved to retain sufficient funds with three elements to cover a proportion of the committed annual expenditure, project reserves (for specific property projects) and reserves for unforeseen events (such as property maintenance events).

Going concern

Continuing cost of living pressures in the UK have not impacted the Trust during 2025. Regular donations remained at a similar level and the tenants, who are responsible for the energy costs of each occupied properties, continued to be able to meet their rental payments.

The Trustees take reasonable steps to review and consider any factors that may affect the ability of the Trust to continue as a going concern. The Trustee's forecasts and projections, take account of reasonable possible changes in income, show that the Trust is able to generate sufficient liquidity.

The Trustees have performed a stress test analysis to assess the impact of a loss of rental income from a vacant period for the main house in Little Shelford. Changes in legislation with the Renters Reform Act, may reduce the scope for continuity of rental income in future.

After assessing the forecasts and liquidity of the Trust for the next two calendar years, the Trustees have a reasonable expectation that the Trust has adequate resources to continue for the foreseeable future. The Trust therefore continues to adopt the going concern basis in preparing the financial statements.

Page 4

Risk statement

The Trustees annually review the risks that the Trust faces and set in place processes where possible to reduce these.

Directors' responsibilities

Company law requires us as Directors to prepare financial statements for each financial year which give a true and fair view of the state of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable us to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps to prevent fraud or any other irregularities.

Approval

This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the Directors and signed on their behalf by:

Robert S. White

Robert S. White (May 12, 2026 20:16:48 GMT+1)

Robert White

May 12, 2026 Date:______

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHELFORD GOSPEL TRUST

('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025 on pages 7 to 14 following, which have been prepared on the basis of the accounting policies set out on pages 9 and 10.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

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 as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

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:

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 accounts to be reached.

Nick Spear

Nick Spear (May 13, 2026 09:00:07 GMT+1)

Nick Spear ACCA Association of Chartered Certified Accountants

For and on behalf of: Stewardship 1 Lamb's Passage London EC1Y 8AB

Date:______

May 13, 2026

Page 6

SHELFORD GOSPEL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 DECEMBER 2025 SUMMARY INCOME AND EXPENDITURE ACCOUNT

Unrestricted Restricted Total Total
Funds Funds funds funds
Note 2025 2025 2025 2024
£ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 12,707 - 12,707 80,185
Charitable activities 3 69,526 - 69,526 23,834
Investment income 964 - 964 1,265
Total income and endowments 83,197 - 83,197 105,284
EXPENDITURE ON
Charitable activities 4 47,159 - 47,159 28,515
Other 5 1,141 - 1,141 1,339
Total expenditure 48,300 - 48,300 29,854
Net income/(expenditure) 34,897 - 34,897 75,430
Transfers between funds - - - -
Net movement in funds 34,897 - 34,897 75,430
Reconciliation of funds:
Total funds brought forward 2,502,838 - 2,502,838 2,427,408
Total funds carried forward 2,537,735 - 2,537,735 2,502,838

Movements on reserves and all recognised gains and losses are shown above.

All income and expenditure derive from continuing operations.

The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.

The notes on pages 9 to 14 form part of these accounts.

Page 7

SHELFORD GOSPEL TRUST BALANCE SHEET AS AT 31 DEC 2025

Note
FIXED ASSETS
Tangible assets
7
CURRENT ASSETS
Debtors
8
Current asset investments
9
Cash at bank
10
CURRENT LIABILITIES
Liabilities falling due within one year
11
Net Current Assets
TOTAL ASSETS LESS CURRENT LIABILITIES
12
NET ASSETS
FUND BALANCES
Unrestricted funds
13
Restricted Funds
13
CREDITORS FALLING DUE AFTER
MORE THAN ONE YEAR		 Actual
Actual
Unrestricted
Restricted
Year
Year
Funds
Funds
Total
Total
2025
2024
£
£
£
£
2,885,413
-
2,885,413
2,888,604
6,037
-
6,037
1,428
30,530
-
30,530
-
48,929
-
48,929
53,867
85,496
-
85,496
55,295
36,280
-
36,280
44,666
49,216
-
49,216
10,629
2,934,629
-
2,934,629
2,899,233
396,894
-
396,894
396,395
2,537,735
-
2,537,735
2,502,838
2,537,735
-
2,537,735
2,502,838
-
-
-
-
2,537,735
-
2,537,735
2,502,838

For the year ended 31 December 2025, the company was entitled to the exemption from audit under

Responsibilities of directors/trustees:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Apr 29, 2026

Approved by the Directors and signed on their behalf on ______ by:

Joanna Pearce

Joanna Pearce (Apr 29, 2026 09:54:33 GMT+1) Joanna Pearce Company number: 6474770 Charity number: 1123608

The notes on pages 9 to 14 form part of these accounts.

Page 8

SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

The Trust is a public benefit entity. The accounts have been prepared under the historic cost convention, in accordance with the Statement of Recommended Practice: 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) issued on 16 July 2014; and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The financial statements are prepared in sterling and rounded to the nearest £1.

The following are the accounting policies which have been applied in dealing with material items:-

a) Going Concern

The Trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern.

The Trustees' forecasts and projections, taking account of reasonable possible changes in income, show that the Trust is able to generate sufficient liquidity. The Trust enjoys an income stream from its individual donors and rental income. The most significant financial risk in the medium term is associated with the refurbishment loan for the property in Little Shelford. The Trustees have performed a stress test analysis to assess the impact of a loss of rental income from vacant periods for the property. The Trustees understand that All Saints Little Shelford would like to lease the property in future, so vacant periods should be a short term risk.

The Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

Income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. Income received in circumstances where a claim for repayment of tax has been or will be made to HM Revenue & Customs is grossed up for the tax recoverable. Any amount of tax reclaimed from HM Revenue & Customs but not yet received is shown within the charity's debtors. Gifts in kind are included in income at their estimated value to the Trust and recognised as income when they are distributed to projects.

Investment income represents income generated by the charity's assets and is taken into account when receivable.

c) Expenditure

Expenditure, including irrecoverable VAT, when incurred by the charity, regardless of when payment is made. Grants payable are taken into account at the earlier of when they are paid or become constructive obligations. Expenditure is classified under the following activity headings:

Other expenditure represents those items not falling into any other heading.

d) Funds

Unrestricted funds are donations and other income received or generated for the objects of the charity without specified purpose and are available for purposes as directed by the trustees. Restricted funds are amounts received where the donor has specified the purpose for which it should be used.

Donations received in response to an appeal will be treated as restricted funds. Loan receipts raised for a project will be treated as (unrestricted) designated funds. Once the money in both funds is applied to the acquisition of a tangible asset, most likely a property, then the property will immediately be regarded as an unrestricted general fund asset. The Trustees are of the option that the terms of the appeal gifts are met once the specified assets is acquired, allowing the Trust to use the property on an unrestricted basis for any charitable purpose.

Page 9

SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2025

1 Accounting policies (continued)

Loan finance raised for a specific property will also be categorised as unrestricted general fund liabilities.

Where appeal donations are received after the purchase of an appeal asset, expenditure directly associated with the purchase of the property, will be allocated to the restricted fund. Otherwise all other expenditure related to the property will be borne by the general fund.

e) Key judgements

The Trustees make estimates and assumptions regarding the future. Actual results may differ from these estimates. The cash flow projections include assumptions about continued donations and rental income. The Renters Reform Act is likely to reduce the Trusts flexibility to have properties occupied at historical levels. It has reflected this in its forecast assumptions.

When a tangible fixed asset is funded through an appeal or by way of a grant or donation, the accounting treatment of the asset acquired will depend on the circumstances of each case. In the Trustee’s judgement, the terms of the gift are met once the specified asset is acquired, so allowing the charity to use the asset acquired on an unrestricted basis for any charitable purpose. Accordingly the properties purchased, including funding from specific appeals are classified as general fund assets.

The Trustees believe that the properties held for charitable purposes have a high residual value which removes the need for depreciation to be charged.

f) Fixed assets and depreciation Fixed assets acquired for use by the charity are capitalised and depreciated over their estimated useful life, unless their cost is insignificant in which case they are written off on purchase.

Depreciation periods are as follows:

Freehold land Not depreciated Freehold buildings Not depreciated see Key judgements e iii) above Fixtures, fittings and equipment Between 2 and 5 years

g) Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

h) Current asset investments

Current asset investments includes deposit and savings accounts with a maturity of more than three months from the date of acquisition or opening of the deposit or similar account.

i) Cash at bank

Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

j) Creditors and provisions

Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

k) Financial instruments

The 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 loans which are subsequently measured at amortised cost using the effective interest method.

l) Taxation

The company is a registered charity and is exempt from taxation under the Income & Corporation Taxes Acts.

Page 10

SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2025

2
Donations and legacies
Donations from individuals
Tax recoverable
3
Income from charitable activities
Rental property income
Other income
4
Expenditure on charitable activities
Direct cost incurred on rental property
Mortgage interest payable to Kingdom Bank
Depreciation
5
Support and administration expenditure
Governance costs
Independent examination
Insurance
Combined charitable activity cost		 Actual
Unrestricted
Restricted
Actual
Year
Funds
Funds
Total
Total
2025
2024
£
£
£
£
10,959
-
10,959
65,655
1,748
-
1,748
14,530
12,707
-
12,707
80,185
Actual
Unrestricted
Restricted
Actual
Year
Funds
Funds
Total
Total
2025
2025
2025
2024
£
£
£
£
68,039
-
68,039
23,834
1,487
-
1,487
-
69,526
-
69,526
23,834
Actual
Actual
Year
Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2024
£
£
£
£
20,333
-
20,333
23,597
23,095
-
23,095
4,787
3,731
-
3,731
131
47,159
-
47,159
28,515
Actual
Actual
Year
Unrestricted
Restricted
Total
Total
Funds
Funds
2025
2024
£
£
£
£
74
-
74
34
997
-
997
1,081
70
-
70
224
1,141
-
1,141
1,339
48,300
-
48,300
29,854

6 Staff & Trustees

The Trust has not employed a member of staff. The administrative duties and accounting have been undertaken by the Trustees. No remuneration was paid to any trustee during the year nor to any person connected to them.

The total amount of donations funded by Trustees and connected parties was £11,582 (2024: £79,060).

No other transactions have taken place with related parties during the year.

Page 11

SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2025

7 Tangible fixed assets

Cost
At 1 January 2025
Additions
Disposals
At 31 December 2025
Accumulated Depreciation
At 1 January 2025
Charge for the year
Disposals
At 31 December 2025
Net book value
At 31 December 2025
At 1 January 2025		 Land
Fixtures,
Total
& buildings
fittings
equipment
£
£
£
2,877,542
11,193
2,888,735
540
-
540
-
-
-
2,878,082
11,193
2,889,275
-
131
131
-
3,731
3,731
-
-
-
-
3,862
3,862
2,878,082
7,331
2,885,413
2,877,542
11,062
2,888,604

The freehold land and buildings relates to:

The Charities SORP acknowledges that some assets may have a high residual value which will remove the need for depreciation to be charged. The Trustees are of the opinion that South Cambridgeshire has a buoyant property market and that the properties will have increased in value since acquired and that the residual values will be above the purchase prices for all the properties and anticipate that no depreciation will be charged in future.

8
Debtors
Tax recoverable
Other debtors
Prepayments
9
Current asset investments
Bank deposits with notice period over 90 days
10
Cash at bank
Bank operating accounts
Bank deposits
11
Creditors: liabilities falling due within one year
Secured loans
Accruals
Rent received in advance		 Total
Year
2025
2024
£
£
413
1,020
2,262
-
3,362
408
6,037
1,428
Total
Year
2025
2024
£
£
30,530
-
30,530
-
Total
Year
2025
2024
£
£
17,531
52,902
31,398
965
48,929
53,867
Total
Year
2025
2024
£
£
5,420
2,408
16,429
39,050
14,431
3,208
36,280
44,666

Page 12

SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2025

12
Creditors: liabilities falling due after one year
Accruals
Secured loans (falling due in less than 5 years)
Secured loans (falling due after 5 years)		 2025
2024
£
£
-
13,911
24,916
22,366
371,978
360,118
396,894
396,395

13 Movement of funds

The restricted funds represent amounts received for the purchase of properties and the movements in the year are as follows:

2025
Unrestricted funds
Restricted funds
2024
Unrestricted funds
Restricted funds		 Opening
Incoming
Outgoing
Transfer
Closing
balance
resources
resources between funds
balance
£
£
£
£
£
2,502,838
83,197
(48,300)
-
2,537,735
-
-
-
-
-
2,502,838
83,197
(48,300)
-
2,537,735
2,427,408
42,784
(29,854)
62,500
2,502,838
-
62,500
-
(62,500)
-
2,427,408
105,284
(29,854)
-
2,502,838

14 Analysis of net assets between funds

The assets and liabilities represented by the various funds are as follows:

Fund balances at 31 December 2025
Unrestricted funds
Restricted funds
Fund balances at 31 December 2024
Unrestricted funds
Restricted funds
15
Secured loans
Loan payable falling due within 1 year
Loan payable falling due in more than 1 year but less than
Loan payable falling due after more than 5 years		 Fixed
Bank & cash
Other net
Total
assets
balances
assets
£
£
£
£
2,885,413
48,929
(396,607)
2,537,735
-
-
-
-
2,885,413
48,929
(396,607)
2,537,735
£
£
£
£
2,888,604
53,867
(439,633)
2,502,838
-
-
-
-
2,888,604
53,867
(439,633)
2,502,838
2025
2024
£
£
5,420
2,408
5 years
24,916
22,366
371,978
360,118
402,314
384,892

During 2024, the Trust entered into a mortgage facility with Kingdom Bank to fund the refurbishment project for the property in Church Street, Little Shelford. The loan is secured by a first legal charge on the property and has a variable interest rate, which can be changed by Kingdom Bank upon 14 days' notice. The interest rate fell from 5.90% p.a. at the start of the year to 5.65% p.a. by December 2025. The loan term is 30 years. The Trust drew down an additional £19,406 during the period.

16 Commitments

The Trust did not have any commitments, other than those included in creditors, at the year end (2024: nil).

17 Members

Each member of the company commits to contribute if the charity is wound up an amount of £10.

Page 13

SHELFORD GOSPEL TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITES WITH COMPARATIVES

FOR THE YEAR ENDED 31 DECEMBER 2025

Note
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
3
Investment income
Total income and endowments
EXPENDITURE ON
Charitable activities
4
Other
5
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Total
Total
Funds
Funds
2025
2024
2025
2024
2025
2024
£
£
£
£
£
£
12,707
17,685
-
62,500
12,707
80,185
69,526
23,834
-
-
69,526
23,834
964
1,265
-
-
964
1,265
83,197
42,784
-
62,500
83,197
105,284
47,159
28,515
-
-
47,159
28,515
1,141
1,339
-
-
1,141
1,339
48,300
29,854
-
-
48,300
29,854
34,897
12,930
-
62,500
34,897
75,430
-
62,500
-
(62,500)
-
-
34,897
75,430
-
-
34,897
75,430
2,502,838
2,427,408
-
-
2,502,838
2,427,408
2,537,735
2,502,838
-
-
2,537,735
2,502,838
Unrestricted Funds
Restricted Funds

Movements on reserves and all recognised gains and losses are shown above.

Page 14