Charity registration number 1125201
THE JUBILEE & SHELLEY SHAKMAN TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE JUBILEE & SHELLEY SHAKMAN TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr. P Lord Mr. I Johnson Mrs. M Barber Mr. I Cox Mr. E Axe Mr. A Penson Mr B Bedford Ms J Chamberlain Ms S Patel (Appointed 11 January 2024) Charity number 1125201 Principal address Bengore Stylecroft Road Chalfont St. Giles Bucks HP8 4HY Independent examiner Azets Audit Services Burnham Yard London End Beaconsfield Bucks HP9 2JH
THE JUBILEE & SHELLEY SHAKMAN 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 - 15 |
THE JUBILEE & SHELLEY SHAKMAN 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 financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, 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) (effective 1 January 2019)".
Objectives and activities
The trust's objects are:
1) The provision of housing and accommodation for persons who are in need, hardship and distress and those who are resident in the area of benefit. In relation to the Jubilee Homes property the trustees must give preference firstly to married couples in need as result of age and infirmity and secondly, individuals who are in need as a result of age and infirmity.
2) Such charitable purposes for the benefit of the residents of the almshouses as the trustees decide.
3) The relief of financial hardship, either generally or individually, of people living in the area of benefit by making grants of money for providing or paying for items, services or facilities.
4) The land and properties owned by the trust must be retained by the trustees for the use for the object of the charity.
Aims of the trust
The main aim of the trust is to maintain the Jubilee Homes cottages, the William Shakman House, the Deanway cottages, the Up Corner Close house, and Freshfields, Chalfont St. Giles. This is achieved firstly from contributions from the residents of these properties and secondly from monies held in investments.
The trustees decide what repairs need to be carried out during the year. They receive quotes from local companies and then decide when the work is to be carried out.
Public benefit
The benefits of The Jubilee and Shelley Shakman Trust are clear from the objects, activities and aims identified above.
The area of benefit of the trust is the Parish of Chalfont St. Giles.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance Financial review
The trustees are satisfied with the results for the year.
Funding has come mainly from contributions from residents and investment income. Income from charitable activities for 2023 has increased above recent years, in particular those affected by the pandemic. The trust continues to invest in low risk entities via the investment portfolio.
The accounts show a significant gain on the sale of an investment property of £290,250. This represents the difference between the sales proceeds and the book value at the date of sale for land on the Deanway. Following the sale, another piece of land has been acquired, which is between Freshfields and the Up Corner Close house that the trust already owns.
It is the policy of the trust to maintain unrestricted funds at a level which will enable it to maintain its properties and meet any unforeseen expenditure. Total unrestricted funds at the year-end were £1,802,249 (2022 £1,540,578)
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THE JUBILEE & SHELLEY SHAKMAN TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Risk Management
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Plans for future periods
Future plans
The trust will continue to maintain the Jubilee Homes cottages, the William Shakman House, the Deanway cottages, the Up Corner Close house and garages, and Freshfields, both internally and externally.
Structure, governance and management
Constitution
The name of the trust as listed in the register of charities is The Jubilee and Shelley Shakman Trust. The number assigned to the trust is 1125201.
The charitable trust was constituted by the scheme adopted on 23 June 2008.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr P Lord
Mr I Johnson Mrs D Wellings (resigned 11/01/2024) Mrs M Barber Mr I Cox Mr E Axe Mr A Penson Mr B Bedford Ms J Chamberlain Ms S Patel (appointed 11/01/2024)
Appointment of trustees and organisational structure
The body of trustees must be appointed by Chalfont St. Giles Parish Council. Each appointment is made for a term of four years at a meeting convened and held according to the ordinary practice of the Parish Council. The person appointed might be, but need not be, a member of the Parish Council. The nominated trustee is Mr I. Johnson.
The co-opted trustees must be appointed at a special meeting, called by the chairman or any two trustees. Each appointment is for a term of four years. The co-opted trustees are Mr P. Lord, Mrs D. Wellings, Mr I. Cox, Mrs M. Barber, Mr E. Axe and Mr A. Penson.
The trustees hold at least two ordinary meetings each year.
Induction and training of new trustees
Before being appointed the trustees are made aware as to what is expected of them.
On their first appointment, the trustees must give each new trustee: (1) A copy of the Scheme, under which the trust is governed. (2) A copy of the trust's latest report and statement of accounts.
Funds held as custodian trustee
The trustees, Mr P Lord, Mrs M Barber and Mr I Johnson hold title to the property on behalf of the charity.
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THE JUBILEE & SHELLEY SHAKMAN TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees report was approved by the Board of Trustees.
Mr. P Lord Chair of the Trustees
27 August 2024
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THE JUBILEE & SHELLEY SHAKMAN TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE JUBILEE & SHELLEY SHAKMAN TRUST
I report to the trustees on my examination of the financial statements of The Jubilee & Shelley Shakman Trust (the trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the trust 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 trust’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
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 trust 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.
Mr C J Nisbet FCA Azets Audit Services
Burnham Yard London End Beaconsfield Buckinghamshire HP9 2JH United Kingdom
Dated: 4 September 2024
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THE JUBILEE & SHELLEY SHAKMAN TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted Unrestricted funds funds general designated 2023 2023 Notes £ £ Income from: Charitable activities 2 91,603 - Investments 3 12,001 - Other income 4 28,275 - Total income 131,879 - Expenditure on: Raising funds 5 2,833 - Charitable activities 6 168,879 2,651 Total resources expended 171,712 2,651 Net gains/(losses) on investments 10 301,504 858 Net movement in funds 261,671 (1,793) Fund balances at 1 January 2023 1,540,578 21,075 Fund balances at 31 December 2023 1,802,249 19,282 |
Total Unrestricted Unrestricted funds funds general designated 2023 2022 2022 £ £ £ 91,603 74,039 - 12,001 3,142 - 28,275 194,309 - 131,879 271,490 - 2,833 2,855 - 171,530 73,295 35,351 174,363 76,150 35,351 302,362 (12,981) 108 259,878 182,359 (35,243) 1,561,653 1,358,219 56,318 1,821,531 1,540,578 21,075 |
Total 2022 £ 74,039 3,142 194,309 271,490 2,855 108,646 111,501 (12,873) 147,116 1,414,537 1,561,653 |
|---|---|---|
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 JUBILEE & SHELLEY SHAKMAN TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Fixed assets Tangible assets 12 Investment property 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Income funds Unrestricted funds Designated funds 17 General unrestricted funds |
2023 £ £ 1,210,427 300,000 271,357 1,781,784 5,364 40,243 45,607 (5,860) 39,747 1,821,531 19,282 1,802,249 1,821,531 1,821,531 |
2022 £ £ 1,259,429 50,000 216,431 1,525,860 3,553 36,420 39,973 (4,180) 35,793 1,561,653 21,075 1,540,578 1,561,653 1,561,653 |
2022 £ £ 1,259,429 50,000 216,431 1,525,860 3,553 36,420 39,973 (4,180) 35,793 1,561,653 21,075 1,540,578 1,561,653 1,561,653 |
|---|---|---|---|
| 1,525,860 35,793 |
|||
| 1,561,653 | |||
| 1,561,653 | |||
| 1,561,653 |
The financial statements were approved by the Trustees on 27 August 2024
Mr. P Lord Trustee
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
The Jubilee & Shelley Shakman Trust is a Charitable Trust constituted 23 June 2008.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's [governing document], 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) (effective 1 January 2019)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust 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 trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and to include certain financial instruments at fair value. 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 trust 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.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the trust 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.
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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:
Freehold properties See below
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
(i) Depreciation of that part of the cost of the Rehabilitation Scheme for the Jubilee Cottages not financed by Housing Association Grant is being provided by charging depreciation over the period of 30 years.
(ii) Depreciation in respect of Shakman House is being provided by charging £375 per annum, commencing 1984, to write off the cost of the buildings over their anticipated remaining life. The improvements carried out to the property in 2008 is being provided by charging depreciation over the period of 30 years.
(iii) Depreciation in respect to the improvements carried out to Deanway Cottage and Middle Cottage is provided by charging depreciation over the period of 30 years.
(iv) Depreciation in respect to End Cottage, Up Corner Close House, and Freshfields is provided by charging depreciation over the period of 30 years.
1.7 Investment properties
Investment property is represented entirely by investment land, which is recognised at the most recent valuation amount.
1.8 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed as incurred. Changes in fair value are recognised in other recognised gains and losses except to the extent that a gain reverses a loss previously recognised in net income expenditure, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in net income/(expenditure) for the year.
1.9 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
2 Charitable activities
| Income from | Income from |
|
|---|---|---|
| non- | non- |
|
| investment | investment |
|
| properties | properties | |
| 2023 | 2022 | |
| £ | £ | |
| Charitable rental income | 91,603 | 74,039 |
3 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2023 | 2022 | |
| £ | £ | |
| Income from investments held in a portfolio | 11,976 | 3,128 |
| Interest receivable | 25 | 14 |
| 12,001 | 3,142 | |
| Other income | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| general | general | |
| 2023 | 2022 | |
| £ | £ | |
| Net gain on disposal of tangible fixed assets | - | 194,309 |
| Insurance proceeds | 28,275 | - |
| 28,275 | 194,309 |
4 Other income
In the prior year, the net gain on disposal of tangible fixed assets represents the excess of proceeds over the book value of End Cottage at the date of sale.
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
5 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2023 | 2022 | |
| £ | £ | |
| Financial advice | 1,000 | 1,000 |
| Investment management fees | 1,833 | 1,855 |
| 2,833 | 2,855 |
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
6 Charitable activities
| Maintenance of properties 2023 £ Depreciation 49,002 Rates and water 100 Insurance 2,467 Light and heat 23,933 Repairs and maintenance 69,004 Postage and stationery 1,978 Garden upkeep 4,320 Computer costs 389 Payment processing charges 56 Property related professional fees 9,609 Subscriptions 818 Temporary accommodation 6,488 Bad debt written off 90 168,254 Share of governance costs (see note 7) 3,276 171,530 Analysis by fund Unrestricted funds - general 168,879 Unrestricted funds - designated 2,651 171,530 For the year ended 31 December 2022 Unrestricted funds - general 73,295 Unrestricted funds - designated 35,351 108,646 |
Total 2022 £ 48,772 3,100 2,499 8,988 35,351 630 3,360 362 30 3,053 361 - - |
|---|---|
| 106,506 2,140 |
|
| 108,646 | |
| 73,295 35,351 |
|
| 108,646 | |
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
7 Support and governance costs
| Independent examiners fee Analysed between Charitable activities |
Support costs Governance costs £ £ - 3,276 - 3,276 - 3,276 |
2023Support costs Governance costs £ £ £ 3,276 - 2,140 3,276 - 2,140 3,276 - 2,140 |
2022 £ 2,140 |
|---|---|---|---|
| 2,140 | |||
| 2,140 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, but one of them was reimbursed a total of £335 stationery, postage and sundry expenses (2022- one trustee was reimbursed £286).
9 Employees
There were no employees during the current or previous year.
10 Net gains/(losses) on investments
| Unrestricted Unrestricted funds funds general designated 2023 2023 £ £ Revaluation of investments 11,254 858 Gain/(loss) on sale of investments 290,250 - 301,504 858 |
Total Unrestricted Unrestricted funds funds general designated 2023 2022 2022 £ £ £ 12,112 (12,981) 108 290,250 - - 302,362 (12,981) 108 |
Total 2022 £ (12,873) - |
|---|---|---|
| (12,873) |
11 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
| 12 | Tangible fixed assets | |
|---|---|---|
| Freehold properties | ||
| £ | ||
| Cost | ||
| At 1 January 2023 | 1,482,234 | |
| At 31 December 2023 | 1,482,234 | |
| Depreciation and impairment | ||
| At 1 January 2023 | 222,805 | |
| Depreciation charged in the year | 49,002 | |
| At 31 December 2023 | 271,807 | |
| Carrying amount | ||
| At 31 December 2023 | 1,210,427 | |
| At 31 December 2022 | 1,259,429 | |
| 13 | Investment property | |
| 2023 | ||
| £ | ||
| Fair value | ||
| At 1 January 2023 | 50,000 | |
| Additions through external acquisition | 300,000 | |
| Disposals | (50,000) | |
| At 31 December 2023 | 300,000 |
The brought forward Investment property was represented by land that was purchased in 2011 for a sum of £166,500. On 26 August 2020 an independent valuation was carried out. The land did not currently benefit from planning permission and therefore the land was considered to have a garden amenity value of £50,000. This land was sold in the year for £340,250.
Following the sale of the above land, another piece of land was purchased at a cost of £300,000.
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
14 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2023 | 216,431 |
| Additions | 346,581 |
| Valuation changes | 12,112 |
| Management fees | (1,853) |
| Disposals | (301,914) |
| At 31 December 2023 | 271,357 |
| Carrying amount | |
| At 31 December 2023 | 271,357 |
| At 31 December 2022 | 216,431 |
15 Debtors
| Amounts falling due within one year: Other debtors Prepayments and accrued income Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2023 £ 4,032 1,332 5,364 2023 £ 2,584 3,276 5,860 |
2022 £ 2,420 1,133 |
|---|---|---|
| 3,553 | ||
| 2022 £ 1,060 3,120 |
||
| 4,180 |
16 Creditors: amounts falling due within one year
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
17 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Balance at 1 January 2022 £ Extraordinary Repair Fund 18,316 Cyclical Repair Fund 38,002 56,318 |
Resources expended Revaluations, gains and losses Balance at 1 January 2023 £ £ £ - 108 18,424 (35,351) - 2,651 (35,351) 108 21,075 |
Resources expended Revaluations, gains and losses Balance at 31 December 2023 £ £ £ - 858 19,282 (2,651) - - (2,651) 858 19,282 |
Resources expended Revaluations, gains and losses Balance at 31 December 2023 £ £ £ - 858 19,282 (2,651) - - (2,651) 858 19,282 |
|---|---|---|---|
| 19,282 |
The two designated funds are set aside for extraordinary and cyclical repairs and are available for the use at the discretion of the trustees.
18 Analysis of net assets between funds
| Fund balances at 31 December 2023 are represented by: Tangible assets Investment properties Investments Current assets/(liabilities) |
General Designated 2023 2023 £ £ 1,210,427 - 300,000 - 252,075 19,282 39,747 - 1,802,249 19,282 |
Total 2023 £ 1,210,427 300,000 271,357 39,747 1,821,531 |
General Designated 2022 2022 £ £ 1,259,429 - 50,000 - 195,356 21,075 35,793 - 1,540,578 21,075 |
Total 2022 £ 1,259,429 50,000 216,431 35,793 |
|---|---|---|---|---|
| 1,561,653 |
19 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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