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2023-06-30-accounts

Company Registration No: 7654820 Charity Registration No: 1145387

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2023

The Manta Trust For the year ended 30 June 2023

__________

Contents Page No.
Description
Legal and Administrative Information 3-4
Trustees’ Report 5-10
Independent Examiner’s Report 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Financial Statements 15-20

Page 2 of 20

The Manta Trust For the year ended 30 June 2023

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Legal and Administrative Information

Charity Registration Number Company Registration Number Trustees

1145387 7654820

Martin Attrill Mark Davies (resigned 24 April 2023) Jonathan Diamond Emily Humble Paul Jackson - Chair Katie Lee-Brooks (resigned 16[th] October 2023)

Patrons

Chief Executive | Founder Company Secretary Director of Operations Development & Fundraising Manager Philanthropies Manager Media & Communications Manager Media & Communications Assistant Finance Manager MMCP Project Leader Fisheries & Policy Manager MantaBase Database Manager MantaBase Database Assistant Education Manager MantaBase Database Developer IDtheManta Software Developer

Thomas P. Peschak (co-founder) Steve Backshall Doug Allen Roger Munns Sarah Richard Zoona Naseem Guy Stevens

Eleanor Gloster

Rebecca Carter Eithne Tynan Lilian Dinan-Jackson Jasmine Corbett Leila Scheltema Eleanor Gloster Tam Sawers Betty Laglbauer Clare Baranowski Beth Faulkner Jennifer Spacagna Paco Del Castillo Lopez Ben Hughes

Associate Directors

Joshua Stewart Shawn Heinrichs Mary O’Malley Paul Hilton Daniel Fernando

Project Leaders

Seychelles Maldives Chagos Sri Lanka Thailand Indonesia (manta rays) Indonesia (devil rays) Indonesia (Raja Ampat) Marianas & FSM Palau Fiji

Lauren Peel Tam Sawers Joanna Harris Daniel Fernando Jamie Monmaneerat Sarah Lewis Muhammad (Egin) Salim Calvin Beale Julie Hartup Mandy Etpison Luke Gordon

Page 3 of 20

The Manta Trust For the year ended 30 June 2023

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New Caledonia Hugo Lassauce Hawaii Mark Deakos French Polynesia Cécile Berthe / Alice Carpentier / Maya Santangelo New Zealand Lydia Green Mexico: Pacific (Revillagigedo Islands) Robert Rubin / Karey Kumli Mexico: Pacific (Bahia de Banderas) Aldo Zavala / Iliana Fonseca Mexico: Pacific (Baja California) Melissa Cronin / Marta D. Palacios / Nera Lezama-Ochoa Costa Rica Ernst van der Poll Costa Rica Jeffrey Madrigal / Elly Dove Ecuador Michel Guerrero Peru Stefany Rojas Brazil Guilherme Kodja Mexico: Caribbean (Quintana Roo) Karen Fuentes Azores Ana Sobral Caribbean Islands Nicole Pelletier Papua New Guinea Annie Murray Cameroon Aristide Takoukam / Ghofrane Labyedh / Cedrick Fogwan Registered Office Catemwood House Norwood Lane Corscombe Dorset DT2 0NT Bankers HSBC Bank Solicitors Russell-Cooke Solicitors 2 Putney Hill Putney London SW15 6AB Independent Examiner Moore Kingston Smith LLP 6[th] Floor, 9 Appold Street London EC2A 2AP

Page 4 of 20

The Manta Trust For the year ended 30 June 2023

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The Manta Trust

Trustees’ Report

For the year end 30 June 2023

Structure, Governance and Management

The organisation is a charitable company limited by guarantee, incorporated on 1st June 2011, and registered as a charity on 11[th] January 2012.

The company was established under a Memorandum of Association which establishes the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, trustees are required to contribute an amount not exceeding £1.

The Directors of the company are also the Charity Trustees for the purpose of charity law. Currently there are seven serving Trustees (see page 3) and under the requirements of the Articles of Association the number of serving Trustees should not be less than three.

Currently the Charity provides an informal induction process for new Trustees. Prospective Trustees are nominated for the professional experience they can bring, and skills are matched with the needs of the Board. Potential Trustees are approached by the Chair or Chief Executive; the aims and activities of the Charity are explained, and potential Trustees are provided with explanatory notes and reports. On becoming a Trustee, they are provided with explanatory material on Trusteeship from the Charity Commission and copies of recent accounts and board minutes.

The Charity is managed on a day-to-day basis by the Chief Executive the Director of Operations, and the wider core operations team, with guidance from a board of trustees, supported by a panel of scientific advisors.

Objective, Mission and Principal Activity

The Charity’s key objectives are the conservation of manta rays and their close relatives, the devil rays, throughout the world’s oceans. Manta rays are considered charismatic megafauna; diving and snorkelling with these creatures is a sought-after experience the world over. The charity intends to maximise the potential of this, using the manta ray to achieve broad scale marine conservation goals. Our vision is to see these animals thriving in healthy, diverse ocean ecosystems the world over.

The organisation strives to accomplish these goals through a number of means, with three specific areas of focus: research, awareness and collaboration. We use robust scientific studies to provide hard evidence for decision makers involved in conserving these creatures. We bring together specialists in this field to share their expertise and to co-ordinate global research and conservation benefits for these species. Our field projects take place in the Seychelles, Maldives, Chagos, Sri Lanka, Thailand, Indonesia, the Mariana’s Islands, the Federated States of Micronesia, Fiji, Palau, New Caledonia, French Polynesia, Hawaii, New Zealand, Mexico, Peru, Ecuador, Brazil, Costa Rica, Azores, Papua New Guinea, and the Caribbean Islands.

To raise awareness, we ensure that we have a strong online presence, both through our own online resources and through various social networking sites. We endeavour to work with film and documentary makers to raise the profile of these animals and their conservation. We publish books and popular articles in high profile publications.

To educate we have an online resource which brings together in a simple and concise manner, all that is known about these animals including the threats to their ongoing survival and the consequences of these pressures. We have initiated a school programme and we work with local communities in areas where changes in behaviour and practice are required to help manage this change. We are also forming affiliations with key partners to help educate a wider audience.

Page 5 of 20

The Manta Trust For the year ended 30 June 2023

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Public Benefit

We have referred to the guidance in the Charity Commission’s general guidance on Public Benefit: including the guidance Running a Charity (PB2)’ when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

The Manta Trust’s vision is a sustainable future for the ocean, where manta rays and their relatives thrive in healthy diverse marine ecosystems. Our mission is to collaborate with affiliates around the world through research, education, and by providing expert advice to drive the policies and practices necessary to conserve manta rays, their relatives, and habitats.

Risk Management

The Trustees have identified the major risks applicable to the charity and believe that appropriate action has been taken to manage and mitigate against these risks. Furthermore, the Trustees have assessed the major risks to which the Charity is exposed, in particular those relating to the operations, reputation, and finances of the Manta Trust. The senior management team assesses and updates the likelihood and impact of material risks and ensures controls are in place, such as special risk assessments for fieldwork.

Strategic Objectives for 2022/23

The Strategic Objectives for The Manta Trust in 2022/23 were to:

Achievements and Performance

During the Financial Year 2022/23, the Manta Trust has continued to build on previous successes, with collaborations and partnerships remaining at the heart of our philosophy. We now have 29 different projects around the world, with a team of over 40 dedicated conservation professionals.

Page 6 of 20

The Manta Trust For the year ended 30 June 2023

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Our key successes and achievements during 2022/2023 include:

Page 7 of 20

The Manta Trust For the year ended 30 June 2023

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Financial Review

The Manta Trust is committed to minimising administrative costs and increasing revenue to maximise the reach of its conservation and research programmes.

Income in 2023 reached £973,054 (2022: £737,766) and was predominately achieved through donations, grants, commercial and corporate sponsorship, merchandise sales, and events such as Cross the Oceans challenge and dive shows. Income in 2022/23 was greatly enhanced by a legacy donation of £245,610 received on 9 June 2023. The Trustees have designated this amount for future projects to be specified by the Board, who will closely monitor the use of this gift.

Total Expenditure is 57% greater than previous year at £856,519 (2022: £544,552). This was due to an increase in Charity research and development on a new inhouse database, support grants for our Affiliate and Life Projects, an increase in the number of core team consultants under contract and higher travel costs.

Reserves Policy

The Trustees have reviewed the reserves of the Charity. To safeguard the core activities in periods of fluctuating income, the Trustees have established unrestricted reserves to cover six to 12 months operational costs £250,000 to £300,00. Should funds fall below this figure or costs increase, appropriate action will be taken. A new Reserves Policy was approved by the Board on 16[th] October 2023.

Free reserves on 30 June 2023 were £379,117 (2022: £513,491).

The Trustees are satisfied with the current level of free reserves, but the Trustees will aim to increase this level in the financial year 2023/2024, in line with an increase in charitable expenditure.

Page 8 of 20

The Manta Trust For the year ended 30 June 2023

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Restricted reserves are £250,005 (2022: £216,164). These are in relation to grants received from environmental charities and other organisations for specific research projects in different parts of the world, such as Mexico, the Maldives, and Indonesia.

Future Plans

The Manta Trust’s plans for 2023/24 include:

Page 9 of 20

The Manta Trust For the year ended 30 June 2023

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Statement of Trustee’s Responsibilities

The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the situation of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them 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 for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

Small Company Rules

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report was approved by the Board on 29[th] January 2024 and signed on its behalf by:

PAUL JACKSON

Trustee The Manta Trust

Page 10 of 20

The Manta Trust For the year ended 30 June 2023

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Independent examiner's report to the trustees the Manta Trust (`the Company')

I report on the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and 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

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of England and Wales, which is one of the listed bodies.

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:

  1. Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act.

  2. Or the accounts do not accord with those records.

  3. Or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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.

  4. Or 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 other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached.

Adam Fullerton, FCA DChA For and On Behalf of Moore Kingston Smith LLP 6[th ] Floor 9 Appold Street London EC2A 2AP

Date: 7 February 2024

Page 11 of 20

The Manta Trust For the year ended 30 June 2023

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Statement of Financial Activities

(Incorporating an Income and Expenditure Account) For the year ended 30th June 2023

Note
INCOME FROM
Incoming resources from
generated funds
Voluntary Income
Donations and Legacies
Miscellaneous sales
3
Investment Income
Total
EXPENDITURE ON
Raising funds
Grants
Other CharitableExpenditure
Total
4
Other recognised gains
Gain on revaluation of
investments
NetSurplus
Fund balances brought forward
5
Fund balances carried forward
5
All activities derive from
continuing operations.		 2023
2023
2023
2022
Unrestricted
Funds
Restricted
Funds
Total
Total
£
£
£
£
442,252
11,759
518,413
-
960,665
11,759
721,218
16,240
630
-
630
308
454,641
518,413
973,054
737,766
124,733
-
124,733
44,124
190,328
484,572
674,900
544,840
56,886
56,886
(44,412)
371,947
484,572
856,519
544,552
370
-
370
(1,183)
83,064
33,841
116,905
192,031
513,491
216,164
729,655
537,624
596,555
250,005
846,560
729,655

The notes on pages 15-20 form a part of these financial statements.

Page 12 of 20

The Manta Trust For the year ended 30 June 2023

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The Manta Trust

Balance Sheet as of 30th Balance Sheet as of 30th June 2023
Note 2023 2023
2022		 2022
Fixed Assets 9
Investments 40,615 20,245
Current Assets
Debtors 8 15,890 14,600
Cash at bank and in hand 793,055 699,369
849,560 734,214
Creditors: Amountsfalling due
within one year
Creditors 8 3,000 4,559
3,000 4,559
Total Assetsless Current Liabilities 846,560 729,655
Funds
Unrestricted Funds 6 596,555 513,491
Restricted Funds 6 250,005 216,164
846,560 729,655

The Directors’ state:

The financial statements were approved by the Board on 29[th] January 2024, and authorised for issue on their behalf by:

Paul Jackson

Trustee, The Manta Trust Company Registration No: 7654820

Page 13 of 20

The Manta Trust For the year ended 30 June 2023

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The Manta Trust

Statement of Cash Flow as of 30th June 2023

Note
Cash Flow generated from operating activities
Net cash inflow from operating activities
(i)
Cash flow generated from investing activities
Purchase of financial investments

Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
(i) Reconciliation of net profit to net cash flow from operating activities
Net profit
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 2023
2022
£
£
113,686
176,186
(20,00O)
-
93,686
176,186
699,369
523,183
793,055
699,369
2023
2022
£
£
116,535
193,214
(1,290)
5,972
(1,559)
(23,000) (
113,686
176,186

Page 14 of 20

The Manta Trust For the year ended 30 June 2023

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Notes to the Financial Statements

For the year ended 30th June 2023

1. Accounting Policies

Basis of Accounting

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value through income and expenditure within the statement of Financial Activities.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including update Bulletin 1. The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The trustees 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 charitable entity to continue as a going concern.

The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. The trustees have considered the charitable entity’s forecasts and projections and have taken account of pressures on donation and investment income.

After making enquiries the trustees have concluded that there is a reasonable expectation that the charitable entity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties. The charitable entity therefore continues to adopt the going concern basis in preparing its financial statements.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Incoming Resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to receipt, receipt is probable and the amount is measurable.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Wherever possible costs are directly attributed to these headings. Costs common to more than one area are apportioned on the basis of staff time spent on each area.

The costs of raising funds are those costs of fundraising and publicity.

Support costs are those costs incurred in support of the charitable objectives. These have been allocated to the charitable activities on a basis that fairly reflects the true use of those resources within the Charity.

Governance costs are those incurred in the governance of the Charity and are primarily associated with constitutional and statutory requirements.

Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor.

Page 15 of 20

The Manta Trust For the year ended 30 June 2023

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Notes to the Financial Statements – (continued)

For the year ended 30th June 2023

Foreign Currencies

The functions and presentation currency of the charity is the pound sterling.

Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.

Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. There are no estimates or judgments that have a material effect on amounts recognised in the financial statements.

Financial Instruments

The company only has financial assets and 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. All debtor and creditor balances are basic financial instruments under FRS 102. See note 8 for these balances.

Cash and Cash Equivalents

Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less.

Debtors and Creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

Page 16 of 20

The Manta Trust For the year ended 30 June 2023

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Notes to the Financial Statements – (continued)

For the year ended 30th June 2023

2. Trustees' Remuneration, Expenses and Related Party Transactions

The charity employs no staff. One Trustee received £765 (2022: £765) for providing professional accountancy services. No other Trustees received remuneration during the year. Two Trustees were reimbursed £473 (2022: Two Trustees £434) for travel expenditure in the year.

During the year, the Manta Trust paid Manta Expeditions £81,550 (2022: £17,761) to organise manta ray expeditions for paying guests. The Chief Executive of the Manta Trust is the sole owner of Manta Expeditions. Also, during the year, one of the trustee's spouses received £11,460 in return for professional services provided to the Charity, with £nil due at the year end. No other trustee or other person related to the charity had any personal interest in any contract or transaction entered by the charity during the year (2022 – £11,320).

3. Donations and Miscellaneous Receipts
Donations and legacies received
Grants received
Arrangement Fee
Merchandise sales
Investment Income
4. Expenditure
Raising Funds:
Merchandise for sale
Fund Raising/Events Costs
Charitable Expenditure:
Research grants to Bora Bora,
Cameroon, Peru, Maldives,
Mexico, Papua New Guinea,
Indonesia, New Zealand, Fiji,
Chagos Islands, Ecuador, genetics
and database research.
Bank Charges /(Exchange Charges)
Sundry Costs
Governance costs:
Professional fees
Independent examination fees		 Unrestricted
Funds 2023
£
Restricted
Funds 2023
£
Total
2023
£
Total
2022
£
442,252
-
442,252
187,062
-
518,413
518,413
534,156
794
794
2,966
10,965
-
10,965
13,274
630
-
630
308
454,641
518,413
973,054
737,766
Unrestricted
Funds 2023
£
Restricted
Funds 2023
£
Total
2023
£
Total
2022
£
25,620
99,113
190,328
-
-
484,572
25,620
99,113
674,900
3,899
40,225
544,840

21,546
28,923
-
-
21,546
28,923
(62,528)
14,411
3,417
-
3,417
765
3,000
-
3,000
2,940
371,947
484,572
856519
544,552

Page 17 of 20

The Manta Trust For the year ended 30 June 2023

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Notes to the Financial Statements – (continued) For the year ended 30th June 2023

5. Funds

. Funds
Balance Income Expenditure Balance
B/Fwd. C/Fwd.
£ £ £ £
Unrestricted Funds 513,491 209,401 (343,775) 379,117
Designated Funds - 245,610 (28,172) 217,438
Restricted Funds 216,164 518,413 (484,572) 250,005
729,655 973,424 (856,519) 846,560

Please refer to the Trustees' Report to find out more about our activities. Restricted funds are held for continuous scientific and environmental projects throughout the world.

6. Analysis of net assets between funds

Cash at bank and in hand
Investments
Other net current assets/(liabilities)		 Unrestricted
Funds
£
Restricted
Funds
£
Total
£
558,940
40,615
234,115
-
793,055
40,615
(3,000)
15,890
12,890
596,555
250,005
846,560

7. Members’ Guarantee

At 30th June 2023 the charity had six members. The liability of each member to contribute to the assets of the charity is limited to £1.

8. Financial Assets and Liabilities

Financial Assets and Liabilities
inancial assets measured at amortised cost
inancial liabilities measured at amortised cost
9. Investments
Valuation
Brought Forward at 1st July 2022
Additions
Unrealised Gains/Losses
Market Value at 30th June 2023
Historical Cost		 2023 2022
£ £
15,890 14,600
(3,000) (4,599)
2023
20,245
20,000
370
40,615
40,000
2022
21,428
-
(1,183)
20,245
20,000

Financial assets measured at amortised cost 15,890 14,600 Financial liabilities measured at amortised cost (3,000) (4,599)

Page 18 of 20

The Manta Trust For the year ended 30 June 2023

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Statement of Financial Activities

(Incorporating an Income and Expenditure Account) For the year ended 30th June 2023

2022 Statement of Financial Activities, for comparative purposes.

Note
INCOME FROM
Incoming resources from
generated funds
Voluntary Income
Donations
Miscellaneous sales
3
Investment Income
Total
EXPENDITURE ON
Raising funds
Grants
Other CharitableExpenditure
Total
4
NetSurplus
Other recognised gains
Gain on revaluation of
investments
Fund balances brought forward
5
Fund balances carried forward
5
All activities derive from
continuing operations.		 2022
2022
2022
Unrestricted
Funds
Restricted
Funds
Total
£
£
£
187,062
16,240
534,156
-
721,218
16,240
308
-
308
203,610
534,156
737,766
44,124
-
44,124
88,703
456,137
544,840
(44,412)
(44,412)
88,415
456,137
544,552
115,195
78,019
193,214
(1,183)
-
(1,183)
399,479
138,145
537,624
513,491
216,164
729,655

Page 19 of 20

The Manta Trust For the year ended 30 June 2023 Page 20 of 20