Charity number: 1148325 THE KILDARE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE KILDARE TRUST CONTENTS Page Reference and administrative detai15 of the Charity, it5 Trustees and advisor5 Trustees, report Independent examiner's report on the financial statements Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements 8-16
THE I(ILDARE TRUST REFERENCE AND ArJMINisfRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE5 AND ADVISERS FOR THE YEAR ENDED 5 P.PRIL 20?.5 Trustees Mr Anthony Champion Mr Martin Needham Ms Dawn Oliver Mr Geoffrey Probert Mr lan Smith Charity registered number 1148325 Principal office Pear Tree Cottage Yarrington Road Alfrick Worcestershire WR6 SEX Independent examiners Curo Professional Services Ltd Westonhall Road stoke Prior Brornsgrove Wtsrcestershire B60 4AL Sollcitors Harrison Clark Rickerbys 5 Deansway Worcester WRI 2JG Page | I
TklE KILDARE TRUST TP,USTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025 The Trustees present their annual report together with the flnancial statements of the Charity for the year 6 April 2024 to 5 April 2025. Objectives and activities al Policies and objectives The principal objective of the Charlty is to provide financlal support to charities witliin the Herefordshire and Worcestershire area. All our charitable activities are undertaken to further our charitable purposes for public benefit. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance publislied by the Cliarity Commi55ion relating to public benefit, including tlie guidance 'Public benefit.- running a charity IPB21' bl Activities undertaken to achieve obSectlves We aim to achieve our objectives by.. Making grants to charitable organisations. Provldlng other financial as515tance. Achievements and performance al Investment policy and performance The Tru5tee5 h3VE determined that the funds available to the charity are sufflcient for the day to dav running of the charity. Unles5 there is a significant increase in reserves the charity will retain all fund5 in the current account that are not invested in the stock market. Financial Review al Going concern Due to the depletion of the trust's assets it has been decided to allocate it's remaining funds and wind up the trust within the next 12 moF)ths. bl Reserves policy The Trustees have reviewed the charittys needs for reserves in line with the guidance issued by the Charity Commi55ion. The Trustees believe that approximately £IOO,000 was required to ensLJre the charity cali run eff iciently and continue to meet its objectives in the event of a loss of significant Income streams, for approximately 12 months. Thi5 figure is based on current administrative expenditure levels. and also takes into account costs of winding down the or8aiiisation. The charity currently has free reserves of £1,331,96412024: £2,951,930),. of this amount £754,64412024'. £2,591,964) is held in listed investments. cl Review of activities Income received from donations and investments amounted to £93,23912024.' £415,180); expenditure amounted to £1,762,61212024.' £4,392,561). A deficit Was incurred at year end of £1,619,96612024'. £3.951,3031 after net gain on investment of £49,40712023.' £26,078). Page | 2
THE KILDARE TRUST TRU51-EES' P,EPORT FOR I'HE YEAR ENDED 5 APRIL 2025 dl Principal funding There were no 5egacies received during the year, however the trust received the final legacy payment of £44,322 in M3y 2025. £300,179 was received last year in addition to the legacy of £5,179,113 re1ve(s the prevlous year from Mrs Phyllis Richards. Prior lo that there had a150 been donations from Mrs Phyllis Richards and a legécy from Sheila Agiies Taii"an. Structurei governance and management a) Constitution The Kildare Trust is a reglstered charity. number 1148325, and is constituted under a Trust deed. The principal object of the charitv 15 to provide financial support for charities in the Herefordshire and Worcestershire Brea, as ihe Trustees in their discretion may think fit. bl Methods of appointment or election of Trustees The manaÉement of the charity is the ¥esponsibility of the Trustees who a elected or co-opted under the terms of the Trust deed. c) Organlsational structure and decision-making policies The Trustees of the charity wlio held office during the financial period and at the dète of this report are set out on page l. At Trustees, meetngs, the Trustees agree the broad strategy and areas of activity for the charitv, includfjng consideration of grant making, investment, reserves and risk manageiment pollcies and performaiice. The day to day adtninistration of grants and the process of handling of applications is carried out by tlie Trustees. dl Policies adopted for the inductlon and training of Trustees New Trustees tjndergo orientation of the services that the charitv PTovides to allow them to understand the diversity of the organisatioTr, in addition to this, Trustees undertake training on an ongoing basS5 as required. el Financial risk management The Trustees have assessed the major rlsks to which the Charity Is exposed in particular those related to the operations and finances of the Charity. and are satlsfied that systeirs and procedures are In place to mitigate exposure to the major risks. Plans for future periods The trustee plan to distribute the trust's remaining assets within the next 12 Inonth5 and wind up tlie Irust. Approved by the Trustees and signed on their behalf bv: Mi. lan Smith TrL15teo Date: 0410912025 Page | 3
THE I(ILDARE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KILDARE TRUST Independent Examiner's Rèport to the Trustee5 of The Kildare Tyust I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2025 which are set out on pages I to 16. Responsibilitie5 and basis of report As the charity's trustees you are responsible for the preparatiori Df the accounts Sn accordan with the requirement5 of the Charities Act 20111'the Act'l. I report in ¥espect of my examination of the charittys accountg carried out under section 145 of the Act and in carrying out my exaTllination I have followed all the applicable Directions given by the Charily Commission under section 1451511bl of the Act. Independent examiner'5 Statèment I confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examinatlon. I confirm that no rnaterial matters have come to my attention in connection wlth the examination giving me cause to believe that in any matellal respect.. accounting e0rdS were not kept in respect of the charity as required by section 130 of the Act,. or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerninÈ the form and content of accounts set out in the Charitie5 IAccounts and Reports) Regulations 200 other than any reqvirement 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 whlch attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Name.. Anna Madden Relevant professional qualification or body: FCA For and on behalf of: Curo Professional Service5 Ltd Address.. Curo Chartered Accoulltants, Curo House, Greenbox, Weston Hall Road, Stoke Prior, Bromsgrove, Worcestershire, B60 4AL Date: */q1[g Page | 4
THE KILf)ARE TRUST STATEMINT OF FINANCIAL ACTIVITIES FOR TI4E YEAR ENDED 5 APRIL 2025 Unrestricted funds 2025 Total f und5 2025 Total funds 2024 Note INCOME FROM; Donations and legacies Investments TOTAL INCOME 44,322 48,917 93,239 44,322 48,917 93,239 300,179 115,001 415,180 EXPENDITURE ON: Charitable activities TOTAL EXPENDITURE 1,762,612 1,762,612 1,762,612 1,762,612 4,392,561 4,392,561 Net gains/llossesl on investments NET MOVEMENT IN FUNDS 24 49.407 49,407 11,619,966) 11,619,966) 26,078 13,951,303) RECONCILIATION OF FUNDS: Total funds brouglit forward Net movement of funds TOTAL FUND5 CARRIED FORWARD 2,951,930 2,951,930 11,619,966) 11,619,966} 6,903,233 13,951,303) 1,331,964 1,331,964 2,951,930 The Statement of Financial Activities includes all gains and105ses recognised in the year. The notes or) pages 11 to 16 form part of these financial statements. Page | S
THE KILDARE TRUST BALANCE SHEIT AS AT 5 APRIL 2025 ?.025 2024 Note rixED ASSETS Investments 2,591,964 2,591,964 CURRENT ASSETS Assets held for sale Cash at bank and in hand Debtors 12 754,644 722,771 44,322 1,521,737 64,031 300,000 364,031 Creditor5'. amounts falling due within one year 13 {1119,7731 14,0651 NET CURRENT ASSETS 1,331,964 359,966 TOTAL ASSETS LESS CURRENT LIABIL5TIIS 1,331,964 2,951,930 Creditors.. amounts falling due after more than l year TOTAL NET ASSETS 1,331.964 2,951,930 CHARITY FUNDS Restricted funds Uni"estricted funds TOTAL FUNDS 15 1,331,964 1,331,964 2,951,930 2,951,930 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr lan Smith Trustee Date.. 0410912025 The notes on page5 11 to 16 form part of these financial statements. Paee | 6
Tr-HE KILDARE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2.02.5 Notes 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net cash lused inllprovided by operating activities CASH FLOWS FROM INVESTIN(i ACTIVITIES Dividends and interest from investment5 Proceeds from 5Bles of investments Purchase of investment5 17 11,276,904) 14,400,017) 48,917 2,185,594 1298,8671 115,001 2,446,027 11,001,4541 12 NET CASH PROVIDED (USED INI/BY INVESTING ACTIVITIES 1,935,644 1,559,574 CASH FLOWS FROM FINANCING ArfiviTIES NET CASH PROVIDED BY FINANCING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Cash and cash equivalents at the beginning of the year 658,740 12,840,443) 64,031 2.904,474 CASH AND CASH EQUIVALENTS ATTHE END OF THE YEAR 722,771 64,031 The notes on pages 11 to 16 form part of these financial statement5. Page | 7
TklE KILDARE TRUST NOTES TO THE FINANCIAL STATFMENTS FOR T14E YEAR INDED S APRIL 2025 I. GENERAL INFORMAI-ION The Kildare Trust is an uniiicorporated charity, the principal off ice is Peèr Ti'ee Cottage, Yarrington Road, Alfrick, Worcestershire, WR6 SEX. The charity's presentational currency is GBP. The financial statements are rounded to the nearest GBP. 2. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial stdtements have been prepared ill accordance with the Charitles SORP IFRS 1021- Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Report Standard applicable in the UK and Re.public of Ireland IFRS 1021 (effective I january 20191, the Financial Reporting Standard applicak)le in the UK and Republlc of Ireland IFRS 1021 and the Charities Act 2011. The Kildare Trust meets the definition of a public benefit entity under FRS 102. A55ets and Itahilities are iiiitially recoBnised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 GOING CONCERN The Trustees expect to allocate the trust's assets within the next 12 months and therefore the trust is no longer considered a going concern. 2.3 INCOME All income is recognised once the Charity hag entiilement to the income, it is probable that ihe income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on e5tablisliing entitlement, the probability of receipt and the abillty to estimate with suff Icient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has suff icienl evidence that a gift has been left to them Ithrough kiiowled8e of the existence of a valid will and the death of the benefactoi'l and the executor is satisfied that the propeily in question will not be required to satisfy claims in the estate. Receipt of a legacy Nust be recogiiised when it 15 probable tliat it will be received aiid tlie falr value of the amount reteivable, which will generally be the expecled cash amount to be distributed to the Cliarity, can be reliably measured. Income tax recoverable in relation to investment income Is recognised at tl)e time the investment incoine 15 receivable. 2.4 EXPENDITURE Ixpenditui"e is recogiiised once tliere 15 a leg31 or con5trLlrtfve obligation to transfer econoinic benel'il to a third party, it is probable thic t a transfer of ecoiiomic benefits will be I'equired in settlemenl aiid the amount of the obligation can be measured reliably. Expenditure 15 classified Pa8e | 8
TFIE I<ILDARE TRUST NOTES TO THE FINANCIAL STATFMENTS FOR THF. YEAR ENDED 5 APRIL 2025 by activity. The costs Df each activity are Inadc up of the total of direct f.05tS and shared costs, including Support Costs Involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that artivity. Sliared costs which contribute to more than one activity and support costs which al'e not attributable to a single activity are apportlDned between tliose activities on a basis r.onsistent with the use of resources. Cenlral staff costs are allocated on the basic of time spent, and depi'eciation charges allocated on the portion of the as5el'5 use. Support costs are those costs incurred directly in support of expendrture on the objects of the charity. Goveynance costs are those iiicuyred in connection with administration of the charity and compliance with constitutional and statutory requirement5. Expenditure on charitable activities is incurrèd on directly undertaking the artivitie5 whlch ftjrther the Charity's objectives, as well as any associated supptsrt costs. Grants payable are charged in the year wheii the offer is made except in those cases where the offer is conditional, such grants being recognised a5 expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which l)ave not been met at the year-end are noted as a commltment, but not accrued as expendlture. All expenditure is inclusive of irrecoverable VAT 2.5 INTEREST RECEIVABLE Interest on funds held on deposit Is included when receivable and the amount can be measured reliably by the Cl)arity,' this is normally upon notification of the interest paid or payable by the institution with whoin the funds are deposited. 2.6 INVESTMENTS Fixed asset investments are a form of financial iNstrL*ment and are initially recoEnised at their transaction c05t ar)d subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it 15 measured at cost less impairment. Due to the trustee expectation of allocating all assets within the next 12 Tnonths the investment is now considered a current a55et and are reflected in as5et5 held for sale. Investment gains and losses, whether reali5ed or unreallsed, are combilled and presei)ted as 'GalnsllLossesl on inve5tnients' in the Statemeiit of financial activities. 2.7 DEBTORS Trade and other debtors are I"ecoEllised al the settleiment amounl after any I'rade discount is offered. Prepayments are valued at ilie Bmount prepaid net of any trade discounts due. 2.8 CASH AT BANKAND IN IIAND Casli at bank aiid ii) haiid includes cash and short-term l)ighly liquid investments with a short maturity of three months or less froin the date of acqui51tion or opening of the deposit or similar account. Page 19
THE I(ILDARE TRUST NOTE5 TO THI FSNANCIAL STATEMENTS FOR THE YEAR ENDEF) 5 APRIL 2025 2.9 LIABILITIES AND PROVISIONS Liabilitie5 are I'ecognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be requlred in settlement, ai)d the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipated it will pay to Settle the debt or the amount it has received as advanced payments for the BODd5 or Services it must provide. Provision5 are measured at the best estimate of the amounts required to settle the obligatlon. Where the effe¢l of tlie time value of money is material, the provision is based 01) tl)e present value of tliose amounts, di5tounted at the pre-tax discount rate that reflect5 the risks specific to the liability. The unwinding of the discount is recognlsed in the Staternent of financial activities as a finance cost. 2.10 FINANCIAI. INSTRUMEiwrs The Charity only has financial asset5 and liabilities of a kind that qualify a5 baslc financial instrumen15. Basic financiBI instruments al'e initially recogni5ed at transaclion value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised Cost using the effective interest method. 2.11 FUND ACCOUNTING General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment Income, gains and Ios5e5 are allocated to the appropriate fund. 3. INCOME r.ROM DONATIONS AND LEGACIES Unrestricted funds 2025 Total funds 2025 Total funds 2024 Legacles 44,322 44,322 44,322 300,179 300,179 TOTAL 2024 3(K),179 300.179 Page | 10
THE KILDARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EWDED 5 APRIL 2025 4. INVESTMENT INCOME Unrestritted fuiids 2025 Total funds 2025 Total funds 2024 Income from listed investments Investment income- cash deposits 45,085 3.832 48,917 45,085 3,832 48,917 101,524 13,477 115,001 TOTAL 2024 iis,ooi 115,001 5. ANALYSIS OF GRANTS Grants to Total fuiids 2025 Total funds 2024 2025 Grants, supporting Herefordshile & Worcestershire chaiities 1,740,274 1,740,274 4,356,298 TOTAL 2024 4,356,298 4,356,298 6. GRANTS MADE TO CHARITABLE ORGANISATIONS 2025 2024 205,298 Acorns Cl)Ildren's Hospice ARCOS 8rom5grove International Muslc Competition Game and Wildlife Conservatlon Trust 14arper Adam5 University- bursarie5 Hartpvry College Herefordshire Riding foi. the Disabled Maggs Day Centre Megan Baker HoLJse Midlands Air Ambulance Charity New College Worcester NMITE Primrose Hu5pice Prostate Can¢er Ul( St Michael's Hospice St Paul's Hostel St Richard's H05pice Sue Ryder Lecl(hampton Courl 25,000 25,000 9,000 60,000 765,000 75,000 425,000 25,000 15,000 25,000 25,000 500,000 25,000 300,000 59,974 loo,000 150,000 35,000 50,000 55,125 Page | 11
THE I(ILDARE TRUST NOTES TO TblE FINANC.IAL STAI'EMEN'I'S FOR THE YEAR ENDED 5 APRIL 2025 Tenbury Agricultural Societv The Cart Shed The Myriad Centre Three Counties Agriciiltural Society University of Birmingham- Kidney Research We are Farming Miiids WMRSASC Worcester Cathedial Worcester Snoezelen 25,000 20,370 10,OOD 1,500,000 150,000 10,000 25,000 400,000 370,805 631.000 1,740,274 4,356,29 7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summaryoffund type Unrestricted funds 2025 Total funds 2025 Total funds 2024 Supporting14erefordshire & Worce5tershlre charities 1,762,612 1,762,612 4,392,561 TOTAL 2024 4,392,561 4,392.561 8. ANALYSIS OF EXPENDITURE BY ACTIVITIES Grant funding of activitle5 2025 Support and governance costs 2025 Total funds 2025 Total funds 2024 Supporting Herefordshire & Worcestershlre charities 1,740,?74 22,338 1,762.612 4,392,561 TOTAL 2024 4,356,298 36,263 4,392,561 Analysis of support Costs Page | 12
THE KILDARE TRUST NOI'ES TO THE FINANCIAL STATEMENTS FOR THEYIAR ENDED 5 APRIL 2025 SupportinB charities 2025 -l-otal funds 2025 Total fuE)ds 2024 Legal and professional Sundry Investment Management Charges Accountaiicy Governance costs 3,464 135 14,579 500 3,660 22,338 3,464 135 14.579 500 3.660 22,338 2,516 169 29,598 500 3,480 36,263 TOTAL 2024 36,263 26,263 9. INDEPENDENT EXAMINER'S AND AUDITORS. REMUNERATION 2025 2024 Independent examiners, remuneration 3,660 3.660 3,480 3.480 10. STAFF COSTS The avera8e number of persons employed by the Charity during the year was Nil12024'. Nil) No employee received remuneration amounting to more that £60,000 in eithet year. 11. TRUSTEES, REMUNERATION AND EXPENSES During tlie year, no Trustee received any remuneration or other bpiiefits12024: £Nill During the year ended 5 April 2025 there were no expenses paid or reimbursed to any Trustees 12024.. £Nill. 12. ASSETS HELD FOR SALE Listed Investments COST OR VALUATION At 6 April 2024 Additioiis Di5posa15 Revaluations AT 5 APRIL2025 2,591,964 298,867 12,04B,5711 187,6161 754.644 NET BOOKVALUI AT 5 AI)FIIL 2025 AT5APRIL2024 '748,Jfofi 2,320,9Jl Page | 13
THE IIILDARE TRusr NOTES TO THE FINANCIAL STATFMENTS FOR THE YEAR INDED 5 APRIL 2025 13. CREDSTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Accruals and deferred income Grant5 payable 5,273 184.500 189.773 4,065 4,065 14. FINANCIAL INSTRUMENTS 20Z5 2024 FINANCIAL ASSETS Flnancial assets measured at fair value through income and expenditure 754,644 64,031 15. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENTYEAR Balance at6April 2024 Balance at 5 April 2025 Gains/ ILosses} Income Expenditure UNRESTRlCtED FUNDS General funds 2,951.930 93,239 11.762,6121 49,407 1,331,964 STATEMENTOF FUNDS- PRIOR YEAR Balance at 6 April 2023 Balance at 5 April 2024 Gain51 (Losses) Income Expenditure UNRESTRICTED FUNDS General funds 6,903,233 415,180 14,392,561) 26,078 2,951,930 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYS15 OF NET ASSETS BETWEEN FUNDS- CURRINT YEAR Total funds 2025 Unrestricted funds 2025 Fixed asset investments Curreiit assets Credilor5 due within one year Creditors due after one year TOTAL 1,521,737 1189,7721 1,521,737 1189,7731 ,331.9G4 1,331,964 P¢ige | 14
THE KILDARE TRUST NOTES TO THI FINANCIAL STATEMENI'S FOR THE YEAR I.'NDED Jf APRII. 2025 ANALYSIS OF NASsrTs BETWEIN FUNDS- PRIOR YEAR Unrestricted funds 2024 Total funds ?.024 Fixed asset investments Current assets Creditors due within one year Creditors due aftei. one year TOTAL 2,591,964 364,031 14,0651 2,591,964 364,031 14,0651 2,951,930 2.951,930 17. RECONCILIATION OF NET MOVEMENT IN FUNDS FROM OPERATING ACTIVITIES 2025 2024 Net Ideficitllsurplus las per Statement of Financial Activities) 11.619,9661 13,951,303) ADJUSTMENTS FOR.. IGainslJlosses on inveslments Legacies and donations Dividends and interest from investment5 Decrease in debtors Increase in creditors 149,4071 126,0781 148,9171 25S,678 185,708 1115,0011 1300,0001 17,6351 NET CASH (USED INIIPROVIDED BY OPERATING ACTIVITIES 11,276,904) 14,400,017) 18. ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash at bai)k and 5horl-term dep051ts TOTAL CASH AND CASH EQUIVAI.ENTS 722.771 722.771 64,031 64,031 19. ANALYSIS OF CHANGE IN NET DEBT At 6 April 2024 AC 5 April 2025 Cash flows Cash at bank and in liand 64,031 658,740 722,771 Page | 15
-rHE I<ILDARE TRUST NOTE5 TO THI FINANCIAL STATEMENTS FOR THE VEAR ENDED 5 APRIL 2025 20. GRANT COMMITMENTS The Trustees made pledEes to the following charities and at the year-end those balances remained unpaSd.. Charitv Holt Village Hall The Myriad Centre Three Countie5 Agricultural Society Total 250,000 530,850 iIK),000 880.850 No specific timeframes for payment of these grants have been set but it is expected to be within I yeai's. These commitments are to be funded from Unrestricted Funds. 21. RELATED PARTY TRANSACTIONS During the year the Trust made a charitable pledge to Three Counties Agricultural Society of £IOO,000 and in the previous year a grant of £1,500.000 of which Geoff Probert is a Councll Member. At the year end the charity owed £IOO,00012024.' £Nill to these or8anisations. 22. CONTROLLING PARTY The charity is controlSed by the Trustees. 23. POST BALANCE SHEET EVENTS A lurthei amount of £44,321 was received after the year end in respect ol the legacy frorn the estate ol Mrs Phyllis Ethel Richards, this amount has been accrued in the financial statements as at 5 April 2025 in accordance with the Charities SORP IFRS 1021, as entitlement had been established and receipt was considered probable. The postyear-end receipt represents an adjusting event. 24. ANALYSIS OF NET GAINSIILOSSESI ON INVESTMINTS Uiirestricted funds 2025 Total funds 2025 Total funds 2024 Revaluation gains/llossesl on investments Profit/l105$101) disposal of investments 187.6161 137.023 187,6161 140,526 137,023 1114,4481 Page | 16