Company registration number: 08129874 Charity registration number: 1148474
CFL Trust Limited
known as
Curriculum for Life
(A company limited by guarantee) Annual Report and Financial Statements
for the Year Ended 31 July 2023
Young & Co Chartered Accountants St Ethelbert House Ryelands Street Hereford Herefordshire HR4 0LA
CFL Trust Limited
known as Curriculum for Life
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 to 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 to 19 |
CFL Trust Limited
known as Curriculum for Life
Reference and Administrative Details
Trustees Dr M M Peters Mrs C Williams Mrs A J Carey Miss R B Frias Charity Registration Number 1148474 Company Registration Number 08129874 The charity is incorporated in England and Wales. Registered Office The Cleeves, The Fooks Horsley Stroud Gloucestershire GL6 0PA Accountants Young & Co Chartered Accountants St Ethelbert House Ryelands Street Hereford Herefordshire HR4 0LA
Page 1
CFL Trust Limited
known as Curriculum for Life
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 July 2023.
Objectives and activities
Objects and aims
For the benefit of the public, to advance the acquisition and development of young people’s (under the age of 25 years) awareness, behaviours, skills and attitudes to develop positive relationships with themselves, each other, the places they live in, and our planet, in such ways as the charity trustees see fit including by:
• building a community of learners, educators, parents and thought leaders
• co-creating an open access curriculum of Life Skills Learning to develop personal, social and planetary wellbeing
• supporting educational institutions and other organisations to deliver Life Skills Learning for the young people they work with.
We will bring together experts from business, education, learning & development and psychology to create and deliver new approaches to the co-creation and delivery of our curriculum model for youth development in schools, colleges and universities, inspiring young people with the awareness, skills, attitudes and behaviours to lead themselves and others.
We will continue to develop and refine a process of co-creation that places young people at the heart of developing the curriculum resources that reflect their needs and aspirations.
Objectives, strategies and activities
During 2022 / 2023 the core team and initiated and implemented our strategy; forming collaborations in line with our objectives and carrying out a series of work streams. A co-created framework for curriculum design determined our approach:
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CFL Trust Limited
known as Curriculum for Life
Trustees' Report
During the year the Charity continued to research and develop pedagogy and curriculum design processes internationally via learning groups, interactive forums and test and learn sequences.
Continuing our convene, curate, create process with a growing number of intergenerational working groups, we continue to develop pedagogically appropriate delivery methods and resources. These are prototyped and piloted in school settings to establish a first iteration of our resources.
We completed and launched our platform to offer open access resources generated in the creative commons and this continues to be developed.
Initial success led us to extend further collaborations to generate refined processes and resources. Our proof of concept is based on working with collaborative partners, institutions and thought leaders to provide sustainability to the process and the resultant curricula.
Having made a significant investment in our Proof of Concept, 2023 & 2024 will see a smaller core team working with collaborative partners in a lean, cost-efficient collaborative model.
We seek to replicate and scale the process and curriculum by extending into further topic areas and age ranges. The Charity aims to achieve its objects by developing and providing a Life Skills Curriculum to be made available to education providers around the world.
Public benefit
The charity's activities are for the educational benefit of young people under the age of 25 in the UK and overseas.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Going concern
The Trustees have assessed the Charities financial position and likely income at the date of approving these financial statements. The Trustees expect the Charity to be in a position to continue operating and meeting its financial obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. On this basis, the Trustees consider it appropriate to prepare the financial statements on the going concern basis.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees:
Dr M M Peters Mrs C Williams Mrs A J Carey (appointed 13 February 2023) Miss R B Frias (appointed 9 August 2023)
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CFL Trust Limited
known as Curriculum for Life
Trustees' Report
Structure, governance and management
Nature of governing document
The charity is governed by the Memorandum and Articles of Association dated 4 July 2012. The charity changed its name on 8 July 2020 from The Youth Leadership Trust to CFL Trust Ltd.
Recruitment and appointment of trustees
The Charity appoints new Trustees through a formal selection process selecting individuals with experience in its area of operation. The charity recruited two new trustees in 2022 – 2023 and intends to retain four to five trustees during 2023 - 2024. We reflect the guiding principles of the organisation and dedication to youth voice by retaining at minimum one youth trustee (under the age of 25 years old).
Despite both Mrs C Williams and Dr M M Peters being appointed as Trustees on 8 August 2012 the organisation (previously known as The Youth Leadership Trust) and the operation of the Board of Trustees was dormant until the official name change of the organisation to CFL Trust on 08 Jul 2020. The board of trustees have only been operational since 08 July 2020, so the existing two Trustees (Mrs C Williams and Dr M M Peters) will have the opportunity to be re-elected every 3 years from this date. They were re-appointed on 08 July 2023.
Induction and training of trustees
The Charity has developed an induction and training process for new Trustees, based on its existing induction process for new team members. New Trustees will be briefed on their legal obligations under charity and company law as well as being provided with a broad picture of the activities of the charity and its policies and procedures. Trustees are provided with a handbook including the organisation’s policies and strategy, guidance on the essential duties of trustees, and key requirements including Safeguarding Training. This is a working document which is updated regularly.
Arrangements for setting key management personnel remuneration
Remuneration for key management personnel is set by the Chief Executive Officer with advice from the Chair of Trustees and Management Team. Remuneration for the Chief Executive Officer is set by the Board of Trustees.
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CFL Trust Limited
known as Curriculum for Life
Trustees' Report
Organisational structure
The board meets on a quarterly basis or additionally on an ad hoc basis if required. Sub groups focusing on specific areas are convened as and when required and report to all Trustees at full board meetings.
The Trustees have overall responsibility for ensuring that the charity has systems of internal controls in place across the organisation. These are designed to provide reasonable but not absolute assurance against material misstatement or loss. Internal control processes include policies and procedures for managing finances, risk, and employment. The Trustees produce the strategic objectives with their short term and long term goals. The Trustees approve the budgets annually and they receive regular financial reports.
The Chief Executive Officer has delegated responsibility for day to day management and decision-making as appropriate. He retains responsibility for ensuring that the charity delivers the services specified, for staff supervision and appraisals, and for ensuring that the staff team continue to develop their skills and working practices in line with good practice.
Relationships with related parties
Mercury Edu Limited
Mercury Edu Limited is a company limited by guarantee that is controlled by Dr M Peters and his family, who is also a Trustee of the Charity. Mercury Edu Limited has provided significant donations towards the Charity's operating costs.
Declaration of director's interests
Peter Williams (CEO) and Claudia Williams (trustee), are both officers of CFL Trust Ltd and are married.
Major risks and management of those risks
Market changes
The Charity faces a crowded and rapidly changing educational 'market' where our core proposition is being tested during 2023 - 2024.
The Charity is constantly developing is services to adapt to the needs of the 'market'.
Post- pandemic funding challenges
Securing funding from trusts and foundations in the post-pandemic climate is increasingly challenging.
The charity is seeking to forge strategic partnerships with a number of collaborators which intend to strengthen the organisation and open up opportunities for co-funding bids.
Employment of disabled persons
The charity is an equal opportunities employer.
Research and development
The Charity is actively involved in the research and development of pedagogy and curriculum design
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CFL Trust Limited
known as Curriculum for Life
Trustees' Report
Report from the Chief Executive Officer for Year to 31 July 2023
We continue to develop the unique core offer of generating curriculum resources innovatively, intergenerationally and collaboratively. We are initiating larger scale collaborations that can attract funding to achieve high quality resources in topic areas that align with our objective to expand our process and create expanding life skills provision by working mutually with partners.
In pursuance of phase 3 of our strategy we will be seeking to initiate revenue streams with educational provision partners from our network who can part fund our ongoing costs and reduce the reliance of the charity on funding from foundations. One such opportunity is the launch of a Children’s Art Day project in collaboration with the innovative art space provider 4th Dimension. We will keep a small core team and work with collaborative partners in order to scale our work.
Statement of trustees' responsibilities
The trustees (who are also the directors of CFL Trust Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can 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 charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Page 6
CFL Trust Limited
known as Curriculum for Life
Trustees' Report
The annual report was approved by the trustees of the charity on 16 April 2024 and signed on its behalf by:
......................................... Mrs C Williams Trustee
Page 7
CFL Trust Limited
known as Curriculum for Life
Independent Examiner's Report to the trustees of CFL Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2023.
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:
-
accounting records were not kept in respect of CFL Trust Limited as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; 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 in order to enable a proper understanding of the accounts to be reached.
...................................... Graham John FCA Chartered Accountant Young & Co
St Ethelbert House Ryelands Street Hereford Herefordshire HR4 0LA
16 April 2024
Page 8
CFL Trust Limited
known as Curriculum for Life
Statement of Financial Activities for the Year Ended 31 July 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Total income Expenditure on: Charitable activities 4 Other expenditure Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 Note Income and Endowments from: Donations and legacies 3 Total income Expenditure on: Charitable activities 4 Other expenditure Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 |
Unrestricted funds £ 166,000 166,000 (151,614) (99) (151,713) 14,287 14,287 29,727 44,014 Unrestricted funds £ 116,477 116,477 (122,600) (92) (122,692) (6,215) (6,215) 35,942 29,727 |
Total 2023 £ 166,000 |
|---|---|---|
| 166,000 | ||
| (151,614) (99) |
||
| (151,713) | ||
| 14,287 | ||
| 14,287 29,727 |
||
| 44,014 | ||
| Total 2022 £ 116,477 |
||
| 116,477 | ||
| (122,600) (92) |
||
| (122,692) | ||
| (6,215) | ||
| (6,215) 35,942 |
||
| 29,727 |
The notes on pages 12 to 19 form an integral part of these financial statements.
Page 9
CFL Trust Limited
known as Curriculum for Life
Statement of Financial Activities for the Year Ended 31 July 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 12.
The notes on pages 12 to 19 form an integral part of these financial statements. Page 10
CFL Trust Limited
known as Curriculum for Life
(Registration number: 08129874) Balance Sheet as at 31 July 2023
| Note Current assets Debtors 9 Cash at bank and in hand 10 Creditors: Amounts falling due within one year 11 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 12 |
2023 £ 16,151 30,853 47,004 (2,990) 44,014 44,014 44,014 |
2022 £ 340 33,976 |
|---|---|---|
| 34,316 (4,589) |
||
| 29,727 | ||
| 29,727 | ||
| 29,727 |
For the financial year ending 31 July 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 9 to 19 were approved by the trustees, and authorised for issue on 16 April 2024 and signed on their behalf by:
......................................... Dr M M Peters Trustee
The notes on pages 12 to 19 form an integral part of these financial statements.
Page 11
CFL Trust Limited
known as Curriculum for Life
Notes to the Financial Statements for the Year Ended 31 July 2023
1 Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: The Cleeves, The Fooks Horsley Stroud Gloucestershire GL6 0PA
These financial statements were authorised for issue by the trustees on 16 April 2024.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
CFL Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Page 12
CFL Trust Limited
known as Curriculum for Life
Notes to the Financial Statements for the Year Ended 31 July 2023
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
All resources expended are inclusive of irrecoverable VAT.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
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CFL Trust Limited
known as Curriculum for Life
Notes to the Financial Statements for the Year Ended 31 July 2023
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Page 14
CFL Trust Limited
known as Curriculum for Life
Notes to the Financial Statements for the Year Ended 31 July 2023
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
3 Income from donations and legacies
| Donations and legacies; Donations from individuals Total for 2023 Total for 2022 |
Unrestricted funds General £ 166,000 166,000 116,477 |
Total funds £ 166,000 |
|---|---|---|
| 166,000 | ||
| 116,477 |
Page 15
CFL Trust Limited
known as Curriculum for Life
Notes to the Financial Statements for the Year Ended 31 July 2023
4 Expenditure on charitable activities
| Curriculum for Life Staff costs Allocated support costs Governance costs Total for 2023 Total for 2022 Curriculum for Life Total for 2022 |
Activity undertaken directly £ 81,019 73,992 |
Note 5 5 Grant funding of activity £ - 10,000 |
Unrestricted funds General £ 14,782 66,237 68,873 1,722 151,614 122,600 Activity support costs £ 68,873 37,258 |
Total funds £ 14,782 66,237 68,873 1,722 |
|---|---|---|---|---|
| 151,614 | ||||
| 122,600 | ||||
| Total expenditure £ 149,892 |
||||
| 121,250 |
In addition to the expenditure analysed above, there are also governance costs of £1,722 (2022 - £1,350) which relate directly to charitable activities. See note 5 for further details.
5 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements Total for 2023 Total for 2022 |
Unrestricted funds General £ 1,722 1,722 1,350 |
Total funds £ 1,722 |
|---|---|---|
| 1,722 | ||
| 1,350 |
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CFL Trust Limited
known as Curriculum for Life
Notes to the Financial Statements for the Year Ended 31 July 2023
6 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
7 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Pension costs Other staff costs |
2023 £ 61,643 2,761 1,833 - 66,237 |
2022 £ 54,222 2,790 1,190 2,631 |
|---|---|---|
| 60,833 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| Administration Curriculum development |
2023 No 2 3 5 |
2022 No 2 - |
|---|---|---|
| 2 |
4 (2022 - 1) of the above employees participated in the Defined Contribution Pension Schemes.
No employee received emoluments of more than £60,000 during the year.
Page 17
CFL Trust Limited
known as Curriculum for Life
Notes to the Financial Statements for the Year Ended 31 July 2023
8 Taxation
The charity is a registered charity and is therefore exempt from taxation.
9 Debtors
| Prepayments Other debtors 10 Cash and cash equivalents Cash at bank 11 Creditors: amounts falling due within one year Trade creditors Trustees current accounts Pension scheme creditor Accruals |
2023 £ 16,151 - 16,151 2023 £ 30,853 2023 £ 1,244 2 492 1,252 2,990 |
2022 £ 151 189 |
|---|---|---|
| 340 | ||
| 2022 £ 33,976 |
||
| 2022 £ 3,200 2 245 1,142 |
||
| 4,589 |
11 Creditors: amounts falling due within one year
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CFL Trust Limited
known as Curriculum for Life
Notes to the Financial Statements for the Year Ended 31 July 2023
| 12 Funds Unrestricted funds General Unrestricted funds General |
Balance at 1 August 2022 £ 29,727 Balance at 1 August 2021 £ 35,942 |
Incoming resources £ 166,000 Incoming resources £ 116,477 |
Resources expended £ (151,713) Resources expended £ (122,692) |
Balance at 31 July 2023 £ 44,014 |
|---|---|---|---|---|
| Balance at 31 July 2022 £ 29,727 |
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