Charity registration number: 1149358
The Hunting Horn General Charitable Trust Annual Report and Financial Statements for the Year Ended 31 May 2022
The Hunting Horn General Charitable Trust
Contents
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Reference and Administrative Details 1
Trustees' Report 2
Trustees' responsibilities 3
Independent auditors' report 4 to 7
Statement of financial activities 8
Balance Sheet 9
Notes to the financial statements 10 to 17
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The Hunting Horn General Charitable Trust Reference and Administrative Details
| Charity name | The Hunting Horn General Charitable Trust |
|---|---|
| Charity registration number | 1149358 |
| Registered office | 3 Adams Road, Cambridge. |
| CB3 9AD | |
| Trustees | Mr S D Jackson |
| Mr M J Oldfield | |
| Bankers | Weatherbys Private Bank |
| Sanders Road | |
| Wellingborough | |
| NN8 4BX | |
| Cazenove Capital | |
| 1 London Wall Place | |
| London | |
| EC2Y 5AU | |
| Auditor | Prentis & Co LLP |
| Chartered Accountants & Statutory Auditors | |
| 115c Milton Road | |
| Cambridge | |
| CB4 1XE |
Page 1
The Hunting Horn General Charitable Trust
Trustees' Report
The Trustees present their report together with the financial statements of the Trust for the year ended 31 May 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with 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 Standards applicable in the UK and Republic of Ireland published on 1 January 2019.
Structure, governance and management
The Trust was established by a Deed of Declaration made 17 May 2012 and registered with the Charity Commission under reference 1149358 on 17 October 2012.
Objectives and activities
The Trust's objectives are to apply income and capital of the Trust Fund, at the discretion of the Trustees, to benefit and support general charitable purposes.
Achievements and performance
The assets of the Trust are invested in short term deposits and fixed asset investments.
At the balance sheet date the Trust's accumulated funds amounted to £8,709,467 (2020 - £5,550,494).
Trustees
The Trustees in office during the period are listed on page 1 of this report.
The power to appoint new Trustees rests with the current Trustees. As new Trustees are appointed, they receive appropriate briefing on the objectives of the Trust, and the duties and powers of the Trustees. The Trustees have unrestricted power of investment.
Public benefit statement
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
Financial review and reserves policy
The Trustees are satisfied with the position regarding reserves, and that there are sufficient funds available to carry out the Trustees' aims.
Investment Policy
The Charity’s investments are actively managed by Cazenove Capital Management, for capital growth. The Trustees appreciate this can only normally be with higher risk investments.
Page 2
The Hunting Horn General Charitable Trust
Trustees' Responsibilities in relation to the Financial Statements
The trustees 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).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection fraud and other irregularities.
This annual report was approved by the Trustees on ............................2023 and signed on their behalf by
For and on behalf of the Trustees
................................................... Mr S D Jackson Trustee
Page 3
Independent Auditors' Report to the Trustees of
The Hunting Horn General Charitable Trust
OPINION
We have audited the financial statements of The Hunting Horn General Charitable Trust for the year ended 31 May 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 May 2022, and of its incoming resources and application of resources, for the year ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
BASIS OF OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 6 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
GOING CONCERN
In auditing the financial statements, we have concluded that the Trust’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trust with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the Trustees’ Report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Page 4
Independent Auditors' Report to the Trustees of
The Hunting Horn General Charitable Trust
......... continued
In connection with our audit of the financial statements, our responsibility is to read the Trustees’ Report and, in doing so, consider whether the Trustees’ Report is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Trustees'
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Report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustees’ responsibilities statement set out on page 3, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
IDENTIFYING AND ASSESSING POTENTIAL RISKS RELATED TO IRREGULARITIES
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Independent Auditors' Report to the Trustees of
The Hunting Horn General Charitable Trust
......... continued
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The risk of not detecting a material misstatement due to fraud is also higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, collusion, omission or intentional misrepresentation.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We have considered the nature of the industry and sector, control environment and business performance.
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We have enquired with management in regards to their own assessment of the risks of irregularities, including fraud.
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We have obtained relevant documentation and representations in order to form an opinion on potential irregularities, including fraud.
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Our audit work is limited to samples inherently used under International Auditing Standards, therefore not all transactions are reviewed so the detection of irregularities, including fraud is limited to this.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud is in relation to the overstatement of revenue. In common with all audits under ISAs (UK). We are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory environment and frameworks in which the charity operates, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Statement of Recommended Practice for Charities and The Trust Deed.
In addition, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements, but compliance which may be fundamental for the charity to operate or to avoid a material penalty. These included compliance with discrimination in the workplace, health and safety and in relation to the current pandemic, compliance with Covid-19 Government regulations.
Relevant identified laws and regulations were communicated within the engagement team so they remained alert throughout the audit for indications of fraud or non-compliance.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
USE OF AUDIT REPORT
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulation 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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Independent Auditors' Report to the Trustees of The Hunting Horn General Charitable Trust
......... continued ......................................... Chartered Accountants & Statutory Auditors Prentis & Co LLP 115c Milton Road Cambridge CB4 1XE Date: 31 March 2023 Prentis & Co LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 7
The Hunting Horn General Charitable Trust Statement of Financial Activities for the Year Ended 31 May 2022
| Note Incoming resources Incoming resources from generated funds Voluntary income 2 Investment income 3 Total incoming resources Resources expended Costs of generating funds Investment management costs 4 Charitable activities Governance costs 7 Total resources expended Net (outgoing)/incoming resources before other recognised gains and losses Other recognised gains/losses (Losses)/gains on investment assets Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 486,283 29,939 516,222 23,161 577,395 2,704 603,260 (87,038) (2,096,940) (2,183,978) 8,709,466 6,525,488 |
Total Funds 2022 £ 486,283 29,939 516,222 23,161 577,395 2,704 603,260 (87,038) (2,096,940) (2,183,978) 8,709,466 6,525,488 |
Total Funds 2021 £ 347,956 35,477 |
|---|---|---|---|
| 383,433 | |||
| 14,328 280,926 2,941 |
|||
| 298,195 | |||
| 85,238 3,073,733 |
|||
| 3,158,971 5,550,495 |
|||
| 8,709,466 |
All incoming resources and resources expended derive from continuing activities.
The notes on pages 10 to 17 form an integral part of these financial statements.
Page 8
The Hunting Horn General Charitable Trust
Balance Sheet as at 31 May 2022
| Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: Amounts falling due within one year 12 Net current assets Net assets The funds of the charity: Unrestricted funds Revaluation reserve Unrestricted income funds Total unrestricted funds Total charity funds |
2022 £ £ 6,054,594 58,963 417,031 475,994 (5,100) 470,894 6,525,488 3,731,644 2,793,844 6,525,488 6,525,488 |
2021 £ £ 8,460,503 - 251,513 251,513 (2,550) 248,963 8,709,466 5,828,584 2,880,882 8,709,466 8,709,466 |
2021 £ £ 8,460,503 - 251,513 251,513 (2,550) 248,963 8,709,466 5,828,584 2,880,882 8,709,466 8,709,466 |
|---|---|---|---|
| 8,709,466 | |||
| 5,828,584 2,880,882 |
|||
| 8,709,466 | |||
| 8,709,466 |
Approved by the Board on 31 March 2023 and signed on its behalf by:
.........................................
Mr S D Jackson Trustee
The notes on pages 10 to 17 form an integral part of these financial statements.
Page 9
The Hunting Horn General Charitable Trust Notes to the Financial Statements for the Year Ended 31 May 2022
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019 and the Charities Act 2011.
The charity has taken advantage of certain exemptions, related to small entities, under section 1A of the SORP.
The charity constitutes a public benefit entity as defined by FRS102.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Further details of each fund are disclosed in note 14.
Incoming resources
Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.
Investment income is recognised on a receivable basis.
Page 10
The Hunting Horn General Charitable Trust
Notes to the Financial Statements for the Year Ended 31 May 2022
......... continued
Resources expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Costs of generating funds comprise the costs associated with attracting voluntary income and investment management fees.
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.
Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.
Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
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The Hunting Horn General Charitable Trust
Notes to the Financial Statements for the Year Ended 31 May 2022
......... continued
Governance costs
Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
Investments
Fixed asset investments are included at market value at the balance sheet date.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.
2 Voluntary income
| Donations and legacies Appeals and donations Gift Aid tax reclaimed |
Unrestricted Funds £ 389,027 97,256 486,283 |
Total Funds 2022 £ 389,027 97,256 486,283 |
Total Funds 2021 £ 278,365 69,591 |
|---|---|---|---|
| 347,956 |
3 Investment income
| Income from listed investments nvestment management costs Administration of investments |
Unrestricted Funds £ 29,939 Unrestricted Funds £ 23,161 |
Total Funds 2022 £ 29,939 Total Funds 2022 £ 23,161 |
Total Funds 2021 £ 35,477 |
|---|---|---|---|
| Total Funds 2021 £ 14,328 |
- 4 Investment management costs
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The Hunting Horn General Charitable Trust Notes to the Financial Statements for the Year Ended 31 May 2022
......... continued
5 Details of charitable activities
| Grants paid Goods donated Grantmaking Activity Grants paid Goods donated |
Grant funding of activities 2022 £ £ 570,176 570,176 7,219 7,219 577,395 577,395 Name of Institution Trinity Church Eden Baptist Church Sight Savers CAMFED Jesus Lane Trust Hebron Evangelical Church British Red Cross City Church, Birmingham Mandritsara Trust St Mary's Church, Cambridge Winter Comfort Ukraine International Rescue South Sinai Computer equipment - various |
2021 £ 274,500 6,426 |
|
|---|---|---|---|
| 298,195 | |||
| Grants to institutions £ 125,000 222,076 10,000 50,000 28,000 - 3,000 900 38,000 80,200 5,000 5,000 2,000 1,000 7,219 |
|||
| 577,395 |
6 Grantmaking
The support costs associated with grant making are £0.
7 Governance costs
| Accountancy fees Auditors' remuneration Bank charges |
Unrestricted Funds £ 750 1,800 154 2,704 |
Total Funds 2022 £ 750 1,800 154 2,704 |
Total Funds 2021 £ 750 1,800 391 |
|---|---|---|---|
| 2,941 |
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The Hunting Horn General Charitable Trust Notes to the Financial Statements for the Year Ended 31 May 2022
......... continued
8 Trustees' remuneration and expenses
None of the trustees were paid any remuneration or expenses by the charity during the year or during 2021.
9 Net (outgoing)/incoming resources
Net (outgoing)/incoming resources is stated after charging:
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2022 2021
£ £ £ £
The audit of the charity's annual
accounts 1,800 1,800
1,800 1,800
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Page 14
The Hunting Horn General Charitable Trust
Notes to the Financial Statements for the Year Ended 31 May 2022
......... continued
10 Investments held as fixed assets
| Market value As at 1 June 2021 Unrealised and realised gains Additions Disposals As at 31 May 2022 Net book value As at 31 May 2022 As at 31 May 2021 Gains (losses) on revaluations and disposal of investment assets 2022 £ Unrealised (2,191,167) Realised 94,226 (2,096,941) Analysis of investments Investments are revalued at values determined by the charity's fund managers, Cazenove Capital. Investments held within the portfolio that exceed 5% of the total valuation are; Henderson Smaller Companies 10% Scottish Mortgage Investment Trust 25% Smithson Investment Trust PLC 20% RBC 5y AMZN Call Warrant 7% Citi GBP Call FundSmith 28% JPM Eur 70 11% |
Listed investments £ 8,460,503 (2,096,940) 996,128 (1,305,097) 6,054,594 6,054,594 8,460,503 2021 £ 657,508 2,416,226 |
|---|---|
| 1,209,132 | |
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The Hunting Horn General Charitable Trust Notes to the Financial Statements for the Year Ended 31 May 2022
......... continued
Investment assets can be further analysed as follows:
| Listed investments 11 Debtors Prepayments and accrued income 12 Creditors: Amounts falling due within one year Accruals and deferred income |
UK £ 590,244 590,244 2022 £ 58,963 2022 £ 5,100 |
Overseas £ 5,464,350 |
|---|---|---|
| 5,464,350 | ||
| 2021 £ - |
||
| 2021 £ 2,550 |
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The Hunting Horn General Charitable Trust Notes to the Financial Statements for the Year Ended 31 May 2022
......... continued
13 Related parties
Controlling entity
The charity is controlled by the trustees.
Related party transactions
There are no related party transactions that require disclosure.
14 Analysis of funds
| General Funds Unrestricted income fund General funds Unrestricred income fund |
At 1 June 2021 £ 8,709,466 At 1 June 2020 £ 5,550,495 |
Incoming resources £ 516,222 Incoming resources £ 383,433 |
Resources expended £ (603,260) Resources expended £ (298,195) |
Other recognised gains/losses £ (2,096,940) Other recognised gains/losses £ 3,073,733 |
At 31 May 2022 £ 6,525,488 At 31 May 2021 £ 8,709,466 |
|---|---|---|---|---|---|
15 Net assets by fund
| Investments Current assets Creditors: Amounts falling due within one year Net assets |
Unrestricted Funds £ 6,054,594 475,994 (5,100) 6,525,488 |
Total Funds 2022 £ 6,054,594 475,994 (5,100) 6,525,488 |
Total Funds 2021 £ 8,460,503 251,513 (2,550) |
|---|---|---|---|
| 8,709,466 |
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