Charity Roglstration No. 1151M93 Company Regibtratlon No. 08066776 (England and Wales) NML FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 March 2024
NML FOUNDATION CONTENTS Page statement of trustees, responsibilities Trustees, report Independent auditorfs report Statement of financial activities Balance sheet Statement of cash flows 10 Notes to the financial statements
NML FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Anthony Bayliss Sr Phil Redmond Mark Feeny s David Henshaw Sarah Dean Roger Phillips Dr. Nicola Tho Charity number 1150493 Con4)any number 08066776 Auditor DSG Audil 43 Castle Street Castle Chambers Liverpool L2 9TL Bankers Natwest Bank- St Helens 5 Onnskifk Street St Helens WA19 1DR Soll¢itors Brabners LLP Horton House Exchange Flags Llverpool L2 3YL
NML FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees. who are also the directors of NML Foundation for the purpose of company law. are responsible for preparing the TTUStees' Report and the financial statements in accordance with applicable law and United Kingdom A¢untIng Standards (Unlted Kingdom Generally Accepted Accounting Practice). Cornpany Law 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 r880ur¢es. induding the Income and expenditure, of the ¢haritsble company for that year. In preparing these financial statements, the trustees are required to: S8lect suitab18 accounting policies and Ihen appty them consistently: - obseNe the methods and principles in the Charities SORP. - make judgements and estimates that are reasonable and prudent., state whether appllcable UK Ac¢ountlng Standards have been followed, subject to any material departu$ disclosed and explained in the financial ststements., and - prepare the finandal statements on the going concem basis unless li is inapproprÉate to presume that the charlty will Continue in operation. The trustees are responsible for keeping adequate accounting records that disdose with r8asonable a¢¢uracy at any time th8 financial position of the charity and enable them to ensure that the financial statements compty with the Companies Act 2006. They are also responsible for safeguardlng the assets of the ¢harity and heno for taking reasonable steps for the prevention and detection of fraud and other irr8gularilies.
NML FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trnstees present their annual report and finanaal statements for the year ended 31 March 2024. The financial slatements have been prepared in accordance viith the accounting poli¢ies set out in note 1 to the financial statements and comply with the chariws governing document, the companies Art 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing their accounls in accordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (as amended for accounting periods commencing from 1 January 2016}. Objectives and activilles The objects are to advance in any manner in whith the trustees of the charity see fit, the charitable objects of The National Museums and Galleries on Merseyside (as may be amended from time to time) and to advance the education of the public throughout the wodd in any manner conducive to and compatible with the charitable obiects of The National Museums and Galleries on Merseyside. without prejudice to the generality of the forgoing in particular by widening participation in charilable education. The trustee5 have paid due regard to guldance on public benefit 15sued by the Charity Commission in de¢iding what adivities the Gharity should undertake. The Charity furthers Its charilable purposes through its grant making policy. The main focus is to award grants to fund projects which advance the education of the public throughout the wodd in any mann8r conducive and compatible wilh the charitable objects of The National Mus8ums and Galleries on Merseyside. Achievements and porfomiance During the financial period a grant of £1,055,000 was made to National Museums Liverpool (2023:1.465.OCK)) whith is the operating name ot The National Museums and Galleries on Merseyside. Flnan¢lal revlew The charity had total incoming resources in th8 sum of £3.093.570 {2023'. £1,030,798) and has expended £1,(2,235 (2023.. £1.471,678) resulting in a sum for the period of £2,031,335 (2023.. A deficit of £440,882). Reseryes polky The charity currently has only minimal financial obligations and the trustees are of the opinion that the level of reserves held is sufficient to enable the charity to continue its Gurrent activities in the event of a reduction in funding. The trustees will continue to review the reserves held to ensure the charity is able to meet its financial obligations in the event of any change in its operation. Princlpalsources of income The prin(ipal source of funding has been received from National Museums & Galleries, on Merseyside operating as National Museums Liverpool and incg) generated from the bank deposits held. Inves¢mentpolicy The trustees have taken the decision to retain the majority of their income on bank deposit interest bearing accounts. as it is anticipated funds will be drawn down in the shl4erM to meet grant payments. For this reason the Irustees do not consider other investment types to be suitable. The trustees will continue to keep the position under review. Key rlsks and uncertainties Key risks id8ntffied by the Foundation focus primarily on rnonitoring the perforniance of Indlvidual proiects. Regular dialogue has been established bebN8en the Foundatlon Trustees and The National Museums and Galleries on Merseyslde to Check progress and results.
NML FOUNDATION TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future peHods The Foundation holds a signifi(%nt level of cash in the bank accounts. Discussions are ongoing between the trustees to consider suitable tem deposits to increase the current retum on the funds held. It is recognised though that the fvnds are to be kept accessible in OTder to meet grant requests which the trustees expect to approve in the short term which are compatible with their charitable objectives. Structure. governance and management Nature of governing document The charity is a company limited by guarantee and a registered charity. Its governing document is its Memorandum and Arts'cles of Association dated 11th May 2012. The trustees, who are also the directors for the purFrf)se of company law. and who seNed during the year and up io the date of signature of the financial Statements were: Anthony Bayliss Sir Phil Redmond Mary Feeny Sir Davld Henshaw Sarah Dean Roger Phillips Di. Nwla Thorp R•crnllment and appointment of trustees The management of the charity is the responsibilty of the trustees who are elected under the terms of the Articles of Association. The number of trustees shall not be less than thr88 and ther8 is no upper limit. Under the requirements of the Artides of Association, Irustees a elected to serve for a period of three years. Retlrtng trustees are eligible for re- election. One such trustee shall be nominated by the Board of The National Museums and Galleries on Merseyside, otherwise known as National Museums Liverpool, one such trustee shall be nominated by an appropriate professional fimi conducting business in the North West to be selected by the trustees from time to time and one trustee shall be appointed by the two nominated trustees, who shall be independent of The National Museums and Galleries on Merseyside. Any other Trustees may be appoinled by the Members at an AGM. None of the trustees has any beneficial interest in the cornpany. AJI of the trustees are members of thè company and guarantee to contribute £10 in the event of a winding up. Oryanisational structure The charity is prinrypally a grant making organisation. The trustees will liaise collectively in deciding on the investment stralegy for the funds on deposit and also make a collective decision on charitable grant requests vthith are received. Day to day control is maintained by the truslees. How decisions are made The charity is run by a body of trustees who liaise regularly and meet fomally at least on an annual basis to review the policies and objectives of the trust. The trustees act in accordance with the decisions made at their meetings. Inductlon and trainlng of trustees The trustees are satisfied that they hav8 put in place satisfactory procedures rnnceming the proper govemance and management and decision making of the charity, In¢dIng the Inductlon and training of trustees.
NML FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Auditor DSG resigned as auditor on 11 September 2024. DSG Audii were appointed on 11 September 2024 to the company and in accordan with section 485 of the Companies Act 2006. a resolution proposing that they be re-appointed will be put at a General Meeting. Dlsclosure of Infomlatlon to audFtor Each of the trustees has confirmed that th8r8 is no infonnati¢)n of which they are aware whith Is relevant to the audit bLrt of which th8 altOr is unaware. They have further confimied that they have tsken appropriate steps to identfy such relevanl irrformation and to establlsh that the auditor is aware of such Infonnation. The t tees, report was approved by the Board of Trustees. Ant Trustee Bayli 4 October 2024
NML FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NML FOUNDATION Oplnlon We have audlted the financial statements of NML Foundatlon {the 'charfty') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and noles to the financial statements. including significant accounting policies. The financial r8POrting framework that has been applied in their prèparation is applicabl8 law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Repothng Standard appIable in the UK and Republlc ol Ireland (Unlted Klngdom Generally Accepted Accounting Praclick). In our opinion, the financial statem8nts: glve a true and fair view of the state of the charltable companys affalrs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then have been propedy pr8pared in a¢¢ordan¢e with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006. Basis ft>r opinion We ¢onducted our audm In accordance w5th Intematlonal Standards on Auditing (UK) (ISAS (UK)) and appffcable law. Our responsibilities under those standards are further described in the AuditoFs responsibilities for the audit of the financial st8tements section of our report. We are ind8pendent of the charity in accordance With the 8thical requirements that are relevant to OLsr audit of the fjnancial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other 8thi¢al responsibllltles In accordance wlth these requlrements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concèrn In auditing the financial statements, we have conduded that Ihe twstees. use of the golng concem basls of accounting in the preparatlon of the financial statements is appropriate. Based on Ihe work w8 hav8 p8rformed, w8 have not identified any material uncertainties relating to events or conditions that, individualty or collectively, may cast significant doubt on the Charity's ability to continue as a going ¢on¢em for a perlod of at leasl twelve months from when the flnanclal statements are authorised for issue. Our responsibilities and the responsibilities of the twste88 with respect to going concem are describ8d in the rel8vant sections of this report. Other Inforniation The other infomation comprises the information included in the annual report other than th8 financial statements and our auditorfs report thereon. The trustees a responsible for the other InfOatIOn contained within the annual reporL Our opinion on the financial statements does not cover the other Informatlon and. except to the exient otheise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibilty is to read the other infomiation and, in doing so, ¢onslder whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the cours8 of the audit, or oth8Th¥ise appears to be materially misstated. If we Identify such material incon6iStencies or apparent material misstatements. we are required to detemiine whether this gives rise to a material mlsststemenl In Ihe flnanclal statements themselves. If, based on the work we have performed, we concbjde Ihat there is a material misstatement of this other infom)ation, we are requred to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companle$ Act 2006 In our opinion, based Dn th8 work undertaken in the course of our audit.. the information given in the trustees, report for the financial year ft>r which the financial statements are prepared, whlch Indudes the dlreclors, report prepared for the purposes of company law, is consistent with the financial sementS,. and the directors, report included within the trustees, report has been prepar8d in accordanc8 With appli¢abla legal requirements.
NML FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NML FOUNDATION Matters on which wo are requlred to report by excepoon In the Ilght of the knowledge and understanding of the charity and ts environment obtained in the course of the audit, we have not identified material misstatements in the directors, report Induded within the trustees, report. W8 have nothing to rèport in respect of the following matters in relation to which th8 Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept. or returns adequate for our audit have not b8en received from branches not Kfjslted by us: or the financial statements are not In agreement with the a¢UntIng records and returns; or certain disclosures of trustees, remuneration specified by law are not made. or we have not receiv8d all th8 infomiation and explanations we requlre for our audit., or the trustees were not entitled to prepare the financial statements in 8ccordance with the small compantes regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare 8 Strategic report. Rospon8lbllllie8 of tru•tses As explained more fully In the statement of trustees. responsibilities, the trustees. who are also the directors of the charfty for the purpos8 of company18w, are responsible for the preparation of the financial statements and for being satiSfd that they give a true and fair view. and for such int8mal control as the tTUStees determine is necessary to enable the preparation of financial statements that are free from material misst8tement, whether due to fraud or error. In preparing the financlal statements, the trustees are responsib18 for assessing the charity's ability to conllnue as a going concern, disdosing, as applicable, matters related to going concern and using the golng concern basis of accounting unless th8 trustees either intend to liquidate the charltable company or to cease operations, or hav8 no realistic altemative bui to do so. Audltofs responsibilities for tho audlt of the financial statements Our objedives are to obtain reasonable assurance about ether the finaneial statements as a whole are free from material misstatement, wheth8r due to fraud or error, and to Issue an auditorfs report thal inciudes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in a¢¢ordance with ISAS (UKI wlll 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 inlluence the economic decisions of users taken on the basis of these financ4al stalements. The extent to whlch our procedures are capable of detecting iegulalIes, including fraud, is detailed below.
NML FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NML FOUNDATION Capability of the audit in dotocting irrogularbtios, includlng fraud Based on our discussions with the charity's management and Ihe Trustees, we Identlfied that the followlng laws and regulallons are slgnlficant to the entty: Those laws and regulations cA)nsider8d to have a direct effect on the financial ststements include UK financial repo.n9 standards and Charity Law. Those laws and regulations for which non-cornplian may be fundamental to the operating aspects of the ¢haiity and therefore may have a material effect on the fjnancial statements includ8 compliance With th8 charitable objectives. public benefit, fundraising regulations. safeguardirvJ and health and Safety legislation. These matters were discussed amongst the engagement team at the planning Stage and the team remained alert to non-compliance throughout the audit. Audit procedures undertaken in response to the potential risks relatlng to Irregularltles (whlch Include fraud and non- compllance wRh laws and regulations) comprised of: inquiries of management and the Trustees as lo vA)ether the entty complies with such laws and regulations. enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal corr8spond8nc8; rèviéw of Twslee meeting mlnutes., testiig the appropriateness of loumal entries. and the performance of analytical review to identlfy unexpected movements In account balances which may be indlcatlve of fraud. No instances of material non-compliance were identified. How8V8r, the likelihood of det8ding irr8gularities, induding fraud, is limit8d by the inherent drffi¢ulty in detecting irregularities. the effectiveness of the entty's controls. and the nature, timing and extent of the audit pror2dures performed. Irregularftles that result from fraud might be inherently more dlfficult to detect than Irfegularities that result from error. As explained above, Ihere is an unavoidable risk that material misstatements may not be detected. even though the audit has been planned and performed in accordanc8 with ISAS (UK). A further descdptlon of our responsibiltties is available on the Financial Reporting Council's website at hllps-11 W•VW.frc.org.uklauditorsresponsibilities. This description forms part of our auditoVs report. Use of our report This report is made solely to the charitable company's members. as a body, in accordanc8 Wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been underlaken so that we might state to the charitable Company's members those matters we are required to State to them in an auditorfs report and for no olher purpose. To the fullest 8Xtent pemitied by law, we do not accept or assume responslbiliiy to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have fomied. Jean Ellis BA FCA CTA {Senior Ststutory Audltor) for and on bahalf of DSG Audit 4 Odober 2024 Chartored Accountants Statutory Auditor Castle Chambers 43 Castle Street Liverpool L2 9TL
NML FOUNDATION STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE AccouKr FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Income from: Donations and legacies Investments Nota$ 3.(h)0.000 1,000,000 93.570 Total Income 3,093.570 1.030.796 Ex ndlture on: Charltable activities 1,062.235 1,471.678 Net incom•l(expenditure) for the yoarl Net movement In funds 2,031,335 (440,882) Fund balances at 1 April 2023 6.876,398 7.317,280 Fund balances at 31 March 2024 8.907,733 6,876,398 The statement of financial activities also complies with the requirements for an income and expenditur8 account under the Companies Act 2006.
NML FOUNDATION BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notès Current assets Cash at bank and in hand 8,914.906 8.883,893 Credltor8: amounts falling due withln one yoar Other credltors (7.173) {7,495) Net current assets 8.907,733 6,876.398 Incon* funds Unrestricted funds 8.907,733 6,876.398 8,907,733 6,876,398 e financial stateme were approved by the Trustees on 4 October 2024 nthon Trustee Company Ragl8tration No. 08066776
NML FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flow8 from oporattng actlviti Cash generated froml{absorbed by) operations 1,937.443 (2,414.916) Investlng activilles Irrterest received 93,570 30.796 Net cash gonornted from investlng a¢tivhles 93.570 30.796 Net ¢a8h used in flnaneing activities Net increasol{decrease) in cash and cash equivalents 2.031.013 {2,384.120) Cash and cash equivalents at beginning of y8ar 6,883.893 9,268,013 Cash and cash equlvalents at end of year 8,914,906 6,883,893 10-
NML FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng pollcles Charlty infomiatlon The charity is a company limtted by guarantee and a gIStered charity. Its governing document is Its Memorandum and Articles ofAssoGiatlon dated 11th May 2012. 1.1 kcountlng conventlon The financial statements have been prepared in CordanCe wrth the Charity's Mernorandum and Artides of Associalion. Ihe Companies Act 20C6 and 'A¢countlng and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts In accordance With the Financial Reportlng Standard applicable in the UK and Republi¢ of Ireland (FRS 102). (as amended for accountlng periods commencing from 1 January 2016). The charity is a Public Benefft Entty as defined by FRS 102. The financlal statements are prepared in sterfing. whlch is the functional Currency of the charKy. Monetary amounts in the88 financial st8tements are rounded to the nearest £. The financial statemenls have been prepared under the hlstoiical cost convention. The principal accounting poJi(¥es adopted are 88t out below. 1.2 Golng concern At th8 time of approving the financial statements, the twstees have a r8asonable expectation that the charity has adequate resources to contlnue in operational exlstence ft)r the foreseeable futur8. Thus the trustees ¢ontinue to adopt the going concem basis of accounting in preparing the financial 8tat8ments. 1.3 Charltablo funds Unrestrfcted funds are avallable foi us8 at the dlscretion of the trustees in furtherance of their charitable objectives. 1.4 In¢omlng resourcos Income is recognised when the charity is legally entitled to tt after any perfomiance conditions have b88n met. the amounts can be measured reliably. and it is probabl8 thai income will be recelved. Cash donations ar8 recognlsed on receipL Other donations are recognlsed once the charity has been nOtIed of the donation. unless performance condltlons require deferral of the amount. Income tax recoverable in relalion to donations received under Gfft Aid or deeds of covenant is recognised at the lime of the donation. Legacies are recognis8d on reeipt or otheTh¥lse rf the chaiity has been notified of an impending distribution. the amount is known, and rec8lPt is expected. If th8 amount Is not known. the legacy is treated as a Contingent asset. 1.5 Resource8 expendod Expenditure is recognised onc8 there Is a legal or construlth obligatian to transfer economic benefft to third party, it Is probable that a transfer of economic benefits will be required in settlement, and amount of the obligation can be measured reliably. Exp8nditure is classlfied by actrvity. The costs of each a¢ti¥ity are made up of the total of direct costs and $har8d costs. including support cosls Involved in undertaking each activty. Direct costs attributable to a single activity are allocated dIrelY to that activity. Shared costs which contribute to more than on8 activity and support costs which are not attributable to a single activity are apportioned beeen those activtties on a basis Consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and deplation charges are allocated on the portion of th8 asset's use. 11
NML FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies (Contlnued) Expendlture is accounted for an an a¢cnJaJs basis. Grants payable are charged in the year when the offer ts made except in those cases where the offer is conditional. such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 1.6 Cash and cash èquivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short4erm liquid investments with original maturities of three months or less: and bank overdrafts. Bank overdrafts are shown within borrowings in Current liabilities. Bas1¢ financlal assets Basic financial assets, which include debtors and cash and bank balances. are initially meaSud at transaction price including transaction costs and are subsequenty carried at amorbsed Cost using the effeclive interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interesL Financial asset$ Classified as receivable wlthin one year are not amortised. Impaimient of finan¢ial assets Financial assets, other than those h81d at falr value through income and expendltur8, are assessed for indicators of impaiment at each reporting date. Financial assets are impaired where there is obiective evldence that, as a result of one or more events that occurred after th8 initial recognition of the financial asset. the estimated future cash flows have been aff8¢ted. If an asset is impaired, the impainnent loss Is the difference btheen the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impaimient loss is recognised in net Incomel(expenditure) for the year. If there is a decrease in the impa1ent loss arising from an event occurring after the impaimient was reo)gnised, the impairment is reversed. The reversal is such that the currenl carying amount doe5 not exed what the carying amount would have been. had the impaimient not previously been recognised. The Impainnent reversal is recognised in net incomel(expenditure) for the year. Basic financial liabllitles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments a subsequentty carried at amortised cost, using the effective interest rate method. Trade tteditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as rrent liabililies rf payment is due within one year or less. If not. they are presented as non-wrrent liabills. Trade creditors are recognised initialty at transaction price and subsequently measured at amoiffjsed cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are dere¢ognlsed when the charws contractual obllgations expire or are discharged or cancelled. 1.7 Irrecovernble VAT Irrecoverable VAT Is charged against the expenditure heading for which it was incUad. 12-
NML FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacies Unrn8trlcted Unrestricted lunds furKIs 2024 2023 Donations and gifts 3.CQO.O¢)J 1.000,000 Grants receivable for core activlties Investments 2024 2023 Interest re1vable 93,570 30,796 Support costs allocated to actlvities 2024 2023 Audit fees Accountancy 1,160 6.013 1.116 5,479 7,173 6,595 Analysed between Charitable activities 7,173 6.595 13-
NML FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable a¢tlvrt*s 2024 2023 Bank charges Grants payable 62 83 1.055,000 1,465,000 1,055.062 1,465,083 Share of govemance costs (see note 4) 7,173 6,595 1,062.235 1.471,678 Trustses None of the trustees (or any persons connected with them) reived any remuneration during the year or had any expenses reimbursed. Taxatlon The Gharity is exempt from taxation on its activities because al its income is applied for charitable purposes. Employees There were no employees during the year. Other Gredltors falling due withln one y•ar 2024 2023 Accruals and deferred income 7,173 7,495 10 Analysis of changes In net funds The charity had no material debt during the year. 14-