CIO registered number:1150706
THE RIDLEY FAMILY CHARITY
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
THE RIDLEY FAMILY CHARITY
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charitable incorporated organisation, its | 1 |
| Trustees and advisers | |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 17 |
THE RIDLEY FAMILY CHARITY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE INCORPORATED ORGANISATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023
| Trustees | The Viscount Ridley |
|---|---|
| The Viscountess Ridley | |
| WM Wood | |
| CIO registered number 1150706 Registered office Blagdon Estate Office Seaton Burn Newcastle upon Tyne NE13 6DE Accountants Ryecroft Glenton Chartered Accountants 32 Portland Terrace Newcastle upon Tyne NE2 1QP Solicitors Womble Bond Dickinson Helix The Spark Drayman's Way Newcastle upon Tyne NE4 5DE |
Page 1
THE RIDLEY FAMILY CHARITY
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023
The Trustees present their annual report together with the financial statements of the charitable incorporated organisation (CIO) for the year ended 5 April 2023. The Trustees confirm that the Annual Report and financial statements of the CIO comply with the current statutory requirements, the requirements of the CIO's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2019).
The CIO was established in 2013 on the endowment of property known as West Farm Court, Cramlington, Northumberland, from the Blagdon Estate.
The principal object of the CIO is to further such charitable purposes for the public benefit as the Trustees determine from time-to-time. These are likely to be in the form of grants to voluntary and community projects based and operating in South-East Northumberland.
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Grants will be awarded for a minimum of £500 and a maximum of £10,000. These will favour projects that assist: • Children and young people;
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Education;
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Health and wellbeing;
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Community activities;
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Education;
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Elderly and vulnerable people; and
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Wildlife conservation.
Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The Trustees are satisfied that all the activities of the CIO for which the grants have been provided to beneficiaries are for the public benefit.
Achievements and performance
Main achievements of the charitable incorporated organisation
Grants have been awarded to twenty two organisations during the year on the strength of the applications received. These are intended to make a difference to the beneficiaries of the successful applicants, the diversity of which can be demonstrated by reference to the range of entities listed in note seven of the attached financial statements.
Review of activities
The CIO has incoming resources in the period of £62,977 (2022: £100,339). After making 22 grants amounting to £82,336 to various organisations and paying management and governance costs, it has surplus distributable funds of £13,059, to carry forward for the benefit of grants to projects in future years.
Page 2
THE RIDLEY FAMILY CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable incorporated organisation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Reserves policy
The Trustees are committed to providing grants on worthwhile applications within the financial constraints of the CIO. As income arises from its endowed properties on a regular and continuing basis, the Trustees are not committed to a specific level of reserves. Conditional grants are not in general awarded.
Surplus funds of £13,059 have been accumulated to date, which is carried forward for consideration of grant awards in future years.
Principal risks and uncertainties
The Trustees continually monitor the risks associated with the operational activities of the CIO listed below and manage these to mitigate loss to the CIO where necessary.
Regulatory - the risk that the CIO and its trustees do not observe their regulatory requirements. This is mitigated by using professional firms to assist and advise as necessary.
Financial - the risk that there are insufficient funds generated from endowed properties to award grants in accordance with the CIO's charitable objectives. This is mitigated by monitoring the covenant of leaseholders occupying the endowed properties.
Operational - the risk that ineffective awards are made to organisations applying for grants. This is mitigated by employing the services of the Community Foundation of Tyne & Wear and Northumberland to manage and advise the Trustees on the merits of grant applications.
Principal funding
The principal funding of the CIO continues to be rents arising from their endowed property. This is augmented from time to time from donations from a trustee and others. Grants were made from incoming resources leaving a deficit in the year which has been set against surplus reserves brought forward.
Structure, governance and management
Constitution
The CIO is registered with the Charity Commission and was set up by a Trust deed on 24 January 2013. It commenced operating as a CIO on transfer of properties known as West Farm Court, Cramlington, Northumberland on 1 March 2013.
Methods of appointment or election of Trustees
The management of the CIO is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Page 3
THE RIDLEY FAMILY CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
Structure, governance and management (continued)
Organisational structure and decision-making policies
The Trustees have contracted the services of the Community Foundation of Tyne & Wear and Northumberland to manage and advise them on the merits of grant applications for the public benefit. The Trustees meet twice a year with a representative of the Community Foundation to consider applications in hand.
Plans for future periods
The Trustees propose to continue to assist charities and other not-for-profit organisations in the North East of England, and in particular in South-East Northumberland, that will assist the public benefit in general and the beneficiaries of the entities supported by the CIO in particular.
Statement of Trustees' responsibilities
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).
Charity law requires the Trustees to prepare financial statements for each financial . 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 incorporated organisation and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable incorporated organisation will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable incorporated organisation's transactions and disclose with reasonable accuracy at any time the financial position of the charitable incorporated organisation and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable incorporated organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 14 September 2023 and signed on their behalf by:
The Viscount Ridley Trustee
Page 4
THE RIDLEY FAMILY CHARITY
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2023
Independent Examiner's Report to the Trustees of The Ridley Family Charity ('the charitable incorporated organisation')
I report to the charity Trustees on my examination of the accounts of the charitable incorporated organisation for the year ended 5 April 2023.
Responsibilities and Basis of Report
As the Trustees of the charitable incorporated organisation (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the charitable incorporated organisation 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 the charitable incorporated organisation's accounts 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:
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accounting records were not kept in respect of the charitable incorporated organisation as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
This report is made solely to the charitable incorporated organisation's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charitable incorporated organisation's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable incorporated organisation and the charitable incorporated organisation's Trustees as a body, for my work or for this report.
Dated: 19 September 2023
D Graham FCA
Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne, NE2 1QP
Page 5
THE RIDLEY FAMILY CHARITY
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2023
| Note Income and endowments from: Donations and legacies 3 Investment property rents 4 Other income - returned grant Total income and endowments Expenditure on: Raising funds 5 Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2023 £ - - - - - - - - 600,000 - 600,000 |
Unrestricted funds 2023 £ 30 62,947 - 62,977 3,600 89,797 93,397 (30,420) 43,479 (30,420) 13,059 |
Total funds 2023 £ 30 62,947 - 62,977 3,600 89,797 93,397 (30,420) 643,479 (30,420) 613,059 |
Total funds 2022 £ 34,813 63,500 2,026 |
|---|---|---|---|---|
| 100,339 | ||||
| 3,600 83,890 |
||||
| 87,490 | ||||
| 12,849 | ||||
| 630,630 12,849 |
||||
| 643,479 |
Page 6
THE RIDLEY FAMILY CHARITY REGISTERED NUMBER: 1150706
BALANCE SHEET AS AT 5 APRIL 2023
| Note Fixed assets Investment property 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total net assets Charity funds Endowment funds 15 Unrestricted funds 15 Total funds |
8,506 50,590 59,096 (46,037) |
2023 £ 600,000 600,000 13,059 613,059 600,000 13,059 613,059 |
8,097 78,080 86,177 (42,698) |
2022 £ 600,000 |
|---|---|---|---|---|
| 600,000 43,479 |
||||
| 643,479 | ||||
| 600,000 43,479 |
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| 643,479 |
The financial statements were approved and authorised for issue by the Trustees on 14 September 2023 and signed on their behalf by:
The Viscount Ridley Trustee
Page 7
THE RIDLEY FAMILY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1. General information
The Ridley Family Charity is a grant making Charitable Incorporated Organisation (CIO). The principal office of the CIO is Blagdon Estate Office, Seaton Burn, Newcastle upon Tyne, NE13 6DE. The CIO registered number is 1150706.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Ridley Family Charity 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.
2.2 Going concern
The CIO has cash resources and no requirement for external funding. Almost all the CIO's expenditure is discretionary and will only be incurred if the CIO has sufficient resources to do so. Therefore the Trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. They believe that the going concern basis of accounting continues to be appropriate in the preparation of these financial statements.
2.3 Income
All income is recognised once the CIO has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds includes all expenditure incurred by the CIO to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the CIO's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is 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.
All expenditure is inclusive of irrecoverable VAT.
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THE RIDLEY FAMILY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
2. Accounting policies (continued)
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the CIO; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 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 charitable incorporated organisation and which have not been designated for other purposes.
3. Income from donations and legacies
| Unrestricted funds 2023 £ Donations 30 Unrestricted funds 2022 £ Donations 34,813 |
Total funds 2023 £ 30 |
|---|---|
| Total funds 2022 £ 34,813 |
4. Investment income
| Rental income arising on endowed freehold property Investment income Rental income arising on endowed freehold property |
Unrestricted funds 2023 £ 62,890 57 62,947 Unrestricted funds 2022 £ 63,500 |
Total funds 2023 £ 62,890 57 62,947 Total funds 2022 £ 63,500 |
|---|---|---|
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THE RIDLEY FAMILY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
5. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted funds 2023 £ Management fee for administration of the endowed investment property 3,600 Unrestricted funds 2022 £ Management fee for administration of the endowed investment property 3,600 |
Total funds 2023 £ 3,600 |
|---|---|
| Total funds 2022 £ 3,600 |
6. Analysis of grants
| Grants from unrestricted funds paid Grants from unrestricted funds paid |
Grants to Institutions 2023 £ 82,336 Grants to Institutions 2022 £ 77,265 |
Total funds 2023 £ 82,336 |
|---|---|---|
| Total funds 2022 £ 77,265 |
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THE RIDLEY FAMILY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
7. Grants paid:
| Blyth Resource and Initiative Centre Morpeth and District Red Squirrels Blyth Star Enterprise Limited Headway Arts Mind Active Newcastle Royal Grammar School Woodhorn Charitable Trust Emmaus North East Centre for Life Girlguiding Morpeth Division Full Circle Food Project Newbiggin Arts Centre Pegswood Welfare 2nd Cramlington Scout Group Isabella Community Association High Sheriff of Northumberland Stakeford Scout Group Chillingham Castle Disaster Emergency Committee - Ukraine appeal The Collingwood Foundation The Country Trust Northumberland County Blind Association Rockets Community Association Northumberland Community Enterprise Limited Northumbria Army Cadet Force Mortal Fools Bedlington & District Red Squrrel Group Boxwell Bringing Woods To Life Contact Morpeth Metal Health Cramlington Voluntary Youth Project Friends of Morpeth All Saints Mayfield Newcastle University Pelton Community Primary School Phoenix Theatre (Blyth) Seghill Gala |
2023 £ 5,000 3,000 - 2,000 5,000 10,000 3,000 5,000 - - 4,000 - - - 5,000 2,000 - - - - 5,000 - - - - - 1,000 3,000 4,000 3,000 5,000 4,836 1,000 2,500 3,000 5,000 1,000 82,336 |
2022 £ 5,000 3,000 5,000 - - - - - 5,000 2,000 5,000 3,840 1,000 1,000 2,200 2,000 4,000 1,000 5,000 5,000 5,000 4,825 5,000 4,400 5,000 3,000 - - - - - - - - - - - |
|---|---|---|
| 77,265 |
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THE RIDLEY FAMILY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
8. Analysis of expenditure by activities
| Grant funding of activities Grant funding of activities Analysis of support costs Community Foundation Governance costs Total 2023 Community Foundation Governance costs Total 2022 |
Grant funding of activities 2023 £ 82,336 Grant funding of activities 2022 £ 77,265 |
Support costs 2023 £ 7,461 Support costs 2022 £ 6,625 Activities 2023 £ 4,200 3,261 7,461 Activities 2022 £ 4,200 2,425 6,625 |
Total funds 2023 £ 89,797 |
|---|---|---|---|
| Total funds 2022 £ 83,890 |
|||
| Total funds 2023 £ 4,200 3,261 |
|||
| 7,461 | |||
| Total funds 2022 £ 4,200 2,425 |
|||
| 6,625 |
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THE RIDLEY FAMILY CHARITY
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 9. Governance costs comprise: 2023 £ Independent examination fees 1,782 Sundry management expenses 1,479 3,261 10. Independent examiner's remuneration 2023 £ Fees payable to the independent examiner for the preparation and examination of the annual accounts (excluding VAT) 1,485 11. Trustees' remuneration and expenses During the year, no Trustees received any remuneration or other benefits_(2022 - £NIL). During the year, no Trustee expenses have been incurred(2022 - £NIL)_. 12. Investment property Valuation At 6 April 2022 At 5 April 2023 |
2022 £ 1,476 949 |
|---|---|
| 2,425 | |
| 2022 £ 1,350 |
|
| Freehold investment property £ 600,000 |
|
| 600,000 |
The investment property was last valued by the Trustees on transfer of the property to the CIO in March 2013. The Trustees are satisfied that the value of the property concerned reflects its current fair value.
Page 13
THE RIDLEY FAMILY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
13. Debtors
| Due within one year Other debtors Creditors: Amounts falling due within one year Other creditors Accruals and deferred income |
2023 £ 8,506 8,506 2023 £ 35,000 11,037 46,037 |
2022 £ 8,097 |
|---|---|---|
| 8,097 | ||
| 2022 £ 32,225 10,473 |
||
| 42,698 |
14. Creditors: Amounts falling due within one year
Page 14
THE RIDLEY FAMILY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
15. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Endowment funds Endowment Fund Total of funds Statement of funds - prior year Unrestricted funds General Funds Endowment funds Endowment Fund Total of funds |
Balance at 6 April 2022 £ 43,479 600,000 643,479 Balance at 6 April 2021 £ 30,630 600,000 630,630 |
Income £ 62,977 - 62,977 Income £ 100,339 - 100,339 |
Expenditure £ (93,397) - (93,397) Expenditure £ (87,490) - (87,490) |
Balance at 5 April 2023 £ 13,059 |
|---|---|---|---|---|
| 600,000 | ||||
| 613,059 | ||||
| Balance at 5 April 2022 £ 43,479 |
||||
| 600,000 | ||||
| 643,479 |
Page 15
THE RIDLEY FAMILY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
16. Summary of funds
Summary of funds - current year
| General funds Endowment funds Summary of funds - prior year General funds Endowment funds |
Balance at 6 April 2022 £ 43,479 600,000 643,479 Balance at 6 April 2021 £ 30,630 600,000 630,630 |
Income £ 62,977 - 62,977 Income £ 100,339 - 100,339 |
Expenditure £ (93,397) - (93,397) Expenditure £ (87,490) - (87,490) |
Balance at 5 April 2023 £ 13,059 600,000 |
|---|---|---|---|---|
| 613,059 | ||||
| Balance at 5 April 2022 £ 43,479 600,000 |
||||
| 643,479 |
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Investment property Current assets Creditors due within one year Total |
Endowment funds 2023 Unrestricted funds 2023 £ £ 600,000 - - 59,096 - (46,037) 600,000 13,059 |
Total funds 2023 £ 600,000 59,096 (46,037) |
|---|---|---|
| 613,059 |
Page 16
THE RIDLEY FAMILY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
17. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Investment property Current assets Creditors due within one year Total |
Endowment funds 2022 £ 600,000 - - 600,000 |
Unrestricted funds 2022 £ - 86,177 (42,698) 43,479 |
Total funds 2022 £ 600,000 86,177 (42,698) 643,479 |
|---|---|---|---|
18. Related party transactions
The endowed freehold land known as West Farm Court, Cramlington, Northumberland, was donated by The Viscount Ridley, a Trustee. A management charge of £3,600 was paid to Blagdon Estate for the management of West Farm Court. Lord Ridley has an interest in Blagdon Estate. No element of the management charge remains unpaid at 5 April 2023.
Page 17