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2021-01-31-accounts

Charity Registration No. 1151128

THE BRENLEY TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

THE BRENLEY TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Patrick Riley Marie-Louise Brenninkmeyer Robbert Zoet Charity number 1151128 Principal address 17 Princes Drive Oxshott Leatherhead Surrey KT22 0UL Auditor HW Fisher LLP Acre House 11-15 William Road London NW1 3ER United Kingdom Bankers Coutts & Co 440 Strand London WC2R 0QS United Kingdom

THE BRENLEY TRUST

CONTENTS

Page
Trustees' report 1 - 2
Statement of Trustees' responsibilities 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 16

THE BRENLEY TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JANUARY 2021

The Trustees present their report and financial statements for the year ended 31 January 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Deed of Settlement , the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The trust's objectives are to support independent charities and individuals in relation to the reduction of poverty and hardship, and the improvement of education. Grants will mainly be administered in the United Kingdom and Southern Africa.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

The trust does not adopt a rigid approach in terms of the criteria for its grant making. Grants are awarded as the trustees see fit, to enable the furtherance of the trust's objectives .

Achievements and performance

The trust has succeeded in accumulating funds and during the year grants of £ 581,398 were granted of which 33 % were for the reduction of poverty and hardship and 67 % were for the improvement of education .

Substantially all the assets of the foundation are managed professionally by Canaccord Genuity Wealth Management. The Board of Trustees have agreed an investment policy with Canaccord, the essence of which is to adopt a medium to high risk strategy which seeks as a minimum to preserve, in real terms, the value of the portfolio and to generate an income consistent with our grant making aims. The Trustees regularly review their investment strategy and policy. At 31 January 20 2 1 £11,680,702 (2020: £1 2 ,169,578) was held as part of the investment portfolio.

Financial review

The total incoming resources for the year amounted to £92,915 (20 20 : £ 192,570 ) of which £24,607 (20 20 : £ 96,803 ) were donations made to the trust. Grants of £581,398 (20 20 : £ 852,233 ) were awarded in line with the trust's charitable objectives. Loss of £56,804 ( 2020 : Gain of £ 934,642 ) were made on the disposal and revaluation of investments. The other costs included governance costs of £10,503 (20 20 : £ 7,350 ) and costs of raising funds of £ 4,417 (2020: £6,245) , resulting in free reserves of £11,794,268 (20 20 : £ 1 2 ,350,438 ).

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level to ensure the trust meets all its support costs and future grant payments from reserves. The invested assets of £12 million are in effect, a financial reserve. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The potential volatility of the stock market is the trust's most significant risk.

The T rustees have considered the effect of the Covid-19 outbreak that has been spreading throughout the world since 2020 and the effect it may have on the charity's activities. The T rustees have planned to take reasonable steps to mitigate against this situation and consider that this outbreak is unlikely to cause a significant disruption to the charity's business and that the charity can continue in operation for the foreseeable future.

The trust will continue to identify organisations and individuals, and administer grants regularly. Whilst there is an emphasis on assisting those organisations working to reduce poverty and improve education the trustees will award grants to any org a nisation or individual they deem appropriate.

THE BRENLEY TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2021

Structure, governance and management

The charity was established by a charitable trust deed on 23 February 2013.

The Trustees who served during the year and up to the date of signature of the financial statements were: Patrick Riley Marie-Louise Brenninkmeyer Robbert Zoet

Trustees are recruited via invitation from existing Trustees. New Trustees are appointed by majority vote of the board of trustees. The trust does not have employees and is managed by the Trustees.

The Trustees' Report was approved by the Board of Trustees.

Patrick Riley

Trustee Dated: 7 September 2021

THE BRENLEY TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JANUARY 2021

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 trust and of the incoming resources and application of resources of the trust for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust 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 also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE BRENLEY TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE BRENLEY TRUST

Opinion

We have audited the financial statements of The Brenley Trust (the ‘trust’) for the year ended 31 January 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. 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).

In our opinion, the financial statements:

Basis for 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 trust 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 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' 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 Trustees 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 annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information 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:

THE BRENLEY TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE BRENLEY TRUST

Responsibilities of Trustees

As explained more fully in the s tatement of Trustees' r esponsibilities, 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 trust’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 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.

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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s ://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.

THE BRENLEY TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE BRENLEY TRUST

Other matter s

Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our 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) Regulations 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 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.

HW Fisher LLP

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom

7 September 2021

HW Fisher LLP is eligible for appointment as auditor of the trust by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

THE BRENLEY TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JANUARY 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes £ £
Income from:
Donations and legacies 3 24,607 96,803
Investments 4 68,308 95,767
Total income 92,915 192,570
Expenditure on:
Raising funds 5 4,417 6,245
Charitable activities 6 591,901 859,583
Total resources expended 596,318 865,828
Net gains/(losses) on investments 11 (56,804) 934,642
Net (outgoing)/incoming resources (560,207) 261,384
Other recognised gains and losses
Other gains or losses 12 4,037 -
Net movement in funds (556,170) 261,384
Fund balances at 1 February 2020 12,350,438 12,089,054
Fund balances at 31 January 2021 11,794,268 12,350,438

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE BRENLEY TRUST

BALANCE SHEET

AS AT 31 JANUARY 2021

Notes
Fixed assets
Investments
13
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
15
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2021
£
123,880
(10,314)		 £
11,680,702
113,566
11,794,268
11,794,268
11,794,268		 2020
£
188,060
(7,200)		 £
12,169,578
180,860
12,350,438
12,350,438
12,350,438

The financial statements were approved by the Trustees on 7 September 2021

Patrick Riley Trustee

THE BRENLEY TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JANUARY 2021

Notes
Cash flows from operating activities
Cash absorbed by operations
18
Investing activities
Cash withdrawn from investment portfolio
Net cash generated from investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
£
(564,180)
500,000
500,000
-
(64,180)
188,060
123,880		 2020
£
£
(771,190)
950,074
950,074
-
178,884
9,176
188,060

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

1 Accounting policies

Company information

The Brenley Trust is a Public Benefit Entity whose main activity is that of making grants to charitable causes aimed at relieving child poverty in the UK and South Africa.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Deed of Settlement, 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 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The trust is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the trust. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment s at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

The trustees have considered the effect of the Covid-19 outbreak that has been spreading throughout the world since 2020 . The trustees consider that the outbreak is unlikely to cause a significant disruption to the charity’s activities and are confident that the charity can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4 Incoming resources

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Gifts of shares are recognised at the market value of the shares at the date gifted.

Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received by the investment manager of the investment portfolio.

1.5 Resources expended

Expenditure is recognised on an accruals basis, inclusive of value added tax.

Expenditure relating to charitable activities are those elements of expenditure directly incurred in performing these activities.

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021

1 Accounting policies

(Continued)

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the charity.

Provisions for grants are made when the intention to make the grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

A provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payments, settlement is probable, and the effect of discounting is material. The discount rate used is the rate offered on government bonds (Gilts) for a commensurate or similar time period offered in the year in which the grant award is made.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Costs of raising funds are those costs incurred in managing the Trust's investment portfolio.

1.6 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective 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 interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised .

1.7 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2021

2 Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The Trustees do not believe there to be any judgements or estimates that would be considered critical to the financial statements .

3 Donations and legacies

Donations and gifts
4
Investments
Income from listed investments
5
Raising funds
Investment manager fees
6
Charitable activities
Grant funding of activities (see note 7)
Share of governance costs (see note 8)		 2021
£
24,607
2021
£
68,308
2021
£
4,417
4,417
2021
£
581,398
10,503
591,901		 2020
£
96,803
2020
£
95,767
2020
£
6,245
6,245
2020
£
852,233
7,350
859,583

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2021

7 Grants payable

Grants to institutions:
Abtei Mariienstatte
Afrikids
Bridge House School
Celtic Foundation
Chance for childhood charity
Second chance childern charity
Beyond Autism
Explore
Flame introductions
IE Reinventing high education
Imbali
MNDA
Mandel Gwebu
Rainbow Trust
Stellenbosch University
Westfield school
Sacred Heart
SIA
Tayntons
Wemmershoek School
Worth School
Help2Read
Wolfson College - Werth
UWE Bristol
Oliver Nkonyane Drakensberg Boys choir
Grants to individuals		 2021
£
-
-
139,316
10,000
-
-
-
-
7,000
-
-
-
19,750
10,000
53,099
3,824
5,000
-
80,107
32,398
-
3,000
5,750
-
-
369,244
212,154
581,398		 2020
£
8,923
50,000
134,946
-
5,000
3,500
63,127
5,000
-
12,221
21,726
10,000
-
-
57,444
3,768
5,000
60,000
70,035
40,683
50,000
60,000
-
4,200
6,459
672,032
180,201
852,233

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2021

8
Support costs
Support costs
Governance
costs
£
£
Audit fees
-
7,314
Legal and professional
-
3,114
Other costs
-
75
-
10,503
Analysed between
Charitable activities
-
10,503		 2021
Support costs
Governance
costs
£
£
£
7,314
-
7,200
3,114
-
-
75
-
150
10,503
-
7,350
10,503
-
7,350		 2020
£
7,200
-
150
7,350
7,350

Governance costs includes payments to the auditors of £7 , 314 (2019: £7,200) for audit fees and £3,114 (2019: nil) for other services.

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year, nor were any of them reimbursed expenses.

10 Employees

There were no employees during the year.

11 Net gains on investments

2021
£
Revaluation of investments
(185,338)
Gain/(loss) on sale of investments
128,534
(56,804)		 2020
£
916,733
17,909
934,642

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2021

12
Other gains or losses
Unrestricted
funds
2021
£
Foreign exchange gains
(4,037)
13
Fixed asset investments		 Total
2020
£
-
Listed
investments
Cash
£
Cost or valuation
At 1 February 2020
12,059,864
Additions
8,398,846
Valuation changes
(185,338)
Cash transferred to current bank account
-
Investment management fees
-
Dividends and interest received
-
Disposals
(13,007,731)
At 31 January 2021
7,265,641
Carrying amount
At 31 January 2021
7,265,641
At 31 January 2020
12,059,864
14
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
15
Creditors: amounts falling due within one year
Accruals and deferred income
16
Related party transactions		 in portfolio
109,714
(8,398,846)
4,036
(500,000)
(4,417)
68,308
13,136,264
4,415,059
4,415,059
109,714
2021
£
7,265,641
2021
£
10,314		 Total
£
12,169,578
-
(181,302)
(500,000)
(4,417)
68,308
128,533
11,680,700
11,680,700
12,169,578
2020
£
12,059,864
2020
£
7,200

Remuneration of key management personnel

The key management personnel comprise the T rustees who are not remunerated.

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2021

16 Related party transactions

(Continued)

Transactions with related parties

There were no disclosable related party transactions during the year.

17 Donation commitments

The Charity has committed to provide grants over the next three financial years amounting in total to £391,699 as long as the beneficiaries continue with their education during the period and these grants will be funded from the income from investments and sale of investments if required.

18 Cash generated from operations 2021 2020
£ £
(Deficit)/surpus for the year (560,207) 261,384
Adjustments for:
Investment income recognised in statement of financial activities (68,308) (95,767)
Investment management fees paid from portfolio 4,417 6,245
Gain on disposal of investments (128,534) (17,909)
Fair value gains and losses on investments 185,338 (916,733)
Movements in working capital:
Increase/(decrease) in creditors 3,114 (8,410)
Cash absorbed by operations (564,180) (771,190)

19 Analysis of changes in net funds

The trust had no debt during the year.