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← Bhubesi Pride Foundation

2024-09-30-accounts

Bhubesi Pride Foundation (A Charitable Company Limited by Guarantee)

Unaudited Annual Report and Financial Statements

For the Year Ended 30 September 2024

Company Number: 08361153 Charity Registered in England and Wales Number: 1153069

Bhubesi Pride Foundation Contents For the Year Ended 30 September 2024

Page
Contents 1
Reference and Administrative Details 2
Trustees’ Annual Report 3 - 11
Independent Examiner’s Report 12
Statement of Financial Activities 13
Balance Sheet 14
Notes to the Financial Statements 15 - 24

Prepared By Albert Goodman LLP

1

Bhubesi Pride Foundation Reference and Administrative Details For the Year Ended 30 September 2024

Trustees and Directors G Constable D Cottrell (Appointed 4 February 2025) C Gale (Appointed 2 April 2025) E Gibbs (Appointed 4 February 2025) T Haynes (Appointed 4 February 2025) W Herbig A Jackson (Appointed 4 February 2025) C Line (Appointed 4 February 2025) M Mama (Appointed 4 February 2025) H Mame (Appointed 4 February 2025) R McGee (Appointed 4 February 2025) M Moore (Appointed 4 February 2025) N Robson (Chair) Company Secretary Mander Duffill Ltd Chief Executive R Bennett Registered Office The Old Post Office 41-43 Market Place Chippenham Wiltshire SN15 3HR Independent Examiner Michelle Ferris BSc (Hons) FCA DChA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX Solicitors Norton Rose Fulbright LLP 3 More London Riverside London SE1 2AQ

Prepared By Albert Goodman LLP

2

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2024

The trustees, who are also directors for the purposes of the Companies Act, present their report and unaudited financial statements of the charity for the year ended 30 September 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and comply with the charity’s memorandum and articles of association, the Statement of Recommended Practice (SORP FRS 102- implemented 1 January 2019), and are in accordance with the special provision relating to small companies within Part 15 of the Companies Act 2006.

Public benefit

The trustees report that the charitable activities described in “Objectives and activities”, “Achievements and performance” and “Plans for the future” are for the public benefit. The trustees also confirm that they have complied with section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Structure, governance and management

Bhubesi Pride Foundation is an independent charity (registered number 1153069) and a company limited by guarantee (registered number 08361153).

The governing document is the memorandum and articles of association dated 15 January 2013, amended 16 July 2013 and charity objects amended 14 December 2022. All business of the charity is conducted in accordance with its memorandum and articles of association together with the rules incorporated within this document.

The following trustees, who are also directors for the purposes of company law, served during the period:

G Constable W Herbig N Robson (Chair) E Bryan (resigned 24 June 2024)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of liquidation of the company.

In line with a strategic objective to strengthen board capacity, Bhubesi Pride Foundation has since appointed the following trustees, all joining the charity’s board on 4 February 2025:

D Cottrell E Gibbs M Mama A Jackson M Moore T Haynes R McGee H Mame C Line

In addition, a further trustee was appointed on 2 April 2025:

C Gale

Prepared By Albert Goodman LLP

3

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2024

Objectives and activities

By harnessing the power of sport (notably non-contact rugby and netball) and supplementary education, we support African partner organisations and enable communities to drive sustainable and positive change through the local delivery of effective, measurable programs. In recent years, our strategic focus is in Malawi, where we registered a Malawian NGO (“BPF Malawi”) in 2017. BPF’s founding objectives – to unite, empower and inspire – underpin the charity’s operational and strategic intent and, alongside our activities to-date, these principles have helped define our impact goal: to equip young people with skills, knowledge and experience to rise above social, economic and health challenges, to fulfil their life potential and uplift themselves and their communities.

Bhubesi Pride Foundation’s charitable objectives are as follows:

Achievements and performance

Key events and strategic developments

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4

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2024

Through the course of the charity’s financial year, we undertook two important strategic exercises:

Program impact highlights – BPF Malawi

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5

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2024

Fundraising

BPF raised vital funds to support the charity’s work, including:

Partnership developments ~~a~~

Key partnerships helping to strengthen and drive activities in Malawi are as follows:

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6

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2024

Success stories

Over the course of the year, we’ve started to collect more impact stories from program participants, presented as written accounts or in video form. BPF Malawi is now regularly collating these stories. Here’s a few powerful examples:

Osman joined BPF’s Reconnect program in 2022, unsure of his coaching abilities. With mentorship and training, he gained leadership skills, started a stationery business and established a home garden. "BPF has helped me overcome my fears and discover my potential beyond traditional education."

Despite losing her leg as an infant, Esnart’s involvement with BPF since 2013 transformed her life. She pursued education, has became a safeguarding lead and is now building her own house. "Thanks to BPF, I’ve built a home and become a certified child protection practitioner."

Esther joined BPF’s Achinyamata Tikambilane initiative, where she learned to make reusable sanitary pads. She now sells them, improving menstrual hygiene in her community. "I hope my story inspires others to pursue positive change projects like mine."

Prepared By Albert Goodman LLP

7

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2024

Managing risk

Funds received

BPF completes ‘Know your client’ questionnaires for key donors to establish their identity and identify any risk factors for fraud or other financial crime. The charity also determines whether donated funds are restricted or unrestricted.

Funds paid to Malawi

BPF Malawi’s executive team put forward funding requests to their Malawi board of trustees, and these requests are then submitted to BPF UK for approval. All funding requests are reviewed to ensure they are in line with donors’ expectations. Spending of restricted funds is recorded diligently. BPF UK produces regular impact reports, success stories and videos to record the use of funds and provide feedback to donors to ensure all funds are used for their intended purpose. The CEO of BPF UK liaises regularly with BPF Malawi’s executive team and board of trustees.

Donated services and support from sponsors and partners

Throughout 2023/24, BPF has been able to continue building trusted partnerships with its supporters, helping the charity to develop its operations and goals (we have not included those who wish to remain anonymous):

Prepared By Albert Goodman LLP

8

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2024

Financial review

The total income of the charity for the year was £185,567 (2023: £214,354). The charity’s principle funding sources in the year were grants and fundraising campaigns, successfully utilising the charity’s online fundraising platform.

The charity’s total expenditure was £193,504 (2023: £202,238). A deficit of £7,937 was suffered for the year (2023: surplus £12,116), reducing the value of the reserves to £118,250 (2023: £126,187).

Reserves policy

BPF intends to hold reserves to cover 6 months’ worth of costs, covering UK overheads and African project funding. This is estimated to be around £118,000, based on projected costs for the coming financial years.

The trustees believe that this level of reserves would be sufficient to protect the wellbeing of our stakeholders whilst providing sufficient time in which to either, raise funds for future programming needs, or put in place contingency plans to secure future partnerships to enable sustainable and impactful programs to continue.

With free reserves of £84,870 (unrestricted funds less fixed assets), the charity is currently holding reserves less than the amount in line with the desired policy, but BPF is working to gain increased funding in the coming financial year. The free reserves at the end of the prior year were £106,389, and therefore free reserves have reduced by £21,519 from 2023 to 2024.

Prepared By Albert Goodman LLP

9

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2024

Plans for the future

Looking ahead, BPF’s strategic direction is guided by ‘PrideAlign29’, the charity’s latest five-year strategy. Key priorities are outlined as follows:

Prepared By Albert Goodman LLP

10

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2024

Statement of Trustees’ Responsibilities

The trustees (who are also directors of Bhubesi Pride Foundation for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the directors’ report) and the financial statements in accordance with 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).

Company 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 charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Signed by order of the trustees on 01 March 2025

N Robson Director

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11

Bhubesi Pride Foundation Independent Examiners’ Report to the Trustees For the Year Ended 30 September 2024

Independent examiners report to the Trustees of Bhubesi Pride Foundation

I report to the charity trustees on my examination of the accounts of Bhubesi Pride Foundation (“the Company”) for the year ended 30 September 2024.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not comply with these records; or

  3. 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

  4. 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.

……………………………………. Michelle Ferris BSc (Hons) FCA DChA

Date: 09/05/2025

Albert Goodman LLP Chartered Accountants Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Prepared By Albert Goodman LLP

12

Bhubesi Pride Foundation Statement of Financial Activities (including Income and Expenditure account) For the Year Ended 30 September 2024

Notes
Income from:
Grants and donations
4
Charitable activities
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net income / (expenditure)
for the year before transfers
Transfers
10
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
10		 Unres-
tricted
£
102,551
10,000
112,551
69,142
69,142
43,409
(65,846)
(22,437)
107,391
84,954		 Res-
tricted
£
58,016
15,000
73,016
124,362
124,362
(51,346)
65,846
14,500
18,796
33,296		 Total
Funds
2024
£
160,567
25,000
185,567
193,504
193,504
(7,937)
-
(7,937)
126,187
118,250		 Unres-
tricted
£
127,699
15,000
142,699
78,697
78,697
64,002
(30,152)
33,850
73,541
107,391		 Res-
tricted
Total
Funds
2023
£
£
64,155
191,854
7,500
22,500
71,655
214,354
123,541
202,238
123,541
202,238
(51,886)
12,116
30,152
-
(21,734)
12,116
40,530
114,071
18,796
126,187

The results for the year derive from continuing activities and there are no gains or losses other than those shown above.

The statement of financial activities incorporates the income and expenditure account.

Prepared By Albert Goodman LLP

13

Bhubesi Pride Foundation – Company Registration Number: 08361153 Balance Sheet As at 30 September 2024

Notes
Fixed assets
Tangible fixed assets
7		 2024
£
84		 2023
£
1,002
Current assets
Debtors
8
Cash at bank and in hand		 6,000
118,779		 84 1,500
127,234		 1,002
Creditors
Amounts falling due within one year
9		 124,779
(6,613)		 128,734
(3,549)
Net current assets 118,166 125,185
Net assets 118,250 126,187
Funds
Unrestricted fund
10
Restricted funds
10		 84,954
33,296		 107,391
18,796
118,250 126,187

These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

For the period in question, the charitable company was entitled to exemption from an audit under section 477 of the Companies Act 2006.

The members have not required the charitable company to obtain an audit of its accounts for the period in question in accordance with section 476 the Act.

The trustees/directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 08 May 2025 and signed on its behalf by:

----- Start of picture text -----
N Robson
Director
----- End of picture text -----

Prepared By Albert Goodman LLP

14

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2024

1 Accounting policies

1.1

General information and basis of accounting

Bhubesi Pride Foundation is a company limited by guarantee incorporated in the United Kingdom under the Companies Act. Each member of the charity undertakes to contribute a maximum of £10 to the charity’s assets if it should be wound up while they are a member or within one year after they cease to be a member. The address of the registered office is given on page 2. The nature of the charity’s operations and its principal activities are set out in the Trustees Report on pages 3- 10.

The financial statements have been prepared under the historical cost convention and in accordance with the 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)(Charities SORP (FRS 102)).

The charity meets the definition of public benefit under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2

Going concern

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3

Income

All income is shown gross and included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

Grants and donations in the form of corporate and individual donations are recognised when there is evidence of entitlement, and when the receipt is certain and measurable.

Government grants are recognised under the accruals model resulting in income being recognised on a systematic basis over the period in which the related costs are incurred for which the grant is compensating. The income from the scheme is recognised as donations and grant income in the statement of financial activity and timing differences presented as other debtors or deferred income within the balance sheet.

Fees from team members are recognised when they are receivable and spread over the period in which the tour takes place.

Income from gift aid is included when there is evidence of entitlement, and when the receipt is certain and measurable.

Prepared By Albert Goodman LLP

15

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2024

1.4 Expenditure

Expenditure is accounted for on the accruals basis. Liabilities are recognised in the accounting period to which they relate.

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

Support costs are shown under the costs in furtherance of the charitable activities.

1.5 Fixed assets

Depreciation is calculated to write off the cost or valuation of fixed assets over their estimated useful lives at the following rate:

Computer equipment & website – 33% straight line

Fixed assets are valued at cost less depreciation. Items costing under £100 are not capitalised.

1.6 Debtors

Trade debtors and other debtors are recognised at the settlement amount due.

1.7

Cash at bank and in hand

Cash at bank and in hand comprise cash on hand that is readily convertible to a known amount of cash and are subject to insignificant risk of change in value.

1.8 Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

1.9 Taxation

The charity applies all income and gains for charitable purposes and is therefore not liable to corporation tax.

1.10 Fund accounting

General funds are unrestricted funds receivable or generated for the objects of the company without further specified purpose and are available as general funds.

Designated funds are unrestricted funds earmarked by the directors for particular purposes.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs.

1.11 Donated goods and services

The charity receives assistance in the form of donated goods and services, however it is considered that the benefit to the charity is not quantifiable or measurable. These donated items are therefore not included in the financial statements.

Prepared By Albert Goodman LLP

16

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2024

1.12 Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. There were no monetary assets or liabilities denominated in foreign currencies at the balance sheet date.

1.12 Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Prepared By Albert Goodman LLP

17

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2024

2 Wages and salaries

Wages and salaries
Social security costs
Employer pension costs
Self-employment costs
The average number of employees for the year was as follows:
Number of staff		 2024
£
45,000
-
1,937
46,937
-
46,937
2024
1
‗‗‗‗‗‗‗		 2023
£
45,000
2,509
1,944
49,453
205
49,658
2023
1
‗‗‗‗‗‗‗

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £1,937 (2023: £1,944).

No contributions were payable to the scheme at the end of the year (2023 - nil).

Key management personnel

The key management personnel of the charity are considered to be the Chief Executive. The total costs to the charity of employee benefits for the key management personnel were £46,937 (2023: £49,453).

3 Trustees’ remuneration

During the year, no travel expenses were reimbursed to any of the trustees (2023: £1,353).

No trustees received wages for their services during the year (2023: £nil).

Prepared By Albert Goodman LLP

18

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2024

4 Donations

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2024 tricted tricted 2023
£ £ £ £ £ £
- -
Volunteering 2,013 2,013 21,900 21,900
Other donations 46,571 (200) 46,371 5,742 17,732 23,474
Philanthropic donations 48,550 58,216 106,766 99,500 45,232 144,732
Gift Aid 5,417 - 5,417 557 1,191 1,748
102,551 58,016 160,567 127,699 64,155 191,854
----- End of picture text -----

5 Income from charitable activities

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2024 tricted tricted 2023
£ £ £ £ £ £
Grants from partners 10,000 15,000 25,000 15,000 7,500 22,500
and donors
10,000 15,000 25,000 15,000 7,500 22,500
----- End of picture text -----

Prepared By Albert Goodman LLP

19

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2024

6 Charitable activities expenditure

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2024 tricted tricted 2023
£ £ £ £ £ £
Charitable Activities:
Wages and salaries 46,937 - 46,937 49,658 - 49,658
Travel 6,145 2,485 8,630 10,970 1,256 12,226
Malawi Community
Centre grants - 121,600 121,600 3,860 118,389 122,249
Other Africa funding - - - - 3,896 3,896
Marketing 2,825 - 2,825 1,029 - 1,029
Sundry expenses 1,848 277 2,125 3,872 - 3,872
Depreciation 918 - 918 1,701 - 1,701
Bookkeeping 8,441 - 8,441 5,413 - 5,413
67,114 124,362 191,476 76,503 123,541 200,044
Governance expenditure:
Accountancy 1,014 - 1,014 1,080 - 1,080
Independent examination 1,014 - 1,014 1,114 - 1,114
- -
2,028 2,028 2,194 2,194
69,142 124,362 193,504 78,697 123,541 202,238
----- End of picture text -----

Prepared By Albert Goodman LLP

20

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2024

7 Fixed assets

Cost
As at 01.10.2023
Additions
As at 30.09.2024
Depreciation
As at 01.10.2023
Charge for Year
As at 30.09.2024
Net book value
As at 30.09.2024
As at 01.10.2023		 Computer
equipment
& website
Total
£
£
8,073
8,073
-
-
8,073
8,073
7,071
7,071
918
918
7,989
7,989
84
84
1,002
1,002

Prepared By Albert Goodman LLP

21

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2024

8 Debtors

Accrued income
Other debtors
9
Creditors - amounts due in less than one year		 2024
2023
£
£
6,000
-
-
1,500
6,000
1,500
Other creditors
Accruals and deferred income		 2024
2023
£
£
3,863
2,050
2,750
1,499
6,613
3,549

Prepared By Albert Goodman LLP

22

Bhubesi Pride Foundation Notes to the Financial Statements For the Period Ended 30 September 2024

10 Statement of funds

Restricted funds
BPF Malawi Core
BPF Malawi Netball
BPF Malawi Reconnect
BPF Malawi Venture
Total restricted funds
Unrestricted funds
General
Total funds
Statement of funds - 2023		 Balance
as at
01.10.23
£
-
1,407
17,116
273
18,796
107,391
126,187		 Balance
Income Expenditure
Transfers
as at
30.09.24
£
£
£
£
58,516
(124,362)
65,846
-
-
-
-
1,407
-
-
-
17,116
14,500
-
-
14,773
73,016
(124,362)
65,846
33,296
112,551
(69,142)
(65,846)
84,954
185,567
(193,504)
-
118,250
Restricted funds
BPF Tanzania
BPF Malawi Core
BPF Malawi Netball
BPF Malawi Reconnect
BPF Malawi Venture
Total restricted funds
Unrestricted funds
General
Total funds		 Balance
as at
01.10.22
£
10,529
30,001
-
-
-
40,530
73,541
114,071		 Balance
Income Expenditure
Transfers
as at
30.09.23
£
£
£
£
-
(3,896)
(6,633)
-
30,139
(96,925)
36,785
-
1,407
-
-
1,407
25,116
(8,000)
-
17,116
14,993
(14,720)
-
273
71,655
(123,541)
30,152
18,796
142,699
(78,697)
(30,152)
107,391
214,354
(202,238)
-
126,187

Prepared By Albert Goodman LLP

23

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2024

10 Statement of funds (continued)

The specific purposes for which the material funds are to be applied are as follows:

11 Analysis of net assets between funds

Fixed assets
Net current assets
Total funds		 Unres-
tricted
£
84
84,870
84,954		 Res-
tricted
£
-
33,296
33,296		 2024
£
84
118,166		 Unres-
tricted
£
1,002
106,389		 Res-
tricted
2023
£
£
-
1,002
18,796
125,185
18,796 126,187
118,250 107,391

12 Related party transactions

There were no related party transactions in the period (2023: none).

13 Company limited by guarantee

The company was incorporated as a company limited by guarantee and has no share capital. The guarantee to the company is £10 per member on the winding up of the company. At 30 September 2024 the company had four members and the total amount guaranteed is therefore £40.

Prepared By Albert Goodman LLP

24