2025-04-30-accounts

CHARITY COMMISSION

Keswick Community Rugby Trust Limited

(A company limited by guarantee)

Annual Report and Financial Statements

30 April 2025

Company registration number: 08383557 Charity registration number: 1158684

Keswick Community Rugby Trust Limited

Contents

Reference and Administrative Details	1
Trustees' report	2
Trustees' responsibilities in relation to the financial statements	4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8

Keswick Community Rugby Trust Limited Reference and Administrative Details

Charity name	Keswick Community Rugby Trust Limited
Charity registration number	1158684
Company registration number	08383557
Principal office	Davidson Park
	KESWICK
	CA12 5EG
Registered office	Davidson Park
	KESWICK
	CA12 5EG
Trustees	A Partington
	T Keough
	J Hume
	P Rainey
Accountant	Dodd & Co Limited
	FIFTEEN Rosehill
	Montgomery Way
	Rosehill Estate
	CARLISLE
	CA1 2RW

Page 1

Keswick Community Rugby Trust Limited

Trustees' Report for the Year Ended 30 April 2025

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and compy with the charity's governing document, the Charities Act 2011 and the Charities SORP (FRS 102).

1 Structure, Governance and Management

1.1 Structure

The Trust is a Company Limited by Guarantee, governed by Articles of Association adopted on 15 September 2014. The Articles provide for a Board of Directors (who are also charity trustees as defined by section 177 of the Charities Act 2011).

1.2 Governance

There shall be a minimum of 4 directors and a maximum of 6 unless determined by ordinary resolution.

The first directors shall be those persons appointed as directors of the Company on incorporation. Thereafter Directors shall be appointed in accordance with the Articles.

The charity may by ordinary resolution:

• Appoint a person who is willing to act to be a director and

• Determine the rotation in which any additional directors are to retire.

• Directors will be nominated for appointment on the following basis

• Keswick Rugby Club will nominate 4 Directors

• Keswick Town Council will nominate 1 Director

• Cumbria County Council will nominate 1 Director

The subscribers to the memorandum are the first members of the charity. Membership is open to other organisations and individuals.

1.3 Management

• The directors may regulate their proceedings as they think fit subject to the provision of the articles.

• The quorum for Trustees meetings shall be three.

• Trustees may delegate to committees provided those committees:

• Include at least two directors

• Are chaired by a trustee

• Adhere to any budget set by the trustees and adhere to any controls the trustees think fit.

• The charity must hold its first annual general meeting within 18 months from the incorporation date and be held in each subsequent year and not more than 15 months between successive annual general meetings.

2 Objectives

The charity’s objects are restricted to:

1 The promotion of community participation in healthy recreation for the benefit of the inhabitants of Keswick by the provision of facilities for playing Rugby Union.

Page 2

Keswick Community Rugby Trust Limited

Trustees' Report for the Year Ended 30 April 2025

2 The provision and maintenance of buildings and facilities for the use of the inhabitants of Keswick without distinction of political, religious or other opinions, including use for:

a. Meetings lectures and classes

b. Other forms of recreation and leisure time occupation, with the object of improving the conditions of life for the inhabitants.

3 To promote the benefit of the inhabitants of Keswick the provision of facilities for recreation or other leisure time occupation of individuals who have need for such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social or economic circumstances or for the public at large in the interest of social welfare and with the object of improving the condition of life for the said inhabitants.

The inhabitants of Keswick are defined as those living within the Postcode area of CA12 as defined at 15 September 2014.

Where any conflict arises between the objectives then the first objective above shall take precedent.

3 Activities

The charity received rent of £40,000 from Keswick Rugby Football Club. Donations continued for the Big Build Project throughout the year. Donations from major fundraising events such as the Keswick Beer Festival (£20,000) and the Keswick Half Marathon (£15,574.27) were received. A legacy payment of £35,712.28 was received with terms and conditions on spending based on playing rugby.

4 Financial

The charity has received donations and has incurred fees for the preparation and examination of year end accounts. £92,924 is held in a designated fund for the planned redevelopment of Keswick Community Rugby Trust facilities in the future.

At the year end, total reserves of £915,903 were held, of which £909,859 were unrestricted. Free reserves, excluding designated reserves of £92,924, were £216,935 at 30 April 2025.

There is no formal policy for holding reserves, other than that Keswick Community Rugby Trust will maintain sufficient reserves to fund the fixed assets owned. The Trusees monitor fund levels against what little expenditure the trust incurs.

The Investment Policy is in accordance with advice received from Independent Advisors based on a risk assessment approved by the Trustees. The funds are held on a long term basis to match with the monies set aside for the future development of Keswick rugby club facilities, which have necessitated by the property being frequently underwater from the major floods that Keswick is subject to.

5 Public Benefit

In the process of setting its objectives, the charity has paid due regard to charity commission guidance on public

benefit.

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

.........................................

T Keough Trustee

Page 3

Keswick Community Rugby Trust Limited

Trustees' Responsibilities in relation to the Financial Statements

The trustees (who are also directors of Keswick Community Rugby Trust Limited for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and the Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the 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.

Page 4

Independent Examiner's Report to the Trustees of

Keswick Community Rugby Trust Limited

I report on the accounts of the company for the year ended 30 April 2025, which are set out on pages 6 to 15.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 as amended by the Charities Act 2022 (the Act) and that an independent examination is needed.

The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:

• examine the accounts under section 145 of the Act;

• follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the Act; and

• state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

• (1) which gives me reasonable cause to believe that in any material respect the requirements:

• to keep accounting records in accordance with section 386 of the Companies Act 2006; and

• to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities

have not been met; or

• (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

......................................... Joanne Thomlinson FCA Dodd & Co Limited Chartered Accountants

FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW

26 January 2026

Page 5

Keswick Community Rugby Trust Limited Statement of Financial Activities for the Year Ended 30 April 2025

Note Income Donations and legacies 2 Other trading activities 3 Investments 4 Total income Expenditure Costs of raising funds Charitable activities Total expenditure Gains/(losses) on investment assets Net income/(expenditure) Reconciliation of funds Total funds brought forward Total funds carried forward	Unrestricted Funds Restricted Total Funds 2025 Total Funds 2024 £ £ £ £ 35,733 186,380 222,113 331,225 35,574 20,936 56,510 70,298 50,972 - 50,972 34,122
	122,279 207,316 329,595 435,645
	1,858 - 1,858 1,627 79,511 527,542 607,053 62,662
	81,369 527,542 608,911 64,289
	505,000 - 505,000 2,984
	545,910 (320,226) 225,684 374,340 363,949 326,270 690,219 315,879
	909,859 6,044 915,903 690,219

The notes on pages 8 to 16 form an integral part of these financial statements.

Page 6

Keswick Community Rugby Trust Limited

Company registration number: 08383557

Balance Sheet as at 30 April 2025

Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: Amounts falling due within one year 12 Net current assets Net assets The funds of the charity: Restricted funds Unrestricted funds Unrestricted income funds Total charity funds	2025 £ £ 600,000 34,003 283,580 317,583 (1,680) 315,903 915,903 6,044 909,859 915,903	2024 £ £ 344,677 12,111 335,096 347,207 (1,665) 345,542 690,219 326,270 363,949 690,219	2024 £ £ 344,677 12,111 335,096 347,207 (1,665) 345,542 690,219 326,270 363,949 690,219
			690,219
			326,270 363,949
			690,219

For the financial year ended 30 April 2025, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

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

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 26 January 2026 and signed on its behalf by:

.........................................

T Keough Trustee

The notes on pages 8 to 15 form an integral part of these financial statements.

Page 7

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

1 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared 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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

The charitable company 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 notes.

Going concern

These financial statements have been prepared on a going concern basis.

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 Charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

Fund accounting policy

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Designated funds are unrestricted funds set aside at the discretion of the trustees for specific purposes.

Further details of each fund are disclosed in note 15.

Page 8

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

......... continued

Income and endowments

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administor/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measured with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity.

Income from Government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.

Income derived from events is recognised as earned (that is, as the related goods or services are provided).

Investment income is recognised on a receivable basis.

Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Costs of raising funds are the costs of trading for fundraising purposes.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.

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

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 9

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

......... continued

Investment properties

Certain of the charity's properties are held for long-term investment.

No depreciation is provided in respect of investment properties and they are revalued annually.

This treatment as regards the charity’s investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the trustees consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Investments

Fixed asset investments are included at market value at the balance sheet date.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.

Trade Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Liabilities

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 10

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

......... continued

Financial instruments

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

2 Donations and legacies

Donations and legacies Legacies and bequests Appeals and donations Gift Aid tax reclaimed Grants Grants - other agencies	Unrestricted Funds £ 35,712 21 -	Restricted Funds £ - 128,298 35,582	Total Funds 2025 £ 35,712 128,319 35,582	Total Funds 2024 £ - 322,342 8,883
	35,733 -	163,880 22,500	199,613 22,500	331,225 -
	35,733	186,380	222,113	331,225

Of the donations and legacies income in 2024, £2,157 related to unrestricted funds and £329,068 related to restricted funds.

3 Other trading activities

	Unrestricted	Restricted	Total Funds	Total Funds
	Funds	Funds	2025	2024
	£	£	£	£
Event income	35,574	20,936	56,510	70,298

All of the other trading activity income in 2024 related to unrestricted funds.

Page 11

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

......... continued

4 Investment income

Rental income Dividend income Interest income All of the investment income in 2024 related to Total expenditure Support costs Grants payable to institutions Other direct costs Administration of investments Accountancy fees Legal and professional costs Bank charges GoFundMe charges (Gain)/loss on investments	Unrestricted Funds £ Restricted Funds £ 40,000 - - - 10,972 - 50,972 - unrestricted funds. Costs of raising funds Charitable activities £ £ - 595,250 - 102 1,858 - - 2,270 - 328 - 54 - 1,604 - 7,445 1,858 607,053	Unrestricted Funds £ 40,000 - 10,972	Restricted Funds £ - - -	Restricted Funds £ - - -	Total Funds 2025 £ 40,000 - 10,972	Total Funds 2025 £ 40,000 - 10,972	Total Funds 2024 £ 20,000 533 13,589
		50,972		-	50,972		34,122
					Total 2025 £ 595,250 102 1,858 2,270 328 54 1,604 7,445 608,911		Total 2024 £ 55,000 13 1,627 1,490 1,861 88 1,295 2,915
							64,289

5 Total expenditure

Of the expenditure in 2024, £61,491 related to unrestricted funds and £2,798 related to restricted funds.

6 Grants to institutions

Name of Institution

Activity £ 595,250

Keswick Rugby Club Charitable activities

7 Governance costs

Accountancy fees Independant examiners fee	2025 £ 1,770 500 2,270	2024 £ 1,340 150
		1,490

Page 12

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

......... continued

8 Trustees' remuneration and expenses

No trustees received any remuneration during the year.

9 Net (expenditure)/income

Net (expenditure)/income is stated after charging:

Loss on disposal of investments Investments held as fixed assets Market value As at 1 May 2024 Revaluation Additions Disposals As at 30 April 2025 Net book value As at 30 April 2025 As at 30 April 2024	Investment Properties £ 95,000 505,000 - - 600,000 600,000 95,000		2025 £ 7,445 Listed Investments £ 249,677 - 5,718 (255,395) - - 249,677	2024 £ 2,915
				Total £ 344,677 505,000 5,718 (255,395)
				600,000
				600,000
				344,677

10 Investments held as fixed assets

Investment property

The Land at Davidson Park was last valued on 22 November 2023 by Edwin Thompson (Chartered Surveyors).

The historical cost of the land is £95,000.

Listed investments

Investments having a net book value of £nil (2024 - £249,677) are listed on a recognised stock exchange and had a market value of £nil at the end of the year (2024 - £249,677).

11 Debtors

Other debtors Prepayments and accrued income	2025 £ 22,373 11,630 34,003	2024 £ 1,400 10,711
		12,111

Page 13

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

......... continued

12 Creditors: Amounts falling due within one year

Accruals and deferred income	2025 £ 1,680	2024 £ 1,665

13 Members' liability

The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

14 Related parties

Controlling entity

The charity is controlled by the trustees who are all directors of the company.

15 Analysis of funds

Designated Funds KRFC Development Fund General Funds Unrestricted income fund Restricted Funds Keswick Rugby Football Club The Big Build	At 1 May 2024 £ 147,350 216,599 - 326,270 326,270 690,219	Incoming resources £ 15,574 106,705 2,292 205,024 207,316 329,595	Resources expended £ (70,000) (11,369) (2,292) (525,250) (527,542) (608,911)	Other recognised gains / losses £ - 505,000 - - - 505,000	At 30 April 2025 £ 92,924
					816,935
					- 6,044
					6,044
					915,903

KRFC Development Fund - funds held for the planned redevelopment of KRFC facilities in the future.

Keswick Rugby Football Club - donations which are restricted for the purchase of land and accountancy fees.

The Big Build - funds held for the redevelopment of KRFC facilities.

Page 14

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

......... continued

Prior period

At 1 May 2023 Incoming resources Resources expended Other recognised gains / losses £ £ £ £ Designated Funds KRFC Development Fund 114,944 32,406 - - General Funds Unrestricted income fund 200,935 74,171 (61,491) 2,984 Restricted Funds Keswick Rugby Football Club - 1,503 (1,503) - The big build - 327,565 (1,295) - - 329,068 (2,798) - 315,879 435,645 (64,289) 2,984 Net assets by fund Unrestricted Funds Restricted Funds Total Funds 2025 £ £ £ Investments 600,000 - 600,000 Current assets 311,539 32,503 317,583 Creditors: Amounts falling due within one year (1,680) (26,459) (1,680) Net assets 909,859 6,044 915,903 Prior period Unrestricted Funds Restricted Funds Total Funds 2024 £ £ Investments 344,677 - 344,677 Current assets 20,937 326,270 347,207 Creditors: Amounts falling due within one year (1,665) - (1,665) Net assets 363,949 326,270 690,219	Other recognised gains / losses £ - 2,984 - -	Other recognised gains / losses £ - 2,984 - -	At 30 April 2024 £ 147,350 216,599 - 326,270 326,270 690,219 Total Funds 2024 £ 344,677 347,207 (1,665) 690,219 Total Funds 2023 £ 208,366 109,736 (2,223)
	-
	2,984
			315,879

16 Net assets by fund

Page 15