||**Page**|
|---|---|
|**Report of the Trustees**|**1 to 2**|
|**Independent Examiner's Report**|**3**|
|**Statement of Financial Activities**|**4**|
|**Balance Sheet**|**5**|
|**Notes to the Financial Statements**|**6 to 9**|
|**Detailed Statement of Financial Activities**|**10**|





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|||2025|2024|
|---|---|---|---|
|||Unrestricted|Total|
|||fund|funds|
||**Notes**|£|£|
|**INCOME AND ENDOWMENTS FROM**||||
|Investment income|`2`|`39,462`|`33,633`|
|**EXPENDITURE ON**||||
|Raising funds|`3`|`20,119`|`19,140`|
|**Charitable activities**||||
|Charitable donations||`32,713`|`28,420`|
|`Total`||`52,832`|`47,560`|
|Net gains/(losses) on investments||**(14,445)**|69,124|
|**NET INCOME/{EXPENDiTURE}**||**(27.815)**|**55,197**|
|RECONCILIATION OF FUNDS||||
|Total funds brought forward||**1,360,121**|**1,304,924**|
|`TOTAL FUNDS CARRIED FORWARD`||**1,332,306**|**1,360.121**|





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|||2025|2024|
|---|---|---|---|
|||Unrestricted|Total|
|||fund|funds|
||Notes|£|£|
|FIXED ASSETS||||
|Investments|6|1.316.356|1.347.469|
|CURRENT ASSETS||||
|Debtors|7|15.120|741|
|Cash at bank||7.329|17,830|
|||22,449|18,571|
|CREDITORS||||
|Amounts falling due within one year|8|(6.499)|(5.919)|
|NET CURRENT ASSETS||15,950|12,652|
|TOTAL ASSETS LESS CURRENT|LIABILITIES|1,332.306|1,360.121|
|NET ASSETS||1.332.306|1,360.121|
|FUNDS|9|||
|Unrestricted funds||1,332.306|1,360,121|
|TOTAL FUNDS||1,332,306|1,360.121|






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|**INVESTMENT INCOME**|||
|---|---|---|
||`2025`|`2024`|
||`£`|`£`|
|Investment income|`39,462`|`33,633`|
|**RAISING FUNDS**|||
|**Investment management costs**|||
||`2025`|`2024`|
||`£`|`£`|
|Portfolio management|`20,119`|`19,140`|



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|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**||
|---|---|
||Unrestricted|
||fund|
||£|
|**INCOME AND ENDOWMENTS FROM**||
|Investment income|`33,633`|
|**EXPENDITURE ON**||
|Raising funds|`19,140`|
|**Charitable activities**||
|Charitable donations|`28,420`|
|`Total`|`47,560`|
|Net gains on investments|`69,124`|
|**NET INCOME**|55,197|
|**RECONCILIATION OF FUNDS**||
|Total funds brought forward|1,304,924|
|`TOTAL FUNDS CARRIED FORWARD`|1,360,121|
|**FIXED ASSET INVESTMENTS**||
||Listed|
||investments|
||£|
|**MARKET VALUE**||
|At 6 April 2024|1,347,469|
|Additions|316,912|
|Disposals|(355,567)|
|Revaluations|7,542|
|At 5 April 2025|1,316,356|
|**NET BOOK VALUE**||
|At5 April 2025|1,316,356|
|At5April 2024|1,347,469|
|Cost or valuation at 5 April 2025is represented by:||
||Listed|
||investments|
||£|
|Valuation in 2023|53,714|
|Valuation in 2024|98,111|
|Valuation in 2025|7,542|
|Cost|1,156,989|
||1,316,356|





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|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|
||2025|2024|
||£|£|
|Nelsons client account|15,120|741|
|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
||2025|2024|
||£|£|
|Other creditors|6,499|5,919|



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|**MOVEMENT IN FUNDS**|||||
|---|---|---|---|---|
||||Net||
||||movement|At|
|||At 6.4.24|in funds|5.4.25|
|||£|£|£|
|**Unrestricted funds**|||||
|General fund||1,360,121|(27,815)|1,332,306|
|**TOTAL FUNDS**||1,360,121|(27.815)|1,332,306|
|Net movement in funds, included in the above are as follows:|||||
||Incoming|Resources|Gains and|Movement|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|39,462|(52,832)|(14,445)|(27,815)|
|**TOTAL FUNDS**|39,462|(52,832)|(14,445)|(27,815)|
|**Comparatives for movement in funds**|||||
||||Net||
||||movement|At|
|||At 6.4.23|in funds|5.4.24|
|||£|£|£|
|**Unrestricted funds**|||||
|General fund||1,304,924|55,197|1,360,121|
|**TOTAL FUNDS**||1,304,924|55,197|1,360,121|



||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|33,633|(47,560)|69,124|55,197|
|**TOTAL FUNDS**|33,633|(47,560)|69,124|55,197|





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||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|**INCOME AND ENDOWMENTS**|||
|**Investment income**|||
|Investment Income|`39,462`|`33,633`|
|**Total incoming resources**|`39,462`|`33,633`|
|**EXPENDITURE**|||
|**Investment management costs**|||
|Portfolio management|20,119|**19,140**|
|**Charitable activities**|||
|Grants to institutions|22,800|**19,000**|
|**Support costs**|||
|**Management**|||
|Management charges|**8,400**|**8,400**|
|**Finance**|||
|**Bank charges**|**13**||
|**Governance costs**|||
|Accountancy and legal fees|**1,500**|**1,020**|
|Total resources expended|52,832|47,560|
|**Net expenditure before gains and losses**|**(13,370)**|**(13,927)**|
|**Realised recognised gains and losses**|||
|Realised gains/losses on investments|**(21,987)**|**(28,987)**|
|**Net expenditure**|**(35,357)**|**(42,914)**|