THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
REPORT AND STATUTORY ACCOUNTS
YEAR ENDED 31 MARCH 2023
THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
I N D E X
Year ended 31 March 2023
| Page | |
|---|---|
| Report of the Trustees | 2 |
| Independent Examiner’s report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 |
1
THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
R E P O R T O F T H E T R U S T E E S
Year ended 31 March 2023
The Trustees present their annual report and accounts of the charity for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and 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).
Structure, governance and management
The Trust was constituted on 17 December 2014, and is governed by the trust deed. The identification and appointment of new Trustees is considered by the existing Trustees. The Trustees who served during the year are shown in the ‘Reference and administrative details’ section below. All trustees give their time freely and no trustee remuneration was paid in the year. The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks.
Objectives and activities for the public benefit
The Trust’s Objects are to promote such Charitable Purpose or Charitable Purposes as the Trustees shall in their absolute discretion think fit. Such Objects include but are not limited to the following:
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a to support any Charities and promote any Charitable Purposes for the benefit of the general public.
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b to advance in life and help young people through the provision of support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.
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c to provide support, facilities and opportunities to underprivileged and disadvantaged individuals and communities.
The Trust makes grants to charities and other charitable purposes in accordance with its Objects, and are agreed by the Trustees.
The Trustees, having regard to the public benefit guidance published by the Charities Commission, in accordance with Section 17 of the Charities Act 2011, consider that the purpose of activities of the charity satisfy requirements of the public benefit as set out in Section 4 of the same Act.
Financial review
The accounts are set out on pages 7 to 16.
The charity received donations, net of gift aid, totalling £200,015 (2022 - £230,080) during the year. The Trustees made grants to 76 (2022 - 74) charities during the year totalling £190,000 (2022 - £197,500).
The Trustees’ policy is to distribute the income as it arises and not to accumulate reserves. Whilst the Trustees are aware of the potential need for a small reserve to meet running costs or for exceptional circumstances, it is the Trustees’ intention to obtain further voluntary income to meet those costs as and when they arise.
Gifts of expendable endowment funds are designated to be held as capital, but the Trustees have the discretionary power to use the funds as income. During the year the Trustees transferred £194,373 (2022 - £203,106) to the unrestricted fund.
At the year end the charity had reserves of £1,032,491 (2022 - £947,311), of which £1,032,491 (2022 - £947,311) relates to the expendable endowment fund and £nil (2022 - £nil) relates to the unrestricted income fund. The Trustees will distribute income for charitable purposes in line with the Trust’s objectives and capital will be distributed at the Trustees discretion.
The financial performance of the charity is fully dependent on the donations it receives from the settlor, Mr M Pignatelli, and this is expected to be the case going forward.
Achievements and performance
The success of the Trust is measured in terms of the level of donations it receives during the year from the settlor, Mr M Pignatelli, and the performance of the investments these donations are applied to. The funds are then distributed through grants to charitable individuals and institutions in furtherance of the objectives of the charity at the Trustees’ discretion.
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
Year ended 31 March 2023
During the year the charity made grants to:
Action Against Hunger Action on Postpartum Psychosis African Adventures Foundation Awamu Baha’i Agency for Social and Economic Development – United Kingdom (BASED UK) Beis Brucha Books2Africa Born on the Edge Bridge2Aid Camphill School Aberdeen Cancer Research Care for Carers Caudwell Children ChildAid to Eastern Europe Children at Risk Foundation UK Dean and Cauvin Young People’s Trust Dig Deep (Africa) Endless Medical Advantage Fellowship & Aid to the Christians of the East (FACE) Forever Angels For Refugees Friends of Ibba Girls; School, South Sudan Friends of St James Mission and School Friends of Zichron Dovid Get Set Girls Habitat for Humanity GB Happy Kids HealthProm Home-Start Cymru Hopefield Animal Sanctuary Incredible Kids Jacaranda UK Foundation Karibuni Children Learning For Life Let’s Educate Them Livability MAD-Aid Melrose Wakefield Hospital Mission Without Borders Mobile Education Partnerships New Routes UK NMC Midland Ltd (Muscular Dystrophy Support Centre) Noa Girls One by One Parents Against Child Exploitation Polka Children’s Theatre Ltd Pragya Pratham UK Project Shelter Wakadogo Railway Children Re:Source Blackburn Refuge4Pets Resolve Now
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
Year ended 31 March 2023
Royal Hospital Chelsea Appeal Ltd SDFK/AFRINSPIRE Self Help Africa Small Steps Foundation SolarAid South Warwickshire and Worcestershire Mind Street Child Stripey Stork Sussex Association for Spina Bifida and Hydrocephalus (SASBAH) The Brain Tumour Charity The HoverAid Trust The Life intervention friendship and education foundation The Link foundation The Lorna Young Foundation The Lunchbowl Network The Noah Initiative The Separated Child Foundation THE TEHILA TRUST Thembalitsha UK Theodora Children’s Charity Transforming Health and Education in Nepal (on behalf of Kathmandu International Study Centre) Zest Health for Life
Plans for future years
The charity’s plans for the future rest on the charitable intentions of the settlor, Mr M Pignatelli, who will provide donations to the Trust to further its charitable objectives at his own discretion.
4
THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
Year ended 31 March 2023
Reference and administrative details
Settlor Date of settlement Charity registration number Trustees
Registered address
Mr M Pignatelli 17 December 2014 1162522
Mr M Pignatelli Mrs J Pignatelli Ms C Pignatelli 22 Chancery Lane London WC2A 1LS
30 January Approved by the trustees on 2024 and signed on their behalf by:
MR M PIGNATELLI Trustee
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
I N D E P E N D E N T E X A M I N E R ’ S R E P O R T
Year ended 31 March 2023
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
I report to the trustees on my examination of the accounts of the Trust for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Dixon Wilson, a firm of Chartered Accountants of which I am a partner has provided bookkeeping services to the Trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no 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.
GREGORY SMYE-RUMSBY ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS
Date: 31 January 2024
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
Year ended 31 March 2023
| Unrestricted Expendable income endowment Total Note Fund Fund 2023 £ £ £ Income and endowments from: Donations and legacies: Donations received 15 200,000 200,015 Gift aid receivable - 50,000 50,000 Investments: Dividend income 9,094 - 9,094 Interest income - 177 177 9,094 177 9271 Total income and endowments 9,109 250,177 259,286 Expenditure on: Raising funds: Investment management fees - 813 813 Charitable activities: Grants made 5 190,000 - 190,000 Accountancy fees 5 5,100 - 5,100 Administration fees 5 8,250 - 8,250 Bank charges 5 132 - 132 Total expenditure 203,482 813 204,295 Net gains/(losses) on investments 7 - 30,189 30,189 Net (expenditure)/income (194,373) 279,553 85,180 Transfers between funds 194,373 (194,373) - Net movement in funds - 85,180 85,180 Reconciliation of funds: Total funds brought forward - 947,311 947,311 Total funds carried forward - 1,032,491 1,032,491 |
Total 2022 £ 230,080 57,500 5,913 24 5,937 293,517 772 197,500 4,680 6,801 118 209,871 (24,983) 58,663 - 58,663 888,648 947,311 |
|---|---|
All income and expenditure derive from continuing activities.
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
B A L A N C E S H E E T
At 31 March 2023
| Note 2023 £ Fixed assets Investments 7 872,060 Current assets Cash at bank 209,940 Total current assets 209,940 Liabilities Creditors: Amounts falling due within one year 8 49,509 Net current assets 160,431 Total net assets 1,032,491 The funds of the charity Unrestricted income fund - Expendable endowment fund 1,032,491 Total charity funds 1,032,491 |
2022 £ 737,662 213,858 213,858 4,209 209,649 947,311 - 947,311 947,311 |
|---|---|
The financial statements set out on pages 7 to 16 were approved by the Trustees on 2024 30 January and were signed on their behalf by:
MR M PIGNATELLI Trustee
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2023
1. Accounting Policies
(a) Basis of preparation and assessment of going concern
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 SORP) effective on 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
(b) Fund accounting policy
The charity comprises of an unrestricted income fund and an expendable endowment fund. Unrestricted funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the charity. Expendable endowment funds are capital funds that may be freely converted into spendable income as the trustees see fit.
(c) Income
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
Donations are recognised when the Trust has entitlement to the income, there is reasonable assurance of receipt and the amount of income can be measured reliably.
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Income from interest royalties and dividends is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
Investment gains and losses includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
(d) Expenditure and liabilities
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Trust to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis.
The charity has creditors which are measured at settlement amounts.
The charity accounts for basic financial instruments on initial recognition at the amount receivable or payable adjusted for any related transaction costs. Subsequent measurement is at amortised cost.
(e) Assets
Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value as bid price) at the year end.
Debtors are measured on initial recognition at settlement amount. Subsequently, they are measured at the cash or other consideration expected to be received.
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2023
1. Accounting Policies (continued)
(f) Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.
2. Prior Year Statement of Financial Activities
| Unrestricted Expendable income endowment Fund Fund £ £ Income and endowments from: Donations and legacies: Donations received 80 230,000 Gift aid receivable - 57,500 Investments: Dividend income 5,913 - Interest income - 24 5,913 24 Total income and endowments 5,993 287,524 Expenditure on: Raising funds: Investment management fees - 772 Charitable activities: Grants made 5 197,500 - Accountancy fees 5 4,680 - Administration fees 5 6,801 - Bank charges 5 118 - Total expenditure 209,099 772 Net (losses)/gains on investments 7 - (24,983) Net (expenditure)/income (203,106) 261,769 Transfers between funds 203,106 (203,106) Net movement in funds - 58,663 Reconciliation of funds: Total funds brought forward - 888,648 Total funds carried forward - 947,311 |
Total 2022 £ 230,080 57,500 5,913 24 5,937 293,517 772 197,500 4,680 6,801 118 209,871 (24,983) 58,663 - 58,663 888,648 947,311 |
Total 2020 £ 100,100 25,000 4,622 14 |
|---|---|---|
| 4,636 |
||
| 129,736 |
||
| 2,347 216,788 3,990 9,374 84 |
||
| 232,583 |
||
| 292,089 |
||
| 189,242 - 189,242 |
||
| 699,406 |
||
| 888,648 |
All income and expenditure derive from continuing activities.
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2023
3. Trustees’ remuneration and expenses
The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind.
4. Employees
The Trust did not have any employees during the year (2022 – nil).
5. Analysis of charitable expenditure
The charity undertakes its charitable activities through grant making and awards grants to institutions in furtherance of its charitable objectives.
| Grant funded Governance activity costs £ £ Funded from unrestricted income fund: Grant making 190,000 13,482 Total 190,000 13,482 Governance costs 2023 £ Bank charges 132 Administration fees 8,250 Accountancy fees 5,100 13,482 Accountancy fees payable to the independent examiner's firm as follows: - Examination 900 - Accountancy 4,200 5,100 |
Total 2023 £ 203,482 |
|---|---|
| 203,482 |
|
| 2022 £ 118 6,801 4,680 |
|
| 11,599 |
|
| 850 3,830 |
|
| 4,680 |
(continued)
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2023
5. Analysis of charitable expenditure (continued)
| Recipients of institutional grants: Action Against Hunger Acton on Postpartum Psychosis AdAmi Project African Adventures Foundation African Mission All Ears International Ashinaga Association Autism Wessex Awamu Baha’i Agency for Social and Economic Development – United Kingdom (BASED UK) Beis Brucha Birmingham Dogs Home BLESMA the Limbless Veterans Books2Africa Born on the Edge Bridge2Aid Camphill School Aberdeen Cancer Research Care for Carers Caudwell Children ChildAid to Eastern Europe Child in Need India Child of Hope Children at Risk Foundation UK Connie Rothman Learning trust Cure International UK Dean and Cauvin Young People’s Trust Dec Ukraine Destiny Children Dig Deep (Africa) Ecologica Youth Trust Endless Medical Advantage Evergreen Africa Fellowship & Aid to the Christians of the East (FACE) Fight Against Blindness Forever Angels UK For Refugees Four Paws UK Fresh Inspirations Freshfields Animal Rescue Friends of Ibba Girls’ School, South Sudan Friends of St James Mission and School Friends of Zichron Dovid Gap Ministries Get Set Girls Great Western Air Ambulance Charity Habitat for Humanity GB Carried forward |
2023 £ 2,500 2,500 - 2,500 - - - - 2,500 2,500 2,500 - - 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 - - 2,500 - - 2,500 - - 2,500 - 2,500 - 2,500 - 2,500 5,000 - - - 2,500 2,500 2,500 - 2,500 - 2,500 67,500 |
2022 £ - - 2,500 - 2,500 2,500 2,500 2,500 - - - 2,500 2,500 - - - - - - - 2,500 2,500 2,500 - 2,500 2,500 - 15,000 2,500 - 2,500 2,500 2,500 2,500 2,500 2,500 - 2,500 2,500 2,500 - - - 2,500 - 2,500 - 75,000 |
|---|---|---|
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2023
| 5. Analysis of charitable expenditure (continued) Brought forward Handicabs Lothian Happy Kids Hatzola Trust Ltd HealthProm Hestia Housing and Support Home-Start Cymru Hope Health Action Hopefield Animal Sanctuary Humane Practise Foundation Humane Society International Incredible Kids Jacaranda UK Foundation Just a Drop Just Kidding Karibuni Children Learning For Life Let’s Educate Them Lighthouse LIV UK Livability MAD-Aid Malawi Schools Trust Medic to Medic Melrose Wakefield Hospital Mission Without Borders Mobile Education Partnerships Mustard Seed Autism Trust Nations Discipleship Enterprise Nepal Leprosy Trust Neurokinex New Routes UK Nicodemus NMC Midlands Ltd (Muscular Dystrophy Support Centre) Noa Girls Omega, The National Association for End of Life Care One by One Parents Against Child Exploitation People Against Poverty Plant Your Future Polka Children’s Theatre Ltd Positive Behaviour Support for Learning Pragya Pratham UK Project Shelter Wakadogo Pump Aid Rafiki Thabo Foundation Railway Children Re:Source Blackburn Carried forward |
2023 £ 67,500 - 2,500 - 2,500 - 2,500 - 2,500 - - 2,500 2,500 - - 2,500 2,500 2,500 - - 2,500 2,500 - - 2,500 2,500 2,500 - - - - 2,500 - 2,500 2,500 - 2,500 2,500 - - 2,500 - 2,500 2,500 2,500 - - 2,500 2,500 130,000 |
2022 £ 75,000 2,500 - 2,500 - 2,500 - 2,500 - 2,500 2,500 - - 2,500 2,500 - 2,500 - 2,500 2,500 - - 2,500 2,500 - 2,500 - 2,500 2,500 2,500 2,500 - 2,500 - - 2,500 2,500 - 2,500 2,500 - 2,500 - - - 2,500 2,500 - - 140,000 |
|---|---|---|
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2023
| 5. Analysis of charitable expenditure (continued) Brought forward Read for Good ReCycle Refuge4Pets Resolve Now ROLDA UK Ronald McDonald House Glasgow Royal Hospital Chelsea Appeal Ltd Sands SDFK/ASFRINSPIRE Self Help Africa Small Steps Foundation SolarAid SOS Children’s Villages UK South Warwickshire and Worcestershire Mind Southwark Pensioners Centre Sreepur Village Bangladesh Street Child Stripey Stork Sussex Association for Spina Bifida and Hydrocephalus (SASBAH) The Brain Tumour Charity The Dorothy Foundation The Hope Foundation The HoverAid Trust The Free Shop The Karen Hilltribes Trust The Life intervention friendship and education foundation The Link Foundation The Lorna Young Foundation The Lunchbowl Network The Noah Initiative The Separated Child Foundation THE TEHILA TRUST The Uphill Trust Thembalitsha UK Theodora Children’s Charity Transforming Health and Education in Nepal (on behalf of Kathmandu International Study Centre) Turning Corners Viva Walking With The Wounded WellFound Wonder Foundation Worldwide Veterinary Service Carried forward |
2023 £ 130,000 - - 2,500 2,500 - - 2,500 - 2,500 2,500 2,500 2,500 - 2,500 - - 2,500 2,500 2,500 2,500 - - 2,500 - - 2,500 2,500 2,500 2,500 2,500 2,500 2,500 - 2,500 2,500 2,500 - - - - - - 187,500 |
2022 £ 140,000 2,500 2,500 - - 2,500 2,500 - 2,500 - - - - 2,500 - 2,500 2,500 - - - - 2,500 2,500 2,500 2,500 2,500 - - - - - - - 2,500 2,500 - - 2,500 2,500 2,500 2,500 2,500 2,500 192,500 |
|---|---|---|
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2023
| 5. Analysis of charitable expenditure (continued) Brought forward World Villages for Children Zest Health for Life ZimKids |
2023 £ 187,500 - 2,500 - 190,000 |
2022 £ 192,500 2,500 - 2,500 197,500 |
|---|---|---|
All grants were made to the institutions with no restrictions attached and are to be used by the charities to meet their general objectives.
Expenditure on charitable activities was £190,000 (2022 - £197,500) of which £190,000 (2022 - £197,500) was unrestricted.
6. Related party transactions
The charity received donations during the year of £200,000 (2022 - £230,000) from the settlor and trustee, Mr M Pignatelli, without conditions attached.
| 7. Fixed asset investments Market value brought forward Additions to investment at cost Net gain/(loss) on revaluation Market value as at 31 March 2023 Investments at fair value comprised: Listed equities |
2023 £ 737,662 104,209 30,149 872,060 872,060 |
2022 £ 762,509 136 (24,983) |
|---|---|---|
| 737,662 | ||
| 737,662 |
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2023
| 8. Creditors: amounts falling due within one year Accruals Accountancy fees Donations payable Other creditors |
2023 £ 1,800 2,700 45,000 9 49,509 |
2022 £ 1,800 2,400 - 9 4,209 |
|---|---|---|
9. Analysis of charitable funds
| Brought Forward £ Unrestricted income fund - Expendable endowment fund 947,311 947,311 Previous year Brought Forward £ Unrestricted income fund - Expendable endowment fund 888,648 888,648 |
Income Expenditure Transfer £ £ £ 9,109 (203,482) 194,373 250,177 (813) (194,373) 259,286 (204,295) - Income Expenditure Transfer £ £ £ 5,993 (209,099) 203,106 287,524 (772) (203,106) 293,517 (209,871) - |
Gains/ (losses) £ - 30,189 30,189 Gains/ (losses) £ - (24,983) (24,983) |
Carried forward £ - 1,032,491 |
|---|---|---|---|
| 1,032,491 | |||
| Carried forward £ - 947,311 |
|||
| 947,311 |
10. Financial assets and liabilities
The following financial assets are other financial instruments and are initially recognised at transaction value and subsequently measured at their fair value.
Financial assets
Fixed asset investments
872,060 737,662
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