THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
REPORT AND STATUTORY ACCOUNTS
YEAR ENDED 31 MARCH 2024
THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
I N D E X
Year ended 31 March 2024
| 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 |
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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
Year ended 31 March 2024
The Trustees present their annual report and accounts of the charity for the year ended 31 March 2024. 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:
-
a to support any Charities and promote any Charitable Purposes for the benefit of the general public.
-
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 £50,000 (2023 - £200,015) during the year. The Trustees made grants to 78 (2023 - 76) charities during the year totalling £197,500 (2023 - £190,000).
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 £205,400 (2023 - £194,373) to the unrestricted fund.
At the year end the charity had reserves of £930,051 (2023 - £1,032,491), of which £930,051 (2023 - £1,032,491) relates to the expendable endowment fund and £nil (2023 - £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.
2
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 2024
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. During the year the charity made grants to:
1001Fontaines UK A Partner in Education A Place To Call Our Own Action Through Enterprise Amplify Action Blossoms London Ltd Borderline Counsel Cataracts are Curable Cetacean Research Chance for Childhood Cheetah Conservation Children on the Edge Christel House Europe City to Sea CIO CLCS Colchester Cribs International Daisies Kids Club Eduspots Embrace The Middle Everyone's Invited Ezra Umarpeh Ltd Facet CIO Fareshare Midlands Fountain of Life Future of Taru Global Support Link Green Shoots Foundation Hands Around The World Hearts + Minds Ltd Helen Bamber Foundation Inter Care Ltd Interburns International Aid Kidasha Kisumu Children Trust Lilomi Linda's Fund Lives in Focus LMK (Let me Know) Manisha UK Medevac Frontline Memusi Foundation Microphthalmia, Anophthalmia & Coloboma Support Mondochallenge Foundation One by One Pear Tree Special School Fund Pestalozzi International Polka Children's Theatre Ltd
3
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 2024
Porridge and Pens Ghana Pump Aid Pursue Remember by Baby Remembrance Photography Reprieve Rescue the Perishing Safehands Sailors' Society Salt of the Earth Scholarships for Street Kids Seal Future Foundation Sense International Signpost International SSAFA Svitlo Education The Biojemmss Organisation The Book Bus Foundation The Dorcas Dress Project The Friends of H.O.P.E The Hummingbird Initiative The Joshua Generation The Lorna Young Foundation The Lunchbowl Network Tiny Tims Children Together for Short Lives Tools for Inner Peace Tushinde Children's Trust Us in a Bus Via Wings Zambia Orphans Aid
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 2024
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
Approved by the trustees on 2025 and signed on their behalf by: 30 January
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 2024
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 2024.
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 2. 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: 31/01/2025
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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 2024
| Unrestricted Expendable income endowment Note Fund Fund £ £ Income and endowments from: Donations and legacies: Donations received - 50,000 Gift aid receivable - 12,500 Investments: Dividend income 6,170 - Interest income - 6,911 6,170 6,911 Total income and endowments 6,170 69,411 Expenditure on: Raising funds: Investment management fees 3,334 Charitable activities: Grants made 5 197,500 - Accountancy fees 5 4,920 - Administration fees 5 9,000 - Bank charges 5 150 - Total expenditure 211,570 3,334 Net gains/(losses) on investments 7 - 36,883 Net (expenditure)/income (205,400) 102,960 Transfers between funds 205,400 (205,400) Net movement in funds - (102,440) Reconciliation of funds: Total funds brought forward - 1,032,491 Total funds carried forward 930,051 |
Total 2024 £ 50,000 12,500 6,170 6,911 13,081 75,581 3,334 197,500 4,920 9,000 150 214,904 36,883 (102,440) - (102,440) 1,032,491 930,051 |
Total 2023 £ 200,015 50,000 9,094 177 9,271 259,286 813 190,000 5,100 8,250 132 204,295 30,189 85,180 - 85,180 947,311 1,032,491 |
|---|---|---|
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 2024
| Note Fixed assets Investments 7 Current assets Cash at bank Total current assets Liabilities Creditors: Amounts falling due within one year 8 Net current assets Total net assets The funds of the charity Unrestricted income fund Expendable endowment fund Total charity funds |
2024 £ 672,183 263,221 263,221 5,353 257,868 930,051 - 930,051 930,051 |
2023 £ 872,060 209,940 209,940 49,509 160,431 1,032,491 - 1,032,491 1,032,491 |
|---|---|---|
The financial statements set out on pages 7 to 16 were approved by the Trustees on 30 January 2025 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 2024
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 2024
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 | Total | ||
| 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 |
9,271 |
||
| 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 |
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 2024
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 (2023 – 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 197,500 14,070 Total 197,500 14,070 Governance costs 2024 £ Bank charges 150 Administration fees 9,000 Accountancy fees 4,920 14,070 Accountancy fees payable to the independent examiner's firm as follows: - Examination 1,000 - Accountancy 3,920 4,920 |
Total 2024 £ 211,570 |
|---|---|
| 211,570 |
|
| 2023 £ 132 8,250 5,100 |
|
| 13,482 |
|
| 900 4,200 |
|
| 5,100 |
(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 2024
5. Analysis of charitable expenditure (continued)
| Recipients of institutional grants: 1001Fontaines UK A Partner in Education A Place to Call Our Own Action Against Hunger Acton on Postpartum Psychosis Action Through Enterprise African Adventures Foundation Amplify Action Awamu Baha’i Agency for Social and Economic Development – United Kingdom (BASED UK) Beis Brucha Blossoms London Ltd Books2Africa Borderline Counsel Born on the Edge Bridge2Aid Camphill School Aberdeen Cancer Research Care for Carers Cataracts are Curable Caudwell Children Cetacean Research Chance for Childhood Cheetah Conservation ChildAid to Eastern Europe Children at Risk Foundation UK Children on the Edge Christel House Europe City to Sea CIO CLCS Colchester Cribs International Daisies Kids Club Dean and Cauvin Young People’s Trust Dig Deep (Africa) Eduspots Embrace the Middle Endless Medical Advantage Everyone’s Invited Ezra Umarpeh Ltd Fellowship & Aid to the Christians of the East (FACE) Facet CIO Fareshare Midlands Forever Angels UK For Refugees Fountain of Life Friends of Ibba Girls’ School, South Sudan Friends of St James Mission and School Friends of Zichron Dovid Carried forward |
2024 £ 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 - - - 60,000 |
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 62,500 |
|---|---|---|
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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 2024
| 5. Analysis of charitable expenditure (continued) Brought forward Future of Taru Get Set Girls Global Support Link Green Shoots Foundation Habitat for Humanity GB Hands Around The World Happy Kids HealthProm Heart + Minds Ltd Helen Bamber Foundation Home-Start Cymru Hopefield Animal Sanctuary Incredible Kids Inter Care Ltd Interburns International Aid Jacaranda UK Foundation Karibuni Children Kidasha Kisumu Children Trust Learning For Life Let’s Educate Them Lilomi Linda’s Fund Livability Lives in Focus LMK (Let Me Know) MAD-Aid Manisha UK Medevac Frontline Melrose Wakefield Hospital Memusi Foundation Microphthalmia, Anophthalmia & Coloboma Support Mission Without Borders Mobile Education Partnerships Mondochallenge Foundation New Routes UK NMC Midlands Ltd (Muscular Dystrophy Support Centre) Noa Girls One by One Parents Against Child Exploitation Pear Tree Special School Fund Pestalozzi International Polka Children’s Theatre Ltd Porridge and Pens Ghana Pragya Pratham UK Project Shelter Wakadogo Carried forward |
2024 £ 60,000 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 - - - 122,500 |
2023 £ 62,500 - 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 2,500 125,000 |
|---|---|---|
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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 2024
| 5. Analysis of charitable expenditure (continued) Brought forward Pump Aid Pursue Railway Children Re:Source Blackburn Refuge4Pets Remember by Baby Remembrance Photography Reprieve Rescue the Perishing Resolve Now Royal Hospital Chelsea Appeal Ltd Safehands Sailor’s Society Salt of the Earth Scholarships for Street Kids SDFK/ASFRINSPIRE Seal Future Foundation Self Help Africa Sense International Signpost International Small Steps Foundation SolarAid South Warwickshire and Worcestershire Mind SSAFA Street Child Stripey Stork Sussex Association for Spina Bifida and Hydrocephalus (SASBAH) Svitlo Education The Biojemmss Organisation The Book Bus Foundation The Brain Tumour Charity The Dorcas Dress Project The Friends of H.O.P.E The HoverAid Trust The Hummingbird Initiative The Joshua Generation 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 Tiny Tims Children Together for Short Lives Tools for Inner Peace Transforming Health and Education in Nepal (on behalf of Kathmandu International Study Centre) Carried forward |
2024 £ 122,500 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 2,500 - 187,500 |
2023 £ 125,000 - - 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 - - - 2,500 187,500 |
|---|---|---|
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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 2024
| 5. Analysis of charitable expenditure (continued) Brought forward Tushinde Children’s Trust Us in a Bus Via Wings Zambia Orphans Aid Zest Health for Life |
2024 £ 187,500 2,500 2,500 2,500 2,500 - 197,500 |
2023 £ 187,500 - - - - 2,500 190,000 |
|---|---|---|
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 £197,500 (2023 - £190,000) of which £197,500 (2023 -£190,000) was unrestricted.
6. Related party transactions
The charity received donations during the year of £50,000 (2023 - £200,000) from the settlor and trustee, Mr M Pignatelli, without conditions attached.
| 7. Fixed asset investments 2024 £ Market value brought forward 872,060 Additions at cost 1,019,528 Disposal proceeds (1,256,288) Net gain on revaluation 36,883 Market value as at 31 March 2024 672,183 Investments at fair value comprised: Listed equities 672,183 |
2023 £ 737,662 104,209 - 30,189 |
|---|---|
| 872,060 | |
| 872,060 |
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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 2024
8. Creditors: amounts falling due within one year
| 8. Creditors: amounts falling due within one year Accruals Accountancy fees Donations payable Other creditors |
2024 £ 1,800 3,540 - 13 5,353 |
2023 £ 1,800 2,700 45,000 9 |
| 49,509 |
9. Analysis of charitable funds
| Brought Forward £ Unrestricted income fund - Expendable endowment fund 1,032,491 1,032,491 Previous year Brought Forward £ Unrestricted income fund - Expendable endowment fund 947,311 947,311 |
Income Expenditure Transfer £ £ £ 6,170 (211,570) 205,400 69,411 (3,334) (205,400) 75,581 (215,663) - Income Expenditure Transfer £ £ £ 9,109 (203,482) 194,373 250,177 (813) (194,373) 259,286 (204,295) - |
Gains/ (losses) £ - 36,883 36,883 Gains/ (losses) £ - 30,189 30,189 |
Carried forward £ - 930,051 |
|---|---|---|---|
| 930,051 | |||
| Carried forward £ - 1,032,491 |
|||
| 1,032,491 |
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
672,183 872,060
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