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2025-03-31-accounts

Charity registration number: 1164419

Josephine's Star

Annual Report and Financial Statements for the Year Ended 31 March 2025

Josephine's Star

Contents (continued)

Trustees' Report 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 18

Josephine's Star

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2025.

Objectives and activities

Objects and aims

The CIO’s objects as set out in its constitution are:

  1. To preserve and protect physical and mental health, primarily in Somerset by providing support, advice and guidance to children and their families who have experienced or anticipating the death of someone significant; and

  2. To advance education and training in pre and post bereavement support for the public benefit, in particular among professional and volunteers working with children, young people and young adults.

Objectives, strategies and activities

The Charity continued to grow its profile within Somerset as the first port of call for Bereavement Support. We remain focused on our core deliverables; 1-1 Support, Grief First Aid and, the ever popular, Little Bags of Help.

Public benefit

Josephine's Star does not charge for it's activities with Children and Young people so there are no financial barriers to accessing our services.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and performance

Overview

The last year was a journey of slow steady growth interspersed with stand out moments of success and wonderful stories form the young people we support. Our model to slowly grow with the demand, was achieved but came with challenges, especially around the recruitment and retention of volunteers. The overall progress was very positive and the charity reached more children and had more impact than ever. Whilst continuing to grow its reputation as a leading source of Grief support and advice.

Staffing

Starting the year with 3 part time staff we made the strategic decision to expand the management team and focused efforts to recruit a very special person who could help us formalise our processes and move to the next stage of our growth plan. We were very fortunate to recruit and outstanding person for our Bereavement Support Team Lead role. This has given us the capacity to review many of our process and carry out an improvement strategy focused on enhancing the referral process for Children and Young people and their careers alongside streamlining our volunteer recruitment process. This process is bearing fruit in the later part of 2025, in terms of time on waiting list for young people and delivering and an even more focused bespoke service to each child.

Numbers

Throughout the year and despite challenges with volunteer numbers we delivered 157 1-1 sessions. Each session takes preparation and involves not just the time with the child but report writing and feedback. These sessions will have required 27 initial visit conversations with parents and more than 40 conversations with schools to set up. We delivered 28 Little Bags of Help each one posted to an individual child.

Page 1

Josephine's Star

Trustees' Report (continued)

We delivered Grief first aid to 6 schools and 3 session for Majon reaching a total of more than 350 teachers, Teaching assistants and support staff. Each one of these people would now be able to better support a child with their grief, and this work greatly increases the impact we can have across the county.

Feedback

While engagement numbers help to quantify what we do, each individual contact with a child a parent or a teacher has far reaching and often long lasting benefits. For children this may mean gaining the knowledge and understanding of their grief that means when it rises again the better placed to manage it with the knowledge that they have succeeded before. I have included just a couple of piece of feedback as an example.

Feedback received about the Little Bags of Help,

P the mother of J and A

“Wanted to say thank you for the little bags. Both children had enjoyed looking at the activities. A has particularly liked the bear.

P feels the beach ball that you can write on and then throw or kick around will be enjoyed by both children and will be a great way of helping them express their feelings of anger in a more acceptable way P thinks the bags were full of great ideas to use with her children.”

AP told us that the GFA training had provided the whole school with skills and knowledge in how to support bereaved children and she had personally used many of the techniques and strategies in her work as a TA within the school setting.

Feedback on 1-1

When I asked him to explain ‘how’ it had helped, he responded by telling me that talking with his own family has been difficult because no one’s really opening up about the situation.

“Having someone who is there to support you but doesn’t have the same attachments to your family takes away a lot of barriers, enabling me to share conversations that wouldn't normally be open to me.”

Community Links

The charity continues to build links in the Somerset area and strengthen existing relationships. This year we worked with numerous “new” schools and saw existing schools referring to us again, which reinforces the message we get about how good our offer is and how well it fits with school and CYP

We worked again with St Margaret’s hospice and delivers another activity day to children form both services. These fun days help bring children together with different forms of loss and help then through exciting outdoor activities gain confidence and realisation that they are not alone in their loss.

We engaged closely with local crematoria and this relationship has been a success on two fronts, firstly we have negotiated with the Crematoria that they will actively encourage families with children to visit in advance of a funeral to help children better understand the process and place and that the crematoria are better aware of the support we offer. We have been fortunate to receive a number of donations as a result of this relationship.

We are an active member of the Somerset Children and Young Peoples mental health network and as a result will have been asked to deliver our Grief First Aid training to voluntary and charitable organisations form across the county in 2026.

Page 2

Josephine's Star

Trustees' Report (continued)

We were again invited to deliver training to the teaching students at Plymouth Majons University. This work enables us to engage with 150 student teachers who are about to enter the teaching profession, thus equipping them with an understanding of grief in children. The feedback we receive for this is extremely positive and we know we are helping the future generation of teachers to be better prepared when the encounter grief amongst the children they work with.

Future and Funding and fundraising

The charity enters 25/25 year on a stable footing and focused on steady growth in volunteer numbers. We expect to reach 20 actively volunteers during this period and plan to expand our volunteering offer to include volunteer fundraisers and a social media volunteer.

We have broadened our funding base with successful applications from new funders but were unable to bid to Children In Need as they stopped applications while they underwent and review of their process. We will approach them in early 2026 but plan to further diversify our income routes.

Financial review

During the year the charity received total income of £37,002 (2024: £38,624). £20,000 was received as restricted grants to fund the salary of a support worker. £17,002 (2024: £28,819) of unrestricted donations were also received during the year.

Total expenditure during the year was £49,618 (2024: £31,401). £17,164 of this expenditure on restricted funds and £15,452 unrestricted.

The net position for 2025 was a net deficit of £12,616 (2024: £7,223 surplus). Unrestricted reserves at the year end were £31,589 and restricted reserves were £11,573, so total reserves of £43,6162 (2024: £55,778) with £43,359 in the bank account.

Policy on reserves

The charity's reserve policy is to have at least 6 months’ salary costs in unrestricted reserves. The charity is fortunate that it has few financial commitments and overheads so all of the reserves can be spent directly on activities with children and young people, which can be scaled depending on the funds available.

Reference and Administrative Details

Charity Registration Number: 1164419 Principal Office: C/o Wortham Jaques Ltd 130a High Street Crediton Devon EX17 3LQ

Page 3

Josephine's Star

Trustees' Report (continued)

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: M Brownbill L Tarry, Chair C Chapman Gibbs, Treasurer

Structure, governance and management

Nature of governing document

Josephine’s Star is a Charitable Incorporated Organisation (CIO), registered on 16 November 2015. The CIO was established under a Foundation constitution at the same date.

Page 4

Josephine's Star

Trustees' Report (continued)

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity 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 governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The annual report was approved by the trustees of the charity on 31 January 2026 and signed on its behalf by:

......................................... C Chapman Gibbs Trustee

Page 5

Josephine's Star

Independent Examiner's Report to the trustees of Josephine's Star

I report to the trustees on my examination of the accounts of Josephine's Star for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity trustees of Josephine's Star you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Josephine's Star'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.

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 Josephine's Star as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting 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.

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.

...................................... Andrew Mead FCCA

Craigoran Glenmore Road Oban Argyll PA34 4NB

31 January 2026

Page 6

Josephine's Star

Statement of Financial Activities for the Year Ended 31 March 2025

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16
Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16
Unrestricted
funds
£
14,877
2,125
17,002
(170)
(32,284)
(32,454)
(15,452)
(15,452)
47,041
31,589
Unrestricted
funds
£
28,569
250
28,819
(50)
(9,431)
(9,481)
19,338
19,338
27,703
47,041
Restricted
funds
£
-
20,000
20,000
(566)
(16,598)
(17,164)
2,836
2,836
8,737
11,573
Restricted
funds
£
-
9,805
9,805
-
(22,568)
(22,568)
(12,763)
(12,763)
21,500
8,737
Total
2025
£
14,877
22,125
37,002
(736)
(48,882)
(49,618)
(12,616)
(12,616)
55,778
43,162
Total
2024
£
28,569
10,055
38,624
(50)
(31,999)
(32,049)
6,575
6,575
49,203
55,778

All of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 9 to 18 form an integral part of these financial statements. Page 7

Josephine's Star

(Registration number: 1164419) Balance Sheet as at 31 March 2025

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
13
Creditors: Amounts falling due within one year
14
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
16
2025
£
929
410
43,359
43,769
(1,536)
42,233
43,162
11,573
31,589
43,162
2024
£
787
25
58,247
58,272
(3,281)
54,991
55,778
8,737
47,041
55,778

The financial statements on pages 7 to 18 were approved by the trustees, and authorised for issue on 31 January 2026 and signed on their behalf by:

......................................... C Chapman Gibbs Trustee

The notes on pages 9 to 18 form an integral part of these financial statements. Page 8

Josephine's Star

Notes to the Financial Statements for the Year Ended 31 March 2025

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Josephine's Star meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

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.

Page 9

Josephine's Star

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

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.

Tangible fixed assets

Individual fixed assets costing £200 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Office equipment 25% reducing balance basis

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.

Fund structure

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.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 10

Josephine's Star

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

Financial instruments

Classification

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.

Recognition and measurement

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 Income from donations and legacies

Donations and legacies;
Donations from companies, trusts and similar proceeds
Donations from individuals
Total for 2025
Total for 2024
Unrestricted
funds
General
£
12,783
2,094
14,877
28,569
Total
funds
£
12,783
2,094
14,877
28,569

Page 11

Josephine's Star

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

3 Income from charitable activities

Activities with Children and Young People
Total for 2025
Total for 2024
Unrestricted
funds
General
£
2,125
2,125
250
Restricted
funds
£
20,000
20,000
9,805
Total
funds
£
22,125
22,125
10,055

4 Expenditure on raising funds

a) Costs of generating donations and legacies

Note
Donations
Other direct costs of generating voluntary
income
Total for 2025
Total for 2024
5
Expenditure on charitable activities
Note
Activities with Children and Young
People
Depreciation, amortisation and other
similar costs
Staff costs
Total for 2025
Total for 2024
Unrestricted
funds
General
£
-
170
170
50
Unrestricted
funds
General
£
11,445
308
20,531
32,284
9,431
Restricted
funds
£
566
-
566
-
Restricted
funds
£
1,717
-
14,881
16,598
22,568
Total
funds
£
566
170
736
50
Total
funds
£
13,162
308
35,412
48,882
31,999

Page 12

Josephine's Star

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

Activities with Children and Young People
Total for 2024
Activity
undertaken
directly
£
48,882
31,364
Total
expenditure
£
48,882
31,364

Page 13

Josephine's Star

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

6 Analysis of support costs

Raising funds expenditure

Costs of generating donations and legacies

Basis of allocation
Marketing costs
Subscriptions
Total for 2025
Total for 2024
Charitable activities expenditure
Basis of allocation
Little Bags of Help
Cost of sessions with Children and
Young People
Supervision
Travel costs
Training
DBS Checks
Room Hire
Advertising and marketing
Administration costs
Insurance
Total for 2025
Total for 2024
Unrestricted
funds
General
£
85
85
170
38
Unrestricted
funds
General
£
861
661
1,740
3,953
-
50
228
258
3,625
586
11,962
6,192
Restricted
funds
£
566
-
566
-
Restricted
funds
£
-
-
280
16
342
182
380
-
-
-
1,200
2,400
Total
funds
£
651
85
736
38
Total
funds
£
861
661
2,020
3,969
342
232
608
258
3,625
586
13,162
8,592

7 Net incoming/outgoing resources

Net (outgoing)/incoming resources for the year include:

Depreciation of fixed assets

2025 2024
£ £
308 264

Page 14

Josephine's Star

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

8 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

L Tarry

Reimbursement for charity expenses and mileage claimed.

At the balance sheet date the amount due to L Tarry was £404 (2024: £564).

C Chapman Gibbs

£Nil (2024: £24) of expenses were reimbursed to C Chapman Gibbs during the year.

Reimbursement for charity expenses.

At the balance sheet date the amount due to C Chapman Gibbs was £450 (2024: £988).

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any other benefits from the charity during the year.

9 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Pension costs
2025
£
34,970
442
35,412
2024
£
22,507
-
22,507

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Volunteer Co-ordinator
Grief Support Worker
Administrator
2025
No
1
1
1
3
2024
No
1
1
1
3

No employee received emoluments of more than £60,000 during the year

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Josephine's Star

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

10 Taxation

The charity is a registered charity and is therefore exempt from taxation.

11 Tangible fixed assets

Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
12 Debtors
Other debtors
13 Cash and cash equivalents
Cash at bank
14 Creditors: amounts falling due within one year
Other creditors
Furniture and
equipment
£
1,845
450
2,295
1,058
308
1,366
929
787
2025
£
410
2025
£
43,359
2025
£
1,536
Furniture and
equipment
£
1,845
450
2,295
1,058
308
1,366
929
787
2025
£
410
2025
£
43,359
2025
£
1,536
Total
£
1,845
450
2,295
1,058
308
1,366
929
787
2024
£
25
2,295
1,058
308
1,366
929
787
2025
£
410
2025
£
43,359
2025
£
1,536
2024
£
58,247
2024
£
3,281

15 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £442 (2024 - £Nil).

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Josephine's Star

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

16 Funds
Unrestricted funds
General
Unrestricted funds
Restricted funds
Children In Need
Big Lottery Fund - 2022
Big Lottery Fund - 2025
Total funds
Unrestricted funds
General
Unrestricted funds
Restricted funds
Children In Need
Big Lottery Fund - 2022
Big Lottery Fund - 2023
Total funds
Balance at 1
April 2024
£
47,041
4,227
4,510
-
8,737
55,778
Balance at 1
April 2023
£
27,703
6,126
7,410
7,964
21,500
49,203
Incoming
resources
£
16,580
-
-
20,000
20,000
36,580
Incoming
resources
£
28,538
9,805
-
-
9,805
38,343
Resources
expended
£
(32,032)
(4,227)
(2,283)
(10,654)
(17,164)
(49,196)
Resources
expended
£
(9,200)
(11,704)
(2,900)
(7,964)
(22,568)
(31,768)
Balance at 31
March 2025
£
31,589
-
2,227
9,346
11,573
43,162
Balance at 31
March 2024
£
47,041
4,227
4,510
-
8,737
55,778

Page 17

Josephine's Star

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

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

Big Lottery Fund - 2020

The grant received from the Big Lottery is to support the charity's work with Children & Young People, excluding salary costs, in line with the budget approved with the grant application.

Children In Need

The grant received from Children In Need is to finance the salary of a Support Coordinator for 12 months.

Covid-19 Support

Grants received from the Big Lottery of £1,984, Children In Need £2,150 and the Somerset Community Foundation of £2,500 to support the charity to adapt it's working practices to continue supporting children and young people during the pandemic.

Big Lottery Fund - 2022

The grant received from the Big Lottery to primarily support the charity to increase it's number of volunteers.

Big Lottery Fund - 2023 and 2025

The grant received from the Big Lottery is to finance the salary of a Grief Support Worker for 12 months.

17 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets
Unrestricted
funds
General
£
929
32,196
(1,536)
31,589
Unrestricted
funds
General
£
787
49,296
(3,042)
47,041
Restricted
funds
£
-
11,573
-
11,573
Restricted
funds
£
-
8,976
(239)
8,737
Total funds at
31 March
2025
£
929
43,769
(1,536)
43,162
Total funds at
31 March
2024
£
787
58,272
(3,281)
55,778

18 Analysis of net funds

Cash at bank and in hand
Net debt
At 1 April
2024
£
58,247
58,247
At 31 March
2025
£
58,247
58,247

Page 18