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2025-12-31-accounts

Charity registration number 1164753 (England and Wales)

HIGHWAY ONE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

HIGHWAY ONE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Jacqueline Elton
Neil Maybin
Michael Armstrong
Sarah Rutherford
Duncan McCallum
Charity number 1164753
Principal address 2nd Floor, Church House
86 Tavistock Place
London
WC1H 9RT
Independent examiner Gary Howard FCA
Howard Wilson Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
Bankers Barclays Bank plc
Leicester
LE87 2BB
CAF Bank
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ

HIGHWAY ONE TRUST

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 17

HIGHWAY ONE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's governing document, the Charities Act 2011 and "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)".

Objectives and activities

The Charity's purpose is of general benefit to the public, as it will make grants to other organisations and therefore will indirectly advance the benefits provided by those charities. In addition, the Charity will support other organisations by non-financial means, helping those organisations to fulfil their own charitable purposes. It operates as a grant making organisation.

The Charity has wide objects, enabling it to benefit any purpose which is charitable under the law of England and Wales.

The Trustees will achieve the Charity's purpose primarily by making grants and providing support and advice to other registered UK charities and to international charities, or to other non-profit making bodies, running programmes relating to the Charity's objects.

Grants will be made, and support and advice offered, to such charities and on such terms as the Trustees consider are most appropriate to further the Charity's objects. The key objects on which we are focussing are:

As stated on the Trust's website, www.highwayonetrust.com, the overall ambition of the Highway One Trust is to help those who are following long roads and difficult paths towards long term and lasting change. It could support initiatives that are simple and practical but generally it is not about quick relief or “in/out" interventions or activities that may get lots of media attention. All grants made will be subject to monitoring and evaluation to ensure that they achieve the intended outcome, outputs or impact.

The charity was registered as a CIO - Charitable Incorporated Organisation in 2015 and during 2017 adopted formal grant making procedures.

Grant making process

The Trust Director and Trust Administrator work the equivalent of one day a week each in a freelance capacity. They have been appointed to manage the day-to-day concerns of the Trust. Their responsibilities include researching appropriate charities, managing a two-stage application process and presenting suitable grant applications to the Trustees at quarterly meetings. They are also responsible for ensuring grant conditions are met and monitoring of these grants is carried out.

The Trust aims to directly approach charities it believes meet the criteria and invite them to apply. However, it has also encouraged charities that think they meet the criteria to submit an expression of interest. This expression is limited to 50 words but has proven successful, with some charities securing funding through this route.

In addition, the Trustees are open to supporting initiatives outside of the grant making process if they can be seen to support the objects of the Trust. These will be considered on a case-by-case basis.

Public benefit statement

When deciding on activities and programmes to support the Trustees pay due regard to the Charity Commission's guidance on public benefit.

HIGHWAY ONE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Plans for the future

The Trustees will continue to approve grants at quarterly meetings, with up to ten applications expected at each. Grant sizes have increased to £15,000 to £20,000 and can be used for core, capital or project costs.

The Trust Director and Trust Administrator will continue to develop the grant making procedures including the multi-year funding policy in accordance with budget approval

2026 sees the tenth anniversary of grant making for the Trust and this will be marked with a celebratory event in June at which five additional grants will be made to Trustee nominated charities that the Trust has supported over a number of years.

Achievements and performance

During the year, grants were awarded across the Trust’s criteria areas. Some charities may fit multiple criteria, grants are listed according to the area funded.

Disfiguring Medical Conditions Poverty, economic regeneration and homelessness Changing Faces AID CLAPA Amber Foundation Hoveraid Five Talents MAC’s Firm Foundations GlassDoor Mental Health Just Life Dose of Nature NOMAD Bearded Fisherman Plunkett UK Boxing Futures Youth Concern Aylesbury CALM Dementia Adventure Prison and injustice Ely Bridge Community Centre A Band of Brothers GROW Appeal Growing Hope Brockley No Going Back If You Care Share Not Beyond Redemption Linking Lives Prison Reform Trust PACT Reprieve Rendezvous Spark Inside Sanctuary Mental Health Ministries StandOut Programmes Unseen Switchback Singleness and Isolation Trustee Nominations Gingerbread Restoration Trust Naked Trust Project USPG Wilmslow Wells for Africa

In March 2025, the Trust hosted an in-person event for representatives from all the charities currently receiving funding. Trustees and the Trust Director facilitated table discussions. The event’s purpose was twofold: for the Trust to learn about current issues facing charities and their responses, and for charities to network, particularly with those from different sectors. Participant feedback has informed the Trust’s grant-making decisions.

In addition, the Trustees continue to support the charity Shelter Community (charity registration number1151910) who are based in a building in West London that was received by the Trust as a gift in kind in 2018. The property is kept as an asset of the charity and will be let to suitable charitable organisations who provide accommodation and support for those in need. In the first instance this is to Shelter Community who support young people in housing need who are aiming to get their lives back on track supported by volunteer mentors and a resident host family.

HIGHWAY ONE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Grant Statistics 2025 – Grants by Object and Value

Forty-one grants totalling £518k were awarded during the year across six criteria areas. The most grants have been awarded within the categories of Mental Health followed by Prisons and Injustice and Poverty, Economic Regeneration and Homelessness.

New versus Previous Grant Holders in 2025

During the year eighteen new charities were supported (sixteen in 2024) with twenty-three previously supported charities awarded grants (nineteen in 2024).

HIGHWAY ONE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Financial review

The charity had an income for the year of £580,885 (2024: £509,598). After regular charitable expenditure of £629,216 (2024 £619,644) there was a deficit of £48,331 (2024: £110,046). All funds held at the period end were unrestricted but there is a designated fund to hold the property donated to the charity. The annual depreciation cost relating to the property will be charged against this designated fund.

The trustees aim to sustain the level of reserves in line with its policy stated below.

Reserves policy

The charity maintains sufficient level of reserves to meet its current obligations. This policy is reviewed regularly by the trustees. A minimum of £18,000 is held in cash to cover three months of administration and expenditure costs.

Risk management

The trustees have assessed the major risks to which the CIO is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

Highway One Trust registered as a CIO Charity with Charity Commission on 8 December 2015.

The trustees who served during the year and up to the date of signature of the financial statements were: Jacqueline Elton Neil Maybin Michael Armstrong Sarah Rutherford Duncan McCallum

The charity is mainly funded by a Swiss registered charity which was established in 2010 and another established in 2021.

Trustees are appointed from an appropriate range of contexts with the necessary skills and experience to advise on the delivery of the charity's objectives. Training for new Trustees is through provision of relevant Charity Commission guidance documents and a full induction with the Chair.

Decisions to award grants are taken by the Trustees following a two stage application procedure which is managed by the Trust Director who also carries out the day to day administration for the charity.

The trustees' report was approved by the Board of Trustees.

Jacqueline Elton

Jacqueline Elton

Trustee Dated: 26 June 2026

HIGHWAY ONE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

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

The law applicable to charities in England and Wales 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 CIO and of the incoming resources and application of resources of the CIO for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the CIO and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HIGHWAY ONE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HIGHWAY ONE TRUST

I report to the trustees on my examination of the financial statements of Highway One Trust (the CIO) for the year ended 31 December 2025.

Responsibilities and basis of report

As the trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the CIO’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the CIO’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Gary Howard FCA

Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE 17 July 2026

HIGHWAY ONE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income and endowments from:
Charitable activities 3 578,000 507,000
Investments 4 150 50
Other income 5 2,735 2,548
Total income 580,885 509,598
Expenditure on:
Charitable activities 6 614,216 619,644
Other expenditure 9 15,000 -
Total expenditure 629,216 619,644
Net expenditure and movement in funds (48,331) (110,046)
Reconciliation of funds:
Fund balances at 1 January 2025 2,005,826 2,115,872
Fund balances at 31 December 2025 1,957,495 2,005,826

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

HIGHWAY ONE TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2025

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
The funds of the CIO
Unrestricted funds
15
Designated funds
15		 2025
£
£
1,903,230
-
1,903,230
1,704
108,129
109,833
(55,568)
54,265
1,957,495
54,265
1,903,230
1,957,495		 2024
£
£
1,948,366
15,000
1,963,366
-
44,918
44,918
(2,458)
42,460
2,005,826
57,460
1,948,366
2,005,826		 2024
£
£
1,948,366
15,000
1,963,366
-
44,918
44,918
(2,458)
42,460
2,005,826
57,460
1,948,366
2,005,826
1,963,366
42,460
2,005,826
57,460
1,948,366
2,005,826

The financial statements were approved by the trustees on 26 June 2026

Jacqueline Elton

Jacqueline Elton Trustee

HIGHWAY ONE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
17
Investing activities
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
150		 £
63,061
150
-
63,211
44,918
108,129		 2024
£
50		 £
(64,977)
50
-
(64,927)
109,845
44,918

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

Highway One Trust is a Charitable Incorporated Organisation (CIO).

1.1 Basis of preparation

The financial statements have been prepared in accordance with the CIO's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The CIO is a Public Benefit Entity as defined by FRS 102.

The CIO has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Expenditure

Resources expended are included in the Statement of Financial Activities on an accruals basis inclusive of VAT.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings

over 50 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the CIO reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The CIO has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the CIO's balance sheet when the CIO becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the CIO’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the CIO’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Grant income
Grants received 578,000 507,000

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Rental income 50 50
Interest receivable 100 -
150 50

5 Other income

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Property recharges 2,735 2,548

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

6 Expenditure on charitable activities

Direct costs
Depreciation and impairment
Premises costs
Insurance costs
Office costs
Research costs
Subscriptions
Travel and subsistence costs
Bank charges and other finance costs
Meeting costs
Governance costs
Grant funding of activities (see note 7)
Analysis by fund
Unrestricted funds		 2025
£
45,136
18,312
2,936
241
24,106
1,230
891
186
1,517
1,200
95,755
518,461
614,216
614,216		 2024
£
45,136
18,720
2,734
405
22,385
730
750
117
-
1,080
92,057
527,587
619,644
619,644

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

7 Grants payable

Grants to institutions:
Amber Foundation
Anglican International Development
APPEAL (Centre for Criminal Appeals)
Band of Brothers
Bearded Fishermen
Boxing Futures
Campaign Against Living Miserably
Changing Faces
The Cleft Lip and Palate Association (CLAPA)
Dementia Adventure
Dose of Nature
Firm Foundation
Five Talents
Gingerbread
Glass Door
GROW
Growing Hope Brockley
HoverAid
If U Care Share Foundation
Just Life Foundation
Linking Lives
Microphthalmia, Anophthalmia and Coloboma Support (MACS)
No Going Back
Nomad Opening Doors
Not Beyond Redemption
The Plunkett Foundation
Prison Advice and Care Trust (Pact)
Prison Reform Trust
The Rendezvous Sherborne
Reprieve
The Restoration Trust
Sanctuary Mental Health Ministries
Spark Inside
St Vincent De Paul Society - Ely
StandOut Programmes
Switchback
The United Society (USPG)
Unseen
Visible Ministries - Naked Truth Project
Wilmslow Wells for Africa
Youth Concern Aylesbury
Other*		 2025
£
15,000
15,000
15,000
15,000
10,000
15,000
15,000
15,000
15,000
15,000
10,000
10,000
10,000
15,000
15,000
10,000
5,000
15,000
15,000
15,000
10,000
15,000
10,000
15,000
10,000
15,000
15,000
15,000
10,000
15,000
7,000
10,000
15,000
7,500
15,000
15,000
7,000
10,000
14,961
7,000
15,000
-
518,461		 2024
£
15,000
10,000
10,000
14,825
-
12,490
15,000
-
10,000
-
10,000
-
10,000
15,000
15,000
-
-
15,000
-
15,000
10,000
-
-
-
-
15,000
-
15,000
10,000
10,000
-
-
15,000
-
15,000
15,000
-
-
-
-
-
255,272
527,587

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but 1 of them was reimbursed a total of £48 travelling expenses (2024: 2 of them were reimbursed a total of £59 travelling expenses).

9 Other expenditure

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Impairment loss on investments 15,000 -

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11 Tangible fixed assets

Tangible fixed assets
Freehold land
and buildings
£
Cost
At 1 January 2025 2,256,795
At 31 December 2025 2,256,795
Depreciation and impairment
At 1 January 2025 308,429
Depreciation charged in the year 45,136
At 31 December 2025 353,565
Carrying amount
At 31 December 2025 1,903,230
At 31 December 2024 1,948,366

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

12 Fixed asset investments

Cost or valuation
At 1 January 2025 & 31 December 2025
Impairment
At 1 January 2025
Impairment losses
At 31 December 2025
Carrying amount
At 31 December 2025
At 31 December 2024
13
Debtors
Amounts falling due within one year:
Prepayments and accrued income
14
Creditors: amounts falling due within one year
Accruals and deferred income		 Unlisted
investments
£
15,000
-
15,000
15,000
-
15,000
2025
2024
£
£
1,704
-
2025
2024
£
£
55,568
2,458

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At
Property fund
General funds		 1 January
2025
Incoming
resources
Resources
expended
At 31
December
2025
£
£
£
£
1,948,366
-
(45,136)
1,903,230
57,460
580,885
(584,080)
54,265
2,005,826
580,885
(629,216)
1,957,495

HIGHWAY ONE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

15
Unrestricted funds
Previous year:
At
Property fund
General funds		 (Continued)
1 January
2024
Incoming
resources
Resources
expended
At 31
December
2024
£
£
£
£
1,993,502
-
(45,136)
1,948,366
122,370
509,598
(574,508)
57,460
2,115,872
509,598
(619,644)
2,005,826

The property fund relates to the charity's donated property asset in London.

16 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

17
Cash generated from/(absorbed by) operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Impairment losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
Increase/(decrease) in creditors
Cash generated from/(absorbed by) operations		 2025
£
(48,331)
(150)
15,000
45,136
(1,704)
53,110
63,061		 2024
£
(110,046)
(50)
-
45,136
-
(17)
(64,977)