THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Charity Number; 1168445 BEGBIES Chartered Accountants 9 Bonhill Street Londoii EC2A 4DJ
THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) INDEX TO THE ACCOUNTS Reference and Administrative Details Report of the Trustees Audit Report Statement of Financial Activities Balance Sheet C&8h Flow Statement 10 Notes to the Accounts
THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) CHARITY REGISTRATION NUMBER 1168445 REFERENCE AND ADMINISTRATIVE INFORMATION CHAIR Mr J Clark MA,PGCE BOARD OF MANAGEIVIENT (fRUSTEES) Mrs M Boyle MA, M ED, PGCE (froin 17 October 2024) Mi. J C1.k MA, PGCE, Miss M M Connell MA (Oxon), Mr E T A Coward MA (Cantab) Msci, Mrs J E Davies MA, ARCM, Mr M J Walsh B.Coinm, FCA (Honorary Treasurer), Mrs S Wliitfield MA (Cantab), Mrs A Wood Bsc, Dr H Zaidi Pl, CEng, MIET, Cmath, Csci, MIMA, PGCE, MSC, Bsc (Hons) (from 17 October 2024) INVESTMENT AND FINANCE COMMITTEE Mr J Clark MA, PGCE Mr E T A Coward MA (Cantab) Msci Mr M J Walsh B.Comin, FCA Mrs S Whitfield MA (Cantab) Mr T Woerner BA(Hons), MBA, FCA (fiDm 28 March 2024) GRANTS COMMITTEE Mrs M Boyle MA, M ED, PGCE (from 17 October 2024) Mr J C1.k MA, PGCE, Miss M M CoDnell MA (Oxon), Mrs J E Davies MA, ARCM, Mrs A Wood Bsc Dr H Zaidi PhD, CEng, MIET, Cmath, Csci, MIMA, PGCE, Msc, Bsc (Hons) (froin 17 October 2024) CONSULTANTS Auditors . Begbies Investment Advisers . Sarasin & Partners CHIEF EXECUTIVE Judith Smith MBE (in charge of day to day management of the Charity) PRINCIPAL ADDRESS 5 Kingsway Road, Cheam SM3 8SL
THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report and financial statements of the charity for th¢ year ended 31 March 2024. Structure, Governanee and Management The charity was registered on 26 July 2016 as a Cliaritable Incorporated Organisation (CIO) and began to function on l April 2017. It inerged with and has succeeded the unincorporated Schoolmistresses and Governesses Benevolent Institution (charity number 205366). All of the assets of the unin¢orpoi'ated entity wei'e transferred to the CIO on l April 2017. The Charity is governed by tlie rules of its constitution dated 24 Noveinber 2016. There to be at least six but no more than ten tnistees, appointed by the Board of Management if considered suitable and willing to contribute. The recommendation of grants is delegated to the Grants Committee and financial inatters are considered by tlie Investment and Finance Coinmittee. The Board seeks to recruit additional trustees as and when necessary and to ensure that it complies with its plan for succession of officers and trustees. Risk Management The trustees have ¢onsidered the inajor risks to which the charity is exposed, have reviewed those risks and established systems and procedures to manage thein where considered iiecessary. Duriiig the year the trustees reviewed the level of risk to which the investment portfolio is exposed. The trustees receive regular performance reports from the investment managers and meet with them periodically. Objectives, Public Benefjt Aims and Policies of the Charity The objects of the charity are the relief of need of those who are employed or have been employed in the education of pupils under the age of19 in the United Kingdom by the provision of grants, advice and other assistance and the undertaking and supporting of research into Inatters relevant to such beneficiaries. In pursuit of the charitable objectives of the charity, the trustees confirm they have given due regard to the Cliarity Commission guidance on achieving Public Benefit. The charity achieves its objectives via its PrOgrne of making individual grants, where these grants are expected to make a noticeable difference to the welfare and quality of life of the beneficiaries. Review of Development, Activities and Achievements During the Year Our charitable activities increased from £464,469 in 2022123 to £630,594 in 2023124. This increase is in line with the targets set by the Board of Trustees to ensure a steady growth in the support available to people eligible to apply to the Charity. (2)
THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (CONfINUED) Review of Development, Activities and Achievements During the Year (Continued) We were able to put some generous legacies to good use during the year and increased our payments to individuals by 35 % on the previous year. This meant that we provided financial support to more tliaii 600 people to help them to meet the impact of circumstances they coiildn't have anticipated oi. expected. This year our financial support helped to alleviate those circumstances as follows: ill health and disability 37 % Domestic Abuse and relationship breakdown - 26 % Bereavement - 12% Loss of incoine - 12 % Loss of home- 10% Care and welfare - 3 % And we made payments towards: Essential household bills 40 % Housing costs - 250/0 Essential furniture, flooring and white goods - 220/0 Household repairs and adaptations - 5 % Costs of wellbeiiig and terminal illness - 40/ Fiinerals and bereavement costs - 30/0 Travel and transpoit- 10/0 We were pleased to also distribute funds on behalf of both the Civil Service Insurance Society and New Philanthropy Capital and we're building on those successes to work alongside other trusts and fouiidations who want to coiitribute their suppoit to the education sector. Our partnership witli Litning Reach has been very successful and more than 500/0 of the payments we made went to individuals who applied via Lightning during the Ye.. The trustees expressed their thanks to the small staff team who continued to work effectively and efficiently with all die people who apply to us. Financial Review The Inajority of the charity's income is derived from its investment portfolio, suppleinented by donations and legacies. This enables the charity to fund its administrative costs with the balance available to provide as grants. During the year the charity made grants totalling £630,594 (2023.. £464,469). The investment portfolio is managed by Sarasin & Partners. The value of investments increased by £1,109,257 (deci'ease 2023; £907,508) during the year and stood at £15,151,477 at the end of the year.
THE TEACHING STAFF TRUST (CHAIUTABLE INCORPORATII D ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (CONTDYUED) The Endoivment Funds of the Trust By definition of the Chai'ity Commissfion, endowment funds are propety of the charity which the trustees are legally required to invest or to keep and use for the charity's aims. There are two Categories of endowment funds, namely. expendable and permanent ¢ndowm¢iit. The trustees have the power to spend both the income and underlying capital of expendable endowment. In the case of permanent endowment, in nonnal circumstances the Trustees may not spend the capital. Income arising fi'om the invested assets representing pennaneiit endowment must be spent on the charitable objects of tlie Trust. Trustees, Responsibilities in Relation to tbe Financial Statements Law applicable to Charities in England and Wales requires the trustees to prepare financial ststements for each financial year which give a tru¢ and fair view of the charity's fmancial activities during the year and of its fiiiancial position at the end of the year. In preparing those fmancial statements, the trustees are required to.. Select suitable accounting policies and then apply thein consistfntly; Make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statemeiits. and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply witl) the Charities Act 201 l. They 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. Statement of Disclosure to Auditors So far as the trustees are aware, there is no relevant audit infoiination of which the charity's auditors are unaware. Additionally, the trustees have taken all steps they ought to have taken as trustees in ord¢r to make themselves aware of any relevant audit information and to establish that the cliarity's auditors are aware of that information. Approved by the trustees and signed on their behalf by: John Clark Chair Date: 17 October 2024 (4)
INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statements of The Teaching Staff Trust CIO (the "charity ) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, tlie Balance Sheet, Statement of Cash Flows and related notes. The financial reporting framework that has beeii applied in their preparation is applicable law and United Kingdom Accounting Standards incliiding FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdoill Generally Accepted Accountiiig Practice). In our opinion tlie financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year theii elided. have been pi'operly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We coiiducted our audit in accordance with International Standards on Aiiditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit or tlie financial stateinents section of our report. We are iiidependent of the harity in accordance with ethical requirements that are relevant to our audit of the financial statements in tlie United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conelusion relating to going concern In auditing the financial stateinents, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concein for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with regard to going concern are described in the relevant sectioiis of this report. (5)
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Other information The trLlStees are responsible for the other information. The other information comprises the report of the trustees. Our opinion on the fiiiancial statements does not cover the other informatioii and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially iiiconsistent with the financial statements or our knowledge obtained iii the audit or otherwise appears to be materially inisstated. If we identify such material inconsistencies or apparent material misstatements, we are reqiiired to determine whetlier there is a material inisstatement in the financial statemeiits or a material misstatement of the other inforniation. If, based on the work we have performed, we concluded that there is a material misstatement of this other information, we are i'equired to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exeeption We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in oui, opinion.. the information given in the trustees, report is inconsistent iii any material respect with the financia statements. or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and retums. or we have not received all the information and explanations we require for our audit. Responsibility of the Trustees As explained more fully in the trustees, responsibilities statement set out on page 4, the trustees are responsible for tlie preparation of the financial statements and for beiiig satisfied that they give a true and fair view, and for such internal control as the trustees deterinine is necessary to enable the preparation of the financial statements that are free from material misstatement, whethei, due to fraud or error. In preparing the financial statements, the trustees are responsible foi. assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to the going concern and using the going concern basis of accounting unless the trustees either intend to liquidat¢ the cliarity oi. to cease operations, oi. have no realistic altei'native but to do so. Auditor's responsibilities for the audit of the fmAncial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit Conducted in accordance with ISAS (UK) will always detect a matei'ial misstatement when it exists. Misstatements can arise from fraud or error and are considered inaterial if, indlvidually or in the aggregate, they could reasonably be expected to influence the economic decisions of us¢i's taken on the basis of these finaiicial statements. (6)
INDEPEf4DENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Auditor's responsibilities for the audit of the financial statements (continued) Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design proCed'eS in line with our respoiisibility, Outliiied above, to detect material inisstatements in respect of irregularities, including fraiid. The extent to which our procedures are capable of detecting iiTegularities, including fraud is dependent upon the effectiveness of management controls and the nature, timing and extent of the audit procedures carried out, which included: Enquiries of tliose cliarged with governance to identify any instances of non-compliance with laws Id regulations. Reviewing minutes of meetings of those charged with govemance. Auditing th¢ risk of management override of controls and evaluating the rationale of significant transactions outside the norinal course of activities. Reviewing disclosures in the financial statements and testing to supporting documentation to assess compliance with applicable laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on tlie Financial Reporting Council's website at: www.fr¢.org.uk/auditorsresponsibilities. This descriptioii forms part of oui. auditor's report. Use of our report This report is inade solely to the charity's trustees, as a body, in accordan¢¢ with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has beeii undeitaken so that we miglit state to the charity's trustees those matters we are required to state to them in at] aiiditor's report and for no othei, puiyose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, foi. our audit work, for this report, or for the opinions we have formed. Begbies Chartered Accountants Statutory Auditors 9 Bonhill Street London EC2A 4DJ Date: 17 October 2024 Begbies is eligible to act as an auditor in tenns of section 1212 of the Companies Act 2006 (7)
THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Operating Funds Capital Endowment Funds 2024 Total 2023 Total Notes Income From: Donations, Grants and Legacies Investmeiit Income 82,353 414,706 497,059 82,353 414,706 497,059 65,414 402,380 467,794 Total Ineome Expenditure On: Charitable Activities: Grants Payable Support Costs Costs of Raising Funds.. Investment Management Rebates Consultancy Fee Governance Costs 630,594 66,819 630,594 66,819 464,469 65,951 (33,510) 1,000 14,990 (33,510) 1,000 14,990 (34,523) 2,000 15,075 Total Expenditure 679,893 679,893 512,972 Net Expenditure before Gains on Investments (182,834) (182,834) (45,178) Net Gainl(Deficit)on Investment Assets 1,074,417 41,757 1,116,174 (889,746) Net Movement in Funds 891,583 41,757 933,340 (934,924) Reconeillation of Funds Total Funds Brought Forward Total Funds Carried Forward 13,703,750 14,595,333 532,328 574,085 14,236,078 15,169,418 15,171,002 14,236,078
THE TEACHING STAFF TRUST (CHAIUTABLE INCORPORATED ORGANISATION) BALANCE SHEET AS AT 31 MARCH 2024 Unrestricted Operating Fllnds Capital Endowment Funds 2024 Total 2023 Totrdl Notes Fixed Assets Tangible Fixed Assets Investments Total Fixed Assets 1,251 14,141,692 14,142,943 14,577,393 14,577,393 574,084 574,084 15,151,477 15,151,477 Current Assets Debtors Cash at Bank and in Hand Total Current Assets 4,387 71,035 75,422 4,387 71,035 75,422 2,790 123,320 126,110 Creditors: Ainounts Falling Due Within One Year Net Current Assets (57,481) 17,941 (57,481) 17,941 (32,975) 93,135 Net Assets 14,595,334 574,084 15,169,418 14,236,078 Funds 10 UtLrestricted Endowment 14,595,333 14,595,333 574,085 15,169,418 13.703,750 532,328 14,236,078 574,085 574,085 14,595,333 These financial statements were approved by the Board of Management on 17 October 2024 Chair . John Clark HonorAry Treasurer . Martin Walsb dLidLI Cc ¥bl &,,(f Chief Executive . Judith Smith (9)
THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) CASH FLOW STATEIVIENT FOR THE YEAR ENDED 31 IRCH 2024 Total Funds 2024 Total Funds 2023 Note Cash (used in) Operating Activities 12 (573,380) (418.920) Cash Floivs from Investlllg Activities: Dividends and Interest Received Purchase of Plant & Equipment Sale of Tangible Fixed Assets Sale of Investinents Purcliase of Investments 414,706 402,380 153,300 (46,911) 126,445 (71,085) Net Cash provided by Investing Activities 521,095 457,740 Net Change in Cash in the year Cash brought forward at l April (52,285) 123,320 38,820 84,500 Cash carried forward at 31 Ivlarch 71,035 123,320 (10)
THE TEACHING STAFF TRUST (CHAIUTABLE INCORPORATED ORGAl+lISATION) NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 Accounting Policies In preparing the accounts the following accounting policies have been complied with.. ( a ) The accoui)ts have been prepared under the historical cost convention as modified to include investments at valuation. The accounts have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the FIn]cIal Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and tlie Charities Act 2011. The trustees consider there are no material uncertainties about the ch'Itable incorporated organisation's ability to continue as a going concern. ( b ) The Charitable Incorporated orglIsatiOn meets the definition of a public benefit entity uiider FRS 102. ( c ) Iiivestment income is recorded when receivable. ( d ) Incoin¢ froin government and other grants, whether of a capital oi. revenue iiature, is recognised when receivabl¢ and any performance conditions attached to the grant have been met. ( e ) Expenditure on grants is recorded once the trust has made an unconditional commitsnent to pay the grant and this is communicated to the beneficiary oi. the grant has been paid, whichever is the earlier. ( f ) Other expenditure is included in the accounts on an accruals basis. Irrecoverable VAT is charged to the SOFA as incurred. ( g ) The cost of managing investments is charged against investment capital, reflecting the total retuin approach to investment management. Any costs associated with the sale or purchase of investments are accounted for as part of the sale or purchase price of the investments. ( h ) Quoted investments have been valued at market value at the balance sheet date. ( i ) Unrealised and realised investment gains and losses are shown net in the statement of financial activities. ( j ) Office Equipment is depreciated over a period of three years. Only items costing more than £500 are capitalised. ( k ) Rentals applicable to operating le&8es where substantially all of the benefits and i'isks of ownership remain with the lessor are charged against income &% inciirred.
THE TEACHll+lG STAFF TRUST (CIL4RITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 (CONTINUED) Donations, Grants and Legacies 2024 2023 Donations and Grants Legacies 21,850 60,503 82,353 4,446 60,968 65,414 Investment Income 2024 2023 Dividends - UK Equities Dividends - Overseas Eqiiities Interest - UK Fixed Interest Securities Other 35,665 267,485 51,009 60,547 75,245 187,911 59,150 80,074 414,706 402,380 Grants Payable 2024 2023 Bereavement Ill health Loss of Income Relatioiiship Breakdown Domestic Abuse Loss of Home Change of living Circumstances Debt Relief TV Licence Other Quarterly Payments Seasonal Grants 65,544 215,775 61,552 59,502 81,562 50,277 13,483 42,315 116,827 50,686 45,651 59,367 22,372 32,955 270 1,272 19,891 70,673 2,190 1,113 19,806 60,000 1,980 630,594 464,469 (12)
THE TEAcHG STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 (CONTINUED) Support Costs 2024 2023 Salaries and Related Costs (see below) Grant Administration Fees Rent and Rates Printing, Stationery and Telephone Coinputer Expenses Repairs and Renewals Sundry Expenses Pliblicity Depreciation 49,831 4,738 108 2,881 5.792 45,589 4,266 503 2,019 8,980 34 2,376 407 1,777 65,951 2,204 14 1,251 66,819 Staff Remuneration 2024 2023 Wages and Salaries Social Security Costs Pension Costs 42,931 38,674 6,900 49,831 6,915 45,589 The average number of staff employed in management and administration of the charity in the year was two (2023: two). One retired member of SGBI staff has been granted a supplementary pension during her lifetime. This commitment w&s assuined by the Teaching Staff Triist upon transfer of the assets and liabilities of SGBI on l April 2017. The amount paid iii the period ended 31 Mch 2024 was £5,472 (2023.. £5,365). Governanee Costs 2024 2023 Audit Fee Other Professional Fees Trustees, Insurance 4,890 8,590 1,510 14,990 4,560 9,029 1,486 15,075 The trustees did not receive any remunei'ation during the year. No trustees were reimbursed expenses during the year.
THE TEACHING STAFF TRUST (CIIARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 (corqTINUED) Tangible Fixed Assets Office Equipment Cost At l April 2023 Additions At 31 March 2024 7,066 7,066 Depreciation At l April 2023 Charge for the Year At 31 March 2024 5,815 1,251 7,066 Net Book Value At 31 March 2024 At 31 March 2023 1,251 Investments 2024 2023 Market Value at l April 2023 Purcliases During the Year at Cost DisposalslProceeds During the Year Realised Gains on Disposals Changes in Ui)realised Gains Investments Increase in Cash Deposits Market Value at 31 March 2024 14,141,692 55,115 (153,300) 6,917 1,109,257 (8,204 15,151,477 15,086,798 64,000 (126,445) 17,762 (907,508) 7,085 14,141,692 Historic Cost at 31 March 2024 11,188,423 11,287,894 Represented by: Multi Asset Funds Cash Deposits 15,142,793 8,684 15,151,477 14,124,804 16,888 14,141,692 Analysed &8: Unrestricted Operating Funds Endowmeiit Funds 14,577,393 574,084 13,609,364 532,328 (14)
THE TEACHING STAFF TRUST (CHARITABLE ]TrICORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 (CONTINUED) Investments (Continued) 2024 2023 Comprising: UK Equities Overseas Equities UK Fixed Interest Securities Property Alternative Investments Liquid Assets 1,276,742 9,774,136 1,868,810 537,323 1,035,486 658,980 15,151,477 2,640,659 6,608,395 2,077,028 618,990 1,730,036 466,584 14,141,692 Creditors: Amounts Falling Due Within One Year 2024 2023 Grants Payable Accrued Expenses 51,478 6,003 57,481 27,548 5,427 32,975 10. Funds Capital Endowment Funds These comprise nuinerous legacies received by Schoolmistresses and Governesses Benevolent Institution ('SGBI') since 1848 which instructed that the capital endowed should not be used as if it were income. The transfer agreement between SGBI and the Teaching Staff Trust prescribed that pennanently endowed Property of the SGBI shall vest in the Teaching Staff Trust on the same trusts. The income arising from the investsnent of the endowment funds is included within unrestricted investsnent income in the Statement of Financial Activities. Unrestricted Funds The unrestricted operating fund comprises funds which the trustees are free to use in accordance with the objects of the charity.
THE TEACH]TrIG STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024 (CONTINUED) I l. Operating Lease Commitments At 31 March 2024, the charity had no cominitinents for payments under non-wicellable operating leases. 12. Reconciliation of Net Income to Net Cash Flow from Operating Activities Total Funds 2024 Total Funds 2023 Net (deficit) for the reporting period (as per tlie statement of financial activities) (182,834) (45,178) Adjustments for: Depreciation Dividends and Interest (Increase)IDecrease ID Debtors Incre&se in Creditors Net Cash used in operating activities 1,251 (414,706) (1,597) 24,506 (573,380) 1,777 (402,380) (1,352) 28,213 (418,920)