Charity registration number 1168500 THE STUART HINE TRUST CIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Caladine chortered Certified Accountants
THE STUART HINE TRUST CIO LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr R Bodkin FCA {Chairman) Mr L Chipping Mrs M Churchyard Mr R Clark Mr N Coltman MrJ Juby Mr P Loose Mrs S Wlmot Associate members MrA Bodkin Mr D Churchyard Charity number 1168500 Principal address 40 Chapel Road Pawlett Bridgwater Somerset TA6 4SH Independent examiner John Caladine FCCA CTA FCIE Caladine Limited Chanty House 22 Upperton Road Eastboume East Sussex BN21 IBF Bankers Metro Bank 59 Terminus Road Eastboume East Sussex BN21 3NN Financial advisers Arnott Guy & Co Ltd Cornerstone House 416 Brassey Avenue Eastbourne BN22 9QD Legal advisers Taylor iwessing 5 New Street Square London EC4A 3TW Robert Monath PO Box 12423 Raleigh NC 27605 USA
THE STUART HINE TRUST CIO CONTENTS Page Trustees report Statement of Trustees responsibilities Independerrt examiners report Statement of financial activities Statement of financial posrtion Statement of cash flows Notes to the financial statements 10-15
THE STUART HINE TRUST CIO TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report 2nd financial statements for the year ended 31 March 2024_ The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the rinancial statements and comply wth the trust's constitLrtion the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charib.es preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019)" Objectives and activities The objects of the trust ale to receive the royalties due from the hymn How Great Thou Artl and its derivalives (the English words and arrangement of this hymn were written by the late Stuart K. Hine). invest the receipts and ensure that the resulting funds are used for charitable purposes only. The trust is also responsible for the hymns collected by Stuart and published in the songbook Hymns of Other Lands. No royalties are currently received in respect of these hymns. During this financial year we have continued to make grants to the UK charits'e5 SUPPOrted by Stuart during his lifetime. For many years Stuart ministered in Pdand, and what is now the Ukraine, and consequently we conb.nue to support organisations working there. Given the recent outbreak of war in that region the trustees wished to focus much of their funding in that area. Stuart's daughler (who sadly died in October 2023) was, for many years. involved both in Bible translation and teaching with Wycliffe Bible Translators. We were again able, Ihis year. to provide funding towards specific projects and mission workers. 370/0 of our grants in this year have gone to Wcliffe. In all we have given financial support to thirty-one different Christian chaiits"es, Christian organisalions, individuals and missionary societies throughout the year. Public benefft The Trustees, in deciding whal charities the trust should support. have had due regard lo the Charity Comm15sion's guidance on public benefit and operate the trust accordingly_ All the charitie5, organisations and individuals we support operate for the public benefit, both within the UK and overseas. The Trustees have paid due regard to all guidance issued by the Commission. Achievements and performance We are continuing to see the benefits of the changes we made, some years ago, in our sub-publishing agreements with American publishers. We are also continuing to benefit from lower exchange rates. No change has taken pla in the administration of the rights for the Rest of the Wodd. These continue to be administered by Integrity Music UK. who we meet with once a year. The Trustees have agreed that it is important to continue meeting with those individuals and organisations to whom we make grants. During 2023 the Trustees met with representatives from Hope Now, Wycliffe, Breadline, The Philadelphia Trust, Hope Lebedyn, Innovista and Feba Radio & Pioneers_ Anniversary Year - A newly orchestrated version of How Great Thou Artl {Unb"l That Day) appeared on thi5 year's Prom Praise and a whole programme of Songs of Praise was devoted to Ihe 75th anniversary of the original publication of How Great Thou Art! The Trustees are planning further lebratOry events later in the year. The hymn remains exceedingly popular. and Ihe Trustees are anticipab-ng great celebrations of all that has been achieved with the royalties reiVed to date and what they hope will be achieved in the futu. The Trust developed a new website which showcases the new version of the hymn as well as highlighting the great impact that the original hymn has had over the years and the ongoing work of the Trust how reatthouartofficial.com
THE STUART HINE TRUST CIO TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review Our main source of income is the copyright royalties we receive from the hymn How Great Thou Artl published by the late Stuart K. Hine in April 1949. Mr Hine died on the 14 March 1989. Copyright remains in existence for 70 years. from the date of the authorf5 death. IrTr addition. we do receive a small amount of income from our Investments. In 2024 we celebrate the 751h Anniversary of the first publication of How Great Thou Artl The Tru5tee5 have commissioned a new version of the hyrnn How Great Thou Artl (Until That Day). with additional lyrics by Matt Redman and Mitch Wong. The Stuart Hine Trust CIO owns the copyright in this new work (copyright remains in existence for 70 years, from the date of the last surviving author's death). It is anlicipated that the new version will generate significant royalties in the years to come. Any royalties received frorT) the new work will be used exclusively for charitie5 working in the Ukraine and surrounding areas for an initial period of three years. The level of Royally income vanes from year to year. as it is dependent on sales of third-party producls, performances and exchange rates. During the financial year ending 31 March 2024, we saw the income increase from £498,599 to £624,224. This was primarily due to monies received from Capitol CMG from recently resolved disputed royalties. We are so appreciative of the work and creativity of all our SutpUblIshers. Our Investment Income, from deposit accounts. has shown an increase from £945 to £2.492. At the year-end our annual income & expendtture showed a deficrt of £19,473 {2023= deficit of £28,157). As in the past grants were made. primarily. to Wcliffe Bible Translators {£204,800} Christian charities. and Chiislian organi5ations. in accordance with the settlor's wishes. We hope to continue to support these charities in future year5. Additional major grants of £10,000 or more were made to the following charib-es. Bethel Baptist Church £12.500 Breadline £25,000 Coastlands Community Church £20,000 European Mission Fellowship £16,400 FEBA £17.000 Great Lakes Outreach £11,500 Hope Lebedyn £10.000 Hope Now £10,000 IBTI £10,000 £51,000 £12.000 £12.000 £10,000 £32,810 £10,000 £10.000 Innovista International Mission to Jewish People Life Bridging Works Philadelphia Trust RMAF Slanton House TEN Support and governan costs Vre £14,107. slightly lower than last year (2023. £16,636). Total fund5 at 31 March 2024 amounted to £181.482 (2023.. £200.955). Reserves policy It is the policy of the trust to maintain unrestricted funds. which are the free reserves of the trust. at a level which exceeds the anticipated annual commitments. This enables the trust to respond promptly to emergency application5 for grants. The trust has no legal commitments for the year erKling 31 March 2025, bLrt the anticipated annual comrnilments are in the region of £160,000. Unrestricted funds at 31 March 2024 were in excess of this amount.
THE STUART HINE TRUST CIO TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investment policy Financial advisers have been appointed to a5SiSt the trustees in the task of investing any surplus funds in deposit accounts with recognised financial institutions. Risk management The Trustees examine. on a regular basi5. the major business and opetabonal risks the charity fas_ Reporting systems and procedures have been established to ensure that steps are taken to lessen these risks. Each Trustee accepts responsibility for an area of operation consistent with their area of expertise_ However. the oversight and management of the Trust remains the responsibility of all the Trustees and all decisions are taken by the whole board. Our Independent Examiner receives copies of all minLrtes to ensure that both legally and financially we are meeting the requirements ofthe Charity Commission. Data Protection Legislation The Trustees have discussed their understanding of the12test GDPR legislats'on and their personal responsibility regarding personal data on their computers. They have confirmed and agreed their Privacy Notice document and the Trust's Consent Form. The Privacy Notice is included on our website. Structure, governance and management The Stuart Hine Trust CIO is governed by its Constitub-on dated 29 July 2016, which took over the assets of the pievious Trust The Stuart Hine Trust. This old Trust remains in existence in case of any residual legal rights coming to light in the future which might not have been transferred to The Stuart Hine Trust CIO (the Trust). To ensure a nominal amount is available to maintain the legal existence of the Stuart Hine Trust a £5 note has been attached to the Stuart Hine Trust deed in the Trust's secure filing cabinet at our offices in Pawlett, Somer5et. The Trustees, who are also the members ofthe Trust. who served during the year and up to the date of signature of the financial statements were- Mr R Bodkin FCA Ichaimian) Mr L Chipping Mrs M Churchyard Mr R Clark Mr N Coltman Mr J Juby Mr P Loose Mrs S Infilmot Associate members (non voting).. Mr A Bodkin - appointed 1 Olh June 2023 Mr D Churchyard- appointed 101h June 2023 It is the Trust's policy that the Trustees should be drawn from a broad spectrum of evangelical denominational affiliations. There should be an age mix among them with both older and younger members. There should also be a mix of male and female Trustees with gifting's that meet the needs of the Trust. New Trustees are nominated, inteNiewed and appointed in accordance with the Trust's constitution. It is the policy of Ihe Trust to ensure that all Trustees have the experience, commitment and gifting to contribute lo its objects, organisation and development_ They should be committed evangelical Christians with a heart for mission and bible translation and particularly the work of Vvycliffe Bible Translators. The Trustees normally meet at least three times a year in March. June and November.
THE STUART HINE TRUST CIO TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees have delegated the day to day running of the Trust to Mrs Melanie Churchyard. with assistance from Mr Raymond Bodkin FCA. Mr5 Churchyard and Mr Bodkin both receive professional fees for the secretarial and accounting duties they perform. They communicate regularly with the other Trustees by email and telephone to discuss issues that arise in beeen meetings. Financial and management information is also regularly communicated in this way. Mr Bodkin will continue in the role of Chairman until June 2024. The skills of individual Trustees are reviewed and monitored regularly. Disclosure of infomiation to Independent Examiner The Trustees are aware of their responsibilities: as set out above, and have taken all the steps necessary to ensure that they provide the Independent Examiner with the information he requires. To the best of our knowledge and belief there is no relevant information that the Independent Examiner is not aware of. Independent Examiner Mr J R Caladine FCCA CTA FCIE, is the Independent Examiner to the Trust and he has indicated that he will be prepared to continue in office. The Trustees report was approved by the Board of Trustees. CA (Chairman) Tru 8 June 2024
THE STUART HINE TRUST CIO STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees a fesponsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United "ngdoM Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each nancial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year_ In preparing these financial statements. the Trustees are required to- select suitable accounting policies and then apply them consistently- observe the methods and principles in the Chanlies SORP" make judgements and estimates that are reasonable and prudent-. state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficierrt accounting records thal disclose with reasonable accuracy at any time the financial position of the Iru5t and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Account5 and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hen for taking reasonable step5 for the prevention and detection of fraud and other irregulatities.
THE STUART HINE TRUST CIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE STUART HINE TRUST CIO I report to the Trustees on my examinath.on of the financial statements of The Stuart Hine Trust CIO (the trust) for the year ended 31 March 2024. Responsibilities and basis of report As the Trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the trust'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 trust's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake Ihe examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. Your attention is drawn lo the fact that the charrty has prepared financial statements in accordance wrth 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) in preference lo 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. l understand that this has been done in order for finanaal statements to provide a true and tsir view in accordan wilh Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection wilh Ihe examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the trust as required by seth.on 130 of the 2011 Act- or the financial statements do not accord with those iecord5", or the financial statements do not comply with the applicable requirements conceming 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 COnM$ 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. John Caladine F CTA FCIE Chartered Certified Accountant Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF
THE STUART HINE TRUST CIO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restricted funds 2024 Total Unrèstricted funds 2023 2024 Notes Income from: Charitable activities Investments 624.131 2,492 93 624.224 2.492 489,599 945 Total income 626.623 93 626,716 490.544 Exponditure on: Charitable activities 646.189 646.189 518,701 Total expenditure 646,189 646,189 518.701 Net incomel(expenditure) and movement in funds (19.566) 93 (19,473) (28,157) Reconciliation of funds". Fund balances at 1 April 2023 200,955 200.955 229,112 Fund balances at 31 March 2024 181.389 93 181,482 200,955 All income and expenditure derive from continuing activities.
THE STUART HINE TRUST CIO STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 2024 2023 Notes Current assets Cash at bank and in hand 183.282 205,022 Current liabilities 11 (1.800) {4,06n Net current assets 181,482 200,955 Net assets excluding pension liability 181,482 200,955 The funds of the trust Restricted income fvnds Unrestricted funds 12 93 181,389 200,955 181,482 200,955 The financial statements were approved by the Twstees on 8 June 2024 A (Chairman)
THE STUART HINE TRUST CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 16 (24.232) {26,595) Investing activities Investment income received 2.492 945 Net cash generated from investing activities 2.492 945 NÈt decrease in cash and cash equivalents (21.740) {25.650) Cash and cash equivalents at beginning of year 205,022 230,672 Cash and cash equivalents at end of year 183.282 205,022
THE STUART HINE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity infomiation The Stuart Hine Trust CIO is a Charitable Incorporated Organisation with a principal address of 40 Chapel Road, Pawlett. Bridgwater, Somerset. TA6 4SH. 1.1 Accounting convention The financial statements have been prepared in accordan wth the trust's constitution, the Charities Act 2011 and 'Accounting and Reporting by Chartts"es". 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) leffeclive 1 January 2019)" The trust is a Public Benefit Entity as defined by FRS 102. 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 Practi for charities applying FRS 102 rather than the version of the Slalement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial ststements are prepared in sterling. which is the fvnctional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial slatemerrts have been prepared under the histoncal 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 trust has adequate resources to continue in operational existence for the foreseeable future. Thu5 the Trustees continue to adopt Ihe going concem basis of accountin9 in prepating the financial statements. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charilable objectives. Restricted fijnds are subject to specific conditions by donors or grantors as to how they rnay be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Royalty Income is recognised on reIpl of monies received per the industry standard. 1.5 Expenditure Resources expended are allocated to the particular cost ntre to which they relate and include irrecoverable VAT. Grants Paid Disclosure of the grant making policy and sums di51tibuted are shown in the Trustees report. 1.6 Cash and cash equivalents Cash and cash equivalents indude sh in hand. deposits held at call with bank5, Other short-term liquid investments with original malurities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 10-
THE STUART HINE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) Basic financial assets Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction pnce including transaction costs and are 5ubsequenlly 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 re1vable within one year are not amortised. Basic financial liabilities Basic financial liabilities, induding trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitules a financing transaction, where the debt instrument 15 measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the trust's contradual obligat.ons expire or are discharged or cancelled_ 1.7 Employee benefils The cost of any unused holiday entitlement is recognised in the period in which the employee's servi5 are received. Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the trust's accounting policies. the Trustees are iequired to make judgements, estimates and assumptions about the carying amount of assets and liabilities thal are not readily apparent from other sources. The estimales 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 underfying 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 penod of the revision and future periods where the revision affects both current and future periods. Income from charitable activities Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Charitable activities Royalties reiVed 624.131 93 624,224 489,599 489,599 11
THE STUART HINE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest re1vable 2,492 945 Expenditure on charitable activities Charitable activities Charitable activities 2024 2023 Direct costs Royalties paid Productions costs (Anniversary) 39,643 34,029 26,145 73.672 26,145 Grant funding of activib'es (see note 6} 558.410 475.920 Share of support and governance costs (see note 7) Support Governance 1,246 12,861 1.483 15,153 646,189 518.701 Anatysis by fund Unrestricted funds 646,189 518.701 Grants payable Charitable activities 2024 Charitable activities 2023 Grants to institutions." Wycliffe Bible Translators other Institutional Grants 204,800 353,610 147,700 328,220 558,410 475,920 12-
THE STUART HINE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activtties Charitable activities 2024 Total 2023 Printing, postage and stationery Barjk charges Website Other admin expenses Govemance 53 380 85 728 12,861 492 184 87 720 15.153 14.107 16,636 2024 2023 Governance costs comprise: Accountancy Professional fees Trustee meetings and expenses 1,800 7,750 3.311 1,704 9,188 4,261 12,861 15.153 Accountancy fees includes payments to the Independent Examiner of £1,050 {2023.- £994) for accountancy services and £750 (2023: £710) for independent examination work. Trustees Mr R Bodkin. a Trustee. received fees of £2.300 (2023: £2.100) for professional serVIS during the year. Mrs M Churchyard, a Trustee, reiVed fees of £5.200 (2023= £4.725) for professional services during the year. Mrs S Wilmot. a Trustee. is employed by the grant recipient Wdiffe Bible Translators and is also a trustee of grant recipient Great Lakes Outreach. Mr J Juby, a Trustee. is also a trustee of grant recipient Coastlands Community Church. Three Trustees were reimbursed travel and subsistence expenses totalling £1,102 during the year {2023'. three trustees were reimbursed £1,055). Employees The average monthly number of employees during the year was." 2024 Number 2023 Number Total 13-
THE STUART HINE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees {Continued) There were no employees whose annual remuneration was more than £60.000. 10 Taxation The charity is exempt from taxab.on on its activrtie5 because all its income is applied for charitable purposes. 11 Current liabilities 2024 2023 Accruals and deferred income 1.800 4,067 12 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 April 2023 Incoming At 31 March resources 2024 How Great Thou Art (Until That Day) 93 93 How Great Thou Art (Until That Day) - The fund has been set up to house the royalties from the new song for an initial period of 3 years and for the money to be disbursed for work in Ukraine. 13 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 1 April 2023 Incoming resources Resources At 31 March expended 2024 General funds 200.955 626,623 {646,189) 181,389 Previous year: At 1 April 2022 Incoming resources Resources At 31 March expended 2023 General funds 229.112 490.544 (518,701) 200,955 14-
THE STUART HINE TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Analysis of net assets between funds Unrestricted funds 2024 Restrictsd funds 2024 Total 2024 At 31 March 2024: Current assetsl(liabilities) 181.389 93 181,482 181,389 93 181,482 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023". Current assetsl{liabilities) 200,955 200,955 200.955 200,955 15 Related party transactions Transactions with Trustees are outlined in Note 8. There are no other disclosable related party transactions. 16 Cash generated from operations 2024 2023 Deficit for the year {19,473) 128,157) Adjustments for.. Investment income recognised in statement of financial activ"e$ {2,492) (945) Movements in working capital-. IDeGrease)lincrease in trade and other payables (2,267) 2,507 ash absorbed by operations (24,232) {26,595) 17 Analysis of changes in net funds The trust had no material debt during the year. 15-