**Charity number: 1169814**
## **FERBLANC**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MAY 2023**
## **FERBLANC**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 5|
|**Independent Examiner's Report**|6 - 7|
|**Statement of Financial Activities**|8|
|**Balance Sheet**|9|
|**Notes to the Financial Statements**|10 - 18|
## **FERBLANC**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2023**
**Trustees** Charlotte Penniceard Dr Alisdair Macnair Henry Raker Sarah Dawson Dr Ben Underwood **Charity registered number** 1169814 **Principal office** c/o MA Partners LLP 7 The Close Norwich Norfolk NR1 4DJ **Accountants** MA Partners LLP 7 The Close Norwich Norfolk NR1 4DJ
Page 1
## **FERBLANC**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MAY 2023**
The Trustees present their annual report together with the financial statements of the Charity for the year 1 June 2022 to 31 May 2023.
## **Objectives and activities**
## **a. Policies and objectives**
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **b. Charitable objectives**
The Charity's objectives are to advance and protect health for the public benefit by the promotion of neurological research and to publish the useful results of such research.
## **c. Main activities undertaken to further the Charity's purposes for the public benefit**
In June 2022, the Trustees made three grant awards. The first was in the sum of £27,741 to Dr Tarunya Arun, University Hospitals of Coventry & Warwickshire in her project entitled “Diagnostic and predictive biomarkers in Neurosarcoidosis and MS”. The second was for £52,500 to Dr Severine Boillee of Institut du Curveau in Paris for “Slowing the progression of Amyotrophic Lateral Sclerosis(ALS) from the periphery: ALS macrophage intrinsic and extrinsic reactivities for biomarkers and new therapeutic targets” and the third was for £25,587 to purchase an “Eyelink” machine for use by the Vision Lab at the University of Cambridge in its research “Using Eye Tracking as a novel biomarker of remyellination in people living with Multiple Sclerosis”.
Research Projects supported by Ferblanc have been able to continue, despite some delays due to the global pandemic and Ferblanc maintains a positive and flexible approach to the projects it supports working proactively with its researchers in terms of their timescales and ability to report outcomes.
At its meeting in April 2023, the Trustees were presented with another strong set of grant applications from that year’s funding call process. After much discussion, they agreed to support both Professor Neil Scolding with his project “A proof of principle study in rural Uganda of a novel infectious, global, polio-like illness, Acute Flaccid Myelitis, establishing a cross country research network”, and Dr Aravinthan Varatharaj with his research “Study Using Novel Longitudinal Insights to Guide Head Injury Treatment (SUNLIGHT)”. The sums of £36,900 and £22,270 were offered and accepted respectively, though payable after the end of the financial period and are therefore excluded from these results.
## **d. Grant-making policies**
The Trustees are committed to honouring the charity's objectives of supporting neurological research into the causes. prevention. treatment and cure of neurological conditions and injuries through making appropriate grants to research organisations and researchers. The Ferblanc Medical Council, chaired by Trustee Dr Alisdair Macnair, manage this process. Our full grant application guidelines are available on our website www.ferblanc.org.
Page 2
**FERBLANC**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023**
## **Achievements and performance**
## **a. Main achievements of the Charity**
After the successful conclusion of the Ferblanc Cycle Challenge in 2021, to enable Ferblanc to continue to build its profile in the 2022/23 year the charity will be hosting a celebration marking the thirtieth anniversary of the event that led to the formation of Ferblanc. The “XXX” event is due to take place in September 2023, with approximately 200 guests expected, and fundraising will take place through donations and a live auction.
Details of the grant making activities are given above.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **b. Reserves policy**
Free reserves are unrestricted funds that are freely available to be spent on the Charity’s objectives. Trustees exclude the value of the investment portfolio for the purposes of computing free reserves as these investments are held for the generation of future income. Cash held by the Charity’s investment manager at the year end is earmarked for investment and as such is not considered to be part of the free reserves. The level of reserves is set by the Trustees on an annual basis with action being taken if actual free reserves fall significantly outside the level established.
In determining the level of free reserves, Trustees consider the financial impact of the risks facing the Charity and the need to hold sufficient reserves to enable the Charity to continue its activities when faced with unforeseen circumstances.
Trustees' aim to hold free reserves equivalent to one year's operating expenditure, estimated to be £10,000.
As at 31 May 2023 the Charity had free reserves of £141,010. This is likely to reduce in the coming year as more grant applications are received and awards made.
Significant grants will be paid post year end which will decrease the level of free reserves.
Page 3
## **FERBLANC**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023**
## **c. Financial position review**
Total income decreased from £190,221 to £13,142 as the bi-annual fundraising event took place in the previous year.
Total expenditure increased from £69,332 to £95,559 in the year primarily as a result of the Charity awarding grants of £80,241 ( _2022 - £48,000_ ).
The investments performance in the year was fair giving rise to a small realised loss on disposals of £448 and unrealised loss in the market values of investments held at 31 May 2023 of £8,522.
The overall net movement in funds for the year was a deficit of £91,387.
The balance sheet remains strong with net current assets of £141,010 and net assets of £376,886.
## **Structure, governance and management**
## **a. Constitution**
Ferblanc is a registered charity, number 1169814, and is constituted as a Charitable Incorporated Organisation.
## **b. Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Charity's constitution. In selecting individuals for appointment as Charity trustees, the Charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the Charity.
## **Members' liability**
If the Charity is wound up, the members have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
Page 4
## **FERBLANC**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023**
## **Statement of Trustees' responsibilities**
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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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 adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ **Henry Raker**
Date:
Page 5
## **FERBLANC**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MAY 2023**
## **Independent Examiner's Report to the Trustees of Ferblanc ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 May 2023.
## **Responsibilities and Basis of Report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the 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 with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
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.
Page 6
## **FERBLANC**
## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023**
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Mr F M E Shippam BSc FCA DChA
Dated:
## **MA Partners LLP**
7 The Close Norwich Norfolk NR1 4DJ
Page 7
## **FERBLANC**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2023**
|**Note**
**Income from:**
Donations and legacies
3
Investments
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
7
**Total expenditure**
**Net (expenditure)/income before net losses on**
**investments**
Net losses on investments
**Net movement in funds before other recognised**
**gains/(losses)**
**Other recognised gains/(losses):**
Losses on revaluation of fixed assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**5,108**
**8,034**
**13,142**
**2,905**
**92,654**
**95,559**
**(82,417)**
**(448)**
**(82,865)**
**(8,522)**
**(91,387)**
**468,273**
**(91,387)**
**376,886**|**Total**
**funds**
**2023**
**£**
**5,108**
**8,034**
**13,142**
**2,905**
**92,654**
**95,559**
**(82,417)**
**(448)**
**(82,865)**
**(8,522)**
**(91,387)**
**468,273**
**(91,387)**
**376,886**|_Total_
_funds_
_2022_
_£_
_185,366_
_4,855_
_190,221_
_12,580_
_56,752_
_69,332_
_120,889_
_(509)_
_120,380_
_(1,284)_
_119,096_
_349,177_
_119,096_
_468,273_|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 18 form part of these financial statements.
Page 8
## **FERBLANC**
## **BALANCE SHEET AS AT 31 MAY 2023**
|**Note**
**Fixed assets**
Tangible assets
10
Investments
11
**Current assets**
Debtors
12
Investments
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Unrestricted funds
15
**Total funds**|**850**
**10,808**
**133,781**
**145,439**
**(4,429)**|**2023**
**£**
**26,091**
**209,785**
**235,876**
**141,010**
**376,886**
**376,886**
**376,886**
**376,886**|_-_
_162,058_
_90,132_
_252,190_
_(4,310)_|_2022_
_£_
_-_
_220,393_|
|---|---|---|---|---|
|||||_220,393_
_247,880_|
|||||_468,273_|
|||||_468,273_|
|||||_468,273_|
|||||_468,273_|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
## **Henry Raker**
## Date:
The notes on pages 10 to 18 form part of these financial statements.
Page 9
## **FERBLANC**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023**
## **1. General information**
Ferblanc is a Charitable Incorporated Organisation (CIO) incorporated in England on 20 October 2016. The CIO's registered office is 7 The Close, Norwich, Norfolk NR1 4DJ. Details of the CIO's operations and principal activities are given in the Trustees' Report.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Ferblanc meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 10
**FERBLANC**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023**
## **2. Accounting policies (continued)**
## **2.4 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.5 Tangible fixed assets and depreciation**
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Plant and machinery - 20%
## **2.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
## **2.7 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.8 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.9 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 11
## **FERBLANC**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023**
## **2. Accounting policies (continued)**
## **2.10 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **2.11 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
## **3. Income from donations and legacies**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2023**|**2023**|_2022_|
||**£**|**£**|_£_|
|Donations|5,108|**5,108**|_185,366_|
## **4. Investment income**
|**Unrestricted**
**funds**
**2023**
**£**
Income from local listed investments
5,371
Interest
2,663
8,034|**Total**
**funds**
**2023**
**£**
**5,371**
**2,663**
**8,034**|_Total_
_funds_
_2022_
_£_
_3,620_
_1,235_
_4,855_|
|---|---|---|
Page 12
## **FERBLANC**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023**
## **5. Expenditure on raising funds**
## **Costs of raising voluntary income**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2023**|**2023**|_2022_|
||**£**|**£**|_£_|
|Fundraising event expenditure|2,905|**2,905**|_12,580_|
## **6. Analysis of grants**
|Research grants
_Total 2022_|**Grants to**
**Institutions**
**2023**
**£**
80,241
_48,000_|**Total**
**funds**
**2023**
**£**
**80,241**
_48,000_|_Total_
_funds_
_2022_
_£_
_48,000_|
|---|---|---|---|
|||||
## **7. Analysis of expenditure by activities**
|Charitable activities
_Total 2022_|**Grant**
**funding of**
**activities**
**2023**
**£**
80,241
_48,000_|**Support**
**costs**
**2023**
**£**
12,413
_8,752_|**Total**
**funds**
**2023**
**£**
**92,654**
_56,752_|_Total_
_funds_
_2022_
_£_
_56,752_|
|---|---|---|---|---|
||||||
Page 13
## **FERBLANC**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023**
## **7. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Office and administration
Investment manager fees
Governance costs
Marketing
Website
Depreciation|**Total**
**funds**
**2023**
**£**
**2,762**
**2,115**
**2,040**
**475**
**417**
**4,604**
**12,413**|_Total_
_funds_
_2022_
_£_
_4,642_
_2,250_
_1,860_
_-_
_-_
_-_
_8,752_|
|---|---|---|
## **8. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £1,860 ( _2022_ - _£1,800_ ).
## **9. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ .
During the year ended 31 May 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ .
Page 14
## **FERBLANC**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023**
|**10.**
**Tangible fixed assets**
**Cost or valuation**
Additions
At 31 May 2023
**Depreciation**
Charge for the year
At 31 May 2023
**Net book value**
At 31 May 2023
_At 31 May 2022_|**Plant and**
**machinery**
**£**
**30,695**|
|---|---|
||**30,695**|
||**4,604**|
||**4,604**|
||**26,091**|
||_-_|
Page 15
## **FERBLANC**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023**
|**11.**
**Fixed asset investments**
**Cost or valuation**
At 1 June 2022
Additions
Disposals
Revaluations
At 31 May 2023
**Net book value**
At 31 May 2023
_At 31 May 2022_
**12.**
**Debtors**
**Due within one year**
Prepayments and accrued income
**13.**
**Current asset investments**
95 day notice deposit account|**2023**
**£**
**850**
**850**
**2023**
**£**
**10,808**|**Listed**
**investments**
**£**
**176,227**
**87,814**
**(75,342)**
**21,086**
**209,785**
**209,785**
_176,227_
_2022_
_£_
_-_
_-_
_2022_
_£_
_162,058_|
|---|---|---|
Page 16
## **FERBLANC**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023**
## **14. Creditors: Amounts falling due within one year**
|Other creditors
Accruals and deferred income|**2023**
**£**
**2,449**
**1,980**
**4,429**|_2022_
_£_
_2,450_
_1,860_|
|---|---|---|
|||_4,310_|
## **15. Statement of funds**
## **Statement of funds - current year**
||**Balance at 1**|||**Gains/**||**Balance at**|
|---|---|---|---|---|---|---|
||**June 2022**|**Income**|**Expenditure**|**(Losses)**|**31 May 2023**||
||**£**|**£**|**£**|**£**||**£**|
|**Unrestricted funds**|||||||
|General Funds - all funds|**468,273**|**13,142**|**(95,559)**|**(8,970)**||**376,886**|
||||||||
|**Statement of funds - prior**|**year**||||||
||_Balance at_|||_Gains/_||_Balance at_|
||_1 June 2021_|_Income_|_Expenditure_|_(Losses)_|_31 May 2022_||
||_£_|_£_|_£_|_£_||_£_|
|**Unrestricted funds**|||||||
|General Funds|_349,177_|_190,221_|_(69,332)_|_(1,793)_||_468,273_|
Page 17
## **FERBLANC**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023**
## **16. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
26,091
Fixed asset investments
209,785
Current assets
145,439
Creditors due within one year
(4,429)
**Total**
376,886|**Total**
**funds**
**2023**
**£**
**26,091**
**209,785**
**145,439**
**(4,429)**
**376,886**|
|---|---|
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2022_
_£_
_220,393_
_252,190_
_(4,310)_
_468,273_|_Total_
_funds_
_2022_
_£_
_220,393_
_252,190_
_(4,310)_
_468,273_|
|---|---|---|
## **17. Related party transactions**
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 May 2023.
Page 18