Company registration number. 10493204 Charity registration number. 1172250 Paper Foundation (A company limited by guarantee) Annual Report and Finanaal Ststements for the Paper Foundation Group for the Year Ended 31 December 2024 Stables Thompson & Briscoe Limited Chartered Accountsnts and Business Advisors Lowlher House Lowther Street Kendal LA9 4DX
Paper Foundation Contents Reference and Administrative Detsils Trustees, Report 2to7 Independent Examinerfs Report Consolidated Statement of Finanual Actlvlltes 9t010 Consolidated Balance Sheet 11 Balance Sheet 12 Notes to the Flnanaal Statements 13to34
Paper Foundation Reference and Administrative Details Trustees MAJ Cropper P A H Elliott E W G Bayntun C<wdrd A F Cropper PJ Willink JESha Charity Registr11 Number 1172250 Company Registratlon Number 10493204 The charity is incorporated in England and Wales. CIO Eslate Office Ellergreen Kendal Cumbria LA9 SSD Reglstered Office Independent Examiner Slables Thompson & Briscoe Limited Chartered Accounlants and Business Advisors Lowther House Lowther Street Kendal LA9 4DX Page 1
Paper Foundation Trustees, Report The Irustees, who are directors for the purposes of company law, present the annual report together viith the financial slatements of the charitable company for the year ended 31 December 2024. Objectlves and activities O¥ects andaims The Paper Foundation is a charity committed lo the preserrfation and celebration of paper-making and all paper related arts, crafts, and industries. It hopes lo fulfil this role to a level of national and inlernational significance. It primarily fuifils its objectives from an Institution located close lo the historic James Cropper paper-mill in Bumeside, a small village in the foolhills of the English Lake Dislrict with a history of paper-maklng dating back to 1746. The Paper Foundation has several inlerrelated aims: - To perpetuate the craftsmanship and knowledge necessary for the production of handmade paper and the continuation of its associated arts, crafts and industries. This indudes {bul is not limited to> print-making, letterpress printing, bookbinding and paper conservation; To conserve the objects and artefacts that comprise the physical heritsge of paper-making and related paper arts in Ihe United Kingdom. - To provide open access to archives, documents and artefacts, facllltste research, and share thls with as wide an audience as possible. - To regenerate the paper-making Public benefft The trustees confimi that they have complled with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Objecttves. strategles andactlvl The Foundation bears several traits of a museum, but Its ethos is to focus on the present and future of paper as much as the past. Current activities include the creation since 2015 of the most important archive dedicated to paper In the United Kingdom. This is based on the ground-floor of a country house with paper industry associations and is growing all the time. Nearby the Foundation has operated a hand-made paper-mill since 2020. Achievements and perfomiance The Paper Foundation has made significant strides in 2024 towards our charitable aim of preserving the craftsmanship and knowledge of handmade paper production. Key developments in our capabilities. infrastructure. and financlal performance have positioned us for continued success and growih. Apprentice Tralnlng Our second paper making apprenti, Jonathan Welton, has continued to continue to leam the skills of the craft since his arrival in November 2023. He is now a highty proficient paper maker and an integral part of the mill team. This has allowed us to produce more paper than in previous years, which has had a positive impact on our subsidiary irading income in 2024. We expect this to continue inio 2025. Page 2
Paper Foundation Trustees. Report Development ofnewshlls We increased our production of papers made from textile wpsle over the last 12 months. rediscovering knowledge of the craft that had been losL The purchase of a texttle shredder has allowed us to bring rag processing in house giving us unique paper making capabililies. We are expecting this to be a growing market for us over the coming years. In 2024 we also kickstarted our deslre to preser4e and perpetuate the art of making decorative papers by holding a pasle paper workshop at Ellergreen. This built on support we gave to our apprentice Samantha Newby to undertake a short past paper workshop in Vienna in June 2024 where she learnt from leading practitioners in this field, including Susanne Krausse. Impmved Inftsstruclure The improvements made to the mi15 building. equipment and heating system have increased working conditions and efficiency in the mill, allowing us to make paper far more consistently than in previous years. Impact on Income The growing skills nurnber of skilled papermakers, development of new prosseS and improved infrastructure in the mill have paid off and we are very pleased to feel a critically endangered craft has been rescued from extinction. Demand for these skills from around the world {far exedIng our expectations, further emphasising how rare the skills are) has also ensured thai output generales income, ensuring the sustainability and growth of the Paper Foundation. This allows us to invesi further to meet our charitsble objectives. Ellergreen/ Collecfyons There have been few additions to the archives wlthin Ihe period. The collections continue to be catalogued SI0y, and a mapping exercise is undenNay of arthives ai risk elsewhere thal we may wish to bring into the colleclion in future. The collectlons would benefit from a part time archivist lo further their caialoguing and care. We were partners In a bid led by Cambridge University to the UK Arts and Humanities Research Council for fundSng that would have supported the appointment of an archivist for a year, but this was not successful. The Foundation is ambitious to grow its dedlcated paper arts and heritsge library. as a future resour for historians, other researchers, artlsts, craftspeople and other practitioners. It is seeking donations but would also benefil from an acquisitions fund to acquire titles as they become available. Fuiure ou11tk An exercise commenced in the year to map the Foundaiion's ambitions, projects, events, budgets and funding requirements for the 2025-2030 period. In fulfilment of our objectives, including supporting our community, we remain committed to growing the scope and outreach of our activities. bolh locally and to specialist audIen$ with a subject matter interest further afield. An early priority is the establishment of a printing and print-making workshop, making use of equipment that has been provided to us on loan with potential to be gifted in due course. A donation towards this project was made in the year which has been rlngfenced for expenditure in the subsequent period. Financial review The Trustees of the Paper Foundation present a financial summary for the year ended 31 December 2024. Overview Page 3
Paper Foundatlon Trustees, Report The Paper Foundation continued to strengthen Its financial position during 2024, with steady growth in income and a modest surplus generated by lis charitsble and Irading activities. The year marked the first full trading period for the Foundation's wholly owned subsidiary, Paper Workshop Ltd, which took over commercial operations at the start of the year. This structural change has enhanced financial transparency between charltable and trading activities while enabling further reinvestrnent in the Foundation's core objectives. Income Total income for 2024 was £248.554 (2023: £266,532>, comprising: . Donations and legacies: £114,634 . Trading acllvlties: £132,983 . Investment and other income: £937 While overall income decreased slightly from the previous year, unrestricted income rose, reflecting stronger trading performance and continued donor supporL Restricted grant income reduced as certain major project grants completed in 2023. Expenditure Total expenditure was £242,841 {2023: £145,156), comprising: .Ralslng funds: £86,183 .Charftable activities: £156,658 The increase in expenditure reflects higher staffing levels, depreciation on new assets, and the operational costs associated with running the new trading subsidiary. Despite these costs. operational control remained strong, and the group maintained a posilive cash position. Net Movement in Funds The Foundation reported a net surplus of £5,713 (2023: £121,376), increasing total funds carried foThvard to £211,654 {2023- £205,941). All restricted funds from prior year projects were fully utilised during 2024, wlth the remaining funds now entirely unrestricted. Assets and ReseNes .Totsl assets: £263,241 (fixed and current) .Net current assets: £5,071 • Total funds carried forward: £211,654, all unrestricted A fomial reseNes policy has not yet been implemented as the Foundation remains in an early growth stsge. Trustees intend to establish one as operations and recurring income streams mature. Page 4
Paper Foundation Trustees, Report Key Flnandal Developments . The Foundation transferred trading operations and certain assels (£152,991. induding £19,408 of heritage assets) to Paper Workshop Ltd. . Conllnued Investment In mill infrastruciure, Induding healing systems and equlpmen( has Improved production efficiency. Heritsge asset management remained robusc with minor disposals made transpareniiy under the charity's confl1ctf-jnterest policy. Golng concern The Trustees consider the Foundation and Its subsldlary lo be finandalty stable and have prepared the accounts on a golng concem basis. Cash balances and forecast Income provide adequate resources to support ongolng actsvities ar planned devel¢)pment projects. TTUStees and Offlcer3 The trustees and officers Seng during ihe year and slnce the year end were as fdlows: Truslees: MKI Cropper P A H Elliott E W G Bayntun Coward A F Cropper PJ Willink J E Sharp Structure, governance and management N8turn ofgovemlng 00ment The charity is controlled by its governing document, a deed of trust, and constltutes a Ilmlted company, Ilmited by guawaniee, as defined by the Companles Act 2006. Paper Foundallon was Incorporated on 23 November 2016 as a not for profit company limlted by guarantee. Paper Foundation Is a iegistered charity (number 1172250). The cornpany was eslabllshed under a Memorandum of Association, which established Ihe objecls and powers of the charitable company and Is governed under its Articles of Association. Recmllment 8nd8ppolnlment o11nre0$ Durlng 2023. there were no changes to Ihe board. However, as the Fcwndation grows. the proposal is to significanlly increase the number of trustees. idealty Including toplevel advocates from the arls. culture, and educational sectors. This could be achieved through the creation of an advisory board and new trustee appointrnents. Page 5
Paper Foundation Trustees, Report Risk management The Irustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been estsblished to enable regular reports to be produced so that the necessary steps can be tsken to lessen these risks. Flnandal instruments Objecllves 8ndwlldes The group's activities expose it to a number of financlal Tisks induding credit risk, cash flow risk and Ilquldity risk The use of financial derivatives is governed by Ihe group's policies approved by the board of Irustees. The group does not use derivative finandal instruments. CredR rfsk The group's prlncipal finandal assets are bank balances and cash. trade and other recelvables, and Investments. The group's credll rlsk is primarity attributable io its trade recelvables. The amounts presenied In the balance sheet are nei of allowances for doubtful recelvables. An allowance for Impalrmenl Is made where there Is an Identlfied loss evenl which. based on previous experience, is evidence of a reducllon in Ihe recoverability of Ihe cash flows. The ciedll rlsk on liquid funds is limiied because the counterparties are banks wlth high credit-ratings assigned by intemational ¢d11-ratsng agencies. The group has no significant concentration of credlt rlsK wlth exposure spread over a large number of counterparties and customers. Page 6
Paper Foundation Trustees. Report statement of trustees, responslblllttes The trustees (who are also the direclors of Paper Foundation for the purposes of company law) are responsible for preparing the trustees, report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounling Praclice). including FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland.. The report and accounts have been prepared in ac¢x)rdance with the provisions In the Companies Act 2006 relating io small companies. Company law requlres the truslees to prepare financial statements for each financial year. Under company law the trustees must nol approve the financial ststemerbts unless they a saiisfied thal they give a irue and fair view of the stste of affairs of the parenl charitable company and the group and of Ihe Incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, Ihe trustees are requlred to: select suilable accounllng policies and apply them consistently; obserrfe the methods and principles in the Charllles SORP: make judgemenls and estimates that are reasonable arKI prudent stsie whether applicable accounllng standards. comprising FRS 102 have been followed, subject to any material departures disdosed and explained in Ihe financial statements; and prepare the financial statements on the golng concem basis unless11 is Inapproprlate to presume that the parent charitable rnpanY wlll contlnue In business. The Irustees are responslble for keeplng proper accounllng records that can dSsclose wSth reasonable accuracy at any tlme the financial position of the parent charitsble company and the group and enable Ihem to ensure that the financlal stalements compty with the Companles Act 2006. They are also responslble for safeguardlng the assets of Ihe parent charitable company and the group and hence for taklng reasonable steps for the prevention and detecllon of fraud and olher irregularities. The irustees are iesponsible for the mainienance and Integrity of the corporate and financlal Information Included on the charitsble companys websile. Leglslation goveming the preparalion and dissemSnat5on of finandal statements may differ from legislatlon In other JurlsdScllons. The annual report was approved by the trustees of Ihe charfty on 20 October 2025 and slgned on Ils behalf by: ro Trustee Page 7
Paper Foundatlon Independent Examiners Report to the trustees of Paper Foundation (Ihe Group) I report io the charity trustees on my examinalion of the consolidated accounts of the Group comprislng the Paper Foundation and its subsidiary undertakings for the year ended 31 December 2024. Responsibililies and basls of report As the trustees of the Group (and also its directors for the purposes of company I) you are responsible for the preparation of the consolidated a(£ounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Acr). Having saiisfied myself that the accounts of bolh Paper Foundation and Ihe Group are not required to be audited under Part 16 of the 2006 Act and are eligible foT independent examination. I report in respect of my examination of your consolidated accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 ACY). In carrying out my examination I have followed the Directions given by Ihe Charity Commission under section 145{5)(b) of the 2011 ACL Independent examlne¢s statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause kn believe: 1. accounting records were not kept in respect of Paper Foundation as required by section 386 of the 2006 Acl. or 2. the accounls do not accord wth those records: or 3. the accounts do not compty with the accounting requlrements of section 396 of the 2006 Act olher than any requiremenl that the accounts give a Irue and fair vievl which is not a matter considered as part of an Independent examinalion; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statemenl of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102)]. I have no cOnrnS 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 underslanding of the accounts to be reached. Helen Holmes Bsc FCA Chartered Accountants and Business Advisors ICAEW Lowther House Lowther street Kendal L49 4DX 20 October 2025 Page 8
Paper Foundation Consolidated Statement of Financial Activities for the Year Ended 31 December 2024 (Including Consolidated Income and Expenditure Account and Ststement of Total Recognlsed Gains and Losses) Unrestricted funds Restricted funds Total 2024 Nots Income and Endowmonts from: Donations and legacles Other trading activilies Investment income Other inrne 74,794 132.983 39,840 114.634 132,983 929 929 Totsi income 208,714 39,840 248,554 Expenditiire on: Raising funds Charitable activities (86,183) 109,318 (86,183) 156,658 47,340 Totsl expenditute 195,501 47,340 242,841 Net incomel{expendilure) Net movemenl in funds 7.500 5,713 13.213 (7,5(M)) 5,713 Reconcilialion of funds Total funds brought forward Total funds carried forward 7.500 205.941 24 211654 The notes on pages 13 to 34 form an integral part of these financial statements. Page 9
Paper Foundation Consolidated Ststement of Financial Activities for the Year Ended 31 December 2024 {Including Consolidated Income and Expenditure Account and Ststement of Total Recognised Gains and Losses) Unrestrided RestrFcted funds funds Total 2023 Income and Endowments from: Donaiions and legacies Other trading actlvllles 56,163 146,071 202,234 64.298 Total Income 120,461 146.071 266,532 Expend5ture on: Raising funds Ch8rflable activilies (31,087) (31,087) 114069 46.786 Total expenditure 98,370 Net income Transfers betsveen funds 22,091 91785 99,285 121,376 Net movement In funds 113,876 121,376 Reconelllation of funds Toial funds brought for¥Ydrd Totsl funds carrled foThvard 84,565 24 205 941 All of the group's activllies derive Irom continuing operations durlng the above two perlods. The funds breakdown for 2023 is shown in note 24. The notes on pages 13 to 34 fomi an integral part of these finanual ststements. Page 10
Paper Foundation (Registration number: 10493204) Consolidated Balance Sheet as at 31 December 2024 2024 2023 Flxed assets Intsngible assets Tangible assets Heritage assets 15 16 17 750 138.582 68.096 142.539 64,044 206 583 207,428 Current assets Stocks Deblors Cash at bank and in hand 19 20 21 19,500 12,457 24,701 56,658 10,531 22,735 34,628 67,894 Creditors: Amounts falllng due wlthin one year Net current a&setsl{liabilities) Net assets 22 1,487 211,654 205,941 Funds of the group: Restricted income funds Restricted funds 24 7,500 Unrestricted Income funds UnTestri¢ted funds 211,654 198,441 Total funds 24 211,654 205,941 The financlal statements on pages 9 to 34 were approved by the trustees, and authorised for issue on 20 October 2025 and signed on their behalf by: Cropper Trustee The notes on pages 13 10 34 form an integral part of these financial statements. Page 11
Paper Foundation (Registratlon number 10493204) Balance Sheet as at 31 December 2024 2024 2023 Note Flxed assets Intangible assels Tangible assets Heritsge assets Investrnents 15 16 17 750 138,582 68,096 5,404 44,635 207 428 Current 8SSats Stocks Debtors Cash ai bank and In hand 19 20 21 10,531 22,735 34,628 67,894 182,160 24,007 206,167 Cred5tors: Amounts falllng due wlthln one year Net current assetsl(Ilabllllles) Net assets 182338 232 378 205 941 Funds ol the charbty: Restrlcted Income funds Restricted funds 24 7,500 Unrestrithed Income funds Unrestricted funds 232 378 198441 Totsl funds 24 232 378 205 941 These financlal statements have been prepared in accordance wlth the special provlsSons relatSng to companles subject lo the small companies reglme wlthln Part 15 of the Companles Act 2006. The financial slatements on pages 9 to 34 were approved by the Irustees, and authorised for issue on 20 October 2025 and signed on Ihelr behalf by: Cropper Trustee The notes on pages 13 to 34 form an integral part of Ihese financSal statements. Page 12
Paper Foundatlon Notes to the Financial Ststements for the Year Ended 31 December 2024 1 Charfty Status The charity is limiied by guaranlee, incorporaled in England and Wales, and consequently does not have share capllal. Each of the trustees is liable to conlribule an amount noi exceeding £1 towards the assets of the charity In the event of liquidation. The address of its reglstered office is: CIO Estate Office Ellergreen Kendal Cumbria LA9 SSD These financial slatements were authorlsed for Issue by the trustees on 20 October 2025. 2 Accountlng pollcl88 Summ8ry of slgnfflcanl accounting polldes and key accountlng estlmates The prlnclpal accountlng policies applied in the preparation of these financlal statements are set out below. These policies have been consistentty applied to all the years presented, unless othenNlse stated. ststement of compllance The financial ststements have been prepared In accordance wlth Accountlng and Reportlng by Charities: Statement of Recommended Practice {applicable to charltles preparing their accounts in accordance wlth the Financlal Reporting Stsndard applicable Sn the UK and Republlc of Ireland (FRS 102)) (Sssued in October 2019) - (Charltles SORP (FRS 102)), Ihe FSnanclal ReportSng Standard applic8ble In the UK and Republlc of Ireland (FRS 102) and the Companies Act 2CK)6. Basls of prep8ratlon Paper Foundation meets the definitlon of a publlc benefit enilty under FRS 102. Assets and Ilabllltles are Inltlally recognised al hlstorical cost or Iransaction value unless OiheThvise stated Sn the relevant accounting pollcy notes. Basls of consolldatlon The consolidated financSal statements consolidate the financSal statemenls of the charity and its subsidiary undertakings drawn up to 31 December 2024. No ststemenl of financial activlties Is presented for the charity as pemiitted by secllon 408 of the Companies Act 2006. The charfty made a surplus after tsx for the financlal year of £26,437 (2023 - surplus of £121,376). Page 13
Paper Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 A subsidiary is an enttty controlled by the charity. Control is achieve(I where Ihe charity has the power to govern the financial and operaling policies of an enty so as to obtaln benefits from its activities. The results of subsidiaries acquired or disposed of during the year ar8 Included in the statement of financial activities from the effectlve date of acquisition or up to Ihe effective date of disposal. as appropriate. Where necessary, adjustments are made lo the financial statements of subsidiaries to bring thelr accounting policies into line wlth those used by the group. The purchase method of accounting Is used to account for buslness combinations Ihat result In the acquisition of subsidiaries by the group. The cost of a business combination Is measured as the fair value of Ihe assets glven, equlty Instruments issued and liabilities incurred or assumed al the dale of exchange, plus costs dlrectly attributable to the buslness combination. Identlfiable assets acquired and liabilltles and conlingent liabilities assumed in a buslness comblnation are measured Inltlally at their falr values at the acquisition date. Any excess of the cost of the busSness combination over Ihe acquirerfs interest in the net fair value of the identifiable assets, liabilities and contlngent Ilabilities recognlsed Is recoTded as goodwill. Inter•company transactions. balances and unrealised galns on transactlons been the charity and Sts subsidiaries, whlch are related partles, are eliminated in full. Intra-group losses are also eliminated but may Indlcate an Impalrment that requlres recognltion In Ihe consolldated financial statements. Accounting policies of subsldiarles have been changed where necessary to ensure conslslency wllh the policles adopted by the group. Non-controlling Interests in the net assets of ¢onsolldated subsidSaries are identified separately from the group's equity therein. Non•controlling Interests conslst of the amount of those Interests at the date of the orlglnal business combSnation and the non-controlllng shareholderfs share of changes in equlty slnce the date of the combination. Total cornprehenslve income is attributed lo non-conirolllng Interests even If thls results In the non-controlllng Interests havlng a dellcSt balance. Exemptlon from preparlng a sh flow statement The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not Included a cash flow statement In these financSal statements. Golng concern The trustees consider that there are no material uncertalntSes about the group's ablllty io contlnue as a going concem nor any significant areas of uncertalnty thai affecl the carrying value of assets held by the group. Income and endowments All income is iecognised once the charlty has entltlement to the Income, It Is probable Ihal the Income will be received and the amount of Ihe income receivable can be measured reliably. Page 14
Paper Foundation Notes to the Financial Ststements for the Year Ended 31 December 2024 Don8frons and 18g8des Donatlons are recognised when the charfty has been notlfied In wriling of l)oth Ihe amount and settlement date. In the event that a donation Is subject to conditions that require a level of Performance by the charity before the charity is entitled to the funds, Ihe income is deferred and not recognised unlil either those conditions are fully met, or the fulfilment of those condltlons is wholly wlthin the control of the chailty and It Is probable that these condltlons wlll be fulfilled In the reportlng period. Grants recelvabla Grants are recognlsed when the group has an entltlement to the funds and any condltlons Ilnked lo the granis have been met. Where performance conditions are attached to the grant 8nd are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment Income Dlvidends are recognised once the dlvldend has been declared and notSficatlon has been recelved of the dividend due. Expendlture All expendlture Is recognlsed once there is a legal or constructlve obllgatlon to that expendllure, It Is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading ihal aggregaie simSlar costs to that category. Where costs cannot be directly attributed to partlcular headlngs they have been allocated on a basls conslstent with the use of resources, wlth central staff costs allocated on Ihe basls of t5me spent, and deprecSatlon charges allocated on the portion of the asset's use. Other support costs are allocated based on Ihe spread of staff costs. R81slng fvnds These are costs Incurred In attractlng voluntary Income, the management of investments and those Incurred In trading aciivllles that raise funds. Ch8rllable acdvltles CharlL3ble expendiiure comprises those costs incurred by the charity in Ihe dellvery of Its acllvltles and seNices for Sts beneficiaries. It includes bolh costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs Include central functions and have been allocated to actlvlty Cost categories on a basls conslstenl with the use of resources, for example, allocating propety costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs These Include the costs attributsble to the charlty's compliance with Consiilutional and statutory requirements, includSng audlt, strategic management and Irustees meelings and reimbursed expenses. Page 15
Paper Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Taxation The charity is consldered to pass Ihe tests sel out In Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meeis the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from tsxatlon In respect of Income or capital gains received within categorles covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxaiion of Chargeable Gains Act 1992, to the exlent that such income or gains are applied exclusively to charitable purposes. Intsnglbla assets InlangSble assets are stated In the Balance Sheet at cost less accumulated amortisation and ImpairmenL They are amortlsed on a straight line basis over thelr estlmated useful lives. Tanglble flxed assets Indlvldual fixed assets costlng £500.00 or more are Snilially recorded 81 cost. Herllage assets To meet the requirements of the SORP, dlsclose the pollcy for acquisition, preservatlon, management and disposal of heritage assets. Amortlsallon Amortlsatlon Is provided on Intsnglble fixed assets SO as to wrlte off the cost, less any estlmated resldual value, over thelr expected useful economlc lrfe as follows: Asset c18SS Computer softhre Amortlsallon method and rate Over four years Depreclallon and amortlsatlon Depreciation is provided on tanglble fixed assets so as to write off the cost or valuallon, lèss any estlmated resldual value, over their expected useful economic life as follows: Assot class Improvements to leased property Plant and machlnery Depreclallon method and rats Over the ierm of the lease 20% stralght line Buslness combinatlons Buslness combinations are accounted for under Ihe purchase method. Where necessary, adjustmenls are made to the financial statements of subsidlaries io brlng the accounling polldes used into Ilne with those used by the group. All intra-group transactlons, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applled In these financlal statements In respect of business combinations effected prlor to the dale of transltlon. Stock Stock is valued at the lower of cost and estimated selling price less costs to cornplele and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, firsi-out (FIFO). Page 16
Paper Foundation Notes to the Financial Ststements for the Year Ended 31 December 2024 Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method. less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collecl all amounts due according to the original terns of the recewables. Cash and cash equivalents Cash and cash equNalents comprise cash on hand and call deposits, and other short-tenn highly liquid investments thal are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or serVIS that have been acqulred in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional righl, at the end of the reporting period. lo defer settlement of the creditor for at least twelve monlhs after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date. they are presented as non-current liabilities. Trade crediiors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of Ihe objectives of the group. Restricted income funds are those donated for use in 8 parlicular area or for specific purposes, the use of which is reslricted to Ihat area or purpose. Penslons and other post retirement obligatlons The group operates a defined contributlon penslon scheme which is a pension plan under which fixed contributions are paid into a penslon fund and the group has no legal or constructive obligation to pay further contributions even If the fund does nol hold sufficient assets to pay all employees the beneffts relating to employee service in the current and prior periods. Contrlbutions lo defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for serv1, the eXsS is recognised as a prepayment. Page 17
Paper Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Financial instruments Cl8sslffc8rfon Financial assets and finandal Ilabllllles are recognised when the group becomes a paty to the contractual provisions of the Instrumenl. Financial liabiliiies and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deductlng all of ils liabilities. 3 Income from donatlons and legacles Unrestrictsd funds General Restrlcted funds Total 2024 Donatlons and legacies; Donatlons from individuals Gift ald reclalmed Grants, Includlng capltal grants; Grants from other charities 63,809 9,485 63,809 9,485 39.840 114634 Unrestrlcted funds General Restrfcted funds Total 2023 Donatlons and legacies; Donatlons from Indlvlduals Glft ald reclaimed Grants, including capltal granls; Grants from other charities 36,700 19.483 20,000 56,7110 19,463 126 071 126 071 146 071 2024 2023 Grants recelved are as follows: QEST Apprentlceshlp funding Innovate funding National Archives Golsoncott Foundatlon Radcllffe Trust York Foundation KBF Note 2,325 14.416 5,556 14,612 7,500 2,000 7,000 2,000 23,099 39.840 126.071 Page 18
Paper Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 4 Income from Oiher tradlng activities Unrestrfcted funds General Total 2024 Trading income; Sales of goods and services Olher trading Income Events income; Other events Income 130,526 2,350 130,526 2,350 107 107 132 983 132 983 Unrestrlcted funds General Total 2023 Trading Income; Sales of goods and servlces Events Income; Other events Income 62,498 62,498 5 Inveslment Income Unr8Strlcted funds Gen8r81 ToLqI fund8 Interest receivable and simllar Income; Interest recelvable on bank deposils Totsl for 2024 6 Other Income Unrestrlcted funds General Totsl funds Galns on sale of inlanglble fixed assets for charitys own use Totsi for 2024 929 929 929 929 Page 19
Paper Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 7 Expendlture on raising funds a) Costs of trading actlvltles Unrestricted funds General Totsl 2024 Note Costs of goods Sold Trading subsidiary costs Events and conferences Depreclallon, amortisation and other similar costs Allocaled support costs 24,406 30,100 278 31,252 147 24,406 30,100 278 31,252 147 86.183 Unrestricted funds General Tolal 2023 Note Costs of goods sold Events and conferences Marketing and publiclty Allocated support costs 14,808 3.571 1,071 11.637 14,808 3,571 1,071 31.087 8 Expenditure on charftable actlvlt18S Unrestricted funds General Restrfcted funds Total 2024 Note Collection expenses Filtrpmaking Depreciation, amortisation and other similar costs Slaff costs Allocated support costs Govemance costs 1.592 4,168 7,500 9.092 4,168 2,593 56,059 40.132 4.774 2,593 92.388 43,643 4,774 36,329 3.511 109 318 47.340 156 658 Page 20
Paper Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Unrestrlcted fvnds Reslricted funds Total 2023 No Collection expenses Depreclation, amortisatlon and other similar costs Staff costs Allocated support costs Govemance costs 6,019 6,019 9,433 17,041 32.212 2.578 9,433 63,827 32,212 46,786 67.283 46.786 114,069 In addition to the expenditsire analysed above, there are also governance costs of £4,774 (2023 - £2.578) whlch relale directy to chaiiiable actlvllles. See note 9 for further detsils. 9 Analysls of governanee and support costs Governance costs Unrestrlcted funds General Total 2024 Independeni examiner fees Examlnation of the financial statemenls Other fees pald lo examiners Legal fees Olher govemance costs 3,124 1.200 75 375 3,124 1,200 75 375 Unrestr5cted funds General Total 2023 Independent examiner fees Examination of the financial ststements Legal fees Market6ng and publicity 2,211 285 82 2,211 285 82 Page 21
Paper Foundation Notes to the Flnandal Ststements for the Year Ended 31 December 2024 10 Net incomingloutgoing resources Net incoming resources for the year include: 2024 2023 Depreciaiion of fixed assels 33.845 11 Trustees remuneratlon and expènses No trustees, nor any persons connected wlth them, have recelved any remunerallon from the group during the year. No trustees have recelved any reimbursed expenses or any other benefits from the charity during the year. Donatlons made by the trustees wllhout any condltlons attached lotalled £52,918 for the year (2023 - £35,000). 12 Stsff costs The aggregate payroll costs were as follows: 2024 2023 siaff costs durlng the year were: Wages and salarles Social securlty Costs Penslon costs 86,886 3.559 62,464 The monthly average number of persons (Including senlor management I leadership team) employed by the group during the year expressed as full tSme equivalents was as follows: 2024 No 2023 No Number of Stsff 3 (2023 - 2) of the above employees participated In Ihe Defined Conlribution Penslon Schemes. Contributlons to the employee pension schemes for the year tolalled £4,614 (2023 - £3,061). No employee received emoluments of more than £60,000 durlng the year. The total employee benefits of the key management personnel of the group were £43,538 {2023 - £37,559). Page 22
Paper Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 13 Independent examlnefs remunerallon 2024 2023 Examination of lh8 financial ststements Other fees to examlners All other assurance services Page 23
Paper Foundalion Notes to the Financial Ststements for the Year Ended 31 December 2024 14 Taxatlon The group Is a reglstered charity and is therefore exempt from taxation. 15 Intsngible Ilxed assets Group Compuler software Total At 1 January 2024 At 31 Decembèr 2024 Amortlsatlon At 1 January 2024 Charge for the year Al 31 December 2024 2,250 750 2,250 750 Net book value Al 31 December 2024 At 31 December 2023 750 750 Charlty Computer software Total At 1 January 2024 At 31 Decernber 2024 Amortlsation At 1 January 2024 Charge for the year Al 31 December 2024 2.250 750 2,250 750 3.000 Net l)ook value At 31 December 2024 At 31 December 2023 750 750 Page 24
Paper Foundation Notes to the Financlal Statements for the Year Ended 31 December 2024 16 Tangible ffixed assets Group Land and buoldlngs Fumlture and equlpmont Tolal At 1 January 2024 Additions 107.802 28,933 43.418 8.118 151,220 37,051 Al 31 December 2024 136.735 51,536 188,271 Depredaiion At 1 January 2024 Charge for the year At 31 December 2024 12.637 10.306 11637 33.095 45,732 Nat book value At 31 December 2024 At 31 December 2023 107 802 138 583 Included within the net book value of land and buildings above is £Nil (2023 £Nil) in respect of freehold land and buildings and £113.946 (2023 - £107,802) in respect of leaseholds. Page 25
Paper Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Charity Land and buildings Fumlture and equipment Total Cost At 1 January 2024 Additions Dlsposals At 31 December 2024 107,802 43,418 2.247 36,448 151,220 2,247 144,250 107,802 Deprecl8tlon At 1 January 2024 Charge for the year Eliminated on disposals 12,637 1,843 10.667 12,637 1,843 At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 107.802 30,781 Included within the nel book value of land and buildings above is £Nil (2023 £Nil) In respect of freehold land and buildings and £Nil (2023 - £107.802) in respect of leaseholds. 17 Heritage assets Group Heritage assets Total At 1 January 2024 Disposals 68.096 68.096 4,052 At 31 December 2024 64,044 64,044 Depreciatlon At 31 December 2024 Net book value At 31 December 2024 64.044 64.044 Summary of transaclions Page 26
Paper Foundation Notes to the Financlal Ststements for the Year Ended 31 December 2024 Charlty Herftsge assets Total At 1 January 2024 Disposals At 31 December 2024 68,096 23.461 68,096 44,635 44,635 Depredatlon At 31 December 2024 Net book value At 31 December 2024 44.63S 44.635 Summary of tr8nsaciions 18 Flxed asset Investments Charfty 2024 Shares In group undertaklngs and partlclpatlng Interests Subsldlary undertaklngs Total Cost Additions Al 31 December 2024 Net book value At 31 December 2024 Detsiis of undertangS Delails of the investsnents in whith the charity holds 20% or more of the nominal value of any dass of share capital are as follows: Page 27
Paper Foundation Notes to the Financial Ststements for the Year Ended 31 December 2024 County of Incorporation Proportion of voting rights Prfncipal and shares held activity 2024 Undertaking Holding 2023 Subsldiary undertakings England and Wales Paper Workshop Ltd 100% Paper making Ordinary Subsldlaries The profit lor the financlal period of Paper Workshop Ltd VRS £2,064 (2023 - £Nil) and the aggregate amount of capital and reserves at the end of the period was £2,065 (2023 - £1). Paper Workshop Ltd began trading on 1 January 2024. 19 Stock Group Charfty 2024 2023 2024 2023 Slocks 20 Debtors Group Charfty 2024 2023 2024 2023 Trade debtors Due from group undertakings Prepayments Accrued income Other debtors 7,249 14,186 1,106 177,963 1,587 1,255 249 14,186 1,706 1,255 2,247 906 6,250 1.393 906 6,250 1.393 12,457 22,735 182,160 22,735 Page 28
Paper Foundation Notes to the Financlal Ststements for the Year Ended 31 December 2024 21 Cash and cash equlvalents Group Charlty 2024 2023 2024 2023 Cash on hand Cash at bank 139 139 34,489 139 139 34,489 24.701 22 Credltors: amounts falllng due wllhln one year Group Charlty 2024 2023 2024 2023 Trade credltors Other L3xaiion and soclal securlty Other credltors Accruals 42.023 67,219 20.249 67,219 1,975 3.405 221 616 1.325 1,975 405 221 616 23 Penslon and other schemas Defined conirfbullon pen81on scheme The group operates a defSned contrlbution penslon scheme. The penslon cost charge for the year represents contrlbulions payable by ihe group to the scheme and amounted to £1,943 (2023 £1,363). Page 29
Paper Foundation Notes to the Financial Ststements for the Year Ended 31 December 2024 24 Funds Group Balance at 31 December 2024 Balance at 1 January 2024 Incoming resources Resources expended Unrestricted funds Generdl General funds 198,441 208,714 {195,501) 211,654 Restricted funds National Archive Innovate Funding Apprenticeshlp funding Heating Insiallatlon Tralneeship 7,500 (7,500) (14,416) (2,325) (3,511) 14,416 2,325 3.511 19 588 Tolal r8Strlct8d funds Total funds 248 554 Balance at 31 December 2023 Balance at 1 January 2023 Incomlng resources Resources expended Transfers Unrestrlcied funds General General funds 84,565 120,461 (98,370) 91,785 198,441 Reslrlcted funds Mill extension National Archive Innovate Funding Apprentlceship fundlng New equiptnent fundlng Heating Installation Tralneeshlp 72,570 7,500 14.612 5,556 11,000 8,215 26.618 (72,570) 7,500 (14,612) (5,556) {11,000} (8.215) 26,618 Tolal r8Strlcted funds 46,786 7,500 Totsi funds 266 532 145 156 Page 30
Paper Foundation Notes to the Financial Ststements for the Year Ended 31 December 2024 Charity Balance at 31 December 2024 Balance at 1 IrmIng January 2024 resources Resources expended Unrestrtcted fvnds General funds 198.441 149,421 (115,484> 232,378 Restricted funds National Archive Apprenticeship Funding Heating Instsllation Traineeship Total restricted funds (7,500) (2,325) (3,511) 19,588 2,325 3,511 19,588 7.500 25,424 Totsi funds 232 378 Balance al 31 December 2023 Balance at 1 January Incoming Resources resources expended Transfers Unrestricted fvnds Genernl General funds 84,565 120,461 (98.370) 91,785 198,441 Restricted funds Mill Extension National Archive Innovate Funding Apprenticeship Funding New equipment funding Heating Installation Traineeship 72,570 7.500 14,612 5,556 11.000 8,215 26,618 (72,570) 7.500 (14.612) (5,556) (11,000) (8,215) 26.618 Total reslrfcted funds 46,786 7,500 Totsl funds 84.565 266.532 145,156 205,941 Page 31
Paper Foundation Notes to the Financial Ststements for the Year Ended 31 December 2024 25 Analysis of net assets beiween funds Group Unrestricted Total funds at funds 31 December General 2024 Tangible fixed assets Heritage assets Current assets Currenl liabilities 142,539 64.044 56,659 51,588 142,539 64.044 56,659 51,588 Total net assets 211,654 211,654 Unreslricted fvnds General Totsl funds at 31 December 2023 Restricted funds Intangible fixed assets Tangible fixed assets Heritage assets Current assets Current liab51111es 750 138,582 68,096 60,394 69,380 750 138,582 68.096 67,894 69,380 7,500 Total net assets 198,442 7.500 205 942 Page 32
Paper Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Charity Unrestricted funds General Totsl funds at 31 December 2024 Tangible fixed assets Heritsge assets Fixed asset investrnents Current assets Current liabilities 5,404 44,635 5.404 44,635 206,167 23.829 206,167 23.829 Total net assets 232 378 232.378 Unrestricted funds General Totsi funds at 31 December 2023 Resiricted funds Intangible fixed assets Tangible fixed assets Heritsge assets Current assets Current liabilities 750 138.582 68,096 60,394 69,380 750 138,582 68,096 67,894 69.380 7,500 Totsl net assets 198442 7.500 205,942 26 Related paty transathions Group During the year the group made the following related party Iransactions: Ellergreen LLP (Mark Cropper, a trustee, is also a member of Ellergreen LLP) Ellergreen LLP rents propety to the charity on a normal commercial basis at £18,OOOpa. However, no rent has been charged to date to allow the charity io grow.. At the balance sheet date the amount due from Ellergreen LLP was £Nil (2023 - £Nil). Page 33
Paper Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 Mark Cropper (Mark Cropper is a trustee) The charlty holds a collection of herltage assèts, which are Items of historical, artistic, sclenlific. or cultural importance that contribute to the furtherance of the charity's objecllves. Durlng the year. the trustees reviewed the collection and agreed Ihat several decorative papers in the collection were no longer essential to the chariws charitsble purposes. In accordance with the charlty's disposal policy, this item was sold. The asset was sold at cost price of £4,052.48 to the Chair of Trustees, Mark Cropper. The trustees (excluding the Chair) considered the matter, obtained appropriate assuran that Ihe transaction was in Ihe best interests of the charity, and determined that disposal at cost price was tsir and reasonable. The disposal was conducted in line wlth the Charis confllct of Interest policy and in accordance with the requirements of the Charity SORP (FRS 102) and charity law. No gain or Ioss VIPS recognised on the disposal.. Al the balance sheet date the arnount due tofftom Mark Cropper was £Nil {2023 - £Nil). Charity During the year the charity made the following related paty transactions: Ellergreen LLP (Mark Cropper, a trustee, is also a member of Ellergreen LLP) Ellergreen LLP rents propety lo the charity on a normal commercial basss at £18,OOOpa. However, no rent has been charged to date to allow the charity to grow.. At the balance sheet date the amount due tolfrom Ellergreen LLP was £Nil (2023 - £Nil}. Paper Workshop Ltd {Paper Workshop Ltd Is the wholly owned tradlng subsldlary of Paper Foundation.) The Paper Workshop Ltd took over the Irading activities of Paper Foundation on 1 January 2024 and as part of that process Paper Foundation transferred fixed assets at net book value of £152,991 (including heritage assets of £19,408} to the subsidiary, as well as the closing stock of £10,531. Paper Foundation runs the payroll for the group and recharged £73.045 to Paper Workshop Ltd in the year.. At the balance sheet date the amount due from Paper Workshop Ltd was £177,963 (2023 £Nil). Mark Cropper (Mark Cropper is a Iruslee} The charity holds a collection of heritage assets. which are items of historical, arlistic. scientific, or cultural importance that contribute to the furtherance of the charity's objectives. During the year, the trustees reviewed the collection and agreed that several decorative papers in the colleciion were no longer essential to Ihe charity's charitsble purposes. In accordance with the eharity's disposal policy, this item was sold. The asset was sold at CO price of £4,052.48 to the Chair of Trustees, Mark Cropper. The trustees (excluding the Chair) considered the matter, obtained appropriate assurance thal the transaction was Sn the best interests of the charity, and determined that disposal at cost pri was fair and reasonable. The disposal was conducted in line with the charity's conflict of interest policy and in accordance with the requirements of the Charity SORP (FRS 102) and charity law. No gain or loss was recognised on the disposal.. At the balance sheet date Ihe amount due lolfrom Mark Cropper was £Nil (2023 - £Nil). Page 34
Paper Foundatlon Detailed Ststement of Financial Activities for the Year Ended 31 December 2024 Total 2024 Tolal 2023 Income and Endowments Irom: Donations and legacies {analysed below) Other trading actSvltles (analysed below) Investment Income (anatysed below) Other Incorne (analysed below) 114,634 132,983 202.234 64,298 929 Total income 266 532 Expendlture on: Ralslng funds (analysed below) Charitable act5vllles {analysed below) Total expendllure (86,183) 156,658 (31,087> 114,069 242,841 145 156 Net Income 121376 Net movement In funds 5,713 121,376 Reconclll8llon of funds Totsi funds brought forward Total funds carrled foThvard 211654 Thls page does not form part of the statutory financial ststemenls. Page 35
Paper Foundation
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| Total | Total | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Donations and legacies | ||
| Appeals and donations | 63,809 | 36,700 |
| Restricted donations | 20,000 | |
| Gift Aid tax reclaimed | 9,485 | 19,463 |
| Trusts and foundations | 1,500 | |
| Restricted grants from Trusts and Foundations | 39,840 | 126,071 |
| 114,634 eS |
202!234 ———SS__ |
|
| Other trading activities | ||
| Sales of purchased goods subsidiary | 129,987 | |
| Fundraising events | 107 | 1,800 |
| Shop income | 539 | 62,498 |
| Other operating income | 2,350 | |
| 132,983 | 64!298 | |
| Investment income | ||
| Interest on cash deposits | 8 | |
| 8 | ||
| ——SS= | OOOO | |
| Other income | ||
| Other income | 929 | |
| 929 | ||
| ——————eESEEEEE | —————— | |
| Raising funds | ||
| Fundraising costs | (278) | (3,571) |
| Opening production supplies | (10,531) | |
| Purchases | (26,649) | (24,832) |
| Direct costs | (4,210) | (507) |
| Mill supplies and consumables | (564) | |
| Packaging | (1,952) | |
| Closing stock | 19,500 | 10,531 |
| Staff bonus | (3,000) | |
| Rates and water | (1,521) | |
| Light, heat and power | (2,296) | |
| Insurance | (2,719) | |
| Telephone and IT Printing, postage and stationery Staff welfare |
(59) (602) |
(1,787) (951) |
| Light, heat and power subsidiary | (5,188) | |
| Travel and subsistence | (88) | (2,173) |
This page does not form part of the statutory financial statements. Page 36
Paper Foundation
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| Total 2024 |
Total 2023 |
|
|---|---|---|
| £ | £ | |
| Repairs and renewals subsidiary | (4,241) | |
| Telephone subsidiary | (330) | |
| Office expenses | (8,236) | |
| Computer software and maintenance costs | (462) | |
| Printing, postage and stationery | (576) | |
| Advertising | - | (1,071) |
| Legal and professional fees | - | (190) |
| Cleaning | (105) | |
| Foreign currency (gains)/losses | (22) | |
| Travel and subsistence subsidiary | (6,668) | |
| Advertising subsidiary | (474) | |
| Bank charges | (196) | |
| Depreciation of short leasehold property | (22,789) | |
| Depreciation | {8,463} | |
| {86,183} | {31,087) | |
| Charitable activities | ||
| Wages and salaries | (50,557) | (15,678) |
| Restricted wages | (36,329) | (46,786) |
| Staff NIC (Employers) | (3,559) | |
| Staff pensions (Defined contribution) - pension scheme 1 | (1,943) | (1,363) |
| Repairs and maintenance | (974) | (5,626) |
| Repairs and maintenance restricted | (3,511) | |
| Film-making | (4,168) | |
| Miscellaneous staff costs | (637) | (1,174) |
| Trade subscriptions | (135) | (253) |
| Hire of other assets (Operating leases) | (3,406) | |
| Collection Expenses | (1,592) | (6,019) |
| Collection expenses restricted | (7,500) | |
| Sundries | (627) | (1,742) |
| Management charges payable | (12,912) | (23,417) |
| Amortisation of computer software | (750) | (750) |
| Depreciation | (1,843) | (8,683) |
| Rates and water | (1,199) | |
| Light, heat and power | (15,666) | |
| Insurance | (2,013) | |
| Telephone and IT | (2,563) | |
| Training | - | (82) |
| Accountancy fees | (3,124) | (2,211) |
| Consultancy fees | (75) | (285) |
This page does not form part of the statutory financial statements. Page 37
Paper Foundation Detsiled Statement of Financial Activities for the Year Ended 31 December 2024 Total 2024 Total 2023 Accountsncy fees subsidiary Cost of trustee meelings {1.200) 375 156.658 114,069 This page does not fom) part of the slatirtory financial statements. Page 38