**Company registration number: 10633216 Charity registration number: 1172471** ## **THE SEKFORDE HOUSE TRUST** **(A Company Limited by Guarantee and Registered Charity)** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 28 FEBRUARY 2025** ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity)** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Trust, its Trustees and Advisers**|1| |**Trustees' Report**|2 - 4| |**Trustees' Responsibilities Statement**|5| |**Independent Examiner's Report**|6| |**Statement of Financial Activities**|7| |**Balance Sheet**|8 - 9| |**Notes to the Financial Statements**|10 - 16| ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 28 FEBRUARY 2025** |**Trustees**|D Lonsdale| |---|---| ||M Kostov| ||H Sarmadi| |**Company registered**
**number**
10633216
**Charity registered**
**number**
1172471
**Registered office**
34 Sekforde Street
London
EC1R 0HA
**Company secretary**
D Lonsdale
**Accountant**
MHA
Chartered Accountants
MHA House
Charter Court
Swansea Enterprise Park
Swansea
SA7 9FS|| Page 1 ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025** The trustees present their annual report together with the financial statements of the Sekforde House Trust for the year 1st March 2024 to 28th February 2025. The Annual Report serves the purpose of both a Trustees’ Report and a Directors’ Report under Company Law. The Trustees confirm the Annual Report and Financial Statements of the Charitable comply with the current statutory requirements, the requirements of the Charitable Company’s governing document and the 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). Since the charity qualifies as small under Section 382 of the Companies Act 2008, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulation 2013 has been omitted. ## **Purpose and Objectives** The Trust was inspired by the chairman Mr David Lonsdale’s grandmother, Professor Dame Kathleen Lonsdale FRS. She was the youngest of ten children from an impoverished Irish family but received a scholarship at the age of 16 in 1919 which enabled her to attend university in London. Without this scholarship she would not have been able to pursue a scientific career. The purpose and objectives of the Trust as per the Memorandum and Articles of Association are to advance education by making grants to students and by engaging in other activities that will enable children and young people to have access to good education. In setting objectives and planning for current and future activities, the Trustees have given due consideration to the guidance published by the Charity Commission relating to public benefit including the guidance “Public Benefit running a charity (PB2)”. ## **Activities and Achievements** The main activities undertaken in relation to the Trusts purpose as per its governing document and for the furtherance of public benefit are those of grant giving. The main achievements of the Trust in the year to February 2025 are as follows: ## Grant giving During the past year, the Trust has made grants of £162,400 to university students in the form of scholarships. ## School building project In early 2019, the Trust began to build a six-classroom secondary school in Baluchestan, Iran. Baluchestan is an extremely remote and rural province. It is the second largest province by land area. It borders Pakistan and Afghanistan. It is extremely poor and neglected. Few children receive secondary education, and the provision is extremely inadequate for girls. The trustees, David Lonsdale and Mihail Kostov remain concerned about the rate of progress being made and have been informed that the project is “on hold” by Hadi Sarmadi who is responsible for the delivery of the project. They have been assured by Hadi Sarmadi that the school will be built and that he will ensure that it is completed and will function as a well-run secondary school. The trustees have decided not to make any further financial contributions to the school project and will continue to press for information about the school and will hold Hadi Sarmadi to account for the money that he received on trust. Page 2 ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025** ## **Financial Review** On 3rd April 2021 the Trustee David Lonsdale donated a 30-year long leasehold to the Sekforde House Trust of 35B Tierney Road London SW2. The property was a two-bedroom property which provided rental income to the Trust of £1,200 per month. This property was sold during the year for £222,334 and an additional donation from David Lonsdale of £77,666 to ensure the charity recieved the £300,000 valuation. The trust received private donations of £6,668 from individuals other than David Lonsdale. The trust incurred accountancy fees of £4,920. As of 29th February 2025, the Trust held unrestricted reserves of £168,416 (2024: £317,204). ## Financial risk management The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the finances of the Trust and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. ## Grant making Each year the Trust invites students with places at City University and UCL to apply for scholarships. The reason for limiting applications to two universities is to prevent the Trust being overwhelmed with applications that it would be unable to handle. It has occasionally disapplied this general limitation for an exceptional person or situation. The selection criteria are advertised by the universities. They are: (i) Outstanding academic or other ability; - (ii) Serious financial need; - (iii) A desire and ability to make the world fairer and /or more sustainable. The applications are reduced to 15 and these are interviewed. The trust pays reasonable costs of attending interview. Four external interviewers join the trustees and have an equal say in the selection. The external interviewers include a solicitor and a councilor. ## Going concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure is sufficient with the level of reserved for the Trust to be able to continue as a going concern. Page 3 ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025** ## Reserves Policy The Trust aims to retain sufficient funding to meet all future obligations at the Balance Sheet date. At present all activities are funded by Trustee donations given on a “as needed basis” (apart from the income from property). The Trust has no financial commitments as grants are given at the discretion of the Trustees. As such no formal reserve policy is required at this time. ## **Structure governance and management** ## Constitution The Trust was incorporated on 22nd February 2017 and is a Company Limited by Guarantee with the Registrar of Companies for England and Wales (Registration number 10633216) and is a charity registered with the Charity Commission (Registration number 1172471). The Trust is governed by its Memorandum and Articles of Association. ## Recruitment and appointment of Trustees The management of the Trust is the responsibility of the Trustees who are co-opted under the terms of the Memorandum of Association. The Trustees are aware of the Charity Commission guidance on the role and responsibilities of Trustees and seek further advice as required. The Trustees consider that the board comprises an appropriate mix of individuals with complimentary skills and experiences so as to meet the needs of the charity. An Induction and training is given by the chairman on the roles and responsibilities of Trustees and the operation of the charity. The report has been prepared taking advantage of the small companies exemption of the Companies Act 2006. Approved by order of the members of the board of Trustees and signed on their behalf by: ................................................ **D Lonsdale** Trustee Date: 20/11/2025 Page 4 ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity)** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 28 FEBRUARY 2025** The Trustees (who are also the directors of the Trust for the purposes of company law) 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). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Trust 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 Trust will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust 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 its behalf by: ................................................ **D Lonsdale** Trustee Date: 20/11/2025 Page 5 ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025** ## **Independent Examiner's Report to the Trustees of The Sekforde House Trust ('the Trust')** I report to the charity Trustees on my examination of the accounts of the Trust for the year ended 28 February 2025. ## **Responsibilities and Basis of Report** As the Trustees of the Trust (and its Directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Trust's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent Examiner's Statement** 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: 1. accounting records were not kept in respect of the Trust as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 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. Signed: ye \ i ° Dated: 20/11/2025 Rachel Doyle ACA DChA ## **MHA** Chartered Accountants MHA House Charter Court Swansea Enterprise Park Swansea SA7 9FS MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 6 **(A Company Limited by Guarantee and Registered Charity)** ## **THE SEKFORDE HOUSE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 28 FEBRUARY 2025** |**Note**
**Income:**
Donations
Rental income
9
Charitable Gift from D Lonsdale
Investment income
**Total income**
**Expenditure on:**
Grants to individuals
3
Independent examiners' fees
Legal Fees
Interview expenses
**Total expenditure**
**Net expenditure before net gains on investments**
Net gains on investments
**Net movement in funds before 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**
**2025**
**£**
**6,350**
**-**
**77,666**
**11,520**
**95,536**
**162,400**
**4,920**
**420**
**70**
**167,810**
**(72,274)**
**1,152**
**(71,122)**
**(77,666)**
**(148,788)**
**317,204**
**(148,788)**
**168,416**|**Total**
**funds**
**2025**
**£**
**6,350**
**-**
**77,666**
**11,520**
**95,536**
**162,400**
**4,920**
**420**
**70**
**167,810**
**(72,274)**
**1,152**
**(71,122)**
**(77,666)**
**(148,788)**
**317,204**
**(148,788)**
**168,416**|_Total_
_funds_
_2024_
_£_
_2,533_
_14,400_
_119,600_
_-_
_136,533_
_132,000_
_4,800_
_-_
_-_
_136,800_
_(267)_
_-_
_(267)_
_-_
_(267)_
_317,471_
_(267)_
_317,204_| |---|---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. In the previous accounting period all income and expenditure was allocated to Unrestricted funds. The notes on pages 10 - 16 form part of these financial statements. Page 7 ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity) REGISTERED NUMBER: 10633216** ## **BALANCE SHEET AS AT 28 FEBRUARY 2025** |**Note**
**Fixed assets**
Investments
6
Investment property
5
**Current assets**
Debtors
7
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
8
**Net current assets**
**Total net assets**
**Charity funds**
Unrestricted funds
**Total funds**|**2025**
**£**
**5,050**
**8,394**
**13,444**
**(6,180)**|**2025**
**£**
**161,152**
**-**
**161,152**
**7,264**
**168,416**
**168,416**
**168,416**|_2024_
_£_
_-_
_22,004_
_22,004_
_(4,800)_|_2024_
_£_
_-_
_300,000_| |---|---|---|---|---| |||||_300,000_
_17,204_| |||||| |||||_317,204_| |||||_317,204_| |||||| |||||_317,204_| Page 8 ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity) REGISTERED NUMBER: 10633216** ## **BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2025** The Trust was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ................................................ **D Lonsdale** Trustee Date: 20/11/2025 The notes on pages 10 to 16 form part of these financial statements. Page 9 ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025** ## **1. General information** The Sekforde House Trust is a private charitable company limited by guarantee and is registered with the Charity Commission (Charity Registered Number: 1172471) and Registrar of Companies (Company Registration Number: 10633216) in England and Wales. In the event of the Trust being wound up the liability in respect of the guarantee is limited to £1 per Member of the Trust. The address of the registered office is given in the Trust information on page 1 of these financial statements. The nature of the Trust's operations and principal activities are detailed 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) and the Companies Act 2006. The Sekforde House Trust 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. The financial statements are presented in pounds sterling which is the presentational and functional currency of the Trust and amounts are rounded to the nearest pound. ## **2.2 Going concern** The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Trust to be able to continue as a going concern. Page 10 **(A Company Limited by Guarantee and Registered Charity)** ## **THE SEKFORDE HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025** ## **2. Accounting policies (continued)** ## **2.3 Income** All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Trust's accounting policies. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Trust which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. Other income and donations are recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. ## **2.4 Expenditure** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. 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 charitable activities is incurred on directly undertaking the activities which further the Trust'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. ## **2.5 Taxation** The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Page 11 ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025** ## **2. Accounting policies (continued)** ## **2.6 Investment properties** Investment properties are carried at realisable value determined by the Trustees and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in realisable value are recognised in the Statement of Financial Activities. ## **2.7 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. Fixed asset investments are held on trust by the trustee David Lonsdale. ## **2.8 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. ## **2.9 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. ## **2.10 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 Trust 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. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. Page 12 **(A Company Limited by Guarantee and Registered Charity)** ## **THE SEKFORDE HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025** ## **2. Accounting policies (continued)** ## **2.11 Financial instruments** The Trust only holds basic Financial Instruments. The financial assets and financial liabilities of the Trust are as follows: Debtors - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 6. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Liabilities – accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 8. ## **2.12 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 Trust and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Page 13 ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025** ## **3. Analysis of grants** ||**Grants to**|**Total**| |---|---|---| ||**Individuals**|**funds**| ||**2025**|**2025**| ||**£**|**£**| |Advancement of education|162,400|**162,400**| During the accounting period the Trust made 9 (2024 - 7) grants to individuals to fund scholarships. ||_Grants to_|_Total_| |---|---|---| ||_Individuals_|_funds_| ||_2024_|_2024_| ||_£_|_£_| |Advancement of education|_132,000_|_132,000_| ## **4. Staff costs, Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ . During the year ended 28 February 2025, no Trustee expenses have been incurred _(2024 - £NIL)_ . Page 14 ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025** ## **5. Investment property** |At 1 March 2024
Disposals
Loss on revaluation
At 28 February 2025|**Leasehold**
**investment**
**property**
**£**
**300,000**
**(222,234)**
**(77,766)**| |---|---| ||**-**| In April 2021, the Trustee David Lonsdale donated a 30 year leasehold in a property at 35B Tierney Road, London, to the Trust. The property was sold during the year. ## **6. Fixed asset investments** |**Cost or valuation**
Additions
Revaluations
At 28 February 2025
**Net book value**
At 28 February 2025
**Debtors**
**Due within one year**
Other debtors|**2025**
**£**
**5,050**
**5,050**|**Listed**
**investments**
**£**
**160,000**
**1,152**| |---|---|---| |||**161,152**| |||**161,152**| |||_2024_
_£_
_-_
_-_| ## **7. Debtors** Page 15 ## **THE SEKFORDE HOUSE TRUST** ## **(A Company Limited by Guarantee and Registered Charity)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025** ## **8. Creditors: Amounts falling due within one year** |Trade creditors
Accruals|**2025**
**£**
**1,380**
**4,800**
**6,180**|_2024_
_£_
_-_
_4,800_| |---|---|---| |||| |||_4,800_| ## **9. Related party transactions** In 2021, The Sekforde House Trust was gifted a 30 year leasehold in a property at 35B Tierney Road, London by one of it's Trustees, David Lonsdale. This property has been used to generate annual rental income in prior years (2024: £14,400). This property was sold during the year. At year ended 29 February 2025, the balance owed to the charity by David is £5,050 (2024: £Nil) and the balance owed to David by the charity is £Nil (2024: £Nil). ## **10. Post balance sheet events** Post year end the Trust sold 100,000 of the 128,000 investment shares held for £160,000. Page 16