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2024-03-31-accounts

Charity registration number 1177359

HEADQUARTERS VOLUNTEER CADET CORPS

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

HEADQUARTERS VOLUNTEER CADET CORPS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees J Strong A Hearn G G Fletcher G Langworhty Charity number 1177359 Principal address RN Cadet Forces Training Centre Building 175 HMS Excellent Whale Island Portsmouth United Kingdom PO2 8ER Independent examiner Sedulo London Limited Office 605 Albert House 256 - 260 Old Street London United Kingdom EC1V 9DD

(Appointed 12 February 2024) (Appointed 30 April 2024)

HEADQUARTERS VOLUNTEER CADET CORPS

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 17

HEADQUARTERS VOLUNTEER CADET CORPS

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities Act 2011 and "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)".

Objectives and activities

Our charitable objective, as set out in our constitution, is:

Our vision is to:

Public benefit

Public benefit is provided by the development of the physical, mental, and social capacities of young people through their activities as cadets.

The trustees have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and in planning its current and future activities.

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance as stated above.

Activities

The charity undertakes a range of activities to deliver public benefit in accordance with its purposes. This includes indoor and outdoor instruction in a range of activities from our uniformed instructing staff - including naval general training, command, musical, and display team training. In addition, we offer swimming, marksmanship, sports competitions, fieldcraft and the Duke of Edinburgh Award.

HQVCC acts as an umbrella for all our constituent units and facilitates and enables the delivery of our organisational wide purposes and objectives.

Achievements and performance

2023-24

The charity offered a full schedule of activities for the year across all areas culminating in a VCC-wide summer camp held in West Wales. Our Duke of Edinburgh training continues and our enrolments and retention of cadets and staff has held steady.

Financial review

The charity's income for the year ended 31st March 2024 totalled £170,145 (2023: £128,988) against expenditure of £110,988 (2023: £102,543) leading to a surplus of £59,157 (2023: £26,445).

Funds carried forward into 2024-25 amount to £177,903 (2023: £118,746) of which £23,683 is restricted (2023: £13,591) and £154,220 is unrestricted (2023: £105,155).

HEADQUARTERS VOLUNTEER CADET CORPS

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Reserves policy

The charity is focused on holding sufficient financial reserves to manage the impact of the discontinuation of the federated adventurous training grant in 2024/2025 and the need to fund ongoing activity associated with the summer camp and other adventurous training.

Additionally, per the plans described below, the charity is likely to see substantial growth in the coming decade. While grant funding contributes to the delivery of its core activities, the charity is also required to provide additional start up funds, currently amounting to £5,000, to each new unit. Given the number of new units being proposed as part of this expansion - up to 17 across the coming decade - the trustees consider it prudent to hold a high level of funds in reserves to enable these plans to go ahead even if direct grant funding is unavailable and aim to hold at least a full year's expenditure in reserve. The trustees will also consider if there is a need to designate funds for start-up purposes in future financial periods.

Unrestricted funds less the value of unrestricted fixed assets and stock held at 31st March 2024 amounted to £124,997, representing 13.5 months of expenditure at current levels. The trustees are therefore satisfied that sufficient reserves are available and that current levels, while high, are suitable given the charity's future plans.

Principal funding sources

The Volunteer Cadet Corps is currently part funded by the Royal Navy through a Memorandum of Agreement under which annual capitation grants are disbursed to Headquarters Volunteer Cadet Corps to contribute to the cost of the VCC's core activities. These grants are supplemented by the donations and grant income from trusts to ensure that the HQVCC has the capacity to facilitate a full range of cadet activities for the VCC units. The trustees are confident that this funding arrangement continues to be sustainable and that grant funding from the Royal Navy will be available for the 2024-25 year and beyond.

Plans for future periods

There are ambitious plans to expand the size and geographical scope of the VCC's activities in the coming decade under proposals to grow the number of individual cadet units. Up to 17 different potential units are being considered at Royal Navy and Royal Marines sites across the UK.

The VCC is changing its charitable structure and will convert to a charitable incorporated organisation and bring all its local units together into one charity. This change will free out volunteers to focus on the cadet experience. The trustees consider that these plans would constitute a substantial expansion of the HQVCC's charitable activities and significantly increase the number of young people benefiting from the charity, allowing the charity to continue delivering on its core objectives.

Structure, governance and management

The charity is controlled by its governing document, a constitution and constitutes an unincorporated charity.

The trustees who served during the year and up to the date of signature of the financial statements were:

C R Spratt (Resigned 31 March 2024) J Strong L K Colpitts (Resigned 30 June 2024) A Hearn G G Fletcher (Appointed 12 February 2024) G Langworhty (Appointed 30 April 2024)

HEADQUARTERS VOLUNTEER CADET CORPS

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

The trustees' report was approved by the Board of Trustees.

Adam Hearn .............................. A Hearn Chair 13/01/2025 Date: .............................................

HEADQUARTERS VOLUNTEER CADET CORPS

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF HEADQUARTERS VOLUNTEER CADET CORPS

I report to the trustees on my examination of the financial statements of Headquarters Volunteer Cadet Corps (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference 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 now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with 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:

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 financial statements to be reached.

Emma Houghton FCCA

Sedulo London Limited

Office 605 Albert House 256 - 260 Old Street London

EC1V 9DD United Kingdom

27 January 2025 Dated: .........................

HEADQUARTERS VOLUNTEER CADET CORPS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
2
52,124
90,500
Charitable activities
General Cadet Activities
3
5,141
-
Summer Camp
3
20,760
-
Duke of Edinburgh
3
1,150
-
Investments
4
470
-
Total income
79,645
90,500
Expenditure on:
Charitable activities
General Cadet Activities
5
22,668
56,531
Summer Camp
5
3,153
23,710
Duke of Edinburgh
5
4,759
167
Total expenditure
30,580
80,408
Net income
49,065
10,092
Transfers between funds
-
-
Net movement in funds
8
49,065
10,092
Reconciliation of funds:
Fund balances at 1 April 2023
105,155
13,591
Fund balances at 31 March 2024
154,220
23,683		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
142,624
36,883
71,766
5,141
772
-
20,760
18,820
-
1,150
575
-
470
172
-
170,145
57,222
71,766
79,199
21,549
44,728
26,863
3,328
24,657
4,926
8,067
214
110,988
32,944
69,599
59,157
24,278
2,167
-
10,856
(10,856)
59,157
35,134
(8,689)
118,746
70,021
22,280
177,903
105,155
13,591		 Total
2023
£
108,649
-
772
18,820
575
172
128,988
66,277
27,985
8,281
102,543
26,445
-
26,445
92,301
118,746

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

HEADQUARTERS VOLUNTEER CADET CORPS

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one year
15
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted funds
16
Unrestricted funds
17		 2024
£
17,423
10,777
140,662
168,862
(2,759)		 £
11,800
166,103
177,903
23,683
154,220
177,903		 2023
£
6,187
3,473
99,574
109,234
(4,890)		 £
14,402
104,344
118,746
13,591
105,155
118,746

13/01/2025 The financial statements were approved by the trustees on .........................

Adam Hearn .............................. A Hearn Chair

HEADQUARTERS VOLUNTEER CADET CORPS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Headquarters Volunteer Cadet Corps constitutes an unincorporated charity.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

HEADQUARTERS VOLUNTEER CADET CORPS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 25% straight line Fixtures and fittings 25% straight line Computers 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are valued at cost and represent the value of uniforms and badges purchased by the charity for distribution to cadets but yet to be issued and so held in inventory.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

HEADQUARTERS VOLUNTEER CADET CORPS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
3,135
-
Grants
48,989
90,500
52,124
90,500		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
3,135
279
-
139,489
36,604
71,766
142,624
36,883
71,766		 Total
2023
£
279
108,370
108,649

HEADQUARTERS VOLUNTEER CADET CORPS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

3 Income from charitable activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
General Cadet Activities
Mess Dinner Tickets - (192)
Sales of Uniforms, Badges & Other Items - 250
Activity Fees from Units 5,141 714
Summer Camp
Summer Camp 20,760 18,820
Duke of Edinburgh
Duke of Edinburgh Payments 1,150 575
27,051 20,167
4 Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 470 172

HEADQUARTERS VOLUNTEER CADET CORPS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

5 Expenditure on charitable activities

General Cadet
Activities
2024
£
Direct costs
Uniform & Badges
3,529
Events
2,037
Welfare
1,464
Travel & Meetings
10,682
Band Instruction
-
DBS Checks
1,001
Expenditure on Units
1,835
Equipment for Activities
9,025
Membership & Subscription Fees
-
Training Materials
-
Activity Costs
29,747
59,320
Grant funding of activities (see note 6)
7,900
Share of support and governance costs (see note 7)
Support
9,453
Governance
2,526
79,199		 Summer
Camp
Duke of
Edinburgh
2024
2024
£
£
-
-
-
-
-
-
4,177
67
-
-
-
-
-
-
3,313
-
-
2,871
-
1,074
15,310
169
22,800
4,181
-
-
3,206
588
857
157
26,863
4,926		 Total
General Cadet
Activities
2024
2023
£
£
3,529
5,931
2,037
3,372
1,464
1,223
14,926
4,833
-
2,363
1,001
756
1,835
25,874
12,338
4,586
2,871
-
1,074
-
45,226
5,611
86,301
54,549
7,900
5,041
13,247
5,490
3,540
1,197
110,988
66,277		 Summer
Camp
Duke of
Edinburgh
2023
2023
£
£
-
-
(250)
-
-
-
211
847
-
-
-
-
-
-
4,292
3,320
-
2,580
-
768
21,131
-
25,384
7,515
-
-
2,135
629
466
137
27,985
8,281		 Total
2023
£
5,931
3,122
1,223
5,891
2,363
756
25,874
12,198
2,580
768
26,742
87,448
5,041
8,254
1,800
102,543

HEADQUARTERS VOLUNTEER CADET CORPS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Expenditure on charitable activities
Analysis by fund
Unrestricted funds
Restricted funds		 22,668
56,531
79,199		 3,153
23,710
26,863		 4,759
167
4,926		 30,580
80,408
110,988		 21,549
44,728
66,277		 3,328
24,657
27,985		 (Continued)
8,067
32,944
214
69,599
8,281
102,543		 (Continued)
8,067
32,944
214
69,599
8,281
102,543
102,543

5 Expenditure on charitable activities

HEADQUARTERS VOLUNTEER CADET CORPS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6 Grants payable

Grants payable consist of funds regranted to individual VCC units by HQ in order to fund their cadet activities.

7 Support costs allocated to activities

Depreciation
Repairs & Maintenance
Insurance
Office Expenses
Gifts & Awards
Advertising & Marketing
Training
Governance costs
Analysed between:
General Cadet Activities
Summer Camp
Duke of Edinburgh
8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
Depreciation of owned tangible fixed assets
Loss on disposal of tangible fixed assets		 2024
£
4,048
-
3,491
2,324
539
-
2,845
3,540
16,787
11,979
4,063
745
16,787
2024
£
1,800
4,048
-		 2023
£
1,542
2,800
2,212
1,473
136
91
-
1,800
10,054
6,687
2,601
766
10,054
2023
£
1,800
603
939

9 Trustees

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

Expenses totalling £2,012 were paid to 4 trustees in the year ended 31 March 2024 in relation to their operational activities as volunteer officers of the HQVCC (2023: £1,636 paid to 4 trustees).

No expenses were paid to trustees in respect of their duties as trustees in the year ended 31 March 2024 nor the year ended 31 March 2023.

HEADQUARTERS VOLUNTEER CADET CORPS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

10 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2024 2023
Number Number
Total - -
There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Tangible fixed assets

Plant and
equipment
Fixtures and
fittings
Computers
£
£
£
Cost
At 1 April 2023
14,695
-
350
Additions
840
606
-
At 31 March 2024
15,535
606
350
Depreciation and impairment
At 1 April 2023
541
-
102
Depreciation charged in the year
3,884
76
88
At 31 March 2024
4,425
76
190
Carrying amount
At 31 March 2024
11,110
530
160
At 31 March 2023
14,154
-
248
13
Stocks
2024
£
Uniform Stock
17,423		 Total
£
15,045
1,446
16,491
643
4,048
4,691
11,800
14,402
2023
£
6,187

HEADQUARTERS VOLUNTEER CADET CORPS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
8,382
48
2,347
10,777		 2023
£
752
250
2,471
3,473

15 Creditors: amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2024
£
959
-
1,800
2,759		 2023
£
1,290
1,800
1,800
4,890

16 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2023 Incoming Resources Transfers At 31 March
resources expended 2024
£ £ £ £ £
Connaught Grant - Air Rifles 13,591 - (7,588) - 6,003
Connaught Grant - Jerboa - 1,500 (1,500) - -
Greenwich Hospital - Cyprus - 4,000 (4,000) - -
MOD - Adventurous Training - 85,000 (67,320) - 17,680
13,591 90,500 (80,408) - 23,683

HEADQUARTERS VOLUNTEER CADET CORPS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

16 Restricted funds (Continued) (Continued)
Previous year: At 1 April 2022 Incoming Resources Transfers At 31 March
resources expended 2023
£ £ £ £ £
Connaught Grant - Air Rifles 18,000 - (4,409) - 13,591
Connaught Grant - Field Gun
Repair 2,880 (80) (2,800) - -
Connaught Grant - Radios 1,400 - - (1,400) -
Connaught Grant - Carol Concert - 1,000 (1,000) - -
Connaught Grant - Summer Camp - 5,000 (5,000) - -
MOD - Adventurous Training - 65,846 (56,390) (9,456) -
22,280 71,766 69,599 (10,856) 13,591

17 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023 At 1 April 2023 Incoming Resources Transfers At 31 March
resources expended 2024
£ £ £ £ £
General funds 105,155 79,645 (30,580) - 154,220
Previous year: At 1 April 2022 Incoming Resources Transfers At 31 March
resources expended 2023
£ £ £ £ £
General funds 70,021 57,222 (32,944) 10,856 105,155
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 March 2024:
Tangible assets 11,800 - 11,800
Current assets/(liabilities) 142,420 23,683 166,103
154,220 23,683 177,903

18 Analysis of net assets between funds

HEADQUARTERS VOLUNTEER CADET CORPS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

18 Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 March 2023:
Tangible assets 14,402 - 14,402
Current assets/(liabilities) 90,753 13,591 104,344
105,155 13,591 118,746

19 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).