``` REGISTERED COMPANY NUMBER: CE014359 (England and Wales) REGISTERED CHARITY NUMBER: 1178830 ``` ## **`REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024`** ## **`FOR`** ## **`BALTIC EXCHANGE CHARITABLE FOUNDATION`** ``` Cresswells Accountants (UK) Limited Chartered Accountants and Statutory Auditors 12 Market Street Hebden Bridge West Yorkshire HX7 6AD ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024`** ||**`Page`**|**`Page`**|**`Page`**| |---|---|---|---| |**`Report of the Trustees`**|`1`|`to`|`5`| |**`Report of the Independent Auditors`**|`6`|`to`|`8`| |**`Statement of Financial Activities`**||`9`|| |**`Balance Sheet`**|`10`|`to`|`11`| |**`Notes to the Financial Statements`**|`12`|`to`|`18`| |**`Detailed Statement of Financial Activities`**||`19`|| ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`REPORT OF THE TRUSTEES`** ## **`FOR THE YEAR ENDED 31ST DECEMBER 2024`** ``` ThetrusteeswhoarealsodirectorsoftheCharityforthepurposesofCompaniesAct2006,present their reportwiththefinancialstatementsoftheCharityfortheyearended31stDecember2024.The trustees haveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ``` ## **`OBJECTIVES AND ACTIVITIES`** ## **`Objectives and aims`** ``` The objectives of the Charity, as set out in its constitution, are: ``` - `-Such purposes and objects being charitable according to the law of England and Wales` - `-Relief of persons in need, within the definition of potential beneficiaries` ``` ThepotentialbeneficiariesarethelifemembersoftheformerBalticExchangeCharitable Society; individualsengagedorformerlyengagedinmaritimeactivities;thespouses,civilpartners, widows, widowers,issueorotherdependantsoftheforegoing;andtheemployeesandformeremployeesof the Baltic Exchange. ``` ``` The Charity was formed to take over the activities of the following charitable trusts: ``` - `The Baltic Exchange Charitable Society` - `The London Shipowners' and Shipbrokers' Benevolent Society` - `The Baltic Charitable Fund` - `The Bonno Krull Fund` ``` Thetransferofactivitiesoccurredon31March2021andtheCharitynowcarriesontheactivitiesof the trusts transferred, namely: ``` - `The provision of support of individuals in need` - `The awarding of grants to institutions connected with the maritime industry` ## **`Significant activities Grants`** ``` Intheyear,theCharitycontinuedtosupportseven(2023-eight)individualsreceivingannualgrants and also paid special grants to a further five (2023 - five) individuals. ``` ``` TheCharityhaseight(2023-six)securedloanstoindividuals;thiswasanincreaseof£75,000from last year. ``` ``` Duringtheyear,theCharityawardedthirteen(2023-nine)grantstovariousinstitutionslinkedto the maritimeindustryandcontinuedtopaytwo(2023-two)grantspreviouslyawarded.The significant grants awarded in the year were: ``` ``` Ahoywereawardedtheirthirdpaymentof£10,000fromtheoriginalthreeyeargrantof £30,000 awardedin2022.ThiswastosupportAhoy'sworkinprovidingwaterskillstrainingtoyoungstersliving in the Thames estuary region. ``` ``` MissiontoSeafarerswereawardedagrantof£15,000intheyear.Theyarearegularbeneficiaryof BECF for their pastoral work with seafarers around the globe. ``` ``` NationalCoastwatchInstitutionwereawardedagrantof£20,000towardstheproductionofrevised and updated station manuals. ``` ``` SailorsSocietywereawardedagrantof£10,000fortheircontinuedsupportfortheirpastoralwork with seafarers around the globe. ``` ## **`Public benefit`** ``` TheTrusteeshavehadregardtotheCharityCommission'sguidanceonpublicbenefitandwill consider that guidance in their future activities. ``` ``` Page 1 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024`** ## **`OBJECTIVES AND ACTIVITIES`** ## **`Grant making`** ## **`Supporting individuals in need`** ``` The Charity supports individuals by the award of financial grants and the provision of interest free loans. ``` ``` Thefinancialgrantsareawardedasannualgrantstohelptowardsthepaymentofday-to-day expenses orasspecialgrantstocoverunexpectedorunaffordableoneoffexpensesincurredbythe beneficiaries. Theannualgrantsarepaidquarterlyandreviewedonanannualbasis,orasnecessary,whereas special grants are paid on an ad hoc basis as required. ``` ## **`Grants to individuals`** ``` TheCharityhelpsbeneficiarieswithannualgrants,whicharepaidinquarterlyinstalments.All such grantsarebasedonarecipient'sfinancialcircumstanceswhicharereviewedatyearend.Emergency or one-offspecialgrantsareawardedasdeemednecessarybytheTrustees.Thoseclaimingassistance are requiredtoprovidefulldetailsofincomeandexpenditure,andfinancialneedmustbeestablished before anyhelpcanbeoffered.TheTrusteesarealwaysmindfulofthe"need"qualificationinthe Charity's objects.AllgrantsareawardedafterfullconsultationamongsttheTrusteesand beneficiaries circumstances are routinely monitored as necessary. ``` ## **`Grants to institutions`** ``` TheCharityprincipallysupportsinstitutionsfocusedinthemaritimesector.Theseinstitutionsinthe main covereducation,pastoralsupporttoseafarersandtheirfamiliesandotherrelatedcharitable works. Thesegrantsinthemainareofaone-offnaturebutcanextendonarepeatbasisoverafixedperiod of time. All grants are awarded after full consultation amongst the Trustees. ``` ## **`ACHIEVEMENT AND PERFORMANCE`** ## **`Investment performance`** ``` InvestmentpolicyandstrategyarereviewedbyaFinanceCommitteethatmeetsthe Charity's investmentmanagersregularlyduringeachyear,andperformanceismeasuredagainsttargetsset. A medium level of risk approach was confirmed. ``` ## **`FINANCIAL REVIEW`** ## **`Financial position`** ``` TheStatementofFinancialactivitiessetsouttheincomeandexpenditureoftheCharityforthe year ended 31 December 2024. ``` ``` Grantcommitmentsawardedin2024werepaidon1stJanuary2025.Approvalforpaymentof 2025 grantswasagreedatthetrusteesmeetinginOctober2024.Anyamendmentstothesepayments were adjusted retrospectively. ``` ``` Arevaluationsurplusof£435,574(2023-£166,394)aroseontheinvestments,contributingtowards an increaseinthereservesovertheyear.TheCharity'sclosingbalancesheetpositionisrobust, with significant reserves of £9,797,475 (2023 - £9,357,399) and cash in hand of £62,022 (2023 - £80,110). ``` ## **`Investment policy and performance`** ``` Thetrusteesconsiderthattheinvestmentsareheldforthelongtermandthereforetypicallyconsider the investment performance over a rolling multi-year period. ``` ``` Theinvestmentportfoliosarestructuredinawaythatcanwithstandadversemarketconditionsand are consideredbythetrusteestobewellplacedtoprotectthefund'svalueandalsotoproducethe income requiredfortheSociety'scharitableactivities.Theincometargetagreedwiththeadviserswas again comfortablyreached,andthereturnfortheyearwassatisfactoryfortheSociety'sneeds.The fund consistsofaspreadofgilts,corporatebonds,equitiesandcash,theallocationtoeachsector being continually under review. ``` ``` The value of the portfolios at the end of 2024 stood at £9,391,180 (£9,090,125 in 2023). ``` ``` Page 2 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024`** ## **`FINANCIAL REVIEW`** ## **`Reserves policy`** ``` The reserves comprise: ``` ## **`Bonno Krull Endowment Fund`** ``` ThisisapermanentendowmentfundwhichwascreatedbythewillofBonnoJuliusLeopoldKrull. The incomefromthefundistobeusedtomaintainthegraveofMrKrullandhiswife,withanysurplusto be used for charitable purposes connected to shipbroking and shipping. ``` ## **`Restricted Funds`** ``` TherestrictedfundscomprisethereservesoftheformerBalticExchangeCharitableSocietyand the formerLondonShipowners'andShipbrokers'BenevolentSociety.TheBalticExchangeCharitable Society reservesaretobeusedtosupporttheformermembersoftheSocietyandtheirdependents.The London Shipowners'andShipbrokers'BenevolentSocietyreservesaretobeusedtosupportthosewho have beeninvolvedinshipowningandshipbrokingbusinessesandtheirdependants.Atthe trustees' discretion, any surpluses can be used for charitable purposes connected to shipbroking and shipping. ``` ## **`Unrestricted Funds`** ``` Theunrestrictedfundscomprisethefundsfromtheotherpredecessorcharityandtheunexpended Bonno Krull income. ``` ``` TheCharity'sfreereservescomprisecashheldinoperatingbankaccountsandsundrydebtors, less currentcreditors.TheTrusteesaimtodrawdowncashfrominvestmentsasneeded,maximising the funds available to invest and resulting in minimal cash held in operating bank accounts. ``` ## **`FUTURE PLANS`** ``` TheTrusteesexpecttocontinuetheactivitiesoftheCharityasdescribedaboveforthe foreseeable future. ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Governing document`** ``` TheCharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimited company, limited by guarantee, as defined by the Companies Act 2006. ``` ``` TheCharityisacharitableincorporatedorganisationwhichwasincorporatedon18June2018. The governing document is the Constitution. ``` ## **`Recruitment and appointment of new trustees`** ## **`Appointment of trustees`** ``` Under the Rules of the Charity, the trustees comprise: ``` ``` - The Chief Financial Officer of the Baltic Exchange Limited; ``` - `One individual appointed by the Baltic Exchange Council; and` ``` - Up to ten individuals appointed by the Charity's trustees. ``` ## **`Trustee recruitment`** ``` TheBoardmaintainsaconstantwatchforsuitablecandidatestoreplaceretiringTrusteesfromtime to time. ``` ## **`Trustee training`** ``` NewlyappointedTrusteesareprovidedwithacopyoftheConstitutiontogetherwiththe Charity Commission'sGuidanceforTrustees.AllTrusteesareinformedofupdatedcharityinvestment guidance provided by fund managers as well as being encouraged to take up training seminars and workshops. ``` ## **`Organisational structure`** ``` The Charity has no staff and is managed by its Trustees. The Trustees are assisted by the secretary. ``` ``` TheCharitycontinuestoshareitssecretarialserviceswiththeCornExchangeBenevolent Society (Charity No. 207733). ``` ## **`REFERENCE AND ADMINISTRATIVE DETAILS`** ## **`Registered Company number`** ``` CE014359 (England and Wales) ``` ``` Page 3 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024`** ## **`Registered Charity number`** ``` 1178830 ``` ## **`Registered office`** ``` Southgate Chambers 37-39 Southgate Street Winchester SO23 9EH ``` ## **`Trustees`** ``` W M Robson Chairman Ms K A Marsh D A Petropoulos R T Reed M A Read L C Varnavides C J Nolan F W A Crouch (resigned 24.7.25) M R Jackson S Trowell (appointed 24.7.25) Lord J Mountevans (appointed 22.10.24) ``` ## **`Auditors`** ``` Cresswells Accountants (UK) Limited Chartered Accountants and Statutory Auditors 12 Market Street Hebden Bridge West Yorkshire HX7 6AD ``` ## **`Advisers`** - `Cazenove Capital, 1 London Wall Place, London, EC2Y 5AU` - `Quilter Cheviot Limited, Senator House, 85 Queen Victoria Street, London, EC4V 4AB` ## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES`** ``` Thetrustees(whoarealsothedirectorsofBalticExchangeCharitableFoundationforthepurposes of companylaw)areresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatements in accordancewithapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally Accepted Accounting Practice). ``` ``` Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgive a trueandfairviewofthestateofaffairsofthecharitablecompanyandoftheincomingresources and applicationofresources,includingtheincomeandexpenditure,ofthecharitablecompanyforthat period. In preparing those financial statements, the trustees are required to ``` - `select suitable accounting policies and then apply them consistently;` - `observe the methods and principles in the Charity SORP;` - `make judgements and estimates that are reasonable and prudent;` - `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.` ``` Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewith reasonable accuracyatanytimethefinancialpositionofthecharitablecompanyandtoenablethemtoensure that thefinancialstatementscomplywiththeCompaniesAct2006.Theyarealsoresponsiblefor safeguarding theassetsofthecharitablecompanyandhencefortakingreasonablestepsfortheprevention and detection of fraud and other irregularities. ``` ``` In so far as the trustees are aware: ``` - `there is no relevant audit information of which the charitable company's auditors are unaware; and` - `the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.` ``` Page 4 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024`** ## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued`** ``` ThetrusteesareresponsibleforpreparingtheAnnualReportandthefinancialstatementsin accordance with applicable law and regulations. ``` ``` ThelawapplicabletocharitiesinEngland&Walesrequiresthetrusteestopreparefinancial statements foreachfinancialyearinaccordancewithUnitedKingdomGenerallyAcceptedAccountingPractice (United KingdomAccountingStandardsandapplicablelaw).Thetrusteesmustnotapprovethe financial statementsunlesstheyaresatisfiedthattheygiveatrueandfairviewofthestateofaffairsof the charityandoftheincomingresourcesandapplicationofresources,includingtheincomeand expenditure for that period. ``` ``` In preparing these financial statements, the trustees are required to: ``` - `select suitable accounting policies and apply them consistently;` - `observe the methods and principles in the Charities SORP;` - `make judgements and estimates that are reasonable and prudent;` - `state whether applicable accounting standards have been followed, subject to any material departures` - `disclosed and explained in the financial statements;` - `prepare the financial statements on the going concern basis unless it is inappropriate to presume that` - `the charity will continue in operation.` ``` Thetrusteesareresponsibleforkeepingsufficientaccountingrecordsthatdisclosewith reasonable accuracyatanytimethefinancialpositionofthecharityandenablethemtoensurethatthe financial statementscomplywiththeCharitiesAct2011,theCharity(AccountsandReports)Regulations2008 and theprovisionsofthetrustdeed.Theyarealsoresponsibleforsafeguardingtheassetsofthecharity, and for taking reasonable steps for the prevention and detection of fraud and other irregularities. ``` ``` Thetrusteesconfirmthatsofarastheyareaware,thereisnorelevantauditinformationofwhich the charity'sauditorisunaware.Theyhavetakenallstepsthattheyoughttohavetakenastrusteesin order tomakethemselvesawareofanyrelevantauditinformationandtoestablishthattheauditorisaware of that ``` ## **`AUDITORS`** ``` Theauditors,CresswellsAccountants(UK)Limited,willbeproposedforre-appointmentat the forthcoming Trustee Board meeting. ``` ``` Approved by order of the board of trustees on 12th September 2025 and signed on its behalf by: ``` ``` W M Robson - Trustee ``` ``` Page 5 ``` ``` REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`Opinion`** ``` WehaveauditedthefinancialstatementsofBalticExchangeCharitableFoundation(the 'charitable company')fortheyearended31stDecember2024whichcomprisetheStatementofFinancial Activities, theBalanceSheetandnotestothefinancialstatements,includingasummaryofsignificant accounting policies.Thefinancialreportingframeworkthathasbeenappliedintheirpreparationisapplicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ``` ``` In our opinion the financial statements: ``` - `give a true and fair view of the state of the charitable company's affairs as at 31st December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;` - `have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and` - `have been prepared in accordance with the requirements of the Companies Act 2006.` ## **`Basis for opinion`** ``` WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK)) and applicablelaw.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe Auditors' responsibilitiesfortheauditofthefinancialstatementssectionofourreport.Weareindependentof the charitablecompanyinaccordancewiththeethicalrequirementsthatarerelevanttoourauditof the financialstatementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledour other ethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ``` ## **`Conclusions relating to going concern`** ``` Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcern basis of accounting in the preparation of the financial statements is appropriate. ``` ``` Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelating to eventsorconditionsthat,individuallyorcollectively,maycastsignificantdoubtonthe charitable company'sabilitytocontinueasagoingconcernforaperiodofatleasttwelvemonthsfromwhen the financial statements are authorised for issue. ``` ``` Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribed in the relevant sections of this report. ``` ## **`Other information`** ``` Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisesthe information includedintheAnnualReport,otherthanthefinancialstatementsandourReportofthe Independent Auditors thereon. ``` ``` Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttothe extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. ``` ``` Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheother information and,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe financial statementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If we identifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredto determine whetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If,based on theworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisother information, we are required to report that fact. We have nothing to report in this regard. ``` ## **`Matters on which we are required to report by exception`** ``` WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(Accountsand Reports) Regulations 2008 requires us to report to you if, in our opinion: ``` - `the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or` - `the charitable company has not kept adequate accounting records; or` - `the financial statements are not in agreement with the accounting records and returns; or` - `we have not received all the information and explanations we require for our audit.` ``` Page 6 ``` ``` REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`Responsibilities of trustees`** ``` AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealso the directorsofthecharitablecompanyforthepurposesofcompanylaw)areresponsibleforthe preparation ofthefinancialstatementsandforbeingsatisfiedthattheygiveatrueandfairview,andfor such internalcontrolasthetrusteesdetermineisnecessarytoenablethepreparationoffinancial statements that are free from material misstatement, whether due to fraud or error. ``` ``` Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitable company's abilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcern and usingthegoingconcernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethe charitable company or to cease operations, or have no realistic alternative but to do so. ``` ## **`Our responsibilities for the audit of the financial statements`** ``` WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreport in accordance with the Act and relevant regulations made or having effect thereunder. ``` ``` Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are freefrommaterialmisstatement,whetherduetofraudorerror,andtoissueaReportofthe Independent Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnot a guaranteethatanauditconductedinaccordancewithISAs(UK)willalwaysdetecta material misstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if, individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisions of users taken on the basis of these financial statements. ``` ``` Theextenttowhichourproceduresarecapableofdetectingirregularities,includingfraudis detailed below: ``` ``` Inidentifyingandassessingrisksofmaterialmisstatementinrespectofirregularities,includingfraud and non-compliance with laws and regulations, our procedures include the following: ``` - `we obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates. We determined the following laws and regulations were most significant: The Companies Act 2006, FRS 102 and Health and Safety Act;` - `we obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management;` - `we assessed the susceptibility of the company's financial statements to material misstatement including how fraud might occur. Audit procedures performed by the audit team included:` - `identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;` - `understanding how those charged with governance considered and addressed the potential of override of controls or other inappropriate influence over the financial reporting process;` - `challenging assumptions and judgements made by management in its significant accounting estimates;` - `identifying and testing journal entries;` - `assessing the extent of compliance with the relevant laws and regulations.` ``` Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescription forms part of our Report of the Independent Auditors. ``` ``` Page 7 ``` ``` REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`Use of our report`** ``` Thisreportismadesolelytothecharitablecompany'strustees,asabody,inaccordancewithPart4 of theCharities(AccountsandReports)Regulations2008.Ourauditworkhasbeenundertakensothat we mightstatetothecharitablecompany'strusteesthosematterswearerequiredtostatetothemin an auditors'reportandfornootherpurpose.Tothefullestextentpermittedbylaw,wedonotaccept or assumeresponsibilitytoanyoneotherthanthecharitablecompanyandthecharitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. ``` ``` Cresswells Accountants (UK) Limited Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 12 Market Street Hebden Bridge West Yorkshire HX7 6AD ``` ``` 12th September 2025 ``` ``` Page 8 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`STATEMENT OF FINANCIAL ACTIVITIES`** ## **`FOR THE YEAR ENDED 31ST DECEMBER 2024`** |`Unrestricted`
`funds`
`Notes`
`£`
**`INCOME AND`**
**`ENDOWMENTS FROM`**
`Donations and legacies`
`2`
`31,181`
**`EXPENDITURE ON`**
`Raising funds`
`3`
`-`
**`Charitable activities`**
`General`
`53,820`
**`Total`**
`53,820`
`Net gains/(losses) on`
`investments`
`(436,988)`
**`NET`**
**`INCOME/(EXPENDITURE)`**
`(459,627)`
**`Transfers between funds`**
`10`
`608,695`
**`Net movement in funds`**
`149,068`
**`RECONCILIATION OF`**
**`FUNDS`**
`Total funds brought forward`
`2,212,740`
**`TOTAL FUNDS CARRIED`**
**`FORWARD`**
`2,361,808`|`Restricted`
`funds`
`£`
`310,359`
`39,976`
`243,242`
`283,218`
`973,460`
`1,000,601`
`(808,446)`
`192,155`
`6,208,796`
`6,400,951`|`Endowment`
`funds`
`£`
`-`
`-`
`-`
`-`
`(100,898)`
`(100,898)`
`199,751`
`98,853`
`935,863`
`1,034,716`|`2024`
`Total`
`funds`
`£`
`341,540`
`39,976`
`297,062`
`337,038`
`435,574`
`440,076`
`-`
`440,076`
`9,357,399`
`9,797,475`|`2023`
`Total`
`funds`
`£`
`289,669`| |---|---|---|---|---| |||||`52,392`
`232,449`| |||||`284,841`| |||||`166,394`| |||||`171,222`
`-`| |||||`171,222`
`9,186,177`| |||||`9,357,399`| ``` The notes form part of these financial statements ``` ``` Page 9 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`BALANCE SHEET 31ST DECEMBER 2024`** |`Unrestricted`
`Restricted`
`funds`
`funds`
`Notes`
`£`
`£`
**`FIXED ASSETS`**
`Investments`
`6`
`2,364,191`
`5,992,273`
**`CURRENT ASSETS`**
`Debtors`
`7`
`-`
`391,874`
`Cash at bank`
`3,617`
`58,405`
`3,617`
`450,279`
**`CREDITORS`**
`Amounts falling due within`
`one year`
`8`
`(6,000)`
`(25,601)`
**`NET CURRENT ASSETS`**
`(2,383)`
`424,678`
**`TOTAL ASSETS LESS`**
**`CURRENT LIABILITIES`**
`2,361,808`
`6,416,951`
**`CREDITORS`**
`Amounts falling due after`
`more than one year`
`9`
`-`
`(16,000)`
**`NET ASSETS`**
`2,361,808`
`6,400,951`
**`FUNDS`**
`10`
`Unrestricted funds`
`Restricted funds`
`Endowment funds`
**`TOTAL FUNDS`**|`2024`
`Endowment`
`Total`
`funds`
`funds`
`£`
`£`
`1,034,716`
`9,391,180`
`-`
`391,874`
`-`
`62,022`
`-`
`453,896`
`-`
`(31,601)`
`-`
`422,295`
`1,034,716`
`9,813,475`
`-`
`(16,000)`
`1,034,716`
`9,797,475`
`2,361,808`
`6,400,951`
`1,034,716`
`9,797,475`|`2023`
`Total`
`funds`
`£`
`9,090,125`
`326,619`
`80,110`
`406,729`
`(129,855)`
`276,874`
`9,366,999`
`(9,600)`
`9,357,399`
`2,212,740`
`6,208,796`
`935,863`
`9,357,399`| |---|---|---| ``` ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006 for the year ended 31st December 2024. ``` ``` Themembershavenotdepositednotice,pursuanttoSection476oftheCompaniesAct2006requiring an audit of these financial statements. ``` ``` The trustees acknowledge their responsibilities for ``` - `(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and` - `(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.` ``` ThesefinancialstatementshavebeenauditedundertherequirementsofSection145oftheCharities Act 2011. ``` ``` The notes form part of these financial statements ``` ``` continued... ``` ``` Page 10 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`BALANCE SHEET - continued`** ## **`31ST DECEMBER 2024`** ``` Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable companies subject to the small companies regime. ``` ``` ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on 12th September 2025 and were signed on its behalf by: ``` ``` W M Robson - Trustee ``` ``` The notes form part of these financial statements ``` ``` Page 11 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024`** ## **`1. ACCOUNTING POLICIES`** ## **`Basis of preparing the financial statements`** ``` Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102, havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'Accountingand Reporting byCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheir accounts inaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland (FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.The financial statementshavebeenpreparedunderthehistoricalcostconvention,withtheexception of investments which are included at market value, as modified by the revaluation of certain assets. ``` ## **`Income`** ``` AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ``` ## **`Expenditure`** ``` Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they have been allocated to activities on a basis consistent with the use of resources. ``` ``` Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a commitment but not accrued as expenditure. ``` ## **`Taxation`** ``` The charity is exempt from corporation tax on its charitable activities. ``` ## **`Fund accounting`** ``` Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the trustees. ``` ``` Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular restricted purposes. ``` ``` Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial statements. ``` ## **`Investments`** ``` Investmentsareaformofbasicfinancialinstrumentsandareinitiallyrecognisedat their transactioncostandsubsequentlyremeasuredatfairvalueatthebalancesheetdateusing the closingquotedmarketprice.Thestatementoffinancialactivitiesincludesthenetgainsand losses on revaluation and disposals throughout the year. ``` ## **`Realised gains and losses`** ``` AllgainsandlossesaretakentotheStatementofFinancialActivitiesastheyarise.Realised gains andlossesoninvestmentsarecalculatedasthedifferencebetweenthesalesproceedsand their openingcarryingvalueortheirpurchasevalueifacquiredsubsequenttothefirstdayof the financialperiod.Unrealisedgainsandlossesarecalculatedasthedifferencesbetweenthe fair valueattheperiodendandtheircarryingvalue.Realisedandunrealisedinvestmentgains and losses are combined in the Statement of Financial Activities. ``` ## **`Foreign Currencies`** ``` Assetsandliabilitiesinforeigncurrenciesaretranslatedintosterlingattheratesof exchange rulingattheStatementofFinancialPositiondate.Transactionsinforeigncurrenciesare translated intosterlingattherateofexchangerulingatthedateoftransaction.Exchangedifferences are taken into account in arriving at the operating result. ``` ``` continued... ``` ``` Page 12 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued`** ## **`FOR THE YEAR ENDED 31ST DECEMBER 2024`** ## **`1. ACCOUNTING POLICIES - continued`** ## **`Judgements and estimates`** ``` Thepreparationoffinancialstatementsinconformitywithgenerallyacceptedaccounting practice requiresmanagementtomakejudgementsandestimatesinapplyingthecompany's accounting policies that may have a significant impact on the amounts recognised in the financial statements. ``` ``` Theonlymaterialjudgementrelatestotherecognitionofconstructiveobligationstothe recipients ofgrants,asdetailedinthecreditorsnote.Therearenomaterialestimatesaffectingthe carrying values of the assets as at the year end. ``` ## **`Going Concern`** ``` ThetrusteesareconfidentthattheCharityisagoingconcern.Theinvestmentsheldare expected toyieldpositivereturnsandcashgeneratedfrominvestmentsisforecasttobeadequate to supportgrantcommitmentsandadministrativecostsforatleast12monthsfromthedateof this annual report. ``` ## **`Financial Instruments`** ``` Financialassetsandfinancialliabilitiesarerecognisedinthebalancesheetwhenagroup becomes party to the contractual provisions of the instrument. ``` ``` Investmentsinlistedsharesandbondsareclassifiedasbasicfinancialinstrumentsand accounted for as set out above. ``` ``` Loanstobeneficiariesareclassifiedaspublicbenefitconcessionaryloansarerecognisedinitially at the transaction value and subsequent at impaired cost. ``` ``` Tradeandotherdebtorsalongwithcreditorsareclassifiedasbasicfinancialinstruments and measuredatinitialrecognitionattransactionprice.Debtorsandcreditorsare subsequently measuredatamortisedcostusingtheeffectiveinterestratemethod.Aprovisionis established when there is objective evidence that the group will not collect all amounts due. ``` ``` Cashandcashequivalentsareclassifiedasbasicfinancialinstrumentsandcompromisecash in handandatbankandshort-termdepositswithoriginalmaturityofthreemonthsorless.Cash and cash equivalents includes cash held by investment managers. ``` ## **`2. DONATIONS AND LEGACIES`** |`Investment income`
`Donations`
`Other income`
`Exchange rate variance`|`2024`
`£`
`310,885`
`41,275`
`-`
`(10,620)`
`341,540`|`2023`
`£`
`272,250`
`1,831`
`2,704`
`12,884`| |---|---|---| |||`289,669`| ``` continued... ``` ``` Page 13 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024`** ## **`3. RAISING FUNDS`** ## **`Investment management costs`** |**`Investment management costs`**||| |---|---|---| ||`2024`|`2023`| ||`£`|`£`| |`Portfolio management`|`39,976`|`52,392`| ## **`4. TRUSTEES' REMUNERATION AND BENEFITS`** ``` Therewerenotrustees'remunerationorotherbenefitsfortheyearended31stDecember 2024 nor for the year ended 31st December 2023. ``` ## **`Trustees' expenses`** |`Trustees' expenses`
**`5.`**
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
`Unrestricted`
`Restricted`
`funds`
`funds`
`£`
`£`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`31,274`
`258,395`
**`EXPENDITURE ON`**
`Raising funds`
`-`
`52,392`
**`Charitable activities`**
`General`
`143,002`
`89,447`
**`Total`**
`143,002`
`141,839`
`Net gains on investments`
`-`
`166,394`
**`NET INCOME/(EXPENDITURE)`**
`(111,728)`
`282,950`
**`Transfers between funds`**
`11,824`
`(119,075)`
**`Net movement in funds`**
`(99,904)`
`163,875`
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
`2,312,644`
`6,044,921`
**`TOTAL FUNDS CARRIED FORWARD`**
`2,212,740`
`6,208,796`|`2024`
`£`
`840`

`Endowment`
`funds`
`£`
`-`
`-`
`-`
`-`
`-`
`-`
`107,251`
`107,251`
`828,612`
`935,863`|`2023`
`£`
`723`
`Total`
`funds`
`£`
`289,669`| |---|---|---| |||`52,392`
`232,449`| |||`284,841`| |||`166,394`| |||`171,222`
`-`| |||`171,222`
`9,186,177`| |||`9,357,399`| ``` continued... ``` ``` Page 14 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024`** ## **`6. FIXED ASSET INVESTMENTS`** |**`MARKET VALUE`**
`At 1st January 2024`
`Additions`
`Disposals`
`Transfers/re-allocations`
`Realised gains`
`At 31st December 2024`
**`NET BOOK VALUE`**
`At 31st December 2024`
`At 31st December 2023`|`Listed`
`investment`
`£`
`9,090,125`
`9,539,697`
`(8,383,662)`
`(1,290,554)`
`435,574`
`9,391,180`
`9,391,180`
`9,090,125`| |---|---| ``` All investments were held within the Charity's investment portfolios. ``` ## **`7. DEBTORS`** |**`DEBTORS`**||| |---|---|---| |`Amounts falling due within one year:`
`Accrued dividends`
`Amounts falling due after more than one year:`
`Other debtors`
`Loans to beneficiaries`
`Aggregate amounts`|`2024`
`£`
`1,235`
`75,000`
`315,639`
`391,874`|`2023`
`£`
`10,980`| |||`-`
`315,639`| |||`326,619`| ``` Eachloantoabeneficiaryissecuredonthebeneficiary'sproperty,isinterestfreeandrepayable at theoptionofthebeneficiaryorintheeventofthebeneficiary'sdeath,amaterialchangein the beneficiary'scircumstances,thesaleoftheproperty,orthepropertynolongerbeing the beneficiary's (or their spouse's) principle residence. ``` ``` As at the year end, there were no extant loan offers (2023 - None). ``` ## **`8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`** |`Trade creditors`
`Donations payable`
`Accrued expenses`|`2024`
`£`
`-`
`25,600`
`6,001`
`31,601`|`2023`
`£`
`14,400`
`28,744`
`86,711`| |---|---|---| |||`129,855`| ``` continued... ``` ``` Page 15 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024`** ## **`9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR`** |`Donations payable`
**`10.`**
**`MOVEMENT IN FUNDS`**
`Net`
`movement`
`At 1.1.24`
`in funds`
`£`
`£`
**`Unrestricted funds`**
`General fund`
`2,212,740`
`(459,627)`
**`Restricted funds`**
`BECS Restricted Fund`
`5,192,652`
`335,827`
`LSSBS Restricted Fund`
`957,005`
`724,054`
`BCF & BK Combined`
`59,139`
`(59,280)`
`6,208,796`
`1,000,601`
**`Endowment funds`**
`Bonno Krull Endowment Fund`
`1,073`
`-`
`BK Endowment Fund`
`934,790`
`(100,898)`
`935,863`
`(100,898)`
**`TOTAL FUNDS`**
`9,357,399`
`440,076`
`Net movement in funds, included in the above are as follows:`
`Incoming`
`Resources`
`resources`
`expended`
`£`
`£`
**`Unrestricted funds`**
`General fund`
`31,181`
`(53,820)`
**`Restricted funds`**
`BECS Restricted Fund`
`152,039`
`(73,740)`
`LSSBS Restricted Fund`
`33,362`
`(25,240)`
`BCF & BK Combined`
`124,958`
`(184,238)`
`310,359`
`(283,218)`
**`Endowment funds`**
`BK Endowment Fund`
`-`
`-`
**`TOTAL FUNDS`**
`341,540`
`(337,038)`||`2024`
`£`
`16,000`
`Transfers`
`between`
`funds`
`£`
`608,695`
`(88,061)`
`(679,907)`
`(40,478)`
`(808,446)`
`(1,073)`
`200,824`
`199,751`
`-`
`Gains and`
`losses`
`£`
`(436,988)`
`257,528`
`715,932`
`-`
`973,460`
`(100,898)`
`435,574`|`2023`
`£`
`9,600`
`At`
`31.12.24`
`£`
`2,361,808`
`5,440,418`
`1,001,152`
`(40,619)`
`6,400,951`
`-`
`1,034,716`
`1,034,716`
`9,797,475`
`Movement`
`in funds`
`£`
`(459,627)`
`335,827`
`724,054`
`(59,280)`
`1,000,601`
`(100,898)`
`440,076`| |---|---|---|---| ||||| ||||| ||||| ||||| ``` continued... ``` ``` Page 16 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued`** ## **`FOR THE YEAR ENDED 31ST DECEMBER 2024`** ## **`10. MOVEMENT IN FUNDS - continued`** ## **`Comparatives for movement in funds`** |**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`BECS Restricted Fund`
`LSSBS Restricted Fund`
`BCF & BK Combined`
**`Endowment funds`**
`Bonno Krull Endowment Fund`
`BK Endowment Fund`
**`TOTAL FUNDS`**|`At 1.1.23`
`£`
`2,312,644`
`5,199,157`
`845,764`
`-`
`6,044,921`
`828,612`
`-`
`828,612`
`9,186,177`|`Net`
`movement`
`in funds`
`£`
`(111,728)`
`121,547`
`11,173`
`150,230`
`282,950`
`-`
`-`
`-`
`171,222`|`Transfers`
`between`
`funds`
`£`
`11,824`
`(128,052)`
`100,068`
`(91,091)`
`(119,075)`
`(827,539)`
`934,790`
`107,251`
`-`|`At`
`31.12.23`
`£`
`2,212,740`
`5,192,652`
`957,005`
`59,139`| |---|---|---|---|---| |||||`6,208,796`
`1,073`
`934,790`| |||||`935,863`| |||||`9,357,399`| ``` Comparative net movement in funds, included in the above are as follows: ``` |**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`BECS Restricted Fund`
`LSSBS Restricted Fund`
`BCF & BK Combined`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`31,274`

`115,066`
`23,048`
`120,281`
`258,395`

`289,669`
|`Resources`
`expended`
`£`
`(143,002)`
`(92,043)`
`(33,731)`
`(16,065)`
`(141,839)`
`(284,841)`|`Gains and`
`losses`
`£`
`-`
`98,524`
`21,856`
`46,014`
`166,394`
`166,394`|`Movement`
`in funds`
`£`
`(111,728)`
`121,547`
`11,173`
`150,230`
`282,950`
`171,222`| |---|---|---|---|---| ``` continued... ``` ``` Page 17 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024`** ## **`10. MOVEMENT IN FUNDS - continued`** ``` A current year 12 months and prior year 12 months combined position is as follows: ``` |**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`BECS Restricted Fund`
`LSSBS Restricted Fund`
`BCF & BK Combined`
**`Endowment funds`**
`Bonno Krull Endowment Fund`
`BK Endowment Fund`
**`TOTAL FUNDS`**|`At 1.1.23`
`£`
`2,312,644`
`5,199,157`
`845,764`
`-`
`6,044,921`
`828,612`
`-`
`828,612`
`9,186,177`|`Net`
`movement`
`in funds`
`£`
`(571,355)`
`457,374`
`735,227`
`90,950`
`1,283,551`
`-`
`(100,898)`
`(100,898)`
`611,298`|`Transfers`
`between`
`funds`
`£`
`620,519`
`(216,113)`
`(579,839)`
`(131,569)`
`(927,521)`
`(828,612)`
`1,135,614`
`307,002`
`-`|`At`
`31.12.24`
`£`
`2,361,808`
`5,440,418`
`1,001,152`
`(40,619)`
`6,400,951`
`-`
`1,034,716`
`1,034,716`
`9,797,475`| |---|---|---|---|---| ``` Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in the above are as follows: ``` |**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`BECS Restricted Fund`
`LSSBS Restricted Fund`
`BCF & BK Combined`
**`Endowment funds`**
`BK Endowment Fund`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`62,455`
`267,105`
`56,410`
`245,239`
`568,754`
`-`
`631,209`|`Resources`
`Gains and`
`Movement`
`expended`
`losses`
`in funds`
`£`
`£`
`£`
`(196,822)`
`(436,988)`
`(571,355)`
`(165,783)`
`356,052`
`457,374`
`(58,971)`
`737,788`
`735,227`
`(200,303)`
`46,014`
`90,950`
`(425,057)`
`1,139,854`
`1,283,551`
`-`
`(100,898)`
`(100,898)`
`(621,879)`
`601,968`
`611,298`| |---|---|---| ## **`11. RELATED PARTY DISCLOSURES`** ``` There were no related party transactions for the year ended 31st December 2024. ``` ``` Page 18 ``` ``` BALTIC EXCHANGE CHARITABLE FOUNDATION ``` ## **`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024`** |**`INCOME AND ENDOWMENTS`**
**`Donations and legacies`**
`Investment income`
`Donations`
`Other income`
`Exchange rate variance`
**`Total incoming resources`**
**`EXPENDITURE`**
**`Investment management costs`**
`Portfolio management`
**`Charitable activities`**
`Grants to institutions`
`Grants to individuals`
**`Support costs`**
**`Management`**
`Trustees' expenses`
`Support services & fees`
`Telecoms`
`IT & website`
`Storage & office expenses`
`Insurance`
`Bank charges`
**`Governance costs`**
`Grave maintenance`
`Accountancy and legal fees`
`Total resources expended`
**`Net income before gains and losses`**
**`Realised recognised gains and losses`**
`Realised gains/(losses) on fixed asset`
`investments`
**`Net income`**|`2024`
`£`
`310,885`
`41,275`
`-`
`(10,620)`
`341,540`
`341,540`
`39,976`
`153,301`
`76,583`
`229,884`
`840`
`40,250`
`648`
`1,963`
`9,903`
`702`
`359`
`54,665`
`1,019`
`11,494`
`12,513`
`337,038`
`4,502`
`435,574`
`440,076`|`2023`
`£`
`272,250`
`1,831`
`2,704`
`12,884`| |---|---|---| |||`289,669`| |||`289,669`
`52,392`
`58,645`
`77,447`| |||`136,092`
`723`
`29,475`
`504`
`1,944`
`5,744`
`26`
`412`| |||`38,828`
`285`
`57,244`| |||`57,529`| |||`284,841`| |||`4,828`
`166,394`| |||`171,222`| ``` This page does not form part of the statutory financial statements ``` ``` Page 19 ```