Charity number: 1185450
THE JAMES GRACE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
THE JAMES GRACE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 - 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 18 |
THE JAMES GRACE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024
Trustees Ian James Sutherland Janet Grace Sutherland Jyotir Moy Banerjee Ian Michael Spaxman Charity registered number 1185450 Principal office 23 Mill Lane Saffron Walden Essex CB10 2AS Accountants Feltons Chartered Accountants 1 The Green London TW9 1PL Bankers Lloyds Bank Plc 120 Lewisham High Street Lewisham London SE13 6JG Investment Managers Rathbones Group Plc 30 Gresham Street London EC2V 7QN
Page 1
THE JAMES GRACE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024
The Trustees present their annual report together with the financial statements of the charity for the year ended 30 June 2024. The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011.
Objectives and activities
a. Policies and objectives
The Charity's primary objectives are the advancement of the Christian faith within the United Kingdom and the world as the Charity Trustees may from time to time think fit and the relief of poverty and those in need by the way of financial hardship, ill-health, disability, unemployment, poor educational or skills attainment, and/or victims of war, natural disaster or catastrophe.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The Trustees meet a minimum of twice a year to consider the payment of grants. Almost all grants are made to organisations already known to the Trustees. The Trustees always respond to unsolicited request for grants, explaining the Trustees' policy.
c. Grant-making policies
The Trust has established its grant making policy to achieve its objects for the public benefit.
The amount of work or number of projects that can be supported by the Trustees is necessarily limited to the amount of funds that are available for distribution each year. The Trustees have determined that the current priorities for funding are:
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The advancement of the Christian faith within local communities and across the world, but particularly in
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UK, Middle East and North Africa (“MENA”) and the Indian subcontinent.
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The relief of poverty within local communities and among the world’s deprived and needy peoples, with particular focus on UK, the Indian subcontinent and MENA or as determined by the Trustees from time to time and in accordance with this policy.
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The provision of education among the world’s deprived and needy peoples, with particular focus on UK,
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MENA and the Indian subcontinent or as determined by the Trustees from time to time and in accordance with this policy.
d. Main activities undertaken to further the charity's purposes for the public benefit
The Trustees monitor the activities of the Trust's beneficiaries through meetings and conversations, periodic reports and photographs.
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THE JAMES GRACE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Achievements and performance
a. Review of activities
In the financial year ended 30 June 2024 the trust distributed £139,000 (2023: £125,000) in grants. The Trust's income derives principally from donations and dividends and interest on its investments.
b. Investment policy and performance
During the year, the appointment of Rathbones, (replacing Brown Shipley), to manage the Trust’s investment portfolio was finalised. The funds were reinvested in January 2024 in the Rathbone Multi-Asset Strategic Growth Portfolio S Inc. The portfolio managers aim to deliver a greater total return than the Consumer Price Index (CPI) measure of inflation plus 3%, after fees, (“benchmark”) over any rolling five-year period.
In the period to 30 June 2024, the total return after fees was 4.82% compared with the benchmark of 2.89%. The Trustees make monthly withdrawals from the portfolio to fund the programme of grants. The value of the portfolio (net of withdrawals) decreased in value by £13,576 (2023: increase £34,365).
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have adopted the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The financial result for the year and the financial state of affairs at 30 June 2024 are set out in the Statement of Financial Activities and the Balance Sheet. The unrestricted fund balance at 30 June 2024 amounted to £670,785 (2023: £632,228).
The Trustees provide their services free of all costs and the Trust has no employees. Its only running costs are governance costs and investment management fees. Since the long term objective is to fully distribute its remaining assets to charitable causes, the Trustees do not consider it necessary to have a formal reserves policy.
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THE JAMES GRACE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
c. Principal risks and uncertainties
As the Trust has no employees, property or clients and does not provide advice or services, the Trustees do not foresee any risks other than the synchronous death of all Trustees or the possibility of fraud by any of the Trustees. Since Trustees may not indemnify themselves against damages for fraud or negligence they see no need to safeguard against this risk.
The Trustees are well aware that they are choosing to deploy certain funds in regions of the world characterised by social, economic and political instability. They accept that these factors bring to the Trust an inescapable element of risk of loss of resources which is managed through active relationships with those involved.
The Trust’s portfolio of investments is exposed to a variety of commercial risks. These risks are managed by the Trust’s investment managers by maintaining a broad spread of investments.
Structure, governance and management
a. Constitution
The James Grace Trust was registered on the 23 September 2019, number 1185450, and is constituted under a Charitable Incorporated Organisation (CIO).
b. Methods of appointment or election of Trustees
There must be at least three Charity Trustees. Charity Trustees must be appointed by a resolution passed at a properly convened meeting of the Charity Trustees. In selecting individuals for appointment as Charity Trustees, the Charity Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. All Charity Trustees must subscribe and adhere to, in belief and lifestyle, the Statement of Faith.
c. Financial risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
The Trustees plan to steadily increase the total grants paid to beneficiaries in the coming year. In line with the Trustees’ policy, these grants are expected to be paid to organisations and individuals already known to the Trustees.
The Trustees have set aside £50,000 in a designated fund to be known as the Reserve Fund. Whereas grants from the General Fund are primarily to support the day-to-day running costs of the beneficiaries, the Reserve Fund has been created to support capital commitments and other non-recurring expenditure incurred or planned by beneficiaries.
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THE JAMES GRACE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2024
Independent Examiner's Report to the Trustees of The James Grace Trust ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 June 2024.
Responsibilities and Basis of Report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
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THE JAMES GRACE TRUST INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Signed.. Dated.. Richard Rhodes Chartered Accountant Feltons 1 The Green Richmond TW9 1PL Page 7
THE JAMES GRACE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024
| Note Income from: Donations and legacies Investments 3 Total income Expenditure on: Investment management fees Charitable activities Total expenditure Net expenditure before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 120,481 3,739 124,220 2,956 140,719 143,675 (19,455) 58,012 38,557 632,228 38,557 670,785 |
Total funds 2024 £ 120,481 3,739 124,220 2,956 140,719 143,675 (19,455) 58,012 38,557 632,228 38,557 670,785 |
Total funds 2023 £ 70,000 18 70,018 600 126,667 127,267 (57,249) 34,365 (22,884) 655,112 (22,884) 632,228 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 18 form part of these financial statements.
Page 8
THE JAMES GRACE TRUST BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Ngt• Flx•d ••••ts 8OS.064 61&640 8OS,084 618.640 CuTh•nt ••••t• D8btor6 C•th al bank and In h•n¢J io 6•.908 17.706 14.988 7,614 14,908 Crodbt¢rn.' •m¢utyl8 fdllng wlthln ¢)n• 121,8931 (1.380) N•1 cuir•nl ••ul• 05.721 I3,8 Tathl ••••l l•M Currnnt lbIlItI•l 670.78J 632.228 M•t A•••t• •xcludlng p•n•l¢¥n ••••t 670.785 632,228 670,785 632.228 Ch•rlty lund• Ro8th¢teé lund$ Unre3tr*1ed fund8 DhanDled lundg - To8eNe nd G•ngrol Ivndj 4e.OlXI 4,786 632,228 Tothl unmlfIcd lund8 070,785 632,228 Totsl fitnd• 870.780 632.228 Th• flnarKl st4t•m•nt• w•rn •pwov•d ind authod0 for118t by th• TnMt•o8 on 8lw•J on Ih•w b•hall by.. n J•mM 3uth•thnd The not•6 un Pag 10 to 18 Icrfm p•rt al th•t• fin8nd•l 8thlemon Py9
THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
1. General information
The James Grace Trust is an organisation incorporated in the United Kingdom under the Charities Act 2011. The organisation is a Charity Incorporated Organisation, registered in England and Wales and in Scotland. The address of the registered office is 23 Mill Lane, Saffron Walden, Essex CB10 2AS.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The James Grace 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.
2.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 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 allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
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THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
2. Accounting policies (continued)
2.3 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.6 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.
2.7 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.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
2. Accounting policies (continued)
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Investment income
| Income from investments Investment income - interest receivable Total 2023 |
Unrestricted funds 2024 £ 3,150 589 3,739 18 |
Total funds 2024 £ 3,150 589 3,739 18 |
Total funds 2023 £ - 18 18 |
|---|---|---|---|
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THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
4. Analysis of grants
| Grants paid out Grants paid out Total 2023 |
Grants to Institutions 2024 £ 130,000 - 130,000 116,000 |
Grants to Individuals 2024 £ - 9,000 9,000 9,000 |
Total funds 2024 £ 130,000 9,000 139,000 125,000 |
Total funds 2023 £ 116,000 9,000 |
|---|---|---|---|---|
| 125,000 | ||||
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THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
5. Donations granted
| Anglican International Development Stichting Nijlvallei Life Association Saltmine Trust Caring for Life Fountain of Life Anglican Consultative Council African Hope Learning Centre Interserve GB Azalea Oxford Centre for Mission Studies Frontiers UFM Worldwide Arab Vision Lighthouse Ministry Church Mission Society Friends of Vellore Ibex Capital Trust inHope Church Army Stort Valley Schools Trust National Parenting Initiative Grants to individuals |
2024 £ 38,000 16,000 10,000 10,000 9,000 8,000 8,000 6,000 4,000 4,000 4,000 3,000 3,000 2,000 2,000 2,000 1,000 - - - - - 9,000 139,000 |
2023 £ 28,000 14,000 8,000 5,000 8,000 11,000 8,000 6,000 4,000 4,000 - 3,000 - 2,000 2,000 2,000 1,000 3,000 2,000 2,000 2,000 1,000 9,000 |
|---|---|---|
| 125,000 |
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THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
6. Analysis of expenditure by activities
| Grant making to institutions Grants to individuals Total 2023 |
Grant funding of activities 2024 £ 130,000 9,000 139,000 125,000 |
Support costs 2024 £ 1,719 - 1,719 1,667 |
Total funds 2024 £ 131,719 9,000 140,719 126,667 |
Total funds 2023 £ 117,667 9,000 |
|---|---|---|---|---|
| 126,667 | ||||
Analysis of support costs
| Grant making activities 2024 £ Bank charges 219 Governance costs - Independent Examiner's remuneration 1,500 1,719 Total 2023 1,667 Independent examiner's remuneration Fees payable to the charity's independent examiner for the independent examination of the charity's annual accounts |
Total funds 2024 £ 219 1,500 1,719 1,667 2024 £ 1,500 |
Total funds 2023 £ 229 1,438 |
|---|---|---|
| 1,667 | ||
| 2023 £ 1,438 |
7. Independent examiner's remuneration
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THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 30 June 2024, no Trustee expenses have been incurred (2023 - £NIL) .
9. Fixed asset investments
| Cost or valuation At 1 July 2023 Additions Disposals Revaluations At 30 June 2024 Net book value At 30 June 2024 At 30 June 2023 10. Debtors Due within one year Other debtors |
2024 £ 69,908 69,908 |
Listed investments £ 618,640 (720,447) 673,621 33,250 605,064 605,064 618,640 2023 £ - - |
|---|---|---|
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THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
11. Creditors: Amounts falling due within one year
| Accruals and deferred income Grants payable - institutional |
2024 £ 2,893 19,000 21,893 |
2023 £ 1,380 - |
|---|---|---|
| 1,380 |
12. Summary of funds
Summary of funds - current year
| Balance at 1 July 2023 £ Designated funds - General funds 632,228 632,228 Summary of funds - prior year Balance at 1 July 2022 £ General funds 655,112 |
Income £ 50,000 74,220 124,220 Income £ 71,673 |
Expenditure £ (4,000) (139,675) (143,675) Expenditure £ (127,267) |
Gains/ (Losses) £ - 58,012 58,012 Gains/ (Losses) £ 32,710 |
Balance at 30 June 2024 £ 46,000 624,785 |
|---|---|---|---|---|
| 670,785 | ||||
| Balance at 30 June 2023 £ 632,228 |
||||
| Summary of funds - prior year | ||||
| General funds |
The Trustees have set aside £50,000 in a designated fund to be known as the Reserve Fund. Whereas grants from the General Fund are primarily to support the day-to-day running costs of the beneficiaries, the Reserve Fund has been created to support capital commitments and other non-recurring expenditure incurred or planned by beneficiaries.
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THE JAMES GRACE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricte d funds 2024 £ 605,064 87,614 (21,893) 670,785 |
Total funds 2024 £ 605,064 87,614 (21,893) 670,785 |
|---|---|---|
Analysis of net assets between funds - prior period
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 618,640 14,968 (1,380) 632,228 |
Total funds 2023 £ 618,640 14,968 (1,380) 632,228 |
|---|---|---|
14. Related party transactions
The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 30 June 2024.
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