Company regtstered number. 12013541 Charity number: 1187551 THE LIGHTBULB TRUST (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 *ACIXCJ74• 2211212023 COMPANIES HCAJSE A37 #407 THE LIGHTBULB TRUST {A Company limited by guarantee) CONTENTS Page Reference and admln15trative details of the Charity. tts Trustees and advlsers Trustees. report Independent examinerfs report statement of financial adivilies Balan¢e sheet Statement of cash fl¢)ws 10 Notes to the financial statoments 11-22 THE UGHTBULB TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY. ￿S TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2023 Trustees Siena Colegrave Benjamin John Holden Salomè Agathe Holden YL￿ShUen Chan Company registered number 12013541 Charity registered Dumber 1187551 Reglstered office MHA 6th FI￿1, 2 London Wall Pl&e Lon(lon EC2Y SAU Chief executive officer Salome Agathe Holden Independgnt Examlner MFL4 charte￿ Accountants 910 The Crescent Cokhesler Buwess P Cokhesler Essex C04 9YQ Bank8fS Bardays Bank P Wandsworth 2 Leicestershire LE87 2BB P￿e1 THE LIGHTBULB TRUST IA cornpany limlted by guarnntee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MAY 2023 The Trustees present their annu￿ Teport together with the financial statements of the Charity for the 1 June 2022 to 31 May 2023. The Annual report serves the purpose5 of both a Trustees. report and a diredors. report under company law. The Trustees confimi that the Annual report and finan¢ral statements of the charrtable Cc￿nPanY comply the current stalutory requi￿rnents. the requi￿rnents of the charrtable Ckrynpanls governing document and the provi$￿S of the Stslement of Recornmended PractKe ISORPI applieable lo charities preparing th￿r accounts in ac￿dance wilh the Finanual Rewting SkndaTd applicable in the UK and Republic of Ireland {FRS1021 (effective 1 January 2019}. Since the Charty quarfies as small under sedion 382 01 the Compan￿$ Act 20c￿. the Str*egic rep)rt required of medium and laige companies undef the Companies Act 201% {Strategi¢ Report and Directors. Report) Regulations 2013 has been omitted. Objgctives and activftles a. Purpose. alms and obioctiv Lyhtbulb Trust 1$ an independent chanty that empwrs people to ¢hange tr￿1r Ir¥es for the better. Our mission has lour pillars.. 1. Empowerfng Indlvlduals- We beh.eve that the ¢)rgants*￿nS we suppcrtt are invark4)ly better placed to sofve l¢xal problems and help their Specif￿ communrties Iharb anybtray else. 2. Equalising Opportunity - We belEve learning in its broadest sense empovRrs pecole of all ages lo irtwrove their lives. 3. Partnering Thoughthilly - We bdieve in the tranSfOnnat￿￿I of partnershps to address grassroots needs, as well as effect bolder System￿ changes. 4. Collaborating Empathelicalty - We belEve lh* all se¢tors of Kriety must work together to bring al)out meaningftl change and become grealer than Ihe sum of their constrtuent parts. These pillars also serve as the Charws purFKJses as per ￿5 Menv)randum and ArtKlps. The achievement of the above therefore furthers the legal purpose of the ch￿lty. In setting e*•jeetives and planning for current and future acti￿ti.e$. the Trustees have gNen due consideration lo general guKlance published by the Chanty Commission relats"ThJ to pubk benefit. includiry the guidance 'Publi benefit.. running a chanty IPB2)'. b. Actlvllles for thg publlc benofft and for achlevlng obS¢ctlves Through a combination of grant-making and impacl investing. Lightbulb Trust supports initiatNes that enfranchise sccietys less thanlaged and promote sock11 mobilty. We seek lo bndge divides and make a drfterenee. specifically. in the fields of education. beaming. mèntal health, well*eing, and social infrastructure. Founded in London, our drive 15 to improNE the lives of cthers, both k*Ca￿ aThJ farther afield. To achieve this, we offer funding and supm lo cxganisats.ons vthh a strong social drive. Thèse indude grass roots cornmunty inilialive5 - kKal heroes hdping their areas thrive - as well as more system￿. disruptive enterprises - game- changers who have had bdd 'lightbulb moments,. big Kleas that Challenge the way things tradrticrfplly get done. Along the way. our ne￿ork of partnerships offers a safety net. both bcalty and farther afiekl, that enhances the fempany limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023 . Revlew of financial position During the per￿ the Charty re￿Ved total incimne of £750.726 12022.. £438,028). This was C¢Jmprised of donations from the founder of the Charity. bwng £350.000 (2022.. £350.OCN)l. donations Irom the sister of the founder, being £250.000 {2022: £Nill. gift aid of £150.726 {2022: £87.5CQI and bank inlerest of £Nil 12022.. £528). The Charity incurted total expenditu￿ of £817.901 12022.. £608,360). Of this. Ihe Charty made total Grants to Instf(uts'ons of £740,291 and irwrred Iota Support costs of £77.610. The net expenditure for the perKyJ came to £67,175. At the period*nd the Charity was commrtled to make £279.336 of grant payThents in fijlure financk?l yeats. These commrtments have been induded in the total Grants to InstitUt￿S above. d. Future plans Lightbulb Trust acknchvfedges the challenges that small and grassrcots oryantrAtpJns have faced to fundraise during the pandemic and the eost-of-liwng crisrs to meet a grthwng demand for their servw. We have been thoughfful about what we fund and have made several mu￿year grants that support core costs of organisalions based in our target area Iwesl London) to hdp them navigale the Cul￿nI e￿nOMiC dimate. Lightbulb Trust does not accept UnS￿￿rted app1Kat￿$ WKI we belwe that ttms is the best approach for the size of our team. We will carry on running funding panels three tThes per and we will invf(e pre-se*led organis*ions to submit their funding applicatsons. On the DNersity, Equty. and Indush)n frmt. knghtbulb Twst VAI contmue to monitor its partners and prospective partners on th￿e levds". 1. The dern￿raph￿ ofthe populaion being im￿ted by the projects. 11. The diversity of the team running the interventm￿. 111. The organisation's leadership. i.e.. thether rt is led by a person of ￿lour. frcffn an ethnic mirTrorty background andlor with lived experien￿ of the prtknlem they a￿ tackling. StructUTe. governance and management Constitution Lightbulb Trust was incorporated on 23 May 2019 and is a C TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MAY 2023 Structure. governance and managemenl Icontlnuedl b. Methods of appolntment or election of Trustees Lightbulb Trust is a small famity Charity a very lean dynarn￿ operat￿nal structure. The Charty has four Trustee5 With very diverse experience ranging from impact investing and law to finance and the entertainment industry. The Charity relyds on one independent consuttant &ts as a director and runs The L(qhtbulb Trust's day lo day operations. The Trustees meet virtually three time5 per yw to re¥￿•¥ the Chari￿$ strategy. investment and grant making polithes as well as the Charty's overall IM￿1. e. P0￿cleS adopted for the induction and training of Twstees The Trustees are appointed ty the 8oard Tmth a vithv to ensuriThJ the 8oaTd comprises members with a broad range of expertise. kntyyledge and vision lo add value to the Charty. New Trustees undertake an induction process which includes the Pfovi$ion of infonnathin about the Charity and the ro￿ and responsibilities of a Trustee and meetings wfth key indNiduals at the Charity. Training is availab￿ where it ts required. d. Princlpal rfsks and uncertainlies As Lightbulb Trusl gr¢Jws, there 15 an addrt￿al risk. bjentified by the trustees. associated ￿￿th the growing number of partnefs that are part of L￿htbulb Trust's portfolio. The Charty takes safeguarding of vulnerable children and young people very seriousty aTrJ requires that all organisations applwrwj for fvnding share Ihwr safeguarding policies and a signed st*ement confirming Ihat all employees and volunteers wll be in ¢C￿taCt with children. young people, or vulrterable alults are DBS chedted. The Trust has also included a quest•)n abcArt pwous safeguarding incidents in the funding application fom) in order lo help us urKlersland how the organi5alions have dealt wrth these concern5 in the past. This is lo ensure that grantees know how to put their safeguarding policies into pract￿e. As the number of grantees increase year after year, Lwhlbulb Trust will wntinue its due diligence around safeguarding and the upholding of safeguarding policies lo prevent any risks ot liabilty. e. Remuneration of Key Management Personnel The Charity does not have empl)yees and the Trustees represenl the Key Management Personnel. Truslees do not re￿1ve remunerats.on from the Charity. Mernbers. liabilty The Members of the Chwity guar￿ee to contribute an amounl not exceeding £1 to the assets of the Charty in the event of windiThJ up. Page S iTHÈ",LiGtrITBUL,è:TRU5T-.-:&¥?r-.,- TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDEO 31 MAY 2023 The Trustses Report ha5 been prepared in accordance ¥￿th th? prwsH)n$ 8PF4icablg to entitw subied ID th? small companies regime. Approved by order of Iho methrs of the board of Ttustees and signed on Iheir behair ty. £L (4LL Salome Agathe Holden Twustee Date.. 13 De￿mber 2023 Benjamin John Holden Trustee Page 6 THE UGHTBULB TRUST {A company limlted by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MAY 2023 Independ8nt •xaminerfs report to the Trustees of The Lighthulb Trust Ilhe Charlty.) I report lo the charty Trustees on my eX￿￿￿tiOn of ts accounts of the Charity for the ytsr ended 31 May 2023. Respwsibilities and basis of report As the Trustees of the Chanty land rts direct¢)rs for the puws of compary law) you are responsible for the preparat￿n of the a￿ounts in accordan￿ wth the requirements of the Companies Act 20C61'lhe 2006 Ad'}. Having sati$f*d myseir th* the account$ of the Charity are not requ￿ed lo be audited under Part 16 of the 2006 Act and are eligible for independent examination. l ￿pOrt in respect of my examinalion of the Charivs accounls carried out under section 145 of the Charities Act 2011 Ilhe 2011 Act.). In carrying out my examination I have the Directions given by the Charity Ccynmi5s￿n under seclion 145($1{bl of the 2011 Act. Independent exarninerfs statement Since the Charills gross income exceeded £250.000 your examiner rn￿t be a member of a body listed in sectK)n 145 of the 2011 Act. l confimi that l am quaIrf￿d to undertake the examination because l am a member of the Associati¢)n of Chartered Certified Acwintants. which is one of the listed bodies. I have eompleted my examinatti￿. l ¢onfirni that no matters ha¥E come to my *tenth)n in connection with the examination giving me cause lo believe.. accounting ￿COrdS We￿ not kept Y¢ respect of the Charity as required by $edM)n 386 of the 20C6 Act," or the aecounts do not aetord with those records." or the accounts do not cornp￿ with the aecounting requirements of section 396 of the 2006 Act other than any requtrement that the ￿CountS give a Irue and fairf view 7hthich is not a matter considered as part of an intjependent examinatton.. or the accounts have not been prepared in accordan￿ wilh the methc*Js and principles of ihe Statement of Recommended Practice for accounting and repts￿n9 by charities applicab￿ to charilY&s preparing their aC￿UnIS in accordance y￿h the Financial RewtiThJ StsrKlard apPlUb￿ in the UK and Republic of Ireland IFRS 1021. I have no corwns and have across rKI cthr matters in connec1k￿ with the examination to which attention should be drawn in this report in trder to enable a proper understsnding of the accounts to be reached. Signed: Dated: 19 December 2023 Cara Miller ACCA MHA, Chartered Aeeounlanls 910 The Crescent. Cokhester Business Park Cokhester, Essex, C04 9YQ Pa9e 7 THE UGHTBULB TRUST IA company Ilmited by guarantee STATEMENT OF FINANCIAL ACTivmES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2023 Unreslrict funds 2023 Restricted lunds 2023 Total funds 2023 Total funds 2022 Income from: Donations Bank interest received 312.500 750,726 437,500 528 Total Income Expenditure on: Charrtable activrties 438.226 312.500 750.726 438.028 558.1)60 259.841 817.901 608,360 T¢)tal expenditure 558.060 259.841 817.901 608,360 Net movement in funds Re¢on¢iliation of funds- Total funds brought foThR Nel movement in funds (119.8341 52.659 167.175} (170,332) 351.848 1119.834) 89.548 52,659 441.396 {67,1751 611,728 (170,332J Total funds carried forwavd 232.014 142.207 374,221 441.396 All income and eynditure derive from C¢￿tin￿r￿ actr41t￿. The Statement of financial octivrtw in¢lLwJes all gains and k)sses feco3nwd ￿ Ihe year. The notes on p4es 1110 22 fm part oflhese finanual statements. Page 8 -.THE.L4GHTBUL..B-TRUST"-: £A-pendilure is indusive of irrecover*le VAT. 2.5 Interest receivable Interest on fvnd$ hekl on deposit is induded wthen receivable and the amount can be measured reliably by the Charty. this is nonnally upon notifKatton of the interest paid or payable by the instrtution with whom Ihe fvnds are deposited. 2.6 Taxation The Charity is eonsidered to pass the tests set (xrt Partyraph 1 schedu￿ 6 of the Finance Act 2010 and therefore it meets the definition of a Charitable company for UK corporation tax purposes. Accordingty. the Charity is polenlialty exempt from taxation in resped of income or capital gains receNed wiihin categories covered by Chapter 3 Part 11 of Ihe Corwalion Tax Act 2010 or Section 256 of the TaxatK)n of chargeab￿ Gains Act 1992. to the exlenl that such irwme or gain5 are applied exclusivety lo chantable purposes. 2.7 Debtors Traje and other debtors are reccgni5ed at the settlement amount after 8ny trade dI￿Ount ¢)ffered. Prepayments are valued al the anwnt PrePa￿j net of any tr￿e discounts due. 2.8 Cash at bank and in hand Cash al bank and in hand includes ￿$h and short4enn hMJhty Iv4uid investments with a short maturty of three months or less the date of acquisrtion or openin9 of the deposrt or swnilar acco￿t. Page 12 THE UGHTBULB TRUST {A company limltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 Accountlng polleles (Continued) 2.9 Social investments Pro3ramme re￿ed inveslmenls are a ftym of fman¢k4 instrument and are initialty recognised al their lr8nsaclion cost and subsequently measured at fair value al the Balance Sheet d*e. unless the value Ca￿r￿1 be measured rdiabty in whKh case rt is measured al cost less impairment. The Slalement of Financial Activrties includes all nel gains and Josses arisiThJ on revaluation and disposals throughout the year. As investh*nls are revalued to fair walue continuousty. no rea￿sed gains or losses arise. 2.10 Llabilities and provisions L￿bilItieS are recognised when there is an (￿igat￿n at the Balance sheet date a5 a result of a past event, il is probable that a transfer of econcvnic benefft wal be required in settlemenL arKI the amount of the settlement can be estimated rdiaw. Liabilitses are recognised at the amount that the Charity ant￿pateS it wll pay to settle the debt or the amount rt ha5 received as advanced payment5 for the gcx)ds or servirEs (( musl provide. Provisions are measured at the best estwnate of the amounts wuired to Sett￿ the obligalKJn. Where the effect of the time value of money is material. the promsion is based on the present value of those amounts. discounted at the pre4ax discount rate that refflects the risks Specff￿ to the liabilty. The unwinding of the discounl is reccgnised in the Ststement of financial activilies as a finance cosL 2.11 Flnancial instruments The Chanty onty hobjs bas￿ financial instruments as defined rn FRS 102. The financial assets and financial liabilities of the Charity and their measurement bases are as follows.. Cash at bank is classified as a basic financial instrUrf￿l and is measured * face value. Financ￿1 liabilities - trade ereditors. &tTuals and other eredrtors are financial instruments. and.are measured al amortised cost as detailed in Note 11. Deferred income is not deemed lo be a financial liabilty, as the cash settlement has already laken place there an Obloat￿ to deliver seNces rather than cash Of another financial inslwment. 112 Fund accounting General funds a￿ unrestricted funds whKh are avarfable foi use al the disC￿lon of the Trustees in furtherance of the general oty'ectples of the Charity and which have nol been designated for other puwes. RestrKled fvnds are funds are to be used in acco￿anCe with specfj￿ re5triclN)ns imposed by don¢XS or ￿lch have been raised by the Charity for part￿￿[ar purposes. The Costs of raising and administering such funds a￿ charged against the spwfK fund. The aim and use of each restricted fund is sel out in the noles lo the finanual statements. Page13 THE LIGHTBULB TRUST IA Company limitgd by guarante8} NOTES TO THE FINANCIAL STATEME1￿s FOR THE YEAR ENDED 31 MAY 2023 Income fvom donations Unrestrlcted Restricted fvnds funds 2023 2023 Total funds 2023 Oonation$ 438,226 312,500 750,726 . UnreslrKted funds 2022 Total funds 2022 Donations 437,500 437.500 Anatysis of expendlture ¢)n charitablè aclivllles Summary by fund type Unrestricted Re5trided lunds funds 2023 2023 Ti)tal funds 2023 Charitable adivithes 558.tEo 259,841 817.901 Unrestncted funds 2022 Restiicled funds . 2022 Total funds 2022 Charitable activities 486,454 121,￿6 608,360 Page 14 THE UGHTBULB TRUST IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 Analysis of expenditure by activitles Grant fvnding of a¢tivities 2023 Support ¢o$ts 2023 Total funds 2023 Charitable activit 740.291 77.610 817,901 Grant fvnding ol Support costs 2022 Total fvnGIs 2022 2022 Charitable activities 542. 145 66.215 608.360 Anatysis of support costs Total funds 2023 Total funds 2022 Activities 2023 Govemanee eosls Office expenses Website expenses Bank fee$ Administration eypenses Consuttancy fees subscriptic￿s Partner events 6.679 175 1.790 207 6.679 175 4,833 1.790 207 193 65,790 79 2,697 638 188 193 65.790 79 2.697 346 58,204 993 1,013 77.610 77,610 66.215 No staff costs were irKurred in either P￿K￿. Page 15 THE UGHTBULB TRUST {A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 Governance ¢￿ts 2023 2022 Independent Exam￿*[$ remuneralion- Examinatk?n of the financial statements Independent Examiners remuneration - Other servtts Board experbses 4,080 3, 744 2.5VJ 6,679 4.833 Paje 16 THE UGHTBULB TRUST IA Company Iwnlted by guarantee) NOTES TO THE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 MAY 2023 Analysis of grants Grants to institutions 2023 Grnnts lo institutions 2022 Wesl London Zone Football Beyon¢J Borders Nova New Opportun￿"e$ Steppaz Settle Solidarity Sports The Design Museum Latymer Foundation Harrow Club D￿TSteP Library Ministry of Stories West London ACt￿n for ch￿dren Amnesty Inlemalionaj Earls Court Youth Big Up Communities Barking and Dagenham Youlh Oar ML Cornmunty Enterprise Kentish T¢)wn Crty Fam Inloart Young K&C I Supplementary Schools Youth Action Alliance Response Communty Proieds Dalgarno Trust ClementJarr*s Cent Changing Tunes FOF Baraka Community School Library AssooatK)n The Caxton Youth Power 2 Connect Shannon Trust Read Easy Curious School of Puppetry 3.326 2,245 2,000 37,297 8,440 35.000 33,000 36,325 35.000 25.000 80.000 35.000 55,440 10.599 25.080 31.928 14,926 29,865 to,cTr)o 44,616 42.000 50.000 40,000 60,000 60.000 60,000 27,040 13.000 30.000 15.000 30.000 40.000 18.200 Grant lotal caffied forwaryl 612.616 542, 145 Page 17 THE LIGHTBULB TRUST IA c¢)mpany limlted by guarantee) NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MAY 2023 Analysls of grants (continued) Grants to institution$ 2023 Grdnls to instilulM)ns 2022 Grant lolal brought fopward Hear ME Out Music Company Three fuc Soundabout Element Creative 612.616 30.000 38.000 40.000 19.675 542. 145 740.291 542, 145 Trust••s' remunwation and expenses The Trustees are consthred lo b8 the Key Management Personnel crf the Charty. Ouring the year. no Trustees received any remuneralion or ¢)ther benefits12022- £NIL). Duriro the yearended 31 May 2023. no Trustee eypense5 have been incurred (2022- £NILJ. Social investments Programme relatsd investments Cost or valuation Al 1 June 2022 255,635 At 31 May 2023 255.635 Net book value At 31 May 2023 255,635 At 31 May 2022 255,635 P4e 18 THE UGHTBULB TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 10. Debtoys 2023 2022 Due wlthln one year Accrued gift aid 150.000 87.500 150.000 8T,500 11. Creditors: Amounts falling due vAthln one year 2023 2022 Trade tr&Jrtors Other creditors AccNals Grants payable 7,700 30,OL)J 3,832 143,399 4,080 279.336 291,116 184, 731 Page 19 THE LIGHTBULB TRUST IA company Ilmitfjd by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 12. Statement of funds Statement of fvnds- ¢urr•nt y•ar Balance at 1 June 2022 Balance at Income Expenditurè 31 May 2023 Unreytricted fvnds General funds 351.848 438.226 (558.0601 232,014 Restrl¢ted funds Greenlight 89.548 311500 (259,841) 142,207 Total of funds 441.396 750.726 1817.901) 374.221 The Greenlighl restricted fund represents income lo be used trmards activities with a focus on the Arts and on benefiting margin8lised POPLF1at￿ns. ￿lUdIng grant funding to organisal*)ns with this purpose. Stat¢m•ni of lunds- prior period 8alance al l June 2021 Balance al Incon￿ Expenditure 31 May 2022 Unrestricted fvnds General fijnds 4LXI.274 438.028 (486.454) 351.848 Restricted funds Greenli9ht 211,454 (121,906) 89.548 Total of funds 611.728 438.028 (608.360) 441,396 P•3e 20 THE UGHTBULB TRUST IA c¢)mpany limSted by guarantee) NOTES TO THE FINANCIAL STATEME￿￿$ FOR THE YEAR ENDED 31 MAY 2023 13. Analysls of net assets between funds Anaty$i$ of net assets between funds- curront year Unrestrictsd R￿trIcted funds funds 2023 2023 Totsl funds 2023 Social itwestments Current assets Creditors due within one ye 255.635 191,504 (215.125} 255.635 218.198 409.702 (75.9911 1291.116} Totsl 232.014 142.207 374.221 Analysis of net assets between funds - prior period Un￿sIncted funds 2022 Reslncted funds 2022 Tol?1 funds 2022 Social inveslments Current assets Creditors due within one year 255,635 279,944 1183,731) 255,635 90,548 370,492 (1.000} (784, 731) Totsl 351,848 89.S48 441,396 14. Reconctliation of nel movement in funds to net cash fl4)w from operating activities 2023 2022 Net expenditure for the year las per stat￿nI of Financial Aclbvities) 167,175} (170,332) Adjustments f¢>r. Bank interest receNed (In￿eSe)lde¢rease in deblo Increase in credrt¢) (528J 62.&)0 26,969 162.500) 106,385 Net cash used In operating actlvlties {23.2901 (87,391) Page 21 THE LIGHTBULB TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 15. Analysis ol cash and cash equivalents 2023 2022 Cash in haTh 259.702 282,992 Total cash and cash equivalents 259.702 282,992 16. Analysls of Changes in net debt At 1 Juno 2022 Cash Ilows At 31 May 2023 Cash al bank and in hand 282.992 123.2901 259,702 17. Related party transactions During the pèrNJd. the Charty received donations of £350.000 12022.. £350.000) frcffl S A Holden, Trustee. The donatN)n$ were grfted y￿hout restrictK)n. There are no amounts owed to or from the Trustees as al 31 May 202312022.. £Nill. Donat￿n$ of £250.00012022.. £Nd> were also received from the sister of S A Holden for the G￿n1￿h* restri¢terJ fund. No other rdated party tran￿1￿￿￿ ocCUr￿d in either period. Page 22