Charfty registrats.on number.. 1189807
The Devon Historic Churches Trust
Annual Report and Financial Statements
for the Year Ended 31 March 2025
WESTCOTTS
CHAATIR•D A¢COUP4TANTS
& •USINQSS ADVISERS

The Devon Historic Churches Trust
Contents Icontinued)
Reference and Admini5tr8tive Details
Trustees, Report
2toS
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Notes lo the Financial Stslements
9t017

The Devon Historic Churches Trust
Reference and Administrative Details
ChaSrman
Lady Burnell-Nugent
Truste•s
Rev. Canon N P Fennemore lappointed 15 July 20241
Mr H Harrison
hAr C Hul¢hings
Prof R J P Kain lappoinled 15 July 20241
Rev. Dr D J Keep (resigned 20 January 20251
Mr A R G King lappointed 15 July 20241
Mrs L A Martin
Rt Rev N mc￿nnel
Lt. Col. D Michi¢
Mrs C Plumstead
Ven. J Ra￿ingS
Ven. N S Shuit (appointed 15 Juty 2024)
Mr P Tuckett DL
Mr H Vollers
Lady A 8oles Iresigne(11 S July 20241
Charlty Registration Number
1189807
Pronclpal Office
The Old Farmhouse
Hele Farm
Hennock Road
Bovey Tracey
TQ13 9PP
Ind•p•ndent Examiner
Stuart Canington FCA
Westcotts ISW) LLP
Timberly
South Street
Axminster
Devon
EX13 SAD
Page 1

The Devon Historic Churches Trust
Trustees, Report
The Trustees present the annual report together the financial ststemenls of the charrty for the
year ended 31 March 2025.
Objectives and activitiès
Objects and aims
The Trustees may apply thp income and capital of the charity in such manner as they shall in their
ab501ute discretion think fit for all or any of the followng Charrtable purposes.. the preservation, repair,
maintenance, improvement and upkeep of churches in the County of Devon and the Diocese of
Exeter.
Publlc benofil
The Trustees confimi that they have complied with the requirements ol section 17 of the Charities Act
2011 to have due regard lo the public benefit guidance published by the Charity Commission for
England and Wales.
Grant making policies
Application for grants vthich musl fall wlhin the objects of the charity as ouuined above ale
considered by the Trustees who take account of the detailed work proposals and the financial
511uation of the organi5ation requesting grant aid. In addition the Trustees also have regard to the
funds available to the oharily for dislribulion.
Achi&vgmènts and perforniance
The new website was commi55ioned in 202412025. Apart from looking much more modem and
Up-to-date rt Is rn￿e user friendly and easier for vislors to navigate. Parishes can now complete grant
applications online.
The annual Devon Historic Churches Day raised £30,092 12024.. £30,040). £11,469 of the
sponsorship money raised from the Devon Historic Churches Day lincorporats.ng the national Ride &
Sth"del wa5 returned lo the churches 8nd chapels nominated by the pa￿CIPantS {2024.' £10,747). The
Trustees are very grateful to the volunteers who wort(ed so hard to generate these valuable fvnds.
Page 2

The Devon Historic Churches Trust
Trustees, Report (continued)
Financial review
The financial statements and the accounting policies used in their preparation comply with all of the
current slalulory requirements and wlh the governing documenl.
The Statement of Financial Activibes shows that the charity had incoming resources of £84,82512024.'
£93.282). Charitable expendibjre was £114,07712024.. £97.0591.
The value ol the investment portfolio had fallen to £1,328,90512024'. £1.396.1641 by the year end.
Net current assets amountÈd lo £39,509 12024.. £77,038). The balance of net assets was held
primarily as cash on deposit so that fijnds are readily available to meet actual and anticipated grant
requirements whilst still earning interest,
Grants awarded amounted to £87,500, compared wth £76,050 in the previous year. These consisted
of 30 main grants lolalling £70.500 and 14 small and emergency grants totalling £17,500. A number of
payments were made for grants pledged in the previous year, and a number of grants were not paid
by the year end. A full analysis is provided al note 8 to show the split of item5 paid and unpaid.
Support costs amounted to £14,899 12024.. £12,432) and governance costs werè £3,178 12024:
£3,968).
Policy on reserves
The fund wag established by the Trustees in 1995 wilh ihe aim of rai51ng a capital sum the tsrget of
the initial appeal being £1million. Signilicaiil legacies are generally used lo augment the capttal of the
ftjnd. The income of the fund is available for furthering the aims of the tharity.
At 31 March 2025 cash at bank vrd5 £111,683 12024.. £122,136). Oulstanding grants awarded stood
at £69,00012024'. £42,030)
Invostment policy and objKtiv•s
DHCT seeks to Produce the be81 financial retum within an a¢¢eplable level of risk. The investment
objective is to generate a return in excess of inflation over the long term. The DHCT adopts a total
return approach to investment. generating the investment retum from in¢ome and capital gains or
losses. It is expeeted that if in any one year the income retum is insufficient to meet the budgeted
expenditure, in the long terni the real value of the investments wll still be maintained in accordance
with the investment objective above. The fund is split into two pooled funds. Both fvjnds incorporate
environmental, social and governance IESGI Considerations.
structure. governance and managèment
Natur• ol governing document
The Devon Historic Churches Trust was originalty established by a trLJSt deed dated 1 January 1973.
On 1 April 2021 the orhginal charity 265594 was Converted into a Charitable Incorporated Organisation
ICIO), registered charity nuTnber 1189807, vdilh the transfer of assets to the new CIO also taking place
on that date.
Page 3

The Devon Historic Churches Trust
Trustees. Report (continued)
RacTUitment and appointm•nt of TTUStees
Followng an open and transparent advertisernenl and selection process four new Trustee5 have
joined the DHCT this year. This has significaNUy strengthened and widened the Scope of the Trustee
board of the DHCT. The power of appointing new Trustees is exerased by the existing Trustees. New
Trustees are required to sign a dedaralion that the appointee accep15 the position of Trustee and
undertakes to act in ac¢ordan¢e with the CIO constitution as varied by all legal modificatsons.
Lady Anne Boles DL retired from the Trust in July 2024. She had been a supporter since inauguration
in 1972. and served as Chairman for some 15 years. Leading with greal strength. humour and
kno¥Medge, Anne inspired and initiated many good thing5 including DHCT participating in the annual
"Ride and Stride" fund raising event. Her enthusiasm and energy were infectious. At her retirement.
Lady Anne said that she had been proud to have been part of a charty that had helped so many
parish communities in Devon to modernise, improve and maintain their historic church buildings. The
Tiuslees thanked hei for her many years of setvice to the Trust and presented her wth a bouquet of
flowers.
Representatives of the Trust attended the funeral of The Reverend Dr David Keep in January 2025.
David was invf(ed to be a Representative for Aylesbeare Deanery and Assessor of bids foT grant
lunding. He was appointed a frustee in 2007 representing the Free Churches. A devout Methodist,
David lectured about the Trust throughout Devon on more than 100 occasions, Presenting his
extensive collection of photographic slides illustrating the architecture of Devon churches and the
fascinating treasures that they contain. He continued lo preach on the Methodist circuit until
Parkinson's look away his voice in 2019. David continued to attend an contribute to Trust meelings
with courage, commitment and an inlelle¢tual mind until late 2024.
Afte her year end, Lady Burnell-Nugent gave notice of her intention lo resign follo¥Mng her move out of
the county. Canon Nick FenneoTe agreed to agcepl the role of Vice Chaimian, and advertising for her
successor has begun.
Organisational structur•
The Trustees meel quarterf¥ to receive reports from officers and commitiees and to consider grant
applications. A Genefal Purposes Committee meets regularfy to decide upon small or emergency
grants and deal with oiher business as it arises.
Malor risks and management of those Tisks
The Trustees have given consideration to the risks to which the eharity may be exposed, and they
consider that the systems that have been established are suitable for the minlmisation of such risk$,
for safeguarding of the assets of the Gharily, and for the prevention and det8dion of fraud.
Page 4

The Devon Historic Churches Trust
Trustees. Report (continued)
Statsment of Trustee5' Responsibillties
The Tru51ees are responsible for preparing the Trustees. report and the financial statements in
a¢cordan¢e wth the United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted
A¢Gounting Practice) and applicable law and iegulatlOn5.
The18w applicable to charrtie5 require5 the Trustees lo prep3Te financial statements for each 17nanci81
year which give a true and fair view of the slate of affairs of the charity and of the incoming resources
and application of resources of the charity for that period. In preparing these financial statements. the
Trustees are required to..
select suitable a¢¢ounting policies and then appty Ihem ¢on$istenUy'.
observe the methods and prinuples in the Charities SORP.,
make judgements and estimates that are reasonable and prudent.,
slate whether applicable accounting stsndards have been followed, subject to any material
departures disclosed and explained in the financial statements,. and
Prepare the financial statements on the going concem basis unless is inappropriate to presume
that the charity wll continue in business.
The Twstees are responsible fur keeping proper accounting records that disclose with reasonable
accuracy at any lime the financial position of the charity and enable them lo ensure that the financial
statements comply 4Mth the Charities Act 2011, the Charilies (Accounts and Reports) Regulations
2008, and the provisions of the constitution. The Trustees are also responsible for safeguarding the
assets of the Charity and hence for taking reasonable steps for the prevention and detection Of fraud
and other irregularits"e5.
The Trustees ale responsible for the maintenance and inlegnty of the corporate and financial
information included on the tharitsble ￿mpanY'S web5rte. Legislation governing the p￿paration and
dissemination of finanaal statements may differ from legislakn.on in other jUT15dictions.
The annual report was approved by the Trustees of the charity on
behalf
and signed on its
Mr H Voller5
Trustee
Page 5

The Devon Historic Churches Trust
Independent Examiner's Report to the trustees of The Devon Historic
Churches Trust
I feport to the Trustees on my examination of the accounts of The Devon Historic Churches Trust lor
the year ended 31 Marth 2025.
Responsibilitles and basis of report
As the charity Trustees of The Devon Historic Churches Trust you are ￿SPOnsible foi the preparation
ofthe a￿)Unts in accordance with the requirements of the Charities Act 2011 Ilhe ACVI.
I report in respect of my examination of the The Devon Historic Churches Trust'5 accounts camed out
under section 145 of the 2011 Act and in Gairying out my examination I have followed all the
applicable Directions given by the Charity Commission under section 14515}Ibl of the Act.
Independent oxamln9Vs statsment
I have completed my examination. I conffimi that no mateTI81 matters have come to my attention in
connection the examination giving Me cause to believe that in any materi81 respect..
1. accounting record5 were not kept in respect of The Devon Historic Churthes Trusl as required
by section 130 of the Act., or
2. the accounts do not accord wilh those records., or
3. the accounts do not comply wih the accounting requirements con¢Eming the fom and content of
accounts sel out in the Charities (Accounts and Reportsl Regulations 2008 other Ihan any
requirement that the accounts give 8 'lrue and fair view ￿leh 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 reathed.
Stuart Carrington FCA
Westcotts ISVVI LLP
Timberly
South Street
Axminsler
Devtsn
EX13 SAD
D¥le".
Page 6

The Devon Historic Churches Trust
ststement of Financial Actlvltles for the Year Ended 31 March 2025
Unrnstricted
funds
Total
202S
Total
2024
Ilote
Incomo and Endovnnents from:
Donations and legacies
Other trading actwilies
Investment income
7,728
30,092
47,005
7.728
30,092
47.005
17,429
30,040
45,813
Total income
84.825
84,825
93.282
Exp8nditurg on:
Raising fund5
Charitable ackn"vrties
17,500)
114.0771
(7,500)
1114,077)
{6,9161
97.0591
Total expenditure
GainsllDsses on investment assets
1121,577)
{67,2591
1121,577)
167,2591
(104,0111
(103.975)
95,568
Net lexpenditvrelAnGome
Net movement in funds
{104,0111
84,875
{104,011}
1104.0111
84,675
Reconciliation of fund8
Total fvnds brought forward
1,476,327
1,476,327
1.391,452
Total lunds carried foN4ard
1,372,316
1,372.316
1.476.327
All of the charity'5 activities derive from continuing operations during the above two periods.
The funds breakdoN¥n for 2024 15 shown in note 17.
The notes on pages 9 to 17 fomi an integral part of these flnanual ststements.
Page 7

The Devon Historic Churches Trust
(Registration number: 1189807)
Balance Sheet as at 31 March 2025
2025
2024
Note
Fixed as$ets
Tangible assets
Investments
13
14
3.902
1,328,905
3,125
1,396,164
1,399,289
1,332.807
Current assets
Debtors
Cash al bank and in hand
1S
369
111.683
362
122.136
112,052
122,498
Crnditoys: Amounls falling due within one year
Ngt curront agsets
16
172,5431
145,460
39,509
77,038
Net ￿￿ets
1,372,316
1,476,327
Fund8 of the charity:
Unrestricted income lunds
Unrestricted fvnds
1.372.316
1,476,327
Total funds
17
1.372.316
1,476,327
The
tements on pages 7 to 17 weTe approved by the Trustees, and authorised for issue
and signed on their behalf by..
ollers
Trustee
The notes on pages 9 to 17 fom an Sntegral part of these financial ststements.
Page 8

The Devon Historic Churches Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
1 A¢countlng policios
StatÈmènt of compliance
The financial statements have been prepared in accordance wilh the second edition of the Charities
Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard
appIl￿ble in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011.
Basls of preparntlon
The Devon H￿St0￿C Churches Trust meets the definitson of 8 publi¢ benefit entity under FRS 102. The
accounts (financial slatementsl have been prepared under the historical cost conventyon items
recogni5ed al cost or transaction value unless Othe￿Se slated in Ihe relevant notelsl lo these
accounts.
Going concèrn
The Trustees consider that there are no material uncertainties about the charity's ability lo Continue as
a going concern.
Income and èndowments
Voluntary income including donation5, gifts, legacies and grants that provide core funding or are of a
general nattjre is recogn15ed when the charity has entillemei)t lo the income, it is probable that the
income will be received and the amount ¢8n be measured wth sufficient reliabilty.
Donatlens and legaciès
Donations and legaGies are recognised on a receivable ba515 when receipt is probable and the
amDunt can be reliably measured.
Grants ￿¢0{vable
Grants are reGognised *￿en the charlty has an entitlement to the fvnds and any condition$ linked to
the grants have been met. Where performance conditsons are altached lo the grant and are yet to be
met, the income is recognised as a liability and induded orb the balance sheet as deferred income to
be release(J.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is
probable settlement Is required and the amount can be meèsured reliably. All ¢osls are allocated to
the applicable expenditure heading that aggregate SiTnilar costs to that category. Where cosls cannot
be directly attributed to particular headings they have been allocated on a basis consistent with the
use of resources. wth central staff costs allocated on the b3815 of time spent, and depreciation
charges allocated on the porb.on of the asset's use. Other support costs are allocated based on the
spread of staff costs.
Raising funds
These awe costs incurred in attracting voluntsry Income, the management of investmenls and those
incurred in trading activities that Taise funds.
Page 9

The Devon Historic Churches Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
(continued
Charitable activities
Charitable expendrture comprises those costs in¢urred by the Charity in the delivery of its activities
and services for its benefiaaries. It includes both costs that can be allocated directly to such activities
and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the
recipient but there 15 uncert8inty about either the liming ef the grant or the amount of gr8nt payable.
Support Gosts
Support C05t5 include central functions and have been allocated to actiwty cost ¢alegories on a basis
consistent with the use of resources, for example. allocating property costs by floor areas, or per
capita, staff costs by the time spent and other costs by their usage.
Taxation
The charity is considered to pass the lesls sel out in Paragraph 1 Schedule 6 of the Finance Act 2010
and therefore it meet5 the definition of a charitable company for UK ¢orporation tax purposes.
Accordingly, the charity is potentially exempt from taxation in resped of income or capil81 gains
received wthin categories covered by Chapter 3 Part 11 af the Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are
applied exdusively to charitable purposes.
Tangiblè fixèd ass&ts
Individual fixed assets costing £SOO or more are inits.ally recorded at cost, le55 any subsequent
accLJmulated deprecialion and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to WTrte off the cost or valuation, less any
esty"maled residu81 value, over their expected useful economic life as follow5-
Asset class
Fixtures, fittings and equipment
Dopreciation fflethod and rats
200k straight line
Fixed assat inv8stm8nts
Fixed asset inve5trnents, olheT than programme related investments, are included al market value al
the balance sheet dale. Realised gains and losses on investments ale calculated as the difference
betsveen sales proceeds and their market value at the start of the year, or their subsequent cost, and
are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the yeaT and are
rediled or charged lo the Statement of Financial Activities based on the market value at the year end.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-tem highly
IiqLJid investments that are readily convertible to a known amount of cash and are subject to an
insignificant risk of change in value.
Page 10

The Devon Historic Churches Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
Icontinued)
Fund structure
Unrestricted income funds are general fvnds that are available for use al the Twstees discrets'on in
rtherance of the objectives of the d)arity.
Financial instrumgnts
Classlfication
Financial assets and financial liabilities ar& recogni$ed when the charity become5 a party to the
contractual provisions of the instrument.
Financial liabilities and equty instruments are classffied according to the substance of the contracttsal
arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the charity after deducting all of its liabilities.
Recognltlon and measurement
All financial assets and liabilities are initially measured at transaction pri¢e (including transa¢tio
stsl. Èxcept for thosÈ fin8ncial assets dassified as al fair value through profit or 1055, which are
In￿'allY measured al fair value Iwhich is nomially the transaction Price excluding transaction ¢oslsl.
unless the arrangement constittjtes a financing transaction. If an 8rr8ngemenl constitutes a financing
transaction, the financial asset or financial liability is measured al the piesent value of the future
payments di5COUnted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities ale only L)ffset in the statement of financi81 p0S￿on when, and only
when there exists a legally enfoTceable iighl lo set off the recognised amounts and the charty intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only %then al the contractual rights to the cash flows
from the financial a$set expire or are selued, bl the charrty transfers to another party substantially all
of the risks and rewards of ownership of the financial 355et, or cl the charity, despite having retained
some, bul not all. significant risk5 and rewards of ownership, has transferred Control of the asset lo
another party.
Financi31 liabilitie5 are derecognised only when the obligation specified in the contract is discharged,
cancelled or expl￿$.
Page11

The Devon Historic Churches Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
(continued
2 Incom8 from donations and lggactes
Unrestricted
fund5
General
Total
2025
Total
2024
Donali¢)ns from individuals
Legacies
Grants, including capital grants..
Grants from other chanties
Subscripts'ons
3,624
3,624
6.698
1.802
5.000
3,929
4.104
4,104
7,728
7,728
17,429
3 Income from othÈr tr•dlng activities
Unrtrstrlctsd
funds
Gènèral
Total
funds
Total
2024
Devon HistOTiC Churches Day
30.092
30,092
30,040
30,092
30,092
30,040
4 Investment income
Unre$trl¢tsd
funds
Géneral
Total
2025
Total
2024
Bank interest ￿ceIVable
Income from listed investment5
2,754
44,251
2,754
44.251
2,150
43,663
45,813
47,005
47,005
Page 12

Tho Devon Historic Churches Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
(continued)
S Expgnd5turo on rnlglng funds
UnTr5trictsd
funds
General
Total
2025
Total
2024
Wages and salarles
Advertising
6,918
582
6,918
582
6.436
480
7,500
7.500
6,916
6 Expendlturo on charitablo actlvltlgs
Unrestrictsd
funds
Gonoral
Total
2025
Total
2024
Grant funding of activities
Support costs
99,178
14,899
114.077
99.178
14.899
84,627
12,432
114,077
97,059
Page 13

The Devon Historic Churches Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
(continued)
7 Analysbs of support costs
Unrestricted
funds
General
Total
2025
Total
2024
Staff cos15
Communications and IT
Govemance costs
General offiG¢ Ggsts
Bank Charges
5,415
312
3,178
5.994
5.415
312
3,178
5,994
5.051
312
3,968
3,089
14,899
14.899
12,432
8 Grantwmaking
Analysis of grants
2025
2024
Analysis
Unpaid amounts brought foward
Sums paid in the year
Small grants paid
Unpaid amounts caffied forward
Devon Historic Churche5 Day payments to churches
142,0301
43,798
16,250
69.000
11.469
123.1501
43,000
12.000
42,030
10,747
98.487
84,627
9 Net incomingloutyoing resources
Net outgoing resources for the yeaT inrlude..
2025
2024
Depreciation of fixed assets
1.248
843
10 Trustees. remuneratlon and expenses
No Trustees, nor any persons connected wth them, have received any remuneration from the charty
during the year12024'. Nill.
No trustees have ￿ceiVed any reimbursed expenses from the charity during the year12024'. Nill.
Page 14

The Devon Historic Churches Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
(continued)
11 Staff costs
The aggregate payroll costs were as follows..
2025
2024
Staff costs during Ihe year were:
Wages and 581ariÈs
12,333
11,487
The rnonthty average number of persons (including senior management I leadership team) employed
by the charity during the year was as follows..
2025
No
2024
Average headcount
No employee received emoluments of more than £60.000 during the year12024.' Nil)
12 Inde￿ndent pxaminer's Temuneration
2025
2024
Feès payable lo the independent examiner for..
Independent examination of the financial statements
817
677
13 Tanglbl• Ilxed a88ets
Fixtures.
fitting5.
oquipm•nt &
software
Total
Cost
At 1 Awil 2024
Additions
4,214
2,025
4,214
2,025
At 31 March 2025
6,239
6,239
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
1,089
1,248
1,089
1,248
2,337
2,337
Net book valu8
At 31 March 2025
3,902
3,902
At 31 March 2024
3,125
3.125
Page 15

The Devon Historic Churches Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
(continued)
14 Flxgd assgt Investments
Other
inve$lm8nts
Total
Cost or Valuation
At 1 April 2024
Unrealised1055 on investments
1,396.164 1,396,164
67,2591
167,2591
At 31 March 2025
1,328.905 1.328,905
Net book value
At 31 March 2025
1,328,905 1,328,905
Al 31 MaTch 2024
1,396.164 1.396,164
15 Debto
2025
2024
Prepayments
369
362
16 Crnditors: amounts falling due wlthln on• year
2025
2024
Other creditors
Ac¢rual$
69.000
3,543
72,543
42,030
3,430
45.460
Page 16

The Devon Historic Churches Trust
Notes to the Flnancial Statements for the Year Ended 31 March 2025
(continued)
17 Funds
Balance at
1 April
2024
Other
Incoming Resourwts recognised
resources
expendo03ainslllossesl
Balanco at
31 March
2025
Unrestricted funds
General
General Funds
1,476,327
84.825
1121,577)
167.2591
1.372,316
Balance at
1 April
2023
other
Incomlng R8$our¢g$ ro¢ogni$8d
rosourc•s
èxp•nd•(trJainsllloss•s)
Balance at
31 March
2024
Unrestrictèd funds
General
General Funds
1,391,452
93,282
1103.9751
95,568
1.476,327
18 Analysis of net assgts bolw&on funds
Unrestricted
funds
GeneTal
Total funds
at 31 March
2025
Tangible fixed as$et$
Fixed asset investments
Current assets
Current liabilities
3,902
1.328,905
112,052
172,5431
1,372,316
3,902
1.328.905
112,052
172,543
1,372.316
Total nel assets
Unre$trlcted
funds
G•neral
Total funds
at 31 March
2024
Tangible fixed asse15
Fixed asset investments
Current assets
Current li8bililies
3,125
1,396,164
122,498
145,4601
1,476,327
3.125
1,396,164
122,498
145,4601
Total net assets
1,476,327
19 Related party transa¢tlons
There weie no related party transaction$ in the year12024". NIII.
Page 17