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2024-12-31-accounts

Charity Registration No. 1189966

PELORUS FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

PELORUS FOUNDATION

CONTENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Trustees' report 3 - 9
Independent examiner's report 10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13 - 18

PELORUS FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

The accounts have been prepared in accordance with the accounting policies set out in note 1.1 to the accounts and comply with the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)”.

Reference and Administrative details

Registered charity number 1189966
Registered office and 126 New Kings Road
operational address London
SW6 4LZ
Bankers Barclays Bank, Leicester, LE87 2BB
Independent Examiners Gravita Audit Oxford LLP
Park Central
40-41 Park End Street
Oxford
OX1 1JD
Trustees

Trustees, who served during the year and up to the date of this report were as follows:

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PELORUS FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance

In 2024, Pelorus Foundation advanced its mission of supporting individuals and communities on the frontlines of climate and conservation efforts. With the launch of our new three-year Strategic Plan, we refined our focus on biodiversity protection, ecosystem restoration, and the fight against illegal wildlife trade. This strategy cements our commitment to grassroots action, community empowerment, and technology-driven solutions to environmental challenges.

This year, we funded 10 projects across 10 countries, investing directly into partner organisations. We welcomed three new project partners, strengthening our network of conservation-led initiatives across new continents. Our fundraising efforts were increased thanks to the continued support of our major corporate benefactor, Pelorus and our ever-growing list of regular donors. In 2024, Pelorus sustained their one percent travel sales contribution, in addition to supporting targeted fundraising campaigns. Notable successes included three Big Give Initiatives highlighting our work to protect elephants and pangolins, and our support for African rangers. Thanks to our supporters and matched funders a total of £23,280 was raised across the three campaigns. A Clay Shoot fundraiser hosted by Pelorus Travel in support of Pelorus Foundation generated £22,223 for the charity. Additionally, a New York Marathon challenge by Pelorus Travel Co-Founder Jimmy Carroll raised £12,600, with some of the funds helping to support a new female-led conservation initiative in Kenya.

In addition to the continued support of our existing partners, Pelorus Foundation welcomed three new project partners in 2024:

Our carbon removal portfolio, the Climate Investment Fund, continued to grow this year, reflecting our commitment to tackling climate emissions in meaningful and forward-thinking ways. With the generous support of our corporate partners, we invested in a range of innovative projects that combine nature-based and technological solutions.

From forest restoration to advanced carbon capture, these initiatives are not only removing carbon from the atmosphere but also supporting biodiversity and improving local livelihoods.

Through our Climate Investment Fund, we helped drive impact across Indonesia, Kenya, Mongolia, Nicaragua, and the UK, supporting scalable, high-integrity projects that deliver real environmental and social benefits.

Performance of programmes

Pangolin Conservation and Research Foundation (PCRF), Namibia

In 2024, our collaboration with PCRF reached new heights. Working in over 20 villages across the Nyae Nyae Conservancy, PCRF has expanded its “release” research approach and employed local San pangolin guardians. Thanks to the support of Pelorus Foundation and other supporters, PCRF were able to rescue and rehabilitate 35 pangolins in 2024.

Our supporters enabled PCRF to secure new office space with on-site accommodation, allowing them to host research students and interns, and expand their conservation capacity. Funds also supported veterinary care and operational planning to ensure continued success into 2025.

“Two of our rescued pangolins, Hope and Malume are doing well following re-release. It shows just how worthwhile veterinary care is in our rehabilitation efforts.” Kelsey Prediger, Founder, PCRF

Oceans Alive Trust, Kenya

Our local project partner in Kenya Oceans Alive Trust deepened their impact within Kenya’s first co-managed Marine Protected Area. Through our partnership, 10 local community members were trained in marine biodiversity monitoring as part of a Citizen Science Programme. Despite coral bleaching events, the Coral Gardening Programme continues to show resilience, contributing to fish regeneration and ocean health.

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PELORUS FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

New sustainable initiatives like plastic recycling and climate-smart kitchen gardens are expanding local livelihoods. This work, alongside international recognition during His Majesty King Charles III’s visit, demonstrates a growing awareness of ocean conservation and fisherwomen empowerment.

“I have learned that monitoring is very important because it helps understand the changes in the ocean ... I learned to use equipment like the transect and was happy because the data I collected was very useful. I will show others how to conduct monitoring and understand its importance” Mwalewa Nyale, Local fisherman and Kuruwitu Conservation & Welfare Association Member.

Elephant Havens, Botswana

In 2024, Elephant Havens continued to provide vital care at its sanctuary near the Okavango Delta. With 22 elephant orphans in their care (double the number from 2023), they responded to a surge in rescues linked to severe drought. Recent arrivals like Bua, Makoba, and Liyanti highlight the diverse challenges orphaned elephants face. Pelorus Foundation helped provide nutritional supplies, handler uniforms, and new weighing scales to monitor health. Elephant Havens is now exploring collaring initiatives for released elephants and expanding their veterinary capabilities.

“We had eight new arrivals in one month – that's almost one new orphan reported and rescued every three-and-a-half days. We believe that this influx is predominantly driven by drought. This has had devastating consequences for wildlife – but especially elephants.” Scott Jackson, Co-Founder, Elephant Havens

Wild Entrust Africa, Botswana

Wild Entrust Africa continued its pioneering Bio-boundary Project, testing plant-based elephant repellents that are proving more effective than traditional deterrents. In 2024, their research (based on predator scent mimicry), advanced coexistence strategies for human-wildlife conflict, particularly with African Wild Dogs.

Pelorus Foundation supported new field testing in regions where 80% of Botswana’s elephant population overlaps with communities. Their scent boundary work now represents one of the most extensive wildlife behaviour studies in the region.

“Camera trap videos captured the scent of an essential oil stopping elephants from passing through a gap in a fence, even though they were on an established elephant path between water and food. This raised the possibility that other new elephant repellents await discovery, and with support from Pelorus Foundation, we screened more essential oils as elephant repellents.” Dr. Peter Apps, Director of Bioboundary Research, Wild Entrust Africa

Search and Rescue Dogs Avalanche (SARDA), New Zealand

Thanks to the support of a Pelorus travel client who wanted to give back to a project with SARDA during his vacation to New Zealand, Pelorus Foundation assisted in the identification of a three-day avalanche rescue dog training camp on New Zealand’s South Island. Avalanches are a regular occurrence in the mountain areas, threatening people’s lives and devastating endangered mountain fauna and flora such as the endangered Kea alpine parrot. To strengthen mountain search and rescue capabilities, 25 volunteer participants and their 14 dogs were brought together to a special training camp to ensure preparedness for life-saving operations in the remote mountain region.

Singita Lowveld Trust, South Africa

A new partner in 2024, Singita Lowveld Trust, is using K9 units and technology to fight wildlife crime. We provided tracking equipment (Canon SX70 camera, GoPro Hero and GoPro Chest Harness), to aid dog training and poaching deterrence. Their work is vital in protecting endangered species like rhinos through a blend of traditional tracking and high-tech surveillance. With the use of the camera the rangers are able to record the different notches on rhino ears for identification and better tracking and monitoring to help ensure their ongoing safety.

Climate Investment Fund

Over 2024, the Climate Investment Fund supported a growing and diversified carbon removal portfolio across five countries:

In Mongolia, our soil carbon project partner Mongolian Society for Range Management (MSRM) supported rotational grazing and pasture regeneration, helping 116 families across desert, forest, and steppe regions to reduce overgrazing, restore grasslands, and generate additional income.

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PELORUS FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

In Indonesia, our local partner CO2 Operate continues to run the Gula Gula agroforestry programme which in 2024 restored 80 new hectares, conducted biodiversity studies, and increased local farmer resilience through coffee production and reduced pesticide use.

In Kenya, our local partner Association for Coastal Ecosystem Services (ACES) runs the Mikoko Pamoja and the Vanga Blue Mangrove Forest programmes in Kenya. In 2024 they restored 117 hectares of mangroves. Communityled initiatives funded water projects, permaculture farms, and alternative cooking fuel solutions.

“Mangroves can thrive where other trees wouldn’t, they have a higher capacity to absorb Co2 between six to ten times more than terrestrial forests, and their roots buffer the coastline by reducing the strength of the waves coming from the ocean, mitigating the effects of climate change.” Rhama Kivugo, Project Co-ordinator at Mikoko Pamoja

Our enhanced rock weathering partner in the UK, UNDO Carbon, spread over 111,000 tonnes of silicate rock through enhanced rock weathering on 9,000 hectares of farmland, removing over 63,000 tonnes of CO2. They partnered with 340 farms and launched educational initiatives in 148 UK schools.

At the end of 2024 Taking Root which runs the Communitree project became our new forest carbon sequestration project partner as part of our Climate Investment Fund portfolio. This project currently works with 800 communitybased volunteers in Nicaragua.

Plans for the Future

At Pelorus Foundation, our mission remains steadfast: to champion innovation and act as a catalyst, empowering local communities to preserve and protect the world's wildlife and wild places for future generations.

Looking ahead, we will continue to partner with high-impact, community-led projects that are addressing some of the most urgent conservation challenges. From reversing the tide of wildlife crime to mitigating the growing effects of climate change on fragile ecosystems.

We are committed to continuously improving the effectiveness of our work by supporting new partners and responding to emerging needs and opportunities on the ground. At the same time, we will invest in expanding and diversifying our income to ensure the long-term sustainability of our mission.

Strategic objectives

In the coming year, we will:

Expand our network of project partnerships, including collaborations with the private sector, where shared goals align and mutual benefits can be achieved.

Implement our new three-year strategic plan, with a clear commitment to supporting 30 impactful conservation initiatives by 2030.

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PELORUS FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Priority Activities and Focus Areas

To achieve these objectives, we have identified a number of key targets and initiatives:

Public benefit

Pelorus Foundation acts as a catalyst for a thriving community of dedicated people and organisations who work tirelessly to protect our natural world. By providing crucial support, we empower efforts to safeguard wildlife and their habitats from the multitude of challenges facing our planet today.

Through carefully targeted funding, sharing our knowledge and expertise, and amplifying our project partners’ remarkable stories to a global audience, we help strengthen their impact where it matters most. This support plays a crucial role in ensuring their vital grassroots conservation work continues.

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PELORUS FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial review

This was the charity’s second active year of fundraising, to build charity funds to support work with our project partners. The charity's income for the year amounted to £183,039 (2023 - £255,275) and the expenditure for the year was £154,836 (2023 - £257,149). The resulting net income was £28,203 (2023 - £1,834 net expense).

During the year the charity was in receipt of £46,469 of restricted grants in total.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and six-month’s expenditure, however within the financial year the charity used a substantial amount of its unrestricted funds and as such is unable to maintain the reserves at this required level. Since the year end the charity has received further unrestricted funds and is looking to grow their unrestricted reserves to be in line with the reserves policy outlined above as the trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised..

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a Charitable Incorporated Organisation registered with the Charity Commission.

The CIO was established under a CIO constitution which established the objects and powers of the CIO.

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

Duncan Grossart James Guernsey Mark Call

New trustees are appointed due to their interest in the work of the charity and their recognised experience in specific fields which will further support the work of the CIO.

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PELORUS FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of trustees' responsibilities

The trustees, who are also the directors of Pelorus Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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 irregularities.

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

.............................. George Mackay-Lewis Trustee Dated: 28/10/2025

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PELORUS FOUNDATION

INDEPENDENT EXAMINER'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

I report to the trustees on my examination of the financial statements of Pelorus Foundation (the charity) for the year ended 31 December 2024 which are set out on pages 11 to 18.

Responsibilities and basis of report

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

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

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Gary Pready FCA Gravita Audit Oxford LLP Park Central 40-41 Park End Street Oxford OX1 1JD

Gravita Audit Oxford LLP

Dated: 28/10/2025

10

PELORUS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricted Total Total
funds funds 2024 2023
Notes £ £ £ £
Income:
Donations and legacies 3 136,570 46,469 183,039 255,275
Total income 136,570 46,469 183,039 255,275
Resources expended:
Direct charitable expenditure 4 127,437 - 127,437 225,914
Grants 5 - 27,399 27,399 31,235
Total charitable expenditure 127,437 27,399 154,836 257,149
Total resources expended 127,437 27,399 154,836 257,149
Net income/(expenditure) for the year/
Net movement in funds 9,133 19,070 28,203 (1,873)
Fund balances at 31 December 2023 2,139 (305) 1,834 3,708
Fund balances at 31 December 2024 11,272 18,765 30,037 1,834

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PELORUS FOUNDATION

BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
£
Current assets
Cash at bank and in hand
51,366
Debtors
8
42,741
94,107
Creditors: amounts falling due within
one year
9
(64,070)
Net current assets/(liabilities)
Income funds
Restricted funds
Unrestricted funds		 2024
£
£
54,004
54,038
108,042
(106,206)
30,037

18,765
11,272

30,037
 2023
£
1,834
(305)
2,139
1,834

The financial statements were approved by the trustees on 28/10/2025

.............................. George Mackay-Lewis Trustee

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PELORUS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Pelorus Foundation is a charitable incorporated organisation registered with the Charity Commission in England and Wales. The registered office is 126 New Kings Road, London SW6 4LZ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's CIO constitution, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations, but which has since been withdrawn.

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

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

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees have assessed the major risks and that going forward they will seek to build unrestricted reserves back up. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

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

1.4 Incoming resources

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

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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PELORUS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

1.5 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the accountancy fees and costs linked to the strategic management of the charity.

1.6 Cash and cash equivalents

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

1.7 Financial instruments

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

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

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

Basic financial assets

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

Basic financial liabilities

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

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

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

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PELORUS FOUDNATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Derecognition of financial liabilities

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

1.8 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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PELORUS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3 Donations and legacies

Unrestricted Restricted Total Total
funds funds 2024 2023
£ £ £ £
Donations and gifts 136,570 46,469 183,039 255,275
136,570 46,469 183,039 255,275

4 Direct charitable expenditure

Governance costs
Costs of raising awareness and programme development
Costs of raising funds		 2024
£
3,115
3,115
13,832
113,605
127,437		 2023
£
4,358
4,358
14,161
207,395
225,914

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PELORUS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5 Grants

Grants to Institutions 2024
£
27,399
27,399		 2023
£
31,235
31,235

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

7 Employees

Number of employees

The average monthly number of employees (excluding trustees) during the year was:

2024
Number
2
No employee received remuneration of more than £60k
Debtors
2024
£
Trade debtors
19,584
Prepayments & accrued income
23,157
42,741		 2023
Number
3
2023
£
14,385
39,653
54,038

No employee received remuneration of more than £60k

8 Debtors

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PELORUS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9 Creditors: amounts falling due within one year

Notes
Accruals and deferred income
Amounts due to related parties
Trade creditors
Other trade creditors
Social security and taxation		 2024
2023
£
£
3,600
2,400
57,926
69,214
86
3,888
364
362
2,095
30,344
64,070
106,208		 2023
£
2,400
69,214
3,888
362
30,344

10 Analysis of net assets between funds

Analysis of net assets between funds
Restricted
Unrestricted
Total		 Total
funds funds 2024 2023
£ **£ ** £ £
Fund balances at 31 December 2024 are represented by:
Current assets/(liabilities) 18,765 11,272 30,037 1,834
18,765 11,272 30,037 1,834
Summary of restricted fund movements
B/fwd Income Expense C/fwd
£ **£ ** £ £
Summary of restricted fund movements:
CIF 1,946 13,457 (12,845) 2,558
Projects (2,251) 33,012 (14,554) 16,207
(305) 46,469 (27,339) 18,765

11 Related party transactions

At the year end the charity owed £52,112 (2023 - £63,400) to Pelorusx Limited, a related party by virtue of the trustee, in respect of an interest free loan which is repayable on demand.

At the year end the charity owed £5,814 (2023 - £5,814) to Pelorus Adventures Limited, a related party by virtue of the trustee, in respect of an interest free loan which is repayable on demand. The charity was also owed £19,584 (2023 - £nil) by Pelorus Adventures Limited, a balance found within trade debtors.

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