Kindred Squared
(A charitable company limited by guarantee)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS For the year ended 31 May 2024
Company Registration No. 12633929 Charity Registration No. 1190581
Kindred Squared
(A charitable company limited by Guarantee) LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Ian Armitage John Clennett Nicholas Michael Frederik Fuller Frances Jacob Daniel Bowen Singer
Registered Office
The Key Support Offices 8[th] Floor Hylo 105 Burnhill Row London EC1Y 8LZ
Independent Examiner
Nicholas Sladden on behalf of RSM UK Tax and Accounting Limited 25 Farringdon Street London EC4A 4AB
Bankers
C Hoare and Co. 37 Fleet Street London EC4P 4DQ
Company Registration Number 12633929
Charity Registration Number
1190581
Page 1
Kindred Squared
(A charitable company limited by Guarantee) TRUSTEES’ ANNUAL REPORT (incorporating the Directors’ Report)
The Trustees present their report together with the financial statements of the Charity for the year ended 31 May 2024. The Charity was incorporated as a company limited by guarantee on 30 May 2020 and registered as a charity on 28 July 2020.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charity’s governing document, the Companies Act 2006, 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 (FRS102) (effective 1 January 2019).
The Trustees are appointed in accordance with the Terms and Conditions contained in the Charity’s Memorandum and Articles of Association.
The Trustees who served during the year and up to the signing of this report were as follows:
Ian Armitage John Clennett (appointed 3 June 2024) Nicholas Michael Frederik Fuller (appointed 19 November 2024) Frances Jacob Daniel Bown Singer (appointed 19 November 2024) Jocelyn Stevenson (resigned 29 November 2023)
Structure, governance and management
The Trustees are also Directors of the Company for the purposes of company law. The Board of Trustees has no sub-committees but has appointed advisors to assist in making recommendations to the Board. The Board aims to meet six times a year in face-to-face meetings and by conference call when required or circumstances dictate, subject to requirements.
Trustee induction and training
The Trustees as Charity Trustees and company directors have control of the Charity and its funds.
The Charity’s Trustees are all familiar with the practical work of the Charity and their responsibilities as Trustees. All Trustees review relevant information from the Charity Commission and the Charity’s advisors, as appropriate.
The Trustees shall consist of at least three persons who being individuals are over the age of 18, all of whom must be Members, support the Objects, have each signed a written declaration of willingness to act as a charity trustee and member of the charity.
Unless otherwise determined by the Trustees, the maximum number of Trustees shall be seven.
Trustees are appointed by the Trustees for a term of up to three years. A retiring Trustee who is eligible may be reappointed two times. Thereafter, the Trustees (other than the Trustee in question) may, in the interests of the Charity and upon reasonable grounds, waive the maximum term upon which a person may serve as a trustee.
Management
The Charity’s affairs are conducted on a day-to-day basis by Felicity Gillespie, non-statutory Director under direction of the Trustees.
Risk management
The Board of Trustees have reviewed the major risks and uncertainties to which the Charity is exposed. The Board is satisfied that the procedures in place are adequate to manage such risks appropriately. The major risk which the Charity faces is that its income is entirely derived from its founder, who is the Charity’s only significant donor.
Page 2
Kindred Squared
(A charitable company limited by Guarantee) TRUSTEES’ ANNUAL REPORT (incorporating the Directors’ Report)
Public benefit statement
The Trustees have given consideration to the Charity Commission published guidance and consider that the Charity operates for the public benefit.
Objectives and activities
The object of the Charity is to advance for the public benefit, early child development and education in England and Wales, in particular, but without prejudice to the generality of the foregoing, by publicising the importance of early years development and education for the life chances, health and happiness of every citizen, extending understanding of its importance through research (and the dissemination of scientific research), collaboration and advocacy, in order to effect improvements in the early development of all children.
Powers
The Charity has the power to do anything within the law which may promote or help to promote the objects.
Activities
We work to increase public knowledge and awareness of the importance of the education and care of our youngest citizens from birth to arrival at Reception Year in primary schools because these years are critical in setting the life chances and happiness of each child as they go through life. In addition they influence, over the medium to long term our nation’s economic performance and productivity.
Here are the most notable activities and achievements of the year:
Our Fourth School Readiness Report, published in February, is now established as the most significant national survey into the issue of ‘school readiness’. It clearly shows the impact that children arriving at Reception behind the developmental curve of their age has on their progress and on the whole school. This year we extended the research to include the reasons given by parents and teachers for the high rates of children (a third) arriving at school not ready to take advantage of the opportunities of Reception. These included ignorance about what school readiness means, how to prepare children and rates of screen use by parents and children.
Research undertaken into public perception of the importance of the early years shows a marked improvement in awareness since 2019, indicating that we are starting to see some moving of the dial in Kindred[2] 's theory of change.
Our Secondary Education around Early Neurodevelopment (SEEN) teaching resources, essentially introducing children to how we all acquire cognitive skills, received very positive feedback and interest from the nursery sector. Accordingly, we adapted the materials to become part of the nursery worker curriculum. These new qualifications are now approved by the Association of Science Teachers and NCFE which is the oldest qualification awarding organisation in the UK, recognised for providing vocational, technical and continuous professional development (CPD) educational products and services aligned to the needs of learners, educators and employers.
We commissioned a review of the impact of cuts in health visitors on the health service, demonstrating the impact on A&E services of worried parents with limited access to this critical source of information and support. Building on the impact of our commissioning of a review of funding entitlements for early education and care, further work was undertaken into the case for funding not only entitlements outside the home, but also greater support for the choice of some mothers to stay in the home rather than take up places in childcare settings.
We continue our work with other participants in the Early Years Sector, to work on programmes and initiatives in pursuit of common goals. We worked on the early development of a common outcomes framework to create a unified, consistent approach to defining, measuring outcomes and discussing children and families across the public sector. We are pleased to report this has now rolled out to an incubator agency, with multiple sources of philanthropic funding now securing the rollout of the framework for the next three years.
Page 3
Kindred Squared
(A charitable company limited by Guarantee) TRUSTEES’ ANNUAL REPORT (incorporating the Directors’ Report)
Our public messaging continued across many channels with growing pick up of Kindred's work in national and regional press. We have also developed a number of partnerships to further spread our message, including a partnership with a major national supermarket on the development of a new range of nappies. We're delighted to learn that the new designs including nursery rhymes and information about the importance of early childhood development have delivered a significant increase in sales as well, laying the groundwork for further collaboration.
In Westminster we work with all parties who wish to learn about and implement improvements in public policy which impacts the early years. We were happy that our Director, Felicity Gillespie, was one of six advisors invited by the Labour Party to participate in the Bell Review, which advised on the early years policy content for the 2024 Manifesto. A series of small low cost (to the Exchequer) wins have followed, including a commitment to improve school readiness scores, establishing a unique child identifier at birth rather than at 4 or 5, and an increase in the pupil premium for pre-school children. During the year we witnessed a 50% increase in our media traffic noting that more commentators no longer see early years policy through the lens of increasing workforce participation and tax take and now understand it is part of the conversation around behavioural issues, life chances and indeed long-term economic performance. We are all Learners from Birth.
Finally during the year, we reached agreement with the 80/20 Charitable Fund (the philanthropy account of Ian Armitage and Family) to benefit form a multi-year support funding commitment. This provides the trustees and staff with the confidence required to create and action long term plans.
Future
We believe that the country needs to change the way we talk about the early years. Education is a continuum from birth, it doesn’t start at 5 years of age. It costs nothing to change the way we frame early years as the foundation for all our mental, physical health and outcomes that follow.
We can see three reasons to change our thinking about the early years and our allocation of resources that flow from both public policy decisions and the way we lead our lives.
-
We know that the most rapid and impactful period of brain development happens before we start school, so paying attention to this period delivers better returns on our investment of time, attention, skill and money than for any other period of education.
-
Our research tells us that the public is on board – for example very few think it is acceptable for teachers to be spending 2.5 hours a day of teaching time on nappy changing.
-
Parents want their children to thrive. They want to know how. The knowledge they need to act is both well-known and reliable.
Clearly our public and private finances are very stretched so asking for more money for instance for “free” early education and childcare from Government has to come at the expense of other budgets. This is an exceedingly difficult hurdle to jump. Accordingly we have to look elsewhere and consider ways to better mobilise the energies of parents, families, neighbours, “the first educators”, as well as improving the skills base of the people who serve our young child and their parents.
Our new three year strategy therefore sees a sharper focus than ever on raising public awareness. We will continue to expand our team to ensure we are skilled to drive forward our public-facing campaign, continuing to collaborate with private, public and third sector partners.
Financial review
Financial results
During the year the Charity received donations totalling £253,187 (2023: £652,863) and income from charitable activities £75 (2023: £nil). Total expenditure from charitable activities was £551,489 (2023: £439,595) of which support costs totalled £51,396 (2023: £41,400). This resulted in a deficit of £298,227 (2023: £213,268 surplus) which was comfortably covered by opening reserves.
Page 4
Kindred Squared
(A charitable company limited by Guarantee) TRUSTEES’ ANNUAL REPORT (incorporating the Directors’ Report)
Reserves policy
The 80/20 Charitable Fund, a sub account of the Messrs Hoare Trustees Master Charitable Trust, is the philanthropic fund financed by Ian Armitage and his family. Throughout the year it committed to provide financial support to Kindred Squared so that it will meet its obligations as they fell due and for a period of at least 12 months from the date of approval of these financial statements. This was captured in a funding agreement which provides support to the charity over the next four years.
The Charity’s policy for unrestricted funds (which have not been designated for a specific use) should be maintained at a level up to six month’s expenditure. 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 Charity's reserves at 31 May 2024 were £8,748 (2023: £306,975) which was below this threshold. Funding has been provided consistently throughout the year to meet all liabilities as they fell due. This temporary shortfall in reserves was a timing difference in payments made and donations received. It did not adversely impact the smooth running of the charity in any manner.
Taking account of the support funding agreement the Trustees are satisfied that the level of reserves at 31 May 2024 was appropriate.
Thanks go to our team of energetic, smart and driven staff, the contractors who help us and for other organisations at the sharp end of early years education who have played a huge part in advancing the early years agenda.
Nothing happens without committed hard working people equipped with great attitudes and wonderful skills, who are surely part of the reason to improve early years education.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.
27/02/25
Approved by the board of Trustees on ……………………………… and signed on its behalf by:
Ian Armitage Chair
Page 5
Kindred Squared
(A charitable company limited by Guarantee) STATEMENT OF TRUSTEES’ RESPONSIBILITIES for the year ended 31 May 2024
The Trustees, who are also the Directors of Kindred Squared for the purpose of company law, are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company and charity law requires the Trustees to prepare accounts 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 period.
In preparing these accounts, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent; and
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 accounts 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.
Page 6
(A charitable company limited by guarantee) Independent Examiners Report for the year ended 31 May 2024
Kindred Squared
I report to the Trustees on my examination of the accounts of Kindred Squared (‘the company’) for the year ended 31 May 2024, which are set out on pages 8 to 16.
Responsibilities and basis of report
As the trustees of the charitable company (and also its Directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitable company’s financial statements as carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
-
accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS 102).
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.
Nicholas Sladden FCA DChA BFP The Institute of Chartered Accountants in England and Wales.
On behalf of RSM UK Tax and Accounting Limited 25 Farringdon Street London EC4A 4AB
Date: 27/02/25
Page 7
Kindred Squared
(A charitable company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT for the year ended 31 May 2024
| Notes Income from: Donations Charitable activities Total income Expenditure on: Charitable activities 2 Net (expense)/income and net movement in funds Fund balances brought forward Fund balances carried forward |
Unrestricted funds 2024 2023 £ £ 253,187 652,863 75 - 253,262 652,863 551,489 439,595 (298,227) 213,268 306,975 93,707 8,748 306,975 |
Unrestricted funds 2024 2023 £ £ 253,187 652,863 75 - 253,262 652,863 551,489 439,595 (298,227) 213,268 306,975 93,707 8,748 306,975 |
|---|---|---|
| 652,863 439,595 |
||
| 213,268 93,707 |
||
| 306,975 |
Page 8
Kindred Squared (A charitable company limited by guarantee) BALANCE SHEET As at 31 May 2024
Company Registration Number: 12633929
| Notes Fixed assets: Tangible assets 4 Current assets: Debtors 5 Cash at bank and in hand Creditors: Amounts falling due within one year 6 Net current assets Net assets 7 The funds of the Charity Unrestricted funds 7 |
2024 2023 £ £ 2,236 - |
|---|---|
| 2,236 - 5,250 - 66,880 329,985 |
|
| 72,130 329,985 (65,618) (23,010) |
|
| 6,512 306,975 8,748 306,975 |
|
| 8,748 306,975 |
For the year ended 31 May 2024, the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 (the Act) relating to small companies.
The members have not required the charitable company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Act.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
27/02/25
Approved and authorised for issue by the Board of Trustees on ……………………….. and are signed on their behalf by
Ian Armitage Chair
The notes on pages 11 to 16 form part of these financial statements.
Page 9
Kindred Squared
(A charitable company limited by guarantee) STATEMENT OF CASH FLOWS for the year ended 31 May 2024
| Notes Cash flows from operating activities 9 Interest paid Net cash generated (used in)/from operating activities Investing activities Purchase of tangible assets Net cash generated used in investing activities Change in cash and cash equivalents in year Cash and cash equivalents brought forward Cash and cash equivalents carried forward |
2024 £ (260,645) - _ (260,645) _ (2,460) _ (2,460) (263,105) 329,985 _ 66,880 |
2023 £ 232,311 181 _ 232,492 _ - _ - 232,492 97,493 _ 329,985 |
|---|---|---|
Page 10
Kindred Squared (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 May 2024
1. Accounting Policies
Kindred Squared is a charitable company incorporated in England. The address of the Charity’s registered office is The Key Support Offices, 8[th] Floor Hylo, 105 Burnhill Row, London, EC1Y 8LZ.
The Charity’s principal activities are disclosed in the Trustees’ report.
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charity’s governing document, the Companies Act 2006, 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 2019).
Kindred Squared 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.
Going concern
The Charity has been funded by donations from the 80/20 Charitable Fund, via the Messrs Hoare Trustees Master Charitable Trust, which has indicated its willingness to continue to provide support for a period of at least twelve months from approval of the financial statements. On this basis, the Trustees consider it appropriate to prepare the financial statements on a going concern basis. There are no material uncertainties in making this assessment.
Income
Donations are recognised in the period when the Charity has entitlement to the income, it is probable the income will be received and the monetary value can be measured with sufficient reliability. Donated services or facilities are included within the Statement of Financial Activities, where material, at the estimated fair value of an equivalent service or facility, where the benefit to the Charity is reasonably quantifiable and measurable.
Income from charitable activities is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probably that the income will be received.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Charitable expenditure includes the direct costs of the activities. Where such costs relate to more than one category, they have been apportioned on a percentage basis.
Governance costs
Governance costs include all expenditure related to the governance of the Charity, including independent examination fees.
Funds
Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects.
Page 11
Kindred Squared (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 May 2024
1. Accounting policies (continued)
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Computer equipment 3 years
Taxation
Kindred Squared is a registered charity and undertakes activities which, under present legislation, are not subject to taxation.
Cash and cash equivalents
Cash and bank balances include cash and cash equivalents.
Financial instruments
The charity has applied the provisions of Section 11 ‘Basic Financial Instruments’ 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 financial 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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
Retirement benefits
There is a defined contribution pension plan and the amount charged to income or expenditure is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
Page 12
Kindred Squared (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 May 2024
2 . Expenditure on charitable activities
Unrestricted funds
| Survey costs Campaign costs Project fees Staff costs (see note 3) Staff training Travel and subsistence Website fees Office rental Other expenses Accountancy Professional fees Bank charges Interest paid Insurance Depreciation Events 2023 |
Support costs £ Research £ Strategy and communications £ Total 2024 £ Total 2023 £ - 72,000 - 72,000 51,516 - 6,406 57,496 63,902 78,850 - 53,760 - 53,760 61,280 - 70,709 212,127 282,836 194,459 - 710 24,725 25,435 - 940 - 2,160 3,100 5,345 22,922 - - 22,922 15,745 4,518 - - 4,518 7,983 1,054 - - 1,054 5,974 10,603 - - 10,603 9,720 7,339 - - 7,339 7,770 773 - - 773 772 - - - - 181 503 - - 503 - 224 - - 224 - 2,520 - - 2,520 |
|---|---|
| 51,396 203,585 296,508 551,489 439,595 |
|
| 41,400 168,156 230,039 - 439,595 |
Accountancy costs and professional fees above include amounts paid to the independent examiner of £3,120 (2023: £2,940) in relation to independent examination fees and £11,843 (2023: £8,640) relating to other services provided.
3. Staff and trustee remuneration
| The average number of monthly employees employed by the charity (excluding trustees) was as follows: Staff costs for the above persons: Wages and salaries Social security Pension costs |
2024 Number 4 _ 2024 £ 253,968 24,097 4,771 _ 282,836 |
2023 Number 3 _ 2023 £ 176,862 14,259 3,338 _ 194,459 |
|---|---|---|
Page 13
Kindred Squared (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 May 2024
3. Staff and trustee remuneration (continued)
The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was as follows:
| £70,001 - £80,000 £100,001 - £110,000 |
2024 No 1 1 |
2023 No - 1 |
|---|---|---|
None of the Trustees (or any person connected with them) received any remuneration or benefits from the charity during the current of previous year. No Trustee expenses were incurred in the current or previous year.
4. Tangible fixed assets
| Cost At 1 June 2023 Additions At 31 May 2024 Depreciation At 1 June 2023 Charge for the year At 31 May 2024 Carrying amount At 31 May 2024 At 31 May 2023 5. Debtors Other debtors |
Computer equipment £ - 2,460 _ 2,460 _ - 224 _ 224 _ 2,236 _ - _ 2024 2023 £ £ 5,250 - _ _ |
|---|---|
Page 14
Kindred Squared
(A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 May 2024
| 6. Creditors: Amounts falling due within one year Accruals Other taxation and social security Other creditors |
2024 £ 58,229 7,389 - __ 65,618 |
2023 £ 17,385 4,779 846 __ 23,010 |
|---|---|---|
7. Analysis of net assets between funds
All assets represent unrestricted funds.
Movement in funds
| 1 | June 2023 | Income | Expenditure | 31 May 2024 | 31 May 2024 | |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| Unrestricted funds | 306,975 |
253,262 |
(551,489) |
8,748 |
||
| 1 | June 2022 | Income | Expenditure | 31 May 2023 | ||
| £ | £ | £ | £ | |||
| Unrestricted funds | 93,707 |
652,863 |
(439,595) |
306,975 |
8. Related Party Transactions
During the year, the Charity received unrestricted donations totalling £240,000 (2023: £650,000) from the 80/20 Charitable Fund, a source of finance related to Mr Ian Armitage, a Trustee.
9. Notes to the statement of cash flows
| Notes to the statement of cash flows Cash generated from operations: Net (deficit)/surplus Finance costs Depreciation (Increase)/decrease in debtors Increase / (decrease) in creditors Net cash inflow from operating activities |
2024 £ (298,227) - 224 (5,250) 42,608 __ 260,645 |
2023 £ 213,268 (181) - 19,909 (685) __ 232,311 |
|---|---|---|
10. Members’ liability
The Charity is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets of liabilities of the Charity on winding up such amounts as may be required not exceeding £1.
Page 15