AOUK&I FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Charty registration number 1190596 Fortus
AOUK&I INDEX PAGE TRUSTEES, ANNUAL REPORT INDEPENDENT EXAMINER'S REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET CASH FLOW STATEMENT AND NOTES TO THE CASH FLOVV STATEMENT NOTES TO THE FINANCIAL STATEMENTS 10-18
AOUK&I TRUSTEES, ANNUAL REPORT AT A GLANCE The trustees present their report together with the financial statements of the charity for the year ended 31 December 2025. This report explains how AOUK & I has delivered benefit during 2025 through education, research support, and responsible stewardship of charitable funds. 11 provides transparency to trustees and stakeholders on how res0LJrS have been used and how the charity plans to sustain its impact in the future. The financial statements have been prepared in accordance with the accounting policies set out in the notes lo the accounts and comply with the charity s constitution, the Charities Ad 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice Applicable lo charities preparing their accounts in accordance with the Fin8ncial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. During 2025, the charity: Supported specialist education and professional development programmes Developed and maintained collaboration with over 200 healthcare professional faculty members, who in tum delivered high-qualily educational content lo over 600 Trauma and Orthopaedic surgeons in the UK and Ireland. Expanded blended and online learning opportunities through educational partnerships Funded clinically relevant research projects Maintained strong financial governance and reserves MESSAGE FROM THE TRUSTEES 2025 has been a year of continued development for AOUK & l as we strengthened our support for education and research across Trauma and Orthopaedic speciality areas. Through collaboration wth educational partners and targeted research funding, the charity has continued to invest in professional learning, innovation, and improved clinical outcomes. Trustees remain committed to ensuring that resources are used resFX)nsibly while maintaining resilience against funding uncertainty. This report outlines how our activities have delivered benefit and how we plan lo build on this work in the coming years. OUR PURPOSE OBJECTIVES AND ACTIVITIES The charity's principal objectives sel out in the Constitution are the further education and training of all those engaged in the management of disorders of the musculo-skeletal system and to promote and co-ordinate clinical research in disorders of the musculo-skeletal system and their treatment and lo publish the results of such research. AOUK & I's main aim is lo advance education and research relating to Trauma and Orthopaedics in the UK & Ireland, across specialities in general orthopaedic trauma, paedialrics, foot & ankle, hand and wrist, pelvic. cranio- maxillofacial {CMF) and Vet. We achieve this by.. Supporting education and training for healthcare professionals, including development opportunities for our teaching faculty. Promoting and Coordinating clinic81 research Providing grant funding aligned with charitable objectives Supporting professional development through educational visits to centres of excellence Close collaboration and partnership with the AO Foundation.
AOUK&I TRUSTEES, ANNUAL REPORT Icontlnued) OBJECTIVES AND ACTNITIES (continugdl The trustees Confirm that all activities un(Jertaken during the year delivered public benefit in accordance with Charity Commission guidance. ACHIEVEMENTS AND PERFORMANCE What we achieved in 2025 Education and Training AOUK & I continued to support course programmes administered in partnership with the AO Foundation. Tnjstees worked closely with programme partners to ensure course conlenl remained aligned with current clinical practice and participant needs. Key activities included.. Supporting delivery of specialist training courses Providing membership and course support services Funding programmes where additional investment enhand charitable impact Supporting the development of blended and online learning opportunities Research Support Significant grants were awarded to research pmjects that advance understanding and treatment of musculo skeletal disorders. These investments contribute to improved professional knowledge and ultimately better patient outcomes. The research fund provides grant support to third parties undertaking projects aligned with the charity's objectives. Grants are awarded at the discretion of the Board of Trustees. Professional Development The charity continued ils personal development programme. enabling healthcare professionals to visit centres of excellence for further educational experience and knowledge exchange. FINANCIAL REVIEW The charity remains financially stable and continues to manage ils resources prudently lo support long lemi delivery of ils charitable objectives. Key Financial Highlights Total resetves al 31 December 2025.. £1,625,461 {2024'. £1,703,923) Designated Research and Development fund.. £33,24212024.. £51,142) Unreslricled funds. £1.592,21912024. £1,652,781) Free reserves.. £1,592,21912024.. £1,651,083) Reserves policy Because AOUK & l is grant funded by 8 single donor, trustees maintain appropriate reserves to mitigate risks associated with potential reductions or changes in funding. Reserves are held to ensure continuity of charitable activities and lo provide financial resilience.
AOUK&I TRUSTEES, ANNUAL REPORT (Contlnued) Investment policy The investment policy is reviewed annually by the trustees. Consideration is given lo income requirements, risk profile, and medium term market outlook provided by the investment manager. Our overall policy slates that funds are to be invested in a combination of cash deposits with instant a¢sS and a share-based fund. PLANS FOR FUTURE PERIODS AOUK & I will continue to.. Support education for healthcare professionals, principally within Trauma and Orthopaedics and aligned lo the objectives of the AO Foundation Continue professional development opportunities for teaching faculty to ensure high quality education delivery Invest in clinically relevant research Explore new inilialives lo increase awareness of educational opportunities Identify innovative ways to advance the charity's objectives Trustees remain committed lo adapting aclivili8s lo meet evolving educational and clinical needs. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The Charity is a Charrf(able Incorporated Organisation governed by its constitution dated 28 July 2020. Appointment of trustees The charity requires a minimum of three trustees, each appointed for a four year term by trustee resolution. When vacancies arise, trustees identify candidates whose experience and expertise support delivery of the Charity's objedives. New trustees receive information about the charity and their responsibilities upon appointment. Structure and management The Board of Trustees aims lo hold at least two ordinary meetings each year. Decisions are determined by majority vole, with the chair holding a casting vole where required. A broadly based Management Committee supports and advises trustees in delivering the charity's work. Risk management Trustees actively review major risks on a regular basis. Operational and bLJsiness risks are assessed, and systems are maintained to mitigate significant risks.
AOUK&I TRUSTEES, ANNUAL REPORT (Contlnued> CHARITY INFORMATION Charity name AOUK&I Charity number 1190596 Registered office Equinox House Clifton Park Avenue Shipton Road York Y030 SPA Trustees lan Pallister lan Sharp lain McFadyen John Quinlan Susan Deakin Pauline Johnston Sorrel Langley-Hobbs Lisa Hadfield-Law Shaun O'Brien (resigned 31 October 20251 lappoinled 31 October 2025} (appointed 31 March 20261 ADVISERS Independent Examiner Andrew Northern FCA Fortus Limited Business Advisors and Accountsnts Equinox House Clifton Park Shipton Road York Y030 SPA Principal Bankers Lloyds Bank plc Pavement York Y019LB Investment Managers Walker Crips Group PIC Old Change House 128 Queen Victoria House London EC4V 4BJ
AOUK&I TRUSTEES, ANNUAL REPORT (Contlnued) Trustggs, rgsponsibilitigs in rglation to the financial statgmgnts The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in awordance with applicable law and United Kingdom Awounting Standards (United Kingdom Generally Accepted Accounting Pra¢tiTr). The law applicable to charities in England & Wales requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming reSoUrS and application of resources of the Charity for that period. In preparing these financial slatemenls, the Iruslees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent- stale whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements- prepare the financial slalements on the going concern basis unless il is inappropriate to presume thal Ihe Charity will continue in operation. The Iruslees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Charity's constilulion. 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 are responsible for the maintenance and integrity of the Charity and financial information included on the Charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees and signed on their behaw. John Quinl8n Trustee Dale.. 22 June 2026
AOUK&I INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AOUK & I I report lo the trustees on my examination of the financial statements irf AOUK & I Ilhe charity) for the year ended 31 December 2025. Responsibilities and basis of report As the trustees irf the charty you are responsible for the preparation of the financial statements in accordan with the reqLJirements 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(5llbl of the 2011 Act. Independent examlner's statement Since the charity'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 l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is a listed body. I have completed my examination. I confim that no matters have come to my attention in connection wth the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financial statements do not accord with those records., or the financial statements do not mplY with the applicable requirements ¢on¢eming the fomi and conlenl of accoLJnts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Andrew Northern FCA Fortus Limited Business Advisors and Accountants Equinox House Clifton Park Shipton Road Y030 SPA York Dated.. 23 June 2026
AOUK&I STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted Designated Funds Funds Total 2025 Total 2024 Note INCOME Charitable activities.. Grants receivable 222,271 222,271 263.696 Investments 55,132 55.132 47,368 Other 50 50 190 Interest 964 964 1,069 Total income 278,417 278,417 312.323 EXPENDITURE Cost of raising funds.. Investment management fees 16.517 16.517 15,645 Charitable activities 254,020 51,867 305,887 260.557 Totsl expenditure 270,537 51,867 322,404 276,202 Nel income I (expenditure) before gains or losses 7,880 (51,867) 143,9871 36,121 Nel gains I Ilossesl on investments 134,4751 134,4751 85,391 Net income I lexpenditurel 126,5951 151,867) 178,4621 121,512 Gross transfers between funds 133,9671 33,967 Net movement in funds 160,5621 {17,900) 178.4621 121.512 Fund balances at 1 January 2025 1,652,781 51,142 1,703.923 1,582,411 Fund balances at 31 December 2025 1,592,219 33,242 1,625.461 1,703,923 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains or losses recognised in the year. Analysis of the previous year by fund is summarised on note 14 of the financial statements.
AOUK&I BALANCE SHEET AS AT 31 DECEMBER 2025 Note 2025 2024 FIXED ASSETS Investments 1,558,658 1,596,933 CURRENT ASSETS Debtors 14,485 32.992 Cash at bank and in hand 107,415 100,079 121,900 133,071 CREDITORS: amounts falling due within one year 10 155,0971 126,0811 NET CURRENT ASSETS 66,803 106,990 TOTAL ASSETS LESS CURRENT LIABILITIES 1,625,461 1,703,923 THE FUNDS OF THE CHARITY: Unrestricted funds 11 1,625,461 1,703,923 1,625,461 1,703,923 The notes al pages 10 to 18 form part of these financial statements. The 8CCOUnts were approved by the Iruslees on 22 June 2026 8nd signed on their behalf by.. John Quinlan Susan Deakin
AOUK&I CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 Note 2025 2024 Cash flows frorn operating activities: Net cash provided by I lused inl operating activities 151,5961 {38,1731 Cash flows from investing activities Dividends and interest from investments 55,132 47,368 Proceeds from sale of investments 342,210 204.421 Purchase of investments {346,5461 1237,054) Movement in cash provided by I (used inl investing activities 8,136 11,947) Net cash flows from investing activities 58,932 12,788 Change in cash and cash equivalents in the year 7,336 {25,3851 Cash and cash equivalents al 1 January 2025 100,079 125,464 Cash and cash equivalents al 31 December 2025 107,415 100,079 NOTES TO THE CASH FLOW STATEMENT RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net InMe I lexpenditurel for the year 178,4621 121.512 Adjustments for.. Nel losses l (gains) on investments Dividends and interest from investments {Increasel I decrease in debtors Increase I Idecreasel in creditors 34,475 155,1321 18,507 29,016 (85,391) {47,3681 19,3431 {17,5831 Nel cash provided by l {used inl operating activities 151,5961 {38,173) ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash al bank 107,415 100,079
10- AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES GENERAL INFORMATION AND BASIS OF ACCOUNTING The Charity is a Charitable Incorporated Organisation {CIOI registered with the Charity Commission in England and Wales. The address of the registered office is given in the Charity information on page 4 of these financial statements. The Charty constrf(ules a public beneff( entity as defined by FRS 102. The financial statements have been prepared in accordan with Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo charities preparing their accoLJnls in acc()rdance with the Financial ReFX)rting Standard applicable in the UK and Republic of Ireland IFRS 102), issued in October 2019, the Financial RetKJrting Standard applicable in the United Kingdom and ReputrAic of Ireland IFRS 102), the Charities Act 2011, and UK Generalty ACpIed Practice. The financial slalements have been prepared lo give a 'true and fair, view and have departed from the Charities IAccourrts and Reports) Regulations 2008 onw to the extent required to provide a 'true and fair, view. This departure has involved following the Acwunting and Reporting by Charf(ies.' Ststemenl of Recommended Practi applicable to charities preparing their accounts in aordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared under the historical cost convention modrfied to include certain items at their fair value. The financial slalemenls are prepared on a going concem basis. The financial statements are prepared in sterling whh is the functional currency of the Charty- The significant accounting policies applied in the preparation of these financial statements are set oul below. These policies have been consistently applied lo all years presented unless otherwise slated. GOING CONCERN The financial statements have been prepared on a going cOnM basis as the trustees believe that no material uncertainties exist. The Iruslees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial statements. JUDGEMENTS AND ESTIMATES The preparation of the financial statements require management lo make judgements, estimates and assumptions that affect the amcmjnls reported. These estimates are continually reviewed and are based on experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. FUND ACCOUNTING The Charity maintains a designated fund which is to be used for research and development purposes. Unrestricted funds are funds which can be used in awordan¢e with the charitable objects at the discretion of the trustees. Designated funds are funds which have been sel aside out of unrestricted funds by the trustees for specific pury)oses.
11 AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (Continued) INCOME All income is recognised once the Charity has entitlement to the income, it is probable that the income will be reived, and the amount of the income can be measured reliably. Investment income is rewgnised as the Charity's right to receive payment is established. EXPENDITURE All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Costs of charitable activities are those costs incurred directly lo meet the objects of the Charity. Support costs are allocated to the various activities on a percentage basis based on the direct charitable expenditure incurred by each activity. Governance costs are those in connection with constitutional and stalulory requirements. GRANTS PAYABLE Grants payable to third parties are within the charitable objectives. In line with section 7 of the Charites SORP: When unconditional grants are awarded, these are accrued as soon as the recipient is notified, as this gives rise lo a reasonable expectation that the recipient will receive the grant. When grants are conditional relating lo performance, then the grant is only accrued when any unfulfilled conditions are outside of the control of the Charity. FOREIGN CURRENCY Transactions in foreign currencies are translated into steding and accepted at the rale of exchange ruling at the date of receipt or payment. OPERATING LEASES Rentals payable under operating leases are charged lo the SOFA as incurred over the lemi of the lease. INVESTMENTS Investments are stated al fair value. Aggregate realised and unrealised gains and losses are shown separately in the SOFA as net gains I (losses) on investments. DEBTORS AND CREDITORS Debtors and creditors are recorded when receivable or payable. FINANCIAL INSTRUMENTS The Charity only has financi818ssets and financial liabilities of a kind that qualify as basic financi81 instruments. Basic financial instruments are initially recognised 8t transaction value and subsequently measured at their settlement value.
12 AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INVESTMENT INCOME Unrestricted Designated Funds Funds Total Unrestricted Designated 2025 Funds Funds Total 2024 Dividends- equities Interest- securtties 45,377 9,755 45,377 9,755 31,383 15,985 31,383 15,985 55,132 55,132 47,368 47,368 CHARITABLE ACTIVITIES Note Unrestricted Designed Funds Funds Total Unrestricted Designated 2025 Funds Funds Total 2024 Educational activities Fellowship Grants payakle Annual meeting Govemance costs 156,648 3,0 5,000 75,930 12,482 156,648 3,960 56,867 75,930 12,482 168,765 3,0 168,765 3.900 26,153 42,461 19,278 51,867 26,153 42,461 19,278 254,020 51,867 305,887 234,404 26,153 260,557 Grants payable are for research projects that relate to the Charity's objectives and are analysed as follows.. 2025 2024 Grants to institutions.. Notb'ngham University University of Bristol Universily of Glasgow AO Alliance Liverpool University Hospitals12 grants) University of Leeds 2024 Grants to inslilutions14 lotall 2024 Grants unclaimed 2024 Grants refvnded 5,000 5,000 10,000 5,000 15,000 4,900 27,610 15,0001 1241 44,900 22,586 Grarrts to individuals 3,000 Total research grants 47,900 22,586 Other Malawi fracture fixation course Support costs 5,000 3,967 3,567 56,867 26,153 Unrestricted funds Designated funds 5,000 51,867 26,153 56,867 26,153
13- AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 SUPPORT COSTS Total 2025 Total 2024 Adminislralion management Web and computer costs General administration 24,971 9,771 25,555 24,971 7,390 22,529 60,297 54,890 ALLOCATION OF SUPPORT COSTS Direct cost of activities Support costs Total Direct cost 2025 of activities Support costs Total 2024 Educational activities Fellowship Grants payable Annual meeting 105,718 3,960 52,900 70,530 50,930 156,648 3,960 56,867 75,930 121,445 3,900 22,585 38,461 47.323 168,768 3,9)0 26,152 42,461 3,967 5,400 3.567 4,000 233,108 60,297 293,405 186,391 54.890 241,281 GOVERNANCE COSTS Unrestricted Designated Funds Funds Tot81 Unrestricted Designated 2025 Funds Funds Tot81 2024 Amounts paid lo independent examiner in respect of. Audit fees - Accounting and other setvices 5,635 1,470 5,635 1,470 2,540 2,540 Trustees, meetings 9,942 9,942 12,173 12,173 12,482 12,482 19,278 19,278
14- AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 STAFF COSTS AND TRUSTEES EXPENSES There were no employees during the current or previous period. No trustee, or any person connected with them, received remuneration in the current or previous period. Five trustees {2024.. four) received reimbursement for meetings expenses tolalling £1,43012024: £1,381). NET INCOME I {EXPENDITUREI Net income l {expendilurel is stated after charging- 2025 2024 Operating lease rentals 6,792 FIXED Ass INVESTMENTS 2025 2024 Fair value at 1 January 2025 Additions Proceeds from sales Realised net gains l {lossesl Unrealised gains I Ilossesl Movement in cash account 1,596,933 346,546 1342,2101 125,9951 {8,4801 (8,1361 1,476,962 237,054 1204,4211 6,912 78,479 1,947 Fair value at 31 December 2025 1,558,658 1,596,933 Investments at fair value comprise.. 2025 2024 Listed investments Equities Securities Cash within investment portfolio 1,176,065 370,552 12,041 1, 135,894 440,862 20,177 1,558,658 1,596,933 2025 2024 Historical cost of listed investments at 31 December 2025 1,560,423 1,538,496
15- AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 DEBTORS 2025 2024 Other debtors Prepayments Accrued income 119 443 13,923 2.870 30,122 14,485 32,992 10. CREDITORS 2025 2024 Trade creditors Accruals Grants payable 4,193 6,004 44,900 2.954 10,387 12,740 55,097 26,081 11. UNRESTRICTED FUNDS Nel gains I Ilossesl on Expenditure investments Fund al 01.01.2025 Income Fund al Transfer 31.12.2025 Ggngral fund 1,652,781 278,417 1270,5371 134,4751 133,9671 1,592,219 Dgsignated fund.. Research and Development fund 51,142 151,8671 33,967 33,242 1,703,923 278,417 1322,4041 134,4751 1,625,461 The Research and Development fund was set up to support research activities and personal development. Grants are made from this fund to institutions undertaking relevant research and development projects. The obligation to pay a grant does not arise until the relevant project commences at which point the grant can be claimed by the beneficiary. Transfers between funds are in respect of support costs relating to the Research and Development fund.
16- AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 UNRESTRICTED FUNDS- Prior Year Net gains I Fund at Ilossesl on 01.01.2024 Income Expenditure investments Fund al Transfer 31.12.2024 General fund Designated fund.. Research and Development fund 1,551,553 269,453 1250,0491 85,391 13,567} 1,652,781 30,858 42,870 (26,1531 3,567 51,142 1,582.411 312,323 1276,2021 85,391 1,703,923 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Designated Total Funds Funds 2025 Unrestricted Designated Total Funds Funds 2024 Fixed assets Cash Other current assetsllliabilitiesl 1,558,658 29,273 4,288 1,558,658 78,142 107,415 I44,9() 140,6121 1,596,933 53,933 1,915 1,596,933 100,079 6,911 46.146 4.996 1,592,219 33,242 1,625,461 1,652,781 51.142 1.703,923 13. COMMITMENTS UNDER OPERATING LEASES Al 31 Dernber 2025, the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows.. 2025 2024 Within 1 year 1,698
17- AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14. COMPARATIVE STATEMENTS OF FINANCIAL ACTIVITIES Unrestricted Designated Funds Funds Total 2024 Note INCOME Charitable activities.. Grants receivable 220,826 42.870 263.696 Investments 47,368 47,368 Other 190 190 Interest 1,069 1,069 Total income 269.453 42.870 312.323 EXPENDITURE Cost of raising funds.. Investment management fees 15,645 15,645 Charitable adivilies 234,404 26,153 260,557 Total expenditure 250,049 26,153 276,202 Net income l {expenditurel before gains or losses 19,404 16.717 36,121 Net gains l {lossesl on investments 85,391 85,391 Net income l (expenditure) 104,795 16.717 121.512 Gross transfers between funds 13,567) 3.567 Net movement in funds 101,228 20.284 121.512 Reconciliation of funds Fund balances al 1 January 2024 1,551,553 30.858 1,582,411 Fund balances at 31 December 2024 1,652,781 51.142 1,703,923
18- AOUK&I NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15. RELATED PARTY TRANSACTIONS Transactions with trustees are detailed in note 6.