REGISTERED CHARITY NUMBER: 1191795
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
THE ROMAN ASSOCIATION CIO
Harrison Beale & Owen Limited Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT
THE ROMAN ASSOCIATION CIO
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 13 |
| Detailed Statement of Financial Activities | 14 | to | 15 |
THE ROMAN ASSOCIATION CIO
REPORT OF THE TRUSTEES for the year ended 31 December 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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).
The financial statements incorporate the financial position of the linked charities; The Roman Association Trust and The Association of the Venerable College of St Thomas de Urbe. The linked charities are commonly known as "The Roman Association."
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main objects of the charity, and its linked charities, are to:
-
promote the Roman Catholic faith;
-
assist the Bishops in sending to the Venerable College of St Thomas de Urbe in Rome (the College) students who will avail themselves of the benefit of studying in Rome; and
-
support the college financially and otherwise.
The charity achieves these objectives by raising funds and providing direct financial assistance to such students. Further, the charity continues to foster friendships among the alumni of the College.
Public benefit
The trustees have considered the Charity Commission's guidance on public benefit and in particular the specific guidance on charities for the advancement of religion.
The charity assists people throughout the world by its support of the Venerable College of St Thomas de Urbe in Rome. The students of the college will go on to become valued members of society; building and strengthening communities; supporting the dying and bereaved; ministering to the sick at home and in hospital; caring for the poor and marginalized; and visiting those in prison.
Volunteers
The charity benefits from significant voluntarily donated time. Volunteers help with the administration of the charity and give their time to support planned activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Income and expenditure remain in line with expectations and expenditure has reduced showing a good net surplus before factoring in movements on the investment portfolio..
The Trust continued to promote membership from across the former student population and has also been active in promoting the benefit to the Trust of leaving a legacy in people's wills. We continued to maintain support to the College with payment of 10,000 Euros for one bursary. Following reviews of the bursary payments, with the College Rector and staff, it has been agreed that these bursaries will conclude in 2022. The trustees have, instead, made a commitment to support the cost of the refurbishment of the swimming pool at Palazzola. The work will be carried from the Autumn 2022 to Spring 2023. The total cost will be approximately 70,000 Euros paid as stage payments during the work. This capital investment is needed to ensure a key asset and attraction is available both for the student body and paying guests to the villa.
Investment performance
The charity's investments are held in accordance with trustees' powers and the trustees have the authority to invest in such assets as they see fit. The investments are held in a managed portfolio where the trustees have entrusted the investment managers with the authority to manage the investments.
FINANCIAL REVIEW
Financial position
Details of the financial position of the charity and its linked charities are set out in the following financial statements, which have been prepared in accordance with the latest Statement of Recommended Practice.
Page 1
THE ROMAN ASSOCIATION CIO
REPORT OF THE TRUSTEES for the year ended 31 December 2022
FINANCIAL REVIEW
Reserves policy
The designation between restricted funds and unrestricted funds is explained in detail in the Notes to the Financial Statements. It is the policy of the trustees to maintain unrestricted funds at a level where they can provide at least twelve months net expenditure. At the balance sheet date the free funds were easily sufficient to meet this objective. The charity is dependent upon generating the majority of its income from capital invested and therefore needs a substantial capital base.
TRANSFER OF ASSETS
Pursuant to an order of the Charity Commission dated 26 November 2020, the assets (with the exception of permanent endowment property), subject to the liabilities, of The Roman Association Trust and The Venerable College of St Thomas de Urbe were transferred to The Roman Association CIO. These transfers took place with effect from close of business on the 31 December 2020.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, dated 14 October 2000, and constitutes a Charitable Incorporated Organisation (CIO). The linked charities are formed by declarations of trust, amended in 2021.
Recruitment and induction of new trustees
Potential trustees are identified by the existing board of trustees and approached if a majority believes that their appointment would be of benefit to the charity. This may be the case, for instance, where an existing trustee retires.
New trustees would generally be required to have a background to enable them to understand the workings of the charity and to be sympathetic to its cause. New trustees are able to consult existing trustees and are encouraged to attend all meetings. New trustees are made aware of their responsibilities under the constitution and charity law prior to their formal appointment.
The trustees are appointed for a term not exceeding 6 years and one trustee retires at each Annual General Meeting.
Organisational structure
The overall day to day management of the charity is carried out by the trustees who are also responsible for significant decisions of a long term operational nature.
Risk management, governance and internal control
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have conducted their own review of the major risks to which the charity is exposed and systems have been implemented to mitigate those risks. It is not thought that there are significant external risks to funding due to the nature of the charity's activities.
Internal risks are minimised by the implementation of internal control procedures for the authorisation of transactions and projects. These procedures are reviewed periodically to ensure they still meet the needs of the charity.
The trustees have implemented a formal risk management process to assess business risk and implement risk management strategies. This involves identifying the types of risk the charity faces, prioritising them in terms of potential impact and the likelihood of occurrence, and identifying means of mitigating the risks. As part of this process the trustees have reviewed the adequacy of the charity's current internal controls. The trustees are pleased to report that the charity's internal controls, in particular, conform with guidelines issued by the Charity Commission.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1191795
Page 2
THE ROMAN ASSOCIATION CIO
REPORT OF THE TRUSTEES for the year ended 31 December 2022
Principal address
The Presbytery Springfield Road Horsham RH12 2PJ
Trustees
Mgr S Healy Rev P Keane Rev M Cooley Rev A Spinelli D McGrath Reverend M Harold
Linked Charities' Registered Charity numbers
1191795-1 1191795-2
The CIO is the sole trustee of the linked charities.
Independent Examiner
Harrison Beale & Owen Limited Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT
Solicitors
Lodders Solicitors Number Ten Elm Court Arden Street Stratford upon Avon Warwickshire CV37 6PA
Fund managers
Rathbone Investment Management 8 Finsbury Circus London EC2M 7AZ
Approved by order of the board of trustees on 23 May 2023 and signed on its behalf by:
D McGrath - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROMAN ASSOCIATION CIO
Independent examiner's report to the trustees of The Roman Association CIO
I report to the charity trustees on my examination of the accounts of The Roman Association CIO (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts 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 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 reached.
Gregg Olner MPhil BA(Hons)
Harrison Beale & Owen Limited Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT
23 May 2023
Page 4
THE ROMAN ASSOCIATION CIO
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Other income Total EXPENDITURE ON Raising funds 4 Charitable activities Grants to The Venerable English College Supporting the College alumni Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 12 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 44,328 23,481 - 67,809 4,724 - 10,267 4,482 19,473 (172,606) (124,270) (8,523) (132,793) 1,017,830 885,037 |
Restricted funds £ - 11,561 - 11,561 3,364 8,523 - - 11,887 (85,015) (85,341) 8,523 (76,818) 524,808 447,990 |
2022 Total funds £ 44,328 35,042 - 79,370 8,088 8,523 10,267 4,482 31,360 (257,621) (209,611) - (209,611) 1,542,638 1,333,027 |
2021 Total funds £ 21,702 24,731 22 |
|---|---|---|---|---|
| 46,455 | ||||
| 10,881 25,998 3,360 6,808 |
||||
| 47,047 | ||||
| 141,130 | ||||
| 140,538 - |
||||
| 140,538 1,402,100 |
||||
| 1,542,638 |
The notes form part of these financial statements
Page 5
THE ROMAN ASSOCIATION CIO
BALANCE SHEET 31 December 2022
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 882,408 873 7,656 8,529 (5,900) 2,629 885,037 885,037 |
Restricted funds £ 447,990 - - - - - 447,990 447,990 |
2022 Total funds £ 1,330,398 873 7,656 8,529 (5,900) 2,629 1,333,027 1,333,027 885,037 447,990 1,333,027 |
2021 Total funds £ 1,545,181 926 6,312 7,238 (9,781) (2,543) 1,542,638 1,542,638 1,017,830 524,808 1,542,638 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23 May 2023 and were signed on its behalf by:
D McGrath - Trustee
The notes form part of these financial statements
Page 6
THE ROMAN ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) rather than the Charities SORP 2005.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
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.
Grant payments are recognised as expenditure when the conditions for their payment have been met or where there is a constructive obligation to make a payment.
Taxation
The charity is exempt from tax on its charitable activities.
The charity is not registered for VAT, so irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Fixed asset investments
Fixed asset investments (listed) are initially recognised at their transaction value and are subsequently measured at their fair value (market value) as at the balance sheet date. The market value is provided by the investment portfolio managers.
Unlisted investments, in shares whose fair value cannot be reliably measured, are recognised and carried at historical cost less impairment.
continued...
Page 7
THE ROMAN ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2022
1. ACCOUNTING POLICIES - continued
Fixed asset investments
The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals of investments throughout the year.
Financial Instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement
2. DONATIONS AND LEGACIES
| Donations Legacies 3. INVESTMENT INCOME Income from listed investments Income from other investments 4. RAISING FUNDS Investment management costs Portfolio management Foreign exchange loss/ (gain) 5. GRANTS PAYABLE Grants to The Venerable English College |
2022 £ 44,328 - 44,328 2022 £ 35,034 8 35,042 2022 £ 10,192 (2,104) 8,088 2022 £ 8,523 |
2021 £ 5,466 16,236 |
|---|---|---|
| 21,702 | ||
| 2021 £ 24,678 53 |
||
| 24,731 | ||
| 2021 £ 10,781 100 |
||
| 10,881 | ||
| 2021 £ 25,998 |
continued...
Page 8
THE ROMAN ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2022
6. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| Other resources expended | 334 | 127 | 4,021 | 4,482 |
| Support costs, included in the above, are as follows: | ||||
| 2022 | 2021 | |||
| Other | ||||
| resources | Total | |||
| expended | activities | |||
| £ | £ | |||
| Sundries | 334 | - | ||
| Bank charges | 127 | 174 | ||
| Independent examination | 3,180 | 2,905 | ||
| Legal and professional fees | 841 | 3,729 | ||
| 4,482 | 6,808 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL | ACTIVITIES | ||
|---|---|---|---|
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Other income Total EXPENDITURE ON Raising funds Charitable activities Grants to The Venerable English College Supporting the College alumni Other Total Net gains on investments |
Unrestricted funds £ 21,702 15,838 22 37,562 6,996 - 3,360 6,808 17,164 90,275 |
Restricted funds £ - 8,893 - 8,893 3,885 25,998 - - 29,883 50,855 |
Total funds £ 21,702 24,731 22 |
| 46,455 | |||
| 10,881 25,998 3,360 6,808 |
|||
| 47,047 | |||
| 141,130 |
continued...
Page 9
THE ROMAN ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2022
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ NET INCOME 110,673 Transfers between funds 21,778 Net movement in funds 132,451 RECONCILIATION OF FUNDS Total funds brought forward 885,379 TOTAL FUNDS CARRIED FORWARD 1,017,830 9. FIXED ASSET INVESTMENTS Shares Other Additional information as follows: Listed investments £ MARKET VALUE At 1 January 2022 1,541,870 Additions 77,291 Disposals (47,620) Revaluations (256,881) At 31 December 2022 1,314,660 NET BOOK VALUE At 31 December 2022 1,314,660 At 31 December 2021 1,541,870 14.6% (2021: 12.9%) of listed investments were held outside the UK. The cost of investments as at the year end was £1,114,591 (2021: £1,079,488). Investments (neither listed nor unlisted) were as follows: Cash |
- | continued Restricted funds £ 29,865 (21,778) 8,087 516,721 524,808 2022 £ 1,314,661 15,737 1,330,398 Unlisted investments £ 1 - - - 1 1 1 2022 £ 15,737 |
Total funds £ 140,538 - |
|
|---|---|---|---|---|
| 140,538 1,402,100 |
||||
| 1,542,638 | ||||
| 2021 £ 1,541,871 3,310 1,545,181 Totals £ 1,541,871 77,291 (47,620) (256,881) 1,314,661 1,314,661 1,541,871 2021 £ 3,310 |
||||
continued...
Page 10
THE ROMAN ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2022
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Income tax repayments Prepayments and accrued income 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income 12. MOVEMENT IN FUNDS Net movement At 1.1.22 in funds £ £ Unrestricted funds General fund 1,017,830 (124,270) Restricted funds Millennium Scholarship fund 513,109 (85,341) Gray fund 11,699 - 524,808 (85,341) TOTAL FUNDS 1,542,638 (209,611) Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 67,809 (19,473) Restricted funds Millennium Scholarship fund 11,561 (11,887) TOTAL FUNDS 79,370 (31,360) |
2022 £ 873 - 873 2022 £ 5,900 Transfers between funds £ (8,523) 8,306 217 8,523 - Gains and losses £ (172,606) (85,015) (257,621) |
2021 £ 873 53 926 2021 £ 9,781 At 31.12.22 £ 885,037 436,074 11,916 447,990 1,333,027 Movement in funds £ (124,270) (85,341) (209,611) |
|
|---|---|---|---|
continued...
Page 11
THE ROMAN ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2022
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Millennium Scholarship fund Gray fund TOTAL FUNDS |
At 1.1.21 £ 885,379 505,239 11,482 516,721 1,402,100 |
Net movement in funds £ 110,673 29,865 - 29,865 140,538 |
Transfers between funds £ 21,778 (21,995) 217 (21,778) - |
At 31.12.21 £ 1,017,830 513,109 11,699 |
|---|---|---|---|---|
| 524,808 | ||||
| 1,542,638 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Millennium Scholarship fund TOTAL FUNDS |
Incoming resources £ 37,562 8,893 46,455 |
Resources expended £ (17,164) (29,883) (47,047) |
Gains and Movement losses in funds £ £ 90,275 110,673 50,855 29,865 141,130 140,538 |
Gains and Movement losses in funds £ £ 90,275 110,673 50,855 29,865 141,130 140,538 |
|---|---|---|---|---|
| 140,538 |
The Millennium Scholarship fund was taken over by the linked charity, The Roman Association Trust, from a previously registered charity (charity no. 287277) of the same name on 6 April 2003. This fund was originally established in 2000. The income from this fund may be used only for the scholastic support of students studying at the Venerable College of St Thomas de Urbe in Rome. The transfer during the year represents such expenditure made.
The Gray fund was taken over by the linked charity, The Roman Association Trust, from the same previously registered charity mentioned above, on 6 April 2002. That trust originally took over the fund from linked charity, The Association of the Venerable College of St Thomas de Urbe, in 1983. Income of £217 is credited to this fund annually from the General fund and the distribution of its funds is restricted to students from the Roman Catholic Archdiocese of Southwark who are studying at the Venerable College of St Thomas de Urbe.
The above two funds remain invested within the linked charity, The Roman Association Trust. The funds, and the investment income from these funds, is recognised in these financial statements as restricted.
Total investment income and losses arising on investments, whether realised or unrealised, are allocated to the Millennium Scholarship fund on a weighted average basis based on fund values at the start of the year.
continued...
Page 12
THE ROMAN ASSOCIATION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2022
13. RELATED PARTY DISCLOSURES
As detailed in the Report of the Trustees, the assets (with the exception of permanent endowment property) of The Roman Association Trust and The Venerable College of St Thomas de Urbe were transferred on 31 December 2020 to The Roman Association CIO. The CIO is sole Trustee of, and shares purpose with, the linked charites.
The comparative figures shown in these accounts are those of the two linked charities.
Page 13
THE ROMAN ASSOCIATION CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 44,328 | 5,466 |
| Legacies | - | 16,236 |
| 44,328 | 21,702 | |
| Investment income | ||
| Income from listed investments | 35,034 | 24,678 |
| Income from other investments | 8 | 53 |
| 35,042 | 24,731 | |
| Other income | ||
| Other income | - | 22 |
| Total incoming resources | 79,370 | 46,455 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 10,192 | 10,781 |
| Foreign exchange loss/ (gain) | (2,104) | 100 |
| 8,088 | 10,881 | |
| Charitable activities | ||
| Venerabile subscription | 10,267 | 3,360 |
| Grants to institutions | 8,523 | 25,998 |
| 18,790 | 29,358 | |
| Support costs | ||
| Management | ||
| Sundries | 334 | - |
| Finance | ||
| Bank charges | 127 | 174 |
| Governance costs | ||
| Independent examination | 3,180 | 2,905 |
| Legal and professional fees | 841 | 3,729 |
| 4,021 | 6,634 | |
| Total resources expended | 31,360 | 47,047 |
| Net income/(expenditure) before gains and | ||
| losses | 48,010 | (592) |
This page does not form part of the statutory financial statements
Page 14
THE ROMAN ASSOCIATION CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Realised recognised gains and losses | ||
| Gains on investments | (257,621) | 141,130 |
| Net (expenditure)/income | (209,611) | 140,538 |
This page does not form part of the statutory financial statements
Page 15