Charlty reglstratlon number 1192652 THE VISIONARY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 OCTOBER 2023
THE VISIONARY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees A Pilalia A Pilali8 R Grisewood N Halverson (Appointed 26 October 20231 Charfty number 1192652 Principal address 25 Chorfey New Road Bolton Greater Manchester BL14QR Auditor Champion Accountants LLP 1 WorsSey Court High Street Worsley Manchester M28 3NJ Solicitors Gateley Ship Canal House 98 King Street Manchester M2 4VVU
THE VISIONARY CHARITABLE TRUST CONTENTS Pagg Trustees. report Independent auditor's report Statement of financial activities Balance sheet statement of cash flows Notes to the financial stslements 9-14
THE VISIONARY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 OCTOBER 2023 The trustees present their annual report and finanaal statements for the year ended 5 October 2023. The financial slalemenls have been prepared in ac¢ordance with the accounting policies set out in note 1 to the financial statements and Comply with the charitable trust's Declaration of Trust, the Charities Act 2011 and "A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Repts.ng Standard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. Objectives and activktle5 The trustees have paid due regard lo guidance issued by the Charty Commission in deuding what activities the ehari(able trust should undertake. TVCT was established in 2019 and although there are no reslr4Ctions in temis of how funds be gifted, the charity aims to SUPPDrt a number of worthy causes of which many will be focused on restoring sight and healthcare. Achlevements and perfomiance ft is a Pleasu to Present our third annual pOrt. During the year, TVCT have been working extremely hard behind the sneS to establish a support function for The Bright Sight Mission both via tundin9 routes and advisory services. While doing so we have also donated to Support causes across the world. Financlal revlew During the period, TVCT received £300,199 in retum on investments. TVCT have provided grants of £22,640 to causes across the world. Plans for future periods As we look forward to the coming months and years, we are exploring how we Can assist in achieving one of our many mutual objectives in helping lo restore eyesight in third world countries. We will continue lo donate to other cause5 across the world which the tiuslees deem lo align wf(h our objectives. structure. governance and managemgnt The Visionary Charitable Trust (TVCT) is a non-exempt charity govemed by a Declaration of Trust dated 17 September 2019. All TVCT investments were managed by the trustees during the period and the trustees have reviewed all risks surrounding the investments. The Trustees have due regard lo the guidance published by the Charities Commission regarding public benefit. The Trustees are responsible for the investment strategy and distribution of funds. Due regard lo the aims and objectives of the charty is considered by the Trustees each lime a donation 15 made. The trustees who served during the year and up to the dale of signature of the financAal stslements were.. A Pilalia A Pitslia R Grisewood N Halverson (Appointed 26 Oclober 2023} Trustees are norninaled by the existing Trustees. They retire by rotslion every three years bul may offer themselves for re-election. Trustees are appointed with a view to providing a variety of sknlls, culture. age and gender. New Trustees are appraised of the Philosophy of the Trust and are issued wth an induction folder which indudes the Charity Commission publications and guidance. None of the trustees has any beneficial inleTest in the trust. A15 of the Iruslees are members of the trust and guarantee to contribute £1 in the event of a winding up.
THE VISIONARY CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023 The companls vjrrent potry concerThng the p¥ym8nl of trade creditors is io folkJw the CBfs PlP1 Payers Code Iwpi¢s are available from the CBI, Centre Point, 103 New Oyford Streèt. L¢ndon WC1A 1DW. Tho mpany$ current poli¢y ¢onceming the p4ymÈntoftr4de credibr5 16 to.. settle the tem16 Ot payment wth suppliers en agr6einy the terms of ea¢h transacbon: ensure that SUPlerS are made aware of Ihe temis of p8yrrnl by inclusion of the relevant tems in corrtraGts: pay in a(xord8nts Wilh the trust and other legal oblYd&tion$. Statementoltru5t•#s' responslbllltles The tnJsl88s are responsible for preparing th• Trustees. Rewjrt And th8 financlal statements in Accordance with applicable saw and UnilÈd Kingdom Ac(¥wnting StandardB (Untted KgdoM GEnèrally Arthkd Accounting Practice). The law applthbTe to charitles in England and Wal88 requ1$ th8 truste•s to prepare slaiomenl$ for •ath finanaal year which give a tru8 8nd f3%r iyew of the slate of 8ffairg ot the charitab10 trust and of the 0 resour$ and applKaJon of TesryJrts of the charitsble tDJSt forthal ye. lfi prepodnj Ihe5e finandai 5tatemBnts. th¢ tNstees gre required tty. -sele¢t suilable acc(wntinp [K)Ile5 and thoTr apply them consistent. -observe the Methods and PrIP1&S ITr the Gharitie5 SORP,. - rnakeludgements and est•nates Ihat ?rè Teasonable aTrJ prudent,. - slats whelhei appllr2bl8 2ccountiny slandards have been tollowed, subprt to any materfkT d8plures dls¢losed and explained in the financial 5tatEments'. and - prepara the finÈn¢i81 statements i)n th8 goinll basis Lwles8 It is inapproprMte Its rxe$ume that the th&rity 11 cen*"nu• in OPBratirm. The trustees are Te5ponsible for keefta Suffiryent aC¢OLting record5 thal disd05e with reasonable a¢curaty at any me Ihe finand41 positicn oflhe Ghoritai4e tru51 and enablB Ihem to ensure that the financial stat8ment5 Lx)mply with Ihe Chaiitie5 Act 2011. thè Challty (Accovnts and Reptsrtsl Regulations 2008 and the provIn$ of the trusl deed. They are &150 responsible for Safeguarding Ihe assels of the tha1¢18e trust and hence for taking reasonabl8 step5 for Ihe preOn and dete¢Uon of fraud and other iTreyutsrities. The twst8es' reportW8S opprovod by the Board DfTn¢sts88. N Halvers¢y) Trustee 12 March 2024
THE VISIONARY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE VISIONARY CHARITABLE TRUST Opinion We have audited the financial statements of The Visionary Charitable Trust (the 'charilable Irust'l for the year ended 5 October 2023 which comprise the statement of financial activities. the balance sheet, the stslement of cash flow5 and notes lo the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial statements.. give a true and fair view of the slate of the charity's affairs as at 5 October 2023 and of bts incoming resources and application of resources, for the year then ended-, have been propedy prepared in accordance with Unrted lfjngdom Generally Accepted Accounting Practice.. and have been prepared in accordance wth the requirements of the Charities Act 2011. Basis for oplnlon We Conducted our audit in accordance with International Standards Dn Aucliling IUKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibiliti&s for the audit ol the financial statements section of our report. We are independent of the charitable trust in aG¢ordance with the ethical requirements that are relevant to our audit of the finanaal statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relallng to going concgrn In auditing the financial slalements. we have concluded that the trustees, use of the going concem basis ol accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitable trust's ability lo continue as going concem for a period of at least e1ve months from when the finanaal statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees With resped to going concem are described in the relevant sections of this report. Othèr informatlon The other infom)alion comprises the infomiation included in the annual report other than the financial stalenients and our auditorfs report Ihereon. The trustees are responsible for the other information contained wthin the annLJal report. Our opinion on the financial ststements does not cover the other infomiation and we do nDI express any form of assurance condusion Ihereon. Our responsibilty is lo read the other information and, in doing 50. consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether this gives rise to a materrdl misslalement in the financial statements themselves. If, based on the work we have performed, w8 conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relatton to whith the Charities (Accounts and Reports) Regulations 2008 require us to report lo you rf, in our opinion". the information given in the finanual stslemonts is inconsistent in any material respect wth the trustees. report., or sufficient accounting records have not been kept., or the financial statements are not in agreement Tmth the accounting records-, or we have not received all the information and explanations we quire for our audit.
THE VISIONARY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE VISIONARY CHARITABLE TRUST Responsibilitles of trustees A5 explained more fully in the statement of trLslees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees detemiine is necessary lo enable the preparation of financial slalemenls that are free from material misslalement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charilab5e trust's ability lo continue as a going ¢oncern, disclosing, as applicable. matters related to going conrn and using the going concern basis of a¢¢ounting unless the trustees either intend to cease operations. or have no realislie alternative bul to do so. Auditorfs responslbllltle$ for the audst of the flnancial ststements We have been appointed as auditor under section 144 of the Charrties Act 2011 and report in accordan with the Act and ielevant regulations made or having effed thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a Who are free from material misstatement, whether due lo fraud or error, and to Issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audf( conducted in accordance with ISAS IUKI wll always delect a material mis5talemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influen the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting iffegularities, irdLsding fraud, is detsiled below. As part of our planning PTocess'. We enquired of management the systems and controls the cornpany has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud. - We obtained an understanding of the legal and gUlatOry frameworks applicable to the company. determined that the fo51owing were most relevant.. FRS 102 and the Charities Act 2011. We considered the incentives and opportunities that exist in the trust, including the extent of management bias. which present a potential for irregularities and fraud to be perpetuated. and tailored our risk ass&8sment accordingly. Using our knovAedge of the Irusl, together with the discussions held wth the trustees at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tsilored our procedures according lo this risk assessment. In response to the risk of irregularf(ies and non-compliance with laws and regulations, induding fraud, we designed procedures which included.. Enquiry of management and those charged wf(h governance aTound actual and Potential litigation and claims as well as actual, suspected and alleged fiaud., Reviewing minutes of meetings of those d)arged with governance., - Asse55ing the extent of compliance with the laws and regulations Considered to have a direct material effect on the financial slalemenls or the operation5 of the entity through enquiry and inspection., Reviewng financial statement disdosures and testing to supporhng documentation to assess complian wth applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions Dulside the nom)al course of business and reviewing accounting eslimales for indicators of potential bias. There are inherent limitations in the audit procedures descrtbed above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would beme aware of non-compliance. Auditing standard5 also limit the audit procedures required to identty non-compliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. The risk of not detecting a material mi5Stalement resulting from fraud is higher than one resulting from error, as fraud may involve Gollusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
THE VISIONARY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE VISIONARY CHARITABLE TRUST A further des¢riplion of our responsibilrfties is available on the Financial Reporting Council's website at.. https.'Il www.frc.org.uklaudilorsresponsibilities. This description forms part of our audilorfs report. other matters Your attention is drawn to the fact that the charity has prepared financial statements in aOrdanCe wf(h "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charrties preparing their accounts in accoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las arnendedl in preference to the Accounting and Reporbng by Charities.. Statement ol Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has now been withdrawn. This has been done in order for the finanual statements to provide a true and fair view in accordance wth current Generally A¢PIed Accounting Practice. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charity's trustees those matters we are required to stale lo them in an aLJdi10rf5 report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility lo anyone other than the tharily and the charity, trustees as a body, for our audit work, for this report. or for the opinions we have formed. Mark Turner FCA Isenior Statutory Audltorl for and on behalf of Champion A¢¢ountsnt5 LLP 12 March 2024 Chartered Accountsnts ststutory Auditor 1 Worsley Court High Street Worsley Manchester M28 3NJ Champion Accountants LLP is eligible for appointment as auditor of the charilabSe trust by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the CompaniesAcl 2006.
THE VISIONARY CHARITABLE TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 OCTOBER 2023 Unrestrlcted funds 2023 Unrestricted funds 2022 Notss Income from: Donations and legaaes Investments 9,394 393,696 4,130,421 172,794 Total income 403,090 4.303,215 Charrtable activities 97.302 76,956 Net income and movement in funds 305,788 4,226.259 Reconciliation of funds: Fund balances al 6 O¢tober 2022 4,246.215 19.956 Fund balances at 5 October 2023 4,552,003 4,246,215 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE VISIONARY CHARITABLE TRUST BALANCE SHEET AS AT 5 OCTOBER 2023 2023 2022 Not•s Curr•nt assets Debiors Investments Cash at bank hand 11 12 428,480 3.223,816 904,507 143.995 3,445,658 882.562 4,556,8D3 4.252.215 CredltoryJ: arnounts lallkng due wlthln pne yeaT 13 4.800 M•t rAJrrent assels 4,552,003 4246.215 Thelund5 ofthe charttable trust UNestri¢18d d$ 4.$52,003 4.246.215 4552,C(13 4.246215 The ffinaal ststements ww8 approwl by the on 12 March 2024 NHal Trustee rson
THE VISIONARY CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 OCTOBER 2023 2023 2022 Notss Cash flows from operating actlvltles Cash labsoibed by}1generaled from operations 16 1373,5931 3,915.470 Investing activities Purchase of investments Proceeds fiom disposal of investments Investment income received 1330.6581 552,500 393,696 13,445,658) 172,794 Net cash generated fromllused in} Investlng activities 615,538 13.272.864) Net cash us&d In financlng a¢tlvltles Net Increase In cash and cash equlvalents 241,945 642.606 Cash and cash equivalents al beginning of year 662,562 19,958 Cash and cash gqulvalents at end of year 904.507 662,562
THE VISIONARY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 OCTOBER 2023 Accountlng policles Charlty inforniatlon The Visionary Charitable Trust is an unincorporated charity. 1.1 Reportlng period The prior year was extended and represented an eighteen month period and 8s such is not directly comparable with the current rigures which represent a period of 1 year. 1.2 Accountlng convention The financial statements have beèn prepared in accordance wth the charitable Irusvs trust deed, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the Charities SORP 'Accounling and Reporting by Charities.. Statement ol Re¢ommended Practi¢e applicable lo charities preparing their a¢coLJnts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102)" leffeclive 1 JanLJary 20191- The charitable trust is a Public Benefit Entity as defined by FRS 102. The financial slalemenls have departed from the Charf(ies (Accounts and Reports) Regulations 2008 onty to the extent required to provide a true and fair view. This departure has involved following the Stslemenl ol Recommended Prath"ce for charities applying FRS 102 rather than the version of the Statement of Recommended Pradice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterfing, which is the functional currency of the charitable trust. Monetary amounts in these financial 51alements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting poli(aes adopted are Set out below. 1.3 Going concern At the lime of approving the financial statements, the trustees have a reasonable expectation that the charitable trust has adequate resour8 to continue in operational existen for the foreseeable future. Thus the trustees continue lo adopt the going ¢oncern ba515 of accounting in preparing the financial slatemenls. 1.4 Charltsble funds Unrestricted funds are available for use al the discretion of the trustees in furtherance of their charitable objectives. 1.5 Income Income is recognised when the charitsble tfust is legally entitSed to it after any perfomiance conditions have been met. the amounts Can be measured reliably, and it is probable that income will be received. Cash donations are recognised on ceIpt. Other donations are recognised once the Charitable trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tsx recoverable in relation lo donations received under GiftAid or deeds of covenant is recognised al the time of the donation. Legacies are recognised on receipt or otherwise rf the charitable tnjst has been notified of an IMndIng distribution, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as contingent asset
THE VISIONARY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023 Accountlng policies (Contlnuadl 1.6 Expenditure Expenditure is recognised once there is a legal or conslrudive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefts will be required in settlement. and the amount ol the obligation can be measured reliably. Expenditure is classified by aclivily. The ¢osts of each activity are made up of the total of dir&t costs and shared costs, including support Costs involved in undertaking each activity. DI¢1 costs attribulakAe lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs ¥Nhich are not attributable to a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent. and depreciation Charges are allocated on the portion of the asset's use. 1.7 Cash and cash equivalents Cash and cash equivaSenls include cash in hand, deposits held al c811 with banks, other short-term liquid investments wth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borro¥Arings in cUrn1 liabilities. 1.8 Flnancial Instruments The charitsble trust has elected lo apply the provisions of Section 11 'Basie Finanaal Inslrumenls, and Section 12 '01her Financial InstruFnenls Issues. of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the charitable trust's balance sheet when the charitable trust becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, wth the net amounts presented in the financial 5talemenls, when IheTe is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset and settle the liability 5imullaneously. Basic financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction price induding transaction costs and are subsequently carried al amortised cost using the effecttve interest method unless the arran9emenl conslitules a financing transaction, where the transaction is measured al the present value of the future receip15 discounted al a market rale of interest. Financial assets cla&srfied as receivable within one year are not amortised. Crltlcal accountlng estlmates and judgements In the application of the charitable trust's aecounting policies, the trustees are required to make judgements, estimates and assumptions about the carryin9 amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual resuts may differ from these estimates. The estimates and undedying 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 cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. 10-
THE VISIONARY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023 In¢ome from donatlons and lega¢les Unrestricted Unrestrlcted funds funds 2023 2022 Donations and gifts 9,394 4,130,421 Income from Investmftnts Unrfystricted Unrestricted funds funds 2023 2022 Interest weivable 393.696 172,794 Expendlture on charitable activities Grants awarded 2023 Grants awarded 2022 Dlrect Costs Grants awarded 22,640 41.914 Share ofsupportand governance costs Isee note 61 Govemance 74,662 35,042 97,302 76,956 Analysts by fund Unrestricted funds 97,302 76.956 Support Costs allocated to actlvltles 2023 2022 Govemance costs 74,662 35,042 Analysed between: Grants awarded 74,662 35,042
THE VISIONARY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023 Support costs allocated to a¢tEvities (Continued) 2023 2022 Governance costs comprlse: Audr( fees Legal and professonal Bank charges Investment management 5,160 3.144 {151 66.373 6.000 243 28,799 74,662 35,042 Wllhin Governance Costs there are unrelated and unconnected Ihird-paty management costs of £66,373 12022.. £28.7991. These investment Costs resulted in monies generated for charitable purposes of £393,696 12022.. £172,794). Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from the aritable trust during the year. Employaes The average monthly number of employees during the year was.. 2023 Number 2022 Number Total There were no employees whose annual remuneration was more than £60.000. Remuneration of key management personnel The remuneration of key management personnel for the year was nil {2022'. nil)- Taxatlon The charity is exempt from taxation on ils activities because all its income is applied for charitable purposes. 10 Flnancial instrum&nts 2023 2022 Carrylng amount of financial assets Instrument5 measured at fair value through profit or loss 3,223,816 3,445.658 12-
THE VISIONARY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023 11 Debtors 2023 2022 Amounts falling due within one year: other debtors 428,480 143.995 12 Current asset investm&nts 2023 2022 Unlisted investments 3,223,816 3.445.658 13 Credltors.. amounts falling dug wlthin one year 2023 2022 Accwals 4,800 6,000 14 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantDrs as to how they may be used. These include designated funds which have been sel aside out Df unrestricted funds by the trustees for specific purposes. At 6 oober 2022 Incorning resources Resources At 5 October expended 2023 General funds 4,246,215 403,090 197.3021 4,552.003 Prevlous period: At 6 October 2021 Incoming resources Resources At 5 October expended 2022 General funds 19,956 4.303,215 (76,9561 4,246,215 15 Related party transactions During the year, Pilalia Ltd. a company controlled by a member of the board of trustees. gifted £9,14412022.' £nill to the trust. During the year A Pilalia. a member of the board of Iruslees. gifted £nil to the trust (2022: £4,130,421). 13-
THE VISIONARY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023 16 Cash g&n8rated from operatlons 2023 2022 Surplus for the year 305.788 4,226.259 Adjustments for. Investment income regnised in slalemenl of financial activities 1393,696} 1172,7941 Movements in working capital. {Increasel in debtors (Decreasellincrease in creditors 1284,4851 11,2001 1143,9951 6,000 Cash labsorbed byllgenerated from opgrations {373,5931 3,915,470 17 Analysls of ¢hanges in net funds The charitable trust had no material debt during the year. 14-