Charlty registration number 1193336 Company registration numbfrr CE024765 {England and Wales) THE LHR CHARITABLE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
THE LHR CHARITABLE FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Trustees HRRoss LARoss E M Gaudern Charity number 1193336 Company numbor CE024765 Reglstered offico Browne Jacobson LLP Mowbray House Castle Meadow Road Notbngham NG2 1BJ Auditor Afford Bond Holdir)gs Limited 31 Wellington Road Nantwich Cheshlre CW5 7ED
THE LHR CHARITABLE FOUNDATION CONTENTS Pag¢ Trustees. report Irsdependenl auditor's report Statement of financial activilios Balan sh88t Slalemenl of cash flows Notes to the financial statements 9-15
THE LHR CHARITABLE FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUARY2022 The Iruslees present their annLEal report and financial slalemenls for the year efided 31 January 2022. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with thè charity's governing document, th8 Companies Act 2006 and "Accountirkg and Reporting by Charities.. Statement of Recommended Practice applicable lo charitias preparing their ac¢ounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. Objectives and activitiès The objects of the charity are such purposes as shall be exclusively charllable as the charity trustees in their absolute discretion from time to lime think flt. The Irusle8s have paid due regard lo guidarn issued by th8 Char¢ty Commission in decldlng what actsvilies the charity should undertake. Achlev6ments and perfomiance Flnancial revlew It is the policy of the challty that unrestricted funds which have not beèn designated for a spwfic use should be maintained al a level equivalent lo between three and six month's expenditure. The trustees consider that reserves at this level will ensuTe that, in the ovent of a significant drop in fundlng, they will b& able lo continue the charity's current activities while considerallon is given to ways In which additional funds may be raised. This level of reserves has been malntained throughout the year. Structure. govarnance and management The charity is a company limited by guarantee, construcled und&r a trust deed dated 25 January 2021 and Is a regislerod Charity. number 1193336. The truste88, who are also the directors for the purpose of company law, and who served during the y&ar and up to the date of signatur8 of the financial statements were.. HRRo88 LARoss E M Gaudem Apart from th& first charity trustees. every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In seleoling individuals for appoinlmonl as charity trustees, the charity tmstees must have regard to the skills, knowledge atbd experience needed for the effective 8dminislralion of the charity. There musl be at least three charity trustees. If Ihe number falls below thls minifflum, the reTnaining Irusleè or Irusleos may act only lo c811 a meeting of the chaTily trustees or appoint a new charity trustee. There is no m8ximum number of charity trustees that may be appointed.
THE LHR CHARITABLE FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2022 Statement of trustoes. responslbllltles The trustees, who are also the directors of The LHR Charitable Foundation for the purpose of company law, are responsible for preparing the Trustees, Report and the fir¢ancial slalemenls in accordance with applicable law and United Kingdom Accounting Standards IUnil&d Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees lo prepare financ¢al 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, Including the income and expenditure. of th6 charitable company for that year. In preparing these financial statements. the trustaes are requirgd ID.. select suitable accounting policies and then apply them consistently., observe the methods and princlples in the Charitie8 SORP.. make judgements and estlmates that are reasonable and prudent- slate whether applicable UK Accounting Standards have bèen followed, Subject to any material departures disclosed and explained in the fi'nancial Statements.. and prepare thè fi'nancial slalemenls on the going conc8rn basis unless it Is Inappropriate lo presume that th& charity will continue in operation. The trustees are responsible for keeping adequat6 accounting records that disclose with reasonable auuracy al any time tho financial position of the chartty and enable them to @nsure that the financial statements comply with the Companies Act 2006. They aTe also responsible for safeguarding the ass&ls of the charity and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregLElarities. Auditor In accordance wllh the company's arlicles. a resolution proposing that Afford Bond Holding8 Limited be reappointed as auditor of the conipany will be put al a General Meeting. The Iru ' r&port was approved by the Board of Trustees. HRRoss Trustee D218'.
THE LHR CHARITABLE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LHR CHARITABLE FOUNDATION Oplnlon We have audited the financial slalements of The LHR Charitable Foundation Ilhe 'charity'l for the year ended 31 J8nuary 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial slatemenls, including significant accounting polie8. The financial rep¢Jting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The Financi81 Reporting Standarf applicabl& in Ihe UK and Republic of Ir8land (United Kingdom Gen&rally Accepted Accounting Practice). In our opinion, th6 financial slalemenls: give a true and fair view of the state of the charitable company's affalrs 88 at 31 January 2022 and of its incoming resources and application of rasour¢es, for thè year then ended., have been properly prepared in accordance with United KÈngdom Gen8rally Acceptèd Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with Intemational Standards on Auditlng (UK) IISAS {UKI) and applicable law. Our responsibilities undor those standards ara further descr¢bed In the Auditorfs r6sponsibilitl88 for the audit of the finanual slatemonts section of our report. We are independent of the charity in accordance with tho ethical requlremenls that are relevant lo our audit of the financial staternenls in the UK, inoluding the FRC'S Ethical Standard, and we have fulfilled our olh@r 8lhical reswnsibililies in accordance with these requir8menls. We believe that the audll eviden we have obtained is sufficiènt and appropriate to provide a basis for our opinion. Concluslons r91atlng to golng eoncern In audiling the financial slalements, we have Concluded that the truste88' use of thé going nCeM basis of accourbting in the preparation of the financial statemenls is appropriate. Based on the work we have performed. we have not idonlified any matertal uncertainties relating to events or conditions that, individually or collecttvely, may cast slgnificanl doubt on the charity's ability to continue as a going c4)ncern for a period of al least twelve months from when the financial statemenls are authorised for issue. Our responsibilities and th8 responsibilities of the trustees with respect lo going concem are described in the relevant sections of thls report. other Information The other infoffnation comprisos the information included in the annual r8POrt other than lh& financial Statements and our auditorts report thereon. The trusleos are responsible for th8 oth&r information contained within the annual report. Our opinion on the linallcial statements does not cover the other information and we th not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, cA)nsider whether Ihg olh8r information is mal8rially inconsistent with the financial stalemeTrls or our knowledg8 obtained in the course ol the audit, or otherwFse appears lo b8 materially misstated. If we identify such Mateal inconsistencies or apparent material misstatements. we are required lo d81@rmine whether this giv&s risg lo a material mlsslalement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a malerial misstatement of this other information, we are requir6d to report that facL We have nothing lo report in this regard.
THE LHR CHARITABLE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LHR CHARITABLE FOUNDATION Matters on whlch we aro required to report by exception We have nothing lo report in rèspect of the following matters in relation to which the Charities (Accounts and Reports) Regulallons 2008 Tequire us to report to YDU if, in our opinion.. the Information given in the financial stal8ments is inconsislenl in any materlal respect with the Iruslees, report,. or sufficient accounting records have not been kept,. or the financial slalemenls are not in agreemer¢l with the accounting records.. or w& have not receivèd all the information and explanations we require for our audit. Responsibilltles of trust8eS As explained more fully in the statement of Iruslees. responsibilities, the Iruslees, who are also the dlreclors of th@ charity for the purpose of company law, are responsible for th6 preparatlon of the financFal slalemenls and for being satisfied that they give a true and fair view, and for such inlemal control as the IrL¢slees determine is necessary lo enable the preparation of financial slalemonts that are flee from material misstalemenl, whether due to fraud or arror. In preparing the financial statgmenls. the trustees are responsible for assessing the charity's abillty to continue as a going concèrn, disclosing, as applicable, mallers related to going concern and using the going conrn basis of accounting unless the trustees either intend lo liquidal8 the charitable company or to cease operations, or have no realistic allernalive bul to do so. Auditorf$ re¥ponslbllltles for the audit of the flnanclal statsm6nts We have been appointed as auditor under section 144 of the ChaTities Act 2011 and report in accordance with the Act and relevant regulations made or having effect theraunder. Our objectives are to obtsin reasonable assurance about whelher the financial statements as a whole are free from malsrial misstalemenl, whether due to fraud or error. and to issue an audilovs report that includes our oplnion. Reasonable assurance is a high lèvèl of assurance bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misslalemenl when it éxists. Miss18tements can arise from fraud or error and are considered material if. individually or the aggregate. they could reasonably ba expected to influoiice the econotnic decisions of users taken on the basis of these financial slal8ments. Extent to whlch the audit was consldered capable of detecting irregularities, includlng fraud Irregularities, including fraud, are instances ol non-compliance with laws and regulations. We design procedures in line with our respon8ibililies, outlinèd above. lo detect material misstalemenls in respect of Srregu1arlts'es, Including fraud. Our prOdureS are developo¢J based on rlsks Identifled from our knowledge of the entity, ils environment, the significant laws and regulations governing ils aclivilies and of the related parties and service organisalions connected with it. We also consider how the systems and controls the entity has pul in place over its aclivlties might mwtlgate risks identified. Audit response to rlsks Identlflod Irb response to the risk of irregularities ar non-compliance with laws and regulations, including fraud. we undertook procedures which included. bul were not limited to: Enquiry of management. those charged wÈth governance around actual and potential litigation and clalms. Reviewing minutes of meetings of Ihose charged with governance. Reviewing financial slalemant disclosures and testing lo Supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, includir¢g through te8ting jo(Jmal entrles and other adjustments for approprial&ness. A further description of our responsibilities is available on the Financial Reporting Council's website at: hllps.'Il www.frc.org.uklauditorsresponsibililies. This description forms part of our audilo¢s report.
THE LHR CHARITABLE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LHR CHARITABLE FOUNDATION Usè ol our report This report is made solely lo Ihe char51y's trustees, as 8 body, In accordance wlth part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undetlaken so that we might slate lo the chariltys trustees those matters we are required to stsle lo them in an auditors, réport and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body. for our audit work, for this report, or for the opinions we have formed. Paul E ards FCCA CTA Isenlor Statutory Auditor) for and on behalf of Afford Bond Holdings Limited Chartered Accountants statutory Auditor 31 Wellington Road Nanlwich Cheshire CW5 7ED Afford Bond Holdings Limited is eligible for appointment a8 auditor of the charity by virtue of IL8 eligibility for appointment as auditor of a company und8r section 1212 of the Companies Act 2006.
THE LHR CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY2022 Unrestrlcted funds 2022 Notss Donations and legacies Income from Investments 1,856,209 5,206 Total Income 1,861,415 Charitable activities 19.209 Net gainsl{loss8sl on inv68tmanls 10 {49,048} Nfrt movement In funds 1.793,160 Fund balances at 25 January 2021 Fund balances at 31 January 2022 1,793,160 The statement of financial aclFvilies includes all gains and losses recognised in the year. All Income and expenditure derive from contsnuing actlvitles. The slalement of financial activities also complies with the requlremonts for an income and expenditure account under the Companies Act 2006.
THE LHR CHARITABLE FOUNDATION BALANCE SHEET ASAT31 JANUARY2022 2022 Notes Flxed assets Investment properti68 Investments 11 12 140.118 1,550,301 1,690,419 Current assets Debtors Cash at bank and in hand 14 345 105,396 105,741 13,0(K)) Credltors: amounts falling due within one year 15 Net current assets 102.741 Total assets188s current liabilities 1,793,160 Incomè funds Unrestrided funds 1.793.160 1,793,160 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2Q22. although an audit has been carried out under section 144 of the Charitles Act 2011. The dlrectors acknowledge their responsibilllies for complying wllh the requirements of the Companies Act 2006 wÉlh respect lo accounting records and the preparation of financial slatemenls. These financial statements have been prepared in accord8nGe with the provisions applicable ID compani8S subject lo the small compani8s regime. Thefi I slalements were approved by the TTuslees on .................. . HRRoss Trust&& Company registratlon number CE024765
THE LHR CHARITABLE FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY2022 2022 Notes Cash flows from operating activities Cash generated fromllabsorbed by) operations 17 1,843,936 Investing activitias Purchase of investment property Purchase of other investments Proceods on disposal of other iF)vestmenls Investment income received 1140,1181 11,600,000) (3,6281 5,206 Net cash usgd In Invasllng actlvltles 11.738,540) Net C8$h used In flnancing activities Net increase In cash and cash gqutvalents 105,396 Cash and cash equivalents at beginnlng of year Cash and cash equlvalents at end of yèar 105,396
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2022 Accountlng pollcles Charlty Information The LHR Charitable Foundation 18 a private company limited by guarantee incorporated in England and Wales. The registered office is Browne Jacobson LLP, Mowbray House, Castle Meadow Road. Nottlngham. NG2 1BJ. 1.1 Accountlng conventlon The financial slalements have been prepaTed in accordance with the charity's govèrning document. the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK arkd Republic ol Ireland" {"FRS 102.1 and the Charities SORP "Accounting and Reportir¢g by Charities.. Statement of Recommended Practi applicable lo charities preparing their accounts in accordan with the FinancAal Reporting Standard appluble in the UK and Republic of Ireland IFRS 1021" (etfeclivo 1 January 20191. The charity is a Public Benefi't Enlily as d@ftn@d by FRS 102. The financlal slalemenls are prepared in steding. which is the functional currency of the charity. Monetary amounts in thes6 financial statements are rounded lo the nearest £. Th& financial statements have been prepared under the historical cost convention, modified lo inelude the revalu81ion of freehold properties and to include investment properties and c&rtain financlal Insttuments al falr value. The principal accounting policios adopted are set out below. 1.2 Golng concern Al the time of approving the financial slalemenls. the trustees have a reasonable expectation that the charity has adequate reSoUrS to conliriue in operational existen for the foroseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial slalemenls. 1.3 Charitable funds Unrestrictèd funds are available for use at the discretion of the Iruslees in hjrtherance of their charitable objectivès. Restricted funds are subject to sp8¢ific conditions by donors as to how they may bs used. The purposes and use8 of the restricted funds are set out in the r¢oles io the financial statoments. Endowment funds are subjeol lo spacific conditions by donors that the capital must be maintained by the charity. 1A Incomè Incorne Is recognised when the charity is legally 8ntitled to il after any perforrnance conditions have been M81, the amounts can be measureé reliably. and il is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation. unless p6rfom)ance conditions require deferral of th& amount. Incom8 lax recoverable in relation lo donations received under Gift A¢d or deeds of covenant is recognised at the tiwne of the dorhation. Legacies are recognisèd on Teceipl or otherwise if the charity has boen nollfled of an impending disthbulion, the amount is known. and receipt is expectèd. If the amount is not known, the legacy is treated as a conling&nl asset.
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 31 JANUARY2022 Accounting policies Icontlnued) 1.5 Expgnditure Expenditure is recogni5èd once there 18 a legal or conslruclive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in Seltlemenl, and the amount of the obligation can be measured reliably. Expenditure 18 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including SUPPDrt costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated dlreclly to that activily. Shared costs which Contribute lo more than one activity and support costs which are not allribulable to a single activity are apportioned between those aclivilles on a basis coiisislenl 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 ass61's use. 1.6 Investment propertles Investment property, which is property hold to earn rentals andlor for capital appreciation, is irbilially recognised al cost, which includes the purchase wsl and any directly attributable expenditure. Subsequently it is m8asur8d at fair value at the reporting end date. The surplus or deficit on Tevaluatiorb is recognistsd in profil or loss. 1.7 Flxed asset Investmènts Fixed asset investments are inltially measured at transaction price excluding transadion costs, and are subsequently measurad at fair value at @ach reporting dale. Changes in fair value are recognised in net incomel{expendltLtrel for the year. Transaction costs are expensed as incurred. 1.8 Cash and cash equlvalents Cash and cash equivalenls include cash In hand, deposits held at call with banks, other short-term liquid investments wilh orinal maturitiès of thr88 months or less, and bank overdrafts. Bank overdrafts are shown within bomwing8 current liabilities. 1.9 Flnanclal instruments The charity has elected lo apply thè provisions of Section 11 '8asic Financial Instruments, and Section 12 'Olhef Financial Instruments Issues. ol FRS 102 to all of its financial instruments. Financial instruments aro recognised in the charity's balance sheet when the charity becomes party to the conlTaclual provisions of the instrument. Financial assets and liabilities are offset, th the net amounts presented in Ihe financial statements, when there is a legally enforceable right to s&t off th8 reniSed amounts and there is an intention lo s8111e on a nel basis or lo reallse the asset and Settle the liability simultaneously. Baslc flnanclal assets Basic financial assets, which include debtors and ca8h and bank balans, are initially measured al Iransaclion price induding Iransaclion costs an(S are subsequently carried at amDrtised cost using the effective interest method unless the arrangement conslilutes a financing transaction. wher& the transactlon is measured al the present value of the lulure receipts discounted al a market rale of interest. Financial assets classified as receivable within one y6ar are not amortised. 10-
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2022 Accountlng policies Icontlnugd) Baslc flnanclal Ilabilities Basic financial liabilities. including cr&dilors and bank loans ale initially recognised al Iransaolion price unless the arrangemont constilules a financing IransactiorÈ, where the debt instrument is measurèd at the present value of the future payments discounted at a market rale of interest. Financial liabilities classified as payabl& within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the éffgctive intaresl rate method. Trade creditors are obligations to pay for gcx)ds or seNices that have been acquired in the ordinary course of operations from supplieFS. Amounts payable are dassilied as cuent liabilities if payMt is due within one year or18ss. If not, they are presented as non-currenl liabilities. Trade crtsdilors are recognised initially at transaction price and subSeqtJenY m8asured al amortised cost uslng the effective inlerest method. Derecognltlon of flnancial liabilitie$ Financial liabilities are derecognis6d when the charity's contractual obligations expire or are discharged or cancelled. Crltical accounting esllmates and ludgem$nts In the application of the charity's accountlng policies, the trustees are required lo make ludgemts. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from othar SoUrs. The estimates and associated assumptions are based on hislorieal experience and. other factors that are considered to be relevant. Actual results may differ from these eslimates. The estimates and undertying assumplions are reviewed on an ongolng basis. Revisiong to ac(x)unting estimates are racognised in the period in which the estimate is revised where the revision affocls only that period. or In the period of the revision and fulure périods where the revision affects both current and fulure periods. Donatlons and legacles Unrestrlcted funds 2022 Donations and gifts 1,856,209
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2022 Income fmrn Investments Unrestrlct6d funds 2022 Rental Income Income from listed investments 662 4,544 5,206 Charltable activities Charltsble Expenditure 2022 Admin expenses 1.592 Granl funding of activllles (see note 61 Share of governance costs (see note 7) 7.500 10,117 19,209 Grants payablo Charitsble ExpenditUTe 2022 Grants to instilulions.. Blood Cancer UK Chethams School of Music Prince's Trust 1,500 5.000 1.000 7,500 12-
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2022 Governance costs allocatad to charitable activltles: 2022 Governance costs Audil fees Accountancy Legal and professional Investment management fees 3,000 1,620 300 5,197 10,117 Trustees None of the trustees {or any persons wnnected with them) recelved any remuneration or benefi'ts from the harity during the year. Employaas The average monthly number of employees during the year w8S'. 2022 Number Total There were no employees whoso annual r8muneralion was more than £60,000. 10 Not galnslllossesl on Investmentg Unrestricted funds 2022 Revaluation of investments Gainl{loss} on sale of investments 145,418) 13,628) 149.046) 13-
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2022 11 Investment property 2022 Fair value At 25 January 2021 Additions through exlemal acquisition 140,118 At31 January 2022 140,118 Invèstment property Comprises two residential propBrties. The trustees believe that the valualfon as al the balance sheet dal8 is not materially different lo the purchase costs in¢urred in August 2021. 12 Flxed asset Investments Llstod investments Cost or valuatlon At 25 January 2021 Additions Valuation changes 1.600,000 149,6991 At 31 January 2022 1,550.301 Carrying amount Al 31 January 2022 1.550,301 13 FSnanGlal Instruments 2022 Carrylng amount of flnanclal assets Instruments measurad at fair value through profil or loss 1,550,301 14 Debtors 2022 Amounts falllng due withln one year: Prepayments and accrued income 345 15 Credltors: amounts falling due wlthin one year 2022 Accruals and deferred income 3,000 14-
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JANUARY2022 16 Related party transactlons Transactions wlth relatsd parties During the year the charity received £1,oa2,326 in donations from HR Ross and £458.791 in donations from LA Ross. 17 Cash gonerated from op&rations 2022 Surplus for tfve year 1,793.160 Adlu8lm8nts for.. Investment incorne recognised in slalemenl of financial activitie8 Loss on disposal of investments Fair value g8ins and losses on inv8Stm8nls 15,206} 3,628 45,418 Movements in worklng capital.. {Increas&) in debtors Increase in creditors (345) 7,281 Cash ggnerat8d fromllab$orbed by) operations 1,843,936 18 Analysls of changes In net fund81{debtl The charity had no debt during the year. 15-