CHARITY REGisfRATION NUMBER: 1197866 COMPANY NUMBER: CE028734 St Mlchael's Centre Partnership Byker Trustees, Annual Report & Financial Statements 31 March 2024 Chartered Accountants West 2. Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD St Michael's Centre Partnership Byker Financial Statements Year ended 31 March 2024 P•9• Trustees. annual report Independent examinerfs report to the Trustees Statement of financlal activitles (incorpordtlng the income and expendlt¢Jre account) Balance Sheet ststement of Cash Flows Notes to the financial statements St Micha•l's Centre Partnership Byker Trustees, Annual Report Year ended 31 March 2024 The trustees present their flrst report for St Michael's Centre Partnership Byker fthe charity.) and the unaudlted flnancial ststemènts of the charity for the year ended 31 Marctt 2024. R•f•r•nc• and admlnl•tr•ty¥• ql•tail* R•gl•t•r•d charlty name St Michael's Centre Partnershlp Byker Charlty reglrtration numb•r 1197866 Company Trumb•r CE028734 Other name• The Lighthouse ProJeLt (Working name) Prin¢ip•l office St. Martins Centre Roman Avenue Newcastle upon Tyne NE6 2RJ Th• tru•ts Rev Philip James Anthony Medley Simon Campbell Nigel Jamie Martin Simon Christopher Ross Mark Russell stscey Davidson Ma¥k Squires Isabella May M¢Donald-Booth David Topacho Rev John Ernest Sadler Rev Helen Barbara Gill Appointed 10 February 2022 Appointed l November 2023 Appointed l November 2023 Appointed l November 2023 Appointed l October 2023 Appointed l June 2023 Appointed 10 February 2022 Appointed 10 February 2022 Appointed 10 Febnjary 2022 Appointed ko February 2022 Appointed 10 February 2022 Ind•p•nd•nt ￿•MIner John Oswald BA FCA Stephenson Coates Audfc Limited West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD Natwest 4 Bridge Street Morpeth Northumbedand NE61 ING St Michael's Centre Partnorship Byker Trustees, Annual Report (contlnued) Year ended 31 March 2024 Structurei gov•ffian￿ •nd manag•ment St Michael's Centre Partnershlp byker Is a Charltable Incorporated Organisation (CIO) established on 10 February 2022, governed by its constitution, The Charity Registration numter Is 1197866. The Charity currently has e￿VeTh trustees. Recrultment of tnjstees Is undertaken by the trustees as the need arises in order to ensu￿ that charty trustees collettively have the necessary skslls, knovAedge and experience for the effertive adrninistrdtion of the CIO. New trustees a￿ briefed on the power5 a￿d responsibilities of the trustees and are provided wlth a copy of the charity's Current constitutk>n. They are also briefed on the objectives of the charity and the recent financial performance of the charity. The charity Is managed by the trustees. who meet at least quarterfyt or more frequently if the need arises. The number of trustees may not be less than seven and is subject to a maxlmum of 12. The quorum for the trtnsattion of business is one thlrd of the tyustees or 2 trustees, whichever is greater. The trtjstees have carried out a risk assessment to identify the major gaverftance, financial, operatlonal and compliance risks which the charity face5 and this is reviewed each year. Pmcedures have been estsb1*5hed to enable the trustees tr) monitor and mitigate those risks. Objethiv•* and •ctiviti•• iTrduding Athi¢vem¢nts and performanc• The obiettives of the CIO are.. a) to further or benefft the residefits of Newcastle u[￿n Tyne, in particular the east en¢J of the city, without di5tinLtton of sex, sexual orientstlon, ra￿ or of political, religious or other opinFons by associatlng together the sald residents and the local authorities. voluntary and other organisations in a common effort to a¢Jvance education and to provide factlities In the Interests of social welfare for recreation aTrd leisu￿ tSme ¢n occupation with the objertlve of improving the conditions of life for the residents in accordance with the teachlng of the Christian Churth,. in fvrthefance of these objects but not otherwlse. the trustees shall have the power b) to establish or secure the establlshment of a youth and community centre and to rnalntsln and to manage such as a centre for activities promoted by the charfty In furtheran￿ of the above objttts. The LSghthouse project has a vision to build a new Youth and Community Hub on the site of St Michael's Church in Byker. It will provide safe and welcomlng spaces where young people ansj the comfflunity can flourish and live life to its fullest. We will also support the valuable work of our partner organisations, worklng with young people across Byker with purpose-built, flexSble spaces for them to deliver their programmes alongside our aim of a wide variety of free to access a¢tlvlties and events for young people. The design of the building and site, in keeping with our vision, will offer both spaces that are adaptable to the general needs of the community and youth work provlders but also spaces that arÈ shaped by young people themselves, offering a home from home where they know they wlll be 5UPPOrted and valued. The Lighthouse Projert is now on $￿e and underway. We are hugely grtteful to our main funders who have made this ws5ible'. The Government's Youth Investment fund managed by the Social Investment Boartl, the Lord c￿￿e Trust and the Squires Foundation. Much of 2023 was taken up with flnalising the deslgns and plans for the slts, working aloftgside our ArthiteLts Bradley Mcclure and their team of speclalists. In keeping with the vision for the project. the Charity negotiated and ag￿ed a long terni lease for the building and srte w(th St Michael's Parochial Church Councll and Newcastle Diocese wh*ch formally commenced in January 2024. In September 2023 we were able to officially announce the news with a Pre55 release that we will be re￿Ivin9 over 4 million in Capital revenue costs from the Government's Youth Investment Board. St Michael's Centre Partnership Byker Trustees, Annual Report (continued) Y¢ar ended 31 March 2024 Obj•ctiv•* •nd ictivltl¢• Indudlng A¢hl•vem¢nts •nd perform•ne• (contlnu•d) Following a rigon)us tendering process we appohnted our tontractor, Eden London UK Ltd, to lead the construrtion works and they began demolitions, site clearance and groundwotts in lanuary 2024. Thè redevelopment and repurposing of the Church building as well as the new annexe building is taking shape and we are on schedule to complete the works by mid 2025. Alongside the construrtion works the Charity continues to work wlth the communlty of eyker and our partner organTrsations in developing our future attivit￿$ and offertng to the community- The Trustees, offering a wlde va￿etY of experlence and expertise continue to support tlie Chief Executlve and the work of the Char6ty wlth regU￿r Board meetings and site visits. Our Finance Committee regularly monrtors and manages our financial position and budget and in 2024 we apwTrinted P&P flnance to sUp￿rt our accounting. A fundraising and prow)sition Committee has been fomied to seek further sustainable fvnoing. We greatty look forward to developlng our work fvrther. Going Con¢•rn The trustees has revlewed Sts cash llow forecasts and there is a reasonable expectation that It has adequate resources to continue in operational existen￿ for at least the next twelve months and on this basTrs the chadty Ss consSdered to be a going concern. Flnandal revl¢w and regarv•s polley During the period to 31 March 2024, total income recelved by the charlty was £834,555, of whlch £684,555 was restricted Income and £150,000 was unrestricted income. Total expenditure for the period ended 31 Mareh 2023 was £112,410 resultlng a net Income w)sltlon at the year end of £722,145. Unrestrirted reserves at 31 March 2024 was £147,516 and restricted reserves was £616,648, giving an overall funds position for the charity at 31 Marth 2024 of £764,164. As the Charity is in the set up and development phase, it cunEntly does not have a reserves policy in pla for the year ended 31 ma￿ h 2024. The 0[￿ratIonal rnodel is being developed for tlie running of the charity post the capital build and will be used to snfom the resetves policy, which will te in place ft)r the accounts year ended 31 March 2025. st Michael's Centre Partnership Byker Trustees, Annual Report (continued) Year ended 31 March 2024 St•t•m•nt of Trust¢e¥' R￿POnsIbIlItI•* The Trustees are responsible for preparing the Trustees. Report ènd the financial statements In accordance with applicable law and Llnited Kingdom Aco)untlng Standards (United Kingdom Gen¢rdlly Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year whlch glve a tme and fair view of the State of affairs of the charfty and of the incoming resourtes and application of resources of the charity for that perfod. In prepa￿ng these flnandal ststements, the trustees are required to.. Select suitable accounting policies and then apply cons6stentty,' Observe the methods and principles In the CharftSes SORP; Make judgements and estimates that are reasonable and pntdent,. State whether applicable accounting standards have been followed. subjett to any material departures disclosed and explained in the financ¥al statements; and Prepare the financlal statements on the going concern basis unless It is inappropriate to presume that the cha￿ty will continue in business. The trustees are responsible for keeping adequate accounting records that disclose w￿h reasonable accuracy at any time the financitl position of the charity and enable them to ensure that the financlal statements comply with the Chartties Att 2011. the Charity {Accounts and Reports) Regulatlons 2008 and the provisions of the charities governing document. They are also ￿sponsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularit*s. The trustees, annual report was appn)ved on 28 January 2025 and signed on behalf of the Lxiard of trustees bv: Rev Phllip Medley Trustee. Chalr st Michael's Centre Partnership Byker Independent Examiner's Report to the Trustees of St Michael's Centre Partnership Byker Year ended 31 March 2024 L re¥x)rt to the trustees on my examination of the flnancial statements of St Mkhael's Centre Partnership Byker {'the charity.) for the year ended 31 March 2024, which are set out on page5 6 to 15. Rew>oniibilitie• and b•*i• of report A5 the trustees of the charity you are responsible for the preparétion of the financial statements in accordance wlth the requlrements of the Charftles Act 2011 Cthe Act.). I report in respert of my examination of the charity's financlal staternents carried out under sertlon L45 of the 2011 Att and in tarrying out my examination I have ft)Ilowed all the applicable directions given by the Charfty Commisslon under sertion 145(5)Ib) of the 2011 Act. Inde￿ndant ex*min•r'$ $t•t•mènt I have completed my èxamination. I confirffl thèt nts matertal matter5 have corne to my attentlon In connectlon with the examlnation givlng me cavse to believe that in any material respett.. accounting records were not kept in respert of the charlty as requlred by sectSon 130 of the Act. or the flnanclal statements do not accord w￿h those records: or the financlal statements do not comply with the applicable requirements concernlng the fom and tontent of accounts set out ift the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts glve a'true and fal￿ Ylew whlch Is not a matter considered as part of an independent examination. I have no cOn￿rn$ and have come acrDs5 no other matters in connection with the examination to which attention Should be drdwn in this report In order to enable a proper understandlng of the accounts to be reached. John Oswatd 8A FCA Member of the ICAEW Stephenson Coates Audlt Limfjted West 2, Asama Court Newcastle Buslness Pa Newcastle u￿n Tyne NE4 7YD 28 January 2025 St Michael's C•ntr• Partnership Byker Statement of Financial Activities (incorporating the income and expenditure account) Year ended 31 March 2024 2024 Restricted funds 2023 Total funds Unr¢•trlrtod fund* Total funds Not¢ In￿m• and •ndowm•nts Donatlofis, gifts and grafTrts 150 000 834 555 226 022 Tot•1 ineom• 150,000 684,555 834,555 226.022 Expenditure Expenditure on charitable activitles 112 410 184 003 Total •Xp•nd1￿r• 44,503 67,907 112,410 184,003 Net incomifig r•*ourc•* afftd net movement In fund• 105.497 616.648 722,145 42.019 Recondli4tlon of funds Total funds brought forward - as reststed Total fund• c•rri•d forw•rd 13 147,516 616,648 764,164 42,019 The statement of financial activities includes all gains and losses recognised in thè year. All income and expenditure derive from continulng artSvltles. The n¢)t¢• on p•ge• •- 15 form p•rt of the•¢ Iln•nd•l •t•t¢ment St Michael's Centre Partnership Byker Balance Sheet 31 March 2024 2024 2023 Note Flxed as80ts Leasehold property io 603.634 Current Cash at bank and In hand 545.592 44.704 Credltors: amounts falling due within one year li 385 062 N•t cuvrent M8et• 160 530 Total 4saets l•M current Il•biliti Net as8et* 764,164 42,019 Fund• of th• ¢h•rity Unre5tritted funds Restrictet1 funds 147,515 616 649 42,019 13, 14 Total ¢h4rity fund• 764,164 42.019 These flnarsclal statements were approved by the boartl of trustees and aUthO￿5ed for issue on 28 January 2025, and are slgned on I￿half of the b)ard by: Rev Philip Medley Trustee. Chair Th• notts on p•g•• 9- 15 form p•rt of •t•tsm¢ot St Michael's Centre Partnership Byker statement of Gish Flows 31 March 2024 2024 2023 Cash flow• from operating activities: N•t eash provld¢d by 0￿ratIng •¢tlvStl•• 15 1.104.521 44.704 Cash flow from Invutlng acti¥ltie•: Payment5 to acquire tan9ible fixed assets Net ￿•h Ilow from iTrv•st4ng •ctlvlti 603 634 Net in(T¢4¥e in c••h •nd ea#h •quival¢nts 500,888 44.704 Cash •nd c•#h •4uival•nts at l April 2023 44,704 C•*h and cash •quivalents at 31 M•reh 2024 16 545 592 The not•* on p•y• 9 - 15 form p•rt ol them flMndBI •tAtèm•nts. St Michael'$ Centre Partnership Byker Notes to the Financial Statements Year ended 31 March 2024 Gonaral information The charity is a registered charity in England and Wales and is a charitable iThcorpK)rated organisatlon (charity number 1197866. rnmpany number CE028734}. The address of the prfnclpal Offi￿ is St. Martins Centre, Roman Avenue, Newcastle upon Tyne, NE6 2RJ. St•t¢m•nt of compllanc• These flnanclal statements have been p￿pared In compliance with FRS 102, The Financial Reporting Stsndard applicable in the UK and the Republic of Ireland,. the Statefflent of Recommended Practice applicable to charities preparing their accounts in acconlance with the Financial Rew*rting Standard applScable In the UK and Rep*Jbllc of Ireland {FRS 102) {Charitles SOIiP (FRS 102)) and the Charlties Act 2011. Accounting policie• Ba#1• of PMp•r•tion The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterllng, whlch Is the functSonal cunEncy of the entity. St Mlchael's Centre Partnershlp Byker meets the definition of a public benefft entity under FRS 102. Going ¢on¢ern At the tlme of appmving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to contlnue In operatlonal exlstence fr)r the foreseeable future. The trustees are confident that the charity has sufficient working capital to meet its liabi14ties as they fall due for a of at least 12 months from the date of approval of the financial statements. TtterefO￿, the trustees continue to adopt the golng concem basis of accounting in preparing the financial statements. Judgarnents and key ffourc￿ of ••tlmallon un¢¢rtalnty The preparation of the financial statements requires management to make Judgements, estimates and assumptSons that affect the amounts reported. These estimates and judgements are continually iewed and are based oll experience and other factors, Including expectations of future events that are belleved to be reasonable under the circumstances. There are no key sources of estlmation uncertainty to repxjrt that have a stgnificant risk of causSng a material adjustment to the financial statements. Fund ac¢ountsng Unrestricted funds are available for use at the di5cretlon of the trustees to further any of the charity's purposes. Designated funds are unrestritted fijnds earffl•rked by the trustees for parttcular future pn)Jects or commitments. Restrtcted funds afe subJecte¢J to restrictions on tt5èir expenditure declared by the donor or through the terms of an appeal, and fall Into one of two sub-classes: restricted income funds or Èndowment funsjs. St Michael'$ Centre Partnership Byker Notes to the Financial Statements (contlnued) Year ended 31 March 2024 L•a¥ehold prop•rty On completion of the constNrtfjon of the bulldlng. the leasehold property will be depreciated over the IWe of the lease on a strdight line basis. lTrctsming r•￿U￿¢ All Trncoming resources arE Included In the statement of financial artivitie5 when entitlement ha5 passed to the charity,. it is probable that the economic benefits associated with the transattion will flow to the charity and the amount can be rellably measured. The following s￿CIf$C polic*s are applied to part￿vIar categorfes of Income: Income from doftatlons or grants Is recognised when theye Ss evldence of entitlement to the glft, ipt is probable and its amount can be measured ￿lIablY. A¢￿ur¢•• expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT, and is classffied under headSngs of the statement of flnanclal actlvlties to whlch It relate5.' Expendlture on charitable artfvltle5 includes all costs Inturred by a charity in undertaking attivities that hJrther its charitsble aims forthe benefit of fjts beneflciarles, including those support costs and cosl5 relating to the governance of the charity apF¥)rtioned to charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Dlrect costs attributable to a single a¢tlvity a￿ allocated dI￿rtIV to that activlty. Shared costs a￿ apporth)ned between the activities they contribute to on a reasonable* justifiable and consistent basis. Financial ifi•trum•nts A financial asset or a financial Ilability Is recognlsed only when the entlty becomes a party to the contractual provisions of the instrument. Baslc flnandal instruments are In￿la￿ty recognlsed at the amount recelvable or payable Includlng any lated transattion costs, ullle5S the atTangement con5tttutes a financing transaction, where it 15 recognised at the present value of the future payments dlscounted at a market rnte of Inte￿St for a similar debt tn5trument. Current assets and current liabilities are subsequently measured at the L75h or other consideration expected to be pald or recelved and not dlscounted. Debt Instnjments are Subsequently measured at amort15ed c95t, Flnancial assets that are measured at cost or afflortised c05t are reviewed for objective evidence of impairnient at the end of each rep)rting date. If there is objective evidence of impaimient. an Impalrment 1055 15 recognised uader the appropriate heading In the statement of financial actlvitles in which the inltial gain was recognised. Any reversals of impalment are fecognised Immedlately, to the extent that the reversal does not result ill a carryifig amount of the financial asset that exceeds what the carrying amount would have been had the impairnient not previously been recogntsed. io- St Michael's Centre Partnership Byker Notes to the Financial Statements (contlnued) Year ended 31 March 2024 D•ftn•d contrlbutlon plans Contributlons to defined contribution plans are recognise¢l as an expense in the perh)d in %Yhich the related service is provided. Prppaid contrfbutlons are recognlsed as an asset to the extent that the prepayment will lead to o reduction in future payments or a cash refun¢J. When contributK)ns are not expetted to be seitled wholly within 12 months of the end of the reportlng date in which the employees render the related selv1￿. the Itability is measured on a discounted present value basi5. The unwinding of the discount is ￿COgnised as an expense in the peri¢>J in whlch artses. VoluTrtsry 4•Bi%tanc• Tlme Ss expended OD the ¢harity's artivities and governan￿ which is donated free of charge. It imprattical to quantfy the value of the time gwen, and accordingty it is neither recorded as donated Income nor as an expense in the financial statements. Comp•ratlv• accounts The comparative per￿ ComMen￿d on fomatloTr and Includes the perfod from 10 February 2022 to 31 March 2023. The current period represents the year ended 31 March 2024 and as such the compafatives are not entirely comparable. Donatlon• & l¢ga¢i Unrestrlcted Funds Rest￿cted Total FuDd• Total Fund• Funsjs 2024 2023 Grants Newcastle Diocese Board of Finance The SquSres Foundatlon Social Investment BusTrness Grant 150,000 150,000 50,000 25,000 151 022 150,000 684,555 834,555 226,022 Expandl￿rn on tharlt•blo art1v1t1￿ by fund typa Total Funds 2024 Total Funds 2023 Unrestrlcted Funds Restrirted Funds Advertising & Promotion Bank fees Consultancy Insu¥an Office equipment Staff costs Printing & Statlonery Professional fees Travel & stsbsisten 1,416 1,668 3,084 3,036 io 151,347 398 1,384 21,472 65 4,388 749 413 749 413 13,438 48,950 62,388 25,746 10,074 35,820 44,503 67.907 112,410 184,003 li- St Michael's Centre Partnership Byker Notes to tho Financial Statements (contlnued) Year ended 31 March 2024 Expenditur• on ch*riiable aclivitleB by •rtlvlty type ArtIv￿leS undertake dlrectly Total funds 2024 Total funds 2023 SupFQrt Advertising & Promoty"on Bank fees Consultancy Insurénce Office equlpment Staff costs Printing & Ststlonery Professional ftes Travel & subslstence 3.084 3,084 3,036 io 151.347 398 1,384 21,472 65 4.388 749 413 749 413 62,388 62.388 29,142 6,678 35.820 9.956 105,732 6,678 112.410 184,003 N•t Incomlng r••ourc•s •r• #tat￿ •fter tharylng: 2024 2023 Fees payable to the independent examiner for.. Independent examination and preparation of the financial statements 1.620 900 Stsff ¢o•t• The total staff costs and employee benefits for the repjrting period are analysed as follows.. 2024 2023 Wages and salarles Social security costs Employer contributlons to pension plans 59.157 1.910 1,321 18,811 2,331 330 62.388 21,472 The averdgt head count of employees durlng the year was 112023.. 1). No employee recelved employee benefits of more than £60,000 durfng the year. Tru•te¢ r¢mun¢ratlon and exp•ns•s The trustees are constdered to be the Key management personnel of the charlty. No remuaerdtion or other benefits from employment wÉth the charity or a related entity were received by the trustees. During the year £Nil (2023.. £nll} was relmbursed to Trustees for expenses relating to travel, aCcomm￿lation and subsistence. St Michael's Centre Partnership Byker Note* to the Financial Statements (contlnued) Year ended 31 March 2024 10. Fix•d assets Lea*ehold property Total Co•t At l April 2023 Additlons Disposals At 31 March 2024 603,634 603,634 603 634 603 634 Depred•tlon At l April 2023 C*arge for year Di5posa15 At 31 March 2024 N•t book valu• At 31 March 2024 603 634 603 634 At 31 March 2023 11. Créditorn: •mounts fallifftg due within one year 1024 2023 Trade creditor5 Other C￿dItO Accruals and deferred In￿me 5,634 2,685 379,428 385,062 2,685 12. P•n•ion8 and (*th•r po•t-r•tiMment hn¢fits D•fin•d eontrFbution plan* The amtyjnt recognlsed In Income or expenditure as an èxpense in relatlon to defined contrfbution plans wa5 £1,321 12023: £3301. 13- St Michael's Centre Partnershlp Byker Notes to the Financial Ststements (continued) Year ended 31 March 2024 13. Analysis of ch•rltabla lynd• Unr•strict•d fund¥ At 31 March 2024 At l April 2023 A5 reststed Income Expenditure Transfrr General funds Desi9nated funds 574 1,389 1,963 145 553 150 000 42,019 150,000 (44,503) 147,516 R¢•trlcted fvnd• At 31 March 2024 At l Aprfl 2023 As restated Income Expenditure Transfer Social Investment Business Grnnt 684,555 167.907) 616,648 684.555 167,9071 616,648 T¢)tal charlt•bl• fund• 42,019 834,555 (112,410) 764,164 General funds are available to be spent for any use of the Charity. The designated fijnd 15 a grnnt from the Newcastle DIO￿an Board of Finance whlch Is deslgnated for the construct*on of a Youth Hub withln the Lighthouse Projert. The Socljl Investment Buslness Grant Is restrkted for the construttitsn of a building to house a youth and communlty hub attached to St Mithael's Church in Byker, Newcastle UFKJn Tyne. 14. Anal￿1$ of n•t a*••ts b•t¥Yeen fund% Unrestricted Funds Restricted Funds Total Funds 2024 Total Fund$ 2023 Flxed assets Current assets Creditor5 less than l year 4,473 145,743 599,161 399,849 603,634 545,592 385 062 44,704 Nat assets 147,516 616,648 764,164 42,019 Analysls of net assets tetween funds - prevlous perfod Unrestrirted Funds Restrlcred Funds Total Funds 2023 Current assets - as restated Creditors less than l year 44,704 44,704 42,019 42,019 -14- St Michael's Centre Partnership Byker Notes to the Financial Statements (contlnued) Year ended 31 March 2024 15. RKoTrcllhtlon of net Incom• to n•t c•$h Ilow from op•ratlng actlvltl•• 2024 2023 Net lfieom• for th• r•portln9 p•r6od Adjustments for.. Increase in credttors 722.145 42,019 382.377 2.685 M•t ea•h provld•d by owatlng •ctlvltle• 1.104,521 44.704 16. Anatyzi• of u*h and •quival•nts 2024 2023 Cash at bank and in hand 545,592 44,704 Total e•*h and ea•h equival•nts 545,592 44.704 17. Rel•t•d party tr•nsaction% During the year £nil {2023.. £25,000) wa5 received frorn the Squires Foundation, a charity of wh￿h Mark squi￿ Is also a trustee. The￿ are no other related paty transartions to report. la. Prlor y•ar •dSu•tm•nt The comparatlve flgures have been restated to reclasslfy a £41,445 restrKted fund to a de51gnated fund. There is no effect on the net incoming resources for the per￿.