THE MASASA FAMILY FOUNDATION (Registered Charity No. 1201521 and Company No. CE031090) ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 RAWLINSON & HUNTER
THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Annual Report of the Trustees Independent Examiner's Report statement of Financial Activities (including Income and Expenditure A¢¢ount) Balants Sheet Notes to the Financial Statements 10-15
Page 1 THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and independently examined financial statements of The Masasa Family Foundation I'lhe Foundation. or °Ihe CIO"), for the year ended 31 December 2024. These have been prepared in accordance with the accounling polici8s set out in note 1 and comply with applicable charity law. The prior year comparalives for thp period from its incorporation on 6 January 2023 to 31 December 2023 were independenlly audited. REFERENCE AND ADMINISTRATIVE DETAILS The Masasa Family Foundation, (Registered Charity Number 1201521 and Company Number CE0310901 is based and administered in the United Kingdom. The registered address is Orchard Walls, The Close, Wonersh, Guildford. Surrey, GU5 OPA Trustees: The Truslees of the Foundation who held Offi during the year and continue to serve at the date of this report are: John Edward Rigby Nolan Ruby Maureen Nolan Andrew Rigby Nolan Susan Jane Leach The Trustees did not hold any beneficial interest in the fund at 31 December 2024 or at any time during or since the accounting period. Bankers: Lloyds Bank PLC PO Box 1000 BX1 1 LT Independent Examiner: Yueling Wei FCCA Eighlh Floor, 6 New Street Square. New Fetter Lane, London, EC4A 3AQ
Page 2 THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Foundation is a charitable incorporated organisalion governed by its Constitution daled 6 January 2023 and is registered as a charity with the Charity Commission for England and Wales. The Trustees are resident in the United Kingdom and meet regularly to discuss and develop the Foundalion's goals and stralegy and lo review grant proposals and general granl requests. The number of Trustees shall be a minimum of three and new Trustees shall be appointed by a resolution passed at a properly convened meeting of the Foundalion's Trustees. The ranse of skills represented on the Trustee Board will be kept under review as the Foundation develops over time. Indu¢lion and Training As part of their training, Trustees are made aware of thé Foundation's Constitution and the Charity Commission guidan on Trustees. Responsibilities. All Truslees are aware of their legal duties and obligations in resped of Ihe management of the Foundation. including in relation to the protection of its assets. Statement of Trustses. Responsibilities The Trustees are responsible for preparing the Annual Report of the Trustees and th8 finanGial slatements in accordan with applicable 18w and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. The law applicable to charities in England and Wales requires the Trustees to prepare financial slatements for each financial year which give a true and fair view of the slale of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure of the Foundation for that period. In preparing these financial statements. the Trustees aré required to: select suitable accounting policies and then apply Ihem consistently., observe the methods and principles in the Charities SORP 2019 (FRS 102}', make judgements and estimates that are reasonable and prudent., slatè whether applicable UK Accountin9 Standards have been followed, subject to any material departure5 disc105ed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Foundation will conlinue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundalion and enable them lo ensure that the financial statements comply with the Charilies Act 2011 and where applicable, the Charities Act 2022, the Charity (Accounts and Reports) Regulations 2008 and the provisions of Ihe Foundation's Constitution. They are also responsible for safeguarding the assels of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3 THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Internal Controls The Trustees have overall responsibility for ensuring that the Foundation has appropriate syslems of internal controls. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that Ihe financial statements follow besl practice and all applicable law regulation and guidance. The Truslees are also responsible for the Foundation safeguarding its assets and for taking reasonable steps for the prevention and delection of fraud and other legUlarl11es. The system of Internal controls is designed to provide reasonable, but not absolute, assuran against material misstatement or loss, Risk Management & C¢xporate Governance A risk assessment has been undertaken which comprlses: An annual review of the risks the Foundation may face., The establishment of systems and procedures to miligale those risks.. and The implementation of procedures designed to minimise any potential impact on the Foundation should those risks materialise. This continuing process will identify risk areas lo which the Foundation is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were identified al the date of these accounts. The Trustees have signed fit and proper declarations in line with HMRC guidance. In addition, the Trustees have laken due consideration of Good Governan A Code for the Voluntary and Communily Sector, ensuring that the seven main principles of the Code are adhered to. These are.. Organi5ational purpose.. Leadership,. Integrity., Decision-making, risk and control; Board effectiveness., Equality, diversity and inclusion-, and Openness and aCSsIbl111y. The Trustees reGognise that good governance plays an essential part in securing Ihe future of the Foundation and confirm that the said main principles of the Code are followed by Ihem in leading, directing and managing the Foundation. No Trustee received any remuneration for the year ended 31 December 2024.
Page 4 THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects of the Foundation are such exclusively charitable purposes, at such lime or tim8s and in such manner, for the public benefit, as the Foundation Trustees may in their discretion think fit in any part of Ihe wortd. The Foundation operates as a grant-making charity, supporting charitable projects and organisalions with grants of varying sizes and durations. The Truslees have defined a programme of grant-making to charities. For the foreseeable future. the Foundation's primary focus will be lo: prevent or relieve poverty worldwide for individuals in need-, advance th8 health and wellbeing of the general public (including preventing or relieving slckness, disease or suffering. as well as the promotion of good health)., support programmes which promote and advance the education of the general public.. and promote and support Christianity for the benefit of the general public. The Trustees have pursued a broad strategy of ensuring proper due diligence in the assessment of potential grants and 8nsuring that grants ar8 made subject to appropriat8 lerms and conditions. Statement of Public Benèfit As a granl-funder. the Foundation's activities will provide public benefit to the individuals and ommunities who are benéficiaries of the Foundation's funded projects. Th8 Foundation's public benefit is not limited with reference to geography, by the charging of fees or otherwise. The Trustees are aware of the Charity Commission guidance on Public Benefrt and confim) that th8y have complied with the duty in Seclion 4 of the Charities Act 2011 to have due regard to it. They consider the infomiation which follows in this annual report, about the Foundation's aims, activilias and achievements in the areas of interest that thé Foundation supports, demonstrales the b8nefit to its beneficiaries and through them to the public. Ihat artse from those activities. Grant Making Policies The Trustees, grant making policy has been lo generally consider making donations by way of direct funding and also by way of grants to charitable organisations recognised as such in their respecb've jurisdictions for projects thal are exclusively charitable under English law. The Foundalion has begun to put in place sound grant arrangernenls so thal it can properly select appropriate grantees and impose prudent temis on grants, including, as appropriate, monitoring and evaluation of the way in which funds are applied by granlÈes. Fundraising The Trustees have referred to the Charities (Protection and Social Investment) Act 20161"Ihe Act") and the Guidance on Charities and Fundraising issued by the Charity Commlssion {"CC20"). They confirm that the Act and CC20 have no impact on the charity as it does not engage in any public fundraising activities.
Page 5 THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE Charitable Activities The Trusl was established in early 2023 and these accounts show the activities for the firs1 period and the current year ended 31 December 2024, Charitable Activities During the year the Truslees conlinued their grant programme awarding a number of grants to religious and religious adjacent organisations. All grants were paid in line wilh the policies set out in section 3 of this report, Objectives and Activilies for the Public Benefit. A breakdown of areas of grants made during the ygar is shown in Note 4 to the financial statements. The accounting trealment in respect of granls is in line with that sel out in section 7 of SORP {FRS 102)- Grants totalling £130,500 {2023'. £113.000) were awarded during the year. amounting to 98.1 % (94.90/¢ for the period ended 31 Dember 2023} of total expenditure. FINANCIAL REVIEW The Statemenl of Financial Activities on page B shows total incoming resources for the year of £303.997 (2023.. £1,017,473). £217 (2023: £100) was expended on raising funds relating to the management of their investments and grant expenditure amounted lo £130,500 12023: £113,000). Govemance costs amounted to £1,500 {2023: £4,800) and are included within charblable activities. The principal funding for the Foundation came by way of voluntary donations from an unconnected third party and there were no reslriclions attached to these. The funding has allowed the charity to operate and award 22 granls12023'. 18 granls) to 17 organisations12023.' 13 organisations) totalling £130,500 (2023 £113,000) which ha5 in tum benefitted hundreds if not thousands. A full list of grantees is available on request. The balance of reserves al 31 December 2024 is £1.076.315131 Decernb9r 2023= £906.322) and all funds are unrestricted. Investment policy and performance Thé investment objeclive is to generale over the long term a lotal return per annum above inflation, before granl making & expenditure, las measured by CPl+3.5 /.) while providing adequate liquidity for annual grant making & 8xp8nditur8s. At current or 8ven higher grant making levels, this approach should allow the Foundation at least to maintaln the value of its asséts whilst keeping to the expected spend down schedule. The Foundation relies on the investment portfolios to fund its granl making. The key risk to the long- t8m suslainability of Ihe Foundation is inflation. over and above the spend-down schedule, and so the assets should be invested lo mitigate this risk over the long tem. The trustees understand Ihat this is likely lo mean that investment will be concentrated in real assets and that the capital value will fluctuate. The Trustees are satisfied with the performance of their inveslmenl Portfolios since they were gifted the inveslments, which prodUd income during Ihe year of £21,943 (2023.. £6,811), realised gain on disposal of investmenis of £8,398 (2023 Nil) and capital depreciation of £9,197 {2023= appreciation of £7,979). The Trustees monitor perfomance of the underlying investments o regular basis through face to face reviews, investmenl reports and comparisons to peer groups and appropriate indices.
Page 6 THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW (continued) Reserves Policy The Trustees have examined the Foundation's requirement for resources in light of the main risks to the Foundation and have no outstanding commitments or cAsh demands which are not adequately covered by existing resources. The nel assets of the Foundation are regarded as free reserves and the funds at 31 Dember 2024 will be retained to generate returns to make grants in accordance with the Foundation's charitable ObJeS and any policies. The Trustees consider that the freely expendable funds are appropriate and adequate taking into account plans for grants to be awarded in future and have al present therefore nol designated any specific reserves. However, the Trustees will keep this under constant review. In future years, a specific reseNes policy may be required. PLANS FOR THE FUTURE The Trustees do not propose to deviate from the current objectives and activities of the Foundalion as detailed in Section 3 of this report bul will further develop and refine their strategies, policies and procedures in future. Approved by the trustees and signed on their behalf by: 30 October 2025 John Nol8n Dale
Page 7 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MASASA FAMILY FOUNDATION I report to the Foundation Trustees on my examination of the accounts of the Masasa Fatnily Foundation for the year 8nd8d 31 Dec8mber 2024 which ar8 set out on pages 8 to 15. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 {'the Act,). I report in respect of my examination of the Foundation's accounts carried out under section 145 of the Act and in carrying out my exarninalion I have followed all the applicable Directions given by the Charity Commission under section 145(5)(bl of the Act. Indepondent examln8rfs statement sin the Foundation's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confimi Ihat l arn qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodiés. I have completed my examination. I confirm that no material matters have come to my attention in onnection with the examination giving me cause to believe Ihat in any material respect.. accounting records were not kept in respect of the Foundation 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 {A¢counts and Reports) Regulations 2008 other than any requiremenl 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 whlch attention should be drawn in Ihis report in order to enable a proper understanding of the accounts to be reached. Yueling Wei FCCA Chartered Cerlified Accountant and Independent Examin8r Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ
Page 8 THE MASASA FAMILY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2024 Period 6 January to 31 December 2023 Page 2024 Income from: Donations (note 2} Inveslments (note 31 12 12 280.000 23,997 1,006,250 11.223 Total Income 303,997 1,017,473 Expenditure on: Charitable Activities (noté 4) Raising funds (note 5) 13 14 132,988 217 119,030 100 Total Expenditure 133,205 119,130 Net income before other recognised gains 170.792 898,343 Gains on investment assets (note 6) 14 (799) 7,979 Net income 169,993 906,322 Net movemènt in funds 169.993 906,322 Total Funds Brought Forward at 1 January 2024 906,322 Total Funds Carrled FoNiard at 31 December 2024 1,076,315 £ 906,322 l amounts relate to continuing op8rations. There were no recognised gains and losses for the period ended 31 December 2023 or Ihe year ended 31 December 2024 other than those included in the Income and Expenditure Account. The not8s on page 10 to 15 form part of Ihese financial statements
Page 9 THE MASASA FAMILY FOUNDATION (Registered Charity No. 1201521 and Company No. CE031090 BALANCE SHEET AS AT 31 DECEMBER 2024 Page 2024 2023 Fixed Assets: Investments and cash under management {note 61 14 781,903 759,291 Current Assets: Debtors (note 7) Cash at bank (note 8) 14 14 3.695 292,217 5,399 147,632 Total Current Assets 295,912 153,031 Liabilities Creditors - amounts falling due within one year (nole 9) 14 {1,500} {6,000) Total Liabilities {1,500) {6,000) Net current assets 294,412 147,031 Total assets less current Ilabllltles 1,076,315 £906,322 The fund5 of the charity: Unrestricted funds 1.076,315 906,322 Total charity funds 1,076,315 £ 906,322 The financial statements were approved and authorised for issue by the Trustees and w8r8 signed on their behalf by: 30 October 2025 John Nolan Date The notes on page 10 to 15 form part of Ihese financial statements
Page 10 THE MASASA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of Preparation of Financial Statements The Masasa Family Foundation I'the Foundation" or"Ihe CIO'}, registered charity number 1201521, is based and administered in the United Kingdom. The registered address is Orchard Walls, The Close, Wonersh, Guildford, Surrey, GU5 OPA. The nature of the Foundalion's operations and principal activities are set out in the Annual Report of the Trustees. The financi81 statements have been prepared in 8ccordance with Ac¢ounting and Reporting by Chartties.. Statement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) I'charib'es SORP FRS 102"). Iha Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102}. Ihe Charities Act 2011. and where relevant. the Charities Act 2022, and UK Generally ACpted Accounting Praclice. The Truslees have applieé Ihe provisions sel out in Charities SORP FRS 102 and on the basis of being a small charity have not included a ststement of Cash Flow. The Trust constilules a public benefit entity as defined by Charities SORP FRS 102. The preparation of financial statemènts in accordance with generally accèpted 8c¢ounling principles requires management to make estimates and assumptions in certain circumstances that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at Ihe date of the financial statements and Ihe reported amounts of revenues and expenses during the reporling period. Actual results may differ from these estimates. The Trustees do not consider there are any estimales and assumptions that have a significanl risk of causing a material adjustment to the carrying amounts of assets and liabilities at the year end. The financial statements are prepared in sterling which is the functional currency of the Foundation. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unless otherwise slated. Incoming Resources All incoming resources are included in the Slatement of Financial Aclivities (SOFA) when the Foundalion is entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary donations include donations under Gift Aid with the associated tax credits included when receivable. Inveslmenl income is derived from inlerest and dividends receivable from investments and is accounted for in the period in which the Foundation is entitled to receipt. Interest from bank accounts are included when receivable only. R8sour¢es Expended All expendilure is included on an ac¢rLJals basis and is recognised when there is a legal or constructive obligation committing the Twslees lo the expenditure. Irrecoverable VAT is charged againsl Ihe activity for which expenditure was incurred. Charitsble aGtivities include governance costs incurred during the period and are expended through the SOFA. Govem8nce costs are costs relating lo the general running of the Foundation, as opposed to the management functions inherent in generating funds.
Page11 THE MASASA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continued) Grants payable Grants payable are made to third parties in furtherance of the Foundation's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation thal they will receive a grant and the Trustees have agreed to pay the grant without condition. Flnancial instruments The Foundation only ha5 financial 8ssets and financial liabilities of a kind that qualify as basic financial instnjments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value. Fixed Asset Investments Quoted inveslments are included at closing market V81ue at the Balan Sheet date. Realised gains and losses on investments are recognised on disposal on investments and any gain or loss on revaluation is taken to the SOFA. The determination of any gains and losses is calculated by reference to the value of such assets at the beginning of the acwunting period. Cash held for inveslment is included within the Fixed Assets Inveslments in accordance wtth the applicable statement of Recommended Practice. Stalus of funds The entire resources of the fund are unrestricted and the Trustees have complete discretion for their use in pursuance of the Foundation's objectives. Foreign currency Assets and liabilities denominated in foreign currencies are translated at th8 rate of exchange ruling al the balance sheet dale. Transactions denominaled in foreign currencies are converted at the rale of exchange ruling al the date of the Iransaction. All Iranslation diff6rences are taken to the statement of rinancial aciivitie5 as they arise. Taxation The Foundation is not subjed to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of reSoUrS expended for which it was incurred. Creditors payable within one year Creditors with no stated interest rale and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure. Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held on call with banks, oiher short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are included within borrowings in current liabilities.
P4e 12 THE MASASA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES {contlnued} Provlslons Provisions are recognised when the Foundation has an obligation al the Balance Sheet date as a result of a past event, il is probable that an oufflow of economic benefils will be required in settlement and the amount can be reliably estimated. Golng concern The Tiuslees have assessed whether th8 use of the going concern assumption is appropriate in preparing these Financial Stalemenls. The Trustees have made this assessment in respect of atleast 12 months from the date of approval of these financial statements The financial statements have been prepared on a going concem basis as the Trustees believe that no matertal uncertainlies exist. The cuent uncertainly in the global economy, including cost inflating factors. have increased financial pressure on ¢harities. The Trustees have considered the level of funds held, the expected level and security of income and committed expenditure for fwelve months from the dale of signin9 of Ihese financial slatements. The Trustees are satisfied thè forecast income and reseeS are sufficient lo cover all of the budgeted expenditure lo be able to continue as a going concern. The Trustees therefore consider the adoption of the going concern basis in preparing thesé financial statements continues to be appropriale. Page 2024 2023 INCOME FROM DONATIONS Donations received Gift Aid tax relief 280,000 1,005,000 1,250 £ 280,000 £ 1,006,250 INCOME FROM INVESTMENTS Canaccord Genuity portfolio Deposit interest 21,943 2.054 6,811 4,412 £ 23,997 £ 11,223
P?ge13 THE MASASA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Pago 2024 2023 EXPENDITURE ON CHARITABLE ACTIVITIES During the period, 22 grants were awarded and paid lo 17 organisations. These grants were allocated according to the following categories: {2023: 18 grants to 13 organisations) Grants payable: Religious Community Support Health Educalion and health Humanitarian and m8dical aid Life saving Humanitanan and religious Promotion of the arts 70,000 19,500 7,000 5,000 21,000 5,000 2.000 1.000 94,500 7.500 6,000 5,000 Total Grants payable 130.500 113,000 Support Costs: Accountancy fees Bank charges 840 148 1,200 30 Total Support costs 988 1,230 Gov6rnanco Costs: Independent Examiner's fees Auditors fees 1,500 4,800 Total Governance costs: 1.500 4.800 Total Charitable Activities: £ 132,988 £ 119,030 A full list of grantees is available on request. Auditor remuneration in respect of their audit of the Financial Statamgnts for the period to 31 December 2023 totalled £4,800 including VAT. There were no employees in respect for Ihe period ended 31 December 2023 or year ended 31 December 2024.
Page 14 THE MASASA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2024 2023 EXPENDITURE ON RAISING FUNDS Investment Management Fees: Canaccord Genuity custody fees 217 100 217 100 FIXED ASSET INVESTMENTS Quoted investments and cash under management Investments at market value as at 31 December 2023 Nel additions at cost 748.813 22,660 740,834 771,473 740.834 Realised gain on disposals Unrealised (lossygain on revaluation 8,398 (9,197) 7,979 Net Gain on Investment Assets (799) 7,979 Market value at 31 December 2024 Cash 770,674 11,229 748,813 10,478 Total Value at 31 December 2024 781,903 £ 759,291 DEBTORS Accrued interest 3,695 5,399 3,695 5,399 CASH AT BANK Lloyds Bank 292,217 147,632 £ 292.217 £ 147,632 CREDITORS. amounls falling due within one year Audivlndependenl Examlner's fees Accountancy fees 1,500 4,800 1,200 1,500 6,000
Page15 THE MASASA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. RELATED PARTY TRANSACTIONS No Trustee reiVed any remuneration or reimbursement of expenses during the year ended 31 December 2024 (2023.. none). 11. ULTIMATE CONTROLLING PARTY The Trustees consider that the Foundalion is jointly controlled by the Trustees and that there is no ultimate controlling party. 15. FINANCIAL INSTRUMENTS Page 2024 2023 The cary amounts of the Trust's financial instruments ar8 as follows.. Financial assets Measured at fair value through SOFA.. -Fixed asset investments 781,903 759,291 Measured at amortised value -cash at bank and in hand -Debtors 292,217 3,695 147,632 5,399 Flnancial liabilities Measured at amortised cost -creditors 1,500 6,000 The net gains{losses) attributsble to the Trust's financial instruments are summarised as follows.. Income and 0Xn$0 Measured at fair value through SOFA= -Net (losses)/gains (inGluding Changes in fair value) 1799) 7,979