2024-03-31-accounts

CHELWOOD FOODBANK PLUS (STOCKPORT) FINANCIAL STATEMENTS FOR THE PERIOD 6th DECEMBER 2023 to 31st MARCH 2024 Registered Charity No. 1201702

CHELWOOD FOODBANK PLUS (STOCKPORT) INDEX PAGE NUMBER CONTENTS TRUSTEES ANNUAL REPORT INDEPENDENT EXAMINERS REPORT STATEIAENT OF FINANCIAL ACTIVITIES BALANCE SHEET STATEMENT OF CASH FLOWS 9-16 NOTES TO THE ACCOUNTS

CHÉLWOOD FOODBANK PLUS {STOCKPORT) Report of the trustees forthe period 6 December 2023 to 31" Marth 2024 The trustees present their 3nnual report and financial statements of the charity for the period ended 31" March 2024. The financial statement5 have been prepared in accordance with the accounting policies set out in note I to the accounts and cornp￿ with the charitys trust deed, the Charities Art 2011 and AttountinB and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland published IFRS 1021 leffective l January 20191. Reference and admini5trali¥e information Charity Name= Chelwood Foodbank Plus (Stockport) Charity Number.. 1201702 Structu¥e, 8o¥ernance and management The Charity is a registered charity and is constituted under a trust deed dated 23 January 2023 On 6 December 2023. the assets of Chelwood Foodbank Plu5 Istockportl charity number 1155933 were transferred to Chelwood Foodbank Plus (Stockport) tharity number 1201702. Trustees lup to the date of signing) Michael Walton Peter Burrows Rev. Stephen Hough Donald Philips Ellen Brookes Kamran Riaz-mohammed (appointed April 20231 (appointed April 20231 lappointed April 20231 lappointed April 20231 lappointed April 20241 lappointed February 20241 Chair Principal Office Chelwood Baptist Church Adswood Road Cheadle Hulme SK8 5QA Independent Examiner5 Community Accountancy Service Limited The Grange Pilgrim Drive Manchester MII 3TQ

CHELWOOD FOODBANK PLUS (STOCKPORT) Bankers Lloyds Bank 25 Gresham Street London EC2V 7HN Appointment ol trustees The trustees are elected on an annual basis. Trustee induction and trainin8 We had regular meetings for sharing knowledge and planned events during those meetings. Objecthies and a¢￿vItIeS To provide support to families and individuals in the borough of Stockport experiencing fcM)d / financial poverty bv: Supplying and delivering food, toiletries and household good5 Referral to other sources of sUPPOrt where appropriate A review of our achievements and perforniano: H(rw our activitie5 delivered public benefrt During the period ihe following number of clients were helped across Stockport and some areas of South Manchester '. Families 459 Singles Total Adult5 464 1449 Total Children 1178 Fin3nci31 donations and supplies came from Eocal Individuals, bjsinesses. church networks and social media and gr3nts_ Financial review The trustees have reviewed the accounts and consider them to be satisfartory. Investment powers and policy The trustees, having regard to the liquidity requirements of operating the tharity, have kept available funds in a current account.

CHEIWOOD FOoD￿NK PLUS (STOCKPORT) Reserves policy and going contern The balance held in unrestricted reseThes on 31" March 2024 was £285,693 of which £84,511 are free reserves after allowing for fund5 tied up in fixed assets. The trustees aim to maintain sufficient reserves to meet day to day expenditure. The Charity's main Source of income is donations and grants. The Trustee5 consider that it 15 appropriate to prepare the accounts on a going concern basis and, consequently, the accounts do not include any adjustments that would be necessary rfthese Sources of income should tease. Risk rnana8ernent The trustees have conducted a review of the major risks to which the charity is exposed, and systems have been established to mitigate those risks. Plans for Future Period5 We have successfully transferred our assets and bank account from the old charity111559331 to a CIO and are banking with Lloyds, having closed the Natwest account. Our Reporting is getting rnore detailed which will help us target various funding pots and potential future projects. We aim to increase our 'Plus" work provisions, of tangible items from our pre-loved Stock, a5 well as provide more signposting and referrals to other services, to further assist our clients in financial and social difficulties. We are hoping to get a Datab3nk established this year, at our Bfinnington Foodbank, with a vie¥v lo rolling it out to Ouf Other foodbanks tn the future. Zarach- Bed Projert Our partnership with the charity in leeds. Zèrèch, continues. We afe more established now as the hub tor Stockport, and to date still the only provision in Greater Manchester. We have delivered to 38 households in the borough. with a provision of 28 single beds and mattresses, and 10 bunk beds and mattresses and 48 brand new bed bundles (duvets. pÈllows, duvet cover and sheets). This has lifted 48 children out of bed poverty. We have tackled adult bed poverty from our Plus Provision lseparate to Zarach's PartnershiplTo d3te we have provid￿ 17 preloved bed bundles Iduvets. pillows, duvet cover and sheets).

CHELWOOD FOOD8ANK PLUS ISTOCKPORT) Trustees, responsibilities in relation to the finanoal statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial Statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resourtes and applitation of resource5. of the charity for that period. In preparing the financial statements. the trustees are required to: Select suitable accounting principles and then apply them Consistent￿. Observe the methods and principles in the applicable Charities SORP. Make judgments and estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the finantial statements. Prepare the financial statements on a going concern basis unless it is appropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose wtth reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Chartties (Accounts and Reports) Regulations, and the provision of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees and signed on their behalf by- Janet Braybrook Chair Oate-. I" April 2025

INDEPENDENT EXAMINEILS REPORT TO THE TRUSTEES OF CHF.LWOOD FOODBANK PLUS (STOCKPORT) REGISTERED CHAIUTY IYO. 1201702 I rcport on Ihe accounts of thc charit),. forthe period ended 31" March 2024 which are set out on pages 6 10 16. Respective Responsibilities of Trustees and Examiner The charil>' s trustees are responsible for the preparalion of the accounts. The charity trustees consider thal an audit is not required for this l'ear under section 144(2) of the Charities Aci 2011 (the 2011 Act) and that an independent eXamI￿tion is needed. The charity is preparing accrued accoLmts and I am qualified to undenake the examination by being a qualified member of the A8sociaiion of Chanered Certified ALcouniants. It is my responsibilily to: F.xamine the dccounts under section 145 of the 2011 Act" follom, the procedures laid dO￿Tr in the general Directions given by the Charity Commission under section 14i(5)(b) of Ihe 2011 Act. and To slate whcthcr particular matters have come to my attention. Basis of Independent F.xarniner5 Report M). examination was Larried out in accordance Viith the General Directions given by the Charity Commission. An examinaiion includes a revie￿ of the accounting records kept by the charity and a comparison of ihe accounts presented with those records. It also includes considerdtion of any unusual itcms or disclosures in the account5. and seeking explanations from you as t￿Stee$ concerning any such matters. The procedures undertaken do not provide all the evidence th(It would be required in an iiudit, and consequenily no opinion is given &s to whether the accounts present a "Iru¢ and fair vi¢w" and the report is limited to those mall¢rs s¢l out below. Independent Examiner's Statement In cotujection wilh my cxamination. no matter has come to my attention . ( l) which gives me reasonable cause lo ￿lIeVe that in any material respect the requirements.. to keep accounling records have in accordance section 130 of the 2011 Act" and to prepare accounts ￿'hICh accord with the accounting records and to comply with the accounting requirements of the ?01 l Act, havc not E¢en met; or (2) to which. in my opinion, attcntion should be drawn in order to enable a proper understanding ot"th¢ accounts to be r¢ached. AM King FCCA Date: I" April 20?) Community Accountancy Service Ltd The Grange, Pilgrim Drive, Beswick. Manchester. M l13.ro

CHELWOOD FOODBANK PLUS ISTOCIWRT) STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 6th DECEMBER 2023 to 31st Marth 2024 Iwiduth"n9 incJ)me and eX￿￿t￿e account) Total Funds Period 6th December Unrnstrlcled Restricted 2023 to 31st Funds Funds March 2024 Furlher D1 Income from.. Donatiolls and ￿aCleS Charitst)le Activitie5 Investment Income Total (31 141 88.955 45.720 18 132.693 45,720 18 86,973 45,720 Expenditure on: Raising Funds Charitsble Achvities Total {51 (51 18 84.0(X) 84.018 18 121,098 121,116 37.098 37,098 Net movement in fund 11.577 Transfers betssEen fvnds (1.9381 Reconciliation of funds Totsl funds transfefred from Chanty No.. 1155933 {12 334.676 1.149 335.825 Total funds carrled forward (121 11.709 347.402 On Slh De￿mber 2023. the assets of CheP*rnd Foodbank Chaity Number 1155933 werè transferred to ChehYoth1 F(￿bank Charrty Number 1201702. The $latemenl of fInar￿la1 admlies indudes all gaKis aThJ losses in the year. Al in￿mm9 resour¢e$ and resource5 expended deiNe from conb"nuing a￿. The notes on pages 8 to 16 knm part of these accounts.

CHELYI(M)D FOODBANK PLUS (STOCKPORT) BALANCE AS AT 31st MARCH 2024 31st Mareh 2024 Notes Flxed assets: Tangibk assets Totsl fixed assets 19) 201,182 201,182 Current a8s•ts: Deb*ors Cash at Bank & in Hand Total (wrrent assets 110) 8,374 143.255 151,629 Liabilit5e5'. Creditois". Amounts falling due wilhin one year Nel current assets iy1obilrt￿s 146.220 Total assets less current IkAbdrtES 347.402 Totsl net assets or liabllitie¥ 347.402 Th¢ fvnds of th8 charlty: Unrestricted income funds Restricted income funds Total tharSty funds 1121 1121 335.893 11,709 347,402 On 5th December 2W23. the assets of CheK%ty)d F(x)dbank Charity N￿rnt￿ 1155933 we transfeThed to chell￿d Foodbank Charity Number 1201702. Approved on beham of the Tnffjlees Management Commitiee Janet Braybrook Cha Dale.. 1st April 2025 The notes on pages B 10 16 fomi part oflh•se ￿Ounts.

CHELWOOD FOODBANK PLUS (STOCKPORT) Statement of Cash Flows for th• wrlod 6th Downb¢r 2023 10 31st ma￿fv 2024 Perood 6th December 2023 to 31st IAarch 2024 Net movement in funds Add back deptwatkjn Bank Interest In￿ase1(de¢reaSej in creditofs Deueasellincrease) in debtor5 Net cash used in operatin8 artivities 11,577 10,451 18 127 1.F26 20,547 Cash flows Irorn invoslm•nt actiTAtI￿. Purchase of fixed assets 8ank Interest 178.7921 1181 Net cajh provided by Inv¢$tlng activltl•s 178.8101 Inm8sèlldecieasel in cash and cash ewivaknts duriThJ the year 158.2631 Cash and cash equ￿a￿ntS transfeThe¢J from Charity No. 1155933 201,518 Cash and equiv•l•nts ¢•ni•d fonv•rd 143.255

CHELWOOD FOODBANK PLUS (STOCKPORT) Notes to the a￿tsUnts for the perlod 6th December 2023 to 31st ljlarch 2024 l. Accounting policie5 {al 8asls of preparatlon and assessment of goin8 concern The accounts lfin8ncial statementsl have been prepared under the htston(al cost convent#)n wrth rtems recognised at cost or transactK)n value unless OlheNse Stated in the reknnt ￿leS io these acu)unts. The finaneial statements have been prepared in accorda￿ wth the Statement of Recommended Practice." Accounb"ng and Repo￿"ng by Charilies preparing thwr accounts ill accgtdance with the Finanual Reporting Standard èpplitsble in the UK and Rtspubl￿ of IrelarKI {FRS 1021 issued on l January 2019 and the Finanual Reporknng Standard appl￿ble in the Unf(ed lth'ngdom and Repu￿￿ of Ireland IFRS 1021 and the Charities Act 2011. The chanty coThstrtutes a publ￿ benefrt aibty as defined by FRS 102. The Iru51ees ¢onsKler that there are no material uncertaintie5 aboyt the thanlls aly'lty to COnt￿ue as a going conr£m. Ibl Funds ¥tru¢ture Re$ln"cted funds are funds whKth are lo be usel1 in swcik rèstrtlwM$ imwsed ty the donor or trust deed. There are 3 restrthd funds. Unrestrided income funds comprise ihose funds which the trustees aTe free to use lor any pury)ose In furtherance ol the chantable objects unrestr￿ed funds Include deS￿nated funds where the trustees, at their discretion. have created a Ivrmj for a SFecik WryM)se. (¢1 Income recognltion AJI incomè is rec(xJnised once the charty has entillement to the inrA)rre. rt Is probable Ihat the incoft will be recewed and the amount of income le￿#able can be rneasu￿d ￿1[ab￿. Donations are recognise(I w17en the ¢hawty ha5 been n￿trf￿￿ in wnb'ng of both the amount 8rMJ settlement date. In the event that a donation is subject to condrth)ns that ￿ulle a kvel of performa before the thanty 15 entitled to the lunds. the inix)me is deferred and not re<x)gnwd unb"l either those conditions are fully met. or Ihe fu￿lMent of those conditwjns vknolty wihin the contrd of the charity and it is probaNe thal those wndtbons will be fuffined in the repothng perKyJ. Interesl on fvnds hekl on deposrl is irKI￿Je￿ when r￿l¥ab￿ and amount can be ￿￿Sured relaNy by the charity., this ss nornialty upon notyr￿at￿n of the Inte￿$t paKI or payabbe ty the bank. DNhYends are cognised once the tvideThl has (cl¥etl and nob"ftalkM has ten receNed of the dNidÈnd d￿. Donations in kind constrtute food dOnal￿S vnth the values estimated by the management committee. Idl Expenditure A￿¢#nItIOn Liabilities are recognised as experdrture as soon as the￿ is a kgal or constructive 0￿￿ation commitiing the charity lo that expenditure. rt is WObab￿ that setuement WIN be required the amount of the obligation can be rllea5u￿d reliabty. All exwditure is a￿Ounted for on an a¢(n￿lS basis. Wl expenses ￿￿U￿wI9 SUPPK)rt ujsts and gO¥￿nanCe sts are althated or apWioned to ihe aptyThble expendrture headiThJ$. For more information on ihis attiibthK)n refer to note lfj beknw. lel Irreco¥erdlAe VAT Irrecoverab￿ VAT is Charged against the el￿n￿rtUre heading for wttKh il vo$ ¥urred. lfj ￿l0¢￿10n of support and gty4ernance costs Support CDSts have been alk)cated betweèn govemance and other Supwrt costs Governance costs comprise all costs involwng the publK accounlabilty of the chaiity and tsts Complian￿ with reguLqb"on and good piacb¢. These costs include costs rded to independ8nl exawinalion and *gal fees logelher with an apportitsnment ol overt￿ad and 5UPP(xt costs. The albcab.on of support and govemance costs is anawd in note 6.

CHELWOOD FOODBANK PLUS {STOCKPORT) Notes to the ac¢ount• thè period 6th December 2023 to 31st Morch 2024 Igl Costs of rai54n8 funds The cost5 of associated v4ith raisin8funds are lust Givingfees. Ihl Tangible fixed assets and depre¢iation AJI assets costing more than £500 are CaPrta￿$ed and valued at histml ¢Jist. DepreoatKJn is charged on the followng basis." Computers & Equipment Vehicles Fixiures 8 Fitting Portacabin & Improvements lo Lea5e(l BuibJing 25% cosl 2S% on cx)st 25% on cost 10%onC￿l {11 Reallsed gakns and losses I gains and losses a￿ taken to the Ststement of Financbal A(aNibes a5 they arise. Reah"sed galns and los￿ on investments are calculated as the drfrereK￿e between sa￿$ proceeds and their openuig canwng value or their purchase value rf acquired subsequent to the first day of the finanaal year. Unrealtsed gains and1055e5 are ¢alcul8ted as the dTrfeierKe belween the fair value 81 the year end and thwr varwn9 walue. Realised and unrealised Investm￿ gains and k)sses a￿ ￿bined in the Staternent of Financial Adivities. Ul Penslons The chaity wll set up an auttrenrolment pensth scheme when il has emr4yyees that fall wlhui the auttrenfolmenl crrteria. Ikl Debto Trade an¢J other debtors are reciyjnised at the seltlement amount due after any trade disojunt offered. Prepayments are valued at the amount prepaKI net of any Irdde diswunts due. 11) Creditors and Pfowslons Credrtors and provisx)ns are reLa)9n￿d where the has a wes￿1 obhgat•)n reSu￿n9 frC￿ a past event that will probabty result in the transfer of the funds to a third paty and the amount duè to sèttle the obligation can be Measu￿ of eskn"maled relkqbty. Cfedrtors and Pro￿￿n$ are nom￿1￿ rec<gnised at their settlement amount aftef allwng for arry trade discounls due. 2. Relatsd party transactions ond tru¥t8•s' expènsts and r•muneratlon The tru51ees 811 give freety th￿r time and exp&tse wrthout any ft¥m of renwwation or other benefft in cash or kbnd. Expenses paid to the trustee5 in the per￿ totsled £nil.

CFELWOOD FTh)D8ANK PLUS ISTIXKPORT) li Notes to tho accounts for the Ixrfod 6th December 2023 to 31st March 2024 3. DonatiOnB •nd Le￿¢18$ Urntrlcted Restrlcted Totsl Fund¥ Perlod 6th P•rlod 6th Poriod 6th Deeernbèr 2023 D•cemb•r D8ewnbèr to 31st PAarch 2023 to 3191 2023 ta 31st 2024 March 2024 M•rch 2024 Don8lKTh5 Zarach Bursary Donations in Kind Edge￿Y Hub Fundraising Events 25.81x1 25.800 3,300 52,613 2.625 2,617 86,955 52,613 2.625 2.617 86.955 4. In¢m from ch•ritsblo othii Unrestricted Restricted Tgtsl Funds Pgrlod 6th P•rfod 6th P•rlod 6th December 2023 Decernb•r Deeembor to 31st March 2023 to 31st 2023 to 31st 2024 March 2024 March 2024 Restricted Grants-. Mational Lottery Fund NatYJn81 Lottery Fund- Co$t of LI￿r￿j 38,769 6,951 45.720 38.769 6,951 45.720

CHELWOOD FOODBANK PLUS ISTOCKPORT> 12 Notes to the accounts lorthe wiod 6th l>ecernber 2023 to 31st March 2024 5. Expendlture Expenditu￿ on raising funds.. riod 6th De¢emb¢r Charftablo 2023 to 31¥t Actl¥lt5￿ March 2024 Just Giving Fees 18 18 18 18 Exp•ndlture on eharitable activitles: Events & Actwrt Food Supplies Salaries Staff Training Volunteer Expgnses Zarach Bed Project Costs Subscriplions Consultancy Grants Paid Govemance Supwrt co￿5 6LM) 47,218 16.099 330 1,267 7,263 47,218 16,099 330 1,267 7,263 22.375 720 23,528 121.098 22,375 720 23.528 121.098 121.116 Period 6th Dg¢ember 2023 to 31st March 2024 RestrKled Funds Un[estr￿ed FurKI$ 37,098 84,018 121.116

CHELYIOOD FOODBANK PLUS {STOClU￿Rn 13 Notes to the ac¢oynts lor Iho porlod 6th December 2023 to 31st IAarch 2024 6. Allocatlon of governance and 5UPPOrt Costs The breakdown of support wsts and how these ￿re aknted govemance and sUPPOrt costs 1$ Shown bebw.. P•riod 6th D•cember 2023 10 31st Go¥wn#n¢• March 2024 720 720 212 30 General Supwi Accountanw Fees DBS Fees Tiuslee Meelings Bank Fees Repairs & Maintenance IT Software. Consumables & Websrte C￿aning Depreciation Rent & Rates Minor Equipment Insurance Vehide Repairs, Tax 8 Insurance Travel Expenses Printing. Postsge & Ststowy Telephone [phone],451 6,320 205 373 578 205 373 578 365 577 24248 577 23.528 720 7. Analy$15 of staff costs P•rlod 6th December 2023 to 31st March 2024 Wage5 and Salar￿$ Social Security Costs Pension Costs 15311 16.099 The average number of employees during the peThxl 2 7*Ath a full time equplaknt of 2. The chanty considers rts key management ￿￿onnel lo be knnzie Hogan. The total employment benefits, inclvdFng emFAoyer pension contributK)ns, of the key managèment personnel were £13,146. No emp￿￿ has benefits in excess 01 £60,CIXI. 8. Independent Examiner Fees Dee•mbgr 2023 to 31st March 2024 Independent examination fees 720 720

CHELWOOD FOODBANK PLUS IST(KKPORT) 14 Notes to the •ccounts forthe period 6th DeC•M￿r 2023 to 31st March 2024 9. Tangible Fixgd Assets Portatabin & Improvements to Leased P￿￿18¢$ Vehi¢le5 Flxtures & Flttings Computers Total Cost TrAnsfe￿ed from 1155933 Addthons LlisFK)sals Al 31sl Marth 2024 164.923 50.583 3.688 172,215 78,792 13.0001 248,007 28,209 13.OLKII 28,209 215.5(hS 3.688 Depredation Transferred fr(rf￿ 1155933 Charge lor Period Eliminated on Disposals Al 31 st March 2024 2.5 2.801 2.678 39,374 10,451 3.000 46,825 24 40.924 2.351 NET BOOK VALUE At 31 st March 2024 174.582 25.858 742 201,182 10. Analysi5 of debtors 31st March 2024 Olher debtNs & p￿paYm￿ls 8.374 .374 I deblcKs 8nd prepayThent rebd to unrestraed fv[￿s. 11. Creditor&' amounts falllng due withln one year 31st Marth 2024 Other ¢redrtors and accruals 5.41Y 5,409

CHELWOOD FOODBANK PLUS (STOCKPORT) 15 Notès to the accounts for the period 61h December 2023 to 31st M•r¢h 2024 12. Analysls ol charltabl• funds Analy516 of movements In unrestricled fund¥ TrnnsleTS Chetwood F¢)od Bank Res¢)urees Charoty No. 31st Mar¢h 1201702 2024 TTrrtshrrpd Irom Charmy 1155933 General Fund Designated Funds 284.676 86.973 184.0181 {1.9381 285.693 50.000 335,693 334.676 86,973 184.0181 {1,9381 Analysls of movements In restricted funds Tra￿leT$ to Chelwood Food Bank TransfenEd from Ineomln9 Resour￿ CtArlty No. 31st March Charity 115S933 Revjurc Ex￿nded 1201702 2024 National Lottery Fund- Cosl of LM"ThJ National Lottery Fund Julia and Hans Rau$iThJ Trust 11.251} 6.951 38.769 17.6381 {27.[￿) 12,400 137.0981 1,938 11,709 2,4CiI 1.149 45.720 1.938 11.709 Total 335.825 132.693 121,116 347.402

CHELWOOD FOODBANK PLUS ISTOCKPORTI 16 Notgs to th• a¢¢ounls forlhp period &h December 2023 to 31st March 2024 12. Analysis of ¢harltsble funds cont.. Name ol restricted fund.. National Lottery Fund - Cost of LNing National Lottery Fund Julia and Hans Rausing Trust De￿￿p￿1)n. nature •nd purpose of the fund the c￿1 of INing fvnd for grarrts. salanes and we o)sts for staff CA)5ts and rent Nam• ol unr•striet•d fund: General Fund Designated Funds Description. nature and PUTPQS• of thè fibnd The free reserves. for luture redundancy and closure costs 13. Anatysi$ ol asxèts betwe•n funds iknreBtrietgd Dosignat¢d R¥triet•d fvnds funds fvnds Total 31st March 2024 Tangible fixed assets Cash at bank and in hand Other nel current assetsllliatslii￿s Totsl 201.182 81.546 2.965 285.693 201.182 143.255 2.965 347,402 11,709 11,709 14. Post balance sheet events The trustee5 Cons￿er that there were no I￿1 baLqn( sheel events to d*d)se 15. Financial Instruments The charty ￿lY h88 finanual assets 8nd Itaknlities of a kind that walrfy as bafAc financial nstruments. B3$ic financial instruments are Initialty ￿CogniSed on a tranSart￿n value and subsequentty rneasured at their settlement value wth the excepb.on of bank knan$ measured at an amorb.sed cost u%ng the effe¢tNe interesl rnethod. 16. Operating Leases At 31sl March 2024 the charity had future minimum ￿0$e pa￿￿ents undw nOn4an￿lL4b1e operakn.ng beases. as follows.. 31$t M¥r¢h 2024 Not later than 1 year Later t￿n 1 year and not later than 5 year5 32.rxJ)