Charity registration number: 1201711
THE GITTA TANGYE TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
The Gitta Tangye Trust
REFERENCE AND ADMINISTRATIVE INFORMATION
The Trustees who served during the year are:
Ms S M Cutler - Chair Mr S J Jones Mr S R James Mr A F Wilkins
Administrator
Ms Chrissy Garrad
Charity number
The Trust is a registered Charity number 1201711
Principal Office
The Estate Office Wharf Cottage Broombank Tenbury Wells Worcestershire WR15 8NY
Accountants
Shona Cutler Ltd Grove Farm Bungalow Lincomb Stourport on Severn Worcestershire DY13 9RB
Auditors
J W Hinks 19 Highfield Road Edgbaston Birmingham B15 3BH
Bankers
Barclays Bank Plc 54 High Street Worcester WR1 2QQ
Investment Managers
Brewin Dolphin The Chatwin Building 81 Colmore Row Birmingham B3 2BA
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The Gitta Tangye Trust
TRUSTEES' REPORT for the year ended 31 December 2024
The Trustees present their report and the financial statements for the year ended 31 December 2024. Details of the Trust's operations during the year are set out in the financial statements on pages 8 to 13. The presentation complies with the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)(effective 1 January 2019).
The accounting policies adopted by the Charity are set out in Note 1 on page 11.
Structure, Governance and Management
The Charity was created by a Declaration of Trust dated 25 January 2023.
The Charity was dormant during the period ended 31 December 2023 but was notified of its entitlement to a legacy from the Estate of Miss Gitta Tangye during the year ended 31 December 2024. The Charity intends to start making grants to UK Registered charities during the year ended 31 December 2025. No grants were made in the current or previous period of financial statements.
The Charity's constitution restricts its grant making for:
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the public benefit to promote the education (including social and physical training)
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of people in the United Kingdom in such ways as the Trustees think fit, including by awarding to such persons scholarships,maintenance allowances or grants tenable at any university, college or institution of higher for further education;
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to advance the Christian faith in the United Kingdom for the benefit of the public;
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the relief of the physical and mental sickness of persons in need by reason of addiction to alcohol or drugs, including by the provision of counselling and support;
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to relieve the mental and physical sickness of persons resident in the United Kingdom suffering from bereavement or loss by the provision of counselling and support for such persons;
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to promote humane behaviour towards animals by providing appropriate care, protection, treatment and security for animals which are in need of care and attention by reason of accident, sickness, maltreatment, poor circumstances or ill usage and to educate the public in matters pertaining to animal welfare in general and the prevention of cruelty and suffering among animals;
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to provide transport facilities in the United Kingdom for people who have special need of such facilities because they are elderly, poor or disabled, people with young children or those living in isolated areas where there are no adequate public transport facilities;
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to promote for the benefit of the public the conservation, protection and improvement of the physical and natural environment;
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to advance the education of the public in the conservation, protection and improvement of the physical and natural environment;
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the relief and assistance of people in any part of the world who are the victims of war or natural disaster, trouble or catastrophe;
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to relieve financial hardship, sickness and poor health amongst elderly people;
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the prevention or relief of poverty or financial hardship anywhere in the world either generally or individually by providing or assisting in the provision of education, training, healthcare projects and all necessary support designed to enable individuals to generate a sustainable income and be self-sufficient;
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the relief of financial hardship, either generally or individually, of people living in the United Kingdom by making grants of money for providing or paying for items of services or facilities;
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the relief of sickness and the preservation of health among people residing permanently or temporarily in the United Kingdom;
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to advance in life and relieve the needs of young people through:
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the provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life;
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providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature responsible individuals.
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The Gitta Tangye Trust
TRUSTEES' REPORT for the year ended 31 December 2024 (continued)
Structure, Governance and Management (continued)
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to relieve persons, whether or not they are resident or temporarily located in the United Kingdom who are in conditions of need, hardship or distress as a result of local, national or international disaster or by reason of their social and economic circumstances;
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to advance the arts, culture, heritage or science by making grants of money;
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any other charitable purposes for the general benefit of the inhabitants of the United Kingdom for which provision is not made from public rates and taxes as the Trustees shall think fit.
Applications should be made through the Correspondent at the address shown on page 1.
All decisions and matters of policy are determined by the Trustees who meet as often as circumstances require, but not less than once each year. The full number of Trustees is not less than three individuals. Future Trustees must be appointed by resolution of the Trustees. At such time as new Trustees might be appointed they would be given adequate information to enable them to understand the Charity's aims and objectives and their responsibilities as Trustees.
Investment Policy
There are no restrictions on the Charity's power to invest. The Trustees have appointed investment managers on a discretionary basis. The Trustees' objectives are:-
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1) the creation of a sufficient financial return to enable the Charity to carry out its purposes effectively and without interruption;
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2) the maintenance and enhancement of the investment funds in real terms whilst they are invested;
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3) to obtain a reasonable balance between capital growth and income so that the Trust can meet future as well as current needs; and
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4) to avoid investments that are unduly risky.
The Trustees have appointed Brewin Dolphin as investment managers on a discretionary basis. The funds may be invested in any type of investment. The Trustees' policy is to invest in an appropriate mix of assets e.g. property, land, equities, fixed interest and monetary assets.
Reserves Policy
The Charity’s reserves policy is reviewed each year to ensure sufficient reserves are maintained to carry out its grant making objectives. As at the 31 December 2024 the intention is to retain the capital element of funds received in order to support its ability to make grants to charities it wishes to support.
Risk Management
The Trustees keep under review the major strategic and operational risks which the Charity faces and are satisfied that systems have been established in order to minimize the possible effects of such risks on the Charity.
Objectives and Activities
It is the aim of the Trustees, both presently and in the future, to achieve a balanced return between capital and the income, consistent with the wish to maintain the real value of the Charity, in order to maintain its ability to make annual grants to the charities it wishes to support.
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and planning future activities. In particular, the Trustees have considered how planned activities will contribute to its aims and objectives and intend to only make grants and donations to other UK registered Charities.
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The Gitta Tangye Trust
TRUSTEES' REPORT for the year ended 31 December 2024 (continued)
Achievements, Performance and Financial Review
The Charity's financial statements are set out on pages 8 to 13.
The total income for the year was £4,500,000 (2023: £nil) with total expenditure of £2,880 (2023: £nil).
In the Trustees' opinion the Balance Sheet discloses funds adequate for the purpose of fulfilling the obligations of the Charity for the foreseeable future.
Trustees' responsibilities in relation to the Financial Statements
The Trustees are responsible for preparing the Trustees' Report and the 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the Charity's affairs and of its incoming resources and the application of those resources for that period.
In preparing the financial statements the Trustees are required to:
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(a) select suitable accounting policies and apply them consistently;
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(b) observe the methods and principles in the Charities SORP;
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(c) make judgements and estimates that are reasonable and prudent;
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(d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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(e) prepare the financial statements on a going concern basis unless it is considered inappropriate to assume that the Charity will continue to operate.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed.
The Trustees are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 29 October 2025 and signed on their behalf by:
Shona Mary Cutler
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( Trustee)
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF The Gitta Tangye Trust
Opinion
We have audited the financial statements of The Gitta Tangye Trust (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
- In our opinion the financial statements:
give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted
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Accounting Practice , including Financial Reporting Standard 102 'The Financial
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Reporting Standard applicable in the UK and Republic of Ireland' ; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF The Gitta Tangye Trust (CONTINUED)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charity’s (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material
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respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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enquiring with management and others to gain an understanding of the organisation itself including operations, financial reporting and known fraud or error;
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evaluating and understanding the internal control system;
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performing analytical procedures as expected or unexpected variances in account balances or
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classes of transactions appear;
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testing documentation supporting account balances or classes of transactions; and
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confirming accounts receivable and other accounts with a third party.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF The Gitta Tangye Trust (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 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.
James Cruse FCA, FCCA, BSc (Econ) Hons (Senior Statutory Auditor) for and on behalf of J W Hinks LLP
Chartered Accountants and Statutory Auditors 19 Highfield Road Edgbaston Birmingham B15 3BH
29 October 2025
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The Gitta Tangye Trust
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT for the year ended 31 December 2024
| ------Unrestricted ---- | ------Unrestricted ---- | ||
|---|---|---|---|
| Total | Total | ||
| Year | Period 25 January 2023 | ||
| 2024 | to 31 December 2023 | ||
| £ | £ | ||
| Income: | |||
| Donations and Legacies | (Note 3) | 4,500,000 | - |
| __ | |||
| Total Income | 4,500,000 | - | |
| ___ | |||
| Expenditure: | |||
| Direct Charitable Expenditure | (Note 4) | ||
| Grants | - | - | |
| Support costs | |||
| Audit fees | 2,880 | - | |
| ____ | _____ | ||
| Total Expenditure | 2,880 | - | |
| Net Incoming Resources | |||
| for the year | 4,497,120 | - | |
| __ | _____ | ||
| Net Movement in Funds | 4,497,120 | - | |
| Total Funds brought forward | |||
| at 1 January 2024 | - | - | |
| ___ | ______ | ||
| Total Funds carried forward | |||
| at 31 DECEMBER 2024 | £4,497,120 | £ - |
The notes on pages 11 to 13 form part of these financial statements
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The Gitta Tangye Trust
BALANCE SHEET 31 December 2024
| Current Assets Debtors Less Liabilities Amounts falling due within one year (Note 7) Net Current Assets Total Net Assets Funds of the Charity Unrestricted Funds: General unrestricted funds (Note 8) Total Funds of the Charity |
2024 £ 4,500,000 _ 4,500,000 2,880 4,497,120 _ £4,497,120 4,497,120 _____ £4,497,120 |
|
|---|---|---|
The notes on pages 11 to 13 form part of these financial statements
Approved by the Trustees on 29 October 2025.
Shona Mary Cutler
(Trustee)
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| The Gitta Tangye Trust STATEMENT OF CASH FLOWS For the year ended 31 December 2024 Cash flows from operating activities Cash generated for operations (Note 9) Investing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
Period 25 January 2023 to 2024 31 December 2023 £ £ - - - - - - - - £ - £ - |
|---|---|
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The Gitta Tangye Trust
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024
1. Accounting Policies
The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011.
The Charity is a public benefit entity as defined by FRS 102.
The particular accounting policies adopted are:
(a) Accounting Convention
The financial statements are prepared on the historical cost basis of accounting. Incoming resources and their application have been accounted for on the accruals basis of accounting.
The financial statements are prepared under the historical cost convention, and are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
(b) Fund Accounting
All funds are unrestricted and available to spend on activities that further any of the purposes of the Charity.
- (c) Income and Expenditure
All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Other costs are those associated with the administration, constitutional and statutory requirements of the Charity.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Charitable grants are accounted for in the year in which they are paid.
(d) Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
2. Taxation
The Trust has been accepted as charitable by H M Revenue & Customs and as such is exempt from Income Tax and Capital Gains Tax provided its income and gains are applied for charitable purposes.
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The Gitta Tangye Trust
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024
3. Donations and Legacies
During the year the Charity was notified of a legacy from the Estate of Miss Gitta Tangye as sole beneficiary of the residual value of her Estate. The Trustees consider that the Charity has satisfied the conditions for entitlement to £4,500,000 of the legacy as at 31 December 2024 and as a result this is included in the financial statements for the year.
4. Direct Charitable Expenditure
No grants were made during the year (2023: £nil).
5. Trustees' Remuneration and Expenses
No remuneration or expenses were paid or payable in respect of the year, or prior period, out of the funds of the Charity either directly or indirectly to any Trustee or to any person or persons known to be connected with them.
6. Employees
There were no employees during the year or the previous year.
7. Liabilities: Amounts falling due within one year
| 2024 £ Accruals 2,880 £2,880 8. Analysis of Assets between Funds Unrestricted Funds £ At 31 December 2024 Debtors 4,500,000 4,500,000 Less Current liabilities (2,880) £4,497,120 At 31 December 2023 - £ - 9. Cash generated from operations 2024 £ Surplus for the year 4,497,120 Movements in working capital: Increase in trade debtors and other receivables (4,500,000) Increase in trade creditors and other payables 2,880 £ - |
2023 £ - £ - Total £ 4,500,000 4,500,000 (2,880) £4,497,120 - £ - 2023 £ - - £ - |
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The Gitta Tangye Trust
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024
10. Related party transactions
One of the Trustees, Shona Mary Cutler, is the director of Shona Cutler Limited, the Accountants who have prepared these financial statements, but a £nil fee has been charged for this work.
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