CHARITY OF SARAH. DUCHESS OF MARLBOROUGH ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Registered Charity Numb8r: 209390
CHARtrY OF SARAH. DUCHESS OF MARLBOROUGH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 fvIARCH 2022 Page Key Personnel and Advi501$ Trustees, Report Independent Examiftèrfs Report Slalement of Financial Aetlvities Balance Sheet Notes lo the Finan¢i81 Statèments 9-15
CHARITY OF SARAH. DUCHESS OF MARLBOROUGH KEY PERSONNEL AND ADVISORS FOR THE YEAR ENDED 31 MARCH 2022 TRUSTEES Mrs J Chamock Mrs C Fletcher Ms U Dunleavy Mrs E R Harris Mr D Goodridge Mr B Gibbard Cllr J Taylor Mrs H Pakenham Mr Dale Sellers CLERK Mfs C Abrahams OFFICE ADDRESS 48 Marlborough Buildings Halfield Rrjad Sl Albans Herts AL13RW ALMSHOUSE ADDRESS 18-88 Marlborough Buildings Hatfield Road St. AlbanB Herts. ALA 3RW ACCOUNTANTS Mercgr & Hole 72 London Road Sl Albans AL1 1NS BANKERS Barclays Bank PIC 22-24 Uppef Marfborough Road Sl. Albans Hèrts. AL1 3AL SOLICITORS Debenhams Ottaway Ivy House 107 St. Peter's Street St. Albans Herts. AL1 3EW
CHARITY OF SARAH, DUCHESS OF MARLBOROUGH TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Tiuslee$ have pleasure in presenting their Annual Report and Fin8n¢ial Slalements of the charity for the year ended 31 March 2022. The financial stslements have been prepared in accordance wth the accounting policies set out on pages 9 to 11 and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Stslement of Recommended Pracli¢e applicable to charities preparing their accounts in accordance wlh the Financial Reporting Stsndard applicable the UK and Republlc of Ireland IFRS 1021 (effective January 20191. OBJECTS OF THE CHARITY The objects are as set out in the scheme of the High Court of Chancery of the 3 June 1867 and in the matter of the Charitable Trust Acts 1853 Its 1939 and the Scheme approved for the regulation of the above- mentioned Charty sealed by Older of the Board on 2nd day of September 1955. They are the provision and continuing maintenance of the almshouse in Haffield Road, St Alban$ for the benefit DI poor persons ol good character and over 60 years of age. PUBLIC BENEFIT When planning the chartty's activitses, the trustee5 have considered the Charfty Commission's guidance on public benefit, and the trustees believe that the activity of the ¢harity and the services that il provide5 do constitute public benefit. TRUSTEES The trustee5 who have served during Ihe year and since the end of the year are as follows- Mrs J Charnock Mr5 C Fletcher Ms U Dunleavy Mrs E R Harris Mr D Goodridge Mr B Gibbard Cllr J Taylor Mrs H Pakenham Mr Dale Sellers {appointed 22 October 20211 STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity of Sarah, Duches5 of Marfborough is a registered ¢harity number 209340. 11 is governed by Board of Trustees, which is responsible lor the strategic direction of the Charity and for establishing policy. Appointment of Trustees The scheme allows for nine trustees. One ex-officio who is the Vicar for the time being of the Ecclesia$lical Parish of St. Leonards, Sandridge. Two Represenlalive Tmslees appointed by St. Albans and District Council for a term of four years and six Co-oplative Trustees for a term of five years by the Resolution of the Tiuslees. The Co-oplative Trustees shall be persons residing or carrying on business in or near the City of St. Albans.
CHARITY OF SARAH, DUCHESS OF MARLBOROUGH TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2022 When consi¢Jering new trLFslees, the Board has regard to the requ1ment for any specialist skills needed. New Trustees undergo an induction process lo brief them on their legal obligations under charity law, the Charity Commission guidance on Public Benefit, and infom tt)em of the content of the Scheme, the deci5ion- making prtscess and the fecenl financial perfomiance the charity. Oryanlsation The Board meets up to 5 limes a year and there are sub-committees covering residents. finance and eslales. The Trustees have appointed a Clerk to carry out the day to day management. OUR ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE The charity operates in a Grade 2 listed building. providing accommodation within 35 selfdconlained units. maintaining the property and grounds and providing communal facilities for the benefrt of residents. The activities undertaken to support these aims remain broadly Slmilar from year to year. These include carrying out planned maintenance and upgrade projects in order that the alms-hoLtse accommodation meets the needs of sIdentS. The Iruslees are aware of the need lo balance the preseNation of the building wilh the provision of accommodation that meets current standards. Accordingly, the Trustees have adopted a policy of retaining funds lo ensure that the fabric of the building and accommodation is propedy maintained. Quinquennial surveys are carried out every 5 years to detemiine the requirements and focus of major repair w0S of the Charity. The next quinquennial survey is scheduled for 2022123. A long-temi ffinancial plan is maintained to ensure that funds are being managed in a way lo allow for long temi maintenance works to be carried out. FINANCIAL REVIEW The most recent accounts Cover the year ended 31 March 2022 - comparative accoun15 cover the 12 months period from 1 April 2020 to 31 March 2021. Total income for the period wa5 £234.78012021.. £186,471). Total expenditure on the Charity's activities in the yearwas £148.425 compared wth £91.982 in the previous period. In the general unrestricted fund, there was a surplus for the year of £86.35512021'. £94,489) with the increase due to less fijnds being utilised in Ihe year on the urb1$hMent and maintenance wort on the propety. Over811, there was a surplus (general, and endowment) forthe year of £198.02012021'. surplus £304,015) aftertsling acwunl of the movement in investment values afising duiing the period.
CHARITY OF SARAH. DUCHESS OF MARLBOROUGH TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2022 The market value of the Charity's COIF Fund investments increased in the year by £111.665 12021.. £209,526 increase) bringing the total market value of the porttolio in the peiiod lo £1.399,778 as al 31 March 2022131 March 2021.. £1,288.1131. The trustees are pleased wth the financial perfomiance for the year. which indicates that the underlying financial position of the Charity is salisfactcry. The age of the Charity's Property asset is such that details of the original cost are unavailable. The Iru51ees see no useful purpose in estimating current usage values forpropety ofthis type and. therefore. the value offreehold property is nol reflected in the financial statements. The sum insured for the buildings al 18-88 Haffield Road. is currendy £6,531,139. At the renewat dale, which is the 30th June, this rill be index linked. Investment Pollcy and Performance There a no restrictsons on the Charity's power to invest. The investrnenl objective of the trustees is to combine incorne and Capital growth in a conservats've manner. The finance committee regularfy seeks professional advice on the allo¢ation of inveslmenls. The assets of the Charity have been divided into the following funds: C?pltsl- Endowmènt Fund This is the Chariws permanent 12pital base and only Ihe income 8ri8ing from this fvnd may be expended on th8 Charitys objeds. Major Repairs Designated Fund This fund ran be utilised lo finance non-recurrirvJ repaiTr. Recent surveys irhYic8te that this fvnd ¥MII be crumedW11hin the mediurn tenv. General Fund This preSentS thè dayloday oflh8 Charity and can b¢ ulls¢d by Ihe Trustees as they see fft. This is Jrrent invested in the COIF Charities Investmentfund. the Barcw Bank Current account and the Baidays Bank 8usiness Savèr account. The trusts continueto bdieve it is prudent to mantain resetves at this level. Thiswill continue to revM¥ed amUal as part ofthe Item7 plan. Reserves The free reserves oflhe charity after anwng forffxed assets and the pernanI endowment furKI were £358,(X)1 P021.' £277.26713t 31 March 2022. The trustees seek to maintsin unreslricted serveS al a level that wll albwlhe day to day Operat of the almshouse to continue forlhe foreseeable future and the ¢urrent levèl of reseNes is consistentwilh this. The Iruslees are aware that larger onff projects will require some investments to L realised.
CHARITY OF SARAH, DUCHESS OF MARLBOROUGH TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2022 RISK MANAGEMENT Th¥ Trustees continue lo consKler the major risks to which thè Charity is exposed and are satisfied that system are in place to mitigate those rnalerial risks. PLANS FOR FUTURE PERIODS A plan is being implemented lo enhance the fire resistsn¢e of the Charity's premises. There are no other major projects planned for the immediale ftrture. TRUSTEES RESPONSBILITIES IN RELATION TO THE FINANCIAL STATEMENTS Tha char¢ty trustees are responsible for prep8ring a Trustees. Annual Report and the financial $lalements in accordance wrth applicable law and United Kingdom A¢xounting Standards IUnf¢ed Kingdom Generally Accepted Aceount*ng Practicel. The law applicable to charities in England & Wales iequiie5 the trustees to prepare finanrial 51alemènts for eath financial year whith give a true and fair v¢ew of the of the charity and ol the incoming resources and application of resouTces of the charity for that period. In preparing these financial statements, the trustees are requirèd to.. a) select suitable accounting policies 8nd then appty them consistentty.. b) obselve the methods and principles in the Charities SORP.. cl make judgments and estimates that are reasonable and prudent., d) state whether applicable acLounting standards have been follijwed, subject to any material e) departures disclosed and explained in the financial statements. fj prepare the finanrial Statements on the going con¢em basis unless it is inappropriat8 tts ptssume that the charily will continue in operation The Iruslees are responsible for keeping proper accounting records that ¢Jlsclose with reasonable accura at any time the financial position of the charity and to enable them to ensure that the financial stalemonts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2CM)8 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonab steps forthè prevention and detecbon of fraud and other irregu18ritl8S. SIGNED ON BEHALF OF THE TRUSTEES David Goodiidge Date
CHARITY OF SARAH, DUCHESS OF MARLBOROUGH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DUCHESS OF MARL80ROUGH CHARITY I report lo the charity Ituslees on ffly ¢xaminati¢>n of the accounts of the charity for the year ended 31 March 2022 which ale set out on pages 7 to 15. Responsibilities and basis of report As the charity's Irvslees you are responslbJ¢ for the preparation of the accounts in accordance with (he requirements ol the Charities Act 2011 I'the Act'l. I report in respect of my trxamination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the appli¢able Directhons given by the Charity Commission under section 14515llbl of the Aet. Independent examine5 statement I h8ve completed my examination. I c4Jnffirm that no material matters have cotne to my attention in connectloft Mlh the examination giving me cause to believe that in any material respect.. aoxunting records were not kept tn ie5pect gfthe charity as required by section 130 of the Act., or the accounts do not accord with thtsse records., or the accounts do not Comply with the applicable requirements concerning the fomi and content of attounl8 sel out in the Charrties (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a'lrue and fail view. whiGh is not a matter considered as part of an independent exaTllinalion. I have no conM$ and have come 8cross no olh8r mattèrs in eonnection wsth the examination to which attention should bè drawn in this report in orderto enable a proper understanding of the account3 lo be rgached. steve Robinson FCA Institute of Chartered Accountants in England an¢J Wale$ 72 London Road Sl Aban$ AL1 INS Date 6 O¢tober 2022
CHARITY OF SARAH, DUCHESS OF MARLBOROUGH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Genèral Unrestricted Funds Endowm•nt Fund Total Year ended 31.3.22 Total Year ended 31.3.21 INCOME AND ENDOWMENTS Charitable activiti Conlr¢bulions by Residents 194.403 194,403 153.890 Investrnent income.. - Interest Dividends 27 38.572 27 38,572 30.744 Other Incorne 1.778 1,778 1.693 Totsl Ineomè 234.78Q 234 780 186471 EXPENDITURE Charitable Activities: Operation of Alrns-house 148.425 148.425 91.982 Total Expenditure 148.425 148.425 91.982 N•t IncomellExpenditurel bèfore other recognlsed gains and losses carrled forward 88.355 86.355 94,489 Unreallsed and reallsed gainslllossesl on investment assets 1(.044 5.621 111,665 209.526 Net IncomellExpenditurel 192.399 5.621 198,020 304.015 Transfers between fvnds Net Mov•m•nt In Funds 192.399 5,621 198,020 304.015 Fund balances brought forward q Aprll 2021 1,585 380 1649 973 1,345.958 Fund balances carried forward 31 March 2022 12 1,757.779 90,214 1.847,993 1,649.973 The Slatèm8nt of Financi81 Activitles includes all Gains and Losses recLJgnised in the year. All thè above results are derived from continuing activities. The notes on pages 9 to 15 fomi part of these financial statements.
CHARITY OF SARAH. DUCHESS OF MARLBOROUGH {Regi$tered Charity Number 2093401 BALANCE SHEET AS AT 31 MARCH 2022 31.3.22 31.3.21 Notes FIXED ASSETS T8ngible assets Investments 1399 778 1,288,113 1,399.778 1,288.113 CURRENT ASSETS Debtors Cash at bank and in hand 10.082 456,192 3,823 378,594 466,274 382,417 CREDITORS.. Arnounls falling due within one year 18,059 20,557 NET CURRENT ASSETS 448,215 361,860 NET ASSETS 1,847,993 1.649.973 CHARITY FUNDS General 1.077,158 884,759 Designated Funds: Major RepaiTS Fund (formerly Emergency repair fund) Utility Fund 680.621 680.621 Total Unrgstri¢ted Funds 1,757,779 1,565,360 ENDOWMENT Capital Fund 10 84.593 TOTAL CHARITY FUNDS 1847,993 1,649.973 Approved on behalf of the Trustees Mr D Goodiidge Date The notes on pages 9 to 15 form part oflhese ffinanryal stalèm8nts.
CHARITY OF SARAH, DUCHESS OF MARLBOROUGH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES Basis of Accounng The Financial Statements have been prepared in accordanc6 wtth the Statèment of Recommended PraCte.. Accounting and Reporting by Charrties preparing their accounts in accordan with Finanaal Rèporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 1 October2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland IFRS1021 ,the Chaiities Act 2011 and UK Generally Attepted Practice as it applies from 1 January 2018. The Chanty ¢onslitules 3 public entity as defined by FRS102. The Trustee5 consider Ihal lhe are Th) material uncertainties about Ihe ability to continue as a going concem. Judgernents and key sources ofestimation uncertainty The preparation of the finanri81 statements requites management to makejudgements. eslimes and assumptions that affect the amounts reported for assets and liabilthes as at the balance sheet date and the amounts reported for revenues and expenses during Ihe year. The nature of eslimalion rreans that actuaj oulcornescould differfrom those estimales. The followingjudgements have had a signthcant effecion amounts recognised in the finanaal statements.. Freehold Property The age olthe Charitls propety assets is such that details of the original cost are unavailable. The trustees see useful purpose in estimating current usage values for property ol Ihis type and. therefo, the valu6 of freehokl property is not reflected in the financial statements. Tanglble fixed assets and depreCIaOn l assets apart frotn fveehold property Ix)stirvJ mofe than £1,000 are <wrtali5ed and valued at historic cost. Depreciation is charged on existing equipment on a slraight-b'ne bass over its estimated useful lrfe of 10 years. re the tW5tees 8s5ess that fair value is less than nel book value the assets are irnpaired. Invèstmènts Investments arè Irjuded wlhin the Balan sheet al the market value existing at the Batsno Sheet date. The Stement of financial adNities indudes the nel gains 8rMJ losses arising on revaluatn and disposals during the year.
CHARITY OF SARAH. DUCHESS OF MARLBOROUGH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 (Continued) ACCOUNTING POLICIES Icontinuedl Income Recognition All income is recognised once the charity has entitlement to the income. Ih$re 1$ enough certainty of reIpl and $0 li is probable that the income will be received, and the amount of income fecèwable can be measured reliably. The following specific policies are applicable lo categories of income-. Investment income is induded within the Financial Statements on a gross basis, induding credit for tax dedLKted at source, for amounts re1vable al the Balance Sheèt daté. Contribuiions from Residents are induded in the Statèment of Financial Activities in the period on a reTrNable bas1S. Realised gairts and losses All gains and losses are tsken to the statem8nt of finaneial athvities as Ihey arise. Realised gains and losses on investrnents are calculated as the difference belween sales prOedS and their opening carrying value Of their purchasevalue ifacquired sub5equentlolhefirstdayofthÈfinanrialyea¥. Unrealised gain5 and lossesarecalculated as the drfterents tWeen th&r fairvalu6 at the year end and their CaIng vdue. Realed and unrealk8ed gwns are cx)mbined thin thè statèmÉntoffin*I a(VitS. EKpenditur• abilitiés arè récognised as Èxpenditure as soon as there is a legal or constructive obligation committing the charity lo that expenditure, it is piobable that settlement will be required, and the arnounl of oblyjation can be measured reliably. All expenditure is accounted lor on an accrual's basis. All expenses. including SUPFXJrt costs and g0veMan costs. aTe allocated or apportioned to the applicable expenditure headings in the statement of financAal activities. Charltable activlties Charitable expendilLtre cornprises those costs inwrred by the charity in the delivery of its aclwities and services for ts benefiaaries. It incltKles botr coststhat can alk)trAted ditedy to SLhth activths and those costs of an indirect nature. necessary to support Ihetn. Allocation of support and governance ¢o¥ts Govemance costs indude Ihosecostsasswatedwith rTEeting 1COnstitUtIOnal and statutory requirementsoflhecharity and indude independent examination fees and costs linked to the slrategrc management of the charty. Coststhatare d1CtlY attributable are reallocated on a charitsble activty basis and supportcoststhen added. Central administration and support costs are apportioned to the charitable act¥vities on a reasonable and consistent basis. Irrecoverable VAT Irreryjverable VAT is charged against Ihe expenditure heading forwhich it was incurred. io
CHARITY OF SARAH, DUCHESS OF MARLBOROUGH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 (Continued) ACCOUNTING POLICIES Icontinuedl Funds Structure Unrestricted income funds comprise those funds which the Iruslees are free to use for any purpose in furtherance of the charitable objectives. Unreslrietéd fvnds include designated funds where the trustees. at their discretion. have created a fijnd foi a specific purpose. The capital endowment fund is the charity's pemianent capital base and only th& income 8rising from thi5 fund may èxpènded on the tharity's objedives. Further details of each fund ar8 disclosed in Note 11. Debtors Trade and other debtors are recognised at the settlement amount due after any Iiade ¢Jiscounl offered. Prepayrnenls are valued at the amount prepaid net of any trade discount due. Cash at bank and Sn hand Cash at bank and cash in hand includes cash and short term highly liquid investments that are rèadily convertible to known amounts of cash and are subjecl to an insignifiixnt risk to changes in value. Creditors and provlslons Creditors and provisions are recognisedwherethe cliarity has a present obligation resulting from a past event Ihal will probabty result in the transfer of funds to 8 thiid pawty and the arnount due 10 settle the obligation can be measured 01 estimated reliabty. Ciedilors and provisions are noirn8lly recognisgd at their settlement amount 8fter allowing forany trade discounts due. Finanei81 Énstrumgnts Th6 charity only h85 financi81 assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments ar8 initially recognised al transaction value and subseqkjently rneasured al amortised cost using the effethve interest method. CHARITABLE STATUS The charty is registered with the charity commission, registration nLtmber 209340 and in consequgnce Il is exempt from tsxalion on Inrne arising from and expended on its charitsble activities. CONTRIBUTIONS BY RESIDENTS Total 2022 Total 2021 aintenance contributions li
CHARITY OF SARAH, DUCHESS OF MARLBOROUGH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Icontinuedl ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITY Operating osts of Almshou$es Support and governan¢o 31.3.22 Operatlng costs of Almshouses Support and governance costs 31.3.21 Property. repairs, rèfurbishment and maintenance Light and heat Insurance Water charges Garden and tree maintenance Ggneial upkeep Subscriptions Council tax Legal and professional WMC Collection fees Depr8¢i81ion Impairment ol equipment Sundry expenses 67.697 67,697 25,261 25.261 24.032 4,069 2.661 6.489 24.032 4,069 2,661 6,489 21,S01 3,274 3.113 4,739 21,601 3.274 3.113 4.739 3.074 689 2.927 18.368 21.442 689 2,927 4.320 4.092 580 3,434 1S.172 19,264 580 3,434 3.942 4.320 3,942 4.440 4.440 4,936 4.936 9.659 9.659 1,838 1.838 125,737 22,688 148,425 72,868 19,114 91.982 Support and gov¥man¢o ¢o$ts Ilncludèd above): 31.3.22 31.3.21 Clerk's fees and expenses Independent examination fee 18.388 4,320 1S.172 3.942 22,688 19.114 12
CHARITY OF SARAH, DUCHESS OF MARLBOROUGH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PJlARCH 2022 (Continued) PAYMENTS TO TRUSTEES The Twuslees ieceived no remuneration for their woth as Trustees in eitheT the current or preceding period. During the period no trustees received reimbursement for expenses. FIXED ASSETS INVESTMENTS Designated Funds Endowment Funds Total Cost At 1° April 2021 Additions Disposals At 3151 March 2022 777.347 26,326 803,673 777.347 26,326 803,673 Market Value At 151 April 2021 Additions Disposals Gains on investments Al 31 $1 March 2022 1.223,263 64,850 1,288,113 108,044 1,329,307 5,821 70,471 111.665 1,399,778 Gains on investmenls comprise unrealised gains on revaluation to market value ot £111,66512021'. Nel gains £209,526) and realised gains on disposals of investments ol £NII12021'. £Nill. Detsils of material irwestment are as follows.. % Value of Portfolio COIF Charity Funds Income units 100% DEBTORS 31.3.22 31.3.21 Amount$ due from Residents Prepayments and accrued income 10,082 3,823 10,082 3.823 13
CHARITY OF SARAH, DUCHESS OF MARLBOROUGH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022 (Continued) 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.22 31.3.21 Trade credltors Accruals and deferred Income 1,445 16,614 3,284 17,273 18.059 20,557 ANALYSIS OF MOVEMENTS IN UNRESTRICTED FUNDS Mov¢ment in funds Incoming Expendlture, resources Gains, Losses & Transfers Balance at 1 April 2021 Balance at 31 March 2022 General Fund 884,759 340,824 1148,4251 1,077.158 Designated Funds Major repairs fund 680,621 1,565.380 680,621 1,757,779 340.824 148.425 The Ma5tir Repairs Fund (formerly Emergency Repair Fund) was created to finance non-recurring repairs. 10. ENDOWMENT FUND CAPITAL The capital fund is the charity's permanent capital base and the income arising from this fund may be expended only on the charity's objects. 14
CHARITY OF SARAH, DUCHESS OF MARLBOROUGH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022 (Continued) 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted General Unrestricted Designated Endowment Fund Total Funds Fixed Asset Investments Net current assets 648,e86 428,472 680,621 70,471 19.743 1,399,778 448,215 1,077.158 680,621 90,214 1,847.993 31.3.22 31.3.21 Unrgali¥gd gain$ on investment assets Included above: Unreallsed galns as at 1st Aprll 2021 Net gains on revaluations during the year 886.404 111.665 676.878 209,526 Unr¢ali¥ed gain¥ a¥ at 31" March 2022 998,069 886,404 12. ULTIMATE CONTROLLING PARTY The Trusteès continue lo exercise control over the affairs of the charity. 13. RELATED PARTY TRANSACTIONS No other related party Iransa¢lion$ arose in Ihg thjrrenl poriod or pr¢¢eilin9 year. 14. FINANCIAL INSTRUMENTS 31.3.22 31.3.21 Financial assets Financial assets measured at fair value through profit or loss Financial assets that are debt instruments measured at amortised cost 4S6.193 378.594 456.193 378.594 Financial Liabilities Financial liabilities mea5urtrd al arnortlsed cost 118,0591 120.5571 18,OS9 20.557 15