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2024-12-31-accounts

Charity registration number 209852 (England and Wales)

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr M J Baunton, CBE Mr M Hague-Morgan Mr W Parfitt CBE Mr T C Bonner CBE Mr J Greenwell CBE Mr T Abbott Mr T Walker CBE Mr G Gillespie CBE Mr D Morris Mr R Shaw Mr M Flanagan Mr G Saint Mr L Drake Mr T L Evans Mr J M Neill, CBE Mr G P Jones Baron George Simpson of Dunkeld Mr A Smith Charity number (England and Wales) 209852 Independent examiner Ensors Accountants LLP Connexions 159 Princes Street Ipswich IP1 1QJ Bankers National Westminster Bank plc 38 Strand London WC2N 5JB CCLA Investment Management Ltd Client Service Team COIF Charity Deposit Funds 80 Cheapside London EC2V 6DZ Investment advisors HSBC Global Asset Management 78 St James’ Street London SW1A 1HL

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

CONTENTS

Page
Trustees' report 2 - 6
Statement of Trustees' responsibilities 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Notes to the accounts 11 - 16

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees have pleasure in presenting their report and accounts for the year ended 31 December 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and “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 2015)”.

Objectives and activities

The Charity's sole purpose was originally to make loans or gifts to any poor person or his dependents who were engaged in a position of responsibility in the motor trade, or who contributed to the encouragement, promotion or protection of the motor trade.

In recent years the purpose of the fund has been expanded to offer assistance:

The Trust Deed additionally empowers the Trustees to make grants to BEN (BEN – Motor and Allied Trades Benevolent Fund) and the Trustees should ensure that Trust funds are used effectively and in accordance with the Trust objects. An amendment to the scope was agreed in 2010, permitting annual or periodic grants to any charitable fund, association, corporation or similar having as one of its objects the relief or benefit of any young person or persons of poor indigent or other circumstances, requiring assistance to establish meaningful employment within the motor trade.

In November 2022, the SCTF was approached by BEN to support a further initiative in relation to the Cost of Living crisis. BEN anticipated a significant increase in requests for support due to the crisis and asked the SCTF to contribute to enable them to allocate more grants. The grants were allocated between June 2023 and June 2024 with a total of 51 grants being awarded.

In November 2021, due to its success in previous years, the Trustees agreed to continue to support the Working Assets programme through Toyota and the YMCA Derbyshire. The programme was unable to run during 2020-2023 due to the coronavirus pandemic and its continuing effects along with staff shortages, but at the November 2023 meeting the Trustees agreed to carry over the funding from 2020 into 2024 and the programme began at the end of 2024.

The SCTF have supported a local Youth Club, St Andrew’s for a number of years. In 2023, the Trust was approached and ask for funding for a new initiative that would allow the young people to convert standard bicycles into electric bikes, enabling the young people to learn new skills that are being used in the automotive industry for future technology. The project began in June 2024 and was ongoing at the end of the year.

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance

Significant activities and achievements against objectives

The fund's charitable expenditure for the year is £54,980 (2023: £127,742).

The SMMT Charitable Trust Fund also contributed £40,000 (2023: £40,000) towards Mission Automotive, an armed forces engagement initiative for the automotive industry, in partnership with the Royal Foundation and the Prince and Princess of Wales. The initiative aims to assist ex-service personnel and their families to integrate into the Civilian world and to align transferable skills into the automotive industry. 2023 and 2024 saw a significant rise in the level of interest for Armed Forces engagement from within the automotive industry, largely driven by the industry’s recruitment needs. James Cameron from Mission Motorsport attended the November 2024 meeting to update Trustees on the programme’s progress.

The SMMT CSR staff strategy group launched a financial aid program called "Drive to Thrive." This initiative, developed in collaboration with SCTF and administered by BEN, provides apprentices with grants to cover the cost of driving lessons. The program aims to eliminate a significant financial barrier for apprentices: commuting expenses. A total of £13,500 has been allocated to support apprentices in obtaining their licenses and improving their employment opportunities.

St Andrew’s bike conversion – The SMMT Charitable Trust Fund granted £5,000 in 2023 to St Andrew’s to enable them to run a project for the members of the Club. The project was still ongoing in 2024.

The charitable trust fund also continued funding IET engineering horizon bursaries for six students at a total cost of £7,700 (2023: £5,500).

Financial review

At the year end, the total reserves available are £1,395,421 (2023: £1,316,685). The Statement of Financial Activities shows that the charity has made a gain of £78,736 (2023: £1,716 deficit) including a gain on investments of £141,453 (2023: £134,069).

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Reserves policy

SCTF will always retain a minimum of £1,000,000 in reserves, subject to annual CPI inflationary rises from 2021 onwards.

The Charitable Trust follows a base policy whereby dividend income and profit on sale of assets is made available for suitable charitable activities on an ongoing basis, subject to the reserves policy.

In addition, if an appropriate funding activity presents itself, spend level may be increased on a discretionary basis with the approval and agreement of the Chairman and majority of trustees.

It is the policy of the Charity to maintain the unrestricted charitable funds at a level appropriate to generating investment income to cover the direct charitable expenditure in each year.

The Charity only has unrestricted reserves for use in line with the policies of the Charity at the discretion of the Trustees for the furtherance of the Charity's objects.

Movement in reserves

The reserves and its policy are set out as follows:

2024 2023
£ £
Fund Balance as at beginning of the year 1,316,685 1,318,401
Restricted Designated Funds: - -
Unrestricted Funds 1,316,685 1,318,401
Profit/(Loss) from Investments 141,453 134,069
Admin Expenses (7,737) (8,043)
Funding Mission Motorsport (40,000) (40,000)
Grants to BEN - (61,350)
The Institution of Engineering and Technology Bursaries (7,700) (5,500)
Formula 1 in Schools - (300)
Drive to Thrive (5,280) (13,200)
Toyota Working Assets (2,000)
-
St Andrews Bike Conversion - (5,000)
Grants to Individuals
-		 (2,392)
Total Funds at the end of the year 1,395,421 1,316,685

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Investment policy

Investment policy

Since April 2012 HSBC Global Asset Management have acted as custodian trustees of the fund with HSBC Private Bank acting as advisors since 2015.

The Trustees see protection against inflation as important and have required capital growth to ensure that the future stipends expenditure is met. In consultation with HSBC, the Trustees reviewed their investment strategy against the HSBC ‘charity investment tree’ to assess the appropriate balance between risk and return over the short, medium and long term. The Trustees concluded that the HSBC UK Growth and Income Strategy would be the most appropriate strategy in the circumstances. This should achieve a balance between long term capital growth and income with some protection against inflation. The fund would be well diversified and offer exposure to fixed interest securities (26.9%), equities (60.9%% both UK and global) and alternative investments such as property, private equity, and commodities (12.3%).

The expected return from the asset classes within the fund would be 5.3% per annum over the long term, to which HSBC would aim to add an outperformance of 1.0% to make the long-term investment cycle (5-10 years) portfolio return of 6.3%.

A quarterly investment report on past performance and long-term outlook is issued to the Trustees who meet to review the performance on an annual basis. An annual management fee of 0.45% applies; payable quarterly in arrears (plus VAT) and HSBC do not charge for transaction commissions.

There are no restrictions on the Charity’s power to invest.

Major risks

Risk management

An analysis of the risks faced by the Charity in areas of operations, administration and finance was carried out in collaboration with the investment portfolio management. In preparation of both a hard and a soft Brexit, the risks the Charity may face and the need to diversify the portfolio was discussed, and appropriate measures were implemented to mitigate these risks.

Structure, governance and management

The Charity is constituted under a Trust Deed dated 3 August 1932 as amended 25 May 2010 and is a registered charity under number 209852.

The Trustees who served during the year and up to the date of signature of the financial statements were: Mr M J Baunton, CBE Mr M Hague-Morgan Mr W Parfitt CBE Mr T C Bonner CBE Mr J Greenwell CBE Mr T Abbott Mr T Walker CBE Mr G Gillespie CBE Mr D Morris Mr R Shaw Mr M Flanagan Mr G Saint Mr L Drake Mr T L Evans Mr J M Neill, CBE Mr G P Jones Baron George Simpson of Dunkeld Mr A Smith

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Recruitment and appointment of trustees

The number of Trustees shall not be less than seven and shall consist of the current and past presidents, the current vice-president and honorary treasurer of The Society of Motor Manufacturers and Traders (SMMT) and at least three other persons decided by the Council of the Society.

The current SMMT president and vice-presidents of SMMT or honorary treasurer and all past presidents of SMMT are automatically Trustees of the Charity; this has been the case since 1932. In addition, anyone chosen to be a Trustee by the other Trustees (collectively referred to as Management Trustees) may be appointed. The Trusteeship must maintain a figure of at least seven and a quorum of at least five at all decision making meetings.

On appointment, all Management Trustees are provided with a comprehensive pack of information setting out the history of the fund, the duties, responsibilities and powers of the Trustees, criteria for assessing applications to the fund, the specific roles of the Chairman of the Trustees and the honorary treasurer, the role of the Charity Commission, detail of the Charity's current Auditors, the Charity's Fund Managers and details of all current Trustees.

The Charity's current policy concerning the payment of trade creditors is to:

The Trustees' report was approved by the Board of Trustees.

Gareth P Jones

Gareth P Jones (Jul 21, 2025 20:27 GMT+1) .............................. Mr G P Jones Chairman of the Trustees

Date: .............................................21/07/2025

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

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 affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient 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. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently;

The Trustees are responsible for keeping sufficient 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. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

I report to the Trustees on my examination of the financial statements of The Society of Motor Manufacturers and Traders Charitable Trust Fund (the Charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Malcolm McGready FCA Independent Examiner

Connexions 159 Princes Street Ipswich IP1 1QJ

Dated: .........................22/07/2025

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

**Unrestricted ** Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Investments 3 36,129 35,926
Expenditure on:
Raising funds 4 5,237 5,679
Charitable activities 5 57,480 130,106
Total resources expended 62,717 135,785
Net gains/(losses) on investments 11 105,324 98,143
Net movement in funds 78,736 (1,716)
Fund balances at 1 January 2024 1,316,685 1,318,401
Fund balances at 31 December 2024 1,395,421 1,316,685

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Investments
12
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current liabilities
Total assets less current liabilities
Income funds
Unrestricted funds		 2024
£
£
1,440,548
23,914
(69,041)
(45,127)
1,395,421
1,395,421
1,395,421		 2023
£
£
1,555,165
22,748
(261,228)
(238,480)
1,316,685
1,316,685
1,316,685

The accounts were approved by the Trustees on .........................21/07/2025

Gareth P Jones

Gareth P Jones (Jul 21, 2025 20:27 GMT+1) .............................. Mr G P Jones

Chairman of the Trustees

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

1 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2 Accounting policies

Charity information

The Society of Motor Manufacturers and Traders Charitable Trust Fund is constituted under a Trust Deed dated 3 August 1932 as amended 25 May 2010 and is a registered charity under number 209852.

2.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Trust Deed, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets. The principal accounting policies adopted are set out below.

2.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

2.4 Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

2.5 Resources expended

Expenditure is included on an accruals basis and allocated to the appropriate heading in the accounts.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2 Accounting policies

(Continued)

Charitable activities

Expenditure to meet the charity's aims and objectives. This includes grants to BEN during the year and expenditure of an indirect nature necessary to support the activity.

Governance costs

Those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

2.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Realised and unrealised gains and losses on investments are added to or deducted from the general unrestricted funds. Realised gains and losses in the year represent the difference between disposal proceeds and the market value at the point of disposal.

2.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, cash in transit, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3
Investments
Income from listed investments
Interest receivable
4
Raising funds
Investment management costs
All costs above are allocated to the unrestricted fund.
2024
£
34,704
1,425
36,129		 2023
£
34,075
1,851
35,926
2023
£
5,679
2024
£
5,237
5,237
5,679

5 Charitable activities

Grant funding of activities (see note 6)
Share of governance costs (see note 8)		 2024
£
54,980
2,500
57,480		 2023
£
127,742
2,364
130,106

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Grants payable

Grants to institutions:
Mission Motorsport
The Institution of Engineering and Technology
St Andrews
Drive to Thrive
BEN
North London Collegiate School
Toyota Working Assets
Grants to individuals		 Grants
payable		 Grants
payable
2024
£
40,000
7,700
-
5,280
-
-
2,000
54,980
-
54,980		 2023
£
40,000
5,500
5,000
13,200
61,350
300
-
125,350
2,392
127,742

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. Any expenses incurred by the Trustees were reimbursed by The Society of Motor Manufacturers and Traders Limited.

8 Support costs

Audit fees
Analysed between
Charitable activities		 2024
£
2,500
2,500
2,500		 2023
£
2,364
2,364
2,364

9 Employees

There were no employees during the year.

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

11 Net gains/(losses) on investments

Revaluation of investments
Gain on sale of investments		 2024
£
77,476
27,848
105,324		 2023
£
126,388
(28,245)
98,143

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2024
1,528,900
Additions
686,923
Valuation changes
105,111
Transfer from current account
-
Disposals
(896,335)
At 31 December 2024
1,424,599
Carrying amount
At 31 December 2024
1,424,599
At 31 December 2023
1,528,900		 Cash in
portfolio
£
26,265
(686,923)
29,939
(249,667)
896,335
15,949
15,949
26,265		 Total
£
1,555,165
-
135,050
(249,667)
-
1,440,548
1,440,548
1,555,165

Fixed asset investments revalued

Listed investments are included at their respective market values at each reporting date, these market values are based on the quoted mid point price of each investment held. The historical cost of the investments held at the balance sheet date is £1,212,879 (2023: £1,422,921).

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

13
Financial instruments
Carrying amount of financial assets
Equity instruments measured at cost less impairment
Carrying amount of financial liabilities
Measured at amortised cost
14
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income
15
Unrestricted funds
At 1 January
2024
Incoming
resources
Resources
expended

£
£
£
General funds
1,316,685
36,129
(62,717)
Previous year:
At 1 January
2023
Incoming
resources
Resources
expended

£
£
£
General funds
1,318,401
35,926
(135,785)		 2024
2023
£
£
1,440,548
1,555,165
69,041
261,228
2024
2023
£
£
47,364
249,667
21,677
11,561
69,041
261,228
Gains and
losses
At 31
December
2024
£
£
105,324
1,395,421
Gains and
losses
At 31
December
2023
£
£
98,143
1,316,685		 2023
£
1,555,165
261,228
2023
£
249,667
11,561
261,228

16 Related party transactions

There were no related party transactions during the current or previous financial years that require disclosure.