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**Charity number: 213074**
## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2024**
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 3|
|**Independent examiner's report**|4|
|**Statement of financial activities**|5|
|**Balance sheet**|6|
|**Notes to the financial statements**|7 - 15|
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
**REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **Trustees**
The Earl of Kinnoull Mr Andrew Murray
## **Charity registered number**
213074
## **Principal office**
17/2 London Street Edinburgh EH3 6LY
## **Accountants**
James Cowper Kreston Chartered Accountants Apex Forbury Road Reading RG1 1AX
## **Bankers**
CAF Bank Ltd 25 King Hill Avenue Kings Hill West Malling Kent ME19 4JQ
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024**
The Trustees present their annual report together with the financial statements for the year 1 October 2023 to 30 September 2024.
## **Trustees**
The Trustees named on page 1 have served throughout the year. Appointment of Trustees is governed by the Trust Deed of the charity. Further Trustees are appointed by mutual agreement of existing Trustees. If in the event of death or for any other reason the number of Trustees falls below two, the President will appoint a Trustee to make up the minimum number of two. Trustees do not have to apply for re-election. The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing trustee.
## **Investment powers**
The Trust Deed authorises Trustees to make and hold investments using the general funds of the charity. The Trust holds investments in the M&G Charifund together with some cash reserves of approximately £60,000 to cover the eventuality of a cancelled ball.
## **Constitution, objects and policies**
The Charitable Trust is constituted by Trust Deed. The object of the Trust is for the charitable aid of the Queen Victoria School, Dunblane or other charitable purposes connected with Scotland.
The Trust's constitution requires that it maintain a reserve of between 50% and 100% of the estimated costs of a single ball. This is a prudent measure to ensure that the Trust can continue in the event of the ball having to be cancelled.
The Trustees have had regard to the Charity Commission's guidance on public benefit.
## **Development, activities and achievements**
The Trustees and executive committee meet approximately 4–6 times a year to organise the Royal Caledonian Ball, discuss the work of the Royal Caledonian Charities Trust, and to decide which causes to support.
The Trust continued its normal programme of activity during the year ended 30th September 2024, with the Royal Caledonian Ball held at Grosvenor House on Friday 9th May 2024.
In addition, on Saturday 28th September 2024, the Trust hosted a second Ball in Edinburgh at the Assembly Rooms — the Trust’s first event north of the border in its two hundred year history. Held in memory of the late John Bullough MBE, the Ball was in aid of Scotland’s Charity Air Ambulance (SCAA).
## **Financial review**
As ever, the Trust’s income was driven primarily by fundraising activity through the Ball(s). Like-for-like ticket sales for the main Royal Caledonian Ball were £122,452 (2023: £128,317), reflecting a slightly reduced number of guests (705 vs 723 in 2023) and fewer guests choosing to dine at Grosvenor House before the Ball.
However, total ticket income increased significantly in 2024 due to the additional Edinburgh event. Total net ticket income across both Balls was £161,485, including £39,033 from the Edinburgh Ball. The Edinburgh Ball also generated additional fundraising income through donations and auction proceeds totalling £16,430. Of this ticket, donation and auction income from the Edinburgh Ball, £17,180 was received in October 2024, but has been recognised in this financial year via accruals.
Income from Investments, Interest and Patroness subscriptions remained broadly stable. Total income for the year was therefore £196,741 (2023: £139,192).
With the additional expenditure of the Edinburgh Ball only slightly offset by reduced Grosvenor House costs, total expenditure (excluding grants made) increased significantly to £152,073 (2023: £109,287). However, given the large increase in income, this resulted in an increased net surplus before grants made of £44,668 (2023: £29,905).
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024**
Grants made in the year (based on the prior year surplus) were £16,200 (2023: £16,120). Grants of £36,750 were issued post year end, including £16,750 to SCAA from the Edinburgh Ball, and £20,000 to six other Scottish charities from the main London Ball.
## **Future developments**
The trust would like to thank everyone involved in the charity for their loyal support and they look forward to ensuring that the ball continues to be the most successful and enjoyable event of the London Season.
## **Statement of Trustees' responsibilities**
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 & 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Andrew Murray 01 Apr 2026 12:04:35 BST (UTC +1)
................................................ **Mr Andrew Murray** (Trustee) Date: 01 April 2026
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **Independent Examiner's Report to the Trustees of The Royal Caledonian Charities Trust ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 September 2024.
## **Responsibilities and Basis of Report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
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:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 1 April 2026 Alexander Peal BSc (Hons) FCA DChA
## **James Cowper Kreston**
Chartered Accountants Apex Forbury Road Reading RG1 1AX
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024**
|**Note**
**Income from:**
Donations and legacies
2
Other trading activities
3
Investments
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Net income before net gains/(losses) on**
**investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**13,524**
**179,930**
**3,287**
**196,741**
**148,277**
**19,996**
**168,273**
**28,468**
**1,615**
**30,083**
**116,191**
**30,083**
**146,274**|**Total**
**funds**
**2024**
**£**
**13,524**
**179,930**
**3,287**
**196,741**
**148,277**
**19,996**
**168,273**
**28,468**
**1,615**
**30,083**
**116,191**
**30,083**
**146,274**|Total
funds
2023
£
2,266
134,297
2,629
139,192
105,395
20,012
125,407
13,785
(1,817)
11,968
104,223
11,968
116,191|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 7 to 15 form part of these financial statements.
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **BALANCE SHEET AS AT 30 SEPTEMBER 2024**
||||**2024**|**2024**||2023|
|---|---|---|---|---|---|---|
||**Note**||**£**|||£|
|**Fixed assets**|||||||
|Investments|11||**29,604**|||27,989|
|**Current assets**|||||||
|Debtors|12|**20,735**|||-||
|Cash at bank and in hand||**126,722**|||90,794||
|||**147,457**|||90,794||
|**Current liabilities**|||||||
|Creditors: amounts falling due within one|||||||
|year|13|**(30,787)**|||(2,592)||
|**Net current assets**|||**116,670**|||88,202|
|**Total net assets**|||**146,274**|||116,191|
|**Charity funds**|||||||
|Unrestricted funds|14||**146,274**|||116,191|
|**Total funds**|||**146,274**|||116,191|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Andrew Murray 01 Apr 2026 12:04:35 BST (UTC +1)
................................................
**Mr Andrew Murray** (Trustee) Date: 01 April 2026
The notes on pages 7 to 15 form part of these financial statements.
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Royal Caledonian Charities Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **1.2 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
## **1.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **1. Accounting policies (continued)**
## **1.4 Expenditure**
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and governance costs are incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **1.5 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
## **1.6 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **1.7 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **1.8 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.9 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **1. Accounting policies (continued)**
## **1.10 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2. Income from donations and legacies**
|**Unrestricted**
**funds**
**2024**
**£**
Donations
13,524
**Total 2024**
13,524
Total 2023
2,266|**Total**
**funds**
**2024**
**£**
**13,524**
**13,524**
2,266|Total
funds
2023
£
2,266
2,266|
|---|---|---|
||||
## **3. Income from other trading activities**
## **Income from fundraising events**
|**Unrestricted**
**funds**
**2024**
**£**
Ball tickets
161,485
Auction
12,830
Subscriptions from patronesses
5,615
**Total 2024**
179,930
Total 2023
134,297|**Total**
**funds**
**2024**
**£**
**161,485**
**12,830**
**5,615**
**179,930**
134,297|Total
funds
2023
£
128,127
-
6,170
134,297|
|---|---|---|
||||
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **4. Investment income**
|**Unrestricted**
**funds**
**2024**
**£**
Income from listed investments
1,656
Investment income
1,631
**Total 2024**
3,287
Total 2023
2,629|**Total**
**funds**
**2024**
**£**
**1,656**
**1,631**
**3,287**
2,629|Total
funds
2023
£
1,653
976
2,629|
|---|---|---|
||||
## **5. Expenditure on raising funds**
## **Costs of raising voluntary income**
|**Unrestricted**
**funds**
**2024**
**£**
Hotel costs
107,285
Orchestra and pipers
7,057
Programmes, invitations and printing costs
13,874
Other event costs
7,131
Administration and office expenses
22
Bank charges
101
Secretary's fees
10,000
Insurance
2,807
**Total 2024**
148,277
Total 2023
105,395|**Total**
**funds**
**2024**
**£**
**107,285**
**7,057**
**13,874**
**7,131**
**22**
**101**
**10,000**
**2,807**
**148,277**
105,395|Total
funds
2023
£
86,900
5,000
-
1,165
93
149
10,000
2,088
105,395|
|---|---|---|
||||
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **6. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2024**
**£**
Governance costs
3,796
Grants
16,200
**Total 2024**
19,996
Total 2023
20,012|**Total**
**2024**
**£**
**3,796**
**16,200**
**19,996**
20,012|Total
2023
£
3,892
16,120
20,012|
|---|---|---|
||||
## **7. Analysis of expenditure by activities**
|Governance costs
Grants
**Total 2024**
Total 2023|**Grant**
**funding of**
**activities**
**2024**
**£**
-
16,200
16,200
16,120|**Support**
**costs**
**2024**
**£**
3,796
-
3,796
3,892|**Total**
**funds**
**2024**
**£**
**3,796**
**16,200**
**19,996**
20,012|Total
funds
2023
£
3,892
16,120
20,012|
|---|---|---|---|---|
||||||
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **8. Analysis of grants**
||**Grants to**|**Total**|Total|
|---|---|---|---|
||**Institutions**|**funds**|funds|
||**2024**|**2024**|2023|
||**£**|**£**|£|
|Grants|16,200|**16,200**|16,120|
The Charity has made the following material grants to institutions during the year.
|Borders Children's Charity
Dumfries & Galloway Befriending Project
Families First St Andrews
Gordon Highlanders Association
Granton Parish Church
Islay & Jura Sick Children
North East Rider Volunteers Scotland
Pregnancy Counselling & Care (Scotland)
Riding for the Disabled (Glasgow Group)
Sisters of Mercy Homeless Project
SLCCF|**2024**
**£**
**1,800**
**1,800**
**1,800**
**-**
**1,800**
**-**
**1,800**
**1,800**
**1,800**
**1,800**
**1,800**
**16,200**|2023
£
-
-
-
2,000
-
1,000
-
4,320
2,300
2,000
4,500
16,120|
|---|---|---|
## **9. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £1,296 (2023 - £1,248).
## **10. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 30 September 2024, no Trustee expenses have been incurred (2023 - £NIL).
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **11. Fixed asset investments**
|**Cost or valuation**
At 1 October 2023
Revaluations
At 30 September 2024
All the fixed asset investments are held in the UK.|**Listed**
**securities**
**£**
**27,989**
**1,615**|
|---|---|
||**29,604**|
|||
|**12.**
**Debtors**
Prepayments and accrued income
**13.**
**Creditors: Amounts falling due within one year**
Other creditors|**2024**
**£**
**20,735**
**2024**
**£**
**30,787**|2023
£
-
2023
£
2,592|
|---|---|---|
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **14. Statement of funds**
## **Statement of funds - current year**
||||||**Balance at**|
|---|---|---|---|---|---|
||**Balance at 1**||||**30**|
||**October**|||**Gains/**|**September**|
||**2023**|**Income**|**Expenditure**|**(Losses)**|**2024**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General funds|**116,191**|**196,741**|**(168,273)**|**1,615**|**146,274**|
|||||||
|**Statement of funds - prior year**||||||
||||||Balance at|
||Balance at||||30|
||1 October|||Gains/|September|
||2022|Income|Expenditure|(Losses)|2023|
||£|£|£|£|£|
|**Unrestricted funds**||||||
|General funds|104,223|139,192|(125,407)|(1,817)|116,191|
## **15. Analysis of net assets between funds**
**Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Fixed asset investments
29,604
Current assets
147,457
Creditors due within one year
(30,787)
**Total**
146,274|**Total**
**funds**
**2024**
**£**
**29,604**
**147,457**
**(30,787)**
**146,274**|
|---|---|
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## **THE ROYAL CALEDONIAN CHARITIES TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **15. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2023
£
27,989
90,794
(2,592)
116,191|Total
funds
2023
£
27,989
90,794
(2,592)
116,191|
|---|---|---|
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