Charity registration number 214489
SIR JOHN J HUNT ALMSHOUSES
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 2 JUNE 2024
SIR JOHN J HUNT ALMSHOUSES
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' report | 2 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 - 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 - 15 |
SIR JOHN J HUNT ALMSHOUSES
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | J Richard Wood - Chairman |
|---|---|
| D Dickson | |
| M Walker | |
| I Robertson | |
| Clerk | A L Ware Esq. |
| Cowling Swift & Kitchen | |
| 8 Blake Street | |
| York | |
| YO1 1XJ | |
| Charity number | 214489 |
| Principal address | Cowling Swift & Kitchen |
| 8 Blake Street | |
| York | |
| YO1 1XJ | |
| Independent examiner | Frances Howard FCA |
| Fortus Limited | |
| Business Advisors and Accountants | |
| Equinox House | |
| Clifton Park | |
| Shipton Road | |
| York | |
| YO30 5PA | |
| Bankers | Barclays Bank PLC |
| 1-3 Parliament Street | |
| York | |
| YO1 8XD |
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SIR JOHN J HUNT ALMSHOUSES
TRUSTEES' REPORT FOR THE YEAR ENDED 2 JUNE 2024
The trustees present their annual report and financial statements for the year ended 2 June 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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 published in October 2019".
The legal and administrative information page forms part of this report.
Objectives and activities
The charity's objects are the provision of The Sir John J Hunt Almshouses which was established at Fulford, York in 1952 and there has been no change in these during the year.
The charity has continued to administer the almshouses.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The charity has continued to administer 24 almshouses for residents and 1 house for the gardener/porter. Steps are being taken to convert the old nurses house into two separate dwellings for further residents. Residents must be poor persons of good character who are members of the Church of England aged between 55 and 70 years at the time of appointment or retired nurses or porters of the charity.
The houses have been maintained to a high standard. Steps are taken each year to maintain the character and good condition of the homes.
Financial review
The net income for the year was £96,767 (2023 £3,030). The reserves at 2 June 2024 totalled £1,002,387 (2023 £905,620) of which £538,495 (2023 £473,550) related to designated funds and £463,892 (2023 £432,070) related to endowment funds. The trustees have considered the level of reserves the charity will require to sustain its operations in the future, excluding those funds represented by fixed assets.
A policy has been established that sufficient funds should be held to meet both regular and significant and non-routine expenditure on the almshouses. Regular maintenance expenditure is met from the cyclical maintenance fund; significant and non-routine expenditure is met from the extraordinary repair fund.
The trustees' policy is to maintain the real value of the charity’s investments adopting a prudent policy balancing income and growth to provide security for the future of the charity’s activities. Investments are held on a long- term basis in government stocks and common investment funds for charities.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity was created by the trustees of the late Reginald Hunt, the nephew of Sir John J Hunt. The charity is regulated under an order of the Charity Commission sealed 6 February 1978.
The trustees ex-officio are the trustees of the will of Reginald Hunt, the Lord Mayor of York, the Chief Executive of the City of York and the Dean of York all for the time being. There are also four co-opted trustees who serve for a term of five years.
The trustees, who plan to meet twice a year, administer the charity. Day to day operations are managed by the clerk.
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SIR JOHN J HUNT ALMSHOUSES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 2 JUNE 2024
The trustees' report was approved by the Board of Trustees.
J Richard Wood - Chairman Trustee
17 December 2024
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SIR JOHN J HUNT ALMSHOUSES
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 2 JUNE 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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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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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
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SIR JOHN J HUNT ALMSHOUSES
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SIR JOHN J HUNT ALMSHOUSES
I report to the trustees on my examination of the financial statements of Sir John J Hunt Almshouses (the charity) for the year ended 2 June 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 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all 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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Frances Howard FCA
Fortus Limited Business Advisors and Accountants Equinox House Clifton Park Shipton Road YO30 5PA York
Dated: 18 March 2025
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SIR JOHN J HUNT ALMSHOUSES
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 2 JUNE 2024
CURRENT FINANCIAL YEAR
| Unrestricted Unrestricted Endowment funds funds funds General Designated 2024 2024 2024 Notes £ £ £ Income Charitable activities 3 154,263 - - Investments 4 529 17,795 - Total income 154,792 17,795 - Expenditure Charitable activities 5 127,187 - - Net gains/(losses) on investments 9 - 19,545 31,822 Net income before transfers 27,605 37,340 31,822 Gross transfers between funds (27,605) 27,605 - Net movement in funds - 64,945 31,822 Fund balances at 3 June 2023 - 473,550 432,070 Fund balances at 2 June 2024 - 538,495 463,892 |
Total 2024 £ 154,263 18,324 172,587 127,187 51,367 96,767 - 96,767 905,620 1,002,387 |
Total 2023 £ 151,807 16,755 168,562 148,787 (16,745) 3,030 - 3,030 902,590 905,620 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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SIR JOHN J HUNT ALMSHOUSES
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 2 JUNE 2024
PRIOR FINANCIAL YEAR
| Unrestricted Unrestricted Endowment funds funds funds General Designated 2023 2023 2023 Notes £ £ £ Income Charitable activities 3 151,807 - - Investments 4 84 16,671 - Total income 151,891 16,671 - Expenditure Charitable activities 5 148,787 - - Net gains/(losses) on investments 9 - (21,469) 4,724 Net income before transfers 3,104 (4,798) 4,724 Gross transfers between funds (3,104) 3,104 - Net movement in funds - (1,694) 4,724 Fund balances at 3 June 2022 - 475,244 427,346 Fund balances at 2 June 2023 - 473,550 432,070 |
Total 2023 £ 151,807 16,755 168,562 148,787 (16,745) 3,030 - 3,030 902,590 905,620 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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SIR JOHN J HUNT ALMSHOUSES
STATEMENT OF FINANCIAL POSITION AS AT 2 JUNE 2024
| Notes Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Capital funds Endowment funds 15 Income funds Unrestricted funds - Designated 16 Unrestricted funds - general |
2024 £ 18,135 78,970 97,105 (10,285) |
£ 91,374 824,193 915,567 86,820 1,002,387 463,892 538,495 - 1,002,387 |
2023 £ 17,240 49,298 66,538 (8,850) |
£ 92,901 755,031 |
|---|---|---|---|---|
| 847,932 57,688 |
||||
| 905,620 | ||||
| 432,070 473,550 - |
||||
| 905,620 |
The financial statements were approved by the Trustees on 17 December 2024
J Richard Wood - Chairman
Trustee
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SIR JOHN J HUNT ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 2 JUNE 2024
1 Accounting policies
Charity information
Sir John J Hunt Almshouses is a charity registered with the Charity Commission for England and Wales..
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, 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 published in October 2019".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 not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds are unrestricted funds earmarked by the trustees for particular purpose.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.3 Income
Incoming resources are accounted for on a receivable basis.
1.4 Expenditure
Resources expended are included on an accruals basis and have been classified under headings that aggregate all costs related to that category.
Costs of charitable activities include those costs incurred by the charity in the delivery of its activities and services.
1.5 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Almshouses 2% straight line Equipment 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.6 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.
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SIR JOHN J HUNT ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 2 JUNE 2024
1 Accounting policies
(Continued)
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets are measured at transaction price including transaction. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2 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.
3 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| Income | Income | |
| 2024 | 2023 | |
| £ | £ | |
| Contributions from residents | 154,263 | 151,807 |
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SIR JOHN J HUNT ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 2 JUNE 2024
4 Investments
| Unrestricted | Unrestricted | Total | Unrestricted | Unrestricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| general | Designated | general | Designated | |||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Income from listed | ||||||
| investments | 529 | 17,795 | 18,324 | 84 | 16,671 | 16,755 |
5 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| Expenditure | Expenditure | |
| 2024 | 2023 | |
| £ | £ | |
| Staff costs | 27,090 | 25,197 |
| Depreciation and impairment | 1,526 | 1,588 |
| Lighting, heating, rates and water | 17,799 | 18,699 |
| Insurance | 9,476 | 9,406 |
| Maintenance and repairs | 57,725 | 80,410 |
| Telephone, sundries and advertising | 1,889 | 1,886 |
| Clerk's salary | 8,640 | 8,640 |
| Subscriptions | 582 | 333 |
| 124,727 | 146,159 | |
| Share of governance costs (see note 6) | 2,460 | 2,628 |
| 127,187 | 148,787 |
6 Support costs
| Support costs | ||
|---|---|---|
| 2024 Support costs Governance costs £ £ Independent examination fee - 2,460 - 2,460 Analysed between Charitable activities - 2,460 |
2023 2024 Support costs Governance costs £ £ £ 2,460 - 2,628 2,460 - 2,628 2,460 - 2,628 |
2023 £ 2,628 |
| 2,628 | ||
| 2,628 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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SIR JOHN J HUNT ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 2 JUNE 2024
8 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Other pension costs |
2024 Number 1 2024 £ 26,308 782 27,090 |
2023 Number 1 |
|---|---|---|
| 2023 £ 24,469 728 |
||
| 25,197 |
There were no employees whose annual remuneration was more than £60,000.
9 Net gains/(losses) on investments
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| Designated | Designated | |||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Revaluation of investments | 19,545 | 31,822 | 51,367 | (21,469) | 4,724 | (16,745) |
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
11 Tangible fixed assets
| Almshouses Equipment £ £ Cost At 3 June 2023 87,050 21,435 At 2 June 2024 87,050 21,435 Depreciation At 3 June 2023 - 15,585 Depreciation charged in the year - 1,526 At 2 June 2024 - 17,111 Carrying amount At 2 June 2024 87,050 4,324 At 2 June 2023 87,050 5,851 |
Total £ 108,485 |
|---|---|
| 108,485 | |
| 15,585 1,526 |
|
| 17,111 | |
| 91,374 | |
| 92,901 |
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SIR JOHN J HUNT ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 2 JUNE 2024
11 Tangible fixed assets
(Continued)
The almshouses form part of the endowment fund.
12 Fixed asset investments
| Investments | |
|---|---|
| £ | |
| Cost or valuation | |
| At 3 June 2023 | 755,031 |
| Additions | 17,795 |
| Valuation changes | 51,367 |
| At 2 June 2024 | 824,193 |
| Carrying amount | |
| At 02 June 2024 | 824,193 |
| At 02 June 2023 | 755,031 |
The investments comprise listed accumulation units in common investment funds specifically for charities.
| 13 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 14 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2024 £ 1,799 16,336 18,135 2024 £ 7,584 2,701 10,285 |
2023 £ 1,799 15,441 |
|---|---|---|
| 17,240 | ||
| 2023 £ 6,052 2,798 |
||
| 8,850 |
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SIR JOHN J HUNT ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 2 JUNE 2024
15 Endowment funds
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| Balance at | Transfers | Revaluations | Balance at | Transfers | Revaluations | Balance at | |
|---|---|---|---|---|---|---|---|
| 3 June 2022 | gains and | 3 June 2023 | gains and | 2 June 2024 | |||
| losses | losses | ||||||
| £ | £ | £ | £ | £ | £ | £ | |
| Permanent | endowments | ||||||
| Endowment | |||||||
| fund | 427,346 | - | 4,724 | 432,070 | - | 31,822 | 463,892 |
| 427,346 | - | 4,724 | 432,070 | - | 31,822 | 463,892 |
16 Unrestricted funds - Designated
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Balance at 3 June 2023 £ Extra-ordinary repair fund 410,010 Cylical maintenance fund 63,540 473,550 Balance at 3 June 2022 £ Extra-ordinary repair fund 414,808 Cylical maintenance fund 60,436 475,244 |
Movement in funds Income Transfers Revaluations, gains and losses Balance at 2 June 2024 £ £ £ £ 17,795 - 19,545 447,350 - 27,605 - 91,145 17,795 27,605 19,545 538,495 Movement in funds Income Transfers Revaluations, gains and losses Balance at 3 June 2023 £ £ £ £ 16,671 - (21,469) 410,010 - 3,104 - 63,540 16,671 3,104 (21,469) 473,550 |
Movement in funds Income Transfers Revaluations, gains and losses Balance at 2 June 2024 £ £ £ £ 17,795 - 19,545 447,350 - 27,605 - 91,145 17,795 27,605 19,545 538,495 Movement in funds Income Transfers Revaluations, gains and losses Balance at 3 June 2023 £ £ £ £ 16,671 - (21,469) 410,010 - 3,104 - 63,540 16,671 3,104 (21,469) 473,550 |
|---|---|---|
| 473,550 |
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SIR JOHN J HUNT ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 2 JUNE 2024
17 Analysis of net assets between funds
| Analysis of net assets between funds | |
|---|---|
| Unrestricted funds Designated funds Endowment funds 2024 2024 2024 £ £ £ Fund balances at 2 June 2024 are represented by: Tangible assets - 4,324 87,050 Investments - 447,351 376,842 Current assets/(liabilities) - 86,820 - - 538,495 463,892 Unrestricted funds Designated funds Endowment funds 2023 2023 2023 £ £ £ Fund balances at 2 June 2023 are represented by: Tangible assets - 5,851 87,050 Investments - 410,011 345,020 Current assets/(liabilities) - 57,688 - - 473,550 432,070 |
Total 2024 £ 91,374 824,193 86,820 |
| 1,002,387 | |
| Total 2023 £ 92,901 755,031 57,688 |
|
| 905,620 |
18 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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