SKELTON BOUNTY ANNUAL REPORT AND INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2023 CHARITY NUMBER: 219370
SKELTON BOUNTY TRUSTEES, REPORT FOR THE YEAR ENDED 5TH APRIL 2023 The Trustees present their annual report and financial statements of the charity for the year ended 5th April 2023. The financial statements have been prepared in accordance with the charity's trust deed, the Chaiities 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 {FRS1021 update bulletin 2 {effective 1 sl January 2019}. The accounts 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the version of the Statement of Recommended Practice which is referred lo in the Regulations but which has since been withdrawn. OBJECTIVES AND ACTIVITIES The charity makes grants to legally constituted charities situated working within the counties of Lancashire, Greater Manchester, and Merseyside (including the unitary areas of Blackburn, BlackpoDI, Halton and Warrington). Grant Making Policy: The availability of grants is publicised and applications for grants are received each year between February and May. Decisions about which applications are to be supported are taken by the Trustees at their annual meeting which is usually held in June or July. The Bounty makes grants whose sizes range from as little as £50 to a maximum of£5,000 {2022.' maximum £5,000). Faclors which are taken into account in choosing the successful applications include the amount sought, the nature of the applicant charity and the project, and whether the applicant charity has a Irack record of sucSsfUllY delivering its objectives with previous assistance from the Bounty. The Trustees prefer to make grants to assist capital or one-off projects rather than recurring routine expenditure. Public Benefit: In planning the charity's grant making activities the Trustees have given consideration to the Charity Commission's guidan on public benefit. As a grant making charity, all applications are considered to ensure beneficiary charities themselves deliver public benefit. ACHIEVEMENTS AND PERFORMANCE Grants were awarded to 6912022.. 84) charities ranging from £460 to £3,000 (2022-. £400 to £2,015). The charity's investments are held in composite funds which are actively monitored and managed throughout the year by the Investment Managers. The income generated by Ihe investments has been sufficient for the charity to maintain its desired level of grant making. Details of the Charity's activities can be found on www.skeltoncharily.com.
SKELTON BOUNTY TRUSTEES, REPORT FOR THE YEAR ENDED 5TH APRIL 2023 FINANCIAL REVIEW Investment income of £119,265 (2022.. £112,140) was received during the year. This enabled grants of £99,999 (2022.. £99,068) to be made to charities. At 3151 March 2023 capital investments were valued at £3,031.089 (2022.. £3,192,032). Reserves Policy: The policy of Ihe Trustees is to hold free reserves of approximately one year's income to protect the Bounty's ability to continue to make grants in the event of unexpecled reductions in income received. In practice, this policy means that the whole of the annual income generated each year, apart from adminislralion costs, is available for distribution in grants in the following year. Any undistributed surpluses are carried forward for use in future years. At the year end the charity held total funds of £3,198,704 of which £3,031,089 {2022: £3,353,048 of which £3,192,032} are held as permanent endowment funds,. the balance held as unreslricted funds and regarded as free reserves was £167,615 (2022.. £161,016). The current year's income was £119,265 {2022', £112,140) which is lower than the level of reserves actually held due to timing differences of payrnents being rnade. Investment Policy and Powers: The investment policy adopted is in accordance with the schedule to the Scheme for the regulalion of The Skelton Bounty made in 1991. The policy is lo generale income for the making of grants, while maintaining capital growth to protect the value of the investments in real terms. Historically, our investment approach has been generally UK focused with a relatively narrow asset allocation. Investment opportunities have become much more global in recent years, and we took the decision to appoint an independent company to carry out a review of our exisling investmenls to help ensure we can continue to provide a sustainable level of grants in future years. This review has now been completed and, based on the recommendations provided, we have broadened our investmenl portfolio to take advantage of the wider investment universe. Risk Management: The main risks to which the charity is exposed, as identified by the Trustees, have been considered and systems have been established to mitigate those risks. A detailed process is undertaken by LCVS as the grants administrator to validate applicants and applications for grants. Plans for the Future The objectives of the charity remain unchanged for the future,. the intention is to continue to steward the charity's investment assets with the aid of professional fund managers and to continue to use the investment income to assist charities working in the area of benefit. Currently the areas are Lancashire, Greatei Manchester, and Merseyside including the unitary areas of Blackburn, Blackpool, Halton, and Warringlon. STRUCTURE, GOVERNANCE AND MANAGEMENT Organisation, Management and Delegation.. The Trustees meet annually to review the charity's stralegy and performance, consider applications for grants, and monitor the charity's financial position and investmenls. The Trustees also meet at other times during the year as necessary.
SKELTON BOUNTY TRUSTEES, REPORT FOR THE YEAR ENDED 5TH APRIL 2023 The Trustees have delegated the day-to-day administration of grant-making, including receiving and making preliminary assessments of applications, to LCVS which is also responsible in the first instance for maintaining the charity's financial records. Recruitment and Appointment of New Trustees: New Iruslees are selected by the existing Board of Trustees, on the basis of skills and experience and to ensure that as a group the Trustees are knowledgeable about the whole of the Bounly's geographical area of benefit. The Board is also responsible for the induction and training of the new trustees. New trustees are appointed, by a resolution of the Trustees passed at a special meeting of which not less than 21 days, notice has been given, for a term of five years,. a trustee reaching the end of herlhis first term can be re-appointed but no trustee can serve more than two consecutive terms. REFERENCE AND ADMINISTRATIVE DETAILS Skelton Bounty is a registered charity, number 219370, established under a Scheme of the Charity Commission sealed on 7th March 1991 and amended administratively by an Order of the Charity Commission dated 6th February 2004. The Scheme was updated on 11th July 2018. The 1991 Scherne was made lo unite three separate charities, The Charity of Joseph Skelton founded by Will proved on 13th August 1915, The Charity of Charles Jones Skelton founded by Will proved on 1$1 February 1927 and The Charity of Ann Skelton founded by Will proved on 22nd June 1931. The charity uses the working name The Skelton Charity. Principal Office.. 151 Dale Street, Liverpool L2 2AH Trustees: The Trustees during the year and up to and including the date of this report were.. Mr R. E Hough CBE, DL (retired 30th March 2023) Sir Mark Hedley DL (retired 30th March 2023) Mrs E. Conn OBE, JP, DL Mrs G. S Stanley MBE, JP, DL Mrs S. Lomas OBE, DL Mr C. Hankinson DL Mrs N. Chaudhry Mrs C. Reeves Mr G. Singh MBE, DL Mr M. Rollinson (appoinled 6th July 2023} Mr R.K Martin (appointed 6th July 2023} Professional Advisers: Bankers Natwest PLC 130 Lord Street, Southport PRg OAE
SKELTON BOUNTY TRUSTEES, REPORT FOR THE YEAR ENDED 6TH APRIL 2023 Independent Examiner Tony Stanley ACA BWM Chartered Accountants Suite 5.1, 12 Tithebarn Street Liverpool L2 2DT Liverpool Charity and Voluntary Services (LCVS) 151 Dale Street, Liverpool L2 2AH Accountant & Administrator Trustses, Responslbllltles The Trustees are responsible for preparing the Trustees, Report and the accounts 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 accounts for each financial year which give a true and fair view of the state of affairs of the charily and of the incoming resources and application of reSoUrS of the charity for that year. In preparing these accounts, the Trustees are required to: select suitable accounting policies and then apply them consistently., obseNe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts., and prepare the accounts on the going conrn basis unless 6t Is Inappropriate to presume that the charity will continue in operation. The Trustees are responslble for keeping sufficlent accounting records that dlsclose with reasonable accuracy at any time the financial position of the charity and enable th6m to ensure that the accounts 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 rea80nable steps for the prevention and detection of fraud and other irregularities. Approved on 6th July 2023 by the Trustee8 and signed on their behalf by Trustè8 Trustoo Dated:
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SKELTON BOUNTY I report to the Trustees on my examination ofthe accounts of Skelton Bounty for Ihe year ended 5th April 2023. This report is made solely to the charity's trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's trustees those matters l am required to slate to Ihem in an Independent Examiner's ieport 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 examination, for this report, or for Ihe opinions I have formed. Responsibilities and basis of report As the trustees of Skelton Bounty you are responsible for the preparation of the accounts in accordance with the requiremenls of the Charities Act 2011 {'the Act,). I report in respect of my examination of the Trusl's accounts as carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (bl of the 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.. accounting records were nol kept in respect of the Trust as required by section 130 of the Act., or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements concerning Ihe form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a malter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wilh the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Tony Stanley ACA BWM Chartered Accountanls Suite 5.1, 12 Tithebarn Street Liverpool L2 2DT 01
SKELTON BOUNTY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2023 Year to 5th A ril 2023 Permanent Unrestricted Endowment Funds Funds Year to 5th April 2022 Total Notes Total Income and Endowments from: Investments 119,265 119,265 112,140 Total 119,265 119,265 112,140 Expenditure on.. Raising fLJnds Charitable activities 5,000 110,476 112,666 112,666 Total 1q2,666 112,666 115,476 Net Tncomel(expenditurel and net movement in funds before gains on investments 6,599 6,599 13,336) other recognised gains ILosses}IGains on investment assets {160,943} (160,943) 202,902 Net movement in funds 6,599 (160,9431 1154,344) 199,566 Reconciliation of funds: Total funds brought forward 161,016 3,192,032 3,353,048 3,153,482 Total funds Carried forward 8-10 167,615 3,031,089 3,198,704 3,353,048 The notes on pages 10 to 16 form part of these accounts. The net movement in funds in the year was derived from the continuing aclivity of Ihe charity. These Linaudited financial statements have been subjected lo independènt @xaminalion See rèport on page e.
SKELTON BOUNTY TH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 PRIOR YEAR COMPARISON Year to 5th A ri12022 Permanent Unrestricted Endowment Notes Funds Funds Total Income and Endowments from." Investments It2,140 712,140 Total 112,140 112,140 Expenditure on." Raising funds Charitable activities 5, 000 110,476 5,000 f10,476 Total 115,476 115,476 Net (expenditure)/income and net movement in funds before gains on investments (3,336) (3,336) Other recognised gains Gains on investment assels 202, 902 202,902 Net movement in funds (3,336J 202,902 199,566 Reconciliation of funds.. Total funds bmughl fonvard 164,352 2,989,130 3,153,482 Total funds carried forward 161,016 3,192,032 3,353,048 The notes on pages 10 10 16 form part of these accounts. The net movement in funds in the year was derived frDm Ihe continuing activity of (he charity. These unaiidiled financial statements have been subjected lo independelll examination. See report on page 6.
SKELTON BOUNTY BALANCE SHEET AS AT 5TH APRIL 2023 At 5th April 2023 At 5th April 2022 Note5 Fixed assets." Fixed asset investments 3,031,089 3,192,032 Total fixed assots 3,031,089 3,192,032 Current assets.. Debtors Cash balance 11,775 168,902 12,592 159,943 Total current assets 180,677 172,535 Liabilities.. Creditors falling due within one year {13,062) {11,519) Net current assets 167,615 161,016 Net Assets 3,198,704 3,353,048 The funds of the charity.. Permanent Endowment Funds Unreslricted Funds 8,10 9,10 3,031,089 167,615 3,192,032 161,016 3,198,704 3,353,048 Approved and authorised for issue by the Trustees and signed on their behalf by Trustee Trustee Dated:. These unaLdIted financial statements have been subjected lo independent examination See report on page 6.
SKELTON BOUNTY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2023 ACCOUNTING POLICIES Basis of Preparation The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless olheNise staled in the relevant note(sl to these accounts. The financial slatements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS102} update bulletin 2 (effective 1 Janiiary 20191 and Charities Act 2011. The charity is a public benefit entity as defined by FRS102. The accounts 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 ratlier than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The accounts are prepared in slerling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to Ihe nearest £. The Charity has taken advantage of the provisions in the SORP for Chartlies applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. Going concern The Trustees have prepared financial projections and are satisfied that the charity can continue as a going concern for at least 12 months from the date of approval of these accounts. At the time of approving the accounts, the trustees have a reasonable expectation Ihat the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going conrn basis of accounting in preparing the accounts. Fund AcGounting Permanent Endowment funds are intended to be held in perpetuity. They may be invested. and the income arising from them made available for the Trustees to apply at their discretion in accordance with the charity's objectives. Unrestricted funds are the charity's free reserves available for the Trustees to distribute in accordance with the charity's charilable objectives. Investn7ents In accordance with Statement of Recommended Practice.. Accounting and Reporting by Charities, charity-specific and lisled investments held as fixed assets are stated at market value on a date closest to the accounting period end, in particu5ar, 31st March 2023, the trustees do not consider the value to have changed materially at the year end. Realised and unrealised gains and losses, including the gains and losses on investments held within the charity-specific funds, are dealt with as movements on the Permanent Endowment Fund. Investments are valued at the mid-market price on the valuation date. Income recognition Investment income is stated on an accruals basis. These iiiiaudilecl financial statements have heen SLibjecled lo independent examination. See report on page 6. iu
SKELTON BOUNTY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2023 Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, il is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is ac¢ounted for on an accruals basis. All expenses, including support costs and governance costs, where applicable, are allocated or apportioned between activities depending on the estimaled proportion of time attributable to each activity. Support and governance cosls are applied lo unrestricted funds unless specifically included in the restrictions, as specified by the donor. Raising funds relates lo expenditure on the management of the investments. Charitable activities includes granl funding, along with associated support costs, to beneficiaries. These are dealt with in the Stalernenl of Financial Activities when payment has been approved by the charily. Governance costs relate to compliance with constitutional and statutory requirements and specifically include all costs incurred by the charity in producing the Annual Report. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafls. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in Ihe 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 stalemenls, 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 lo realise the asset and settle Ihe liability simultaneously. 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 effeclive 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 constitules a financing transaction, wheie the debt instrument is measured at the present value of the future receipts 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 rale method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. These unaudited linaiicial statements have been subjected lo independènt examination. See report on page 6. li
SKELTON BOUNTY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2023 Taxation The charity benefits from various exemplions from taxation afforded by tax legislation and is nol liable to corporation tax on income or gains falling within those exemptions. The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of Ihe charity's accounting policies, Ihe Irustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are Considered to be relevant. Actual results may differ ITOM 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 Ihe period of the revision and future periods where the revision affects both current and future periods. CHARITABLE ACTIVITIES Unrestricted 2023 Unrestricted 2022 Direct charitable expenditure.. Grant funding Grant making administration 99,999 8,059 99,068 7,158 108,058 106,226 Support and governance costs.. Website development Trustee meeting Accountancy Independent examination 540 145 2,303 1,620 612 129 2,045 1,464 4,608 4,250 112,666 110,476 'these unaudited financial slalemenls have been subjected to independent exarnina11on. See report on page 6. 12
SKELTON BOUNTY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TFI APRIL 2023 During the year the following grants of £1,000 and over were made to charities: Active Hope Ltd ADHD Foundation Neurodiversily Charity Age UK Blackburn with DaNen Age UK Wigan Borough Angels of Hope for Women Autistic Society Greater Manchester Area Blesma, The Limbless Veterans Bold Rangers Junior Football Club Bolton Deaf Society Bridge2 Catholic Blind Institule Christians Against Poverty South Liveipool Clair's Parenls Meeting Parents ADHD Support Group Deeplish Community Centre Association Dr Kershaw's Hospi East Lancashire Scouts EMERGE 3RS EMMAUS South Manchester Fighting With Pride Fishwick Rangers Youth & Community Development Scheme HH CoTnmunity Business Salford Homeless Support Projecl Knowsley Foodbank Lancashire School Sailing Association Lindley Educational Trust (Ashton Youth Club) Lister Sleps Ltd Living Paintings Trusl Merrnaids Micah Liverpool Mode Rehabilitation Newton Le Willows Sea Cadets Open 360 Perth Community Centre Porchfield Community Association Poullon le Fylde Guide Centre Pure Insight 1628 Rainbow Hub NW Ltd 1,000 2,260 1,320 1,630 1,000 1,500 1,500 1,000 1,680 1,500 1,500 1,000 2,000 2,000 2,000 1,000 2,203 1,5DO 1,000 1,500 1,500 2,203 2,203 1,045 1,500 1,240 1,000 1,000 1,800 1,000 1,550 1,500 1,500 1,500 1,500 3,000 1,500 56,634 These unaudited finanoial slalemeiils h8ve been subjected lo independent examination. See report on page 6. 13
SKELTON BOUNTY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2023 Grants conlinued... . Read for Good Sahir House Salford Heart Care Shaftesbury Youth Club Skerton Community Association Soijth Pennine Archaeology Group Southport Sea Cadets st Helen's Parish Church stanley Grange Community Association stockport Loaves and Fishes Summit Education Society The Federation of Jewish Services The Hope Foundation The LightBeam Academy The Lighthouse Foundation Thè National Autistic Society The Sandcastle Trust The Together Centre The Wellspring TLC St Luke's Drop in Project Trawden Forest Community Centre Tuebrook Hope Group Walthew House Warm Hut UK West Coast Crash Wheelchair Rugby Whitehough Educational Cenlre Youth Federation for Cheshire, Halton, Warrington and Vwirral Youth Leads UK 56, 634 1,000 1,500 1,500 1,000 1,000 1,000 2,000 1,000 2,000 1,000 2,000 1,700 2,000 2,000 1,000 1,000 1,000 2,400 2,000 1.000 1,685 1,000 2,000 1,500 1,000 1,000 1,500 2,000 97,419 2,580 other grants 99,999 These unaiidiled linaii¢p81 slalements have been subjected to independent examination. See report Dn page 6. 14
SKELTON BOUNTY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2023 FIXED ASSET INVESTMENTS 2023 2022 Charity-specific Investments: Market value at 6th April Disposal proceeds Acquisitions at cost Unrealised (lossesllgains on investment assets Realised gains on investmenl assets 3,192,032 (1,404,668) 1,404,668 (55,817) (105,1261 2,989,130 202,902 Market value at 5th April 3,031,089 3,192,032 Historic cost at 5th April 1,918,890 939,705 The Charity holds 46.6 % of its fixed asset investments in the Charity Multi Asset Fund managed by M&G Investments, Charities Division on behalf of M&G Securities Limited. Al 51h April 2023, the charity held 1,581,402 units of Charity Multi Asset with a price of 89.32 pence per unit. The remaining 53.4 % of the charity's fixed asset investments are held in COIF Charities Investment Fund, a constituent fund of COIF Charity Funds which are managed by CCLA Investment Management Limited and registered with the Charity Commission. At 51h April 2023, the charity held 86,386 units of COIF Charities Investment Fund with a price of 1,873.66 pence per unit12022'. 86,386 units with a price of 1,947.35 pence per unit). In 2022, the charity held 101,409 units of COIF Charities Fixed Inteiest Fund, with a price of 125.17 pence per unil, these units were disposed of during the year. At 51h April 2022 the charity held 79,269 units of Charifund with a price of 1,579.71 pen per unit and 110,680 units of Charibond with a price of 118.03 pence per unit, these units were disposed of during the year. DEBTORS 2023 2022 Accrued income £11,775 £12,592 CREDITORS 2023 2022 Administration Independent examination fee 10,362 2,700 9,203 2,316 13,062 11,519 These unaudited financial statements have been subjeG18d lo Independent exaininalioii. See report on page 6. 15
SKELTON BOUNTY TH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023 FINANCIAL INSTRUMENTS 2023 2022 Carrying amount of financial assets.. Debt instruments measured al cosl 180,677 172,535 Equity instruments measured at fair value through income and expenditure 3,031,089 3,192,032 Carrying amount of financial liabililies: Measured at cost 13,062 11,519 PERMANENT ENDOWMENT FUNDS These funds are held for the purposes of providing annual income for granl making. UNRESTRICTED FUNDS Investment income received to fund grant payments and cosls incurred in the administration of the Charity. 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed Asset Investments Current Assets Current Liabilities Total Unrestricted Funds 180,677 113,0621 167,615 Permanent Endowment Funds 3,031,089 3,031,089 3,031,089 180.677 {13,0621 3,q98,704 RELATED PARTIES No trustee received remuneration or was reimbursed expenses during the year {2022'. None). No olher transactions have been undertaken by or on behalf of the charity in which a Trustee or connected person has a material interest. These unaiidited financial statements have been 5ubjeclÈd lo independent examination. See report on page 6. 16
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