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2025-03-31-accounts

Annual Report and Financial Statements Friends of Winchester Cathedral

For the Year Ended 31 March 2025

Charity No. 220218

Friends of Winchester Cathedral Annual report and financial statements for the year ended 31 March 2025

Index
Report of the Trustees 1 – 5
Report of the independent examiner 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 15
Five Year Summary 16

Friends of Winchester Cathedral

1

Annual report and financial statements for the year ended 31 March 2025

Report of the Trustees

The Trustees present their report and the associated financial statements of the charity for the year ended 31 March 2025.

Reference and administrative details

Charity registration number 220218

Registered office

2 The Close Winchester SO23 9LS

Trustees

Chairman of the Board of Trustees: Mr Bruce Parker Treasurer: Mr Richard Green-Wilkinson Elected members: Mr Michael Burke (co-opted 24[th] September 2024) Mrs Angela Forder-Stent Miss Jenny Hilton Mrs Zoe Seenan (co-opted 26[th] November 2024) Mr Nigel Spicer Dr Cindy Wood

Ex-officio member: The Dean of Winchester, the Very Reverend Catherine Ogle Catherdal Chief Opearting Officer, Mrs Alison Evans Members appointed by the Dean

The Precentor and Sacrist of Winchester Cathedral: the Reverend Canon Andrew Trenier

Director

Mrs Lucy Hutchin

Investment advisers

JM Finn Regency House, 13 St Clements Steet, Winchester SO23 9HH

Bankers

Barclays Bank plc 50 Jewry Street, Winchester, SO23 8TN

Independent examiner

Ms Sarah Chadbourne, Winchester Bourne Ltd Sullivan Court, Wessex Way, Colden Common, Winchester SO21 1WP

2

Friends of Winchester Cathedral

Annual report and financial statements for the year ended 31 March 2025

Structure, governance and management

The charity is managed by a Board, the members of which also act as the charity’s Trustees. The names of the Board members are set out on page 1. The governing document of the charity is its Constitution amended most recently at the Annual General Meeting on 6 July 2024. Amongst other things, the Constitution provides for the appointment and election of Board members.

The Board is supported by a number of Committees, each chaired by an elected trustee, which have specific responsibilities for the detailed running of the charity and the achievement of its objects. Three Committees are at present established which cover Administration, Finance & Investments and Membership, Activities & Fundraising.

Objects

The charity’s objects are to:

The Trustees worked closely with the Chapter to ensure that Friends’ support was channeled effectively to meet the charity’s objectives.

Achievements

Events

Over the past year, our talks have been in a hybrid format with good audiences attending in person and also joining by Zoom. In total, ten talks took place during the year. They were on subjects including Monastic Gardens, Medieval Women, Christmas through the ages at the Cathedral, the Lady Chapel and Dean Selwyn. Alison Evans, the Cathedral COO, talked about the Cathedral masterplan and we welcomed Josh Stephens, the Cathedral sub-organist, to talk about his career. The Friends also hosted a ‘History of England’ study day, a cheese-tasting event, a legacy tea, a new members’ event, a volunteer ‘thank you’ tea and a whole series of Cathedral ‘special’ tours. A Friends’ holiday took place in June 2024, visiting cathedrals of the West Country. We also had a day trip to St Albans. The regular monthly coffee mornings have continued with an ever-growing group of Friends enjoying the opportunity to meet socially. In July, the Friends’ Festival was celebrated with well-attended morning tours, an afternoon AGM in the Cathedral café garden marquee, followed by tea and Festal Evensong.

Fundraising

After the completion of the 2023 public appeal to raise funds for the restoration of the Cathedral organ, no large-scale fundraising has taken place.

Friends of Winchester Cathedral

3

Annual report and financial statements for the year ended 31 March 2025

Publications

The 93[rd] edition of the Winchester Cathedral Record was published in September and a copy provided to each member. The Record is supplemented by an online publication, Record Extra , which allows more scholarly and historical articles to be available to a wider audience. This year, two new Christmas card designs were produced and four previous designs were available, all sold through the Friends’ office and the Cathedral shop. The Friends also sold a variety of Cathedral-branded gifts, all included in a Christmas catalogue. Again, both mail-order and a free-delivery service was offered for local Friends, leading to a strong year of sales.

Volunteers

Volunteers have continued to be instrumental in helping in the Friends’ office to prepare mailings. Friends enthusiastically delivered the mailings three times this year, thereby saving a significant amount on postage costs. The volunteer team helping with the coffee mornings and other events has grown this year and volunteers also help welcoming Friends to events.

Plans for 2025/26

The Friends plan to continue to organise ‘hybrid’ talks in the future to attract a greater number of members attending in their preferred ways. Events have already been arranged, including a tour of the Winchester College archives and talks about the history of embroidery and the diamond industry. In the autumn and winter, monthly talks will continue. A four-day holiday to East Anglia is planned for May and a further day trip later in the year.

Financial review

The Statement of Financial Activities on page 7 shows net income (surplus) of £913,137 for the 2024/25 financial year (2023/24: surplus of £130,939).

During this past financial year trustees approved grants to Chapter totalling £214,535, of which £35,891 has been spent on The Pavilion Walkway, £11,814 on The Sound System for the Pavilion and £4,190 on the video in The Pavilion, along with agreement to spend £25,439 on New Chairs for the Quire, £12,883 for Renewing and Upgrading AV in the Cathedral, £1,284 for Flowers for Jane Austen Summer, £8,560 for Professional Standard Small Plant Nursery, £6,420 Replacement Carpentry Workshop Extractor, £29,960 Cathedral Clock Repairs and £6,764 Repairs to Café Doors. . Regular annual grants of £80,733 are included in the above total, the major items being £56,175 for the choirs and £14,975 for Gardens, Grounds and Trees in the Cathedral precincts. Full details of grants approved in the year are given in note 7 to the Financial Statements, on page 13.

We continue to benefit from a steady flow of income from legacies. This year, the total amount of legacy income is £1,048,416 (2024: £222,656), which includes a significant one-off legacy. The charity is entitled to a 1/6 share of the residue of this estate, which is expected to be approximately £1.5 million. While the funds have not yet been received, a provision of £1 million has been recognized in the financial statements in line with the charity’s accounting policy for legacies. We remain enormously grateful for this crucial source of income.

Our two investment portfolios (General and Legacy) have performed much in line with the market, and ended up showing gains, both realised and unrealised, of £1,675 (2023/24: gain of £48,700). The Trustees continue to review their ‘attitude to risk’, their latest Policy Statement being dated 24[th] May 2022. The performance of our portfolios is closely managed by our investment managers and monitored by the Finance Committee.

The net profit from activities amounted to £14,036 (2023/24: £20,199). See note 3 on page 11.

Friends of Winchester Cathedral

4

Annual report and financial statements for the year ended 31 March 2025

The charity has no subsidiary and associated undertakings. All investments held by the charity have been acquired in accordance with the powers available to the Trustees. The charity is not financially dependent upon any one individual or corporation but relies on the continuing support of all its members.

Reserves policy

The Trustees have agreed a policy to maintain reserves within the General Fund at such a level as would enable it, in the event of a sudden loss of income, to cover ongoing direct expenses of running the charity for a period of about nine months, and to cover annual grants to Chapter for a full year. The Board is content that the current level of reserves of £1,873,004 meets this policy.

Risk management

The Trustees have streamlined and improved the charity’s Risk Management Register which identifies areas of risk to which the charity is exposed in undertaking its activities and seeks to manage those risks. While ultimate responsibility for risk management rests with the Board, for practical purposes the task of developing detailed risk assessment plans has been delegated to the Administration Committee, with input from the Finance Committee. These Committees regularly assess actual and potential risks arising and endeavour to mitigate them through the introduction of appropriate and effective systems and practices. The Administration Committee is responsible for the assessment of risks associated with governance & management, operational processes, environmental/external factors and compliance. The Finance & Committee is responsible for the assessment of risks associated with finance and investment.

The Board receives full quarterly management accounts, which include a detailed analysis of the investment portfolio and regular reports from the investment manager.

The charity has also continued to work to improve its governance by the adoption of a conflict-of-interest policy, a safeguarding policy, employment policies and data protection. All Board members have undertaken training on safeguarding issues, using NSPCC material, and a Board member has taken on responsibility for the management of this policy.

Trustees' responsibilities for the financial statements

The Trustees are responsible for preparing the Trustees’ annual 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 income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate 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 applicable Charity (Accounts and Reports) Regulations 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.

5

Friends of Winchester Cathedral Annual report and financial statements for the year ended 31 March 2025

BY ORDER OF THE TRUSTEES

Bruce Parker

Chairman

Date: 25 June 2025

Friends of Winchester Cathedral Financial statements for the year ended 31 March 2025

6

Independent Examiner’s Report to the Trustees of Friends of Winchester Cathedral

I report to the charity’s Trustees on my examination of the financial statements of Friends of Winchester Cathedral for the year ended 31 March 2025, which are set out on pages 7 to 15.

Respective responsibilities of trustees and examiner

As the Trustees of the charity, you are responsible for the preparation of the financial statements of the charity 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 and 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

The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants.

In accordance with the Charities Act 2011, the charity is exempt from a full audit. Although the charity’s income for the year exceeds £1 million, this is primarily due to a one-off legacy. As this income is exceptional and not expected to recur, the charity qualifies for an independent examination rather than a full audit, in line with the conditions set out in the Charities Act 2011.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give 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, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Vikkie Cheng FCCA For and on behalf of Winchester Bourne Limited Sullivan Court Wessex Way Colden Common Winchester SO21 1WP

Date: 25 June 2025

Friends of Winchester Cathedral

7

Financial statements for the year ended 31 March 2025

Statement of financial activities

Unrestricted Restricted 2025 2024
funds funds
Note
£ £ £ £
Income
Voluntary income 2 1,165,147 - 1,165,147 333,301
Activities for generating funds 3 55,070 - 55,070 47,447
Investment income 6 16,920 - 16,920 13,346
---------------------------------------------- ---------------------------------------------- ---------------------------------------------- -----------------------------------------------
Total income 1,237,137 - 1,237,137 394,094
----------------------------------------------- ----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Expenditure
Costs of generating funds 4 53,230 - 53,230 36,723
Charitable activities 5 270,770 - 270,770 226,432
----------------------------------------------- ----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Total expenditure 324,000 - 324,000 263,155
----------------------------------------------- ----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Net income (expenditure) for the
year 913,137 - 913,137 130,939
(Losses) / gains on investment assets 1,675 - 1,675 48,700
---------------------------------------------- ---------------------------------------------- ---------------------------------------------- -----------------------------------------------
Net movement in funds 914,812 - 914,812 179,639
Fund balances brought forward 957,091 1,101 958,192 778,553
Transfers between Funds 1,101 -1,101 - -
---------------------------------------------- ---------------------------------------------- ---------------------------------------------- -----------------------------------------------
Fund balances carried forward 1,873,004 - 1,873,004 958,192
==================== ==================== ==================== ====================

The 2024 figures include Restricted Fund income of £6,801, and Restricted Fund expenditure of £5,700, providing net income of £1,101.

The accompanying accounting policies and notes form part of these financial statements.

Friends of Winchester Cathedral

8

Financial statements for the year ended 31 March 2025

Balance sheet

Balance sheet
Note 2025 2024
£ £
Fixed assets
Tangible assets - -
Investments 10 688,757 667,127
----------------------------------------------- -----------------------------------------------
688,757 667,127
----------------------------------------------- -----------------------------------------------
Current assets
Stocks 1,660 977
Debtors 11 1,092,887 142,124
Cash on deposit 235,243 260,569
----------------------------------------------- -----------------------------------------------
1,329,790 403,670
----------------------------------------------- -----------------------------------------------
Current liabilities
Grants outstanding 118,318 84,375
Other creditors 12 27,225 28,230
----------------------------------------------- -----------------------------------------------
145,543 112,605
----------------------------------------------- -----------------------------------------------
Net current assets 1,184,247 291,065
----------------------------------------------- -----------------------------------------------
Total assets less current liabilities 1,873,004 958,192
==================== ====================
Representing:
Unrestricted funds 13 1,873,004 957,091
Restricted funds 13 0 1,101
---------------------------------------------- ----------------------------------------------
Total funds 1,873,004 958,192
==================== ====================

Charity Number - 220218

The financial statements were approved by the Board of Trustees on 20 May 2025.

Richard Green-Wilkinson – Treasurer

Friends of Winchester Cathedral

Financial statements for the year ended 31 March 2025

9

1

Principal accounting policies

Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements 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 Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The trust constitutes a public benefit entity as defined by FRS 102.

Going concern

The financial statements have been prepared on the basis that the charity is a going concern. When determining the going concern assessment the Trustees have consider the charity’s activities, together with factors likely to affect its future development, performance and position; these are set out in the Trustees’ Report. The Trustees consider that there are no material uncertainties on the charity’s ability to continue its activities for the foreseeable future. The Trustees are satisfied that the charity’s assets are available and adequate to fulfil its obligations for a period of at least twelve months from the signing of these financial statements.

Income

Subscriptions

Following a decision by the Board of Trustees on 14[th] December 2022, life subscriptions are no longer amortised over a period of five years, but accounted for in the year in which they are received. The previously accrued £4,270 was therefore taken into account in the 2022/23 year. No adjustment has been made to the prior year figures to reflect this change in policy given the immaterial impact.

Other subscriptions (including those under Gift Aid together with the associated income tax recoveries) are accounted for in the year in which they are received.

Legacies

Legacies are accounted for only upon evidence of entitlement, probable receipt and where the amount receivable can be estimated reliably after taking account of unknown costs and other uncertainties inherent in winding up estates.

Investment income

Investment income, including associated tax recoveries, is accounted for when receivable.

Allocation of expenditure

Costs of generating funds consists of investment management fees and costs associated with the events and activities of the charity (as detailed in note 3).

Costs of charitable activities include grants made and costs associated with the management of the charity, not included as direct costs.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulations and good practice. These costs include the fees of the independent examiner.

Friends of Winchester Cathedral

Financial statements for the year ended 31 March 2025

10

Grants to the Chapter of Winchester

Grants to the Chapter of Winchester are charged to the accounts for the period in which they are approved by the Board of Trustees.

Fixed assets

Items costing less than £5,000 are written off immediately to the statement of financial activities of the period in which they are purchased.

Depreciation is calculated so as to write off the cost of a capitalised asset, less its estimated residual value, over the useful economic life of that asset as follows:

Membership database - 5 years Computer equipment - 5 years

Investments

Investments are included at their market value at the balance sheet date. Unrealised and realised gains (or losses) are credited (or debited) to the statement of financial activities in the year in which they arise.

Stocks

Stocks are valued at cost, less a provision for items considered slow moving.

Judgements in applying accounting policies and key sources of estimation uncertainty

In the preparation of the 2024 financial statements, it is the responsibility of the Trustees to make informed judgements and estimates in the provision of liabilities and expenses and in the assessment of going concern.

Friends of Winchester Cathedral acknowledges the requirements of this disclosure. As such the Trustees of the charity can confirm that there are no significant assumptions made or other key sources of estimation of uncertainty at the reporting date of 31 March 2025. The trustees consider the charity to be a going concern (see above).

11

2

3

4

Friends of Winchester Cathedral

Financial statements for the year ended 31 March 2025

Voluntary income

2025 2025 2024 2024
£ £ £ £
Unrestricted Restricted Unrestricted Restricted
Subscriptions
- Life members 1,680 - 2,490 -
- Under Gift Aid 67,784 - 65,084 -
-Other 16,591 - 18,813 -
- Refund of tax 16,480 17,035
----------------------------------------------- ----------------------------------------------- ----------------------------------------------- -----------------------------------------------
102,535 - 103,422 -
Legacies 1,048,416 - 222,656 -
Donations 14,196 - 422 6,801
----------------------------------------------- ----------------------------------------------- ----------------------------------------------- -----------------------------------------------
1,165,147 - 326,500 6,801
=================== =================== =================== ===================

Legacies Income: The charity’s income for the year exceeds £1 million primarily due to a one-off legacy where the charity is entitled to a 1/6 share of the residue of an estate. The anticipated legacy value is approximately £1.5 million. However, as the funds have not yet been received, the charity has included a provision of £1 million in its accounts in line with its accounting policy for legacy income.

Activities for generating funds

Christmas
Publications Activities Total Cards Activities Total
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Income 4,000 51,070 55,070 4,996 42,451 47,447
Expenditure (4,170) (36,864) (41,034) (2,589) (24,659) (27,248)
----------------------------------------------- ----------------------------------------------- ----------------------------------------------- ----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Net surplus (170)
===================		 14,206
===================		 14,036
===================		 2,407
===================		 17,792
===================		 20,199
===================

Activities include events, trips and lectures, and the Friends' annual festival, all of which are designed principally to meet the charity's objective to stimulate interest in the Cathedral and not primarily to raise funds.

Cost of generating funds

2025 2025 2024 2024
£ £ £ £
Unrestricted Restricted Unrestricted Restricted
Expenditure (note 3 above) 41,034 - 27,248 -
Newsletters 4,774 - 5,409
Management fees/fundraising 7,422 - 4,066 -
----------------------------------------------- ----------------------------------------------- ----------------------------------------------- -----------------------------------------------
53,230 - 36,723 -
=================== =================== =================== ===================

12

5

Friends of Winchester Cathedral

Financial statements for the year ended 31 March 2025

Charitable Activities

6

Charitable Activities
2025 2025 2024
2024
£ £ £
£
Unrestricted RestrictedUnrestricted Restricted
Grants to the Chapter of Winchester (note 7) 214,535 - 167,202
5,700
Management and administration (note 8) 56,235 - 53,530
-
----------------------------------------------- -----------------------------------------------
-----------------------------------------------
-----------------------------------------------
270,770 - 220,732
5,700
=================== =================== ===================
===================
Investment income
2025
2024
£
£
Interest on deposits 5,493
4,429
Income from investments 11,427 8,917
---------------------------------------------
-----------------------------------------------
16,920
13,346
====================
====================

Investment income

Financial statements for the year ended 31 March 2025

13

7

Friends of Winchester Cathedral

Grants to the Chapter of Winchester
Grants to the Chapter of Winchester 2025 2024
£ £
Unrestricted:
Trees in Public Areas 6,150 5,750
Girls' Choir 18,725 17,500
Baker Choristership 18,725 17,500
Friends' Choristership 18,725 17,500
Cathedral Flowers 8,000 10,700
Planned Maintenance of Cathedral Precincts 8,250 7,700
West End Christmas tree 575 850
Girl Chorister Chaperone 1,583 -
Cherry Picker including delivery - 40,634
Handles for Chair Trolleys - 2,014
Inventory Project - 419
Stone bridge-saw for Stonemasons’ Department - (32,978)
Retrochoir Tiles Conservation Symposium - (137)
Stonemason’s Yard Equipment (8,503) 34,770
Quire Cushions (1,000) -
Tractor 100 12,980
Accreditation Project - 32,000
Pavilion Walkway 35,891 -
Sound System for Pavilion 11,814 -
Sound System for Pavilion – Video 4,190 -
New Chairs for Quire 25,439 -
Renewing & Upgrading AV in Cathedral 12,883 -
Flowers for Jane Austen Summer 1,284 -
Professional Standard small plant Nursery 8,560 -
Replacement Carpenter Workshop Extractor 6,420 -
Cathedral Clock Repairs 29,960 -
Repairs to Café doors 6,764 -
----------------------------------------------- -----------------------------------------------
214,535 167,202
Restricted:
Organ restoration - 5,700
----------------------------------------------- -----------------------------------------------
214,535
-----------------------------------------------		 172,902
-----------------------------------------------

Grants written back in the prior year are primarily as a result of the cost of the anticipated work being lower than the original estimate on which the grant application was based, or in respect of which the work associated with the project was no longer required to be undertaken.

14

8

9

Friends of Winchester Cathedral

Financial statements for the year ended 31 March 2025

Management and administration expenditure

Staff costs:
Wages and salaries
Pension costs
Office rent, insurance and maintenance
Staff training
Independent examination
Bank charges
Office Equipment
Sundry expenses		 2025
2024
£
£
44,782
42,504
1,021
972
-----------------------------------------------
-----------------------------------------------
45,803
43,476
4,632
2,421
62
25
1,300
1,500
1,719
2,209
1,398
2,762
1,321
1,137
56,235
53,530

a. The average number of employees during the year was 3 (2023/4 - 3), all of whom worked part-time. No employee's emoluments exceeded £60,000.

b. Out-of-pocket expenses totalling £nil (2024 - nil) were reimbursed to Trustees in the year.

Governance costs

The amount payable for the independent examination (inclusive of VAT not recoverable by the Charity) totals £1,300 (2024 - £1,500), and no amounts were paid to the examiner in respect of other services.

10

Investments

Listed investments at market value

2025 2024
£ £
General
Portfolio 193,749 197,366
Legacy
Portfolio 495,008 476,578
==================== ====================
Total 688,757 673,944
------------------------------------------------ -----------------------------------------------

A total of £50,833 was added to the Legacy Portfolio during the year, with £27,489 held in cash at the year end.

15

11

Friends of Winchester Cathedral

Financial statements for the year ended 31 March 2025

Debtors

12

13

Debtors
2025 2024
£ £
Trade debtors - -
Sundry debtors including legacies receivable 1,091,848 140,972
Prepayments 1,039 1,152
----------------------------------------------- -----------------------------------------------
1,092,887 142,124
==================== ====================
Creditors
2025 2024
£ £
Sundry creditors 1,781 1,682
Deferred income 25,444 26,548
----------------------------------------------- -----------------------------------------------
27,225 28,230
==================== ====================
Funds
At 1 April
Net surplus		 Transfers At 31 March
2024 2025
£ £ £
Unrestricted funds
Designated 568,486 - (37,575) 530,911
General 388,605 914,812 38,676 1,342,093
Restricted funds 1,101 - (1,101) -
----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Total funds 958,192 914,812 0 1,873,004
==================== ==================== ====================

During the year the trustees reduced the designated sum by £37,575, representing the Legacy Fund investments and cash and the Special Grants Fund. This leaves £1,342,093 in the General Fund.

Friends of Winchester Cathedral Financial statements for the year ended 31 March 2025

16

Five Year Summary

Income
Subscriptions:
Life Membership
Gift-Aided (including tax)
Non Gift-Aided
Legacies
Donations
Investment income
Other income
Expenditure
Surplus of income over
expenditure
Grants to the Chapter of
Winchester
Surplus/(deficit) for the
year
Investment gains/losses
Reserves brought forward
Reserves carried forward
Represented by:
Fixed assets - tangible
Investments at market value
Deposits and cash
Stock and debtors
Less:
Grants outstanding
Other liabilities		 2025
2024
2023
2022
2021
£
£
£
£
£
1,680
2,490
8,655
3,043
2,993
82,048
82,119
71,982
75,878
70,372
18,807
18,813
16,789
17,714
26,804
102,535
103,422
97,426
96,635
100,169
1,048,416
222,656
273,896
176,499
50,019
14,196
7,223
137,915
1,502
11,030
16,920
13,346
8,906
5,338
4,847
55,070
47,447
18,372
14,475
13,438
1,237,137
394,094
536,515
294,449
179,503
(109,465)
(90,253)
(75,161)
(55,441)
(51,113)
1,127,672
303,841
461,354
239,008
128,390
(214,535)
(172,902)
(262,399)
(147,348)
(181,581)
913,137
130,939
198,955
91,660
(53,191)
1,675
48,700
(35,770)
11,674
63,823
958,192
778,553
615,368
512,034
501,402
1,873,004
958,192
778,553
615,368
512,034
-
-
-
508
1,185
688,757
667,127
503,825
416,908
378,829
235,243
260,569
140,356
383,483
362,346
1,094,547
143,101
211,778
76,733
23,010
2,018,547
1,070,797
855,959
877,632
765,370
(118,318)
(84,375)
(52,823)
(253,057)
(240,400)
(27,225)
(28,230)
(24,583)
(9,207)
(12,936)
1,873,004
958,192
778,553
615,368
512,034