ELIZA MARTHA BELL TRUST
TRUST ACCOUNTS
YEAR ENDED 31 DECEMBER 2024
ELIZA MARTHA BELL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
1. REFERENCE AND ADMINISTRATIVE DETAILS
The trust is registered with the Charity Commission under the reference 226634.
The registered office of the Charity is 30/32 Gildredge Road, Eastbourne, East Sussex, BN21 1RJ.
The trustees use advisors as follows:-
Bankers:Investment Managers:Lloyds Bank Plc Charles Stanley 104 Terminus Road 30 Hyde Gardens Eastbourne Eastbourne East Sussex East Sussex BN21 3AH BN21 4PX …. Up to November 2024 Independent Examiner:Nathan Coker FCCA CCLA Investment Management Limited Chartered Certified Accountant One Angel Lane Price & Company London 30/32 Gildredge Road EC4R 3AB …. From November 2024 Eastbourne East Sussex BN21 4SH
2. TRUSTEES
The names of the trustees who held office throughout the year are:-
Dr S J Eyre (Chairman) A T R Firth Esq (Hon Treasurer) Mrs M De Wirtz R Dadswell Esq (Hon Secretary) M Smith Esq S D Francis Esq
3. STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity originates from the will of the late Miss Eliza Martha Bell and has been operated in accordance with the Trust Deed dated 14 January 1921 and latterly under the revised scheme dated 26 October 1984.
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ELIZA MARTHA BELL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
4. STRUCTURE, GOVERNANCE AND MANAGEMENT (CONT)
The Trust Deed provides for a maximum of seven competent persons, who hold the Protestant faith, to be appointed as trustees. New trustees are appointed for a term of five years by resolution at a special meeting of the continuing trustees. Such persons are to be made aware of their responsibilities, the history and procedures of the charity and should receive a copy of the previous year's accounts. To act as a trustee on appointment, the new trustee must first sign in the minute book of the Trust a declaration of acceptance and willingness to act.
5. OBJECTIVES AND ACTIVITIES
The trustees are required to apply the income of the Charity in or towards the provision of recuperative holidays for Christian women workers of the Protestant faith, being persons of limited means who require rest from some active missionary work or other Christian service.
The trustees meet and allocate funds annually to certain societies and missions stipulating that the funds be used for the benefit of Christian ladies, as outlined above.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.
6. ACHIEVEMENTS AND PERFORMANCE
All of the trust investments are held in stocks and shares and apart from interest on monies held on deposit, all of the income derives from these investments. The total value of the investments at 31 December 2024 amounted to £890,809, on which an income of £31,177 was generated, equating to an average yield of approximately 3.5%. Overall, the investment portfolio has increased in value by 1.1% in the last twelve months, compared to a rise of 5.8% on the FTSE All Share Index and FTSE Index over the same period.
7. FINANCIAL REVIEW
The results for the year ended 31 December 2024 are shown in the attached financial statements and the trustees regard the financial situation at that date as satisfactory.
The trustees have reviewed the risks that the charity may be exposed to and have made appropriate arrangements to mitigate these risks.
Given the nature and purpose of the trust, there is no need to maintain substantial capital cash reserves and the policy of the trustees is to allocate the income as soon as possible after the year end.
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ELIZA MARTHA BELL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
8. FINANCIAL REVIEW (CONT)
The Charity Fund Manager, CCLA Investment Management Ltd, was appointed in the year to act on behalf of the trustees and investment policy is to invest with medium risk. The overall objectives are balanced so as to produce a reasonable return of income, but with a view towards some capital appreciation to ensure that the level of giving can be maintained in future years.
On behalf of the trustees
Dr S J Eyre - Chairman 9 April 2025
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ELIZA MARTHA BELL TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ELIZA MARTHA BELL TRUST
I report on the accounts of the Trust for the year ended 31 December 2024, which are set out on pages 5 to 12.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINERS
The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under Section 145 of the 2011 Act;
-
under Section 145 (5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
BASIS OF THE INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the general Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER’S STATEMENT
In connection with my examination, no matter has come to my attention:
-
a) which gives me reasonable cause to believe that in any material respect the requirements:
-
i) to keep accounting records in accordance with Section 130 of the 2011 Act; and
-
ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met; or
- b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
30/32 Gildredge Road Eastbourne East Sussex BN21 4SH
Nathan Coker FCCA Chartered Certified Accountant Price & Company
9 April 2025
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ELIZA MARTHA BELL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Current financial year | Unrestricted | ||||
|---|---|---|---|---|---|
| Income | Endowment | Total | Total | ||
| Note | Funds | Funds | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Income from: | |||||
| Investments | 3 | 33,515 | 33,515 | 32,325 |
|
| ______ | _____ | ______ | ______ | ||
| Total income | 33,515 | 33,515 | 32,325 |
||
| ______ | _____ | ______ | ______ | ||
| Expenditure on: | |||||
| Raising funds: | |||||
| Investment management costs | |||||
| Stockbrokers’ fee | 3,891 | 3,891 | 4,359 |
||
| Charitable activities: | 4 | 30,570 | 30,570 | 39,215 |
|
| ______ | _____ | ______ | ______ | ||
| Total resources expended | 30,570 | 3,891 | 34,461 | 43,574 |
|
| ______ | _____ | ______ | ______ | ||
| Net gain (loss) on investments | 5 | 8,206 | 8,206 | 17,811 |
|
| _____ | _ | ______ | ______ | ||
| Net movement in funds | 2,945 | 4,315 | 7,260 | 6,562 |
|
| Fund balances brought forward | |||||
| at 1 January 2024 | 30,575 | 885,107 | 915,682 | 909,120 |
|
| ______ | _ | _ | _ | ||
| Fund balances carried forward | |||||
| at 31 December 2024 | £33,520 | £889,422 | £922,942 | £915,682 | |
| ====== | ======= | ======= | ======= |
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ELIZA MARTHA BELL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Current financial year | Unrestricted | |||
|---|---|---|---|---|
| Income | Endowment | Total | ||
| Note | Funds | Funds | 2023 | |
| £ | £ | £ | ||
| Income from: | ||||
| Investments | 3 | 32,325 | 32,325 | |
| ______ | _____ | ______ | ||
| Total income | 32,325 | 32,325 | ||
| ______ | _____ | ______ | ||
| Expenditure on: | ||||
| Raising funds: | ||||
| Investment management costs | ||||
| Stockbrokers’ fee | 4,359 | 4,359 | ||
| Charitable activities: | 4 | 39,215 | 39,215 | |
| ______ | _____ | ______ | ||
| Total resources expended | 39,215 | 4,359 | 43,574 | |
| ______ | _____ | ______ | ||
| Net gain (loss) on investments | 5 | 17,811 | 17,811 | |
| _____ | _ | ______ | ||
| Net movement in funds | (6,890) | 13,452 | 6,562 | |
| Fund balances brought forward | ||||
| at 1 January 2023 | 37,465 | 871,655 | 909,120 | |
| ______ | _ | _ | ||
| Fund balances carried forward | ||||
| at 31 December 2023 | £30,575 | £885,107 | £915,682 | |
| ====== | ======= | ======= |
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ELIZA MARTHA BELL TRUST
BALANCE SHEET AT 31 DECEMBER 2024
| Notes | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Investments | 5 | 890,809 | 881,808 | ||
| Current Assets | |||||
| Cash | 6 | 33,153 | 35,925 | ||
| Creditors :Amounts falling due within one year | |||||
| Accruals | 1,020 | 2,051 | |||
| _____ | _____ | ||||
| Net current assets | 32,133 | 33,874 | |||
| _ | _ | ||||
| Total assets less current liabilities | £922,942 | £915,682 | |||
| ======= | ======= | ||||
| Represented by:- | |||||
| Unrestricted funds: | |||||
| Endowment Fund | 7 | 889,422 | 885,107 | ||
| Income Fund | |||||
| Unallocated income | 33,520 | 30,575 | |||
| _ | _ | ||||
| £922,942 | £915,682 | ||||
| ======= | ======= | ||||
| Approved by the Trustees on 9 April 2025 | |||||
| and signed on their behalf by | |||||
| Dr S J Eyre - Chairman |
The notes on pages 8 to 12 form part of these accounts.
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ELIZA MARTHA BELL TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
a) Accounting convention
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 note(s) 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) (Effective 1 January 2019) and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102.
b) Going Concern
At the time of approving the accounts, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees’ continue to adopt the going concern basis of accounting in preparing the accounts.
- c) Taxation
The trust is registered as a charity with the Charity Commissioners and is exempt from United Kingdom taxation.
d) Income funds
The income funds of the trust are unrestricted, but must be applied in accordance with the objects of the trust set out in the trustees' report.
e) Incoming resources
All incoming resources are included in the accounts on a receivable basis.
- f) Resources expended
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them
Grants payable are payments made to third parties in the furtherance of the charitable objectives.
- g) Allocations
Allocations of funds are recognised when paid.
h) Investments
Investments are stated at fair value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.
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ELIZA MARTHA BELL TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024
2. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Income | Endowment | Total | ||
|---|---|---|---|---|
| Fund | Fund | Funds | ||
| Fund balances at 31 December 2024 are | ||||
| represented by:- | £ | £ | £ | |
| Investments | 890,809 | 890,809 | ||
| Current assets | 34,540 | (1,387) | 33,153 | |
| Current liabilities | (1,020) | (1,020) | ||
| ____ | ||||
| TOTAL NET ASSETS | £33,520 | £889,422 | £922,942 | |
| ============================ | ||||
| **3. ** | INCOME FROM INVESTMENTS | 2024 | 2023 | |
| This figure represents income from:- | ||||
| Investments (Appendix A) | 31,177 | 31,963 | ||
| Bank interest | 2,338 | 362 | ||
| ______ | ______ | |||
| £33,515 | £32,325 | |||
| ====== | ====== |
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NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024
ELIZA MARTHA BELL TRUST
4. CHARITABLE ACTIVITIES
Grants to societies and missions for the provision of recuperative holidays for Christian women workers, were as below:-
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| AIM International | 1,100 | 1,375 |
| Betel UK | - | 1,100 |
| Christian Witness to Israel | 850 | 1,100 |
| European Christian Mission | 1,300 | 1,650 |
| Gospel Literature Outreach | 1,300 | 1,650 |
| Interserve Fellowship Berhad | 800 | 1,050 |
| Interserve | 1,700 | 2,200 |
| Japan Christian Link | 1,150 | 1,450 |
| Keswick Convention Hospitality Fund | 1,700 | 2,100 |
| Latin Link | 1,300 | 1,650 |
| London City Mission | 1,500 | 1,850 |
| Malaysian Care | 650 | 825 |
| Operation Mobilization | 1,700 | 2,200 |
| Outreach UK | 1,000 | 1,250 |
| Overseas Missionary Fellowship International | 1,300 | 1,650 |
| Penhurst Retreat Centre | 850 | 1,100 |
| Pioneers | 1,100 | 1,375 |
| SIM UK | 2,550 | 3,300 |
| Soldiers' and Airmens' Scripture Readers Assoc. | 1,300 | 1,650 |
| The Navigators | 850 | 1,100 |
| The Leprosy Mission | 850 | 1,100 |
| UFM Worldwide | 1,300 | 1,650 |
| Wycliffe Bible Translators | 1,700 | 2,200 |
| Youth with a Mission | 1,700 | 1,650 |
| _ | ______ | |
| 29,550 | 38,225 | |
| Governance / support costs: | ||
| Accountancy and Examiner’s fee | 1,020 | 990 |
| ______ | ______ | |
| £30,570 | £39,215 | |
| ====== | ====== |
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ELIZA MARTHA BELL TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024
| 5. | INVESTMENTS |
2024 | 2023 | ||
|---|---|---|---|---|---|
| Fair value at 1 January 2024 | 881,808 | 863,997 | |||
| Less: | |||||
| Disposals at opening fair value | 768,572 | - | |||
| Proceeds from sale of rights/fractions | 1,558 | - | |||
| ______ | _____ | ||||
| 770,130 | - | ||||
| _ | ______ | ||||
| 111,678 | 863,997 | ||||
| Acquisitions at cost | 787,743 | - | |||
| Net gains (loss) on revaluation | |||||
| at 31 December 2024 | 8,612 | 17,811 | |||
| _ | _____ | ||||
| 779,131 | 17,811 | ||||
| _ | _ | ||||
| Fair value at 31 December 2024 | £890,809 | £881,808 | |||
| ======= | ====== | ||||
| Historical cost as at 31 December 2024 | £899,420 | £477,240 | |||
| ======= | ======= |
Historical cost comprises either fair value at 31 December 1962 or subsequent cost.
The total net gain on investments during the year amounted to £8,206 as below:-
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Gain/Loss on disposals | 16,818 | - | |||
| Gain/Loss on revaluation at | 31 | December | 2024 | (8,612) | 17,811 |
| _____ | ______ | ||||
| £8,206 | £17,811 | ||||
| ===== | ====== |
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ELIZA MARTHA BELL TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024
| 6. | CASH | 2024 | 2023 |
|---|---|---|---|
| Cash held comprises: | |||
| Lloyds Bank : Current Account | 3,863 | 11,031 | |
| COIF Charities Deposit Account | 29,290 | 19,500 | |
| Cash with Charles Stanley, Stockbrokers | - | 5,394 | |
| ______ | ______ | ||
| £33,153 | £35,925 | ||
| ====== | ====== | ||
| Representing: | |||
| Investment funds | 34,540 | 4,360 | |
| Unallocated income | (1,387) | 31,565 | |
| ______ | ______ | ||
| £33,153 | £35,925 | ||
| ====== | ====== | ||
| 7. | ENDOWMENT FUND | 2024 | 2023 |
| Balance at 1 January 2024 | 885,107 | 871,655 | |
| Add: | |||
| Gains (losses) on investments | 8,206 | 17,811 |
|
| _ | _ | ||
| 893,313 | 889,466 | ||
| Less: | |||
| Stockbrokers’ fee | 3,891 | 4,359 | |
| _ | _ | ||
| Balance at 31 December 2024 | £889,422 | £885,107 | |
| ======= | ======= |
The fund is represented mainly by investments, the income from which is available for the general purposes of the trust.
8. TRUSTEES’ REMUNERATION AND EXPENSES
The trustees have received no remuneration and no expenses have been reimbursed to them during the year.
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ELIZA MARTHA BELL TRUST
SCHEDULE OF INVESTMENTS AND INCOME ARISING THEREON YEAR ENDED 31 DECEMBER 2024
| AR ENDED 31 DECEMBER 2024 | |
|---|---|
| GOVERNMENT STOCKS Treasury Stock £20000 2.5% index linked stock 2024 EQUITIES Astra Zeneca Plc 500 ordinary USD 0.25 shares Aviva Plc 3420 New ordinary 0.328947368p shares Aviva Investors UK SVOS Ltd 8054.6968 Strategic Bond 5 Nav Unites BHP Group Plc 1000 ordinary USD0.50 shares Blackrock Commodities Income Inv Trust 30500 ordinary 1p shares Blackrock North American Inv Trust 9400 ordinary 1p shares Blackrock Continental European Inv Fund 5390.474 income units Bunzl 695 ordinary 0.32142857p shares CCLA Investment Management Ltd 5627.53 income shares 38269.19“ “ 43896.72“ “ Croda International Plc 470 ordinary 0.10609756p shares carried forward |
Book Fair Purchases Fair Book Fair Value Value (Equalisation Cost of Value of Sale Value Value 01.01.24 01.01.24 and sale of rights) Sales Sales Proceeds 31.12.24 31.12.24 Income 60,169 76,210 60,169 76,210 77,262 1,926 15,424 53,000 15,424 53,000 49,441 1,168 17,357 14,867 17,357 14,867 15,562 1,170 7,666 7,301 7,666 7,301 7,188 300 16,781 26,895 16,781 26,895 21,095 1,129 31,776 35,014 31,776 35,014 36,082 1,373 17,864 17,860 17,864 17,860 18,146 752 9,989 9,983 9,989 9,983 9,986 351 16,240 22,170 16,240 22,170 23,986 475 25,343 111,678 787,743 813,086 890,809 2,318 10,909 23,735 10,909 23,735 17,135 512 |
| 240,788 405,383 787,743 204,175 287,035 281,824 813,086 890,809 11,694 |
ELIZA MARTHA BELL TRUST
SCHEDULE OF INVESTMENTS AND INCOME ARISING THEREON YEAR ENDED 31 DECEMBER 2024 (Continued)
| brought forward Direct Line Insurance Group Plc 3666 ordinary 0.109090909p shares Dowlais Group Plc 2535 ordinary 1p shares Edinburgh Investment Trust 5000 ordinary 25p shares Experian Plc 1000 ordinary US$0.10 shares HSBC Plc 3500 ordinary US$0.50 shares Intercontinental Hotels Plc 418 0.208521303p shares Lloyds Banking Group Plc 17100 ordinary 10p shares Melrose Industries Plc 2535 ordinary 0.22857142p shares M&G Plc 1750 ordinary 5p shares M&G 2802 charifund income units carried forward |
Book Fair Purchases Fair Book Fair Value Value (Equalisation Cost of Value of Sale Value Value 01.01.24 01.01.24 and sale of rights) Sales Sales Proceeds 31.12.24 31.12.24 Income 240,788 405,383 787,743 204,175 287,035 281,824 813,086 890,809 11,694 11,270 6,670 11,270 6,670 5,941 220 1,553 2,709 1,553 2,709 1,190 106 18,734 34,250 18,734 34,250 36,020 1,370 9,399 32,020 9,399 32,020 38,385 461 21,895 22,243 21,895 22,243 25,025 1,986 9,819 29,636 9,819 29,636 37,276 521 11,355 8,158 11,355 8,158 9,232 496 5,478 14,384 5,478 14,384 12,607 140 598 3,892 598 3,892 3,369 347 3,662 40,208 3,662 40,208 40,285 2,522 |
|---|---|
| 323,281 592,883 787,743 297,938 481,205 485,213 813,086 890,809 19,643 |
ELIZA MARTHA BELL TRUST
SCHEDULE OF INVESTMENTS AND INCOME ARISING THEREON YEAR ENDED 31 DECEMBER 2024 (Continued)
| brought forward Murray International Ltd 14125 ordinary 5p shares National Grid Plc 2814 ordinary 0.12431289p shares Prudential Corporation Plc 1750 ordinary 5p shares RIT Capital Partners Plc 1000 ordinary 1p shares Segro 1845 ordinary 10p shares Shell Plc 1200 'B' shares Euro.07 Smiths (DS) Plc 3145 ordinary 10p shares Temple Bar Investment Trust 25000 ordinary 5p shares Unilever Plc 1068 ordinary 0.031111p shares Value & Income Trust 10845 ordinary 10p shares carried forward |
Book Fair Purchases Fair Book Fair Value Value (Equalisation Cost of Value of Sale Value Value 01.01.24 01.01.24 and sale of rights) Sales Sales Proceeds 31.12.24 31.12.24 Income 323,281 592,883 787,743 297,938 481,205 485,213 813,086 890,809 19,643 24,109 36,443 24,109 36,443 35,140 1,653 13,360 29,772 (1,558) 11,802 28,214 27,296 1,647 3,732 15,526 3,732 15,526 11,528 290 12,247 18,820 12,247 18,820 18,448 390 15,357 16,354 15,357 16,354 13,997 450 449 30,858 449 30,858 30,640 960 14,952 9,665 14,952 9,665 18,003 566 10,739 59,500 10,739 59,500 66,515 1,937 12,597 40,584 12,597 40,584 48,889 1,176 26,789 20,931 26,789 20,931 19,874 1,453 |
|---|---|
| 457,522 871,336 786,185 430,711 758,100 775,543 813,086 890,809 30,165 |
ELIZA MARTHA BELL TRUST
SCHEDULE OF INVESTMENTS AND INCOME ARISING THEREON YEAR ENDED 31 DECEMBER 2024 (Continued)
| brought forward Vodafone Group Plc 10909 common US$ 0.2095238 shares Woodside Energy Group Ltd 180 ordinary NPV shares |
Book Fair Purchases Fair Book Fair Value Value (Equalisation Cost of Value of Sale Value Value 01.01.24 01.01.24 and sale of rights) Sales Sales Proceeds 31.12.24 31.12.24 Income 457,522 871,336 786,185 430,711 758,100 757,043 813,086 890,809 30,165 16,478 7,479 16,478 7,479 7,751 833 3,240 2,993 3,240 2,993 2,096 179 |
|---|---|
| £477,240 £881,808 £786,185 £450,429 £768,572 £785,390 £813,086 £890,809 £31,177 |
Net gain on sales
£16,818