2024-12-31-accounts

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

Charity registration number 242677 (England and Wales)

MR & MRS JA PYE'S CHARITABLE SETTLEMENT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	G Flint
	V Buzzard
	P Marsh
Charity number	242677
Administrative office	Gravita Oxford LLP
	First Floor, Park Central
	40-41 Park End Street
	Oxford
	OX1 1JD
Auditors	Griffin Stone Moscrop & Co
	21-27 Lamb's Conduit Street
	London
	WC1N 3GS
Bankers	National Westminster Bank plc
	32 Cornmarket Street
	Oxford
	OX1 3HQ
Solicitors	Knights Professional Services Limited
	Midland House
	WestWay
	Oxford
	OX2 OPH
Investment advisors	Adam & Company Wealth Management
	40 Princes Street
	Edinburgh
	EH2 2BY
Property managers	Ministar Services Limited
	New Bois
	Windsor Lane
	Little Kingshill
	Buckinghamshire
	HP16 ODP
Grants Administrator	Lucy McCallum-Toppin
	Springfield
	Faringdon Road
	Southmoor
	Oxfordshire
	OX135BG

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT

CONTENTS

a	ti	te	ee	ee Te
			Page
Trustees’ report			1-3
Statement oftrustees’ responsibilities			4
Independent auditors' report			5-7
Statement offinancial activities			8
Balance sheet			9
Statement ofcash flows			10
Notestothefinancialstatements			11-24

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the year ended 31 December 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 Settlement's Trust Deed, 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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Settlement's objects are general charitable objectives.

The overall policy of the trustees is to support under-funded charities in their fields of interest in order to assist those charities to play a fuller role in the community. Unfortunately, due to the demands made it is not possible to support all applications even though they may meet the charity’s criteria. However, the trustees particularly recognise the difficulty many smaller charities experience in obtaining core funding in order to operate efficiently in today’s demanding environment. In addition major support is given to a limited number of causes in the fields of environment, music, education and medicine. This approach has been rewarded by significant results obtained by beneficiaries.

The Settlement’s website describes its grant-making policy and applicants are encouraged to send their applications electronically using the Settlement’s email address: [e-mail]. In making grants the trustees seek to continue the settlors’ interests while expanding them to encompass other causes. They focus their grant-making on Oxfordshire and its surrounds whilst continuing their support to charitable causes espoused by the Pye family and individual trustees.

The following list is by no means exhaustive and is given for guidance only:

Environmental

This subject particularly deals with organic farming matters, conservation generally and health-related matters such as pollution research and some wildlife protection.

Education

Nursery, Primary, Secondary or Higher Institutions (not individuals).

Alleviation of Hardship

This includes causes concerned with poverty, health and care generally.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Settlement should undertake.

By making grants to other charitable causes, the trustees ensure that their objectives for public benefit are met. Due to the size of the Settlement, the trustees mostly restrict the grants to charities operating in Oxfordshire and the surrounding areas as they feel that in this way they are able to make a more significant contribution to the communities in the area. Applications from national charities with a specific project within the set area are also welcomed. The trustees outline elsewhere in the trustees’ report the main areas that they tend to support, but all donation requests will be considered. Due to the varied interests of the settlors and the current trustees, a wide variety of causes are supported, thus making sure that the benefits reach people of all backgrounds. The trustees are particularly keen to support smaller charities that may struggle to find funding for worthwhile projects, many of which have a very direct impact on the people in the community within which the charity operates.

The trustees review the activities of the donees on a regular basis, giving due regard to the guidance published by the Charity Commission on public benefit.

The Settlement does not hold any funds as a custodian trustee.

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 SSE

Achievements and performance

Grants

In the year under review, grants amounting to £470,552 (2023: £399,315) have been made to 107 (2023: 101) charities concerned with environmental matters, education and the alleviation of hardship. As many of the organisations the Settlement supports fall within more than one of the above categories, the trustees feel that it is more meaningful to provide a list of all recipients who have benefited from grants of £501 or more in 2024 and 2023 and consequently no separate list of the grants classified by the activities being funded is included in the financial statements. As disclosed at the end of note 6 the trustees have a forward programme of grants to be wholly funded out of future income. It is the policy to make clear to all beneficiary charities that forward grant programmes are always subject to annual reconsideration and therefore cannot be relied upon until confirmed by the trustees on an annual basis.

In view of this policy and practice the trustees are of the opinion that any recognition of this forward programme in the financial statements, other than as disclosed in note 6, would be misleading.

Financial review

in comparison with 2023 the Settlement’s total income increased by £60,520 during the year. Income from the investment portfolio increased by £59,392 and rental income from investment properties decreased by £3,475. Granis awarded increased by £71,237 and other expenditure decreased by £12,397.

The trustees continue to keep their costs of administration and those of the property portfolio under review in order to avoid duplication, engaging appropriate expertise and saving costs. An ongoing capital and maintenance plan continues to be followed in respect of the properties.

Total fund balances at 31 December 2024 were £13,394,722 (2023: £12,763,995)

Reserves policy

The trustees have established a reserves policy, whereby 5% of the annual rental income is set aside for any improvements and capital expenditure required for the Maiden Lane Shopping Centre. This is so that the trustees may manage their investment in Maiden Lane Shopping Centre proactively, without affecting their ability to meet their charitable objectives. The balance on this reserve at 31 December 2024 is £211 ,060.

investment policy and performance

investment policy for the combined equity and bond portfolios under discretionary management is to maintain the real value of the capital invested and, subject to this, to generate income to satisfy current and anticipated donations to the Settlement’s beneficiaries. The value of the Settlement's investments at 31 December 2024 stood at £8,596,529 (2023: £8,051,369). The trustees have no special policy on social, environmental or ethical considerations.

Risk assessment and management

The trustees have assessed the major risks to which the Settlement is exposed, and are satisfied that systems are in place to mitigate exposure to the maior risks.

The trustees keep under review the risks of maintaining the integrity of the Settlement and have concluded that there are no untoward risks in the approach and management of the Settlement. In conducting this review they considered particularly the areas of fraud, the policy of holding the portfolio in nominee names, and investment policy as executed by managers. The managers provide an annual independent security report to the trustees. Since it is directed to institutions regulated by the Charity Commission and supplemented by assessments by the Grants Administrator, the trustees consider they have minimised any risk in their distribution policy.

The general business environment remains challenging for many tenants. The trustees are in regular contact with the tenants through the managing agent to ensure that there is a continued dialogue and all efforts to support tenants on a reasonable and practical basis are taken. The trustees will continue to monitor this situation and revise their considerations accordingly.

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Plans for the future

The trustees plan to continue their present mode of operating as outlined in the report.

Structure, governance and management

The Settlement is a Registered Charity (No: 242677) constituted by a Trust Deed made 5 March 1965 between the late Mr and Mrs J A Pye and the original trustees (Vr G C Pye, Mr G W F Archer and Mr R H LangdonDavies) under which the trust fund together with the income from it is held for the benefit of such charitable purposes as the trustees shall select. Following the deaths of the settlors the power to appoint new trustees is vested in the trustees for the time being.

The trustees who served during the year and up to the date of signature of the financial statements were: G Flint V Buzzard

P Marsh

The trustees administer the Settlement. They have no fixed retirement date.

The trustees undergo training either through courses or functional experience. New trustees are inducted in the same way.

Decisions of the trustees are taken by them at their regular meetings which are held at least four times a year. The business of the meetings is to review the affairs of the Settlement and to consider the awarding of grants. Applications for grants are sent, in the first instance, to the Grants Administrator, Mrs Lucy McCallum-Toppin, who then presents them, together with her assessment, for discussion at trustees’ meetings. The Grants Administrator arranges for the payment of grants and is involved in correspondence and meetings with beneficiary charities.

On an annual basis one or more of the trustees meet representatives of all beneficiaries receiving major awards and reports are received from other beneficiaries.

Safeguarding

The Settlement confines its charitable activities to the awarding of grants to other charitable organisations. It is the trustees’ policy to ensure that the recipients of its grants have safeguarding policies in place in accordance with Charity Commission guidelines.

Payment of staff

Since they currently have no staff the trustees have not felt it necessary to adopt a policy for their payment.

Handling of complaints

It is the trustees’ policy for complaints to be considered at their meetings.

The trustees’ report was approved by the Board of Trustees and signed on its behalf by:

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 ceeea ee 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 Settlement and of the incoming resources and application of resources of the Settlement for that year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe 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 financial statements; and ~ 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 Settlement 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 Settlement and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF MR & MRS J A PYE'S CHARITABLE SETTLEMENT

Opinion

We have audited the financial statements of Mr & Mrs J A Pye's Charitable Settlement (the ‘Settlement’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the Settlement's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and

• have been prepared in accordance with the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Settlement in accordance with the ethica! requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Settlement’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient accounting records have not been kept; or

• • the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT INDEPENDENT AUDITORS’ REPORT (CONTINUED) TO THE TRUSTEES OF MR & MRS J A PYE'S CHARITABLE SETTLEMENT ee eee

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal conirol as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Settlement's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our Opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

\rregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures designed and implemented to detect irregularities, including fraud, are detailed below:

• e Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

• ¢ Carrying out substantive checking to supporting documentation, on a sample basis, of individual transactions within income and expenditure to give comfort that the statement of financial activities does not contain any irregular items;

• e Verifying that material balances within the balance sheet are supported by third party evidence to confirm existence and valuation at the balance sheet date;

• e Enquiry of management and those charged with governance around actual and potential litigation and claims; and

e Reviewing minutes of trustee meetings.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT

BALANCE SHEET

AS AT 31 DECEMBER 2024

				2024		2023
		Notes	£	£	£	£
Fixed assets
Investment properties		1		4,210,000		4,210,000
Investments		12		8,596,529		8,051,369
				12,806,529		12,261,369
Current assets
Debtors		15	11,097		50,027
Cash at bank and in hand			670,999		536,685
			682,096		586,712
Creditors: amounts falling due within
one year		16	(93,903)		(84,086)
Net current assets				588,193		502,826
Net assets				13,394,722		12,763,995
Income funds
Designated fund:
Maiden Lane reserve		18	211,060		191,704
General unrestricted funds			13,183,662		12,572,291
Total funds				13,394,722		12,763,995
Thefinanefal statementswereapproved	bytheTrusteeson		onA sve, LO2N
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PF lint	V	Buzzard			P Marsh
Trustee	Trustee				Trustee

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

VIR & MRS JA PYE'S CHARITABLE SETTLEMENT

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

		Unrestricted	Unrestricted
		funds	funds
		2024	2023
	Notes	£	£
Income from:
Investments	3	707,186	646,666
Expenditure on:
Raising funds	4	111,736	127,318
Charitable activities	5	520,356	445,934
Total expenditure		632,092	§73\252
Netincome before net gains/(losses) on investments		75,094	73,414
Net gains/(losses) on investments	10	555,633	(1,552,652)
Netmovement infunds		630,727	(1,479,238)
Fund balances at 1 January 2024		12,763,995	14,243,233
Fundbalancesat31December2024		13,394,722	12,763,995

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

VIR & MRS JA PYE'S CHARITABLE SETTLEMENT

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |ere| |2024|2023| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|20|(583,345)|(657,710)| |Cash|flows|from|investing|activities| |Purchase|of|investments|(1,012,473)|(2,248,329)| |Proceeds|on|disposal|of|investments|1,022,946|2,279,074| |Investment|income|received|707,186|646,666| |Net|cash|provided|by|investing|activities|717,659|677,411| |Cash|flows|from|financing|activities|-|Ha| |Net|increase|in|cash|and|cash|equivalents|134,314|119,701| |Cash|and|cash|equivalents|at|beginning|of year|536,685|416,984| |Cash|and|cash|equivalents|at end|of year|670,999|536,685|

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JAPYE'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

• 1 Accounting policies

Charity information

Mr & Mrs J A Pye's Charitable Settlement is a registered charity. It is registered with the England and Wales Charity Commission. lis administrative office address is Gravita Oxford LLP, First Floor, Park Central, 40-41 Park End Street, Oxford, OX1 1JD

• 1.1. Accounting convention

The financial statements have been prepared in accordance with the Settlement's Trust Deed, the Charities Aci 2011, "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Settlement is a Public Benefit Entity as defined by FRS 102.

The financial statements have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Settlement. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Accounting estimates The preparation of the financial statements in compliance with the Charities SORP (FRS 102) requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity's accounting policies.

• 1.3. Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Settlement has adequate resources to continue in operational existence for the foreseeable future and confirm there are no material uncertainties about the Settlement's ability to continue. Thus the trustees continue io adopt the going concern basis of accounting in preparing the financial statements.

• 1.4 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. In the year ended 31 December 2015 the trustees created a reserve for capital expenditure in respect of Maiden Lane Shopping Centre and this was allocated to a designated fund. The details are shown in note 18.

• 1.5 Income

Income is recognised when the Settlement is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

VIR & MRS JA PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Se 1 Accounting policies

(Continued)

Investment income

Dividends are included in the statement of financial activities when they are receivable. Gross bank interest is included in the statement of financial activities as it arises.

• Rental income is included on a receivable basis. Where rent is received in advance it is recorded as deferred income and released to the statement of financial activities in the period to which it relates.

• 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Grants are recognised when they become payable.

Classification of expenditure

Expenditure is charged to the statement of financial activities as it is incurred. Governance costs comprise costs for the running of the Settlement itself as an organisation. Governance costs are apportioned between expenditure on raising funds and charitable activities based on time spent.

• 1.7 Investment properties

investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date. The fair value is on the basis of advice from independent property valuers. The surplus or deficit on revaluation is recognised in net income/expenditure.

• 1.8 Fixed asset investments

• Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequenily measured at fair value at each reporting date. Changes in fair value are recognised in net income/expenditure. Transaction costs are expensed as incurred.

• 1.9 Loans From time io time the trustees receive requests for substantial grant funding to which they would like to accede. In many cases it helps the beneficiary charity for funding to be spread over a number of years. In some cases, however, it is clear that the nature of the project requires immediate cash and in such cases it is the policy of the trustees to lend money in order to assist the beneficiary charity to start a project and enable the grantee to match funding from other sources. The terms of such loans are always expressed to be free of interest and repayable on demand. Loans are reduced either by repayment or by a waiver authorised by the ‘trustees. Loans made are accounted for when authorised by the trustees.

• 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investmenis with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

• 1 Accounting policies

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• 1.11 Financial instruments

• The Settlement 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 Settlement's balance sheet when the Settlement 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, 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 effective 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 assis 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 constitutes a financing transaction, where the debi instrument is measured at the present value of the future payments 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 rate method.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Settlement’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements In the application of the Settlement’s accounting policies, the trustees are required to make judgemenis, 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.

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MIR & MRS JA PYE'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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3 Income from investments

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2024	2023
	£	£
Rental income	407,621	411,096
Income from listed investments	280,393	221,001
Interest receivable	19,172	14,569
	707,186	646,666

4, Expenditure on raising funds

	Unrestricted	Unresiricted
	funds	funds
	general	general
	2024	2023
	£	£
Property expenses	65,451	84,589
Share ofgovernance costs (see note 7)	5,525	5,984
Investmentmanagement cosis	40,760	36,745
	111,736	127,318

5 Expenditure on charitable activities

		Unrestricted	Unrestricted
		funds	funds
		general	general
		2024	2023
		£	£
Grantfunding	funding of activities (see note 6)	470,552	399,315
Share	ofgovernance costs (see note 7)	49,804	46,619
		520,356	445934

=4Ae

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Grants payable

During the year the Settlement distributed £470,552 to 107 institutions (2023: £399,315 to 101 institutions), ‘n accordance with the Settlement’s objectives. As stated in the trustees’ report, the charity seeks to support organisations focused largely in Oxfordshire and the surrounding area concerned with environmental metic’s, education and the alleviation of hardship. A number of these organisations fall into two or more of the above categories and therefore the trustees consider it more useful to the reader of the financial statements to lis? al! recipients who have benefited from grants of £501 or more, rather than classify the grants made by ‘>a activities being funded.

No	Institution	2024	2023
		£	&
4	Magdalen Coilege School	30,000	30,000
2	Aspire Oxfordshire	20,000	12,500
3	The Porch - Stepping Stone	15,000	12,500
4	DidcotTRAIN	11,000	10,000
5	FarmAbility	10,000	40,000
6	Helen & Douglas House	10,000	5,000
7	Oxfordshire SexualAbuse and Rape Crisis Centre (OSARCC)	10,000	16,000
8	Oxfordshire Youth	10,000	10,000
9	SeeSaw	10,000	10,000
10	StyleAcre	10,000	5,000
11	Teenage CancerTrust	10,000	3,000
12	Yellow Submarine	11,000	5,000
13	CLIC Sargent (Young Lives Vs Cancer)	10,000	7,500
14	Oxford Playhouse	9,000	-
15	Oxford United In The Community	6,500	-
16	Adventure Plus	5,000	4,000
17	Arts at The Old Fire Station	5,000	10,000
18	Be Free Young Carers	5,000	-
19	Berkshire, Buckinghamshire and Oxfordshire Wildlife Trust (BBOWT)	5,000	-
20	CitizensAdvice Oxfordshire South & Vale	5,000	5,000
21	Connection Support	5,000	-
22	Edge Housing (Oxfordshire Community Churches Edge Housing Project)	5,000	7,000
23	Daybreak Oxford	5,000	-
24	Homeless Oxfordshire	5,000	-
25	Home-Start Banbury, Bicester& Chipping Norton	5,000	5,000
26	Home-Start Oxford	5,000	5,000
27	Home-Start Southern Oxfordshire	5,000	5,000
28	Joss Searchlight	5,000	2,500
29	One-Eighty	5,000	10,000
30	Oxfordshire Motor Project (TRAX)	5,000	-
31	Oxford Food Hub	5,000	-
32	Oxford Head Injury Services	5,000	-
33	Place2Be	5,000	-
34	Wild Oxfordshire	5,000	5,000
35	RAWWorkshop	5,000	5,000
36	St Luke's Hospital	5,000	-
37	Sundial Centre for Education (formerly OxfordAgainst Cutting)	5,000	5,000
38	Thames ValleyAirAmbulance	5,000	5,000
39	The Branch Trust	5,000	2,500
40	The Hummingbird Centre	5,000	-
41.	The Mulberry Bush School	5,000	7,500
42	ThePumpHouseProject	5,000	-

=45

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

VIR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |6|Grants|payable|(Continued)| |43|The|Story|Museum|5,000|-| |44.|HENRY|4,000|=| |45|Leys|Community|Development|Initiative|4,000|2,500| |46|St|Peter's|School|PTA|3,840|.| |47|Assisted|Reading|for|Children|Oxfordshire|(ARCh)|3,720|3,180| |48|Oxfordshire|MIND|3,500|-| |49|Viva|Network|3,500|-| |50|At The|Bus|3,000|-| |51|Cherwell|Theatre|Company|3,000|3,000| |52|Fight Against|Blindness|3,000|1,500| |58|Future Trees|Trust|3,000|2,000| |54|~~|Leafield|Pre-School|3,000|-| |55|_Letcombe|Brook|Project|3,000|-| |56|~MyVision|Oxfordshire|3,000|3,000| |57|Oxfordshire|Crossroads|3,000|-| |58|Oxiord|Churches|Debt|Centre|3,000|2,000| |59|Response|3,000|-| |60|~—s|Safe!|3,000|-| |61|Soundabout|3,000|-| |62|Sobell|House|Hospice|3,000|-| |63|St|John's Ambulance|3,000|-| |64|The|Friends|of Botley|School|(Acer|Trust)|3,000|-| |65|Witney|& West|Oxfordshire|Food|Bank|3,000|3,000| |66|Apollos|Clothing|2,500|-| |67|Autism|at|Kingwood|2,500|“| |68|Earth|Trust|2,500|-| |69|Enrych|2,500|-| |70|Pusey|House|2,500|2,500| |71|Restore|2,500|-| |72|Riverside|Counselling|Service|2,500|-| |73|The|Guide|Dogs|For The|Blind Association|2,500|-| |74|The|Maple Tree|2,500|~| |75|The Theatre|Chipping|Norton|2,500|2,000| |76|Grove C|of E|Primary|School|2,050|3,000| |77|Bishopswood|Schools|PTA (The|Propeller Academy|Trust)|2,000|-| |78|Child|Brain|Injury Trust|2,000|1,750| |79|Court|Hill|Trust|2,000|-| |80|Dementia|UK|2,000|3,000| |81|Emmaus|Oxford|2,000|-| |82|‘Felix|Fund|2,000|-| |83|Fitzwaryn|School|(The|Propeller Academy|Trust)|2,000|4,000| |84|Kingfisher|School|SEN|(The|Propeller Academy|Trust)|2,000|-| |85|MEET|in|Oxford|2,000|-| |86|Plunkett|UK|2,000|-| |87|Quest|for|Learning|2,000|1,000| |838|Reducing|the|Risk|2,000|-| |89|SUDEP Action|2,000|1,000| |90|The|Footsteps|Foundation|2,000|-| |91|The|Listening|Centre|(TLC)|2,000|2,000| |92.|The|North|Wall|Arts|Centre|2,000|-| |ft|93|REVale Community|Impact (VCI)a ec|2,000|-|

----- End of picture text -----

PL cre

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Grants payable

(Continues)

94	Life Education Wessex	1,650	1,050
95	Clean Slate	4,500	4,000
96	The Kidlington Good NeighbourScheme	1,500	3,900
97	Oxfordshire PlayAssocation	4,500	1,500
98	Oxford Hub	1,500	-
99	Sound Resource	1,500	-
100	Botley Bridges	4,000	-
401	Burford School	1,000	-
402	Charity Mentors Oxfordshire	1,000	-
103	Home-Start Oxford	1,000	~
104	Littleworth Reading Room	1,000	-
105	TheThomas Gifford Trust	1,000	{,000
106	Oxford Preservation Trust	792	720
107	BanburyYoung Homelessness Project (BYHP)	-	10,000
{08	Gatehouse (Homeless People and the Oxford Churches)	-	10,000
109	Music at Oxford	-	5,000
410	OxfordshireAge UK	-	5,000
411.	Refugee Resource	-	5,000
1413	The University of Oxford - Plant Conservation Hub	-	5,000
414	The Friends ofOxford Botanic Garden and HarcourtArboretum	-	4,000
115	The Parasol Project	-	3,330
116	Abingdon Foodbank	-	3,000
117	My Life My Choice	-	3,000
418	Oxford Hospitals Charity	-	3,000
119	Root& Branch	-	3,000
120	The Open University, Floodplain Meadows Partnership	-	3,000
121	Earthwatch	-	2,960
422	Auditory Verbal UK	-	2,500
123	Abingdon Carousel	-	2,500
124	Barracks Lane Community Garden	-	2,500
125	Dementia Active	-	2,500
1426	Oxford Baby Bank	-	2,500
{27	Oxford Urban Wildlife Group	-	2,500
128	StJames CE Primary School, Hanney (Friends ofStJames)	-	2,500
129	Thomley	-	2,500
130	Peeple	-	2250
131	Bridewell Organic Gardens	-	2,000
132	Footsteps Foundation	-	2,000
133	Friends of Larkrise (Oxford)	-	2,000
134	Helen Arkell Dyslexia Charity	-	2,000
135	Jacari	-	2,000
136	Kennington Youth Club	-	2,000
137	Maggie's Oxford	-	2,000
138	Oxford and District Mencap	-	2,000
139	Riding for the Disabled Abingdon	-	2,000
140	The Human Story Company	-	2,000
141.	The Mint House, Oxford	-	2,000
142	Witney Baby Bank	-	2,000
143	1st Stonesfield Scouts	-	2,000
144	LEAF	-	1,525

-17-

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

VIR & MRS J A PYE'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6	Grants payable	Grants payable		(Continued)
	145	ClearSky Children's Charity	“	1,500
	146	Frozen Light	-	1,500
	147 148	Guideposis Trust Abingdon Music Centre	- -	71,500 1,000
	149	ExVac	-	1,000
	150	Living Paintings	-	1,000
	151	Oxiordshire Breastfeeding Support	-	1,000
	152	Rosetta Life	-	1,000
	153	St Nicholas Church, Fyfield	-	4,000
	154	Sue Ryder	-	1,000
	155	Tandem	-	1,000
	156	24thAbingdon Scouts	-	1,000
	157	Grants below£501 (1) (2023: 0)	500	-
			470,552	399,315
	There were no commitmenis in connection with unpaid grants at 31 December 2024. The trustees intend io
	make further grants to befunded from future income as follows:
	Payments which at all times remain subject to the trustees’ complete discretion, indicated but not committed
	or provided for in these financial statements:
			2024	2023
			£	E
	Potentially payable within one year		30,000	31,000
	Potentially payable within two to five years		-	30,000
			30,000	61,000
	Movemenis on grants payable were as follows:
			2024	2023
			E	£
	At 1 January2024		61,000	92,000
	Paid during the year		(31,000)	(31,000)
	At31	December2024	30,000	61,000

=43'-

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |7|Governance|costs| |Governance|2024|Governance|2023| |costs|costs| |£|£|£|£| |Audit|fees|8,497|8,497|7,800|7,800| |Accountancy|11,720|11,720|10,085|10,085| |Legal|and|professional|2,434|2,434|-|-| |Administration|fees|12,784|12,784|14,888|14,888| |Grant|administrator|fees|18,000|18,000|18,000|18,000| |Trustees’|expenses|1,183|1,183|346|346| |Other|professional|fees|-|-|750|750| |Bank|charges|and| |commission|711|711|734|734| |55,329|55,329|52,603|52,503| |Analysed|between:| |Raising|funds|5,525|5,525|5,984|5,984| |Charitable|activities|49|804|49,804|46,619|46,619| |55,329|55,329|52,603|52,603|

----- End of picture text -----

Governance costs includes payments to the auditors of £8,497 (2023: £7,800) for audit fees.

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |8|Net|movement|in|funds|2024|2023| |£|£| |The|net|movement|in|funds|is|stated|after|charging/(crediting):| |Fees|payable|for|the|audit|of the|charity's|financial|statements|8,497|7,800|

----- End of picture text -----

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Settlement during the year.

Expenses for travel and subsistence were paid to 2 trustees totalling £846 (2023: 3 trustees totalling £346).

-19-

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

VIR & MRS JA PYE'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10 Net gains/(losses) on investments

		Unrestricted	Unrestricted
		funds	funds
		general	general
		2024	2023
	Gains/(losses) arising on:	£	£
	Revaluation of listed investments	555,633	394,348
	Revaluation ofinvestment properties	-	(1,947,000)
		555,633	(1,552,652)
i	Investment properties
		2024	2023
		£	£
	Fair value
	At 1 January2024	4,210,000	6,157,000
	Net lossesthrough fairvalue adjustments	-	(1,947,000)
	At31December2024	4,210,000	4,210,000

The market value for the freehold investment properties is based on valuations provided to the trustees by independent property valuers. The trustees’ policy is to have the investment properties valued externally every five years, with the trustees then reviewing the valuation annually to ensure that the carrying value is equivalent to market value.

The investment properties held in trust for the Settlement by Forkpalm Limited were brought into the Settlemeni's financial statements during 2015 at a value provided to the trustees by independent commercial oroperty valuers. The properties were revalued at 31 December 2023 to £735,000 by Adam Smylie MRICS of Kirkby Diamond, Chartered Surveyors.

The other investment properties are held directly by the Settlement. Maiden Lane Shopping Centre, Reading was valued at a market value on 31 December 2023 of £3,225,000 and The Potteries, Tilehurst £250,000 by Adam Smylie MRICS of Kirkby Diamond, Chartered Surveyors.

ee rea a en a

eee ae er

-20-

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS JA PYE'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12 Fixed asset investments

	Listed	Cash in	Total
	investments	portfolio
Cost or valuation
At 1 January 2024	7,853,337	198,032	8,057,369
Additions	1,012,473	-	1,012,473
Valuation changes	555,633	-	555,633
Disposals	(990,269)	(32,677)	(1,022,946)
At31December2024	8,431,174	165,355	8,596,529
Carrying amount
At 31 December 2024	8,431,174	165,355	8,596,529
At 31 December 2023	7,853,337	198,032	8,051,359
		2024	2023
Invesitmenis at fair value comprise:
UK& overseas fixed interest		2,699,951	2,699,382
Equities		5,327,094	4,652,355
Collective investments		404,129	501,600
Adam & CoWealth Management cash capital		165,355	198,032
		8,596,529	8,051,369

-24 -

;

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

VIR & MRS JA PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1S Subsidiary companies

The Settlement has two wholly-owned subsidiary companies, as detailed below. The shares of both subsidiaries are held in trust by the Settlement’s trustees.

Forkpalm Limited

-orkpalm Limited, a company registered in England and Wales, was purchased by the Settlement on 27 June 2007. Until 31 December 2015 the company’s activity was to hold the freehold reversion of investment properties and charge ground rents. It donated its taxable profits to the Settlement by gift aid. Since 1 January 2016 Forkpalm Limited has been dormant.

On 31 December 2015 the directors of Forkpalm Limited resolved to hold the assets of the company in trust absolutely for the Settlement. The property held by Forkpalm Limited had already been shown in the Settlemeni’s balance sheet, but the company’s bank account was brought into the Settlement’s balance sheet. Furthermore, the property income receivable as at 31 December 2015 and the accountancy fees payable at that date in respect of Forkpalm Limited were recognised on the Settlement’s balance sheet.

Due to the above re-organisation, no consolidated accounts have been prepared for the year ended 31 December 2024.

Maiden Lane Development Management Company Limited Maiden Lane Development Management Company Limited, a company also registered in England and Wales, was purchased by the Settlement on 20 February 1998. The company’s activity is to manage the property known as Maiden Lane Centre, Lower Earley, Reading. Although the shares are held in trust by the Setilement’s trustees, the Settlement has no financial interest in this company. There is therefore no requirement to prepare consolidated financial statements in respect of this company.

14	Financial instruments	2024	2023
		£	£
	Carrying amount offinancial assets
	instrumentsmeasuredatfairvaluethroughincomeandexpenditure	8,596,529	8,051,369

	Financial instruments measured	at fair value through	income and	expenditure comprise fixed	asset
	investments. Their fair value is determined using quoted market prices in			an active market.
15	Debtors
				2024	2023
	Amounts falling due within oneyear:			£	£
	Rental income debtors			9,066	45,265
	Other debtors (see below)			-	2,500
	Prepayments and accrued income			2,031	2,262
				11,097	50,027
	Other debtors - loans to charities
	Pusey House			-	2,500
	Repayablewithinoneyear			-	2,500

9D.

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

MR & MRS J A PYE'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

16 Creditors: amounts falling due within one year

16	Creditors: amounts falling due withinwithin one year
			2024	2023
		Notes	£	£
	Accruals forgrants payable		2,000	-
	Trade creditors		9,821	9,951
	Accruals		25,974	35,020
	Deferred income	17	27,441	25,649
	Taxation and social security		16,247	13,486
	Other creditors		12,420	-
			93,903	84,086
17	Deferred income
	Rental income invoiced in advance		27,441	25,649
			2024	2023
	Deferred income at 1 January 2024		25,649	31,062
	Released from previous years		(25,649)	(31,062)	°
	Resources deferred in the period		27 441	25,649
	Deferredincomeat31December2024		27,441	25649

18 Designated funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which sre not subject to specific conditions by donors and grantors as to how they may be used. These incluce designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

			1	Balance at January 2023	Transfers	Balanceat 1 January2024	Transfers	Balance at 31 December
				£	£	£	£	£
Maiden	Lane	reserve		172,174	19,530	191,704	19,356	211,060
				172,174	19,530	191,704	19,356	211,060

Bei

~23-

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF

VIR & MRS J A PYE'S CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

tn

19 Related party transactions

There were no disclosable related party transactions during the year (2023: none).

The Trust Deed contains an express power for payments to be made to trustees for professional services in relation to the administration of the Settlement. During the year, none of the trustees received any remuneration or benefits in kind. Expenses were reimbursed as detailed in note 9.

29 Reconciliation of net movement in funds to net cash flow from operating activities

			2024	2023
			E	2
	Surplus/(deficit) fortheyear		630,727	(1,479,238)
	Adjustmenis for:
	Investment income recognised in statement offinancial activities		(707,186)	(646,666)
	Fair value losses on investment properties		-	1,947,000
	Fairvalue gains on listed investments		(555,633)	(394,348)
	Movements in working capital:
	Decrease in debtors		38,930	10,465
	increase in creditors (excluding deferred income)		8,025	10,490
	increase/(decrease) in deferred income		1,792	(6,413)
	Netcash used in operating activiies		(583,345)	(557,710)
21	Analysis ofchanges in netfunds
		At 1 January	Cash flows At 31 December
		2024		2024
		£	£	£
	Cash at bank and in hand	536,685	134,314	670,999
		536,685	134,314	670,999

The Setilement had no material debt during the year.

~24-

Docusign�Envelope�ID:�C259A572-527A-4460-9DF6-B75E88AF73AF