```
REGISTERED CHARITY NUMBER: 245367
```
```
Report of the Trustees and
```
```
Financial Statements for the Year Ended 31 July 2024
```
```
for
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
```
Merchant Mackinlay Simpson Ltd
Statutory Auditors
```
```
2 Craven Road
Ealing
London
W5 2UA
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Contents of the Financial Statements`**
```
for the Year Ended 31 July 2024
```
||**`Page`**|
|---|---|
|**`Report of the Trustees`**|`1 to 5`|
|**`Report of the Independent Auditors`**|`6 to 9`|
|**`Statement of Financial Activities`**|`10`|
|**`Balance Sheet`**|`11`|
|**`Notes to the Financial Statements`**|`12 to 21`|
|**`Detailed Statement of Financial Activities`**|`22 to 23`|
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
```
Report of the Trustees
for the Year Ended 31 July 2024
```
```
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31July2024. The
trusteeshaveadoptedthe provisionsof AccountingandReportingby Charities:Statementof Recommended Practice
applicableto charitiespreparingtheiraccountsin accordancewiththe FinancialReportingStandardapplicablein the
UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
```
## **`OBJECTIVES AND ACTIVITIES`**
## **`Objectives and activities`**
```
The objectiveof the TrustPropertyHeldby the Trusteesof St Augustine'sPriory(henceforthreferredto as the Trust)
is fulfilledby receivingincome from the variousinvestmentsit holds,and by applyingsuch income for the purposes of
St Augustine'sPriorySchoolLtd (henceforthreferred to as the School)and the supportof Nuns formerlyat the School,
as provided for in the Trust Deeds.
```
```
During the year to 31 July 2024 the Trustees continued to fulfil the objects of the charity.
```
```
TheSchooloccupiesandhastheuseofTrustproperty,bothlandandbuildings,rent-free.Itisbelievedthat this
arrangementhasbeeninplacesincetheSchoolwasestablishedonitspresentsiteintheautumnof1915. The
Trustees,inconsultationwiththeirlegaladvisersandaccountants,confirmedthisarrangementinJanuary2006 by
wayofamemorandum,acopyofwhichhasbeengiventotheSchool.Furthercopieshavebeenplacedwith the
Trustees' accountants and legal advisers.
```
## **`ACHIEVEMENT AND PERFORMANCE`**
## **`Charitable activities`**
```
TheSchool(incorporatedon11July2002asStAugustine'sPriorySchoolLtdbutknownbeforeandsinceas St
Augustine'sPriory)wasestablishedinFrancein1634andmovedtoEalingin1911.Itis,andalwayshasbeen, a
CatholicSchooland has been connectedwith the Trust since the two Declarationsof Trust were executed in 1941. The
principal items of expenditure approved by the Trustees include the following:
```
```
a) the reimbursement of the School for up to eight bursaries and scholarships at senior level; and
b)thereliefofagedorinfirmmembersofthereligiouscommunityformerlyatStAugustine'sPriory(from1 January
1999).
```
```
Item (b) reflects a reallocationof financialcommitmentsagreed between the Schoolon the one hand and the Trust on
the other in the wake of a meeting in November1998 between the Trustees and Counsel.As part of this reallocation,
andwitheffectfrom1 January1999,theSchoolassumedresponsibilityforinsuringthebuildingsandtheir contents,
and other insurable interests, and for paying the associated premiums.
```
```
In addition, the Trustees may, from time to time, apply Trust moneys to further major building projects.
```
## **`Investment performance`**
```
TheTrusteesarereasonablysatisfiedwiththeinvestmentperformancewhichisinlinewithexpectations. The
investment income has increased from £131,146 to £149,538.
```
## **`Statement on Public Benefit`**
```
TheTrusteeshavecompliedwiththedutyinSection17oftheCharitiesAct2011tohavedueregardto guidance
published by The Charity Commission, including public benefit guidance.
```
```
Page 1
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Report of the Trustees for the Year Ended 31 July 2024`**
## **`FINANCIAL REVIEW`**
## **`Principal funding sources`**
```
The principalfundingsourceof the Trustis receiptof investmentincomefrom dividendsfrom listedcompanies which
is managed by Charles Stanley & Co Ltd.
```
## **`Investment policy and objectives`**
```
The investment strategy of Charles Stanley & Co Ltd continues to ensure that the key objectives of the charity are met.
```
## **`Reserves policy`**
```
Theresultfortheyearended31July2024showsasurplustotheTrustamountingto£354,659(2023: deficit
£116,067).
```
```
The surplus (2023 deficit) was generated from the following resources:
```
||**`2024`**|`2023`|
|---|---|---|
||**`£`**|`£`
`1,500`
`131,146`
`132,646`
`(233,147)`
`(100,501)`
`(15,566)`
`(116,067)`|
|`Rental income`|**`1,530`**||
|`Investment income`|**`149,538`**||
||||
||**`151,068`**||
|`Total resources expended`|**`(240,541)`**||
||||
|`Net (outgoing) / incoming resources`|**`(89,473)`**||
|`Gains/(losses) on investment assets`|**`444,132`**||
||||
||**`354,659`**||
||||
```
Trust policywith regardto reserves is largelya reflectionof its currentand futurefinancialcommitments.To that end,
apartfromtheperiodicaccumulationofreservestowardsspecificcapitalprojects,thetrusteesintendto maintain
sufficientcashreservesto coversuchcontingenciesas mightreasonablybe foreseen.Forexample,thismight include
theincurringofadditionalmedicalexpense,atshortnotice,inrespectofagedorinfirmmembersofthe religious
community formerly at St. Augustine's Priory.
```
```
The reserves as at 31 July 2024 are £7,447,350(2023: £7,092,691),of this the unrestrictedfunds are £1,915,655 (2023:
£1,954,804).
```
## **`Going concern`**
```
TheTrusteeshavefullyreviewedthefinancialpositionoftheTrustandareconfidentinitsabilityto continue
operating as a going concern for the foreseeable future.
```
## **`FUTURE PLANS`**
```
The Trust will continue its charitable donations for the benefit of the School and the support of the Nuns.
```
```
Page 2
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Report of the Trustees`**
## **`for the Year Ended 31 July 2024`**
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document`**
## **`Investment Powers of the Trustees`**
```
TheTrustDeedsprovidefortheTrustpropertyand,asappropriate,Trustincomeorcapital(orboth)tobeused or
appliedforgeneraleducationalpurposes;forthedevelopmentandmaintenanceoftheTrustproperty,andfor such
other charitablepurposesrelated to the Roman CatholicChurchas the Trustees, at their discretion,think fit. There are
nospecificrestrictionsimposedbytheTrustDeedswithregardtothewayinwhichtheTrustmayoperate,and the
Trustees may make such investments as they think fit.
```
## **`Constitution, Objects and Policies`**
```
TwodeclarationsofTrustwereexecutedon31December1941,oneinrespectofthefreeholdlandandbuildings at
HangerHill,Ealing(thesiteandbuildingsbeingknownthereafterasStAugustine'sPriory),theotherinrespect of
certaininvestments,detailsofwhichweresetoutinascheduleattachedtotheTrustDeed.Theyare henceforth
referred to as the Trust Deeds and, where appropriate, as the Property and Investments Trusts respectively.
```
```
TheCharityCommissionhas,however,treatedthePropertyandInvestmentTrustsasasinglecharitableentity with
the registered charity number 245367. The Trustees, as a body, constitute the charity.
```
```
The Schoolwas reconstitutedas a charitablecompanylimitedby guaranteeon 11 July 2002. This has not affected the
Trustdirectly,althoughithashelpedtoformaliseitsrelationshipwiththeSchool.TheSchoolhastakenon more
financialresponsibilityforits dayto dayrunningcosts,includingthe maintenanceandrefurbishmentof the buildings
and,witheffectfrom1August2003,themaintenanceandrenovationofthegroundsandgardens.Thisis in
accordancewithpoliciesagreedbytheTrusteesattheirmeetingof19December2002andapproved through
subsequentannualbudgets.ThishasallowedtheTrusteestoconcentrateonaccumulatingfundsformajor building
projects and refurbishment, as mentioned above.
```
## **`Induction and training of new trustees`**
```
New Trusteesareinductedintotheworkingsof theTrustandkeptadvisedof relevantchangesinlegislation through
their professional advisors.
```
## **`REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number`**
```
245367
```
## **`Principal address`**
```
Trust Office
38 Beaufort Road
Ealing
London
W5 3EA
```
```
Page 3
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Report of the Trustees`**
## **`for the Year Ended 31 July 2024`**
## **`Trustees`**
```
C Bennett (resigned 22.11.23)
Miss C McIntyre (resigned 22.11.23)
Mrs C Murphy MA (Oxon) (resigned 4.12.24)
D P A Murphy MA (Oxon) (resigned 22.11.23)
Mrs M C Doyle (appointed 22.11.23)
C V Marment (appointed 22.11.23)
M P Moran (appointed 22.11.23)
```
```
The Trusteesabovehave servedthroughoutthe year.The appointmentof Trusteesis governedby the TrustDeeds of
theCharitywhichauthoriseservingTrusteestoappointnewTrusteestofillvacanciesarisingthroughresignation or
death of a serving Trustee. The Trust Deeds state that there shall not be fewer than three or more than seven Trustees
at any time.
```
## **`Auditors`**
```
Merchant Mackinlay Simpson Ltd
Statutory Auditors
2 Craven Road
Ealing
London
W5 2UA
```
## **`Bankers`**
```
The Co-operative Bank
P.O. Box 250
Delf House
Southway
Skelmersdale
WN8 6WT
```
## **`Solicitors`**
```
Prince Evans Solicitors LLP
Craven House
40-44 Uxbridge Road
Ealing
London
W5 2BS
```
## **`Investment Advisers`**
```
Charles Stanley & Co Ltd
55 Bishops Gate
London
EC2N 3AS
```
## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES`**
```
The trusteesare responsiblefor preparingthe Reportof the Trusteesand the financialstatementsin accordance with
applicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccounting Practice)
includingFinancialReportingStandard102"TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland".
```
```
Page 4
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
```
for the Year Ended 31 July 2024
```
## **`Report of the Trustees`**
## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued`**
```
ThelawapplicabletocharitiesinEnglandandWales,theCharitiesAct2011,Charity(Accountsand Reports)
Regulations2008andtheprovisionsofthetrustdeedrequiresthetrusteestopreparefinancialstatementsfor each
financialyearwhichgiveatrueandfairviewofthestateofaffairsofthecharityandoftheincomingresources and
applicationofresources,includingtheincomeandexpenditure,ofthecharityforthatperiod.Inpreparing those
financial statements, the trustees are required to
```
- `select suitable accounting policies and then apply them consistently;`
- `observe the methods and principles in the Charity SORP;`
- `make judgements and estimates that are reasonable and prudent;`
- `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.`
```
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
time the financialpositionof the charityandto enablethem to ensurethatthe financialstatementscomplywith the
CharitiesAct 2011, the Charity(Accountsand Reports)Regulations2008 and the provisionsof the trust deed. They are
alsoresponsibleforsafeguardingtheassetsofthecharityandhencefortakingreasonablestepsforthe prevention
and detection of fraud and other irregularities.
```
```
In so far as the trustees are aware:
```
- `there is no relevant audit information of which the charity's auditor is unaware; and`
- `the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit`
- `information and to establish that the auditor is aware of that information.`
```
Approved by order of the board of trustees on 28 May 2025 and signed on its behalf by:
```
```
Mrs M C Doyle - Trustee
```
```
Page 5
```
```
Report of the Independent Auditors to the Trustees of
Trust Property Held by Trustees of
St Augustine's Priory
```
## **`Opinion`**
```
We have auditedthe financialstatementsof Trust PropertyHeld by Trusteesof St Augustine'sPriory(the 'charity') for
the year ended31 July 2024 whichcomprisethe Statementof FinancialActivities,the BalanceSheet andnotesto the
financialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancialreportingframework that
hasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(United Kingdom
GenerallyAcceptedAccountingPractice),includingFinancialReportingStandard102'TheFinancial Reporting
Standard applicable in the UK and Republic of Ireland'.
```
## `In our opinion the financial statements:`
- `give a true and fair view of the state of the charity's affairs as at 31 July 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and`
- `have been prepared in accordance with the requirements of the Charities Act 2011.`
## **`Basis for opinion`**
```
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.
OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the
financialstatementssectionofourreport.Weareindependentofthecharityinaccordancewiththe ethical
requirementsthat are relevantto our auditof the financialstatementsin the UK, includingthe FRC's Ethical Standard,
andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethat the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
```
## **`Conclusions relating to going concern`**
```
In auditingthe financialstatements,we have concludedthat the trustees' use of the going concernbasis of accounting
in the preparation of the financial statements is appropriate.
```
```
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueasa going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
```
```
Our responsibilitiesand the responsibilitiesof the trusteeswith respect to goingconcernare describedin the relevant
sections of this report.
```
## **`Other information`**
```
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
```
```
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
```
```
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesriseto a
materialmisstatementin the financialstatementsthemselves.If, based on the work we have performed,we conclude
thatthereis a materialmisstatementof thisotherinformation,we are requiredto reportthatfact.We have nothing
to report in this regard.
```
```
Page 6
```
```
Report of the Independent Auditors to the Trustees of
Trust Property Held by Trustees of
St Augustine's Priory
```
## **`Matters on which we are required to report by exception`**
```
We have nothingto reportin respect of the followingmatters where the Charities(Accountsand Reports) Regulations
2008 requires us to report to you if, in our opinion:
```
- `the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or`
- `sufficient accounting records have not been kept; or`
- `the financial statements are not in agreement with the accounting records and returns; or`
- `we have not received all the information and explanations we require for our audit.`
## **`Responsibilities of trustees`**
```
As explainedmore fullyin the Statementof Trustees'Responsibilities,the trusteesare responsiblefor the preparation
ofthefinancialstatementswhichgivea trueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessaryto enablethe preparationof financialstatementsthat are free from materialmisstatement,whetherdue to
fraud or error.
```
```
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilitytocontinueas a
goingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasis of
accountingunlessthetrusteeseitherintendtoliquidatethecharityortoceaseoperations,orhaveno realistic
alternative but to do so.
```
```
Page 7
```
```
Report of the Independent Auditors to the Trustees of
Trust Property Held by Trustees of
St Augustine's Priory
```
## **`Our responsibilities for the audit of the financial statements`**
```
WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewith the
Act and relevant regulations made or having effect thereunder.
```
```
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whether due to fraud or error, and to issue a Report of the IndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from
fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to
influence the economic decisions of users taken on the basis of these financial statements.
```
```
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
```
```
Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignprocedures in
linewithourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities, including
fraud.
```
```
DiscussionswithandenquiriesofmanagementandtheTrusteeswereheldwitha viewtoidentifyingthoselaws and
regulationsthatcouldbeexpectedtohaveamaterialimpactonthefinancialstatements.Duringthe engagement
team briefing,the outcomesof these discussionsand enquirieswere shared with the team, as well as consideration as
to where and how fraud may occur in the entity.
```
```
The following laws and regulations were identified as being of significance to the entity:
```
```
-thoselawsandregulationsconsideredtohaveadirecteffectonthefinancialstatementsincludeUK financial
reporting standards, charity regulations and Employment law and distributable profits legislation.
-itisconsideredthattherearenolawsandregulationsforwhichnon-compliancemaybefundamentalto the
operating aspects of the trust.
```
```
Auditproceduresundertakeninresponsetothepotentialrisksrelatingtoirregularities(whichincludefraud and
non-compliancewithlawsandregulations)comprisedof:inquiriesofmanagementandthosecharged with
governanceas to whetherthe trustcomplieswith such laws and regulations;enquirieswith the same concerning any
actualorpotentiallitigationorclaims;inspectionofrelevantlegalcorrespondence;reviewofboardminutes; testing
the appropriatenessof journalentries; and the performanceof analyticalreview to identifyunexpectedmovements in
account balances which may be indicative of fraud.
```
```
No instancesof materialnon-compliancewere identified.However,the likelihoodof detectingirregularities, including
fraud,is limitedbytheinherentdifficultyindetectingirregularities,theeffectivenessof theentity'scontrols,and the
nature,timingand extentof the auditproceduresperformed.Irregularitiesthatresultfrom fraudmightbe inherently
more difficultto detectthanirregularitiesthatresultfrom error.As explainedabove,there is an unavoidablerisk that
materialmisstatementsmaynotbe detected,even thoughtheaudithasbeenplannedandperformedin accordance
with ISAs (UK).
```
```
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReport of
the Independent Auditors.
```
```
Page 8
```
```
Report of the Independent Auditors to the Trustees of
Trust Property Held by Trustees of
St Augustine's Priory
```
## **`Use of our report`**
```
This reportis made solelyto the charity'strustees,as a body,in accordancewith Part 4 of the Charities(Accounts and
Reports)Regulations2008. Our auditwork has been undertakenso that we might state to the charity'strustees those
matterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothefullest extent
permittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharityandthe charity's
trustees as a body, for our audit work, for this report, or for the opinions we have formed.
```
```
Merchant Mackinlay Simpson Ltd
Statutory Auditors
2 Craven Road
Ealing
London
W5 2UA
```
```
28 May 2025
```
```
Page 9
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Statement of Financial Activities for the Year Ended 31 July 2024`**
|`Notes`
**`INCOME AND ENDOWMENTS`**
**`FROM`**
`Investment income`
`2`
`Other income`
**`Total`**
**`EXPENDITURE ON`**
`Raising funds`
`3`
**`Charitable activities`**
`4`
`General fund`
**`Total`**
`Net gains/(losses) on`
`investments`
**`NET INCOME/(EXPENDITURE)`**
**`Transfers between funds`**
`13`
**`Net movement in funds`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`TOTAL FUNDS CARRIED`**
**`FORWARD`**|`Unrestricted`
`fund`
`£`
**`149,538`**
**`1,530`**
**`151,068`**
**`-`**
**`190,147`**
**`190,147`**
**`-`**
**`(39,079)`**
**`(70)`**
**`(39,149)`**
**`1,954,804`**
**`1,915,655`**|`Restricted`
`fund`
`£`
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**|`Endowment`
`fund`
`£`
**`-`**
**`-`**
**`-`**
**`23,664`**
**`26,730`**
**`50,394`**
**`444,132`**
**`393,738`**
**`70`**
**`393,808`**
**`5,137,887`**
**`5,531,695`**|**`2024`**
**`Total`**
**`funds`**
**`£`**
**`149,538`**
**`1,530`**
**`151,068`**
**`23,664`**
**`216,877`**
**`240,541`**
**`444,132`**
**`354,659`**
**`-`**
**`354,659`**
**`7,092,691`**
**`7,447,350`**|`2023`
`Total`
`funds`
`£`
`131,146`
`1,500`
`132,646`
`22,995`
`210,152`
`233,147`
`(15,566)`
`(116,067)`
`-`
`(116,067)`
`7,208,758`
`7,092,691`|
|---|---|---|---|---|---|
```
The notes form part of these financial statements
```
```
Page 10
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
```
## **`St Augustine's Priory Trust`**
## **`Balance Sheet`**
## **`31 July 2024`**
|`Unrestricted`
`fund`
`Notes`
`£`
**`FIXED ASSETS`**
`Tangible assets`
`10`
**`1,993,326`**
`Investments`
`11`
**`-`**
**`1,993,326`**
**`CURRENT ASSETS`**
`Cash at bank`
**`52,731`**
**`CREDITORS`**
`Amounts falling due within one`
`year`
`12`
**`(130,402)`**
**`NET CURRENT ASSETS`**
**`(77,671)`**
**`TOTAL ASSETS LESS CURRENT`**
**`LIABILITIES`**
**`1,915,655`**
**`NET ASSETS`**
**`1,915,655`**
**`FUNDS`**
`13`
`Unrestricted funds`
`Endowment funds`
**`TOTAL FUNDS`**|`Restricted`
`fund`
`£`
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**|`Endowment`
`fund`
`£`
**`1,036,646`**
**`4,495,048`**
**`5,531,694`**
**`-`**
**`1`**
**`1`**
**`5,531,695`**
**`5,531,695`**|**`2024`**
**`Total`**
**`funds`**
**`£`**
**`3,029,972`**
**`4,495,048`**
**`7,525,020`**
**`52,731`**
**`(130,401)`**
**`(77,670)`**
**`7,447,350`**
**`7,447,350`**
**`1,915,655`**
**`5,531,695`**
**`7,447,350`**|`2023`
`Total`
`funds`
`£`
`3,113,512`
`4,074,511`
`7,188,023`
`38,410`
`(133,742)`
`(95,332)`
`7,092,691`
`7,092,691`
`1,954,804`
`5,137,887`
`7,092,691`|
|---|---|---|---|---|
```
The financialstatementswere approvedby the Boardof Trusteesandauthorisedforissueon 28 May2025and were
signed on its behalf by:
```
```
M C Doyle - Trustee
```
```
The notes form part of these financial statements
```
```
Page 11
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
```
Notes to the Financial Statements
for the Year Ended 31 July 2024
```
## **`1. ACCOUNTING POLICIES`**
## **`Basis of preparing the financial statements`**
```
Thefinancialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CharitiesAct 2011. The financialstatementshave been preparedunder the historicalcost convention,with the
exception of investments which are included at market value, as modified by the revaluation of certain assets.
```
```
Thefinancialstatementshavebeenpreparedtogivea'trueandfair'viewandhavedepartedfrom the
Charities(Accountsand Reports)Regulations2008 only to the extent requiredto providea 'true and fair view'.
Thisdeparturehasinvolvedfollowing'AccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicableintheUKandRepublicofIreland(FRS102)(SecondEdition)'ratherthantheAccounting and
Reportingby Charities:Statementof RecommendedPracticeeffectivefrom1 April2005whichhassince been
withdrawn
```
## **`Incoming resources`**
```
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
```
## **`Resources expended`**
```
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all
cost related to the category. Where costs cannot be directly attributed to particular headings they have been
allocatedtoactivitiesonabasisconsistentwiththeuseofresources.Expenditureincludesirrecoverable VAT
where relevant.
```
## **`Tangible fixed assets`**
```
Depreciationis providedat the followingannualrates in orderto write off each asset over its estimated useful
life.
```
```
Freehold property- 2% on cost
Improvements to property- 2% on cost
```
## **`Taxation`**
```
The charity is exempt from tax on its charitable activities.
```
## **`Fund accounting`**
```
Funds held by the Charity are either
```
```
(a) unrestricted general funds, or
```
```
(b) restricted funds, or
```
```
(b) expendable endowment funds.
```
```
continued...
```
```
Page 12
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
```
## **`1. ACCOUNTING POLICIES - continued`**
## **`Fund accounting`**
```
UnrestrictedgeneralfundscanbeusedinaccordancewiththeTrust'scharitableobjectsatthediscretion of
the Trustees.They representincome accumulatedfrom time to time since the Trust was establishedin 1941 as
distinctfrom an increasein fundsderivedfrom growthin the capitalassets with whichthe Trustwas originally
endowedandanysubsequentadditionstosuchassets.Theseparateidentificationofunrestricted general
fundsisforaccountingandstatutorypurposesanddoesnotrequirethatsuchfundsbeheldseparately from
other Trust moneys or investments.
```
```
Restrictedfundsare fundssubjectto specifictrustswhichmay be declaredby the donor(s).As such,the funds
can only be expended subject to the restrictions so imposed.
```
```
Expendableendowmentfunds are set aside to be held by the Trust, and may be utilisedat the discretionof the
Trustees in accordancewith the Trust's charitableobjects.However, in the normal course of events, such funds
would only be used for projects of an exceptional or capital nature.
```
## **`Investments`**
```
Investments are stated at market value at the year end.
```
```
All gains and losses on investments are reflected in the Statement of Financial Activities as they arise.
```
## **`Debtors`**
```
Basic financialassets, includingtrade and other debtors,are initiallyrecognisedat transactionprice, unless the
arrangementconstitutesa financingtransaction,where the transactionis measured at the present value of the
futurereceiptsdiscountedat a marketrateof interest.Suchassetsare subsequentlycarriedat amortised cost
using the effective interest method, less any impairment.
```
## **`Cash and cash equivalents`**
```
Cash and cash equivalentsare representedby cash in hand,depositsheld at call with financialinstitutions, and
othershort-termhighlyliquidinvestmentsthatmatureinnomorethanthreemonthsfromthedate of
acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
```
## **`Creditors`**
```
Basicfinancialliabilities,includingtradeandothercreditors,loansfromthirdpartiesandloansfrom related
parties,are initiallyrecognisedat transactionprice, unless the arrangementconstitutesa financing transaction,
wherethedebtinstrumentismeasuredatthepresentvalueofthefuturepaymentsdiscountedata market
rateofinterest.Suchinstrumentsaresubsequentlycarriedatamortisedcostusingtheeffective interest
method, less any impairment.
```
```
continued...
```
```
Page 13
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
```
```
St Augustine's Priory Trust
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 July 2024`**
## **`2. INVESTMENT INCOME`**
|`Dividends - UK equities`
`Dividends - Overseas equities`
`UK interest`
**`3.`**
**`RAISING FUNDS`**
**`Investment management costs`**
`Investment management`
`Overseas custody charges`
**`4.`**
**`CHARITABLE ACTIVITIES COSTS`**
`General fund`
**`5.`**
**`DIRECT COSTS OF CHARITABLE ACTIVITIES`**
`Staff costs`
`Sundry expenses`
`Scholarships`
`Accommodation charges`
`Bank charges`
`Depreciation on freehold buildings`
`Depreciation on improvements to property`
`Computer expenses`||||**`2024`**|||`2023`|
|---|---|---|---|---|---|---|---|
|||||**`£`**|||`£`|
|||||**`118,689`**|||`110,748`|
|||||**`30,554`**|||`19272`|
|||||**`295`**|||`1,125`|
|||||||||
|||||||||
|||||**`149,539`**|||`131,145`|
|||||||||
||`Direct`
`Costs (see`
`note 5)`
`£`
**`197,857`**|||||`2023`
`£`
`22,850`
`145`
`22,995`
`Totals`
`£`
**`216,877`**
`2023`
`£`
`50,067`
`85`
`50,000`
`10,800`
`60`
`7,200`
`76,340`
`-`
`194,552`||
|||||||||
```
continued...
```
```
Page 14
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 July 2024`**
## **`6. AUDITORS' REMUNERATION`**
|||**`2024`**||`2023`|
|---|---|---|---|---|
|||**`£`**||`£`|
|`Accountancy`||**`5,000`**||`5,000`|
|`Auditors' remuneration`||**`11,500`**||`10,600`|
|||**`16,500`**||`15,600`|
||||||
## **`7. TRUSTEES' REMUNERATION AND BENEFITS`**
```
There were no trustees'remunerationor other benefitsfor the year ended 31 July 2024 nor for the year ended
31 July 2023.
```
## **`Trustees' expenses`**
```
There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023.
```
## **`8. STAFF COSTS`**
```
The average monthly number of employees during the year was as follows:
```
## **`9.`**
|`Administration`
`No employees received emoluments in excess of £60,000.`
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
`Unrestricted`
`fund`
`£`
**`INCOME AND ENDOWMENTS FROM`**
`Investment income`
`131,146`
`Other income`
`1,500`
**`Total`**
`132,646`
**`EXPENDITURE ON`**
`Raising funds`
`2`
**`Charitable activities`**
`General fund`
`183,422`
**`Total`**
`183,424`
`Net gains/(losses) on investments`
`-`|`Restricted`
`fund`
`£`
`-`
`-`
`-`
`-`
`-`
`-`
`-`|**`2024`**
**`1`**
`Endowment`
`fund`
`£`
`-`
`-`
`-`
`22,993`
`26,730`
`49,723`
`(15,566)`||`2023`
`1`
`Total`
`funds`
`£`
`131,146`
`1,500`
`132,646`
`22,995`
`210,152`
`233,147`
`(15,566)`|
|---|---|---|---|---|
||||||
||||||
||||||
||||||
```
continued...
```
```
Page 15
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 July 2024`**
|**`9.`**
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
`Unrestricted`
`fund`
`£`
**`NET INCOME/(EXPENDITURE)`**
`(50,778)`
**`Transfers between funds`**
`(4,591)`
**`Net movement in funds`**
`(55,369)`
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
`2,010,173`
**`TOTAL FUNDS CARRIED FORWARD`**
`1,954,804`
**`10.`**
**`TANGIBLE FIXED ASSETS`**
**`COST`**
`At 1 August 2023 and 31 July 2024`
**`DEPRECIATION`**
`At 1 August 2023`
`Charge for year`
`At 31 July 2024`
**`NET BOOK VALUE`**
`At 31 July 2024`
`At 31 July 2023`|**`-`**|**`continued`**
`Restricted`
`fund`
`£`
`-`
`-`
`-`
`-`
`-`
`Freehold`
`property`
`£`
**`541,303`**
**`122,400`**
**`7,200`**
**`129,600`**
**`411,703`**
`418,903`|`Endowment`
`fund`
`£`
`(65,289)`
`4,591`
`(60,698)`
`5,198,585`
`5,137,887`
`Improvements`
`to`
`property`
`£`
**`3,816,991`**
**`1,122,382`**
**`76,340`**
**`1,198,722`**
**`2,618,269`**
`2,694,609`||`Total`
`funds`
`£`
`(116,067)`
`-`
`(116,067)`
`7,208,758`
`7,092,691`
`Totals`
`£`
**`4,358,294`**
**`1,244,782`**
**`83,540`**
**`1,328,322`**
**`3,029,972`**
`3,113,512`|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
```
All fixed assets are held for, or are incidental to, the charitable purposes of the Trust.
Thefreeholdlandandbuildingswerevaluedat£5,430,000on13February2002byGeraldEve, an
independent firm of chartered surveyors, on an open market existing use basis.
```
```
Inthecostoffreeholdlandandbuildingsisfreeholdlandof£181,303(2023:£181,303)whichis not
depreciated.
```
```
continued...
```
```
Page 16
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 July 2024`**
|**`11.`**
**`FIXED ASSET INVESTMENTS`**
`Shares`
`Cash held with Charles Stanley & Co Ltd.`
`Additional information as follows:`
**`MARKET VALUE`**
`At 1 August 2023`
`Additions`
`Disposals`
`Net gain/(loss) on revaluation on`
`investments`
`At 31 July 2024`
**`NET BOOK VALUE`**
`At 31 July 2024`
`At 31 July 2023`|**`2024`**
**`£`**
**`4,463,991`**
**`31,057`**
**`4,495,048`**|`2023`
`£`
`4,048,883`
`25,628`
`4,074,511`
`Listed`
`investments`
`£`
**`4,048,883`**
**`364,785`**
**`(393,808)`**
**`444,131`**
**`4,463,991`**
**`4,463,991`**
`4,048,883`|
|---|---|---|
## **`Historical cost of investments`**
|**`Historical cost of investments`**|**`Historical cost of investments`**||||
|---|---|---|---|---|
|||**`2024`**||`2023`|
|||**`£`**||`£`|
|`Historical cost at year end`||**`3,667,926`**||`3,699,416`|
||||||
|`The investments (at market value at the year end) are held in the UK and outside the UK as follows:`|||||
||**`2024`**|||`2023`|
||**`£`**|||`£`|
|`United Kingdom`|**`3,548,513`**|||`3,130,286`|
|`Europe (excluding UK)`|**`400,349`**|||`425,997`|
|`United States of America`|**`429,487`**|||`410,007`|
|`Other markets`|**`85,643`**|||`82,593`|
||||||
||**`4,463,992`**|||`4,048,883`|
||||||
```
continued...
```
```
Page 17
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 July 2024`**
## **`11. FIXED ASSET INVESTMENTS - continued`**
|`Investments comprising more than 10% of the portfolio market value at year end:`
`No investment comprising more than 10%`
`Cost or valuation at 31 July 2024 is represented by:`
`Valuation in 2024`
`Cost`
`Investments (neither listed nor unlisted) were as follows:`
`Cash held with Charles Stanley & Co Ltd.`
**`12.`**
**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Trade creditors`
`PAYE & NI`
`St Augustine's Priory School Ltd - Bursaries and Scholarships`
`Accrued expenses`||||||
|---|---|---|---|---|---|
|||||||
||||**`2023`**||`2022`|
||||**`£`**||`£`|
||||`-`||`-`|
|||||||
|||**`2024`**
**`£`**
**`31,057`**
**`2024`**
**`£`**
**`600`**
**`1,296`**
**`110,000`**
**`18,505`**
**`130,401`**||**`Listed`**
**`investments`**
**`£`**
**`796,065`**
**`3,667,926`**
**`4,463,991`**
`2023`
`£`
`25,628`
`2023`
`£`
`-`
`1,247`
`115,000`
`17,495`
`133,742`||
|||||||
```
Accrued expenses comprise the following:-
```
```
(a) accountancy and audit fees for the year charged after the year end;
```
```
(b) investment management fees relating to the year but charged after the year end.
```
```
continued...
```
```
Page 18
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 July 2024`**
## **`13. MOVEMENT IN FUNDS`**
|**`Unrestricted funds`**
`General fund`
**`Endowment funds`**
`Expendable endowment`
**`TOTAL FUNDS`**
`Net movement in funds, included in the above ar`
**`Unrestricted funds`**
`General fund`
**`Endowment funds`**
`Expendable endowment`
**`TOTAL FUNDS`**
**`Comparatives for movement in funds`**
**`Unrestricted funds`**
`General fund`
**`Endowment funds`**
`Expendable endowment`
**`TOTAL FUNDS`**|`At 1.8.23`
`£`
**`1,954,804`**
**`5,137,887`**
**`7,092,691`**
`e as follows:`
`Incoming`
`resources`
`£`
**`151,068`**
**`-`**
**`151,068`**
`At 1.8.22`
`£`
`2,010,173`
`5,198,585`
`7,208,758`||`Net`
`movement`
`in funds`
`£`
**`(39,079)`**
**`393,738`**
**`354,659`**
`Resources`
`expended`
`£`
**`(190,147)`**
**`(50,394)`**
**`(240,541)`**
`Net`
`movement`
`in funds`
`£`
`(50,778)`
`(65,289)`
`(116,067)`||`Transfers`
`between`
`funds`
`£`
**`(70)`**
**`70`**
**`-`**
`Gains and`
`losses`
`£`
**`-`**
**`444,132`**
**`444,132`**
`Transfers`
`between`
`funds`
`£`
`(4,591)`
`4,591`
`-`|`At`
`31.7.24`
`£`
**`1,915,655`**
**`5,531,695`**
**`7,447,350`**
`Movement`
`in funds`
`£`
**`(39,079)`**
**`393,738`**
**`354,659`**
`At`
`31.7.23`
`£`
`1,954,804`
`5,137,887`
`7,092,691`|
|---|---|---|---|---|---|---|
||||||||
||||||||
||||||||
```
continued...
```
```
Page 19
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 July 2024`**
## **`13. MOVEMENT IN FUNDS - continued`**
```
Comparative net movement in funds, included in the above are as follows:
```
|`Incoming`
`Resources`
`resources`
`expended`
`£`
`£`
**`Unrestricted funds`**
`General fund`
`132,646`
`(183,424)`
**`Endowment funds`**
`Expendable endowment`
`-`
`(49,723)`
**`TOTAL FUNDS`**
`132,646`
`(233,147)`
`A current year 12 months and prior year 12 months combined position is as follows:`
`Net`
`movement`
`At 1.8.22`
`in funds`
`£`
`£`
**`Unrestricted funds`**
`General fund`
`2,010,173`
`(89,857)`
**`Endowment funds`**
`Expendable endowment`
`5,198,585`
`328,449`
**`TOTAL FUNDS`**
`7,208,758`
`238,592`|`Incoming`
`Resources`
`resources`
`expended`
`£`
`£`
**`Unrestricted funds`**
`General fund`
`132,646`
`(183,424)`
**`Endowment funds`**
`Expendable endowment`
`-`
`(49,723)`
**`TOTAL FUNDS`**
`132,646`
`(233,147)`
`A current year 12 months and prior year 12 months combined position is as follows:`
`Net`
`movement`
`At 1.8.22`
`in funds`
`£`
`£`
**`Unrestricted funds`**
`General fund`
`2,010,173`
`(89,857)`
**`Endowment funds`**
`Expendable endowment`
`5,198,585`
`328,449`
**`TOTAL FUNDS`**
`7,208,758`
`238,592`|`Gains and`
`losses`
`£`
`-`
`(15,566)`
`(15,566)`
`Transfers`
`between`
`funds`
`£`
`(4,661)`
`4,661`
`-`|`Movement`
`in funds`
`£`
`(50,778)`
`(65,289)`
`(116,067)`
`At`
`31.7.24`
`£`
`1,915,655`
`5,531,695`
`7,447,350`|
|---|---|---|---|
|||||
```
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
```
|**`Unrestricted funds`**
`General fund`
**`Endowment funds`**
`Expendable endowment`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`283,714`
`-`
`283,714`|`Resources`
`expended`
`£`
`(373,571)`
`(100,117)`
`(473,688)`|`Gains and`
`Movement`
`losses`
`in funds`
`£`
`£`
`-`
`(89,857)`
`428,566`
`328,449`
`428,566`
`238,592`|
|---|---|---|---|
```
continued...
```
```
Page 20
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
```
## **`13. MOVEMENT IN FUNDS - continued`**
## **`General fund`**
```
ThegeneralfundrepresentstheunrestrictedfundswhichtheTrusteesarefreetouseinaccordancewith the
Trust's charitable objects.
```
## **`Expendable endowment fund`**
```
IntheTrustDeedtheamountinvestedisexpendable-thatis,thecapitalcanbeconvertedinto income,
subject to the purposes set out in the Trust Deed, the main purposes being:
```
## `(a) education;`
```
(b) the development, maintenance and upkeep of the Trust property; and
```
```
(c) such other charitablepurposesrelated to the Roman CatholicChurchas the Trustees, at their discretion,
think fit.
```
```
Incomearisingontheendowmentfundisincludedasunrestrictedincome.Anycapitalgainsorlosses arising
form part of the fund.
```
## **`14. RELATED PARTY DISCLOSURES`**
```
Transactions with St Augustine's Priory School Limited consisted of the following:-
```
||**`2024`**|`2023`|
|---|---|---|
||**`£`**|`£`|
|`School fees - scholarships awarded`|**`50,000`**|`50,000`|
||||
||||
|`Donations to the School`|**`-`**|`-`|
||||
```
AttheyearendthebalanceowedbytheTrusttoStAugustine'sPriorySchoolLimitedwas£110,000 (2023:
£115,000).
```
```
At the year end the balance owed to the Trust by St Augustine's Priory School Limited was £nil (2023: £Nil).
```
```
The School occupies the Trust's freehold property rent free, without a formal lease.
```
```
Page 21
```
```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Detailed Statement of Financial Activities for the Year Ended 31 July 2024`**
|**`INCOME AND ENDOWMENTS`**
**`Investment income`**
`Dividends - UK equities`
`Dividends - Overseas equities`
`UK interest`
**`Other income`**
`Rents received`
**`Total incoming resources`**
**`EXPENDITURE`**
**`Investment management costs`**
`Investment management`
`Overseas custody charges`
**`Charitable activities`**
`Salaries`
`Social security`
`Sundry expenses`
`Scholarships`
`Accommodation charges`
`Bank charges`
`Depreciation on freehold buildings`
`Depreciation on improvements to property`
`Computer expenses`
**`Support costs`**
**`Governance costs`**
`Auditors' remuneration`
`Auditors' remuneration for non audit work`
`Carried forward`|`2024`
`£`
**`118,689`**
**`30,554`**
**`295`**
**`149,538`**
**`1,530`**
**`151,068`**
**`23,101`**
**`563`**
**`23,664`**
**`45,000`**
**`4,955`**
**`633`**
**`50,000`**
**`10,800`**
**`60`**
**`7,200`**
**`76,340`**
**`2,869`**
**`197,857`**
**`11,500`**
**`5,000`**
**`16,500`**|`2023`
`£`
`110,748`
`19,273`
`1,125`|
|---|---|---|
|||`131,146`
`1,500`|
|||`132,646`
`22,850`
`145`|
|||`22,995`
`45,000`
`5,067`
`85`
`50,000`
`10,800`
`60`
`7,200`
`76,340`
`-`|
|||`194,552`
`10,600`
`5,000`
`15,600`|
```
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Page 22
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```
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
```
## **`Detailed Statement of Financial Activities`**
## **`for the Year Ended 31 July 2024`**
|**`Governance costs`**
`Brought forward`
`Legal and professional fees`
`Total resources expended`
**`Net expenditure before gains and losses`**
**`Realised recognised gains and losses`**
`Net gain/(loss) on realisation of investments`
**`Net expenditure`**|`2024`
`£`
**`16,500`**
**`2,520`**
**`19,020`**
**`240,541`**
**`(89,473)`**
**`(2,467)`**
**`(91,940)`**|`2023`
`£`
`15,600`
`-`
`15,600`
`233,147`
`(100,501)`
`55,660`
`(44,841)`|
|---|---|---|
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This page does not form part of the statutory financial statements
```
```
Page 23
```