Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
CHARITY REGISTRATION NUMBER: 251090
THE M & L CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS
31 DECEMBER 2023
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST TRUSTEES' ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name The M & L Charitable Trust Charity registration number 251090 Principal office New Burlington House 1075 Finchley Road London NW11 0PU
THE TRUSTEES Mrs M Meimann Ms C J Kitsberg Independent Examiner David Goldberg FCA DchA New Burlington House 1075 Finchley Road London NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is an unincorporated charity registered with the Charity Commission (Registration No. 251090). The charity is governed by its trust deed dated 9 September 1966.
The day-to-day affairs of the charity are administered by the board of trustees.
It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures. The power of appointing additional trustees vests with the current trustees. The induction process for any newly appointed trustee comprises an initial meeting with the serving trustees to cover investment policy, the grant making process and the powers and responsibilities of the trustee board. After appointment, new trustees will be provided with copies of accounts, annual returns and investment reports.
OBJECTIVES AND ACTIVITIES
The objectives of the trust are to provide grants for the benefit of such one or more charitable institutions within or outside the UK, as the trustees may from time to time at their discretion determine.
The trustees meet to consider their objectives and areas of activity for the trust, including consideration of grant making, investment, reserves and risk management policies and performance.
The trust derives its income from investments and incoming donations.
- 1 -
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENTS AND PERFORMANCE
During the year, the charity continued its philanthropic activities in support of culture, social welfare and health & education and aggregate donations were paid in the sum of £29,550 (2022: £49,200).
The benefits that these charities provide include:
Promotion of the arts Relief of sickness and disabilities
Support for education and assisting the needy
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when setting their grant making policy for the year, in line with the trust's aims and objectives.
The trustees are satisfied that all grants made during the year are for the benefit of the public and that the benefits of each and every grant is clearly identifiable.
The financial results of the charity's activities for the year to 31 December 2023 are fully reflected in the attached accounts.
FINANCIAL REVIEW
The accounts have been prepared in accordance with the charity trust deed and applicable law.
Principal sources of funds are through donations and investment income.
Reserves policy
It is the policy of the charity to maintain unrestricted funds at a level which the trustees think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year.
At 31 December 2023, the charity had total funds of £3,657,218 all of which are unrestricted funds.
Grant making policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
The trustees are approached for donations by a wide variety of charitable institutions operating all over England (and also abroad). The trustees consider all requests which they receive and make donations based on the level of funds available.
Investment powers and policy and objectives
The trustees invest in a diverse spread of equities aiming for a balance between income and capital growth.
Under the memorandum and articles of association, the charity has the power to make any investment, which the trustees see fit. The trustees regularly review the charity's position and needs in respect of the investment policy.
- 2 -
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 DECEMBER 2023
PLANS FOR FUTURE PERIODS
The trustees are satisfied with their grant making priorities and it is their intention to continue to support charitable institutions.
PRINCIPAL RISKS AND UNCERTAINTIES
Risk Management
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to manage these risks.
The trustees' annual report was approved on 27 September 2024 and signed on behalf of the board of trustees by:
MRS M MEIMANN
Trustee
- 3 -
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE M & L CHARITABLE TRUST
YEAR ENDED 31 DECEMBER 2023
I report to the trustees on my examination of the financial statements of The M & L Charitable Trust ('the charity') for the year ended 31 December 2023.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
DAVID GOLDBERG FCA DCHA
Independent Examiner
New Burlington House 1075 Finchley Road London NW11 0PU
27 September 2024
- 4 -
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| INCOME AND ENDOWMENTS | ||||
| Donations and legacies | 4 | 2,500 | 2,500 | 335,250 |
| Investment income | 5 | 204,495 | 204,495 | 186,389 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| TOTAL INCOME | 206,995 | 206,995 | 521,639 | |
| ===================================== | ===================================== | ===================================== | ||
| EXPENDITURE | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | (402) | (402) | (1,288) |
| Expenditure on charitable activities | 7,8 | (33,156) | (33,156) | (52,861) |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| TOTAL EXPENDITURE | (33,558) | (33,558) | (54,149) | |
| ===================================== | ===================================== | ===================================== | ||
| Net gains/(losses) on investments | 10 | 304,057 | 304,057 | (626,452) |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| NET INCOME/(EXPENDITURE) AND NET | ||||
| MOVEMENT IN FUNDS | 477,494 | 477,494 | (158,962) | |
| ===================================== | ===================================== | ===================================== | ||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 3,179,724 | 3,179,724 | 3,338,686 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| TOTAL FUNDS CARRIED FORWARD | 3,657,218 | 3,657,218 | 3,179,724 | |
| =============================================== | =============================================== | =============================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 12 form part of these financial statements.
- 5 -
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST
STATEMENT OF FINANCIAL POSITION
| 31 DECEMBER 2023 | 31 DECEMBER 2023 | 31 DECEMBER 2023 | |||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 15 | 3,747,091 | 3,265,491 | ||
| CURRENT ASSETS | |||||
| Cash at bank and in hand | 53,451 | 2,034 | |||
| CREDITORS: amounts falling due | |||||
| within one year | 16 | (105,360) | (43,360) | ||
| ------------------------------------- | ------------------------------- | ||||
| NET CURRENT LIABILITIES | (51,909) | (41,326) | |||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 3,695,182 | 3,224,165 | |||
| CREDITORS: amounts falling due | |||||
| after more than one year | 17 | (37,964) | (44,441) | ||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| NET ASSETS | 3,657,218 | 3,179,724 | |||
| =============================================== | =============================================== | ||||
| FUNDS OF THE CHARITY | |||||
| Unrestricted funds | 3,657,218 | 3,179,724 | |||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| TOTAL CHARITY FUNDS | 18 | 3,657,218 | 3,179,724 | ||
| =============================================== | =============================================== |
These financial statements were approved by the board of trustees and authorised for issue on 27 September 2024, and are signed on behalf of the board by:
MRS M MEIMANN
Trustee
The notes on pages 7 to 12 form part of these financial statements.
- 6 -
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
There are no judgements, estimates and assumptions that affect the amounts reported.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Expenditure and liabilities
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- 7 -
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
3. ACCOUNTING POLICIES (continued)
Expenditure and liabilities (continued)
Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Grants payable
Grants payable are charged to the statement of financial activities once the charity has made a commitment to pay the grant and this has been communicated to the beneficiary or the grant has been paid, whichever is earlier.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations | 2,500 | 2,500 | 335,250 | 335,250 |
| ========================== | ========================== | ===================================== | ===================================== |
- 8 -
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
5. INVESTMENT INCOME
| INVESTMENT INCOME | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Income from listed investments | 203,815 | 203,815 | 186,339 | 186,339 |
| Bank interest receivable | 680 | 680 | 50 | 50 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | |
| 204,495 | 204,495 | 186,389 | 186,389 | |
| ===================================== | ===================================== | ===================================== | ===================================== |
6. INVESTMENT MANAGEMENT COSTS
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Interest payable | 402 ================ |
402 ================ |
1,288 ========================== |
1,288 ========================== |
7. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Charitable activities | 29,550 | 29,550 | 49,200 | 49,200 |
| Support costs | 3,606 | 3,606 | 3,661 | 3,661 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 33,156 =============================== |
33,156 =============================== |
52,861 =============================== |
52,861 =============================== |
8. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Grant | ||||
|---|---|---|---|---|
| funding of | Total funds | Total fund | ||
| activities | Support costs | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Charitable activities | 29,550 | – |
29,550 | 49,200 |
| Governance costs | – | 3,606 |
3,606 | 3,661 |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------- | |
| 29,550 | 3,606 |
33,156 | 52,861 | |
| =============================== | ========================== | =============================== | =============================== |
The following is a list of donations paid out during the year:
| 2023 | |
|---|---|
| £ | |
| The City of London School Charitable Trust | 18,000 |
| Royal Opera House Covent Garden Foundation | 5,350 |
| The Chicken Soup Shelter | 4,800 |
| Donations under £1,000 | 1,400 |
| ------------------------------- | |
| 29,550 | |
| =============================== |
All grants and donations were paid to charitable institutions for the purposes of culture, social welfare and health and education.
- 9 -
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
9. ANALYSIS OF GRANTS
| 9. | ANALYSIS OF GRANTS | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | ||||
| GRANTS TO INSTITUTIONS | |||||
| Grants to institutions | 29,550 | 49,200 | |||
| ------------------------------- | ------------------------------- | ||||
| Total grants | 29,550 | 49,200 | |||
| =============================== | =============================== | ||||
| 10. | NET GAINS/(LOSSES) ON INVESTMENTS | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on disposal of listed | |||||
| investments | (36,194) | (36,194) |
(194,799) | (194,799) | |
| Gains/(losses) on revaluation of listed | |||||
| investments | 355,576 | 355,576 | (431,653) | (431,653) | |
| Gains/(losses) on revaluation of | |||||
| unlisted investments | (15,325) | (15,325) |
– | – | |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| 304,057 | 304,057 | (626,452) | (626,452) | ||
| ===================================== | ===================================== | ===================================== | ===================================== | ||
| 11. | NET INCOME/(EXPENDITURE) | ||||
| Net income/(expenditure) is stated after | charging/(crediting): | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable for the audit of the financial statements | – | 3,661 | |||
| ================ | ========================== | ||||
| 12. | INDEPENDENT EXAMINATION FEES | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 3,360 ========================== |
– ================ |
13. STAFF COSTS
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits during the year (2022: Nil).
14. TRUSTEE REMUNERATION AND EXPENSES
There was no remuneration paid to the trustees. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity.
- 10 -
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
15. INVESTMENTS
| INVESTMENTS | |||
|---|---|---|---|
| Quoted | Unquoted | ||
| Shares | Shares | Total | |
| £ | £ | £ | |
| Fair value | |||
| At 1 January 2023 | 3,248,306 | 17,185 | 3,265,491 |
| Additions | 456,267 | – | 456,267 |
| Disposals | (314,500) | (419) | (314,919) |
| Fair value movements | 355,577 | (15,325) | 340,252 |
| ----------------------------------------------- | ------------------------------- | ----------------------------------------------- | |
| At 31 December 2023 | 3,745,650 | 1,441 | 3,747,091 |
| =============================================== | =============================== | =============================================== | |
| Impairment | |||
| At 1 January 2023 and 31 December 2023 | – | – | |
| =============================== | =============================================== | ||
| Carrying amount | |||
| At 31 December 2023 | 3,745,650 | 1,441 | 3,747,091 |
| =============================================== | =============================== | =============================================== | |
| At 31 December 2022 | 3,248,306 | 17,185 | 3,265,491 |
| =============================================== | =============================== | =============================================== |
All investments shown above are held at valuation.
Financial assets held at fair value
The fair value of the Listed Investments at the balance sheet date are determined using quoted prices. The fair value of the unlisted investment has been determined via a liquidation report.
The historical cost of investments is £3,653,358.
16. CREDITORS: amounts falling due within one year
| 16. | CREDITORS: amounts falling due within one year | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals and deferred income | 3,360 | 3,360 | |
| Director loan accounts | 102,000 | – | |
| Other creditors | – | 40,000 | |
| ------------------------------------- | ------------------------------- | ||
| 105,360 | 43,360 | ||
| ===================================== | =============================== | ||
| 17. | CREDITORS: amounts falling due after more than one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts | 37,964 | 44,441 | |
| =============================== | =============================== |
- 11 -
Docusign Envelope ID: 79A1E04B-946F-4FFA-B96B-D8E5D18B6602
THE M & L CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
18. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | |||||||
|---|---|---|---|---|---|---|---|
| At | At | ||||||
| 1 | January | Gains and | 31 December | ||||
| 2023 | Income | Expenditure | losses | 2023 | |||
| £ | £ | £ | £ | £ | |||
| General funds | 3,179,724 | 206,995 | (33,558) | 304,057 | 3,657,218 | ||
| =============================================== | ===================================== | =============================== | ===================================== | =============================================== | |||
| At | At | ||||||
| 1 | January | Gains and | 31 December | ||||
| 2022 | Income | Expenditure | losses | 2022 | |||
| £ | £ | £ | £ | £ | |||
| General funds | 3,338,686 | 521,639 | (54,149) | (626,452) | 3,179,724 |
||
| =============================================== | ===================================== | =============================== | ===================================== | =============================================== | |||
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | |||||||
| Unrestricted | Total Funds | ||||||
| Funds | 2023 | ||||||
| £ | £ | ||||||
| Investments | 3,747,091 | 3,747,091 | |||||
| Current assets | 53,451 | 53,451 | |||||
| Creditors less than 1 year | (105,360) | (105,360) |
|||||
| Creditors greater than 1 year | (37,964) | (37,964) |
|||||
| ----------------------------------------------- | ----------------------------------------------- | ||||||
| Net assets | 3,657,218 | 3,657,218 | |||||
| =============================================== | =============================================== | ||||||
| Unrestricted | Total Funds | ||||||
| Funds | 2022 | ||||||
| £ | £ | ||||||
| Investments | 3,265,490 | 3,265,490 | |||||
| Current assets | 2,035 | 2,035 | |||||
| Creditors less than 1 year | (43,360) | (43,360) |
|||||
| Creditors greater than 1 year | (44,441) | (44,441) |
|||||
| ----------------------------------------------- | ----------------------------------------------- | ||||||
| Net assets | 3,179,724 =============================================== |
3,179,724 =============================================== |
19. ANALYSIS OF NET ASSETS BETWEEN FUNDS
20. RELATED PARTIES
Included in creditors is a £102,000 interest free loan due to the trustees.
- 12 -