|||Page|| |---|---|---|---| |Report ofthe Trustees||to|5| |Report oftheIndependent Auditor|6|to|8| |Statement ofFinancial Activities||9|| |Statement ofFinancial Position||10|| |Statement ofCash Flows||11|| |Notes to the Statement ofCash Flows||12|| |Notes to the Financial Statements|13|to|20| |Detailed Statement ofFinancialActivities||21|| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||31.3.24|31.3.23| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**INCOME AND ENDOWMENTS FROM**|||| |Investmentincome|2|528,580|583,391| |**EXPENDITURE ON**|||| |Raisingfunds|3|61,935|55,867| |**Charitable activities**|4||| |CharitableDonations||523,251|489,671| |**Total**||585,186|545,538| |Netgains/(losses) on investments||703,154|(855,697)| |**NET INCOME/(EXPENDITURE)**||646,548|(817,844)| |**RECONCILIATION OF FUNDS**|||| |Total funds broughtforward||16,480,019|17,297,863| |**TOTAL FUNDS CARRIED FORWARD**||17,126,567|16,480,019| |||31.3.24|31.3.23| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**FIXED ASSETS**|||| |**Investments**|||| |Investments|9|16,116,561|14,840,645| |Investmentproperty|10|391,822|415,875| |||16,508,383|15,256,520| |**CURRENT ASSETS**|||| |Debtors|**11**|5,150|11,951| |Cashatbankand inhand||627,041|1,217,184| |||632,191|1,229,135| |**CREDITORS**|||| |Amounts fallingdue withinone year|12|(14,007)|(5,636)| |**NET CURRENT ASSETS**||618,184|1,223,499| |**TOTAL ASSETS LESS CURRENT**|||| |**LIABILITIES**||17,126,567|16,480,019| |**NET ASSETS**||17,126,567|16,480,019| |**FUNDS**|14||| |Unrestricted funds||17,126,567|16,480,019| |**TOTAL FUNDS**||17,126,567|16,480,019| ## |||31.3.24|31.3.23| |---|---|---|---| ||Notes|£|£| |**Cash flows from operating activities**|||| |Cashgenerated fromoperations||(542,501)|(378,843)| |Interestpaid||(60)|(87)| |Netcash used in operating activities||(542,561)|(378,930)| |**Cash flows from investing activities**|||| |Purchase offixed assetinvestments||(1,439,744)|(391,330)| |Sale offixedasset investments||281,126|374,851| |Interestreceived||16,018|45,608| |Dividends received||485,437|512,033| |Netcash(used in)/providedby investing activities||(657,163)|541,162| |**Cash flows from financing activities**|||| |New loans inyear|||(112,447)| |Loanrepayments in year||609,909|36,913| |Netcash provided by/(used in) financingactivities||609,909|(75,534)| |**Change in cash and cash equivalents in**|||| |**the reporting period**||(589,815)|86,698| |**Cash and cash equivalents at the**|||| |**beginning of the reporting period**|2|1,216,856|1,130,158| |**Cash and cash equivalents at the end of**|||| |**the reporting period**|2|627,041|1,216,856| |**OPERATING ACTIVITIES**||| |---|---|---| ||31.3.24|31.3.23| ||£|£| |**Net income/(expenditure) for the reporting period (as per the**||| |**Statement of Financial Activities)**|646,548|(817,844)| |**Adjustments for:**||| |(Gain)/losses on investments|(703,154)|946,289| |Interestreceived|(16,018)|(45,608)| |Interestpaid|60|87| |Dividendsreceived|(485,437)|(512,033)| |Decrease in debtors|6,801|64,461| |Increase/(decrease) increditors|8,699|(14,195)| |**Net cash used in operations**|542.501)|(378.843)| |**ANALYSIS OF CASH AND CASH EQUIVALENTS**||| ||31.3.24|31.3.23| ||£|£| |Cash inhand|5,027|5,027| |Notice deposits (lessthan 3 months)|622,014|1,212,157| |Overdrafts included inbankloans andoverdrafts falling duewithin oneyear||(328)| |Totalcash and cashequivalents|627,041|1,216,856| ||At 1.4.23|Cash flow|At31.3.24| |---|---|---|---| ||£|£|£| |**Net cash**|||| |Cashatbankand inhand|1,217,184|(590,143)|627,041| |Bankoverdraft|(328|328|| ||1,216,856|589.819|627,041| |**Total**|1,216,856|(589.819|627,041| ## ## ## ## ## ## ## ## ## ## ## |**Notes to the Financial Statements - continued**|**Notes to the Financial Statements - continued**||| |---|---|---|---| |**for the **|**Year Ended 31 March 2024**||| |**2.**|**INVESTMENT INCOME**||| |||31.3.24|31.3.23| |||£|£| ||Rentsreceivable|27,125|25,750| ||Investment incomereceivable|485,437|512,033| ||Depositaccount interest|14,616|8,414| ||Other interestreceived|1,402|37,194| |||528,580|583,391| |**3.**|**RAISING FUNDS**||| ||**Raising donations and legacies**||| |||31.3.24|31.3.23| |||£|£| ||Supportcosts|12,912|9,514| ||**Investment management costs**||| |||31.3.24|31.3.23| |||£|£| ||Portfoliomanagement|48,963|46,266| ||Interestpayable and similarcharges|60|87| |||49,023|46,353| ||Aggregate amounts|61,935|55,867| |**4.**|**CHARITABLE ACTIVITIES COSTS**||| ||||Grant| ||||fundingof| ||||activities| ||||(see note| ||||5)| ||||£| ||CharitableDonations||523,251| |**5.**|**GRANTS PAYABLE**||| |||31.3.24|31.3.23| |||£|£| ||CharitableDonations|523,251|489,671| ## ||31.3.24|31.3.23| |---|---|---| ||£|£| |Art, Music andEntertainment|59,465|71,729| |HealthandMedicalResearch|90,522|81,000| |Religion|12,000|16,500| |Nature Conservation|53,000|55,000| |Civil Society|218,504|195,889| |Education|30,760|12,553| |Care|41,000|42,000| |Hospice|18,000|15,000| ||523,251|489,671| |||||Governance|| |---|---|---|---|---|---| ||||Management|costs|Totals| ||||£|£|£| |Raising donations|and|legacies|352|12,560|12,912| ## ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Investment income|583,391| |**EXPENDITURE ON**|| |Raisingfunds|55,867| |**Charitable activities**|| |CharitableDonations|489,671| |**Total**|545,538| |Netgains/(losses) on investments|(855,697)| |||||Unrestricted| |---|---|---|---|---| |||||fund| |||||£| ||**NET INCOME/(EXPENDITURE)**|||(817,844)| ||**RECONCILIATION OF FUNDS**|||| ||Total funds broughtforward|||17,297,863| ||**TOTAL FUNDS CARRIED FORWARD**|||16,480,019| |**9.**|**FIXED ASSET INVESTMENTS**|||| ||||31.3.24|31.3.23| ||||£|£| ||Shares||16,096,561|14,210,736| ||Loans||20,000|629,909| ||||16,116,561|14,840,645| ||Additional informationas follows:|||| |||Listed|Unlisted|| |||investments|investments|Totals| |||£|£|£| ||**MARKET VALUE**|||| ||At **1** April 2023|14,028,272|727,075|14,755,347| ||Additions|848,580|591,164|1,439,744| ||Disposals|(288,707)||(288,707)| ||At31 March2024|14,588,145|1,318,239|15,906,384| ||**PROVISIONS**|||| ||At **1** April 2023|240,504|304,107|544,611| ||Revaluation adjustments|(774,928)|40,140|(734,788)| ||At31 March2024|(534,424)|344,247|(190,177)| ||**NET BOOK VALUE**|||| ||At31 March2024|15,122,569|973,992|16,096,561| ||At31 March2023|13,787,768|422,968|14,210,736| |||||Other| |||||loans| |||||£| ||At **1** April 2023|||629,909| ||Repayments inyear|||(609,909)| ||At31 March2024|||20,000| ## ## |**INVESTMENT PROPERTY**|| |---|---| ||£| |**FAIR VALUE**|| |At **1** April2023|415,875| |Impairments|(24,053)| |At31 March2024|391,822| |**NET BOOK VALUE**|| |At31 March2024|391,822| |At31 March2023|415,875| |**Notes to the Financial Statements - continued**|**Notes to the Financial Statements - continued**||||| |---|---|---|---|---|---| |**for the **|**Year Ended 31 March 2024**||||| |**11.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| |||||31.3.24|31.3.23| |||||£|£| ||Otherdebtors|||5,150|11,951| |**12.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| |||||31.3.24|31.3.23| |||||£|£| ||Bank loans andoverdrafts (seenote 13)||||328| ||Othercreditors|||14,007|5,308| |||||14,007|5,636| |**13.**|**LOANS**||||| ||Ananalysis ofthematurityofloans is givenbelow:||||| |||||31.3.24|31.3.23| |||||£|£| ||Amounts fallingdue withinoneyearondemand:||||| ||Bankoverdrafts||||328| |**14.**|**MOVEMENT IN FUNDS**||||| |||||Net|| |||||movement|At| |||At|1.4.23|infunds|31.3.24| ||||£|£|£| ||**Unrestricted funds**||||| ||General fund|16,480,019||646,548|17,126,567| ||**TOTAL FUNDS**|16,480,019||646,548|17,126,567| ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|528,580|(585,186)|703,154|646,548| |**TOTAL FUNDS**|528,580|(585.186|703,154|646,548| |||Net|| |---|---|---|---| |||movement|At| ||At 1.4.22|infunds|31.3.23| ||£|£|£| |**Unrestricted funds**|||| |General fund|17,297,863|(817,844)|16,480,019| |**TOTAL FUNDS**|17,297,863|(817.849|16,480,019| ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|infunds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|583,391|(545,538)|(855,697)|(817,844)| |**TOTAL FUNDS**|583,391|(545.538)|(855.697)|(817.849| |||Net|| |---|---|---|---| |||movement|At| ||At 1.4.22|infunds|31.3.24| ||£|£|£| |**Unrestricted funds**|||| |General fund|17,297,863|(171,296)|17,126,567| |**TOTAL FUNDS**|17,297,863|071.296|17,126,567| ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|infunds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|1,111,971|(1,130,724)|(152,543)|(171,296)| |**TOTAL FUNDS**|1,111,971|(1,130,724)|0152.543)|071.296| ## |**Detailed Statement of Financial Activities**
**for the Year Ended 31 March 2024**||| |---|---|---| ||31.3.24|31.3.23| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Investment income**||| |Rentsreceivable|27,125|25,750| |Investmentincomereceivable|485,437|512,033| |Depositaccount interest|14,616|8,414| |Other interestreceived|1,402|37,194| ||528,580|583,391| |**Total incoming resources**|528,580|583,391| |**EXPENDITURE**||| |**Investment management costs**||| |Portfoliomanagement|48,963|46,266| |Bank interest|60|87| ||49,023|46,353| |**Charitable activities**||| |Grants to institutions|523,251|489,671| |**Support costs**||| |**Management**||| |Travel costs|352|398| |**Governance costs**||| |Auditors'remuneration|5,775|5,372| |Sundries|192|144| |Accountancyandprofessional|6,593|3,600| ||12,560|9,116| |Totalresources expended|585,186|545,538| |**Net (expenditure)/income before gains and**||| |**losses**|(56,606)|37,853| |**Realised recognised gains and losses**||| |Realisedgains/(losses) on fixedassetinvestments|(7,581)|(68,710)| |**Net expenditure**|(64,187)|(30,857)|