|||Page||
|---|---|---|---|
|Reportofthe Trustees||to|4|
|ReportoftheIndependentAuditor|5|to|7|
|StatementofFinancialActivities||8||
|StatementofFinancialPosition||9||
|StatementofCash Flows||10||
|Notes tothe StatementofCash Flows||11||
|Notes totheFinancial Statements|12|to|18|
|Detailed StatementofFinancialActivities||19||
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|||31.3.25|31.3.24|
|---|---|---|---|
|||Unrestricted|Total|
|||fund|funds|
||Notes|£|£|
|**INCOME AND ENDOWMENTS FROM**||||
|Investment income|2|560,424|528,580|
|**EXPENDITURE ON**||||
|Raising funds|3|62,714|61,935|
|**Charitable activities**|4|||
|Charitable Donations||564,306|523,251|
|**Total**||627,020|585,186|
|Net gains/(losses) on investments||(357,686)|703,154|
|**NET INCOME/(EXPENDITURE)**||(424,282)|646,548|
|**RECONCILIATION OF FUNDS**||||
|Total funds brought forward||17,126,567|16,480,019|
|**TOTAL FUNDS CARRIED FORWARD**||16,702,285|17,126,567|
|StatementofFinancial Position
31 March 2025||||
|---|---|---|---|
|||31.3.25|31.3.24|
|||Unrestricted|Total|
|||fund|funds|
||Notes|£|£|
|FIXEDASSETS||||
|**Investments**
Investments|9|15,708,684|16,116,561|
|Investmentproperty|10|455,160|391,822|
|||16,163,844|16,508,383|
|**CURRENT ASSETS**||||
|Debtors|11|5,150|5,150|
|Cashatbankandinband||538,456|627,041|
|||543,606|632,191|
|**CREDITORS**||||
|Amountsfallingduewithinoneyear|12|(5,165)|(14,007)|
|**NET CURRENT ASSETS**||538,441|618,184|
|**TOTAL ASSETS LESS CURRENT**||||
|**LIABILITIES**||16,702,285|17,126,567|
|**NET ASSETS**||16,702,285|17,126,567|
|**FUNDS**|13|||
|Unrestrictedfunds||16,702,285|17,126,567|
|**TOTAL FUNDS**||16,702,285|17,126,567|
##
||31.3.25|31.3.24|
|---|---|---|
|Notes|£|£|
|**Cash flows from operating activities**|||
|Cashgeneratedfromoperations|(607,053)|(542,501)|
|Interestpaid|(60)|(60)|
|Netcashusedinoperating activities|(607,113)|(542,561)|
|**Cash flows from investing activities**|||
|Purchase offixed asset investments|(3,784,925)|(1,439,744)|
|Sale offixedasset investments|3,771,779|281,126|
|Interestreceived|20,841|16,018|
|Dividendsreceived|510,833|485,437|
|Netcash providedby/(usedin) investing activities|518,528|(657,163)|
|**Cash flows from financing activities**|||
|Loanrepayments in year||609,909|
|Netcash providedbyfinancing activities||609,909|
|**Change in cash and cash equivalents in**|||
|**the reporting period**|(88,585)|(589,815)|
|**Cash and cash equivalents at the**|||
|**beginning of the reporting period**|627,041|1,216,856|
|**Cash and cash equivalents at the end of**|||
|**the reporting period**|538,456|627,041|
|**OPERATING ACTIVITIES**|||
|---|---|---|
||31.3.25|31.3.24|
||£|£|
|**Net (expenditure)/income for the reporting period (as per the**|||
|**Statement of Financial Activities)**|(424,282)|646,548|
|**Adjustments for:**|||
|Losses/(gain) oninvestments|357,685|(703,154)|
|Interestreceived|(20,841)|(16,018)|
|Interestpaid|60|60|
|Dividendsreceived|(510,833)|(485,437)|
|Decreaseindebtors||6,801|
|(Decrease)/increaseincreditors|(8,842)|8,699|
|**Net cash used in operations**|(607,053)|(542,501)|
||At 1.4.24|Cashflow|At31.3.25|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cashatbankand in hand|627,041|(88,585)|538,456|
||627,041|(88,585)|538,456|
|**Total**|627,041|(88,585)|538,456|
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|**2.**|**INVESTMENT INCOME**|||
|---|---|---|---|
|||31.3.25|31.3.24|
|||£|£|
||Rents receivable|28,750|27,125|
||Investment income receivable|510,833|485,437|
||Deposit account interest|20,841|14,616|
||Other interest received||1,402|
|||560,424|528,580|
|3.|**RAISING FUNDS**|||
||**Raising donations and legacies**|||
|||31.3.25|31.3.24|
|||£|£|
||Support costs|10,825|12,912|
||**Investment management costs**|||
|||31.3.25|31.3.24|
|||£|£|
||Portfolio management|51,829|48,963|
||Interestpayable and similar charges|60|60|
|||51,889|49,023|
||Aggregate amounts|62,714|61,935|
|**4.**|**CHARITABLE ACTIVITIES COSTS**|||
||||Grant|
||||funding of|
||||activities|
||||(see note|
||||5)|
||||£|
||Charitable Donations||564,306|
|**5.**|**GRANTS PAYABLE**|||
|||31.3.25|31.3.24|
|||£|£|
||Charitable Donations|564,306|523,251|
##
||31.3.25|31.3.24|
|---|---|---|
||£|£|
|Art, Music andEntertainment|39,540|59,465|
|HealthandMedicalResearch|121,327|90,522|
|Religion|13,000|12,000|
|NatureConservation|67,005|53,000|
|Civil Society|194,299|218,504|
|Education|65,135|30,760|
|Care|43,000|41,000|
|Hospice|21,000|18,000|
||564,306|523,251|
|||||Governance||
|---|---|---|---|---|---|
||||Management|costs|Totals|
||||£|£|£|
|Raisingdonations|and|legacies|640|10,185|10,825|
##
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||Unrestricted|
|---|---|
||fund|
||£|
|**INCOME AND ENDOWMENTS FROM**||
|Investment income|528,580|
|**EXPENDITURE ON**||
|Raisingfunds|61,935|
|**Charitable activities**||
|CharitableDonations|523,251|
|**Total**|585,186|
|Netgains oninvestments|703,154|
|||||Unrestricted|
|---|---|---|---|---|
|||||fund|
|||||£|
||**NET INCOME**|||646,548|
||**RECONCILIATION OF FUNDS**||||
||Totalfunds broughtforward|||16,480,019|
||**TOTAL FUNDS CARRIED FORWARD**|||17,126,567|
|**9.**|**FIXED ASSET INVESTMENTS**||||
||||31.3.25|31.3.24|
||||£|£|
||Shares||15,708,684|16,096,561|
||Loans|||20,000|
||||15,708,684|16,116,561|
||Additional informationasfollows:||||
|||Listed|Unlisted||
|||investments|investments|Totals|
|||£|£|£|
||**MARKET VALUE**||||
||At 1 April2024|14,588,145|1,318,239|15,906,384|
||Additions|3,784,925||3,784,925|
||Disposals|(3,850,202)||(3,850,202)|
||At31 March2025|14,522,868|1,318,239|15,841,107|
||**PROVISIONS**||||
||At 1 April2024|(534,424)|344,247|(190,177)|
||Revaluationadjustments|1,752|320,848|322,600|
||At31 March2025|(532,672)|665,095|132,423|
||**NET BOOK VALUE**||||
||At31 March2025|15,055,540|653,144|15,708,684|
||At31 March2024|15,122,569|973,992|16,096,561|
|||||Other|
|||||loans|
|||||£|
||At 1 April2024|||20,000|
||Impairment intheyear|||(20,000)|
||At31 March2025||||
##
|**INVESTMENT PROPERTY**||
|---|---|
||£|
|**FAIR VALUE**||
|At 1 April2024|391,822|
|Revaluation|63,338|
|At31 March2025|455,160|
|**NET BOOK VALUE**||
|At31 March2025|455,160|
|At31 March2024|391,822|
||||||31.3.25|31.3.24|
|---|---|---|---|---|---|---|
||||||£|£|
||Otherdebtors||||5,150|5,150|
|**12.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE **||**YEAR**||||
||||||31.3.25|31.3.24|
||||||£|£|
||Othercreditors||||5,165|14,007|
|**13.**|**MOVEMENT IN FUNDS**||||||
||||||Net||
||||||movement|At|
||||At|1.4.24|infunds|31.3.25|
|||||£|£|£|
||**Unrestricted funds**||||||
||Generalfund||17,126,567||(424,282)|16,702,285|
||**TOTAL FUNDS**||17,126,567||(424,282)|16,702,285|
||Net movement infunds, included inthe above|are asfollows:|||||
|||Incoming|Resources||Gains and|Movement|
|||resources|expended||losses|infunds|
|||£||£|£|£|
||**Unrestricted funds**||||||
||Generalfund|560,424|(627,020)||(357,686)|(424,282)|
||**TOTAL FUNDS**|560,424|(627,020)||(357,686)|(424,282)|
||**Comparatives for movement in funds**||||||
||||||Net||
||||||movement|At|
||||At|1.4.23|infunds|31.3.24|
|||||£|£|£|
||**Unrestricted funds**||||||
||Generalfund||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|infunds|
||£|£|£|£|
|**Unrestricted funds**|||||
|Generalfund|528,580|(585,186)|703,154|646,548|
|**TOTAL FUNDS**|528,580|(585,186)|703,154|646,548|
|||Net||
|---|---|---|---|
|||movement|At|
||At 1.4.23|infunds|31.3.25|
||£|£|£|
|**Unrestricted funds**||||
|Generalfund|16,480,019|222,266|16,702,285|
|**TOTAL FUNDS**|16,480,019|222,266|16,702,285|
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|infunds|
||£|£|£|£|
|**Unrestricted funds**|||||
|Generalfund|1,089,004|(1,212,206)|345,468|222,266|
|**TOTAL FUNDS**|1,089,004|(1,212,206)|345,468|222,266|
##
|**Detailed Statement of Financial Activities**
**for the Year Ended 31 March 2025**|||
|---|---|---|
||31.3.25|31.3.24|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Investment income**|||
|Rentsreceivable|28,750|27,125|
|Investment incomereceivable|510,833|485,437|
|Depositaccountinterest|20,841|14,616|
|Other interestreceived||1,402|
||560,424|528,580|
|**Total incoming resources**|560,424|528,580|
|**EXPENDITURE**|||
|**Investment management costs**|||
|Portfoliomanagement|51,829|48,963|
|Bankinterest|60|60|
||51,889|49,023|
|**Charitable activities**|||
|Grants to institutions|564,306|523,251|
|**Support costs**|||
|**Management**|||
|Travel costs|640|352|
|**Governance costs**|||
|Auditors'remuneration|6,225|5,775|
|Sundries||192|
|Accountancyand professional|3,960|6,593|
||10,185|12,560|
|Totalresourcesexpended|627,020|585,186|
|**Net expenditure before gains and losses**|(66,596)|(56,606)|
|**Realised recognised gains and losses**|||
|Realisedgains/(losses) onfixedassetinvestments|(78,423)|(7,581)|
|**Net expenditure**|(145,019)|(64,187)|