Charity number: 261158 Peter Dixon Charitable Trust Unaudited Trustees. report and financlal statements For the year ended 31 March 2024
Peter Dlxon Charltable Trust Contents Page Reference and admlnistrative details of the Charity. Its Truslees and advlsers Trustee$. report Indepertdent examlnerfs report Statement Of financial activities Balan¢e sheet Notes to the financlal statements 9-16
Peter Dlxon Charltable Trust Ref8r6nce and admlnlstrative dotalls of Iho Charfty. Its Trustees and advlsers For the year ended 31 March 2024 Trust0•9 A C M Liddell MBE WS S J Gwyn-Thomas J M Dixon CGWDixon Charlty reglstered number 261158 Prlnclpal office 71 Queen Victoria Street London EC4V 4AY Accountants Kreston Reeves LLP Chartered Accountsnts 2nd Floor 168 Shoredilch High Street London E16RA Invostment managers Canaccord Genuity Wealth Management 41 Lothbury Lor7don EC2R 7AE Sarasln and Partners LLP Juxon House 100 St Paul's Churchyeard London EC4M 8BU Solicitors Wedlake Bell LLP 71 Queen Victoria Street London EC4V 4AY Independent Examlnor Stephen Moss Bsc (Honsl ACA Kreston Reeves LLP 2nd Floor 168 Shoreditch High Street London E16RA Page 1
Peter Dlxon Charltsble Trust Trustees. report For the year ended 31 March 2024 The Twstees present their annual report together wsth the financial statements of the Charity for the 1 April 2023 to 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply wilh the Charity's Trust Deed, the Charities Act 2011 and Accounting and Reports by Charities.. Statement of Recommended Practi applicable lo charities preparing their accounts in accordance with the Financkgl Reporb'ng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Oblectlves and a¢tlvltigS a. Policios and obl8Ctlves The Trustees hold the income of the Trust Fund at their discretion either for or forthe benefit of: those cha¥ities supported during the lrfe of Peter DOn p8r a schedule agreed by the Trustees consisting (rf approximately 80 named Institutions., and bl RNLI. Church of England Children's Society. National Tnjst and the British Red Cross. The Trustees have not had the power to spend capital before 13 May 2024 Isee 'Future development, belowl. Capital has been maintained as an investment base to produce incom8 lo support the charitable programme of activities for the future. The Twstees are not able lo support individuals. The Ttustees have agreed a proactive Donations Policy to support charities that were of particular interest to the late Peter Dixon, preferably charities where the Trust can become involved in to three year identifiable programmes and the benefit can be clearly demonstrated. They are Iherefore unlikely to b8 able lo respond to specific requests or opportunistic appeals, even if these fall within the objects of the Trust In setting objectFV&S and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity (PB21'. b. Maln actlvltlès und•rtaken to further the Charlty'$ purposes for the public benefit The Charity supports by donations, charities involved principalty in the Forces. Children, Medical rgsoarch and Aid. The Charity employed the services of tr40 investment managers. The investrnent income produced by the portfolios are used to fund the donations made by the Chajity. Achievements and performance . Key p8rformanc8 Indleators The Charitys key financial performance indicators are the value of their investments and the ability to meet grant commitments. The Charity will be performing satisfactorily il the level of income. after meeting their expenditure. results in a surplus from which the Trustees can make additional glants the following year. Total income for the period from inveslments was £115.315 {2023- £105.668). Donations of £91,900 12023.. £94,400) were agreed. of which £91.900 {2023- £68,400) were paid during the year with the remaining amount paid post ygar end. The Trustees are satisfled wrth the resulls for the year. b. Revlow of actlvltles The Trust activilies during the year are r8flecled in the donations made. see page 12, note 6 - "Grants to institutions.. Page 2
Peter Dlxon Charltable Trust Trustees. report Icontinuedl For the year endgd 31 March 2024 Flnanclal revlew a. Golng concorn After m8king appmpriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concem basis in preparing the financial slatements, ensuring that donations made are applied as intended. b. Re$•rv05 poIIcy The Trustees hav& agreed that going forward their Trust solicitors wll kegp a cash reserve to meet their expen58s as they arise and a float for donations. The balance of unrestricted funds avaiLqble for donations as at 31 March 2024 was £238,081 (2023.. £214.6661. ¢. Prlncipal risks and uncertaintlas Currency risk All of th8 Charitys revenues and costs are denominated in Sterling. Therefore the Trustees consider that the charty has no material exposure to currency risk. Credit risk The Charitys principal financial assets are quoted investments and cash. There is negligible credit risk associated wth the charitys cash balances and investments but these are all held through recognised financial inslitulions. Interest and liquidity risk The Charity seeks to manage its financial risk to ensure that sufficient liquidtty is avaSlable to meet foreseeable needs in both the short and the long term, offset by due diligence relating to longslanding relationshlps and where appropriate written grant agreements are obtained. d. Investment policy The Truste8s' investment powers are governed by the TTUStee Act 2000 arid the Trust Deed. The TNstees manage the TTUSt investments in accordance with the Act in conjunction wth two investment managers. The investments have been split between the fund managers in order to diversify the manager risk and the investment stye risk. The Trustees wish to maintain a balanced and diversrfied portfolio and as long term investors accept the medium risk involved in equity investment. StructUrn* governance and management 8. Constitutlon The Twst was established by the late Peter Dixon by a Trust Deed dated 3rd Aprtl 1970. A re501ution dated 23rd April 2009 amended the name of the Chayity to the P81or Dixon Charitable Trust, which was and is approved 8nd registered wilh the Charity Commission (Registration Number 261158)- The original Trustees were apptslnted by Peter Dixon and subsequent Trustees are appointed by the existing Trustees. The Tnjstees during the year are shown page 1. Furth8r administrative details are also set out on page 1. There havo been no changes in Ihe objectives since the last annual report. Page 3
Peter Dlxon Charltabl8 Trust TNst#è$' report Icontlnuedl For the year •nd•d 31 March 2024 Structur8> govemance and management (contlnu8d) b. Mgthods of appolntment or eloctlon of Trustees The management of the Charity is the responsibillly of the Truslees who are elected and cTropted under the terrns of the Trust Deed. c. Publlc bene The Trustees confirm that they have complied with the duty in s.17 (5) Charittes Act 2011 to have dlte regard to Ehe publt benefil guidance published by the Charity Commission. d. Rlsk managament The Twstees have assessed the major risks to which the Charity is exposed. in particular those related lo the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Future development At the Annual Meeling on 6th Novamber 2023, the Trustees agreed to irsveslig8te what would be requlred by the Charity Commission to enable the spending out of the Charitys funds over a three year period. There were a number of reasons for this change of view. including that costs of running the Trust abso* a significant amount of its annual incomg, that annual grants of between £5,000 - £10,000 generally are all that is possible and. at such levels, they are not able to make a signrficanl impact upon the chosen charitable beneficiaries, and that there is now only one of the cutrenl Trustees who knew the Settlor and his particular wishes and priorities. At a further Trustee Meeting on the 14th December 2023 it was agreed to instruct Wedlake Bell to draft a fomial resoluts'on lor the Trustees to approve prtor to a fomial submission to the Charity Commission. The draft resolution was circulated to Trustees on 28th March 2024 and approved. The formal resolution was submitted to the Charity Commission on 19th April 2024. The Charity Commission's letter approving the capital Sper out scheme is dated 131h May 2024. The Trustees held a further Meeting on 31st May 2024 at which it was agreed how the process of spending out the capital will be planned and controlled over the period beMeen 2025- 2027. Page 4
Peter Dlxon Charltable Trust Trustees, report (continued) For the year ended 31 March 2024 Statemènt of Trust8es' respon$lbllltloS The Twste8s are responsible for preparing the Trusteeg, report and the financial statements in accordance wth applicable law and United Kingdom Accounling Standards (United Kingdom Generalty Accepted Accounting Practi1. The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair vléw of Ihe stale of affairs of the Charity and of ils incoming resources and applicalon of resources. including ils income and expenditure, for Ihal period. In preparing these financial statements, the Truslees are required to.. select suitable accounting policies and then apply them consistenlly. observe the methods and principlgs of the Charities SORP {FRS 102)., mak8 judgm&nts and accounting eslimales that are reasonable and prudent.. ststs whethèr applicable UK Accounting Standards IFRS 102} have been followed. subject to 8ny material departu$ disclosed and 8xp18ined in Ihe financial statements.. prepare the financial ststements ors the going conc6m basis unless tt is inappropriate to presume that the Charity will conlinue in business. The Tnjstees are responsible for keeping adequate accounting records that are sufficient lo show and explain thè Charitys transactions and disclose with reasonable accuracy 81 any tlme the financial position of the Charity anij enab18 them to ensore that tho financial statements comply wth the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provi8ions of the Trust deed. They are 81so responsible for safeguarding tho assets of the Ch8rity and hence for taking reasonable steps for the prevenlion and detection of fraud and olhor irregularities. Approved by order of the members of the board of Trustees and signed on Ihgir bghaff by.. M Dixon Trustee Dale." O It If)l* Page 5
Potgr Dlxon Charltablo TTUSt Independent examlneffs report For the year ended 31 March 2024 Independent examlnerfs rgport lo th• Trustges of Petor Dlxon Charltable Trust (Yhe Charlty I report to the charity Trustees on my oxamination of the accounts of the Charity for the year ended 31 March 2024. ResF)onslbllltlfrs and basis of roport As the Trustees of the Charty you are responsible for the preparation of the a¢counls in accordance with the requirements of the Charities Act 2011 ('Ihe 2011 Acl'l. I report in raspect of my examination of the Charitys accounts carried out under section 145 of the 2011 Act and in carrwng out my examination I have followed the applicable Directions given by Ihe Charity Commission under section 145(5)Ib) of the 2011 Act. Independènt examlneVs statamont Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounling 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 Ire18nd (FRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations but has been withdrawn. l understand that this has b88n done in order for the accounts to provide a true and fair view in accordance wth the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. I have completed my examination. I confirm that no matters have come lo my attention in conn8Ction with the examination giving me cause to believe that in any materi81 respect.. accounting records were not kept in respect of the Charity as required by sectlon 130 of the 2011 Act.. or the accounts do not accord wtth those records,. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set (Njt in the Charities (Accounts and Roportsl Regulations 2008 other than any requirement that the accounts giv8 a and fail view which is not a matter considered as part of an Sndependenl examination. I have no concems and have come across no other matters in connection with the oxamination to whica) attention should be dtawn in Ihis report in order to enable a proper underst8nding of the accounts lo be reached. This report Is made solely to the Charitys Trustees, as a body, in accordance with Part 4 of the Charities (Account5 and Reports) Regulations 2008. My work has begn undertaken so that I might Stale lo Ihe Charills Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purwse. To the fullest extenl permitted by law. I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trusleos as a body. for my WOTk or for this reporL Signed: Dated.. 11 November 2024 Stephen Moss BS¢ (Hons) ACA Kreston Ro8ves LLP Chartered Accountants London Pag8 6
Peter Dlxon Charltable Trust Statement of Ilnanclal actlvltles For the y•ar onded 31 March 2024 Endowment Unrestrlctad funds funds 2024 2024 Total funds 2024 Total funds 2023 Note In¢omo and endowments from: Inveslmenls 115,315 115,315 105.668 Total Income and ondowments 115.315 115,315 105,668 Expenditure on: Raising funds Charitable activltles 23.726 12.979 23,726 104.879 23,484 105,682 91.900 Total expendltur• 36,705 91,900 128,605 129,166 Net (expendlturè)Ilncome before nat gainsl{Ioss85) on investments Nel gainslllossesl on investments 136.705) 195,107 23,415 <13,290) 195,107 (23,4981 1188,6921 Net movement in funds 158,402 23.415 181,817 1212,1901 Reconclllation of funds.. Totsl funds brought foNard Nel movem8nt in funds 3.013.444 158.402 214,666 23.415 3.228,110 181,817 3.440,300 1212,1901 Total fund$ carried forward 3,171.846 238,081 3,409.927 3.228,110 The Statement of financial activiti&s indud9s all gains and losses recognised in tha year. The notes on pag8s 9 to 16 form part of theso finanryal statements. Page 7
Pet8r Dlxon Charltable Trust Balance sheet As at 31 March 2024 2024 2023 Note Fixed assets Investments Current assets 10 3.371,590 3.197.914 Cash at bank and in hand 48.974 66,688 Creditors= amounts falling dua w[thn ona year 11 (10,637) {36,492) Net current assets 38,337 30,196 Totsl net assets 3.409.927 3,228,110 Charity funds Endowment funds Unrestiicted funds 12 3,171.846 238,081 3,013.444 214,666 12 Total fund$ 3,409,927 3,228,11 D The finanal statements were approved and aulhoris8d for issue by the Trustees and signed on their behalf by.. J M Dixon Trust8 Date.. Th9 notss on pago$ 9 10 16 fomi part of these financial Statements. Pa90 8
Peter Dlxon Charitable Trust Not•s to the flnanclal statements For the year ended 31 March 2024 Legal fomi Peter Dixon Charitable Trust {'the Charity) is an unincorporated Charity with the registered charity number 261158. The address of the Charitys principal office is detailed on page 1. A¢countlng poli¢igs 2.1 Bagls of prgparatlon of flnanclal statem•nts The financial stalements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charilles Act 2011. The flnancial statements have been prepared to give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a 'true and fairf view. This departure has involved followng the Charities SORP {FRS 102) published in October 2019 rather than the Accounting and Reporting by Chartlies.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Peter Dixon ChaTitable Trusl meets the definilion of a public benefit enlity under FRS 102. Assets and liabilities are initially recognised at hlslorical cost or transaction value unless othenmse stated in the relevant accounting policy. The financial stalements are prepared in British Sterling and rounded to Ihe nearest Pound. 2.2 Income All income is recognised once the Charity has entitlement to the income, il is probable that the income wll be recetved and the amount of income receivable can be measured relhqbly. Income tsx recoverable in relation to investrnent income is recognised al the lim8 th8 investment income is rec8ivable. 2.3 Expenditurn Expenditure is recognised once there is a legal or o)nstruclive obtigation to transfer economic benefft to a third paty. tt is probable that a transfer of economic benefits WIH be required in selllement and the amount of the obligation can be measured reliably. Expenditure is classified by acbvty. The costs of each activity are made up of the total of direct costs and shafed costs, including SUPPOrt costs involved in undertaking each aclivily. Direct costs attributable to a single activity are allocated directly to that aclivty. Shared costs which contribute to Tnore than one activity and support costs which are not attributable to a single activity are apportioned befven those 8CtNities on a basis consistent wth Ihe use of resouTces. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on raising ndS includes all expenditure incurred by the Charity lo raise funds for its charitable purposes and includes costs of all fundraising activities events and nonwcharilable trading. Expenditure on charitable actiwties is incurred on directly undertaking the activities which furlher the Charitys objeclives, as well as any associated support costs. Grants payable are charged in Ihe year when the offer is made except in those cases where the offer is conditiona1. such grants being recognised as expendsture when the condilions allaching are fulfilled. Grants offered subject to conditions which have not been met al the year end are noted as a commitment, but not accrued as expenditure. Page 9
Peter Dlxon Charltable Trust Notss to the flnanclal statements For Ihg year ended 31 March 2024 A¢countlng pollcles Iconllnued) 2.3 Expendlture (continued) All expenditure is inclusive of irrecoverable VAT. 2.4 Int¢r•st r8calvable Ir¢teresl on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity. this is normally upon nokn'flcation of the interest paid or payable by the inslitution with whom the funds are deposited. 2.5 Investments Flxed asset inveslmenls are a form of financial instrument and are initialty recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'G2illsllLos5es) on inveslmenls, in the Statement of financial activities. 2.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid inv8stments with a short matursty of three months or less from the dale ol acquisition or opening of the deposit or similar account. 2.7 Liabilities and provislons Liabilities are recognised when there is an obligallon at the Balance sheet dale as a result of a past event, it is probable that 2 transfer of economic benefit will be required settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount Ih8t the Charity anticipates it wÉll pay to settle debl or the amount il has received as advanced payments for the goods or services it must provide. 2.8 Flnanelal Instrurnents The Charity only has financial assets and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.9 Fund accounting General funds are Lsnrestricted funds which are available for use at the discretion of the Trustees in furtherance of Ihe general objectives of the Charity and which have not been designated for other purposes. Critical accountlng astlmates and aTeas of Judgement Estimates and judgements are continualty evaluated and based on historical experience and other factors, including exp8ctalions of future events that are believed to be reasonable Urer the circumstances. The Twsl caThies their investments at fair value, with changes in fair value being recogntsed in the Statement of Financial Activities. The valuations are obtained from the Trust's investment managers and represents the amount for which the investrnent should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction where each paty acted kn0edgeabIy. prudently and without compulsion. Page 10
P&t#r Dlxon Charltable Trust Notes to the flnanclal statements For the year ended 31 March 2024 Invèstment Incom Unrostrlcted funds 2024 Totsl funds 2024 Dividends Interest 112.463 2,852 112,463 2,852 115,315 115.315 Unrestricted funds 2023 Totsl funds 2023 Dividends Interest 105,346 322 105,346 322 105,668 105.668 Investment management costs Endowment funds 2024 Total funds 2024 Investment management fees- Sarasin & Partners Investrnent Managetnent fees- Can8cc£)rd 10.597 13,129 10.597 13,129 23,726 23,726 Endowment funds 2023 Totsl funds 2023 Investment management fees- Sarasin & Partners Investment management f8es- CanaGcord 10,445 13,039 10.445 13,039 23,484 23,484 Page11
Peter Dlxon Charltable TNst Not•s to the flnanclal statements For the year end8d 31 March 2024 Analysls of grants Grants to Instltutlons 2024 Total funds 2024 Grants made to institution$ 91.900 91,900 Grants to Institutions 2023 Total funds 2023 Grants made to institutions 94,400 94,400 The Charity has made the following material grants to institutions during the year.. 2024 2023 Name of institution Action Medical Research British Red Cross East Anglia Children's Hospices Exmoor Calvert Trust Guide Dogs NSPCC Ocean Youth Trust South RNLI Seafarers Sighlsavers SSAFA- The Armed FoS Charity Turn 2 Us Edinburgh Trust Young Lives vs Cancer 2,500 10.000 5,000 10,000 4AOO 10,000 10,000 5,QOO 5,000 5,000 5,000 10.000 10,000 6,000 10.000 5,000 5,000 6.400 10,000 10,000 5,000 6,000 6,000 5,000 10,000 10,000 91.900 94,400
Peter Dlxon Charltable Trust Notè$ to the flnandal ststements For the year ended 31 March 2024 Analysls of expendlture on eharltable actlvlties Summary by nd typo Endowment Unrestrlctad funds funds 2024 2024 Total 2024 Grants to institutions Independent examination fees Support Costs 91,900 91,900 3.540 9,439 9N39 12,979 91,900 104,879 Endowment UnrestTiCted funds fLtnds 2023 2023 Total 2023 Grants lo institutions Independent examination fees Support costs 94.400 94,4(X) 3,250 8.032 3,250 8,032 11,282 94.400 105,682 Trustoès, remuneration and &xp•ns8$ During the year, no Trustees received any remuneration or other benefits (2022: £nil). During the year ended 31 March 2024, expenses lotalling £475 12023.. £6751 were reimbursed or pald directly to 2 Trustees (2023- 3 Trustees) and none were outstanding at the year end12023: £Nil to any Trustees). Also during the year, expenses tolalling £Nil 12023.. £276) were relmbursed to the widow of a former Trustee. Employees The average monthly number of employees during the year was O (2023 - 0). Page 13
Peter Dlxon Charltable Trust Notes to the flnanelal statornents Forthe year ended 31 March 2024 10. Flxed asset Investm8nts Cash held for Investment Llsted Investments Total Valuatlon Al 1 April 2023 Additions Disposals Revaluations Movement in cash held 3,078,854 177.950 {91,324) 191,219 119.060 3,197,914 177.950 {91,324) 191,219 {104.169) {1041691 At 31 March 2024 3.356.699 14,891 3.371.590 Net book value At 31 March 2024 3.356.699 14,891 3.371.590 Al 31 March 2023 3,078,854 119,060 3,197,914 11. Credltors: Amounts lalllng due wlthin one year 2024 2023 Trade crerjitors Other creditors Accruals and daf8rr&d income 1,188 1,488 26,000 9,004 10.637 36,492 Page 14
Peter Dlxon Charltable Trust Note$ to the flnanclal ststements For the year ended 31 March 2024 12. Statemgnt of funds statement of funds - currgnt year Balance at 31 March 2024 Balance at 1 Aprll 2023 Galnsl {Losses) Income ExndIture Unrnstrlcted funds Genaral fund 214,666 115.315 (91.900) 238,081 Endowment funds Endowmgnt fund 3,Q13.444 {36,705) 195,107 3,171,846 Total of funds 3,228,110 115,315 {128,605) 195,107 3.409,927 Statèment of lunds- prlor year Balance al 31 March 2023 Balance at 1 April 2022 Gainsl (Losses) Income Expenditure Vnrostricted funds Gonèral fund 203,398 105,668 194,4001 214,666 Endowment fvnds Endowment fund 3,236,902 (34,766) (188,6921 3,013,444 Total of funds 3,440,300 105.668 (129,166) (188,6921 3,228,110 Pag8 15
Petor Dlxon Charftable TTUSt Notes to the flnanclal statsmonts For th• y8ar èndèd 31 March 2024 13. Analysls of net assels between funds Analysls of n•t assots bgtweon funds - currnnt perlod Endowrnent Unrestrictod funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within on6 year 3.171.846 199,744 48,974 110,6371 3,371,590 48,974 (10,637) Total 3,171,846 238.081 3,409,927 Analys55 of net assets betw8•n funds- prlor perlod Endowment Unrestricted funds funds 2023 2023 Total funds 2023 Fixed asset investments 3,013,444 184,470 66,688 136,492) 3,197,914 66,688 (36,492) Current assets Creditors due within on& yoar Total 3,013,444 214,666 3,228,110 14. Related paty transactions The Charlty has not entered into any r8laled party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity al 31 March 2024. Page 16