Charity number: 261991
THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 16 |
THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022
| Trustees | Mrs CA Jackson |
|---|---|
| Mr R M Jackson M.R.I.C.S. | |
| Mrs V J Lindsay | |
| Charity registered number 261991 Principal office Hawkwell Grange Hawkwell Stamfordham Newcastle upon Tyne NE18 0QT Accountants Ryecroft Glenton Chartered Accountants 32 Portland Terrance Newcastle upon Tyne Tyne & Wear NE2 1QP Investment Advisors Brewin Dolphin 12 Smithfield Street London EC1A 9BD |
Page 1
THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their annual report together with the financial statements of the Charitable Trust for the year 6 April 2021 to 5 April 2022.
Objectives and activities
Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Main activities undertaken to further the Charity's purposes for the public benefit
The charity achieves its purposes for the public benefit through generating returns on investments and paying grants to charitable organisations.
Achievements and performance
Main achievements of the Charity
The charity supports local charities in the North East and South East of England including local branches of national charities but with priority given to those with low overheads. The trustees have had regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the trust’s aims and objectives. Grants are made to registered charities only and no grants are made to overseas projects, for salaries or to individuals. The trustees require a receipt from the donee in respect of each grant. In order to achieve its object for the public benefit the trustees prefer to give regular grants and are especially interested in:
- People with physical or mental handicaps - improving their quality of life through equipment, activities and holidays
The young
- with particular emphasis on improving prospects of employment by education and meaningful activities.
Health
- improving the quality of life of the ill, their carers and the old either at home or in hospital.
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charitable Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
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THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
Financial review, achievements and investments policy
The Charitable Trust was set up with a fund of £100,000 by Christopher Rowbotham in 1970 and this capital now amounts to £1,588,228. The fund generated income of £26,540 (2021: £27,170) during the year to fund grants and associated costs which totalled £34,259 (2021: £25,439). The Trustees are pleased to have been able to support 35 charitable organisations during the year, granting £27,000 (2021: £21,000 to 29 organisations).
The majority of the Charitable Trust's reserves of £1,594,483 are held as investments to generate future income for grants. At the year end, the charity's investments amounted to £1,573,872 (2021: £1,540,702) and it had net current assets (cash plus debtors less short term creditors) of £20,611 (2021: £35,690).
There is no restriction on the charity’s power to invest. The investment strategy is set periodically by the Trustees to take account of the need for funds and the maintenance of the value of the assets.
The Trustees have appointed Brewin Dolphin to manage a diversified portfolio of suitable investments on a discretionary basis. The Trustees have selected a balanced investment objective with medium risk. The proportions invested in equities, fixed income stocks and cash are reviewed with Brewin Dolphin from time to time. For the purposes of the Charitable Trust, the Trustees wish to withdraw a sum each year to meet their expenditure. This requirement will be discussed with Brewin Dolphin as necessary. The withdrawals may be met from income or capital.
Structure, governance and management
The Christopher Rowbotham Charitable Trust is a small registered charitable trust based near Newcastle upon Tyne, which gives grants in support of registered charities.
The Charitabe Trust is not incorporated, and is constituted under deed dated 10 November 1970 and is a registered charity number 261991.
The Trustees who have served during the year and since the year end are set out on page 1.
Trustees are appointed or removed by Deed and in accordance with the deed and following her father’s death during her lifetime, Mrs C A Jackson alone now has the power to appoint or remove Trustees.
The Trustees normally meet annually to discuss grant making and other matters arising. All decisions are made in consultation with the charity’s advisers.
Risk management
The Trustees have examined the main strategic, management and operational risks which the charity faces and continue to monitor the arrangements and systems in place so that any necessary steps can be taken to mitigate those risks.
Plans for future periods
The Trustees plan to continue to generate income from investments for allocation to causes in the stated geographical areas for the public benefit for the foreseeable future.
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THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 13 October 2022 and signed on their behalf by:
Mrs CA Jackson
Page 4
THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2022
Independent examiner's report to the Trustees of The Christopher Rowbotham Charitable Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2022.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting 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 Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts 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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 13 October 2022
Deborah Graham FCA
Ryecroft Glenton Chartered Accountants 32 Portland Terrace Newcastle upon Tyne NE2 1QP
Page 5
THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Note Income from: Investments 3 Other income Total income Expenditure on: Raising funds 4 Charitable activities 6 Total expenditure Net expenditure before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 26,540 - 26,540 10,892 34,259 45,151 (18,611) 36,702 18,091 1,576,392 18,091 1,594,483 |
Total funds 2022 £ 26,540 - 26,540 10,892 34,259 45,151 (18,611) 36,702 18,091 1,576,392 18,091 1,594,483 |
Total funds 2021 £ 26,920 250 27,170 9,677 25,439 35,116 (7,946) 356,190 348,244 1,228,148 348,244 1,576,392 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
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THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2022
| Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds 14 Total funds |
19,090 9,406 28,496 (7,885) |
2022 £ 1,573,872 1,573,872 20,611 1,594,483 1,594,483 1,594,483 1,594,483 |
22,418 26,273 48,691 (13,001) |
2021 £ 1,540,702 |
|---|---|---|---|---|
| 1,540,702 35,690 |
||||
| 1,576,392 | ||||
| 1,576,392 | ||||
| 1,576,392 | ||||
| 1,576,392 |
The financial statements were approved and authorised for issue by the Trustees on 13 October 2022 and signed on their behalf by:
Mrs CA Jackson
The notes on pages 8 to 16 form part of these financial statements.
Page 7
THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. General information
The Christopher Rowbotham Charitable Trust is an unincorporated trust, constituted under a deed dated 10 November 1970 and is a registered charity number 261991. The address of its registered office is disclosed in the Reference and Administrative Details section of these financial statements.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting 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 Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Christopher Rowbotham Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds are investment management costs.
Expenditure on charitable activities are costs incurred on the charity's grant-giving operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
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THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially 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 ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Debtors
Debtors are cash held by investment managers for investment and dividends collected by investment managers not yet remitted to the charity.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify 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.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
All funds are stated in the trust Deed as being available for distribution. The funds are shown as income and capital in order that the income arising on investments can be accounted for more readily.
Investment income, gains and losses are allocated to the appropriate fund.
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THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
3. Investment income
| Unrestricted funds 2022 £ Dividends and interest received on listed securities 26,537 Interest received from bank deposits 3 Total 2022 26,540 Unrestricted funds 2021 £ Dividends and interest received on listed securities 26,915 Interest received from bank deposits 5 Total 2021 26,920 Investment management costs Unrestricted funds 2022 £ Investment management fees 10,892 Unrestricted funds 2021 £ Investment management fees 9,677 |
Total funds 2022 £ 26,537 3 |
|---|---|
| 26,540 | |
| Total funds 2021 £ 26,915 5 |
|
| 26,920 | |
| Total funds 2022 £ 10,892 |
|
| Total funds 2021 £ 9,677 |
4. Investment management costs
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THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
5. Analysis of grants
| Grants to Institutions 2022 £ Grants payable -unrestricted funds 27,000 Grants to Institutions 2021 £ Grants payable - unrestricted funds 21,000 The Charity has made the following material grants to institutions during the year: 2022 £ Name of institution The Douglas Bader Foundation 1,500 The Calvert Trust - Kielder 1,250 Chailey Heritage Foundation 1,000 City of London Sinfonia 1,000 Listening Books 1,250 The New Bridge Foundation 1,250 Reading Real Estate Foundation 1,000 Restore the Music 1,500 RNLI Brixham 1,000 Stamfordham PCC 1,000 Stamfordham Primary School 1,000 Stamfordham Playing Field & Village Hall 1,000 The Felix Project 1,000 Arnold Foundation - Resurgo Trust - 14,750 Grants under £1,000 12,250 27,000 |
Total funds 2022 £ 27,000 |
|---|---|
| Total funds 2021 £ 21,000 |
|
| 2021 £ 1,000 1,250 - 1,000 1,250 1,000 1,000 - - - 1,000 1,000 - 1,000 1,500 |
|
| 11,000 10,000 |
|
| 21,000 |
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THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
5. Analysis of grants (continued)
Grants were paid to 35 (2021 - 29) organisations during the year.
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2022 £ Grants payable 34,259 Unrestricted funds 2021 £ Grants payable 25,439 |
Total 2022 £ 34,259 |
|---|---|
| Total 2021 £ 25,439 |
7. Analysis of expenditure by activities
| Grants payable Grants payable |
Grant funding of activities 2022 £ 27,000 Grant funding of activities 2021 £ 21,000 |
Support costs 2022 £ 7,259 Support costs 2021 £ 4,439 |
Total funds 2022 £ 34,259 |
|---|---|---|---|
| Total funds 2021 £ 25,439 |
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THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Independent Examiner's fees Accountancy fees Secretarial services Sundry expenses Trustees expenses reimbursed Bank charges Total 2022 Independent Examiner's fees Accountancy fees Secretarial services Sundry expenses Bank charges Total 2021 All support costs relate to the governance of the charity. 8. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Fees payable to the Charity's independent examiner in respect of: Provision of accountancy services |
Grants payable 2022 £ 2,160 3,040 1,500 103 257 199 7,259 Grants payable 2021 £ 2,160 556 1,500 100 123 4,439 2022 £ 2,160 3,040 |
Total funds 2022 £ 2,160 3,040 1,500 103 257 199 |
|---|---|---|
| 7,259 | ||
| Total funds 2021 £ 2,160 556 1,500 100 123 |
||
| 4,439 | ||
| 2021 £ 2,160 3,040 |
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THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 5 April 2022, Trustee expenses have been reimbursed of £257 (2021 - £NIL) .
10. Fixed asset investments
| Cost or valuation At 6 April 2021 Additions Disposals Revaluations At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021 11. Debtors Due within one year Cash held by investment managers Other debtors: unremitted dividend income 12. Creditors: Amounts falling due within one year Accruals |
2022 £ 16,394 2,696 19,090 2022 £ 7,885 |
Listed investments £ 1,540,702 112,031 (115,563) 36,702 1,573,872 1,573,872 1,540,702 2021 £ 20,033 2,385 22,418 2021 £ 13,001 |
|---|---|---|
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THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
13. Financial instruments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 1,573,872 | 1,540,702 |
Financial assets measured at fair value through income and expenditure comprise investments in shares. All investments are carried at their fair value. Investment in equities and other securities are all traded in quoted public markets. The basis of fair value for quoted investments is equivalent to the market value.
The main risk to the Trust from these financial instruments lies in the combination of uncertain investment markets and volatility in yield. The Trust manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Trust does not make use of derivatives and similar complex financial instruments.
14. Statement of funds
Statement of funds - current year
| Balance at 6 | Gains/ | Balance at 5 | |||
|---|---|---|---|---|---|
| April 2021 | Income | Expenditure | (Losses) | April 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Capital fund | 1,551,526 | - | - | 36,702 | 1,588,228 |
| Income fund | 24,866 | 26,540 | (45,151) | - | 6,255 |
| 1,576,392 | 26,540 | (45,151) | 36,702 | 1,594,483 | |
| Statement of funds - prior year | |||||
| Balance at | Transfers | Balance at | |||
| 1 April 2020 | Income | Expenditure | in/out | 5 April 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Capital fund | 1,195,336 | - | - | 356,190 | 1,551,526 |
| Income fund | 32,812 | 27,170 | (35,116) | - | 24,866 |
| 1,228,148 | 27,170 | (35,116) | 356,190 | 1,576,392 |
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THE CHRISTOPHER ROWBOTHAM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Fixed asset investments 1,573,872 Current assets 28,496 Creditors due within one year (7,885) Total 1,594,483 Analysis of net assets between funds - prior year Unrestricted funds 2021 £ Fixed asset investments 1,540,702 Current assets 48,691 Creditors due within one year (13,001) Total 1,576,392 |
Total funds 2022 £ 1,573,872 28,496 (7,885) 1,594,483 Total funds 2021 £ 1,540,702 48,691 (13,001) 1,576,392 |
|---|---|
16. Related party transactions
The Charitable Trust has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charitable Trust at 5 April 2022.
Page 16