**Charity number: 264437**
**THE ARNOLD LEE CHARITABLE TRUST**
**UNAUDITED FINANCIAL STATEMENTS**
**YEAR ENDED 5 APRIL 2024**
**LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB**
**THE ARNOLD LEE 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 ARNOLD LEE CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS**
## **FOR THE YEAR ENDED 5 APRIL 2024**
|**Trustees**|Alan Lee|
|---|---|
||Edward Lee|
|**Charity registered**
**number**
264437
**Principal office**
1st Floor
1 Bentick Street
London
W1U 2EA
**Independent Examiner**
Lubbock Fine LLP
Chartered Accountants & Statutory Auditors
Paternoster House
65 St Paul's Churchyard
London
EC4M 8AB||
Page 1
## **THE ARNOLD LEE CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2024**
The Trustees present their annual report together with the financial statements of the Charity for the Year 6 April 2023 to 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s Trust Deed, the Charities Act 2011 and the relevant version of 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).
## **Objectives and activities**
## **a. Policies and objectives**
The trust's objectives are to distribute the income and capital of the trust for any charitable purpose or objective.
The policies adopted in furtherance of these objectives are to distribute grants, on application, to established charities of high repute and there has been no change in these policies during the year.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
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)'.
## **Achievements and performance**
## **a. Main achievements of the Charity**
The trust continued to make donations to various entities linked to the Jewish community, keeping in mind its duty to the public and its founding objectives.
During the year the Trustees have examined requests from a large number of institutions and have made grants amounting to £373,217 (2023: £254,878) to 50 (2023 - 39) institutions.
The largest were:
Aish Hatorah - £25,000 (2023: £24,996) - . Community Security Trust - £10,000 Friends of Ascent - £15,000 Holocaust Educational Trust - £20,000 Jewish Care - £60,000 (2023: £50,000) Jewish Futures Trust - £50,000 Mesila UK - £16,000 Tate Gallery - £50,000 The London School of Jewish Studies - £10,000 Yeshua Adler Memorial Fund - £10,000 Yesodey Hatorah School - £10,500 (2023: £10,000)
The remaining grants were for less than £10,000.
Page 2
## **THE ARNOLD LEE CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 5 APRIL 2024**
## **Financial review**
## **a. Going concern**
After making appropriate 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 concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
The reserves of the Charity as at 5 April 2024, which relate entirely to unrestricted funds amount to £1,637,357 (2023: £2,216,164). The free reserves of the trust as at 5 April 2024, which exclude the investments, amounted to £624,189 (2023: £1,086,164). It is the policy of the charity to maintain its funds in long and medium term investments and to generate regular income to meet its annual expenditure. Additionally, the trust maintains sufficient liquid funds to respond to emergency applications for grants which arise from time to time.
## **c. Risk Management**
The Trustees continued to keep risk management at the forefront of their discussions. Risks are considered in the areas of investment policy and performance, governance effectiveness and grant making. As a result of the major risks identified, a number of mitigating actions were taken.
The Trustees' aim is to continue their work and to continue funding charitable causes at the present level and therefore meet the trust's objectives.
## **d. Result for the Year**
The Statement of Financial Activities set out on page 6 of the financial statements shows how the Trust's incoming resources have been expended during the year ended 5 April 2024.
Total incoming resources amounted to £128,499 (2023: £143,853), comprising of investment income of £128,499 (2023: £143,853) and donations of £nil (2023: £nil).
Total expenditure for the year was £390,011 (2023: £290,288), which included grants paid to charitable institutions of £373,217 (2023: £254,878) and governance costs of £16,794 (2023: £35,410).
There was impairment in the valuation of the Trust’s investment property during the year of £328,885.
Accordingly, the deficit for the year was £578,807 (2023: £146,435). After bringing in the brought forward reserves of £2,216,164 (2023: £2,362,599), the closing unrestricted funds at 5 April amounted to £1,637,357 (2023: £2,216,164).
The Balance Sheet set out on page 7 of the financial statements shows the financial position of the Trust at 5 April 2024.
The Trust owns one investment property, which is valued at £801,115 (2023: £1,130,000). The property was sold post year end.
Net current assets of £624,189 (2023: £1,086,164) is represented by debtors of £130,659 (2023: £338,823) plus cash at bank and in hand of £533,861 (2023: £782,794), less current liabilities of £40,331 (2023: £35,453).
Total net assets amount to £1,637,357 (2023: £2,216,164), which is represented by the closing balance on the unrestricted funds.
Page 3
## **THE ARNOLD LEE CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 5 APRIL 2024**
## **Structure, governance and management**
## **a. Constitution**
The Trust is an unincorporated charity, constituted under a trust deed on 17 July 1972 and registered with the Charity Commission. The Trust was established by an initial gift from Arnold Lee in 1972, and over the years the Lee family has made substantial gifts to the charity. The trust does not actively fundraise and seeks to continue its philanthropic work through careful stewardship of its existing resources.
The Arnold Lee Charitable Trust is a registered charity, number 264437, and is constituted under a Trust deed. The address of the principal office is 1st Floor, 1 Bentick Street, London, W1U 2EA.
## **b. Methods of appointment or election of Trustees**
The Trust is administered on a day to day basis by its executive Trustee, Alan Lee.
The Trustees who served during the year were: Alan Lee Edward Lee
The Trustees are appointed in accordance with the deed of appointment and retirement signed on 14 April 2011. The Trustees meet regularly, as needed, to consider the trust's recruitment needs, reviewing its investment strategy and authorising all grants. The trust is aware of the need to provide training to its Trustees as considered necessary.
There are no specific restrictions imposed by the governing document concerning the way the trust can operate.
There are no restrictions on the trust's power to invest.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## **Alan Lee**
Trustee Date: 04 February 2025
Page 4
## **THE ARNOLD LEE CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2024**
## **Independent examiner's report to the Trustees of The Arnold Lee 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 2024.
## **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**
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:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. 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: 05 February 2025
## **Lee Facey, FCA**
Independent Examiner Lubbock Fine LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB
Page 5
## **THE ARNOLD LEE CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 5 APRIL 2024**
|**Note**
**Income from:**
Investments
3
**Total income**
**Expenditure on:**
Charitable activities
4
**Total expenditure**
**Net expenditure before net losses on investments**
Net losses on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
128,499
128,499
390,011
390,011
(261,512)
(317,295)
(578,807)
2,216,164
(578,807)
1,637,357|**Total**
**funds**
**2024**
**£**
128,499
128,499
390,011
390,011
(261,512)
(317,295)
(578,807)
2,216,164
(578,807)
1,637,357|**Total**
**funds**
**2023**
**£**
143,853|
|---|---|---|---|
||||143,853
290,288|
||||290,288
(146,435)
-|
||||(146,435)
2,362,599
(146,435)|
||||2,216,164|
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.
Page 6
**THE ARNOLD LEE CHARITABLE TRUST**
## **BALANCE SHEET**
## **AS AT 5 APRIL 2024**
|**Note**
**Fixed assets**
Fixed Asset Investments
10
Investment property
11
**Current assets**
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Unrestricted funds
14
**Total funds**|130,659
533,861
664,520
(40,331)|**2024**
**£**
212,053
801,115
1,013,168
624,189
1,637,357
1,637,357
1,637,357
1,637,357|338,823
782,794
1,121,617
(35,453)|**2023**
**£**
-
1,130,000|
|---|---|---|---|---|
|||||1,130,000
1,086,164|
|||||2,216,164|
||||||
|||||2,216,164|
|||||2,216,164|
||||||
|||||2,216,164|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **Alan Lee**
Date: 04 February 2025
The notes on pages 8 to 16 form part of these financial statements.
Page 7
**THE ARNOLD LEE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2024**
## **1. General information**
The Arnold Lee Charitable Trust is a charitable trust registered at the Charities Commission in England and Wales with charity number 264437. The principal office is 1st Floor, 1 Bentinck Street, London, W1U 2EA.
The financial statements are presented in Sterling (£), which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
## **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 Arnold Lee 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 Going concern**
Having considered post year-end financial results and cash reserves, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **2.3 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.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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 bank.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Rental income is recognised on a straight line basis over the term of the lease.
Page 8
**THE ARNOLD LEE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2024**
## **2. Accounting policies (continued)**
## **2.4 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
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.
## **2.5 Investments**
Investment properties held as fixed assets are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expenses as incurred.
Investments held as fixed assets are shown at cost less provision for impairment.
## **2.6 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **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 and provisions**
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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 9
**THE ARNOLD LEE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2024**
## **2. Accounting policies (continued)**
## **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.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Investment income**
|Investment income - Rental Income
Investment income - Interest
**Total 2023**|**Unrestricted**
**funds**
**2024**
**£**
110,188
18,311
128,499
143,853|**Total**
**funds**
**2024**
**£**
110,188
18,311
128,499
143,853|**Total**
**funds**
**2023**
**£**
105,653
38,200|
|---|---|---|---|
||||143,853|
|||||
## **4. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Direct Costs
**Total 2023**|**Unrestricted**
**funds**
**2024**
**£**
390,011
290,288|**Total**
**2024**
**£**
390,011
290,288|**Total**
**2023**
**£**
290,288|
|---|---|---|---|
|||||
Page 10
**THE ARNOLD LEE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2024**
## **5. Analysis of expenditure by activities**
|Direct Costs
**Total 2023**|**Support**
**costs**
**2024**
**£**
16,794
35,410|**Grant**
**funding of**
**activities**
**2024**
**£**
373,217
254,878|**Total**
**funds**
**2024**
**£**
390,011
290,288|**Total**
**funds**
**2023**
**£**
290,288|
|---|---|---|---|---|
||||||
## **Analysis of support costs**
|Legal and professional fees
Bank Charges|**Total**
**funds**
**2024**
**£**
16,716
78
16,794|**Total**
**funds**
**2023**
**£**
35,120
290|
|---|---|---|
|||35,410|
## **6. Analysis of grants**
|Grants paid
**Total 2023**|**Grants to**
**Institutions**
**2024**
**£**
373,217
254,878|**Total**
**funds**
**2024**
**£**
373,217
254,878|**Total**
**funds**
**2023**
**£**
254,878|
|---|---|---|---|
|||||
Of total grants to institutions, £52,500 was made to related parties of the charity due to a common trustee. £50,000 was made to Jewish Future Trusts and £2,500 was made to The Institute of Jewish Studies.
Page 11
**THE ARNOLD LEE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2024**
## **6. Analysis of grants (continued)**
The Charity has made the following material grants to institutions during the year:
|**Name of institution**
Aish Hatorah
Community Security Trust
Friends of Ascent
Holocaust Educational Trust
Jewish Care
Jewish Futures Trust
Mesila UK
Tate Gallery
The London School of Jewish Studies
Yeshua Adler Memorial Fund
Yesodey Hatorah School
NW London Jewish Day school
BFAMI
Central synagogue
Friends of United Hatzalah
Isreal Philharmonic Ochestra Foundation
Western Marble Arch Synagogue
Other grants below £10,000|**2024**
**£**
25,000
10,000
15,000
20,000
60,000
50,000
16,000
50,000
10,000
10,000
10,500
-
-
-
-
-
-
96,717
373,217
373,217|**2023**
**£**
24,996
-
-
-
50,000
-
-
-
-
-
10,000
10,000
10,000
20,200
10,500
10,000
10,345
98,837|
|---|---|---|
|||254,878|
||||
|||254,878|
## **7. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £4,500 (2023 - £6,500).
## **8. Trustees' remuneration and expenses**
During the Year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the Year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL).
Page 12
**THE ARNOLD LEE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2024**
|**9.**
**Net gains (losses) on investments**
Unrealised loss on investment property
Unrealised gain on investments
**10.**
**Fixed asset investments**
**Cost or valuation**
At 6 April 2023
Additions
Disposals
Revaluations
At 5 April 2024
**Net book value**
At 5 April 2024
**11.**
**Investment property**
**Valuation**
At 6 April 2023
Impairment
At 5 April 2024|**2024**
**£**
(328,885)
11,590
(317,295)|**2023**
**£**
-
-|
|---|---|---|
|||-
**Other fixed**
**asset**
**investments**
**£**
-
200,463
-
11,590|
|||212,053
212,053
**Freehold**
**investment**
**property**
**£**
1,130,000
(328,885)|
|||801,115|
The investment property has been revalued to its open market value of £801,115 at the year end. The property was sold on 21 May 2024 and the value represents the sale price less selling costs.
Page 13
**THE ARNOLD LEE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2024**
## **12. Debtors**
|**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**2024**
**£**
2,545
128,114
-
130,659|**2023**
**£**
43,096
295,075
652|
|---|---|---|
||||
|||338,823|
## **13. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2024**
**£**
5,260
6,174
496
28,401
40,331|**2023**
**£**
-
4,015
629
30,809|
|---|---|---|
||||
|||35,453|
Page 14
**THE ARNOLD LEE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2024**
## **14. Statement of funds**
## **Statement of funds - current year**
||**Balance at 6**|||**Gains/**|**Balance at 5**|
|---|---|---|---|---|---|
||**April 2023**|**Income**|**Expenditure**|**(Losses)**|**April 2024**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds|2,216,164|128,499|(390,011)|(317,295)|1,637,357|
|**Statement of funds - prior year**||||||
|||**Balance at**|||**Balance at**|
|||**6 April 2022**|**Income**|**Expenditure**|**5 April 2023**|
|||**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds||2,362,599|143,853|(290,288)|2,216,164|
## **15. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Fixed asset investments
Investment property
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2024**
**£**
212,053
801,115
664,520
(40,331)
1,637,357|**Total**
**funds**
**2024**
**£**
212,053
801,115
664,520
(40,331|
|---|---|---|
|||1,637,357|
Page 15
**THE ARNOLD LEE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2024**
## **15. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Investment property
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2023**
**£**
1,130,000
1,121,617
(35,453)
2,216,164|**Total**
**funds**
**2023**
**£**
1,130,000
1,121,617
(35,453)|
|---|---|---|
|||2,216,164|
## **16. Related party transactions**
As at the 6 April 2023, £217,814 was due from A Lee, a Trustee of the charity. During the year, interest of 10% per annum was charged amounting to £9,883 (2023:£19,752) . At 5 April 2024, the trust was due £53,697 (2023: £217,814). Of the loan balance due £10,000 relates to the loan principal and £43,697 relates to accrued interest.
As at 6 April 2024 £16,527 was due from One Hundred and Thirty Securities Limited a company in which A Lee and E Lee are directors. This balance is unsecured, interest free and repayable on demand.
During the year, donations totalling £52,500 (2023: £15,000) were made to organisations with a common trustee - see note 6 for further information.
Page 16