REGISTERED CHARITY NUMBER: 278844
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
FOR
THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
UHY Calvert Smith Chartered Accountants Heritage House Murton Way Osbaldwick York North Yorkshire YO19 5UW
THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Notes to the Financial Statements | 9 to 16 |
THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2021
TRUSTEES Antony Giles Gostwick Jonathan Lane O.B.E. Mary-Alice Stack Alexandra Sarkis PRINCIPAL ADDRESS 25 Melrosegate Heworth York North Yorkshire YO31 0RL REGISTERED CHARITY 278844 NUMBER INDEPENDENT EXAMINER UHY Calvert Smith Chartered Accountants Heritage House Murton Way Osbaldwick York North Yorkshire YO19 5UW SOLICITORS BDB Pitmans LLP 50 Broadway London SW1H 0BL FINANCIAL ADVISERS Charles Stanley & Co Ltd 55 Bishopsgate London EC2N 3AS
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
a. Objectives and Activities
The Trust was registered as a charity in 1979 to establish and maintain a scheme of awards to deserving artists of any kind, who by reason of their poverty, are unable effectively to pursue their vocation as such artists. Beneficiaries must be over 30 years of age and British citizens born within Great Britain, Northern Ireland, Channel Islands or The Isle of Man. The trustees have applied the Trust Fund and the income derived from it accordingly.
In general terms, the trustees consider applications for grants according to an annual cycle, applications being required before a closing date in October each year and decided at their annual meeting in December.
b. Selecting applicants and making awards
All applications to the Trust for 2021 were divided into six classifications: Visual arts, Creative writing, Music and performing arts, Crafts, Design and Film and digital media. One or another of the trustees screens each classification. Care is taken to ensure that all applications meet the qualification requirements contained in the governing document. The trustees make the final decision on awards at their annual meeting. The grants administrator monitors applications on behalf of the trustees and pays the grants after the meeting from the CAF bank account.
c. Public benefit Statement
The trustees have had regard to the Charity Commission's guidance on public benefit. The charity's aims are far reaching and for the public benefit. By making grants to individuals in accordance with this charity's aims the trustees are confident that their public benefit duty is fulfilled. The trustees also consider that there is no detriment, harm or private benefit that arises from carrying out the charity's aims.
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
ACHIEVEMENT AND PERFORMANCE
a. Achievements and performance
69 grants of £40,862 (2020: 71 of £34,234) were made to individuals following the Trust's December 2021 meeting. The Trust Funds were held in investments and cash. Income for the year in the form of dividends, royalties and interest payments amounted to £37,873 (2020: £37,432). Income for the year in the form of donations amounted to £Nil (2020: £1,120).
b. Charitable Expenditure
The 2021 Grants were £40,862 (2020: £34,234), less grants unclaimed by beneficiaries reversed in the year of £2,150 (2020: £Nil), leaving a net amount of £38,712. Support costs were £7,065 (2020: £6,289). Total charitable expenditure is therefore £45,777 (2020: £40,523).
c. Other Expenditure
Expenditure relating to the management, administration and governance of the Trust, amount to £11,528 (2020: £8,943), approximately 0.9% of the value of the total funds held at 31 December 2021.
d. Investment Policy
The appointed investment advisors are Charles Stanley & Company Investment Management. The performance of the funds is continually monitored by Charles Stanley & Company. The original Trust instrument imposed on the trustees very narrow powers of investment, however these powers have been significantly affected by the Trustee Act 2000. The trustees' policy, contained in a separate document aims for the preservation of the real value of the Trust Fund but with balance between income and capital growth.
FINANCIAL REVIEW
a. Reserves policy and Going concern
The trustees normally aim to spend the income from investments in any one year. In some years the applications have not justified expenditures to this level and the relevant surplus has been carried forward to the next period. The focus of investment policy has been adjusted to maintain a satisfactory balance between income and capital growth and the Trustees will, if appropriate, draw on reserves of accumulated income to meet demand in the current year. In present circumstances the current unrestricted reserves level of £58,906 is considered reasonable (2020: £59,641).
The anticipated reduction in investment income in the current year as a consequence of COVID-19 did not materialise, but demand from artists for financial support remained strong and this effect is expected to continue into the next financial year. The Trust's financial reserves will assist in maintaining a degree of consistency in the levels of grant aid between one year and the next.
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. Governing document
The Oppenheim-John Downes Memorial Trust is a registered charity governed by the terms of the Will dated 5 October 1969 of Geraldine Elsie Downes as amended by a Charity Commission Scheme dated 22nd August 2008.
b. Method of appointment or election of Trustees
Trustees are appointed by deed. There were no changes of Trustee during the year.
c. Trustees Induction and Training
New trustees are briefed on their legal obligations under charity law, the Charity Commission guidance on the public benefit, informed of the contents of the Will, decision-making processes, the business plan and recent financial performance of the charity. Before taking on the role they meet key advisors and other trustees. Trustees are encouraged to attend appropriate external training events where these facilitate the undertaking of their role.
Approved by order of the board of trustees on 19 October 2022 and signed on its behalf by:
Antony Giles Gostwick - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
Independent examiner's report to the trustees of The Oppenheim-John Downes Memorial Trust
I report to the charity trustees on my examination of the accounts of The Oppenheim-John Downes Memorial Trust (the Trust) for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material 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 Trust as required by section 130 of the Act; or 2. 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.
Harry Howley ICAEW UHY Calvert Smith Chartered Accountants Heritage House Murton Way Osbaldwick York North Yorkshire YO19 5UW
Date: 20 October 2022
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds Charitable activities 4 Support Costs Grants Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ - 37,873 37,873 - 7,065 38,712 45,777 7,169 (735) 59,641 58,906 |
Endowment fund £ - - - 11,528 - - 11,528 101,962 90,434 1,107,313 1,197,747 |
2021 Total funds £ - 37,873 37,873 11,528 7,065 38,712 57,305 109,131 89,699 1,166,954 1,256,653 |
2020 Total funds £ 1,120 37,432 38,552 8,943 6,289 34,234 49,466 6,594 (4,320) 1,171,274 1,166,954 |
|---|---|---|---|---|
The notes form part of these financial statements
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
BALANCE SHEET 31 DECEMBER 2021
| Notes FIXED ASSETS Investments 10 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS |
Unrestricted funds £ 60,170 2,530 (3,794) (1,264) 58,906 58,906 |
Endowment fund £ 1,195,293 2,454 - 2,454 1,197,747 1,197,747 |
2021 Total funds £ 1,255,463 4,984 (3,794) 1,190 1,256,653 1,256,653 |
2020 Total funds £ 1,160,314 8,475 (1,835) 6,640 1,166,954 1,166,954 |
|---|---|---|---|---|
The notes form part of these financial statements
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
BALANCE SHEET - continued 31 DECEMBER 2021
| FUNDS 12 Unrestricted funds Endowment funds TOTAL FUNDS |
58,906 1,197,747 1,256,653 |
59,641 1,107,313 |
|---|---|---|
| 1,166,954 |
The financial statements were approved by the Board of Trustees and authorised for issue on 19 October 2022 and were signed on its behalf by:
Antony Giles Gostwick - Trustee
Jonathan Lane O.B.E. - Trustee
Mary-Alice Stack - Trustee
Alexandra Sarkis - Trustee
The notes form part of these financial statements
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income from donations is recognised when receivable.
Royalties are recognised when receivable in accordance with the substance of the relevant agreement.
Dividends are recognised when the shareholder's right to receive payment is established, although at the year end if the dividend is due but not received (i.e. it is ex-dividend) it is not included in these accounts, it will be shown in the subsequent year when received.
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.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity.
Fund-raising costs are those costs incurred in seeking voluntary contributions, trading activities and the management of investments.
Grants payable are charged in the year when the trustees have made a decision to pay a grant and it has been communicated to the recipient. Where the offer is conditional, such grants are recognised as expenditure when the conditions attached 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.
Taxation
The charity is exempt from tax on its charitable activities.
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds are those funds which the trustees are free to use in accordance with the charitable objectives. The Expendable Endowment Fund represents those assets which are held for the longer term of the Trust, in accordance with the terms of the Trust deed. Income arising on the Expendable Endowment Fund can be used in accordance with the objects of the Trust and is included in the Unrestricted Fund. As an Expendable Endowment, capital can also be spent in certain circumstances in fulfilment of the Trust's objectives. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of the fund.
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 fair 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 shown in the heading 'net gains on investments' in the Statement of Financial Activities. Fair value is determined on the basis of the portfolio valuation of the investment, provided by Charles Stanley.
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 Bank.
Financial instruments
As noted above, the charity's investments are included at fair value. All other financial instruments are stated at amortised cost.
2. DONATIONS AND LEGACIES
| Donations | 2021 £ - |
2020 £ 1,120 |
|---|---|---|
In the prior year, a donation was received in the year from Coventry University for £1,120, to the purpose of providing funding to artists through the vehicle of the trust. No donations were received in the current year.
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Investment Income | 37,873 | 37,432 |
4. ADMINISTRATION AND SUPPORT COSTS
| Investment management charges Independent examination fees Bank charges Grant administrator's fees Grant administrator's expenses Software costs Professional fees |
Costs of generating funds £ 11,528 - - - - - - 11,528 |
Charitable activities (support costs) £ - 1,925 133 3,867 636 504 - 7,065 |
2021 £ 11,528 1,925 133 3,867 636 504 - 18,593 |
2020 £ 8,943 1,835 60 3,200 624 - 570 |
|---|---|---|---|---|
| 15,232 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities Support Costs |
Unrestricted funds £ 1,120 37,432 38,552 - 6,229 |
Endowment fund £ - - - 8,943 60 |
Total funds £ 1,12 37,43 |
|---|---|---|---|
| 38,55 | |||
| 8,94 6,28 |
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
| 6. | COMPARATIVES FOR THE STATEMENT OF | FINANCIAL ACTIVITIES - continued | FINANCIAL ACTIVITIES - continued | FINANCIAL ACTIVITIES - continued |
|---|---|---|---|---|
| Unrestricted | Endowment | Total | ||
| funds | fund | funds | ||
| £ | £ | £ | ||
| Grants | ||||
| 34,234 | - | 34,234 | ||
| Total | 40,463 | 9,003 | 49,466 | |
| Net gains on investments | - | 6,594 | 6,594 | |
| NET INCOME/(EXPENDITURE) | (1,911) | (2,409) | (4,320) | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 61,552 | 1,109,722 | 1,171,274 | |
| TOTAL FUNDS CARRIED | ||||
| FORWARD | 59,641 | 1,107,313 | 1,166,954 | |
| 7. | GRANTS | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Visual Arts - sculpture, painting and/or printmaking | 13,832 | 4,234 | ||
| Creative Writing - poets, novelists, librettists and creative writers of any | ||||
| other kind | 3,873 | 500 | ||
| Music and Performing Arts - musicians, composers, conductors, actors, | ||||
| dancers | 17,883 | 18,950 | ||
| Crafts - including ceramics, glass, textiles, conservation, architecture and | ||||
| cultural heritage | 4,040 | 1,550 | ||
| Design - fashion, product design, innovation | - | 1,000 | ||
| Film and Digital Media - including photography and | other media | 1,234 | 8,000 | |
| Grants paid previously not claimed | (2,150) | - | ||
| 38,712 | 34,234 |
All grants paid in the year were to individual beneficiaries.
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
8. INDEPENDENT EXAMINER'S REMUNERATION
The independent examiner's remuneration amounts to an independent examination fee of £1,925 (2020: £1,835).
9. STAFF COSTS
There were no individuals employed by the charity during the current or prior year.
10. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2021 Additions Disposals Gains/(losses) on investments At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Listed investments £ 1,160,314 306,347 (320,329) 109,131 1,255,463 1,255,463 1,160,314 |
|---|---|
Included in fixed asset investment is a balance of £781,869 held outside the UK.
Material Investments
Investments which are valued at more than 5% of the value of the portfolio are:
| Baillie Gifford JP Morgan Rio Tinto Bankers Investment Trust HG Capital Trust Fidelity European Trust AVI Global Trust Law Debenture Corporation Mid Wynd International Investment Trust |
31 December 2021 £ - 73,628 - 63,960 63,075 68,100 70,330 66,317 70,950 476,360 |
31 December 2020 £ 66,240 61,067 65,640 - - - - - - 192,947 |
|---|---|---|
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
10. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 December 2021 is represented by:
| Valuation in 2021 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 12. MOVEMENT IN FUNDS At 1/1/21 £ Unrestricted funds General fund 59,641 Endowment funds Endowment funds 1,107,313 TOTAL FUNDS 1,166,954 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 37,873 (45,777) Endowment funds Endowment funds - (11,528) TOTAL FUNDS 37,873 (57,305) |
2021 £ 3,794 Net movement in funds £ (735) 90,434 89,699 Gains and losses £ 7,169 101,962 109,131 |
Listed investments £ 1,255,463 2020 £ 1,835 At 31/12/21 £ 58,906 1,197,747 1,256,653 Movement in funds £ (735) 90,434 89,699 |
|
|---|---|---|---|
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1/1/20 in funds £ £ Unrestricted funds General fund 61,552 (1,911) Endowment funds Endowment funds 1,109,722 (2,409) TOTAL FUNDS 1,171,274 (4,320) Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 38,552 (40,463) - Endowment funds Endowment funds - (9,003) 6,594 TOTAL FUNDS 38,552 (49,466) 6,594 |
At 31/12/20 £ 59,641 1,107,313 1,166,954 Movement in funds £ (1,911) (2,409) (4,320) |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS |
At 1/1/20 £ 61,552 1,109,722 1,171,274 |
Net movement in funds £ (2,646) 88,025 85,379 |
At 31/12/21 £ 58,906 1,197,747 |
|---|---|---|---|
| 1,256,653 |
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS Analysis of net assets between funds: Unrestricted funds 2021 £ Fixed asset investment 60,170 Current assets 2,530 Creditors due within one year (3,794) 58,906 |
Incoming Resources Gains and resources expended losses £ £ £ 76,425 (86,240) 7,169 - (20,531) 108,556 76,425 (106,771) 115,725 Endowment funds Total funds 2021 2021 £ £ 1,195,293 1,255,463 2,454 4,984 - (3,794) 1,197,747 1,256,653 |
Movement in funds £ (2,646) 88,025 85,379 Total funds 2020 £ 1,160,314 8,475 (1,835) 1,166,954 |
|---|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
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