REGISTERED CHARITY NUMBER: 278844
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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 2025
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 to 7 |
| Notes to the Financial Statements | 8 to 14 |
| Detailed Statement of Financial Activities | 15 to 16 |
THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2025
TRUSTEES Antony Giles Gostwick Jonathan Lane O.B.E. (resigned 18/9/2025) Mary-Alice Stack Alexandra Sarkis Peter Illingworth Ranbir Jhutty PRINCIPAL ADDRESS 25 Melrosegate Heworth York North Yorkshire YO31 0RL REGISTERED CHARITY NUMBER 278844 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 Ropermaker Place 25 Ropemaker Street London EC2Y 9LY
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025
The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. 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 2025 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.
ACHIEVEMENTS AND PERFORMANCE
a. Achievements and performance
81 grants of £39,119 (2024: 90 of £45,817) were made to individuals following the Trust's December 2025 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 £39,135 (2024: £37,284). There was no income in the form of donations either this year or in 2024.
b. Charitable expenditure
Grants awarded in the year totalled £39,119 (2024: £45,817). Support costs were £8,407 (2024: £8,366). Total charitable expenditure is therefore £47,526 (2024: £54,183).
c. Other expenditure
Expenditure relating to the management and administration of the charity's investment portfolio amount to £2,225 (2024: £2,872), approximately 0.16% of the value of the total funds held at 31 December 2025.
d. Investment policy
The appointed investment advisors are Charles Stanley. 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.
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025
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 £17,401 is considered reasonable (2024: £27,309).
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 22 August 2008.
b. Method of appointment or election of trustees
Trustees are appointed by deed. One of the trustees, Jonathan Lane, resigned on 18 September 2025.
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 2 June 2026 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 2025.
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
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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.
Harry Howley
UHY Calvert Smith Chartered Accountants Heritage House Murton Way Osbaldwick York North Yorkshire YO19 5UW
16 June 2026
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds Charitable activities 3 Support costs Grants Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 39,135 2,225 8,407 39,119 49,751 708 (9,908) 27,309 17,401 |
Endowment fund £ - - - - - 174,984 174,984 1,210,595 1,385,579 |
2025 Total funds £ 39,135 2,225 8,407 39,119 49,751 175,692 165,076 1,237,904 1,402,980 |
2024 Total funds £ 37,284 2,872 8,366 45,817 57,055 71,323 51,552 1,186,352 1,237,904 |
|---|---|---|---|---|
The notes form part of these financial statements
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
BALANCE SHEET 31 DECEMBER 2025
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS |
Unrestricted funds £ 19,402 84 2,376 2,460 (4,461) (2,001) 17,401 17,401 |
Endowment fund £ 1,381,604 - 3,975 3,975 - 3,975 1,385,579 1,385,579 |
2025 Total funds £ 1,401,006 84 6,351 6,435 (4,461) 1,974 1,402,980 1,402,980 |
2024 Total funds £ 1,238,312 84 2,571 2,655 (3,063) (408) 1,237,904 1,237,904 |
|---|---|---|---|---|
The notes form part of these financial statements
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
BALANCE SHEET - continued 31 DECEMBER 2025
| FUNDS 12 Unrestricted funds Endowment funds TOTAL FUNDS |
17,401 1,385,579 1,402,980 |
27,309 1,210,595 1,237,904 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 2 June 2026 and were signed on its behalf by:
............................................. Antony Giles Gostwick - Trustee
............................................. Mary-Alice Stack - Trustee
............................................. Alexandra Sarkis - Trustee
............................................. Peter Illingworth - Trustee
............................................. Ranbir Jhutty - 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 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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, modified to include investments at fair 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.
Fund accounting
Unrestricted funds are those funds which the trustees are free to use in accordance with the charitable objectives. The 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 endowment fund can be used in accordance with the objects of the Trust and is included in the unrestricted fund. Any capital gains or losses arising on the investments held in the endowment fund form part of the fund.
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
1. ACCOUNTING POLICIES - continued
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 the investment advisor, 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. INVESTMENT INCOME
| Investment income Bank interest |
2025 £ 39,124 11 39,135 |
2024 £ 37,265 19 |
|---|---|---|
| 37,284 |
3. ADMINISTRATION AND SUPPORT COSTS
| Costs of generating funds Charitable activities - support costs £ £ Investment management charges 2,225 - Independent examination fees - 2,449 Bank charges - 136 Grant administrator fees - 4,400 Grant administrator expenses - 258 Software costs - 504 Legal fees - 660 2,225 8,407 |
2025 £ 2,225 2,449 136 4,400 258 504 660 10,632 |
2024 £ 2,872 2,325 149 4,400 328 504 660 11,238 |
|---|---|---|
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Support costs Grants Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 37,284 2,872 8,366 45,817 57,055 (2,510) (22,281) 49,590 27,309 |
Endowment fund £ - - - - - 73,833 73,833 1,136,762 1,210,595 |
Total funds £ 37,284 2,872 8,366 45,817 57,055 71,323 51,552 1,186,352 1,237,904 |
|---|---|---|---|
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
6. GRANTS
| Visual Arts - sculpture, painting and/or printmaking Creative Writing - poets, novelists, librettists and creative writers of any other kind Music and Performing Arts - musicians, composers, conductors, actors, dancers Crafts - including ceramics, glass, textiles, conservation, architecture and cultural heritage Design - fashion, product design, innovation Film and Digital Media - including photography and other media |
2025 £ 12,090 14,250 8,714 815 650 2,600 39,119 |
2024 £ 15,755 13,187 10,325 3,050 - 3,500 45,817 |
|---|---|---|
All grants paid are to individual beneficiaries.
7. INDEPENDENT EXAMINER'S REMUNERATION
The independent examiner's remuneration amounts to an independent examination fee of £2,449 (2024: £2,325).
8. STAFF COSTS
There were no individuals employed by the charity during the current or prior year.
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2025 Additions Disposals Gains/(losses) on investments At 31 December 2025 NET BOOK VALUE At 31 December 2025 At 31 December 2024 |
Listed investments £ 1,238,312 245,769 (258,767) 175,692 1,401,006 1,401,006 1,238,312 |
|---|---|
Included in the fixed asset investment portfolio is a balance of £864,527 held in non-UK investments.
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
9. FIXED ASSET INVESTMENTS - continued
Material investments
Investments which are valued at more than 5% of the value of the portfolio are:
| JP Morgan Global Growth and Income HG Capital Trust Blackrock World Mining Trust Fidelity European Trust AVI Global Trust Law Debenture Corporation Mid Wynd International Investment Trust Murray International Trust North American Income Trust Schroder Oriental Income Fund Cost or valuation at 31 December 2025 is represented by: Valuation in 2025 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments |
2025 £ - - 71,556 83,300 83,688 87,482 - 82,829 73,232 78,089 560,176 2025 £ 84 |
2024 £ 91,798 80,850 - 70,400 79,625 74,119 65,505 63,667 64,874 - 590,838 Listed investments £ 1,401,006 2024 £ 84 |
|---|---|---|
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 12. MOVEMENT IN FUNDS Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS |
as follows: Incoming resources £ 39,135 - 39,135 |
At 1.1.25 £ 27,309 1,210,595 1,237,904 Resources expended £ (49,751) - (49,751) |
2025 £ 4,461 Net movement in funds £ (9,908) 174,984 165,076 Gains and losses £ 708 174,984 175,692 |
2024 £ 3,063 At 31.12.25 £ 17,401 1,385,579 1,402,980 Movement in funds £ (9,908) 174,984 165,076 |
|
|---|---|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS |
At 1.1.24 £ 49,590 1,136,762 1,186,352 |
Net movement in funds £ (22,281) 73,833 51,552 |
At 31.12.24 £ 27,309 1,210,595 1,237,904 |
|---|---|---|---|
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources |
Gains and |
Movement |
|
|---|---|---|---|---|
| resources | expended |
losses |
in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 37,284 | (57,055) | (2,510) | (22,281) |
| Endowment funds | ||||
| Endowment funds | - | - | 73,833 | 73,833 |
| TOTAL FUNDS | 37,284 | (57,055) | 71,323 | 51,552 |
| Analysis of net assets between funds: | ||||
| Unrestricted | Endowment | |||
| funds | funds | Total funds | Total funds | |
| 2025 | 2025 | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Fixed asset investment | 19,402 | 1,381,604 | 1,401,006 | 1,238,312 |
| Current assets | 2,460 | 3,975 | 6,435 | 2,655 |
| Creditors due within one year | (4,461) | - | (4,461) | (3,063) |
| 17,401 | 1,385,579 | 1,402,980 | 1,237,904 |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2025 nor the prior year.
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Investment income | 39,124 | 37,265 |
| Bank interest | 11 | 19 |
| 39,135 | 37,284 | |
| Total incoming resources | 39,135 | 37,284 |
| EXPENDITURE | ||
| Investment management costs | ||
| Investment management fees | 2,225 | 2,872 |
| Charitable activities | ||
| Visual arts | 12,090 | 15,755 |
| Creative writing | 14,250 | 13,187 |
| Music | 8,714 | 10,325 |
| Crafts | 815 | 3,050 |
| Film and digital media | 2,600 | 3,500 |
| Design | 650 | - |
| 39,119 | 45,817 | |
| Support costs | ||
| Management | ||
| Grant administrator fees | 4,400 | 4,400 |
| Software costs | 504 | 504 |
| Grant administrator expenses | 258 | 328 |
| Independent examination fees | 2,449 | 2,325 |
| 7,611 | 7,557 | |
| Other | ||
| Bank charges | 136 | 149 |
| Governance costs | ||
| Legal fees | 660 | 660 |
| Total resources expended | 49,751 | 57,055 |
| Net expenditure before gains and losses | (10,616) | (19,771) |
| Realised recognised gains and losses | ||
| Carried forward | (11,276) | (20,431) |
This page does not form part of the statutory financial statements
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Realised recognised gains and losses | ||
| Brought forward | (11,276) | (20,431) |
| Gains/(losses) on investments | 175,692 | 71,323 |
| Net income | 165,076 | 51,552 |
This page does not form part of the statutory financial statements
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