Charity registration number 282744
OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Ms Evelyn Slavid Ms Sarah Harwood Dr Alan Pechey Mrs Denise Ward (until 17 October 2024) Mr David Clark Ms Abi McLanachan Ms Irene Baumgart! Mrs Janet Simpson (until 01 February 2024) Ms Gemma Gow (until 31 October 2024) Ms Sarah Mortimer (from 17 October 2024) Ms Catherine Agnihotri (from 17 October 2024) Charity number 282744 Principal address 6 Church Lane, Linton, Cambridgeshire CB21 4JX
Independent examiner Jayne Merrick, 6 Churchfield Avenue, Sawston, Cambridge CB22 3LA
OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1-3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 - 13 |
OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and "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
The principal activity of the charity and its objective is the promotion and teaching of psychology.
The trustees have paid due regard to guidance issued by the Charity Commission on public benefit and in particular its supplementary guidance on advancing education in deciding what activities the charity should undertake.
Achievements and performance
During the year three weekend events were held at Warwick University in January, May and September 2024.
In January OUPS provided the following: DE300. D120, D310 and E219 Consolidation Days and a Research Methods Workshop at Warwick University. In addition, we ran an online event in February on Careers and 3 online events for D300 in March.as well as an online D120 event..
In May OUPS provided the following: Annual Conference on Psychology of Pleasure and a DE200 Revision and skills course at Warwick University.
In September OUPS provided the following: Stress and Resilience Workshop, DE300 Springboard Weekend and Transitioning into DE200 at Warwick University. We also ran a Welcome to the Open University Day in Milton Keynes.
LOUPS provided a Your Amazing Brain Conference in London and ANOVA workshops in London and Glasgow as well as online events on research literature and Mindfulness in Leadership.
COUPS provided an Exploring Psychology Day in Cambridge.
At the time of approving the financial statements, 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.
Financial review
The trustees have considered the most appropriate policy for investing funds, taking into account the charity's requirement that such investments must be secure, that the value of the capital involved must be maintained and that ready access to the invested funds must be available. The trustees feel that the maintenance of bank deposit accounts satisfies these criteria. The charity currently holds readily available funds in reserve accounts upon which interest is received every month. As at 31 December 2024 the reserve account with Lloyds held a total of £2277 (2023: £2254) with interest received during the year being £24 (2023: £20). A second reserve account with Shawbrook holds £55000 (2023: £65,000) with interest received during the year of £477 (2023: £455). The charity also has a Lloyds current account holding £35460 (2023: £30796) and a Paypal account, which at the year-end held £410 (2023: £794). We also held £320 of fixed assts (2023 £400) and £560 of book stocks.(2023 £739).
As at 31 December 2024 LOUPS held accounts and fixed assets of £23420 (2023 £32180) and COUPS held accounts and fixed assets of £3662 (2023 3590).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. The level of OUPS reserves was reduced during the year (£8353) as was that of LOUPS (£8760). COUPS is planning some events to reduce reserves. This is consistent with the aim of reducing held funds to less than 6 months
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
expenditure. It is important that both OUPS and its regions continue to reduce the maintained funds which built up during periods with significantly greater receipts and expenditure.
The trustees are satisfied that systems are in place to mitigate exposure to the major risks. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Structure, governance and management
The charity was established by a charitable trust deed in 1981 and is an unincorporated charity.
The trustees were:
Ms Evelyn Slavid Ms Sarah Harwood Dr Alan Pechey Mrs Denise Ward (until 17 October 2024) Mr David Clark Ms Abi McLanachan Ms Irene Baumgart! Mrs Janet Simpson (until 01 February 2024) Ms Gemma Gow (until 31 October 2024) Ms Sarah Mortimer (from 17 October 2024) Ms Catherine Agnihotri (from 17 October 2024)
The charity's committee includes all the elected committee members as Trustees. Committee members are generally elected at the Annual General Meeting of the charity and must be full and honorary members of the society. Additional members might be voted in by the existing committee to fill necessary roles. The committee also includes a number of invited roles specifically: President (Prof. F. Toates) and two Vice presidents (Dr. G. Edgar and Prof. N. Frude). The other committee member positions are; Chair, Vice-Chair, Secretary, Treasurer, Student Support Officer, OU Liaison Officer, Weekend Officer, Books Officer and Website Officer. All the committee positions are unpaid volunteer positions.
The charity is affiliated to the Open University Students Association and complies with the affiliation requirements shown at www.ousa.org.uk.
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 and 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 the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that 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.
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY (“THE CHARITY”)
Open University Psychological Society Charity number:282744
I report to the trustees on my examination of the accounts of the above charity for the year ended 31st December 2024.
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”).
The accounts of Open University Psychological Society are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Trust’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 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:
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accounting records were not kept in accordance with section 130 of the Act or
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the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
…………………………………… Jayne Merrick
6 Churchfiel d Avenue Sawston C a m b r i
d g e
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY 1° September 2025
OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( C O N T I N U E D )
F O R T H E Y E A R E N D E D 3 1 D E C E M B E R 2 0 2 4
BALANCE SHEET AS AT 31 DECEMBER 2024
| Notes Current Assets Fixed assets 13 Stocks 14 Debtors 15 Cash at bank and in hand Adjustments for deferred income 16 Net current assets Income funds Unrestricted funds |
2024 £ 320 560 0 93147 |
78837 78837 |
2023 £ 400 739 0 98844 |
87190 |
|---|---|---|---|---|
| 94027 -15190 |
99983 -12793 |
|||
| 87190 | ||||
| 78837 | 87190 |
The financial statements were approved by the Trustees on 17[th] September 2025
Dr A M Pechey Trustee
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( C O N T I N U E D ) F O R T H E Y E A R E N D E D 3 1 D E C E M B E R 2 0 2 4
1. STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
| Note s Income: Donations 3 From charitable activities 4 Other trading activities 5 Investments 6 Payments from committee 7 COUPS Total income Expenditure : On charitable activities 8 Other trading activities 9 Total expenditure Net {expenditure)/income for the year Net movement in funds Fund balances at 1 January Fund balances at 31 December |
Unrestricted total funds 2024 2023 £ £ 1628 475 47,924 55,829 1464 1927 501 475 1199 487 3562 0 |
Unrestricted total funds 2024 2023 £ £ 1628 475 47,924 55,829 1464 1927 501 475 1199 487 3562 0 |
|---|---|---|
| 56,278 | 59,193 | |
| 63,283 1348 64,631 -8,353 -8,353 87190 79331 |
67,824 1597 |
|
| 69,421 | ||
| -10,228 -10,228 97418 87190 |
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( C O N T I N U E D ) 1 F O R T H E Y E A R E N D E D 3 1 D E C E M B E R 2 0 2 4
2 Accounting
policies Charity
information
Open University Psychological Society is an unincorporated charity.
2.1 Accounting convention
The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011 and "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 charity is a Public Benefit Entity as defined by FRS 102.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest£.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
2.2 Going concern
At the time of approving the financial statements, 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 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
2.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met.
Memberships subscriptions run for a calendar year from the date of payment. Any amounts relating to the following year are included in deferred income.
2.5 Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost relating to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
- 1 Accounting policies
(Continued)
2.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
2.7 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
2.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.9 Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations
| Committee OUSA |
Total unrestricted funds 2024 2023 888 100 740 375 1628 475 |
Total unrestricted funds 2024 2023 888 100 740 375 1628 475 |
|---|---|---|
| 475 |
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
4 Charitable activities
| Charitable activities | ||
|---|---|---|
| 2024 | 2023 | |
| £ | ||
| Conferences | ||
| January weekend _ | 14890 | 12898 |
| May Weekend _ | 15910 | 13959 |
| September weekend | 14120 |
17750 |
| Online courses | 559 | 6915 |
| Refunds | 185 | 725 |
| Total | 45294 | 50797 |
| Subscriptions | 2630 | 5032 |
| Total | 47924 | 55829 |
5 Other trading activities
Book sales
| Total Unrestricted funds | |
|---|---|
| 2024 | 2023 |
| 1348 | 813 |
- 6 Investments
| Investments | ||
|---|---|---|
| Total Unrestricted funds | ||
| 2024 | 2023 | |
| £ | £ | |
| Interest receivable | 501 | 475 |
7 Payments by Committee
Payments for additional weekend nights
[To save costs it was agreed to only fund committee members for one nights accommodation]
| Total Unrestricted funds | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Commitee payments | 1199 | 487 |
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
| 8 Charitable Activities Com Travel Tutors Accommodation Charges Laptop Extras Less committee payments Share of support costs (see note 9) Share of governance costs (see note 9) 9 Support costs Sundries Office expenses Web Accountancy Analysed between charitable activities |
2024 Support Governance costs costs £ £ 53 281 238 150 572 150 572 150 |
2024 2023 £ £ 1326 714 9993 8692 51832 54589 0 507 0 480 609 271 -1199 -1445 62561 63808 572 3866 150 150 63283 4016 Total Total 2024 2023 £ 53 54 281 441 238 3371 150 722 4016 722 4016 |
2024 2023 £ £ 1326 714 9993 8692 51832 54589 0 507 0 480 609 271 -1199 -1445 62561 63808 572 3866 150 150 63283 4016 Total Total 2024 2023 £ 53 54 281 441 238 3371 150 722 4016 722 4016 |
|---|---|---|---|
| 722 4016 722 4016 |
Governance costs include amounts payable to the accountants of £150 (2022 - £150) for independent examination fees.
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
10 Trustees and other committee members
The charity's committee consisted of 11 trustees ( 1 c ha ng ed i n S ep te mb er ) and 3 other members throughout the year. The committee has responsibility for planning, directing and controlling the activities of the charity.
None of the trustees (or any persons connected with them) received any remuneration during the year in their role as trustees. However, 11 were reimbursed a total of £1299 for travel expenses; and two received a total of £650 for tutor fees (2023, 9 were reimbursed a total of £1400 for travel expenses; and two received a total of £1050 for tutor fees).[Overall showing a saving of £501 from 2023].
Of the non-trustee committee members, none of them (or any persons connected with them) received any remuneration during the year in their role as committee-members. However, 3 of them received a total of £1500 for tutor fees and £293 for travel expenses (3 of them received a total of £2100 for tutor fees and £224 for travel expenses). [Overall showing a saving of £431 from 2023]
The trustees and committee members who are required to run weekend events, on a voluntary basis, receive free accommodation and meals for one night only so as to perform their duties. One nights free accommodation and meals were provided to tutors and speakers as follows: 9 for January weekend, 8 for May weekend, and 8 for September Weekend - 25 in total (2023 9 for January weekend, 7 for May weekend, and 10 for September Weekend - 25 in total) [Overall showing no change from 2023]
11 Employees
There were no employees during the year.
12 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
12Financial instruments |
||
|---|---|---|
2024 |
2023 |
|
| £ | £ | |
| Carrying amount of financial | ||
| liabilities | ||
| Measured at amortised cost | 150 | 150 |
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
2023 |
2022 |
|
|---|---|---|
13Fixed Assets |
||
| £ | £ | |
| Laptop £400 less 25% depreciation for 12 months |
320 | 400 |
14Stocks |
||
|---|---|---|
2023 |
2022 |
|
| £ | £ | |
| Finished goods and goods for resale | 739 | 739 |
15Debtors |
||
2024 |
2023 |
|
| Amounts falling due within one year: | £ | £ |
| Trade debtors | 0 | 0 |
16Creditors: amounts falling duewithin one year |
2024 |
2023 |
| £ | £ | |
| Deferred income | 15405 | |
| 11124 | ||
| Trade creditors | 100 | 0 |
| Accruals | 150 | 150 |
| 11374 | 15555 |
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OPEN UNIVERSITY PSYCHOLOGICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
17 Regions
OUPS controls two regions which submit their own annual returns to the OUPS executive.
| Current | Current | ||
|---|---|---|---|
| Assets | Assets | ||
| 2024 | 2023 | ||
| COUPS | Accounts | 3662 | 3590 |
| Fixed assets | 0 | 0 | |
| LOUPS | Accounts | 23419 | 27297 |
| Fixed assets | 3633 | 4884 |
BALANCE SHEET AS AT 31 DECEMBER 2024
Receipts and Payments
| COUPS LOUPS Events Running costs Fixed assets Total |
Income 2024 2023 191 567 Income 2024 2023 3053 3515 3053 3515 |
Expenditure 2024 2023 119 676 Expenditure 2024 2023 6905 6232 552 491 3633 4884 11607 3713 |
|---|---|---|
18 Related party transactions
There were no disclosable related party transactions during the year (2022 - none) apart from those shown in the trustees and other committee members note.
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