THE FARMERS CLUB CHARITABLE TRUST FINANCIAL STATEMENTS Forthe year endod 30 June 2025 Charlty Number.. 282811
THE FARMERS CLUB CHARITABLE TRUST Annual report and flnancial statements for the year ended 30 June 2026 Page Reference and Administrative details Trustees, report Independent examinerfs report Sla18menl of financial activities 10 B81ance sheet Notes to the financial slalements 12-1e
THE FARMERS CLUB CHARITABLE TRUST Refernnce and Adminlstratlva details forthe year ended 30 June 2025 Patron Mrs S K mLdIMa Trusteos Nick Green FRAgS, FIAgM (Chaimanl V CToxson OL,FRAgS (Vice Chairman) {Tesigned 10 September 2024) Jenna Louise Ross hABA OBE, ARAgS {Vi¢e Chairman) Meryl Ward MBE, FRAgS. Nsch Des Lambert 08E. FRAgS James Squi8r FRICS Christine Tacon CBE. FRAgS, C.Env Theresa Howe (appointed 10 September 20241 Prlncipal Officè Th& Famiers Club Charitable Trust 3 Whitehall Court London SW1A 2EL Independènt Examlner Naomi Jane Hedger BFP. FCA, CTA Chaler Allan LLP 7 Quy Court Colliers Lane Slow-cum-Quy Cambridgeshire CB25 9AU Bankers CAFCASH Llmited Kings Hill Wesl Malling Kent ME194TA
toimer$ Contact Details'.- www.tfcct.co.uk amba55ador rfcct.co.uk Charilable Trust Trustee Commentary Accounts- 30th June, 2025 The Trustees present their annua5 report and flnancial statements for the year ended 30, lune, 2025. The information given on page I forms part of this report. Objectives The objectives of the charity are to Support leoming and leadership within the food, fum7ing und 0550ciated industrie5' The Trustees confi.rm they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Commission in determining the activitie5 undertaken by the Charity. The Charity wa5 the brainchild of the late Trevor Muddiman funded by donations and covenants from Farmers Club members, Benerously matched by the late Sir john Eastwood. The current patron Mrs. Stella Muddiman also 8enerously transferred assets from 3 private family trust. Over the years other club members have made generous gifts to the Trust funds. The Trust made its fi'rst grants in 1981 and continues to expand and develop its activities in term5 of offers m3de and the range of awards provided both independently and through collaboration with other organisations. Trust Deed dated 9th June, 1981 44th Year-charity No. 282811 Investments and Income Generation The Trust 8enerates income through the following activities. |W.Ntlo .fv515 INCOME GENERATION The Trust received a bequest in 2024 from the estate of the late Mrs. Marguerite Ivor-lones of £15,0(X). This has enabled the Trust to establish 'The Marguerlte Ivor-jones Memoriul Aword., The award will
*orm•r Contact Details:_ www.tfcct.co.uk ambassador tfcct.co.uk Charilable Trust sponsor annually one U35s member of The Farmers Club to attend the Nuffi'eld Farming Scholarships Trust Conference. The bequest is included in Unrestricted Fund5 in the financial statements. Structure, Governance and Management Mr Victor CroMSOII Ivice Chairperson I Mr James Mr5 Meryl Ward MBE Mr Nick Green Mr5 Meryl Ward MBE Mr Desmond LambertOBE MrTlmJ3ck50n Mrs Merylward MBE MrDesmon Lambert OBE The Farmersclub Chalrpersan 5nap5hot Sbjdles Mr Nick Green IChairper50nl Mr larne5 Squier MrJame5 Tacon CBE Mrs me Ward MBE Mrs Christine Tacon C8E WrThd5orLeadw5bb .1 Dr Jenna Ross OBE rs Lisa Turner mb359ador and Tw5t Secretsryl Trustee Appointment Details Following a review, concluded in March 2021, Trustees are initially appointment to serve for a period of up to five years. Trustees may be re-appointed for one further term of up to five years. The maximum number of years a Trustee may serve is normally limited to ten years. Normally, a maximum of eight Trustees are appointed, unless Trustees decide additional Trustees are required. The Chair is elected annually for a period normally limited to five years. That term can be in addition to the time served as a Trustee but would not normally exceed ten years in total, unless a majority of Trustees vote in favour of an extension for 3 time-limited period. The Board of Trustees regularly reviews the range of skills required and appoint Trustees accordingly. After 15 years of dedicated service to the Trust, September 2024 saw Mr. Vic Croxson (Vice-chairl begin his well-deserved retirement. Nick Green. Chair of the Trust said, "Vic's dedication, knowledge and wisdom have been an incredible asset to the Trust." The Trust are pleased to announce that Mrs. Theresa Howe was appointed as a new Trustee at the
frtyfrneri Contact Details:. www.tfcct.co.uk ambassador tfcct.co.uk Charitable Trust September 2024 meeting. Te55 brings a strong set of skills that will be a huge asset to the Trust moving forward. Dr. lenna Ross holds the position of Vice-chair of the Trust and oversees collaboration and Agricultural Educator Award alumni. Tess Howe has oversight of the Windsor Leadership Trust Alumni. The Trust are also pleased to announce the involvement of Mr. Tim jackson as Chair of the Agricultural Educator Awards panel. New Trustees are made aware of the workings of the Charity and usually have extensive experience of being a Trustee for other charities. Activities Thtmp5 The income of the Trust is applied towards supportingthe learnin8 and leadership within the food, farming and associated industries through three key themes. Edu(Jr Awaids WinJ5W Leadershi*4 Trust Agricultural Educator Awards Opens Autumn Closes beginning of Februarv These awards give opportunities for those involved in the land-based education sector to develop their technical expertise through study activity either in the UK or abroad. The aim of the award is to enhance knowledge and skills that can then be disseminated to others. Applicants can apply for a maximum of £10,000 usually around £5,000 to support study trips associated with the charitable purpose. Studies are conducted around the world and reports produced and published on the Trust'5 website to further enhance dissemination of learning. The Farmers Club Charitable Trust XE50rV7MI[11QENFHV1ED0nsTlVlvsfO1TSE
frtyfm*r& Contact Details'.- www.rfcct.co.uk amba558dor tF£ct.co.uk Charitable Trust The latest reports to be published include the following'.- Dr. Sumson Oyeyink4J, University of Lincoln - Acquire protein characterist7tion skillsfor teaching and helping thefood industry. HiJnnt7h Robinson, Oaklonds College-An investigt)tion undertaken to goin o greoter understanding of rewilding. John Fegan, CAFRE- Agriculture Vocational Education - what can we learn from Europe? To view 811 reports, visit htt rfcct.co.uk read-our-fcct-re orts Snapshot Studies Opens in May with a closing date of the end of lulv. Both the application and fi'nal project submission are completed though a video presentation. Snapshot Studies are open to anyone over the age of 18. Applicants apply for between £1,000 and £2,0(K) to suppoit an innovative idea or 'seed' project that would benefit from some'kick-start, funding. The linal projectvideos are published to create a resource bank of valLJable information for the industry to use. Videos can be found on the Trust website and its YouTube Channel- YouTube Channel Windsor Leadership Trust Applications are SOUEht in the spring and close for entries at the end of July. Bursaries to the value of approximately £4000- £7(X)O to attend the Windsor Leadership Programme are made to successful applicants. The ro rammes focu5 on self-development and self-awarene55 to better equip leaders to respond to the challenges of strategic leadership. They are designed for leaders who have the potential to shape the future of their own organisations, as well a5 Society as a whole. Alumni from this theme go on to become part of the 'Professional Forum, where continued development and peer to peer SUPPOrt are available. Achievements During the year ended 30, lune, 2025 the Trust paid £800 in final awards to 2 individuals for award5 made in 2022 and 2023. The Trust also awarded 16 bursaries and scholarship grants totalling £52,786 in 2025. Over the period of the last 7 years to date, a total amount of £224,345 has been committed in awards and bursaries.
to¢m•r& Contact Details'.- www.tfcct.co.uk ambassador tFcct.co.uk Charilable Trust Award Distribution 2019 - 2025 Agricultural Educaloi Award Snap5hoi Sliidy Wind50r Leadership Trust • Nvlfield (1)] 350(KJ 3(11 250fJJ w2W J50(K> 2019 2020 2021 2022 2023 202 2025 AWAROYEAR Notes- 2022 travel restriction5 Post covid no Agricultural Educator Awards made 2025 awards yet to be made for Snapshot Studies and Windsor Leadership Trust Graph shows awards committed- payment may be pending Performance The Trustees continued to promote and support learning and leadership within the food, farming and associated industries by awarding bursaries to teachers, lecturers and extension offi'cers from Agricultural Colleges and Universities. Recipients of Agricultural Educator Awards publish reports to a wider audience in journals and on the Farmers, Club Charitable Trust website. Successful candidates Eive talks on their subject and address seminar5 when invited to do so by the wider community. The Trustees initiative to develop leaders in agiiculture has established a process and a mechanism for sustaining the benefits to individuals and the industry through an active group of alumni. Collaboration The Trust works in collaboration with other Trusts and organisations in order to support the industry further. Collaboration organisations nClude the following.'_ Trusts The Frank Arden Trust The Perry Foundation Frank Parkinson Trust Organisations The Agri Food Charities Partnership LANDEX (Land Based Colleges and Universities Aspiring to Excellence) TIAH (The Institute of Agriculture and Horticulture) AHDB (Agriculture and Horhculture Development Boardl The Institute of Agricultural Management Nuffield Farming scholarships Trust Oxford Farming Conference Royal Agricultural Society The Agricultural University Council Future Intentions
Contact Details:_ www.tfcct.co.uk ambassador tfcct.co.uk Chaiilable Tru51 The financial markets position continues to affect the reserves of the Trust and the Trustees are mindful of this in their efforts to maintain a balance between offering bursarie5 and grants and preservin8 the Tru5t5' financial strength. Within those constraints. the Trustees, policy is to continue to offer open bursaries to those involved in public tertiary education thereby optimising the effective use of their limited funds by supporting those who educate future Benerations who will produce food and rural services to the wider population and to continue to offer grants to those identilied as having the potential to become leaders in agriculture. Financial Review The Trust generated income of £72,747 in the year12024.. £52,256) and utilised this funding to award grants and bursaries of £53,58612024: £44,929). The net increase in funds of the Trust after gains and losses on investments was £57,80912024.. £38,557). This increased the Trust's funds to £2,332,580. Risks The Trustees have reviewed all signiftcant risks facing the charity and have controls in place to mitigate these risks. The most signifi'cant risk relates to the performance of the Charity'5 Investments, which are invested with EFG Harris Allday, which the Trustees believe is appropriate but will keep it under review. Reserves and Investment Policy The Charity does not have any permanent endowment and its capital can be spent at any time at the discretion of the Trustees. It is, however. the Trustees, policy to maintain the real value of the capital with a view to generatin8 sufficient income, after meeting administrative expenses, to enable a number of bursary awards to be offered each year and to provide for such other grants a5 the Trustees may wish to make from time to time. TD this end it is their investment policy to retain land with potential development value and to invest all other funds in well spread equities throuBh the medium of a common investment fund or fund5. Tru5tees' Statement of Responsibilities The Trustees are responsible for preparing the Tru5tees' Annual Report and the h"nancial 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 of the charity to prepare linancial statements for each fi'nancial 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 period. In preparing those financial ststements. the trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principle5 of the Charities SORP,. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standard5 and staternents of recommended practice have been followed. subject to any material departures disclosed and explained in the linancial statement5.' prepare the financial statements on the going concern basis unless it is inappropriate to presume that this basis applies,
f oim•r Contact Details-_ www.tFcct.co.uk amba55ador rfcct.co.uk Charilable Trust The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial Statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reportsl Regulations and with the Trust Deed dated 9th June 1981. They are also responsible for safeguardinB the assets of the charity and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf by.. Nicholas Green Chairman Date.. Lq- See¥£MbLC 2Q)LS
THE FARMERS CLUB CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT For the year ended 30 Juno 2025 I report on the accounts of Thfr Farmeis Club Charitable Trust for the year ended 30 June 2025. which are set out on pages 10 10 16. RESPONSIBILITIES AND BASIS OF REPORT As the charity's Iruslees you ar8 responsible for the preparation of the accounts in accordaneo with th@ Charities Act 2011 I'the Acl'l. I report in respeet of my examination of the charity's accounts carried oul under section 145 of the Act and in carrying out my examination I have followed all the appllcable Directions given by the Charity Commission under section 145151{bl of the Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm that no matters have come lo my attention in connection with the examinalion giving m8 cause to believe that in any material resp8cI'. 1. aecounting records were not kept in respect of the charity as required by section 130 of thè A¢t'. or 2. the accounts do not Accord Nvilh those r8cords', or 3. the accounts do not comply with the applicable requiremenls conceming the forni and conlenl of accounls set out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give 'tru6 and fair view, whKh is not a matter considered as part of 8n indepèndent examination. I have no concerns and have come across no other matters in conn8CtvJn with the examination lo which ?Ilenlion should be drawn in ihis Teport in Order lo enable a proper understanding of the accounts to be reachod. Naomi Jane Hedger BFP, FCA. CTA Chaler All8n LLP 7 Quy Court Colliers Lone Slow-¢um-Quy Cambridgeshire CB25 9AU Dale.. 30 September 2025
THE FARMERS CLUB CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES Ilncludlng Income and Expendlture Account) For the year ended 30 June 2025 Unr9Strlcted Restricted Fund$ FundB Total 2025 Funds Totsl 2024 Fund8 Note Income from: DDnations Investment income Activities for generating funds Total 16.336 40,774 9,652 66 762 5,985 22,321 40,774 9,652 575 40,873 10,808 Expenditurn ofi: Charitable activity.. Awarding granls and bursaries Total 87,698 87,696 5,985 5,985 93,681 Net InGomellExpendlturel 35,140 Galn on Invo$tmont assets Gains on lisled investments Gains on revaluation of investment property Net Mo¥em•nt In Funds 28.743 50,000 57,809 28,743 50,000 57.809 38,697 38,557 Reconclllation of Funds.. Total funds brought forward 2 274,771 2,274 771 2.236 214 Totsl funds carried foard 2 332 580 2 332 580 2274 771 10
THE FARMERS CLUB CHARITABLE TRUST BALANCE SHEET As at 30 Jun• 2025 2026 2024 Note INVESTMENTS 2,282.683 2,187,957 CURRENT ASSETS Debtor8 Cash al bank and in hand 7,518 92.952 100,470 12,974 99,Q85 112,059 CURRENT LIABILITIES Creditors 30,673 25,245 Net currgnt asgots 69,897 86.814 Not Assets 2,332,580 2,274,771 REPRESENTED BY: Unrestricted Funds Restricted Funds 2,332,580 2,274,771 10 TOTAL FUNDS 2,332,580 2,274.771 The fi'nancial statements were approved and authorisad for issue by the Board of Trustees and were signed below on ils b8half by.. Nicholas Green Chairman Date-. Iq- IS
THE FARMERS CLUB CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Forth? yearendgd 30 Jun¥ 2025 ACCOUNTING POLICIES Ba$1$ of preparation The financial slalements have been prepared under the hi8lorical cost convention as modified lo include the revaluation of investments. The formal of the financial slalemants has been presented to comply with the Charities Act 2011. and The Stslement of Recommended Practice for ChaTbties ISORP 2015) Isecond Edition, effectNe 1 January 20191. The Charity me8ts the definition of a public benefit onlity under FRS 102. Assels and liabilities are initially re¢ognised at hkslorical cost or transaction value unless othetwise staled in the Televanl accounting policy notelsl. The Charity is not requirèd lo prepare 8 cash flow slal8ment because of ils Size. Going concern The Trustees, having Gonsider8d the Charity's range of investments, liquidity and control of costs, are satisfied that thére are no material uncertainties regarding the Charity's ability to eontinu@ as a going concern. Crltlcal accounting judgemants and estimate8 In preparing these financial slalemenls, the Trustees have made judgements, èsllmales and assumptlOllS that affect the application of the Charity's accounting policies and the reported assets, liabilities, income and expendkture and the disclosures made in the financial statements. Estimates and judgements are continually evalua18d and are based on historical experien and other factors. including expoclationg of future events that are believed to be reasonable under the cir¢umslances. In preparing these financial statements the critical accounting judgement and estimate is as follows. Valuation of agricultural land The valuation of the agricultural land is estimated by the Trustees based on the most recent fomial valuations oblain8d by external valuers and trustees, expertise and knowledge of current market conditions. The primary source of evidence for the valuations is rent, comparable marf(et transactions on an arms-length basis. An adjuslmènl to any of these assumptions could lead to a material change in the valuation of the agricultural land. There is significant judg8ment as lo the indicators of the valuation of the investment property as they are based upon valu8r assLtmplions which may prove to be inaccurate. Fund accountSng Unrestricted funds comprise accumulated surpluses and d&ficits on general fur)ds. They are available for U88 al the discretion of the Trustees in furtherance of the general charitable objectThtes. Incomè Incoming resour¢e8 represents the total income receivable during th8 year comprising rents, donations. covenants and investment income. Exp8nditure Expenditure is alloca18d lo the particular adivily where the cost relates directly lo that activity. However, the cost of ov8r211 adminislralic)n ol the charrty is appO.oned based on the value of awards given in each activity. Grants payable are charged in the year when the offer is conveyed lo the rec)Ient. Govemance costs comprise direct costs relating lo th8 ststulory and governan requirements of the Trust. Invostments Listed investments are in¢luded at market value at the balance sheet date. Realised anol unrealised gains and losses on investments are included in thè Statement of Financial Activslies. Investrnents in agricultural land are included al fair value at the balance sheet date. Fair value gains and losses on inveslmtrnls in agricultural land are included in the Slalemenl of Financial Activities. 12
THE FARMERS CLUB CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOY th? yoar endod 30 Juno 2025 ACCOUNTING POLICIES leontlnuod) Cash at bank and in hand Cash al bank and cash in hand includes cash and sht term highly liquid investments with a short maturity of three months 01 less from the date of aGquisilv)n or opening of th6 deposit or similar account. FinancSal In$ttument$ The Charity only has financial a55ets and finoneial li8bililies of a kind that qualily as basic ftnanci81 Instrum6nls. Basic financial instruments, including trade and other debtors and Gieditors are initially recognised at transaction value and subsequently measured at Ihelr selllemenl value. Dèbtors Debtors are TeCOgnSed where the charity has a present right resulting from a past event that will probably result in the IransfeT of funds from a third party and the amount due lo settle the riohl can be measured or estima18d reliabty. Cr&dltors and provisions Creditors and provisions are recognised where th8 charity has a present obligation resulting from a past avent that will probably result in the transfer of funds to a third party and the amount due lo sellle the obligation can be measured or estimated reliably. INCOME Unrostrlcted Re8triot•d Funds Funds Total 2025 Total 2024 Donations Legaciès Grants 690 15,646 690 15,646 5,985 22,321 575 5,985 5.985 16.336 575 Aclivili8s for generating funds: Net Tents BPS income Bank interest 6,617 1.183 1,852 9,652 6,617 1,183 1,B52 9,652 8.886 1,346 576 10,8D8 CHARITABLE ACTIVITY EXPENDITURE Unrostrlcted R08trlctod Funds Funds Total 2025 Total 2024 Grants and bursaries Administrative costs Governance costs Independent Examination Audit 47,601 36.496 5,985 53,586 36,496 44,929 37,889 3,600 3.600 4,578 87,396 87,696 5,985 93,681 13
THE FARMERS CLUB CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For th* yoor ended 30 June 2025 CHARITABLE EXPENDITURE- GPANTS & BURSARIES AWARDED Number Unrestrlcted Rg$tricted Funds Funds Total 2025 Number of grants Totsl 2024 grants Le8dershlp programmes Agricultural educator awards Snapshot Study Awards Marguerit6 Ivor-Jonè8 Memorial Award 16,714 20.203 10,184 5.985 22,699 20,203 10.184 24,849 8,700 11,280 500 47,601 500 53,586 18 5.985 15 44,929 Number UnreBtrlcl•d Rgstricted ol Funds Funds grants Total 2025 Numbèr Total 2024 grants Analysod botw8•n: Wlndsor Leadership Trust Oaklands College Roy81 Agricultural Univers Royal {Dickl School of Veterinary Medicine University of Sparsholt SRUC Aberdeen SRUC Harper Adams University Bangor University College of West Anglia Individuals Nuffield Farming ScFK)larships Trust 16,714 5,985 22,699 24,849 1,000 7.000 4,000 4.860 5,000 3,440 2,990 4,913 15,0001 10,184 4,000 4.860 5,000 3.440 2.990 4,913 l5.000} 10,184 11,38Q 500 47,601 500 53,586 700 44.929 5,985 15 TRUSTEES, REMUNEF14TION AND REIMBURSED EXPENSES None of the Trustees received any remuneralion for their servlces12024.' £NILI and fiv8 Trustees (2024.. three) received reimbur88d travel and subsi8lenc@ expenses lotalling £1.778 {2024.. £1,529). STAFF COSTS The Trust does not employ any staff and so there 8T8 no staff costs. 14
THE FARMERS CLUB CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 Jung 2025 INVESTMENTS Agricultural Land Llsted Investmont8 Total Market value 8t 1 July 2024 Adfsitions Disposals Gains Market value at 30 June 2025 1,370.000 817,957 50,097 IS4,5221 29,151 842,683 2.187.957 50,097 (54.5221 79,151 2,262,683 50,000 1,420,000 Historial cost at 30 June 2025 NIL 820,924 820,924 Listed investments comprise of.. 2025 2024 Investment trusts and funds Equities Cash 295.763 535,104 11.816 842,683 156.654 649,895 11,408 817,957 Formal third party valuation5 of the Oreas of agricultural land held al 30th June 2025 were previously carried out on 15th August 2022 by Bidwells. with land valued at £845,000, and on 25th July 2022 by Symonds & Sampson, with land valued at £490,000. These valuations of both areas of agricultuial land were then reassessed by Bidwells on 30th August 2023 with no adjuslmenls lo these valuations being idenlilied. Subsequent lo this reassessment by Bidwells. th8 Trustees have reviewed the condition and circumstances of both areas of 8griculluTal land since 30th August 2023 and concluded that there has been a umbined £60,000 (2024.. £35,000) increase in the valuation of these parcels of land to £870,000 and £550,000 respectively by 30th June 2025. The valuation by Bidwells w88 performed in aordanCe with the RICS Global Standards 2023 and the Symonds & Sampson valuation is based on the previous valuation thèy performed as at 30th June 2020, which was performed in accordance with the RICS Global Valuation Standards Red Books. adjusted for subsequent changes in agricultural PToperty markel valu8s and other factors sp8cific to the land held by the TTUSI. The valuation of the agricultural land is inherently subleclive, as il is based upon valuer assumptions and assessment of market Gondilions, which may provè to be inaccurate. DEBTORS: Due within one year 2025 2024 Prepayments and accrued incom8 Gift aid 7,268 250 7,518 12,824 150 12,974 CREDITORS: Due within one year 2025 2024 Accruals and deferred income 30,573 30,573 25,245 25,245 AGcTuals and deferred income includes deferred income of £1,859 (2024.. £1,851), which relates lo renlal income received in relation to the 2025126 financial year. 15
THE FARMERS CLUB CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Forthe yoaronded 30 June 2025 10. RESTRICTED FUNDS Fund bld Income Expendlture Fund clfwd Windsor Leadership Trust 5,985 5,985 Windsor Leadershlp Trust- used to fund bursaries for individuals &nro118d with the Windsor Leadwship Trust 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrfcted Fund$ Re8tri¢t8d Funds 2025 Total Investrnenls Nel current a88ets Fund balance 2.262,683 69,897 2,332,580 2,262,683 69,897 2,332,580 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestrictod Fund8 Restrlcted Fund8 Total 2024 Incomg from: Donations Investment income Aclivilies for generating funds Total 575 40,873 575 40,873 62,256 Expendlture on: Charitable activity: Awarding grants and bursafie5 Governance costs Total 72.818 4,578 77,396 10.000 82,818 Net Expgnditur8 35,140 Galn on inv•stm?nt asBets Gains on listed investments Gains on revaluation of investment property Not Movement In Funds 38,697 35,000 48,557 38,697 35.000 38,557 {10,000) 13. RELATED PARTIES There are no related party transactions during the year12024'. £ nil) le