THE WILLIAM & ELLEN VINTEN TRUST
(Registered Charity No. 285758)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2025
~
THE WILLIAM & ELLEN VINTEN TRUST
Contents
| Page | |
|---|---|
| Trustees Report | 1 |
| Independent Examiners Report | 4 |
| Statement of financial activity | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 |
THE WILLIAM & ELLEN VINTEN TRUST Trustees report for the year ended 31 March 2025
The Trustees present their annual report and financial statements of the Charity for the year ended 31[st] March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts 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 for Smaller Entities.
Objectives and activities
The principal activity of the trust during the year was continuing to pursue initiatives to increase the interest of school and college students in the Bury St Edmunds area in science and technology subjects with a view to increasing the numbers who might consider careers related to engineering and improving their attainment, as well as supporting, through bursaries, students studying engineering at university.
Achievements and Performance
The Trust has continued to provide support to 19 students studying Engineering courses at various Universities via the Vinten Bursary scheme and 5 students via the Vinten Grant scheme.
The Trust has supported local Schools with various STEM activities, from F1 competitions, Science clubs, new equipment and the residential Engineering Experience.
The integrity of the charity is protected by having independent investment advisors and independent inspectors, both of whom report formally to the board. The Trustees have regular meetings with, and reports from, the independent advisor, which manages most of the Trust’s investments on a low‐risk discretionary management basis.
Investment policy and performance
The overall financial position remains good. The income of the William & Ellen Vinten Trust is disbursed in an appropriate manner.
The charity has invested funds to generate income and maintain real capital values. Performance of investments are monitored by trustees.
Reserves Policy
The Trustees have established a Reserves Policy with reference to Charity Commission guidance (CC19) and accounting standards, with the aim of spending any income from investments in anyone year. Cashflow is carefully monitored to match income receipts with operating expenditure. Subject to this, they do not feel that reserves are necessary. Whilst the Trustees do not intend to build up reserves for unspecified purposes, if the applications received do not warrant grants equal to the income any unspent income will be carried forward to the next period. The balance on the unrestricted fund was £37,514. At the year end, the Trust also held reserves of £1,450,945 in the endowment fund. The trustees have over a period of years established and accumulated funds to provide additional income from which unanticipated expenditure can be met. Against this background the trustees are satisfied that the current level of reserves held is fully justified. The
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THE WILLIAM & ELLEN VINTEN TRUST Trustees report for the year ended 31 March 2025
trustees plan to review this policy in accordance with the Charity Commission’s guidelines on a regular basis, at least once a year.
Financial Review
The William and Ellen Vinten Trust is primarily funded by income from these investments. Investment income amounted to £56,360 for the year. Grants for both education and training amounted to £52,603 with total expenditure amounting to £74,489. The overall result was a deficit for the year of £(18,129). The investment portfolio showed a net movement in valuation of £(107,519).
Structure, governance and management
The Trust is constituted under a deed of trust dated 31st August 1982 between Mrs Jean Crosher and “The First Trustees” and was last amended in 2023. It is a registered charity with the Charity Commission, the registered number is 285758.
The trust deed governing the William and Ellen Vinten Trust prescribed individuals and groups that nominate trustees on a rotating basis. A trustee’s term is for three years. A member of the family of the founder of the charity is also nominated by the outgoing family member. This trustee’s term of office is for his, or her, own determination.
K Honeyman and Julian Mills both retired from the Trust in 24. Paula Harris was appointed as Trustee on 31 Jan 25.
| K Honeyman and Julian Trustee on 31 Jan 25. |
Mills both retired from the Trust in 24. Paula | Harris was appointed as |
|---|---|---|
| Trustees | Appointed by | Date of Retirement |
| A Crosher | Trust Deed | ‐ |
| J Guest | The Chairman of Greene King | 29 Sep 26 |
| S Kenchington | Co‐opted by the Trustees (Acting Chair) 28 Apr 25 | |
| D Langley | Co‐opted by the Trustees | 29 Sep 26 |
| E Devlin | Co‐opted by the Trustees | 29 Sep 26 |
| L Vinten | Co‐opted by the Trustees | 22 Sep 26 |
| P Harris | Co‐opted by the Trustees | 31 Jan 28 |
The principal address of the trust is Long Barn, Lower Road, Onehouse, Suffolk, IP14 3BY
Trustees responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees’ annual report and 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 charity trustees to prepare financial statements for each 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 the 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 applicable Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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THE WILLIAM & ELLEN VINTEN TRUST Trustees report for the year ended 31 March 2025
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 business.
The trustees are responsible for keeping proper accounting records that 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 Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees on ………………………… and signed on their behalf by:
S Kenchington
Chairman of the Trustees
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE WILLIAM & ELLEN VINTEN TRUST
I report to the trustees on my examination of the accounts of the William and Ellen Vinten Trust (the Trust) for the year ended 31 March 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 2011 Act and in carrying out my examination I have followed all 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 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.
H Rumsey FCA, Ensors Accountants LLP Connexions 159 Princes Street Ipswich IP1 1QJ
…………….…..
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THE WILLIAM & ELLEN VINTEN TRUST
Statement of financial activities for they year to 31 March 2025
| Notes Income & Endowments from Investment Income 1b Dividends receivable Interest receivable(gross) Quoted Investments COIF Investec Client Account Total incoming resources Expenditure on 1c Raising funds Portfolio management fees Charitable Projects and Grants Education Legal fees Secretarial costs and disbursements Independent examiners fee Total resources expended Net income/(expenditure)before gains/(losses) on investments Net gains/(losses) on investment assets Net movements in funds Total Funds brought forward Total Funds carried forward |
Unrestricted funds £ 17,400 34,076 2,814 2,069 56,360 ‐ 52,603 665 8,815 1,386 63,468 |
Unrestricted funds £ 17,400 34,076 2,814 2,069 56,360 ‐ 52,603 665 8,815 1,386 63,468 |
Endowment funds £ ‐ ‐ ‐ ‐ ‐ 11,021 ‐ ‐ ‐ ‐ ‐ |
Endowment funds £ ‐ ‐ ‐ ‐ ‐ 11,021 ‐ ‐ ‐ ‐ ‐ |
Total 2024/25 £ 17,400 34,076 2,814 2,069 56,360 11,021 52,603 665 8,815 1,386 63,468 |
Total 2023/24 £ 26,138 40,077 1,565 1,291 |
||
|---|---|---|---|---|---|---|---|---|
| 69,071 | ||||||||
| 13,120 50,251 2,274 8,651 1,288 |
||||||||
| 62,464 | ||||||||
| 63,468 | 11,021 | 74,489 | 75,584 | |||||
| (7,109) ‐ (7,109) 44,623 37,514 |
(11,021) (107,519) (118,540) 1,569,485 1,450,945 |
(18,129) (107,519) (125,649) 1,614,108 1,488,459 |
(6,513) (223,448) |
|||||
| (229,960) 1,844,068 |
||||||||
| 1,614,108 |
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THE WILLIAM & ELLEN VINTEN TRUST
Balance sheet as at 31 March 2025
| Notes Fixed assets Investments 1a & 2 Current assets Debtor ‐ Interest receivable Cash at bank and in hand Total current assets Creditors 6 Net current assets Net assets The funds of the charity Endowment funds Unrestricted income funds Total funds |
Unrestricted funds £ ‐ 4,153 34,729 38,882 1,368 37,514 37,514 ‐ 37,514 37,514 |
Endowment funds £ 1,324,653 ‐ 126,292 126,292 ‐ 126,292 1,450,945 1,450,945 ‐ 1,450,945 |
Total 2025 £ 1,324,653 4,153 161,021 165,174 1,368 163,806 1,488,459 1,450,945 37,514 1,488,459 |
Total 2024 £ 1,480,553 2,271 132,568 |
|---|---|---|---|---|
| 134,839 1,284 |
||||
| 133,555 | ||||
| 1,614,108 | ||||
| 1,569,485 44,623 |
||||
| 1,614,108 |
Notes 1 to 6 form an integral part of this statement
Approved by the trustees on…………………………………………….
and signed on their behalf
) ) ) ) ) Trustees ) ) ) )
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THE WILLIAM & ELLEN VINTEN TRUST
NOTES TO THE ACCOUNTS Year ended 31 March 2025
1. Accounting Policies
(a) Basis of preparation
The accounts are prepared in accordance with the historical cost convention. The accounts have been prepared in accordance with applicable accounting standards, with the requirements of the Statement of Recommended Practice – Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 SORP), issued on 16 July 2014 and updated 2 February 2016 and the Charities Act 2011 and UK Generally Accepted Accounting Practice, as it applies from 1 January 2015.
The accounts have been presented in sterling which is the functional currency of the charity.
The charity has prepared its financial statements to give a ‘true and fair’ view and in doing so has departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to give a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), issued on 16 July 2014 and updated 2 February 2016, rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.
The trust constitutes a public benefit entity as defined by FRS 102.
(b) Going Concern
At the time of approving the accounts the trustees have 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 preparation of the accounts.
(c) Fund structure & Objects
The endowment fund was created by a gift from the Vinten family. The income of this fund is unrestricted which the trustees are free to use for any purpose in furtherance of the charitable objects. The terms of the endowment allow the capital of the fund to be spent if the trustees so determine.
(d) Income recognition
All incoming resources are recognised in the financial statements as soon as all conditions for receipt have been met, namely: entitlement, probability of receipt, and measurement of amount.
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THE WILLIAM & ELLEN VINTEN TRUST
NOTES TO THE ACCOUNTS Year ended 31 March 2025
1. Accounting Policies (Cont’d)
(e) Expenditure recognition
Charitable grants and other expenditure are recognised in the financial statements as soon as there is a legal or constructive obligation committing the charity to the expenditure.
Support costs enable grant‐making activities to be undertaken, and are allocated to the relevant expense category (investment management expenses or charitable activities) either directly or apportioned on an appropriate basis. Trustees pay an honorarium to the Clerk to carry out the agreed duties of the Clerk.
(f) Investments
Investments are shown at market value. Changes in value during the year, whether realised or unrealised, are included in the Statement of Financial Activities.
There has been no change to the valuation rules and methods of accounting since last year.
(g) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at the settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
(h) Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no critical accounting estimates.
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THE WILLIAM & ELLEN VINTEN TRUST
Notes to the Accounts
| **2 ** | Investments Endowment Fund Original endowment 361,400 The Vitec Group Plc shares, value at date of transfer to the trust (292p) Overall increase in value to 31 March (realised and unrealised) Less sales undertaken in previous years Add purchases undertaken in previous years Less sale of shares Profit/(loss) on sale of shares Investments purchased (adjusted for accrued interest) Change in value at 31 March Investment value at 31 March 2024 A detailed investment schedule is on page 10 |
2025 1,055,288 514,101 (4,092,913) 4,004,077 1,480,553 (415,287) 6,049 1,071,315 366,906 (113,568) 1,324,653 |
2024 1,055,288 733,892 (3,912,515) 3,784,425 |
|---|---|---|---|
| 1,661,090 (176,741) (3,657) |
|||
| 1,480,692 219,651 (219,791) |
|||
| 1,480,553 | |||
All of the shares are held in Investecs nominee name.
The Mid‐Market Value at 31 March 2024 is as provided by Investec
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The William & Ellen Vinten Trust
Schedule of Investments held
| Nominal | Holding | Mid Market Value Additions 1 Apr 24 |
Mid Market Value Additions 1 Apr 24 |
Date Proceeds Reali |
Date Proceeds Reali |
Unrealised Mid Market movement Value Gain/(Loss) in value 31 Mar 25 Dividends Interest sations Income |
Unrealised Mid Market movement Value Gain/(Loss) in value 31 Mar 25 Dividends Interest sations Income |
Unrealised Mid Market movement Value Gain/(Loss) in value 31 Mar 25 Dividends Interest sations Income |
Unrealised Mid Market movement Value Gain/(Loss) in value 31 Mar 25 Dividends Interest sations Income |
Unrealised Mid Market movement Value Gain/(Loss) in value 31 Mar 25 Dividends Interest sations Income |
|---|---|---|---|---|---|---|---|---|---|---|
| 40,000 | Aberdeen Stan Eurp Log Ord GBP0.01 | 24,360 | 1,600 | 1,600 | (1,440) | 22,920 | 1,464.00 | |||
| 50,000 | Assura PLC | 21,219 | 25 Feb 25 | 1,906 | 23,125 | 1,680.00 | ||||
| 35,000 | AXA Investment Man US Sht Dur High Yield Bd | 29,390 | 252 | 29,642 | 1,562.00 | |||||
| 40,000 | Barclays Bank Plc 7.45% | 40,352 | 25 Feb 25 | 128 | 40,480 | 2,959.00 | ||||
| 6,466 | BH Macro | 21,548 | 2,683 | 24,231 | ‐ | |||||
| 27,000 | CT (UK) VCT Responsible | 50,004 | 162 | 50,166 | ||||||
| 100 | CG Portfolio Fd Real Return A GBP Sett | 18,887 | (138) | 18,749 | 482.00 | |||||
| 35,000 | Fundrock Ptnrs Ltd Fp Wheb Sust | 73,878 | 3 Feb 25 | 69,853 | (4,025) | |||||
| 47,287 | Greencoat UK Wind Ord GBP 0.01 | 65,729 | (14,895) | 50,834 | 4,729.00 | |||||
| 20,647 | HICL Infrastructure Ord | 26,057 | (2,850) | 23,207 | 1,703.00 | |||||
| 40,000 | Hipgnosis Songs Fu Ord Npv | 27,580 | 1 May 24 | 41,679 | 14,099 | |||||
| 40,000 | HSBC Holdings PLC 5.75% 20/12/27 | 40,858 | (392) | 40,466 | 2,300.00 | |||||
| 45,000 | Impax Funds (Ire) Environmental Mkts | 74,655 | 4 Feb 25 | 72,045 | (2,610) | |||||
| 27,922 | INT Public Partner Ord | 34,738 | (3,443) | 31,295 | 2,343.00 | |||||
| 10,000 | International Pers 7.75% Gtd Snr 14/12/23 GBP | 10,106 | 764 | 10,870 | 1,200.00 | |||||
| 12,500 | Ishares Ii Plc | 60,569 | 697 | 61,266 | 2,704.00 | |||||
| 40,000 | J P Morgan Am UK Ltd | 26,740 | 1,708 | 28,448 | 964.00 | |||||
| 59,991 | Jupiter UT Mngrs, Strategic Bond Z Inc | 32,692 | 15 Apr 24 | 21,705 | (10,987) | |||||
| 19,287 | Jupiter UT Mngrs, UK Special Situations I | 22,324 | 9,409 | 31,733 | 1,844.00 | |||||
| 50,000 | Legal & General UT L&G High Inc Trust (I) Dis | 19,105 | (35) | 19,070 | 1,867.00 | |||||
| 14,625 | Link Fund Manager Trojan Ireland 0 GBP Dis | 18,954 | 839 | 19,793 | 329.00 | |||||
| 20,000 | Lloyds Bank Plc 7.625 Mtn 04/25 | 20,359 | (331) | 20,028 | 1,525.00 | |||||
| 42,000 | M&G Investmetn Funds Global Flaoting | 67,939 | 10 Feb 25 | (45,146) | 22,793 | |||||
| 23,615 | M&G Securities Ltd Gbl floating Rate High | 22,818 | 39,245 | 62,063 | ||||||
| 365 | Maitland Instl Svc MI Twentyfour Am Dyn Bd | 35,512 | 486 | 35,998 | 2,011.00 | |||||
| 10,000 | Mercantile Investment | 22,401 | 26 Apr 24 | ‐ | 274 | 22,675 | 790.00 | |||
| 26,000 | MurrayInt Trust | 70,278 | 7 Feb 25 | (2,223) | 68,055 | 3,068.00 | ||||
| 16,650 | Morgan Stanley BV 543% FTSE Supertracker 25 | 30,751 | 3 Feb 25 | 36,390 | 5,639 | |||||
| 250 | Oaktree (Lux) Fds / Fundrock Mgmt Co | 21,315 | 320 | 21,635 | 1,460.00 | |||||
| 15,000 | Paragon Banking Gp 6% Snr Emtn 28/8/24 | 15,007 | 28 Aug 24 | 15,000 | (7) | |||||
| 43,000 | Picton Property Income Ord NPV | 28,015 | 7,928 | 17 Feb 25 | 3,465 | 39,408 | 2,035.00 | |||
| 3,000 | Scot Mort Inv Tst Ord GBP0.05 | 26,811 | 1,488 | 28,299 | 127.00 | |||||
| 17,301 | Sequoia Economic I NPV | 14,005 | (467) | 13,538 | 1,189.00 | |||||
| 20,000 | Schroder Unit Tst Gbl Cities Real Estate | 17,176 | (462) | 16,714 | 348.00 | |||||
| 769 | SLF Realisation C Shs Npv | 26 | 22 Oct 24 | 36 | 10 | |||||
| 3,985 | SLF Realisation Ord Npv | 77 | 24 Jan 25 | 44 | (33) | |||||
| 50,000 | Tesco 6% 14/12/29 | 51,937 | (372) | 51,565 | 3,000.00 | |||||
| 12,500 | Twentyfour Income Ord Red GBP 0.01 | 13,075 | 863 | 13,938 | 1,245.00 | |||||
| 40,750 | UK Govt 0.125% I/L Gilt 22/03/29 | 64,905 | 3 Feb 25 | 66,934 | 2,029 | |||||
| 35,700 | UK Govt 0.125% Idx Lkd 22/11/36 | 49,529 | (2,859) | 46,670 | 67.00 | |||||
| 22,000 | UK Govt 2% I/L Stk 26/1/35 | 55,000 | (2,555) | 52,445 | 440.00 | |||||
| 50,000 | UK Govt 2.75% Gilt 07/09/24 | 49,564 | 9 Sep 24 | 50,000 | 436 | |||||
| 50,000 | UK Govt 4.25% 7/12/27 | 50,589 | (275) | 50,314 | 2,125.00 | |||||
| 40,000 | UK Govt 5.00% 7/3/25 | 40,103 | 7 Mar 25 | 40,000 | (103) | |||||
| 50,000 | UK Govt 4.125% 29/1/27 | 50,023 | (76) | 49,947 | 2,063.00 | |||||
| 50,000 | UK Govt 4.375% 7/3/28 | 50,450 | 5 Dec 24 | (220) | 50,230 | 2,188.00 | ||||
| 50,000 | UK Govt 4.25% 31/7/34 | 49,118 | 3 Feb 25 | (509) | 48,609 | 2,125.00 | ||||
| 1,000 | Vanguard Funds FTSE100 | 37,221 | 3 Feb 25 | 97 | 37,318 | 1,460.00 | ||||
| 50,400 | Videndum PLC | 145,782 | (99,666) | 46,116 | 0.00 | |||||
| Totals | ||||||||||
| 1,480,553 366,906 |
415,287 | 6,049 (113,568) 1,324,653 25,485 29,911 |
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THE WILLIAM & ELLEN VINTEN TRUST
Notes to the Accounts
3 Grants
At 31 March 2025, the Trustees had undertaken to provide grants to be paid after that date of £X during the financial year 2024/25.
Grants to individuals totalled £27,650 (2024, £26,250) and to institutions £2,968 (2024, £24,001)
4 Secretarial costs and disbursements
| The costs expended were: Jabu Designs (Web site) WSC QR sign Mrs H Symonds Creditors Ensors |
2025 £ 216 8,599 8,815 2025 £ 1,368 |
2024 £ 672 32 7,947 |
||
|---|---|---|---|---|
| 8,651 | ||||
| 2024 £ 1,284 |
5 Creditors
6 Trustees Expenses
No trustees expenses were paid during the year (2024 Nil)
7 Statement of funds
| Endowment Fund Unrestricted fund Total of funds |
Gains / B/Fwd Income Expend (losses) C/Fwd 1,569,485 ‐ (11,021) (107,519) 1,450,945 44,623 56,360 (63,468) ‐ 37,514 |
|---|---|
| 1,614,108 56,360 (74,489) (107,519) 1,488,459 |
8 Comparative Statement of Financial Activities by fund
| Income and endowments from Dividends receivable Interest receivable (gross) Expenditure on Raising funds Charitable activities Net Income (expenditure) before gains/(losses) on investments Net gains/(losses) on investment assets Net movement in funds |
Unrestricted | Unrestricted | Unrestricted | Endowment funds £ ‐ ‐ ‐ 14,181 ‐ 14,181 (14,181) (335,255) (349,436) |
Total funds 30,564 27,857 |
|
|---|---|---|---|---|---|---|
| funds £ 30,564 27,857 58,421 ‐ 45,450 45,450 12,970 ‐ 12,970 |
||||||
| 58,421 14,181 45,450 |
||||||
| 59,632 | ||||||
| (1,211) (335,255) |
||||||
| (336,466) |
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