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← Queen Mary's College Foundation

2025-12-31-accounts

Charity registration number 307257 (England and Wales)

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QUEEN MARY'S COLLEGE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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QUEEN MARY'S COLLEGE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

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Trustees T S Jackson (Chairman)
R1AKnapman
MALane (Treasurer)
BV Linklater
G Tomblin
KG Chapman M.B.E.
A Smith
S Barnard
S Bye
E PAdams		 (Appointed 1 July 2025)
Clerk J Stockdale
Charity number 307257
Principal address clo Queen Mary's College
Cliddesden Road
Basingstoke
Hampshire
RG21 3HF
Independent examiner Alliotts LLP
3 London Square
Cross Lanes
Guildford
GU1 1UJ
Bankers CAF Bank Limited
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ
Investment advisor Beaufort Financial
Middle Barn
Bryants Farm
Dunsden
Reading
RG49PB

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QUEEN MARY'S COLLEGE FOUNDATION

CONTENTS

Page Trustees' report 1-3 Independent examiner's report 4 Statement of financial activities 5 Balance sheet 6

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Notes to the financial statements

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QUEEN MARY'S COLLEGE FOUNDATION TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their annual report and financial statements for the year ended 31 December 2025.

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 foundation's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in i accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as ; amended for accounting periods commencing from 1 January 2016). Objectives and activities : The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when : reviewing the Foundation's aims and objectives, in planning future activities, and setting the grant making policy : for the year. The Foundation furthers its charitable purposes for the public benefit through its grant-making policy. The | principal activities of the Foundation continue to be the provision of grants for the furtherance of education, : training and employment of students who are resident in the Borough of Basingstoke and Deane, or are | attending, or who have for not less than one year attended, Queen Mary's College.

Grants are awarded to students in accordance with the requirements of the Trust Deed and the Objects of the Foundation, i.e. the furtherance of education, training and employment.

Students seeking financial assistance must complete an approved application form which is always accompanied by comprehensive guidelines. Applications may be made directly, or with the aid of the student's educational establishment, via the online application located on the Foundation website.

The Trustees consider applications at their quarterly meetings. The Foundation does not undertake any fundraising activities.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Foundation should undertake.

Achievements and performance The benefits of the Foundation's work are the education and training of students resident in the Borough of Basingstoke and Deane and alumni of Queen Mary's College. The Trustees are pleased that the achievements and performance of the Foundation, as set out below, continue to demonstrate positive progress.

Individual grants are made to students with varying educational and vocational needs and this policy will continue for the foreseeable future. As predicted last year, there has been an increase in applications from individuals and the Trustees expect this demand to increase due to the economic position in the UK.

: Support continues for students at both Queen Mary's College and Basingstoke College of Technology who face : financial hardship or require help with specific educational needs. This funding is administered by the Student / Finance Department of each respective college on behalf of the Foundation. Any awards from this funding to f individual full-time students of the college, are made within the guidelines set by the Trustees.

Grants have been made to individual students, residing within the Borough of Basingstoke and Deane, who | attend primary/secondary school settings, apprenticeships or other educational training courses, all where : specific disadvantage or support needs have been identified. Financial review : The investments are held in two funds that have been previously recommended by independent advisers in June : 2024. i The Foundation has a policy to keep 12 months expenditure in hand. The cash held at December 2025 reflects i this policy.

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i and the need to maintain capital. The performance of the the investments is reviewed annually by the Trustees. All investment decisions are taken by the full board of Trustees and investments are only made in assets that | have been previously recommended by professional advisers. An investment sub committee will be established in 2026 to monitor this vital and sole source of income to the : charity. It is the policy of the foundation that unrestricted funds which have not been designated for a specific use should i be maintained at a level equivalent to that of three to six month’s expenditure. The Trustees consider that i reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the / Foundation’s current activities while consideration is given to ways in which additional funds may be raised. This i level of reserves has been maintained throughout the year. : The balance held as unrestricted funds at 31 December 2025 was £1,674,046 (2024: £1,693,752), of which i £38,816 (2024: £38,159) is regarded as free reserves (general funds), after allowing for funds tied up in fixed i asset investments. Actual expenditure for the year was £44,255 (2024: £55,663). The current level of reserves is i therefore considered to be sufficient to meet expenditure requirements. The Trustees have assessed the major risks to which the Foundation is exposed, and are satisfied that systems , are in place to mitigate exposure to the major risks. The trustees identify six major risks: i + Loss of investment income: this is covered by the investment policy and performance. - Loss of key personnel: there are sufficient experienced trustees to provide cover. i - Loss of Treasurer: bank signatories have been expanded to cover this risk

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QUEEN MARY'S COLLEGE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

The investments held are always compliant with the Charities Act 2011 and have a mix of income requirement and the need to maintain capital. The performance of the the investments is reviewed annually by the Trustees.

From July 2016 all documents, including historic digitally held data (retained to comply with Charities Commission, constitutional standards and Data Protection Policy) are backed-up to one external harddrive held at Clerk's residence. From January 2024 all data ( including all historic digital data) is held within a secure cloud storage account (Dropbox Inc.) This is subdivided into Clerk's Working Documentation, Historic Data and a Trustees area. The Clerk retains full access, the Treasurer secondary access.

« Breach of data: policies are in place to cover this risk.

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QUEEN MARY'S COLLEGE FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Structure, governance and management

The powers of the foundation, which is unincorporated, are as set out in its Trust Deed dated 10 January 1955 as varied by schemes dated 4 August 1972, 20 March 2003 and 1 January 2015. The Foundation is governed by its trustees who meet four times a year.

The Trustees who served during the year and up to the date of signature of the financial statements were:

T S Jackson (Chairman)

S. Barnard

S. Bye

K G Chapman M.B.E RIA Knapman MA Lane (Treasurer) B V Linklater A Smith G Tomblin E P Adams (appointed July 2025)

At the quarterly meetings, the Trustees examine the major strategic, business and operational risks which the Foundation faces and confirm that systems have been established to mitigate our exposure to major risks.

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The day-to-day administration of grants and the processing and handling of applications is delegated to the Clerk employed by the Trustees, liaising as necessary with the college.

The Trustees’ report was approved by the Board of Trustees.

MA Lane (Treasurer) Dated: AS. Ayal Vee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF QUEEN MARY'S COLLEGE FOUNDATION | | report to the Trustees on my examination of the financial statements of Queen Mary's College Foundation (the ; Foundation) for the year ended 31 December 2025. : Responsibilities and basis of report As the Trustees of the the Foundation you are responsible for the preparation of the the financial statements in accordance : with the requirements of the the Charities Act 2011. Act 2011. 2011. | report in respect of my examination of the the Foundation’s financial statements carried out under section 145 of the the / 2011 Act. In carrying out my examination | have followed all the applicable Directions given by the Charity : Commission under section 145(5)(b) of the the 2011 Act. Independent examiner's statement : Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the i relevant version of the Statement of Recommended Practice applicable to charities preparing their financial : statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS ; 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Recommended Practice issued on 1 : April 2005 which is referred to in the extant regulations but has now been withdrawn. | understand that this has : been done in order for the financial statements to provide a true and fair view in accordance with UK Generally ; Accepted Accounting Practice. | have completed my examination. | confirm that no matters have come to my attention in connection with the ' examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the the Foundation as required by section 130 of the the Charities Act 2011. : 2 _ the financial statements do not accord with those records; or i 3 the financial statements do not comply with the applicable requirements concerning the form and content : financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any

QUEEN MARY'S COLLEGE FOUNDATION

As the Trustees of the the Foundation you are responsible for the preparation of the the financial statements in accordance with the requirements of the the Charities Act 2011. Act 2011. 2011.

| report in respect of my examination of the the Foundation’s financial statements carried out under section 145 of the the 2011 Act. In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the the 2011 Act.

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. | understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

| have completed my examination. | confirm that no matters have come to my attention in connection with the

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| 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 financial statements to be reached.

Alliotts LLP (Apr 21, 2026, 12:23pm) Alliotts LLP

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3 London Square Cross Lanes Guildford GU1 1UJ 21 Apr 2026 Date? ccc scesessesereens

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QUEEN MARY'S COLLEGE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

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Unrestricted Unrestricted Total Unrestricted Unrestricted Unrestricted Unrestricted Total
funds funds funds funds
general investment general investment
2025 2025 2025 2024 2024 2024
Notes £ £ £ £ £ £
Income from:
Investments 3 42,937 - 42,937 45,518 - 45,518
Total income 42,937 - 42,937 45,518 - 45,518
Expenditure on:
Raising funds 4 - 1,975 1,975 2,500 1,539 4,039
Charitable activities 5 42,280 - 42,280 51,624 - 51,624
Total expenditure 42,280 1,975 44,255 54,124 1,539 55,663
Net gains/(losses) on
investments 11 - (18,388) (18,388) - 89,341 89,341
Netincome/(expenditure) 657 (20,363) (19,706) (8,606) 87,802 79,196
Transfers between
funds - - - (42,180) 42,180 -
Net movement in
funds 8 657 (20,363) (19,706) (50,786) 129,982 79,196
Reconciliation of funds:
Fund balances at 1 January
2025 38,159 1,655,593 1,693,752 88,945 1,525,611 1,614,556
Fund balances at 31
December2025 38,816 1,635,230 1,674,046 38,159 1,655,593 1,693,752

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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QUEEN MARY'S COLLEGE FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2025

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |Notes|£|£|£|£| |Fixed|assets| |Investments|13|1,635,230|1,655,593| |Current|assets| |Debtors|14|-|316| |Cash|at|bank|and|in|hand|40,736|39,403| |40,736|39,719| |Creditors:|amounts|falling|due|within|15| |one|year|(1,920)|(1,560)| |Net|current|assets|38,816|38,159| |Total|assets|less|current|liabilities|1,674,046|1,693,752| |The|funds|of the|Foundation| |Unrestricted|funds|-|general|38,816|38,159| |Unrestricted|funds|-|investment|4,635,230|1,655,593| |1,674,046|1,693,752| |The financial statements were approved|by the Trustees on ISApayy|20|dork| |T|<4 on (Chairman)|

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i Queen Mary's College Foundation is an unincorporated trust registered with the Charity Commission (No. i 307257). The principal office is c/o Queen Mary's College, Cliddesden Road, Basingstoke, Hampshire, RG21 i 3HF. 1.1 Accounting convention : The financial statements have been prepared in accordance with the Foundation’s governing document, the : Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” i (‘“FRS 102") and the Charities SORP "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 Foundation is a i Public Benefit Entity as defined by FRS 102. : The Foundation has taken advantage of the the provisions in the SORP SORP for charities charities not to prepare a Statement of : Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the the Foundation. Monetary i amounts in these financial statements are rounded to the nearest £.

QUEEN MARY'S COLLEGE FOUNDATION | NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

The Foundation has taken advantage of the the provisions in the SORP SORP for charities charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the the Foundation. 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 investments at fair value. The principal accounting policies adopted are set out below.

: investments at fair value. The principal accounting policies adopted are set out below. 1.2 Charitable funds : Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable i objectives unless the funds have been designated for other purposes. The general fund, after payment of any expenses of administration, shall be applied by the Foundation : Trustees for the benefit of anyone who, in opinion of the Foundation Trustees, is in need of financial i assistance in the furtherance of education, training and employment, and who either: - is resident in the Borough of Basingstoke and Deane, or : « is attending, or has for not less than one year attended, Queen Mary's School, or Queen Mary's | College. The Foundation Trustees may also apply such yearly sums as they think fit, being not more than one third of the net income of the the general fund, in providing such special benefits of any any kind not normally provided by the : trustees of Queen Queen Mary's College for Queen Mary's College as the Foundation Trustees may determine. The investment fund represents the carrying value of the investments held by the Foundation. : Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. : : Endowment funds are subject to specific conditions by donors that the capital must be maintained by the ' Foundation. : 1.3 Income : Income is recognised when the Foundation is legally entitled to it after any performance conditions have been i met, the amounts can be measured reliably, and it is probable that income will be received.

The Foundation Trustees may also apply such yearly sums as they think fit, being not more than one third of the net income of the the general fund, in providing such special benefits of any any kind not normally provided by the trustees of Queen Queen Mary's College for Queen Mary's College as the Foundation Trustees may determine.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Foundation.

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QUEEN MARY'S COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the the donation, unless performance conditions require deferral of the the amount. Income tax recoverable in relation to donations received under Gift Aid Aid or deeds deeds of covenant covenant is recognised at the time of the the donation.

| notified of the the donation, unless performance conditions require deferral of the the amount. Income tax recoverable : in relation to donations received under Gift Aid Aid or deeds deeds of covenant covenant is recognised at the time of the the donation. | Legacies are recognised on receipt or otherwise if the Foundation has been notified of an impending : distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as : a contingent asset. 1.4 Expenditure i Expenditure is recognised once there is a legal or constructive constructive obligation to make a payment to a a third party, it

1.4 Expenditure Expenditure is recognised once there is a legal or constructive constructive obligation to make a payment to a a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The costs of raising funds consist of investment management fees and certain legal fees, as well costs incurred to maintain the investment property.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Foundation. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the oneyear or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Foundation.

Governance costs comprise amounts payable for the administration of the Foundation.

All support costs are allocated to the Foundation's only charitable activity.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

: 1.5 Fixed asset investments i Fixed asset investments are initially measured at transaction price excluding transaction costs, and are : subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net : income/(expenditure) for the year. Transaction costs are expensed as incurred. 1.6 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. 1.7. Financial instruments ' The Foundation 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 Foundation's balance sheet when the Foundation 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 i there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net i basis or to realise the asset and settle the liability simultaneously.

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QUEEN MARY'S COLLEGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

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 i 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. Basic financial liabilities : Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless i the arrangement constitutes a financing transaction, where the debt instrument is measured at the present i 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. i Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of i 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.

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 Foundation’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the Foundation’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.

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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.

Valuation of investments

i A key accounting estimate is the value at which trustees recognise investments. The risk of misstatement of ' listed investments is mitigated by the use of investment managers who publish a portfolio valuation. Listed : investments are valued by reference to their market value prevailing at the balance sheet date. 3 Income from investments Unrestricted Unrestricted | funds funds ; 2025 2024

Unrestricted Unrestricted | funds funds ; 2025 2024 : |Income from listed investments 42,441 44,293 : Interest receivable 496 1,225 42,937 45,518

QUEEN MARY'S COLLEGE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

4 Expenditure on raising funds

Unrestricted Unrestricted Total Unrestricted Unrestricted Total : funds funds funds funds | general investment general investment i 2025 2025 2025 2024 2024 2024 i :Investment management - 1,975 1,975 2,500 4,539 4,039 5 Expenditure on charitable activities : Total Total i 2025 2024 | :Direct costs : Grant funding of activities (see note 6) 35,936 45,875 Share of support and governance costs (see note 7) | Support 701 284 | Governance 5,643 5,465 42,280 51,624 ' Analysis by fund Unrestricted funds - general 42,280 51,624 6 Grants payable : Total Total 2025 2024 : iGrants to institutions: / Queen Mary's College 15,101 23,905 ' Basingstoke College of Technology Educational Support Fund 6,000 6,000 Queen Mary's College Educational Support Fund 3,000 6,000 24,101 35,905 : Grants to individuals 11,835 9,970 35,936 45,875

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QUEEN MARY'S COLLEGE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

7 Support costs allocated to activities

Total Total
i 2025 2024
£ £
:
:		 Sundry
Governance		 700
5,643		 285
5,465
: 2025 2024
i Governance costs comprise: £ £
Staff costs 3,876 3,672
: Auditfees 1,620 1,560
: Clerk's expenses 147 233
5,643
8 Net movement in funds 2025 2024
: : :£ :£
£
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The net movement in funds is stated after charging/(crediting):
: Fees payable forthe independent examination ofthe charity's financial
: statements 1,620 1,560

9 ‘Trustees

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None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Foundation during the year.

10 Employees

The average monthly number of employees during the year was:

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2025 2024
Number Number
1 1
Employment costs 2025 2024
£ £
Wagesandsalaries 3,876 3,672

There were no employees whose annual remuneration was more than £60,000.

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QUEEN MARY'S COLLEGE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

11. Gains and losses on investments

Unrestricted Unrestricted
funds
investment		 funds
investment
2025 2024
Gains/(losses) arising on: £ £
Revaluation ofinvestments (18,541) 66,981
Sale ofinvestments 153 22,360
(18,388) 89,341

12 Taxation

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The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13. Fixed asset investments

Unlisted
investments
£
Cost or valuation
At 1 January 2025 1,655,593
Valuation changes (16,872)
Management fees (1,975)
Disposals (1,516)
At31December2025 1,635,230
Carrying amount
At 31 December2025 1,635,230
At31December2024 1,655,593
14 Debtors
2025 2024
Amounts falling due within one year: £ £
Prepaymentsandaccruedincome - 316

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QUEEN MARY'S COLLEGE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

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15 Creditors: amounts falling due within one year

Creditors: amounts falling due withinwithin one yearyear
2025 2024
Other creditors 300 -
Accruals and deferred income 1,620 1,560
1,920 1,560

16 Analysis of net assets between funds

: Unrestricted Unrestricted Total
: funds funds
: general investment
i 2025 2025 2025
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£
£
£
:
At 31 December 2025:
Investments - 1,635,230 1,635,230
Current assets/(liabilities) 38,816 - 38,816
! ) , 38,816 1,635,230 1,674,046
| Unrestricted Unrestricted Total
funds funds
general investment
i 2024 2024 2024
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 At31 December2024:
Investments		 - 1,655,593
Current assets/(liabilities) 38,159 - 38,159
38,159 1,655,593 1,693,752

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17 __ Related party transactions

There were no disclosable related party transactions during the year (2024-fnil).