THE SIDNEY PERRY FOUNDATION CHARITY REGISTRATION NO: 313758
ACCOUNTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
Page 1
THE SIDNEY PERRY FOUNDATION
REPORT OF THE GOVERNING BODY
LEGAL AND ADMINISTRATIVE DETAILS
The Foundation is a charitable trust registered with the Charity Commission (Registered Charity Number: 313758).
The principal object of the Foundation is ‘to assist persons to obtain education in its widest sense, other than primary, when the expenses thereof would without such assistance be beyond their means’.
The Foundation was established in 1961 with capital given by Sidney James Perry (1888 – 1967), an actuary who became senior partner of Phillips & Drew. In 1945 he had established an earlier educational charity (The Covenantors Educational Trust), which has now been amalgamated with the Foundation.
GOVERNORS
The Governors, who are the charity’s trustees, are:
Clive Barham Carter, MA Miss G. Bland, BA The Revd Canon John Bundock (Deputy Chairman) Crispian Collins, MBE, BA (Hons) Oxon (resigned 25 September 2024) Christopher W. Field JP, MA, ARAM (Chairman) Dr C. Nobbs, BSc (Hons), MBBS, MA, MRCP Mrs G. Nobbs, RGN Roger J. Pincham, CBE John Ward, BMus PGDipGSMD (appointed 25 September 2024) Kim Woolmer, Chartered FCSI (appointed 25 September 2024)
Governors are appointed by the existing Governors, having regard to obtaining a satisfactory range of relevant skills and experience among the Governors as a whole.
SECRETARY AND ADMINISTRATOR :
Mrs Lauriann Owens, BA (Hons), MSc, PgCert
OFFICE ADDRESS: P.O. Box 889 OXFORD OX1 9PT
AUDITORS:
Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD
BANKERS :
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ
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THE SIDNEY PERRY FOUNDATION
REPORT OF THE GOVERNING BODY (CONTINUED)
PUBLIC BENEFIT
The Governors, as the Foundations trustees, confirm that they have complied with the duty set out in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit when reviewing aims and objectives.
OBJECTIVES FOR THE YEAR
The Governors decided to increase individual grants to between £1,500 and £2,500 or less at their discretion, with the average grant being £2,000. The Governors agreed to continue the practice of awarding grants to applicants on a year on year basis and to support those in receipt of continuing awards. They continued to relax some of their current restrictions in order to help students in particular need whose cases the Governors view as exceptional.
The Governors agreed to support 4-6 Medical students from the University of Surrey and £12,000 would be awarded from 2025. The scheme would be reviewed on an annual basis.
ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR
The Governors continue to provide grants to assist in a professional or other career. During the year over 200 complete application forms were received and of those 131 were considered by the Governors. 102 awards were given and 22 refused or referred for further consideration or deferred. Individual grants ranged from £216 to £3,000.
The Governors had previously agreed to award £18,000 to the United Kingdom Widening Participation Medical Education (UKWPMED). This is a collaboration of 6 UK Medical Schools to encourage and support A’ Level students from deprived backgrounds to study medicine. The top 12 students each received a grant of £1,500 and the grants were awarded in early 2024. The Governors also agreed to support the Royal College of Nursing (RCN) Foundation into Nursing. This award would allow 8 students to receive £2,500 each to support them during their studies. £20,000 was awarded in late 2024, with 80% to be paid at the start of the individuals’ studies and the balance paid once a final report was provided. All awards would be reviewed by the Governors on an annual basis.
The Philharmonia Orchestra/Martin Musical Scholarship (PO/MMSF) Fund was awarded £30,000 for 13 Instrumental Fellows. Vocal scholarships totalling £30,000 were awarded to 6 students of Guildhall School of Music and Drama (GSMD). Two awards totalling £8,549 were made under the Open University Engineering awards. In total grants awarded in 2024 amounted to £306,326.
In late 2024 a new website was launched and this resulted in an increase in individual applications for consideration by the panels.
RESERVES POLICY
The Governors have reviewed their reserves policy in the light of the amount of unspent income held on the unrestricted General Fund.
INVESTMENTS POLICY
The current investment policy is to invest 90% to 95% in equities and the remainder in fixed interest funds. Equity investments are currently held in two charity unit trusts (COIF and M&G). In addition, the Foundation holds funds on short-term deposit with CAF Bank. The Governors authorised the sale of M&G Units and the sum realised was £353,000 which was invested in CCLA COIF units.
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THE SIDNEY PERRY FOUNDATION
REPORT OF THE GOVERNING BODY (CONTINUED)
In 2024 the total return, income and capital combined, on M&G Charifund Units was 14.1% and that on COIF Charities Investment Fund was 5.08%. The corresponding return on the FTSE All-Share Index benchmark was 16.3%.
RISK ASSESSMENT
The trustees have reviewed the major risks to which the charity is exposed and systems have been established to mitigate those risks.
ORGANISATIONAL ARRANGEMENTS
Grants are based on the academic year. Applications have to be in writing and supported by signed, up to date original references, one of which must be academic, along with proof of place, for consideration by one of four panels each consisting of two Governors. Applications are circulated by post and the Governors meet once a year to discuss policy and to transact the usual business of an Annual General Meeting. The Governors have the responsibilities of charity trustees and have overall direction of the Foundation. Mrs Lauriann Owens acts as Secretary and keeps the records of the Foundation. The Investments are registered in the name of The Sidney Perry Foundation, PO Box 889, OXFORD, OX1 9PT.
GRANTS POLICY
The grant policy is for individual grants between £1,500 and £2,500. The Governors have discretion to award lower grants. The average award in 2024 was £1,643 and individual grants ranged from £216 to £3,000. The Governors do not consider cases where the deficit is greater than £5,000. The Governors have decided that the primary objective must be to help obtain education, other than primary, in the widest sense and awards will not be made for:
-
(1) The first year of a first degree, save in exceptional circumstances.
-
(2) Students who wish to study outside the UK.
-
(3) Second degree courses where the grade in the first degree is lower than a 2(1), save in exceptional circumstances.
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(4) Expeditions overseas, emergency funding or clearance of existing debts.
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(5) Students over the age of 35 years when their course of study commences, save in exceptional circumstances.
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(6) “A” levels, GCSEs and Foundation degrees. Except in exceptional circumstances students on Access, ESOL, HNC, HND, BTEC, SVQ and NVQ levels 1-4.
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THE SIDNEY PERRY FOUNDATION
REPORT OF THE GOVERNING BODY (CONTINUED)
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those 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 Charity 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;
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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 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 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.
Approved by order of the board of trustees on 24[th] September 2025 and signed on its behalf by:
Christopher Field (Chairman)
Page 5
Independent Examiner’s Report to the Trustees of The Sidney Perry Foundation
I report to the trustees on my examination of the accounts of The Sidney Perry Foundation for the year ended 31[st] December 2024.
This report is made to the Trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees, as a body, for my examination for this report or for the opinions I have formed.
Responsibilities and basis of report
The Charity’s Trustees are responsible for the preparation of the financial statements: The Charity’s Trustees consider that an audit is not required for this year (under section 145 of the Charities Act 2011 (the Act) and that an independent examination is needed. It is my responsibility to examine the financial statements (under section 145(1)(a) of the Act); to follow procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Act, and to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
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 aspect:
- a) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or b) that accounts do not accord with those records; or c) that 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 the 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.
Greg Stevenson Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD
Date: 24[th] September 2025
Page 6
THE SIDNEY PERRY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31[ST] DECEMBER 2024
| Notes INCOME FROM: Legacies and donations Investment income Bank interest Total EXPENDITURE ON: Raising funds Charitable activities 2 Total Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments 4 Net income/(expenditure) and Net movement in funds Fund balance brought forward FUND BALANCE CARRIED FORWARD |
Unrestricted Funds £ 2,770 223,915 4,539 231,224 - 340,046 340,046 (108,822) - (108,822) 337,475 £228,653 |
Restricted Funds £ - 234 - 234 - 234 234 - - - - £- |
Endowments Funds - - - - - - - - 116,903 116,903 4,818,383 £4,935,286 |
Total 2024 £ 2,770 224,149 4,539 231,458 - 340,280 340,280 (108,822) 116,903 8,081 5,155,858 £5,163,939 |
Total 2023 £ 300 231,533 4,048 |
|---|---|---|---|---|---|
| 235,881 | |||||
| - 213,409 |
|||||
| 213,409 | |||||
| 22,472 85,844 |
|||||
| 108,316 5,047,542 |
|||||
| £5,155,858 |
The detailed comparative Statement of Financial Activities is set out in Note 9.
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THE SIDNEY PERRY FOUNDATION
BALANCE SHEET
AS AT 31[ST] DECEMBER 2024
| Notes FIXED ASSETS Tangible Assets 3 Investments 4 CURRENT ASSETS Bank Balances Debtors 5 Creditors: Amounts falling due within one year 6 NET ASSETS CAPITAL FUNDS Endowment Funds 7 INCOME FUNDS 7 Restricted Funds Unrestricted Funds |
2024 £ £ - 5,081,541 5,081,541 86,538 - 86,538 (4,140) 82,398 £5,163,939 4,935,286 - 228,653 £5,163,939 |
2023 £ £ - 4,964,638 4,964,638 188,305 6,875 195,180 (3,960) 191,220 £5,155,858 4,818,383 - 337,475 £5,155,858 |
2023 £ £ - 4,964,638 4,964,638 188,305 6,875 195,180 (3,960) 191,220 £5,155,858 4,818,383 - 337,475 £5,155,858 |
|---|---|---|---|
| 4,964,638 191,220 |
|||
| £5,155,858 | |||
| 4,818,383 - 337,475 |
|||
| £5,155,858 |
The financial statements were approved by the Board of Trustees on 24[th] September 2025 and were signed on its behalf by:
Christopher Field (Chairman)
Page 8
THE SIDNEY PERRY FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31[ST] DECEMBER 2024
1. ACCOUNTING POLICIES
- a. The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) ‘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 (FRS102), Financial Reporting Standard 102’ The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The accounts have been prepared to give a “true and fair” view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a “true and fair view”. This departure involved following the latest Charities SORP (FRS 102) issued in 2019 rather than the superseded Charities SORP which was issued in 2005 and which is still referred to in the regulations.
The functional currency is the £ sterling.
The Sidney Perry Foundation meets the definition of a public benefit entity under FRS102.
The trustees consider that there are no material uncertainties about the Foundation’s ability to continue as a going concern.
- b. Donations and Legacies:
Donations are accounted for in the year in which they are received and legacies are accounted for when there is certainty as to the amount receivable.
- c. Investment Income:
Income from investments, together with any associated tax credit, is accounted for in the year in which it is due to be received.
d. Grants to Beneficiaries:
Grants to beneficiaries are treated as an application of income in the year in which they are approved for payment by the Awards Panels.
- e. Administration expenses
Administration expenses are shown inclusive of VAT, where applicable.
f. Investments
Investments are a form of basic financial investment and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
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THE SIDNEY PERRY FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31[ST] DECEMBER 2024
-
g. Fixed Assets
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Depreciation is provided on office equipment on a straight line basis over its useful economic life of four years.
h. Funds
General funds represent the funds of the Charity that are not subject to any restrictions regarding their use and are available for application to the general purpose of the Charity. Restricted funds are funds which are used in accordance with specific restrictions imposed by the donor.
Page 10
THE SIDNEY PERRY FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31[ST] DECEMBER 2024
2. EDUCATIONAL GRANTS
| Grants awarded during the year Prior year grants Support Costs of Processing Grant applications Support Costs of Processing Grant applications: Secretarial Services Postage, Stationery and Other Expenses Depreciation Bank Charges Governance Governance Annual General Meeting Accountants’ Remuneration: - Independent Examination |
2024 £ 306,326 - 306,326 33,954 £340,280 27,500 801 - 151 5,502 £33,954 1,362 4,140 £5,502 |
2023 £ 183,646 (2,500) 181,146 32,263 £213,409 25,625 1,458 - 161 5,019 £32,263 |
|---|---|---|
| 1,059 3,960 £5,019 |
The Governors, who are the Trustees of the Foundation, do not receive any remuneration and have not received any reimbursement of expenses.
During the year a total of 102 grants amounting to £199,777 (2023: 82 grants amounting to £118,804) were payable to individual applicants to assist them to undertake educational courses. £30,000 to 13 Instrumental Fellows was awarded through the Philharmonia Orchestra/Martin Musical Scholarship Fund (2023: £30,000). £30,000 was awarded to 6 Vocal students through the Guildhall School of Music (2023: £30,000), RCN was awarded £20,000 and UKWPMED £18,000. Two awards made through the Open University Engineering Award amounting to £8,549 (2023: £4,842).
The Charity has no employees, all administration being undertaken during the year by the Secretary.
There were no related party transactions in the year.
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THE SIDNEY PERRY FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31[ST] DECEMBER 2024
3. TANGIBLE FIXED ASSETS
| Cost: At 1stJanuary 2024 Additions At 31stDecember 2024 Depreciation: At 1stJanuary 2024 Charge for the period At 31stDecember 2024 Net Book Value: 31stDecember 2024 31stDecember 2023 4.INVESTMENTS COIF Charities Investment Fund (105,551 units) M&G Charifund Income (200,000 units) Market Value Brought Forward Additions Disposals Realised Gain based on Opening Market Value Unrealised Gains/(Losses) Total Investment Gain/(Loss) Market Value Carried Forward |
2024 Cost Market Value £ £ 1,374,878 2,504,841 1,618,970 2,576,700 £2,993,848 £5,081,541 4,964,638 353,100 (353,100) (5,648) 122,551 116,903 £5,081,541 |
Office Equipment Office Equipment 2024 2023 £ £ 1,303 1,303 - - 1,303 1,303 1,303 1,303 - - 1,303 1,303 £- £- £- £- 2023 Cost Market Value £ £ 1,021,778 2,094,658 1,850,251 2,869,980 £2,872,029 £4,964,638 4,828,794 375,675 (325,675) (12,314) 98,158 135,844 £4,964,638 |
Office Equipment 2023 £ 1,303 - |
|---|---|---|---|
| 1,303 | |||
| 1,303 - |
|||
| 1,303 | |||
| £- | |||
| £- | |||
| £4,964,638 | |||
| 4,828,794 135,844 |
|||
| £4,964,638 |
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THE SIDNEY PERRY FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31[ST] DECEMBER 2024
5. DEBTORS
| Prepayments 6. CREDITORS Accruals .FUNDS CAPITAL FUNDS Permanent Endowments Sidney Perry Foundation Fund Covenantors Educational Trust Fund Helen Fullerton Exhibition Fund Wilson Foundation Fund Sir Eric Miller Bequest Fund Barratt Scholarship Fund CAPITAL FUNDS – comparative 2023 Permanent Endowments Sidney Perry Foundation Fund Covenantors Educational Trust Fund Helen Fullerton Exhibition Fund Wilson Foundation Fund Sir Eric Miller Bequest Fund Barratt Scholarship Fund |
Balance 31/12/23 £ 4,728,204 61,863 5,675 4,659 14,876 3,106 £4,818,383 Balance 31/12/22 £ 4,649,725 56,811 5,211 4,279 13,661 2,852 £4,732,539 |
Realised Gain/(Loss) on Investments £ (5,647) - - - - - £(5,647) Realised Gain/(Loss) on Investments £ (12,314) - - - - - £(12,314) |
2024 £ £- 2024 £ £4,140 Unrealised Gain/(Loss) on Investments £ 120,603 1,335 123 101 321 67 £122,550 Unrealised Gain/(Loss) on Investments £ 90,793 5,052 464 380 1,215 254 £98,158 |
2023 £ £6,875 2023 £ £3,960 Balance 31/12/24 £ 4,843,160 63,198 5,798 4,760 15,197 3,173 |
|
|---|---|---|---|---|---|
| £4,935,286 | |||||
| Balance 31/12/23 £ 4,728,204 61,863 5,675 4,659 14,876 3,106 |
|||||
| £4,818,383 |
7. FUNDS
Page 13
THE SIDNEY PERRY FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31[ST] DECEMBER 2024
7. FUNDS (continued)
Income arising on the Helen Fullerton Exhibition is for the restricted purpose of awarding university exhibitions to individuals intending to qualify for certain professions.
Income arising on the Barratt Scholarship Fund is for the restricted purpose of awarding certain university scholarships.
The income arising on all other endowments can be used for the general purposes of the charity.
| INCOME FUNDS Restricted Funds Balance 31/12/23 Net Incoming Resources £ £ Helen Fullerton Exhibition Fund - 151 Barrett Scholarship Fund - 83 £- £234 All income arising on these funds was expended during the year. Unrestricted Funds £337,475 £231,224 INCOME FUNDS–comparative 2023 Restricted Funds Balance 31/12/22 Net Incoming Resources £ £ Helen Fullerton Exhibition Fund - 149 Barrett Scholarship Fund - 81 £- £230 Unrestricted Funds £315,003 £235,651 |
Resources Expended £ (151) (83) £(234) £(340,046) Resources Expended £ (149) (81) £(231) £(213,179) |
Balance 31/12/24 £ - - |
|---|---|---|
| £- | ||
| £228,653 | ||
| Balance 31/12/23 £ - - |
||
| £- | ||
| £337,475 |
As set out in note 8, both the permanent endowment funds and a significant proportion of the unrestricted income funds are invested. The unrestricted income funds are available to be spent at the discretion of the Governors.
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THE SIDNEY PERRY FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2024
8. SPLIT OF ASSETS BETWEEN FUNDS
| Balances at 31stDecember 2024 represented by: Fixed Assets Investments Net Current Assets Split of Assets Between Fund – at 31st December 2023 Balances at 31stDecember 2023 represented by: Fixed Assets Investments Net Current Assets |
Un- restricted Funds £ - 146,255 82,398 £228,653 Un- restricted Funds £ - 146,255 191,220 £337,475 |
Restricted Funds £ - - - £- Restricted Funds £ - - - £ - |
Permanent Endowments £ - 4,935,286 - £4,935,286 Permanent Endowments £ - 4,818,383 - £4,818,383 |
Total £ 5,081,541 82,398 |
|---|---|---|---|---|
| £5,163,939 | ||||
| Total £ - 4,964,638 191,220 |
||||
| £5,155,858 |
Page 15
THE SIDNEY PERRY FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2024
9. COMPARATIVE FIGURES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOMING RESOURCES Legacies and donations Investment income Bank interest Total EXPENDITURE ON Raising funds Charitable activities Total Net income/(expenditure) before investment gains Net (losses) on investment Net income/(expenditure) and Net movement in funds Fund balance brought forward NET MOVEMENT IN FUNDS |
Un- restricted Funds £ 300 231,303 4,048 235,651 - 213,179 213,179 22,472 - 22,472 315,003 £337,475 |
Restricted Funds £ - 230 - 230 - 230 230 - - - - £- |
Endowment Funds £ - - - - - - - - 85,844 85,844 4,732,539 £4,818,383 |
Total 2023 £ 300 231,533 4,048 |
|---|---|---|---|---|
| 235,881 | ||||
| - 213,409 |
||||
| 213,409 | ||||
| 22,472 85,844 |
||||
| 108,316 | ||||
| 5,047,542 | ||||
| £5,155,858 |
10. RELATED PARTIES
There were no related party transactions arising in the year (2023: none), other than the reimbursement of Trustees expenses.