Charity Registratlon No. 328182 THE HARDING TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS for the year ended 5 April 2024 THE HARDING TRUST LEGAL AND ADMINISTRATIVE INFORMATION TTustses Mr John Paul Claude Fowell Mr Michael Norman Lloyd Mr Geoffrey George Wall Mr Richard David Platt Charity number 328182 Independent examiner Jean Ellis BA FCA CTA Casue Chambers 43 Castle Street LiverF)ooI L2 9TL Accountsnts DSG Chartered AcLounlanls Casue Chambers 43 Castle Street Liverpool L2 9TL Solicitors Brabners LLP Horton HoLtse Exchange Flags iverpool L2 3YL Investment advisors Canaccord Genuity Wealth Management Saggar House Princes Drive wor￿ster WR12PG THE HARDING TRUST CONTENTS Page Trustees, report Independent examinerfs report Slalemenl ol finanaal activities Balance sheet Notes lo the financial slalements 10-17 THE HARDING TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present Iheir annual report and ffinan￿al slalements for the year ended 5 April 2024. The financial slalements have been prepared in accordance wrth the accounting policies sel oul in note 1 to the financial slalemenls. Objectives and activltles Charitsble objects The charitable objects of Ihe Harding Trust are lo apply the funds held for the benefft of such charitable objects and purposes as the trustees may in their discretion think fil which promote. improve develop and mantain public education in and appreciation of the art and scienc£ of musi The trustees may also. at their discretion, apply up to 200A of the income generated for the beneft of other charitable objects and purposes. Aims of charity The aims of the charity are lo apply. al the discretion of the trustees, grants to Ihe charttable obiecls. mainly bul not exdusively in Staffordshire and the surrounding areas. The trustees purchased a Sleinway D GrarKI Piano (No. 466700} in August 2011 with Ihe aim of further providing a way of assisting organisations lo provide lor ujncert perfomances. How achievement of aims furthers objectives The Iruslees, by sponsoring or by otherwise supporting public concerts, recitals and performances by aFnaleur and piofessional organisalions, as well as piano hire lo organisations have been able to achieve their charilable objects. Strategies for achieving aims The Iruslees. main strategy to achieve their aims continues to be grant making. ststement of compliance with Charity CommTssion guidance The Iruslees have paid due regard lo the Charity Commission's guidancE on public benefit in de￿dIng the activities undertaken by the Charity during the year. The trustee5 are satisfied that the infomiali¢M provided in Ihe report and accounts meet the public benefit reporting requirements. Charitable activities The only operational aclimties other than those involved in the operalion of Ihe investment portfolio is the provision of the Steinway D Grand Piano for hire by organisalions for concert perfomiances. Grant making policy The charitable trust is mainty involved in grant making in furthefance of the charivs aims. Grants made during the year are recognised in the accounts in the period in which they are due and payable. THE HARDING TRUST TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Achievements and perfOrn￿nCe Charitable achievements The Iruslees are happy that by applwng their intended musical grants lo various soueties, festivals, trusls, performances and theatres they have been able to fuEfiI their aims in providing sponsorship and 01hen￿lse supporting various public concerts, recrtals and perfom)ances by both amaleur and professional organisalions. In addition lo the musical grants. the Iruslees have also been able to make several donations lo various hospices and other organisalions. The charitable trust has been able to suppty the Steinway D Grand Piano it acquired to various organisations for concert performances. The Iruslees have appointed Sloke on TFent Festival Limited (registered charity no 50068n as agents lo deal wrth all the practicalrties Of administration in dealing with the hire of the piano. They report and account to the trustees on an annual basis and their aclivilies are contained within the body of these accounts. The piano's storage and Maintenan￿ was undertaken by Gilberts Piano Storage. Investment perfom)ance Most of the Injsl's capitsl is invested on the stock market, and throughout the yeaT the total ￿tUrn of Ihe portfolio fell within the ttuslees acceptable variance of the perfomiance benchmark. Ongoing investment advtce is provided by Canaccord Genuity Wealth Management in conjunction with the trustees. The market value of the portfolio on 5th April 2024 was £5.458,726 (£5.361.548 in 20231. THE HARDING TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Financial review Revlew of financial posltion The charitable trusys over311 fund balances for the year lolal £5,822.398 cA)mp8red with £5,815,253 for 2023. Aftei taking into consideration tol21 net income and expenditure. net gains on inveslmenls. commrtmenls lo charitable donatior¢s and govemance costs, there was an overall increase in the nel movement in ftjnds of £7.145 compared 10 2 decrease of £153,144 in 2023. The Iruslees have also reviewed Iheir grant making capability and are happy, going forward, that there will be sufficient income year on year lo enable them lo meet the finan¢i31 commttments of the charitable trust. The trustees consider their investments as expendable endowments, prowding a relatively secure and predictable stream of income from which lo make gfants. The truslees aim to distribute as large a per￿ntage of ,Ihe income, nel of expenses, as possible in each financial year. However, any unrealised gains and income levels on investments held are conlinuatly rev￿Wed by the trustees al their meetings lo ensure that they have sufficient fynds to meet Iheii objectives. Reserves policy The policy of the tharilable trust is Ihal unrestricted fuThJs which are of a caprtal nature should be maintained as far as possible to achieve future growth. whilst those of an income nature should be utilised as far as possible lo meet the grant making activity and cover Ihe annual expenditure relating to ils charitable actiwlies involved in maintaining and supplying the piano. As such. the Irustees are happy thal SLrfficient ftjnds have been maintained lo meet their charttable objectives throughout the year. Investment poltcy The trustees are responsible for the investment decision making process whilst the investment managers act in an adwsory capacity. Ongoing advi￿ is initiated by Ihe investment managers and is also gwen when requested by the Iruslees where issues atise_ The Iruslees, in conjunction wilh the investment managers. are lo avoid exposure to investments which are deemed to be unsuitable in the context of the trusvs objectives when considering the portfolio as a whole. The investment manager is also lo have regard to the need for diversification and the lolal amounl invested in a single company or security should not exceed 5°h of the market value of the Itusfs total porttolio at the lime of purchase, or 10% of the market value of the Injsl's lolal portfolio at any time. The benchmark upon which the inveslmenl portfolio is measured is based upon Ihe MSCI WMA Private Investor Balan￿d. The inveslmenl managers will prowde haw year valuat￿nS and report5 in April and October and will allend Ihe trustees, AGM. Valuations are also available online to all trustees. The Injslees will infom the investment manager of any relevant Changes to the trust objectives and any other developmenls that resu￿ in a required change of investment polw. There are no speafic restrictions of investment powers under the goveming deed.. the trustees have full discretion over the investments. The investment managets have been employed under their Discretionary anagemenl Senrice since July 2023, whereas previousty Il was an Advisory Service, and the truste8s consider proposals with a wew to adherence to their investment poliaes. The trustees regularly remew their investment policies and do not feel any amendments are nece$5ary. THE HARDING TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Risk management The Irusiees have considered the major risks lo which the chanty is exposed and have established systems and procedures lo manage these. This includes the appointment of solicitors 2nd accountants lo provÉde legal advi￿, accountancy and secretarial seNices.' investmenl adwsors lo prowde continuous oversight of the trust's investment portfolio. and the Iruslees themselves have agreed to delegate ￿rtain functions to those with the appropriate skills lo monitor the effective management of the trust and the application of fvnds lo fulfil their charitable objectives. The Iruslees o)nsider the variabilty of investment relums constitute Ihe charivs maior financial risk and have put the investment policy in place lo fflanage that risk. Plans for the future The trustees are satisfied that their current policies are suffiuenl to meel the objectives of the Irusl and continue 40 review the position. A J Harding Will Trust Mrs Sally Warnock, the life tenant of the A J Harding Wll Trust has adwsed the Iruslees of the Will Trust that when the trust comes lo an end the capital of the A J Harding Will Trust does accrue lo the Harding Trust. Mrs Warnock believes that her late husband, Mr Anlhony James Harding, would have wished Ihe inwme generated by his estate lo be applied for the benefrt of sporting tharities for the young. The trustees fully underslaThJ and appreaale the sentiments expressed by Mrs Wamock in this regard. They have no hesitation in agreeing to lake into account these wishe5 Wtihin the ambit of the Harding trust deed. It was agreed that this note will be included in the annual accounts of the Harding Trust lo ensure consideration when the funds are applied lo the Harding Trusl. THE HARDING TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Structure. governance and management Nature of governing document and charity constitution The charitable trust was established by deed dated 14th April 1989 by Michael Eric Harding. Subsequent lo the original deed. a supplemenlal deed dated 4th May 2001 irrevocably amended the objects of the charity using the powers contained in dause 7 of the original deed to their present fomial. The supplemental deed dated 4th May 2001 has been submitted to and approved by the Charity Commission. The trust was originally consliluted by the inlroduclion of cash and inveslmenls for the purposes ol investment and the fulfilment of the charitable aims of the trust. Trustees , The trustees who served during the year and up to the date of signature of the financial slalemenls were.. Mr John Paul Claude Fowell Mr Michael Norman Lloyd Mr Geoffrey George Wall Mr Richard Oawd Platt Recruitment and appointment of trustees The power to appoint further trustees rests wilh the existing Irustees who continue to review the future reqtjirements of the charitable trust and professional experience when considering the appointment of new Iruslees. Organisational structure The trust is mainty a grant making charity. In general, Geoff Wall and Richard Plall act in conju￿tIOn with the inveslmenl managers, currenly Canaccord Genuity Wealth Management, in respect of the investment portfolio whilst Mike Lloyd and John Fowell deal with the charitable donations induding identifying and liaising with organisations whose activities help fulfil Ihe objecb.ves of Ihe charity. How de¢l$lons are made The charity is run by a body of Iruslees who liaise regularly amongst Ihemselves and with their professional advisors and fomially review the poliaes and objectives of the Ifust once a year. The Iruslees act in accordance wrth the deasions made al these meetings with the appropriate aclions minuled. Induction and training of trustees Incoming Iruslees will be made aware of their responsibilrties and the trusys objectives from the existing truslees and their professional advisors at the date of their appointmenl. The trustees are kept up to date on relevant matters by their professional advisors. Operatlonal restrictions There are no specific restrictions imposed on the trustees by the goveming document conceming the way the harity can operate. Special investrnent powers There are no specific reslriclions on the trustees investment powers. The trustees have deuded for Ihe time being not lo impose reslriclions of their own on the fund managers as listed in the investment policy. Asset cover for funds The trustees are satisfied there are SLtfficienl assets lo meel the charity's obligations. THE HARDING TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Trustee approval and signature The Iruslees, report was approved by the Board of Trustees. Mr Richard David Platt Trustee Tnjslee LL tr-/) Dated.. 0511212024 Dated.. 0511212024 THE HARDING TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HARDING TRUST I report lo the Injslees on my examinalion of the finanoal statements of The Harding Trust (the d)artyl for the year ended 5 April 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial 51alements in accK)rdance with the requirements of the Chariiies Act 2011 (the 2011 Ad}. I report in respect of my examination of the tharity's financial ststemenls caffled out under section 145 of the 2011 Act. In carying out my examination I have followed all the applicable 01￿ctiOnS given by the ChaTity Commission under section 745{51{b) of the 2011 Act. Independent examinerfs ststement Your attention is drawn lo the fad that the charity has prepared finanaal statements in a(X0rda￿ with 'Accounting and Reporting by Charities prepaiing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 in preference to the Accounting and Reporting by Charitie5". Statement of Recommended Piactice issued on 1 April 2005 which is referred lo in the extant regulations bul has now been withdrawn. understand that this has been done in order for financial slalemenls to provKle a true arKI fair view in accordance with Generally Accepted Accounting Practice effeclive for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any matenal respe¢t'. accounting records were nol kepl in respect of the charity as required by section 130 01 the 2011 Act; or the financial statements do not accord with those records". or the financial slalernenls do not comply with the applicable requirements conceming the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair wew which is not a mattel o)nsidered as part of an independent examination. I have no concems and have come across no other matters in cL)nnection wÈth the examinalion lo which attention should be drawn in this report in order to enable a proper understanding of Ihe financAal slalemenls to be reached. Jean Ellis BA FCA CTA Independent Examiner 2310112025 THE HARDING TRUST STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted Unrestricted funds funds Revenue Capitsl 2024 2024 Total Total 2024 2023 Notes Investmenls 185.392 185,392 179,134 Rai￿ng funds 30,131 3Q,131 18,889 Charitable activities 183,508 8,835 192,343 181,265 Total resources expended 183.508 38,966 222,474 200,154 Nel gainslllosses) on investments 36.227 36.227 (132,124) Net movement in funds 1.884 (2,739> {855) (153,144) Fund balances at 6 April 2023 330,926 5.484.327 5,815,253 5,968,397 Fund balances at 5 April 2024 332.810 5,481,588 5.814,398 5,815,253 The slalement of financial aclivilies includes all gains and losses recognised in the year. All incoTne and expendilure derive from continuing activtties. THE HARDING TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notes Fixed assets Tangible assets Investments 10 11 19,450 5,458,726 19.450 5.361,548 5,478,176 5.380,998 Current assets Cash al bank and in hand 374.939 458,826 .Creditors.' arnounts falling due within one year 13 138,7171 (24,571) Net current assets 336,222 434,255 Totsl assets less current liabilities 5,814,398 5,815,253 Unrestricted funds Capital funds Revenue funds 5.481.588 332.810 5.484,327 330.926 5.814,398 5.815.253 ancial statements were approved by the Trnslees o 0511212024 Mr Geoffrey George Wall Trustee Mr Richard David Platt Trustee THE HARDING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Charity infomiation The Harding Twst is a charttable trust, charity registration number 328182, created by Michael Enc Hatding by a deed dated 14th April 1989 and subject to a subsequent deed dated 4th May 2001. 1.1 Accounting convention The accounts have been prepared in atxordance wrth the chartvs trust deed, the Charities Acl 2011 and "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). (as amended for ar￿)untIng periods commencing from 1 January 2016). The charity is a Public Benefit Enlity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial slalements are prepared in slerting, which is the functional cUr￿ncY of Ihe charity. Monetary amounts in these financial slatements are rounded lo the nearest £. The accounts have been prepared under the historical c£fyst convention, modified to inclLKle the reqLired revaluation of financial instruments at fair value. The principal accounting policies adopted are sel out below. 1.2 Going concern Al the time of appromng the finanoal Èlalements. the trustees have a reasonatAe expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the tnBtees continue to adopt the going concern basis of accounbng in preparing Ihe financial statemenls. 1.3 Charitsble funds The charity onty consists of unrestricted funds which are available for use at the discretion of the trustees in furtheran￿ of their charitable objectives unless the fiJnds have been designated for oiher purposes. 1.4 Income Income is recognised when the charrty is legalty enlitled to it after any perfomance conditions have been mel. the amounts can be measured reliabty, and il is probable that ino)me will be received. Apart from the receipt of capital trom the A J Harding Trust il is nol anticipated that any further cash donations or legacies are lo be made lo the charitable Irusl. Any income from the hire of the piano is measured al the fair Wdlue of the consideration received or re￿ivable and should represent amounts rerkivable for goods and servi￿$ prowded in the nomial course of the charitsble acliwty attri￿ted lo the piano. It bs not anticipated that any surplus income will be receivable from this actiwty bul one where the aclimty I￿(￿1S an ongoing expense. 1.5 Expenditure Expenditure, including grants made, is recognisable when and to the extent that the liabilily is incurred. 1.6 Tangible fixed assets Tangible fixed assets are initialty measured at cost and subsequently measured at cost or valuation, nel ol depreciation and any impai￿ent losses. The gain or loss arising on the disposal of an asset is detem)ined as the differen￿ be￿een the sale proceeds and the ￿rryIng value of the asset, and is recognised in the statement of financial actrvities. 10- THE HARDING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continued) 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction pri￿ induding transaction costs, ar)d are subsequentty measured al fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditure) for the year. Fair value on fixed asset investments is measured as al the balance sheet dale as follows.. Listed securities at mid market value., sted securities held in foreign cU￿en￿eS al mid mat1(et Wdlue and translated into their sterling equivalent al the accounting date., Government Securtlies al mid marf(el value and do nol indude inleresl accrued. Unrealised gains and losses are included on the statement of financial adivtties. 1.8 Impairrnent of fixed assets Al each reporting end dale, the charity remews the carrying amounts of its tangible assets to delemine whether there is any indication that those assets have suffered an impairment loss. If any such indution exists, the recoverable amount of the assel is eslimaled in OTder to delemiine the extent of Ihe impaitmer¢l loss. 1.9 Cash and cash equivalents Cash and cash equivalenls include C*8sh in hand, deposits held at call wtth banks, other short-lemi liquid investments with original maturities of three months or less. In the unlikety event that a bank overdraft arises, would be shown wthin borrowngs in current liabilities. Basic financial assets Basic financial assets: which indude debtors and cash and bank balances, are initially measured at Iransaclion price induding transaction cAJsts and are subsequently carried al amortised cost using the effective interest method unless the arrangemenl conslttutes a finanryng transaction, where the transaction is easured al the present value of the future receipls discounted al a market rate of interest. Financial assets c13S5ified as receivable within one year ale not amortised. Basic financial liabllities Basic fin3ncial liabilrties, induding credtlors and bank loans are initialty recognised al transaction price unless the arrarbgement conslilules a financing transaction, where the debt instrument is measured al the present value of the future payments di5counled al a markel rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade Creditors are in respect of the hire of the piano and Other creditors represent obligations to pay for goods or seNces that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassrfied as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade credilors and Other creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effective inleresl method. Derecognition of financial liabilities Financi21 liabilities are derecognised when the thaiilrfs contractual obligations expire or are discharged or cancelled. 11 THE HARDING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continued) 1.10 Employee benefits The cost of any unused holiday entiuement is recognised in the period in which the employee's semces are received. Termination beneffts are recognised immediatety as an expense when Ihe charity is demonslrably committed lo lerrninate the employment of an ernployee or lo prowde terniinalion benefiis. Investments 2024 2023 Income from UK equities. inveslmenl Irusls, unst trusts & OEICS Income from foreign equities, ir)vestmenl trusts. unit trusts & OEICS Income from UK irbleresl bearing investments Income from foreign inleTesl bearing investments stockbroker interest- received gross 104,472 43,601 18,199 11.031 8.089 118,873 38,830 10,335 7,948 3,148 185.392 179,134 12- THE HARDING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Raising funds 2024 2023 Investment management 30.131 18.889 30,131 18,889 Charitable activities Grant Piano hire funding Total 2024 Total 2023 Depreaation and impairment Gilberts Piano Storage Insurance 2,334 480 42 39 39 519 519 2.856 Grallt funding of activities {see note 5) 170,250 170,250 158,000 Share of support costs (see note 61 Share of governance costs (see note 6) 5.443 16,131 5,443 16.131 5,198 15,211 191,824 519 192.343 181,265 Analysis by ￿nd Revenue funds Capital funds 182.989 8.835 519 183,508 8.835 191.824 519 192.343 For the year ended S April 2023 Revenue funds Capital funds 169.834 8,575 2.856 172,690 8,575 178,409 2,856 181.265 Grants payable 2024 2023 Grants to institutions.. Musical donations (see appendixl Other donations (see appendixl 148.750 13,500 146,500 11.500 170,250 158,000 13- THE HARDING TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 5 APRIL 2024 Support costs Support Governance costs costs 2024 2023 Secretarial support fees Travel expenses and costs of meetings 4,572 871 4,572 871 4,314 884 Accountancy Examiner Legal and professional 6.756 6.756 540 8.835 6,144 492 8.575 8.835 5.443 16,131 21,574 20,409 Analysed be￿een Charitable activities 5,443 16,131 21,574 20,409 Governance costs includes payments lo the independent examiner of £540 {2023- £492) for the independent examination of the ac£ounts. Trustees None of the trustees (or any persons connected with Iheml re￿IVed any remuneratson during the year, bul they were reimbursed a lolal of £871 Iravelling expenses and disbursements {2023- they were reimbursed £883.50). 14- THE HARDING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Net gainsl(lossesl on tnvestments 2024 2023 Revaluation ol investmenls Gain/{loss) on sale of inveslments 60.252 (24.0251 {85.624) {46,500) 36.227 {132.124} Taxation The charity is exempl from tax on income and gains falling wilhin section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extenl that these are applied lo its charitable obiects. 10 Tangible fixed assets Plant and 8quiprnent {Pianol Cost At 6 April 2023 46,680 At 5 April 2024 46,680 Depreciation and impaimient At 6 Aprbl 2023 27,230 At S Aprtl 2024 27,230 Carrying amount At 5 April 2024 19,450 At 5 April 2023 19,450 15- THE HARDING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Fixed asset investments Listed investments Cost or valuation Al 6 April 2023 Additions Valualion changes Profill{loss) on sales Disposals 5,361,548 258,312 60,252 (24,025) (197,3611 Al 5 April 2024 5,458,726 Carying amount Al 05 April 2024 5,458.726 Al 05 April 2023 5,361.548 12 Financial instruments 2024 2023 Carrying amount of financial assets Equty inslruments measured al c(Jst less impaimient 5,458,726 5,361,548 Carrying amount of financial liabilities Measured al fair value through Profit or loss Measured al amortised c05t 38,717 24,571 13 Creditors: amounts falling due within one year 2024 2023 Trade credrtors Other creditors 6,493 32,224 6,013 18,558 38.717 24.571 16- THE HARDING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 14 Analysis of net assets between funds Revenue Funds 2024 Capitsl Funds 2024 Totsl Total 2024 2023 Fund balances al 5 April 2024 are represented by: Tangible assels Investments Current assetsloiabilities) 19,450 5.458,726 3.412 19,450 19,450 5,458,726 5,361,548 344.222 434,255 340.810 340.810 5,481.588 5,822,398 5,815,253 15 Related party transactions There were no disclosable related party transactions during the year (2023 - none). 17