REGISTERED CHARITY NUMBER: 502893
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
PEMBROKESHIRE BLIND SOCIETY
L M Griffiths & Co Limited Chartered Certified Accountants 1&2 Merlins Court Winch Lane Haverfordwest Pembrokeshire SA61 1SB
PEMBROKESHIRE BLIND SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 15 |
| Detailed Statement of Financial Activities | 16 | to | 17 |
PEMBROKESHIRE BLIND SOCIETY
REPORT OF THE TRUSTEES for the Year Ended 31 March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and activities for the public benefit
The main objectives of the charity are to promote the material mental and spiritual welfare of persons within the County of Pembrokeshire who are suffering from blindness, total or partially sighted. In particular it makes grants of equipment, and gifts of any kind whatsoever or otherwise to or for the benefit of such persons by arranging for them to be visited wherever they may be from time to time, and by arranging transport, trips or holidays for them. The beneficiaries may also include registered partially sighted persons, at the discretion of the Management Committee.
The strategies employed to achieve the charities objectives are to:
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provide annual gifts to members to support members and provide aids or assistance.
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purchase small items of equipment for members and consider requests for grants of up to £500.
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monitor membership lists and deal with day to day problems, and provide help, support and advice to members.
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employ support workers who arrange trips, outings and give help and advice to members, ensuring their continued
-
well-being.
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arrange Christmas lunches for both south and north of the county.
The Trustees confirm that they have complied with the duty of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. This guidance has been referred to when reviewing the Charity's aims and objectives and in planning future activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Project Workers are continuing to work with the VIP Groups.
They are in the process of reviewing the work they do with the various groups as since covid some of the contact work is now done by telephone.
Volunteer visitors in some parts of the county continue to do sterling work, with the main social event of the year continuing to be the two Christmas lunches. Volunteers assist in arranging the Christmas lunches and also provide support to members at some of these events.
One of the main functions of the Society has been to provide assistance for members in the form of gifts. An annual gift of £100 is sent to registered members.
FINANCIAL REVIEW
Principal funding sources
Investment income is the principle source of funding for the Charity.
Investment policy and objectives
The Committee's investment powers are governed by the Trust Deed, which permits the Charity's funds to be invested in any way the Trustees at their absolute discretion think fit.
The Committee's investment policy is that of cautious or low risk. This aims to maximise income whilst the real value of investments is maintained. It enables continued future support to be guaranteed for the registered blind within Pembrokeshire.
Reserves policy
It is the Trustees' intention to try to maintain reserves of approximately £1,000,000 in order to ensure a continued source of investment income from which the expenditure for annual gifts and grants can be made.
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PEMBROKESHIRE BLIND SOCIETY
REPORT OF THE TRUSTEES for the Year Ended 31 March 2023
FINANCIAL REVIEW
Financial review
Resources expended remain consistent year-on-year.
Expenditure again exceeded income from investments, legacies and donations by some £35,283 (2021 - £27,925). At the end of the year there was a decrease in net funds of £19,217 (2021 - increase of £255,684) due to changes in the valuation of investments held.
The end of the year saw financial reserves standing at £1,182,225 (2021 - £1,201,442)
A special mention to Brewin Dolphin here, where they have managed the investment portfolio for you and kept the portfolio at a consistent level even through the current difficult market conditions.
FUTURE PLANS
The charity plans to continue the activities outlined previously in the forthcoming years.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The original trust deed was dated 9th May 1974 and was amended by a scheme dated 8th August 2002, and amended again by a resolution dated 18th November 2016.
Recruitment and appointment of new trustees
Committee members are not trustees unless specifically appointed as such at a properly constituted meeting of the trustees.
Committee members may suggest members for appointment onto the committee and this must be approved by a majority of members in attendance.
Organisational structure
The charity is administered by a Management Committee which can have up to 14 members. The board meets bi-monthly and the treasurer and secretary manage the day to day operation of the charity.
The Management Committee shall consist of:
i Seven elected members from whom are appointed: Chairman, Vice Chairman, Secretary and Treasurer
ii Not more than four co-opted members.
iii Three representative members from:
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Pembrokeshire County Council;
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Social Services departments;
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Community Council.
Members are elected at the Annual General Meeting to serve for a period of one year and they can be re-elected.
Induction and training of new trustees
There are no formal policies in place for induction of trustees at present.
Trustees are encouraged to attend appropriate external training events and conferences to facilitate the undertaking of their role.
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PEMBROKESHIRE BLIND SOCIETY
REPORT OF THE TRUSTEES for the Year Ended 31 March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Related parties
The charity has a close relationship with Pembrokeshire County Council who employ project workers, on behalf of the charity, to work with the blind and partially sighted in Pembrokeshire. All costs are borne by the charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 502893
Principal address
1 Driftwood Close Broad Haven Pembrokeshire
Trustees
All Trustees are members of the Management Committee.The full committee is shown below with an indication as to which ones are Trustees:
President The Very Reverend Jonathan Lean (Trustee) 1st Vice President Mrs Penny Drew 2nd Vice President Mrs Pauline Jones Chairman The Very Reverend Jonathan Lean Trustee Reverend Harri Williams (Trustee) Treasurer Mrs Mary Webb (Trustee) Secretary Mrs Janet Evans (Trustee) Gift Secretary Mrs Sue Devonald Committee Member (North) Mrs Sylvana Jones Committee Member (South) Mrs Sue Moss Social Services Representative Mrs Tracey Martin-Smith County Council Representative Councillor Simon Hancock (Trustee)
Other advisers in attendance: North V.I.P. Representative South V.I.P. Representative North Visitor's Representative South Visitor's Representative Talking Newspaper Representative
Mrs Pat Farrar Mrs Eva Rich Mrs Penny Drew Mrs Maureen Davies Mrs Glenys Davies
Independent Examiner
L M Griffiths & Co Limited Chartered Certified Accountants 1&2 Merlins Court Winch Lane Haverfordwest Pembrokeshire SA61 1SB
Page 3
PEMBROKESHIRE BLIND SOCIETY
REPORT OF THE TRUSTEES for the Year Ended 31 March 2023
REFERENCE AND ADMINISTRATIVE DETAILS Investment advisers
Brewin Dolphin 12 Smithfield Street London EC1A 9BD
Approved by order of the board of trustees on 7 July 2023 and signed on its behalf by:
Very Reverend Jonathan Lean - Trustee
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PEMBROKESHIRE BLIND SOCIETY
Independent examiner's report to the trustees of Pembrokeshire Blind Society
I report to the charity trustees on my examination of the accounts of Pembrokeshire Blind Society (the Trust) for the year ended 31 March 2023.
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 Act and in carrying out my examination I have followed all 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.
Paul Murray The Association of Chartered Certified Accountants
L M Griffiths & Co Limited Chartered Certified Accountants 1&2 Merlins Court Winch Lane Haverfordwest Pembrokeshire SA61 1SB
Date: .............................................
Page 5
PEMBROKESHIRE BLIND SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities General Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 8,047 29,079 37,126 7,651 33,795 41,446 (110,821) (115,141) 1,182,225 1,067,084 |
2022 Total funds £ 1,270 24,098 25,368 8,526 52,125 60,651 16,066 (19,217) 1,201,442 1,182,225 |
|---|---|---|
The notes form part of these financial statements
Page 6
PEMBROKESHIRE BLIND SOCIETY
BALANCE SHEET 31 March 2023
| Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
2023 Unrestricted fund £ - 1,037,212 1,037,212 549 32,751 33,300 (3,428) 29,872 1,067,084 1,067,084 1,067,084 1,067,084 |
2022 Total funds £ 128 1,169,195 1,169,323 59 18,327 18,386 (5,484) 12,902 1,182,225 1,182,225 1,182,225 1,182,225 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 7 July 2023 and were signed on its behalf by:
Very Reverend Jonathan Lean - Trustee
The notes form part of these financial statements
Page 7
PEMBROKESHIRE BLIND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', 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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Governance costs
This includes the cost of the preparation and independent examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost Computer equipment - 20% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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PEMBROKESHIRE BLIND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
2. INVESTMENT INCOME
3.
----- Start of picture text -----
||||
|---|---|---|
|2023|2022|
|£|£|
|Income from listed investments|28,298|24,098|
|Deposit account interest|781|-|
|29,079|24,098|
|RAISING FUNDS|
|Investment management costs|
|2023|2022|
|£|£|
|Charges relating to investments|7,651|8,526|
----- End of picture text -----
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Mrs Janet Evans, secretary, received a honorarium of £1,000 during the year, as authorised by a Charity Commission order dated 11 April 2007.
Mrs Mary Webb, treasurer, also received a honorarium of £1,000 during the year, in accordance with an agreement dated 5 February 2016.
Apart from this, no remuneration was paid to any trustee during the year.
Trustees' expenses
Amounts on account of travel and meeting expenses totalling £550 were reimbursed to two other individuals (2020 - £550).
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
----- Start of picture text -----
||||
|---|---|---|
|2023|2022|
|Project workers|3|3|
----- End of picture text -----
No employees received emoluments in excess of £60,000.
Project workers are directly employed by Pembrokeshire County Council.
Pembrokeshire Blind Society now contributes £25,000 towards the costs of the project workers, payable directly to Pembrokeshire County Council (PCC).
The contract with PCC ran out on 31 March 2020 and following numerous correspondence, including letters, phone calls and meeting, a new contract has not been reviewed by PCC which is concerning for the Trustees of the Charity.
continued...
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PEMBROKESHIRE BLIND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities General Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 1,270 24,098 25,368 8,526 52,125 60,651 16,066 (19,217) 1,201,442 1,182,225 |
|---|---|
continued...
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PEMBROKESHIRE BLIND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
7. TANGIBLE FIXED ASSETS
| Fixtures and fittings £ COST At 1 April 2022 and 31 March 2023 735 DEPRECIATION At 1 April 2022 735 Charge for year - At 31 March 2023 735 NET BOOK VALUE At 31 March 2023 - At 31 March 2022 - 8. FIXED ASSET INVESTMENTS Shares Other Additional information as follows: MARKET VALUE At 1 April 2022 Additions Disposals Revaluations Exchange differences At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Computer equipment £ 3,375 3,247 128 3,375 - 128 2023 £ 995,060 42,152 1,037,212 |
Totals £ 4,110 3,982 128 4,110 - 128 2022 £ 1,153,405 15,790 1,169,195 Listed investments £ 1,153,405 232,947 (280,571) (110,848) 127 995,060 995,060 1,153,405 |
|---|---|---|
continued...
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PEMBROKESHIRE BLIND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
8. FIXED ASSET INVESTMENTS - continued
----- Start of picture text -----
Market Overseas and
value at UK global
year end i nvestments investments
£ £ £
Investments listed on a recognised stock exchange or
held in common investment funds, open ended
investment companies, unit trusts or other collective
investment schemes 1,153,407 568,833 584,574
-
Cash held as part of the investment portfolio 15,790 15,790
Total 1,169,197 584,623 584,574
----- End of picture text -----
Investments, material in terms of value by representing more than 5 per cent of the value of the Charity’s total investments, are disclosed below:
----- Start of picture text -----
|||
|---|---|
|Market value|
|Investment held|£|
|UK Equities|56,711|
|North American Equities|118,863|
----- End of picture text -----
Cost or valuation at 31 March 2023 is represented by:
----- Start of picture text -----
|||
|---|---|
|Listed|
|investments|
|£|
|Valuation in 2020|(95,688)|
|Valuation in 2021|283,609|
|Valuation in 2022|16,066|
|Valuation in 2023|(110,848)|
|Cost|901,921|
|995,060|
----- End of picture text -----
Fixed asset investments were valued on an open market basis on 31 March 2022 by Brewin Dolphin.
Investments (neither listed nor unlisted) were as follows:
----- Start of picture text -----
||||
|---|---|---|
|2023|2022|
|£|£|
|Cash held by broker|42,152|15,790|
----- End of picture text -----
continued...
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PEMBROKESHIRE BLIND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 11. MOVEMENT IN FUNDS At 1.4.22 £ Unrestricted funds General fund 1,182,225 TOTAL FUNDS 1,182,225 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 37,126 (41,446) TOTAL FUNDS 37,126 (41,446) Comparatives for movement in funds At 1.4.21 £ Unrestricted funds General fund 1,201,442 TOTAL FUNDS 1,201,442 |
2023 £ 549 2023 £ 1,800 1,628 3,428 Net movement in funds £ (115,141) (115,141) Gains and losses £ (110,821) (110,821) Net movement in funds £ (19,217) (19,217) |
2022 £ 59 2022 £ 4,000 1,484 5,484 At 31.3.23 £ 1,067,084 1,067,084 Movement in funds £ (115,141) (115,141) At 31.3.22 £ 1,182,225 1,182,225 |
|
|---|---|---|---|
continued...
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PEMBROKESHIRE BLIND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 25,368 | (60,651) | 16,066 | (19,217) |
| TOTAL FUNDS | 25,368 | (60,651) | 16,066 | (19,217) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 1,201,442 1,201,442 |
Net movement in funds £ (134,358) (134,358) |
At 31.3.23 £ 1,067,084 1,067,084 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 62,494 62,494 |
Resources expended £ (102,097) (102,097) |
Gains and Movement losses in funds £ £ (94,755) (134,358) (94,755) (134,358) |
|---|---|---|---|
continued...
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PEMBROKESHIRE BLIND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
12. EMPLOYEE BENEFIT OBLIGATIONS
Project workers can become members of the pension scheme run by Pembrokeshire County Council. Pembrokeshire Blind Society has no obligation or liability under this scheme.
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
Page 15
PEMBROKESHIRE BLIND SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations and legacies | 8,047 | 1,270 |
| Investment income | ||
| Income from listed investments | 28,298 | 24,098 |
| Deposit account interest | 781 | - |
| 29,079 | 24,098 | |
| Total incoming resources | 37,126 | 25,368 |
| EXPENDITURE | ||
| Investment management costs | ||
| Charges relating to investments | 7,651 | 8,526 |
| Charitable activities | ||
| Project worker costs | 12,500 | 12,500 |
| Individual gifts to members | 12,600 | 31,700 |
| Grants and donations | 680 | 1,280 |
| Party expenses | 2,302 | 1,633 |
| Sundry costs | 590 | 161 |
| Support costs | 28,672 | 47,274 |
| Other | ||
| Insurance | 456 | 378 |
| Printing, stationery and postage | 313 | 279 |
| Website costs | 98 | 82 |
| Computer equipment | 128 | 128 |
| Governance costs | 995 | 867 |
| Independent examiner's remuner ation | 1,578 | 1,434 |
| Trustee and committee expenses | 2,550 | 2,550 |
| 4,128 | 3,984 | |
| Total resources expended | 41,446 | 60,651 |
| Net expenditure before gains and losses | (4,320) | (35,283) |
This page does not form part of the statutory financial statements
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PEMBROKESHIRE BLIND SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2023
| for the Year Ended 31 | March 2023 | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Realised recognised gains and losses | ||
| Gains/losses on investment assets | (110,821) | 16,066 |
| Net expenditure | (115,141) | (19,217) |
This page does not form part of the statutory financial statements
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