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← Salt Foundation

2025-07-31-accounts

SALT FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

Charity Registration No. 511978

SALT FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees M Love
V Jenkins
J Needle
S Herdson
J Ashton
D Ford
S Rigg
H Thornton
R Garside
Charity number 511978
Principal address Victoria Hall
Victoria Road
Shipley
BD18 3JS
Registered office Victoria Hall
Victoria Road
Shipley
BD18 3JS
Independent examiner Colin Whitehead FCA
Azets Audit Services Ltd
Carlton House
Bradford
BD1 4NS
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Mailling
Kent
ME19 4JQ
Shawbrook Bank
Lutea House
Warley Hill Business Park
The Drive
Great Warley
Brentwood
Essex CM13 3BE

SALT FOUNDATION

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 15

SALT FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2025

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

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the Charity's Scheme, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019)

Objectives and activities

The Charity's objects are to promote the education of persons resident in Shipley.

The Charity's aims are “the advancement of education and the provision of facilities for recreation and leisure-time occupation”.

Public benefit

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

Achievements and performance

Significant activities and achievements against objectives

The level of cash for normal working was adequate in 2024-25. Careful budget and cashflow forecasts flagged up some issues for trustees to consider in continuing to work towards the charity’s objectives.

Victoria Hall continues to be affected by a trend across the hospitality sector for clients to book and confirm or cancel events within a shorter time frame. Some clients also limit the size of events to save money. The return on our long-term ethical investment portfolio improved in the second half of the year.

Expenditure on building repairs and staffing was closely managed, with adequate cash reserves to meet the charity’s needs for the next 12 months.

Additional staff costs due to the rise in National Insurance costs have been absorbed, but have increased staff costs.

Victoria Hall booking revenues fell below budget, but advance bookings for 2025-26 are strong. Bookings included new community, private and corporate clients and various events for Bradford’s year as UK City of Culture in 2025. Space at Victoria Hall continued to be available at a lower room hire rate than for private and corporate activities.

The first-ever open day at Victoria Hall was held in September, during Saltaire Festival 2024, as part of National Heritage Open Days.

Fundraising performance

Fundraising

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as ‘soliciting or otherwise procuring money or other property for charitable purposes’. The charity does not actively raise funds from the public either directly or via use of an agent, accordingly no such amounts are presented in the financial statements for the year under review. The charity has received no complaints in relation to fundraising activity for the year under review.

Given the nature of the funding of the charity the Trustees consider that it remains appropriate not to be voluntarily bound to be regulated by the Fundraising Regulator.

Financial review

During the year the Charity received income of £426,251 (2024 £431,924). The charity incurred expenditure of £420,659 (2024 £493,211). After accounting for gains on investments of £16,165 (2024 gains £21,344) the charity generated a net increase in funds of £21,757 (2024 £39,943 decrease). This resulted in unrestricted reserves, of £701,217 (2024 £679,916), and £456 restricted funds (2024 £nil).

SALT FOUNDATION

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

Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure, equivalent of £105,000 to £420,000. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Major risks

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Charity is registered with the charity commission and governed by its Scheme dated 27 July 1979.

The Trustees who served during the year and up to the date of signature of the financial statements were: M Kenyon (Chair) (Resigned 30 September 2025) M Love D Servant (Deceased 11 April 2025) V Jenkins J Needle S Herdson J Ashton D Ford S Rigg H Thornton R Garside L Thorpe (Resigned 7 November 2024)

Recruitment and appointment of trustees

The body of Trustees shall consist of nine competent persons who through residence, occupation or employment, or otherwise have special knowledge of Shipley being six nominative Trustees and three co-optative Trustees. The nominative Trustees shall be appointed by the City of Bradford Metropolitan Council for a term of four years. The persons appointed may, but need not, be a member of the Council. Co-optative Trustees are appointed for a term of five years by a resolution of the Trustees passed at a special meeting.

Trustees are selected based on the skills they can bring to the Charity and are trained through mentoring from existing Trustees.

Other matters

Indemnity insurance has been taken out in the year and is included in the governerance costs.

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

M Love

Trustee

5 March 2026

SALT FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SALT FOUNDATION

I report to the Trustees on my examination of the financial statements of Salt Foundation (the Charity) for the year ended 31 July 2025.

Responsibilities and basis of report

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

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

Independent examiner's statement

Since the Charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I 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.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Colin Whitehead FCA, MAAT, BA (HONS) Independent Examiner

Azets Audit Services Ltd

Carlton House Grammar School Street Bradford BD1 4NS

5 March 2026

SALT FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
32
4,914
Charitable activities
4
414,064
-
Investments
5
7,241
-
Total income
421,337
4,914
Expenditure on:
Charitable activities
6
415,309
5,350
Total expenditure
415,309
5,350
Net gains/(losses) on investments
14
16,165
-
Net income/(expenditure)
22,193
(436)
Transfers between funds
(892)
892
Net movement in funds
8
21,301
456
Reconciliation of funds:
Fund balances at 1 August 2024
679,916
-
Fund balances at 31 July 2025
701,217
456		 Total
Unrestricted
funds
2025
2024
£
£
4,946
-
414,064
425,535
7,241
6,389
426,251
431,924
420,659
493,211
420,659
493,211
16,165
21,344
21,757
(39,943)
-
-
21,757
(39,943)
679,916
719,859
701,673
679,916

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

SALT FOUNDATION

BALANCE SHEET

AS AT 31 JULY 2025

Notes
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
The funds of the Charity
Restricted income funds
20
Unrestricted funds
21		 2025
£
91,251
253,089
344,340
(98,377)		 £
139,068
316,642
455,710
245,963
701,673
456
701,217
701,673		 2024
£
20,125
220,797
240,922
(76,110)		 £
148,110
366,994
515,104
164,812
679,916
-
679,916
679,916

The financial statements were approved by the Trustees on 5 March 2026

M Love Trustee

BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025

SALT FOUNDATION

1 Critical accounting estimates and judgements

In the application of the Charity’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.

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.

2 Accounting policies

Charity information

Salt Foundation is a charity registered in England and Wales (Charity number 511978). It is governed by its Scheme dated 27 July 1979.

2.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Scheme, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity 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 to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

2.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

SALT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2 Accounting policies

(Continued)

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

Legacies are recognised on receipt or otherwise if the Charity 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.

2.5 Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities an those costs of an indirect nature necessary to support them.

2.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buldings 50 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

2.7 Fixed asset investments

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.

2.8 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

2.9 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.

SALT FOUNDATION

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

2 Accounting policies

(Continued)

2.10 Financial instruments

The Charity 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 Charity's balance sheet when the Charity 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 there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 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 the arrangement constitutes a financing transaction, where the debt instrument is measured at the present 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.

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

2.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
32
-
Grants
-
4,914
32
4,914		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
32
-
-
4,914
-
-
4,946
-
-		 Total
2024
£
-
-
-

SALT FOUNDATION

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

3
Income from donations and legacies
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Grants
Bradford Metropolitan
District Council
-
4,914
-
4,914
4
Charitable activities
Salts and
Exhibition
Buildings
Victoria Hall
2025
2025
£
£
Charitable rental
income
127,337
286,727		 Total
Unrestricted
Restricted
Total
funds
funds
2025
2024
2024
2024
£
£
£
£
(Continued)
4,914
-
-
-
4,914
-
-
-
Total
Salts and
Exhibition
Buildings
Victoria Hall
Total
2025
2024
2024
2024
£
£
£
£
414,064
115,238
310,297
425,535		 Total
Unrestricted
Restricted
Total
funds
funds
2025
2024
2024
2024
£
£
£
£
(Continued)
4,914
-
-
-
4,914
-
-
-
Total
Salts and
Exhibition
Buildings
Victoria Hall
Total
2025
2024
2024
2024
£
£
£
£
414,064
115,238
310,297
425,535
-
Total
2024
£
425,535
5 Investments
**Unrestricted ** Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 6,316 5,372
Interest receivable 925 1,017
7,241 6,389

SALT FOUNDATION

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

6 Expenditure on charitable activities

Staff costs Staff costs
2025 2024
£ £
Direct costs
Depreciation and impairment 9,042 9,042
Staff costs 209,718 208,230
Event costs 5,547 5,262
Repairs and maintenance 19,643 23,188
Improvement costs 10,226 61,213
Rates, Utilities and insurance 73,336 95,687
Cleaning 42,026 42,851
Office Costs 4,214 5,806
Management fees 24,609 19,767
Marketing 6,296 5,936
Sundry 5,388 5,248
VAT Recoverable (6,722) (7,767)
403,323 474,463
Grant funding of activities (see note 7) - 350
Share of support and governance costs (see note 11)
Support 10,627 9,641
Governance 6,709 8,757
420,659 493,211
Analysis by fund
Unrestricted funds 415,309 493,211
Restricted funds 5,350 -
420,659 493,211

7 Grants payable

2024
£
Grants to institutions:
Saltaire Inspired Limited 350

SALT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets
9
Independent Examiner
Fees payable to the charity's auditor:
For Independent Examination services
Independent examinationt of the financial statements of the charity		 2025
£
2,952
9,042
2025
£
2,952		 2024
£
2,688
9,042
2024
£
2,688

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration, benefits or expenses from the Charity during the current or prior year.

No payments were made to trustees for travel expenses during the curront or prior year.

11 Support costs allocated to activities

Support costs allocated to activities
Investment mangement costs
Bank charges
Management fees
Computer costs
Governance costs
Analysed between:
Staff costs
Governance costs comprise:
Legal and professional
Independent examiners fees
Trustees indemnity insurance
Clerks fees		 2025
£
2,833
60
7,266
468
6,709
17,336
17,336
2025
£
1,208
2,952
679
1,870
6,709		 2024
£
3,140
60
6,061
380
8,757
18,398
18,398
2024
£
3,489
2,688
661
1,919
8,757

Support costs are allocated in full to the one charitable activity.

SALT FOUNDATION

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

12 Employees

There were no employees during the current or prior year.

Staff costs represents charges for employees of Shipley College.

13 Taxation

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

14 Net gains/(losses) on investments

**Unrestricted ** Unrestricted
funds funds
2025 2024
£ £
Gain/(loss) on sale of investments 16,165 21,344
Tangible fixed assets
Freehold
buldings
£
Cost
At 1 August 2024 555,000
At 31 July 2025 555,000
Depreciation and impairment
At 1 August 2024 406,890
Depreciation charged in the year 9,042
At 31 July 2025 415,932
Carrying amount
At 31 July 2025 139,068
At 31 July 2024 148,110

15 Tangible fixed assets

SALT FOUNDATION

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

16 Fixed asset investments

Cost or valuation
At 1 August 2024
Additions
Valuation changes
Charges
Dividends and interest
Disposals
At 31 July 2025
Carrying amount
At 31 July 2025
At 31 July 2024
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Notes
Deferred income
19
Trade creditors
Other creditors
Accruals		 Listed
investments
£
366,994
99,099
16,165
(2,833)
6,316
(169,099)
316,642
316,642
366,994
2025
2024
£
£
19,473
13,339
40,534
6,091
31,244
695
91,251
20,125
2025
2024
£
£
66,646
54,964
24,255
70
-
10,242
7,476
10,834
98,377
76,110

17 Debtors

18 Creditors: amounts falling due within one year

SALT FOUNDATION

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

19 Deferred income

Deferred income
2025 2024
£ £
Other deferred income 66,646 54,964
Deferred income is included in the financial statements as follows:
2025 2024
£ £
Deferred income is included within:
Current liabilities 66,646 54,964
Movements in the year:
Deferred income at 1 August 2024 54,964 31,551
Released from previous periods (54,964) (29,451)
Resources deferred in the year 66,646 52,864
Deferred income at 31 July 2025 66,646 54,964

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 August Incoming Resources Transfers At 31 July
2024 resources expended 2025
£ £ £ £ £
Disabled toilet refurbishment - 4,458 (5,350) 892 -
Outside tap - 456 - - 456
- 4,914 (5,350) 892 456

The refurbishment of Victoria Hall was funded by Shipley Town Council, Town Fund. A transfer was made in the prior year to cover the overspend.

The outside tap was funded by City of Bradford Metropolitan District Council Community Chest Grants.

The refurbishment of the disabled toilet was funded by Bradford Metorpolitan District Council through theire culture capital grants. A transfer was made from general funds for the balance of the costs.

SALT FOUNDATION

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

21 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 August At 1 August Incoming Incoming Resources Transfers Gains and At 31 July
2024 resources expended losses 2025
£ £ £ £ £ £
Designated
repairs - - - 75,000 - 75,000
General funds 679,916 421,337 (415,309) (75,892) 16,165 626,217
679,916 421,337 (415,309) (892) 16,165 701,217
Previous year: At 1 August Incoming Resources Transfers Gains and At 31 July
2023 resources expended losses 2024
£ £ £ £ £ £
General funds 719,859 431,924 (493,211) - 21,344 679,916
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2025 2025 2025
£ £ £
At 31 July 2025:
Tangible assets 139,068 - 139,068
Investments 316,642 - 316,642
Current assets/(liabilities) 245,507 456 245,963
701,217 456 701,673
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 July 2024:
Tangible assets 148,110 - 148,110
Investments 366,994 - 366,994
Current assets/(liabilities) 164,812 - 164,812
679,916 - 679,916

22 Analysis of net assets between funds

23 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).