THE URSUIA KEYES TRUST TRUSTEES, REPORT AND ACCOUNTS 31 December 2023 Registered Charity No. 517200
THE URSULA KEYES TRUST TRUSTEES, IiEPORT AND ACCOUNrs 31 DeCeber 2023 Contents Page Legal and Administrative Iktails Trustees, Report Auditors, Report Statement of Financial Activitie5 Balance Sheet Notes to the Accounts 10-15
THE iJRSULA KEYES TRusr 31 December 2023 Registered Charity No. 517200 Legal S8 The Ursula Keyes Trtt w&5 established under a Trust deed daled 11 December 1985 (as amended on 27 January 2023) and was approved by the Inland Revenue Charity Division on 14 Mah 1989. Trustee5 Mr J R Leaman Mr J A McLintock Mr J D Brimelow {Chairnian) Mr E A Elliott Dr l A Russell DrPGReid Mi55 E J Redrnond Mrs S Preston Address cjo RSM UK and Accountintr Limited One City Place Queens Road Chester CHI 3BQ Bankers Handelsbanken Albion House Albion Street Chester CHI IRQ Solicitors rm Legal LLP Archway House Station Road Chester CHI 3DR Auditors Champion Ac£ountsnts LLP Statutory Audilors 2 Floor, Rege House 33- 37 Watercvate Row Chester CHI 2LE
TKE URSULA KEYES TRUST TRUSTEES. REPORT 31 December 2023 The Trustees present their report along with the financial statements of the CharÉty for the year ended 31 Decefflber 2023. The financial statements have been prepared in accordance with the accounting policÈe5 set OLtt on pages 10 to 11 of the accounts and Comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Chatities.. Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1st January 2019). Structurei governance and man2ryement The Trust is an unincorporated trusL constituted under a trust deed dated I I tkcember 1985 a5 aTllended on 27 January 2023 and is a reoisterd Charity, number 517200. The Tnt was established by Ursula Keyes prior to her death in 1989. The Trustee5 are recruited in accordance with the Tn Deed which states that the Trustee body will be no tnore than 8 with at least 2 Tntee5 being tnedical practitioners. The Trustees tneet quarterly to decide on the grant applications, review the investment portfolio and keep up to date on all policy decisions which are minuted. All grnnt requests falling in the correct geogrdphical area are considered by the Trustees. The Trust &ssesses related party and conflict of interest issues annually by the completion of a related party fonn by each Trustee. A list of Trustees who have served during the year are set out on page l. New Trustees are proposed through recomrnendations froTn any of the Trustee b(Kly. The induction process for llew Trustees involves meetino the Chair and one or two other Ttttees to discus5 investments, the grant mak-ing process and the responsibilities of a Trustee Board. Trustees attend training courses as appropriate. There are no employees. The TnteeS have appointed agents to collect rents due on the Trust's behalf and administrators who look after all the administrdtive and financial rnanLuement requirements of the Trust. Objectives of the Trust The TrLlStees confirm that they have referred to the guidance contained in the Charity Comrnission's general ... guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. The objectives are: (i) Primarily (but not exclllsively) for the benefit of the inhabitants of the area administered by CWAC. (li) The dissemination and improvement of medical knowledge. skills and the care or treatment of patients whether in public or private hospitals or nursing homes (including hospices) or in their own homes. Review of Activities and Achievements During the year ended 31 December 202J the Tnjst has supported a wide range of deserving causes in pursuit of its charitable objectives as summarised in Note 2 to the accounts. Grants were only made in response to a specific application either for a specific purpose or venture. for the general purposes of a charitable applicant and for emergency situations in the case of individuab. Grants of £5.000 or less Can be agreed by a sulFcomTnittee consisting of the chairnian and two other Trustees.
THE URSULA KEYES TRUST TRUSTEES, REPORT 31 December 2023 (continued) FinaDcy21 Revlew The Financial Activities for the year to 31 December 2023 can be summarised as follows-_ 2023 2022 £'ooo 429 £?ooD 342 Income frorn Tents and interest Less". Propety and other costs Governance costs (167) (15) (118) (15) Net income available for grants Charttable grants 247 (167) 209 (128) Net Increase in resources for the year Add: Gainsl (losses) on investments 80 io 81 175 Net movement in funds for the year 90 256 Income for the year consisted of gross Ten15 receivable on freehold investment properties of £423,245 (2022- £340,641) and interest of £6,145 (2022.. £987). Expenditure comprised propetty costs of £166,662 (2022: £117,123)- Movement in the bad debt provision in the year w&s £Nil (2022.. £Nil), governance cost5 £15,214 (2022: £15,119) and other costs £908 (2022: £285}. The total c(st relating to Charitable grants for the year was £166,79J (2022: £127,811). Following consultation with the Trust's property advisor, the property market portfolio at 31 December 2023 has been revalued with an increase in the portfolio value of £IO.000. As a reslllL the property portfolio valuation at 31 December 2023 is £4,440.000. At the year end the net etS coTnpri5e freehold investTnent properties at a valuation of £4.440,000 (2022: £4,430,000) and bank balances and debtor5 of £648.847 (2022: £546,828) less sundry creditors and accTuals of £86.925 (2022= £63.719). Reserves policy The Trustees have examined the requirement for free reserves which are those unrestricted funds not invested in fixed assets or otherwise committed. They consider free reserves of £250,000 to be appropriate. At the balance sheet date. the Trust had £497.922 (2022.- £483,109) of free reserves. The Trustees plan to maintain the free reserves at the level of £250.000 over the coming years in ordeT: to fund a fvrther property investment to provide larger charitable grants to important projects as and when required to protect its assets against fluctuations in the market to cover administration and property costs.
THE URSULA KEYES TRUST TRUSTEES, REPORT 31 December 2023 (continued) Risk review The TTUStees have examined the major risks to which the Charity is exposed and systems have been established to mitigate those risks. Internal rtsks are minimised by the Émplementation of procedures for authorisation of all transactions and Projects. External risks to funding had led to an investment portfolio which generates both income and capital growth over a number of years. Future plans The Trustees intend to continue providing grants in a similar way and they intend to continue looking for appropriate investment opportunities. Trustees, responsibilities in relation to the financial ststements The law applicable to charities in England and Wales requires the Chartty Trustees to prepare financial statelnents for each year which give a true and fair vi¢w of the state of affairs of the Charity and of the illCOT¥]ing resources and application of resources. of the Charity for that perio(t In preparinu the financial statetnerLts, the Trustees are required to- select suitable accounting policies and then apply them consistently. observe the tnethods and principles in the Charities SOIiP; make judgements and estirnates that ore reasonable and prudent" State whether applicable accounting standards have been followrf subject to any material departures disclosed and explained in the financial staternents, and prepare the financial statements on the goino concern basis unless It is inappropri*e to presume that the CEwity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tiTne the financial position of the Charity and to enable Éhetn to ensure that the financial statements Cotnply with the Charities Act 20 I l. the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and taking reasonable Steps for the preveThtion and detection of fraud and other irregularities. Approved by the Trustee5 and signed on their behalf by: By order of the Trustees Mr J D Brimeloiv Date .
THE URSULA KEYES TRUST AUDrroRS' REPORT Independent Auditor5, Report to the Trustees of The Ursula Keyes Trust Opinion We have audited the finan¢ial staternents of The Ursula Keyes Trust ('the trust,) for the year ended J l December 20?- which comprise the statement of financial a¢tivities, th¢ balance sheet and the notes 10 the finimcial statements. including a summary of sionificant accounting policies. Thc financial reportinLT framework that has been applied in their prepatation is applicable law and United Kingdom Accounting Standards. includino Financial Reporting StsTidard 102 The Financial Reporting Stsndard applicablc in the UK and Republi¢ of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the Charity's affaiTS os at 31 Dettmber 20?3 and of its incoming resources and application of resolirces. for the year then ended- have bcen prop¢rly prepared in accordance with United Kintsdom Generally Accepted Accounting Prdctice. and have been prepared in accordance Wkih ihe requirem¢nts of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Stsndard5 on Auditino (UK) (ESAS (UK)) and applicable law. Our responsibiliti¢s under those standards are further described in the AudiS resFK)nsibilities for the audit of the accounts section of our report. We are independent of The Trust in accordance with the ethical requirements that Are relevant to our audit of ihe accounts in the UK, includints the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that th¢ audit evidcnce we have obtained is su1¢PetIt and appropriate to provide a basi5 for our opinion. Conclusions re12ting to going concern In auditing the financial statements, we havc concluded that Ihe Trustees, use of the goin¢y concern basis of accounting in the prepardtion of the financial statements is appropriate. Based on the work we have perfornie<L we have not identified any material uncertaintie5 relatino to events or conditions thal individually or collectively, may cast si.tynificant doubt on the Charity's ability to Continue as a goints concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to gointt concern are described in the relevant section5 of this report. Other information The other infomjation comprises the inforniation included in the Trustee rerth other than the financial statements and our auditor's report therwn. The Ttee$ are responsible for the other infoTmation contained within the Trustee report Our opinion on the ftnancial statemcnts does not cover the other infomiation and. we do not express any form of assurancc conclusion thereon. Our resporlsibility is lo read the other information and. in doing so, consider whether the other inforn)ation is materially inconsistent with the financial Statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we ideniify such material inconsistencies or apparent material misstatements. we #re required to deterniine whether this gives rise to a material misslaiement in the financial statemenÉ5 themselves. If, based on the work we hav¢ p¢rfornied, we conclude th there is a material misstatement of this other infornjation. we are required to report ihat fact. We have nothing to report in this regard.
TILE URSULA KEYES TRUST AUDITORS, REPORT Independent Auditors, Report to the TrusteLs of The Ursula Keyes Trust (continued) Iwlatters on which we are required to report by eiceptio We have nothincr to rep)rt in respect of the followintr matters where the Charities Ad 2011 requir&% us to report to you if, in our opinion.. the infomjation uiven in the financial statemfnts is inconsistent in any material respeci with the Trustees. rew)rt- or suITicient accounting records have not be¢n kepL or the financia] statements are not in agreement with the a¢counting records" or we have not received ail the inforniation and explanations we require for our audiL Responsibilities of Trustees A5 explained mor¢ fully in the statement of Trustees, Resp)nsibilities, the Trustees are responsible for the preparation of the financial statetnents and for being satisfied that they give a true and fair view, and for such internal eontrol as tlie Trusttes deterniin¢ is necessary to enable the preparation of financia1 5tat¢ments that are free from material misstatement. whether due to fraud or error. In preparing the financial ststements. Ihe Trustees are responsible for assessino The Trust's ability to ¢ontinue &$ a going concern, disclosing. as applieable, matters related to going concern and Usin the going concem basi5 of accounting unless the Trustees either intend to cease operdtion4 or have no realistic aitemative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material missÉatemenL whether due to frdud or emr. and to issue an ktsditor's report that in¢ludes our opinion. Reasonable assttrance is a high level of assurdnce, but is not a guardntee that an audit conducted in accordance with ISAS (UK) will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the 0re{ale, they could ronablY be expected to influence the econotJ]ic dc¢isions of users taken on the basis of these financial statements. Irre¢yularities. includiniy frnud. iftstances of.non-compliance with-laws.and reoulations. w.e desion procedures in.line with our responsibilitie5, Outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detectinu irregularities. including frnu( is detailed below: E¥tent to which the Judit is eonsidered pable of detectinu irreuularKtie& including fraud Irregularities are instances of non-compliance wtth laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regardinrw compliance with laws and regulations that have a direct effect on the detemination of material amounts and disclosures in thc fiuancial statements. to perfom) audit procedures lo help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements. and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit Audit procedures We deterniine significant applicable laws and regulations through discussion with those charged with tsovemance and our owll knowledoe of the sector and desi.(vn audit procedures help idetEtify instsnces of non-compliance with those laws and regulations that may have a material effect on the financial statements. We consider the applicable laws and regulations to be the financi&l reportin framework - the Ststement of Recommended Practice: Accounting arml Reporting by Charities preparing their accounts in accordance with the Financial Rep)rting Standard applicable in the UK and the Republic of Ireland (FRS 102). the Charities Act 201 l and relevant t&x regulalions.
T&IE URSULA KIYES TRUST AUDITORS, REPORT Independent Auditors) Report lo the Trnstees of The Ursula Keyes Trust (continued) We consider the control enviionment and the pri)cedures irt place to address identified risks, including man4oement override. non-compliance wilh laivs and re¢yulations and to prevent and detect fraud or irregularity. Our procedures are designed to provide reasonable assurdnce that the financial Slalements are free from material misstatement or eor and include: enquiries of individuals in key compliance functions- vIeW of minutes of meetinoJ of those charged with governance,. r¢view and testing of manual journals and 5iunificant trdnsactions outside the nornial course of business. r¢view of financial statemenÉ disclosllres and testing to Supportin documentation. perfoman¢e of analytical procedures. We are not r¢sponsibl¢ for preventing non-compliance and due to the inherent limitation5 of an audit, as described &bove, the audit cannoi be relied up)n to detect all instances of non-compliance with laws and tegulations. A further description of our responsibilities for the audit of the financial statements ts located on the Financial Reporting Covncil's website at.. http:Ilwww.frc.ortr.ukJauditOT5resy)nsibilities. This de5CriPtion fornis part of our auditor's report Use ofour report This report is made solely to the Charity's Trustte4 as a body. in accordance with part 4 of the Charities (Accounts and Reports) Retyulations 2008. Our audit work" has been undertaken so that wc might slate to the Charity's Trustees those matters we are required to state to them in an auditors, rcprt and for no other purpose. To the fullest extent perniitted by law, w¢ do not accept or assume responsibility to anyone other ihan the Charity and the Charity's Trustees as a EK)dy, for our audit work. for this repor( or for the opinions we have fonncd. Susan HaÈTiS MA ACA (SenioT Statutory AuditOT) for on behalf of Charnpion Atcountants LLP I l OCk)_ 2A)L* Chartered Accountants Statutory Auditor 2nd Floor Refi]ge House J3-37 Watergate Row Chester CHI 2LE Champion Accountants LLP is eligible for appointment as auditor of The Trust by vlrtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006
THE URSULA KEYES TRUST sTATElENr OF FINANCIAL ACTIvrtiEs for the year ended 31 December 2023 Unrestricted 2023 2022 Note llYCOME Investment ineome: Rental income from investment properties in the UK Bank interest 42J.245 6.145 340,641 987 Total income 429.390 341.628 EXPENDITURE Costs of raising funds 167,570 117,408 Expenditure Oll charitable activities 182.007 142,930 Total expenditure 349,577 260,338 Net income before investment5 uainsl (losses) 79.813 81290 Net investTnent gainsl (losses) Net income 2nd net movement in fund5 io,000 175.000 256,290 Fund balances brought forward 4.91i.109 4.656,8l9 Fund balances carried forward 5.002.922 4,91J,109 All of the above results are derived frotn continuing actLVities.
THE URSULA KEYES TRUST BALANCE SKEET at 31 December 2023 2023 2022 Note Fixed assets Investment property 4,440.000 4,430.000 Current 8S5ets Debtors Cash at bank Jnd in hand 114,568 535,279 110.518 436.310 649.847 546,828 Creditors: Amounts falling due within one ye8r (86.925) (63,719) Net CU]Tent assets 562.922 48J.109 Net assets 5.002.922 4,913.109 Funds Unrestricted - General Unrestricted- DesicFDated Fund 5,002,922 4,913,109 Unrestricted funds 5,002,922 4.913,109 Approved and authorised for issue by the Tntee$ on .l.I'UcW.2.:4and signed on their behalf by.. Mr J D Brimelow TTUStee
io THE URSULA KEYES TRUST NOTES TO THE ACCOUNrs 31 December 2023 l Accounting policies Charity information The Ursula Keyes Trust is a charity registered in England and Wal£8 by the Chartty Commission (charity number 517200). Details of the principal addre&s are given on the information page of the financial statements. The charity's operations and principal activities are described in the Trustees. Report. Basis of gCCOUnting The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Rec0mended Practice: Accountin and Reporting by Charities preparino their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019) and the Charities Act2011. The financial statements are pPared in sterling. which is the functional currency of the entity and rounded to the nearest £. The trust constitutes a public benefit entity as defined by FRS 102. Going Concern The Trustees have considered the likely level of income and expenditure for the foreseeable future. The Trustees are satisfied that the Charity can meet its obligations as and when they fall due. Accordingly, the going concem b&sÉs of prepardtion is appropriate for these financial statements. Incoming Resources All iThcoming resources are included in the Statement of Financi81 Activities (SOFA) when the Charity is legally entitled to the income and the amount can be quantified with reOnable accuracy. The following specific policies are applied to particular categories of income: Investment income and bank interest is included when receivable. Rental income is included in fitll in the Statement of Financial Activities in the period in which the Trust is entitled to the receipL Direct charitable expendiknre Expenditure is accounted for on an accruals basis. Costs of generatItr fimds are those costs incurred in maintaining the property portfolio. Charitable actLVities include expenditUTe associated with the runnino of the Charity and include both the direct costs and support costs Telating to those activities. Grants payable are payments made to third parties in furtherance of the Charity's objects under the ternis of the trust deed. Grants that are approved by the Trustees and authorised for payment are accrued in the financial statements. Grants approved but not authorised for payment are not accrued as expenditure.
li THE tJRSULA KEYES TRUST NOTES TO TIIE ACCOUNTS 31 December 2023 Accounting policies (continued) Governance costs comprise the costs of running the charttable tru5L including strdtegic planning for its future developmenL audit and legal fees and all the costs of complying with constitutional 2nd statutory requirement5. such as any costs of Trustee meetings, of preparing statutory accounts and satisfying public accountability. Taxation The Trust is a registered charity and tsenerally exelnpt from taxation. Freehold investment properties Freehold investment properties are initially recognised at their transaction value and subsequently me3sured at their Tnarket value as at the balance Sheet date. The investment properties were formally valued at 28 January 2015 by Mr R Heyes FRICS. Chartered Surveyor on behalf of Bolton Birch Chartered Surveyors. On an annual b&5iS the Tnjslees updxle the valuation following consultation with the Trust's property adviser if there h&s been a SiCFnificant change in market values. Debtors Debtors are me&sured on iDitial recognition at settlement amounL Subsequently they are Tnered at the cash or other consideTation exFtcted to be received. Creditors The Trust h&s Creditors which are measured at settlement amounts less any discounts. Irrecoverable VAT Irrecoverable VAT is charged as a cost to the SOFA. Fund Accounting General Funds are Linrestricted funds which are available for use at the discretion of the Trustee5 in furtherance of the geDera] obje¢tives of the Charity and which have not been designated for other purposes. Desi¢ynated fijnds comprise unrestricted funds thal have been set aside for specific purposes where there are commitments of substantial amounts by the charity to third parties. The aim and use of each designated fund 15 set out in the notes to the financial statements. Charitsble Expenditure Basis of Apportionment Total 2023 Total 2022 Granls payable Govemance costs Actual Actual Note 2a Note 2d 166.79) 15,214 127.811 15.119 182,007 142,9iO
12 THE URSULA KEYES TRUST NOTES TO TB ACCOUNTS 31 December 2023 Grants payable The Charity did not undertake any activity directly but met its charitable purposes by making grants to Institutions and Individual& The total amount of grants payable. analysed between institIOnal grants and grants to individuals are &s follows: IDStitutions (note 2b) IDdividua15 (note 2c) Total 2023 Total 2022 Charitable grants payable 166.793 166,793 127,811 2b Grants to Institutlolls Total unrestricted funds 2023 2022 Grants to Institutions Alder Hey Children's Charity Amasing Projects CIC Bishops Bluecoat C&E School British Forces Foundation British Wireless for the Blind Canal and River Trust Chapter (West Cheshire) Ltd Chester Cathedral Chester & District Community for Deaf People Chester Mystery Play5 Chester Scouts ' Claire House Deeside Ramblers Dream Holidays DSL Freedom for Kids Friends of Lache Community Go Kids Go Green Power Trddino UK Limited Happy Days Charity Healthbox CIC Holy Trinity PCC Hospice of the Good Shepherd Huntington's Disease Association Live Malpas Young Persons Project Motor Neurone Disease Association Neuro Therapy Centre Save The Family Shine Charity SPACE Starr in the ComTnuntty Support Through Court 5,000 i.000 3.656 i.000 1,290 1,750 2.894 1.000 10,000 10,000 4,328 4,500 1,580 5,688 1.962 5,000 1,000 1,790 1,009 1.090 2,500 40,000 3.000 2,500 1,000 1,500 50,000 7.510 2.000 2,000 1,000 2,500
13 THE URSULA KEYES TRUST NOTES TO TItE ACCOUNTS 31 December 2023 2b Grants to Institutions (eoDtinued) Total unrestricted funds 2023 2022 The Bren Project The Chester Swimming Association The Countess of Chester Hospital- Breast Untt The Queen's School The Wingate Centre WHAG I" Saltney (St Mark Scout Group) Donations under £1,000 3,000 10.000 69.500 3,000 2,000 1,000 15,000 1,520 2,OlJ) 166,793 127.811 Grnnts to Individuals 2023 2022 Grants to Individu215 Total amount paid in aggrecvate Number of individuals who received grants Total of charitable grdnts payable 166.793 127.811 2d Govern2nce costs Basis of Apportionment Total 2023 Total 2022 Legal and Professional fees Statutory audit fees Actual Actual 10,454 4,760 9,944 5,175 15,214 15.119
14 THE URSULA KEYES TRUST NOTES TO THE ACCOUNTS 31 Decejnber 2023 Costs of raising funds Basis of Apportionment Total 2023 Total 2022 Property costs Website costs Bank InteSt and charges Bad debts chartred Actual Actual Actual ACttl 166,662 614 294 l17.123 285 167,570 117,408 Total resources expended No staff are employed by the Trust. No staff received employee benefits exceeding £60k. The Trustee5 received no remuneration or incurred any other expenses during the year. InveStent property Totsl 2023 Total 2022 Market value- blhvd at l January Revaluation 4.430,000 10.000 4.255,000 175,000 Market value - clfwd at il December 4,440.000 4,4JO.000 Historical cost 4.062.154 4.062,154 The investment PToperties were formally valued at 28 January 2015 by Mr R Heyes FRICS. Chartered SLirveyor on behalf of Bolton Birch Chartered Surveyors. Following consultation with the Trust's property advisor, the valuation of the property market portfolio has been amended to the values included in this report updated for further property valuation tnovements in the year ended i l December 2023. Debtors 2023 2022 Rents due from tenants and property agents Prepayments and accrued inc0e 104,855 9,713 102.979 7,539 114,568 110,518
TItE IIRSULA KEYES TRUST NOTES TO THE ACCOUNTS 31 December 2023 Creditors: amounts fallino due within one year 2023 2022 Accruals and deferred income Value Added T Other creditors 73.376 li.549 51,872 10.913 934 86,925 63,719 Unrestricted funds The unrestricted funds comprise the following: Balance at 01.01.23 Income Expenditure Net investment g3iDsI(10sses) Ba12nce at 31.12.23 General unrestricted Fund Designated fund 4,91J,109 364.390 (284,577) io,000 5,002,922 65,0 (65.000) Total funds 4,91J,109 429,390 (J49,577) 10.000 5,002,922 During the year there wa5 an amount of £65.000 attributable to a desidts iated fund, based on dilapidations received on the e.xit of a tenant (2022: £Nil)- This has been assigned as designated funds to be ringfenced for the cost of remedial works necessary at Units l and 2. These works were completed during the period and therefore the designated fund balance &$ at ) l December 202) is reduced to Nil. Related Parties The Trustees all give Iheir lime and expertise freely without any fonn of remuneration or other benefit in cash or kind (2022.. £Nil). No related party trdnsactions arose during the year.