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2025-08-31-accounts

Company registration number 00885772 (England and Wales) Charity registration number 525920 (England and Wales)

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED

A COMPANY LIMITED BY GUARANTEE

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

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs A Renison Mr I M Watts Mr E H Bradby Ms C E Lanceley Mrs S R Hepworth Secretary Mr E H Bradby Clerk to the trustees Mrs T Evans Senior staff member Mrs T Evans (Bursar) Charity number 525920 Company number 00885772 Registered office Bertram Drive Hoylake Wirral CH47 0LL Independent examiner Jean Ellis BA FCA CTA DSG Castle Chambers 43 Castle Street Liverpool L2 9TL Bankers Lloyds TSB Bank Plc Solicitors Brabners LLP

(Appointed 20 October 2025)

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 15

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 AUGUST 2025

The trustees present their annual report and financial statements for the year ended 31 August 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 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) (effective 1 January 2019)”

Objectives and activities

The charity’s objects, as set out in its Memorandum and Articles of Association, included the provision of a first class education based on Christian principles, and to build Christian character and leadership rooted in Biblical teaching.

Despite the closure of the school, the trustees will continue to operate the charity and utilise its assets in line with the objects.

Public benefit

The trustees have and will continue to pay due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The trustees have taken legal, surveying and accountants advice at all material times to ensure that they continue to act within the objects of to ensure that they continue to act within the objects of the charity.

Achievements and performance

In the year, the charity continued raising funds from the rooms and facilities of the charity as a temporary measure. This follows the school closure in 2020, during the pandemic.

Financial review

The results for the year show a surplus of £14,152 (2024: Deficit of £62,065).

Total income for the year was £247,432 (2024: £166,927) in respect of the hiring of school facilities,

Total expenditure for the year was £233,280 (2024: £228,992). The main expenditure of the charity was that of staff salaries and property related costs, including utilities, repairs and maintenance.

As previously reported, based on the falling numbers, the trustees took the decision to close the school in 2020.

Reserves policy

The trustees are currently reviewing the long term reserves policy of the charity.

Plans for future periods

The trustees are currently considering the long-term plan for the charity which will be in accordance with its stated objects.

There was a great amount of effort by the trustees during the year on finding a feasible solution in a changing political landscape, both national and local, together with the adverse economic climate.

This effort is ongoing and the trustees remain deeply committed to exploring collaborations and opportunities to ensure Kingsmead continues its long history of serving children, young people and the Wirral community.

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Structure, governance and management

Kingsmead School is a registered charity and is incorporated under the Companies Act 2006 as a company limited by guarantee. It operates under the Memorandum and Articles of Association dated 5 August 1966.

The Board of Governors governs the policy of the charity. All governors give of their time freely and no remuneration was paid in the year. The trustees will review the structure, governance and management of the charity going forward.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs A Renison

Mr I M Watts Mr E H Bradby Mrs C L Morgan (Resigned 20 May 2025) Ms C E Lanceley Mrs S R Hepworth (Appointed 20 October 2025)

Recruitment and appointment of trustees

New governors are elected at a meeting of the Board of Governors. It is the responsibility of the Board to ensure that the appointment of governors provides the full range of abilities and skills which are needed to ensure the effective governance of the charity.

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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

.............................. Mr E H Bradby Trustee 16/04/2026 Date: .............................................

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2025

The trustees, who are also the directors of Kingsmead School Hoylake Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED

I report to the trustees on my examination of the financial statements of Kingsmead School Hoylake Trust Limited (the charity) for the year ended 31 August 2025.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, 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

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.

Jean Ellis BA FCA CTA DSG

Castle Chambers 43 Castle Street Liverpool L2 9TL

06/05/2026 Dated: .........................

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2025

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Other trading activities 3 247,432 166,135
Bank interest 4 - 792
Total income 247,432 166,927
Expenditure on:
Raising funds 5 233,280 228,992
Total expenditure 233,280 228,992
Net income/(expenditure) and movement in funds 14,152 (62,065)
Reconciliation of funds:
Fund balances at 1 September 2024 1,057,608 1,119,673
Fund balances at 31 August 2025 1,071,760 1,057,608

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE BALANCE SHEET

AS AT 31 AUGUST 2025

2025 2025 2024 2024
Notes £ £ £ £
Fixed assets
Tangible assets 11 980,365 1,000,562
Current assets
Debtors 12 31,947 27,274
Cash at bank and in hand 80,229 54,691
112,176 81,965
Creditors: amounts falling due within 13
one year (20,781) (24,919)
Net current assets 91,395 57,046
Total assets less current liabilities 1,071,760 1,057,608
The funds of the charity
Unrestricted funds 15 1,071,760 1,057,608
1,071,760 1,057,608

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2025.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

16/04/2026

The financial statements were approved by the trustees on .........................

..............................

Mr E H Bradby Trustee

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

Charity information

Kingsmead School Hoylake Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Bertram Drive, Hoylake, Wirral, CH47 0LL.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 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) (effective 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 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.

1.2 Going concern

Despite the closure of the school in 2020 the trustees continue to operate the charity in line with the objects and utilise the assets of the charity to achieve these objectives. 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.

1.3 Charitable funds

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

1.4 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.

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.

Donations, legacies and other forms of voluntary income are recognised in the statement of financial activities as incoming resources when receivable, except insofar as they are incapable of financial measurement.

Fee income is shown in the financial statements on a reasonable basis and is shown gross of bursaries and scholarships. Bursaries and scholarships are included within resources expended in the course of charitable activities. Fee income received in advance of the commencement of the school term is treated as a liability.

Income from fundraising and lettings is recognised as an incoming resource when receivable, with hiring out of facilities classified as trading income.

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Resources expended are accounted for on an accruals basis and are recognised when there is a legal or constructive obligation to pay.

Resources expended have been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources.

All expenditure is inclusive of VAT as the school is not VAT registered.

1.6 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:

Land and buildings 2% straight line or over 10 years Fixtures, fittings & equipment 10% reducing balance

Freehold land is not depreciated.

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.

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

1.7 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).

1.8 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.

1.9 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.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

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.

1.10 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.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 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.

Critical judgements

Impairment of fixed assets

Impairments are recognised where the trustees believe that there is an indication of impairment. They are recognised where the carrying amount of an asset exceeds its recoverable amount. The timing and quantum of any impairment is a matter of management judgement.

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

3 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Lettings / lease income 247,432 166,135

Lettings / lease income arising from the granting of leases and licences to occupy parts of the former Kingsmead School premises.

4 Income from bank interest

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable - 792

5 Expenditure on raising funds

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2025 2024
£ £
Trading costs
Staff costs 48,439 29,881
Depreciation and impairment 31,810 40,800
Support costs 153,031 158,311
233,280 228,992
Support costs allocated to activities
2025 2024
£ £
Staff costs 39,923 38,308
Other costs 106,098 108,353
Governance costs 7,010 11,650
153,031 158,311
Analysed between:
Fundraising 153,031 158,311

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

6 Support costs allocated to activities

(Continued)

Governance costs includes payments to the Independent Examiner of £3,000 (2024: £2,910) for the independent exam.

7 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 3,000 3,000
Depreciation of owned tangible fixed assets 31,810 40,800

8 Trustees

No trustees received remuneration in either year. One trustee received reimbursed expenses of £634 (2024: £750)

9 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2025 2024
Number Number
Domestic 3 2
Administration 1 1
Total 4 3
Employment costs 2025 2024
£ £
Wages and salaries 82,397 64,508
Social security costs 1,955 -
Other pension costs 4,010 3,681
88,362 68,189
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2025 2024
£ £
Aggregate compensation 39,923 36,112

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

10 Taxation

Kingsmead School Hoylake Trust Limited is a registered charity and is thus exempt from tax on income and gains falling within sections 466 to 493 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to charitable objects. No tax charges have arisen in the charitable company.

11 Tangible fixed assets

Tangible fixed assets
Land and Fixtures, Total
buildings fittings &
equipment
£ £ £
Cost
At 1 September 2024 1,852,593 664,068 2,516,661
Additions 9,612 2,001 11,613
At 31 August 2025 1,862,205 666,069 2,528,274
Depreciation and impairment
At 1 September 2024 868,668 647,431 1,516,099
Depreciation charged in the year 27,234 4,576 31,810
At 31 August 2025 895,902 652,007 1,547,909
Carrying amount
At 31 August 2025 966,303 14,062 980,365
At 31 August 2024 983,925 16,637 1,000,562

All land and buildings are freehold. Land and buildings includes £21,537 in respect of land which is not depreciated.

In 1966, the original properties of Kingsmead School and surrounding playing fields were donated to the school by the former headmaster, Mr Watts, and are therefore excluded from the above figures. The costs incurred in ascertaining the value of the properties at that time would outweigh any benefit to the financial statements. During the period ended 31 August 2020 some of the donated land was sold for £1.6m.

All tangible fixed assets are held for use by the charitable company.

12 Debtors

Debtors
2025 2024
Amounts falling due within one year: £ £
Trade debtors 31,947 11,976
Prepayments and accrued income - 15,298
31,947 27,274

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

13 Creditors: amounts falling due within one year

13 Creditors: amounts falling due within one year
2025 2024
£ £
Other taxation and social security 1,118 1,342
Other creditors 11,900 12,263
Accruals and deferred income 7,763 11,314
20,781 24,919
14 Retirement benefit schemes
2025 2024
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 4,010 3,681

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

15 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.

At 1 Incoming
Resources
Resources
At 31 August
At 31 August
September
resources		 expended 2025
2024
£ £ £ £
General funds 1,057,608 247,432 (233,280) 1,071,760
Previous year: At 1 Incoming
Resources
At 31 August
September
resources		 expended 2024
2023
£ £ £ £
General funds 1,119,673 166,927 (228,992) 1,057,608

16 Operating lease commitments

KINGSMEAD SCHOOL HOYLAKE TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

16 Operating lease commitments

(Continued)

Lessor

Following the school closing in 2020 the trustees have been focused on raising funds from the rooms and facilities of the charity whilst exploring other options.

At the reporting end date the charity had contracted with tenants for the following minimum lease payments:

2025 2024
£ £
Within one year 113,777 169,167
Between two and five years 88,000 201,777
201,777 370,944

17 Related party transactions

Disclosures regarding trustee remuneration, trustee expenses and key management remuneration are disclosed earlier in the notes to the accounts.

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