## **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **REPORTS AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 JULY 2023** Charity Number: 527278 **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **REPORTS AND FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ |**Contents**|**Page**| |---|---| |Legal & administrative details|1| |Trustees’ report|2 - 3| |Independent examiners report|4| |Statement of financial activities|5| |Balance sheet|6| |Notes to the financial statements|7 - 13| ____________________________________________________________________________________ **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **___________________________________________________________________________________________** |**Trustees:**|The Right Reverend Dr David Walker - Chair| |---|---| ||Mr Christopher Bredholt| ||Ms R. Dawson| ||The Venerable Dr William M Jacob| ||Professor Frances Knight| |**Charity Number:**|527278| |**Registered Office:**|c/o Atherden & Co| ||Chartered Accountants| ||PO Box 660| ||Altrincham| ||WA14 3UZ| |**Bankers:**|Natwest Bank plc| ||42 High Street| ||Sheffield| ||S1 2GE| |**Independent Examiner:**|Natalie Bracey FCA| ||Hart Shaw LLP| ||Chartered Accountants| ||Europa Link| ||Sheffield Business Park| ||Sheffield| ||S9 1XU| ____________________________________________________________________________________ - 1 - **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **TRUSTEES’ REPORT** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ ___________________________________________________________________________________ The Trustees present their report along with the financial statements of the charity for the year ended 31 July 2023. The financial statements comply with current statutory requirements and the Statement of Recommended Practice - Accounting and Reporting by Charities (FRS 102). ## **Structure Governance and Management** The Lincoln Theological Institute for the Study of Religion and Society is an unincorporated registered charity, number 527278. It is governed by a scheme approved by the Charity Commissioners, which was sealed on 27 September 1994. On 25 June 1999 the Trustees became a body corporate. Trustees are normally appointed by existing trustees following an interview conducted by the chair. New trustees are given a formal induction on appointment aimed at building knowledge and understanding of the role of trustee and the workings of the charity. ## **Objects** The Charity’s object is to support and develop academic research into the theological study of religion and society, in accordance with the doctrine and principles of the Church of England. The trustees have paid due regard to guidance issued by the Charity Commission on public benefit in deciding what activities the charity should undertake. ## **Policies** The Institute aims to promote theological research and study to ethical, social, pastoral and ministerial questions in the following ways:- - Provision of undergraduate and post graduate degree programmes in theological studies - Sponsoring interdisciplinary seminars - Provision of funded postdoctoral research projects - Publishing research results ## **Organisation** The Trustees who have served during the year and since the year end together with their terms of office are set out below:- - Mr Christopher Bredholt - Ms Rosie Dawson - The Venerable Dr William M Jacob - Professor Frances Knight – Professor – The University of Nottingham - The Right Reverend Dr David Walker – Chair - Bishop of Manchester - The Reverend Dr Stephen Spencer - Anglican Communion Office London – retired 6 November 2023 Every future co-opted Trustee shall be appointed for a term of 5 years by a resolution of the Trustees passed at a special meeting of which not less than 21 days’ notice has been given. ## **Review of the year** ## Staffing: - Located in the Department of Religions & Theology in the School of Arts, Languages and Cultures at the University of Manchester, the work of the Institute was taken forward during the review period by its Director, Prof Peter Scott. This post is funded by the Institute via the University. ## Management: - The relationship between the University and Institute continues to be managed through an Advisory Group. This Group, whose membership comprises a link group of trustees, the Institute’s staff and the Head of Religions and Theology, met on 23 September 2022 and 21 April 2023, and this arrangement for overseeing the activities of the Institute continues to work well. The Director is also in attendance at the Trustees’ meetings, held biannually. ___________________________________________________________________________________________ - 2 - THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY TRUSTEES. REPORT FOR THE YEAR ENDED 31 JUL Y2023 Iconbnuedl Review of the year {continued) The Director made Varic￿ aca1ern￿ preswttsth)ns and conb.nued tr) supeNise dcthral students. As its chair. the Director worked wth the EuTopean Forum for the S￿ty of Re1￿J￿n and the Envronmenl t(hvafds the publulion of w¢xeedings of an online conference held In May 2022.. publ￿tson, under the tst￿ Relwky), Mal8nalism and Ecdogy, Icx)k place in May 2023. The Directorfs krge grant furKling ap￿￿ts0n to the Arts and Humantb"es Research Council in May 2021 was approved for funding in 2022 The three-year pro1￿t, Cal￿d Rel￿￿￿. Theokw and Clim816 Change. tegan in the review period Ii)ctoter 20221. and a wstd¢xt(Kal research assocpts was reU￿rted lo the project. The trustees maintained their fvnaing of the Lincoln 1ntemats.onal Doctoral Stydentship12022-20251. The Iruslees aulhorised the 8ppointrnenl ot a nffiv pJS￿c￿l researth asswate arKI the reuuthwnt pr(￿ was undertaken In the review perio Rlsk Revlew The Tru5tses have assessed the major nsks to whth the chanty B eXp￿d. in parb'cular those plated lo the OFeratson5 and finances of the Chanty. They are sats5￿d Ihat systeff6 aR in pL%e lo mitigate exposure lo the major risks. FlnanclAI Revlew Investment income for the year of £88.791 compared lo £99,319 in the prev*JJ$ year Resources exFended, mainly in support of teaching costs at MarKhe51w Univer5ty, anDJnted to £114,911 eompared to £144.841 in 2022. The decrease in costs was due to the thanty tsking a one-year break in the fijnding of a Post D￿tOral Research Assoc in the year. Nel exFendrture tefore losses on inveslnEnts for total fvnds aTh)unted lo £26.110 compared lo nel expenditure of £45,512 in 2022. Nel I￿SeS on invesknents In 2023 arrounled lo £72,950 ojmpared to net losses ol £139,823 in 2022 The nel decrease in funds for the year aff#)unl&J lo £99,(EO compared lo a net decrease in Kjnds of £185,335 in the prevK)LKS year. Total fvnds a131 Juty 2023 anKunted to £3,153,924. R￿er¥0$ Poll¢y Reserves reryesents sotYÈ pempnent end¢xn*nl Trusts and Ihe net proce&as from tr& sale of the fomier Lincoln Theolog￿?1 College ￿1]dIng In LIn￿1n as well as the prcceeds from the sale of resKlenb"al Fxoperties of the College during the Lgle ninets"es. Money Ls wisety Invest￿ caprtal grThth and IncorrE to luNJ ath￿.&$ on a total return approach whilst ensuring ￿seryes are maintained kn the future. Invoslment Powern The charty's p)wers of inveslnMt are by the 1994 Chanty Comiisshm Schenx. Th• Vengrnblg Dr byilliam Jacob (Trustee) Dat8d: 3 May 2024 ## **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ___________________________________________________________________________ I report on the accounts of the charity for the year ended 31 July 2023 as set out on pages 5 to 13. ## **Respective responsibilities of trustees and examiner** The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the 2011 Act; - follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act; and - state whether particular matters have come to my attention. ## **Basis of independent examiner’s report** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below. ## **Independent examiner’s statement** In connection with the examination, no matter has come to my attention: 1. which gives me reasonable cause to believe that, in any material respect, the requirements: - to keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act. have not been met; or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. **Natalie Bracey FCA on behalf of Hart Shaw LLP Chartered Accountants Sheffield Business Park Europa Link Sheffield S9 1XU** > **Dated:** 08.05.2024 ___________________________________________________________________________________________ - 4 - ## **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## _**YEAR ENDED 31 JULY 2023**_ _________________________________________________________________________________________________________ ||||||**Total**||||**Total**| |---|---|---|---|---|---|---|---|---|---| |||**Unrestricted**|**Restricted**|**Endowment**|**Funds**|**Unrestricted**|**Restricted**|**Endowment**|**Funds**| ||**Notes**|**Funds**|**Funds**|**Funds**|**2023**|**Funds**|**Funds**|**Funds**|**2022**| |||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**| |**Income from:**|||||||||| |Donations, gifts & bequests||10|-|-|10|10|-|-|10| |Investment income|**2**|88,791|-|-|88,791|99,319|-|-|99,319| |**Total income**||88,801|-|-|88,801|99,329|-|-|99,329| |**Expenditure on:**|||||||||| |Investment management costs||8,116|-|-|8,116|8,707|-|-|8,707| |Charitable expenditure|**3**|99,545|7,250|-|106,795|136,134|-|-|136,134| |**Total expenditure**|**4**|107,661|7,250|-|114,911|144,841|-|-|144,841| |Net (expenditure) before|||||||||| |gains/(losses) on investments||**(**18,860)|**(**7,250)|-|**(**26,110)|(45,512)|-|-|(45,512)| |Net gains/(losses) on investments||(68,942)|-|(4,008)|(72,950)|(137,248)|-|(2,575)|(139,823)| |**Net movement in funds**||(87,802)|(7,250)|(4,008)|(99,060)|(182,760)|-|(2,575)|(185,335)| |**_Balance brought forward at_**|||||||||| |**1 August 2022**||3,021,169|7,250|224,565|3,252,984|3,203,929|7,250|227,140|3,438,319| |**_Balance carried forward at_**|||||||||| |**31 July 2023**||2,933,367|-|220,557|3,153,924|3,021,169|7,250|224,565|3,252,984| _____________________________________________________________________________________________________________________________ - 5 - THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY BALANCE SHEET ASAT31 JULY2023 2023 2022 Flxed assets Investments 3.121,582 3,252,162 3.121,582 3,252,162 Current assets Debtors Cash al bank arKI in hand 20,895 60,123 22,461 87,808 81,018 110,269 Creditors: ArTr)unts falling due wihin one year 148,6761 {109,4471 Net current assets 32,342 822 Net a8set8 3,153.924 3,252,984 Funds Unrestricted Restncted Endowrrnnl 2,933,387 3,021,169 7,250 224,565 10 11 220,557 3,353,924 3,252,984 Approved by the Trustees on 3 May 2024 and slgned on their behall ty: The Rlght Revernnd Dr Davld Walker The Venerable Dr iam M Jacob **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ ___________________________________________________________________________ |**Notes**
**Net cash used in operating activities**
**14**
**Cash flows from investing activities:**
Interest, dividends from investments
Proceeds from the sale of investments
Purchase of investments
Change in capital float
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward|**2023**
**Total**
**Funds**
**£**
(174,106)
88,791
340,173
(284,589)
2,046

146,421
(27,685)
87,808

60,123
|**2022**
**Total**
**Funds**
**£**
(100,021)

99,319
263,869
(259,707)
4,185

107,666

7,645
80,163

87,808
| |---|---|---| |||| ___________________________________________________________________________________________ - 7 – **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ ___________________________________________________________________________ ## **1. Accounting policies** The financial statements comply with the Charities Act 2011 and have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities SORP (FRS 102)” effective January 2022, applicable UK Accounting Standards and the Charities Act 2011. - (a) **Basis of preparation and assessment of going concern** - (i) The financial statements have been prepared under the historical cost accounting rules modified by the carrying of investments at market value. - (ii) Balances are split between unrestricted, restricted and endowment funds. Restricted funds are those where the income has to be used for a specific purpose or project. Endowment funds are those where the capital must be retained and cannot be used as if it were income. - (iii) The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. - (b) **Income recognition** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. - (c) **Expenditure recognition** - 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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. - (d) **Taxation** The Charity is a registered charity and its activities are not subject to taxation. - (e) **Investments** Investments are carried in the balance sheet at market value on 31 July 2023. - (f) **Gains and losses on fixed assets** Realised and unrealised gains and losses on investments are included as “Net gains on investments” in the Statement of Financial Activities. ___________________________________________________________________________________________ - 8 - **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ **(continued)** ___________________________________________________________________________ ## **2. Investment income** |**Unrestricted**
**Funds**
**2023**
**£**
Income from quoted investments
87,930
Bank & other interest
861
88,791|**Restricted**
**Endowment**
**Funds**
**Funds**
**2023**
**2023**
**£**
**£**
-
-
-
-
-
-|**Total**
**Funds**
**2023**
**£**
87,930
861
88,791|**Total**
**Funds**
**2022**
**£**
99,233
86
99,319| |---|---|---|---| The totals for 2022 all related to unrestricted funds. ## **3. Direct charitable expenditure** |**Unrestricted**
**Funds**
**2023**
**£**
Teaching costs
89,652
Support costs
1,429
Administrator & accountancy costs
7,032
Independent examination costs
1,351
Trustee meetings and other travel costs
81
99,545|**Restricted**
**Endowment**
**Funds**
**Funds**
**2023**
**2023**
**£**
**£**
7,250
-
-
-
-
-
-
-
-
-
7,250
-|**Total**
**Funds**
**2023**
**£**
96,902
1,429
7,032
1,351
81
106,795|**Total**
**Funds**
**2022**
**£**
126,235
1,483
6,918
1,224
274| |---|---|---|---| ||||136,134| Included within “Support costs” is indemnity insurance with a cost of £906 (2022: £903). The totals for 2022 all related to unrestricted funds. ## **4. Total expenditure** |Investment management costs
Direct charitable expenditure|**Staff**
**Costs**
**2023**
**£**
-
-
-|**Depreciation**
**2023**
**£**
-
-
-|**Other**
**Costs**
**2023**
**£**
8,116
106,795
114,911|**Total**
**Total**
**Costs**
**Costs**
**2023**
**2022**
**£**
**£**
8,116
8,707
106,795
136,134
114,911
144,841| |---|---|---|---|---| ## **5. Trustees’ emoluments** Trustees are not remunerated. Expenses reimbursed to trustees for travel costs amounted to £81 (2022: £274). ___________________________________________________________________________________________ - 9 - **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ **(continued)** ___________________________________________________________________________ |**6.**
**Investments**
Valuation:
At 1 August
Additions
Disposal
Change in capital float
Unrealised investment gain/(loss)
**At 31 July**
Analysis
Global Equity Funds excluding UK
Global Equities & Equity Funds including UK
Multi-Asset Funds
Direct Property & Property Funds
Fixed Interest & Fixed Interest Investment Funds
Other funds
Equity Investment Instruments
Cash
**Historical cost**:
At start of year
At end of year
**7.**
**Debtors**
Prepayments and accrued income
**8.**
**Creditors**
Amounts falling due within one year:
Accruals and deferred income|**2023**
**£**
3,252,162
284,589
(363,657)
(2,046)
(49,466)
3,121,582
**£**
887,126
875,893
138,809
86,442
72,568
199,447
857,580
3,717
3,121,582
2,756,551
2,703,191
**2023**
**£**
20,895
**2023**
**£**
48,676|**2022**
**£**
3,400,332
259,707
(258,235)
(4,185)
(145,457)
3,252,162
**£**
812,948
1,021,473
184,195
202,202
56,805
65,890
902,886
5,763
3,252,162
**£**
2,737,730
2,756,551
**2022**
**£**
22,461
**2022**
**£**
109,447| |---|---|---| ___________________________________________________________________________________________ - 10 - **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ **(continued)** ## **9. Unrestricted funds** |**Balance at**
**Incoming**
**1 August 2022**
**Resources**
**Expenditure**
**£**
**£**
**£**
General Fund
3,021,169
88,801
(107,661)
**Balance at**
**Incoming**
**1 August 2021**
**Resources**
**Expenditure**
**£**
**£**
**£**
General Fund
3,203,929
99,329
(144,841)
**10.**
**Restricted funds**
**Incoming/**
**Balance**
**(outgoing)**
**1 August 2022**
**Resources**
**£**
**£**
General
7,250
(7,250)
7,250
(7,250)||**Gains &**
**Balance at**
**(losses)**
**31 July 2023**
**£**
**£**
(68,942)
2,933,367
**Gains &**
**Balance at**
**(losses)**
**31 July 2022**
**£**
**£**
(137,248)
3,021,169
**Gains &**
**Losses**
**Balance**
**31 July 2023**
**£**
**£**
-
-
-
-|**Gains &**
**Balance at**
**(losses)**
**31 July 2023**
**£**
**£**
(68,942)
2,933,367
**Gains &**
**Balance at**
**(losses)**
**31 July 2022**
**£**
**£**
(137,248)
3,021,169
**Gains &**
**Losses**
**Balance**
**31 July 2023**
**£**
**£**
-
-
-
-| |---|---|---|---| ||||-| The restricted fund was established to assist overseas students. ## **11. Endowment funds** |**Endowment funds**||| |---|---|---| |**Balance at**
**1 August 2022**
**£**
Mitchell Bequest
21,110
Beck and Lawson Trust
3,966
N B Jarvis (Greenleaves)
1,239
Booth Bequest
168
Garton Bequest
2
Burgh College - Bursary (Moore) Trust
10,423
Burgh College - Sale proceeds Trust
184,748
Burgh College - Wheat Trust
2,909
224,565|**Gains/**
**Balance at**
**(losses)**
**31 July 2023**
**£**
**£**
(379)
20,731
(71)
3,895
-
1,239
(3)
165
-
2
(187)
10,236
(3,316)
181,432
(52)
2,857
(4,008)
220,557|| |||220,557| The Mitchell Bequest was set up by the will of the late John William Mitchell. The income is to be applied towards bursaries and general purposes. The Beck and Lawson Trusts were amalgamated in July 1993. Income from the fund is available for general purposes. The Bursary (Moore) Trust was set up by letters of bequest in 1928. Income from the fund was originally to be applied by the Principal or Treasurer of St Paul’s Missionary College at Burgh towards the provision of bursaries or to assist resident students. However, after the closure of Burgh College the Secretary of State for Education and Science agreed that the Burgh College funds to be used for purposes in connection with The Lincoln Theological Institute. The Burgh College Sales proceeds Trust consists of the sale proceeds of Burgh College sold in 1967. The income is to be used for the education and training of young men in the missionary work of the church. The Burgh College Wheat Trust was set up by letters of bequest in 1956. Income from the fund is available for general purposes. ___________________________________________________________________________________________ - 11 - **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ **(continued)** ____________________________________________________________________________________ ## **12. Analysis of net assets between funds** |**Unrestricted**
**Restricted**
**Endowment**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
Fund balances at 31 July 2023
Fixed Assets - Investments
2,902,266
-
219,316
Current assets
79,777
-
1,241
Current liabilities
(48,676)
-
-
**Total Net Assets**
2,933,367
-
220,557
Unrealised gains/ (losses) included:
On investment assets
210,170
-
208,221
**£**
**£**
**£**
Fund balances at 31 July 2022
are represented by:
Fixed Assets - Investments
3,028,838
-
223,324
Current assets
101,778
7,250
1,241
Current liabilities
(109,447)
-
-
**Total Net Assets**
3,021,169
7,250
224,565
Unrealised gains/ (losses) included:
On investment assets
283,383
-
212,229|**Total**
**Funds**
**£**
3,121,582
81,018
(48,676)
3,153,934
418,391
**£**
3,252,162
110,269
(109,447)
3,252,984
495,612| |---|---| ## **13. Pension commitments** The Lincoln Theological Institute for the Study of Religion and Society (the Institute) participates in the Church of England Defined Benefits Scheme (DBS), part of the Church Workers Pension Fund, as well as the Clergy Pension Scheme. At 31 July 2023 the Institute had no active members and two deferred pensioner members in the DBS and one member of the Clergy Pension Scheme. The Institute is unable to identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of other entities participating in the DBS. ___________________________________________________________________________________________ - 12- **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 JULY 2023**_ **(continued)** ____________________________________________________________________________________ |**14.**
**Cash flow**
Reconciliation of net income to net cash used in operating activities:
Net movement in funds as per the statement of
financial activities
Adjustments for:
Losses/(gains) on investments
Deduct interest, dividends from investments
(Increase) in debtors
Increase in creditors
Net cash used in operating activities|**2023**
**£**
(99,060)
72,950
(88,791)
1,566
(60,771)

(174,106)
|**2022**
**£**
(185,335)
139,823
(99,319)
(2,616)
47,426

(100,021)
| |---|---|---| ## **15. Related Party Transactions** The trustees do not consider that there are any related party transactions to disclose. ____________ - 13 -