## **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY**
**REPORTS AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JULY 2025**
Charity Number: 527278
**THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY**
**REPORTS AND FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
|**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 Rosie. Dawson|
||The Venerable Dr William M Jacob|
||Professor Frances Knight|
||Reverand Canon Grace Thomas|
|**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 2025**_
___________________________________________________________________________________
The Trustees present their report along with the financial statements of the charity for the year ended 31 July 2025. 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
- Reverand Canon Grace Thomas
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 27 September 2024 and 25 April 2025, 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.
___________________________________________________________________________________________
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**THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY**
## **TRUSTEES’ REPORT**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
(continued)
___________________________________________________________________________________________
## **Review of the year (continued)**
Among the Institute’s activities, the Director continued to supervise doctoral students. During the review period 202425, the trustees maintained their funding of the Lincoln International Doctoral Studentship (2021-2025); the holder of the studentship submitted their thesis shortly after the review period ended, and was awarded their PhD in early 2026. Moreover, during the review period, the trustees agreed to fund a further doctoral studentship (2025-2029), and a doctoral student was successfully recruited during the review period. Holders of the studentship are supervised by the Director. Among the Institute’s activities, the Director’s research project, funded by the Arts and Humanities Research Council, and entitled _Religion, Theology and Climate Change_ , was in its third year during the review period. In the third year, the research team led by the Director secured a monograph contract and undertook most of the writing for the book. During the review period the Director also successfully secured funding (awarded May 2025) to develop the impact of the project until March 2026. The Institute’s postdoctoral research project, funded by the trustees and led by Dr Charlotte Bray, entered its second and final year during the review period, and hosted a conference and prepared articles for publication. Looking forward, the trustees approved funding for the next postdoctoral project (2026-28) and the planning to appoint a researcher to the project is well advanced.
## **Risk Review**
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Charity. They are satisfied that systems are in place to mitigate exposure to the major risks.
## **Financial Review**
Investment income for the year of £93,701 compared to £92,720 in the previous year. Resources expended, mainly in support of teaching costs at Manchester University, amounted to £148,238 compared to £152,792 in 2024. Net expenditure before gains on investments for total funds amounted to £54,527 compared to net expenditure of £60,062 in 2024. Net gains on investments in 2025 amounted to £33,317 compared to net gains of £205,166 in 2024. The net decrease in funds for the year amounted to £21,210 compared to a net increase in funds of £145,104 in the previous year. Total funds at 31 July 2025 amounted to £3,277,818.
## **Reserves Policy**
Reserves represent some permanent endowment Trusts and the net proceeds from the sale of the former Lincoln Theological College building in Lincoln as well as the proceeds from the sale of residential properties of the College during the late nineties. Money is wisely invested for capital growth and income to fund activities on a total return approach whilst ensuring reserves are maintained for the future.
## **Investment Powers**
The charity’s powers of investment are governed by the 1994 Charity Commission Scheme.
_________________________________________________________________________________________
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**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 2025 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:** 28 May 2026
___________________________________________________________________________________________
- 4 -
## **THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**YEAR ENDED 31 JULY 2025**_
_________________________________________________________________________________________________________
||||||||||**Total**||||||**Total**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Unrestricted**|||**Restricted**|**Endowment**|||**Funds**|**Unrestricted**||**Restricted**|**Endowment**||**Funds**|
||**Notes**||**Funds**||**Funds**||**Funds**||**2025**||**Funds**|**Funds**||**Funds**|**2024**|
||||**£**||**£**||**£**||**£**||**£**|**£**||**£**|**£**|
|**Income from:**||||||||||||||||
|Donations, gifts & bequests|||10||-||-||10||10|-||-|10|
|Investment income|**2**||88,393||5,308||-||93,701||87,511|5,209||-|92,720|
|**Total income**|||88,403||5,308||-||93,711||87,521|5,209||-|92,730|
|**Expenditure on:**||||||||||||||||
|Investment management costs|||6,097||-||-||6,097||8,311|-||-|8,311|
|Charitable expenditure|**3**||136,833||5,308||-||142,141||139,272|5,209||-|144,481|
|**Total expenditure**|**4**||142,930||5,308||-||148,238||147,583|5,209||-|152,792|
|Net (expenditure) before||||||||||||||||
|gains/(losses) on investments|||**(**54,527)||**-**||-||**(**54,527)||(60,062)|-||-|(60,062)|
|Net gains/(losses) on investments|||34,392||-||(1,075)||33,317||188,964|-||16,202|205,166|
|**Net movement in funds**|||(20,135)||-||(1,075)||(21,210)||128,902|-||16,202|145,104|
|**_Balance brought forward at_**||||||||||||||||
|**1 August 2024**|||3,062,269||-||236,759||3,299,028||2,933,367|-||220,557|3,153,924|
|**_Balance carried forward at_**||||||||||||||||
|**31 July 2025**|||3,042,134||-||235,684||3,277,818||3,062,269|-||236,759|3,299,028|
_____________________________________________________________________________________________________________________________
- 5 -
**THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY**
## **BALANCE SHEET**
## _**AS AT 31 JULY 2025**_
___________________________________________________________________________
|**Note**
**Fixed assets**
Investments
**6**
**Current assets**
Debtors
**7**
Cash at bank and in hand
**Creditors:**
Amounts falling due within one year
**8**
**Net current (liabilities)/assets**
**Net assets**
**Funds**
Unrestricted
**9**
Restricted
**10**
Endowment
**11**|**£**
14,394
52,781
67,175
(70,003)|**2025**
**£**
3,280,646
3,280,646
(2,828)
3,277,818
3,042,134
-
235,684
3,277,818|**2024**
**£**
3,317,799
3,317,799
21,336
39,124
60,460
(79,231)
(18,771)
3,299,028
3,062,269
-
236,759
3,299,028|
|---|---|---|---|
___________________________________________________________________________________________
- 6 –
**THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY**
## **STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
___________________________________________________________________________
|**2025**
**Total**
**Funds**
**Notes**
**£**
**Net cash used in operating activities**
**14**
(150,514)
**Cash flows from investing activities:**
Interest, dividends from investments
93,701
Proceeds from the sale of investments
2,052,384
Purchase of investments
(2,016,068)
Change in capital float
34,154
**Net cash provided by investing activities**
164,171
**Change in cash and cash equivalents in the year**
13,657
Cash and cash equivalents brought forward
39,124
Cash and cash equivalents carried forward
52,781
|**2024**
**Total**
**Funds**
**£**
(122,668)
92,720
258,410
(218,361)
(31,100)
101,669
(20,999)
60,123
39,124
|
|---|---|
___________________________________________________________________________________________
- 7 –
**THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 JULY 2025**_
___________________________________________________________________________
## **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 2019, 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 2025.
- (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 2025**_ **(continued)**
## **2. Investment income**
|**Unrestricted**
**Funds**
**2025**
**£**
Income from quoted investments
86,798
Bank & other interest
1,595
88,393|**Restricted**
**Endowment**
**Funds**
**Funds**
**2025**
**2025**
**£**
**£**
5,308
-
-
-
5,308
-|**Total**
**Funds**
**2025**
**£**
92,106
1,595
93,701|**Total**
**Funds**
**2024**
**£**
91,087
1,633
92,720|
|---|---|---|---|
Restricted fund income is income generated from the investments held for the Endowment Fund - Burgh College Sales Proceeds Trust (note 11). The totals for 2024 include £5,209 of income relating to restricted funds.
## **3. Direct charitable expenditure**
|**Unrestricted**
**Funds**
**2025**
**£**
Teaching costs
126,075
Support costs
1,567
Administrator & accountancy costs
7,422
Independent examination costs
1,626
Trustee meetings and other travel costs
143
136,833|**Restricted**
**Endowment**
**Funds**
**Funds**
**2025**
**2025**
**£**
**£**
5,308
-
-
-
-
-
-
-
-
-
5,308
-|**Total**
**Funds**
**2025**
**£**
131,383
1,567
7,422
1,626
143
142,141|**Total**
**Funds**
**2024**
**£**
134,355
1,460
7,104
1,426
136
144,481|
|---|---|---|---|
Included within “Support costs” is indemnity insurance with a cost of £978 (2024: £978).
The totals for 2024 included unrestricted funds expenditure of £139,272 and restricted fund expenditure of £5,209.
## **4. Total expenditure**
|Investment management costs
Direct charitable expenditure|**Staff**
**Costs**
**2025**
**£**
-
-
-|**Depreciation**
**2025**
**£**
-
-
-|**Other**
**Costs**
**2025**
**£**
6,097
142,141
148,238|**Total**
**Total**
**Costs**
**Costs**
**2025**
**2024**
**£**
**£**
6,097
8,311
142,141
144,481
148,238
152,792|
|---|---|---|---|---|
## **5. Trustees’ emoluments**
Trustees are not remunerated. Expenses reimbursed to trustees for travel costs amounted to £143 (2024: £136).
___________________________________________________________________________________________
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**THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS**
_**FOR THE YEAR ENDED 31 JULY 2025**_ **(continued)**
## **6. Investments**
|Valuation:
At 1 August
Additions
Disposal
Change in capital float
Unrealised investment gain/(loss)
**At 31 July**
Analysis
Multi-asset funds
Global Equity Funds excluding UK
Global Equities & Equity Funds including UK
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|**2025**
**£**
3,317,799
2,016,068
(2,127,140)
(34,154)
108,073
3,280,646
**£**
2,031,857
-
234,443
-
-
54,762
958,921
663
3,280,646
2,720,233
2,645,673
**2025**
**£**
14,394
**2025**
**£**
70,003|**2024**
**£**
3,121,582
218,361
(203,688)
31,100
150,444
3,317,799
**£**
-
930,120
1,175,359
53,981
90,793
125,686
935,043
34,817
3,317,799
**£**
2,703,191
2,720,233
**2024**
**£**
21,336
**2024**
**£**
79,231|
|---|---|---|
___________________________________________________________________________________________
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**THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 JULY 2025**_ **(continued)**
___________________________________________________________________________
|**9.**|**Unrestricted funds**||||||
|---|---|---|---|---|---|---|
|||**Balance at**|**Incoming**||**Gains &**|**Balance at**|
|||**1 August 2024**|**Resources**|**Expenditure**|**(losses)**|**31 July 2025**|
|||**£**|**£**|**£**|**£**|**£**|
||General Fund|3,062,269|88,403|(142,930)|34,392|3,042,134|
|||**Balance at**|**Incoming**||**Gains &**|**Balance at**|
|||**1 August 2023**|**Resources**|**Expenditure**|**(losses)**|**31 July 2024**|
|||**£**|**£**|**£**|**£**|**£**|
||General Fund|2,933,367|87,521|(147,583)|188,964|3,062,269|
|**10.**|**Restricted funds**||||||
|||**Balance at**|**Incoming**||**Gains &**|**Balance at**|
|||**1 August 2023**|**Resources**|**Expenditure**|**(losses)**|**31 July 2025**|
|||**£**|**£**|**£**|**£**|**£**|
||General|-|5,308|(5,308)|-|-|
|||**Balance at**|**Incoming**||**Gains &**|**Balance at**|
|||**1 August 2022**|**Resources**|**Expenditure**|**(losses)**|**31 July 2024**|
|||**£**|**£**|**£**|**£**|**£**|
||General|-|5,209|(5,209)|-|-|
The restricted fund was established to assist overseas students.
|**11.**
**Endowment funds**
**Balance at**
**1 August 2024**
**£**
Mitchell Bequest
22,263
Beck and Lawson Trust
4,183
N B Jarvis (Greenleaves)
1,239
Booth Bequest
177
Garton Bequest
2
Burgh College - Bursary (Moore) Trust
10,992
Burgh College - Sale proceeds Trust
194,836
Burgh College - Wheat Trust
3,067
236,759|**Losses**
**Balance at**
**31 July 2025**
**£**
**£**
(102)
22,161
(19)
4,164
-
1,239
(1)
176
-
2
(50)
10,942
(890)
193,946
(13)
3,054
(1,075)
235,684|**Losses**
**Balance at**
**31 July 2025**
**£**
**£**
(102)
22,161
(19)
4,164
-
1,239
(1)
176
-
2
(50)
10,942
(890)
193,946
(13)
3,054
(1,075)
235,684|
|---|---|---|
|||235,684|
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 people 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.
___________________________________________________________________________________________
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**THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 JULY 2025**_ **(continued)**
____________________________________________________________________________________
## **12. Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**Endowment**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
Fund balances at 31 July 2025
Fixed Assets - Investments
3,046,203
-
234,443
Current assets
65,934
-
1,241
Current liabilities
(70,003)
-
-
**Total Net Assets**
3,042,134
-
235,684
Unrealised gains/ (losses) included:
On investment assets
411,625
-
223,348
**£**
**£**
**£**
Fund balances at 31 July 2024
Fixed Assets - Investments
3,082,281
-
235,518
Current assets
59,219
-
1,241
Current liabilities
(79,231)
-
-
**Total Net Assets**
3,062,269
-
236,759
Unrealised gains/ (losses) included:
On investment assets
373,143
-
224,423|**Total**
**Funds**
**£**
3,280,646
67,175
(70,003)
3,277,818
634,973
**£**
3,317,799
60,460
(79,231)
3,299,028
597,566|
|---|---|
## **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 2025 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.
___________________________________________________________________________________________
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**THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 JULY 2025**_ **(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:
(Gains) on investments
Deduct interest, dividends from investments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash generated used in operating activities|**2025**
**£**
(21,210)
(33,317)
(93,701)
6,942
(9,228)
(150,514)
|**2024**
**£**
145,104
(205,166)
(92,720)
(441)
30,555
(122,668)
|
|---|---|---|
## **15. Related Party Transactions**
The trustees do not consider that there are any related party transactions to disclose for the reporting period or in the prior period.
- 13 -