Charity registration number 528787
STUDLEY COLLEGE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
STUDLEY COLLEGE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | A Forsyth | |
|---|---|---|
| C Moody | ||
| P Mills | ||
| S Beer | ||
| R Adams | ||
| M Wells | ||
| W Simpson | ||
| C Flavell | ||
| A McGregor | ||
| M Herbert | ||
| R Colwill | ||
| M Chilton-Jones | (Appointed 11 July 2024) | |
| Charity number | 528787 | |
| Principal address | Kernow House | |
| Hill Road | ||
| Lower Boddington | ||
| Daventry | ||
| Northamptonshire | ||
| NN11 6YB | ||
| Independent examiner | Whitley Stimpson Limited | |
| Penrose House | ||
| 67 Hightown Road | ||
| Banbury | ||
| Oxfordshire | ||
| OX16 9BE |
STUDLEY COLLEGE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 - 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 15 |
STUDLEY COLLEGE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024
The Trustees present their report and financial statements for the year ended 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities.
Objectives and activities
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The Trustees consider the charity’s major risk to be a significant collapse in world stock markets.
Grant making policy
In order to reduce administration costs the Trust has increasingly made grants through partnership arrangements with selected land-based colleges and other institutions. Direct applications will still be considered subject to eligibility and availability of funds. The Trust's website has been updated to inform applicants as to procedural requirements for applications (see www.studleytrust.co.uk).
Achievements and performance
During the year the Trust received 75 enquiries directly from students, 13 applications were received and 9 direct awards were made. A further 79 awards were made by the Bursary Partnership colleges as well as under the Professional Gardeners Guild training scheme and Elizabeth Hess scholarships at Tresco.
Financial review
The charity received a large donation in 1970 from Studley College. The capital of this fund now amounts to over £3.2 million. This fund generates income which is used in accordance with the objects of the charity. The fund generated income of £131,109 in the year which funded grant awards, bursaries and related costs that totaled £105,684.
There are no restrictions on the charity’s power to invest. The investment strategy is set by the Trustees and takes account of recent demand for funds and the quality of the funding applications. The Trustees consider the income requirements, the risk profile and the investment managers’ view of the market prospects in the medium to long term. This strategy is set within an overall policy which states that the Trust funds are to be invested in a variety of assets both to spread risk and to enhance the long term prospects of overall return. Our strategy is reviewed with our investment managers regularly. In the year the charity estimated that it required income of £153,035 and we implemented a medium risk strategy. Income was above the target by £26,484.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level that equates to not less than twelve months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to emergency applications for grants which arise from time to time. Unrestricted funds were maintained at this level throughout the year.
The Trustees acknowledge the generosity of the donors to the Permanent Endowment Fund – the J G Grey Travel Scholarship, the Millard Bequest and the Lady Warwick Fund. In addition the assets of the Horticultural Training Trust were transferred to this Trust during 2006/07 and £7,000 of these funds is also included within the Permanent Endowment Fund.
Plans for future periods
The charity proposes to continue making grants directly to students and also to continue to provide funding to the Bursary Partnership colleges and other partner organisations for them to allocate to appropriate students.
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STUDLEY COLLEGE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Structure, governance and management
The Trust is an unincorporated trust established by a Declaration of Trust dated 17 September 1970 and is a registered charity, number 528787. The Trust has the objective of making grants and awards to assist in the education of students of agriculture, horticulture and associated land-based activities. The Trust is governed by rules set out in the Declaration of Trust.
The Trustees who have served during the year and up to the date of signing the accounts are set out below. Trustees are appointed by the Board of Trustees. Two meetings of all Trustees and two meetings of the Trust’s Finance Committee were held during 2023/2024.
A Forsyth C Moody P Mills S Beer R Adams M Wells W Simpson C Flavell A McGregor M Herbert R Colwill M Chilton-Jones (Appointed 11 July 2024)
At the Trustees’ meetings the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and processing and handling of applications prior to consideration by the Trustees is delegated to the Secretary.
The Board of Trustees keeps the skill requirements for the Trustee Body under review and in the event that a Trustee permanently retires or additional Trustees are required, existing Trustees nominate suitable persons. The ultimate decision on selection is a matter for the Board of Trustees.
The induction process for any newly-appointed Trustee is in accordance with best practice. The welcome pack includes a brief history of the Trust, copy Board and sub-committee minutes, a copy of the last three years’ of annual reports and accounts, a copy of the governing trust deed and a copy of the Charity Commission’s guidance “The Essential Trustee: What You Need To Know”.
Statement of trustees' responsibilities
The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the income and expenditure for that period. In preparing those financial statements the Trustees are required to:
• select suitable accounting policies and then apply them consistently;
• observe the methods and principles in the applicable Charities SORP;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards and statements of recommended practice have been followed, and;
• prepare the accounts on the going concern basis unless it is inappropriate to presume that the Trust will continue its operations.
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STUDLEY COLLEGE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
.............................. A Forsyth Trustee Date: .............................................
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STUDLEY COLLEGE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STUDLEY COLLEGE TRUST
I report to the trustees on my examination of the financial statements of Studley College Trust (the charity) for the year ended 30 June 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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.
Hermione Hymers ACA Whitley Stimpson Limited Penrose House 67 Hightown Road Banbury Oxfordshire OX16 9BE
Dated: .........................
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STUDLEY COLLEGE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2024
| Current financial year Unrestricted Endowment funds funds 2024 2024 Notes £ £ Income from: Donations 2 33,000 - Investments 3 131,154 - Total income 164,154 - Expenditure on: Charitable activities 4 123,362 - Other expenditure 9 14,309 - Total expenditure 137,671 - Net gains/(losses) on investments 10 - 73,420 Net income/(expenditure) and movement in funds 26,483 73,420 Reconciliation of funds: Fund balances at 1 July 2023 359,722 2,794,385 Fund balances at 30 June 2024 386,205 2,867,805 |
Total 2024 £ 33,000 131,154 164,154 123,362 14,309 137,671 73,420 99,903 3,154,107 3,254,010 |
Total 2023 £ 33,000 123,898 156,898 107,572 17,716 125,288 (156,634) (125,024) 3,279,131 3,154,107 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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STUDLEY COLLEGE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
| Prior financial year Unrestricted Endowment funds funds 2023 2023 Notes £ £ Income from: Donations 2 33,000 - Investments 3 123,898 - Total income 156,898 - Expenditure on: Charitable activities 4 107,572 - Other expenditure 9 17,716 - Total expenditure 125,288 - Net gains/(losses) on investments 10 - (156,634) Net income/(expenditure) and movement in funds 31,610 (156,634) Reconciliation of funds: Fund balances at 1 July 2022 328,112 2,951,019 Fund balances at 30 June 2023 359,722 2,794,385 |
Total 2023 £ 33,000 123,898 156,898 107,572 17,716 125,288 (156,634) (125,024) 3,279,131 3,154,107 |
|---|---|
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STUDLEY COLLEGE TRUST
BALANCE SHEET AS AT 30 JUNE 2024
| Notes Fixed assets Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets The funds of the charity Endowment funds 15 Unrestricted funds |
2024 £ £ 3,196,597 - 61,013 61,013 (3,600) 57,413 3,254,010 3,254,010 2,867,805 386,205 3,254,010 |
2023 £ £ 3,094,766 3,970 57,891 61,861 (2,520) 59,341 3,154,107 3,154,107 2,794,385 359,722 3,154,107 |
2023 £ £ 3,094,766 3,970 57,891 61,861 (2,520) 59,341 3,154,107 3,154,107 2,794,385 359,722 3,154,107 |
|---|---|---|---|
| 3,154,107 | |||
| 3,154,107 | |||
| 2,794,385 359,722 |
|||
| 3,154,107 |
The financial statements were approved by the trustees on .........................
.............................. .............................. A Forsyth W Simpson Trustee Trustee
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
1 Accounting policies
Charity information
Studley College Trust is a charitable trust registered in England and Wales. The registered address is Kernow House, Hill Road, Lower Boddington, Daventry, NN11 6YB.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Prior period error
An amendment to the prior period financial statements has been recognised within the comparative figures.
Prior period errors have previously arisen where funds received in the form of an expendable endowment had been recognised as a restricted fund for the purposes of the financial statements. The use of these funds remained in compliance with the requirements of the original endowment terms and the Charities Act.
Further information on the adjustments made to the prior period financial statements can be found in note 19.
1.3 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4 Charitable funds
- Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
1 Accounting policies
(Continued)
1.5 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.
1.6 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.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
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.
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.
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
| 2 | Income from donations | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Elizabeth Creak Charitable Trust | 33,000 | 33,000 | |
| 3 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Dividends and fixed interest | 131,109 | 123,862 | |
| Interest on cash deposits | 45 | 36 | |
| 131,154 | 123,898 | ||
| 4 | Expenditure on charitable activities | ||
| Unrestricted | Unrestricted | ||
| costs | costs | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Grant funding of activities (see note 5) | 105,684 | 91,929 | |
| Share of support and governance costs (see note 6) | |||
| Support | 9,080 | 7,854 | |
| Governance | 8,598 | 7,789 | |
| 123,362 | 107,572 | ||
| Analysis by fund | |||
| Unrestricted funds | 123,362 | 107,572 | |
| 5 | Grants payable | ||
| Unrestricted | Unrestricted | ||
| costs | costs | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Grants to individuals (89 grants) | 105,684 | 91,929 |
Unrestricted costs
Grants and bursaries paid to assist in the education of students of agriculture, horticulture and associated land-based activities
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
6 Support costs allocated to activities
| Unrestricted costs 2024 £ Administration costs 8,422 Travelling and subsistence 658 Governance 8,599 17,679 2024 Governance costs comprise: £ Secretarial costs 3,500 Printing, stationery, other materials 164 Telephone, website, and promotion 588 Accountancy and audit 3,600 Other expenses 747 8,599 7 Net movement in funds 2024 £ The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements 3,600 |
Total 2023 £ 7,854 - 7,789 |
|---|---|
| 15,643 | |
| 2023 £ 3,500 142 770 2,520 857 |
|
| 7,789 | |
| 2023 £ 2,520 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. However, 4 of the trustees were reimbursed a total of £622 for travel expenses paid on behalf of the charity (2023 - £673).
9 Other expenditure
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Investment management costs | 14,309 | 17,716 |
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
10 Gains and losses on investments
| Endowment | Endowment | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 89,201 | (156,634) |
| Sale of investments | (15,781) | - |
| 73,420 | (156,634) |
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Fixed asset investments
| Cost or valuation At 1 July 2023 Additions Valuation changes Disposals At 30 June 2024 Carrying amount At 30 June 2024 At 30 June 2023 Investments at fair value comprise: UK listed equities Overseas listed equities UK & overseas listed fixed interest securities 13 Debtors Amounts falling due within one year: Other debtors |
Listed investments £ 3,094,766 323,567 89,201 (310,937) 3,196,597 3,196,597 3,094,766 2024 2023 £ £ 1,404,325 1,457,710 1,138,689 1,056,307 653,583 580,749 3,196,597 3,094,766 2024 2023 £ £ - 3,970 |
|---|---|
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
14 Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals | 3,600 | 2,520 |
15 Endowment funds
Endowment funds consist of two separate fund balances.
The first fund balance represent assets which must be held permanently by the charity, with these amounts being recognised as a permanent endowment. Income arising on the permanent endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
The second fund balance represents assets donated to the charity at its registration, with these amounts being recognised as an expendable endowment. As part of this donation, the trustees have been provided with the power to use the available funds (including both capital and income) at their discretion towards furthering the objects of the charity. Income arising on the expendable endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| At 1 Permanent endowments Expendable endowments Expendable endowment Previous year: At 1 Permanent endowments Expendable endowments Expendable endowment |
July 2023 Gains and losses At 30 June 2024 £ £ £ 15,470 - 15,470 2,778,915 73,420 2,852,335 2,794,385 73,420 2,867,805 July 2022 Gains and losses At 30 June 2023 £ £ £ 15,470 - 15,470 2,935,549 (156,634) 2,778,915 2,951,019 (156,634) 2,794,385 |
July 2023 Gains and losses At 30 June 2024 £ £ £ 15,470 - 15,470 2,778,915 73,420 2,852,335 2,794,385 73,420 2,867,805 July 2022 Gains and losses At 30 June 2023 £ £ £ 15,470 - 15,470 2,935,549 (156,634) 2,778,915 2,951,019 (156,634) 2,794,385 |
|---|---|---|
| 2,794,385 |
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Previous year: At 1 General funds Analysis of net assets between funds At 30 June 2024: Investments Current assets/(liabilities) At 30 June 2023: Investments Current assets/(liabilities) |
July 2023 Incoming resources Resources expended At 30 June 2024 £ £ £ £ 359,722 164,154 (137,671) 386,205 July 2022 Incoming resources Resources expended At 30 June 2023 £ £ £ £ 328,112 156,898 (125,288) 359,722 Unrestricted Endowment Total funds funds 2024 2024 2024 £ £ £ 335,792 2,860,805 3,196,597 50,413 7,000 57,413 386,205 2,867,805 3,254,010 Unrestricted Endowment Total funds funds 2023 2023 2023 £ £ £ 307,381 2,787,385 3,094,766 52,341 7,000 59,341 359,722 2,794,385 3,154,107 |
|---|---|
17 Analysis of net assets between funds
18 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
| 19 | Prior period adjustment | ||||
|---|---|---|---|---|---|
| Changes to the balance sheet | |||||
| At 30 June 2023 | |||||
| As previously | Adjustment | As | restated | ||
| reported | |||||
| £ | £ | £ | |||
| Capital funds | |||||
| Endowment funds | 15,470 | 2,778,915 | 2,794,385 | ||
| Income funds | |||||
| Restricted funds | 2,778,915 | (2,778,915) | - | ||
| Unrestricted funds | 359,722 | - | 359,722 | ||
| Total equity | 3,154,107 | - | 3,154,107 | ||
| Changes to the statement of financial activities | |||||
| Period ended 30 June | 2023 | ||||
| As previously | Adjustment | As | restated | ||
| reported | |||||
| £ | £ | £ | |||
| Net movement in funds | (125,024) | - | (125,024) |
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