2025-08-31-accounts - St Margarets Episcopal Church: Newlands

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Charity Number - SC 008953

St Margaret's Episcopal Church - Glasgow

Report and Financial Statements for the year ended 31 August 2025

St Margaret's Episcopal Church

Contents of the Financial Statements

	Page
Charity Information	1
Report of the Vestry	2 - 5
Independent Examiner’s Report	6
Statement of Financial Activities	7
Balance Sheet	8
Notes to the Financial Statements	9 - 14

St Margaret's Episcopal Church

Charity information

Vestry Members	From	to
Jenny Whelan (Rector’s Warden)	Nov 2010
Mr Colin Fraser (People’s Warden)	Nov 2021	Nov 2025
Mr Jim Gibson (Lay Representative)	Nov 2024	Nov 2025
Mrs Jan Whiteside (Alternate Lay Rep.)	Nov 2024	Nov 2025
Ms Fiona Crawford	Nov 2024	Nov 2027
Dr Kalpana Panickar	Nov 2021	Nov 2024
Mr Stephen Watt	Nov 2021	Dec 2024
Morag Norris	Nov 2018	Dec 2024
Carol Ball	Nov 2023	Nov 2026
Elinor Shearer	Nov 2023	Nov 2026
Daniel Paul	Dec 2024	Nov 2027
Morag Gallacher	Dec 2024	Nov 2027
Jim Johnstone	Dec 2024	Nov 2027

Secretary Juliet Mugwanda

Treasurer Mrs Maida Gibson

Church Office

353/355 Kilmarnock Rd. G43 2DS. Glasgow

Charity No : SC008953

Bankers

Bank of Scotland 50/60 Kilmarnock Rd, Glasgow G41 3NN

Stockbrockers

Rathbones Investment Management George House 50 George Square, Glasgow G2 1EH

Independent Examiner

William Vernall BA CA Azets Audit Services Titanium 1 King’s Inch Place Renfrew PA4 8WF

St Margaret's Episcopal Church

Report of the Vestry for the year ended 31 August 2025

The Vestry is pleased to present its annual report together with the financial statements for the year ended 31 August 2025.

Status of Charity and Governing Document

St Margaret’s Episcopal Church (“the charity”) is a recognised Scottish charity (No. SC008953). It is part of the United Diocese of Glasgow and Galloway of the Scottish Episcopal Church. It operates under a constitution adopted on 8 January 1995, and subsequently revised on various occasions up to 26 November 2017. Under the chairmanship of the Rector the Vestry has responsibility for the spiritual and temporal affairs of the church.

Vestry Members

The vestry comprises elected constituent members of the congregation and ex-officio appointments. The members of the Vestry from 1 September 2024 to the date of this report were:

Rev Gordon Fyfe	Elinor Shearer
Jenny Whelan (Rector’s Warden)	William Fergusson
Colin Fraser (People’s Warden)	Carol Ball
Jim Gibson (Lay Rep)	Morag Gallacher (from Dec 2024)
Jan Whiteside (Alternate Lay Representative)	Kalpana Panickar
Fiona Crawford	Jim Johnstone (from Dec 2024)
Daniel Paul (from Dec 2024)	Morag Norris (until 8 December 2024)
Stephen Watt (until Dec 2024)

Appointment of Vestry Members

Vestry members are elected at the AGM. The term of service for elected constituent members of the congregation is three years, with the option to stand for a second term. Further election is not permitted until after a fallow year. The People’s Warden is elected by the congregation at each AGM and is eligible for re-election, but for no more than four years. The Rector’s Warden is appointed at the sole discretion of the rector. The Lay Representative and the Alternate Lay Representative are elected at each AGM. The Rector, the People’s Warden, the Rector’s Warden, the Lay Representative and the Alternate Lay Representative are ex officio members of the Vestry.

There is no formal induction programme but ongoing guidance is given to ensure that Vestry members are familiar with the church’s values, aims and objectives together with its day-to-day operations, in addition to clarifying their statutory responsibilities as trustees of a charity.

Vestry members have access to written guidance from the Diocese, the Office of the Scottish Charities Regulator and His Majesty’s Revenue and Customs as to the roles of vestry members and charity trustees. The Vestry has agreed a Code of Conduct to guide interpersonal interactions.

Administrative Structure

The Vestry, under the chairmanship of the Rector, is responsible for the overall administration of the church.

St Margaret's Episcopal Church

Report of the Vestry for the year ended 31 August 2025

Charitable Objectives

The church’s Mission is to be an inclusive, affirming, non-judging community, where all are welcome to explore faith and doubt, to come to a deeper understanding of God’s call in their own lives and to engage in the wider mission of the church.

Principal Activities

The charity’s principal activities are: Worship Young people and whole congregation engagement Community and charity involvement

Achievements and Performance:

1.Worship and spirituality

Morning Prayer and Sung Service were held in church every Sunday, Said Eucharist on Tuesdays and Thursdays, Morning Prayer online on weekday mornings. Contemplative meditation and Short reflective services were held once a month.

The harvest festival was celebrated and fruit baskets delivered to the house-bound. An ‘All Souls’ requiem was held to remember those who had died in the past year and a ‘Time to Remember’ Service and the Remembrance Service were held in November. The Patronal service and Gift Day was an opportunity to give special thanks for what St Margaret’s means to us.

During Advent, a study group and Advent reflections were held weekly. A Nativity play was presented by the young people. The Festival of Nine lessons , the Christingle service, Christmas eve services and the Christmas day service all drew people from our local community, who joined the congregation in joyful celebration of the birth of our Saviour. The offering from the Christingle service went to Aberlour (£266), and that from the Christmas Eve midnight and Christmas Day services went to Shelter (£561).

The Words and Music for Lent service marked the beginning of the season. A study Group and Lent reflections were held each week. During the Holy week, compline and reflection were held each evening. The usual Eastertide services were well attended. The ‘Seasons of Scripture’ bible study was held at different points throughout the year. A confirmation course was held and regularly attended by 4 candidates. A confirmation and baptism service was held on the 18[th] of May, and the congregation had the privilege of hosting the new Bishop Nicholas Bundock on this day. The congregation was well represented at the Diocesan and the General Synod.

A discipleship course was held for those who sought to deepen their understanding of Christian faith, and intercessors’ training to equip those who serve in that regard.

2. Fellowship

The Pastoral Care Team continued to keep in touch with members of the congregation who live on their own. Numerous social events were held, enabling the church family to enjoy fellowship. At the Christmas lunch, the congregation enjoyed a hearty meal and games. Refreshments are served after the service on Sunday and Tuesday, ,meaning that at least twice a week people have the opportunity to catch up. Ten issues of the magazine were circulated.

3. Community and outreach

The church seeks to engage with the local community through opening its buildings for communal use. Community choirs rehearse in the church and the church is well used by community groups. The church opened its doors to the public during the Glasgow Doors Open Days. Once a month, a Food and Friendship community lunch is held, and all are warmly welcome. The Burns’ Supper was held again this year, along with ‘Call my Bluff’, both being opportunities for outreach and fundraising. A local business donated goods in support of St Margaret’s bake sale, proceeds of which went to Christian Aid. The congregation continues to support the Foodbank in Govanhill.

St Margaret's Episcopal Church

Report of the Vestry for the year ended 31 August 2025

Our sanctuary’s long-standing reputation as a stunning venue for concerts and events continued. Performances included ten Second Sunday concerts, concerts by popular choirs like the Glasgow Chamber Choir, Bach Cantatas project, Hutchesons Choral Society and Eastwood Choral Society. The hall has been a popular venue for children’s parties and regular classes. This year’s Holiday Club, as those in the past, was active and well attended.

4. Stewardship

The congregation observed the Season of Creation by reflecting on our calling to care for Creation. The Dear Green Place Festival drew people of all ages, and included talks and demonstrations on how families can help look after their resources and the planet. Applications for grants to improve storage for tools and the courtyard were successful, and work is going on to transform it into a more welcoming space. The vestry met at an away day to think and plan for church growth and utilising the building.

Finance and property matters are standing items at the meetings that the vestry holds regularly. Energy bills and repairs are the major expenses for the church. Volunteers gave as much of their time and skills as they could, helping keep the costs down.

As an eco-congregation, St Margaret’s seeks to adopt recycling and use eco-friendly products. The Vestry has adopted an eco-friendly approach to garden maintenance, with the Eco team seeking ways of reducing carbon footprint. The congregation also supports Fair Trade to ensure fairness to producers. Responsibilities for the Protection of Vulnerable Groups (PVG) feature at all Vestry meetings and an annual return was made to the Diocesan monitoring officer. The PVG co-ordinator will submit a report to the AGM.

Financial Review

Results for the year

In summary, there was a general fund deficit of £93,642, mitigated by investment gains of £21,307. There were no legacies. The underlying financial picture is exceptionally weak; the average annual deficit over the past five years is £52,000, a picture which is clearly not sustainable.

Expenditure again included significant fabric repairs. General fund income was £123,365 compared with £104,268. The Gift Day drew a response of £4,239 compared with £2,230. Freewill Offering income was £48,198 and income from the Plate was £3,113, with sundry income of £2,959. Investment income dropped by around £800, reflecting the continuing need to withdraw capital from the investment portfolio. Income from hall users increased by £620 to £18,174, and thanks are again due to the Church Administrator in achieving this increase.

General fund expenditure was £217,007 compared with £187,908 with the main increase coming in fabric repairs to church and rectory, and increased stipends and salaries (reflecting the SEC’s policy of progressively restoring stipends to their 2006 level adjusted for CPI). Heat and light costs increased by £18,357, an increase of 141%. Control of other expenditure was carefully monitored.

The Statement of Financial Activities on page 7 of accounts reflects an overall deficit of £94,942 (2024 - deficit £61,007). Income in Restricted Funds was £4,481 for the lighting appeal (against costs of £50,000) and £2,904 for the garden project. In addition £3,100 of funds have been cleared from restricted funds brought forward from previous years in relation to choral scholars and stained glass, thus exhausting the amount of restricted funds carried forward.

The overall deficit for the year of £94,942 is offset against the balance in the endowment fund, which is reduced to £549,101.

It is disappointing that Congregational income is only 39% of our total expenditure. We rely heavily on investment and community income, but the reality of the post Covid world is that it is difficult to come anywhere near balancing the books without a significantly increased level of support from the congregation.

Most of the proceeds from the sale of the curate’s flat in 2024 have been reinvested into the stockmarket. The church’s portfolio of investments is of good quality and is managed to achieve a balance between income and capital growth. While dividend income during the year decreased, the portfolio did benefit from unrealised gains in value in line with the general stockmarket reaction to the worldwide geopolitical situation. On our stockbrokers’ advice investments were realised at a gain of £3,220 (2024: gain £3,220). At the year end the portfolio was valued at £527,832, after a gain on revaluation of £18,087 (2024: gain £34,368). We have also drawn down £40,000 in cash from our investments to fund the deficit and provide liquidity for working capital.

St Margaret's Episcopal Church

Report of the Vestry for the year ended 31 August 2025

The Balance Sheet is nevertheless healthy, with reserves of £550,901 represented by cash, and investments. The reserves policy allows reserves to be used as capital or income for the purposes of mission and it is recognised that the congregation’s financial strength will be sorely tested in the next year by the challenges posed by the cost of living increases and the drive to Net Zero in terms of carbon emissions. This will almost certainly lead to reduced capital and investment income, which in turn will require a significantly increased financial commitment from the congregation in order to reduce future deficits.

The Vestry reaffirms the importance of direct giving in Christian stewardship and seeks to achieve a realistic approach to finance, exercising wise stewardship and affirming the need for generous and proportionate giving, in order to ensure that the congregation’s income balances its expenditure.

Investment Policy

Constitutionally, the Vestry has the power to invest in such stocks and shares, investments and property as it sees fit, upon the advice of a reputable stockbroker. The policy is to ensure a balanced level of income and capital growth consistent with security of capital and accessibility of funds. Money which is surplus to immediate requirements is invested in bank deposits or stock market as required. Ethical considerations are applied to the recommendations made by the stockbroker.

Grant Making Policy

The church makes grants to individuals and organisations from its general funds, and for special appeals. The beneficiaries are involved in activities consistent with the mission of the church.

Reserves Policy

The church’s endowment fund has been built up over many years from the generosity of previous generations and from legacies received. The church’s policy is to credit legacies to the endowment fund and to transfer any surplus or deficit on its general fund to the endowment fund.

The endowment fund is maintained at a level which will provide an income for the church in line with its investment policy, provide funds for the purposes of mission and for expenditure on major property maintenance, provide additional working capital if required and meet any deficits which may arise on general funds.

Statement on Risk

Major risks the charity is exposed to, and strategies for mitigating them are summarised as:

Governance and management: Regular Vestry meetings. Mixed skillset. Effective communication systems. Record keeping. Succession planning. Limits on terms of elected trustees.
Operational: Delegation of responsibilities. Training. Investment in technology.
Financial: Finances reviewed, and actions approved at each Vestry meeting. Rigorous attention to fabric of properties. 4. Compliance (law and regulation): Sound knowledge base. Trustee/Vestry member code of conduct. Compliance with Provincial guidelines in critical areas.
Reputational: Volunteer training and PVG checks. Documenting records of background checks as required.

Plans for Future Periods

The key objective for the coming year is to continue to provide a welcoming non-judgemental environment within which to continue the mission of the church.

Signed on behalf of the Board of Trustees by:

Rev Canon Gordon B Fyfe, Rector

Date: 29 May 2026

St Margaret's Episcopal Church

Report of the Independent Examiner to the Trustees

I report on the financial statements of the charity for the year ended 31 August 2025 which are set out on pages 7 to 14.

Respective responsibilities of Trustees and Independent Examiner

The charity’s trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.

The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under Section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of Independent Examiner’s statement

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.

Independent Examiner’s statement

In the course of my examination, no matter has come to my attention

which gives me reasonable cause to believe that in any material respect the requirements
to keep accounting records in accordance with Section 44(1) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations

have not been met, or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

William Vernall CA

Azets Audit Services Titanium 1 King’s Inch Place Renfrew PA4 8WF

Date: 29 May 2026

St Margaret's Episcopal Church

Statement of Financial Activities and Income and Expenditure Account

For the year ended 31 August 2025

Unrestricted funds	Restricted funds	Endow- ment fund	Total 2025	Total 2024 £ 91,877 21,950 12,948 1,899 128,674 4,301 185,380 189,681 (61,007) 37,588 69,443
£ 89,059 20,514 12,142 1,650	£ 7,385		89,059 27,899 12,142 1,650
123,365	7,385		130,750
4,834 212,173	8,685		4,834 220,858
217,007	8,685		225,692
(93,642) 93,642	(1,300)	(93,642) 21,307	(94,942) 21,307
-	(1,300) 3,100	(72,355) 621,436	(73,635) 624,536	46,024 578,512
-	1,800	549,101	550,901	624,536

St Margaret's Episcopal Church

Balance Sheet

As at 31 August 2025

Note Fixed assets Heritableproperty 11 Investments at market value 12 Current assets Debtors 13 Cash at bank and in hand 14 Liabilities Creditors:amounts falling due within one year 15 Net current assets Total assetslessliabilities Endowment fund 17 Restricted funds 16,17 Unrestricted funds 17 Total funds	2025 £ 527,832 527,832 10,622 13,887 24,509 1,440 23,069 550,901	2024 £ 551,460 551,460 10,857 63,400 74,257 1,181 73,076 624,536
	549,101 1,800 550,901	621,436 3,100 624,536

These financial statements were approved by the members of the Vestry on 29 May 2026

Signed on behalf of the members of the Vestry

_________

Rev Canon Gordon B Fyfe, Rector

St Margaret's Episcopal Church

Notes to the Financial Statements for the year ended 31 August 2025

1. Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, and in accordance with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS102) (effective 1 January 2019), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The charity constitutes a public benefit entity as defined by FRS 102.

Going concern

The financial statements have been prepared on a going concern basis due to the strong net assets position that is reflected in the balance sheet as at 31 August 2025.

Income

All voluntary income and investment income is accounted for when received. Tax recovered on Gift Aid and investment income is accounted for on the accruals basis. Fees, rental income, other income and bank interest are accounted for on the accruals basis. Legacies are accounted for in the period when the amount receivable can be measured with sufficient reliability.

Expenditure

All expenditure is included on an accruals basis and is recognized when there is a legal or constructive obligation to pay for the expenditure. All costs have been directly attributed to one of the financial categories of resources expended in the SOFA. The charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.

Investments

Investments are stated at market value in accordance with the Statement of Recommended Practice for charities. Realised and unrealised investment gains and losses are charged or credited to the SOFA, and are accounted for within unrestricted funds.

Tangible fixed assets

In the case of material expenditure on office equipment, depreciation is provided at 20% on a straight line basis in order to write off each asset over its estimated useful life. Otherwise, equipment is written off in the year of purchase. Computer equipment is written off in the year of purchase. No depreciation is provided on property. It is the policy of the church to maintain the property it owns to such a standard that the property will have an infinite useful life.

The Vestry considers it inappropriate to include a figure for the church building and rectory in the financial statements as these are vested in a separate body of trustees. All of the buildings are insured for £20,950,000 (church) plus £1,085,304 (rectory), total £22,035,304.

Pensions

The church subscribes to the defined contribution scheme for clergy operated by the Scottish Episcopal Church.

St Margaret's Episcopal Church

Notes to the Financial Statements for the year ended 31 August 2025

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Gifted property

Where heritable property is gifted to the church, it is valued at the date of the gift and the valuation is incorporated in the accounts by being credited to the endowment fund.

Statement of financial activities

For the purpose of the Statement of financial activities on page 7, funds are defined as follows:

Unrestricted funds comprise grants and other income received for the objects of the church without further specified purpose and are available as general funds.

Restricted funds comprise grants and other income received for spending on specified purposes as laid down by the donors.

The Endowment fund represents those assets which are intended to be held permanently by the church, principally investments. Part of the amount invested is expendable, that is the capital can be converted into income, at the discretion of the members of the Vestry. Income arising on the endowment fund can be used in accordance with the objects of the church and is included as unrestricted income.

2. Explanation of funds

The various funds are held for the following purposes:

Unrestricted funds

General fund

To support the work of the church.

Restricted funds

Fabric fund

To fund major fabric repairs. The remaining balance in the fund at the year end represents money earmarked for the repair of decorative mosaic work within the church sanctuary.

St Cecilia fund

To subsidise the musical education of young choir members.

Endowment fund

To retain those assets which are intended to be held permanently

St Margaret's Episcopal Church

Notes to the Financial Statements for the year ended 31 August 2025

Staff costs £ 72,792	`2025` £ 48,198 3,113 28,862 4,239 2,959 152 1,536 89,059 - 89,059 18,174 2,340 20,514 4,481 2,904 7,385 27,899 Direct Total costs `2025` £ 72,792 15,428 15,428 151 151 2,071 2,071 56,790 56,790 9,081 9,081 .4,001 4,001 10,456 10,456 31,358 31,358 883 883 928 928 1,229 1,229 2,895 2,895 2,226 2,226 1,440 1,440 444 444	`2024` £ 45,621 3,902 14,834 2,230 3,371 237 682 70,877 21,000 91,877
		17,554 990 18,544
		2,780 626
		3,406
		21,950
		Total `2024` £ 70,309 15,081 564 2,095 34,630 28,393 3,806 8,998 13,001 834 904 827 - 2,772 1,050 343
72,792	139,381 212,173	183,607 1,773 - -
	4,481 4,481 2,904 2,904 1,300 1,300
	8,685 8,685	1,773 185,380
72,792	148,066 220,858

St Margaret's Episcopal Church

Notes to the Financial Statements for the year ended 31 August 2025

Specific income disbursed During .the year there were special.collections.as follows: Pollokshaws Hub (Eco weekend) Shelter Aberlour Bishop's Lent Appeal Refuweegee / Friends of the Holy Land) Christian Aid SSPCA Mission to Seafarers Palestine Appeal Medicins Sans Frontieres	`2025` £ 370 561 266 365 513 - - - - 2,075	`2024` £ - 322 140 404 60 `116` 251 377
		1,670

These funds, which are not reflected in the accounts, have been remitted to the charities concerned.

7. Transfers between funds

The deficit for the year of £93,642 on the General Fund has been met from the Endowment Fund.

8. Net gains / losses on investments

`2025` £ Realised 3,220 Unrealised 18,087 21,307	`2024` £ 3,220 34,368 37,588

9. Taxation

The church has been accepted as a registered charity by HM Revenue and Customs. Accordingly no liability to taxation arises as all of the income and gains fall within the the exemptions from taxation contained in Sections 466 to 493 of the Corporation Tax Act 2010.

10. Employees

The Rector, who is a Trustee, receives a stipend, the amount of which is included in the staff costs figure in Note 5.

The average number of employees during the year was 3 (2024 - 3).

The members of the vestry did not receive any expenses in the year (2024 - £ Nil).

St Margaret's Episcopal Church

Notes to the Financial Statements for the year ended 31 August 2025

11. Heritable Property

£

Cost as at 1 September 2024 and 31 August 2025

The cost of the church building is shown within the accounts of the diocese.

Formerly the church had a flat for a curate, which was shown in the accounts at cost.

As the church has not had a full time curate for some years, the flat was rented out before being sold in January 2024.

12. Investments held as fixed assets


12. Investments held as fixed assets Market value as at 1 September 2024 Additions in year at cost Disposals in year - at market value b/fwd Net unrealised gain/ (loss) on revaluation at 31 August 2025 Market value as at 31 August 2025 13. Debtors Taxation recoverable on investments and gift aid Prepayments All amounts are due within one year. 14. Cash at bank and in hand Bank current account Direct business account Funds with stockbroker	UK Quoted Securities& Government Stocks 2025 £ 2024 £ 551,460 469,935 108,492 200,017 (150,207) (152,860) 509,745 517,092 18,087 34,368 527,832 551,460 2025 2024 £ £ 3,626 3,311 6,996 7,546 10,622 10,857 2025 2024 £ £ 1,594 3,129 .6,034 50,893 6,259 9,378 13,887 63,400
		509,745 18,087
		527,832
		2025 £ 3,626 6,996
		10,622 2025 £ 1,594 .6,034 6,259
			2024 £ 3,129 50,893 9,378 63,400
		13,887

St Margaret's Episcopal Church

Notes to the Financial Statements for the year ended 31 August 2025

15. Creditors: amounts falling due within one year Sundry creditors and accruals 16. Movement in funds Opening Balance Income Expenditure £ £ £ Unrestricted funds 123,365 (217,007) Restrictedfunds Fabric fund 1,800 7,385 (7,385) St Cecilia fund 1,300 (1,300) Endowment fund 621,436	Transfers £ 93,642 (93,642)	2025 £ 2024 £ 1,440 1,181
		Gains and Closing losses Balance £ £ - 1,800 - 21,307 549,101
624,536 130,750 (225,692)	-	21,307 550,901
Comparatives for movement in funds Unrestricted funds Unrestricted funds 104,268 (187,908) Fabric fund 1,800 3,406 (1,773) St Cecilia fund 1,300 Endowment fund 575,412 21,000	83,640 (1,633) - (82,007)	- 1,800 1,300 107,031 621,436
578,512 128,674 (189,681)	-	107,031 624,536
17. Analysis of net assets between funds Unrestricted funds £ Balance at 31 August 2025, per Statement of Financial Activities Represented by: Tangible fixed assets Investments Net current assets	Restricted funds £ 1,800	Endowment fund Total £ £ 549,101 550,901
	1,800 1,800	527,832 527,832 21,269 23,069 549,101 550,901