The Glasgow Science Centre Endowment Fund
Report and Financial Statements
31 March 2025
Registered charity number SC029705
The Glasgow Science Centre Endowment Fund
Trustees, Officers and Advisers
Trustees
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Independent Auditor
Thomson Cooper Accountants Chartered Accountants 3 Castle Court Dunfermline Fife KY11 8PB
Investment Advisers and Bankers
Cazenove Capital 1 London Wall Place London EC2Y 5AU
Registered Charity Number
SC029705
Registered Office
c/o Glasgow Science Centre 50 Pacific Quay Glasgow G51 1EA
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The Glasgow Science Centre Endowment Fund
Annual Report of the Trustees
The Trustees present their report and accounts for the year ended 31 March 2025.
The legal and administrative information on page 1 forms part of this report.
Structure, Governance and Management
The Glasgow Science Centre Endowment Fund was established through a Trust Deed between Glasgow Development Agency (now Scottish Enterprise Glasgow) and Glasgow City Council on 15 December 1999. It was registered as a Scottish Charity on 15 December 1999 (number SC029705).
The Fund is governed by a body of three Trustees with one Trustee appointed by each of Scottish Enterprise Glasgow, Glasgow City Council and Glasgow Science Centre Charitable Trust. An appointing body may remove any Trustee appointed by it but shall simultaneously appoint a new Trustee in place of the removed Trustee. The Trustees during the year are shown on page 1.
All newly elected Trustees are provided with an induction to brief them on their legal obligations under charity law, the content of the Trust Deed, the decision making process and the investment objectives.
Objectives and Activities
The purpose of the Fund is to apply its property to Glasgow Science Centre Charitable Trust for the purposes of funding the construction and capital renewal of the buildings and exhibitions at the Science Centre at Pacific Quay, Glasgow.
The Science Centre has been established for the advancement of the education of the general public by promoting awareness and understanding of science and technology through the operation of a permanent exhibition and education centre.
In the event of the Science Centre ceasing to operate, the property is to be applied to or for the benefit of one or more charitable institutions as the Trustees may select.
The Fund’s property is invested on the advice of the appointed investment advisers with the performance of the investments being monitored through the receipt of quarterly valuation reports. Reports are also received that allow comparisons to be drawn between the market performance and the performance of the Fund’s investment portfolio.
The investment objective is to maximise total return (income and capital) within a moderate risk profile with investments restricted to companies that show a high degree of corporate social responsibility.
The current grant making policy of the fund is as follows:
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to make an annual grant to Glasgow Science Centre Charitable Trust of approximately £175,000 to assist in meeting the costs of ongoing capital renewals; and
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to consider applications for additional grants on a case by case basis to provide further assistance, in particular with major new exhibitions where the additional funds can leverage significant funds from third party sources.
To enable the fund to meet its grant making policy it has been deemed appropriate that the investment portfolio be split equities 70% and bonds/cash 30%.
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The Glasgow Science Centre Endowment Fund
Annual Report of the Trustees
Achievements and Performance
Financial Review
Incoming Resources
Total income was in line with the previous year at £55,680 (2024: £55,851).
Realised and unrealised losses on investments of £18,434 (2024: realised and unrealised gains of £224,030) were incurred during the year due to more modest growth in the first three quarters of the year which more than reversed in the final quarter to a small loss due to significant global economic uncertainty impacting on markets.
Resources Expended
The cost of raising funds has increased by £336 or 2.2% to £15,688 (2024: £15,352).
During the year the Board of Trustees approved a new funding commitment of £280,000 to Glasgow Science Centre to upgrade the Planetarium Projection System and to repurpose the existing funding commitment for the refurbishment of the IMAX Projection System to General Capital Renewals at the same time as increasing this funding commitment from £150,000 to £200,000 (2024: £150,000 to refurbish the IMAX Projection System).
Governance costs include Trustee indemnity insurance of £4,200 (2024: £4,566) and audit fee of £2,868 (2024: £2,670). These costs have been allocated to charitable activities – grants within the Statement of Financial Activities.
Balance Sheet
As a result of the above incoming and outgoing resources the net assets of the Fund decreased by £315,511 or 12.3% (2024: increased by £107,293 or 4.4% to £2,562,935) during the year from £2,562,395 to £2,246,884.
Financial Reserves Policy
The financial reserves at 31 March 2025 of £2,246,884 (2024: £2,562,395) are all held in a general unrestricted financial reserve.
The Trust’s financial reserves policy is to maintain sufficient reserves to enable significant annual distributions of grant to be made to Glasgow Science Centre Charitable Trust for capital renewals for as long as possible.
Risk Management
The main risk faced by the charity lies in the performance of its investment portfolio. Risk is an inherent feature of the Fund’s investment activities, however the Trustees have sought to reduce the associated levels of risk through the appointment and monitoring of investment managers (Cazenove Capital)) to manage a diversified investment portfolio.
Plans for Future Periods
The assets of the Fund continues to be invested in the stock market in line with the current investment objectives.
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The Glasgow Science Centre Endowment Fund
Annual Report of the Trustees
Statement of Trustees’ responsibilities in respect of the Annual Report of the Trustees and the financial statements
Under charity law, the Trustees are responsible for preparing the Annual Report of the Trustees and the financial statements for each financial year which show a true and fair view of the state of affairs of the charity and of the excess of expenditure over income for the period. The Trustees have elected to prepare the financial statements in accordance with FRS 102 The Financial Reporting Standard applicable law in the UK and Republic of Ireland.
In preparing these financial statements, generally accepted accounting practice entails that Trustees:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether the recommendations of the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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state whether the financial statements comply with the Trust Deed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The Trustees are required to act in accordance with the Trust Deed of the charity, within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the Trustees to ensure that, where any statements of accounts are prepared by them under the Charities and Trustee Investment (Scotland) Act 2005, those statements of accounts comply with the requirements of regulations under that Act. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
Statement of disclosure to the auditor
So far as the Trustees are aware, there is no relevant audit information of which the charity’s auditor is unaware. Additionally, the Trustees have taken all necessary steps that they ought to have taken as Trustees, in order to make themselves aware of all the relevant audit information and to establish that the charity’s auditor is aware of the information.
Auditor
Thomson Cooper were appointed auditors to the Fund from March 2022, for a maximum period of four years, following a competitive tender process undertaken by Scottish Enterprise, the Fund’s ultimate parent undertaking. A new competitive tender process will be undertaken by Scottish Enterprise to appoint auditors for future accounting periods.
For and on behalf of the Board of Trustees
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The Glasgow Science Centre Endowment Fund Independent Auditor’s Report
To the Trustees of The Glasgow Science Centre Endowment Fund
Opinion
We have audited the financial statements of The Glasgow Science Centre Endowment Fund (the ‘charity’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 March 2025, and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report of the Trustees, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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The Glasgow Science Centre Endowment Fund Independent Auditor’s Report
To the Trustees of The Glasgow Science Centre Endowment Fund (continued)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report of the Trustees.
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Annual Report of the Trustees; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 4, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which these are capable of detecting irregularities, including fraud, is detailed below:
Extent to which the audit was considered capable of detecting irregularities, including fraud
We considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions and noncompliance with laws and regulations, We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and inspected minutes from meetings held by management and trustees for any reference to breaches in law and regulations. In addition, we reviewed areas of judgement for indicators of management bias to address these risks.
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The Glasgow Science Centre Endowment Fund
Independent Auditor’s Report
To the Trustees of The Glasgow Science Centre Endowment Fund (continued)
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).
We reviewed the laws and regulations in areas that directly affect the financial statements including applicable company law and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to the enquiry of the officers and management of the charity.
We communicated identified laws and regulations and potential fraud risks throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. However. the primary responsibility for the prevention and detection of fraud rests with the trustees.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of Thomson Cooper, Statutory Auditors Dunfermline
Date:[02-07-25 ]
Thomson Cooper is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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The Glasgow Science Centre Endowment Fund
Combined Statement of Financial Activities and Income and Expenditure Account
For the year ended 31 March 2025
| Notes Income from: Investment Income: Dividend income Bank interest Total income Expenditure on: Raising Funds: Investment management costs Charitable activities: |
Unrestricted Funds 2025 2024 £ £ 49,834 50,228 5,846 5,623 55,680 55,851 15,688 15,352 |
Unrestricted Funds 2025 2024 £ £ 49,834 50,228 5,846 5,623 55,680 55,851 15,688 15,352 |
|---|---|---|
| Grants 2,3 Total expenditure Net income/ (expenditure) and net movement in funds before losses and gains on investments Net (losses)/gains on investments Net income/(expenditure) and net movement in funds Funds Reconcilation Total Funds brought forward Total funds carriedforward 5 |
337,068 352,756 (297,076) (18,435) (315,511) 2,562,395 2,246,884 |
157,236 |
| 172,588 | ||
| (116,737) 224,030 |
||
| 107,293 2,455,102 |
||
| 2,562,395 |
The notes on pages 11 to 14 form part of these financial statements.
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The Glasgow Science Centre Endowment Fund Balance sheet As at 31 March 2025 2025 2024 Fixed Assets: Inveslments 2.453.3.58 2.7?8,407 Clln'ent Assets Deblois- Accrued dividends 4.27$ 2.823 4.27_S 2.823 Llabllfitles: Cidfilors falllDg due wltbfin ODe l'ear Grant con]mitnients Ac¢nd chatges (200.(K)O I (10.-481 (150.(K)O) (18.8.if) {10. 181 (16$ Pi51 Net currenl Ilabllltles (?06.47.1) (166.01? Net Assets 2.246.884 2.562.395 The fuDds of the cbailty: Unrestiicted income funds 2.246.884 2.562.395 The notes at pages 11 to 14 fomi part of these financial statements. The financial statements on pa es 8 to 14 were approved by the Board of Trustees on 24 June 2025 and signed on their behal by: Trustee and Chairman of the Board. on behalf of the Trustees. 24 June 2025
The Glasgow Science Centre Endowment Fund
Statement of Cash Flows
For the year ended 31 March 2025
| Net cash used in operating activities (see below) Cash flows from investing activities: Dividends, interest and rents from investments Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Decrease/ (increase) in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Reconcilation of net expenditure to net cash flow from operating activities Net income for the year (as per statement of financial activities) Adjustments: Losses /(gains) on investments Dividends, interest and rents from investments Increase in creditors Net cash used in operating activities |
2025 £ (310,843) 54,228 808,881 (605,754) 257,355 (53,488) 167,839 114,351 (315,511) 18,435 (55,680) 41,913 (310,843) |
2024 £ (14,956) |
|---|---|---|
| 54,714 544,400 (548,676) |
||
| 50,438 | ||
| 35,482 132,357 |
||
| 167,839 | ||
| 107,293 (224,030) (55,851) 157,632 |
||
| (14,956) |
The cash and cash equivalents are held by the Funds Investment Managers, Cazenove Capital, as part of the total investment portfolio and as such have been classified in the Balance Sheet as fixed assets investments.
The notes on 11 to 14 form part of these financial statements.
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The Glasgow Science Centre Endowment Fund
Notes to the accounts
For the year ended 31 March 2025
1. Accounting policies
Basis of preparation and accounting convention
The financial statements have been prepared in accordance with 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) as amended for accounting period commencing 1 January 2019 (Charities SORP (FRS 102)), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared on a going concern basis under historical cost convention, modified to include certain items at a fair value.
The financial statements are prepared in sterling which is the functional currency of the charity.
Investment income
Investment income is recognised on an ex-dividend date and includes any income tax recoverable.
Interest on cash deposits is recognised on an accruals basis.
Expenditure on raising funds
Fees are paid to the Funds Investment Advisers, Cazenove Capital, at 0.5% per annum together with irrecoverable VAT on the full value of the investment portfolio.
Expenditure on charitable activities - grants
Grants which have been unconditionally awarded or pledged by the Trustees are included in the accounts in the year in which the award or pledge was made.
Allocation of governance costs
Governance costs include the costs of trustee indemnity insurance and the statutory audit with the full cost allocated to expenditure on charitable activities – grants.
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposal throughout the year.
Realised and unrealised gains and (losses)
All gains and losses are taken to the Statement of Financial Activities as they arise.
Realised gains and losses on investment are calculated as the difference between sales proceeds and their carrying value. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Related party transactions
As sole beneficiary of the Fund, Glasgow Science Centre Charitable Trust is a related party.
Grant commitments made to Glasgow Science Centre Charitable Trust and the drawdown of funds against these commitments during the year are disclosed in Note 2 below.
At 31 March 2025 outstanding grant commitments to Glasgow Science Centre Charitable Trust of £200,000 have still to be paid (2024: £150,000).
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The Glasgow Science Centre Endowment Fund
Notes to the accounts
For the year ended 31 March 2025
Judgements and key sources of estimation uncertainty
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
There were no such judgements or estimates included in the financial statements (2024: None).
2. Charitable Activities - Grants
All grant commitments have been awarded to Glasgow Science Centre Charitable Trust.
| At | Awards in | Drawdowns/ | At | ||
|---|---|---|---|---|---|
| Project | 01/04/24 | year | re-allocations | 31/03/25 | |
| £ | £ | £ | £ | ||
| IMAX Projection System Refurbishment | 150,000 | - | (150,000) | - | |
| General Capital Renewals | - | 50,000 | 150,000 |
200,000 | |
| Planetarium Projection System Refurbishment | - | 280,000 | (280,000) |
- | |
| 150,000 | 330,000 | (280,000) |
200,000 |
3. Corporate Governance
| Corporate Governance | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Auditor's remuneration | 2,868 | 2,670 |
| Trustee indemnity insurance | 4,200 | 4,566 |
| 7,068 | 7,236 |
All corporate governance costs are shown as expenditure on charitable activities - grants.
The Trustees received no remuneration for their services or reimbursement of any out of pocket expenses during the year (2024: £0).
The fund employed no staff during the year (2024: None) consequently no employee earned benefits of more than £60,000.
Key management personnel remuneration was therefore nil in the year (2024: £0).
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The Glasgow Science Centre Endowment Fund
Notes to the accounts
For the year ended 31 March 2025
4. Fixed assets - investments
| Fixed assets - investments | |||
|---|---|---|---|
| Increase | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Opening market value | 2,728,407 | 2,464,619 | |
| Additions at cost | 605,754 | 548,676 | |
| Sales at opening market value | (807,244) | (547,498) | |
| Change in market value | (20,071) | 227,128 | |
| Movement in cash deposits | (53,488) | 35,482 | |
| Closing market value | 2,453,358 | 2,728,407 | |
| Cost at 31 March 2025 | 1,973,355 | 2,065,951 | |
| Movement in unrealised gains: | |||
| Opening balance | 662,456 | 420,284 | |
| (Decrease) / increase in respect of investments sold during the year | (162,382) | 15,044 | |
| Change in market value | (20,071) | 227,128 | |
| Closing balance | 480,003 | 662,456 | |
| Analysis of investments: | |||
| Unit trusts with real assets in: | |||
| Equities - UK | 120,684 | 113,111 | |
| Equities - Overseas | 1,740,973 | 1,889,664 | |
| Bonds - UK & Overseas | 256,761 | 283,082 | |
| Multi-Asset & Alternative Funds | 220,589 | 274,711 | |
| Cash | 114,351 | 167,839 | |
| Closing balance | 2,453,358 | 2,728,407 |
All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The investments are held to provide an investment return for the charity from capital growth and income generation. Individual investments held greater than 5% are as follows:
| 2025 | 2024 | |
|---|---|---|
| Vanguard S & P 500 ETF | 19.07% | 16.58% |
| Schroder WM Global Sustainable | 11.20% | 0.00% |
| Schroder Global Sustainable Growth | 8.53% | 15.88% |
| M + G Japan Fund | 5.74% | 5.45% |
| Schroder Diversified Alternative | 5.99% | 5.32% |
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The Glasgow Science Centre Endowment Fund
Notes to the accounts
For the year ended 31 March 2025
5. Funds
The Trust is comprised of a single general unrestricted fund to which is added/deducted the net movement of the year.
The movement in the year and previous year is summarised below:
| General reserve General reserve |
Balance at 01.04.24 £ 2,562,395 Balance at 01.04.23 £ 2,455,102 |
Income £ 55,680 Income £ 55,851 |
Expenditure £ (352,756) Expenditure £ (172,588) |
Realised/ Unrealised Gains (Losses) £ (18,435) Realised/ Unrealised Gains (Losses) £ 224,030 |
Balance at 31.03.25 £ 2,246,884 |
|---|---|---|---|---|---|
| Balance at 31.03.24 £ 2,562,395 |
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