Charity No. SC030610
THE PORTMORE CHARITABLE TRUST
TRUST ACCOUNTS
For the Year Ended 31 March 2025
THE PORTMORE CHARITABLE TRUST
Year ended 31 March 2025
| CONTENTS | Page |
|---|---|
| Trust Information | 1 |
| The Trustees’ Report | 2 - 4 |
| Report of the Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 - 13 |
THE PORTMORE CHARITABLE TRUST
TRUST INFORMATION
CHARITY NAME
The Portmore Charitable Trust
REGISTERED CHARITY NUMBER
SC030610
TRUSTEES
INDEPENDENT EXAMINER
Chiene + Tait LLP trading as CT Chartered Accountants 61 Dublin Street Edinburgh EH3 6NL
SOLICITORS
Gillespie Macandrew LLP 5 Atholl Crescent Edinburgh EH3 8EJ
INVESTMENT MANAGERS
Evelyn Partners 206 St Vincent Street Glasgow G2 5SG
1
THE PORTMORE CHARITABLE TRUST
TRUSTEES’ REPORT
For the year ended 31 March 2025
The Trustees present their annual report and accounts of the Trust for the year ended 31 March 2025. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities and Trustees Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulation 2006 (as amended) and 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).
Objectives
The objectives of the Trust are to relieve poverty, advance religion and advance the education of the general public in any manner that is charitable and in furtherance thereof the Trustees shall be empowered to:-
-
Do anything or take any actions that will relieve poverty, promote religion or further the education of others in any matter or way whatsoever;
-
Make grants of money to any persons, organisations, companies or businesses who have satisfied the Trustees that they will use such grants to relieve poverty, promote religion or further their own education or the education of others in any manner or way whatsoever;
-
Make payment of the capital or income of the Trust Fund or any part thereof to anybody officially registered as a charity or recognised by HM Revenue and Customs as being a charity for the purposes of Part 11 of the Corporation Tax Act 2010.
The Trustees have power during the twenty-one years from 29 September 2000 to accumulate all or as much of the income of the Trust Fund as they may from time to time think proper and add the same to the Trust Fund.
All charitable donations are authorised by the Trustees.
Review of progress and achievements
The fund received its initial endowment capital on 17 January 2005 and 30 November 2005. These funds were subsequently invested in a portfolio of stocks and shares. A further endowment of £1,000,000 was received on 20 August 2007 and was partly invested in stocks and shares.
Charitable payments of £145,436 were made during the year as detailed in note 5 to the accounts. The Trustees considered the grant applications received and were satisfied that these met the aims and objectives of the Trust.
Financial review
During the year the Trust received income of £60,918 (2024: £65,467) from its investment portfolio. From this, charitable donations of £145,435 (2024: £42,279) were paid together with investment management fees of £14,906 (2024: £13,926) and governance and support costs of £3,171 (2024: £2,915). The net movement for the year after investment gains and losses amounted to a deficit of £173,803 (2024: surplus of £149,365).
The unrestricted fund balance carried forward for the Trust’s future use in meeting its objectives amounted to £2,787,826 (2024: £2,961,629). The Trust’s equities during the year had an unrealised loss of £55,594 (2024: profit of £120,321).
Investment policy
The Trustees have considered the Investment Policy they wish to follow with regard to the investments of The Portmore Charitable Trust.
2
THE PORTMORE CHARITABLE TRUST
TRUSTEES’ REPORT (cont’d)
For the year ended 31 March 2025
Investment policy (cont’d)
The Investment Policy of The Portmore Charitable Trust is to increase income in line with inflation while preserving the real value of capital sums invested. The investment manager has discretion to invest the portfolio.
Bond investments must be of investment grade or higher.
There are to be no stock or sector restrictions on the investment manager’s powers.
No individual investment may represent more than 5% of the total value of the portfolio at the time of purchase.
Up to 30% of the total value of the portfolio at time of purchase may be invested to gain access to overseas equities.
This investment policy will be continually monitored and reviewed annually.
Ethical policy
The Trustees have considered ethical stance that they wish to take with regard to the investments of The Portmore Charitable Trust.
Whilst considering the ethical stance, the Trustees have given due regard to their duties as trustees and to the guidance issued by OSCR.
The Trustees have not currently placed any ethical restrictions on the investment manager’s powers.
This ethical policy will be continually monitored and reviewed annually.
Risk management
The trustees consider the variability of investment returns to constitute the Trust’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
The Trustees have assessed the other major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate an exposure to the major risks.
Reserves policy
Reserves held at 31 March 2025 amounted to 2,787,826. It is the policy of The Portmore Charitable Trust to maintain unrestricted funds, which are the free reserves of the Charity. These provide sufficient funds to cover management and administration and support costs and to respond to donations made throughout the year. The Trustees have power to accumulate all or as much of the income of the Trust Fund as they may from time to time think proper.
Plans for future periods
It is the intention of the Trustees to continue supporting worthy causes, in accordance with the aims and objectives of the Charity.
Structure, governance and management
The Portmore Charitable Trust Registration No SC030610 was set up by a Deed of Trust dated 29 September 2000. The Trustees are recorded on page 1.
The Trustees are entitled, by way of resolution passed by majority vote and a meeting of the Trustees, to appoint any individual as a Trustee. It is the policy of the Trustees to ensure that a new Trustee is free from actual or potential conflicts of interest, is likely to make a meaningful contribution to the activities of the Trust and is not disqualified from being a Charity Trustee.
The Trustees did not receive any remuneration or expenses during the year.
The Trust considers its key management personnel comprise of the Trustees.
3
THE PORTMORE CHARITABLE TRUST TRUSTEES, REPORT (cont'd) For the ear ended 31 March 2025 Responsibilities of the Trustees The Trustees are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United 'ngdoM Generally Accepted Accounting Practice). The law applicable to charities in Scotland requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charty for that period. In preparing these accounts, the Trustees are required to: select suitable accounting policies and apply them consistenty; observe the methods and principles in the Charities Statement of Recommended Practice (FRS 102) make judgements and estimates thal are reasonable and prudent. state whether applicable accounting standards have been followed. subject to any departures disclosed and explained in the accounts" and prepare the accounts on the going coneem basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounling records that disclose with reasonable accuracy at any time the financial position of the Charty and enable them to ensure that the accounts comply with the Charities and Trustee Investrnent (Scotland) Act 2005 arKI the Charities Accounts (Scotland) Regulations 2006 (as amended). The Truslees are also responsible for safeguarding assets of the Charity and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregulariknes. Approved by the Truslees and signed on their behalf by:
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PORTMORE CHARITABLE TRUST CT: I report on the accounts of The Portmofe Charitable Trust for the year ended 31 March 2025 which are set out on pages 6 to 13. This report is made to the Trustees, as a body, in accordance with the tenns of my engagement. My work has been undertaken to enable me to prepare the accounts on behalf of the Trustees and to report my opinion as set out below and for no other purpose. To the fullest extent pemiitted by law. I do not accept or assume responsibilrty to anyone other than the Charity and the Trustees, as a body, for my work or for this report. Respective responsibilities of Trustees and independent examiner The Charity's Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 (the Act) and the Charities Accounts (Scotland) Regulations 2006 (as amended) (the Regulations). The Charity Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Regulations does not apply. It is my responsibility to examine the accounts as required under section 44{1)(c) of the Act and to state whether particular matters have come to my attention. Basis of examinerfs statement My examination is carried out in accordance with Regulation 11 of the Regulations. 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 ttems or disclosures in the accounts, and seeks explanations from the Trustees conceming any 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 accounts. Independent exarniner'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: o to keep accounting records in accordance wrth Section 44(1 Xa) of the Act and Regulation 4 of the Regulations; and o to prepare accounts which accord with the accounting records and comply wtth RegulatTron 8 of the Regulations- 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. For and on behalf o Chartered Accountants and Independent Examlner 61 Dublin Stroat Edinburgh EH3 6NL 26 September 2025
THE PORTMORE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
Year ended 31 March 2025
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Unrestricted Unrestricted|Total|Total|
|Notes|Income|Capital|2025|2024|
|£|£|£|£|
|Income and endowments from:|
|Investment income|3|60,918|-|60,918|65,467|
|-–––––––|-––––––– -–––––––|–––––––|
|Total income|60,918|-|60,918|65,467|
|-–––––––|-––––––– -–––––––|–––––––|
|Expenditure on:|
|Raising funds|
|Investment management costs|4|-|(14,906)|(14,906)|(13,926)|
|Charitable activities|
|Charitable donations|5|(148,606)|- (148,606)|(45,194)|
|-–––––––|––––––– –––––––|–––––––|
|Total expenditure|(148,606)|(14,906) (163,512)|(59,120)|
|-–––––––|––––––– –––––––|–––––––|
|Net income/(expenditure) before|
|Gains/(losses) on investments|(87,688)|(14,906) (102,594)|6,347|
|Net (loss)/gain on investments assets|7|-|(67,824)|(67,824)|143,018|
|Net (loss)/gain on foreign currency|(3,385)|(3,385)|-|
|-–––––––|-––––––– -–––––––|-–––––––|
|Net income/(expenditure) and|
|movement in funds|(87,688)|(86,115) (173,803)|149,365|
|Funds brought forward|388,029|2,573,600 2,961,629|2,812,264|
|-–––––––|-––––––– -–––––––|-–––––––|
|Funds carried forward at 31 March 2025|300,341|2,487,485 2,787,826|2,961,629|
|========|======== ========|========|
----- End of picture text -----
All funds are unrestricted.
All activities relate to continuing operations.
The notes on 8 to 13 form part of these accounts
6
THE PORTMORE CHARITABLE TRUST
BALANCE SHEET
As at 31 March 2025
| Notes | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ |
|||
| Fixed Assets | ||||||
| Investments | 7 | 2,618,781 | 2,703,032 | |||
| Current Assets | ||||||
| Debtors | 942 | 609 | ||||
| Cash in Bank | 174,372 | 263,939 | ||||
| ––––––– | ––––––– | |||||
| 175,314 | 264,548 | |||||
| ––––––– | ––––––– | |||||
| Current Liabilities | ||||||
| Creditors | - Accountancy Fee | 1,119 | 1,090 | |||
| - Independent Examiner’s Fee | 1,425 | 1,370 | ||||
| - Investment Management Fee | 3,725 | 3,491 | ||||
| ––––––– | ––––––– | |||||
| 6,269 | 5,951 | |||||
| ––––––– | ––––––– | |||||
| Net Current Assets | 169,045 | 258,597 | ||||
| ––––--––– | –––––––– | |||||
| Net Assets | 2,787,826 | 2,961,629 | ||||
| ======== | ======== | |||||
| Represented by: | ||||||
| Unrestricted | Funds: | |||||
| Capital | 8 | 2,487,485 | 2,573,600 | |||
| Income | 8 | 300,341 | 388,029 | |||
| –––––––– | –––––––– | |||||
| 2,787,826 | 2,961,629 | |||||
| ======== | ======== |
The accounts on pages 6 to 13 were approved by the Trustees on ____ and signed on their behalf by:-
The notes on pages 8 to 13 form part of these accounts
7
THE PORTMORE CHARITABLE TRUST NOTES TO THE ACCOUNTS
For the year ended 31 March 2025
1. Accounting policies
Accounting convention
The charity constitutes a public benefit entity as defined by FRS 102. The accounts 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in pounds sterling which is considered the function currency of the charity rounded to the nearest £.
Going concern
The accounts have been prepared on a going concern basis. The trustees have assessed the Trust's ability to continue as a going concern and have reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these accounts.
Income recognition
All income is recognised once the Trust has entitlement to the income, there is sufficient certainty of receipt and so 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 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 advisors.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust 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 in the statement of financial activities.
Support costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. These costs include costs related to accountancy and independent examination.
Governance costs and support costs have all been charged against the Trust’s charitable activity of grant giving.
Costs of raising funds represent the costs associated with the management of the Trust’s investment portfolio.
The expenditure on charitable activities includes grants made, governance costs and support costs.
The Trust is not registered for VAT and accordingly expenditure includes VAT where appropriate.
8
THE PORTMORE CHARITABLE TRUST NOTES TO THE ACCOUNTS (cont’d)
For the year ended 31 March 2025
1. Accounting policies (cont’d)
Grants
Donations payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the Trust.
Assets and liabilities
Income and expenditure that is due to be received or incurred in one financial year but is not actually received or incurred before the end of that year is treated as an asset or liability in the Balance Sheet only if the payment is a legal or contractual requirement and not if the payment will be made on a voluntary basis.
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently at their fair value as at 31 March 2024 using the closing quoted market price. Realised and unrealised gains and losses are accounted for in the Statement of Financial Activities.
The Trust does not acquire or use put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Taxation
As the Trust is a registered charity no provision for taxation has been made.
Funds structure
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.
Unrestricted capital funds comprise the initial endowment received together with subsequent sums gifted to the Trust.
2. Related party transactions and trustees’ expenses and remuneration
The Trustees, who are the key management personnel, all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2023: £nil). No expenses were reimbursed to the Trustees during the year (2023: £nil).
9
THE PORTMORE CHARITABLE TRUST
NOTES TO THE ACCOUNTS (cont’d)
2025 2024 £ £
For the year ended 31 March 2025
3. Investment income
The Charity received the following gross investment income during the year:
| Dividends – equities | 44,289 | 52,477 | |
|---|---|---|---|
| Interest - fixed interest securities | 16,295 | 12,990 | |
| ––––––– | ––––––– | ||
| 60,918 | 65,467 | ||
| ======= | ======= | ||
| 4. | Investment management costs | 2025 | 2024 |
| £ | £ | ||
| Investment management fees | 14,906 | 13,926 | |
| ======= | ======= | ||
| 5. | Charitable donations |
The charity undertakes it charitable activities through donations to a number of institutions in the furtherance of its charitable activities.
| furtherance of its charitable activities. | |||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| The Dignity Campaign | 10,499 | 5,659 | |
| Northern Ballet | 10,000 | 10,000 | |
| Magic Breakfast | - | 10,000 | |
| Eastgate Theatre | - | 4,500 | |
| The Cheyne Gang – Sing to Breathe | - | 5,000 | |
| Light Lab Project | - | 7,120 | |
| Learning Academy Worldwide | 18,991 | - | |
| Vukani Mavericks (Property) Ltd | 9,385 | - | |
| Beautiful Gate Ministry | 4,676 | - | |
| The Rohan Bloom Foundation | 9,385 | - | |
| The Childhood Trust | 15,000 | - | |
| The Big Give | 20,000 | - | |
| Horatio’s Garden | 15,000 | - | |
| Child Bereavement UK | 10,000 | - | |
| Care for Carers | 10,000 | - | |
| Firefly International | 6,000 | - | |
| The Rugby Portobello Trust | 5,000 | - | |
| Innerleithen Pipe Band | 1,500 | - | |
| ––––––– | ––––––– | ||
| 145,435 | 42,279 | ||
| Support and governance costs (note 6) | 3,171 | 2,915 | |
| ––––––– | ––––––– | ||
| Total expenditure | 148,606 | 45,194 | |
| ======= | ======= | ||
| 6. | Support and governance costs | 2025 | 2024 |
| £ | £ | ||
| Support costs: | |||
| Bank charges | 267 | 35 | |
| Governance costs: | |||
| Accountancy fee | 1,608 | 1,510 | |
| Independent examiner’s fee | 1,296 | 1,370 | |
| ––––––– | ––––––– | ||
| 3,171 | 2,915 | ||
| ======= | ======= |
Total support and governance costs have been attributed to the Trust’s single charitable activity.
10
THE PORTMORE CHARITABLE TRUST
NOTES TO THE ACCOUNTS (cont’d)
For the year ended 31 March 2025
| 7. | Fixed Asset Investment | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Quoted Investments: | |||
| Market value as at 1 April 2024 | 2,703,032 | 2,563,854 | |
| Additions at cost | 463,013 | 223,562 | |
| Disposal proceeds | (479,440) | (227,402) |
|
| Net realised (loss)/gain on disposals | (12,230) | 22,697 |
|
| Net unrealised investment (loss)/gain | (55,594) | 120,321 |
|
| –––––––--- | –---–––––– | ||
| Market value as at 31 March 2025 | 2,618,781 | 2,703,032 | |
| ======== | ======== | ||
| Historical cost | 1,804,496 | 1,800,786 | |
| ======== | ======== | ||
| Investments at market value comprised: | |||
| Equities | 1,936,949 | 1,944,554 | |
| Fixed interest securities | 681,832 | 758,478 | |
| –––––––--- | –---–––––– | ||
| Market value as at 31 March 2025 | 2,618,781 | 2,703,032 | |
| ======== | ======== |
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open ended investment companies are at the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
All investments are held in unrestricted funds.
The Trust’s investments are mainly traded in markets with good liquidity and high trading volumes. The Trust has no material investment holdings in markets subject to exchange controls or trading restrictions.
The Trust manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges.
11
THE PORTMORE CHARITABLE TRUST
NOTES TO THE ACCOUNTS (cont’d)
For the year ended 31 March 2025
| Income | Capital | |||
|---|---|---|---|---|
| 8. | Allocation of Balance Sheet | Funds | Funds | Total |
| 2025 | 2025 | 2025 | ||
| £ | £ | £ | ||
| Investments | - | 2,618,781 | 2,618,781 | |
| Current assets | 302,885 | (127,571) | 175,314 | |
| Creditors | (2,544) | (3,725) | (6,269) | |
| ––––––– | ––––––– | ––––––– | ||
| 300,341 | 2,487,485 | 2,787,826 | ||
| ======= | ======= | ======= | ||
| Income | Capital | |||
| Funds | Funds | Total | ||
| 2024 | 2024 | 2024 | ||
| £ | £ | £ | ||
| Investments | - | 2,703,032 | 2,703,032 | |
| Current assets | 390,489 | (125,941) | 264,548 | |
| Creditors | (2,460) | (3,491) | (5,951) | |
| ––––––– | ––––––– | –––––––- | ||
| 388,029 | 2,573,600 | 2,961,549 | ||
| ======= | ======= | ======= |
The unrestricted income funds are available to be spent for any of the purposes of the Trust.
The unrestricted capital funds were established by gifts in 2005 and 2007. The Trustees have the power to spend the capital.
| 9. Comparative Sofa | Unrestricted Unrestricted | Unrestricted Unrestricted | Total |
|---|---|---|---|
| Income | Capital | ||
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| Income and endowments from: | |||
| Investment income | 65,467 | - | 65,467 |
| -––––––– | -––––––– | -––––––– | |
| Total income | 65,467 | - | 65,467 |
| -––––––– | -––––––– | -––––––– | |
| Expenditure on: | |||
| Raising funds | |||
| Investment management costs | - | (13,926) | (13,926) |
| Charitable activities | |||
| Charitable donations | (45,194) | - | (45,194) |
| -––––––– | ––––––– | ––––––– | |
| Total expenditure | (45,194) | (13,926) | (59,120) |
| -––––––– | ––––––– | ––––––– | |
| Net (expenditure) before | |||
| (losses)/gains on investments | 20,273 | (13,926) | (6,347) |
| Net (loss)/gain on investments assets | - | 143,018 | 143,018 |
| -––––––– | -––––––– | -––––––– | |
| Net (expenditure)/income and | |||
| movement in funds | 20,273 | 129,092 | 149,365 |
| Funds brought forward | 367,756 | 2,444,508 | 2,812,264 |
| -––––––– | -––––––– | -––––––– | |
| Funds carried forward at 31 March 2023 | 388,029 | 2,573,600 | 2,961,629 |
| ======== | ======== | ======== |
12
THE PORTMORE CHARITABLE TRUST NOTES TO THE ACCOUNTS (cont’d)
For the year ended 31 March 2025
10. Financial instruments
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Assets measured at fair value through profit & loss | 2,618,781 | 2,703,032 |
| ======= | ======= |
Assets measured at fair value through profit & loss comprise of investments.
13