The Walker-Shoolbraid Charitable Trust
Trustees’ Report and Financial Statements Scottish Charity No: SC038564 5 April 2025
The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Contents
| Trust information | |
|---|---|
| 1 | |
| Trustees' report | 2-3 |
| Statementoftrustees' responsibilities | 4 |
| Independent Examiner’s report | 5 |
| Statementoffinancial activities (incorporatingtheincomeand expenditureaccount) | 6 |
| Balance sheet | |
| 7 | |
| Statement ofcash flows | |
| 8 | |
| Notes | |
| 9-15 |
The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Trust information
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- a —_ a Bankers Bank of Scotland plc PO Box 1000 BX2 1LB Investment advisers Brewin Dolphin Atria One 144 Morrison Street Edinburgh EH3 8EX
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Scottish Charity No: SC038564/ 5 April 2025
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Trustees’ report
for the year to 5 April 2025
The trustees present their annual report and accounts for the year ended 5 April 2025. Charity information is shown on page 1.
Structure, governance and management
The Trust was founded by deed of trust on 25 July 2007 and is registered as a Scottish charity (charity number SC038564) with the Office of the Scottish Charity Regulator.
The trustees meet at least twice a year to consider applications received. The trustees review the applications received and grants will be awarded based on their consideration of the application and whether it fits with their grants policy.
The trustees who acted at any time during the year were as follows:
The trustees are appointed by Minute of Assumption which is then signed by the trustees and registered in the Books of Council and Session.
Training of trustees
Trustees have been briefed and updated on relevant changes in legislation and financial procedures.
Risk assessment
The trustees have considered during the year the risks which the Trust faces, in particular those related to the financial and investment operations of the Trust, and are satisfied that systems are in place to minimise these risks. A risk register has been compiled and is reviewed on an annual basis.
The two main risks are:
(a) Funds are donated to projects which do not align with the Trust’s objectives, and (b) Funds are transferred to bank accounts that do not belong to the recipients.
Considerable care is taken by trustees to ensure in (a) above the recipients’ objectives are in line and (b) before any funds are transferred electronically recipients are telephoned to confirm bank account details.
Objectives, activities and achievements The terms of the Trust Deed are very widely drawn. Donations can be made to: a. Other charitable bodies;
b. Individuals being trained or educated; c. Individuals involved in the advancement of health.
andThe mainsickness. purposes of the Trust include the advancement of education and training and the relief of poverty, disease
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Trustees’ report (continued) for the year to 5 April 2025
Objectives, activities and achievements (continued) These objectives are achieved through the consideration of all grant applications received by the Trust at the periodic meetings of the trustees. The grants are funded from the investment returns of the charity’s investment portfolio.
During the year, the Trust awarded 55 grants (2024 - 42) totalling £128,000 (2024 - £125,250) for a range of charitable purposes. Details of grants are given in note 7 to the accounts.
The Trust’s income from donations and investments in the year totalled £36,514 (2024 - £38,647).
Financial review The result for the year is set out in the statement of financial activities on page 6. The trustees consider operations to be satisfactory.
Investment policy and performance The investment strategy pursued by the trustees is to maintain capital value and income yield for the making of grants and donations for the next 20 years. The trustees are entitled to distribute both capital and income to make payments and it has been agreed that capital will be accessed as required to meet donations. To date the investment portfolio has performed appropriately to meet this strategy.
Reserves policy Unrestricted funds represent the general funds which the trustees are free to use in accordance with the charity’s charitable objectives. At 5 April 2025 total reserves of the charity were £1,456,616 (2024 - £1,594,990) of which £1,426,616 was unrestricted (2024 - £1,562,990). The Trust needs to hold a small amount of reserves (£7,000) to cover the governance and support costs. However, the main reason for holding reserves is to ensure that the Trust has sufficient incoming resources to fund the current level of grants which are made, as it is believed that the current level of grants is a good indicator of the level of future grants.
It is therefore the trustees’ policy to maintain the level of funds under management at such a level in order to maximise the total return on these to the Trust and therefore the amount available for ultimate distribution. In the current year, investment income stood at £36,514 (2024 - £38,342). In view of the high level of grant applications the trustees agreed to pay out grants in excess of investment income received. Plans for future periods The trustees aim to continue to support the beneficiaries.
Approved by the trustees and signed on their behalf on January 2026 by:
Scottish Charity No: SC038564/ 5 April 2025
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Statement of trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its income and expenditure for that period. In preparing these financial statements, the trustees are required to:
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@ select suitable accounting policies and then apply them consistently; @ observe the methods and principles of the Charities Statement of Recommended Practice (SORP); @ make judgements and estimates that are reasonable and prudent; @ state whether applicable accounting standards have been followed, 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 in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charity and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Scottish Charity No: SC038564/ 5 April 2025
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Independent Examiner’s report to the trustees of The Walker-Shoolbraid Charitable Trust
| report on the accounts of the charity for the year ended 5 April 2025 which are set out on pages 6 to 15.
Respective responsibilities of trustees and independent examiner
The charity's Committee is responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity’s Committee consider that the audit requirements of Regulation 10(1)(a) to (c) of the Accounts 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 independent examiner’s statement
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the Committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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(a) to keep accounting records in accordance with section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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(b) to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts 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. - ._
Relevant Professional Body: Institute of Chartered Accountants of Scotland
Scottish Charity No: SC038564 / 5 April 2025
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Statement of financial activities
(incorporating the income and expenditure account)
| fortheyearto5April2025 | |||||||
|---|---|---|---|---|---|---|---|
| Note | Restricted 2025 |
Unrestricted 2025 |
Total 2025 |
Restricted 2024 |
Unrestricted 2024 |
Total 2024 |
|
| £ | £ | £ | £ | £ | £ | ||
| Income from: | |||||||
| Donations and legacies | 3 | - | - | - | - | 305 | 305 |
| Investments | 4 | - | 36,514 | 36,514 | - | 38,342 | 38,342 |
| Total income | - | 36,514 | 36,514 | - | 38,647 | 38,647 | |
| Expenditure on: | |||||||
| Raising funds | 5 | - | 11,168 | 11,168 | - | 10,220 | 10,220 |
| Charitable activities | 6 | 2,000 | 126,000 | 128,000 | 2,000 | 123,250 | 425,250 |
| Total expenditure | 2,000 | 137,168 | 139,168 | 2,000 | 133,470 | 135,470 | |
| Other recognised gains and losses | |||||||
| Net gain/(loss) on investments | - | (35,720) | (35,720) | - | 120,646 | 120,646 | |
| Netincome/(expenditure) | (2,000) | (136,374) | (138,374) | (2,000) | 25,823 | 23,823 | |
| Total funds brought forward | 32,000 | 1,562,990 | 1,594,990 | 34,000 | 1,537,167 | 1,571,167 | |
| Totalfundscarriedforward | 30,000 | 1,426,616 | 1,456,616 | 32,000 | 1,562,990 | 1,594,990 |
All of the charity’s activities are continuing. The statement of financial activities includes gains and losses recognised in the year.
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Balance sheet as at 5 April 2025
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||||||
|---|---|---|---|---|
|Note|2025|2025|2024|2024|
|£|4|=|£|
|Fixed|assets|
|Investments|8|1,410,943|1,538,582|
|Current|assets|
|Investments|9|35,222|5,366|
|Debtors|10|773|2,735|
|Cash|at bank|9,678|48,307|
|Net current assets|45,673|56,408|
|Net assets|1,456,616|1,594,990|
|Funds|
|Unrestricted funds|11|1,426,616|1,562,990|
|Restricted funds|at|30,000|32,000|
|Total funds|1,456,616|1,594,990|
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Approved by the Trustees on “\ January 2026
Scottish Charity No: SC038564 / 5 April 2025
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Statement of cash flows as at 5 April 2025
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||||||
|---|---|---|---|---|
|2025|2025|2024|2024|
|£|£|£|£|
|Cash|flows from|operating|activities|
|Net income/(expenditure)|for the year|(138,374)|23,823|
|Investments|(gains)/losses|35,720|(123,273)|
|Income from|investments|(36,514)|(38,234)|
|Decrease/(increase)|in debtors|1,962|(108)|
|Cash provided by operating activities|(137,206)|(137,792)|
|Cash|flows from|investment|activities|
|Investment|income|36,514|38,234|
|Purchase|of investments|(208,714)|(398,959)|
|Proceeds from the sale of investments|300,633|473,666|
|Cash provided by investing activities|128,433|112,941|
|Increase/(decrease)|in cash and|cash|equivalents|
|in the year|(8,773)|(24,851)|
|Cash and cash|equivalents at the|beginning of the year|53,673|78,524|
|Total cash and cash equivalents|at the end of the year|44,900|53,673|
|Cash and|cash|equivalents comprise:|
|Cash at bank|9,678|48,307|
|Investments|held as cash|35,222|5,366|
|Total cash and cash equivalents at the end of the year|44,900|53,673|
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Scottish Charity No: SC038564 /5 April 2025
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Notes (forming part of the financial statements)
F Principal accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.
General information The charity is a registered charity j
ic ip _
Basis of preparation
The financial statements have been prepared on a going concern basis in accordance with applicable accounting standards and under the historical cost convention. The charity is a Public Benefit Entity. The financial statements are compliant with the charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS 102) 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), (Charities SORP (FRS 102)). The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on a going concern basis which assumes that the charity will continue its operations. There are no material uncertainties that exist or material changes in the way the charity operates.
Investments
Investments are included at market value at the balance sheet date. Realised gains and losses are the difference between sale proceeds and market value at the end of the previous year or purchase cost if acquired during the financial year. Unrealised gains and losses are the difference between the market value at the start and end of the financial year, or between the date of acquisition and at the end of the financial year if acquired within the financial year. Unrealised surpluses and deficits are credited or charged to the unrestricted fund at the year end.
Income
Income is recognised when the charity has entitlement, there is a probability of receipt and when the monetary value of the income can be measured with sufficient reliability. Bank interest is included gross of income tax.
Grants
Grants payable are accounted for on the accruals basis.
Scottish Charity No: S$C038564 / 5 April 2025
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Notes (continued)
- 1 Principal accounting policies (continued))
Expenditure
Expenditure in the statement of financial activities include expenditure of grants payable, support costs and governance costs. These are charged as charitable expenditure or governance costs as appropriate, being those expenses incurred in the ordinary operations of the charity. Expenses include irrecoverable VAT.
Taxation
The fund is recognised by HM Revenue & Customs as a charity for the purposes of Section 532, Income Taxes Act 2007 and is therefore exempt from tax on its charitable activities.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
Financial instruments
The charity only has financial assets and financial 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. 2 Judgements in applying 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. The 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.
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3 Donations and legacies
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2025 2024
£ £
Edward Shoolbraid Executry - 305
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Notes (continued)
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||||||||
|---|---|---|---|---|---|---|
|4|Income|from|investments|
|2025|2024|
|£|£|
|Dividends and|interest from|securities|received|36,514|38,342|
|5|Expenditure|on|raising funds|
|2025|2024|
|£|£|
|Investment managers’|fees|10,539|10,220|
|Legal|fees|629|-|
|11,168|10,220|
|6|Expenditure|on|charitable|activities|
|2025|2024|
|£|£|
|Grants|paid|(see|note|7)|128,000|125,250|
|Staff costs|
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The Trust has no employees and the trustees (who are considered to be key management) receive no remuneration or expenses for work performed in connection with the affairs of the Trust.
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Notes (continued)
7 Grants paid
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|||||||
|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Art|in|Health|2,000|-|
|Asthma|Relief|1,000|2,000|
|Branch|Out Together|1,000|500|
|British|Red Cross Society|20,000|17,500|
|Butterfly Trust|1,000|2,000|
|Callander Youth|Project|1,000|-|
|Camphill|School Aberdeen|
|Canine|Concern|Scotland|-|2,000|
|Care|-|2,000|
|for Carers|1,000|-|
|Carers|of West Lothian|1,500|1,500|
|Compass|Ltd|(formerly MS)|1,000|1,000|
|Crew 2000 Scotland|2,000|2,000|
|CRY|5,000|-|
|Dean|Orphanage|1,000|-|
|Dunedin|School|1,500|-|
|Edinburgh|Carers|Council|
|Edinburgh|-|1,000|
|Edinburgh|City Mission|1,000|1,000|
|Edinburgh|Headway|1,000|2,000|
|Edinburgh|Young|Carers|1,500|-|
|Equi-Power|-|1,500|
|Families|1,000|2,000|
|Fetlor|First|2,000|-|
|Youth Club|1,000|2,000|
|Gareloch|1,000|-|
|Garvald|Centre|Edinburgh|-|5,000|
|Happy|Days|2,000|2,000|
|Hearts &|Minds|1,000|-|
|Helm|Training|
|Hillhouse,|-|2,000|
|Home|Kilmarnock|1,000|-|
|Link Family Support|1,000|-|
|Interface Scotland|1,000|-|
|Kindred Advocacy|1,000|-|
|Kingussie|Camanachd|2,000|2,000|
|Lifecare|2,000|-|
|Lifelites|1,000|-|
|Light Up Learning|1,000|1,000|
|Listening|Books|
|Lodging|-|750|
|M|House|Mission|1,000|-|
|Anderson|Foundation|1,000|1,000|
|Maggies|1,000|“|
|Mikey’s|Line|
|One|Parent|Families|Scotland|-|5,000|
|-|2,000|
|Carried forward|63,500|60,750|
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Scottish Charity No: SC038564 /5 April 2025
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Notes (continued)
7 Grants paid (continued)
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Carriedforward | 63,500 | 60,750 |
| PainConcern Plus PLUS (ForthValley) Ltd Pregnancy Counselling&Care ProjectTrust |
1,000 2.000 - - 500 |
1,000 - 1,000 2,000 - |
| Re-engage RockTrust RowanAlba RoyalMarines SAMH School Bank Seamab |
- 3,000 1,000 8,000 5,000 2,000 |
2,000 2,000 1,000 8,000 7,500 - |
| Sepsis Spark Spartans StAndrew’s Environ StepstoHope StrangeTown Sunrise Partnership Sunshine Wishes The Bridge 19-40 Union canal The GrabTrust The RidgeSCIO The Yard |
- 5,000 1,000 10,000 1,000 10,000 1,000 1,000 - - 1,000 5,000 |
10,000 - 1,000 10,000 - = # - 2,000 1,000 2,000 - |
| Tourettes Trellis WestLothian 50+ WhaleArts Wilderness Found WL Boomerang |
- 1,000 1,000 2,000 2,000 1,000 - |
10,000 - - 2,000 1,000 - 1,000 |
| 128,000 | 125,250 |
Scottish Charity No: SC038564 /5 April 2025
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
7 Grants paid (continued)
The donations categorised by charitable activity of the recipient:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Medical Educational Other |
51,000 36,000 41,000 |
41,500 31,500 52,250 |
| 128,000 | 125,250 |
8 Fixed asset investments
| 2025 | 2024 | |
|---|---|---|
| UK Equity | UK Equity | |
| Marketvalue | Investments £ |
Investments £ |
| At6April 2024 Additions atcost Disposals atopening marketvalue Netunrealised investments gains/(losses) |
1,538,582 208.714 (287,616) (48,737) |
1,490,016 398,959 (460,645) 110,252 |
| At5April2025 | 1,410,943 | 1,538,582 |
| Cost | ||
| At5April2025 | 1,304,318 | 1,375,170 |
9 Current asset investments
Current asset investments represent cash balances held by the charity’s investment advisers.
10 Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Dividends | receivable | 773 | 2,735 |
Scottish Charity No: $C038564 / 5 April 2025
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The Walker-Shoolbraid Charitable Trust Trustees’ Report and Financial Statements 5 April 2025
Notes (continued)
| 11 | Reserves | ||||
|---|---|---|---|---|---|
| Expenditure | |||||
| Balance at | Income and | and | Balance at | ||
| 2025 | 6 April | investment | investment | 5 April | |
| 2024 | gains | losses | 2025 | ||
| £ | £ | £ | £ | ||
| Restricted funds: | |||||
| Designated donation | 32,000 | - | (2,000) | 30,000 | |
| Unrestricted funds: | |||||
| General fund | 1,562,990 | 36,514 | (172,888) | 1,426,616 | |
| Balance | 1,594,990 | 36.514 | (174,888) | 1,456,616 | |
| Balance at | Income and | Balance at | |||
| 2024 | 6 April | investment | 5 April | ||
| 2023 | gains | Expenditure | 2024 | ||
| £ | £ | £ | £ | ||
| Restricted funds: | |||||
| Designated donation | 34,000 | - | (2,000) | 32,000 | |
| Unrestricted funds: | |||||
| Generalfund | 1,537,167 | 161,920 | (136,097) | 1,562,990 | |
| Balance | 1,571,167 | 161,920 | (138,097) | 1,594,990 |
The Restricted funds are for the purposes of donations to a specific charity.
12 =‘ Analysis of net assets between funds
| =‘ Analysis of netAnalysis of netof netnet assets between fundsbetween fundsfunds | ||
|---|---|---|
| Net | Net | |
| assets | assets | |
| 2025 | 2024 | |
| £ | £ | |
| Restricted funds | 30,000 | 32,000 |
| General funds (unrestricted) | 1,426,616 | 1,562,990 |
| 1,456,616 | 1,594,990 |
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