Registered number: 06603689
Charity number: 1132826
THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
CONTENTS
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Reference and Administrative Details of the Charity, its Trustees and Advisers
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Independent Examiner's Report
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Statement of Financial Activities
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Notes to the Financial Statements
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MAY 2023
Trustees
Company registered number
06603689
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Charity registered number
1132826
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Registered office
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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Accountants
TWP Accounting LLP
Chartered Accountants and Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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Page 1
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MAY 2023
The Trustees present their annual report together with the financial statements of the charity for the 1 June 2022 to 31 May 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
The following persons were Trustees, Directors and Management Committee members during the year:
H Coster
F Davies-Coster
A Berry - Trustee and management committee member only
C Coster - Trustee and management committee member only
Objectives and activities
a. Policies and objectives
The Foundation was incorporated on 27 May 2008 by the trustees of the Maurice Upperton Charitable Trust. That trust was a registered charity set up on 13 July 2006 by the executors of Maurice Upperton deceased following a lengthy period of litigation to recover assets due to his estate. It was governed by the Will of Maurice Upperton dated 3 August 1988 which was proved at Bristol probate registry on 12 July 1995. Its object was to distribute income as may be allowable after expenses to charitable institutions or other charitable projects in England at the absolute discretion of the trustees.
The governing document severely limited their scope to make discretionary income distributions, and with a view to creating a more permanent fund to meet the known wishes of Maurice Upperton the trustees made a Resolution under section 75 of the Charities Act 1993 as amended by the Charities Act 2006 to spend the whole of the permanent endowment of the charity. This was approved by the Charity Commission and at a meeting of the trustees held on 15 March 2010 and it was resolved that the entire assets and liabilities of the charity be transferred to the Maurice Upperton Foundation. This was not approved by the Charity Commission until much later, and the transfer was completed by 31 March 2011.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Page 2
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
Achievements and performance
a. Achievements of our early years
Since the Charity’s inception we have supported many young people, between the ages of ten years to twenty-five years old. We have had many more applicants and all were considered. Most of the applications have come from word of mouth.
All but one of our recipients were resident or at school in West Sussex, the exception being from South Wales. We have covered all scholarship areas of Music, Drama, Academic, Art and Sport. Some of our recipients had talent in more than one area.
To illustrate, we have supported Academic applicants, (with additional talent in Music, and Art), Ballet, Triple Threat Performing Arts students and one Tennis player. The schools we have been involved with have been a variety of Performing Arts and Private Schools, with two training sports academies for the young Tennis Player from South Wales.
The Geographical areas of our schools have been West Sussex, Brighton, London, Berkshire and one in Spain. The longest time of support was our very first applicant who was supported eight years in total. She obtained 4A*s in her A Level subjects and went to Durham University where she achieved a 1st Class degree in Ancient History and has completed a Masters with Distinction in Classics. She then went on to a year’s teacher training in Liverpool and is now teaching at a school in Berkshire. She is also an Assessor for the Duke of Edinburgh’s Award Scheme.
Another of our students achieved a BA in Theatre Studies in Summer 2020, and she is now working in London. We also supported a talented young man who had been accepted to study at the London School of Musical Theatre but was struggling to complete the necessary funding for the course. He has now completed the course and is working in the ensemble of Les Misérables in the West End, London.
Throughout the year we supported six students at Christ’s Hospital with their music lesson fees. More musicians will be supported into the next academic year, and we are pleased to be able to say that the Sixth Former who finished in July 2022 had an exemplary attitude during very testing times in the middle of a pandemic. She finished her studies well enough to be able to take up her place at University.
The Foundation continues to be committed as a Donation Governor to supporting a young student at Christ’s Hospital. He started at the school in September 2021, and is very successfully taking advantage of all that the school has to offer.
A major new project
The Foundation is also currently planning a new project where it will become a founding partner in the City of London Lord Mayor’s Royal Mathematical School Scholarship at Christ’s Hospital. This will be a scholarship in perpetuity to support a sixth form student which will allow the Foundation to make a significant impact on social mobility for students from a disadvantaged background. The students would gain a valuable stepping stone between GCSEs and university in a supportive and academic environment where they will also be able to explore their talents within a wide range of extracurricular opportunities including the creative arts, music and sport. This project will be titled The Maurice Upperton RMS Scholarship and will require funding of over £250,000 during the next three years to establish perpetual sixth form student support into the future.
Lastly, it continues to be very time consuming and challenging to find suitable beneficiaries as stipulated by the Trust's founder and to maintain checks on the existing beneficiaries. It therefore continues to be the trustees' preference to build up the rental yield in their investment company, Adrian Properties Limited, to create a larger income stream from which the trustees would be able to employ personnel to perform these administrative tasks under their guidance. This would also have the advantage of securing the income base to give the trustees confidence that they would continue to be able to fund beneficiaries through to the end of their educational programme and eventually to be able to expand the activities of the charity.
All policies and procedures have been reviewed, refined and updated, particularly with GDPR in mind.
Page 3
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
Structure, governance and management
a. Constitution
The Maurice Upperton Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
The company is constituted under a Memorandum of Association dated 27 May 2008 and is a registered charity number 1132826.
The principal object of the company is to provide financial assistance to children and young people who have shown the talent, aptitude and commitment that will enable them to gain great benefit from a first class education yet are prevented from achieving this through lack of resources. In setting our objectives and planning our activities we have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co opted under the terms of the Memorandum of Association.
c. Organisational structure and decision-making policies
The board consists of four directors who have met regularly during the year. They have examined where there may be risks which the charity could face and confirm that systems have been established to enable steps to be taken to lessen these risks.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
Best practice holds that reserves equal three months of an organisation’s running costs. The Directors note that a total (unrestricted funds) amount of £215,669 is sufficient to meet the demands of the organisation’s running costs.
c. Financial activities
The financial activities are summarised on page 7 of the accounts. During the year the charity received total incoming resources of £180,000 (2022 - £20,000). The charity expended £4,680 (2022 - £4,181), excluding charitable donations and write offs.
Page 4
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
Approved by order of the members of the board of Trustees on 19 April 2024 and signed on their behalf by:
Page 5
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 MAY 2023
Independent Examiner's Report to the Trustees of The Maurice Upperton Foundation ('the charity')
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I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 May 2023.
Responsibilities and Basis of Report
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As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed: Dated: 19 April 2024
Philip Munk FCA, FCCA
TWP Accounting LLP
Chartered Accountants and Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
Page 6
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MAY 2023
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Total funds brought forward
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Total funds carried forward
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The Statement of Financial Activities includes all gains and losses recognised in the year.
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The notes on pages 9 to 17 form part of these financial statements.
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Page 7
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
REGISTERED NUMBER: 06603689
BALANCE SHEET
AS AT 31 MAY 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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The notes on pages 9 to 17 form part of these financial statements.
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Page 8
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
The Maurice Upperton Foundation (06603689) is incorporated and a registered charity (1132826) in England and Wales. The company is limited by guarantee of £1 and does not have share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) and the Companies Act 2006.
The Maurice Upperton Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
Cash flow
The charity has taken advantage of the exemption of 'Update Bulletin 1' in preparing these financial statements as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The significant accounting policies applied in the preparation of these financial statements are set out below:
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Page 9
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
The investment held by the charity is its 100% shareholding in a private limited company, Adrian Properties Limited. Adrian Properties Limited is an investment property company. The fair value of the investment in the charity is determined by taking the underlying valuation of the properties held by the investment property company less any potential tax and liquidation costs if those properties were sold.
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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Liabilities and provisions
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Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
Page 10
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the charity and which have not been designated for other purposes.
The Endowment fund was created by the gift of shares in Adrian Properties Limited. Any increase or decrease in the underlying value of Adrian Properties Limited is reflected in the Endowment Fund.
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Grants to Individuals
2023
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Grants to institutions & individuals
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Grants to Individuals
2022
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Grants to institutions & individuals
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Page 11
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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Analysis of expenditure on charitable activities
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Analysis of expenditure by activities
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Grant funding of activities
2023
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Grant funding of activities
2022
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Page 12
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
6.Analysis of expenditure by activities (continued)
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Analysis of support costs
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Independent examiner's remuneration
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Independent examination fee
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Trustees' remuneration and expenses
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The charity has no employees other than the Trustees, who did not receive any remuneration or other benefits (2022 - £NIL).
During the year ended 31 May 2023, total Trustees incurred expenses on behalf of the charity amounting to £630 (2022 - £473).
During the year ended 31 May 2023, the charity reimbursed A Berry, one of the trustees, for an amount of £13.95 for travel expenses. Also during the year the charity reimbursed C Coster, one of the trustees, for an amount of £105.60 for travel expenses for duties as a governor at Christ's Hospital. During the prior year the charity reimbursed A Berry, one of the trustees, for an amount of £181.35 for travel expenses incurred in prior years.
Page 13
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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Investments in subsidiary companies
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All the fixed asset investments are held in the UK.
The charity owns the whole of the issued ordinary share capital of Adrian Properties Limited (company number: 00429172), a company registered in England and Wales.
The activity of the company continues to be that of an investment property company. The company itself has a subsidiary, Martin Prescott Investments Limited, which is dormant.
Adrian Properties Limited does not carry out any charitable activities, and therefore group accounts are not required to be prepared.
In the year to 31 May 2023, unaudited profit after tax for the year amounted to £40,434 (2022 - £89,376), out of which donations of £180,000 (2022 - £20,000) were awarded to the charity. It is the intention that the balance of retained profits will eventually be gift aided.
Total shareholders’ funds as at 31 May 2023 were £3,556,891 (2022 - £3,516,457).
The trustees have estimated the fair value of these shares as at 31 May 2023 as £3,200,000 (2022 - £3,200,000), having considered the valuation of the underlying net assets held in Adrian Properties Limited, less any tax and liquidation costs if those assets were sold.
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The following was a subsidiary undertaking of the charity:
The financial results of the subsidiary for the year were:
Page 14
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Page 15
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Included within other creditors is £6,770 (2022 - £6,260) owed to the trustees for expenses incurred on behalf of the company.
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Statement of funds - current year
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General Funds - all funds
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Endowment Funds - all funds
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Statement of funds - prior year
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General Funds - all funds
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Endowment Funds - all funds
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Page 16
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THE MAURICE UPPERTON FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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Analysis of net assets between funds
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Analysis of net assets between funds - current year
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Creditors due within one year
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Analysis of net assets between funds - prior year
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Creditors due within one year
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Related party transactions
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The Trustees neither received nor waived any remuneration during the year.
Information reagrding the Trustees expenses are disclosed in note 8.
During the year, the charity received donation from Adrian Properties Limited of £180,000 (2022 - £20,000). The balance due from Adrian Properties Limited at the year end was £112,486 (2022 - £112,486) and is included within other debtors. H Coster and F Davies-Coster, who are the trustees of the charity are also the directors of Adrian Properties Limited. The amounts are unsecured, interest free and repayable on demand.
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The charity was under the control of the Trustees during the year.
Page 17
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