REGISTERED COMPANY NUMBER: 04927787 (England and Wales)

REGISTERED CHARITY NUMBER: 1103290

STRATEGIC REPORT, REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

EUROPE TRUST

(A COMPANY LIMITED BY GUARANTEE)

Page

Reference and Administrative Details

1

Strategic Report

2

Report of the Trustees

3

to

5

Report of the Independent Auditors

6

to

8

Statement of Financial Activities

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

to

22

TRUSTEES

Dr. F Alaoui Bouarraqui (Chairman)

Dr. A Abushwaima

A J Koubaisy

S Bouabdallah

M Ibrahim

I Kady (resigned 1.2.24)

T Aydarus

S Almahdawi

Dr N Al-Kaddo (Chairman from October 2025)

S Shiref (appointed 13.6.24)

COMPANY SECRETARY

R Al Rawi

REGISTERED OFFICE

MCC

Ratby Lane

Markfield

LE67 9SY

REGISTERED COMPANY NUMBER

04927787 (England and Wales)

REGISTERED CHARITY NUMBER

1103290

AUDITORS

TC Group

31 High View Close

Hamilton Office Park

Leicester

Leicestershire

LE4 9LJ

The trustees present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The trust was able to generate sufficient incoming resources during the year to make donations in kind estimated to around £180,000 (2023: £180,000), by providing community based organisations in different European countries either rent free or reduced rate lease of the Trust's properties, in furtherance of its objects.

POLICY ON RESERVES

Europe Trust has total funds of £9,445,388 (2023: £9,280,846), the majority of which is represented by investment and mixed motive properties.

The properties are used to advance the objects of the charity, by providing a sustainable income to cover the charity's annual operational costs as well for the use of the beneficiaries of the charity.

The charity maintains sufficient liquid reserves to meet the day to day running costs of the charity. Net current assets at 31 December 2024 were £772,416 (2023: £970,166).

PRINCIPAL FUNDING SOURCES

The Trust generates income from a combination of rentals from investment properties and donations from other organisations and individuals.

The Trust has grown its property portfolio by acquiring donated properties over many years. No properties were donated to the charity during the year ended 31 December 2024.

INVESTMENT POLICY

The Trustees' stated investment policy is to invest in low to medium risk properties and real estate.

Approved by order of the board of trustees on 27 October 2025 and signed on its behalf by:

Dr N Al-Kaddo - Trustee

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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 AND ACTIVITIES

Objectives and aims

The objectives of the charity are:

- The advancement of religion and in particular the Islamic Religion in Europe.

- The establishment of facilities for recreation and other leisure time occupation in the interests of social welfare of deprived communities in Europe and elsewhere with the object of improving the conditions of life of such communities.

- The promotion of any charitable purpose amongst Muslims in Europe and elsewhere and in particular the relief of poverty, the advancement of education and the relief and prevention of suffering caused by mental health, social and or economic circumstances, or by emotional, personal or family problems by the provision of a counselling service or other services as appropriate.

- The establishment of religious, educational, social and recreational institutions by such means as are exclusively charitable.

As part of its strategy, the Charity invests its donations in property so that projects can be funded by a sustained level of income. Income earned from these properties is used to makes grants to organisations that further its objectives.

Public benefit

The section above entitled 'Objectives and activities' sets out the objects and aims of the Charity. The Trustees have considered this, in conjunction with the guidance contained in the Charity Commission's general guidance on Public Benefit and have concluded that the aims of the Charity continue to be charitable and are for the public benefit.

The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Grantmaking

The Trust makes grants as per its criteria following an application process by appropriate bodies as long as the application meets those criteria and as long as they abide by the laws and regulations of the land.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity, being a company limited by guarantee, is governed by its Articles of Association. The objects of the Company are contained in the Memorandum of Association. The Articles of Association include matters such as the election of members, appointment/ removal/ disqualification of Trustees and the powers held by the Trustees.

Recruitment and appointment of new trustees

The Board of Trustees is responsible for the recruitment of new trustees.

In seeking new trustees, the Trust seeks to identify people who are experienced individuals in the charity sector and/or businessmen who contribute in identifying/introducing the Trust and its projects and/or individuals that served in well-known organisations.

Organisational structure

The Board appoints an Executive Committee, headed by the Chairman of Europe Trust, consisting of trustees to manage the affairs of the Charity. The Committee meets at least twice a year to consider the performance of the charity and respond to emerging issues and risks. The Committee also considers grant applications to the charity and approves them accordingly.

The Executive Manager is accountable to the Executive Committee and is responsible for implementing the decisions of the Committee and the Board of Trustees.

Induction and training of new trustees

Trustees are introduced to their new role upon their appointment. The resources available at Charity Commission's website are introduced to them so that they can familiarise themselves in relation to their duties and responsibilities.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Income uncertainty due to potential reduced rental income resulting from fluctuations in the rental market or empty properties/rooms.

The trustees have spread their income-yielding property investments across different locations and property types. The properties are independently marketed and managed to maintain maximum occupancy and income recovery.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Europe Trust for the purposes of company law) are responsible for preparing the Report of the Trustees 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 year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charity SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company's auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 27 October 2025 and signed on its behalf by:

Dr N Al-Kaddo - Trustee

Opinion

We have audited the financial statements of Europe Trust (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

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 a Report of the Auditors 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 our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the charitable company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the charitable company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Dilun Mistry FCA (Senior Statutory Auditor)

for and on behalf of TC Group

31 High View Close

Hamilton Office Park

Leicester

Leicestershire

LE4 9LJ

30 October 2025

2024

2023

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

32,668

17,558

Investment income

3

1,348,810

1,376,166

Total

1,381,478

1,393,724

EXPENDITURE ON

Raising funds

Raising donations and legacies

4

17,811

18,424

17,811

18,424

Charitable activities

5

Charitable activities

947,939

954,759

Other

3,365

623,690

Total

969,115

1,596,873

Net gains/(losses) on investments

(247,821

)

570,000

NET INCOME

164,542

366,851

RECONCILIATION OF FUNDS

Total funds brought forward

9,280,846

8,913,995

TOTAL FUNDS CARRIED FORWARD

9,445,388

9,280,846

2024

2023

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

13

1,419

1,669

Investments

Investment property

14

6,160,623

5,937,535

Social investments

15

2,511,970

2,386,408

8,674,012

8,325,612

CURRENT ASSETS

Debtors

16

492,576

1,071,500

Cash at bank and in hand

972,350

575,295

1,464,926

1,646,795

CREDITORS

Amounts falling due within one year

17

(692,510

)

(676,629

)

NET CURRENT ASSETS

772,416

970,166

TOTAL ASSETS LESS CURRENT LIABILITIES

9,446,428

9,295,778

CREDITORS

Amounts falling due after more than one year

18

(1,040

)

(14,932

)

NET ASSETS

9,445,388

9,280,846

FUNDS

21

Unrestricted funds

9,445,388

9,280,846

TOTAL FUNDS

9,445,388

9,280,846

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 27 October 2025 and were signed on its behalf by:

N Al-Kaddo - Trustee

Cash flows from operating activities

Cash generated from operations

1

1,011,038

100,272

Interest paid

(10,228

)

(10,228

)

Net cash provided by operating activities

1,000,810

90,044

Cash flows from investing activities

Purchase of investment property

(417,530

)

(383,793

)

Purchase of social investments

(178,941

)

-

Interest received

6,608

5,937

Net cash used in investing activities

(589,863

)

(377,856

)

Cash flows from financing activities

Loan repayments in year

(13,892

)

(13,892

)

Net cash used in financing activities

(13,892

)

(13,892

)

Change in cash and cash equivalents in the reporting period

397,055

(301,704

)

Cash and cash equivalents at the beginning of the reporting period

575,295

876,999

Cash and cash equivalents at the end of the reporting period

972,350

575,295

1.	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2024

2023

£

£

Net income for the reporting period (as per the Statement of Financial Activities)

164,542

366,851

Adjustments for:

Depreciation charges

250

294

Losses/(gain) on investments

247,821

(570,000

)

Interest received

(6,608

)

(5,937

)

Interest paid

10,228

10,228

Greece tax provision

3,365

623,315

Decrease/(increase) in debtors

578,924

(334,086

)

Increase in creditors

12,516

9,607

Net cash provided by operations

1,011,038

100,272

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

575,295

397,055

972,350

575,295

397,055

972,350

Debt

Debts falling due within 1 year

(13,892

)

-

(13,892

)

Debts falling due after 1 year

(14,932

)

13,892

(1,040

)

(28,824

)

13,892

(14,932

)

Total

546,471

410,947

957,418

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

Investment property and social investments

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Social investments are made in furtherance of the Charity's objects and any investment return is secondary to the charitable purpose supported by the investment. Currently all such investments represent property; the valuation policy applied to social investments is the same as for investment property.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

In the opinion of the trustees there are no activities giving rise to restricted funds.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount of the redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2.	DONATIONS AND LEGACIES

2024

2023

£

£

Donations

32,668

17,558

3.	INVESTMENT INCOME

2024

2023

£

£

Rents received

1,342,202

1,370,229

Interest receivable

6,608

5,937

1,348,810

1,376,166

Income from investments comprises the rental income receivable for the period from the Trust's properties located in the UK and in Europe.

4.	RAISING DONATIONS AND LEGACIES

2024

2023

£

£

Insurance

2,885

3,122

Telephone

743

938

Postage and stationery

1,795

1,519

Bank charges

409

328

Depreciation

235

277

Interest payable and similar charges

10,228

10,228

Support costs

1,516

2,012

17,811

18,424

5.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Support

Direct

(see note

costs (see

Costs

6)

note 7)

Totals

£

£

£

£

Charitable activities

843,424

66,396

38,119

947,939

6.	GRANTS PAYABLE

2024

2023

£

£

Charitable activities

66,396

47,112

Analysis

Grants to institutions

Grants to individuals

Support costs

Total

£

£

£

£

Social welfare

18,370

-

-

18,370

Seeking to further education

48,026

-

-

48,026

Total

66,396

-

-

66,396

7.	SUPPORT COSTS

Governance

Management

costs

Totals

£

£

£

Raising donations and legacies

-

1,516

1,516

Other resources expended

-

3,365

3,365

Charitable activities

6,930

31,189

38,119

6,930

36,070

43,000

8.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024

2023

£

£

Auditors' remuneration

10,800

10,080

Depreciation - owned assets

250

294

Other operating leases

9,600

9,600

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

2024

2023

£

£

Trustees' expenses

18,856

22,165

10.	STAFF COSTS

2024

2023

£

£

Wages and salaries

65,953

63,032

Social security costs

191

519

Other pension costs

623

616

66,767

64,167

The average monthly number of employees during the year was as follows:

2024

2023

Fundraising, marketing, administration

3

3

No employees received emoluments in excess of £60,000.

11.	EXCEPTIONAL ITEMS

The Greece Tax Authority issued a report on a tax inspection of Europe Trust on 10/8/2020 for the years 2010, 2011, 2012 and 2013, and the report concluded that Europe Trust fall under the Offshore company law. The Greece Tax Authority have put a charge on the properties in Greece with taxes, fines and interests for each of the four years totalling 719,243.13 Euros.

As at the year end the tax liability amounted to 758,220 Euros at a year end rate of 1.2099 equating to £626,680 as the final sum has been communicated by the Greece Tax authorities.

The Trust has sought legal advice on the matter and has objected to the Tax Authority's decision, and has lodged a complaint with the court against the Tax Authority.

12.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

17,558

Investment income

1,376,166

Total

1,393,724

EXPENDITURE ON

Raising funds

Raising donations and legacies

18,424

18,424

Charitable activities

Charitable activities

954,759

Other

623,690

Total

1,596,873

Net gains on investments

570,000

NET INCOME

366,851

RECONCILIATION OF FUNDS

Total funds brought forward

8,913,995

TOTAL FUNDS CARRIED FORWARD

9,280,846