Company registration number 04404356 (England and Wales)
Charity registration number 1093700 (England and Wales)
RAY MCGRATH MEMORIAL TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
RAY MCGRATH MEMORIAL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr H Wood
Mr P Scott
Country of incorporation
United Kingdom
04404356
(England and Wales)
Charity registration
England and Wales
1093700
Registered office
3rd Floor
16 Black Friars Lane
London
EC4V 6EB
RAY MCGRATH MEMORIAL TRUST
CONTENTS
Page
Trustees' report
1 - 2
Statement of trustees' responsibilities
3
Independent auditor's report
4 - 5
Statement of financial activities
6
Balance sheet
7
Statement of cash flows
8
Notes to the financial statements
9 - 14
RAY MCGRATH MEMORIAL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 5 APRIL 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 5 April 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Articles of Association, the Companies Act 2006 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 and activities

The objects and the public benefit of the Trust are the advancement of education and the relief of poverty, in particular the granting of scholarships, bursaries or grants to UK residents in the fields of music and the Merchant Navy.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.

Activities

The trustees have invested the funds received from the estate of the late Mrs Christina McGrath with the aim to achieve an annual income, which will be used for the charitable purposes, and to achieve capital growth of the investments.

The investments are managed and selected by a firm of advisors on a discretionary basis. The trustees monitor the performance of the investments to ensure that the charitable purposes of the charity may be achieved.

Achievements and performance
Significant activities and achievements against objectives

A grant of £50,000 was made during the year. The trustees continue to form partnerships with various bodies with the aim of fulfilling the charity's objectives in the upcoming year.

In the Trustees' opinion, disclosures relating to fundraising activities undertaken by the charity are not required since the charity does not engage in fundraising activities.

Financial review

The prior period financial statements were not audited.

Reserves policy

It is the policy of the charitable company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charitable company’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Major risks

The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The company is limited by guarantee and the governing documents are the company's Memorandum and Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr H Wood
Mr P Scott
RAY MCGRATH MEMORIAL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 2 -
Recruitment and appointment of trustees

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the company will be put at a General Meeting.

The report has been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The trustees' r eport was approved by the Board of Trustees.

Mr H Wood
Trustee
2 April 2026
RAY MCGRATH MEMORIAL TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2025
- 3 -

The trustees, who are also the directors of Ray McGrath Memorial Trust for the purpose 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 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 year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

As far as the trustees are aware, there is no relevant audit information of which the company's are unaware.

The trustees have taken all the steps they ought to have taken, as a trustee, in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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 year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RAY MCGRATH MEMORIAL TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF RAY MCGRATH MEMORIAL TRUST
- 4 -

Opinion

We have audited the financial statements of Ray McGrath Memorial Trust (the ‘charitable company’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 5 April 2025 and of its incoming resources and application of resources, 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 and Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

sufficient accounting records have not been kept; or

-

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

-

we have not received all the information and explanations we require for our audit.

RAY MCGRATH MEMORIAL TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF RAY MCGRATH MEMORIAL TRUST
- 5 -
Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charitable company for the purpose 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.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non compliance with law 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matter s

The prior period financial statements were not audited by us or any other auditors. Consequently, we have not audited the corresponding figures and financial data included in the comparative information for the year for the year ended 5th April 2024 and accordingly, do not express an opinion on them.

Use of our report

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. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jennifer Davis BFP FCA FCCA CTA (Senior Statutory Auditor)
For and on behalf of , Statutory Auditor
Chartered Accountants
2 April 2026

Calders (1883) LLP is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

RAY MCGRATH MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2025
- 6 -
Unrestricted
Unrestricted
funds
funds
2025
2024
Notes
£
£
Income from:
Donations and legacies
3
960,196
-
Investments
4
114,316
119,797
Total income
1,074,512
119,797
Expenditure on:
Raising funds
5
30,136
27,705
Charitable activities
7
59,156
58,941
Total expenditure
89,292
86,646
Net gains/(losses) on investments
12
(168,131)
246,251
Net income and movement in funds
817,089
279,402
Reconciliation of funds:
Fund balances at 6 April 2024
4,127,360
3,847,958
Fund balances at 5 April 2025
4,944,449
4,127,360

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

RAY MCGRATH MEMORIAL TRUST
BALANCE SHEET
AS AT
5 APRIL 2025
05 April 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
4,723,107
3,973,495
Current assets
Cash at bank and in hand
227,342
164,365
Creditors: amounts falling due within one year
15
(6,000)
(10,500)
Net current assets
221,342
153,865
Total assets less current liabilities
4,944,449
4,127,360
The funds of the charitable company
Unrestricted funds
16
4,944,449
4,127,360
4,944,449
4,127,360

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 5 April 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. However, an audit is required in accordance with section 144 of the Charities Act 2011.

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

The financial statements were approved by the trustees on 2 April 2026
Mr H Wood
Trustee
RAY MCGRATH MEMORIAL TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2025
- 8 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
866,404
(82,368)
Investing activities
Purchase of investments
(1,663,179)
(889,952)
Proceeds from disposal of investments
745,436
820,253
Investment income received
114,316
119,797
Net cash (used in)/generated from investing activities
(803,427)
50,098
Net cash generated from financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
62,977
(32,270)
Cash and cash equivalents at beginning of year
164,365
196,635
Cash and cash equivalents at end of year
227,342
164,365

The notes on pages 9 to 14 form part of these financial statements.

RAY MCGRATH MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
- 9 -
1
Accounting policies
Charity information

Ray McGrath Memorial Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 3rd Floor, 16 Black Friars Lane, London, EC4V 6EB.

1.1
Basis of preparation

The financial statements have been prepared in accordance with the charitable company's Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charitable company is a Public Benefit Entity as defined by FRS 102. The prior period financial statements were not audited.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable company.
1.4
Income
Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Investment income is recognised on an accruals basis. Dividend income on quoted securities is recognised when the securities are quoted "ex-dividend". Dividend income on unquoted securities is recognised when the dividend is declared.

RAY MCGRATH MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1
Accounting policies
(Continued)
- 10 -
1.5
Expenditure

Expenses are recognised on the accruals basis at the point when a legal obligation exists.

1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

RAY MCGRATH MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 11 -
2
Critical accounting estimates and judgements

In the application of the charitable company’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.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Legacies
960,196
-
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Income from listed investments
95,170
117,299
Interest receivable
19,146
2,498
114,316
119,797
5
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Investment management
30,136
27,705
RAY MCGRATH MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 12 -
6
Expenditure on charitable activities
Charitable expenditure
Charitable expenditure
2025
2024
£
£
Direct costs
Sundry expenses
1,092
-
Bank charges
564
-
1,656
-
Grant funding of activities (see note 7)
50,000
50,000
Share of support and governance costs (see note 8)
Governance
7,500
8,941
59,156
58,941
Analysis by fund
Unrestricted funds
59,156
58,941
7
Grants payable
Charitable expenditure
Charitable expenditure
2025
2024
£
£
Grants to institutions:
Guildhall School of Music and Drama
50,000
50,000
-
8
Support costs allocated to activities
2025
2024
£
£
Governance costs
7,500
8,941
Analysed between:
Charitable expenditure
7,500
8,941
9
Auditor's remuneration
Fees payable to the charity's auditor and associates:
2025
2024
£
£
For audit services
Audit of the financial statements of the charity
6,000
10,500
RAY MCGRATH MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 13 -
10
Trustees

Other than detailed in note 14, n one of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.

11
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Total
0
0
There were no employees whose annual remuneration was more than £60,000.
12
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2025
2024
Gains/(losses) arising on:
£
£
Revaluation of investments
(170,389)
385,588
Sale of investments
2,258
(139,337)
(168,131)
246,251
13
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

14
Fixed asset investments
Listed investments
£
Cost or valuation
At 6 April 2024
3,973,495
Additions
1,663,179
Valuation changes
(170,389)
Disposals
(743,178)
At 5 April 2025
4,723,107
Carrying amount
At 05 April 2025
4,723,107
At 05 April 2024
3,973,495
RAY MCGRATH MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 14 -
15
Creditors: amounts falling due within one year
2025
2024
£
£
Accruals and deferred income
6,000
10,500
16
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 6 April 2024
Incoming resources
Resources expended
Gains and losses
At 5 April 2025
£
£
£
£
£
General funds
4,127,360
1,074,512
(89,292)
(168,131)
4,944,449
Previous year:
At 6 April 2023
Incoming resources
Resources expended
Gains and losses
At 5 April 2024
£
£
£
£
£
General funds
3,847,958
119,797
(86,646)
246,251
4,127,360
17
Related party transactions

There were no disclosable related party transactions during the year.

18
Cash generated from/(absorbed by) operations
2025
2024
£
£
Surplus for the year
817,089
279,402
Adjustments for:
Investment income recognised in statement of financial activities
(114,316)
(119,797)
(Gain)/loss on disposal of investments
(2,258)
139,337
Fair value gains and losses on investments
170,389
(385,588)
Movements in working capital:
(Decrease)/increase in creditors
(4,500)
4,278
Cash generated from/(absorbed by) operations
866,404
(82,368)
19
Analysis of changes in net funds

The charitable company had no material debt during the year.

2025-04-05 2024-04-06 false false CCH Software iXBRL Review & Tag 2025.2 04404356 2024-04-06 2025-04-05 04404356 bus:Director1 2024-04-06 2025-04-05 04404356 bus:Director2 2024-04-06 2025-04-05 04404356 2025-04-05 04404356 2024-04-05 04404356 2023-04-06 2024-04-05 04404356 bus:FRS102 2024-04-06 2025-04-05 04404356 bus:Audited 2024-04-06 2025-04-05 04404356 bus:FullAccounts 2024-04-06 2025-04-05 xbrli:pure xbrli:shares iso4217:GBP