**REGISTERED COMPANY NUMBER: 02984176 (England and Wales) REGISTERED CHARITY NUMBER: 1041634**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **FOR**
## **THE RETA LILA HOWARD FOUNDATION**
Chariot House Limited Chartered Accountants
44 Grand Parade Brighton East Sussex BN2 9QA
**THE RETA LILA HOWARD FOUNDATION**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**||6||
|**Notes to the Financial Statements**|7|to|13|
|**Detailed Statement of Financial Activities**||14||
**THE RETA LILA HOWARD FOUNDATION**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
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 March 2023. 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 Charity's principal objective is to promote charitable purposes within the British Isles and the Republic of Ireland by the provision of financial grants for or towards the general or special purposes of such bodies as shall be exclusively charitable according to English law as the Company shall from time to time determine.
As Reta Lila Howard had a great interest in children, the focus of the Foundation will be to support a few innovative projects to benefit children up to the age of 16 within the British Isles (Great Britain and Ireland). The funds will be directed to selected projects to support the education of young people or to ameliorate their physical and emotional environment. Donations are intended to be given over a finite period, with the aim of a project being able to continue by itself without further funding from The Reta Lila Howard Foundation.
It is the ongoing intention of the Trustees to distribute substantially all of the Foundation's income after meeting administration expenses.
There have been no major changes in these policies in the current period.
At present there is no dependence on volunteers, or other donations in kind.
## **Public benefit**
The trustees have had regard to the Charity Commission guidance on public benefit and paid due regard to it in deciding what activities the charity should undertake.
The trustees are satisfied that the ongoing grants they are making means that the charity is continuing to meet the public benefit requirement.
Page 1
**THE RETA LILA HOWARD FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
The Trustees have organised the investment of funds with two investment managers, as detailed on page 3.
Investment income amounting to £77,581 was earned. Losses on investments during the current year amounted to £86,424.
Twenty six grants amounting to £600,000 were paid during the year, in accordance with the above policies and objectives.
At the Board Meetings held in April 2023 a further twenty grants were approved totalling £450,000. These grants were paid in June 2023.
Investments had a market value of £18,614,176 at the end of the period. Overall the net assets of the Foundation at 31 March 2023 are £18,622,422. The funds are adequate to fulfil the obligations of the Charity.
The trustees seek to maintain the value of the endowment as adjusted for United Kingdom inflation since March 1995. The trustees also seek to maintain adequate available monies to enable to smooth day to day operations of the charity.
The trustees consider the main risk for the charity is fluctuation in investment returns. The risk is managed by agreement with the investment managers of an appropriate investment diversification policy and by monitoring this policy and investment value movements with the investment managers.
The activities of the charity have not been affected by Covid-19, though all meetings of the trustees have been held remotely.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
02984176 (England and Wales)
## **Registered Charity number**
1041634
## **Registered office**
6 Trull Farm Buildings Trull Tetbury GL8 8SQ
## **Trustees**
Melissa Murdoch Gregg Weston (resigned 7/11/2022) Tamara Rebanks Galvin Weston (resigned 7/11/2022) Pilar Bauta Sarah Mitchell Alannah Elizabeth Cochrane (appointed 28/11/2022) Graham Montague Weston (appointed 28/11/2022)
## **Company Secretary**
The Trust Partnership Ltd
Page 2
**THE RETA LILA HOWARD FOUNDATION**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner**
Shona Wardrop CA Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
## **Bankers**
C. Hoare & Co 37 Fleet Street Temple London EC4P 4DQ
**Investment managers** Morningstar Associates Europe Limited 1 Olivers Yard 55/71 City Road London EC1Y 1HQ Schroder Investment Management Limited 1 London Wall Place London EC2Y 5AU
Approved by order of the board of trustees on 6 November 2023 and signed on its behalf by:
Tamara Rebanks - Trustee
Page 3
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RETA LILA HOWARD FOUNDATION**
## **Independent examiner's report to the trustees of The Reta Lila Howard Foundation ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also 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 Company 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 your charity's accounts as 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**
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:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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)).
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.
Shona Wardrop CA The Institute of Chartered Accountants of Scotland
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
6 November 2023
Page 4
**THE RETA LILA HOWARD FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Charitable expenditure
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
9
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
77,581
40,191
626,144
666,335
-
(588,754)
588,754
-
-
-|Endowment
fund
£
-
-
-
-
(86,424)
(86,424)
(588,754)
(675,178)
19,297,600
18,622,422|2023
Total
funds
£
77,581
40,191
626,144
666,335
(86,424)
(675,178)
-
(675,178)
19,297,600
18,622,422|2022
Total
funds
£
66,542
44,619
621,354
665,973
75,657
(523,774)
-
(523,774)
19,821,374
19,297,600|
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
## **THE RETA LILA HOWARD FOUNDATION (REGISTERED NUMBER: 02984176)**
## **BALANCE SHEET**
## **31 MARCH 2023**
|Notes
**FIXED ASSETS**
Investments
7
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Endowment funds
**TOTAL FUNDS**|Unrestricted
fund
£
-
-
-
-
-
-|Endowment
fund
£
18,614,176
32,019
(23,773)
8,246
18,622,422
18,622,422|2023
Total
funds
£
18,614,176
32,019
(23,773)
8,246
18,622,422
18,622,422
18,622,422
18,622,422|2022
Total
funds
£
19,280,107
39,968
(22,475)
17,493
19,297,600
19,297,600
19,297,600
19,297,600|
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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 6 November 2023 and were signed on its behalf by:
Tamara Rebanks - Trustee
The notes form part of these financial statements
Page 6
**THE RETA LILA HOWARD FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **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 with the exception of investments which are included at market value.
## **Critical accounting judgements and key sources of estimation uncertainty**
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 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.
## **Key judgements and estimates**
The trustees do not consider there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period
## **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.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and received.
## **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.
## **Taxation**
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 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 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.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 7
**THE RETA LILA HOWARD FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Fixed asset investments**
Fixed asset investments are stated at market value as at the balance sheet date using the closing quoted market price, details of which are provided in a valuation report by the investment managers. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
## **Realised gains and losses**
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the opening carrying value or purchase price and their valuation at market price at the year-end. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
## **Financial instruments**
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **2. INVESTMENT INCOME**
## **3.**
|Dividends and other investment income
Deposit account interest
**GRANTS PAYABLE**
Charitable expenditure
During the year grants were paid to the following institutions:|2023
£
72,313
5,268
77,581
2023
£
600,000|2022
£
66,477
65
66,542
2022
£
600,000|2022
£
66,477
65|
|---|---|---|---|
||||66,542|
|||||
||£|
|---|---|
|Action for Conservation|30,000|
|Adam Smith|30,000|
|Ancre Somme Association|5,000|
|Bibles for Children|18,000|
|Boxing Academy|5,500|
|Boys Brigade of Northern Ireland|25,000|
|Camden Music Trust|30,000|
|Countryside Education Trust|19,000|
|CRT|50,000|
|Farms for Children|10,000|
|Greenfingers|50,000|
|Home Start|5,000|
continued...
Page 8
**THE RETA LILA HOWARD FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **3. GRANTS PAYABLE - continued**
|Kids Run Free
London Wildlife Trust
New Forest Centre
Pushkin Trust
Rose Road
Safe Passage
Salisbury Cathedral
Soldiers, Sailors, Airmen & Families
The Bike Project
ThinkForward
Walk Through the Bible UK
Wilderness Foundation
Young & Inspired
Young Lewisham
**4.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
2023
£
Independent Examination Fees
3,060|25,000|
|---|---|
||20,300|
||18,000|
||9,500|
||5,000|
||39,700|
||50,000|
||40,000|
||15,000|
||30,000|
||20,000|
||25,000|
||10,000|
||15,000|
||600,000|
||2022
£
2,700|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
No Trustees, or connected persons, received any remuneration during the year.
## **Trustees' expenses**
Reimbursement of travel and subsistence expenses incurred by 4 Trustees amounted to £6,296 (2022: NIL).
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Charitable expenditure
**Total**
Net gains on investments|Unrestricted
fund
£
66,542
44,619
621,354
665,973
-|Endowment
fund
£
-
-
-
-
75,657|Total
funds
£
66,542|
|---|---|---|---|
||||44,619
621,354|
||||665,973|
||||75,657|
continued...
Page 9
**THE RETA LILA HOWARD FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
|**6.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**NET INCOME/(EXPENDITURE)**
(599,431)
**Transfers between funds**
599,431
**Net movement in funds**
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
-
**TOTAL FUNDS CARRIED FORWARD**
-
**7.**
**FIXED ASSET INVESTMENTS**
Market Value at 1 April 2022
Additions
Disposals
Realised gain/(loss)
Unrealised gain/(loss)
Increase/(decrease) in cash held by stockbrokers
Market value at 31 March 2023
Cost at 31 March 2023
Investments comprising more than 5% of the portfolio valuation at 31 March 2023
110,000 Associated British Foods plc
637,731 Blackrock Corporate Bond
804,848 Blackrock UK Gilts Stocks
223,029 iShares MSCI USA SRI ETF
1,405,481 LG UK 100 Index Trust
21,457 UBS(Lux)FS MSCI Pacific SRI USD Adis
8,698 Vanguard UK Short Term Investment Bond
9,376 Vanguard US Equity Index
Investment assets in the UK
Investment assets outside the UK
Investments are further analysed between:
Investments listed on recognised stock exchange
Cash|**6.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**NET INCOME/(EXPENDITURE)**
(599,431)
**Transfers between funds**
599,431
**Net movement in funds**
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
-
**TOTAL FUNDS CARRIED FORWARD**
-
**7.**
**FIXED ASSET INVESTMENTS**
Market Value at 1 April 2022
Additions
Disposals
Realised gain/(loss)
Unrealised gain/(loss)
Increase/(decrease) in cash held by stockbrokers
Market value at 31 March 2023
Cost at 31 March 2023
Investments comprising more than 5% of the portfolio valuation at 31 March 2023
110,000 Associated British Foods plc
637,731 Blackrock Corporate Bond
804,848 Blackrock UK Gilts Stocks
223,029 iShares MSCI USA SRI ETF
1,405,481 LG UK 100 Index Trust
21,457 UBS(Lux)FS MSCI Pacific SRI USD Adis
8,698 Vanguard UK Short Term Investment Bond
9,376 Vanguard US Equity Index
Investment assets in the UK
Investment assets outside the UK
Investments are further analysed between:
Investments listed on recognised stock exchange
Cash|**- continued**
Endowment
fund
£
75,657
(599,431)
(523,774)
19,821,374
19,297,600|Total
funds
£
(523,774)
-
(523,774)
19,821,374
19,297,600
£
19,280,107
456,352
(993,805
)
18,742,654
(74,610)
(11,815
)
18,656,230
(42,054
)
18,614,176
15,203,683
2,134,000
931,777
1,150,933
2,201,296
3,935,347
1,229,272
953,008
963,777
2022
18,652,588
627,519
19,280,107
18,780,977
499,130
19,280,107|
|---|---|---|---|
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||were:||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||**2023**||
|||**18,007,356**||
|||**606,820**||
|||**18,614,176**||
|||||
|||||
|||**18,157,100**||
|||**457,076**||
|||**18,614,176**||
The following investments were subject to restrictions on their realisation:
continued...
Page 10
**THE RETA LILA HOWARD FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **7. FIXED ASSET INVESTMENTS - continued**
||Market value|Market value||
|---|---|---|---|
||at|31 March|Further|
|||2023|Commitment|
|||£|€|
|Schroders Private Equity Issue III||35,083|4,795|
|Schroders Private Equity Issue IV||53,802|7,056|
The further committed funds are projected to be paid over the following period:
## Schroders Private Equity Issue III
The Remaining 2.8% of commitments are deferred until further notice and is unlikely to be called. In addition, the fund has made twenty-one distribution payments accounting for a total of 66% of the overall portfolio. Investors have received the full amount of their original investment with upside potential continuing for the remaining life of the investment. The projection continues until 2022.
## Schroders Private Equity Issue IV
It has been agreed to waive 20% of shareholders’ original equity commitments. Subsequently, 6.3% of the original commitment remains outstanding, but is unlikely to be called. Fifteen distribution payments have been made accounting for a total of 46% of the overall portfolio. Investors are projected to receive the full amount of their original investment with upside potential continuing for the remaining life of the investment. The projection continues until 2024.
## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **9.**
|Accruals and deferred income
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Endowment funds**
Expendable Endowment Fund
**TOTAL FUNDS**|At 1/4/22
£
-
19,297,600
19,297,600|Net
movement
in funds
£
(588,754)
(86,424)
(675,178)|2023
£
23,773
Transfers
between
funds
£
588,754
(588,754)
-|2022
£
22,475
At
31/3/23
£
-
18,622,422|2022
£
22,475|
|---|---|---|---|---|---|
|||||18,622,422||
continued...
Page 11
**THE RETA LILA HOWARD FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **9. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|Incoming
resources
£
**Unrestricted funds**
General fund
77,581
**Endowment funds**
Expendable Endowment Fund
-
**TOTAL FUNDS**
77,581
**Comparatives for movement in funds**
At 1/4/21
£
**Unrestricted funds**
General fund
-
**Endowment funds**
Expendable Endowment Fund
19,821,374
**TOTAL FUNDS**
19,821,374
Comparative net movement in funds, included in the above are a
Incoming
resources
£
**Unrestricted funds**
General fund
66,542
**Endowment funds**
Expendable Endowment Fund
-
**TOTAL FUNDS**
66,542||
|---|---|
|||
continued...
Page 12
**THE RETA LILA HOWARD FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **10. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2023.
Page 13
**THE RETA LILA HOWARD FOUNDATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|**INCOME AND ENDOWMENTS**
**Investment income**
Dividends and other investment income
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Costs of generating funds
**Charitable activities**
Sundries
Secretarial Services
Accountancy fees
Travel costs
Bank charges
Independent Examiners Fees
Consultancy fees
Grants to institutions
Total resources expended
**Net expenditure before gains and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset investments
**Net expenditure**|2023
£
72,313
5,268
77,581
77,581
40,191
71
8,984
5,676
6,451
489
3,360
1,113
600,000
626,144
666,335
(588,754)
(86,424)
(675,178)|2022
£
66,477
65
66,542
66,542
44,619
-
10,880
7,415
-
359
2,700
-
600,000
621,354
665,973
(599,431)
75,657
(523,774)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 14