Company No: 03340350 Charlty No.'1062762 GREENHAM TRUST LIMITED (A company limited by guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2023 co￿ENTs PAGES Chairman's Statement Reference and Administrative Details Objectives and Activities Strategic Report includin8- Achievements and performance Financial review Plans for Future Periods Principal Risks arbd Uncertainties Strurture, Govemance and Management li Independent Auditors, Report to the Members 15 Con501idated Statement of Finanoal Activities 18 Con501idated Balance Sheet 20 Company Balance Sheet 21 Cash Flow Statement 22 Notes to the Financial Statements 23 GREENHAM TRusf LIMrrED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2023 Chaiman's Statement The 2022123 financial year was another very busyone for Greenham Trust, responding to current events whilst continuing to deliver our support for the local charitable sector and growing our property portfolio on Greenham Business Park and elsewhere. We built upon our grant giving artivities of the previous twelve months wth the various appeals on our 8rant giving platform, The Good Exthange. artive throughout the year. This included administering support for Afghans and Ukrainians livin8 in our area of gNing as well as the Surviving to Thriving Fund which was set up to help those suffering with the longer-term mental heabth impact of the Covid pandemic. The latter two funds are in conjunction with West Berkshire Council. In view of the increased cost of living faced by the UK population due to the impact of Brexit and the war in Ukraine we have been involved SUPFJQrting front line charities helping those most in need. This included Citizens Advice West Berkshire. West Berkshire Foodbank and the Newbury Community Resource Centre. A cost of livin8 crisis appeal fund was creared on The Good Exchange, joirbtly with West Berkshire Covncil ar)d a separate fund for those living in north Hampshire with 8asingstoke and Oeane Borough Council. The Trust became actively invotved in the Hub created by West Berkshire Council to help those most afferted by cost of living issues. This has also sUPPOrted Ukrainians INing locally and used the collaborations formed and our learning from the Cowd pandemic to ensure a quick and effioent response to charitable needs. In the previous financial year we saw lower levels of demand for srnall grants and almost no capital grant applications. This trend has continued but our reported charitable gimng has increased to £S.Sm from £3.5m. This does include however. a number of commitments made in prewous years and accruals for 3-year funding agreements with various charities who require ongoing support. Our charitable funding activity has remained as varied as ever. The relationship with West Berkshire Covncil continues to grow and we have put in place funding arrangements on behalf of the Council with Citizen5 Advice West Berkshire and the Volunteer Centre West 8erkshire alongside our own funding for these organi5ations. One of the hi8hlights of the year was an Expo we funded at Newbury College. This saw over 50 companies engaging with local secondary school children. Through the Com Exchange and Watermill Theatres we also put in place a new apprenticeship scheme to help promote careers and the benefits of the Arts and wlth Berkshire Youth funded the employment of two development officers to help local parish counols set up youth support throughout West Berkshire. Lambourn and Cal¢ot a￿ two early successes. Our development activity on Greenham Busine55 Park continues at a pace. This has beer) enabled by strong occupier demand and our ￿MplIfied Local Development Order planning structvfe allowing planning consent to be secured in a little over three weeks. Work started in early 2023 on the first ever speculative building on the Park This is a warehouse/production building of approximately 32.(KKI sq. ft. with significant occupier demand bein8 Seen, even at the early stages of construction. Other development activity has included starting construction of a new building for Bike 2 &ke, a motorcycle training company and retailer already based at Greenham and committing to develop a new purpose-built vets surgery vmth construttion starting shortly. GREENHAM TRUST UMITED The Annual Report of the Directors and Tnjstees YEAR ENDED 31 MARCH 2023 We have also been active investin8 in property opportunities away from GreeF)ham Business Park, including acquisition of a small bu￿ne$S park in north Hampshire and a former industrial site in Express Way, Newbury for the relocation of an existing tenant at Greenham. relea&ng their existing site for redevelopment by the Tnjst. The proposed development at Newbury College in joint venture with Feltham Properties has progressed more Slowly than expected with the local planning authority non-determination of our planning application leading us to proceed to a planning appeal. We remain confident of securing a surtable planning consent and continue discussions with the planning team to avoid the appeal proce55 if possible. Finally, OF) the real estate side, we launched an offer to help other5 interested in creating similar social enterprise models based on property assets and a number of discussion5 have followed. There was also a vislt to Greenham Business Park byThe Time5 newspaper and a very positive article on our activities. The news in late November that the local Watermill Theatre in Bagnor, near Newbury would lose its annual Arts Council funding in 2023 created an opportunity for the Trust to assist. We have supported their outreach actNlties for many years and set about creating an alliance of local fvnders to help fill the considerable gap in their funding. To date we have 5 local trusts who have agreed to work aloFKgside Greenham Trust with a 3-year funding package. The autumn of 2022 saw the Trust come together at a reception to celebrate our 25th anniversary. The current executive team and trustees were joined by all those involved in our annual Charitable activities 35 well as former employees, trustees and local dignitaries. This was a wonderful opportunity for all to reflett on our achievements since 1997 and consider the powbilities the fvture will hold. As we look forward to 2023 and beyond we are involved in more new and exciting charitable projetts including the creation of a dementia care centre in West Berkshire together with further development activity on Greenham Business Park and beyond. Charles Brims. Chairman GREENHAM TRUST UMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2023 Referer￿e Ath1[r￿stralfrrfe Detalb Company reference number 03340350 charlty reference numb¢r IC62762 patr￿ Sir Peter Michael The Earl of Carnarvon Dlrectors and Trustees Charles O Brims (Chairmanl David J Bailey Justin Barnes IAppointed 6 September 20221 Zoe Benyon C Julian Cazalet Biddy Hayward Graham Mather (Re￿gned 6June 20231 r Peter Michael Malcolm V Morris Sarah Scrope (Appointed 14 June 20221 Fiona Spencer-lones Ju5tyn Watenworth Robert Woods Chlef Executtve Company Secretary Christopher G 8oulton Oonagh Dockley Re￿red Prfndpal bety House The Enterprise Centre Greenham BU￿￿e$S Park Greenham, Thattham Berkshire RG19 6HS Audltors Crowe UK LLP Aquis House 49-51 Blagrave Street Reading RGI IPL Banke Svenska Handeisbanken AB St Anthonvs House Oxford Square, 9-21 Oxford St. N￿Ury. RG14 IJQ Barclays Bank Pk 4th Floor. Apex Plaza Forbury Road Readin8 RGIIAX Sdldtors Blandy & Blandy LLP l Friar Street Reading RGI IDA GREE14HAM TRUST UMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MAR(112023 Objectives and Activities The objectives of the Trust are to promote any charitable purpose for the benefit of the inhabitantsof Newbury and its environs. These very general objertives allow the Trust to respond to changing needs within the community. Since inception in 1997 the airn has been to build a secure asset base to provide a lon8-term income stream to be used for the benefit of local people. The former Greenham Base wa5 purchased and transfonred into what is now Greenharn Business Park. The Park forms the largest part of a property portfolTro from which the Trust derives its income. The Trust ha5 SUPPOrted a substantial number of local groups and projects through grants and has developed a range of direct activities and projects. In total over 3,000 local groups have been supported in this way and a total of over £72 million distributed. The Trust supports a number of charitable sectors including the Arts. Education. Economic, Social and Community Development, Healthcare, Disadvantaged Groups. Nature and the Environment and Recreation and Leisure with particular emphasis on fvture generations. Some of the projects outlined later in this report give an indication of the way in which this policy is developing. Sm311 grants will continue to play an important port in the Trusys work. These can be crucial to the success of local organisations and make a real difference to the lives of local people. The Trust considers committing grant aid over a number of years in appropriate circumstance5. This enables organisations to concentrate on service delivery rather than struggling each year to raise funds. Statement on Public Benefit The Trustees confirm that they have complied with the duty in settion 17 of the Charities Act 2011 to have due regard to public beneftr guidance published by the Charity Commission in determining the activities undertaken by the charity. The Trustees revbew the activitie5 Of the charity regularly against its aim of providing an income stream to be expended for the benefit of local people and are satisfied that all actiwties continue to be related to this aim. The Trust takes care that beneficiaries are appropriate to the aim of the charity. What we do and how we do It A total of £5.519,228 was speni this year on charitable attivities. An anatysis of how thi5 money was spent in the local community is set out on page 27 of the accounts. The Trust continues to use the Good Exchange platforni for raising fvnds for appropriate topical causes, as follows.. Cost of Living Crisis Appeal Set up in late summer 2022 in view of the significant rise in the cost of living due to the effects of Brexit and the war in Ukraine. This is a joint appeal. administered by the Trus¢ with West Berkshire Council and both parties allocated £50,0￿ of initial matched funding to support front line charities helping those most in need. GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2023 Afghan Appeal Set up in response to the need to help fvnd local charities and volunteer groups who found their organisation5 supporting Afghan refugee families living in hotels in West Berkshire. The Trust allocated £25.000 of matched funding in 2022 and over £50.OLX) in total ha5 been raised from public donation5 since the appeal was set up with other charities Ma￿n8 grants and Gift aid. This continues to support any grant applications for Afghan related needs locally. Ukrainian Appeal The Ukrainian Appeal was set up jointly by the Trust and West Berkshire Council with £25,CKJO of matched funding each. Funds contillue to be raised which are disbursed to local charities and voluntary groups supporting Ukrainians and their host families. Su￿1VIng to Thriving Fund Set up in collaboration with West Berkshire Counul utilising £100,￿0 of existing funds from theTrust's original Coronavirus Appeal to matth a contribution of £IIM),(KAI from the Counol. Both parties allocated a further £50,000 each to the Fund which was set up to make 8rant5 to orgarbisations which are supportin8 those with mental health issues brou8ht about by COVID as we entered a period of ￿¢0Very. We have also seen further donations from the general public and other local charitable trusts to grow the fund. The appeal is now under review and any remaining funds are expected to be transferred to a mental health related fund. External Grants The Trust has continued its policy of supporting a wide range of local groups across West Berkshire and north Hampshire. A total of £5,519,228 {2022: E3,508,4151 was committed in external cash grant ad. More information can be found on the Trusys website reenhamtrust.com The Trust invites applicationsfrom local organisations forfundin8fora wide varietyof good cause5. The various distribution committees of the Trust sit up to with at least one cornrnrttee meeting per quarter to allocate funding. The majority of grants are administered through the online grant portal provided byThe Good Exchar)ge. Grant pplications can attract public donations and funding from other grant makin8 organisations as well as bein8 considered for TnJst funding. The Trust will also match public donations to applications W￿"¢b are eli8ible with a Trust top UP 8rant free of charge and apply gift aid where applicable. The Trust supports a number of charity and voluntary or8anisations through subsidised rents on selected Properti￿ in our portfolio. Nature ConseNation TheTrust remains committed to improving local natureconservation. It has continued to protect and improve Sites of Special Scientific Interest ISSSI'S) wthin Greenham Business Park and the areas adjoining them by careful management and planting native species. GREENHAM TRUST UMrrED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2023 Arts The Trust supports VariOU5 Arts organisations in West Berkshire by providing funding for learning and parti¢ipation artmties and for community benefit. The main beneficiary is the Newbury Corn Exchange which receives core funding as well as funding for various activities and prograrnme5 and a selection of free outdoor performance events in Newbury Town both large ar)d small scale to entertain local residents, attracting more people into the town to b005t the local economy. The Trust provides subsidised premises at Greenharn Business Park for an outdoor arts creation spa￿. the onty one of its kind in the UK. This houses a fully equipped workshop and production facilities. large-scale perforniance and rehearsal areas. aerial circus equipment and artist accommodation in the portakabins. The Trust also supports Newbury Spring FestNal, Hungerford and District Community Arts FestNal and the visual arts Open Studi05 In518ht Exhibition for local artists from West Berkshire and north Hampshire at The Base on Greenham Bvsiness Park. The Trust continues to support a Communtty Associate post at the Watermill Theatre with the remit to work specih'cally with vulnerable adults and young people at risk from all sectors of the community. This work regularly engages a significant number of individuals who previously had little or no corbnection with the theatre. We are also working With ihe Watermill to help them secure funding to replace that withdrawn bv the Arts Council in November 2022 through creatKJn of a local funding alliance. Our three-year funding package for the provision of music lessons to children ir) primary schools throughout West Berkshire continues. The scheme is managed by Berkshire Maestros with contribufions from Pupil Premium funding and Berkshire Maestros. Funding of up to £37,CXJO p.a. is available. More details on our funding can be found on our website- W￿￿. reenhamtrust.com Strategic report Achlevements and Performance Review of income generating activities The Trust continues to redevelop accommodation on Greenham 8usine55 Park. This includes a new buildin8 for existing Park Ixcupier, Bike 2 &ke. a motorcyde training organisation and retailer and a speculative warehouselproduttion buildingof approximately 32.fX() sq. ft. An agreementto lease has been signed to build a vets practice on site of 7.OCM) sq. ft. The Trust has also acquired property assets away from Greenham Business Park includin8 a small business park, Orchard Business Park near Kingsdere and a site in Express Way, Newbury for the relocation on an existing Greenham Business Park tenant releasing their e￿sting site for redevelopment. GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2023 Flnanclal Revlew Review of Financial Posttion The Trust's principal funding source continues to be the income generated from its investment i n Greenham Busine55 Park. In the year to 31 March 2023 the Trusi generated a surplus available for charitable expenditure of E5,680,82712022- £4,382,735.) Charitable expendirure in the year to 2023 at £5.519,22812022.. £3,508,415). The Trust had an overall surplus of £867,823 after charitable expenditure in the year to 31 March 202312022: surplus of £5.844.322.1 The current year surplus is indusive of net gains on investments of £706.224.12022.. £4,970,CM)2.1 The Trust has a healthy cash position and is on a sound financial footing with net assets of £102 million. The Trust's trading svbsidiary, Greenham Business Park limited. also performed satisfactorily in the year making a profit of £876.592. Reserves Policy The Trust holds an expendable endowment fund which comprises its investment assets including the busine55 park at Greenham Business Pafk. These asset5 are invested to produce income which is used for charitable purposes. The Trustees poly 15 to maximise the capital value of the expendable endowment fund whilst steadily increasing its income generation. At the yearond. the expendable endowment was valued at E79.2 million12022: £78.5 million) The Trust holds restricted funds of £6.0 million and unrestrirted funds of £17.0 million on 31 March 2023. Free reserves (funds not tied up in fixed assets net of loan5. restricted and endowment funds) stood at £16.8 million 12022 £16.5 millionl. The Trust's F)olicy is to hold free reserves to meet fluctuations in the timing of grants and the Trustees consider a level of prowsoning of 12 to 24 months of future tharitable commitments to be adequate. Investment Policy The Trusys overall strate8y is to mana8e its ￿cOme producing a55ets so that the spending power of the income generated is preserved and preferably enhanced in real term5. This strategy has been and is= To manage the business park at Greenham Busine55 Park and to establish over the medium to long term an investment producing a return at least broadly comparable with reliable appropriate external indices. To work to establish diversity in the lettingarrangements to protect against economic fluctuations in any one business sector. To consult e￿er￿al professional advisors who, together with employees of the Trust and its subsidiaries, aSSlSt the Trustees on all issues relatingto the investment in Greenham Business Park and to monilor its performance. GREENHAM TRU￿ UMITED The Annual Report ot the Dlrectors and Trustees YEAR ENDED 31 MARCH 2023 To undertake work on the buildings and infrastructure of Greenham Business Park essential to protect and enhance the overal value and to establish a sustainable long-term income stream. To consider proposals for the disposal of individual parcels of land where this is consistent with the objective5 of the Trust. To invest with the Tru5Ys bankers or equivalent institutions any cash fijnds held prior to investment or grant decisions. To consider alternative investments after consultation with the Tnjsys external professional advisors. Care is taken to ensure that the business park at Greenharn Business Park is maintained to a high standard for the benefit of our terbants and users of the business park. Plans for future periods The Trust is focused on continuing to grow its property portfolio through the ongoing redevelopment of Greenham Business Park and ¥ia acquisrtion or the selective development of further property assets in the local area. Grant applications from charities and voluntary organisations for core ¢osts. project funding and larger capital grants are still lower that the levels the Trust experienced before the Covid pandemic and are now starting to increase partly due to the cost of living crisis. The foremost aim of the Trust to be in a strong position io continue to support local organisations as well as being able to respond to new challenges such as the cost-of-living crisis and the arrival of various migrant groups in the local area, including Afghans and ukrainian nationals. As income from the property Portfolio gradually increases the Trust wll look at providing funding to organisations in areas dose to the boundarie5 of West Berkshire and north Hampshire where specific needs are identified. Close relationships will continue to be pursued with our local authority and major providers of Charitable support locally and we are especially pleased to have prompted our firstjoint fund on The Good Exchange with Basingstoke and Deane Brough Council. Matched funding will remain in use as the"tool- to levera8e the Trust's own funds and collaborative funding alongside other Icol and national charitable trusts is an on80ing goal. 10 GREENHAM TRUST LIMITED The Annual Report of the Directors and Twstees YEAR ENDED 31 MARCH 2023 Specific Targets for the Period to 2024 The Trustees have reviewed the targets below and consider them to be appropriate. Arts & Musk To continue to support The Com Exchange Newbury and The Watermill Theatre. in view of their funding challengÈs and develop and supwJrt range of arts activit￿$, especialtywhere they benefit health and wellbein& with an a￿rage annual expenditure of not less thèn £5W.CKM). Grarrts To make exlernal reacrive Gr4nts totallin8 £360.OC(I for the year endin8 31 March 2024 and a further £l(K).O(X) for allocation by the newfy formed Tenants Distribut￿Th Committee A total of £500,OCKJ of Top Up furK15 will aF50 be availab￿ lo matth donations by the public to local charitable projerts and actNitie5. Major Projerts To o)ntinue to support at least one major projett each year Including the proposed demenkn"a care centre together with other smaller caw.tal wojects. particularly as applicab.ons for this start to become active again post-COWD Pandemic. ColktMira1l￿ Funding Where posSi￿e to seek to fund projects and or8anisatK)ns alon8side other local tharrtable trusts. local and national. redu¢in8 the overall exposure of Greenham Trustwhile a$￿stIng major grant applicants in their fund raising. Prlnclpal rlsks and uncertainties The Trustees consider the principal risks and uncertainties that can seriously affert the performance. future prospects or reputation of the charity induding its viability. A risk matrix is prepared, updated and reviewed regularly. The Trustees consider most risks to be of low or medivm consequence. There are two areas which the Trustees consider to be of higher risk. Where the Trust is involved in partnershiplcollaborative activitie5 with other organisations a lack of clarity of roles could lead to confusion. Here, the Trust will aim to have documentation proportionare to the attivitie5 involved and the risk to the Trust. In some cases, this may be an exthangeof ¢orre5pondence. in other cases it may be more appropriate to have a more formal service level ag￿ement or memorandum of understanding. Secondly additional resources have been put into monitoring and evaluating the transparency of infomation on the Trust's subsidiary website Nvww.rhe oodexchan e.com to ensure its validity and minimise any adverse effect on the Trust's standing in the community. The Trustees have considered their risks. The general business enNllronment remains challenging for many tenants. The Trustees will conty.nue to monitor this situation as revise their considerations accordingly. Structure Governance and Management The Directors of Greenham Trust Limited l-the Trusfi are the Trustees for the purposes of tharity law. The Trustees present their report. whith comprises both the Dirertors. Report and Strategic Report, for the purpose5 of company law. and the financial statements of the Trust for the year ended 31 March 2023.These financial statements have been prepared in accordance with the requirements of the TrusV5 governing documents and the Statement of Recommended Practice "Accounting and Reporting by Charitie5" 2015 IFRS1021. GREENHAM TRusf LIMrrED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCFI 2023 Legal Status The Trust is a company limited by guaralltee. not having a share capital. It was registered as a charity on 7 June 1997. The constitution of the Trust is regulated by the Memorandum & Articles of Association. The Members each have a liabilty of £1 on the liquidation of the Trust. Trustees All Trustees are Members of the Trust and appoint new Trustees in their capaaty as Members. The appointments seek to ensure that the board has a wde ran8e of top-level experience and expertb5e across a range of professional and operational areas. A skills audit matrix is kept, to assist in this process. None of the Members or Trustees has received any payments or claimed any expenses during the year. nor during the previous year. New Trustees are given a full indurtiontraining package which includes the workingof the Trust. The Direclors and Trustees who served during the year were: Charles D Brims David l Bailey Zoe Benyon Justin Barnes {appointed 6 September 20221 C julian Cazalet Biddy Hayward Graham Mather Sir Peter Michael Malcolm V Morris Sarah Scrope (appointed 14 June 2022) Fiona Spencer-jones Justyn Waterworth Robert Woods Organisatlonal Structure The Trustees meet regularly to manage the Trnsvs affairs. Their primary focus is strategic. but they also exerase an oveNiew of the Trusvs operational activities and effectiveness. They have set up an Audit Committee of three Trustees that meets at least tw¢e a year to consider all issues relating to accounting practice and reporting. The Finance & Investment Committeemeets four times a year and considers all matters relating to investment decissons, financial management and strategic financial decisions. Applications for major grant aid are considered by the Board of Trustees. The Community Grant programme is congdered by a Distribution Commitree of eight local people drawn from a wide cross-settion of public and voluntary sectororganisations. The patrons art in an advisorycapacity tothis Committee and are ambassadors for the Charity. There is also a Youth Distribution Committee (YDC) comprising students from local state secondary schools. This was established in 21x13 and continues to operate successfully. The YDC advised on the distribution of £1S,OCKI of the total allocated considerin8 all applications under £2.0W. 12 GREENFIAM TRUST UMITED The Annual Report of the Directors and Trustees YEAR ENDED31 MARCH 2023 In the event of a Trustee having an interest in a proposal forgrant aid such interest is declared. and the Trustee rakes no part in the decision proce55 for approval of the 8rant. All matters relating to administration. trading operations and financial controls are dealt with through Greenham Business Park Limited the Tnjsvs wholty owned trading subsidiary. The management team of Greenham Business Park Limited report to the Board of the Twst at their quarterly meetin85. Fundraising All fundralsing activities are managed on www.thegoodexchange.com where other tharitie5, corporates and members of the public can make donations to the general funds of the Trust or to the various appeal funds that we create. The Trust does not use professional fundraisers. All fundraising activities are mana8ed by the grants team and are monitored by the Finance Director. with overall oversight by the members of the Boèrd of Trustees and the Chief Executive. No complaint5 relating to fundraisin8 activities have been feceived by the Trust during this h'nancial period. However. the Trust has in place procedures that would be followed in the event of a complaint being received with the initial response being the responsibility of the grant manager. Any continuin8 Issues would then be pa55ed to the Chief ExecutNe to determine what further action might be requireij. The Trust does not currently subscribe to any speafic fundraising standards or schemes for fundraising regulation but considers that it has set appropriate standards for the operation and management of its fundraising activities. In particular, the Trust considers that its processes and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion on a person's privacy and that no fundraising artivities would be unrea%)nably persistent or place undue pressure on a person to give money or other property. Policy for setting remuneration The Trust is committed to ensuring that we pay our staff fairly and in a way that ensures we attract and retain the right skills to have the greatest impact in delivering our tharitable objectives. All salary increases are approved at Boèrd level. Senior managementmeet to discvss and recommend anyannual percentage increase in the payroll for staff. The Chief Executive makes recommendations reLatin8 to the senior team and the Chief Executive's remuneration packa8e is set by the Board. The appropriateness and relevance of remuneration is kept under review. There is acce55 to a contributory pension stheme for all qualifying members of staff. Trustees Responslbllities Company law requires the Trustees to prepare finanaal Statements for each financial year, which give a true and fair view of the state of affairs of the Tnjst at the end of the year and of the surplus or deficiency for the year then ended. In preparin8 those financial statements, the Trustees are required to: Select suitable accounting policies, as described on page 23 and then apply them consistently. Make judgements and estimates that are reasonable and prudent. State whetherapplicableaccountingstandard5 have been followed. subject toany material departures disclosed and explained in the finanaal statements. Prepare the finanaal statements on the going concern basis unless tt is inappropriate to presume that 13 GREENHAM TRUST LIMITED The Annual Report of the Directors and Trustees YEAR ENDED 31 MARCH 2023 the Trust VAII continue in business. The Trustees are responsible for keeping adequate accounting record5 that are sufficient to show and explain the companvs transactions and to enable them to ensure that the financial statements are prepared In accordan￿ with applicable law, United Kingdorn Attountin8 Standards and the Charities Statement of Recommended Pracrice (United Kingdom General￿ Accepted Accounting Practice). The Trustees are also responsible for safeguardin8 the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Pmvlsion of inforniation to auditors Each of the persons who are Trustees at the time when this Trustees. report is approved has confirmed that: So far as each Trustee is aware, there is no relevant audit information of which the companW5 audltors are unaware, and Each Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the companls auditors in connection with preparing their report and to establish that the companls auditors are aware of that infomiation. Auditors A resolution to re-appoint Crowe UK LLP as auditors for the ensuing year will be Pfoposed at the annual general meetirbg in accordance wth Section 485 of the Companies Act 20(￿. Approval of report This Tru5tees' Annual Report. comprising both the Director5. Report and Strategic Report for the purpose5 of company law, has been approved bythe 8oard. Signed by on behalf the Board Charles Brims Chairman and Trustee 6 June 2023 14 IndependeTrt Audltors, Report for the Members of GREENHAM TRUST UMITED YEAR ENDED 31 MARCH 2023 Opinlon Wehave audited thefinanaalstatementsofGreenhamTrust timited fortheyear*nded 31 March 2023 which comprise the consolidated statement of financial attivities, the comparative statement of financial artivity, the consolidated and company balance5heets, the consolidated cash flow statement and notesto the financial statements, in¢ludin8 a summary of significant accountin8 policies 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 Reporti ng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢￿pted Accountin8 Practice). In our opinion, the financial statement5'. give a true and fair view of the state of the group's and the parent charitable companrfs affairs as at 31 March 2023 and of the group's and the parent charitable companws profit/loss for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. have been prepared in accordan￿ with the requirements ofthe Companies Act 21y)6 Basls for oplnlon We conducted ouraudit in accordance with International Standards on Auditing IUKI IISAS IUKI} and applicable law. Our responsibilities under those standard5 are further described in the Auditorfs responsibilities for rhe audit of the financial statements settion of our report. We are independent of ihe group and charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRCS 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. Concluslons relatlng to goI￿a concem In auditing the financial statements, we have concluded that the directorfs use of the going concern basis of accountin8 in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identrfied any material uncertainties relating to event5 or conditions that, individually or collectively. may cast significant doubt on the group and charitable company's ability to continue as a goingconcern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the directors with respea to going concern are described in the relevant sections of this report. Other informatlon The director5 are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report. other than the financial statements and our auditorfs report 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. Our responsibility is to read the other information and. in doing $0, 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 Elves 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. 15 Independent Auditor< Report for the Members of GREENHAM TRUST UMITED YEAR ENDED 31 MARCH 2023 We have nothing to report in this regard. Opinions cffl other matters prescribed bythe Ccmnpanieskt 2( In our opinion based on the work undertaken in the course of our audit the information given in the dirertors, report for the financial year for vA)ich the financial statements are prepared is consistent with the financial statements.. and the directors, report have been prepared in accordance wrth applicable legal requirements. Matter5 on whlch we are requlred to report ty exceptK In the light of the knowledge and understanding of the group and charitable company and its environment obtained in the course of the audit, we have not identified material misststements in directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Art 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept by the tharitable company. or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement wth the accountin8 records and returns.. or certain disdosures of directors, remuneration speofi'ed by law are not made- or we have not received all the infomiation and explanations we require for our audit. or the directors were not entitled to prepare the finanaal Statements in accordaF)ce with the small companies, re8ime and take advantage of the small companies, exemption in preparing the direttors report and from the requirement to prepare a strategic report. Responsibilities of dlrectors As explained more fully in the directors, responsibilities statement set out on page 13, the directors 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 directors detemiine is necessary to enable the preparation of h'nancial statements that are free from material mi5Statement, whether due to fraud or error. In preparing the financial statements. the directors are responsible for assessing the group and charitable companvs ability to continue as a going concern, disdosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the dirertors either intend to liquidate the group and charitable company or to cease operations, or have no realistic alternative but to do so. Audltorf5 re5ponstbllltles for the audlt of the finanaal stat8nents Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether dve to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstaternents can arise from fraud or error and are considereé material if. individually or in the aggregate, they could reasonably be expetted to Influen￿ the economic decisions of users tskeD on the basis of these financial statements. Irregularities. includin8 fraud. are instances of non_100_|_100_| |Tangible assets|11|
_249,554_|_323,994_| |Investments|12|
_106,388,379_|_100,976,387_| |||_106,638,033_|_101,300,481_| |**Current Assets**|||| |Debtors: Amounts falling due after more than one year|13|_8,974,901_|| |Debtors: Amounts falling due within one year|13|
_4,425,247_|_14,567,384_| |Cash at Bank||_12,220,906_|_14,852,556_| |||_25,621,054_|_29,419,940_| |Creditors: Amounts falling due within one year|14|
_{4,962,750)_|_(4,291,907)_| |||----|| |**Net Current Assets**||_20,658,304_|_25,128,033_| |Total Assets less Current Liabilities||_127,296,337_|_126,428,514_| |Creditors: Amounts falling due after more than one year|14|
_(25,000,000)_|_(25,000,000)_| |**Net Assets**||_102,296,337_|_101,428,514_| |**The Funds of the Charity**|||| |Endowment Funds|15|
_17,043,873_|_78,507,617_| |Restricted Funds|15|
_6,038,623_|_6,119,523_| |Unrestricted Funds|15|
_79,213,841_|_16,801,374_| |Total**Charity Funds**||_102,296,337_|_101,428,514_| These financial statements were approved and authorised for issue by the Trustees on the 6th June 2022 and are signed on their behalf by: CD Brims M V Morris **20** GREENHAM TRUST LIMrrED Company Balance Sheet AS AT 31 MARCH 2023 Compar)y Number: 03340350 Notes 2023 2022 Fixed A55ets Tangible assets Investments li 12 59.861 103,868.452 87.886 99,022,051 103,928.313 99,109,937 Current Assets Debtors.. Amounts falling due after more than one year Debtors." Amounts falling due within one year Cash at Bank 13 13 8,974,901 4.015,857 11.02S,163 13.842,678 12.997,981 24,015,921 26,840,659 Creditors.. Amounts falling due within one year Net Current Assets Total Assets less Current Liabilrties 14 (5,775.849) 18,240.072 122,168.385 {4,012,656) 22.828,003 121,937,940 Creditors.. Amounts fallin8 due after more than one year 14 (25.LKQ.(kX)J (25.CtX),CQOJ Net hssets 97,168.385 96.937,940 The Funds of the Charlty Endowment Funds Restricted Funds UnrestrKted Funds Is Is 15 74.975,027 6.038,623 16,154, 735 74,834,394 6,119,523 15,984.023 To&1 Charlty Funds 97.168.385 96.937,940 The movement in funds of the charitable company only was £230,445 {2022 - £5.089.4721. These financial Statements were approved and authorised for issue by the Trustees on the 6th June 2023 and are signed on their behalf by.. C D Brims Mvmorris 21 GREENHAM TRUST UMITED Consolidated Cashflow Statement YEAR ENDED 31 MARCH 2023 2023 2022 No See below Net osh prtyrfded ￿ operat* 15.779.496) 119.975.8831 Inve5trr￿l Income receNed Investment properties recl35sified as current asset hekj for sal proce￿5 from salel Ipurchasel of prLVfty Payments to acquire tangible fued assets Payrnents in respect of ca5Xtalised de¥elopIr￿Tht costs 7.893.474 6.473.093 13.085,LKX) 1988.2351 1182,3301 12.803.872) 12235,8351 139.8601 12,469,933) Net osh (used 1fty￿lded by In¥*stlng acitrllles 3.147.846 15,583.656 ange In cash and cash eouivalents Cash and cash equivalents brought forward 12,631,650> 14,392,2271 14,852,556 19.244.783 Cath and cash equbAlentsc¥rled for*¥d 12.220.906 14.852,556 NOTE TOTHE CASHFLOW STATEMEMt 2023 2022 Recondllakn of net {eMpenolturel to net ¢ath used In cyeratkn8& Nei incornellexpenditurel for the year Net gain5 on investments Inve5trneThr income receivable Amrtisationl DeP￿CIati( Decrea5e/lincreasel in debtors IOecre3sellincrease In creditors 867.823 5.844.321 1706,2241 14.970,IK121 17093.4741 16,473.0931 114,30D 103.284 1.167.236 112,839.9561 670A43 11.640.437) 15.779.496) 119,975,883) Al 31 March 2023 At l 4Yil 2022 Cashflows Cash Loan notes thje after one year 14,852.556 125.W).CO)I 12.631.650) 12,220.906 125.000.(K)01 Nei debt ,14 .444 12.77 GREENHAM TRUST IIMtTED Notes to the Financial Statements YEAR ENDEO 31 MARCH 2023 l. Accounting Policies Entity status Greenham Trust is a private charitable company limited by guarantee and registered with Companies House in England and Wales Ino 33403501 and also a registered charity Ino. 10627621 registered with the Charity Commission England and Wale5. Basis of accounting The financial statements have been prepared in accordance with Accounting and ReF)Orting by Charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l Jar)uary 20191 Icharities SORP second edition IFRS 1021). the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2(X)6. The charitable company is a Publi¢ Benefit Entity as defined by FRSIO2. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accountin8 policy notes. Fair value moverner)ts are dealt with through the Statement of Financial Activities. The trustees have assessed whether the use of the going con￿rn basi5 is appropriate and have considered possible events or conditions that might cast Sl8nificant doLJbt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial ststements. In view of the level of assets held, the trustees have concluded that there is no material uncertainty that the charity has adeqvate resources to continue in operational existence for the foreseeable fijture. In makin8 their assessment the Trustees have considered the possible adverse effects of the COVID crisis and the mitigations that are required. The charity therefore continues to adopt the going oncern basis in preparing its financial statements. Basis of consolidation The consolidated financial statements have been prepared for the Trust and its subsidiary companies. Greenham Business Park Limited. The Good Exchange Limited and Greenham Common Trading Limited. Financial Instruments Financial asset5 such as cash and debtors are measured at their present value of the amourbts receivable, less an allowance for the expected level of doubthjl receivables. Finanaal liabilities such as trade creditors. loans and finance leases are measured at the present value of the obli8ation. Income All income is recognised on a receivable ba￿5. Expenditure Expenditure t7nd allocation of costs Expenditure is brought to account on an accruals ba515. Costs of Raisingfunds Investment management costs and c05t5 of services and other costs include the costs associated with generating incomin8 resources from all sources other than from undertaking charitable activities. Charitt7ble octivities Charitable activities comprise all the resources applied by the Trust in undertaking its work to meet its charitable objectives. Grants payable are recognised once a funding decision by the Trustees has been communicated to the recipient. GREENHAM TRUST UMITED Notes to the fiDafft¢ial Statements YEAR ENDED 31 MARCH 2023 Allocotion of costs Support costs including the central office functions of management. finance, public relations and administration have been attributed between activity categories on the basis of time spent. Support costs irbclude governance costs which comprise audit fees. legal adwce for Trustees, the costs associated with constitutional and statutory requirements. Fixed Assets Fixed Assets are capitalised at cost. with the exception of those which cost £250 or less. These are expensed through the statement of Financial Artivities. Intangible fixed assets are development costs which have been deferred over the expected life of the related projert as in the opinion of the directors this is permissible under the criteria set out in FRSIO2. Depreciation and Amortisation Depreciation is calculated so a5 to write off the cost of an asset, less its estimated residual value, over the useful economic lrfe of that asset as follows= Equipment Fixtures & Fittings Intangible assets 33.3% per annum on cost 15.0% per annum on cost IO% perannum on Cost Funds Structure Endowment Funds Endowment funds comprise investment assets indudinE investment property. externally mana8ed investments and cash investments. The fund is an expendable endowment with the Trustees having the power of discretion to convert endowed capital into income. Unre5cricted incomefunds Unrestricted income funds represent fundsthat areexpendable at the discretion of theTrustees in furtherance of the object5 of the Trust. Restrirted incomeAunds Restricted income funds represent grants and donations made for purposes specified by the grantor or donor. Funds not expended on the specified purpose are carried forward to be expended in future periods. Investment properties In accordance with FRS102, which overrides the requirements of the Companies Act 2016, no depreciation or amortisation is provided in respert of freehold properties. The surpluses or deficits on revaluation of such properties are dealt with in the Statement of Financial Actiwties. Amortlsation is one of many factors refletted in the valuation and the amoLbnt which otherwise would have been shown cannot be separately identified or quantified. GREENHAM TRUST UMITED Note5 to the Financial Statements YEAR ENDED 31 MARCH 2023 Cash Investments Cash investments are stated at open market value. Investments in group undertakings Investments in 8roup undertakings are carried at cost. Tax As a registered charity the Trust 15 Potentially exempt from tax in respert of income and capital gains arising within categories covered by $505 of the Income and Corporation Taxes Act 1988 or s256 of Taxarion of Chargeable Gains Act 1992, to the extent that the income and gains are applied to charitable purposes. The taxable profits of the artive subsidiary company are donated to the parent charitable company under Gift Aid. so no tax charge arises. Accordingly, no corporation tax is provided for the group accounts. Pensions The Trust operates a defined contribution pension scheme for employees. The assets of the Kheme are held separately from those of the Trust. The pension cost charges represent contributions by the Group to the scheme, which is reco8nised when payable. Judgments and estimates The trustees consider the principal areas of jud8ment and estimation Un￿rtaINty to be the valuations of investment properties and intangible fixed assets. Ilotestoth* F￿￿VIl stèt￿￿$ M9,5S2 L254778 449,5S2 me IrLwTrsuFvtyolser¥iC•S 3,621017 3.tU.880 3.622.017 2023 2022 Grossrent•lincorne fyftsolient ink v￿lerSt£le￿efft Intomo rdatynlt0thtww￿ar 7A77J88 136%7441 6.733.531 1359.1901 43.381 ReDtJl 1￿me ?,765￿ 6A17.722 Interest rttow4ble 55.371 7J93.474 6.473.C93 S C•xof¥¢rkn&thrcost5 2023 2022 >jppW[rf5Èr￿05 2.54B.817 3.W.044 2.Y&817 2023 lrterest payatle Otherc05tof wwatin4ient* 972AO) Lil 1504.261 Tot¥costs ronrs 3A76261 3.613.110 C051sare fov*Kvkundert4kenon the ylra5vuttureoltheknitsswk¥￿{tsTvlle￿￿￿ knrfthdmknTh¥￿. r￿￿er￿ts￿ 5Pt¥iteiharw. th*theods olession¥ fses arrth85rothÈrrdeian1<05ts. YE•AEr￿E0j1mIfft￿ Grarrtsto 2023 Arts Cdrnrnynrty 567917 371338 L055.101 l29&574 3fj&Z49 158.?10 30.167 113.210 427.683 337h77 91&83B L380.066 162.043 72.250 23.S53 Ui.460 176.( 72.662 3.977 2.144 161.679 lJ53.045 315,419 AS&?1 30.167 34.41S I9.￿1] He4th Sp¢rt Youth Iws( IL250 13.X 414.383 fJl815 Dr￿Trty EWEty E￿r￿fi 74550 14&405 7?.$50 IS2.405 3949OlS 97591 SDIS.326 5￿.671 sup￿1 COSIS 503.9)2 449.738 Total 19.228 3￿￿.115 Materlal Grantspatd ¥d p•¥*Teto l*st*th￿aSf Com Ile¥wbury ComExchan4e Ne*bwry-CArIe￿1Tht￿e￿S Wa*rnwll Th￿1T•-3}*•rIVfiLkn Cornmuniiyyouth fvoiett. 3vtatfunth¥of 2 n¥PYirtttati*s Bert5Frt Yfyjth st L*¥ren￿'sCh￿rC￿ Hunyrford ￿￿￿￿￿￿0￿5e5 ollohn 4tury&Jxob H•tdreli hJryrfwdfry4¥nFootw aub 567.917 276￿1 248553 157,ro) 137.994 109.336 10spx* 82,851 T¢*4 1602. 911.411 2W22CompiMth* Gramsto (knt510 Partnvshps Bakerits￿J 20 2021 Arts nrnuTrity 191830 1.093.8SS 72J.182 210,IYX 7.667 526 49.2SO 23XO¢ 2Q297 916.838 1.3W.C 162.043 712SO 23.553 81.49) 176.(X)4 72.662 &977 2.144 162.6 657.185 1.151,636 $08.121 1536.041 19.450 263.645 88.705 274.981 S2.4￿ >J.167 SlJ53 16.566 47.1( 121.683 Naiyrt& Conse￿o￿n sport YoJth Disa￿1*y DN*rSity Ebjorly Econom 3.987 10.760 47971 23￿ 6.350 73A4 1977 144 15L679 ILiXM) 83,15S I.785￿1 ,167 l(Q4 IA03.gS7 139.027 aJ>S8.677 4.641.419 449.738 427.595 3.508.415 s,rth.o14 MoterlL16rantspdd4fftdp¥rt4to Insthkn5V••5f 2021 Coxn Exchar*eNe¥ybwv C￿n￿￿ni1¥Yc￿th Proi*ct. The W4terrnillTheatie ￿￿erf0rd Town Footb411 N￿￿b￿￿&ThatI￿Jrn Hosplt* Ouikliwln Aiaty Har* Fwndaii Ham CIO fl)3.560 45L145 91￿51 750,10) Icox 911.411 1.501.iaS 8 gJpportCo Y)12 194.643 S6,047 S6.225 19.950 122.B73 FknarKe 61797 Admthlstrab 21952 lJ7.6n 449,738 5vwwtCLXts are¥hxatwJ roxthmeson the b¥i50ftA7*5Prt 2013 2Q22 Fe•spybtstott*wmpnV54ULllf*¥AI TaK1t￿ll andl?0?)-3I ￿￿*¥a￿￿o*the5er￿tyIMKYts*èS£4o.J1Y 3312022. £34oSZI.￿5e1mO￿rtt$￿• pahybyfjrtenham&AwwParkti￿Ied NO5￿h•m￿nIS yjerep3h4￿￿IhefyoUpCryaUP5 YEAR 31 l+ilRCH ￿25 GrtyJp At l Awl X122 dditity sposa A131 March2023 At I 2022 (h¥R•S)rthow4r iTrnètedon disp￿1 E£ur4natedon mpJrmèrt At 31+Jarih2023 Ar31 March 2023 l(K) At 31 Ktsitert￿c&TrTh￿ Afc¥n￿Y*j7IthtsIt￿ th￿lMent ¢¥[ied¢xJte¥ery￿Yo¥5wAth the1ats￿￿?hjlt￿￿￿W￿waknTraS11 Y)W ￿21￿$￿￿￿(V￿1txnrteo tthèyeareffjd Ih•Tr¥NOm￿ Ifm ThèGtyJdExhwiM¥*tdafvY6re¢¥thamCcoDWW fr￿￿￿nIted. Ill bvwcowan*sinccrw4aW iThE*rd. Th•RW5weddlkeolalAtswJxycoiyvit$6L*￿&￿1ttlThEE￿*rrnCeTh￿e.fjTeSth1m B￿￿55P¥￿ThIIchaffj. eerkshi 5196H& Thesummw$ed pro￿>*1 iiaOw5thF**nesp5a51¥kn5" 09761W2 TGE lo￿$93 GCI xfd Asse N¢tCtsrr￿l *AIetSrtw￿tsJ 4.428.5 3.193.B91 224.037 612399 224.137 5harqhvh*¢f¢Jnds ShareL4Fqt¥ 1,711886 4.9)3513 S50.th) 1325,8631 TrfalFur ¢622. 224.137 Profft&L05sAc￿nI )389￿3s 12513P431 169,364 1153,118J 118.272 162.7251 PrafiTIILos5J f¢rthtye¥ 876.592 55.547 Otherdebt &974,Wl s.974.￿1 2022 InbYtmeTht pmperty forsae Trndo thbtors m￿jnIS0wÉétyYt￿p Otherdebrtys PrepayffjtAt% Tax re¢wat4E 13xWSX 13.085.¢1)J 65&5L5 21777 50.610 25.776 IhS1.018 I,Sa956 28L380 87.973 12& l448.In) IC*3.923 4A25247 14.567384 4X)IS,857 13.842.678 11th5tothefw£iJlSt4tomknits V4DEO3IPAUCH 14 LTr¢dttors'.*AK¥JrA5hllrqd**lthtn 2023 2022 Trndecredltors fv4thxnt50wedtO Sub5id47ry underiaw Othertsxatlon & Soual 5ecuritv OthercreditOiS Accrn•ls & defe￿ed 233.6BJ IY.617 218.071 1,2C6.387 121.326 IstOgS 201.536 199.267 3.339,432 242.776 212.461 3.68Z.053 298.650 4.39L615 272.637 4.086.SX)S 4.962.750 4.29L907 5.775.949 4.012.656 1022 2023 2922 PeftrTed 1￿coDe￿Il￿*3[d Reltased IDthew•r Intwduced iDthe star 1.210539 11.2103 Ull6.238 iJce.393 1120&3931 1.210.539 I.1￿.{*7 11.175.067) .211392 11.175.067) L.136.761 Dol¢freJIrtomÈcorr￿d fotw L28Q23B L210.539 1.212,392 1,134761 Rent sthcethory@lsln￿xe4 Inadvartt. ￿K￿l￿￿￿￿1¢1￿SlQ•￿lxa1￿V￿￿ftWth￿￿ar¢rkIl%0elerleO￿j t¢Lrynryed M thatfi*ureperknd. 2023 2022 6•rt LO•0 25.txh).rts) 25.OW.C Grants pty1b￿ in deftrred1r¢ornea￿tO£1.47l66g W2. £L714224 ThE LNn ￿leS are tyrnort84eCh￿V ¢Yrfwthe¢kn*4m knP**wF￿￿￿r￿thl￿¥tserf563%o1 thE Th￿rM￿l assets¢It￿ Trust h)t4r¢$tr￿the loènrmxe i% al3.a88%f￿è t¢rM r4 25yeais. Inttre5t pawrthtsare ther￿￿5 matWeAI 2028 leSML IQJJ IESMI.2WI£5MIW 2043 IEIOMI. 15 Furd5An*S5 Grcqy2DIJ Totsi n￿tM￿￿¥S 11)4.$96 3,828A14 FixodA55ets Netturren1¥55ets Bank Lo3llS Tianslws .5SI.9J9 249.654 266.787 19AI9.5181 1207.9891 106.38&379 249.654 20h58,>)4 125.(fQ. 13.503,643 IIS.LW.4821 {1.113916) fj87A74 IJ11.￿ 14etA55 79213A41 623 I7￿13.873 192,296a37 Fund$¢wrfod l¢rw4rds PetereakerFuTrJ AbbEWeW INe%•tsJryJ SOC￿ty Mental He*rh Fund 2SthAnrM¥trsaryAppeal Fut HdpW*l¢tyneUkraiThian$ 10 west Ber*thre Helpw*ome Af8han refw$5 roWe5t Berkshwe West B¥kthire Phy5k* Actr•ityFw Costvf LIwn8CrKi5AFval 4￿1)314 74&744 81.514 1787 1489551 5.130.156 7S3,950 46.134 135.3W)) 1435.4541 (s9￿11 .1481 2197S 773 163.479 8,131 10,385 13,4Cf 76,459 175a3 {714￿1 T¢taltrstrittedfvnd5 6.119.523 314.67S 16S9.OS•I 263,479 6.03&623 Endowmem Unre5tittod 7&507￿1? 16.WL374 71AS.224 74213.841 17.043A73 IL9A457 111.4fyJ.479) 1263.4791 Tota 101.42&514 12221.132 I12.(￿9￿33) .224 10129Q337 GREElnl•JA TRitsTiMIEP uN¢StrI￿ Tot Irt•¢stmoryt5 FknedA55pts Net curr•* ass41s k Loar Tran4erS 77.M.M 2Z.27)*27 59.861 3,848.555 (9.819.S181 I207.￿) 103.861.451 S9.861 11240.072 125.(th.t 1334643 115.W.4821 ILII3.9151 887*74 L31LgJ5 N•tknets 74.975m7 &03&623 154.73S 97,168,385 FyTrtscarrf Poier 8aknw INewb*Yl SurywtoThrknDIMental Health Fund 2s1hAnnNer5aryAp￿ Fund Ilplp WdCLWeVkr￿1aftS towe51 Pwk51*e Helpw&orneAfghan refuBe55tDWOt Berts wèst Berkthweglrys*alAcwFw¢ Co5tthf ihlrrfQiysApwal 4.983314 74B.744 Lg5.787 {489551 5.130.156 753,950 46,134 1353 143S.4541 t59A41) 17.14U) 21975 41773 163.47 25X 17533 1>. 8.131 10.385 13A 76.459 (nA751 Td4restrlcW(unds &119.$23 314.675 I659￿￿￿ 2614 6 03B.623 74MX3Y 15.984.023 I￿.63> 74.9?5,017 16.IY.735 lfvwestrkted 110.254189) 116).479) Funty5 .937940 li.(￿.{65 {10913.2431 140.633 97.168.3#5 The Peiew Baker Fourd¥tiwF4*¥JWo¥tfv*>mt￿ dow¢nofwuwty*l¢oSh.The￿7dbÈ￿i1thefW￿ IFremrlc￿W3 ra￿5 ofNeW￿.TheAW￿kl Fund ar05e Iioma dwation ol¢ashandl•ltprted futhe tenÈfrtoftheeld*tr¢. 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IrLomelromthetwen* erknnxm Ireere5er*solthethm•￿JeyVfy4edm IN**ith lhtprd￿e5OrthelrusIees.Tht p2022 Unre￿r￿red SL444KO) 3.892DII 14,610.346 324.oy IL275.578 t7.660￿) 11.778.584) I(￿,976.38? 324.(VJ4 25.128Xb33 25.01).tXXTrl F￿d￿Ssels Ne¢¢urreMx5ets Bank wans Tr￿sterS 767.455 117339.YO) 31&557 1.4W7 78507fi17 6.lJ9523 16MJI374 IOL421514 Petèi 8kn Fvnd INEwbwyl 5¢cw Fw Coro*knnJ5 Em¢rwKyAFve¥lFuThJ L•ptopsl.033.7C 15.502.342 74.834.394 15,984.023 W.71? 135.405) 112Z.$311 Total Fu￿J$ 91.843.4S8 9.010.110 18.716.314) 96,93?.940 ThePeter Bak¥F¢U￿a1Kffi FUTh1 arosefTh)rnthedthuth*i4ryorwtyandi3th. n*¥eaofben¢fftoli*eft*)J6reknred 20Th￿t r￿￿5￿11￿￿bjry. T￿At￿le1d Fuod r05e Ir¢rn a ofca5h lorthl benefit offthEe￿￿. 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