THE WULFRIS EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS For the Year Ended 31st March 2025 CHARITY NO: 1079137
THE WULFRIS EDUCATIONAL FOUNDATION CONTENTS Page Report of the trustees Report of the auditors Statement of financial activities Balance sheet Notes forming part of the financial statements 10-13 Detailed statement of financial activities 14 Page: I
THE WULFIUS EDUCATIONAL FOUNDATION ort of the trustees for the ear ended 31st March 2025 The trustees present their report and fmancial statements of the charity for the year ended 3 1st March 2025. The financial statements have been prepared in a¢¢ordan¢e with the accounting policies set out on pages 10 and I l and comply with the charity's tnkst deed and applicable law. Reference and administrative details Trustees R Harris - Chairnian A J Askham Ms C Cunio Ms L Forster (resigned 17.07.25) Mrs K Vowles Councillor A Winning (resÉgned 17.07.25) Mr P Pathak (appointed 22.10.24 iesigned 14.09.25) Mr C Scoggins (appointed I1.03.25) Mrs A J Leggett (appointed 17.07.25) Councillor Mrs A Barnes-Andrews (appointed 17.07.25) Charity No 1079137 Clerk to the trustees N J Lapage A.C.A. Principal office Ashton House 12 The Precinct Winchester Road Chandlers Ford Eastleigh S053 2GB Until 31.07.2025 4 Oxford Mews Latimer Street Southampton S014 3EE From 01.08.2025 Accountants Secretarial Law Ltd Ashton House 12 The Precinct Winchester Road Chandlers Ford Eastleigh S053 2GB Auditors SKS Westlake Clark Audit 7 Lynwood Court Priestlands Place Lymington S0419GA Bankers Lloyds Bank plc Above Bar Street Southampton S014 7DT Solicitors Abels 6 College Place London Road Southampton S015 2XL Investment managers Rathbones Wykeham Court Victoria Road Winchester S023 7RG Page= 2
THE WULFRIS EDuCATIo,AL FOUNDATION ort of the trustees for the ear ended 31st March 2025 continued Ob'ectives and activities The charity has its origin under the Will of Katherine Wulfris, dated 13th September 1665, devising to tbe Chur¢hwardens of Holyrood (the Parish wherein she was born) the yearly rent of an orchard (now part of Brunswkck Place, Southainpion) amounting to 40 shillings per annum and all improvements arising therefrom "for the clotliing and placing out of one poor maid of the same or any otber parish within the town to some apprenticeship or service. at the appointment of the Churchwardens of Holyrood" The regulations under which the charity now operates are set out by a Scheme made by the Minister of Education under Section 18 of the Charities Act 1960 and dated 9th Nov¢mber 1961. The main activity of the charity is the provision of school uniforms. school clothing and equipment for children in need under the age of 25 resident within the City of Southampton. The trustees gÈve due regard to guidance published by the Charity Commission on public benefit. All the activities of the charity are for public benefit. Structure overnance and mana ement The Wulfris Educational Found&lion is an unincorporated association registered with the Charity Cornmission. The trustees named on page 2 have served throughout the year or the period shown. The appointment of Inistees is governed by the regulations of the charity- Trustees are appointed with great care and have a wide variety of knowledge and experience. This knowledge and experience is fully comprehensive and meets the objectives and requirements of the charity. It Is not anticipated thai extra training will be necessary. MeetÈngs of the trustees are held regularly to approve grants. Day to day rnanagement of the charity has been delegated by the trnstees to the Clerk to the Trustees. Ashton House has closed since the year end and the principal office relocated as stated on page 2. Achievements and erformance During the year under review 467 (2024: 400) children were assisted, which matches in full the objectives of the charity. Since the year end there has been an increase in grant applications. Financial review The income for the year from investm¢nt propety amounted to £36,193 as compared with £33.719 in 2024. an increase of £2,474. Grants totalling £35,202 as compared with £32,777 ill 2024 were n]ade from available incom¢ of £25,933, with the balance of (£9,269) being transferred from accumulated funds. Plans for future eriods As the charity's income is derived mainly from propety and funds Invested. supplemented by occasional grallts from charitable trusts, and tbere are no fundraising activities the tnlslees are aware that incom¢ may fall. in which case grants would need to be reduced accordingly. The charity would, however, continue to make grants for the benefit of the public. Investment olie Tbe policy of the trustees is to invest to provide a balanced return from income and capital at medium risk. Reserves olic Tlie trustee's policy on reserves is th81 they regard the incorne fund balance of £112,637 as available for distribution in whole or in part and tbe capital nd balance of £744074 as distributable only in exceptional circumstances. Page: 3
THE WULFRIS EDUCATIONAL FOUNDATION ort of the trustees for the ear ended 31st March 2025 continued Risk mana ement The trnstees have examined the potential risks which the charity faces and confimi that measures to manage these risks have been pill in plac¢. Trustees, res onsibilities The tnistees are responsible for preparing the Trustee5' Annual Report the financial statements in ¢i¢cordance with applicable law and United Kingdom Accounting Swidards (United Kingdom Generally Accepi¢d Accounting Praciicc). Law applicable to charities in England and Wales qUIte5 the trustees to pw financial slatements for cach financial year which give a true and fair view of the charity's financial activitie5 during the year and of ihe incoming SoUrCeS and appliLation of rcsources of the charity for that p¢riod. In pr¢paring those finaDcia] statements th¢ trusiccs are rcquired lo: a). select suitable accounting poliii¢s and apply th'eiii coiisistently. b) observe the methods and principles in the Charities SORP. c) make judgements and estimat¢s that a reasonable and pnKlent' d) state whether applicable accounting standards have been followed, subject to any departure5 disclosed and explained in the financial statemenls. e) prepare the flnancial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operaiion. Thc Iruslees are responsible for k¢¢ptng accounting records which disclos¢ with rcasonable accuracy at any time the financial po%ition of the charity and enable them to ensure that the fLnancial statements comply with the Charities Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and Ihe provisions of the trust d¢¢d. They are also responsible for safegliarding the assets of the charity and hence for taking reasonable steps for the prevention and deltIon of fraud and other irregularities. Statement of the trustees The trubtees Lonfim that so far as they aTe iiware: there is nu relevant iiudit information (inforniution needed by the charity'è+ auditors in conne¢lion with prcparing iheir report) of which the charity's audilors are Unaare. The trustees also confirni thal each trusiee has taken all the steps that lic ought to have taken as a Iruste¢ in order to mak¢ hims¢lf aware of any relevant audit infomiation and to estsblish that the charity's auditors are aware of that information. Approved by the trustees on l3*43--) 2026 and signed on their behalf.. R HARRIS Chairman Page: 4
THE WULFRIS EDUCATIONAL FOUNDATIO Inde endent Auditor's Re ort to the Trustees of The Wulfris Educational Foundation Opinion We haNe audited the financial statements of The Wulfris Educattonal Foundalion (th¢ "d)arity'} for the ytrdr ended 31 ¥t March 2025 which comprise the Statement ot"Financial Activities for the year ended 31 sl March 2025. the Balance Sheet as at 31 si March 2025 and not¢s to the financial stal¢menls. including a summary of significanl accounling polici¢s. Th¢ financial reporting framework that has been applied in their preparntion is applicable law and ljnited Kingdom AcLounting Stsndard& including Financial R¢porling Siandard 102 The Financial Reporling Siandard applicable in ¢he UK and Republic of Ireland (lJnited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity'5 affairs as at 3 ISL March 2025, and of its incoming resources and application of resources, for the year then ended. hav¢ b¢en properly prepar¢d in ac¢ordan¢e with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance wilh Int¢mational Siandards on Audiling (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor"s responsibilities for the audit ofthe financial statements section of our report. We are independent of th¢ charity in aecordanc¢ iviih lh¢ ethical r¢quirem¢nts thal ar¢ relevant lo our audit of the financial statements in the UK. including the fRC's Ethical Standard. and we have fulfilled our other ethical responsibilities An accordance with these requirements. W¢ klieve that the audit evidence we have obthincd is su1Clent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slement. w¢ have conclud¢d that the Iwslc¢s' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornjed. we have not identified any material uncertaintie5 relating to events or condition8 that. individually or collcctivcly, may cast significant doubl on the charitable company's ability to continue as a going concern for a period of at least twelv¢ months from when the financial staten]ents are auth0ri5ed for issue.. Our resTOTtsibilitie5 and the TC5ponsibilities of the trustees witb respect to going concem are described in the relevant sections of this rcport Other information The trustees are responsible tor the other infomiation. The other inforniation comprises the iDforn)ation included in the Re)rt of lh¢ Trust¢cs, oih¢r than Ihe financial statements and OUT auditor's report thereon. Our opinion on the financial statements does not Lover the orher inforniation &XLept to the extent otherwise explicitly slated in our repotL we do not expre&s any fonn of assurance conclusion thereon. In connection with our audit of the financia] statements, our reswnsibility is lo r¢ad the other information and, tn doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otlienvise ap'pearb lo b'e 1]lenallY niisstat¢d. Ir we id¢nlAfy such malcrial iiicoiisistciicie5 OT appe1]I tiial¢ridl misstatements. we are required to detern)ine whether there is a material misstatement in the fmancial 5tat¢ments or a materidl misstat¢m¢nl of th¢ oth¢r infornialion. If: based on the work we have perfomied, we conclude that there is a material misstatement of this other infomation, we are required to report that fact. We have nothing to report in this regard. Page: 5
THE WULFRIS EDUCATIONAL FOUNDATION Inde endent Auditor's Re ort to the Trustees of The Wulfris Educational Foundation Continued Matters on Ivhich we are required to report by exception We have nothing to r¢port in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the tnfonnation given in the financial statements is inconsistent in any material respect with the trnstees, report. or sufficient accounting records have not been kept- or the fmancial statements are not in agreement with the accounting records. or we h2ve not received all the infornialion and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responskbilities statement set out on page 4, the trustees are responskble for the preparation of financial statements which give a true and fair view, and foi such internal control as the tNstees deterniine is necessary to enable the preparation of fll)ancial statements that are free from material Tnisstatement, whether due to fraud or error. In preparing the financial staternenls. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concem and ustng the going concern basis of accounting unless tbe tTUStee5 either intend to liquidate the charity or to ceas¢ operations. or have no realistic alIentIVe but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as audttor under sectton 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free fron] tnaterial misstal¢ment, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is 2 high level of assurance. but is not a guarantee that an audkl conducted in accordance with ISA5 (UK) will always detect a material misstatement when it exists. Misstatem¢nts can arise from fraud or error and are considered material if, indkvidually or in the aggregate, they could reasonably be ¢xp¢¢t¢d to influence the economic decisions of users taken on th¢ basis of these fmancial ststements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our r¢sponsibililies. outlined above, to detect material misstatemenls in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below. Our approach to identifying and assessing the risks of material misststement in respect of irregularities, including fraud and non- compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. we identified the laws and regulations applicable to tbe charity througb disCU5SiOllS With the trllslees and from our understanding and experience of audit issues which are relevant to charity. we focused on specific laws and regulations which we considered may have a direct material effect on th¢ financial statements or the operations of the Charity. we assessed th¢ extent of ¢ompliAnce with th¢ laws and regulations through making enquiries of the management team and inspecting legal cotTespolldence- and- identified laws and regulations were communicated within the audit team regularly and the team remained alert to inslanc¢s of non-complianc¢ throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: Page: 6
THE WULFRIS EDUCATIONAL FOUNDATION Inde endent Auditor's Re ort to the Trustees of The Wulfris Educational Foundation Continued Audit procedures undertaken in response to the potential risks relating lo irregularities (which include fraud and non-compliance with laws and regulations) which comprised inquiries of management and the Board of Truslees as to whether the entity complies with such laws and regulations. enquiries with the same concerning any actual or potential litigation OT claims. inspection of relevant legal correspondence- review meeting minutes. testing the appropriateness of journal entries. and the performance of analytical review to identify unexpected movements in account balances whicb may be indicative of fraud- documentation and revkew of the internal controls over funds received and expenditure paid out- saTnpling and testing both incom¢ and expenditure transactions for accuracy and completeness. r¢vi¢w and audit based analysis of the underlying accounting records. checking and sampltng accounting data back lo original source documents. No instances of matertal non-compliance were identified. However. the likelihiM)d of detecting irregularities, including fraud, is limited by the inherent difficllliy in detecting irregularities, the effectiveness of the entity's controls, and the narnre, timing and extent of the audit procedures perfom]ed. Irregularities ihat result from fraud might be inherently more difriculi to detect than irregularilies that result from error. As explained above. there is an unavoidable risk that material misstatements may not be detected. even thougb the audit has b¢¢n planned and performed in accordance with ISAS (UK). A further description of our responsibilities is located on the Financial Reporting Council's website at- https.'l/www.fr¢.org.uklauditorsresponsibilktie5. This description fortns part of our auditor's report. Use of our report This report is made solely to the cbarity'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 w¢ might state to the charity's trust¢es those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume r¢sponsibility to anyone other than the charity and the chartty's tsStees as a body. for our audil worL for this report, or for the opinions we have fornied. Moganarden Chelvanaigum For and on behalf of SKS Westlake Clark Audit Chartered Accountants and Statutory Auditors 7 Lynwood Court Priestlands Place Lymington S0419GA Date: 2026 Westlake Clark is eligible to act as an auditor in tern of section 1212 of the Companies Act 2006. Page.. 7
THE WULFRIS EDUCATIONAL FOUISDATION Statement of Financial Activities for the ear ended 31st March 2025 2025 Ullrestricted Funds Income 2024 Total Funds Note Capital Total Income and Endoivments from: Investmenls Grants receivable 45,978 45,978 43,109 Total income 45,978 45,978 43,109 Expenditure on: Raising funds Charitable activities 2,957 ) ( 2,298) ( 5.255) { 52.949) ( 52.919) 5,252) 45,682) Total expendityr¢ 2.957) 55,247} ( 58,204) ( 50.934) Revaluation105s on investment property Net gain on investmeThts 6,250) 18,152 6.250) 18,152 24,884 Net movement in funds 8,945 9,269) ( 324) 17,059 Reconciliation of funds Total fldS brought forward 735,129 I21.906 857,035 839,976 Total funds carried fonvard 744,074 112.637 856,711 857,035 All activities are classed as continuing.
THE WULFRIS EDUCATIONAL FOUNDATION Balance Sheet as at 31st March 2025 2025 2024 Notes Fixed assets Investmcnt property Inv¢stm¢nts 400.000 292.635 406,250 361,503 692,635 767,753 Current assets Debtors Cash at bank 2.356 183,599 3.947 107,331 185.955 111,278 Current liabilities: Creditors 21.879 21.996 Iyet current assets 164.076 89,282 iu Total net assets 856.711 857.03) Funds Unr¢slri¢ted capithl UnrestriLted income 744,074 112,637 735,129 121,906 856.711 857,035 These financial statements were apwoved by the trustees and authorised for issue. Approved by the tn]stees on 2026 and signed on their behalf: R HARRIS Chairman Page: 9
THE WULFRIS EDUCATIONAL FOUNL DATION Notes formin art of the financial statements for the ear ended 31st March 2025 Summary of signifIcant accounting policies (a) General information and basis of preparation The Wulfris Educational Foundation is an unincorporftt¢d charity in England. The address of the registered office is given in the charity information on page 2 of these fiTh8ncial statements. The nature of the charity'5 operations and principal activities are given on page 3. The charity constitutes a public benefit entity a5 defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing tbeir accouuts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (eff¢¢tive l January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial Statements are presented in sfrrling which is the functional CuenCY of the charity and rounded to the nearest £1. The significant accounting policies applied in th¢ preparation of these financkal statements are set out b¢low. These policies have been consistently applied lo all years presented unless Otherwise stated. (b) Ineome recognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any perfonnance conditions have been met, the amount can be measured reli3bly and it is probable that the income will be received. For donations lo be recognised the charity will have been notified of the arnounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of perfomiance before entitlement can be obtain¢d then income is deferred until those ¢onditlOD5 are fully met or the fulfilment of those conditions is within the control of the charity and it is probabl¢ that they will be lfIlled. Investment income is earned through holding assets for investmenl purposes such as shares and propety. It includ¢s dividends, interest and rellt. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established. (c) Resources expellded Expenditure, including grants. is included on an accruals basis. Raising ndS comprise those costs directly attnl)utable to managing the investment portfolio and includes irrecoverable VAT. Governance comprises costs for the nDing of the charity itself as an organisation and includes IeCOVerable VAT. (d) Fixed asset investment property The investment property 2, 4 and 6 London Road, Soutbampton was passed to the charity under the tenns of th¢ Will of Katherine Wulfris in 1665 2nd as a result no original cost was recorded. The trustees have considered a professional valuation of the property and are of the opinion that the costs would be prohibitive when set against any perceived benefit. It is staled at the trustees. estimate of fair value. (e) Fixed asset investments Investments ar¢ included at closing mid-market value at the balance sheet date. Any gain or loss on r¢v8lualioll is taken to the Statement of Financial Activities. (fj Investments All investments are held primarily for an investment r¢thm. (g) Funds structure The capital fund represents the accumulated value of the investtnents at cost plus their revaluation to market value and gains and losses on disposal less investment managemenl fees. The income thnd r¢pres¢nts the accumulated income froin investments les5 grants made and governanee costs. Unrestricted funds are available for use at the discretion of the trustees in fiheranCt of the gener21 objectives of the charity and which have not been designated for other purposes. Tagè". I"0
"rHE WULFRIS EDUCATIONAL FOUNDATION Notes formin art of the financial statements for the ear ended 31st March 2025 Summary of significant accounting policies (continued) {b} Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at ihe amount prepaid after taking account of any trade discounts due. (i) Creditors and provisions Creditors and provisions are recognised where the charity ha5 a present obligation resulting from a past event that will probably result in the transfer of fvnds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally r¢¢ognised at tli¢ir settlement ainount after allowing for any trade discounts due. (i} Financial instruments The trust only has financial assets and financial liabilities of a kind tbat qualify as basic financial instruments. Basic fmancial instruments are initially recognised at transxction value and subsequently rneasured at their settlement value with the exception of bank loans which ar¢ subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method. (k) Judgements in applying accounting policies and key sources of estimation uncertainty Estimates alld judgernents are continually evaluated and are based on historical experkence and other factors, including ¢xpeclations of future events that are believed to be reasotLabl¢ under the circumstances. Although these estimates are management's best knowledge of the amount, events or actions. actual amounts ultimately may diff¢r from those estimat¢s. 2025 2024 Investment income Rents receivable Dividends - equities Interest- fixed interest s¢curiti¢s 36,193 8,312 1,473 33,719 8,220 1,170 45,978 43,109 Expenditure on raising funds Stock market investments: Investtlleut management fees Property Costs: Insurance Professional fees V AT paid 2,957 2,838 1,698 525 75 1,514 750 150 5,255 5,252 Expenditure on charitable activities Grants paid and authorised: Grants under £1,000 benefitting 467 (2024: 400) children.. Governance and 5UPPOrt costs 35,202 17,747 32,777 12,905 52,949 45.682 There is only one charitable activity, being the payments of grants for the provision of school clothing and ¢quipment for children in need. Governance and support costs Audit fee Accountancy & administratkon Trustees indemnity insuiance Postagelmileage V AT paid 1,749 13,050 300 123 2,525 1,326 9,274 296 33 1,976 17,747 12,905 --P8gtrl I
THE WULFRIS EDUCATIONAL FOUNDATION Notes formin art of the financial statements for the ear ended 31 st March 2025 Trustees remuneration The trustees received no remuneration {2024: £Nil) and were not reimbursed for any expenses in the year {2024.. £Nil). Mr N J Lapage was pkid £750 (2024: £750} for bookkeeping and administration s¢rvices. Investment property Investment propety: 2. 4 & 6 London Road. Southampton Valuation at 1st April 2024 Revaluation loss 2025 2024 406,250 6,250) 406,250 Valuation at 3 1st March 2025 400.000 406.250 The investment propety has been valued by the trustees at fair value for existing use. Fixed asset investments - listed investments Market value at I st April 2024 Acquisitions al cost and cost adjustment Proceeds from disposals Gains in the y¢ar 361,503 1,185 85.205) 18.152 333,281 61,506 58,168) 24,884 292,635 361,503 Investments at market value comprised:. UK equities Overseas equities 269.894 22.741 341,321 20,182 Market value at 31 st March 2025 292 635 361503 All investments are carried at their market value. Investments in equities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds. unit trnsts and open-ended investment companies are al the bid price. Asset sales 2nd purchases are recognised at the date of trade at cost (that is thetr transaction value). Debtors Prepaym¢nts and accrued incorne 2,356 3,947 Creditors Other creditors Grants approved but not paid Accruals and deferred in¢om¢ 6,914 14.965 6,214 15,782 21,879 21,996 Page- 12
THE WULFIUS EDUCATIONAL FOUNDATION Notes formin art of the financial statements for the ear ended 31st March 2025 10 Analysis of total net assets by fund Unrestricted CAPital Unrestricted income Total Fixed assets - investment property investments Net current assets 400,000 292,635 51,439 400,000 292,635 164,076 112,637 744,074 112,637 856,711 Outline summary of fund movements Unrestricted capital Unrestricted income Total Fund balances brought forward Incoming resources Outgoillg resources Gains 735,129 121.906 45,978 55,247) 857,035 45.978 58,204} 11,902 2.957) ( 11.902 Fund balances Caled forward 744.074 112.637 856,711 The capital fund represents the accumulated value of the investments at cost plus tbeir revaluation to market value and gains and losses on disposal less investment man2gement fees. The capital fund is only distributable in exceptional circumstances. The income fund represents the accumulated income from investments less grants made and governance costs. The income fund is available for distribution in whole or in part. 12 Related parties Ther¢ were no related party transactions in the year. 13 Ultimate controlling party The charity is controlled by the trustees. Page= 13