Registered Charity Number 1095238 Hackney Free and Parochial Schools Educational Trust Annual Report and Financial Statements For the year ended 5 April 2024 Unaudited
Hackne Free and Parochial Schools Educational Trust Contents Page Trust Information Report of the Trustees Statement of Trustee5' Responsibiltties Report of the Independent Examiner Statement of Financial Activities io Balance Sheet li Accounting Policies 12-15 Notes to the Financial Statements 16-19
Hackne Free and Parochial Schools Educational Trust Trust Information for Year Ended 5 A ril 2024 Trustees. S Hase Reverend M Nelson- Chair- Retired 31.07.24 C Reeves Retired 31.07.24 J Driver- appointed Chair 31.07.24 P Lorimer- appointed 08.11.23 D Horder- retired 07.06.23 L Horder- retired 07.06.23 P HaNey- retired 01.05.23 Reverend A Gordon- appointed 31.07.24 Principal Office and Administration; The Trust Partnership {Foundations) Ltd 6 Trull Farm Buildings Tetbury Gloucestershire GL8 8SQ Bankers. Barclays Bank plc I Churchill Place London E14 5HP Independent Examiner; Dunkley's Woodlands Grange Woodlands Bradley Stoke Bristol BS32 4JY Solicitors; Farrer & Co 66 Lincoln's Inn Fields London SW2A 3LH Investment Managers" CCLA Investment Management Ltd 80 Cheapside London EC2V 6DZ M&G Securities Ltd Victoria Road Chelmsford CM99 2XF
Hackne Free and Parochial Schools Educational Trust Re ort of the Trustee5 for Year Ended 5 A ril 2024 The trustees present their Report and Financial Statements for the year ended 5 April 2024. Introduction The Hackney Free and Parochial Schools Educational Trust (the Trust) was registered with the Charity Commission on 12 November 2002. number 1095238. The Hackney Free and Parochial Schools comprise The Urswick School Iformerly Hackney Free and Parochial Secondary School) at Paragon Road, Hackney E9 6NR and St John and St James Primary School at Isabella Road, Hackney E9 6DX. Prior to the registration of the Trust, the Hackney Free and Parochial Schools Reconstruction Fund, which was governed by a 1905 Board of Education Scheme with funds derived largely from a public appeal for donations made in 1937. refurbished and rectified faults with the fabric of the Rams Episcopal Primary School (now known as St John and St James Primary School), and offset the maintenance costs of the schools. In the early 1991Ys, two rnajor projects were carried out, the first to move the split site Hackney Free and Parochial Secondary School onto one site and the second to carry out development work at the Rams Episcopal Primary School. Since this time and until the registration of the Trust, the fund made contributions towards the maintenance costs both of both the Hackney Free and St John and St James, schools. Structure. Governance and Management Recruitment and appointment of new trustees The charity has four trustees, who meet twice a year. The Trustee5 reviewed some aspects of their Governing Scheme in December 2022 and have formally made a re501ution to permit meetings and decision-making by electronic means. The identification of potential newtrustees is carried out bythe Board, the aim being to appoint those with the appropriate expertise and experience forthe charity's work. The appointment of Miss Driver in February 2023. was influenced by her financial background. to replace D Horder's expertise in advance of his retirement in June 2023. She has recently been appointed as Chair, following the retirement of Rev Ne150n, who had been the nominee of the Rector of Hackney forthe ex-off icio role. Rev Gordon has returned to the Trust asthe ex-officio trustee. The London Diocesan Board forschools have unfortunately been unable to nominate a replacement for Mrs Harvey. although the Trust is in regular communication with them to work together to find a solution. The Trustees are also considering prospective trustee to fill the other vacant positions. On agreeing to become a trustee of the charity, they are thoroughly briefed by their co-trustees on the history of the trust, the day-to-day management, the responsibilities of the trustees, the current objectives and future plans. The trustees are also encouraged to attend any courses. Key Management Personnel The trustees consider that they, and the secretary to the trustees. comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. The trustees receive no remuneration. Organisational structure The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet a minimum of two times every year to review developments with regard to the charity, its grant giving activities and to make any important decisions. When necessary. the trustees seek advice and support from the Charity'5 professional advisers.
Hackne Free and Parochial Schools Educational Trust Re ort of the Trustees for Year Ended 5 A ril 2024 Safeguarding The trustees review their responsibilities in relation to safeguarding annually and have a written policy. It was agreed that DBS checks were not required as the trustees do not work in direct contact with children. When the trustees visit the schools they are accompanied and comply with any specific requirements of the schools when on their premises. The Clerk confirmed that the schoo15 have a safeguarding policy in place and there were no significant incidents relating to activities from the grants awarded to the schools, to report to the Trustee5. Risk management In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report. the trustees have looked at the risks. The trustees have identified five main areas where risks may occur: - Governance and management Operational Financial Reputational Laws, regulations. external and environmental Governance and management look at the risk the chartty might suffer from the lack of direction, the skills and training of the trustees and the good use of its funds. Operational looks at the risk inherent in the charity's activities including supporting unsuitable appeals from charities. continuity of staff, lack of a disaster recovery policy. etc. Financia I risks include those arising as a result of poor budgetary control, inappropriate spending, poor accounting, inappropriate investment policies, etc. There is a Financial Controls policy in place, which will be reviewed at least annually. Reputational looks at the possible damage to the charity's reputation. through association with unsuitable charities, or with inappropriate activity. Laws, regulations, external and environmental looks at the effects of government policies and the consequences of non-compliance with the laws and regulations. Having assessed the major risks to which the charity is exposed, in particular to its finances, the trustees believe that by monitoring reserve levels, by ensuring that controls exist over the key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks. The Trustees have a written risk register which is reviewed at every meeting. They also have a financial controls policy and other releva nt policies around governance as expected by the Charity Commission. Object and Public Benefit The object of the charity as set out in the Charity Commission Scheme is=
Hackne Free and Parochial Schools Educational Trust Re ort of the Trustees for Year Ended 5 A ril 2024 'the advancement of education at or in connection with the Hackney Free and Parochial Church of England Secondary School and St John and St James Church of England Primary School (the Schools}'. Hackney Free and Parochial Secondary School changed its name to The Urswick School in September 2011. The trustee5 confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities. The public benefit provided by the Trust is for additional educational purposes over and above the delegated budgets received by the schools. The Trustees consider applications carefully, taking account of the extent of the expected positive impact. Activities during the year Generally, the Trust makes one grant to each school after the accounts have been approved, in order to continue to advance educational benefits to the pupils at these schools. However, the Trustees are keen to maximise their grant giving activities and where fu nds allow, they will allocate more than one grant a year. They encourage the schools to provide reports, detailing projects to which the grants would be applied, to have greater oversight on how the charitable funds are being used. There is also an expectation that the schools will each report on the impact of any projects, particularly how pupils have benefitted. The Trustees have been pleased to be able to provide grants to both schools. St John and St James Primary School has continued to request funds to assist with lessening the impact of the Covid-19 pandemic on the early years, development of their pupils. This h35 included funding towards a sensory room for both those with SEN and the general welfare of all pupils. The Urswick School has been focused on enhancing the facilities at the school and events to encourage and reward pupil engagement. The Trust agreed to provide funding over a four year period to support the leasing of a minibus for school trip5 and sports fixtures. Trustees The Scheme allows for seven trustees (one ex officio, one nominated and five co-opted). The trustees who Served during the year are those listed on page three. The ex officio trustees. term of office is the period for which he or she holds the office of Rector of Hackney. The nominated tru5tees' term of office is four years and co-opted trustees. terms of office are five years. The Trustees have reviewed the definition of the ex-officio role with the best management of the Trust in mind. A resolution has been passed to redefine the ex-officio role to be 'the Rector of Hackney or his/her nominee. Investment performance The value of investments at 5 April 2024 was £2,039,840 an increase of £891,270 on the original investment.
Hackne Free and Parochial Schools Educational Trust ort of the Trustees for Year Ended 5 A ril 2024 Finantial review Details of the Trusts incoming and outgoing resources in the year are given in the Statement of Financial Activrties on page ten. The Trusts financial position on 5 April 2024 is set out in the Balance Sheet on page eleven. These Financial Statements should be read in conjunction with the related accounting policies and notes on pages twelve to nineteen. Income for the year was £89,220 12023 £87,523). Expenditure for the year was £86,624 {2023 £49,756). At the year ended 5 April 2024, there was a surplus, before investment gains, of £2,596 {2023 surplu5 £37,767). Investment gains for the year were £41,669 {2023 loss £135,094>. Reserves and Investment Policy The trustees, policy is to preseNe the investment base of the Trust to ensurethat sufficient income is generated annually to meet the Trusts requirements. The Trustees feel this is currently well managed but they review at each meeting whether there is a need for any additional professional advice about the management of investments, for the long term future of the Charity and to give the best return for disposable income for grants. The commrtments and liabilities due within one year totalled £5,772 as at 5 April 202412023 . £8,039). The trustees considered that the cash balance of £59.890 as at 5 April 2024 was suff icient to cover these commitments and future financial commitments such as grant payments. The balance held as unrestricted funds as at 5 April 2024 was £2.955.144 (2023 £2,992.8791 within this balance is £865,000 for the property at Albert Close12023 . £947,000). Assessment of going concern The trustee5 have assessed whether the use of the goin8 concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. The trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. Future developments We will continue to maintain and develop relationships with The Urswick School and St John and St James Primary School and to considergrant applications from each. Wewill also be lookingto appoint new trustees with relevant experience within an education context. to support the schools and make informed decisions about the best use of funds to meet the objects of the Charity.
Hackne Free and Parochial Schools Educational Trust Statement of Trustees, Re5 onsibilities for Year Ended 5 A ril 2024 The purpose of this Statement IS to distinguish the responsibilities of the trustees, as a body. for the Financial Statements from the responsibilities of the independent examiner as stated in their report. The Trust Deed and Charity Law require the trustees to prepare Financial Statements for each financial vear which give a true and fair view of the state of affairs of the Trust and of its financial position at the end of the year. In preparing those Financial Statements the trustees are required to.. Select Suitable Accounting Policies and then apply them consistently- Observe the methods and principals of the Charities SORP, Accounting and Reporting by Charities: Make judgements and estimates that are reasonable and prudent; State whether applicable United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law} has been followed, disclosing and explaining any departures therefrom in the Financial Statements: and Prepare the Financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the Financial Statements comply with the Charities Act 2011 and the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. By Order of the Board of Trustees ..2024 - Trustee
Inde endent Examiner's Re ort to the Trustees of Hackne Free and Parochial Schools Educational Trust Independent examiner's report to the trustees of Hackney Free and Parochial Schools Educational Trust I report to the chartty trustees on my examination of the accounts of Hackney Free and Parochial Schools Educational Trust (the Trust) for the year ended 5th April 2024. Responsibilities and basis of report As the charity trustees of the Trust. you are responsible for the preparation of the accounts in accordance wrth the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145{5)Ib) of the Act. Independent examiner's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination gwinE me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by section 130 of the Act; or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fairview which is not a matter considered as part of an independent examination. 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. NO-- Matthew Stuart Dobbins (Dec 20, 2024 16-49 GMT) Matthew Dobbins FCA Dunkley's Woodlands Grange Woodlands Lane Bradley Stoke Bristol 8532 4JY Date". 2011212024
Hackne Free and Parochial Schools Educational Trust Statement of Financial Acttvities for Year Ended 5 A ri12024 Unrestricted Restricted 2024 2023 Note funds funds Total Funds Total Funds Income Investment income 89,220 89,220 87,523 Total Income 89,220 89.220 87,523 Expenditure Charitable expenditure 62.540 62,540 33,500 Other Costs 24.084 24.084 16,256 Total Charitable Expenditure 86.624 86.624 49,756 Unreali5ed 8ainll10551 on investment a55ets 41,669 41.669 1135,0941 Net incomellexpenditurel 44,265 44.265 197,3271 Unrealised losse5 on property 182.c(KJl 182,iJ)01 59,000 Net Movement in Funds 137.7351 137,7351 138,3271 Balante at beginnin8 of year 2,992.879 3,001,479 3.039,806 Balance at end of year 2,955,144 8,600 2,963.744 3.001,479 The Trust had no recognised gains or losses other than those stated above. All income is derived from continuin8 activities. The notes on pages 1&19 form part of these financial statements io
Hackne Free and Parochial Schools Educational Trust Balance Sheet for Year Ended 5 A ril 2024 05.04.24 05.04.23 Total Fund5 Total Funds Fixed Assets Tangible assets- Leasehold property Investments 865,000 2.039,840 947,0 1,998.171 2.904.840 2,945.171 Current Assets Debtois 4,786 9,731 Cash at bank and in hand 59,890 54,616 Creditors Amounts falling due within one year 15.772} 18.0391 Current Assets Less Current Liabilities 58.904 56.308 Net Assets 2,963,744 3,001,479 Funds io General fund 2.285.144 670.OL 2,240.879 752,000 General fund Revaluation Reserve Restricted fund IRH Gapper Legacy) 8.6CX) 8,600 2,963,744 3,001,479 Approved by the trustees and signed on their behalf by.. . Trustee 2024 The notes on pages 1fv19 fomi part of these financial statements li
Hackne Free and Parochial Schools Educational Trust Accountin Policies for Year Ended 5 A l. Basis of Accounting ril 2024 These accounts have been prepared forthe year to 5 April 2024. The accounts have been prepared under the historical cost convention with rtems recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. The accounts have been prepared in accordance with 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 IFRS 1021 (Charities SORP FRS 1021 issued on 16July 2014, update Bulletin l issued on 2 February 2016 and update bulletin 2 issued October 2019 the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The date of transition to the Charities SORP FR5 102 was l July 2014. The charity constitutes a public benefit entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound. Assessment of going concern The trustees have assessed whetherthe use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. The trustees of the CharFty have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. Given the additional challenges of Covid-19 in 2020121 and 2021122 and the c05t of living crisis in 2022123, the trustees are of the opinion that the Charity will still have sufficient resources to meet its liabilities as they fall due. 12
Hackne Free and Parochial Schools Educational Trust Accountin Policies for Year Ended 5 A ril 2024 2. Accounting policies Leasehold Property The leasehold property is included at market value, less depreciation and impairment at the Balance Sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities ISOFAI. The property, now vacant, is currently not being marketed for sale and purchase of the freehold is on hold pending clarrfication of the legal title. The Trustees engaged a solicitor to prepare an application to the Land Registry to try to resolve the issue around the title, but this process is still ongoing. They are currently waFting on a response from the Land Registry after a further request to review the position. Investments Unit Trust investments have been valued at middle market prices at the Balance Sheet date. Any gain or10ss on revaluation is taken to the SOFA. Other investments are high interest cash deposit accounts. Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at theirfair value as at the balance sheet date usingthe closing quoted market price. The charity does not acquire put options, derivatives or other complex financial instruments. Realised gains lor losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains lor losses) are combined in the statement of financial activities and are credited lor debited) in the year in which they arise. Other Investments are included at cost, which is considered to be approximate to their market value. Income Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably, and it is probable that the income will be received. Income comprises notional rent income. investment income and interest receivable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the group or charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlernent and the amount of the obligation can be measured reliably. 13
Hackne Free and Parochial Schools Educational Trust Accountin Policies for Year Ended 5 A ril 2024 Expenditure {continued} All expenditure 15 accounted for on an accruals basis and includes attributable VAT which cannot be recovered. Expenditure comprises direct costs and support costs. All expenses, includin8 SUPPOrt costs. are allocated to the applicable expenditure heading. Grants payable are included in the statement of financial actrvities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all related conditions Allocation of support and governance costs Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial and governance procedures, provision of office services and equipment and a suitable working environment. Governance costs comprise all costs relating to the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to the independent examination of the financial statements and legal fees. Support costs and governance costs are allocated to the charitvs single charitable activity. Taxation The Trust is treated for tax purposes as a charity and is not liable to Income Tax on investment income or income derived from charitable activities. The Trust is not registered for VAT. All amounts in the SOFA are shown inclusive of VAT, where relevant. Debtors Debtors are recognised at their settlement amount, le55 any provision for non-recoverabilitv. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisFtion. Creditors and provisions Creditors and provisions are recognised when there is an obligation at the balance sheet date as a resu It of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. 14
Hackne Free and Parochial Schools Educational Trust Accountin Policies for Year Ended 5 A ri12024 Fund accounting Restricted funds are monies raised for, and their used restricted to, a specific purpose, or donations subject to donor imposed conditions {income and expenditure relating to the R H Gapper Legacy). Unrestricted funds represent those monies that are freely available for application towards achieving any charitable purpose that fall within the charity's charitable objects. Statement of cash flows The financial statements do not include a statement of cash flows because the charity is exempt from the requirement to prepare such a statement under the Charities SORP FRS 102 Update Bulletins I and 2. 15
Hackne Free and Parochial Schools Educational Trust Notes to the Financial Statements for Year Ended 5 A ril 2024 3. Charitable Expenditure Unrestricted 2024 2023 Grants to The Urswick School 32.540 13,500 Grants to St John and St James Primary School 30,0(X) 20,000 62,540 33.500 2024 2023 4. Other Costs Independent Examiner's fee Accountancy fees Clerking fees lThPI Legal fees Premises expenses Other sundry expenses 1,020 810 2,424 5,379 1,836 4,397 1,140 4,730 3,343 7.654 7.607 24,084 16.256 The trustees recetved no remuneration for their seNices to the Trust and no expenses were reimbursed. 5. Movement on Unit Trust Investments 2024 2023 Investments at market value at beginning of year 1.998.171 2,133,265 Additions in year Surplus/lDefsCltI on revaluation of investments at the year end 41,669 1135,0941 Investments at market value at end of year15ee note 71 2,039.840 1,998,171 The Trust is not chargeable to corporation tax on capital gains and. therefore. there would be no liability to corporation tax on capital gain5 if the investments were realised at the market value Shown in the Financial Statements. 16
Hackne Free and Parochial Schools Educational Trust Notes to the Financial Statements for Year Ended 5 A ril 2024 6. Tangible Fixed Assets 2024 2023 Leasehold property at valuation at beginning and end of year 865,000 947.000 The Trust own5 the leasehold interest in the School Keeper's House of Urswick School (formerly the Hackney Free and Parochial School). which wa5 independently valued by Bunch and Duke on 15 July 2014. The lease run5 from June 1985 to October 2083. The property. while previously understood to be freehold has been corrected to disc105e the correct ownership. The trustee5 have agreed that the property should be shown at market value. The property, now vacant, is currently not being marketed for sale and purchase of the freehold is on hold pendin8 clarification of the legal tle. An updated valuation was obtarned in 2017 from Bunch and Duke wtth an effective date of 05.04.17. The revised valuation was reflecteil in the Financial Statements for the year to 5 April 2017. In subsequent years the valuation has been obtained via Zoopla online. 2024 2023 Market Market Value Value 7. Investments Name of Investment Units Cost COIF Charities, Investmerrt Fund 48.411_49120231 48.411.49120241 Income units 369.686 968.714 902.826 COIF Charitie5' Property Fund Income units 82,294.24120231 82.294.24120241 87.884 85.183 91.059 CharifiJnd- Equities Investment Fund for Charities- Income units 67.712.106120231 67,712.106120241 691OiXI 985,943 1,004,286 1,148.570 2,039,840 1,998,171 8. Debtors and Prepayments 2024 2023 Prepayments 4,786 9,731 4.786 9,731 17
Hackn Educational Trust Notes to the Financial Statements for Year Ended 5 A an Parochial Scho ril 2024 2024 2023 9. Creditor5 Creditors 4,812 6,974 AccTua15 960 5,772 1,065 8,039 10. Assets analysed by Fund 2024 Investment property Net Current Assets Investments Total General Fund 195,0(Kl 2,039,840 50,304 2,285,144 General Fund Revaluation Reserve 670,0(K) 670,000 Restricted Fund 8.600 8,600 865,0(N) 2.039.840 58.904 2,963,744 10. Assets analysed by Fund 2023 Investment Property Net Current Assets Investments Total General Fund I95.0(1 1.998.171 47.708 2.240.879 General Fund Revaluation ReSee 752.0 752.000 Re5tiicted Fund 8,600 8.600 947.000 1,998.171 56,308 3,001,479 11. Related Parties The trustees consider The Urswick School and St John and St James Prlfflary School to be related parties of the charity due to the close ties between the charity and the schools. The Trustees. Annual Report details how the objects of the charitv interact with the schoo15. Mi55 Driver is a governor of The Ur5wick School and Rev Nelson Inow retired) had been a governor of St John and St James School until June 2024. Note 3 of the financial statements detsils, in aggregate. the grants awarded to the s¢hools. In 2024 £32.540 was awarded to The Urswck1£13,500 in 20231 and £30,0 to Stjohn and StJame51£20,000 in 20231. The trustees received no remuneration fortheir services to the Trust aTtd no expenses were reimbursed. 18
Hackne Free and Paroch ial Schools Educational Trust Notes to the Financial Statements for Year Ended 5 A ril 2024 12. Comparative Statement of Finanoal A¢tlvities fry Year Ended 5 April 2023 Unrestrirted Restrirted 2023 Total Fund5 Note lund5 nds Income Investment income 87.523 87,523 Total Income 87,523 87,523 Expenditure Charitable expenditure 33,500 33,500 Other Costs 16.256 16.256 Total Charitable Expenditure 49.756 49,756 Unrealised losses on investments assets 1135,0941 1135,0941 Net Expenditure 197.3271 197,3271 Unrealised gains on property 59,OCK) 59,000 Net Movement in Funds {38.3271 138,3271 Balance at beginning of year 3,031.206 8.600 3,039.806 Balance at end of year 2.992.879 8,6(X) 3,001,479 19