REGISTERED CHARITY NUMBER: 1152164 Report of the Trustee$ and Unaudlted Flnanclal Statements for the Year Ended 5 Aprll 2024 for The Rlngtons "Tea Growing Communltv" Charltable Trust Evelyn Partners Newcastle Llmited 17 Queens Lane Newcastle upon Tyne Tyne and Wear NEI IRN
The Ringtons "Tea Growing Community" Charitable Trust Contents of the Flnancial Statements for the Year Ended 5 April 2024 Page Report of the Trustees I to 3 Independent Examlner's Report Statement of Flnanclal Actlvltles Balance Sheet Notes to the Flnanclal Statements 7 to 12 Detalled Statement of Flnanclal Actlvltles 13
The Ringtons "Tea Growing Community" Charltable Trust Report of the Trustees for the Year Ended 5 April 2024 The trustee5 present their report with the flnancial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK a nd Republlc of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives, alms and publlc benefit The Trustees shall hold the Trust Fund and its income upon trust and shall apply the Income only for the Objects. The Charity's Objects are for the benefit of the public throughout the world (with particular reference to smallholder farmers and workers in the tea Industry living In East Africa or other regions where tea is cultivated or used In productlon). The trustees have complled with the duty in section 4 of the 201112006 Charltles Act to have due regard to guldance publlshed by the Charltles Commlssion, Including publlc beneflt guldance. The prlnclpal objects of the charlty are., The preventlon and relief of poverty and financlal hardshlp byi provldlng and asslstlng In the provlslon of grants, loans and other flnanclal asslstante; provldlng and assisting In the provision of goods and servlces,. providing and asslsting In the provision of buiklings. accommodatlon, shelter, Infrastructure and facllitSes; provldin9 and assisting In the provlslon of projects deslgned to Improve agrlcultvre, communlty capacity and working condltlons; and other charltable means as the Trustees may from tlme to tlme declde, The general purposes of such charltable bodles or such other excluslvely charitable purposes In each case as the Trustees may from tlme to tlme declde. Slgnlflcant actlvltles and plans for the futuro The Trustees are commltted to creating projects. or maklng donatlons to other projects, whlch Improve the Ilve5 Of those workin9 In the tea Industry. The Trustees wlll contlnue to provlde asslstaDce to communltles through donatlons to establlshed charltle5, whlch have sulta bly allgned objectives and projects. rather than creating thelr own projects. Publlc beneflt In shaping the Trust's obJectlve5 and planning Its actlvltles, the trustee5 hove consldered the Charlty Commlsslon's guidance on publlc beneflt. The beneflts of the Trust's work are to help Improve the Ilves of the Tea Growlng Communltle5 we work wlth, The Trust's projects are helplng to influence the Tea-Growlng Communltles for the long term and good progress Is belng made. Grant maklng The Trust has establlshed Its grant maklng pollcy to achleve Its obJects for the pvblic beneflt as noted above. ACHIEVEMENT AND PERFORMANCE Charitable artSvitie5 The Trustees contlnue to conslder communities and projects that may be ellglble for asslstance by the Charltyi to ensure they are 5Ultably positioned to carry out thelr charitable objectives. FINANCIAL REVIEW Prlnclpal funding sources The income earned from Investments for the year to 5 April 2024 was £65,617. This was deemed satisfactory by the Trustees in consideration of the initial cost of investing the £1,500,000 gifted by Rlngtons Limited In July 2013 1£250,000}, September 2013 (£5,000), June 2014 (£350,000). June 2015 {£250.000), June 2016 (£100,000), July 2017 (£30,000), June 2018 (£35,000), June 2019 (£300,000), June 2021 (£60,000}, June 2022 (£70.000), June 2023 (£25.0001. The financial statement5 sIK)W that the value of the endowment fund Increased durlng the period by 8.4Vo to £1,917,748. Closing unrestricted reserves at the end of the perlod were £51,847. Page I
The Ringtons "Tea Growing Community" Charltable Trust Report of the Trustees for the Year Ended S April 2024 FINANCIAL REVIEW Investment pollcy and objectives The investments held by the Trust provlde the income requlred to meet the charitable objectives. As the Income 9enerated is a crucial part of the Trust's operation. the Trustees revlew the investment performance, with Input from the investment manager, to ensure Satisfactory returns, l)oth in income and in capital growth, are maintained. The investment policy adopted ensure5 that a diverse portfolio of investments Is malntained, withln the rlsk-appetite parameters agreed, so as to ensure investment performance is at the agreed levels. In regard to social, envlronmental and ethical conslderations discretSon is given to the investment manager and no restriction has been placed on the assets In which they may Invest as long as the overall strategy is adhered to. The Investment pollcy 15 consldered annually to ensure that the Trust's alm5 continue to be met. Further donatlons to the Endowment fund are likely to be received in the future. leading to potentlal further Investment opportunlties for the Trust. Factors such as stock market volatility and the commencement of the Tea Growing Communlty donationslprojects wlll be consldered by the Trustees before decislons are made on where any new fursds should be Invested. The Trvstees agree that the Investment portfolio has performed well In the period and expect thls to continue for the foreseeable future. Reserves policy The total funds held by the charlty at the year-end are £1.969,595 wlth £1,917,748 of this held In an Endowment fund not avallable for the general purposes of the charlty. The remalnlng E51,847 15 held as an unrestrlcted General fund. Unrestrlcted lund5 are held; , to provlde funds whlch can be deslgnated for use In accordance with the Charlty's objectlves; and i. to cover ongoing costs In relation to runnlng the Charlty. The mlnlmum level of reserves requlred for the ongolng needs of the Charlty are revlewed by the commlttee on an annual basls. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The Charlty is governed by the Trust Deed dated 30 Aprll 2013, and became a reg15tered charlty wlth effect from 23 May 2013. The trustees know of no reason why thls approval may be prejudiced or wlthdrawn. Recrultment and appolntment of new trustees The mana9ement and adminlstration of the charlty Is the re5ponslblllty of the Trustees who are elected and co-opted under the terms of the Trust Deed. Organlsatlonal strurture The board of trustees adminlster the charityi where they meet regularly. A Chairman Is appointed by the trustees to manage day to day operations of the charlty. To facllitate effectlve operation, the Chairman has delegated authorltyi wlthin terms of delegation approved by the trustee5, for operational rnatters Including finance related activltles. Inductlon and tralnlng ol new trustees The inductlon process for new Trustees includes providing them wlth a copy of the Trust Deed, together with a copy of the "Guldance for trustees and charlty a(Jv150rs' as publlshed by the Charlty Commlsslon. Key management remuneration The trustees conslder the board of trustees as comprlslng the key management personnel of the charity in charge of dlrectingi controlllng and operating the charity on a day to day basis. All trustees give their time freely and no remuneration was pald durlng the year. Detalls of trustees expenses are dlsclosed in note 6 of the accounts. Related partles Trustees Mr P N H Smlth and Mr C J Smlth are dlrectors of Ringtons Llmited, a company which has glfted the charlty amounts as detailed in the principal fundlng sources paragraph included In this report. The amounts gifted to the charity by Rlngtons Limited Is Invested in order to generate the Income required In pursuit of Its charitable objectlves, As per the trust deed, Ringtons Llmited (a company Incorporated In England and Wales) has prior approval of the appointment of Trustees and may appoint. remove and replace any of the Charity's Nominated Trustees by giving notice in writing to the Charity. Page 2
The Rlngtons "Tea Growing Communitv" Charitable Trust Report of the Trustees for the Year Ended 5 April 2024 STRUCTURE, GOVERNANCE AIID MANAGEMENT Rlsk management The Trustees are responsible for the overseelng and managing of risks whlch the Charltable Trust faces. The Chairman of the Trustees Is well-versed in risk management strategies; particularly those relating to Investment risks. The Chairman ensures meetlngs are held with the trustees, at least once a year, to discuss key factors affectlng (or havlng the potentia I to affect) the Trust. One of the main points on the agenda is the rlsks faced by the Trust and the methods to mltigate andlor reduce those risk5. The Trustees understand that the Trust needs to borne some investment risk. Its laryest rlsk, to ensure the Endowment funds of the Trust increase, thereby allowlng the Trust's objectives to be met. The investments held by the Trust are managed by Rathbones, an established Investment manager, who understands the TrL*St's appetite for rlsk and works closely wlth the Chairman to ensure Investments are sought, whlch match the Trust's balance between rlsk and reward. The Trustees have adopted rlsk-management techniques to mlnlmise those rlsks whlch have a greater probabllbty of occurring andlor the rlsks which have a greater effect on the Trust's objectlves (If the event were to occur). The Trustees agree that the rlsks are acceptable in terms of probability and affect and that adequate consideratlon has been pald to the f¢Jture outcome of the decisions they make on behalf of the Trust. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1152164 PrSnclpal address 10-22 Algernon Road Heaton Newcastle upon Tyne Tyne and Wear NE6 2YN Trustees MrPNHSmlth Mr C J Smith Mr D I Vorster Mrs C J Skeates Independent Examlner Evelyn Partners Newcastle Llmlted 17 Queens Lane Newcastle upon Tyne Tyne and Wear NEI IRN Investment Managers Rathbones Investment Management Earl Grey House, 75-85 Grey Street Newcastle upon Tyne NEI 6EF Approved by order of the board of trustees on and signed on Its behalf by: CJ Smith Trustee Page 3
Independent Examiner's Report to the Trustees of The Ringtons "Tea Growin9 Community" Charitable Trust Independent examiner's report to the trustees of The Rlngtons "Tea Growing Community" Charitable Trust report to the charity trustees on my examination of the accounts of The Ringtons 'Tea Growlng Community" Charitable Trust (the Trust) for the year ended 5 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 with 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 carrylng out my examlnation I have followed all appllcable Directions given by the Charity Commission under Section 145(5){bl of the Act. Independent examlner's statement I have completed my examinatbon. I conflrm that no materlal matters have come to my attention In connectlon wlth the examlnatlon glvlng me cause to belleve that In any materlal respect: accountlng 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 requlrements concernlng the form and content of accounts set out in the Charitles (Accounts and Reports) Regulation5 2008 other than any requlrement that the accounts glve a true and fair vlew which 15 not a matter consldered as part of an Independent examination. I have no concerns and have come across no other matters In connectlon wlth the examlnation to whlch attentlon should be drawn In thls report In order to enable a proper understandlng of the accounts to be reached. Evelyn Partner5 Newcastle Llmlted 17 Queen5 Lane Newcastle upon Tyne Tyne and Wear NEI IRN Date Page 4
The Rlngtons "Tea Growing Communitv" Charitable Trust Statement of Financial Activitle5 for the Year Ended 5 April 2024 2024 Total funds 2023 Total fLtnds Unrestricted fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 25,000 25,000 70,000 Investment Income Total 106 648 EXPENDITURE ON Raising funds 12.947 12,947 12,554 Charitable actlvltles ETP Malawi PES Project 40,000 Other Total Net galn/{loss) on Investments 120 722 120 722 138 4801 NET INCOMEI(EXPENDITURE) Transfers between funds (1,353) 173,392 24 3401 172,039 (8S,401) li 14et movement In funds 22,987 149,052 172,039 {85,401) RECONCILIATION OF FUNDS Total funds brought forward 28,860 1.768,696 1,797,556 1,882,957 TOTAL FUNDS CARRIED FORWARD 1 917 748 1 969 595 1 797 556 The notes fom part of these flnancial statements Page 5
The Ringtons "Tea Growing Community" Charltable Trust Balance Sheet 5 Aprll 2024 2024 Total funds 2023 Total funds Unrestricted fund Endowment fund Notes FIXED ASSETS Investments 1,869,738 1,869,738 1,711,130 CURRENT ASSETS Debtors Cash at bank io 551 50,959 551 104,006 53,047 90,976 CREDITORS Amounts falllng due wlthln one year li (1,200) {3,500) {4,700) (4,550) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 51.847 1,917.748 1,969,595 1,797,556 NET ASSETS 1 917 748 1 969 595 1 797 556 FUNDS Unrestricted funds Endowment funds 12 51,847 1 917 748 28,860 1 768 696 TOTAL FUNDS 1 969 595 1 797 556 The flnanclal statements were approved by the Board of Trustees and authorlsed for 155ue on and were signed on Its belkilf by; CJ Smilh Trustee The notes fonn part of these financlal Statements Page 6
The Ringtons "Tea Growing Communlty" Charitable Trust Notes to the Financial Statements for the Year Ended 5 April 2024 TRUST INFORMATION The Ringtons "Tea Growing Community. Charltable Trust 15 a charitable trust reglstered with the Charlty Commlssion for England and Wale5. The principal address and a descriptlon of the charity's operations and activities can be found in the Report of the Trustees. ACCOUNTING POLICIES Basi5 of preparlng the flnanclal statements The financbal statements or the charity* which is a public benefit entity under FRS 102, have been prepared in accordance wlth the Charities SORP (FRS 102) 'Accounting and Reporting Charitles.. Statement of Recommended Practice applicable to charities preparlng thelr accounts In accordance with the Finanelal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 20191,, Flnancial Reportlng Standard 102 'The Flnanclal Reporting Standard appllcable in the UK and Republlc of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historlcal cost convention wlth the exceptlon of Investments whlch are Included at falr value, as modified by the revaluatlon of certaln assets. The flnancial statements are presented in Sterllng £. The charlty has an Investment portfollo valued at £1,869,738 whlch is considered sufficlent to generate the Income requlred to fund the charlty's operation5. As such, the trustees have prepared the financlal statements on the golng concern basis and conslder that there are no materlal uncertalntles about the charltable trust's ablllty to contlnue a5 a golng conrn. Income A51 income Is recognlsed In the Statement of Flnanclal Actlvities On the charity has entitlement to the funds, it 15 probable that the income wlll be received and the amount can be measured reliably. Donatlons are recognlsed when the Trust has been notlfied In writing of both the amount arbd settlement date or on the date of receipt, whlchever Is earller. Lnterest on funds held on deposlt 15 Included when re1vable and the amounts can be measured rellably by the charlty,. thls Is normally upon notlflcatlon of the Interest pald or payable by the bank. Dlvldends are recognlsed once the dlvldend has been declared and notlficatlon has been recelved of the dlvldend due. Thls Is normally upon notiflcatlon by our Investment advisor of the dlvldend yleld of the Investment portfolio. Expendlture Liabilitie5 are recognlsed as expenditure as soon as there Is a legal or constructive obligation commlttlng the charlty to that expenditure, It Is probable that a transfer of economic benefits will be required In settlement and the amount of the obllgation can be measured reliably. Expenditure is accounted for on an accruals basls and has been classlfled under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to partlcular headings they have been allocated to activitles on a basis conslstent with the use of resources. Grants offered subject to conditlons whlch have not been mel at the year end date are noted as a commitment but not accrued as expenditure. Governance costs Governance costs are those Incurred In connectlon wlth admlnlstratlon of the charity and compliance wlth constitutional and statutory requlrements. Taxatlon The charity Is exempl from tax on its charitable activitles. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectlves at the discretion of the trustees. The endowment fund is an expendable endowment fund, created by donations from Ringtons Llmited. The income of thls trust can only be used for particular restricted purpose5 Wlthin the objects of the charlty. The terms of the endowment allow the capital of the fund to be spent if the trustees so determlne. Further explanatlon of the nature and purwse of each fund is included In the notes to the financlal statements. Page 7 continued...
The Ringtons "Tea Growing Communlty" Charitable Trust Notes to the Financial Statements - contlnued for the Year Ended 5 April 2024 ACCOUNTING POLICIES- contlnued Flxed asset investments Investments are a form of basic financial Instrument and are Inltially recognised at thelr transaction value and subsequently measured at their fair value as at the balance sheet date uslng the closing quoted market price or where a quoted market price Is unavallable, the bld pri. The statement of financial activities includes the net galns and 1055es arising on revaluations and disposals throughout the year. Flnanclal Instruments Financial instruments are classified and accounted for according to the substance of the contractual rrangement, as either flnancial assets. liabillties or equity instrument5. An equity instrument is any contract that evidences a residual interest in the assets of the trust. after deducting all Ilabilitles INVESTMENT INCOME 2024 2023 Divldends recelved Bond interest Bank interest 37,151 483 31,647 4,143 858 Investment Income by geographlcal analysls.. 2024 2023 UK Investment Income Overseas investment Income 31,325 23,218 RAISING FUNDS Investment management costs 2024 2023 Portfollo management OTHER 2024 2023 Support costs Included wlthln support Costs Is Independent Examlner's remuneratlon of £960 (2023., £960). TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneratlon or other beneflts for the year ended 5 April 2024 nor for the year ended 5 Aprll 2023. Tru5tees' expenses There were no trustees, expenses pald for the year ended 5 Aprll 2024 nor for the year ended 5 April 2023. STAFF COSTS There were no employees or staff costs for the year ended 5 April 2024 nor for the year ended 5 April 2023. Page 8 contlnued...
The Rlngtons "Tea Growlng Community- Charltable Trust Note5 to the Financial Statements - continued for the Year Ended 5 April 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2023 Total funds 2022 Total funds Unrestricted fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Donatlons and legacles 70,000 70,000 60,000 Investment Income Total 106 648 EXPENDITURE ON Rai51ng funds 12.554 12,554 13,618 Charitable artlvltles ETP Covid-19 India Appeal ETP Malawi PES Project 7,500 40,000 40,000 other 963 Total Net (lossl/galn on Investments NET INCOME/(EXPENDITURE) Transfers between funds (1.015) (84,386) (85,401) 155,564 li Net movement In funds 3,308 (88,709) (85,401) 155,564 RECONCILIATION OF FUNDS Total funds brought forward 25.552 1,857,405 1,882,957 1,727,393 TOTAL FUNDS CARRIED FORWARD 28,860 1,768.696 1,797.556 1,882,957 FIXED ASSET INVESTMENTS 2024 2023 Shares Other 1,800,594 1,660,452 1 869 738 1 711 130 Additlonal Informatlon as follows.. Usted investments MARKET VALUE At 6 Aprll 2023 Additions Dlsposa15 Revaluations 1,711,130 293,354 (249,670) 114 371 At 5 April 2024 1 711 130 NET BOOK VALUE At 5 Aprll 2023 1 869 738 At 5 Aprll 2022 1 711 130 Page 9 continued...
The Ringtons "Tea Growing Community" Charitable Trust Notes to the Financial Statement5 - continued for the Year Ended 5 Aprll 2024 FIXED ASSET INVESTMENTS - contlnued 2024 2023 UK Investments at falr value comprised: Equities Fixed interest securlties 526,776 215 148 485,742 Total 741 924 576 605 Overseas Irbvestment5 at fair value comprlsed: 2024 2023 Equltles other Investments 1,011,716 116 100 1.021,638 112 887 Total 1 127 816 1 134 525 Investments (nelther Ilsted nor un115ted) were as follows: 2024 2023 Property Other Investments 14,741 12,948 All Investments are carrled at thelr falr value. Investments lft equltles and flxed Interest securltle5 are all traded In publlc quoted markets. Holdings In common Investment funds. unlt trusts and open ended investment companles are at the bld price. The basis of falr value for quoted Investments Is equlvalent to market value, uslng the bld price. Asset sales and purchases are recognised at the date of trade at cost (that Is their transactlon valuel.The historlc cost of Investment was £1.633,030 (2023 £1.601,286). io. Debtors 2024 2023 Accrued Income 551 Page 10 continued...
The Ringtons "Tea Growing Communitv" Charitable Trust Notes to the Financlal Statements - contlnued for the Year Ended 5 April 2024 ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 other creditors 12. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 5.4.24 At 6.4.23 Unrestrlcted funds General fun(J 28,860 (1,353) 24,340 51,847 Endowment funds Endowment fund 1,768,696 173.392 {24,340) 1,917,748 TOTAL FUNDS 1 797 556 172 039 1 969 595 Net movement In fund5, Included In the above are as follows: Incomin9 resources Resources expended Galns and losses Movement In funds Unrestrlcted funds General fund (1,353) (1,353) Endowment funds Endowment fLJnd 65,617 (12,947) 120,722 173,392 TOTAL FUNDS 14 300) 120 722 172 039 Comparatlves for movement In funds Net rnovement In funds Transfers between funds At 5,4.23 At 6.4.22 Unrestrlcted funds General fund 25,552 (1,015} 4.323 28.860 Endowment funds Endowment fund 1,857,405 (84,386) (4,323) 1,768,696 TOTAL FUNDS 1,882,957 (85,401) 1,797,556 Comparative net movement in fund5, Included In the above are as follows: Net movement in funds, Included In the above are as follows: Incomlng resources Resources expended Galns and losses Movement In funds Unrestrlcted funds General fund (1.015) (1,015) Endowment funds Endowment fund 106.648 (52,554) (138,480) (84,386) TOTAL FUNDS 106.648 (53,569) (138,480) (85,401) Page 11 continued...
The Ringtons "Tea Growing Community" Charitable Trust Notes to the F¢nan¢lal Statements - continued for the Year Ended 5 April 2024 12. MOVEMENT IN FUNDS - continued General Fund General funds represents the free funds of the charlty, which are not designated for partlcular purposes. Endowrnent Fund The fund has been donated by Ringtons Llmited and is retained In trust for the benefit of the charity as a capital fund. The fund consists of Investment assets and the income from the investment asset5 Is used for the purposes of the charity. The initial donations and subsequent increases and decreases In the amount of the endowment funds are shown In the Statement of Financial Activities a5 part of those funds. Tran5fer$ between funds Transfers between funds consists of dlvldend and Interest Income from the Investment portfolio and donatlons received In the Trust's unrestricted funds bank account to provide funds which can be designated for use in accordance wlth the Charity'5 objectlves and to cover ongolng costs In relation to rurbnlng the Charity. RELATED PARTY DISCLOSURES Durlng the year, The Rlngtons "Tea Growlng Community" Charitable Trust received a donatlon of £25,000 12023.. £70,000) from Ringtons Limlted. The Trustees, Mr P N H Smith and Mr C J Smlth are dlrectors of Rln9tons Limlted. The conditions of these donatlons are that the donatlon is Invested in the charity's endowment fund In accordance wlth the note above and as such thls donatlon was made dlrectly to the Investment portfolio held as part of the endowment fund. 13. The trustees glve thelr tlme and expertise free of charge. Rlngtons Llmlted Is consldered to have 51gnlficant Influence over the charitable trust due to two of the trLSStees belng director5 of the company, the power of the company as per the terms of the trust deed as detailed In the report of the trustee5 and being the sole donor to the charltable trust. FINANCIAL INSTRUMENTS 14. 2024 2023 Flnanclal assets measured at amortised cost: Cash at bank and In hand Flnanclal assets measured at falr value through statement of flnancial activities.. Investments 104,006 90,973 1 869 738 1 711 130 Total flnanclal assets 1 973 744 1 802 103 Flnancial Ilabilities measured at amortlsed cost: Trade and other credltors Total flnanclal IlabllStSes Page 12 contlnued...
The Rlngtons "Tea Growing Community" Charitable Trust Detalled Statement of Financial Actlvities for the Year Ended 5 April 2024 2024 2023 INCOME AND ENDOWMENTS Donatlons and legacles Donations 25,000 70.000 Investment Income DlvSdend5 received Deposlt account interest Bond Interest 37.151 2,436 31,647 854 Total Incomlng resources 65,617 106,648 EXPENDITURE Investment management costs Portfollo management 12,947 12,554 Charltable artlvltles Grants to In5tltutlons Other 40,000 51 Support costs Flnance Bank charge5 Governance costs Accountancy and legal fee5 960 Total resource5 expended Net income/(expendlture) before galns and losses 51,317 53,079 Reallsed recognlsed galns and losses Realised gainslllosses) on flxed asset Investment5 172 039 (138 4801 This page does not form part of the statutory financial Statements Page 13