D. F3CI)29C2-0IE94C8B-ga4>1D30DDCEBC50 REGIERED CHARITY NUMBER: 1154027 Report tsfthe Trusl¢es aid Un•udlted Flnancl*l Statements for the Y¢•r Ended 31 December 2023 f•r Reed Fomily Foulldation
DTrx•lgn Envol• ID.. F3C029C2.D1E94C9)AIO3oDDCE&C5o Re FAmi]y Foundation CoDtthls of tbe Fln8nclal St*tement$ for the Year Ended 31 Dtttmber 2023 P•ge R¢port (+f th¢ Trnstees lThdepe•deTht ExAmSier's R¢port St#tement of FlninelAI Attivltles No¢eJ ¢0 the Fin•n¢i81 Stattmettis 6 to 11
00$¥n En¥$kn ID.. F3C022lEQ4CB&9lD30DDcEBcSD Reed Fmlly Founditio Report of tht TN$tees for the Yexr Ended 31 De¢¢mber 2•23 Th¢ Irusie¢s pre¢ IheLT report with ihe financial statements of ihe charity for rhe year ended 31 tkcember 2023. The trustee5 have adopt the provisions of Accouniing and Reporting by ClwitLCS.' 5tament of RcComnllded Prxii¢t applicable io charities preparing their accounts in acrordanc¢ wilh ihc Financial Reporting Standard applicable ity ihe UK and Republie of Ireland IFRS 1021 letre¢iive l January 20191. OWECTIVES AND ACTIVITIES The chariws objectives are to further 5u¢h exclsivity charitable purposesac£ordin8 to the lawof England and Wales as its ¢ru$iee5 Iri their dis¢110 deiemline from lime to lime. Th¢ Ihafity mak¢$ 8rani$ ¢0 org4nisaiioM and individuals for ex¢lusivdy dwitable putposes. The charity ha5 a srant-niakin8 poltcy in place uthi¢h $¢1$ out wioriii¢S for fvnding. the process the trUetS follow in making grants and what is required from grant T¢¢ipi¢nt5 in term5 of monitorin8 and reportin8. The Trustees cortfirni thai ihey have eornplied with their dury to hav¢ due regard io the Charity Commission's general guidance 10 chariiies on public benefit. ACHIEVEMENT AND PERFORMANCE No dtsnation5 were rtceived in the year and the charity m¥d¢ no granl$12022..1 granl totslling £8.320). The lrnste¢s ar¢ %¢king lo aWfi &rants ulilising in¢om¢ in tlie Y ttsgeiher with ¢apit&l brought forward. Given the urrent un¢ertainty whi¢h has impacted on ihe portfolio value the iru$tees are limiting th¢ grants awaTded in the interest of en5UTing the ¢harity h8s a long term fvture. FINANCIAL REVIEW Financial position DuriJ)g Ihe year un¢kr review, totsl income £4.958 12022: £2,227) iotal expenditure w&$ £12.848 11022.. £22.2551 and nei gains on invesunenis I01]ed £180,71612022=Loss £474.0101. resulting in the urtresiTiCted reserves for the year earried forwArd of£i.528.73312022.. £1,355,907). Rtseryes policy The chariiy has significani reserves and the charity pay5 8rant5 based on ils ability to do 50 laking inio account commiiments already made. The reserves policy Df Recd Family Foundation is lo maintain sll(fici¢ni free resetves Itotal reserves less restricted fund5 and flxed R5setsl to enable the ch2rity to med ihe5e grant making objectives. Tbe current level of fre¢ res¢ryes is shoM on tlie Balance Shed. FUTURE PLANS The trusiee5 Illtend to continue to identify projetts worthy of thAritable &upptsrt throughout the next fin1n¢1 period. The tn15tees shall conlinue to revieiv ihc srant-Makin8 5trate&Y wnd the priorities for fuiiding. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charitys gov¢ming do¢Mm¢n¢ is lis Consiiiution Adopted on l O¢tober 2013 ts thmended on 20 JBthuary 2015, and it 1$ constituted a'charitsble Incorporated Organisaiion" (CIO). Apart from ihe fitst tn15tEe5. new tru51ee5 will b¢ Jpwbinled by the founding trustee. Richard Reed in accordance with elause 10 of the 8ovèYnbtb8 doeumÈMt. If he eese$ to be 4 trustee. the remainin8 trus¢ees have power (o appoint REFERENCE AND ADMINISTRATIVE DETAILS ¢gi$lv¢d Ch*rAy number 1154027 Pwl
D5190 En¥oW .. F3¢029c2.01E94c8&g1D3C0DcE8¢SD Reed FBrnily FouMdAtlon Report ofthe Trvsttts for fht Year EndEd 31 Deeember 21123 PriDelpal address Womble Bond Dickin50n The Spark, DrAyllJ8llS Way Newefystle Helix NEWCASTLE LPON TYNE NE4 5DE TrnJ¢ees R R¢¢d CA Reed KE May Independent Examlner Christopher Btaumont BA{Hons) BFP FCA DChA Clive Owen LLP Chartered A¢wyntants 140 Coniscliffe Road DARLINGTON Co Durh&tn DL3 7RT 23-10-2024 Approved by order of the board of irustees on ...............-.-.-......................... Ind $igfted on its behalf by.. R Reed- Trustce Page 2
DocwThEn¥8W ID.. F3c029C2.DIEc8&BWlD3cQE8cSD IKdtpendent Euminer's Report to the Trwtees of Rted Family Foundation Indeptndent ¢xamin¢rf$ report to the trusttes of Rttd Fimily Foundatlo report io the charity INst¢¢s on my examinion of the COUnts of Reed Family Foundation (the Trust) for the year ended 31 December 2023. Ke5ponsibilOtOes And bAsis of report As the charity trnsiee$ of the Trust you are r¢5ponsibl¢ for the preparation of ihe accounts ID accordance with the requirements of the Chariiies Aci 2011 Ilh¢ AG(I. I rcpon in re5peci of my examination of The Trli.S accounts carried oui under Section 145 of the Act and in Carryin8 Out my examination I hav¢ folk)wed all appli¢Abl¢ DirectL0115 glVEn by th¢ Charity Commission under Seciion 145{5llbl of the Atl. INd¢p¢TrdeRt tXa1£tI.s at¢¢Kii¢u4 I hiY¢ ¢onipldd njy ¢xanii¢idtioti. I cotifirjii ydI no maieri&l have romE my all¢ntion in wnne¢Tlon with thE examination 8IVIII8 m¢ uus¢ to believe that in 8Y material respect.. arcountins record5 were noi kepi in respeei ofihe frust a5 required by Section 130 of the Ad: or th¢ a¢couDts do noi &cord ivith those re¢ord5,' or the aceounis do tk)t comply iyitli the applicable requirem¢iits Concerning the fomi and content of accounts sei out in the Charities (Accounts And Reports) RqsUItI?TrG 2008 other than any r¢quir¢¢t thai ihe accounts give a true and fair vi¢w which is noi a rnaller eoThsidered a5 part of an indep¢nd¢nt ¢xamLllalLOn. have no coneerns and have come across no other mattets iii ¢onne¢iion witli the examin)lion to %thi¢h attention slwuld b¢ drawn in this report irt order lo crhable a prop¢r lderStandIng of the Count$ io bc rEached. pa Christopher Beaumont BAIHonsl BFP FCA DChA Clive Owen LLP Chanered Accounthnis 40 Coni5cliffe Road DARLINGTON Co Durham DL3 7RT Date.. Pose 3
Dwaslw En¥dopa ID F3CQ29C&D1É4CbB4C10E8csD Reed Famlly Fownditlon stAlenllt of FlnAN¢il A¢tlvltles for the Year Ended 31 Defembor 2023 2023 Unrestrici¢d nd 2022 Total fund5 Noies INCOME AND ENDOWMEIYTS FROM In¥¢sirnent income 4.958 2,227 EXPENDITIJRE ON Rislng funds Inv¢stmeni manogem¢nt $ts 8,693 8,693 9.004 ChY4ritable *clivi¢i¢s Grants pable SUprt costs of granl makin8 8,320 7.931 4,155 ToiAI 12.848 25.255 Nei 8ainsl(Ioss¢s) on investments 180.716 1474.0101 NET INCOMEJ(EXPENDITURE) 172.126 1497.038) RECONCILIATION OF FUNDS Toi81 fuDds brou8ht fonvard 1,355.907 1.852,945 TOTAL FUNDS CARRIED FORWARD 1,528,733 ,355,907 The notes ftim part of these financial ststements Pa8¢ 4
D9Th Eep& ID.. F3¢o29C2.D1E94cB&I03CDcE8C5D Reed Famlly Foutsd#tlon Billnee She*t 31 Decembtr 2023 2023 Unresiri¢tcd fund 2022 Total fund5 FIXED ASSETS Investments 1.481.548 .305.156 CURRENT ASSETS Cash at bank 51ffj98 56.452 CREDITORS Amounts fallin8 du¢ withill one ye8r 10 14,5J31 15.701) NET CURRENT ASSET5 47,185 50,751 TOTAL ASSETS LESS CURRENr LIABILITIES 1,528,733 1,355.907 NET ASSETS 1,528,733 1.355.907 FUPIDS untricted funds ,528.733 1,355.907 TOTAL FUNDS ,528.733 1.355,907 The financial siatemcnts were approved by Ihe Board of Trusttts and Auihorised for issue ..23-.10 202A............. aAd were signed on it5 behalf by.. on R Reed- Tru5tce The notes form part of these financitl statemenis Pag¢ 5
Docusv4n Envekwlo F3CO26f2.DIE4c9lD3(IID¢EB¢5D ed Fmlly Found•¢loA Noiu io the FI¢11 St4¢¢ult foi the Yer Ended 31 Decanb¢r 2023 AccouKfiNG POLICIES BAils of prep•rln¥ tbe llnpmcil staternenty The findncial siatemen15 of the charity, which is a publÉc benefit eniity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 'Accoutsting and Reporting by thwili¢g.' Siatemeni of RernMended Practice applictble to chariiies preparing their accounts in #¢¢ord2n¢e with the Financial R¢ponin8 Stand#rd applicable in the UK and Republi¢ of Ireland IFRS 102) (¢ffective l January 20191., Financial R¢p)rtirt8 Standard 102 'The Financial Reportin8 Standard applicable in the UK artd Republi¢ of Irel•nd' and the Charities Act 2011. The financial 51at¢mrnts have beeD prepared under the historical cost convention. with th¢ exeepiion of iThv¢5trnents which are In¢l¢d at market value, as mrdified by the reval¢10 of certain assets. Chiriiy sIius Th¢ R¢¢d Family Foundation is a CIO r¢8iSt¢red with the Charity Commission. The Charity's registered number and oifi¢¢ ejn be found on the reFX)rt of the twsttts. The ¢harity is a Public B¢n¢fLt Enlity as defined by FRS 102. GolthgrDneern At the tirne of ipprovin8 the finallcial statem¢nts, th¢ tru$ieei have a T¢asonable expeclation that th¢ cIwiiy has dequate resources Continue in operational exi51ence for the foreseeable re. Thu5 the trusttts continu¢ to adopt the going ¢oncen) basis of a¢uDnting in preparing the financial slalements. Crltlcal accouutltsg Judym¢nts thnd k¢y sour¢¢s oc estlmatioTr Mne¢rt4inty In the application of the charity's accounting policies the TTUStces are required to make judgem¢nis, estimates alld assumptions about ihe C8frying amount of certain assets and liabilities. The estimated and associated assumplions arc based on historical ¢xpeTiehce and oth¢r f&ctrrs that art Considered to be relevant. Due to the non complex n#¢ure Jf the Charitys operdtions in ihe opinion of the thistees there are no key judgemenis or estimation UnCertaitI¢$ that n¢¢d to be considered when preparing the fiDan¢ial staiements. Incomini resources All income is recogThised once the charity Iw entitlement to the incorne. it is probabl¢ the income will be re¢¢iv¢d and Itte amount of income rtceivable can be measured reliably. Interest on futmls held on dew>sit is included whert receivable and the amouni can be measured reliably by the Charity. this is nomally upon notifLCation of the inter¢st ld or payable by lh¢ bank. Dividrnds are r¢cognised once the divideDd has been declared and notifi¢ition has been received of the dividend du¢. This is nornially upon notifltIon by our investment advisor of the divid¢nd yield of the inyeskneni portfolio. Donalions ire recognis¢d when the charity ha5 been notified in WTiting of boih the am0 settlement date. I the eveni that a donatioii is subject to Conditions that r¢quire a level of peTfonnantt before ihe charity LS entltled to the fiinds, the income 15 defrffed and not recognised uniil either those e0ndili5 t fully m¢t. or ihe fulfilment of these conditions is wholly within the CotrOl of the charity and it is probabl¢ that those nditIonS will be fulfilled in the worting period. Donations in the Statement of Financial A¢tivitie5 include any a5SOClJted 8ifi lid. ExpeAdi¢ure Liabilities Ire reeognised a5 eXpditure as soon as therc is a k8al or constTUCtive obligation ¢ommittin8 the Charity to ihat expeThditure, li 1$ pIobablt thai a transfer of OnOmIC benefiis will be required In settlement and th¢ amount of th¢ obli8ation be msUred reliably. Expenditur¢ is 8CCOUllted for onan a¢cru815 basis and has been cl9$5ified under headin85 tkn tggregate all ¢osl related to ihe cat¢80ry. Wh¢re costs ¢artsK)t be directly attributcd ts parti¢ular heading5 they have been allocated to a¢iiviiies on a b85is ¢insistenl wilh the use of resou¢5. Grgnis offwed subject to conditions which hive fy)t been met at the year end are noted &4 4 commitment b ttot accnted &% expendiNre. T*x8iloJb The Ehariiy is ex¢wyt from lax on lis ¢h¥itsble activitles. Pa8e 6 <ontitLued...
Reed Famlly FouDd#ll•D Notes to ¢h¢ Finandal StsfeJnents- e0ntln¢d for the Vesr Ended 31 December 2023 ACCOUNTING POLICIES- ¢ontinued Fund etounllDg Unrestricied fund5 C3n be used in accordance ivith the chaiiiable objectives ai the di$cr¢iion of ¢he iry$¢¢t$. Re5tricled funds Lan only b¢ used for parti¢ular r¢stricT¢d purposes within the clbjects of the charity. Restrirtions arise when specified by thc donor or whcn fynds are raised for parti¢ular restricied purposes. Fh¢r cxplanation of the Thature and purpose ofea¢h fund is included in the nclres io the financial $tamenis. All funds held It 31 Decetnber 2023 and 31 Decemb¢r 2022 together with all tran5aclions throughout the y¢aTS t¢14¢¢d to VllT¢Stti¢trd Fingncial instruments The charity has fii?ancial assets and financial liabilities as basic financial irwnJments. Thcy arc initially r¢cognis¢d ai ¢ran5a¢iions Vile and subsequeAtly The)sur¢d as th¢ir settlenieni value. with ¢hw8es reco8nised in profil or loss. Investments Fixcd as5Ct investments in quoied $haTes. trad¢d bonds and similar investments are valued inTiially tl Cost and subsequently at fair value (their tnarkct value) at theyear ei)d. Any gains or losses on revaluaiion are iak¢n io the SiatemenÈ of Financial Aetiviiies. Wli¢re a reliable valuation cannot be obiairled invc51tnents ivill be held at cost. INVESTMENT INCOME 2023 2022 Diyidends received Bank Account interesi 1.140 3.818 541 1,686 4,958 2.227 INVESTMENT MANAGEMENT COSTS 2023 2122 Investment •dvi¢¢ ,693 9.004 CHARITABLE ACTIVITI COSTS Support costs Is¢¢ Itv 6) Sw)port Costs of grant making 4,155 PaRe 7 continued...
Reed FArnily FouAdatlon N•tu to the Flnnelal S¢¢emtnts- contlnued for ihe Yr Ended 31 December 2023 GRANTS PAYABLE The totsl grnnts ld to inslitutions during ihe Ye WAS 15 follows: YJ23 2022 NI¢¢)yA Peninsula Wakrkeeper 8,320 8,320 SUPPORT COSTS 2023 2022 Le1 & professional fee5 Independent examination Foreign ¢xchan8e differences 731 3,302 122 5,043 2,970 {82) 4.155 7,931 TRUSTEES, REMUNERATION AND BENEFITS There wcrc nu Irtsste¢s' r¢muneration or other benefjts for the year efftded 3 l December 2023 nor for th¢ ycar ended 31 Lk¢ember 2022. Tnv¢¢es' expenses There were M truet5, expenses paid for the year ended 31 Decembei 2023 nor for the year ended 31 December 20?.?.. COMPARATIVES FOR THE ATEMENT OF FINANCIAL AcfiviTIES Unrestricted nd INCOME AND ENDOWMEKfs FROM InY¢stment income 2,227 EXPENDITURE ON R&lJlttg (unds Inveslment manag¢m¢nt wsts 9.004 9.004 Charttgble •¢livities GrArtts payable Supp)rt costs of8rani making 8,320 7,931 Totsl 25255 N¢1 84in&llosg¢s1011 InlmentS 1474.010) NET INCOMFJ(gXPENDITURE) (497.038 Phle 8 con¢inued...
EnlOpe ID.. F3C02K2-D1E94CBB-90A>1030DOCEBC5D R¢ed Family Fourtdation Note5 to the FIDanel*l St#temettts- ¢othtlhu¢d for tkne Year Ended 31 Defember 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- c•nllnu¢d Unrestricied rund RECONCILIATION OF FUNDS Toill funds brought forward 1,832,945 TOTAL FUNDS CARRIED FORWARD 1.355.907 FIXED A&SET INVESTMENTS 2023 2022 Sli&rc5 Other 1,412.439 69.109 1,102,923 202.233 ,481,548 1,305.156 Addiiional informatitin ¥ follows.. Liskd nv¢stments MARKET VALUE At l January 2023 Additl0115 DisN)sals Revalyations 1,102.923 168.601 139,802) 180.717 Ai 31 D¢c¢mber 2023 1.412.439 NETBOOK VALUE At 31 Deceniber 2023 1.412.439 Ai 31 De¢¢mb¢r 2022 1,102,923 The hi510rical cosi of the investments is £1.066,15512022.' £931.3601. Investments (neither listed nor unli51edl were as follows= 2023 2022 Cash held in portfolio 69.109 202,233 Page 9 conlinucd...
Dn ID. FD2$c2.D1EB1D3ODCCESD Reed Famity Foundatlo to the Flnanc141 Sthtements- NtInued for the Year Ended 31 tkfemb¢r 2023 io. CREDITORS: AMOUNTS FALLING DI,E WITHIN ONE YEAR 2023 2022 Other cre41iwrs 4.513 5,701 ii. MOVEMENT IN FUNDS Net movement In fund5 At 31.12.23 At 1.1.23 Unres¢ri¢t¢d Genernl fund 1,355.907 172.826 l 28.133 TOTAL FUNDS 1,355.907 172.126 1,528.733 Net movement in funds. included in the above are 85 follow5.. Ioming Tesour¢e5 Resour5 expended Gains #nd losses Movement in funds Unrestricted fvnth Generhl fund 4,958 (12.848) 180,716 172.826 TOTAL FUNDS 4,958 {12,8481 180,716 172,826 Compari¢iv¢s for Vement fuwJd$ Net movement in funds At 1.1.22 31.12.22 Unrestrleted fund5 General fuDd 1.852.945 {497.038) 1.355.907 TOTAL FUNDS 1,152.945 1497.038) 1.355.907 Comparaiive nei movem¢nl in hrvjs, in¢luded in the &bove are a5 follows.. Incoming resourtes Rewurees expended Gains and losses Mov¢m¢nt in funds Vnrestrleted tsnds General fund 2,227 125.255) (474,0101 (497,038) TOTAL FUNDS 2.227 {25,2551 1474.0101 {497,038> Unrestricted funds are held to make grants to projects Worthy of ehariiable support as ideniified by th¢ iru51ee5. Page 10 continued...
Eh¥eh D. F3COZ9C2-D1ÉIcBB-9OA&1ojoDDCE8C5o Re¢d Family FouThdation Notts to the FinaAei*l Siatemenls * toMliAued for the Year Ended 31 D¢reJnlJer 2023 12. RELATED PARTY DISCLOSURES There were related patty transxlions for the year ended 31 Oe¢ember 2023 or 31 December 2022. Pagell
DOCU9 Enlope . F3C029C2.D1E94C9loIJDDc&8cSD Cllve Owtn LLP 140 Conlscliffe Road DARLINGTON County Durham DLI 7AT Date 22rA Ortober 2024 Rf.. R429 Dear Sl The follovAn8 repiesentalion5 are made on the basis of enquiries of mana8ement and staff with relevant knowledge and experience such as we consider necessary In connectfjon with your Independent examlnatlon of the tharity's Ilnancial statements for thp year ended 31 December 2023. These enqulrles have intluded Inspection ol supportlnz documentation where appropriJte and are sufficbent t0 5atlsfy ourselves that we Can make each of the followlng representatlons. 1 representatiofis are made to the best of our knowlYd8e and be14ef. G•neral We acknowledge thatihe work performed by you Is substdntially less Sn seopethan an audlt performed In accordance wSth International Standards on Auditing IUKI and that you do not expréss an audlt oplnlon. We confirm that the charity was erttitled to e¥ernption urtdor ¢¢1¥ 144 ofthe Charltles Act 2011 the requirement to have its flnanclal staternent5 for the fin•nclal Year ended 31 December 2023 au¢Jlted. 3 We have fulfllled our responslbllllles as trustees as set out in the terms of your en8agement letter dated 31 December 20Z3, under the Charitles AU 2011 fof preparlng financial statements In accordance wlth appllcable law and United Kingdom Accountln8 siandards Iunlted Kin8dom Generally ACpted Accountlng Pradlce}, for belng satlsfied ihat they give a true an& falr vlew and for maklng accurate representations to y(w. 4 All the transactions undertaken by the charity have been properly refte£tÈd and recoided In the accounting recoTd5.
Down ETh10. F3c029C2IEc8B-9QA3-ID3oDD¢É¢5O All ihe accounting record5 have been made available to you for the pulposè of your independent examlnation. We have provided you with unresiri¢ted a¢¢ess to all apprjpriate persons w(thin the charilv, and wlth all other re¢¢rds and relat?d inlormatlon requested includin¥ minule5 of all management and trustee meetlngs and ¢orrespondence with The Charity CDmmisslon. 6 The financial statement5 are free of materlal mi5Staterrnts, includlng ¢)mSssions. 7 The effects of vncorrected mi55tatements las sel out in the appendix to thisletterl are immaterlal both individually and in total. A55ets and liabilities 8 The charity has satisfactory title to all assets and there are no liens or encumbran on the charItS assets, except for those ihai are disclosed in the note5 to the finantial statements. All acivol Ilotsllltlp5, contin8ent liabilitle5 and gu•rantees 86ven to Ihlr(J partles have been recorded or disclosed as appropriate. 10 We have no plans or intentions that may materl£lly alter the carrying value and where relevant the fair value measuremenis or ¢ias$5fi¢aiion of isset5 and liabilities reflected in the financial 5taternent5. AccountSn¥ e5tlrnates 11 Si8nilicant assumptions used by us in making a¢¢ountin8 estimates, Including those rTreasured at falr ¥31ue, are reasonable. Leial clairns 12 We have disclosed to you all claims in conne¢iion with litiRatitsn that have been, or are expected to be. received and such mattws. as appropriaie. have been Pfoptrty accovnted fN, and disclosed in, the hnanclal statemènts. Laws and rewlatlons 13 We have disclosed to you all knowh instances of non.¢ompllance or suspected non-complian with laws and regulatlons whose effects should be consldered when prèparing tTre financial statements. R•l•ted partles 14 Related party relationsiiips and iran5actions have been appropriely accounted lor and ijisclosed In the linancial statements. We have di5ck)sed lo you all relevant information ¢on¢erning such relationships and transactions and are not awareof any oth¢rmatters whichrequiredisclosure In order to comply with leglslatlve and accountln8 Standards requiiements. Subs¢4uert •vent% 15 All events subsequent to the date of the financial statenwnts whi¢h require adjustment or dlsclosufe have been properly a¢counted for and disclosed. GDlnJt concern 16 Wè believe that the charity's financi?1 statements should be prepared on a going toncern basis on the 8rounds that current and future sources of funding or support will be more than adequate for the tharity's needs. We have Considered a period of twelve months from date of approval of the
OouJ$lgn EnwkJp8 ID.. F3C029C2-0IEWBB-90A>103GODCÉÈ¢5D flnancial statements. Wt belleve that no hJrtherdi5c105ure5 relatrne to the charfty's abilityto coniinue as a going concerrs ld to be madt In the financial statenRnts. Grants and donatlons 17 All grants, donatlons ind other income, the recdpt of which is subject to 5pe¢lfic terms or con(*tIons, have been notlfied to you. ThÈre have been no breaches of teims or condltions In the appllcat6on of such income. Yours falthful signed on behall of the board of trustee5