**ST. LUKE’S SCHOOL TRUST**
**ST. LUKE’S SCHOOL TRUST** REPORT AND ACCOUNTS FOR THE YEAR ENDED 31[st] MARCH 2024 Registered with the Charity Commission Registered Charity Number: 1179851
**1**
**ST. LUKE’S SCHOOL TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **REGISTERED CHARITY NUMBER PRINCIPAL OFFICE**
## **TRUSTEES**
**CLERK TO THE TRUSTEES BANKERS**
## **PRINCIPAL INVESTMENT MANAGERS**
## **INDEPENDENT EXAMINER**
## 1179851
Radnor Street, LONDON EC1V 3SJ
Revd David Edward Allen (Chair) Ruth Margaret Grant Michael Hugh Percy Revd Canon Jack Noble Freddie Doust (appointed 23 January 2024)
Julie Fox
Lloyds Bank plc 11 High Street HORLEY Surrey RH6 7BJ
Quilter Cheviot Limited 85 Queen Victoria Street LONDON EC4V 4AB
David Warren, BA FCA Cocke, Vellacott & Hill Chartered Accountants Unit 15 City Business Centre Lower Road LONDON SE16 2XB
**2**
**ST. LUKE’S SCHOOL TRUST**
**TRUSTEES’ ANNUAL REPORT** for the year ended 31[st] March 2024
The Trustees present their Report and the financial statements for the Trust for the year to 31[st] March 2024, which comply with current statutory requirements, the requirements of the Trust’s governing instrument and the requirements of “Charities SORP (FRS 102)”.
## **OBJECTIVES AND ACTIVITIES**
In planning activities for the year the Trustees keep in mind the Charity Commission’s guidance on public benefit.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## _**Background**_
## The School
The School for boys, inaugurated and maintained by voluntary subscriptions and donations, was instituted in 1698 in a house in Golden Lane in the “Lordship part” of the parish of St. Giles’ Cripplegate and derived its name of “Grey Coat School” from the boys being dressed at that time in that colour. In 1732 the parish boundaries were altered and the school, now in a new distinct parish under the name of St. Luke’s, changed its name to the St. Luke’s Charity School for Boys, Golden Lane. The name was subsequently altered to that of St. Luke’s Parochial School, and most recently to its current title, St. Luke’s Church of England Primary School.
The girls’ school was instituted in 1761 by voluntary subscriptions, and although there were many applicants each year the number remained constant until 1772. Both schools were inundated with applications and had to turn down the majority because of lack of space. To meet ever growing demand the School has moved to larger premises on a number of occasions, moving to its current site in Radnor Street in 1986. Further details are available on the School’s website at http://www.st-lukesislington.c.uk/history.
## The Trust
The Trust has been endowed over a number of years by gifts and legacies from a number of benefactors, some of them former pupils of the School. Many of the assets transferred to the Trust were originally in the form of properties in London, which have been realised over the years such that now the principal asset of the Trust is an investment portfolio of shares and bonds. On 4[th] July 2000 the then existing Trustees of the Trust agreed to enter into a new Declaration of Trust for the better performance and regulation of their duties in relation to the Trust.
As part of their continuing management of the Trust’s activities, the Trustees undertook a review of the terms of the Declaration with its legal advisers, resulting in the Trustees’ executing a Deed of Amendment on 13[th] January 2020. A copy of the Deed of Amendment (“the Deed”) was provided to the Commission, which gave its approval to the terms of the Deed, and the Deed was formally adopted by a resolution of the Trustees at the meeting on 14[th] September 2020. The deed was subsequently filed with the Commission.
The Trust does not receive any income or grants from central or local government or from outside the UK.
All expenditure is paid by cheque signed by two trustees, or by direct bank transfers approved by at least two Trustees, to payees resident or based in the United Kingdom.
## _**Organisation**_
The Trustees, who have control of the Trust and its property and funds for the purpose of promoting its objects, are required to meet at least four times each year. The maximum number of Trustees is six, one of whom may be a member of the London Diocesan Board for Education and another shall be the Rector of St. Giles Cripplegate or in the event of he or she declining to act as a Trustee such person as shall be nominated by the Bishop of London; the remaining Trustees shall be persons who through residence, occupation, employment, or otherwise have special knowledge of or interest in the objects.
The Trustees have the power to appoint new Trustees whether in addition or replacement of an existing Trustee and to remove Trustees by resolution of the Trustees. All Trustees have been provided with a copy of the Charity Commission document CC3 “The Essential Trustee”.
In accordance with the provisions of the Declaration, under which the Trustees may deposit or invest funds in any lawful manner (but only after obtaining advice from a financial expert and having regard to the suitability of investments and the need for diversification), the Trustees have appointed Quilter Cheviot Limited to manage the majority of the Trust’s investment funds on behalf of the Trust, with an amount of £159,728 (2023: £146,480) managed by CCLA Investment Management Ltd. All investments held by the Trust have been acquired in accordance with the powers available to the Trustees.
All investments held by the Trust have been acquired and are managed in accordance with the powers available to the Trustees and in accordance with the provisions of the Declaration.
**3**
**ST. LUKE’S SCHOOL TRUST**
## **TRUSTEES’ ANNUAL REPORT**
for the year ended 31[st] March 2024
## _**Trustees**_
The Trustees who served during the year were: Revd. David Edward Allen; Chair Ruth Margaret Grant Michael Hugh Percy Revd Canon Jack Noble Freddie Doust (appointed 23 January 2024)
DBS checks have been carried out on all Trustees and the Clerk.
## _**Clerk to the Trustees**_
Ms Fox is not an employee of the Trust, and the Trust has no employees.
## _**Trust governance and Risk management**_
The Trustees have approved and adopted a number of formal policies and procedures to assist them in the proper governance of the Trust, including a Code of Conduct for Trustees, Trustees’ Roles and Responsibilities, Individual Trustees’ Lead Roles, and a Risk Management Policy.
Major risks to which the charity are exposed, as identified by the Trustees, have been reviewed and systems and procedures have been established to mitigate those risks. The management of risks is reviewed on a regular basis, and not less than annually.
The Trustees maintain a risk register in which the principal risks to which the Trust is subject are recorded and assessed (in respect of likelihood, inherent impact, gross threat, controls effectiveness and tolerance) with appropriate actions and controls being instituted; the register and the level of risks are reviewed at least annually. The Trustees consider that the Trust is not subject to any unacceptable levels of risk.
The principal risks identified by the Trustees are the following:
1. Maintaining the level of income from investments;
2. Maintaining the value of the Trust’s portfolio;
3. Incurring an annual deficit of expenditure over income (including any gains and losses in the value of the investment portfolio) for an extended period of time;
4. Failing to maintain proper data records;
5. Continuity of activities and record keeping in the event of business disruption or unavailability of a Trustee or the clerk;
6. Failing to protect personal data in accordance with law and regulations.
7. Failure to comply with any material legislation or Charity Commission requirements, or to fulfil the Trust’s charitable objects.
The Trustees declare that there have been no serious incidents during the period up to the approval and signing of this Report that would have had to be reported to the Commission. The Trust is registered with the Information Commissioner’s Office with Reference No. ZA764281.
## **FINANCIAL REVIEW**
## _**Performance and outlays**_
The results for the year are shown in the Statement of Financial Activities on page 7. The surplus for the year was £311,062 _(2023 – deficit £115,324)_ and has been transferred from the funds brought forward at the beginning of the year. The Trust’s annual outgoings are funded from investment income which was £84,587 ( _2023 - £73,132 investment income, £147,302 legacy, total income £220,434)_ . The costs of managing the investments of the Trust for the year totalled £11,624 _(2023 - £_ 11,769 _)_ and during the year the Trust expended £98,885 _(2023 - £105,683)_ on charitable activities, including governance costs of £4,673 _(2023 - £6,578)_ . Total outgoings were therefore £110,509 _(2023 - £117,452)_ resulting in a net deficit before any gains or losses on investments of £25,922 _(2023 – surplus of £102,982)_ .
## **FINANCIAL REVIEW**
## _**Reserves and grant making policies**_
It is the policy of the charity to maintain unrestricted funds at a level which will enable the charity to continue to distribute a consistent level of funds to meet its objectives as stated above, in the same way that it has been doing since it was set up.
In October 2024 the Trustees undertook a detailed review of the Trust’s policy for the levels of financial support to be provided to the School and its pupils, based upon an analysis of the average levels of annual Total Return (from income and capital growth) achieved from its investment portfolio over the past 5-7 years (being over 5.5% pa), with the objective of setting a level of financial support to the School that is sustainable in real terms over the medium term.
**4**
**ST. LUKE’S SCHOOL TRUST**
## **TRUSTEES’ ANNUAL REPORT**
for the year ended 31[st] March 2024
This indicated that total expenditure of c. 3.5% of the value of the Total Funds as at 31 March 2023 of the Charity (£3.47M) was a sustainable level, being the average net Total Return after inflation over the last five years, which period included severe market falls following the Covid-19 pandemic and the outbreak of the war in Ukraine. The projected return on the Trust’s investment portfolio based upon its performance in the period 2019-2024 indicates that this will permit the Trust to maintain the level of support to the School at this level in real (inflation-adjusted) terms, after also accounting for the administrative costs (investment management, and governance) incurred by the Trust. The Trust’s principal investment advisers have confirmed that they consider this to be a reasonable policy for the Trust to adopt.
Therefore, with effect from the Year to 31 March 2025, the Trust intends to provide a level of financial support to the School and its pupils and their families (including discretionary grants) totalling c. £110k pa, to be increased by at least the CPI annual rate of inflation in March each year.
The level of support to be committed to by the Trust shall be reviewed by the Trustees at least biennially, and more frequently if considered desirable by the Trustees. The principal factors to be considered in making any change to this stated intention shall include the following:
(i) the average annual level of change in the value of the managed investment portfolios held by the Trust over the preceding 3-5 years; and
(ii) the average annual gross deficits represented by the excess of total expenditure over income receivable for each year, also over the preceding 3-5 years,
such that the Trustees shall amend the future level of financial support to be provided to the School with the objective that the Trustees consider that such level is sustainable in real terms over the medium term (5-7 years) on a low-medium risk basis.
## _**Investment policy and performance**_
All investments have been acquired in accordance with the powers available to the Trustees, which as stated above require them to obtain advice from a financial expert and to have regard to the suitability of investments and the need for diversification. The overall investment management objective is to achieve a balanced return between income and capital growth.
The market value of unrestricted investment assets increased by 9.52% to £3,574,707 _(2023 - £_ 3,264,011 _)_ due to an improvement in general market conditions. The Trustees are satisfied with investment performance in the year.
## **PLANS FOR FUTURE PERIODS**
The Trustees intend to continue to make grants to, and to reimburse expenditure incurred, by the School, including by making contributions to the cost of educational equipment. They recognise that over the past few years the impact of COVID-19 and the conflicts in Ukraine and the Middle East on the financial markets and on the value of and the income generated by the Trust’s investment portfolio, and therefore on the ability of the Trust to continue its support to the School at historic levels, has resulted in volatility in both the value of, and the income generated from, the Trust’s investment portfolio. In the year to 31 March 2024, income generated from the portfolio was some 13% higher than for the previous two years, although the market value of the portfolio fell by about 6% during the year. The Trustees have adopted a policy of reviewing their level of support to the School on a regular basis (not less than annually) to ensure that the Trust will be able to provide support to future generations of pupils at the School.
The Trustees will also continue to review at least annually the risk register and the other policies and procedures established to assist in the proper governance of the Trust, as well the investment strategy for the Trust’s investment portfolio with Quilter Cheviot Limited, the principal professional investment advisors to the Trust.
## **THE TRUSTEES’ RESPONSIBILITY FOR THE FINANCIAL STATEMENTS**
The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust at the end of the year and of its incoming resources and application of resources in the year then ended. In preparing the financial statements, the Trustees are required to: -
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
**5**
**ST. LUKE’S SCHOOL TRUST**
## **TRUSTEES’ ANNUAL REPORT**
for the year ended 31[st] March 2024
The Trustees are responsible for keeping proper accounting records which are sufficient to show and explain the Trust’s transactions and to 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 requirements of the Charities Act 2011,the Charity (Accounts and Reports) Regulations 2008 and with the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the trust and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees
14 January 2025
DAVID ALLEN
**6**
**ST. LUKE’S SCHOOL TRUST**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF ST. LUKE’S SCHOOL TRUST**
I report on the financial statements of the St. Luke’s School Trust for the year ended 31[st] March 2024 on pages 7 to 12 which have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and the accounting policies set out on page 8.
## **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 carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **INDEPENDENT EXAMINER’S STATEMENT**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
- (3) 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 fair” view 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.
David Warren, BA FCA Cocke, Vellacott & Hill Unit 15 City Business Centre Lower Road LONDON SE16 2XB
14 January 2025
**7**
**ST. LUKE’S SCHOOL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
for the Year ended 31[st] March 2024
|**Unrestricted**
**income**
**funds**
**Income from:**
**Notes**
**£**
Investments
2
79,876
Legacy
-
**Total**
79,876
**Expenditure on:**
Raising funds
Investment management costs
11,624
Charitable activities
3
98,885
**Total**
110,509
Net surplus / (deficit) before gains or losses
on investments
(30,633)
Net gains / (losses) on investments
5
322,220
**Net income /(expenditure)**
291,587
**Transfers between funds**
-
**Net movement in funds**
291,587
**Reconciliation of funds**
Total funds brought forward
3,320,541
**Total funds carried forward**
3,612,128|**Restricted**
**residuary**
**legacy fund**
**£**
4,711
-
4,711
-
-
-
4,711
14,764
19,475
-
19,475
147,948
167,423|**Total**
**funds**
**2024**
**£**
**84,587**
**-**
**84,587**
**11,624**
**98,885**
**110,509**
**(25,922**)
**336,984**
**311,062**
**-**
**311,062**
**3,468,489**
**3,779,551**|_Total_
_funds_
_2023_
_£_
_73,132_
_147,302_|
|---|---|---|---|
||||_220,434_|
||||_11,769_
_105,683_|
||||_117,452_|
||||_102,982_
_(218,306)_|
||||_(115,324)_
_-_|
||||_(115,324)_
_3,583,813_|
||||_3,468,489_|
_The notes on pages 10 to 13 form part of these financial statements_
**8**
**ST. LUKE’S SCHOOL TRUST**
## **BALANCE SHEET**
as at 31[st] March 2024
|**FIXED ASSETS**
**Notes**
Investments
5
**CURRENT ASSETS**
Debtors
6
Cash at bank and in hand
**CREDITORS**: Amounts falling due
within one year
7
**NET CURRENT ASSETS (LIABILITIES)**
Total assets less current liabilities
**THE FUNDS OF THE CHARITY**
Unrestricted income funds
General fund
Revaluation reserve
Restricted residuary legacy fund
Total charity funds
8|**2024**
**£**
**3,737,511**
**3,737,511**
**6,516**
**42,616**
**49,132**
**(7,092)**
**42,040**
**3,779,551**
**2,343,042**
**1,269,086**
**167,423**
**3,779,551**|_2023_
_£_
_3,411,959_
_3,411,959_
_8,877_
_55,885_
_64,762_
_(8,232)_
_56,530_
_3,468,489_
_2,297,942_
_1,022,599_
_147,948_
_3,468,489_|
|---|---|---|
The financial statements were approved by the trustees on 14 January 2025 and signed on their behalf by: -
DAVID ALLEN - Trustee
_The notes on pages 10 to 13 form part of these financial statements_
**9**
**ST. LUKE’S SCHOOL TRUST**
**NOTES TO THE ACCOUNTS** for the Year ended 31[st] March 2024
## 1. **ACCOUNTING POLICIES**
- (a) **Basis of accounting**
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with applicable accounting standards, the Charities Act 2011 and the recommendations of the “Charities SORP (FRS 102)”. The charity is a public benefit entity and its functional currency is sterling. Comparative figures are for the year 1st April 2022 to 31[st] March 2023.
- (b) **Incoming resources**
All incoming resources are credited to the accounts when the charity is entitled to the income and the amount can be quantified with sufficient accuracy. Investment income including any associated recoverable taxation is taken into account on the basis of the due date of payment.
- (c) **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. VAT which is not recoverable is reported as part of the expenditure to which it relates.
Expenditure that involves more than one category is apportioned on a reasonable, justifiable and consistent basis to the cost categories involved.
Charitable activities include the making of grants and the expenses involved in making those grants. Grants payable are those grants that have been recognised as payable or for which a moral obligation to pay the grant exists.
Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
- (d) **Investments**
Quoted investments are valued at the middle market price at the close of business at the year end. Unquoted investments and freehold property are valued at the estimated realisable value. Realised and unrealised gains and losses are taken to the Statement of Financial Activities.
- (e) **Taxation**
- Provision for taxation is not necessary, as the trust is a registered charity. No deferred tax provision is required.
## (f) **Funds**
The Revaluation Reserve represents unrealised gains on listed securities as a result of their market values being higher than cost.
The General Fund represents the net surplus made by the Trust from its operations after any transfers to other funds. It is used to support the children being educated in St. Luke’s School in accordance with the charitable objects.
|2. **INVESTMENT INCOME**
UK quoted investment income
UK unquoted investment income
Interest on cash held as part of the investment portfolio
Deposit interest|**2024**
**£**
**75,545**
**4,241**
**-**
**4,801**
**84,587**|_2023_
_£_
_67,427_
_4,241_
_-_
_1,464_
_73,132_|
|---|---|---|
**10**
**ST. LUKE’S SCHOOL TRUST**
**NOTES TO THE ACCOUNTS** (continued) for the Year ended 31[st] March 2024
|3. **CHARITABLE ACTIVITIES**
Grants payable:
St. Luke’s School for -
Additional teacher
School journey
St. Luke’s Day – gift for every child
Bibles
Islington road maps
Breakfast Club
Swimming
Foxes Crowns
Music
Dance and Drama
Phonics books
Staff lunches and refreshments
After School Provision
Pupil workshops
Resources for sensory room
Resources for early years
Contribution to water bill
Repairs to property
Equipment
Tabards
Discretionary grants awarded to pupils for hardship
Governance
Independent examiner’s fees
Legal fees
Trustee professional indemnity insurance
Trustees’ lunch
Trustees’ expenses
Clerk’s fees and expenses
Total charitable activities
|**2024**
**£**
**28,282**
**14,785**
**721**
**257**
**1,625**
**5,999**
**-**
**236**
**10,140**
**9,332**
**-**
**5,873**
**6,000**
**436**
**495**
**509**
**9,622**
**-**
**-**
**-**
**(100)**
**94,212**
**2,220**
**35**
**418**
**-**
**-**
**2,000**
**4,673**
**98,885**|_2023_
_£_
_26,237_
_11,467_
_400_
_200_
_1,600_
_5,325_
6,000
_156_
_9,000_
_8,500_
_2,663_
_5,035_
_6,000_
_661_
-
-
-
_14,786_
_500_
_275_
_300_
_99,105_
_1,860_
_2,321_
_393_
_-_
_-_
_2,004_
_6,578_
_105,683_|
|---|---|---|
## 4. **TRUSTEES AND EMPLOYEES**
None of the trustees received any remuneration during the current or preceding year. During the year no trustees (2023 – none) were reimbursed _(2023 - £nil)_ for expenses.
The clerk to the trustees received fees and expenses for their services (see note 3).
The Trust does not have any employees.
**11**
**ST. LUKE’S SCHOOL TRUST**
## **NOTES TO THE ACCOUNTS** (continued) for the Year ended 31[st] March 2024
|5. **FIXED ASSET INVESTMENTS**
Market value at 1st April
Additions at cost
Disposals
Realised gains (losses) on investments
Unrealised gains (losses) on investments
Net cash movements on cash held by brokers
Net movement on Sir WJ Jordan Residuary Legacy Fund
(addition £92, unrealised gain £14,764)
Market value at 31stMarch
Historical cost at 31stMarch
Analysed as follows:-
Investments listed on the UK stock exchange
Unquoted securities
Cash held as part of the investment portfolio
Sir WJ Jordan Residuary Legacy Fund (restricted)
The following securities exceeded 5% of the value of the portfolio:
Allianz Global Investments UK Yield I Inc Nav
Vanguard Investment Series PLC UK Inv Grade Bd Idx Inst Pls GBP Dis
Ishares S&P 500 Ucits Etf GBP Dis
6. **DEBTORS**
Income receivable
7. **CREDITORS: Amounts falling due**
within one year
Accruals|**2024**
_2023_
**£**
_£_
**3,411,959**
_3,594,492_
**324,409**
_642,222_
**(423,152)**
_(692,276)_
**(13,024)**
_(15,539)_
**335,244**
_(203,413)_
**87,219**
_(61,475)_
**14,856**
_147,948_
**3,737,511**
_3,411,959_
**_2,453,667_**
_2,241,412_
**Market Value**
**2024**
_2023_
**£**
_£_
**3,314,445**
_3,104,216_
**159,728**
_146,480_
**100,534**
_161,263_
**162,804**
_-_
**3,737,511**
_3,411,959_
**Valuation**
**Nominal**
**31st March**
**amount**
**2024**
**£**
**224,695**
**325,875**
**2,205**
**206,094**
**13,911**
**575,116**
**2024**
_2023_
**£**
_£_
**6,516**
_8,877_
**2024**
_2023_
**£**
_£_
**7,091**
_8,232_|
|---|---|
|||
**12**
**ST. LUKE’S SCHOOL TRUST**
**NOTES TO THE ACCOUNTS** (continued) for the Year ended 31st March 2024
|8. **ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**Unrestricted**
**income**
**funds**
**£**
Fund balances at 31stMarch 2024 as represented by:
UK quoted and unquoted investments
3,574,707
Net current assets
37,421
Total net assets
3,612,128|**Restricted**
**residuary**
**legacy fund**
**£**
162,804
4,619
167,423|**Total**
**funds**
**£**
3,737,511
42,040
3,779,551|
|---|---|---|
The balance on the unrestricted income funds comprises £2,343,042 in the general fund and £1,269,086 in the revaluation reserve.
The balance on the revaluation reserve represents the amount by which the investments shown in note 5 differ from their historical cost. The figure of £1,269,086 is made up of unrealised gains of £1,142,002 on quoted shares and unrealised gains of £127,084 on unquoted shares.
The balance on the Restricted Residuary Legacy Fund arises from a legacy received in a number of instalments between June 2022 and March 2023 from the estate of a former pupil of the school, Sir W J Jordan. The provisions of Sir Jordan’s will provide that the bequest shall be invested by the Trustees and the annual income arising therefrom is to be applied from time to time for the purpose of rewarding, assisting or encouraging any scholar or scholars at St. Luke’s School who has or have suffered misfortune by illness affliction or other mishap who merits financial assistance.
The revaluation reserve balance in respect of the Restricted Residuary Legacy Fund is £14,856.
**13**