2023-03-31-accounts

Heron Ed￿atIonal Fwndatlon Charfty No. I￿1969 Trustees, Report and UnaudltedAruwnts 31 M•rch 2023

Heron Educalional Foundation Trustees. Annual Report Independent Examiner's ReFX)rt Statement of Financial ActNities Balance Sheet Statement of Cash fiows Notes to the Accounts 16 Detsiled Ststement of Financial Activities 17to18

Heron Educallonal Foundation TNstee5 Annual Report The trustees present their report with the unaudited financial statements of the tharity for the year ended 31 March 2023. REFERENCE AND ADMINisfRATIVE DEfAIiS Charlty No. 1187969 Prlnclpal OFlk• Hill Fann House Sproatley Road Fllnton East Ridlng of Yorkshire HUII 4NE Trustees The following trustees served during the year: C. Brazier F.A. Caley F.P.A. Dudley M. Havler D. Merrington Hosktns M. Rlley P. Farrar {Re5igned July 20221 (Jolned November 2022} Key Manwm•nt Personn Chalr Vlce Chair Secretary Treasurer Accountsnts M Ha¥ler O H05kins F Dudley C Brazier CBE {ResIg￿ July 20221 MPH Accounta 1st Floor Manor House Main Road Ryehill East Yorkshlre HU12 9NH Bankers Natlonal Westminster Bankpk Willerby and Kirk Ella Thesquare Willerby Hull HUIO 7UA

Heron Educalional Foundatlon TTh￿ee$ Annual Reyt OBJEcnvES AND ACTivmES The Objects of the CIO a￿. for the publlc benefft toprovide assistancefor the higher educotit)n tymeons of exhibltlons orfinontiol osslstonce to enable beneficiarles to preporefvrorenter a prOfe￿On. trode Orcollin￿ otherwse promotino the education (Including sacialandphy5icoI truiningj of boys ond giA5 resident in the Pansh of Humbleton. The principal vtsy in which these a￿ achieved is through the provision of grants to chlldren of the parish as they reach key stsges of education (entering Primary khool. Secondary khthjl. and University). In addition, Trustees will consider applications from local schi)ols for equipment or facilities that will benefit children from the parish. We raise money to continue our work through rental income from our property in Humbleton as well as Interest on our bank accounts. ACHIEVEMENTS AND PERFORMANCE Over the past year, we have 8i¥en three Indlvldual grants to young people totsllng £850 to support their studies. Much of our work this year ha5 again been focused on our construction projert which has now completed the conversSon of the Old School into three 2-bed dwelllngs lo¢rupied JonuarylFebruary 20231, the ¢reatlon of two new 3-bed dwellings (occupied July 20221 and the extenslve refurb15hment of the Old School House loccupied January 20231. This gives us slx propertles whlch are let at afft)rdable rates in accordance wlth our Allocatlons Pollcy- which priorilises local people and those who are octupying properties for the first time. There a￿ stlll a few external/groundworks elements of the constructlon to Complete. but we antlclpate all works beln8 flnlshed and final accounts settled by the end of May 2023. Th15 has been a huge undertaklng for small charity and we are enorn)ousty proud of what we have achieved and the difference that thls wlll make to the charity, our tenants and the village. We are very 8rateful for the continued support of East Rldin8 Council who have prowded advice. sUPPOrt and grant finances-a total of almost £I50.C￿0 in this period. FINANCIAL REVIEW The Trust sold Heron's Farni. Flinton in 2019 for £550,(XX). In a(￿rdan￿ wlth Charlty Commls5ion direction, thls sum can only be used to purchase capital assets (such as buildings and landl or for investments- rt cannot be spent on grants or rnaintenance/administration. To that end. we had originally allocated £425,000 from this sale to the dwelllngs element of the construction project and the remaining £125.0(Xi to the Community CentrelPavllion. The Centre continues to be a priority for us and we are actively looking for ways of makin8 it a reality but this year ha5 been all about the housin8 build with the Centre an aspiration for next year or Flnancial Year 2024125. Turning to the housin& tonstruttion industry price increases have continued this year- although not as rapidly as last year. Thi5 has meant that the total housing project cost will be in the region of £1.2 million which has been financed las agreed last yearl by IncreaslnE our original £425,LWto £465.0(X) plus £3￿,[￿￿) from an ERYC CHF Erant, close to £70,0￿ frorn an ERYC Commuted Sums grant and a 15 year loan of £200.ocKJ from the Soclal & Communtty CapÉtal arm of the Natwest bank. Legal action that WÈ took against a previous Project Manager has concluded pre-trial and the resultant payment to us closed the rÈmaining financial

Heron Edutatlonal Foundation Tru5tee5 Annual Rewrt Now that the dwellings are all complete. we have had them valued to update our F￿ed Assets figure. The market value was reduced by 20% because the ERYC CHF grant require5 that they can On￿ be rented or sold at'affordable, rate5 lie 80% of market value). Usinsthis percenta8e, we had previousty experted thatthe six homes would be worth approxlmately £930.(KK) but we were pleased to note that the actual figure assessed In Feb 23 was £I.080.￿)- although we Still have no plans to sell any of them. Wlth all of the homes now occupied. we are confident that our net rentsl income I'affordable. rates minus management charges) from all six properties will be £30.5tN) pa. This will enable u5 to repay our loan and to Increase our grant-gNlng In acc￿dance with our plans abo¥e. We have no fomial ReseNes Pollcy. We alw3y5 intend to have no less than £2s,l￿ In our accounts wlth a minimum of £5000 avallable immediately in case of urgent requlrements leg repairs). Should we need to redu￿ elther of these flgures, the Trustees will be asked to approve the reductlon. PLANS FOR FUWRE PERIODS Once the final project accounts are settled, we wlll begin to rebuild ourfinancial reSe￿e5, repay the loan and 5tsrt to focus on Phase 2 of the project which wlll Involve the buildln8 of a rbew Communlty Centre/Pavlllon for the village close to the Trusvs six dwellings. The profft that we Èxpect to generate from our new properties wlll also enable us to Increase the amount that we prowde to local children/youn8 people to enable them to reach thelr full potential. A5 well as our current 8rants. we anticipate belng able to provlde more targeted (and potentially Ilfe-changingl amounts to support the transltlon from edu&ition and Into employment. We expect that these mlght include unlverslty fees, apprentlceships. professlonal quallficatlons leg HGV. AAll. tool purchases and buslnes5 Start-ups. STrUCWRE, GOVERNANCÉ AND MANAGEMENT Heron Educatlonal Foundation is a re8TStered charitable Sncorporated organisatlon (CIO- 11879691 and is constituted under a Foundatlon model constltution dated 14 Febn￿ry 2020. The Trust wa5 orl8inally established In 1718 by the wlll of Francls Heron to provide assistan￿ for the higher educatlon of chlldren living in the parish of Humbleton. The con5tltutÉon allow5 fvr a minimum of 3 and a maxlmum of 9 Trustees. A quorum Is achieved when 50% (rounded upl are in attendance. There is no re5trictlon on residenq or profe55ion of Trustees althou8h it Is normal for all Trustees to have some connection {thmugh residency or family) to Humbleton or the surrounding parishes. We hold Trust meeting5 every month and have added a Construrtion Project meeting 2 weeks after the Trust meeting to deal with the many issues that arise as we work through the various prO￿55e5 to finance, specify and oversee the project. We have appointed a Project Sub£ommittee Iconsi5ting of the Chair, secretary and Treasurer) to deal with day-to-day matters. The SulFCommittee is authort5ed to Spend up to £IO.(JXI without reverting to the full Trust rneeting for approval.

Heron EdU￿110nal Foundatlon Trustees Annual Report ststement oftriwtee5' re5pon51bllllie5 In Trlatkln to the financial sl*em The charity trustees a￿ responsible for preparing a trustees, annual rep)rt and finanoal statements in accordance with applicable law and United Kingdom kcounting Standards (United Kingdom Generally Accepted Accounting Practice). The trustees are responslble for keeping proper accounting record5that disclose with reasonable accuracy at any tlme the financial position ofthe charity and to enoble them to ensure that the financial statements comply with the Charities Act 2011. the applitable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence tsking reasonable steps for the preventbon and detection of fraud and other irregularities. Signed on behalf of the ¢haritVs trustees C. Brazler Treasurer 2 November 2023

Heron Educatlonal Foundatknn Independent Examlners Report Independent Examine¢s Report to the trustees of Heron Educallo￿l Foundatlon I report to the trustees on my examinatlon of the financial ststements of Herofft Educational Foundatk)n for the year ended 31 March 2023 which comprtse the Ststement of Financial Actfvities. the Balan￿ Sheet, the Statement of Cash Flows and the rehted note> As the charlvs tnjstees you are resp)nslble for the preparation of the financlal ststements In accordance wlth the requSrements of the Charltles Act 2011lhe ACVI. The trustees consmler that an audlt Is not requSred for thts year under the Charities Act 201L s.144121 lthe 2011 Act) and that an Independent examinatkm Is needed. I report In reS￿rt of my examination of the charlty's flnandal ststements carrled out under sectlon 145 of the 2011 Act and in carryin8 Out my e)(aminatlon I have folk￿ed all the applieable D¥ectlons 8lven by the Charrty Comm]ssion under sectlon 1451Sllb) of the A¢L Indwndent examlnerfs stalement I have completed my examlnatlon. I can conflmi th no m￿erIal matters have come to myattentlon In connectlon wlth the e¥amlnatlon glvlng me cause to belleve that In. any materlal ￿pert: . the accountlng records wefe not kept In re5pe¢t of the charttyas requlred by sectlon 130 of the Act; Or • the flnanclal stalements do not acco￿ wlth those ￿(￿d$. or the financlal statements do not compty wlth the applicable requlrements concernlng the fomi and content of the flnanclal statements set out in the Charrtles (Accounts and Reports) Re8ulation5 2fy)8 other than any requirement that the financial statements 8Ne a'true and falr, vlew whlchls nol 4 matter onsldered as part of an Independent examlnatlon. I have no concerns and have come acr055 no other matters In connecilon wtth the exarnlTratlon to whkh attentlon should be drawn In thts report In order to enable a woper understandlNd of the flnanclal statements to be reathed. Shannon Smlth MAAT ACCA MPH Accountanc¥ 1st Ftoor Manor House Main Road Ryehlll East Yorkshlre HU12 9NH 02 November 2023

Heron Educational Fwndation Statement of Finandal Actl¥i for the year ended 31 March 2023 fun(ts Totsl funds Totsl funds 2022 Income and endo¥mients Charitsble activities Othertrading artlvltles Investments 2iJ) 429 2(Ki 429 1.627 191,615 Other 167.372 167.372 Total 168,(X)3 168,003 193,444 Expendltule on: Other 26.675 26,675 61,807 Totsl 26,675 26,675 61,807 Net11055esllgains on Investments 1102,6931 (102,6931 349 N•t Incom• 38,635 38,635 131.986 Transfers between funds Net Income before other Insl(IDsses) 38.635 38,635 131,986 Other qalns and losse5 N•t mowmant lfi lunds 38,635 38.635 131,986 Reronclllatlon of fun￿. Total funds brought forward 942,071 942,071 810,085 Total funds Carr1￿ Iotwanl 980.706 980.706 942.071

Heron Educational Foundat Balance Sheet at 31 Marth 2023 Charlty No. 1187969 20Z3 20ZZ Flxed assets Investments 1.102,473 1,102,473 519,920 519,920 Current assets Stocks Cash at bank and in hand io 412 74,667 75,079 (10.122) 64.957 1,167,430 1186,7241 980,706 422.751 422.751 16001 422,151 942,071 Credltor&' Amount falllng due withln one year Nèt current assets li Total assets less current Ilabllltles Credltors: Amourrt5 fallin8 due after more than one year Net assèts ex¢ludkng Pen$h￿ asset or Ilablllty 12 942,071 Total net assets 980,706 942,071 Th• lunds of the tharlty Restrlet•d funds Unrestrlcted funds General funds 13 1.083.399 942,071 1,083,399 942,071 13 Revaluation reserve 1102,693) 1102,693) Totsl funds 980.706 942,071 Approved by the trustees on 02 November 2023 And signed on their behalf by: M. Havler Trustee C Brazier CBE Treasurer 02 November 2023

Heron Edu&itional Foundatlon Notes to the Accounts for the year ended 31 Marth 2023 l Acctyjntlns polldes Basls of preparation The financial statements hove been prepared in accordonce with Statement of Recommended Practice: Accounting and Reportin8 by Charitles preparin8 thetr accounts In accordance with the Flnancl31 Reportin8 Standard applicable In the UK and Republic If Ireland IFRS 1021 i￿ued on 16 July 2014 and the Flnanclal Reportlng Standard applicable In the United KlnEdom and Republk of Ireland IFRS 1021 and the Chartties Art 2011. Chan8e in basis ol accounting orto pre¥ious accounts There has been no change to the accountin8 policie5 (valuation rules and method of accounting) 51nce last year and no changes ha¥e been made to accounts for prevM)us years. Fund accountk Unre5trirted funds These are available for use at the discretion of the trustees In furtherance of the general objects of the charity. These are unrestrirted funds earmarked by the trustees for partlcular purr•)ses. These are unrestrlcted funds whlch include a revaluation reseNe ￿presentIng the restaternent of Investment assets at thelr market Values. These are available for use subject to restrlttlons Imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restrlrted fund5 Recognltlon of Income Income is included in the Statement of Financial Activities ISOFA) when the charity becomes entitled to, and Virtually certain to receive. the income and the amount of the income can be rneasured with sufficient reliability. Income wlth related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA Donatlonsand legacle5 Voluntsry Income received lry way of 8rnnts, donations and 81ft5 is included in the the SOFA when recepéable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from reclalms is included in the SOFA at the same time as the donations and gifts ￿ft/dOnat￿n to whith It relates. Donated service5 These are only included in income (with an equivalent amount in expendlture} where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The walue of anyvolunteer help receNed is not included in the accounts. Investment income Thi5 15 induded in the accounts when recelvable. Gainslllossesl on This includes any gain or Iw resultln8 from revaluing Investments to marketvalue revaluation of fixed at the end of the year. assets and facilities Gain51llO￿es) on investment assets This includes any gain or loss on the sale of investsnents.

Heron Ed￿at1(￿al Foundatlon Motes to the Accounts Expendlture Recognition of expendtture Expenditure is recognised on an accruals basis. Expenditure indudes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relate& Expenditure on These comprise the costs associated wtth attrattingvoluntary Income, fundralsing raising funds trading costs and in%t5tment management costs. Expendlture on These comprise the costs incurred by the Charity in the delivery of its attivities and charitsbleactivities Se￿iceS in the furtheran￿ of its objects, includin8 the making of grants and governance cosrs. All grant expenditure Is accounted for on an artual pald basls plus an accrual for rants that have been approved by the trustees at the end ofthe year but not yet paid. These include those costs a550ciated with Meeting the constitutional and statutory requirements of the Charity. induding any audiwindependent examination fees. costs linked to the strategic management of the Charity. together with a Share of other administration costs. These are support costs not allocated to a partlcular actlvlty. Grants payable Governance costs Other expendlture Taxatlryb The charity is exempt from tax on Its charitable actlvitie& Freehold Inveslment property Investment properties are measured 1nit1al￿ at Cost and subsequently at falr value at each balance sheet date and are not depreciated. All 83ins or losses are taken to the Statement of Flnanclal Actlvlties as thev arise. Stocks Stock Is Included at the knyer of cost or net realisable value. Donated Items of stock are recognised at fair value which is the amount the charlty would have been willing to pay for the items on the open market. Trade and other debtors Trade and other debtor5 are reco8nised at the settlement amount due after any trade dlscount offered. Prepayments are Yalued at the amount prepaEd net of any trade discounts due. Cash and cash equlvalents Cash and cash equivalents comprfse cash at bank and on hand. demand deposits with banks and other 5hort-term highly liquid investments wlth orlglnal maturltles of three Months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown wlthin borrowlng5 or current liabilities. In the Statement of Cash Flows. cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integrdl part of the company's cash managemenL Trade and other creditc Short term creditor5 are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resukning from a past event that wlll probably result in the transfer of funds to a thlrd paty and the amount (iue to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognlsed at their settlement amount after allowing for any trade discounts due.

Heron Edu¢alional Foundation Notes to the Accounts Research and dvrtlopmeirt Expenditure on research and development Is written off in the year in which it is incurred. F(Kei8n ￿rrende5 Monetary a55ets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchan8e p¥evailin8 at the end of the reporting period, Transactlons In currencies other than the funrtional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchan8e differences are are taken into account in arriving at net incomejexpenditure. Where the charity enters into a lease which entails tsking substsntially all the risks and rewards of ownership of an a￿et. the lease is treated as a finan￿ lease. Leases which do not transfer sub5tsntialty all the rssks and rewards of ownership to tharty a￿ Classified as operatln8 leases. Assets held under flnan￿ leases are Inltlally recognlsed as a55ets of the charlty at thelr falr value ar the inception of the lease or, if lower. at the present value of the mlnlmum lease payments. The correspondlng liaEMlity to the lessof is included in the balance sheet date as a finance lease obli8atlon. Lease payments are apportioned between finance expenses and redurtion of the lease obli8ation so as to hieve a constant rate of interest on the remaining balance of the liablllty. Finance expenses are recognised immediatefy, unle55 they are dirertly attributable to qualifying assets, in which case they are capltsllsed In accordan￿ with the charity's policy on borrowinB costs. Assets held under finance leases are depredated In the same way as owned asse Operatln8 lease payments are recognlsed as an expense on a straight-llne basis over the lease term. In the event that lease incentives are recelved to enter Into operating leases. such incentives a recognlsed as a Ilabllity. The a88re8ate benefft of incentive515 recognised as a reductlon of rental expense on a 5tral8ht-Ilne basls. Recelpt of donthd goods. fadlltl¢s and ser¥lces All donated goods, facilities and sepiices received arÈ rtto8nisÈd within iM)ming resources and expendlture at an estimate of the value to the charfty.

Heron Educational Foundatlon Note5 to the Accounts 2 Statement of FlTrandal ACti¥its￿- prior year Unrestrlcted fund5 Total fund5 2022 Income and endowmènts from: Charitable activities Other trading attivities Investments Other 21)0 1,627 191.615 200 1.627 191.615 Totsl 193,444 193,444 Expendlture on: Other 61.807 61,807 Total 61,807 349 61,807 Net 8alns on Investments Net In¢ome 349 131,986 131,986 Net Income before other galns/(lossesl Other galn5 and1055eJ: Net movernent In funds 131,986 131,986 131,986 131.986 R•¢onclllatlon of funds: Total funds brought forward Totsl funds arrled forward 810.085 810,085 942.071 942,071 3 Income from charltable artl¥ltles Total Total 2022 YEDL Wayleave 4 Income from other trad1￿ actl¥ltles Total Total 2023 2022 Humbleton Recreation Club 21X) 21JO 2CX) 21KJ

Heron Educatlonal F(￿ndatioN Notes to the Accounts 5 Income from Inveslments Totsl Total 2022 COIF Dlvldend 61 61 120 Bank Interest Re￿IVed 368 1,507 1,627 429 429 6 Other Income Unrestrlcted Totsl Totsl 2022 Investment Property Rent Grants 17,424 149,948 167,372 17.424 149,948 167,372 785 190,830 191,615 7 Other eXpendI￿re Totsl Totsl 2022 Awards and Grants Bank loan and overdrnft interest payable Premlses costs 850 850 419 2,495 2,495 470 470 157 General administratfve costs Legal and professional costs 59 59 148 22,801 26,675 22,801 26,675 61,083 61,807 8 Staff Costs No employee reolved emoluments in excess of £60.(KKI. FreelK)Id Investment Investments - Unlisted T¢>tsl Cost or revaluation At l April 2022 Additions 515.545 689,586 1102,6581 4.375 519.920 689,586 {351 1102,6931 {4.3401 14.3401 1,102,473 Revaluation Disposals At 31 March 2023 Net book values At 31 March 2023 At 31 March 2022 1,102,473 1.102,473 515.545 1,102,473 519,920 4.375

Heron Edu¢atlonal Foundath)n Plotes to the Accounts io Stocks 2023 2022 Raw materials and consumables 412 412 11 Credlto amounts falling due within one year 2023 2022 Bank loans and overdrafts Accruals 9,922 21 10.122 12 Credltor&' amounts falling due after mre than one year 2023 2022 Bank loans and overdrafts 186,724 186,724 13 Movement In fvnds IrKomln8 Ilndudln8 Resources other expended At l ￿rI1 8alrflos5 2022 At31 March 2023 Unrestrkted funds: General funds 942.071 168,CM)3 {26,6751 1.083.399 R•valuatlon Resems: Revaluation fund {102.6931 1102,6931 1102.6931 1102,6931 Total revaluation reserves Totsl fund5 942,071 65.310 126,6751 980,706 Purposes and restrictlons in relation to the funds: Revaluation reserves Represent the amount by whith investments exceed their historical Cost.

Heron Educatlonal Foundation Note5 to the Accounts 14 Analysls of Det assets between funds Unrestricted Restricted fund5 fvnds Total Investments Net current assets Creditors due In more than one year and provisions 1.102,473 1.102,473 64.957 64,9S7 (186,7241 1186,7241 1121,767} 1.102,473 980,706 15 Reconclllatlon of net debt At31 March 2023 At l Aprfl 2022 C•sh flows Cash and cash equlvalents 422.751 422.751 1348.0841 1348,0841 74.667 74,667 Bank loans {196,6461 1196,6461 {196.6461 1196,6461 Net debt 422,751 {544,7301 1121,9791

Heron Educational FoundalSon for the year ended 31 March 2023 2023 2022 Net Income per Statement of Fmancl A¢ll¥ltl 38,635 131.986 Adlustments for: Dividend5. interest and rents from investments {Increa5el/Decrease in stocks Decrease in trade and other payables 1167,801) 14121 I4￿) 1193,2421 100 IS,4001 Net ¢ash used in operatln8 artl¥ft (129.9781 166,5561 Cash flow5 from Investlng •rtlvltles Proceeds from sale of investments Payments for Investments Diwdends. Interest and rents from Investments 1689,$86} 167,801 193,242 Net cash Inllfyom Investln8 artl¥lEI 1517.4451 193,242 Cash Ilows from flnandng artlvftles Repayment of borrowin85 196,646 Net cash from flMndn¢ actlvftles 196.646 Net (d•cr•ase)Dntt•aM In cash and csh equfvalohts 1450.7771 126.686 Cash and ush equlvalents at the beglnnln8 of the year 422,751 567,281 Cash and cash equlvalents atthe end of the year 128,0261 693,967 Components of cash and cash equlvalents Cash and bank balances 74.667 422,751 74,667 422,751

Heron Educational Foundalion Detslled Ststement of Flnanclal Actlvltles for the year ended 31 March 20Z3 funds Total funds Totsl funds 2023 2022 Income and endowments fr¢Jm: Charitable activities YEOL Wayleave Other trading octlvltie5 Humbleton Retreation Uub 2(Kl 200 200 2CK) 200 Investments COIF DNidend Bank Interest Reoived 61 61 368 429 120 1.507 1.627 429 other Investrnent Property Rent Grants 17.424 149,948 167,372 17.424 149.948 167,372 785 190,830 191,615 Total Income and endowm¢nts I68,￿3 168,LlJ3 193,444 Expendlture on: Other expendlture Awards and Grants Bank loan and overdraft Interest payable 850 850 419 2,495 2,495 3.345 3345 419 Premlses C05ts Rates Premises repairs and maintenance Other premises costs (3871 13871 360 857 470 857 1303} 157 470 General admlnistrative costs. including depreciation and amorrisation ststionery and printing 59 59 148 59 59 Legal and profe55ional cosrs Auditllndependent examination fees Management charge5 Other legal and professional costs 2(WJ 21Xl 200 3,661 3.661 81 18.940 60,802 22,801 22,801 61,083

Heron Educatlonal Foundatlon Detslled Statement of Hnanclal Acim Total of expendlture of other (*5ts T•)tsl expenditurn Net gain5 on investments 26.675 26,675 61,807 26,675 26,675 61.807 1102,693) 1102,6931 349 Net Income 38.635 38.635 131.986 Net income before other alnslllowsl 38,635 38,635 131,986 Other Galns Net movement In funds 38.635 38.635 131.986 Re¢ondllatlon of funds: Totsl funds brou8ht for4ward 942,071 942.071 810,085 Total funds carrled forward 980,706 980,706 942,071