The Penchant Foundation
(Charity Commission No 1188402)
Trustees' Annual Report and Financial Statements for the year ended 30 June 2025
The Penchant Foundation
Trustees' Annual Report for the year ended 30 June 2025
The Trustees present their annual report and financial statements of the charity for the year ended 30 June 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Reference and Administrative details
| Name of Charity: | The Penchant Foundation |
|---|---|
| Charity No.1188402 | |
| Trustees: | Sir Charles Chadwyck-Healey Bt |
| Lady Angela Mary Chadwyck-Healey | |
| Edward Alexander Chadwyck-Healey | |
| Catherine Davies | |
| Faith Miller | |
| Principal Office Address: 5 Madingley Road | |
| Cambridge | |
| CB3 0EE | |
| Bankers: | NatWest Bank |
| 21 Petty Cury Cambridge | |
| CB2 3NE | |
| Investment Managers: | Brown Advisory |
| 18 Hanover Square | |
| London | |
| W1S 1JY | |
| Accountants: | Reza Motazedi and Co LLP |
| 7 Bell Yard | |
| London WC2A 2JR | |
| Reza Motazedi FCA | |
| IndependentExaminer: | 7 Bell Yard |
| London WC2A 2JR | |
| Structure, GovernanceandManagement | |
| Settlors: | Sir Charles Chadwyck-Healey |
| LadyAngela Mary Chadwyck-Healey | |
| GoverningDocument: | The principal governing document is the constitution of the CIO dated 6 March |
| 2020. Power of appointment of additional trustees lies with the existing | |
| Trustees,who are the original trustees.No additional trustees have been | |
| recruited since the inception of the charity, and it is not considered that any | |
| additional trustees are required at present. The Trustees are permitted to | |
| appoint income or capital to beneficiaries in the course of meeting the fund's | |
| purpose. |
Page 1
The Penchant Foundation
Trustees' Annual Report
for the year ended 30 June 2025
Investment Objectives: The Foundation seeks to produce the best financial return within an acceptable level of risk. The investment objective is to generate a return of inflation plus 4% per annum over the long term, after expenses. This should allow the Foundation to at least maintain the real value of the assets, whilst funding annual expenditure in the region of 4% of the average value of the assets over the prior three years. The Foundation adopts a total return approach to investment, generating the investment return from income and capital gains or losses. It is expected that if in any one year the total return is insufficient to meet the budgeted grantmaking expenditure, in the long term the real value of the Foundation will still be maintained in accordance with the investment objective above. Objectives and activities Objectives of the Charity: The charitable objectives of the Charity are to advance such charitable purposes (according to the law of England and Wales) as the Charity trustees from time to time see fit. The Charity intends to carry out its purpose by making grants. The Charity is governed by the charity Trustees of the Charity ("the Trustees") who have a duty, acting at all times in the best interests of the Charity, to apply the Charity's assets to advance the objects and have ultimate responsibility for all grant-making decisions. The number of projects and activities which can be supported is limited by the amount of funds available for distribution. The priorities for funding over the next year will be the making of grants to organisations that submit an application to the Charity (such applications may be by invitation). Public Benefit: The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity’s aims and objectives and in setting the grant-making policy for the year. Risk: Attitude to risk: The Foundation relies on the investment return to fund grant-making. However, grants are generally one-off awards and the number and value of these may vary depending on circumstances. The key risk to the long-term sustainability of the Foundation is inflation, and the assets should be invested to mitigate this risk over the long term. The Trustees understand that this is likely to mean that investment will be concentrated in real assets and that the capital value will fluctuate. The Trustees are able to tolerate volatility of the capital value of the Foundation, as long as the Foundation is able to meet its short-term grant making commitments through either income or liquid capital assets.
Page 2
The Penchant Foundation
Trustees' Annual Report
for the year ended 30 June 2025
| Assets: | The Foundation's assets can be invested widely and should be diversified by |
|---|---|
| asset class, by manager and by security. Asset classes could include cash, | |
| bonds, equities, property, hedge funds, structured products, private equity, | |
| commodities, property and any other asset that is deemed suitable for the | |
| Foundation. | |
| Currency: | The base currency of the investment portfolio is Sterling. |
| Investment may be made in non-Sterling assets but should not exceed 50% | |
| of the total investment portfolio value. | |
| Hedging is permitted. | |
| Credit: | The Foundation's cash balances should be deposited with institutions with a |
| minimum rating of A- or invested in a diversified money market fund. | |
| Bond exposure should be predominantly focused on investment grade | |
| issuers. | |
| Liquidity Requirements: | The Foundation aims to distribute grants of between £150k and £200k per |
| annum.This can be funded from both income and capital. | |
| The Trustees wish to keep at least 70% of the assets in investments that can | |
| be realised withinthreemonths. | |
| To allow for volatility of capital values, the Trustees wish to maintain at least 3 | |
| years' worth of budgeted grant-making in cash or lower risk liquid | |
| investments. | |
| A minimum of 2% of the total assets should be kept in cash or near cash | |
| investments at all times. | |
| Time Horizon: | The Foundation is expected to exist in perpetuity and investments should be |
| managedtomeet the investment objective and ensure this sustainability. | |
| The Foundation can adopt a long term investment time horizon. | |
| Management, Reporting | The Investment Manager is required to produce a valuation and performance |
| and Monitoring: | report quarterly. The Foundation has nominated a list of authorised |
| signatories, two of which are required to sign instructions to the Investment | |
| Manager. | |
| The Trustees have responsibility for agreeing strategy and monitoring the | |
| investment assets. The Trustees meet at least annually to review the portfolio, | |
| including an analysis of return, risk and asset allocation. Performance will be | |
| monitored against agreed market benchmarks, and againsttheinvestment | |
| objective of inflation plus 4% over thelongterm. | |
| ReviewofActivities: | Grants totaling£250,820were made in 2025 (2024: £176,158). The |
| breakdown of the grants is shown in note 9 of the accounts. The Trustees | |
| monitor their level of grant-making and are prepared to utilise capital for this | |
| purpose where needed. | |
| Financial Review: | Total income was £135,454(2024: £80,749) with expenditure amounting to |
| £290,718(2024: £213,832). Net assets at the end of the year were £5,644,430 | |
| (2024:£5,464,275). |
Page 3
The Ponchant Foundation Trustees. Annual Report forth• yMr•nd•d 30Jun• 2028 The of th? Tru8tee8 iStoaimtodistribLrte all the irm8 8$ it arises to dwitteseach yew8ThY notto arnjwlate ServeS. Tlw usetheir discretion to dthbute frtwn t31 from b'me to tinw. pr4n• forlulur• wlod•: Tho Tnth8 short.term KI long48mi objeLives are to continue lo make grants in accxdarYa 4Mth their grant maknng The Trustees aim to ulil1wtheufftstric a1 furbJ$ ¢oathieve th18 0ty'ec'v8. The Trustee#, plan8 are to rea fundts from 0ndvml fund, arKt the Chanty intsnds lo carry its purposes ty making gTanl8. Thi8 Invoslment Poly Slatamwl w88 wepared by the Trustees of t Ponthant Foundation lo pro¥th a framthvoth for thg Manment of its Inve8tmerrt assets. K 11 an b8 to rIjIng aFPrOpnaterSS. Approv•1 •nd rnvlvK. Accounry Guld•llnM: Thè Trtl are T1b18 ky w•pariry tha Twstee¥' Rewl th8 ftnancid 8tatonwnts In acdarte vAth opplicat4e and Unitsd n9 Accojnling Standards {United lQwJom Gtrngralty AGC•Pted Accounting PTKcl. L74V aFtyK0e to dleS in England & Wa5 requir•s the TrL$8le88 to epao financial stslem•nts foreach financial yearvthith give 8 trn and fw'r view of tho state of allw'r8 of lh8 thanty and of the irvyr#ng r•8ource8 and applthon of resources of thanty kn that p.&. In proparing th•88 flnancaal Staterts, th• Tru#tee8 are requlred to.. bl observe tho rrothod• and pri8$ th the ChariUti$ SORP 2019 IFRS1021,' dl state whther appIable SLYardS h8v8 been fdl¢Md, sutpct to •)y ntsiial (knpartuw th8dc4•d arAt ex[43 In the financi •) prnpar• tr fi¢1•1 Statem on the conc•m ba$1$ unl•88 rt 50 Ingwcpriate to yesum thatth8 thrity vlll conlinue in op•ration. Th• TrLt••• •r• v••p•n•ll>l• k4r k••wnq aooypJntlry dlodooo th r•awne a1racY at any b'm• the financyal p08ition oflhe thaTity and enable them to •nSLn th•t the finCial 8lat•monts CoMY wth th8 Statement of R•commerthd knLntirg Pr¥ctice.' AcCo'rj and Reporting by Charib"e8 (SORP 2019) UK Standard8, th• ChaTrties Act 2011 and thè CtrMrib/s Thy are also rgsp)n8fjbL for safeguayding the assats ofthe chanty and herfOrkIng reasonable staps forthe preventlon and detecon of fraud and ¢)Ihef iffegularities. The financial 8lat•rronts love been prepared In accordanee wlih th• a(Unting set out in the notes tothg finan¢aal statement$ and comp the Ch8rlty'$ conslibjtson, th• Chanlie8 Acl 2011 and tha Statsment of R•¢ommentsJ Prth.. ACUnts.9 and Rwting by Chaiib"e$ apiCabl8 to charities preparing theirfinantxl statements in OCAxJrtIar wth tha Finanrial StarJard in tho UK ar*J Rap1¢ Irdand {FRS 1021 issued in Octob8r 2019. Sign•d.' onbahaif of theT . /0 P8ge 4
Independent examiner's report to the Trustees of the Penchant Foundation
I report to the Trustees on my examination of the accounts of the charity for the year ended 30 June 2025, which are set out on pages 1 to 14.
Responsibilities and basis of report
As the Charity’s Trustees 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 Charity’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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and 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.
SIGN Signed:
Reza Motazedi FCA 7 Bell Yard London WC2A 2JR
Date: 24/11/2025
Page 5
The Penchant Foundation
Statement of Financial Activities For the year ended 30 June 2025
| 2025 Expendable Endowment Funds Unrestricted Income Funds Note £ £ Income and endowments: Investment income 3 - 99,309 Other income 6 - 36,145 Total income - 135,454 Expenditure on: Costs of raising funds 4 31,243 - Charitable activities 5 - 259,475 Total expenditure 31,243 259,475 Net income/(expenditure) before net gains/(losses) on investments (31,243) (124,021) Net gains/(losses) on investment 335,419 - Net income/(expenditure) 304,176 (124,021) Transfer between funds (124,021) 124,021 Net movement in funds 180,155 - Reconciliation of funds Total funds brought forward 5,464,275 - Total funds carried forward 5,644,430 - |
Total £ 99,309 36,145 135,454 31,243 259,475 290,718 (155,264) 335,419 180,155 - 180,155 5,464,275 5,644,430 |
2024 Total £ 80.749 - |
|---|---|---|
| 80,749 | ||
| 28,108 185,724 |
||
| 213,832 | ||
| (133,083) 487,913 |
||
| 354,830 | ||
| - | ||
| 354,830 | ||
| 5,109,445 | ||
| 5,464,275 |
Page 6
The Penchant Foundation Balance sheet As at 30 Jun• 2025 2026 Exp•nd•l)l• Unr•strl¢tod EndonI Incom Fund¥ Fund• 2024 T¢)t•l T¢Xal Flx•d M••ts Inve81ment8 01 market value 5.451.707 5,451,707 5,267,844 Currnnt aM•ts Investment managttr8' bank accounts NatWo81 bank accounts 113.432 79.291 113,432 88.491 105,678 97.953 7200 192,723 7200 199.923 203.831 Llablllti Cr•dltor•: •mount• lalllng du• wllhln one y•ar A¢counlanl8' charges Independent •xamIn, remun•ration 5.41)0 1.800 1.800 1.800 7.200 7,200 Not curr•nt •u•tsllllabllltlv) 192,723 192.723 I.431 M•t •v•t• 5.644.430 s,644,430 5,484,275 Allo¢atlon olth• ¢harlty n•t ••sgts: The net assets arg held for the Various fund8 a8 fc4I(y..- Exp•ndabla ondowm•nt fund• urtrIcted fvnd• 10 10 5.844,430 5.644.430 5,484.275 Tol•1 charlty fund• 5.644.430 S.644.430 5,484,275 Approved ty the Trustee8 on..... .... .. .. .... and signed on Iheir behalf ty Twstee Pagè 7
The Penchant Foundation
Statement of Cash Flows
for the year ended 30 June 2025
| Note Net cash used in operating activities 8 Cash flows from investing activities: Dividends and interest from investments Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Change in cash and cash equivalents in the reporting world Cash and cash equivalents brought forward Cash and cash equivalents carried forward Representing: Investment managers’ accounts Charity’s bank account |
Total Funds 2025 £ (254,573) 99,309 918,448 (766,892) (3708) (3,708) 203,631 199,923 113,432 86,491 199,923 |
Total Funds 2024 £ (212,632) 80,749 757,595 (784,879) |
|---|---|---|
| (159,167) | ||
| (159,167) 362,798 |
||
| 203,631 105.678 97,953 203,631 |
Page 8
The Penchant Foundation
Notes to the accounts
for the year ended 30 June 2025
1. Accounting policies
a) Basis of preparation
The accounts have been prepared in accordance with FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), Accounting and Reporting by Charities; Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland issued in October 2019; the Charities Act 2011 and UK Generally Accepted Practice. The Charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared to give a 'true and fair' view and have therefore necessarily departed from the extant Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their financial statements in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, rather than the Statement of Recommended Practice: Accounting and Reporting by Charities effective from 1 April 2005, which has since been withdrawn.
The accounts are prepared in Sterling, which is the functional currency. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention.
- b) Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
- c) Fund accounting
The endowment funds represent the original capital gift to the charity, plus subsequent additions to the endowment, less amounts which have been transferred to the unrestricted funds for distribution. The Trustees are entitled to use the endowment in furtherance of the general objectives of the charity at their discretion, and they transfer funds from the endowment to the unrestricted funds as required. Any gifts made to the charity as additions to the endowment are treated as expendable endowment unless otherwise directed by the donor.
d) Grants payable
Grants are included in the accounts on an accruals basis, and unconditional grant commitments payable within one year after the balance sheet date are included in the Statement of Financial Activities. Grants which have been promised subject to satisfactory performance are not included until payable.
e) Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
- f) Governance costs are the costs associated with the governance arrangements of the charity which relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity. The costs will normally include internal and external audit, legal advice for Trustees and costs associated with constitutional and statutory requirements e.g. the cost of trustee meetings and preparing statutory accounts. Included within this category are any costs associated with the strategic as opposed to day-to-day management of the Charity’s activities.
g) Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to the Statement of Financial Activities.
Page 9
The Penchant Foundation
Notes to the accounts
for the year ended 30 June 2025
1. Accounting policies (continued)
h) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
-
Expenditure on charitable activities includes costs of exhibitions and other educational activities undertaken to further the purposes of the charity.
-
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
i) Debtors
Trade and other debtors are recognized at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts offered.
j) Cash and cash equivalents
Cash and cash equivalents include cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
k) Creditors and provisions
Creditors and provisions are recognized when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
Creditors and provisions are normally recognized at their settlement amount after allowing for any discounts due.
l) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
2. Fixed asset investments
| Marketvalueat 30 June 2024 Additions Disposals Net investment gains/ (losses) Market value at 30 June 2025 Historical cost at 30 June 2025 estment income Dividends and interest received |
2025 £ 5,267,844 766,892 (918,448) 335,419 5,451,707 4,410,564 2025 £ 99,309 |
2024 £ 4,752,647 784,879 (757,595) 487,913 |
|---|---|---|
| 5,267,844 4,626,496 |
||
| 2024 £ 80,749 |
3. Investment income
Page 10
The Penchant Foundation
Notes to the accounts
for the year ended 30 June 2025
4. Cost of raising funds
| Investment management charges The investment managementcostsare all attributable toendowmentfunds. 5. Charitable activities Charitable activities The breakdown of charitable activities is as follow: Grants–note 9 Governance costs Accountants’ charges Independent Examination charges |
2025 £ 31,243 2025 £ 259,475 2025 £ 250,820 2025 £ 6,855 1,800 8,655 |
2024 £ 28,108 |
|---|---|---|
| 2024 £ 185,724 |
||
| 2024 £ 176,158 |
||
| 2024 £ 8,066 1,500 |
||
| 9,566 |
The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities.
6. Other income
| er income | ||
|---|---|---|
| Donations Gift Aid Repayment interest |
2025 £ 28,885 7,260 - 36,145 |
2024 £ - - - |
| - |
7. Trustees ’ remuneration and expenses
During the year, no Trustees were reimbursed for travel and Trustees meeting expenses. Trustees' remuneration was nil.
Page 11
The Penchant Foundation
Notes to the accounts
for the year ended 30 June 2025
8. Reconciliation of net movement in funds to net cash flow from operating activities
| Net movement in funds Deduct interest income shown in investing activities (Deduct gains)/ add back losses on investments Increase (decrease) in creditors Net cash used in operating activities nts made Arthur Rank Hospice Charity Baronets Trust Birdlife International BritishTrust for Ornithology Britten Pears Arts Cambridge and District CAB Cambridge Arts Theatre Centre33 CIWF Clock Tower Sanctuary Fanny Basa Fauna & Flora International Feeding Families J Dallaway (Individual) Makhad Trust Ora Choir Orchestra of St.John Order of St Etheldreda RSPB Swandro-Orkney Table Talk Foundation Team Dominica Tee Valley YMCA UK Men's Sheds Association University of Cambridge (Archeology) University of Cambridge (Kettle's Yard) University of Cambridge (Library Visiting Scholar) University of Cambridge (Library) University of Cambridge Fitzwilliam Museum Vic’s in the community Waterlife Recovery Trust Wildlife Trust for Bedfordshire, Cambridgeshire & Northamptonshire Wolvercote Primary Young Carers |
2025 £ 180,155 (99,309) (335,419) - (254,573) 2025 £ 40,000 - 31,000 10,000 2,400 40,000 975 25,000 1,000 5,000 - 10,000 3,500 - 5,000 5,000 5,000 2,000 15,000 2,000 1,500 3,000 5,000 1,500 1,800 2,145 - - 1,500 1,500 15,000 15,000 - - 250,820 |
2024 £ 354,830 (80,749) (487,913) 1,200 (212,632) 2024 £ 20,000 50 - 3,000 - 975 25,000 5,000 816 10,000 3,500 15,000 5,000 1,000 15,000 - - 1,500 900 11,775 10,000 10,000 1,500 1,500 15,000 15,000 250 4,392 176,158 |
|---|---|---|
9. Grants made
Page 12
The Penchant Foundation
Notes to the accounts
for the year ended 30 June 2025
9. Grants made (continued)
| The grants above are categorised as below: | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| Biodiversity and Conservation–6 donations | 76,000 | 55,000 | |
| Social&Community - 7 donations | 42,500 | 36,615 | |
| Overseas Poverty Relief - 1 donation | 5,000 | 5,000 | |
| Arts & Culture - 8 donations | 16,675 | 22,477 | |
| Education - 9 donations | 67,645 | 37,066 | |
| Medical - 3 donation | 43,000 | 20,000 | |
| 250,820 | 176,158 | ||
| nalysis of charitable funds | |||
| 2025 | Expendable | Unrestricted | Total |
| Endowment | Income | Funds | |
| Funds | Funds | ||
| £ | £ | £ | |
| Analysis of fund movements: | |||
| Balance b/fwd | 5,464,275 | - | 5,464,275 |
| Income | - | 135,454 | 135,454 |
| Expenditure | (31,243) | (259,475) | (290,718) |
| Gains/(losses) | 335,419 | - | 335,419 |
| Transfers between funds | (124,021) | 124,021 | - |
| Fund c/fwd | 5,644,430 | 5,644,430 |
| 10 A |
nalysis of charitable funds 2025 |
|---|---|
Page 13
The Penchant Foundation
Notes to the accounts
for the year ended 30 June 2025
10. Analysis of charitable funds (continued)
| 2024 | Expendable | Unrestricted | Total |
|---|---|---|---|
| Endowment | Income | Funds | |
| Funds | Funds | ||
| £ | £ | £ | |
| Analysis of fund movements: | |||
| Balance b/fwd | 5,109,445 | - | 5,109,445 |
| Income | - | 80,749 | 80,749 |
| Expenditure | (28,108) | (185,724) | (213,832) |
| Gains/(losses) | 487,913 | - | 487,913 |
| Transfers between funds | (104,975) | 104,975 | - |
| Fund c/fwd | 5,464,275 | - | 5,464,275 |
- a) The endowment funds represent the original capital gift to the charity, plus subsequent additions to the endowment. less amounts which have been transferred to the unrestricted funds for distribution. The Trustees are entitled to use the endowment in furtherance of the general objectives of the charity at their discretion, and they transfer funds from the endowment to the unrestricted funds as required. Any gifts made to the charity as additions to the endowment are treated as expendable endowment unless otherwise directed by the Donor.
Page 14