**REGISTERED CHARITY NUMBER: 1189984** **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 31st March 2024** **for** **THE PHILIP & CONNIE PHILLIPS FOUNDATION** **THE PHILIP & CONNIE PHILLIPS FOUNDATION** **Contents of the Financial Statements for the year ended 31st March 2024** ||**Page**|| |---|---|---| |**Report of the Trustees**|1 to|5| |**Independent Examiner's Report**|6|| |**Statement of Financial Activities**|7|| |**Balance Sheet**|8|| |**Notes to the Financial Statements**|9 to|15| |**Detailed Statement of Financial Activities**|16|| ## **THE PHILIP & CONNIE PHILLIPS FOUNDATION** ## **Report of the Trustees for the year ended 31st March 2024** The trustees present their report with the financial statements of the charitable incorporated organisation for the year ended 31st March 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and activities for the public benefit** The purposes of the Foundation are to further the charitable intentions set out in the wills of Philip and Connie Phillips, who were both long term residents of Kent. The Foundation makes grants to support charities in the county who demonstrate their impact in the following areas: - Elderly and isolated - charities working with people who are elderly and isolated, particularly in rural areas. This - - charities who support people living with disabilities and long-term - Homelessness - charities who help people who are homeless, lack stable accommodation or are in insecure or vulnerable housing. - Strengthening local communities - charities that aim to i providing access to services, supporting people and families facing financial hardship (such as foodbanks and debt advice) or helping to combat isolation (such as befriending services or social inclusion projects). The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the trust's aims and objectives, in planning future activities, and setting the grant making policy for the year. The trust furthers its charitable purposes for the public benefit through its grant-making policy, which focuses on the aforementioned areas. ## **Grant making policy** The Foundation has established its grant making policy to achieve its objects for the public benefit. It aims to improve the lives of those in Kent who are impacted by poverty, with a focus on the four key areas highlighted earlier in this report. The policy is reviewed annually to ensure that it reflects the charity's objects and thereby advances public benefit. The Foundation invites applications from charities for grants via its website. Eligibility is restricted to include only charities operating in the county whose objects are aligned with those of the Foundation. ## **ACHIEVEMENT AND PERFORMANCE** ## **Monitoring performance** Successful applicants are required to complete monitoring information which is reviewed by the trustees. This ensures that the funds awarded were used appropriately and strictly for the purposes requested in the grant applications. The performance of the investment portfolio is reviewed regularly by the board of trustees, members of which hold the relevant qualifications and experience to do so meaningfully. Page 1 **THE PHILIP & CONNIE PHILLIPS FOUNDATION** ## **Report of the Trustees for the year ended 31st March 2024** ## **ACHIEVEMENT AND PERFORMANCE - continued** ## **Grants data** Three grant-making rounds were held in the period: April, July and November 2023. A total of 46 grants were awarded to charities in the Kent and Medway areas, with PCPF grants spend of £272,712 (average size of grant £5,928). Compared to the previous period, the number of grants awarded has increased by eight. The charts below provide data on the 46 grants awarded in the period, including the allocation of funding across the main priority areas and geographical areas. _From left to right (46 grantees)_ _1. Elderly and isolated 19 grants totaling £106,977_ _2. 13 grants totaling £82,485_ _3. Strengthening local communities 9 grants totaling £47,750_ _4. Homelessness and insecure housing 5 grants totaling £35,500_ _General population 16 grants awarded (35%) Elderly people 15 grants awarded (33%) Families 8 grants awarded (17%) Children (0-16) 3 grants awarded (6.5%) Adult men 3 grants awarded (6.5%) Adult women 1 grants awarded (2%) Young people (16-25) 0 grants awarded (0%)_ Page 2 **THE PHILIP & CONNIE PHILLIPS FOUNDATION** ## **Report of the Trustees for the year ended 31st March 2024** ## **ACHIEVEMENT AND PERFORMANCE - continued Data from Monitoring Forms** A total of 35 monitoring reports were received in this reporting period. The reports cover the work of grants made in the previous year _**,**_ (1[st] April 2022-31[st] March 2023) as monitoring is due at the end of the grant period. The chart below shows the total grant amount awarded in GBP in each geographical area of Kent. ## _**From left to right (35 responses):**_ £60,292 - Canterbury £43,562 - Dover £34,244 - Folkestone & Hythe £24,862 - Swale £22,500 - Medway £20,000 - Maidstone £14,900 - Sevenoaks £11,000 - Ashford £10,000 - Gravesham £9,360 - Dartford The monitoring forms were also graded against the work plan set out in the original application. Of a total of 35 monitoring reports submitted at the time of writing: 27 grantees (77%) met expectations. 7 grantees (20%) exceeded expectations. 1 grantee (3%) partially met expectations 0 grantees (0%) did not meet expectations Page 3 ## **THE PHILIP & CONNIE PHILLIPS FOUNDATION** ## **Report of the Trustees for the year ended 31st March 2024** ## **ACHIEVEMENT AND PERFORMANCE - continued** ## **Colyer Fergusson Charitable Trust - match funding partnership** The match funding partnership between Colyer-Fergusson Charitable Trust (CFCT) and the Philip and Connie Phillips Foundation (PCPF) was agreed in June 2023. A grant of £100k was made to PCPF by CFCT to be drawn down over the year to match fund grants against two of the F priority areas: elderly and health. There was one match-funding grants round in this reporting period, in November 2023. Sixteen applications were eligible to apply for match funding, f -funded grant. In this period £40,765 was drawn down on the £100k CFCT grant ## **FINANCIAL REVIEW** The Foundation's work is reliant on its investment returns and its investment capital on which it may draw down. The invested funds are managed by Rathbones. Uncertain global economic conditions persisted during the period and these again hampered investment performance, although improvements were seen compared to the previous year. The trustees took the decision towards the end of the financial year to transfer away from equity investments and into government bonds. The strategy offered long term . The trustees were again happy with the performance of the fund manager and were grateful for the advice received during the period. During the year dividends of £31,304 (2023: £28,076) were received. At the period end the net assets of the charity totalled £1,715,889 (2023: £1,942,670), with investments held valued at £1,530,242 (2023: £1,911,496). ## **Investment policy and performance** Prior to the transfer into government bonds, the Foundation's investment advisors has been instructed to invest to maximise the total return on funds placed with them within the constraints of a medium to low risk investment portfolio, with an ethical criteria that prohibited investment in companies that manufacture armaments, alcohol or tobacco. The trustees have established a policy for a complete withdrawal of funds over a ten-year period. The policy aims to optimise returns on investment during this period so as to maximise its grant expenditure. The high levels of stock market volatility and the continuing uncertainty regarding world economic prospects makes the performance of investments difficult to predict. ## **Risk management** The principal risks faced by the Foundation lie in the performance of investments and operational risks from ineffective grant making and the capacity of the Foundation to make effective grants. This risk has been intensified by the lasting impact of COVID-19, the threat of recession and global events that have caused continued uncertainty, potentially resulting in a loss to investment value and a reduced investment income. This risk is mitigated by retaining expert investment managers and having a diversified investment portfolio. The operational risk from ineffective grant awards is managed by retaining trustees of appropriate experience and ensuring that strict procedures are followed throughout the grant application and award procedure. Grants made are subject to a monitoring process to ensure that they have been used for the express purpose that they were applied for. ## **Reserves policy** The trustees aim to maintain its liquid funds at a level which equates to approximately twelve months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered. The trustees maintain reserves so as to meet its overall objective of expending its funds over a ten year period. ## **Commitments and Liabilities** A commitment of £5,000 to FASD Awareness has been made for the period ending 31st March 2025. Page 4 ## **THE PHILIP & CONNIE PHILLIPS FOUNDATION** ## **Report of the Trustees for the year ended 31st March 2024** ## **FINANCIAL REVIEW - continued** ## **Plans for the future** The charity will continue to award and monitor grants according to its grant cycle, while work will continue to promote the charity to ensure that those with aligning objects are aware of its existence. Work with the Colyer-Fergusson Charitable Trust led to their committing a further £150,000 towards match funding in October 2024. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The Foundation is a charitable incorporated organisation, registered on 17 June 2020. It was established by an initial gift in the wills of Connie and Philip Phillips, who resided in Kent before they died. The Foundation does not actively fundraise and seeks to continue its charitable work through the careful stewardship of these resources. The charity governing document allows the trustees to meet and conduct meetings virtually. At the quarterly trustees' meetings, the trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. New trustees are appointed by the Board of Trustees and appointments are undertaken in order to meet the experience requirements of the Board of Trustees at the time. There is no formal recruitment policy. ## **CHARITY GOVERNANCE CODE** ocedures. All work undertaken is in line with the Charity Governance Code which although not a legal or regulatory requirement, it sets the principles and recommended practice for good governance. The charity recognises that good governance is fundamental to its success and strives to develop high standards of governance. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Charity number** 1189984 ## **Registered office** Suffolk House George Street Croydon Surrey CR0 0YN ## **Trustees** D J Wilkes P du Cassé J Austin L Brown J Davies 05 February 2025 Approved by order of the board of trustees on ............................................. and signed on its behalf by: ........................................................................ L Brown - Trustee Page 5 ## **Independent Examiner's Report to the Trustees of The Philip & Connie Phillips Foundation** ## **Independent examiner's report to the trustees of The Philip & Connie Phillips Foundation** I report to the charity trustees on my examination of the accounts for the year ended 31st March 2024. ## **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 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 matters have come to my attention in connection with the examination giving me cause to believe: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out 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. Stephen John Monger, ACA Chartered Accountant Kemsing Kent 05 February 2025 Date: Page 6 THE PHILIP & CONNIE PHILLIPS FOUNDATION statement of Flnanelal Actlvltles For the year ended 31 March 2024 Restricted Funds 2024 Unrèstrided Funds 2024 Total Funds 2024 Total Funds 2023 Note INCOME FROM Charitable activitie5 loo,000 loo,000 Investments 43,717 43,717 31,583 Total income I(￿,000 43.717 143,717 31.583 EXPENDITURE ON Raising funds 9,893 9,893 13,733 Charitable activities Grants paid in the year Other support costs 40,765 3,791 272,712 30,503 313,477 34,294 265,720 25,010 44.556 313,108 357,664 304,463 Net eainslllossesl on investments 112,8341 112,8341 1115,0851 Nèt intome / lèxpènditurel 55N44 1282,2251 1226,7811 1387,9651 Total funds brought forward 1,942,670 1,942,670 2,330,635 Total funds carried forward 55A44 1,660A45 I,715￿89 1,942,670 All amounts are from continuing activities. The Statement of Financial Activities includes all gains and losses recognised in the year. There is no other comprehensive income in the year, or in the previous year. The note5 on page 9- 15 form part of these financial Statements. Page 7 THE PHILIP & CONNIE PHILLIPS FOUNDATION Balance Sheet For the year ended 31 March 2024 2024 2023 Note FIXED ASS￿5 Investments 1,530,242 1,911,496 CURRENT ASS￿5 Cash at bank 198,075 44,776 CURRENT LIABIUTIES Creditors.. amounts falling due within one year 112,4281 113,6021 NETCURRENT ASSETS 185,647 31,174 NET ASSETS 1.715,889 1,942,670 FUNDS Restricted funds 55.444 Unrestricted funds 1.660.445 1,942.670 1.715089 1,942.670 The financi31 statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by: 05 February 2025 L Brown- Trustee The note5 on page 9- 15 form part of these financial 5tatemeNts. Page 8 THE PHILIP & CONNIE PHILUPS FOUNDATION Notes to the Flnanclal Statements For the year ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the finantial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as rnodified by the revaluation of certain assets. The charity has elected to apply the exemption under FRS 102 from preparing a cash flow statement. The comparative financial statements cover the year ended 31st March 2023. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that agEregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to eonditions which have not been met at the year end date are ntsted a% a eommitment but not accrued as expenditure. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in actoidante with the charitable objectives at the discretion of the trustees. Realised and unrealised Bains and losses All gains and 1055e5 are taken to the Statement of Financial Activitie5 a5 they arise. Realised gains and 1055e5 on investments are calculated as the difference between sales proceeds and opening carrying value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening carryin8 value lor purchase date if later). Flxed asset Investments Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gain5 and losses arising on revaluation and disposal throughout the ye3r. Page 9 THE PHILIP & CONNIE PHILUPS FOUNDATION Notes to the Flnanclal Statements For the year ended 31 March 2024 ACCOUNTING POLICIES Icontinuedl Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify a5 basic financi31 instruments. B351C financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Cretlitors ondprovisions Creditors and provisions are recognised where the charity has a present obliEation 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. Creditor5 and provisions are normally recognised at their settlernent amount after allowing for any trade discounts due. C(Jsh ut bank (Jnd in hund Cash at bank and cash in hand includes 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. CHARITABLE AcfiviTIES Total Funds 2024 Total Funds 2023 Grants loo,000 INVESTMENT INCOME Total Funds 2024 Total Fund5 2023 Dividends received Deposit account interest 31,304 12,413 28,076 3,507 43,717 31,583 RAISING FUNDS Total Funds 2024 Total Funds 2023 Investment management costs- Portfolio management 9,893 13,733 Page 10 THE PHILIP & CONNIE PHILUPS FOUNDATION Notes to the Flnanclal Statements For the year ended 31 March 2024 GRANTS PAYABLE Total Funds 2024 Total Funds 2023 Grants paid in the year 313,477 265,720 313,477 265,720 The total grants paid to institutions during the period was as follows= 2024 restricted 2024 unrestricted 2023 all unrestricted Age Concern Sandwich Centre Age UK Tunbridge Wells All Saints Community Project Trust Ashford and Tenterden Umbrella Baby Umbrella Bright Shadow CIO Canterbury Housing Advice Centre Caring Altogether on Romney Marsh Catching Lives Citizens Advice Swale Council for Voluntary Service for NW Kent Oads Unlimited Dover Smart Prtsject FASD Awareness Faversham As515tance Centre Folk5tone Nepalese Cornmunitv Folk5tone Rainbow Centre Fusion Maidstone GAP-A Thanet Comrnunity Project Home Start Medwav Home Start North West Kent Kent Coast Volunteering Life and Soul Youth Work Lighthouse on the Marsh Maidstone Churches Winter Shelter Making a Difference to Maidstone Medway African & Caribbean Association Medway Food Bank Medway Parents & Carers Forum Medway Puzzles Napier Friends People United Refocus Project Riverside Church Romney Marsh Community Hub Rubicon Cares Samphire SATEDA Slide Away Something in Kent 5,000 5,000 5,000 5,000 9,721 5,170 5.000 5,000 10,000 5,000 7,750 8,000 9,600 5,000 3,500 8,286 5,000 5,000 9,906 5,000 5,000 5,000 5,000 4,250 8,000 5,000 7,500 5,000 7,786 8,328 5.000 5,000 7.500 5,000 5,000 5,000 5,000 5,000 4,000 7,900 5,000 5,000 5,000 3,500 5,000 4,250 5,000 Balance carried forward 32,750 242,197 Page 11 THE PHILIP & CONNIE PHILUPS FOUNDATION Notes to the Flnanclal Statements For the year ended 31 March 2024 GRANTS PAYABLE Icontinuedl 2024 rèstricted 2024 unrestrided 2023 all unrestrided Balance brought forward 32,750 242,197 South Kent Mind Space 2 Be Me Sunflower House Take Off Wellbeing in the Weald West Kent Debt Advice 4,565 4,565 5,000 3,450 5,000 5,000 7,500 9,870 3,450 Ashford and Tenterden Umbrella Ashford Volunteer Centre Bechange IAyleshaml Boughton-under-Bean Village Hall The Canterbury District C.A.B. Canterbury Food Bank Canterbury Housing Advice Centre Child's Vision Charity (Maidstonel The Cottage Community (Fawkhaml criw Haven Project Iwhitstablel Oover Outreach Centre East Kent Rape Crisis Centre Edenbridge and Westerham Citizens, Advice Emmaus Dover Faversham Swimming Pools Gravesharn Sanctuarv Home-start Dover District Hor5ebridge Arts and Cornmunity Centre Kent Coast Volunteering Kent Multiple Scler05is Therapy Centre Kent Refugee Action Network Learn and Thrive (Maidstonel The Medway Street Angels New Leaf Support Ltd Isittingbournel Rewrite Your Story Limited (Maidstonel Riverside Church Iwhitstablel Romney Marsh Community Hub Romney Resource 2000 Ltd Second Chance Medway Sevenoaks Larder Swale Community and Voluntary Services Take Off Icanterburyl The Princess Project (Maidstonel ToEether Kent Walk Tall Fund (Swanscombel West Faversham Community Association Whitstable Umbrella Community Centre 5,000 6,000 2,500 2,500 7,500 2,500 8,625 5,000 7,400 8,000 9,998 7,000 7,500 7,200 4,862 10,000 6,864 8,908 9,965 5,000 8,455 5,000 7,500 7,500 5,000 3,000 7,000 7,409 10,000 5,000 6,000 10,000 10,000 7,500 9,360 6,500 8,304 40,765 272,712 265,720 Page 12 THE PHILIP & CONNIE PHILUPS FOUNDATION Notes to the Flnanclal Statements For the year ended 31 March 2024 TRUSTEES, REMUNERATION AND BENEFITS No trustee5 received any remuneration or any benefits in kind in either the Current year or the pieviou5 year. No trustee5 received any reimbursernent of expenses in either the current year or the previou5 year. FIXED Ass￿ INVESTMENTS Total Funds 2024 Total Funds 2023 Shares Other 1,299,396 230,846 1,723,933 187,563 1.530,242 1.911,496 Llsted MARKET VALUE At l April 2023 Additions at cost Oisposals at carrying value Net gainlllossl on revaluation 1.723,935 2.287,881 12,699,586) 12,8341 At 31 March 2024 1,299,396 There were no investment assets outside of the UK. Investment5 are comprised of: Fixed interest securities Equities Alternatives Cash 1,299,396 245,299 1,145,793 332,841 187,563 230,846 1,530,242 1,911,496 CREDITORS: amounts falllng due wlthSn one year 2024 2023 Accruals 12,428 13,602 Page 13 THE PHILIP & CONNIE PHILUPS FOUNDATION Notes to the Flnanclal Statements For the year ended 31 March 2024 STATEMENT OF FUNDS 2024 Brought Fonvard Incoming Resources Resources Expènded Gains and lossès Carried Fonvard General funds 1,942,670 43,717 1313,1081 112,8341 1,660,445 Restricted fund5 loo,000 144,5561 55,444 Total funds 1,942,670 143,717 1357,6641 112,8341 1,715,889 STATEMENT OF FUNDS 2023 Brought Fonvard Incomin8 Resources Resources Expended Gains and losses Carried Fonvard General funds 2.330,635 31,583 1304,4631 1115,0851 1.942,670 Restricted funds Total funds 2.330.635 31.583 1304.4631 1115.0851 1.942.670 Restricted funds Restricted funds represent grants received to enable specific areas of charitable artivities to be undertaken. The restricted funds held at the year end of £55.44412023.. £nill related to fundinÈ from the Colyer-Fergusson Charitable Trust, which was granted in 2023 in relation to a match-funding partnership. More detail is given in the Trustees, report. 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Restrirted Funds Unrestricted Funds Total Funds Fixed asset investments Cash at bank Creditors.. amounts falling due within one year 1,530,242 142,631 112,4281 1,530,242 198,075 112,4281 55,444 55,444 1.660,445 1.715,889 ANALYSIS OF NET ASS￿5 BEtWEEN FUNDS 2023 Restricted Funds Unrestricted Funds Total Funds Fixed asset investments Cash at bank Creditor5'. arnounts falling due within one year 1,911,496 44,776 113,6021 1.911,496 44,776 113,6021 1,942,670 1,942,670 Page 14 THE PHILIP & CONNIE PHILUPS FOUNDATION Notes to the Flnanclal Statements For the year ended 31 March 2024 11. TAXATION As a re8lStered charity, no tax arises on trading surpluses (since all the trading is carried out in pursuit of the charitable company's primary purposes), voluntary income or interest. The charity is exempt from corporation tax. 12. RELATED PARTY TRANSACTIONS Durin8 the year, the charity incurred expenses of £1,74012023.. EI,5601 from Simpson Wreford and Partners, an accountancy firm which P du Cassé jointly controls with others. These expenses were wholly in relation to statutory accounting services. 13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES120231 Restricted Funds 2023 Unrestrlcted Funds 2023 Total Funds 2023 INCOME FROM Donations and legacies Investments 31,583 31,583 Total income 31,583 31,583 EXPENDITURE ON Raising funds 13,733 13,733 Charitable activitie5 Grants paid in the year - Other 265,720 25,010 265,720 25,010 304,463 304,463 Net gainslllossesl on investments 1115,0851 1115,0851 Net Income / lexpendlturel 1387,9651 1387,9651 Total funds broueht fonNard 2.330.635 2.330.635 Total funds carrled fonAard 1.942,670 1.942,670 14. Commitmènts and Liabilities A commitment of £S.000 to FASD Awareness has been made for the period ending 31st March 2025. Page 15 THE PHILIP & CONNIE PHILLIPS FOUNDATION Detailed Statement of Financial Artivities For the year ended 31 March 2024 Restricted Funds 2024 Unrestrirted Funds 2024 Total Funds 2024 Total Funds 2023 INCOMEAND ENDOWMENTS Donations loo,000 loo,000 Investment Income Dividends recevied Deptssit account interest 31,304 12,413 31,304 12,413 28,076 3,507 Total income loo,000 43,717 143,717 31,583 EXPENDITURE Investment management COStS Portfolio management fee5 9,893 9,893 13,733 Charitable activities Grant5 to institution5 40,765 272,712 313,477 265,720 Support costs Finance Bank charges 63 63 39 Information technologv Grant application portal 1,260 1.260 1,080 Other Grants management and assessment 3.791 27.440 31.231 22,331 Governance costs Accountancy fees 1,740 1,740 1,560 Total resources expended 44,556 313,108 357,664 304,463 Net income I lexpenditurel before gains and losses S5,444 1269,3911 1213,9471 1272,8801 Realised and unrealised gain51 Ilossesl on fixed asset inve5tment5 112,8341 112,8341 1115,0851 Total funds carried forward 55,444 1282.2251 1226.7811 1387.9651 This page does not form part of the statutory financial statements Page 16