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2022-12-31-accounts

THE STATIONERS’ FOUNDATION CIO

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

Charity Number: 1198494 CIO Number: CE029144

THE STATIONERS’ FOUNDATION CIO

REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

CONTENTS Page
Reports
Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report 11
Financial Statements
Statement of financial activities 13
Balance sheet 14
Cash flow statement 15
Principal accounting policies 16
Notes to the financial statements 19

THE STATIONERS’ FOUNDATION CIO

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE PERIOD ENDED 31 DECEMBER 2022

The Trustees present their report and audited financial statements for the period ended 31 December 2022.
Governing Instrument Constitution of the Stationers’
Foundation and Charitable Incorporated Organisation (CIO)
Trustees Court Assistant G J Heanue
Liveryman R Kirwan
Court Assistant D N Brealey
Liveryman E D Kahn
Liveryman I G Grant
Liveryman M C N Cole
Principal Office Stationers’ Hall
Ave Maria Lane
London
EC4M 7DD
Charity registration number 1198494
Auditor Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Bankers The Royal Bank of Scotland
280 Bishopsgate
London
EC2M 4RB
Investment Managers Rathbones
8 Finsbury Circus
London
EC2M 7AZ

1

THE STATIONERS’ FOUNDATION CIO

TRUSTEES’ REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2022

The Trustees present their statutory report together with the financial statements of The Stationers’ Foundation CIO for the period ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out on pages 15 to 17 of these financial statements and comply with the charity’s governing instrument, applicable laws and the requirements of the Statement of Recommended Practice on “Accounting and Reporting by Charities” (SORP 2015, second edition updated October 2019).

Origin and current responsibilities

On 1 April 2022, The Stationers’ Foundation was registered as a charitable incorporated organisation (CIO) by transferring from an unincorporated trust constituted under the Charity Commission Scheme dated 3 July 2007 as amended by Scheme dated 25 October 2018. On 1 July 2022 at 00.01am, all the assets £5,920,759 and liabilities £122,856 were transferred from the unincorporated charity to the new CIO. The Statement of Financial Activities reports activity since the transfer date a summary of the aggregated financial performance of the Stationers’ Foundation for the year ended 31 December 2022 in included in the note.

Objectives and activities

The Foundation is governed by Charity Commission Constitution to provide education and welfare support for those connected to the Communication and Content Industries, with the following objectives:

Trustees

The Scheme provides that there should be seven Trustees who must be appointed by the Court of Assistants of The Worshipful Company of Stationers’ and Newspaper Makers. Trustees are appointed for a term of three years but may serve more than one term, provided that their re-appointment is approved by the Court of Assistants.

The Trustees meet at least quarterly to review their strategy and actions in support of their objectives, to consider investment and grant making proposals, and to ensure their policies on reserves and risk management are kept up to date.

2

THE STATIONERS’ FOUNDATION CIO

TRUSTEES’ REPORT (Continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

The Trustees during the period under review and to the date of approval of the accounts were:

Trustee Appointed/resigned Court Assistant G J Heanue Liveryman L J Barnard Resigned 23 June 2022 Liveryman R Kirwan Court Assistant D N Brealey Liveryman M A Clark Resigned 5 July 2022 Liveryman I G Grant Liveryman M C N Cole Liveryman E D Kahn Appointed 5 July 2022

The induction process for a newly appointed Trustee comprises a meeting with the Chairman at which the aims and objectives of the Foundation and the interests and areas in which the new Trustee can best contribute are discussed. A pack comprising a history of the Foundation, a copy of the latest financial statements and copies of the last year’s minutes together with Charity Commission guidance material is provided to all new Trustees.

Key management personnel

The Trustees are supported by the administrator, who is the only employee and works part-time. Details of remuneration are shown in note 7.

Trustee committee responsibilities

The Trustees are supported by a committee structure providing specialist assistance:

Grant-making policy

The Foundation invites applications for financial assistance with their education from individuals who are resident in the United Kingdom. Applications are also invited from individuals associated with the trades of The Worshipful Company of Stationers’ and Newspaper Makers who are in need, hardship or distress. Full details of the application process are given on the Foundation’s page of The Stationers’ Company’s website.

The Foundation requests and receives regular updates on those projects and individuals who benefit from its grants.

3

THE STATIONERS’ FOUNDATION CIO

TRUSTEES’ REPORT (Continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

Public benefit

The Trustees have considered the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in determining its grant-making policy. The Trustees consider that all of the aims and objectives detailed in this report are there in order to benefit the public and that they have complied with the duty in section 17 of the Charities Act 2011 to have due regards to the public benefit guidance published by the Charity Commission.

Achievements and performance

The Foundation makes grants under the terms of the Constitution. During the period a total of 15 grants (full year 2022 – 28), (2021 – 37) grants were made or approved for payment by the Trustees for individuals in need of financial assistance with expenses of education or grants to educational establishments related to the Communications and Content industries.

Stationers’ Crown Woods Academy (SCWA) – opened on 1 September 2014 having converted to Academy status. The academy is run by our education partner the Leigh Academies Trust. The Foundation supports the academy in improving awareness of and readiness for careers in industry beyond school, college or university. In May 2017 the school’s Digital Media Centre, funded by the Foundation, was formally opened. Further funding requests in line with the Foundation’s objectives are made through the governors of the academy, one of whom is a co-opted Trustee. In September 2018 the SCWA Royal Marines Combined Cadet Force (RMCCF) was successfully launched. Greenwich Hospital, which is the Royal Navy’s oldest and largest supporting charity, entered into a five-year partnership with The Stationers’ Foundation to generously provide funds to support the RMCCF of £10,000 per annum. This funding ended in 2022 but it is hope that it can be renewed.

In 2022, the Foundation have again provided specific funding of £30,000 (2021 - £30,000) for the procurement of additional digital whiteboards, Chromebook charging trolleys and iPads.

Postgraduate Bursaries – The Trustees operate a Postgraduate Bursary Scheme in conjunction with leading education and training partners and co-sponsors, detailed below, focusing on MA and MSc courses leading to careers in the Communications and Content industries. These range from digital media to print management, from big data to book conservation, from book publishing to library and information studies, and from newspaper to magazine journalism.

4

THE STATIONERS’ FOUNDATION CIO

TRUSTEES’ REPORT (Continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

Following a selection and interview process with the universities, 4 students received grants of £6,000 each with a total expenditure of £24,000. Prior to the transfer to the CIO interviews and grants were made so the 2022 totals were 11 students received grants (2021-13) with a total expenditure of £66,000 (2021- £78,000), including the first two winners of the Sparrow Awards for excellent applicants who would otherwise have missed out on any bursaries.. The majority of interviews were conducted in person as the Covid-19 pandemic restrictions had been lifted. In addition, the students benefit from expert mentoring by senior Stationers as an integral part of this Scheme.

The Printing Charity (TPC) – Trustees were delighted that their collaboration with The Printing Charity continued this year. TPC generously supported the Postgraduate Bursary Scheme with funding of £18,000 for three bursaries – MSc in Management via British Printing Industries Federation (BPIF), MA Digital Media at Goldsmiths, University of London and MA Documentary Photography & Photojournalism at Westminster University - and by being involved in the selection and support process. Regrettably this funding was not needed this year because the course at Westminster University was cancelled and suitable candidates were unavailable from either BPIF or Goldsmiths.

British Literary & Artistic Copyright Association (BLACA) – In 2016 the Foundation partnered with BLACA for an initial three-year period to offer joint bursaries to students of Copyright and IPR law. No bursaries were offered in 2022 (2021-1).

Data Publishers Association (DPA) – In June 2016, the Foundation received the wind-up funds of £194,929 from the DPA for the specific purpose of providing education, vocational training or research in support of the sector represented by the DPA, specifically B2B information and data publishing in the UK. Awards and bursaries to individuals are made on a means tested basis and restricted to UK citizens intending to enter or work in the UK. This scheme is run alongside the Foundation’s existing Bursary scheme and Trustees are also seeking opportunities to deploy funds in support of entrants to the sector. One (2021-1) postgraduate bursary was awarded for a MSc Big Data Science course at Queen Mary University of London with a total expenditure of £6,000 (2021-£6,000)

Media Diversity Apprenticeship Project – Following two previous projects, undertaken in 2016-18 and 2020-2022, the Trustees were pleased to enter into a new two-year Media Diversity Apprenticeship Scheme with the London Evening Standard, which commenced in January 2022, costing a total of £25,000 spread over two years. The London Evening Standard has employed one apprentice to work on their titles and to undertake formal journalism training with National Council for the Training of Journalists (NCTJ). The apprentice will gain hands-on experience working on the London Evening Standard’s print and digital platforms, as well as the Independent’s digital platforms operated by their affiliates Independent Digital News and Media Limited.

This Apprenticeship is in line with the Stationers’ Company ambition to expand their current programme to support other pathways into the Communications and Content Industries.

Stationers’ Supplementary Schools – During the year, the Trustees made grants of £53.2k (2021 - £44.1k) to education projects in support of two Stationers’ Supplementary Schools in King’s Cross and Somers Town for the academic year 2022/23. A grant was also made to fund 50% of a third school in the same area. The schools are administered on our behalf by Civitas and provide Saturday and weekday evening schooling for primary age children from less advantaged backgrounds to help them reach their full academic potential. See appendix to the Accounts for more detail and a summary of the impact of the funding.

5

THE STATIONERS’ FOUNDATION CIO

TRUSTEES’ REPORT (Continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

Educational impact

The Stationers’ funding allows the three schools to have an extra teacher each which, combined with slightly smaller school numbers, allowing a higher teacher to pupil ratio and the ability to create more bespoke group lessons. The lower pupil numbers and additional fourth teacher at each school allowed each school to develop reading, writing and arithmetic lessons (each led by one teacher) and a support group for those who would benefit from close one-one teaching. The support pupils are taught by one teacher for the whole duration of the school, and the other pupils. This allowed for a close focus on the core concepts they are clearly struggling with - and the reason why they are at Civitas Schools, and a Stationers’ school in particular – such as basic reading skills, the four arithmetic functions and valuable time spent on helping them to develop their handwriting and spelling.

Shine School Media Awards - the 2022 Shine School Media Awards competition was a great success. Total sponsorship of £27.7k (2021 - £29.7k) was received in 2022 and its direct costs for 2022 were £32.2k (2021 £29k). The Shine Awards day took place on 27 June 2022. Now in its twelfth year, interest in the competition had grown following another very successful email campaign in September with Sprint Education, which was sponsored by The Printing Charity. This email campaign increased our school contacts to 2,397.

Schools were encouraged to enter their magazines as pdf files, podcasts and online entries. The response was very positive and 127 schools registered for the competition with 57 actual entries, of which 21 were new to the competition. The standard was extremely high.

The competition continues its ambition to encourage and help students between the ages of 13 and 19 to develop their communication, design, IT, leadership, and teamwork skills.

In 2022, 35 schools were either winners or highly commended. Some of the award's categories were as follows:

6

THE STATIONERS’ FOUNDATION CIO

TRUSTEES’ REPORT (Continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

The 35 winning schools were invited to a celebration lunch at the Royal Over-Seas League of London in June. The Trustees were delighted with the continuing and growing success of Shine especially during such challenging times.

Fundraising and Impact Report

In January 2022 a Fundraising Manager was employed on a 6-month short term contract to investigate ways of increasing donations through new relationships with other organisations and individuals. In addition, work began on producing a detailed Social Impact Report, which will be available online and as a publication. Here are links to the films about the Saturday Schools and Shine. This report will also provide content for the Foundation Festival event on 25 April 2023. This report and the event are in recognition of the donations from both individuals and our partnerships

Friends of the Stationers’ Foundation

The Friends of the Stationers’ Foundation in the USA enables our friends and supporters in the USA to support the work of the Foundation by donating in a tax efficient way. The Trustees continue to be very grateful to Jonathan Ishee, Court Assistant Tony Mash and the Clerk, Giles Fagan, for their continued work with the Friends of the Stationers’ Foundation.

Future plans and partnerships to increase our impact

The Trustees remain committed to increasing the scope and impact of the Foundation’s work in line with its education, training and welfare objectives by supporting Stationers’ Crown Woods Academy, Apprenticeship schemes, Postgraduate Bursaries, Supplementary Schools, and by making its Financial Assistance Awards, Major Awards, and Francis Mathew Scholarships.

The Trustees recognise the enormous value of the £500,000 legacy from Lady Cynthia Sparrow, the widow of Sir John Sparrow. Sir John was educated at the Stationers’ Company’s grammar school in Hornsey and was a Liveryman of the Stationers’ Company. The Trustees were notified of this legacy in July 2021 and the funds were received in March 2022. The Trustees will be using the funds to meet its agreed strategic aims, beginning with the first two winners of the Sparrow Awards (£12,000) for excellent applicants who would otherwise have missed out on the 2022 Postgraduate Bursaries, at City, University of London and University College, London.

The Foundation also seeks to continue and further develop its partnerships with organisations with complementary objectives such as The Printing Charity, The British Literary and Artistic Copyright Association, Greenwich Hospital, City & Guilds and the Data Publishers Association to increase the scope and impact of our combined impact.

In 2023, in recognition of donations from both individuals and our partnerships, a Foundation Festival event will be held on 25 April 2023.

All plans are subject to sufficient funds being available and although current events, such as the war in Ukraine, may impact both income and investments, Trustees seek to continue the work of the Foundation to the best of their ability.

7

THE STATIONERS’ FOUNDATION CIO

TRUSTEES’ REPORT (Continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

Financial review

The net deficit for the period before investment losses was £43,519 and for the full year 2022 £56,176 (2021 – surplus £570,274). This was due to the planned spending of accumulated reserves.

Realised and unrealised deficits on investments for the period were £25,852 and for the full year 2022 £739,807. The market has been suffering due to the impact of Russia’s invasion of Ukraine, which began in February 2022.

The overall net movement in funds for the period was a decrease of £69,371 and for the full year 2022 a decrease of £795,983 (2021 – increase £1,223,093), due to the planned spending of accumulated reserves combined with the significant realised and unrealised deficits all noted above.

Investment policy and performance

The management of the charity’s investment funds is delegated to professional investment advisers, Rathbones. The mandate given to Rathbones by the Trustees is to invest for long term growth.

The Trustees’ investment policy is to protect the real capital value of the permanent endowment fund over time, whilst generating an income to cover grants and administration. During the current period the investment income was £73,676 and for the full year 2022 £129,989 (2021 - £114,469).

2022 was a tough year for investment markets, with investors having to contend with the impact of Russia’s invasion of Ukraine, alongside rising inflation and interest rates. Equities fell as investors reacted to the challenging environment and the possibility of a global recession in 2023. UK equities held up relatively well due to their high exposure to financial and commodity sectors, producing a return of +0.3%, whilst overseas equity markets were weaker at -7.3% in Sterling terms. Fixed income performed even worse as the sharp rise in interest rates caused bond prices to fall, leading to a total return of -23.8% for the FTSE UK Gilt Index.

The Foundation’s investment portfolio, returned -10.4% (net of all costs). This was behind the short-term composite index benchmark which fell -7.2%, but broadly in line with the peer group (as measured by the ARC Charity Steady Growth Index), which was -9.6%. The portfolio was also behind the long-term target of CPI +4% per annum, which was +15.1% - not surprising given the fall in markets and sharp rise in inflation. Longer term performance remains strong.

The Trustees set the investment policy and the investment advisers make any investment selection within that policy.

Reserves policy

As of 31 December 2022, the charity’s funds were held in 3 types of funds:

Permanent Endowment – Funds that have been donated with the intention that they are held in perpetuity for the charity to use to generate income. The most significant source of these funds was the proceeds of approximately £2m from the sale of the Stationers’ Company’s former school and grounds.

8

THE STATIONERS’ FOUNDATION CIO

TRUSTEES’ REPORT (Continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

Restricted – Funds that have been raised for and whose issue is restricted to a specific purpose or contributions restricted to a specific purpose.

Unrestricted – Funds which can be spent at the Trustees’ discretion within the powers granted under the Charity Scheme Commission dated 3 July 2007 and amended on 25 October 2018 and now expended according to the Constitution of the CIO dated 1 April 2022.

The Charity’s policy is to maintain or enhance in real terms the value of the Permanent Endowment. In 2021, the Trustees agreed to adopt a total return approach when determining potential distributions of the Permanently Endowed Funds. The Trustees approved the transfer of £45,000 (2021 - £46,000), in addition to the investment income of £73,676, from the Unapplied Total Return to Restricted Funds. This total return approach helps to smooth out the market fluctuations.

The Trustees carry out an annual review of the reserves policy and the level of unrestricted reserves against that policy. Considering the current and anticipated commitments, the Trustees feel that unrestricted reserves of approximately £149,000 (equal to the 2022 year’s unrestricted income plus annual support costs) is an appropriate level of reserves to be carried forward to the next review. The current unrestricted reserves are £893,176 (2021 – £892,938). This high level has resulted from the 2021 receipts of the £500k legacy and £60k anonymous donation, for which there are spending plans. The Trustees are always aware that donations cannot be guaranteed although they recognised that the current unrestricted reserves are exceptionally high due to the reasons noted.

Risk management

The Trustees have examined the major strategic, business and operational risks which the Foundation faces. The most significant risk is associated with the charity’s investment portfolio. Whilst the charity has taken a conservative approach on its investments to mitigate risk as far as possible an element of risk still remains, not least due to the global economic uncertainties arising from the invasion of the Ukraine in the first quarter of 2022.

The Trustees are content that other systems are in place to mitigate general business and operational risk. The Trustees do not believe that there are any other areas of significant risk.

9

THE STATIONERS’ FOUNDATION CIO

TRUSTEES’ REPORT (Continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Financial statements and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 27 April 2023 and signed on their behalf by:

G J Heanue Chairman

10

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE STATIONERS’ FOUNDATION CIO

Opinion

We have audited the financial statements of The Stationers’ Foundation for the period ended 31 December 2022 which comprise the consolidated Statement of Financial Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

11

INDEPENDENT AUDITORS’ REPORT CIO TO THE TRUSTEES OF THE STATIONERS’ FOUNDATION (continued)

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out page 10 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.

Based on our understanding of the charity and industry, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory framework for charities, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act, income tax, and payroll tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

05/05/2023 Haysmacintyre LLP 10 Queen Street Place Statutory Auditor London EC4R 1AG

Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

12

THE STATIONERS’ FOUNDATION CIO

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating income and expenditure account)

FOR THE PERIOD ENDED 31 DECEMBER 2022

Permanent
Unrestricted Restricted Endowment
Fund Funds Fund 2022
INCOME FROM: Notes £ £ £ £
Donations and legacies 1 37,049 34,457 - 71,506
Investments 2 276 - 73,400 73,676
Total return applied 13 - 118,400 (118,400) -
----------------- --------------------- ---------------- -----------------
Total income 37,325 152,857 (45,000) 145,182
------------------- --------------------- ---------------- ------------------
EXPENDITURE ON:
Raising funds
Investment management costs - - 5,781 5,781
Donations administration 3 5,214 - - 5,214
Charitable activities
Grants 4 - 170,319 - 170,319
Projects 5 - 7,387 - 7,387
---------------- -------------------- ------------------ --------------------
Total expenditure 5,214 177,706 5,781 188,701
---------------- --------------------- ---------------- ----------------------
NET
INCOME/(EXPENDITURE)
FOR THE YEAR
BEFORE INVESTMENT 32,111 (24,849) (50,781) (43,519)
GAINS
Gains on investments - (676) (25,176) (25,852)
---------------- --------------------- ---------------- ----------------------
NET INCOME/(EXPENDITURE) 32,111 (25,525) (75,957) (69,371)
FOR THE YEAR
Transfer from Unrestricted funds (22,025) 22,025 - -
FUND BALANCE
TRANSFERED
1 JULY 2022 882,998 281,999 4,632,906 5,797,903
FUND BALANCES C/F --------------------- ----------------- ----------------- ---------------------
AT 31 DECEMBER 2022 893,084 278,499 4,556,949 5,728,532
========== ========== ========= ==========

The notes set out on pages 16 to 28 form an integral part of these financial statements.

13

THE STATIONERS’ FOUNDATION CIO

BALANCE SHEET

AS AT 31 DECEMBER 2022 CIO Number: 1198494

Notes
FIXED ASSETS
Investments
8
CURRENT ASSETS
Debtors
9
Cash at bank
CURRENT LIABILITIES
CREDITORS - amounts falling due
within one year
10
NET CURRENT ASSETS
TOTAL NET ASSETS
FUND BALANCES
Permanent endowment fund
11, 12,13
Restricted funds
14
Unrestricted fund		 2022
£
50,679
115,936
~~--------------~~
166,615
170,335
~~--------------~~		 £
5,732,252
(3,720)
~~--------------------~~
5,728,532
~~==========~~
4,556,949
278,499
893,084
~~--------------------~~
5,728,532
~~==========~~

The notes set out on pages 16 to 28 form an integral part of these financial statements.

The financial statements were approved and authorised for issue by the Trustees on 27 April 2023 and signed on their behalf by:

G J Heanue

Chairman of the Trustees

14

Charity Number: 1198494

THE STATIONERS’ FOUNDATION CIO

CASH FLOW STATEMENT

AS AT 31 DECEMBER 2022

2022
Total funds
£
Cash flows from operating activities (see note below)
Net cash used in operating activities (89,951)
Cash flows from investing activities
Investment income receivable 73,676
Purchase of investments (216,600)
Decrease in investment cash 49,215
--------------------
Net cash provided by investing activities (93,709)
Change in cash and cash equivalents in year 183,660
Cash and cash equivalents at the 1 July 2022 299,596
-------------------
Cash and cash equivalents at the end of the year 115,936
==========
Note: reconciliation of net income to cash flows from operating activities
2022
Total funds
£
Net income per the Statement of Financial Activities (69,371)
Deduct: investment gains 25,852
Deduct: investment income (73,676)
Add: decrease in debtors / deduct: increase in debtors (20,235)
Add: increase in creditors / deduct: decrease in creditors 47,479
--------------------
Cash flows from operating activities (89,951)
==========
No reconciliation of net debt has been provided as the charity has no borrowings.

The notes set out on pages 16 to 28 form an integral part of these financial statements.

15

THE STATIONERS’ FOUNDATION CIO PRINCIPAL ACCOUNTING POLICIES

FOR THE PERIOD ENDED 31 DECEMBER 2022

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy or notes to the financial statements. Investments are restated at market value at the balance sheet date and the differences arising dealt with through the Statement of Financial Activities.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS 102, second edition updated October 2020), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Transfers activities of the Stationers’ Foundation to the Stationers Foundation CIO

On 1 July 2022 the predecessor charity, The Stationers’ Foundation (charity number 1120963), transferred all its assets and liabilities to The Stationers’ Foundation CIO. Refer to note 17 for further details. See note 18 which shows the amalgamated figures for the combine charities for the year and comparative.

Critical accounting estimates and areas of judgement

Preparation of the financial statements may require the trustees to make significant judgements and estimates. However, there were no material matters relating to the current or prior years where such judgements or estimates were required.

Going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

16

THE STATIONERS’ FOUNDATION CIO

PRINCIPAL ACCOUNTING POLICIES (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably, and it is probable that the income will be received.

Donations are recognised when the charity has confirmation of both the amount and settlement date.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accrual’s basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued for but are disclosed if this applies.

Support costs and governance costs are allocated to expenditure headings based on an estimate of time spent. These allocations have been reviewed and agreed by the Trustees.

17

THE STATIONERS’ FOUNDATION CIO

PRINCIPAL ACCOUNTING POLICIES (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such financial statements and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

Permanent endowment funds comprise monies of which the original gift element must be held indefinitely as capital. The Trustees adopted a Total Return policy from 1 January 2021 in respect of the maintenance of the endowment which allows for amounts up to the unapplied total return above cumulative inflation to be expended.

Restricted funds represent monies raised for or their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions.

Unrestricted funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s objects.

18

THE STATIONERS’ FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

1. DONATIONS AND LEGACIES
2022
Unrestricted Restricted 2022
Funds Funds
£ £ £
Donations and gifts 1,549 34,457 36,006
Donations from 1961 Charity 35,000 35,000
Legacies 500 500
------------------- ------------------ ------------------
Totals 37,049 34,457 71,506
========== ========= =========
2. INCOME AND INVESTMENTS
2022
Unrestricted Restricted
Funds Fund 2022
£ £ £
Income from listed investments ¤ - 72,889 72,889
Interest receivable 276 511 787
----------------- ----------------- ----------------
Totals 276 73,400 73,676
========= ========= ========
3. DONATIONS ADMINSTRATION
2022
£
Direct costs -
Support costs (note 6) 5,214
----------------
Totals 5,214
=========
All donations administration costs relate to unrestricted funds.

19

THE STATIONERS’ FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

4 GRANTS
Unrestricted Restricted 2022
Funds Funds
£ £ £
General awards - 17,955 17,955
Queen's Bindery & Evening Standard - (1,149) (1,149)
apprenticeships
Stationers' Crown Woods Academy 39,580 39,580
Annual awards for special - 53,252 53,252
educational projects
Postgraduate bursaries - 31,836 31,836
-------------------- --------------------- ---------------------
141,474 141,474
Support costs (note 6) 28,845 28,845
-------------------- --------------------- ---------------------
Totals 170,319 170,319
========== ========== ==========
5 PROJECTS
Restricted 2022
Funds £
£
Shine-Grants 6,692 6,692
Shine-Support costs 695 695
--------------- ----------------
Totals 7,387 7,387
======== =======
6. SUPPORT COSTS
Staff costs (note 7) 11,893
Bank charges 174
Other 12,387
Governance
Audit fees 10,300
----------------
34,754
=======
Allocated to:
Grants 28,845
Projects 695
Donations administration 5,214
----------------
34,754
========

20

THE STATIONERS’ FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

7. WAGES AND SALARIES 2022
£
Wages and salaries 10,014
Social security costs 878
Pension costs 1,001
---------------------
11,893
==========

There was one part-time employee during the year. The total remuneration paid to key management personnel for the 6 months period to December 2022 was £11,893.

No Trustees received remuneration or expenses from the charity (2021: None). The total donations received by the charity from the trustees was £nil (2021: £1,520). The charity also received donated service with an estimated value of £1,320 from an accountancy firm in which a trustee is a partner (2021: £2,640).

8. INVESTMENT

INVESTMENT
2022
£
Market value at 1 July, 2022 5,478,701
Acquisitions 216,600
Net gains/(losses) (25,852)
---------------------
Market value as at 31 December, 2022 5,669,449
Deposit held by investment manager 62,803
---------------------
Total investments at 31 December 2022 5,732,252
==========
Historical cost at 31 December 2022 4,859,894
---------------------
Rathbone Core Investment Fund for Charities 5,669,449
==========

21

THE STATIONERS’ FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

9. DEBTORS

9. DEBTORS
2022
£
Gift Aid recoverable 16,511
Trade & Other Debtors 17,662
Prepayments 16,506
------------------
50,679
========
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Charity Fund 1961 Stationers’ and Newspaper Makers’ Company 491
Grant creditors 145,053
Other creditors 1,560
Accruals 23,231
----------------
170,335
========
11. PERMANENT ENDOWMENT FUNDS
1 Investment 31
July Incoming Resources Gains and Dec.
2022 Resources Expended Losses 2022
£ £ £ £ £
Educational Fund 4,099,824 - (5,145) (62,457) 4,032,222
Welfare Fund 533,083 - (636) (7,720) 524,727
-------------------- --------------------- --------------------- --------------------- -------------------
4,632,907 - (5,781) (70,177) 4,556,949
========== ========= ========== ========== ==========

Education Fund

The Education Fund represents funds received to provide income to meet the educational objective of the charity.

Welfare fund

The Welfare Fund represents funds received to provide income to meet the welfare objectives of the charity raised as a result of a joint appeal with the Charity Fund 1961 (Stationers’ and Newspaper Makers’ Company) as part of the 600[th] anniversary of The Worshipful Company of Stationers’ and Newspaper Makers.

22

THE STATIONERS’ FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

12. TOTAL RETURN

With effect from 1 July 2022 the Trustees have adopted a total return basis for maintaining the endowments. As at that date the gift element of the total return was determined at a value of £4,538,861 on the following basis:

Under the total return approach, a value of up to the value of the total return may be applied to fund the net expenditure of the charity subject to the original restrictions on the endowments being for the benefit of Education and Welfare. The movements are set out in the following tables:

EDUCATION FUND

Trust for Total Total
Investment return endowment
£ £ £
At 1 July 2022:
Gift component 4,026,641 - 4,026,641
Unapplied total return - 73,183 73,183
----------------- ---------------- -----------------
Total endowment brought forward 4,026,641 73,183 4,099,824
Movement in the reporting period:
Investment return – net income 65,326 65,326
Investment return: net gains 347,453 (369,860) (22,407)
Less; Investment management costs (5,145) (5,145)
----------------- ---------------- ---------------
Total for the period 347,453 (309,679) 37,774
----------------- ---------------- ----------------
Unapplied total return allocated to income - (105,376) (105,376)
Net movements in reporting period 347,453 (415,055) (67,602)
At 31 December 2022:
Gift component 4,374,094 - 4,374,094
Unapplied total return - (341,872) (341,872)
----------------- ---------------- ----------------
Total endowment 4,374,094 (341,872) 4,032,222
========= ========= =========

23

THE STATIONERS’ FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

13. TOTAL RETURN (continued)

WELFARE & ANNIVERSARY WELFARE & ANNIVERSARY
APPEAL FUND Unapplied
Trust for Total Total
Investment return endowment
£ £ £
At 1 July 2022:
Gift component 512,220 - 512,220
Unapplied total return - 20,863
20,863
----------------- ---------------- -----------------
Total endowment brought forward 512,220 20,863 533,083
Movement in the reporting period:
Investment return – net income 8,074
8,074
Investment return: net gains 44,199 (46,968)
(2,769)
Less; Investment management costs (636)
(636)
----------------- ---------------- ---------------
Total for the period 44,199 (39,530)
4,669
----------------- ---------------- ----------------
Unapplied total return allocated to income - (13,025)
(13,025)
Net movements in reporting period 44,199 (52,555)
(8,356)
At 31 December 2022: 556,419 - 556,419
Gift component - (31,692)
(31,692)
Unapplied total return ----------------- ---------------- ----------------
556,419 (31,692)
524,727
Total endowment ========= ======== ========
14. RESTRICTED FUNDS
1 31
July Incoming Resource December
2022 resources expended Transfers Transfers 2022
£ £ £ £ £ £
Education Fund - 80,609 (110,303) (10,356) 40,050 -
Queens bindery & (12,500) - 106 (106) - (12,500)
evening standard
Apprentices Fund
School Media Awards 6,392 - (7,387) 6,995 - 6,000
Fund
PhD Copyright 1,253 - (87) - - 1,166
Data Publishing Fund 182,116 1,563 (8,458) - - 175,221
Stationers’ Crown -
Woods Academy 2,205 13,273 (40,970) 25,492 -
Francis Mathew 33,054 - (695) - - 32,359
Prize and Scholarship 21,534 128 (1,170) - - 20,492
Welfare 47,947 11,607 (8,743) - 4,950 55,761
-------------------- --------------------- ------------------- ------------------- ------------- -------------
282,001 107,180 (177,707) 22,025 45,000 278,499
========= ========== ========= ========= ======= =======

24

THE STATIONERS’ FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

14. RESTRICTED FUNDS (continued)

Education Fund – fund restricted to the promotion of education of persons under the age of 25 years.

Apprentices Funds - Evening Standard & Apprentice Futures – funds for the provision of apprenticeships. The fund is in deficit in anticipation of future income.

School Media Awards Fund – fund restricted to support the Shine awards.

PhD Copyright Fund – fund restricted to support a 3-year PhD research project to look at the whole area of digital copyright and its future implications for the Media and content industry in conjunction with University College London.

Data Publishing Fund - funds arising, in 2016, from the wind-up of Data Publishers Association (DPA) for the specific purpose to provide education, vocational training or research in support of the sector represented by the DPA. A total of £194,929 was received from the DPA of which £25,000 was donated to the Stationers’ Crown Woods Academy Fund and the balance to the Data Publishing Fund.

Stationers’ Crown Woods Academy Fund – fund restricted to establish and sponsor, in partnership with the Stationers’ Company, a new academy which has as one of its objectives a focus on the content and communications industry. The fund was in deficit by £25,384 at the end of this year, which was met by a transfer from unrestricted funds.

Francis Mathew Scholarship Fund – fund restricted to award scholarships to persons of British nationality to advance their education in any of the industries associated with the Stationers’ Company.

Prize and Scholarship Fund – fund restricted to award prizes and scholarships to beneficiaries connected with the Stationers’ Company and to award prizes through appropriate educational establishments connected with the Company.

Welfare Fund – fund restricted for the relief of those who are, or who have been, engaged in the printing industry and allied trades who are in need, hardship or distress.

25

THE STATIONERS’ FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

15. ANALYSIS OF NET ASSETS BY FUND

The net assets of the charity at 31 December 2022 are analysed as follows:

Unrestricted Endowed Restricted 2022
Total
£ £ £ £
Investments 763,656 4,559,517 409,079 5,732,252
Current assets 25,256 - 25,423 50,679
Cash 115,936 - - 115,936
Current liabilities (11,764) (2,568) (156,003) (170,335)
----------------------- ----------------------- ----------------------- ------------------------
893,084 4,556,949 278,499 5,728,532
=========== =========== =========== ===========

16. RELATED PARTIES AND CONNECTED CHARITIES

Charity Fund 1961 (The Stationers’ and Newspaper Makers’ Company) (Charity number 233251) is a connected charity as its Trustees are the Court of Assistants of The Worshipful Company of Stationers and Newspaper Makers who appoint the Trustees of The Stationers’ Foundation. In the current year the charity did not received a donation from Charity Fund 1961 (Stationers’ and Newspaper Makers’ Company) (2021 – £35,000). The charity made a charge of £1,635 (£1,566- 2020) for administrative services.

The Stationers’ Hall Charity (Charity number 1169753) is a connected charity as its Trustees include appointees of The Worshipful Company of Stationers and Newspaper Makers. During the year the Stationers’ Foundation made charges to Stationers’ Hall Charity of £1,842 (2021 - £5,154) for administrative services.

Amounts due to or from related parties are shown in notes 9 and 10.

The charity has purchased insurance to protect the charity from any loss arising from the neglect or defaults of its Trustees, employees and agents and to indemnify the Trustees or other officers against the consequences of any neglect or default on their part.

26

THE STATIONERS’ FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

17. TRANSFER FROM PREDECESSOR ENTITY

The Stationers’ Foundation (CIO) was established by a constitution dated 1 April 2022. On 1 July 2022 the predecessor charity, The Stationers Foundation (charity number 1120963), transferred all its assets and liabilities to The Stationers’ Foundation CIO. The analysis of net assets transferred was:

Transfer to CIO from 1 July 2022
Funds balance brought forward from 1 January 2022
Income
Expenditure
Gains on Investment
Transfer from Unrestricted to restricted funds
Funds balances carried forward at 30 June 2022
Investments
Current assets
Cash
Current liabilities
Net assets at 30 June 2022		 Unrestricted
Fund
Restricted
Fund
Endowment
Fund
31
December
2022
Total
£
£
£
£
892,938
302,165
5,329,412
6,524,515
40,109
93,245
-
133,354
(5,538)
(134,835)
(5,638)
(146,011)
(23,087)
(690,868)
(713,955)
(44,511)
44,511
-
-
882,998
281,999
4,632,906
5,797,903
574,366
380,644
4,635,708
5,590,718
15,113
15,333
-
30,446
299,596
-
-
299,596
(6,077)
(113,978)
(2,802)
(122,857)
882,998
281,999
4,632,906
5,797,903

27

THE STATIONERS’ FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2022

18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Stationers’ Stationers’
Foundation Foundation
CIO
1 July -
1 January - 31 December 2022 2021
30 June 2022 2022 Total Total
INCOME FROM: Notes £ £ £ £
Donations and legacies 1 77,042 71,506 148,548 754,740
Investments 2 56,312 73,676 129,988 114,484
Other Income 13 - - - -
------------------- ------------------- ------------------- -------------------
Total income 133,354 145,182 278,536 869,224
------------------- --------------------- ------------------ ------------------
EXPENDITURE ON:
Raising funds
Investment management costs 5,638 5,781 11,419 11,515
Donations administration 3 36,914 34,754 71,668 7,014
Charitable activities
Grants 4 77,891 141,474 219,365 250,054
Projects 5 25,568 6,692 32,260 30,367
---------------- -------------------- -------------------- --------------------
Total expenditure 146,011 188,701 334,712 298,950
---------------- --------------------- ---------------------- ----------------------
NET INCOME/(EXPENDITURE) FOR (12,657) (43,519) (56,176) 570,274
THE YEAR BEFORE INVESTMENT
GAINS
Gains on investments 8 (713,955) (25,852) (739,807) 652,818
---------------- --------------------- ---------------------- ----------------------
Net movement in fund (726,612) (69,371) (795,983) 1,223,092
Transfer from unrestricted reserve - - - -
Fund balances brought
forward 6,524,515 5,797,903 6,524,515 5,301,423
FUND BALANCES CARRIED --------------------- --------------------- ----------------- ---------------------
FORWARD AT 31 DECEMBER 5,797,903 5,728,532 5,728,532 6,524,515
========== ========== ========== ==========

28