REGISTERED CHARITY NUMBER: 205975
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
HENRY AND ELIZABETH LINEHAM FUND
HENRY AND ELIZABETH LINEHAM FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Report of the Independent Auditors | 5 to 6 |
| Statement of Financial Activities | 7 |
| Statement of Financial Position | 8 |
| Notes to the Financial Statements | 9 to 14 |
| Detailed Statement of Financial Activities | 15 |
HENRY AND ELIZABETH LINEHAM FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. 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 aims
The object of the charity is the relief or prevention of poverty for the public benefit among women who are resident in Northampton from time to time, with preference to those who have lived in the area the longest by, in order of priority:
(a) granting pensions; or
- (b) making grants of money.
Income: £50,000 to £60,000 per annum
Previously this charity had been reported as part of the Northampton Municipal General Charities. Following the winding up and transfer of the assets of some of the smaller charities at 31 December, 2003 there were three main Charities, of which this is one.
The Henry and Elizabeth Lineham Fund incorporated all the annuity giving charities and, following the Trustees' decision made at the Meeting on 18 September 2006, continues to pay half yearly grants to needy widows and spinsters.
At their meeting on 24 June 2013, the Trustees agreed to increase the gift made to recipients by £100. The annual grant would therefore amount to £512 (£256 to be paid in June and December).
Recipients of Grants
During the year, 7 of the beneficiaries died.
3 new beneficiaries were added.
At 31st December 2020, there were 66 recipients.
Public benefit
The Trustees have had regard to the Charity Commission guidance on public benefit. As the charity's activity is to distribute grants to those in need, the Trustees believe the public benefit in the charity's activities is clear.
FINANCIAL REVIEW
Financial position
At the year end unrestricted reserves totalled £1,488,055 (2019: £1,545,349).
Reserves policy
The Trustees aim to maintain reserves in real terms in order to generate income to pay the beneficiaries. This year the grant payments amounted to £34,986, so the reserves are sufficient and meet the policy in place.
Going concern
Following the worldwide Covid 19 pandemic which resulted in the lockdown of the UK in March 2020, this will have an effect on the Trustees' investment portfolio. The full effect of the virus on the charity's investment is not known, and may take many months to become clearer. The Trustees do not receive any funding and HCR Hewitsons are continuing to administer the charity on a day to day basis, as previously.
Page 1
HENRY AND ELIZABETH LINEHAM FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
Registered Charity Number - 205975
Governing Instrument - Will proved at Exeter 15 February, 1933
Scheme of the Supreme Court (Chancery Division) made 21 June, 1962, and Charity Commission Scheme of 22 December 2010.
Beneficial area - Northampton
Legal and Administrative Details
The charity's financial statements comprise the accounts of all charities as listed.
Investments
The Trustees rely on their financial consultants, Cave & Sons, for advice in relation to the selection of investments. The underlying policy is to aim to achieve capital growth to maintain the value in real terms while generating sufficient income to pay the annuitants.
At the meeting of the Trustees held on 16 June 2008 it was agreed that Cave & Sons should be given discretion to manage the Trustees' portfolio.
Investment policy
The investment policy was reviewed in 2019. It was agreed that the Trustees would seek to achieve capital and income growth with an emphasis on an overall rate of return. This was achieved by a quarterly review of the portfolio by the financial advisers and the adoption of a low to medium risk investment policy. The financial advisors also attend one meeting a year to review the annual progress of the Charity's investments.
Administration of the Charity
The day to day administration of the charity has been delegated to HCR Hewitsons LLP.
All financial decisions are agreed by the Trustees at their meetings, and cheques are signed by two Trustees.
Trustees
At the meeting of the Trustees held on 17th February 2020 , Mr T J Hadland was appointed Chairman and Mr U Gravesande was appointed Deputy Chairman for the ensuing year. This was in accordance with the 1915 Scheme of the Northampton Municipal General Charities which had stated that the appointment of the Chairman and Deputy should take place at the first meeting of the year.
Representative Trustees are appointed by Northampton Borough Council for four years. Co-Optative Trustees are appointed for life, and progress from being Representative Trustees on the retirement or death of other Co-Optative Trustees.
Prior to their first meeting, Trustees are sent papers which include a history of the charity, copy Charity Scheme, accounts and various notes and copy forms that are used by the clerks. No formal training is given.
Risk management
The charity has investments that are considered medium to high risk even though they are quoted on the Stock Exchange and FTSE 1000. The main area of risk is that the income available will not be sufficient to cover the annuities. By keeping the numbers under constant review, no new annuitant will be appointed if the income is likely to be exceeded. There is also the option of reducing the annual gift if the income is not sufficient to cover the annuities.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
205975
Page 2
HENRY AND ELIZABETH LINEHAM FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
Principal address
c/o HCR Hewitsons Elgin House Billing Road Northampton NN1 5AU
Trustees
T J Hadland U Gravesande F H Wire G W Simmons (resigned 20/7/20) W A Howes J Nightingale P L Ager J Bulteel J Conroy A Simpson J March T Whenham M Wilkinson Cllr A King Cllr S Beardsworth Cllr D Stone Cllr J Lane D Kelk A Perry
Co-optative Trustees consist of T J Hadland, U Gravesande, F H Wire, W A Howes, J Nightingale, P L Ager, J Bulteel, J Conroy, A Simpson and J March.
Representative Trustees consist of T Whenham, M Wilkinson, Cllr A King, Cllr S Beardsworth, Cllr D Stone, Cllr J Lane, D Kelk and A Perry.
Auditors
DNG Dove Naish LLP, Statutory Auditor Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ
Page 3
HENRY AND ELIZABETH LINEHAM FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
REFERENCE AND ADMINISTRATIVE DETAILS Advisers
Financial Consultants: Cave & Sons Lockgates House Rushmills Bedford Road Northampton NN4 7YB
Bankers: National Westminster Bank Plc 41 The Drapery Northampton NN1 2EY Clerks to the Trustees: HCR Hewitsons Solicitors Elgin House, Billing Road Northampton NN1 5AU
HM Revenue & Customs number: X8076
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HENRY AND ELIZABETH LINEHAM FUND
Opinion
We have audited the financial statements of Henry and Elizabeth Lineham Fund (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Statement of Financial Position and 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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 Auditors' 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 Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HENRY AND ELIZABETH LINEHAM FUND
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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:
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing and recognition of investment income. posting of any unusual journals along with complex transactions and manipulating the charities' key performance indicators such as grants paid, to meet targets. We discussed these risks with the finance management and designed audit procedures to test the timing of investment revenue & tested a sample of grants paid out to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.
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 Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 auditors' 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.
DNG Dove Naish LLP, Statutory Auditor Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ
Date: 28 October 2021
Page 6
HENRY AND ELIZABETH LINEHAM FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Making grants Making one off grants to institutions Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2020 Unrestricted fund £ 57,889 4,736 44,490 1,000 50,226 (64,957) (57,294) 1,545,349 1,488,055 |
2019 Total funds £ 60,821 4,837 49,470 350 54,657 142,883 149,047 1,396,302 1,545,349 |
|---|---|---|
The notes form part of these financial statements
Page 7
HENRY AND ELIZABETH LINEHAM FUND
STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2020
| Notes FIXED ASSETS Investments 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
2020 Unrestricted fund £ 1,423,352 444 67,194 67,638 (2,935) 64,703 1,488,055 1,488,055 1,488,055 1,488,055 |
2019 Total funds £ 1,491,155 700 55,846 56,546 (2,352) 54,194 1,545,349 1,545,349 1,545,349 1,545,349 |
|---|---|---|
The notes form part of these financial statements
Page 8
HENRY AND ELIZABETH LINEHAM FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial 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 (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 Republic of Ireland (FRS 102) (effective 1 January 2019)', 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 modified by the revaluation of certain assets.
The financial statements have been prepared under the historical cost convention with the exception of the investments which are included which are included at market rate.
The presentation currency of the financial statements is in Pound Sterling (£).
Going Concern
The financial statements have been prepared as a going concern. The Trustees have taken into account a period of 12 months post the approval of the financial statements date and confirmed their assessment that the charity is a going concern.
Significant Judgements and Estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.
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 aggregate 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 conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 9
continued...
HENRY AND ELIZABETH LINEHAM FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES - continued
Fund accounting
Investments
All investments are considered to be of a long term nature and are stated at market value. The unrealised gains are recognised in the Statement of Financial Activities.
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of financial activities.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the statement of financial activities. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
2. INVESTMENT INCOME
| 2020 £ Dividends & interest received 57,889 3. RAISING FUNDS Investment management costs 2020 £ Portfolio management 4,736 4. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 5) note 6) £ £ Making grants 34,986 9,504 Making one off grants to institutions 1,000 - 35,986 9,504 |
2019 £ 60,821 2019 £ 4,837 Totals £ 44,490 1,000 45,490 |
|---|---|
Page 10
continued...
HENRY AND ELIZABETH LINEHAM FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
| 5. GRANTS PAYABLE 2020 £ Making grants 34,986 Making one off grants to institutions 1,000 35,986 The total grants paid to institutions during the year was as follows: 2020 £ The Lord Mayors Fund for the Housebound 1,000 6. SUPPORT COSTS Governance Management costs £ £ Making grants 6,018 3,486 Support costs, included in the above, are as follows: 2020 Making grants £ Clerks charges 6,018 Auditors' remuneration 912 Auditors' remuneration for non audit work 1,512 Clerks charges 1,062 9,504 |
2019 £ 39,754 350 40,104 2019 £ 350 Totals £ 9,504 2019 Total activities £ 6,263 784 1,564 1,105 9,716 |
|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Page 11
continued...
HENRY AND ELIZABETH LINEHAM FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
8. STAFF COSTS
There were no employees for the year ended 31 December 2020 nor the year ended 31 December 2019.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Making grants Making one off grants to institutions Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 10. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2020 Additions Disposals Revaluations At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Unrestricted fund £ 60,821 4,837 49,470 350 54,657 142,883 149,047 1,396,302 1,545,349 Listed investments £ 1,491,155 63,255 (66,101) (64,957) 1,423,352 1,423,352 1,491,155 |
|
|---|---|---|
There were no investment assets outside the UK.
The historical cost of the investments at the year end was £976,846 (2019: £983,772).
Page 12
continued...
HENRY AND ELIZABETH LINEHAM FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income 13. MOVEMENT IN FUNDS At 1/1/20 £ Unrestricted funds General fund 1,545,349 TOTAL FUNDS 1,545,349 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 57,889 (50,226) TOTAL FUNDS 57,889 (50,226) Comparatives for movement in funds At 1/1/19 £ Unrestricted funds General fund 1,396,302 TOTAL FUNDS 1,396,302 |
2020 £ 444 2020 £ 2,935 Net movement in funds £ (57,294) (57,294) Gains and losses £ (64,957) (64,957) Net movement in funds £ 149,047 149,047 |
2019 £ 700 2019 £ 2,352 At 31/12/20 £ 1,488,055 1,488,055 Movement in funds £ (57,294) (57,294) At 31/12/19 £ 1,545,349 1,545,349 |
|---|---|---|
Page 13
continued...
HENRY AND ELIZABETH LINEHAM FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 60,821 60,821 |
Resources expended £ (54,657) (54,657) |
Gains and Movement losses in funds £ £ 142,883 149,047 142,883 149,047 |
|---|---|---|---|
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020 (2019: £Nil).
15. ULTIMATE CONTROLLING PARTY
The charity is under the control of its trustees as listed within the Trustees Report.
Page 14
HENRY AND ELIZABETH LINEHAM FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Dividends & interest received | 57,889 | 60,821 |
| Total incoming resources | 57,889 | 60,821 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 4,736 | 4,837 |
| Charitable activities | ||
| Grants to institutions | 1,000 | 350 |
| Grants to individuals | 34,986 | 39,754 |
| 35,986 | 40,104 | |
| Support costs | ||
| Management | ||
| Clerks charges | 6,018 | 6,263 |
| Governance costs | ||
| Auditors' remuneration | 912 | 784 |
| Auditors' remuneration for non audit work | 1,512 | 1,564 |
| Clerks charges | 1,062 | 1,105 |
| 3,486 | 3,453 | |
| Total resources expended | 50,226 | 54,657 |
| Net income before gains and losses | 7,663 | 6,164 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | (64,957) | 142,883 |
| Net (expenditure)/income | (57,294) | 149,047 |
This page does not form part of the statutory financial statements
Page 15