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2025-04-30-accounts

REGISTERED CHARITY NUMBER: 206225

Report of the Trustees and

Financial Statements for the Year Ended 30 April 2025

for Tower Hill Trust

Dunkley's Woodlands Grange Woodlands Lane Bradley Stoke Bristol United Kingdom BS32 4JY

Tower Hill Trust

Contents of the Financial Statements

for the Year Ended 30 April 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 9
Report of the Independent Auditors 10 to 12
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 24
Detailed Statement of Financial Activities 25

Reference and Administrative Details for the Year Ended 30 April 2025

TRUSTEES K E Clunie Chairman
L A Chapman
Col. R E Harrold
J D Solomon
D J Walter
E W Walter
S M Wood
TRUST DEED 7th February 1938 (subsequently varied by Schemes
approved by the Charity Commissioners on
23rd October 1973 and 23rd April 1987)
PRINCIPAL ADDRESS Marshall House
66 Newcomen Street
London
SE1 1YT
REGISTERED CHARITY NUMBER 206225
INDEPENDENT AUDITORS Dunkley's
Statutory Auditor
Chartered Accountants
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY
SOLICITORS Wedlake Bell LLP
71 Queen Victoria Street
London
EC4V 4AY
INVESTMENT MANAGERS CCLA Investment Management
One Angel Lane
London
EC4R 3AB
BANKERS HSBC UK
28 Borough High Street
London
SE1 1YB
PRINCIPAL OFFICERS Cherry Bushell (Secretary and Treasurer)
Elaine Crush (Grant Officer)

Page 1

Tower Hill Trust

Report of the Trustees

for the Year Ended 30 April 2025

The Trustees present their report with the financial statements of the charity for the year ended 30 April 2025. 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

The Trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives, and in planning future activities. The Trust's objectives are to use Trust resources for the promotion of charitable purposes for the general benefit of the inhabitants in the Trust's area of operation in any or all the following ways:

a) The provision of gardens and open spaces for the general benefit of the inhabitants;

b) The provision and support of facilities for recreation and leisure-time occupation;

c) The provision and support of educational facilities; and

d) The relief of the aged, handicapped and poor.

These objects are listed in the order of priority determined by the Trustees. The Trust seeks to do these things not by giving money to individuals or by carrying out programmes of its own, but by making grants to registered charities and other bodies for activities and projects which help to advance the objects. In making grants, the Trust always looks at the question of who will be the ultimate beneficiaries, and what will be the benefit to them. The Trustees insist that all activities or projects must be open to anyone who qualifies as a potential beneficiary, and that people in poverty are not excluded.

The chief restriction on the Trust's grant-making is geographical. The guidance on public benefit published by the Charity Commission recognises that: "it is generally reasonable for a charity's aims to be intended to benefit people living in a particular geographical area, such as a village, town, city, county or country". The Trust's area of benefit comprises the area of Great Tower Hill, Tower Hill and the London Borough of Tower Hamlets. Trustees particularly welcome proposals for capital costs, and proposals that have a link with the Trust's original area of benefit, i.e. the area around Tower Hill, and the former St Katharine's ward in the borough of Tower Hamlets.

The public benefit of funding by the Trust is measured against the achievements of the organisations and projects that are funded. Grant recipients are required to provide regular or one-off progress reports, depending on the nature of the project and the size of grant awarded. The monitoring process aims to be 'light touch', and there are no formal monitoring or evaluation forms to complete, since organisations and projects can struggle under the burden of monitoring requirements. Grant recipients can devise their own reports and may submit information that has been prepared for another funder if this is appropriate (many of the Trust's grants are contributions to projects also supported by other donors). Recipients are asked to reflect on the progress that they have made in relation to the aims, objectives and outcomes which they identified at the beginning of a project, and any learning that has taken place.

ACHIEVEMENT AND PERFORMANCE

The Trust's income is derived partly from an investment portfolio managed by CCLA Investment Management, and partly from the head rent of the Tower Hill Wine Vaults, of which the Trust owns the freehold.

The Trust aims to maintain a high level of grant-giving, while ensuring that funds are available when needed for high priority initiatives, that reserves are maintained to generate income for the future, and that adequate funds are available for the proper administration of the charity. During 2024-25, the Trust awarded 21 grants totalling £114,639 (£111,213, 2023-24) under its Main Grant Programme and a further 6 grants totalling £35,300 under its Biodiversity Grant Programme. A total of £206,135 was paid out during the year to grant recipients. A proportion of the amount paid out in grants during the year reflected the continuation of grants awarded in previous years. Similarly, a proportion of grants awarded in 2024-25 will be paid out in subsequent years. The Trustees have decided that grants payable should be charged in the year when they are awarded, irrespective of when they are paid, as Trustees regard them as financial obligations. For this reason, the amount shown in the Statement of Financial Activities under charitable activities does not represent the grants paid in 2024-25, but the grants awarded during the year. Details of both grants paid, and grants awarded during the year are contained in note 12.

Trustees differentiate the grants into three distinct categories with their own funding approach and financial treatment. Those categories are Main Grants, Biodiversity Grants and School Bursaries (multi-year projects).

The Trust is a member of Tower Hamlets Funder Forum, an initiative that brings key Tower Hamlets funders together to reduce duplication of work, consider possible joint initiatives and gather intelligence regarding issues in the borough. Staff also attend regular Funder Fairs to promote available grants to local community groups and charities.

Report of the Trustees for the Year Ended 30 April 2025

Grant Programmes

The Trustees take care to provide for the diversity of the population of the area of benefit when promoting and considering grants. They particularly seek to consider the needs of an ethnically diverse community with higher than average numbers of older and disabled people and to ensure that people in poverty are not excluded from benefiting from grants.

Main Grant Programme

In 2024-25 the Trust ran 5 open grant rounds. A total of 33 applications was received, of these 27 were awarded grants (a success rate of just over 80%). Of the Main Grants awarded, 30% were to recipients whom the Trust had not previously assisted. Most funded projects met two or more of the Trust's priorities. The main priority of the Trust is the development and 'provision of gardens and open spaces' across the London Borough of Tower Hamlets; 45% of Main Grants awarded in the year (excluding Bursary grants) were targeted at this priority. Of the remaining grants, 21% were awarded to support 'facilities for recreation and leisure' and 9% focused on the provision and support of 'educational facilities'. Across all grants, just over 50% benefited people on low incomes or disadvantaged due to homelessness, ill health and/or disability. Examples of Main Grants that were awarded during the year included:

9th Stepney Scouts £5,500 to purchase a Power Craft and associated equipment, to offer Power Boat qualifications as part of the Scouting Association’s Skills for Life project, also to provide safety cover for other activities being offered by the scout group.

Bow Foodbank £6,000 to purchase emergency food for distribution to people in need in Tower Hamlets.

Bromley By Bow Centre £9,600 to refurbish and maintain the Peace Garden, using funds for planting, materials, installation and gardener costs, to provide a vibrant, secure and welcoming space for visitors.

ELMV Shadwell Basin Project £4,652 as a contribution towards a 4-week outdoor and adventure summer project for 70 young people aged 9-18 years during the summer holidays, to take part in kayaking, climbing, high ropes course, canoeing, stand-up paddle boarding, improvising raft building, sailing and mountain biking.

George Green’s Almshouses £3,450 to fund further garden improvements at Sarah Perry House, to include new plants and trees, related equipment, and gardener’s hours.

Tower Hamlets Youth League United £4,992 to run a Summer Activity Camp providing sessions of football and badminton activities for up to 50 young Tower Hamlets residents aged 7-16 years.

The Felix Project £10,000 for the Poplar Depot operating costs and the distribution of an estimated 3,650 meals to Tower Hamlets residents.

Existing Main Grant projects awarded in previous years, that completed during the year included:

Artburst £3,000 was given in 2024 to provide 5 days of a free holiday playscheme during the Easter holidays, for children aged 5-8 years who live in Bow East and Bow West, dealing with increased anxiety, low confidence, or social challenges, all issues exacerbated by the cost of living crisis. The children undertook a range of hands-on, imaginative activities including mask-making, creating scent bags, painting largescale murals, making puppets and playing drama games, ending the week with a joyful showcase event.

Clarion Futures £3,063 was given in 2024 to support the enhancement of Roman Road Adventure Playground by funding new outdoor play structures and indoor creative activities. The grant enabled the purchase of materials such as a badge maker, poles, nets, clips, and ropes, which were used to build a Net Tower and a hammock area called Hammock City. These were developed with specialist engineers and included features like swings, pulleys, and zip lines. The visible construction attracted local children, encouraging participation in both physical and artistic activities, including painting signage for the new play areas. The playground addressed key barriers to play, such as limited outdoor access due to school rules, parental concerns, and post-pandemic social isolation. It also tackled digital dependency among older children and supported families affected by the cost of living crisis by offering free snacks and a low-cost tuck shop. The space promotes independence by limiting adult presence, allowing children to develop social and practical skills through unstructured play.

Report of the Trustees for the Year Ended 30 April 2025

Images from Roman Road Playground

Aldgate Community Gardening Club £6,500 was given in 2023 to create a new open community garden space at Haydon Gardens, develop and extend the Sky-Garden, further improve the GC Entrance Flower Garden, Portsoken Centre Pond Garden and Walkway boxes and planters. The plan was to build a green circular economy in the area by growing English and Bengali fruits, vegetables, and herbs for all who live on the estate and the locality; to install structures for wildlife including wild birds, insects, and bees; to install growing structures/pergola for Bengali Kodu, Latino Corn, and English Rose, and a seating area; to grow native English wildflowers; to add more raised (waist-high) beds in the Sky Garden. The club managed to join all growing areas together into a sustainable circular economy. They steadily increased membership to over 90 households, with ongoing participation from Portsoken Community Centre attendees and others. They also managed to build bee and butterfly hotels for biodiversity and start a birdboxes project. All in all, they successfully expanded communal gardening activities into this new public access space.

All Hallows by the Tower £15,000 was given in 2023 towards the green roof to north aisle. The church was committed to improved energy conservation and work toward achieving net zero carbon, taking the opportunity to insulate these roofs and to use the south aisle for the generation of electricity with a PV array of 30 solar panels on the south aisle. The work to the north aisle roof included a new green roof covering to improve water discharge management. There were sundry repairs to rainwater goods, repair of pointing to parapets, inclusion of Smartwater marking and an inclusion of a fall restraint system. The replacement of the asphalt roofs was a significant step forward in maintaining the integrity of the building. Both roofs were now sound, future proofing the integrity of the building for a considerable time. Going forwards the church will assess the impact on energy consumption and bills, and the resulting carbon footprint (part of the net zero by 2030 target set by the Church of England). Once they have a greater understanding of the impact, both the implementation of the solar panels and the green roof will be a cornerstone of their attempt to gain Gold Eco-church status. For greening, the addition of the green roof has added considerable square footage of plant life to the site, given that most of the area is hard landscaped. A sedum mix was chosen to reduce weight to the roof, and whilst not as diverse as full landscaping, it was a practical choice which has improved the biodiversity, and will be a better environment for wildlife, particularly birds and insects.

Report of the Trustees for the Year Ended 30 April 2025

All Hallows by the Tower North aisle after installation of sedum

Biodiversity Grant Programme

The Trust established this small grant programme in 2016 working in partnership with the Council's Biodiversity Officer. The programme awards small grants from £100 to £2,000 to fund biodiversity enhancements by schools and community groups in school grounds, around housing estates or in community gardens, and larger grants for more ambitious projects with significant biodiversity outcomes. In Tower Hamlets, projects must directly contribute to objectives and targets in the Tower Hamlets Local Biodiversity Action Plan. Five Biodiversity grants were awarded totaling £30,300 as follows:

Artsadmin £1,500 to create a small garden that supports biodiversity and encourages people to collectively engage with and care for the space, on the southern-side of Mallon Gardens, Toynbee Hall.

E1 Community Gardeners £1,800 to support biodiversity enhancements to James Gair Memorial Garden, Tarling Estate and Hermitage Wildlife Corridor, Kennet Street. The project will include clearing dead, overgrown or ornamental planting and improving the diversity of plants which are attractive to pollinators, building bug hotels and log shelters, and siting bat and bird nesting boxes into existing trees and mature shrubs.

Providence Row Housing Association £2,000 towards the purchase of nectar rich, native perennial plants and shrubs for the re-planting of flower beds on Tower Hill Terrace, improving the biodiversity and public amenity of the site.

Poplar HARCA £15,000 towards improving the quality, accessibility, and climate resilience of green spaces across housing estate land at Navenby Walk, delivering climate-resilient landscaping interventions and ecological enhancements, and extending priority habitats from the Cemetery Park and Fairfoot Wood into the neighbouring Lincoln Estate.

Trees for Cities £10,000 to support a community tree planting and greening project in Stepney Green Park and Belgrave Open Space, Tower Hamlets. The initiative supported the Tower Hamlets Biodiversity Action Plan’s woodland objective of ‘planting more native trees in appropriate places’, planting 18 standard trees in Stepney Green Park and 8 in Belgrave Open Space, to diversify tree species within the area and increase the amenity value.

Report of the Trustees for the Year Ended 30 April 2025

Biodiversity projects that were completed during the year included:

Spitalfields City Farm £1,360 Small grant in 2024 to maintain, improve, expand and survey four wildlife ponds, with the support of the London Amphibian & Reptile Group (LARG), to improve habitats for wildlife, in particular the resident Great Crested Newt population. They carried out a significant pond restoration programme work day, led by London Amphibian and Reptile Group, clearing aquatic vegetation and overhanging shrubbery and trees to improve light access, decrease the risk of deoxygenation to protect and improve conditions for resident rare Great Crested Newts and other amphibian life. They also tackled an increasingly severe duckweed problem which risked freshwater deoxygenation. They recruited a pool of volunteers from across the capital, who all volunteer in some capacity with London Amphibian and Reptile Group, many of whom also worked in freshwater habitats or ecological restoration posts, and some volunteers were ongoing farm volunteers who were upskilled for future similar work. Later planned work on the third and smallest wildlife pond was postponed due to the discovery of hibernating Smooth newts, which suggested the distinct possibility of hibernating Great Crested Newts in the same area and the work would take place in summer 2025. After the pond improvements, they hope that the impact will be wider for wildlife at the farm and hope to report increases in creatures such as the previously discovered azure damselfly, small red damselfly, large red damselfly, Buff tailed bumblebee, common bumblebees, hoverflies, common blue butterfly, to add to the peacock butterflies living near the larger entrance pond.

London Borough of Tower Hamlets £10,000 Large grant in 2023 as match funding to the Mayor’s Rewild London Fund grant towards the replacement of failed floating raft islands at the western end of the Wapping Canal with high quality Biomatrix rafts, to enhance 240 metres of canal. The work took place in February 2024 and 11 floating islands were planted with a wide variety of native wetland plants. The rafts were installed with the help of local volunteers from the Wapping Waterbirds Group and E1 Waterbirds Welfare, a group of volunteers from Spitalfields City Farm, and the Council’s Sustainable Development Team. One raft was designed for nesting swans, four for other nesting water birds, and six were fully vegetated. A pair of moorhens started nesting on one of the rafts almost immediately, and the pair of swans that nested nearby brought their cygnets to the raft designed for them to rest on. After the work was complete, the vegetation continued to establish well. Biomatrix Water, who provided the rafts, would monitor and maintain the rafts for a further two years. The raft islands will provide habitat for invertebrates, and the roots below the raft will provide shelter for small fish. Uptake of pollutants and nutrients will help to improve water quality. And the green edge, with colourful flowers of marsh marigold, yellow iris and purple loosestrife, will provide an attractive backdrop for the many people who walk or cycle alongside the canal. The project will make a significant contribution to targets in the Tower Hamlets Local Biodiversity Action Plan.

Ongoing work

During the year, the Trust funded four bursaries for eligible pupils' resident in the London Borough of Tower Hamlets to attend the City of London School for Girls. In 2024-25 a total of £49,460 was disbursed in relation to these bursaries, with the same amount provided in matched funding from the City of London Corporation, with a remaining amount of £158,008 committed by the Trust at 30 April 2025. Bursary students are normally supported for a period of 7-years and Trustees receive progress reports from the School.

Investment policy

The Trustees' investment policy aims to provide revenue for the current purposes of the Trust, and to enhance income and capital growth over the longer term, thereby enabling the Trust to meet its current and future objectives. The Trust's assets consist of one freehold property, the Tower Hill Wine Vaults, and investments managed by CCLA Investment Management.

Investment performance

The Tower Hill Wine Vaults were originally acquired because of the Trust's overall interest in the Tower Hill area, but are now a commercial investment, let on a lease of 150 years (from 1991). The investment in the property is justified both by the return which it provides and by the contribution which it makes to the Trust's objectives. On 01 April 2025 the Tower Hill Wine Vaults was valued at £1,330,000 which reflected a rise in capital value compared to the last formal valuation of £1,250,000 in 2024, however the valuation had a negligible impact in the short term as the Trust has no need or intention to realise the capital value of the Tower Hill Wine Vaults.

The head lease is held by the Fishmongers' Company, one of the Great Twelve Livery Companies of the City of London, with whom the Trust has established a good co-operative relationship.

In respect of the investment portfolio, the income in recent years had been sufficient to fund annual grant programmes. Trustees have also drawn on capital for high priority projects. The annual grants budget is based on a sustainable withdrawal, considering current market conditions and advice from the investment manager. The Trustees recognise that inflation is a key risk to the long-term sustainability of the Trust, and accordingly the investment assets need to be invested to mitigate this risk over the longer term. The Trustees understand that this is likely to mean that investment will be concentrated in real assets and that the capital value will fluctuate.

Report of the Trustees for the Year Ended 30 April 2025

The Trustees can tolerate volatility of the capital value of the investment portfolio, if the Trust is able to meet its short-term grant-making commitments through either income or liquid capital assets. The Trust's investments are managed by CCLA Investment Management, and review meetings are held with CCLA Investment Management once a year.

The investments are held in CCLA Investment Management's COIF Charities Investment Fund which is a pooled managed fund for charities. The fund has a broad asset allocation and incorporates ethical restrictions which exclude investments in indiscriminate weaponry and tobacco producers and apply revenue screens to avoid exposure to other controversial areas, including coal and oil sands extraction, pornography and all gambling. By value, the Fund's current ethical policy excludes 5.7% of the MSCI World Index (source: CCLA 31 December 2024). The portfolio produced income totaling £188,888 during the year and at the end of the year its value stood at £6,461,555.

Trustees expect that investment income will remain consistent in 2025-26, reflecting CCLA's total return approach to distributions from the COIF Charities Investment Fund and the Fund's broader sources of income, particularly from alternative asset classes, including property, renewable energy and infrastructure. Trustees have the flexibility to draw upon capital reserves for high priority initiatives if required.

FINANCIAL REVIEW

During the year the total income was £296,895 compared to £279,870 in the previous year. Expenditure totalled £188,793 (2024 - £184,220). Total grants awarded was £151,770. Further details of the grants awarded in the year can be found in note 12 of the financial statements. Net income for the year, therefore, amounted to £108,102 (2024 - £95,650) before net investment losses. The net investment deficit losses of £218,673 (2024 - net gains of £63,729) give rise to a net decrease in funds of £110,571 (2024 - net increase in funds of £159,379).

Reserves policy

The Trust holds net assets, in the form of cash and investments, to produce income which can be used, after payment of management expenses, for grant-giving. The Trust aims to sustain and increase its grant-making capability over the long term. At the year end, the free reserves of the Trust amounted to £6,641,950 equating to the net assets less the investment property. The financial position of the Trust is such that all current and future commitments can be carried out, and the Trust will be able to fulfil its charitable objectives.

Key management

The Trustees consider that they comprise the key management of the charity in charge of directing and controlling whilst delegating the running and operating the charity on a day-to-day basis to staff

Fundraising statement

The Trust does not work with any commercial or professional fundraisers and does not solicit donations from the general public.

Risks and uncertainties

The Trustees have assessed the major risks to which the Trust is exposed, particularly those relating to the operations and finances of the Trust and are satisfied in general that systems are in place to protect its grant-making activities and to guard against the possibility of fraud. The Trustees review the risk assessment annually. The financial risks to the Trust are assessed as low, since the Trust has investments which produce income, while most of the Trust's expenditure is on grants, and can therefore be relatively easily and quickly adjusted if at any time there is a reduction in income. However, like any grant-giving charity, the Trust must face the possible risk of fraud, and the risk that grants might be used for purposes outside the Trust's objects. Procedures are in place to guard against these risks so far as possible, and there have been no actual cases in recent years of fraud or of inappropriate use of the Trust's grants.

Having only two staff, both employed by Wakefield Tetley Trust, the Trust is inevitably always at risk of losing key skills and experience when staff leave. The Trust consults closely with Wakefield Tetley Trust on staff matters. The Trustees also insist that good records are kept, particularly in relation to the awarding of grants, so that new staff can easily familiarise themselves with all matters.

There is also a risk that, if the Trust's office were to suffer any kind of disaster, vital information might be lost. To reduce this risk, cloudbased storage is used for all information, and the Trust has ensured electronic storage of all the information in its archives. The staff ensure that business continuity measures are actionable at any time and that Trust operations can be effected remotely, particularly in the event of future government-issued lockdowns and restrictions.

Report of the Trustees for the Year Ended 30 April 2025

Plans for future periods

The Trust aims in the future to maintain the level of its grant-giving; to rebalance the level of its reserves in real terms; and to continue to engage with charities, schools, community groups and other organisations working in its area of benefit, to ensure that its grants are as well-directed as possible.

The Trustees have set a baseline figure of £200,000 for grant-making in 2025-26 and will keep that figure under review.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trust was established as the Tower Hill Improvement Trust in 1938. The original Trust Deed of the Tower Hill Improvement Trust, dated 7th February 1938, was subsequently varied by Schemes approved by the Charity Commissioners on 23rd October 1973 and 23rd April 1987. On the 8th February 2005, the Charity Commissioners made an Order giving the Trustees general authority to amend the trusts of the charity, subject to certain limitations, including the need on some matters to obtain the prior written approval of the Charity Commissioners. This power has been used four times. On the 16th March 2005, the maximum number of Trustees was increased from five to eight. On the 21st June 2006, with the approval of the Charity Commission, the name of the Trust was changed from Tower Hill Improvement Trust to Tower Hill Trust. Again, with the approval of the Charity Commission, on the 14th March 2007, the Trust's area of benefit was enlarged, and now comprises the Tower Hill area and the whole of the London Borough of Tower Hamlets. Finally, on 17th September 2008, the period for which the Chairman is elected by the Trustees was increased from one to three years.

The Charity is governed by a Board of not more than eight Trustees; seven Trustees served during the year.

The Trust’s governing instrument states that Trustees' terms end upon resignation, and several Trustees have been in post for ten years or more. The Trust believes that the long-serving Trustees offer stability and vital experience while the Trust seeks to promote diversity and rotation by recruitment of new Trustees. In recruiting, choosing and appointing new Trustees, the Trustees seek to ensure that the Board contains a suitable balance of experience, expertise, and knowledge of the Trust’s area of benefit.

The Trust's office is located at Marshall House, 66 Newcomen Street London SE1 1YT. The office is provided by Wakefield Tetley Trust and staffed by a part-time Secretary and Treasurer and a part-time Grant Officer (at present Cherry Bushell and Elaine Crush respectively). Both members of staff are employed and paid by Wakefield Tetley Trust, and a service charge is paid to that Trust for the provision of staff and services; a Memorandum of Understanding between the two Trusts provides for the oversight of this service. The Secretary and Treasurer is responsible for administration and book-keeping. The Grant Officer is charged with keeping up-to-date with local charitable activity and funding needs, the development and delivery of funding programmes, monitoring the expenditure of grants and providing advice and support to applicants and funded organisations. Staff are responsible for all day-to-day matters, and for making recommendations to the Trustees, but all significant decisions are taken by the Board of Trustees.

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

Report of the Trustees for the Year Ended 30 April 2025

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.

Approved by order of the board of Trustees on .............................................. and signed on its behalf by:

................................................................................. ................................................................................. Chairman Trustee Kenneth E. Clunie Davina J. Walter

Page 9

Report of the Independent Auditors to the Trustees of

Tower Hill Trust

Opinion

We have audited the financial statements of Tower Hill Trust (the 'charity') for the year ended 30 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 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.

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Report of the Independent Auditors to the Trustees of Tower Hill Trust

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:

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.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas of management override of controls, and revenue recognition.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of

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Report of the Independent Auditors to the Trustees of Tower Hill Trust

those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Dunkley's Statutory Auditor Chartered Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Woodlands Grange Woodlands Lane Bradley Stoke Bristol BS32 4JY

Date: .............................................

Page 12

Statement of Financial Activities for the Year Ended 30 April 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
2
Total
EXPENDITURE ON
Charitable activities
3
Charitable activities
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 30.4.25
Unrestricted
funds
£
250
296,645
296,895
188,793
(218,673)
(110,571)
8,081,261
7,970,690		 30.4.24
Total
funds
£
-
279,870
279,870
184,220
63,729
159,379
7,921,882
8,081,261

The notes form part of these financial statements

Page 13

Balance Sheet 30 April 2025

Notes
FIXED ASSETS
Investments
Investments
8
Investment property
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
12
NET ASSETS
FUNDS
13
Unrestricted funds
TOTAL FUNDS		 30.4.25
Unrestricted
funds
£
6,461,555
1,330,000
7,791,555
83,743
301,450
385,193
(64,854)
320,339
8,111,894
(141,204)
7,970,690
7,970,690
7,970,690		 30.4.24

Total
funds
£
6,760,227
1,250,000
8,010,227
46,394
310,493
356,887
(96,068)
260,819
8,271,046
(189,785)
8,081,261
8,081,261
8,081,261

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. K E Clunie - Trustee

............................................. D J Walter - Trustee

The notes form part of these financial statements

Page 14

Cash Flow Statement for the Year Ended 30 April 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Interest received
Dividends received
Rent received
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period		 30.4.25
£
(277,589)
(277,589)
11,773
187,773
69,000
268,546
(9,043)
310,493
301,450		 30.4.24
£
(226,460)
(226,460)
11,009
230,484
38,376
279,869
53,409
257,084
310,493

The notes form part of these financial statements

Page 15

Notes to the Cash Flow Statement

for the Year Ended 30 April 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Losses/(gain) on investments
Interest received
Dividends received
Rent received
Increase in debtors
Decrease in creditors
Net cash used in operations		 30.4.25
£
(110,571)
218,673
(11,773)
(187,773)
(69,000)
(37,349)
(79,796)
(277,589)		 30.4.24
£
159,379
(63,729)
(11,009)
(230,484)
(38,376)
(10,341)
(31,900)
(226,460)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.24 Cash flow At 30.4.25
£ £ £
Net cash
Cash at bank 310,493 (9,043) 301,450
310,493 (9,043) 301,450
Total 310,493 (9,043) 301,450

The notes form part of these financial statements

Page 16

Notes to the Financial Statements

for the Year Ended 30 April 2025

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.

Critical judgements and estimates

Preparation of the financial statements requires the trustees and management to make judgements and estimates. The item in the financial statements where judgement and estimate has been made relates to the investment property. The investment property for the year ended 30 April 2025 was carried at the desktop valuation conducted in June 2025.

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.

Interest and dividends on investments

Interest and dividends, including associated tax credits where recoverable, are included in the financial statements when they are due.

Rent receivable

Rent receivable is included in the financial statements on the basis of the amounts receivable within the Trust's accounting period.

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 to beneficiaries are charged on the date approved by the Trustees or on the date of the requirements of the grant being met, if later.

Investment property and investments

Listed investments are included in the financial statements at market value at the balance sheet date.

The freehold investment property is included in the financial statements at the valuation formally conducted in April 2025. The Trust has a policy of conducting a formal Red Book compliant valuation at a minimum of every five years with a desktop valuation in each of the intervening years. The realised and unrealised gains (losses) on investments are credited (debited) to the statement of financial activities.

Fund accounting

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the Trustees.

The designated funds are monies set aside out of general funds and designated for specific purposes by the trustees.

Going concern

The Trustees have considered the financial position and resources of the charity for the foreseeable future. Given the charity's net assets position and that grants are awarded at the charity's discretion, the Trustees deem that the charity will be able to meet its future obligations as they fall due. Therefore, the Trustees have concluded that the going concern basis of accounting continues to be appropriate.

continued...

Page 17

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

1. ACCOUNTING POLICIES - continued

Financial instruments

The financial instruments held by the charity are investments, debtors and creditors. These are categorised as 'basic' in accordance with Section 11 of FRS102 and are initially recognised at transaction price. Investments are subsequently measured at fair value ,based upon market price, and changes in fair value recognised in the Statement of Financial Activities. Other financial instruments are subsequently measured at their transaction price less any impairment.

2. INVESTMENT INCOME

INVESTMENT INCOME
Rents receivable from investment property
Dividends from listed investments
Interest receivable		 30.4.25
£
95,984
188,888
11,773
296,645		 30.4.24
£
38,377
230,484
11,009
279,870

Dividend income includes an accrual of £47,509 which is relating to dividends declared within the year but paid after the yearend.

3. CHARITABLE ACTIVITIES COSTS

Charitable activities

Grant Support
Direct funding of costs (see
Costs activities note 4) Totals
£ £ £ £
23,794 141,270 23,729 188,793

The total office expenditure amounted to £35,441 (2024 - £34,085). This balance charged to 'Directs costs of charitable activities' (67%) - £23,486 (2024 - £22,837) and 33% as support costs - £11,568 (2024 - £11,248). Further details of these costs can be found in note 14.

4. SUPPORT COSTS

SUPPORT COSTS
Governance
Management costs Totals
£ £ £
Charitable activities
12,769 10,960 23,729

continued...

Page 18

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

4. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
30.4.25 30.4.24
Charitable Total
activities activities
£ £
Insurance 1,034 989
Office expenditure 11,568 11,248
IT and data 107 71
Bank charges 60 40
Auditors' remuneration 5,670 7,200
Auditors' remuneration for non audit work 1,890 1,800
Valuation and professional fees 3,300 4,620
Meeting and event costs 100 133
23,729 26,101

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 April 2025 nor for the year ended 30 April 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 April 2025 (2024 - £0).

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Investment income 279,870
EXPENDITURE ON
Charitable activities
Charitable activities
184,220
Net gains on investments 63,729
NET INCOME 159,379
RECONCILIATION OF FUNDS
Total funds brought forward 7,921,882
TOTAL FUNDS CARRIED FORWARD 8,081,261

continued...

Page 19

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

7. TAXATION

Tower Hill Trust is a registered charity, and, therefore, is not liable to income tax or corporate tax on income derived from charitable activities, as it falls within the various exemptions available to registered charities.

8. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 May 2024
Revaluations
At 30 April 2025
NET BOOK VALUE
At 30 April 2025
At 30 April 2024		 Listed
investments
£
6,760,227
(298,672)
6,461,555
6,461,555
6,760,227

There were no investment assets outside the UK.

Movement in investments during the year were as follows:

Market value as at 1 May
Additions
Disposals
Net investment (losses)/gains
Market value as at 30 April		 2025
£
6,760,227
-
-
(298,673)
6,461,555		 2024
£
6,341,498
-
-
418,729
6,760,227

The charity holds all of its investments in CCLA COIF Charities Investment Fund.

9. INVESTMENT PROPERTY

FAIR VALUE
At 1 May 2024
Revaluation
At 30 April 2025
NET BOOK VALUE
At 30 April 2025
At 30 April 2024		 £
1,250,000
80,000
1,330,000
1,330,000
1,250,000

The historical cost of the freehold UK investment property is £257,608.

continued...

Page 20

Notes to the Financial Statements- continued
for the Year Ended 30 April 2025
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
Grants payable
Accrued expenses
12.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Grants payable
13.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Designated fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
296,895
Designated fund
-
296,895
TOTAL FUNDS
296,895		 At 1.5.24
£
6,831,261
1,250,000
8,081,261
8,081,261
Resources
expended
£
(188,793)
-
(188,793)
(188,793)		 30.4.25
£
83,743
30.4.25
£
-
53,604
11,250
64,854
30.4.25
£
141,204
Net
movement
in funds
£
(190,571)
80,000
(110,571)
(110,571)
Gains and
losses
£
(298,673)
80,000
(218,673)
(218,673)		 30.4.24
£
46,394
30.4.24
£
22,583
59,388
14,097
96,068
30.4.24
£
189,785
At
30.4.25
£
6,640,690
1,330,000
7,970,690
7,970,690
Movement
in funds
£
(190,571)
80,000
(110,571)
(110,571)

continued...

Page 21

Notes to the Financial Statements - continued for the Year Ended 30 April 2025

13. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
279,870
Designated fund
-
279,870
TOTAL FUNDS
279,870		 At 1.5.23
£
6,316,882
1,605,000
7,921,882
7,921,882

Resources
expended
£
(184,220)
-
(184,220)
(184,220)		 Net
movement
in funds
£
514,379
(355,000)
159,379
159,379
Gains and
losses
£
418,729
(355,000)
63,729
63,729		 At
30.4.24
£
6,831,261
1,250,000
8,081,261
8,081,261
Movement
in funds
£
514,379
(355,000)
159,379
159,379

Comparative net movement in funds, included in the above are as follows:

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Designated fund
TOTAL FUNDS		 At 1.5.23
£
6,316,882
1,605,000
7,921,882
7,921,882		 Net
movement
in funds
£
323,808
(275,000)
48,808
48,808		 At
30.4.25
£
6,640,690
1,330,000
7,970,690
7,970,690

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated fund
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
576,765
(373,013)
-
-
576,765
(373,013)
576,765
(373,013)		 Gains and
Movement
losses
in funds
£
£
120,056
323,808
(275,000)
(275,000)
(154,944)
48,808
(154,944)
48,808

continued...

Page 22

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

13. MOVEMENT IN FUNDS - continued

The designated fund represents the value of the freehold investment property (note 9). It is the intention of the trustees that the investment property should continue to contribute to the Trust's objectives for the foreseeable future, and as such its value should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.

14. RELATED PARTY DISCLOSURES

The principal officers of the Trust are employed by Wakefield Tetley Trust. During the year, the Trust paid office expenditure recharges to Wakefield Tetley Trust of £35,441 (2024 - £34,085).

One of the charity’s trustees, S Wood, is a liveryman of The Fishmongers’ Company. The charity received rental income of £95,844 from The Fishmongers’ Company during the year (2024: £38,377). The transaction was conducted on normal commercial terms.

15. GRANTS PAYABLE

Grants awarded in the year
Grants revised in the year
Paid during the year
At 30 April
Grants at 30 April are payable as follows:
Within one year (see note 11)
After more than one year (see note 12)
At 30 April		 2025
£
151,770
-
(206,135)
194,808
53,604
141,204
194,808		 2024
£
131,412
-

(188,937)
249,173
59,388
189,785
249,173

Page 23

Notes to the Financial Statements – continued For the Year Ended 30 April 2025

----- Start of picture text -----
8,000.00 6,000.00 9,600.00 158,008.00 3,450.00 9,750.00 194,808.00
April 2025
5,500.00 3,000.00 1,500.00 49,460.00 4,000.00 7,000.00 5,000.00 1,800.00 4,652.00 5,538.00 4,162.00 15,000.00 2,000.00 5,000.00 4,000.00 3,063.00 3,600.00 7,000.00 10,000.00 1,360.00 6,000.00 9,374.00 9,000.00 10,000.00 6,754.00 4,992.00 6,330.00 10,000.00 1,050.00 206,135.00
Paid in the Year Committed at 30th
4,000.00 6,500.00 10,500.00
Revised or Withdrawn
- - -
Awarded in the Year 5,500.00 3,000.00 1,500.00 8,000.00 6,000.00 9,600.00 1,831.00 4,000.00 7,000.00 5,000.00 1,800.00 4,652.00 3,450.00 5,538.00 15,000.00 2,000.00 5,000.00 3,063.00 3,600.00 1,360.00 6,000.00 9,750.00 10,000.00 6,754.00 4,992.00 6,330.00 10,000.00 1,050.00 151,770.00
205,637.00 4,162.00 4,000.00 7,000.00 10,000.00 9,374.00 9,000.00 249,173.00
Financial Statements Note 12. Grants Payable
Committed at 1st May 2024
Grantee Name
9th Stepney Scout Group Artburst Artsadmin Bethnal Green Nature Reserve Bow Food Bank Bromley By Bow Centre City of London Girls School Clarion Futures Housing Association - Roman Road Adventure Playground CleanupUK Clios Company E1 Community Gardeners ELMV Shadwell Basin Project George Green Almshouses Leaders in Community Mayflower Primary School Poplar HARCA Housing Association Providence Row Housing Association Providence Row Housing Association Queen Victoria Seaman’s Rest (QVSR) Roman Road Adventure Playground Society Links Spitalfields City Farm 2 Spitalfields City Farm 3 Spitalfields City Farm 4 Spitalfields Crypt Trust SPLASH 2 SPLASH Play St Katharines Trust The Felix Project Tower Hamlets Parents Centre Tower Hamlets Youth League Toynbee Hall Trees for Cities Will Crooks TRA Grants withdrawn SSAFA YE23 Trees for Cities YE24
----- End of picture text -----

Page 24

Detailed Statement of Financial Activities for the Year Ended 30 April 2025

Detailed Statement of Financial Activities
for the Year Ended 30 April 2025
30.4.25 30.4.24
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 250 -
Investment income
Rents receivable from investment property 95,984 38,377
Dividends from listed investments 188,888 230,484
Interest receivable 11,773 11,009
296,645 279,870
Total incoming resources 296,895 279,870
EXPENDITURE
Charitable activities
Direct costs 23,794 22,837
Grants 141,270 135,282
165,064 158,119
Support costs
Management
Insurance 1,034 989
Office expenditure 11,568 11,248
IT and data 107 71
Bank charges 60 40
12,769 12,348
Governance costs
Auditors' remuneration 5,670 7,200
Auditors' remuneration for non audit work 1,890 1,800
Valuation and professional fees 3,300 4,620
Meeting and event costs 100 133
10,960 13,753
Total resources expended 188,793 184,220
Net income before gains and losses 108,102 95,650
Realised recognised gains and losses
Realised gains/losses on listed investments (298,673) 418,729
Realised gains/(losses) on investment property 80,000 (355,000)
Net (expenditure)/income (110,571) 159,379

This page does not form part of the statutory financial statements

Page 25