Charlty numb•r: 210615 The Maryarnt de Sousathlro Fund Trustoe•' report and flnanclal statoments for the year and￿ S Aprfl 2024 Th• M¥g•rnt d• Souu4Wro Fund Rthr•nc• and admlnl8trall¥e detslls of the Chwlty, Ils Truste•s and Advl••rn Trust•••' r•p¢xt Indep•nd•nl •x•nln•rf• r•port Stat•m•nt of fln*n¢l•l •¢ll¥ld 10 Bal•nc• •h04t 11 Not•s to th• fln•n¢l•l *tsl•m•nts 12-23 The M•rgar•t d• Sousa&lro Fund R•f•r•nc• and admlnl$tratlve d•talls olthe Charlty. Its Tru•te•• and Advlsers for the y•ar •nd•d S *•rll 2024 TNste•4 Mrs L Dronlleld DrMCDi(* Mr J Pete Ms C Gwiad88 Charlty r•glst•r•d numb•f 21￿15 Prfnclp*l afflc• 27 Old Glou¢ttt8r Streel London WC1N 3AX countsnts Kr88ton R8evos LLP Ch8rtefed Accountants Montague Plac*, Qu•>¥de Chotham Manlime, Chatharn Kont, ME4 4QU g•nk•v• CAF Bank Umited 25 ￿n9$ Hill Wost Malling Kent ME19 4JQ Rgdwood Bank 101 The Nexus Bulhjlny B LetCh￿￿rth Garden fity SG6 3TA Inv••tm•nt PAanag•rn Ruffer LLP (Ujfrenti 80 Victc*ia Streot London SW1E SJL AuiKey Capilal Managem&tt Llmited (dLNing 202>2024) 10 Coates Cr6￿nI Edinburgh EH3 7AL Tho Ilary•rnt d• Sou8•thlro Fund for th• year •nd•d S WI 2024 Payroll Offlc•r Janelb Lankegter 9 Park Lane Puckeridge Ware SG111RL Ind•p•nd•nt Examln•r Samantha Rouse FCCA OChA lfreston Reeveg LLP Charternd A￿ntantS Montsgu8 Place, Qu8yg6d• Chatham Marlume, Clwtharn Kent. ME4 4QU Page 2 Th• mar9￿•t d• Sousa4l•lro Fund TTUSt•M' roport forthe y•w •ndgd 5 WII 2024 The Trustees Fwnt thek ￿nUal reF*rfl tryJether *ilh the finwKi81 statem*ts of the Charity ftr the ygar eThJ￿1 5 Awll 2024. Oty•cOv•• •nd •ctMlle• Pollclas and obl•cUv The object of Charity, as c¥ik¥naly LYKtstituW. was to iThide or asstst with the treatrn8nt of indtgent wc¥nen uffering from eorty pulmonary tuberothts.. bjl advarKtt in M￿Jir￿ne have substantially reduL*J the In(ad¢rKe of thls diseaso in thè UThtwJ Kttl￿. the of Iho Fund has b8an exlended 80 Ih8t any of lh8 Fund's Income not required for Ihe ￿luinal Purpos￿ may be utills&l by the TnFst888 for the care, reh&*llitat and aftercare of women rn Ilnanual need suffering from any disease. This (*ct is promoted by the provision of financlal grants for care. rehabllltation and aftercgre, a￿￿ca￿￿1$ beyig made through 8 spc￿Sc￿ng organlsath)n such as a health authortty. tharlty, or a local auth4yty soial deparknwt. Thère hava boen no materfal ¢hange8 in the yBar cover8d by thls iepc In s8tOng obJ￿1p1a$ an¢J pknihg fty acUvltle8. TnJst8e8 h8¥e omslderath)n to general guldanc pubii8hed by Ihe Charity C(xnmisgion rèlating lo wbhc bgrf induding thg guNJanc* Public b8nefft: running thartty IP821'. b. Grwt4n•klng pollcl The Trultoes have a kwtatll8h8d of makirwj grnnts of nol morn th8n £500 for the benefrt of women In od ol rellef. Prlorfty Is given to asslslanca wllh those 8uff8rfng from TB othar dSse8S8s of thè chest. Appllcadons nw81 be 8ponsored on behaff cl th8 redpknt by 8 reccgnL8ed l>)dy (such 8$ 8 health auth(Kity, local authority 80cial 8eMe¢s department. or another thantyl whKh must agree to receivo the want on behalf of tho rgdplent and wK8ure tts U88 for th• purposel$) awlled by re￿pts roquKwJ to do 80. A¢hl•v•m•nts •nd p•rf￿N a. R•V1￿ of acllvlll•• The Charlty IJ referred to as 'MargareVs Fund. on the ￿b$ll8 L*her fonns of communlcawon for oase of Comprehen￿On. Thè Margaret de S￿Sa D8ho Fund is used in an other instsr￿e￿. F(4lowlng GDPR Regulatims publis￿ in 2019. 8 new wel)slle w89 treatsd. The webslts, ThWW.m8rgaretslund.cry. Is Ihe m81n dèstinabon for 8wlic8tions and ￿fOrMa￿ on the grant maklng wocess. All Policies rBqUiTed by GDPR am In pIoc4 and arn rewewed, updated and apwoNvJ acc¥xdngly C￿ a rota basls by Trustees. Ccthcts we place for both the hAministr8tLY and Ihe Trh*b pyovider. The Trnsteos tr8dttlcm81y meet a ypar vthen the Investment manag￿ gi￿ a Six month r•viow ofts pcrftrolio. Sh Mccrw stsrted as th6 nff4V P•Jmlnistrator in July 2023 ond after a sh￿t pgri(Kl of handover wilti Clatre Wiiglty. the wwous administrattr. quickly got on top ot Ch*itys ￿￿1￿0$ and g¥8nt makw wocadurns. The rewsed arKI s1mplif￿d grant fom) de¥wd ty Submit.￿ frorn Twste88 was upk)Bded to the web5its and thls ts thing w￿. The updated wthstte by GokJKocks (agaln w61h viwi frrTh Trustees) ￿Trt Ilve In May 2023. There has been the need for s(Yne rev1$k￿S and the alministr8tLY and Trustees h8v6 liai%ed wilh Goldllocks. The mabn charwJe Ihis Far has been the 8[Wnlm￿rt of investwil manager5. Ruffer LLP. Thls deasron was made by Trustees 81 thetr meetlTrJ 21st M8th 2024. The dets51c￿ a WDces5 the Trustees shoruisted a fthv crYnpanMs with exwbse kn Ihe tharltth serkn and meetings wlth tho Shorttlsted comp8nles who wt frnrd their Fryosats for th8 test inveslment Flan for the Charity. Tr Tn￿tee5 careftjlty eonwderefi Ihe Vari(￿$ FWK)sals and Unanim￿ agTee(I to apFX)int Ruffer. The funds were transleThJ to Rullerwho will presont therfirst reviv4V at the megtirvJ on 241h September 2024. Page 3 Th• M•rgar•t d• 8ou**Dolro Furnl Tru#t¢•s' report (eonllnu•d) for the ythr •nd•d 5 WI 2024 A¢hlovom•nts and (con11n￿d) The Charity c4)ntinues to recave Many aFWlcalions for grants. The Trusiees ccMNd8r, at their ts*ic&yparty meetings. whether shoukj be a limf( on the m(thly amount paid in grants in Ihe context of the Charitys finanaal F*)silion arKI as part of the wc the inveslmthtt stralegy in the futufe by Chaiitrfs InveslThwrt Managers a greater 8CnaW restrtcted to geographlc*l or olhgr r8sIA¢*'ons or by the 8brfty lo pay any fees dwrg&J. Set out else*thern In th1$ Rawt. ¥lgi¥ficant wmber benefft the 8thtth. Men Inellglble to benefit in xt¥Jrd8nce with the temis of the Chafity. Enquiries have been made into the n8ed to 8xpand the re￿l to recipients WI￿ tdentify as non4>inary. As * the date of this guidance from th8 Charfty Commlssion and the Televant Government office N)to this matter. rn d￿nge8 have been imF4emented but tho Tw5tees revlew this mattér Tellu￿rty and wtm lolbw Govwnwl gubJolin8s. No d￿rg8S are made the owsh)n of any sthc88 so no individual is excluded by in*dty to pay. 2(c) P￿19 In rnu81 not ￿ excAthd fr(Yn the io bgnefiL Women In111 health and Ilnancial need aro 8t the heart d whol Th8 MÈrgw8t O• s￿50 Deiro Fund does. A8 Sèt out at*)vg, no Indivklual is exckKled due to ine￿ity to poy dw988. 2(d) Any prfvats b￿fft$ musl be Int?dtinl41. A numbgr of prlvats beneflts neces8artty arise from the fUrt￿￿an¢0 of th8 and alm8 of thg Charfty. IrKlfvtdual bènef1￿8￿05 ￿TectIVe￿ ￿nefit &thtèty fr(Kn the grants they recafvè but the naturè ol the grants ￿Ing for carts. Tehabllttation and aftorrare, make these beneffts w(Kth4thif8. Th Tnjstees find It essential to empfoy and remunerat• thelr Administrator. Th8 wSvate be￿ are k•yA*vw IncId￿l 88 they are an 088ential ty product of caryng (￿rt the Chadtys aims. Th• M•rg•r•t d• Sousa&lro Fund Trusts88' roport (conllnu•dl for th• year •nded S Aprfl 2024 Stat•m•nt of Tru•t••s' r••pon•lbllllles The Trustees are resFonslble for preparing Ihe Tnjstees. rerth and the financial ststements In ac(￿rdance vlth appllcable and United KIn￿n A(￿Inl1ng Strr￿ardS (United Kingdom Generalty Accepted Accountlng Pr•clice). Tho law applicable to charlllos kn EryFwKI & Wal96 rnqulrns Iha Tru8tO88 lo prnptyro finwKlal Statemerts for each fin8nc4al year *thich give a tru8 and fair ¥ie* of the State of affairs of the Charity and of its income aThJ sp￿1¢8110n of r8sourc8s, Incluthng Its income and OXWMliiure, fty Ihat wh)d. In yopèrfnp these finanri81 stslements. the Trustees are required to: ¥el￿t Suitab￿ acc., make judgements and 8c4￿nbng estimates that we rOasc￿bb8 arKI stsle wthether app￿iCable UK A￿￿ting Standa￿5 (FRS 1021 have been foll￿￿1, sutr*t to any m*rfal departures dLsdosed and 8*￿ned In the financi81 SIale￿￿. preparo the financl81 statements on the goiThJ b8sls unless tt18 InaF¥Koprfate to presume thBt th8 Charfty ￿11 contlnue In ￿SIness. Th8 TNstefr8 are reSp￿Ible keepky adequ*e ac£¥￿ntI￿ r8(ttds that are Auffldont Io Sh￿ and explaln the Charity8 transa¢bons WKI disclose rnasonable accuraw at any time Ihe fmanci81 w81￿n of the Charity and enablg them to ensure that financial stalements compty ¥￿th the Charitles Aca 2011. the Ch8rfty (Accounts and Reports) Rfjgulations 2Crf)8 and the w0ts15bws of Ihg Trust dg•J. They are also re8pon8it48 for safeguarding Ihe assets of the Charty for lakmg ￿88￿9t￿o stOP8 ftr lh8 FYe¥entlon dotè¢th)n of fraud and other lffegukqrfdes. Approved ty ordor of the men*orn of thg tKwd ofTru8te08 and 81gned on thelr behall ty. Mr• L Dronfl•ld Ch8lr of Truslee8 Dale: 2iliillL4 Page 7 **The Margaret de Sousa-Deiro Fund** ## **Independent examiner's report for the year ended 5 April 2024** ## **Independent examiner's report to the Trustees of The Margaret de Sousa-Deiro Fund ('the Charity')** I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024. ## **Responsibilities and basis of report** As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 8 **The Margaret de Sousa-Deiro Fund** ## **Independent examiner's report (continued) for the year ended 5 April 2024** 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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed: Dated: 21 November 2024 S M Rouse FCCA DChA ## **Kreston Reeves LLP** Chartered Accountants Page 9 Th• Margar•t d• s￿￿••110 Fund Statement olfinanclal actl¥ltl•s for th• year ondod S *•rll 2024 Total Totsl funds nds 2024 lund8 2024 2024 Incom• from.. 98A31 Totsl lttcq¥n• 98,431 98.431 84,467 Exp•ndl¢ur• on: Raislng fjJnd$ CharSlatAo a¢￿￿￿1]•8 15, 15,816 115,915 16.732 106,181 115,915 Total •xp•ndI￿I• 114915 14886 131,801 122,913 9aln•l{lo•M•) on Invtslm•nts Not gainsllloss661 cth Investr￿ts (17,484) (43701 4377 138,446) 1318,855) 377 N•t mov•Thnt In fvn 117h84 128,993) {357.301} R•¢onclll•tlon of furbd•". Total funds brwJht m¢)vement in funds 431,SS8 117W) 1.811.548 111,509) 2,243,106 128.993) 2.6CKJ.407 1357,301> Total fund• urrl•d fomrd 414.074 1MOQ,039 2214.113 2,243.106 The Stal8m&tt of flnancial acli¥lt1¢8 IncbJde8 al gains and kB8es recwmsad in Ihg yaw. The notes on pages 12 to 23 fonn part ofthe8e 1lnand813tate￿n1s. Page 10 Th• M•ryaret d• S¢yu*a4hlro Fund Balanc• she•t al S *>rll 2024 2024 2023 Investments CuTr•nt aM•l• 1114,916 2.121,879 Debtors Investménts Cash at bgnk and in hond 10 11 1.859 12,140 109.274 12.510 101,363 123273 Credltorn.. amounts falllng duo wllhln ono 12 (2.106) {2.046 Not curr•nl ￿*•1• 99.197 121.227 Totsl n•t ••Mts 2.243.106 Charfty fvnd• Re8trlcted fvrKIs Unrnstrlcted I(￿8 13 13 1,800,039 414074 1,811,548 431,$58 Tolal fund• 2,214113 2,243,1Ch8 The fin8ndal statsrnwts apwoved and auth(x180d frrf1s8uo by ts Twsto0¥ s191￿ on thelr b8half by. L Dronll•ld Chair of TnJsle•s D81e.' zi l li l The notes on pages 12 to 23 fom wt of these flnar¥Jal statements. Page11 The Mary•r¢t d• SIXMa￿lIa Fund Notex to the flnanclal stst•ments lor Iho y•8f •nd•d 5 WI 2024 The Margar81 de ScMts84)giro Fund b an unIncU￿￿8￿￿ Charity In England and Wales. with Iho charfty reglstration number 210615. Thg registered offi(* is Monta9uo P*e. Quawde. Chatham Maritime. Chatham. Kert ME4 4QU Tho thjecti￿S of the Chafity are Set C￿rt *ithln Trustees. Rep*(. onpage1. Accountlnq pollcl•• 11 B•81• (rf pr•p•rntlon of fln•ncW •tst•m•nts The f#widal stalements have b8en in acc¥xd￿ *iih thè Chgithes SORP (FRS 102) . Ae£tsJnting and ReFKyting by Chafibes: Statem￿t of Rec4)mmended Ftraclitx apFlicable to Chari￿5 preparing Ihelr aco)unts In accordan(* Vthith th8 Fhandal RewJng Standard applicab￿ in the UK and Republic of Ireland (FRS 1021 (eff8the 1 January 20191. the Finan(#al Reporting Slandard applicabkn in the UK and Rfjp￿￿ of IfknKI {FRS 102) arvj the Chwitles Ad 2011. The fin8ndal 8tst¢ments have been rKeparod lo w 8 *ue and fw'tr and have dapart￿j from the charl￿e5 (Acts￿nts Rewts) Regul81icms 2CKJ8 to thè extent required to provide a Irue and fairf view. Thls dopartur8 hgs knvclv•J fcA1￿ thè thiitbgs SCIIP IFRS 102) publshed In Oclober 2019 ralher than Iha and R6pcA1irKJ by ch8r￿88. Slalomont of Racomm•nded Practic* effective frryn 1 2￿5 ￿1¢h has since been W•rfthdrawn. Tho Margaret de Sous&Delro Fund me&ts Iho definIti￿ of a publle bonefft enuty undar FRS 102. A88ets and liabilities are inili* recowisod al historical ￿$1 or transaction vakn unless otrren stslod In rdevant acC￿n11r￿j poky. Th8 fina￿1?1 Stslemonts are We8￿d In UK St8rffvJ, 15 Iho (*arfty8 futhal ujrreney, and rounded io thtr nowest rwThJ. 22 Golnq ￿InC•M The TnJste88 asse￿ the use of ojlng CAinrwn Is apwry)riate 1.0. thwo ore any materfal uncertainties rdaled to events or conditlcrn Ihat may cast ￿gnIficant dwbt on th8 abilty of the Charity to ¢rmtinue as a C(KK￿n. Tr Truste•s make thls assess11￿11 in respect ol a perh3d of at hast (Th from the date of outhorlsakn fty Issue of the flnancad statem8nts and havg Kfflduded that the Charity athuatè res￿rr*S 10 t￿tinUe kn cygraticwl extstence fry tt fryeseeable Iljturg and thwè no mateflal uncertalnues abcArt the Ch8fTWs abluty to rirfnua 8S 8 golng t￿cern, thus they C￿ to W thè basls d a(a￿DIlnq In preparfng the financlal statements. 2.3 JI income Is recognlsed on¢• lh8 Charlty has ontitlement to thg income, rt Is PTob8bie that tho Intxjme wlll be r￿6Ved and ￿ am￿nI of IncwM receiv8blg can be rmasured Teliabty. In(x)me tax reCo￿Te￿￿ kn relaimm io Invgstrnwrt Is rownlsed at the time th8 Investrn￿t IncTh Is re￿1Vable. Page 12 Th• Maryarnt de sousa￿10 Fund Notes to th• flnanclal statem•nl8 for the ￿•r •nd¢d S Awll 2024 Accounllng ponGl•s (conllnu•d) 2A Exp•ndltur• Expenditurn 58 recowised orKè ttr*rn15 alggal tx (x)nstruth8 obhgation to ITan8fer e¢onomic benefil to a third party. il 18 that a transfer of bernfits *tyM bB f8quiTgd in setllemnt aNJ the amount of th8 oblgatton eAn be measured rel•. Expenditur8 on raiwng lund8 Indudes an expendlture In￿rred by th8 Charity to rth funds Irom It8 vestmènt pcvtldio lo 8nablg it to uTrJertake Its ctharibNe purpo88S. ts and costs rel8t6ng to the go¥emarth CA thg Charity app￿￿rA)ad to tharitab￿ adlvttlas. Grnnts pa￿bI9 are ¢trwged in the yw th8 oifer18 m* exwt in th08e ca808 TAlwe Iho offer conditional. 8uch grants re(x)gni8&I 88 exF￿di￿re th8 condib￿S 8ttachlng aro fuWlll6d. (>ants offered subject to c￿￿1t￿on8 which have not begn mgt at the eThl arn n¢)tod 88 a rThtrnent, but nol acuued 89 6xpgThJlture. AJI •xpfjrKllture18 kKknl¥e of IrreCov￿th VAT. 2.5 Int•v••t r•c•lv•b Intarest on fund8 h¢kJ ￿ depo￿ Is ￿￿KI￿d re(x1v￿ and the amourt can b8 meawrod rdiatly ty th8 Choty, Itas b nrym81y upon rMIUlkxtknn of Ihg Interest pald ￿ payabkn by InBlitution ¥Ath wkthi the lunds we tjepo￿. 2.0 Taxatl The Chwlty 18 to pass tests 8•t (xrt kn Paragrwkn I SthedU￿ 6 of tho Financ* Act 2010 tsreforo rt mee18 the dèfinttlc￿ ot a tharilable cxynpany for UK oywatM)n tax purposas. Accordingty. the Chadty 6$ p)tentlally exempt from taxatkn in respect of Incon1¢ ¢x coptsl g8ln8 r8¢eived within cats9￿188 cover8d by Chapler 3 Part 1101 th8 C¢Xrthati￿ Tax Acl 2010 or Secti 256 of thè T#xaUon of Chargeable Gains Acl 1992. to ts extent ttwt 8uth Incomè ry galn8 are applied ex￿&¥￿yt0 thantable purposos. 2.7 Invv¢m•nl• Flxed asset invest￿ts aro a fom) ol finandal instrumenl and are Inillalty recognised at thelr tr8nsaclion c4)st and sth&]uenty mèasured 81 fdr value al the B#kn(¥ shgel d8te. unless ts vol cannot b? measured relkqbty in 7*fftkh case ￿15 m085ured al cosl less Impalmiont. Investment galns and 103888. wtsthor reali8ed or Ur￿￿sed. are (x)MbW￿d wesentod a8 'Galnsl{Loss8B) ( Investments. In the statement of financial ad1vil￿. 18 Total r•turn Inv••tm•fft pdky The Trustees have ad(￿ted a totsl retum aFvcAth to WNeslm￿I 8nd sp8ndiry. as pennitted under the Trusts (Capital and Incryne) A(a 2013 and the Charity Commiss4￿ regulations a880ciated 7thrylh it. This was approved by the Trustses ￿ 9 June 2021 and brwht effect frcrfn 6 Aprll 2021 uslng the value of the k)ve51menl from 6 ￿11 2(KJ7 as Ihe b88e ￿mnL 2.9 D•btorn Page 13 Tho Maryr•t d• SouM4lolro Fund Notss lo tho flnanclal statsments for th• y•ar gndod 5 *1rf12024 Accounllng pol1cl￿ (wrtlnu•dl 2.10 Ca•h at bank and In h*nd Cash al bank and In hand Ind￿je5 cash and shcvt4erm highfy LWMI investments with a short mabjrlty of throe months or fr(wn the date (rf arquisitKm cff orthirnJ ofthe or 8imlar aco)unL 2.11 U•bllldH and wovl¥lo Llabilitles are re(wi8od vAwi th8re ts at tho sl)98t d8t8 88 8 result of a past even( rt Is probable Ihal 8 transfer of ec4)nomk tfftfrt *lll be requlred kn sètt1eTh￿t, and Ihe Bmcwl of the 8eltlemenl be 85bmated relia￿. Uabllllles ar8 recogrlsed at the amounl thal Ihe C￿ty 8ntrapates it pay to sotllè th6 debt (Y Ihe amount it has receivfjd as advanwl pa￿th for the gThxls or 8ervi(xs it must prov#Je. P￿1￿(Th are measurod 8t the best estimate ofth8 amcvnts required to 8ettle the oL4igatlon. Wherg th8 effect ol the timo valuè of M￿&Y is mat61ial. the kyovision 18 basad w the present ¥8￿ of th08e amtyjnts. discourrted at the t*O-tax discount rate that refiects the risks spedfic to th8 ￿abIlty. Tl unwlnding of the dlscwnt fec4nisod in thè statement of finandal 8clivilles a¥ a finance o)st, 2.12 FlnwKlal Instruments The Charity only ha5 finarthl assets and Ilnanc4811ats'libo8 of a kind that qualfy a$ basic financ4al Instruments. Basic fin8rKial instruments we inw recowl8ed ot tran68Ctlon value and ¥ub¥equerrtly measwed at thelr setllwn8nl vam￿. 2.13 P•n•lo Tho Charity operato8 8 d¥fin￿l scheme arKI th• F￿110n (*8rye rnpr888nls tt18 amourrts payabl• by the Chaiity to the lund kn re8p8d of the Jwr. 2.14 Fund •ccountlng General funds are unreslricted lund$ are available for use at th8 dlsc*etlon of the TrustO88 In rtheran(* of the genernl c*iethves of the Charity and tAthith have rMIt b•gn designated for other Rastricted funds arè lunds wthi(*t ar6 to bo u8ed in a(t4Ydanr* with specific reslrlckn$ Imposed by donors or wlmch h8ve been raisgd by Chadty fty p8rt5(>J8r purposes. The costs of raisSThJ And adminlslorlng such furKls are chwpj agawist Ihe SF*dfic fund. The alm and use of èach resmc lund 18 88t (xrt in the notes lo thfj finan(aal 8t*amwts. Crttlcal accountlng ••tlmatM and ar•u of Judg•rnnt EsUm8te8 and judgements are cmlinuamy evaluatfyj and are based on hlstcwlral experien¢e aThY other f8Ctots. Indudlng exp￿￿11(￿5 of luture events that are bglieved to b8 reasonab￿ under the rcum8tances. The Chaiity dces not (aJrr￿ havo any signrficant a¢rLuntiThJ estimal&s or argas of ludgemenL Page 14 Tho Maryar•t d• S(AM4ilro Fund Notss to th• fln•nclal statem•nts for the year ond•d 5 Aprll 2024 Total fund$ 2023 fund• fvnds 2024 exchange Intsrest on c88h balances 93,663 4.768 93.063 4788 83.453 1.014 98.431 98A31 84.467 Total 2023 84.467 84,467 InvMtm•nt m*n•g•m•rt co Total nds 2024 Tolal ful￿8 2023 nd• In¥￿￿onI manogomwrt 1•88 15.8e6 1W6 16.732 Totsl 2023 16.732 16.732 Page 15 Th• M•rg•rnt d• Sousa￿1r0 Fuhd N¢)tss lo the flnanclal 4lat•m•nts for th• year •nd•d 5 *•rf12024 knaty•ls of 0xP￿dI￿v* by • Support Total funds 2024 Totsl fund$ 2023 2024 2024 Charitatle actsvibos 84.019 31,896 115,91S 106.181 Total 2023 39.329 106,181 ctharltth athw1￿$ expand￿re, in both financlal stars, we am fr(wn unrestrlcted fund8. ATr•￿1* of •upport ¢o¥ts Tothl fund8 2024 Total fvnds 2023 2024 Stsff cost8 AcwuntanGy and Indepwtht examlntrs leos Website (X48ts Other prolfjsthel fees Poslage, slaknery and offlce experAas 0th6r ggneral rA)818 20,807 2.1e6 20,807 1166 4380 27.388 2.046 8.760 2.651 1651 298 491 31.896 31￿96 39,329 Ts)ts12023 39.329 39.329 P*Je 16 Th• M•rgar•l d• 8ouMthlro Fund Notss to the Ilnanclal 8tatem• for the endod S WI 2024 An•lysh ol grnnl• Grnnts knstitutlons 2024 Totsl funds 2024 Total funds 2023 Grants payab 84.019 84019 6&852 Totsl 2023 66.852 66,8S2 The Cha￿ty has m•Jo the f￿r￿j rroterial grants to th8 yaar. 2024 Nam• of In•tltullon Bromley by Cw CEC MuirtKYJ$8 Cltizen8 Advice Uverpc Friend8 of BHOC Maggle Kesv4Kk JerK*s CCCT aggie'8 C￿treS Maggle's H￿hl￿r￿1 Mummys Star Nokwc*xI and 8fixton Fo(>Jbank Plus Dane Houslng Tho Royal Maf8dgn H•1 1,150 14AJO 2.250 1.950 5,370 3,890 1,520 1,150 40,450 Olher grants of leB8 than £1,000 each 84.019 In total the Chority made grant to 105 (2023: 102) orwbsakns durfr¥J the flnaTrial yaar. Page 17 The Alaryarnt d• Sou••lknlro Fund Not•8 to the flnanel•l #tst•rn•nts for the y•ar eDd•d 5 Aprll 2024 2023 Wage5 and salades Penston rmts 20,384 423 28,772 616 20M7 27,388 Th8 avor890 Nmb8r ol porsons ￿Ph>*d ty thè Charlty durw¥J the yaw was &8 f(kn: 2024 No. Durfng the flnandal the rnmunerallon and r0c44wd by Ihe Ch8rty8 key manag8mant par8onnel, Indudkng emrAoy*8 notlwl c¥)n1￿, to £20.807 {21r23: £27,388). OuriTrJ tho >wr. no TN*898 rec4l¥wJ any romuneratsoft or ath8r bw*8fits12023- £NIL). During the erthd Apn'l 2024. one of the Tw8tW8 Was reIMt￿lS•j 8xptythifO of £298 in rolation lo general exrwthirn costs (2023.. £NIL). Page 18 Tho Mary•r•t dè Sowa4hlro Fund Notes to th• flnanclal statem•nts for lh• y•ar •nded S Aprfl 2024 Coot or valu•tlon At 6 Apvll 2023 IdhJon8 Dlsposa Revalualions 2.121.879 1,201237 11250,798) 42.598 Ai 5 Awil 2024 2.114,916 book valu• At 5 Awll 2024 2,114,916 At 5 Awll 2023 2,121.879 Al ol Ih8 a￿1 In%wtment arn investrrnth hekl th tho UIL 10. D•btor• 2024 2023 ¥Athln ymv f￿her debtors 1.859 11. Cu￿•nI a•••t Inv••lm•nts 2024 2023 12.510 12.140 12. Cr•dIt(￿. knnts hllkng duo T•lthln on• y 2023 A(xrnal$ 1166 Pagè 19 The Margaret do Sousa4Elro Fund Note• to the Iln•nclal slatements for tho y•ar end•d 5 Aprll 2024 13. StatoM•￿ of fund• 8tsl•m•nl of fvnds. ewr•nt yoar Bal•nc• at 6 Galnsl Balanco at S Awll 2023 Incom• Expfidltw• (Lo••M) Awll 2024 Unr••trl¢t•d fvnd¥ IncoTh fund 431,558 98,431 111491¥ 414074 RMtrl¢t•d fund• Capital fund 1,811,$ 4377 1,800,039 Totsl of fvnd• 2343.106 98.431 1131.801) 4377 2.214113 BeL?￿ at 6 Awil 2022 Transfern 1rd￿rt Galn81 Balan¢8 at (L0s$851 S 2023 Eypwdlture fvnd• Income fund 358,530 84.467 (106.181) 94,742 431.558 R••trlctsd fund• Capllal fuThl 2,241.877 {16,732} (94,742) {318.8551 1,811.548 Total of fund• 2.60J.407 84.467 (122.913) 1318.855) 2,243,1(hS Thg Margarnt d• Sousathlro Fund Nots8 to the financlal 8tatem•nts for the year ended S Aprfl 2024 14. Analys1• of n•1 4•Mts bol*wn fvml• Totsl fvnd• 2024 fund• nd• 2024 Fixed 88881 investrnonts Cu￿ent ass8ts Cre(titrKs dua thin crn 314.871 101,363 (2.166) 1,8￿,039 2,114916 101.363 (2,166) Total 414,074 1,8(Kl.039 2,214.113 An•ty•l¥ of n•t aM•ts b•tw••n lund•. r*lor pwlod Total funds 2023 funds 2023 fvnds 2023 Flx•J as8•t in¥e8trrtonl• Curnnt a8set8 Creditorn due ￿1th1￿ cm ￿&r 310.331 123.273 (2,046} 1.811,548 2.121,879 123,273 (2,046) Total 431,558 1.811.548 2.243.106 Page 21 The M•rgar•t d• Sou8trDtlro Fund Not￿ tt) the Iln•nclal slat•m•nt• for the year ended 5 ￿)rI1 2024 15. Investment Fund - Total Roturn Tnmt for Un*ppll•d Ibw••lrnnt Totsl Ratyrn 2024 2024 Tolol fvnds 2023 funds 2024 At 6 Aprll 2022 Trust for Investrn Un•)r41od iotsl retsjm 1,170.479 1,170,479 641.069 1.170.479 1.071.398 641. 1.170.479 641, 1,811,548 2.241,8TT Investment retum.. r8ali80d and unrnaM8od inslllosses) Less: Investrnonl management rnsts 4.3TI (15.886} {318,8551 116.7321 {11.5CIJI (335.5871 Unapplied total return alktoknj * in(W￿ in th8 ￿¥r (94,742) AI 5 WI 2023 1.170.479 629.560 1,800,039 1.811,548 As perm6ttod by the Chty C(rfnmissi(M, Ihe TnJst8es hava opiod to invest thg Investment ￿ a Totsl Retum basis. vknich they afo fr¢e to inv951 to maximme tolal retwn Iha ktyerm. rgther than to rneet 3hort-lerm incLNmè targets. The Tot81 Retwn pdky *88 adokknj wllh •ffec* from 9 2ff21. valuallon of Ilp InveStM￿t and the In1ti81 value of the Unopplied Retum {UTr) was determined by referen￿ to ts 8vèrnga value of tho efKlowThent at 6 WI 2007. The Ch8rity$ oi¥'ecliv6s arn to athi8ve a total relum over 8 rcdlirvJ fivevyaar pe￿d lo pre88M thè inveslmenl In real temis %thilo sustaining a Sp￿dIr￿j rate of 3.5% of tot81 asset value across the average of the fiv&year perM)d,' and lo Ma1￿1n an total risk level that reduces to an acceptabl8 level tt IlkelihorAI of the UTR tthg exhausted undw any likdy fi¥tryaar mwket fall, all(Mng the Charity to support its sponding C￿mIlMents over thi¥ pon'od. In 8co)rdan¢a wlth the regulakn8. the Trustees de(*le eath to tra￿8r to the Income Fund 8nd how muctt to ratain In Ihe LrrR, to en8ur8 Ihe lo sperKJ In lh8 fiJturn. Page 22 The Margarnt dt 8¢>uuthlro Fund Notes to the flnanclal statsments for th• y￿r •ndod S Aprll 2024 16. Pan•lon ¢(rnllm•nl• The Chadty operat65 a defined o)ntrliMJliO￿ pgnsion schemg. The assets of Ihe scheme aro hekl separatdy from those of the Charity in an indekwthty administered lund. The ponsion cost charge rewesents cg)rrtrlbutlons payable by the Chanty to the fijnd and amountad to £4rJ {2023: £6181. No conlrltsJtions12023: £Nil) ￿>8￿￿& to the (uThY at the stfftt date. 17. R•lat•d p*rty tr•nuctlo The Chartty has Mi entered into any related party tr￿sact￿m dwing the lknandal yw12023'. £NII and thero 8r6 fto balan￿ (Mrtstandkng rela￿1 parb88 at th• BalorK• sheot d8ts12023.' £NII). Py23