KEN51NGTON AND CHELSEA DISTRICT NURSING TRusr ANNUAL REPORT YEAR ENDED 31st MARCH 2024 HETHERINGTON AND COMPANY REGISTERED AUDITORS SECOND FLOOR, 289 GREEN LANES, LONDON N134XS
KENSINGTON AND CHELSEA DisfRICT NURSING TRUST YEAR ENDED 31sr MARCH 2024 INDEX Page No. Trustees and main agents of the CharEty Trustees, report Independent examiners, report Statement of flnancSal attivities Balan sheet 10-15 Notes to the finoncial statements
KENSINGTON AND CHELSEA DISTRICT NURSING TRUST TRUSTEES AND MAIN AGENTS OF THE CHARITY YEAR ENDED 31 MARCH 2024 TRUSTEES Mrs G Falkus ljoint-chairl Mr5 C Yardley lJoint.Chairl Ms N Child Ms Juliet Wilkinson Mr R O, Callaghan M5 D Bartlett Mr J Pulsford (Treasurer) CLERK TO THE TRUSTEES Kristin Bayne PRINCIPAL OFFICE Richford House Grove Mews London W6 7HS BANKERS Santander Bridle Road Bootle, Merseyside GIR OAA INDEPENDENT EXAMINER Mr Mario Koureas Hetherington & Co Chartered Certified Accountants, Second Floor, 289 Green Lane5 Palmers Green London N13 4XS BROKERS Cazenove& Co 12 Moorgate London EC2R 6DA 50UCITORS Payne Hicks Beach 10 New Square Lincolns Inn London WC2A 3QG
KENSINGTON AND CHELSEA Di¥fRicf NURSING TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The Trustees present their report together wlth the flnancial statements of the Charity for the year ended 31st March 2024. The Trustees confirm that the annual report and financlal statements of the Charity comply with the Charities Act 2011, the requirements of the Charity's governing document and with the provisK)ns of 'Accountlng and Reporting by Charities,: Statement of Recommended Prattice applicable to Charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 effective 1° January 2015. 5trurturefft 8overnance and mana8ement The Charity was set up by order L21210931 of the Charity Commissioners on 7th November 1974 las arnended on 21st January 20021 and continues to be govemed by the said Tnsst Instrument. According to clause 19 of the Trust instrument the income of the Charity must be applied in pursuance of the Charity'5 main objects. This is subject to the Charity having firstly dlscharged the administrntive and management expenses for the year (clause 171 and any pensions or grants payable in cases of need to retired persons wkj were formerly employed by the Charity Iclause 181. Accordlng to clause 20, the Trustees may not apply income directly in relief of rates, taxes or other public funds but may apply income in supplementing relief or aS5tanCe provided out of public funds. They are a150 pvented from committing themselves to repeat or renew the relief granted on any occasion in any case. The following general restrictions also apply to the Trust:. l. The appropriation of income of the Charity can only be made by Trustees at meeting5 of their body. In exceptlDnal circumstances the Chair may authorise a grant for an individual, to be ratrfled thereafter at the next meeting of the Trustees. 2. Trustees are not entitled to re1ve remuneration or be interested In the Supp of any work or goods at the cost of the Charity. olntment o Trustees The term5 of the Trust instrument require future Trustees to be appointed by a resolutSon passed at a speclal meeting of Trustee5 of which not les5 than 21 day5, notice is required. Each appointed Trustee is to serve for a period of five years and must declare willingness to art as Trustee of the Charily by sgning a declaration of acceptance In the minute book. No Trustee will be appolnted to serve for more than two Collsecutive temis. A Trustee musi not be re-aptk)inted within one year of the end of his or her second term. The Trustees may in exceptional circumstances appoint a Trustee to serve for a third consecutive term. Induction and troinin Trustee5 are chosen according to their experlence, and it is ensured that the Board is made up of a balance of expert15e appropriate to the needs of the Trust. From time to time Trustees draw on their talent5 to share their expertise with the others. On occasion this may happen in order to make a Specific decision about grant giving.
KENSINGTON AND CHELSEA DISTRICT NURSING TRUST TRUEE$, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 All the Trustees read the Charities Commission'5 leaflets on the dvtles of Trustees, especially wtth regard to legal issues and the skills register. The Clerk ensures that Trustees have sufficient information abDUt organisations with which the Trust is in touch, partkularly Conrning their financial affairs, before decisions are made. ML7nL7 ement At the half yearly Trustees, meetings, the Trustees agree on a broad strategy and area of actwity for the Charity, including consideration of grant makin8, investment, rèserves and risk management policies and performance. The day-to-day administration of grants and processing and the handling of applications is delegated to the Clerk to the Trustee5. The Trustees who served during the year under review were as follows: Mrs C David Ire5tgned 14.11.20231 Mrs G Falkus Dr A Hamilton IresignÈd 14.11.20231 Mr P Kraus (resigned 14.11.20231 Mrs C Yardley Mrs W Roberts Iresigned 13.2.20241 Mr R O'callaghan Ms Nchild M5 D Bartlett (appointed 12.12.20231 Ms Juliet Wilkinson lappointed 12.12.20231 Trustee appointed since the year end but before the financial statements were approved was as follows:_ Mrj Pulsford (appointed 9.4.20241 Risk oli since the Trust does not undertake fund-raising actlvities, it5 chief risk is bound up with its investments, their value and their generation of income. The Trustee5 recognise this and regular review and monitor the perforrnan the Trusvs Investment portfolio in tsrder to redu a5 far as possible exposure to potential losses. and to improve growth. Objecllves and activities Summaryof the main octlvities of the Charity in relation to Its objects The objects of the Trust are to relieve cases of need amon85t persons resldent in the Royal Borou8h of Kensington and Chelsea or in the adlacent area who are sick, convalescent, disabled, handicapped or infirm. Public Benefit The Charity Commission in ils Charities and Public Benefrt Guidance requires that there are two key prlnclples to be met to show that an tsrganisation's alms are forthe public benefit. Firstly, there must be an Klentifiable benefit. Secondly, the benefft must be to the publlc or a section of the public.
KENSINGTON AND CHELSEA DISTRICT NURSING TRU TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Public Benefit The Trustees confimi that in setting the Cha ritWs objectNes and in planning it5 activities, they have had due regard to the Charity Commi55ion's guiclance on public benefk when reviewing the Chartt¢s aim5 and objectNes. The Trustees are satisfied that the Charty has met the requirements of the public benefit guidance Mt7in Grtivities undertaken by the Trust tofurther its charltable purposefor the public benefit A5 in previous years, the main actniities of the Trust to further its charitable purpose for the public benefit were.. 11 To provide or pay for items, services or facilities, whh are calculated to relieve suffering, or assist the recovery of such per50n5 in such cases but are nol readily available to them from other sources. 21 To rnake arrangements for such setvices or facilities to be provided for that purpose by other Snstitutions or organisations in retvrn for subscription out of the income of the Charity. 31 In exceptional circumstances, apply the income of the Charity for the benefrt of a person who INes outside the area of benefit but 15 Otherwise qualified. The number of [Jers0 benefiting un(ler this provision musi not exceed one third of the number of beneficiaries at any on8 time. 41 Continue to focus on its objectives and work closely with other Charities and organisations, by making available grants Sn pursuit of their charitable aims Gr¢7nt oll The Trustees continije to award grart5 after careful consSderation of each application and to ensure that such awards meet the stated objectives of the Charity as detailed above. Joint Chalrs. review (including athlevements and performance dellvered lor the publ1¢ benefit) The Trustees are now meeting in the Clervs house with Trustees occasionally attending vla Zoom which is working well. In November 2023 the Trustees accepted the resignation of Mrs Cherry David, Dr An8ela Hamilton and Mr Peter Kraus. In February 2024 the Trustees accepted the resignation of Mrs. Wendy Roberts. The Trustee5 thanked thern all for their support over many years. In Dember 2023 Ms Deborah Bartlett and Mrs Juliet Wilkinson were appointed. Ms Bartlett is a retired architect livinE in Westminster on the border of RBKC and Wilkinson is also a local resident with volunteertng experience in the area. Our grants to indwiduals amounted to £56,005 this year, divided among 120 people which is a smaller arnount divided am01 fewer recipients than the previous year. Last year the Trust gave £60,791 to 140 people. The costs of elertrical appliances have remained stable, but the costs of waste disposal. delivery and connection have all increased. It was noticeable again this year that most applicants cite mental rather than physical dlsabilities as the reason they are struggling fillancially. The Trustees have also increasingly been called upon to Provide furniture and white goods for farnilies and individuals moving into social housing where there is often no furniture, kitchen equipment or flooring. The improved cash balance5 of the Trust allowed the Trustees to make two grants to or8anisations this year both of which were previously supported. In March 2024 a grant of £IO,(XKI was made to St John's Hospice towards their garden refurbishment projert. In the same month a grant of £2,000 was made to InterAct Stroke Support towards storytelling for seriously ill children at Chèlsea & Westminster Hospital.
KENSINGTON AND CHELSEA D15TRicf NURSING TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Flnancial revSew As in prevlous years the Charity's revenue derrved malnly from interest and dividends received from its investment portfolio. For the year under review the value of our investment5 increased in overall terms by £113,140 compared to an overall reductv)n of £57.290 in the previous accounting perlod. The increase in value of the portfolio reflects to some extent, the partial recovery of the stock market, despite the on-going cost of INing and energy crisis. The value of the portfolio continues to be significantly more than the original C05t of the investments held. Expense5 were again kept under control in the year under review. The Chaty generated a net surplus on general funds of £19,704 12023- £7,638). The surplus is stated after adjusting for both realised and unrealised 8alns1£7,6021 relating to the investment portfolio. The permanent endowment fund shows a surplus of £100,393 arising in the year 12023.. deficit £57.6751 and thls is also stated after adjustin8 for losses, both reali5ed and unrealised, on the investment portfolio. At the year- end date, the Charity held £178,501 in general funds and £2.400,297 In the permanent endowment fund. The Tru5tee5 are confSdent that the Charity remain5 in a secure financial position. Investment oli The Truste8s' policy over their imiestments Is that they should achieve a maximum current income consonant wtth the intention that. in the longer term, the income stream must increase by at least the rate of inflation. To do this, the Trustees, together with their investment atfvi5er5, will continue to monitor the Trust's Portfolio. Reserves lic The Trustees regularly monitor the level of income resetves available to ensure that the Charity able to discharge Its administratwe costs as well as gNe donations that are affordable. The Trustees also consider the level of reserves held at any given moment should be sufficient to cover exposure to any significant unforeseen loss of income and to ensure the short-term liquidity and long-term financial stability of the Chartty. The policy would a150 allow the Charity time to consider and respond to its responsibilities.
KENSINGfoN AND CHELSEA DISTRicf NURSING TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31ST MARCH 2024 ststement of Trustees, Responsibllhles The Trustees are responsible for preparing the Trustees, annual report and the financial Statements in accordance with applicable law and United Kingdom Accounting Standard5 Iunlted Klngdom Generalty Accepted Accounting Practicel. The law applicable to charf(ies in England and Wales requires the Trustees to prepare flnancSal statements for each fSnancial year which give a twe and fair view of the state of affairs of the Charity and of the incoming resources and application of resource5 of the Charity for that period. In preparing these financial Statements, the Trustee5 are required to: •select suitable accounting policies and apply them Eonsistentlv: •obsetve the methods and principle5 in the Charities SORP,. •make judgements and estimates that are reasonable and prudent: •state whether applicable 3c¢ountlng Standards have been followed, subject to any departures disclosed and explained in the financial statements,. and "prepare the account5 on a going concern basis unless it is inappropriate to presume that the Charity will continue busine55. The Trustees are responsible for maintaining 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 accounts comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008. and the provisK*ns of the trust deed. They are also responsible for safeguarding the assets of the Charty and hence fortakin8 reasonable steps forthe prevention and detertion of fraud and other irregularities. Approved on behalf of the Board of Trustees on IO, September 2024 bv.. Mrs G Falku5 (Joint Chairl Mrs C Yardley ljuint Ch
INDEPENDENT EXAMINERS, REPORTTO THE TRUSTEES OF THE KENSINGfoN AND CHELSEA DISTRicf NURSING TRUST I report to the Trustees on my examination of the accounts of the Kensington and Chelsea District Nursing Trust for the year ended 31st March 2024, which are set out on pa8e5 8 to 15. Responsibilitie5 and bas15 of report As the Charity Trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirement5 of the Charities Act 20111'the Act'l. I report in re5pe¢t of my examination ofthe Trustee's accounts carried out under section 145 of the 2011 Act and carrying out my examination I have followed all the applicable Directions given by the Charity CommissNJn under section 14515llbl of the 2011 Act. Independent examlner's ststement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respert: accounting records were not kept in respert of the Trust as required by section 130 of the Act,. or the accounts do not accord wf(h those records,. or the accounts do not comply with the applicable requirements concernlng the form and content of accounts Set out in the Charicies IAccounts and Reportsl Reeulations 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 concems and have come across no other matters ITr 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. M Koureas FCCA For and on behalf of Hetherington & Co Chartered Certified Accountants Second Floor, 289 Green Lanes. Palmers Green, London N13 4XS Daled= 10 September 2024
KENSINGTON AND CHELSEA DISTRICT NURSING TRUST STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31ST MARCH 2024 General Fund Endowment Fund Note Total 2023 INCOME & ENDOWMENTS FROM: Donations & Legacies Investment income 97,827 97.827 91,002 Totsl income 98,427 98,427 91,602 EXPENOITURE ON Raisins Funds 259 5,145 5.404 5,389 Charitable Activttie5- 86,066 86,066 79,230 Totsl expenditure 86,325 5,145 91,470 84,619 Net intomel lexpenditurel for the year before 8alns Ilosse5) on investments 12.102 15,1451 6,957 6,983 Net gains Ilossesl on investment è5sets 7,602 105,538 113,140 157,2901 Net Movemènt in the year 19.704 100,393 120,097 150,3071 Reconciliotion offund5 Total fund5 brought forward 158.797 2,299,904 2,458,701 2,509,8 TDtal Funds carried lonvard 178,501 £ 2,400,297 £ 2,578,798 £ 2.458,701 The notes form part of these financlal statements
KENSINGTON AND CHELSEA DlSfRICT NURSING TRLIST BALANCE SHEET AS AT 31ST MARCH 2024 2024 2023 Note FIXED ASSErs Tangible A55ets Investments 171 2,413,538 2,521,292 2,521.292 2,413.709 CURRENT ASS5 Debtors Cash at bank and In hand io 1,058 63,874 64,932 1,195 49,516 50,711 CREDITORS: Amounts falling due within one year li 17,4261 15,7191 NET CURRENT ASSETS 57,506 44,992 NET ASSErs £ 2,578.798 £ 2,458.701 REPRESENTED BY: General fund Endowmentfund 13 178,501 2,400,297 158,797 2,299,904 14 £ 2,578,798 2,458,701 Approved by the Board of Trustee5 on 10 September 2024 and signed on its behaK by- G Falkus (Joint Chairl Mrs c Yardley ljoint Chairl The notes form part of these flnatKial 5tatementS
KENSINGTON AND CHELSEA DIRICT NURSING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 I ACCOUNTING POLICIES The princlpal accountlng policies, all of which have been applied conslstently throughout the year, were as follows:. 1.1 Basi5 of Accounting The accounts Ifinancial statements) have been prepared in accordance with the Accounting and Reporting by Charities- Statement of Recommended Prdctice applicable to Charitie5 preparing their accounts in accordance wtth the Financial Reporting Standard applicable Sn the UK and Republic of Ireland IFRS1021 leffective 1st January 20151, The Charities Act 2011 and applicable regulations. 1.2 Going Concem The Trustees have assessed whether the use of the going concem basis is appropriate and have considered possible event5 or conditions that might cast doubt on the ability of the Charity to continue as a going contern. The Trustees have assessed the impatt the downturn in the global economy (including the cost of living and energy crisis) may have on the Charity's forecast and projections and havp made thi5 assessment for a period of at least one year from the date of approving these financial statèments. The Trustees have concluded that the Charty has sufficient resources to contSnue In operational existence for the foreseeable fUre and consequently it appropriate to continue to adopt the 8olng concem basis in preparing Its financial statements. 1.3 Income Voluntary income including donatlons, gifts, legacies or grants from various individuals, corporations and charitable foundations are recognised where there is entitlement, any conditions attached to the itemlsl of income have been met, it is probable that the income wlll be received and the amount can be measured reliably. Such income is only deferred when: al The donor specifies that the grant or Ilonation must only be used in future accounting period5. bl The donor has Imp05èd conditions which must be met before the charity has uncondltional entitlement. Income tax recoverable in relation tu donations received under gift aid or deeds of covenant is recognised at the time of the donation. All incoming resources are reported gross before expenses. 1.4 Resources expended Liabilities are recognised as resources expended as soon as there Is a legal or constTUCttve obligation committing the Charity to the expenditure. All expenditure Is accounted for on an accruals basis and has been classified under headings that a8gregate all c05t5 related to the categories. Grants payable are payments to third parties In furtherance of the Charity's objects. Grants are accounted for when the recipient has a reasonablè expectation that they will receive the grant unless it Is conditional. PrDvi5ion for grants is made if the Trustees have conveyed their intention to the recipient. Resources expended include VAT whlch cannot be recovered. io
KENSINGTON AND CHELSEA DISTRicf NURSING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 315r MARCH 2024 I ACcOuPlNG POLICIES- Continued 1.5 Allo¢atlon of governance and support Costs. Suppart C05t5 relate to those costs incurred directly in support of expenditure on the Charity's oblects, which cannot be directly attributed to particular attivities. Governance c95ts include those costs incurred in the governance of the Charity and are primarily a5SOCiated with constitutional and statutory requirements. 80th support and governance costs have been allocated in full to the Charity's 501e actThiity being that of providing grant5 in accordance with the Charity's stated objertives. 1.6 Cost of raising funds The cost of raising funds relate to investment management fees. L7 Charitable activlties Charitable activty costs refer to those costs which represents those specific grants provided during the year to meet the CharSty's stated objectives. Such cost also include support and governance costs. 1.8 Tangible asset5 Eypenditure on tangible fixed assets for the Charity'5 Use are capitalised at cost to the Charity. Depreciation is provided at 33% per annum on a straight line basis. 1.9 Investment5 Listed investments are stated at market value. The market value is based on the middle rnarket prlce. The Statement of Financial Activtties includeg the net gains and losses arising on revaluations and di5posa15 throughout the year. 1.10 Realised gains and losses All gains and10sse5 are taken to the statement of finanoal activities as they arise. Reali5ed gains or losses on investments are calculated as the difference between the sales proceeds and the opening market value (purchase date if later). Unrealised gain5 and1055e5 are calculated as the difference between the market value at the year end and the opening market v?lue lor purchase date if later). Reali5ed and unrealised gains are not separated in the statement of financial artivities. 2 DONATIONS AND LEGACIES 2024 2024 Donations from individuals 600 2.1 INVESTMEMf INCOME 2024 2023 UK equities UK Bank interest 97,280 547 90,919 83 97,827 91,002 li
KENSINGTONAND CHELSEA DISTRicf NVR51NG TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2024 COSTOF RAISING FUNDS 2024 2023 Investment managers safe custody fees 5upporr costs 5,404 5,389 5.4t14 5,389 ALLOCATION OF SUPPORT COSTS AND OVERHEADS BETWEEN FUNDS The basis and allocatlon of support Cost 15 as follows:_ General Funds Endowment Fund Total allocated 2023 Staff costs Depreciation Other office costs Independent Examiners Fee Tlrne 14,521 171 109 3,210 14,521 171 109 14,233 171 usage Usage 75 3,960 3,210 18,011 E 18,011 £ 18.439 CHARITABLE EXPENDITURE- GRANT MAKING Institutions Individuals Total 2023 Grants15ee note 5.11 Support costs 68,055 18,011 68.055 18,011 60,791 18,439 86,066 £ 86,066 £ 79,230 5.1 ANALYSIS OF GRANTS FUNDED Total income for grant distribution.. £80,15712023- £73.0011 2024 2023 l Major grants to Instltutions 12,OUO 11 Indlvldual case grants-12012023 - 1401 55,505 60,241 111 Chrlstm•s gift5 to former K&CDNT stsff lin accordance with elause 18 of the Trust Deed) Total 550 550 68,055 £ 60.791 At the year end date the Trust was not Committed to pay any furthergrants. 12
KENSINGTON AND CHELSEA DISTRicf NURSING TRUST NOTES TO THE FINANCIALSTATEMENTS YEAR ENDED 31sr MARCH 2024 ANALY515 OF STAFF COSTS 2024 2023 Salary Pension 14,280 241 14.oc 233 £14,521 £ £14,233 The average nurnbèr of employees during the year was 112023.. 11. No employee earned more than £60,000 . The Trustees did not receSve any remuneration12023-£Nill nor were they reimbursed for any expenses incurred during the year. TANGIBLE FIXED A55ETS Office Equipment Cost: Balance brou8ht forward 1st April 2023 Additions in the year Di5posa15 At 31st March 2024 513 513 Depreclatlon: Balance brotsght torward 1st April 2023 Eliminated on disposal Charge for year At 31st March 2024 342 171 513 Net book value at 31st March 2024 Net book value at 31st March 2023 171 13
KEN51NGTON AND CHELSEA oisfRICT NURSING TRUST NOTE5 TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2024 INVESTMENTS 2024 2023 Market Value as at 1st April 2022 Additions to investments at Cost Disposals proceeds Realised and unrealised gains for the year 2,413,492 2,476,122 16,2501 113,140 2,520,382 910 15,3401 {57.290 2,413,492 46 Cash held with brokers Market Value as at 31st March 2023 2,521,292 £ 2.413,538 Investments at market value comprise: UK equities Cash held with broker5 2,520,382 910 2.413.492 46 2,520,382 £ 2.413,492 Historical cost as at 31st March 2023 1,767,893 1,772,450 All investments included in the portfolio are held in the United Kingdorn. Included wf(hin the portfolio of investment5 held, are Investments with a market value of £121,05412023 £113,588) which belong to the general funds of the Charity. INVESTMENTS- continued Investment in individual entitie5 held at 31st March 2024 which are over 5% of the portfollo by value Cazenove- Equity Incorne Trust For Charities M&G Global Dividend Fund COIF Charities Ethical Fund 1,205,450 1,153,740 147.206 14
KENSINGTON AND CHELSEA DISTRICT NURSINGTRUST NOTES TO THE FINANCIAL STATEMENT5 YEAR ENDED 31ST MARCH 2024 10 DEBTORS 2024 2023 Sundry debtors and prepayments 1,058 1,195 1,058 £ 1,195 11 CREDITORS- AMOUNTS FALLING DUEWITHIN ONE YEAR Grants payable Other creditor5 and accruals 2024 2023 2.563 4,863 854 4,865 7,426 £ 5,719 12 ANALYSIS OF NET ASSETS BEfwEEN FUND5 Gene4 Funds Endowment Funds Total Investments Cash with broker5 Fixed assets Current assets 121.054 2,399,328 910 2,520,382 910 63,577 1,355 64,932 16,1301 11,2961 17,4261 178,501 £ 2,400,297 £ 2,578,798 Creditor5 13 GENERAL FUND The General fund conslsts of those funds which the Trustees are free to use in accordance with the charitable objects of the Trust. At the year end date, general funds Snduded £7,60212023 £9,206) of unreallsed investment gains. 14 ENDOWMENTFUND Thè endowment fund represents those assets (principally investments) whlch must be held permanently by thè Charity. Income arising on the endowwnent fund can be used in accordance wlth the objects of the Charity and is recogni5ed as general fund income. Any capital gains orlosses arising on the investments form part gf the fund. At the year end date, the endowment fund included £744,88712023 £631.8361 of unrea115ed investment gain5. 15 CONTROL The Charity is controlled by the Trustees. 16 RELATED PARTY TRANSAcfioNS The were no disclosable related party traTr5action5. 15