MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD Registered charity number- 214785 ACCOUNTS YEAR ENDED 31 MARCH 2025 Dains Audit Ltd Chartered Accountants St Johns Court Wiltell Road Lichfield Staffordshire WS14 9DS
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 PAGE Trustees Annual Report Independent Examiner's Report Slalement of Financial Activities Balance Sheet Notes lo the Accounts 10-15
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Rofer8nce and administratlvg information Trustees.. The Charity trustee5 who served during the year and their appointing bodies are.. Rev l Hayter Chairman Co-opted Mr N G Sedgwick Vice chairman Co-opted Revd C E Davies Appointed 17 October 2024 Ex Officio Mrs J M Eagland Lichfield City Council Ms D Greatorex Lichfield City Council Mrs J A Greaves Lichfield City Council Mr R M Hartley Chur¢hes Together in Lichfield Mrs B Hanks Co-opted Mr P L Hitchman Lichfield City Council Dr A Hughes Lichfield City Council M G Pawson Co-opted Mrs E L Rawling Co-opted Mrs E M Ridler Churches Together in Lichfield Dr T M James Co-opted B R Watkins Lichfield City Council Dr M J White Co-opted Mr M A Warfield Lichfield City Council Terminated 15 July 2024 Appointed 27 June 2024 Appointed 1 August 2024 Appointed 14 April 2025 Terminated 27 March 2025 Principal Address: S R James Esq., The Clerk to the Trustees PO Box 8680 Burton-on-Trent Staffs DE14 9QB Reglst8red Charity Number: 214785 Independent Examlner: M Gurney FCCA, DChA Dain5 Audit Ltd, Chartered Accountants St John's Court Willell Road Lichfiel Staffs WS14 9DS Prlncipal Bankers-. N81ional Westminster 8ank plc Market Street Lichfield Stsffs WS13 6LE Soli¢itor$: Ansons Solicitors Ltd Investment Advisers: RBC Brewin Dolphin Limited 61h floor, The Chatwin Building 81 Colmore Row Birmingham B3 2BA 517 Breadmarket Street Lichfield Staffs WS13 6LQ
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 (continued} Report of the Trusteès for the year ended 31 March 2025 The trustees present their report along with the financial statements of the charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies sel out in Note 1 to the accounts and comply with the Charity's Scheme, the Charities Act 2011 and Accounting and Reporting by Charities.. S181ement of Recommended Practice applicable lo Charities preparing their financial slalements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019. Structure. Governanc8 and Pllanagement History and Objectives and Activltiès for the public beneflt Michael Lowe's Charity was founded in 1593 and is now governed by a Charity Commission Scheme dated 26 June 1980. when a number of 5m811er charities were amalgamated with it and the Charity became known as Michael Lowe's 8nd Associated Charities. The charity is an unincorporated association and the trustees are incorporated as a body. The charity does not aclively fundraise and seeks to continue the phi18nlhropi¢ work desired by the donor thTOUgh the ¢8ful stewardship ol ils existing resources. From the time of its foundation in 1593 one of the Charity's Concerns has been fue5 poverty. Originally, the Trustees provided coal to just twelve poor men,. now they provide fuel grants for considerably more qualifying persons aged 67 or Dver. As well as the fuel grants, the present day objects of the Charity include the provision ol assistance to individuals resident in the City of Lichfield, who are in Conditions ol need, hardship or distress, by making grants to organisations or providing or paying for items which will benefit Ihe recipient. The Trustees usually require the recipient to make a contribution of 10°/D of the cost of any item provided. The Charity ceased to operate 115 Furniture Transfer Scheme in Autumn 2021 principally Cause of Ihe difficulty of finding volunteers to run it. A new scheme commenced during 2022 under which the Trust provides beds, headboards and mattresses to eligible applicants. The Trustees usually require the recipient lo make a contribution of 100/0 of the Cost of any item provided. The Trust continues to supply white goods to eligible applicants. The trustees confirrN that they have referred to the guidance contained in the Charity Commission's gener81 gLJidance °The Prevention or Relief of Poverty for the Public Benefit" when reviewing the Charity's airns and obje¢lives and in planning and setting their grant making policy for the year and have Complied with their duties under the Charities Act 2011. Management and Governance The scheme provides for the appointrnenl of 15 trustees,. one ex-officio, seven nominative and seven co- oplalive. The ex-officio Iruslee is the Rector or Priest-in-charge of the Parish of Sl Chad Lichfield. In the
event of the ex-officio trustee being unwilling to act, then the Iru51ees may appoint an additional trustee lo fill the v8C8n¢y. MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 {continuedl Five of the nominative trustees are appointed by the Coun¢illors of Lichfield City Ilhe Trustees having passed a resolution 10 5ubslilule that body as the nominating body in place of the Councillors of the Lichfield District who represented the wards of the City of Lichfieldl, and two nominative trustees are appointed by °Churches Together in Lichfield.. Nomin81ive Iruslees serve for a period of four years. Co- oplalive Iruslees serve for a period of five years. New co-optalive Iru51ees are identified from people within the Ioc81 community who have the necessary skills and interest and are appointed by the remaining trustees. The induction process for 8ny newly appointed trustee comprises an initial meeting with the board of Trustees, 8t which a pack is provided. This in¢ludes a copy of the governing document, a copy of the most recent annual report and accounts, copy minutes of previous trustees, meetings. a copy of the Charity Commission guidance "The Essential Tru51ee.' What you need to know. and 'The Prevents'on OT Relief of Poverty lor the Public Benefit.. The Trustees are Tequired lo disclose all relevant interests and register them with the Clerk and i accordan with the Charity's policy do not lake part in decisions where a conflict of interest arises. The Trustees normally meei four times 8 year lo consider grant applications and 8S 8nd when appropriate the broad strategy and area of activity for the charity. including investments, reserves and risk management policies and performance. The day to day administration of grants and the processing of applications prior lo consideration by the Trustees are delegated lo the Clerk. The Trustees have delegated the monitoring of the perforrnance of the investment porrfolio and of the fund manager, the Consideration of reports from professional advisers as regards the property holding and the preparation of an annual budget to a sub-committee, which meets four times a year prior lo the rnain Trustees, meeting. It also reviews the Charity's grant making, reserves and investment policies and makes recommend81ions lo the main trustee body. Risk Review The Trustees review the risks the Charity faces on a regular basis and take appropriate steps lo miligale those risks. To dale these have rnainly related to.. {il inveslrnent management where the risk5 have been ameliorated by appointing exlemal fund managers to manage a portfolio of diverse investments designed lo provide a balance between capital growth and income., {iil the management of the small portfolio of investment properties,. the Trustees retain surveyors to carry out annual inspections to ensure that the buildings are maintained in good condition and to provde management support., liiil checks on 8ppli¢ations from organisalions to filter out requests for multiple grants lor the same project., and livl checks on possible fraudulent applications
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 {continu8d) Grant making policy and procèdures The Charity is well known in Lichfield and invites applications from both organis8tions and individLJals. Ea¢h application is considered on ils own merits and in mosl instances and in usual circumstances two trustees vi511 an individual applicant al hislher own home and personally interview himlher prior to any grant being rnade. This enables the Tiustees lo target their assistance to the best advantage of the applic8nl and where appropriate lo direct the applicant lo other organisalions such as the Citizens Advice Bureau, who Can assist with benefit appli¢ations or problems andlor debt management advice. Whilst priority is given lo rnaking grants to individuals lincluding making fuel granlsl, grant aid to organisations providing services to Lichfield City residents are usually made but applications have reduced this year. In recommending grants the Trustees 18ke account of the Charity's financial position and exercise reslrainl where appropriate. The upper limit for grants lo individuals 15 currently reslricled to £600 to enable grants lo be made to more Individuals. Applications lor fuel grants are usually invited 8nnually from persons aged 67 or over. whose income falls below a certain level or who have special need of healing for reasons of health etc. In addition, the Trustees invite applications from needy families for while goods, beds, headboards and mattresses. Gr8nt application forms are available from the Clerk, whose address is shown on page 1. Once an application is received il is considered at the next meeting of the Trustees.. however, special arrangements are made it the application is considered urgent. Achievements and Parformancè Overall grant expenditure during the year was slightly higher than the previous year. Total grants amounted to £50,394 12024 - £48,681> Breakdown of grants.. Organisations.. £650 12024 - £5,000) Individuals.. £26,954 10 62 persons12024 - £24,636 to 60 persons) Fuel grants.. £22,790 10 123 persons12024- £19,045 to 11 S persons}
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 {continuedl The vast majority of grants lo individuals were for the provislon of or replacement of domestic items. The Trustees continued their efforts lo widen their help lo other sections of the community where they believe there is hidden need, especial 8mongsl the eldedy. A number of grants were fnade lo individuals for beds, he8dbo8rds and mattresses Flnancial Review Investmgnt Policy and Performanc The Charity's grant making Is entirely dependent upon its income from its endowfflenls comprising various holdings of property and frorn its Portfolio of stocks and shares, securities and investment fund units. The property holdings are managed by the Trustees, who lake appropriate professional advice. The portfolio of listed investments is managed by external fund managers on a discretionary basis. These investments are subject lo an Investment Policy Slalement which is reviewed regularly by the Trustees. The investment objective is to generate a balance beeen income, lo help fund the charity's grant making, and capital growth, to help maintain and enhan¢e the real value of the assets over the medium lo long-lerm. The Trustees have agreed that a medium level of risk is appropriate and the policy contains controls lo manage risk. The Trustees review the performance ol their investments on a quarterly basis and they meet with their investment manager on a regular basis. Over the last financial year the portfolio has generated 8 lolal return of 3.020/0 after fees. This compares 8gainsl a return of 6.52Q/o for the RBC Brewin Dolphin Category 6 benchmark and 3.00°/o for the Asset Risk Consultants IARCI Steady Growth index. The ARC index is made up of over 4,000 charity portFolios from 35 different investment managers, providing a good comparison to the performance of the brokers peers with a similar level of investment risk. The positive relum over the year was largely due to an improvemenl in investor sentiment as central banks began lowering interest tales and econDmic 9rowih remaining robust. The greater weighting lo mega cap technology companies within the RBC Brewin Dolphin Risk Category 6 benchmark was the main reason for the perforrn8n¢e divergence over the period. Reserves Pollcy and Plans for the Futura At 31 March 2Q25 funds totalled £2,046,874, comprising endowment £1,800,971 accumulated income £137.853 and a designated repairs and maintenance reserve £108,050. The Trustees have resolved lo maintain minimum reserves al 8 level equivalent lo approximately one year's gross income.
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Icontlnuodl Although 81 the year end reserves exceeded the minirnurn, this will enable the Trustees to maintain grant aid 81 or higher than previous levels in difficult economic limes and to ensure that funds are available to carry out any unexpected repairs lo the Charity's remaining properties. In addition, the Trustees have decided to continue lo mainl8in a designated Repairs and Maintenance fund to meet the cost of cyclical and long term repairs and decor81ions lo the Trustees, investment properties, all of which are Grade 2 listed buildings, and will review the amount lo be transferred to this fund annually in the light of any known future expenditure. The Trustees continue actively lo review their grant making policy with a view lo phasing a reduction in the excess reserves over 10 years depending on the number of rnerilorious applications received. The Trustees will continue to liaise with other local charities lo ensure that resources are distributed in the best possible way arnongsl that part of the community most in need. Trustees Responslbilities in relation to the Financial Statements Law applicable to charili&s in England and Wales requires the Trustees lo prep8re financial statements for each financial year which give a true and fair view ol the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Ch8rilies SORP IFRS 1021., make judgements and estimates that are reasonable and prudent". slate whether applicable a¢¢ounting standards and statements of recommended practice have been followed, subject lo any departures disclosed and explained in the financial 518lemenls,' and prepare the financi81 statements on the going concern basis unless Il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping accounting records which disclose with reasonable ac¢ura¢y 8t any lime the financial position ol the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of traud and other irregularities. Approved by the Trustees and signed on their behalf by.. Date.. 26 June 2025
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD I report lo the eharity Iruslees on my examination of the accounts of the charity for the year ended 31 March 2025 which are sel out on pages 8-15. Responslbllltles and basi3 of report As the charills Iruslees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 1 the Acl'l. I report in respect of my examination of the chariws accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come lo my allenlion in connection with the examination giving me cause lo believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act., or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements concerning the form and onlent 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 lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Mark Gurney FCCA, DChA of Dains Audit Ltd Sl John's Court Willell Road Lichfield Slaffordshire WS14 9DS June 26, 2025 Page 7
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2025 Unrestrict8d Endowmont Income Fund Fund Total 2025 Total 2024 Notes Income Investment Income Rent21 Income Income from Listed Investments Deposit Interest 75,666 37,551 75,666 37,551 74,566 36,586 Total 113,702 113,702 111,958 ExpendFturo Raising Funds Property Management Expenditure Investment Portfolio Management Charges Charitable Activities Other Total 21,207 1,295 69.183 11,160 102,845 21,207 6,753 69,183 11,160 108,303 20,631 6,337 66,891 11,488 105,347 5,458 5,458 Gains and losses on revaluation and on investment asset disposals Realised Unrealised Net In¢omel{Expenditure) 4,002 178 11,2781 4,002 2,178 11,579 15,814 59,436 81,861 2,OOD 12,857 Net movement in funds 12,857 11,278} 11,579 81,861 Reconciliation of Funds Total funds brought lorward 233,046 1,802,249 2,035,295 1.953,434 Total funds carried forward 245,903 1,800,971 2,046,874 2,035,295 Page 8
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD BALANCE SHEET 31 MARCH 202S 2025 2024 Notes Flxed Assets Listed Investments Investment Properties 1,200,284 825,000 2.025,284 1,200,773 825,000 2,025,773 Current Assets Debtors Bank balances.. Deposit Current 10 24,577 17,850 11,392 6,912 42,881 9,958 500 28,308 Current Liabilities Creditors 21,291 18,786 Net Current Assets 21,590 9,522 Net Assets 2,046,874 2,035,295 Represented By.. Unrestrlcted Income Funds Accumulated Income Fund Repairs and Mainlenar)ce FLJnd 137,853 108,050 245,903 117,051 82,170 233,046 Endowment Fund 1,800,971 2,046,874 1,802,249 2,035,295 These accounts were approved by the Board of Trustees on 26 June 2025 and signed on their behalf by.. Rev l Hayier N G Sedgwick Page 9
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 1. ACCOUNTING POLICIES General These accounts have been prepared under the historic cost convention, except for investments and investment property, which are included on the bases sel out in Notes 9 and 2 to these accounts. The accounts have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recomrllended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) effective 1 January 2019 and the Financial Reporting Standard applicable in the UK & Republic of Ireland IFRS102} and the Charities Act and applicable regulations. The charity constilules a public benefit entity as defined by FRS 102. Funds The permanent endowment represents those funds which musl be held permanently by the charity. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments held within that fund form part of that fund. Investment management charges relating lo the fund are charged against it. The accumulated income fund comprises those funds which the trustees are free lo use in accordance with the charitable objects. The repairs and maintenance fund is a designated reserve which represents amounts sel aside lo carry out future repairs lo the investment property. Income All income is recognised once the charity has enlillemenl lo il and il is certain that it will be received. Grants Payable Grants payable are charged in the year when the offer is conveyed lo the recipient, except where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. CharitabSe Activities Costs of charitable aclivilies include grants made, the costs incurred in running the furniture transfer scheme and an apportionment of support costs. Other Costs Other costs comprise all costs involving the public accounlabilily of the charity and its compliance with regulation and good practice. Allocation of Support Costs The clerk's salary has been allocated between costs of generating funds, charitable activity and other costs. The allocation is detailed in note 7. Postage and stationery has been allocated between charitable activity and other costs on the basis of usage. Page 10
MICHAEL LOWE'S AND ASSOCIATED CHARITIES, LICHFIELO NOTES TO THE ACCOUNTS Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2025 2 PROPERTIES IENDOWMENT FUNDI Trustees Rent Rent in Rent Rent Rent in Rental Valuation Arrèars Advance Received Arrears Advance Income due 09.06.10 31.03.24 31.03.24 31.03.25 31.03.25 for year BORE STREET.. Nos 24 and 26 No 8 Ground Floo¥ No 8 First Floor No 8 send Floor BLEWITT COURT.. Unit 1 Unil 2 33,000 6,500 12,000 8,189 33.000 6,500 12,000 7,000 $42 1,731 5,250 2,000 7,792 10,500 6,666 76,855 5,250 2.000 8,981 10,500 6,666 75,666 825.000 The investment properties were revalued at £825,000 by the trustees o)n 9 June 2010 on the basis of open market value subject to existing use. The trustees are not aware of any rn8l&rial changes since Ihe last valuation. Rent due under leases is as follows.. Within 1 year Within 2 to 5 years Over 5 years 57,832 166.790 198,000 Page11
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 3 Property Management Expenditurg Insurance Professional Charges Repairs, Renewals and Ulililies Clerk's Salary 4,632 5,400 9,864 1,311 21,207 3,418 8,826 7,122 1,265 20,631 4 Investment Portfolio Management Charges In 2024 expenditure on investment portfolio charges lolalled £6,337 of which £1,041 was from unrestricted income funds and £5,296 was from the endowment fund. 5 Charitable Activities 2025 2024 Grants lo Organisalions Fuel Grants lo 12312024-1151 individuals Other Grants lo 6212024-601 individuals Support Costs.. Clerk's Salary Postage Stationery and Advertising 650 22,790 26,954 5,000 19,045 24,636 18,358 431 69,183 17,715 495 66,891 Grants lo Organisalions were as follows.. British Wireless for the Blind Si Giles Hospice 650 5,000 5,000 650 Page 12
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 6 Other Costs Independent Examiner Clerk's Salary Sundry Expenses 3,440 6,556 1,164 11,160 3,232 6,326 1,930 11,488 7 Allocation of Clerk's Salary 2025 2025 2024 2024 Property Management Charitsble Activities Other 1,311 18,358 6,556 26,225 1,265 17,715 6,326 25,306 70 25 100 70 25 100 Basis of apportionmenl.. Staff lime 8 Related Party Transactions and Trustees Remuneratlon No remuneration directly or indirectly out of the funds of the Charity was paid or payable for the year to any trustee or lo any person or persons known lo be Connected with any of them. Subsistence lolalled £73812024-£6761. No expenses were paid during the year.12024- £nill. 9 Listed Investments Endowment Accumulated Fund Ineome Fund 2025 2024 UK Listed Investments Investment Portfolio Cash 967.542 2,408 969,950 227,569 2,765 230,334 1,195,111 5,173 1,200,284 1,192,361 8,412 1,200,773 Inveslrnents held al 1.04.23 Additions al cost Disposal proceeds ProfitllLossl on Disposal In¢reasellDecreasel in market value Inveslrnents held at 31.03.24 966,792 74,212 177,642} 4,002 178 967,542 225,569 1,192,361 1,074,137 74,212 314,426 177,6421 1271,452} 4,002 15,814 2,178 59,436 1,195,111 1,192,361 2,000 227,569 Historic Cost 772,014 227,106 999,120 987,106 Inveslrnents are held in the name of 8Tewin Norninees Limited, as pooled funds. RBC Brewin Dolphin Limited provide a discretionary management service Page13
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 10 Debtors 2025 2024 Prepayments Accrued Income Other Debtors 5,136 1,444 17,997 24,577 3,930 3,600 10,320 17,850 11 Credltors Rental Income in Advance Other Creditors and Accruals Grants aulhorised bul not paid 8,981 8,112 4,198 21,291 7.792 8,270 2,724 18,786 12 Unrestrictgd Income Funds Accumulated Repairs and Income Fund Maintenance Fund Total 2025 Balance a101.04.24 Nel Incominglloulgoingl Resources Appropriation lo Repairs and Maintenance Fund Balance al 31.03.25 137,326 15,660 95,720 12,8031 233,046 12,857 15,133 137,853 15,133 108,050 245,903 Accumulated Repairs and Income Fund Maintenance Fund Total 2024 Balance al 01.04.23 Nel Incominglloulgoingl Resources Appropriation lo Repairs and Maintenance Fund Balance al 31.03.24 117,051 35,188 82,170 11,3631 199,221 33,825 14,913) 137,326 14,913 95,720 233,046 Page14
MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 13 Analysis of Net Assets Between Funds Accumulated Repairs and Endowment Income Fund Maint9nance Fund Fund Total 2025 Fixed Assets Current Assets Current Liabilities Fund Balance 230,334 171,1901 121,2911 137,853 1,794,950 2.025,284 6,021 42,881 21,291 108,050 1,800,971 2,046,874 108,050 Accumulated Repairs and Endowment Incomè Fund Maintenance Fund Fund Total 2024 Fixed Assets Current Assets Current Liabilities Fund Balance 229,595 173,4831 {18,7861 137,326 1,796,178 2,025,773 6,071 28,308 {18,786} 95,720 1,802,249 2,035,295 95,720 Page 15