Charlty Rw8tr#tion No. 228361 William Kendall's Charity Report and Accounts Year ended 31st March 2024
LLIAM KENDALL'8 CHARI FOR THE YEAR ENDED 31 MARCH 2024 Cont•nts Pag• Tru8tees' Annual Report Independent Examin$ Report Slalement of Financi81 Activlies Balance Sheet Notes to the Accounts Detalled Statement of Financkgl Actiwties 14 8-14 15
WILLIAM KeNDALL'S CHARITY FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES REPORT The Twslees pi8s8nt the annual report and financial statements of the charity for the year ended 31 March 2024. The financial statents have been prepared in accordance wth the accounting policies Set OLrt in nolo 2 to thè accounts and Comp wrth the charty¥ trust deed. the Charitles Act 2011 and Accounting and Reporting by Charities.. Stat8n1 of Recommended Practice appli¢8ble lo charities preparing their accounts in accordance wth the Financial Reportin9 Stanrjard applble in the UK and Republic of Ireland- SORP FRS 102 (effective 1 January 20191. Objgrtlvos and actfvltl08 William Kendall's Charity 1$ administered today under a Scheme approved by the Charity Cc4nmi$$ion dated 13 August 1992. The objectwe of the chanty is lo m8ke grants in accordance with Ihg Schem8 and the Tru51eg pays due regard lo the Charty Commissb)n's guidance on public b8n8fil. The net inccme of the chanty 1$ diwded into three parts, each tsubject to it8 (P restriction8.' i} One half of the net income of the charrty 18 available for the relief in need of inhabitants of Groater London who ale in Conditions of need. hardship or distre$5 8 pref9rence for inhabitants of the C ol London. This is kntrwn as the Greater London Fund. ii) One quarter of the net incomo of th8 charity is avaikble for charltable purposes for the gen8ral benefit of the inhabftarrts of the LcKbdon Borough of Bexkgy. Thk8 is known as the BeaY FuJ. iii) One quarter of the r*t Incclne of the charty is avaNable for the relief in need of persons who are in onditions of need, hardship or distross, with a preference for Wax Chandr$, Company members, their dependents, ond form8r employees of the Cc¥npany. This 1$ kn(hvn as the Persons in Newj Fund. Th8 Twslegs have paid due regard lo guidance Issued byth8 Charity Cornmissl¢Jn in deciding which aclNitlgs the charity 8lK)uhJ undertake. Achlovemonts •nd p•rfonnanc8 During the y8ar the Chaiity awariled grants of £79,201 {2023.' £74.7121 as sel OLrt in nole 5. These grants were used for a de variety of purposes [rludIng supporting local primary schools and local community proj&ts and funding school fees. This enab the ch2rty to meet il$ objective5 of the relief of need, hardship or distress and the use of funds for charitable purposes for the inhabitants of the
WILUAM KENDALL'S CHARrrY FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES REPORT Investment fund$ are manayed on behalf of the Trustees by Ca2enove Capital %Mthin the charit5 investmgnl Folicy. Investsrent returns. both capital and income, are reviewed regularty an¢J monf(ored against the general investment market. The maTkgt value of investments at 31 Morch 2024 wa8 £6,029.70212023'. £5.251,171). There wa5 a not gain on the invgstrnents of £811,89612023.' net los8 of £67.566). During the year the chanty received inveslm6nl income of £161,649 {2023: £141.541} increase compared to 2023 of£20,10812023: an incwse of£15,995). Structurni gov•man¢e and managem•nt Thg goveming document of the charity is the Tru51 Scheme of 13 August 1992. Th& ¢orporate Tru8tee is The Worshipful Company of Wax Chandlers la Cty LNery Company), and it5 Court of Assi8tsnts lequivalenl of a Board of Dir8¢tors) are the tharity Truste88 wlhin the MnIng of the Charbtres Act 2D11. Naw charty tiuBlee$ are eleded by the Cwrt. The Court is advised by the Charity C¢>mmittge on a aspects of policy and administration. Th6 day lo day administration of the eharty is undertaken by the Clerk. The Trustee is notified of any dates lo any Charity Commi5siDn *i$lation rglovant to the charity and the way il operates. Ref•r8nce and Idminlstratlon dot•lls of th• charlty, Its Trustee and advl$•rs William Kendall's Charty is a registered ch8nty no. 228361. The principal address of th8 charity is Wax Chandlers, H?11, 6 Gresham Street. London EC2V 7AD. The Trusl8e is The Worshipfvl Ci)mpany of Wax Chandlers. operating under a charter gr8nted b.y King Charfes11 on 23 November 1663. The members ofthe Court of the Company serve as th8 chgrity Tru$leoS Within thè meaning of the Charities Act 2011. The membership of th8 Court dunng the year and up to tho date of the approval of the Trustee$ Report is shown bdosw. Masler Dame Fiona Woom Deputy Mo$t•r Mr Timothy Mai18 Uppfrr Wardon Mrs Lynda Marslon-weslon RontsrWard•n Mr lan Appleton Page 2
LUAM KENDALL'S CHARITY FOR THE YEAR ENDED 31 MARCH 2024 TrUSTEES REPORT Court Asslstants Ms Margaret Ginman Mr Robert Hc4land Mr Jonathan Simp50n Mr Anthony Ward Mr Haydn Mr Robert McLean Mr Andrew Blaxland Dr Frank Csefik Mrs Conslantina Firth Past Maslw Court Asslstants Mr John Sleeman Mr Peter T¢)mpkin8 Mr Arthur Davey Mrs Joan Beavington Mr8 Susan Green Mr Anthony Bi¢kmoro Clerk Mr Richard B Moule Th• prfnclpal advisers to the charlty ar•: Bankovs Cafcash Limited Kings H1 West Malling Kent ME19 4TA Inva8tm•nt Managorn Cazenove Capital 1 London W811 Plar London EC2Y SAU Solicilors Reedsmith Richards Butler LLP BeOLrfort House 15 St Botolph Street London EC3A 7EE Indep•ndent Examlnor Sarah Shearer FCA Emmaus Chart8r8d Accountants 377-399 London Road Camberfey Surrey GU15 3HL Pwje 3
WILLIAM KEMDALLS CHARITY FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES REPORT Page 4
INDEPENDENT EXAMINER3 REPORT TO THE TRUSTEES OF WILUAM KENDALL'S CHARITY ('tho Charlty.) I report to the charity trustees on my examinatlon of the accounts of Charty for the yoar ended 31 March 2024 which are 881 out on pages on pages 6 to 7 foifthwng, whtch have be8n prepared on the basis of the accounting polKles sel out on pages 8 10 9. R•8ponslblliti•J and basls of report As the charify's trusle8s you ¥e re8ponsibie for the prep8rallon of the aunIS in accordance with the requiT8mants of the Charitie¥ Act 2011 {'Ihe Act,). l ftport in rgspecl of my exwninalron of the charit$ accounts carried out under section 145 of the Act and in carryin9 out my examination I have follo%d all the applicable Directions given by the Charity Commk88ion under sectKJn 145{5llb} of the Act. Indop8ndgnt •xamlnor'$ ¥t•tomgnt I have completed my examinatron. I tfim7 that no materral matters have come to my attention In connection wilh the examination gNing me ¢susa to bolreve that in any material resPt 1. accountiw recc¢d8 %%ere not kept in re8pect of the Charity as r4uired by tK)n 130 of the Act., or 2. the accounts do not accord wrth those recd$., or 3. the xcounts do not comply with the applicable r8quir8ments concerning the fomi and content of I have no concerns 8fbd have come across no other matters in connectton with the examination lo %thich attent should be d1M in Ihig report in order lo enable a propor understanding of the account$ lo be reached. Sarah Shearer FCA Member of the Institute of Chartered Accountants England & Wales Emmau5 Chartered Accountants 3TT-399 London Road C8mb8Aoy Surrey GU15 3HL Date. 2Y17/£4_ P*Je 5
LLIAM KENDALL'S CHARrrY STATEMEwf OF FINANCIAL ACTMTIES INCLUDING INCOME AND &XPENDITURE ACCOUNT FOR THE YEAR ENDED 31 hlARCH 2024 Permanent Restricted Erhjowmont Funds 2024 2024 Total Pemianent Restric Funds Endowment Funds 2024 2023 2023 Funds 2023 Note INCOME AND ENDOWMENTS FROM". Invostments 164.266 164.266 143,482 143.482 Tot4 in¢omg and endowmonts 164.266 164266 143,482 143,482 EXPENDITURE ON: PortlolK) m8nagement fees Grants Recharged costs Govemance co$ts Other Exchange rate variance 31,876 31.876 79,201 37,714 2,748 121 1,694 31,4 31,496 74,712 35.978 2.550 145 719 79.201 37,714 2.748 121 74,712 35,978 2.550 145 719 1,694 Total expendlture 33,570 119,784 153,354 31A96 114.103 145,S99 Net galn&lllossesl on Investm•nts 811,895 811,895 {67,5861 {87,566} Net movemont in funds 778,325 44482 822,807 199.0621 29.378 {69,6841 R•¢onclllation of funds.. Total funds brought forward 5.162,965 374.C62 5.537.028 5,262,027 344,683 5,606,710 Total funds carrigd foThvard S,941,289 418.645 6,369.834 5.162,965 374,062 5,537,027 Tha nots$ on p•J8 8-14 fomi part of these accounts. Page 6
hYUlAM KEMDALL'S CHARir BALANCE SHE AS AT 31 MARCH 2024 2024 2023 Note FIXED ASSETS Investments 11 6.029.702 5,251,171 6,029,702 5251,171 CURRENT ASSETS D•blors h at bank and in hand 12 110.151 101,594 222,076 333,054 323.670 CREDITORS: Ajnounts f•ling du• wrthin on• y•ar 13 (2.922} 137.814) Not curr•nt assets I 1lipbiliti) 330,132 285,856 Total asgets less ¢unwrt liibiliti 6.359.834 5A37,027 TOTAL NET A8SETS 6J59.834 4537.027 FUND BALANCES Permanent Endowmeth Restr(cted Income funds 14 5,941,289 418,545 5,162,965 374,082 6,369.834 5.537.027 1$111.2024 and were Stgnad on their behalf by.. financlal statements were apwoNEd by the Trusteès on ... Dame Fiona Wooir ast Mrs ynda MarslotFWeston Upper Warden The notes on page &14 form part ofthgse a¢counts. Pag• 7
WILUAM KENDALL'S CHARITY IIOTES TO THE ACCOUMTS FOR THE YEAR ENDED 31 MARCH 2024 1 Statutory Informatlon William Kendall's Charity rs ¥ ¢harTty wistered in England and Wales wlth The Charittes Commi88ion. Det.1$ of its registered numbgr and address are shown in the Trnslees Report, page 2. 2 Accounting Policies The principal accounting policie8 which are Jopted conststentty In preparation of the financial ststemenls ate set oth below. a) Basls of accounting The financi sLemenls have been prepared under the hlskncal cost convention wilh item$ recognised al cost or trans*tw walue unless otherwise stated in the relevant notes lo these financial statements. The financral statements have been prepared in accordance with the Financial Reportir Standard 102 IFRS 102 published March 2018 - efftive 1 Jan 20191 and the Charities Statement of Recommended Pradice {Charilies SORP IFRS 1021 second edition published October 2019). Wiliam Kendall's Charity meots the deflnlllon of a public benefrt entity under FRS 102. bl Flnanci•l roporting standard 102- reduced dlsclosure fjxgmptlons The charty has taken advantage of the following disclosure exempt in preparing thes& financial ststemenls. as permitted by FRS 102 'The Financkql Reporting Standard apprub in Ihg UK and RePUbr of Ireland,: - the requirements of Secoon 7 Statement of Ca8h Fkjws c} Income Investment income ralalas to dmdends on listed shares and Is rewnised upon enlitl8ment In¢om8 from kngacig$ is recognised whon a distribution is reGeNed from the estate or. rfearwer, when the charity has been notrf that a distribution will be m&Je and the amount recervable can be m&qsured reliably. Other Ome Is recognised upon entiuement. Incoming r8sourco$ are albcated to fvnds in the proporti¢)ns laid dn In the Tn1 Schwne. d) Exp•nditur• Expenditure is recognised on¢e there 18 a Wl or eon$lructive obligation to make a p8Ment lo a third party, it is probable that settlement ¥MII bè required and the amJJnt of obligatn can be measur8d reliably Allocatlon of •xpendftur• Expenditure 1$ accounted for on an accnJal$ basis and ollocaled lo the reVant aclnrity. Wh•re an eynse relates lo more than one aclNrty it is apportioned on an appropriale bas as delai18d in tho $upport Cost note. Grants offergd subject to ¢ondiltons whh have not been at the year dale are noted as commitment but not accrued as expenditure. el Investments Investments aro included at falr value at the balance 8h8et dale. Page 8
WILLIAM KENDALL% CHAPJTY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 n Debtons All debtors are included at the settlement amount due. Prwments are valuemj at the amount prepaid net of any trade discounts due. g) Cash and Cash equlv•l•nts Cash and cash equivalents indudg cash in hand, deposits held at call with b8nks, other $hort-l&rn quid investments with orvdinal Maturit of thre6 months or less, and ba* overdrafts. h) Crodltorn and provlslons Creditors and provisions are retognised where the charity has a preSt obltgalion 8ri8irwJ from a past event tha wll probably resutt in the transfer of funds lo a third paty and the amount due to settle the obligation can be measured or eStnated reliabty. Creditors and provksions are regned al their settlement Unt after all1ng for any tradg discounts due. l) Flnanclal Instrurngnts The charity onty has financial 889ets and Ikablliues of a kind that qualify as b8$ic financ1 instruments. The li8ted Investrnenls which are shares held in an investment Portfol are r8ccgnized at their fair value. All other basic financial instruments are initially rocogniwj at transaction value and subsequenlty measured at their settkmenl value. JI VAT The tharity is not regtered for VAT and acGordingly expeThJiture indude5 VAT where aPprriate. kl Taxation The charity is exempt from tax on ils charile activit$. l) Going Concem The Trustees consider that there are no materi8J uncertainlieB Yknut charity's abilty to ntinUe as a going con¢em. m} Fund accountlng - Pemanent endrywTnenl funds are thos8 funds which are retiwned for tha future benefit of the charitys b8n8ficiaries. Inrne deriving from these funds is applied as rwuirgd by the Trust Schem - R8stridgd income funds are th059 fvrKls that have to be applied in accordarKe the wL8hes of a donor or the proportipns laid out in the Trust Scheme. - Further explanats'on of the nature and purpose ¢)f each fund is included in th• notes to the financial 81alements. nl Key ostimat88 and Judgementy Th& Trustees feel there were no judgements or e51imales made in the pr89 of appIng th8 accounting policies that had a sKJnrficant effect on the am¢)unl$ reeognized in the financral statement. 3 Investment Incomg 2024 2023 Listed invesknents Interest reeeNable 161.649 2,617 164,266 141,451 2,030 143,482 Page 9
WILUAM KENDALL'S CHARrrY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 4 Raising funds 2024 2023 Investm•nt manag•m•nt costs Portfolw) management 31.876 31.876 31,496 31,496 S Grants payable Bexley Fund Greater Person$ in Trtal London Need Fund Fund Total 2023 2024 Slepney Fami OutwArd BourKI Trust JUSB Crown and Manor Boys Club Trinilas Academy Tru8t {Comerspoon Sche¢) Carmelite Monastery Lord Mayorf$ Aopoal LE Hocking Guifdhall School of Music & Drama City of London School Chrisvs Hospital School BVSC Various Jubilee Primary Sch¢)ol st Paul's (Slad8 Greenl Primary &hi Dimbleby Cancer Care St. Paufs Cathedrai 10,000 6,132 5.CQO 4,000 3.000 1.000 1,000 250 10,000 8,132 5,820 4,000 1.000 1,OC 250 5,550 5.250 5.122 22,897 1.000 5,550 5,250 5,122 5.250 5.250 5,122 42.461 s,oc4) 5.000 2.000 {2,1911 74.712 22.897 5,000 5,000 5,000 32.897 30.382 15,922 79.201 6 Recharged exp•ns•s 2024 20É3 staff costs Office costs 37,450 35,000 978 35.978 37,714 Staff costs and offirk costs ate adminislral*)n cosls recharged ty The Worshipful C¢Jmpany of Wax Ch8ndler$. See note 16. 7 Govem•n¢e $ts 2024 2023 Independent Examineffs fe8 2,748 2.748 2,550 2.550 Pagè 10
WILUAM KENDALL'S CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 8 Sundry costs 2024 2023 Bank ¢harge8 121 121 145 145 9 Trnstoes rfjmuneratlon and exp•n8e8 There were no trustees, remuneration or other benefts for the year ended 31 March 2024 nor for the year ded 31 M?h 2023. There were no trustees. exponses reimbursgd for the year end 31 March 2024 nor for the year ended 31 March 2023. 10 Stsff ¢0 Staff costs Compr administration Costs recharged by The Worshipful Company of Wax Chandkrs. See note 16. Key management personnel comprises onty the Irustaos, none of whom Vre remunerated. No employees recewed emoluments in excess of£60,000. 11 Flxed A8set Invostments 2tr24 2023 LISt invostmgnts Fair valug al l Aprfl 2023 Fees charged Income re-invested Movement in unrealised gainsl{lossesl Movem8nl in exchange ratg Fair value at 31 March 2024 5,251,171 (31.876) 5,349.192 (31.496) 1.760 811,895 (67.5661 1,694 719 6 029 702 5 251171 The asset alfvxation within Investments was as folbw$.' 2024 2023 UK Holdings Overseas Holdings 2.508.356 2.410.287 3,521,346 2,840.884 6 029702 5251 171 No holdings comprise rnor8 than 5% of the investment portfolKI in 2024 al 2023. 12 Debtor8 2024 2023 Other deblors and prepayments 110.151 110,151 101.594 101,594 13 Credllors: liabilitles falling due wlthln on• yoar 2024 2023 Trade creditors Accruals 35.264 2,550 2,658 Page 11
LLIAM KENDALL'S CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 14 Funds The Endowment fund represents those assets which must be permanonlly held by the Chanty. prfncipalty financial investments. Income ailsirw on the Endowment lund can be used in accordance with the objects of the charity and is included as restrted income. Any capttal gains or103s8s arising on thg investment forms part of the fund. Inve$tmenl management charge& reling lo the fund are charyed against the Endowment funds. Restrictod funds mu8t be used for the specffie purposg laid down by the donor. Expenditure whKh meets that purpose is a1fv2cat&J lo the revant restricted fund. Specffically. - The Gater London Fund - One half of th& nel income of the charty is available for the rel in need of inhabrtonls of Grester London vtho are in tondrtions of need, hardship or distress with a prefere? for inh8brtants of The Cty of London. - Bex Fund - One quarter of the nel income of the charity is availab lor tharrtable purposes for the general benefrt of the inhabitants of th8 London Borough of Bety. - Person$ in N88d Fund - One quarter of the net Income of the charity 18 available for tho relief in need of pgrson8 who are in condition8 of need, hardship or distress. with a preforence for Wax ChandlgTS' Company members. Ihelr dependents, and fomier employees of the Company. Movem•nt in funds At 01.04.23 Net At 31.03.24 MOVOnI in funds Restrlctod funds Pemanenl EndmnI Fund Bexley Fund Greater London Fund Persons In Need Fund 5,162.964 35.756 237,805 1 CYQ,500 778,325 121,9761 51,460 14.999 5,941,289 13.780 289,264 115,499 TOTAL FUNDS 5,537,027 822,807 6,359,834 Durfng th• y••r the movements In the charlty'$ funds wgre a5 followg.. Incoming Outgoing resources resources Gains and kJ88e8 Funds transfer M¢)vernent in fund8 Restrlcted fund8 Pemanenl End(Y•vment Fund Bexley Fund Gr&er London Fund Persons In Need Fund {33,570) 143,0431 150.6731 {26.068) 1 53.354 164 266 811,895 811,895 778,325 (21,976) 51,460 14.999 41.1A7 82.133 41,067 (20.DOO> 20,000 TOTAL FUNDS 822,807 During the year, £20,000 was Iransferrod from the Bexley Fund to the Greater London Fund. Thi5 Iransfor is to ¢¢ver grants issued to Sl Paufs (Slade Gen) Primary School and Jubilee Primary School during the year ended 31 Mareh 2023 and year ended 31 March 2022 1¢h had bean pak from the Greater London Fund in error. Poge 12
WILUAM KENDALL'S CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Comparati¥g9 for movemènt In funds At 01.04.22 Net At 31.03.23 movem6nl fund8 Rostrfcted funds Peimanenl EI¢lent Fund BeY Fund Greater London Fund Persons In Need Fund 5,282,027 52.195 202,389 90.100 199,062} 5,162,964 116,4381 .756 35.416 237,805 10,401 100.500 TOTAL FUNDS 69.684 5 6(E,710 5,537.027 Comparatlve not movgm8nt In funds. indud•d In the as followy". Incoming resources Outgoiry Gain8 and Movwnent re80urces losses in funds Rostrktsd funds Permanent Endtrwmenl Fund BexY Fund Greater London Fund Pérsons In N&d Fund TOTAL FUNDS 131.496) (67,5661 152,3091 {36,3251 125.470 145,599 199,0621 {16,438) 35,416 10,401 35,870 71.741 35,870 143,482 67.568 15 Anaty818 of funds Pennanent Endowment Fund Be8Y Fund Greater London Fund Persons In Need Fund Total At 31-03-24 Investments Net current assets 5.941.289 22,103 B2,S33 104,636 44,2C6 165,C66 209.272 22,103 6.029,702 82,533 330.132 104,636 6 359.834 5 941289 Pemianent Endowment Fund Bexky Fund Greater London Fund Person$ In Need FUTh Total Al 31-0>23 Investments Net curront assets 5.162,985 44,103 142,928 187031 22.052 5,251.171 71,464 285.858 93.515 5,537,027 71,464 5,162.965 16 Rel*•d party dlsclosurns The Worshipful Company of Wax Chandlers is the soje Trustee of the Chanty and appoints the persons who act as the Trustees of the Charity. The Chartty shares acmmL¥JaIi0n and wtain costs with The Wor8hipful Compary of Wax ChandleAS. Page 13
LLIAM KENDALL'S CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 During the year, £37.714 {2023, £35.978} was recharged to th8 Charty by The Worshtpful Company of Wax Chandlers in this respect. Al 31 March 2024 tho Charity thved the Company £264 {2023". £35,264). During the year ending 31 March 2023, tha Charity k7aned £100,000 to Ihe Company. At 31 Mareh 2D24 the Company owed £65.331 (2023.. £101.500) to the Charity. 17 Connectod partlos The Chwity has a crynmon Trust88 and share$ aGcommodallon with tho Wax Chandlers Charitsble Tfust. At 31 March 2024 the Charty £nil12023.. £nil) lo the Wax Chondknrs Charitable TrusL 18 Granl Commitments The Charity Committee made a fong term grant commitment from the Persons in Need Fund to Chrisvs Hospital School for a 51ud8nl bur8ary of £35,000 over a 7 year period. The third tranche of this grant was paid out during 31 March 2024 and the amount paid was £5,122. The eommitrnonl will be omp18tèd in the year onded 31 March 2028. The Charity Committee made a grant commitmgnt cf £10,000 from The Bexley Fund to Jubilee Primary School and Sl. Pauvs {Slade Greenl Primary Schwl for the next thfft years. 19 Flnanclal Instruments 2024 2023 Financial Instrument at Fair Value 6,029,702 5.251.171 Tha Fair Value of the listwj investments is derlved from the market price of the relev8nt shares as at the year end. For further irrformation, see Note 11 of th8 accounts. Page 14
WILLIAM KENDALL'S CHARITY DETAILED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 31.03.2024 31.03.2023 INCOME AMD ENDOWMEKrs Investment Incom• Other investment income Loan interest recEived Bank interest recewed 161,649 1,281 141.451 1,500 530 T4)tal InGomlng r•sourceg 164266 143A82 EXPENDITURE Investment management costs Portfol management 31,876 31,4 Charltabl? acllvltles Grants staff costs l)ffice costs 79,201 37,450 264 74,712 35,000 978 Gov8rnanc8 costs Accountancy fees 2.748 2.550 Olh•r Bank charges Exchange rate variance 121 1.694 145 719 Total resources eynd•d 153.354 145.599 Net Incomel{expendfture) before galns and loss•s 10,912 12,1181 Not incomellexpenditurel 10.912 2,118 This page does not form part of the ststLrtory financial statements. Page15