Charity Regi8tratlon No. 228361 William Kendall's Charity Report and Accounts Year ended 31st March 2025
WILUAM KENDALL'S CHARITY FOR THE YEAR ENDED 31 MARCH 2026 Contents Pago Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes lo the Accounts Detsikd Statement of Financi Activities 14 8-14 15
WILLIAM KENDALL'S CHARITY FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES REPORT The Trustees present the annual report and financial slalemenls ot the charity for th8 yaar ended 31 March 2025. The financial Statements have been prepared in accordance wlh tha accounting policios sel out in note 2 to the accounts and compty with the charity's trust d88d, the Chari(ies Act 2011 and Accounting and Repoiting by Chartties.. Statement of Racommended Practice applicable lo ¢haribes preparing their accounts in accordance with thè Financial Reporting Standard applicable in the UK and Republr of Ireland - SORP FRS 102 {effective 1 January 2019}. Objectives and actlvltles Willkqm Kendall's Charity is administerod traY under a Scheme approved by the Charity Commission dated 13 August 19g2. The objective of the charity is to make grants in accordanee wrth the Scheme and the Trustee pays du8 regard to th& Charty Commission's guidance on publ benefit. The nel income of the charity is divided into Ihfee parts, each subject to its own reStrtIonS.. il One half of the net income of the charity is available for the relief in need of inhabrtanls of Greater London who are in conditions of need, hardship or distress with a preference for inhabitants ofthe Cty of London. This is known as the Greater London Fund. ill One quarter ol the net income of the charity is available for charftable purposes for the general benefit of the inhabrtanls of the London Borough of Bexley. This is known as the Bexley Fund. iiil One quarter of the net income of th& charity is available for the relief in need of persons who are in conditions of need. hardship or distress, with a preference for Wax Chandlers, C¢)mpany member8. their dependents, and fomer employees of the Company. This is known as the Persons in Need Fund. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding whh acliwtios the charity should undertake. Achievements and performance During the year the charity awarded grants of £68,88512024.. £79,20118s sel out in note 5. These grants were used for a wide variety of puipo8es including supporting local primary schools and local community projects and funding school fees. This enabled the ¢harity lo meet its objectives of the relief of need, hardship or distress and the use of funds for ¢haiitable purposes for the inhabitants of the London Borough of Beey. Financial review The charty deiives ils income from a portlolio of investments. There are no reslrith.ons in the Trust Scheme so the Trustee 18 bound by the prowsions of the TN$lee Act 2000 in raspecl of investments. The Truslee$' aim is to balanee the ngeds of present and future beneficiaries and as sueh aim lo achieve the best possibla totsl return and follow a medium ri$k strategy. The Trustees aim to maintain the capf(al of the investment funds at least in line wth inflation. The charity does not cary free reseNes as 811 its objective5 are met through the usg of the Endowment Fund and the Restricted Fund. Page 1
WILLIAM KENDALL'S CHARITY FOR THE YEAR ENDED 31 MARCH 202S TRUSTEES REPORT Investsnent funds are managed on behalf of the Trustee5 by Cazenove capit wlhin the charit$ investment policy. Investsnenl returns. both Capit and income. are reviewed regularty and monitored against the general investment market. The market value of investments at 31 Mah 2025 was £6,118,779 {2024.' £6.029,7021. There was a n&t gain on the investments of £20,422 (2024.. net gain of £811,895). Ouring the year the charty received investment income of £188,01312024.. £161,649) an increase compared lo 21r24 of £26,364 {2024." an increase of £20,108). StructuY•. governance and management The governing document of th9 charity rs the Trust Schgne of 13 August 1992. The corporate Truslge is The Worshipful Company of Wax Chandlers la Cty Livery Company). and its Court of Assistants (equlvalent of a 8oard of DIreCtS) are the charty Tnjstses within the m19 of the Charf(ie$ A¢t 2011. New charity trustees are elected by th& CourL The Court is advised by the Charty Cornmittee on dl aspects of policy and odminislralion. The day lo day administration of the Charity is undertaken by the Clk. The Trustee is notffied of any updates lo any Charity Commission legislation relevant to the charity and the way ft operates. Reference and administration d•tsils of the charlty, Its TNstse and advlsers William Kenddfs Charty is a register8d charity no. 228361. The principal a&dress ofthe charty is Wax ChandleTS' Hall, 6 Gresham Street, London EC2V 7AD. The Trustee is The Worshipful Company of Wax Chandlers, operating under a Charter granted by King Charlas 11 on 23 November 1663. The members of the Court of the C¢Jnpany serve as the charity Trustees wrthin the meaning of the charitS Act 2011. The membership of the Court during the year and up to the date of the approval of the Trustees Report is shown below". Mastor Mrs Lynda Mar$lon-Weslon Deputy Master Dame Fiona Woolf Upperwardon Mr lan Appleton Rentsr Warden Mrs Margaret Ginman P82
LUAM KENDALL'S CHARITY FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES REPORT Court Asslstants Mr Anthony Ward Mr Jonathan Simpson Mr Haydn Cole Mr Robert McLean Dr Flank Cselik Mrs Constanlina Firth Mr Andrew Blaxland Past Master Court Asslstants Mr John Sleeman Mr Peter Tompkins Mr Arthur Davey Mrs Joan Beawngton Mrs Susan Grgen Mr Tim Mailo Mr Anthony Bid(more(resvJned 01.0&241 lerk Mr Richard B Moule The principal advisers to the charlty are: Bankers Cafcash Limrted Kings Hill Wesl Malling K8nl ME19 4TA Investment Managers Cazenove Capital 1 London Wall Place London EC2Y SAU Sollcltors Reedsmilh Rtchaids BUer LLP BeaOrt House 15 St Botolph Street London EC3A 7EE Independent Examiner Sarah Shearer FCA Emmaus Chartered A¢¢ountants 377-399 London Ro&J Camber18y Surrey GU1S 3HL Page 3
WILLIAM KENDALL'S CHARITf FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES REPORT Statement of trust. rg$ponsibiliti88 Charity law requires the Trustees lo prepare fi'nanciai statements for each financial year. which give true and fair wew of the stale of affairs of tha charty and of the net incomingl loutgoing} ourCeS for the year. In preparing the financial statements the Iruslees are required lo.. . Sel&t su(table accounting poIleS and appty them con8i8tenlty.' . Make judgements and eslimale8 that ale reasonable and prudent., and Prepare the financial statements on a going concem basis unless rt is inapprcpriate to do w. The Trustees 8re responsible for keeping proper a¢UntIng rOrdS which discl¢)se Mlh reasonable accui&y al any time th& financkql posi(ion of the charty and to enable ri to ensure that the financial slatomants compty with the Charities Act 2011. They are also responsibie for safeguarding the assets of the chanty and hence for taking steps for the prevention and detection of fraud and other irregula¥th'es. This report and the financral statements have been prepared in accordance with-. . the provisions of the Charitses Acts., and . statement of Reccfflmended Practice.. Accounting and Reporting by Charities is$ued 1 January 2019. Approved by the Trustees on l¥.....fth£ 2025 and signed on their behalf by.. Mrs Lynda Marslon-weslon Master Mr lan Appleton Upper Warden Pag8 4
INDEPENDEKf EXAMINER'S REPORT TO THE TRUSTEES OF WILLIAM KENDALL'S CHARrrY .(Ihe Charlty'l I r8POrt lo the charity Iruslees on my examination of Ihg accounts of the Charty for the year ended 31 March 2025 which are sel oul on pages on pages 6 to 7 followng. which have been prepared on the basis of the accounting policies Set out on pages 8 10 9. Responslbllltles and basls of report A5 the charity5 Irusle&s you are responsible for the preparatn of the account8 in accordance with the reqLFiremenls of the Charities Act 2011 {'Ihe Act'i. I report in respect of my examination of the charit5 accounts carried out under section 145 of the Act and in canwng out my gxaminalion I have followe(l all the applicable Directions given by the Charty Commission under section 14515llbl of the Act. Independent •xarninerfs statoment I have completed my examinatn. I confirm that no rnalerial matters have come lo my attention in connedion with the examination giving m& caus& to believe that in any material respect 1. accounting rocords were not kept in rospgct of the Charfly as required by sectw)n 130 of the Act," or 2. the accDunts do not accord with those records., or 3. the accounts do not comply with the applicable requirements concerning the foTm and content of accounts sel out in the Charities IA¢counl$ and Reportsl Regulations 2a08 other than any requirement that the aecounls give a 'true and lair VI lch is not ? matter considered as part of an Independant Examination. I have no concerns and havè come across no other matters in conn&tK)n with the 8xamin*ion lo which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Sarah Shearer FCA Member of the Insts'lute of Chartered Accountants England & Walos Emmaus Chartered Accountants 377-399 London Road camdeY Surrey GU15 3HL Dale= ZoL( Page 5
LUAM KENDALL'S CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING IhlCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARGH 2025 Pemianenl Restricted End¢)wment FurKIs 2025 2025 Totsl Pemiant Restricted Funds Endowment Funds 2025 2024 2024 Total Funds 2024 Note INCOME AND ENDOWME1$ FROM.. Inve5tmen15 171,641 171,641 164,266 164,266 Total income and endowments 171,841 171.641 1M266 164,266 EXPENDITURE ON: Portfolh) management fe8S Grants Recharged costs Governanc9 costs other Exchange rale variance 36,481 36,481 68.885 36.279 2,910 120 16.5121 31,876 31,876 79,201 37.714 2,748 121 1,694 68,885 36,279 2,910 120 79,201 37,714 2.748 121 (6,512) 1,694 Total expenditur• Net galnsl{10ssesl on Investments 29,969 108,194 138.163 33.FlO 119,784 153,354 20,422 20.422 811,895 811.895 Net movement In tunds 9,S471 63A47 S3.900 778,326 44A82 822,807 Reconciliation of funds: Total funds bioughl forward 5,941.289 418.545 6,359,834 5.162,965 374,062 5.537,028 Totsl lunds carried fonvard 5,931,742 481,992 6,413,734 5.941.289 418,545 6.359,834 Th8 notes on page 8-14 fcffii part of these accounts. Page 6
WILLIAM KENDALL'S CHARITY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note FIXED ASSETS Invsslments 11 6.118.779 6,118,779 6,029,702 6.029,702 CURRENT ASSETS Debtors Cash at bank and in hand 12 29,892 267,870 110,151 222,3 297,763 333.OS4 CREDITORS: Amounts falling due wlthin one ygar 13 12.8081 (2,922) Net current ass•ts I Illabilitlos) 294,955 330.132 Total asSOts168s current liabilities 6.413.734 6.359,834 TOTAL NET ASSETS 6.413.734 6,359.834 FUND BALANCES Permanent Endowment fund RestrKted Income funds 14 5,931,742 481,992 6A13.734 5,941,289 478,545 6.359.834 The financid statements were approved by the Trustees on 025 and were signed on their behalf by= nda Marston-weston Master Mr lan Appleton Uppor Warden The notes on page 8-14 form part of these aecounls. Paga 7
LUAM KENDALL'S CHARI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 1 Statutory Infomiation William Kendaifs Charity is a charty registered in England and Wales wth The Charities Commission. Detail$ of rt$ registered number and address ale shown in the Trustees Report, pago 2. 2 AcUntIng Pollclgs The prrncipal accounting policth whi¢h are adopted consistently in the preparatN)n of the finanelal statements are set out below. al Ba818 01 accounting The finaneial statements have been prepared under the historical cost wnvenlion wth rtem5 recognised at cost or transaction valua unless otheIse staled in the relevant notes to these financial s18lemenl9. The financial Statements have been prepared in accordance wrth the Financial Repo.ng Standard 102 IFRS 102 published March 2018- effective 1 Jan 20191 and the Charities Stslement of Recommended Practice (chare5 SORP IFRS 1021 second edi1Son published October 20191. Willpm Kendall's Charity meets the dafinitic of a public benefit entty under FRS 102. bl Flnaneial reporting standard 102- reduced disGlosuro exemptlons The charity has taken advantage of the followng disclosure exemption in preparing these financial stslemenls, as permitted by FRS 102 The F+nancial Reporting Standard wpluble in the UK and Republic of Ireland,: - the rèquirement$ of Section 7 Statement of Cash Flows c) Income Investment income relate510 dividends on listed shares and is recognised upon antillemenl. Income from legacies is recognised when a dislrii)ulion is received from the estate or, rf earlier, when the charity has been notified that a distribution will be mada and the amount receivable can be measured rejiabty. Olher incc¥ne is reco9nised upon enternent. Incoming resources are allocated to funds in th8 proportions laid down in the Trust Scheme. dl Expendllure Expenditure is recognised once there is a legal or constructive obligation lo make a payment lo a third party, it is probabl8 that Settlement wll be required and the amount of the obligation can be measured reliably. Allocatlon of expenditure Expenditure 1$ accounted for on an aceruals basis and allocated to the rel8vant aclivily. Where an expense reLqtes to M¢) than one activity il is apportned on an appropriate basis as detailed in the support cost noto. Grants offered subject to conditnS which have not been m9t at the year end date are noted as a commitmént but not accrued as expenditure. e} Investments Investrments are included al fair value at the Balance Sheet date. Page 8
WILLIAM KENDALL'S CHARrrY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 fj Debtors Atl debtors are incfuded at the 58ttlemont amount due. Prepay7nents are vdued al the amount prepaid nel of any trade discounts due. gl Gash and tash equlvalents Cash and cash equivalents include cash in hand, d8posit$ heid at call wlh banks, other short-term IiquKI inveslmenls with ortginal maturitias of three months or less, and bank overdrafts. h) Creditors and provlsions Creditors and provisions are recognised where the charity has a present d)ligation arising from a past event that will probabty result in the transfer of funds to a third party and the amount due lo setUe the rJlKJalion can be measured or eslimaled reliably. Creditors and provisions are recognised al their selllemonl amount after allowing for any trade discounts due. i} Flnancial instrum•nts The charity only has ffinan¢kl1 assets and liabi1it1gs of a kind that qualfy as basic financial instruments. The listed investments which are shares held in an inveslment portfolio are recognyzed al their fair value. All other basic financial instruments are ini118lly recognised al transeLtion value and subsequently measur1 81 their Settlement value. JI VAT The ¢harity is not registered for VAT and aecordingly expenditure ineludes VAT where appropriate. k> Taxation The charity is exanpt from lax on ils charitablè activities. 11 Golng Concern The Tnlee$ GonsKler that there are no materi uncertainties about the charity's ability lo continue as a going concern. ml Fund accountlng - Pemianenl endowment fund8 are those funds ¥vhlch are retoine(I for the futur8 b&nefil of the charity's beneficiarie8. Income deriving from these funds is 4)plied as r4uir8d by the Twsl Scheme. Restn"cted incorne funds are those funds that have to be 4)plied in accordance with the w8hes of a donor or the proportion5 laid out in the Trust Scheme. - Furthar expl)ation of the nature and purpose of eh furKI 18 included in the notes to the financial statements. n) Key esllmates and judg8monts The Trustees feel tre were no judgemants or estimates made in the process of applwng the accounting policie5 that had a significant effect on the amounts recognized in the financial stslement. Page 9
WILLIAM KENDALL'S CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 3 Investment Income 2025 2024 Listed investments Interest receivabl8 169,487 2,154 171,641 161,649 2,617 164 266 4 Ralglng funds 2025 2024 Investment managament ¢osts Portfolio management 36 481 36.481 31.876 31876 S Grants payable Bexley Fund Gr8at¢r Persons in London Need Fund Fund Totsl 2025 Total 2024 BVSC Various Trinilas Sl Paul$ Trinilas Acadèmy Trust Outward Bound Trust Guildhall School of MUS & Drama City of London School Crown and Manor Boys Club The Federation of London - Lon(kJn Youth Tenebrae Choir Lord Mayorfs Appoat The Ringing Workl Slepney Farm Chrisvs Hospttal Sch¢JoI JUSB Jubiiee Primary Sch¢1 St Paul's (Slade Greenl Primary School Carmelrte Monastery LE Hocking 20,563 20,563 10.000 10,000 6.400 5,550 5,122 5,000 3,000 2,000 1.000 250 22,897 10,000 10.000 3.000 6,132 5,550 5,250 4.000 6,400 5,5SO 5.122 s,coo 3.000 2,000 1.000 1,000 250 10,000 5,122 5,000 5,000 5,000 1,000 250 79,201 19.322 88.885 6 R•charyad •xpon$8s 2025 2024 Staff costs Trustees insurance 36,000 279 36 279 37,450 264 37.714 Stsff costs and Trustees insurance are administration costs recharged by The Worshipful Company of Wax Chandlers. See note 16. Page 10
WILLIAM KENDALL'S CHARrrY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 7 Govemance costs 2025 2024 Independenl Examiner's fee 2,910 2,910 2,748 2748 Sundry costs 2025 2024 Bank charges 120 120 121 121 9 Trustees remungration and axpensgs There were no trustees, r9muneration or other b8nefrts for the year ended 31 March 2025 nor for the year end8d 31 March 2024. There were no tnjstees, expenses reimbursed for the year ended 31 March 2025 nor for th8 year ended 31 Mareh 2024. 10 Staff costs Staff costs Comprise administration costs recharged by The Worshipful Company of Wax Chandler8. See note 16. Key management personnel comprises only the truslges, none cl whom were remunerated. No employees recvad emdument5 in excess of £60,000. 11 Fixed Asset Investments 2025 2024 Listed lnVtm•nts Fair value at 1 April 2024 Fees charged ItKome re-invested Movement in unrealised gainslllctysesl Movement in exchange rate Fair valuo at 31 March 2025 6.029.702 (38,481) 98,624 20,422 5,251.171 131,8761 206 811,895 1,694 6118779 The asset albcalKJn %Mthin investmpnts was as follm.. 2025 2024 UK Holdings Overseas Holdings 2.857,470 3 261309 2,508,356 02 No IKsldings comprise more than 5% of the investment portfol in 2025 and 2024. 12 D8btors 2025 2024 other debtors and prepayments 29.892 29.892 110,151 110151 Page11
WILLIAM KENDALL'S CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 13 Crodltovs: liabilitim falling due withln one year 2025 2024 Trade eredilor$ Accruals 264 2,658 2922 2,808 14 Funds The End¢Jvmenl fund represents th¢)se assets which must ba permanenlty held by the Charity. principalty financial investments. Income arising on the Endowment fvnd can be used in accordance th the objeels of the chari(y and is irKluded as reslricled income. Any capital gains or k)sses arising on the investment forms part of the fund. Investment management charges relating lo the fund are charged against the End¢xvmgnl funds. Restried funds musl bg used for the specffic purposo la down by the donor. Expenditure which meets that purkX)se is allocaled to the relevant roslricted fund. Specifical. - The Greater London Fund- One ha of the nel income of the charity is available for the relief in need of inhabitants of Greater London who are in Conditions of need. hardship or distress wth a preference fu inhabitsnls of The City of London. Bexley Fund - One quarter of the nel income of th& charity is avail*)le for charitable purposes for lh& general benefit of the inhabitants of the London Bor¢ugh of Bexley. - Persons in Need Fund - One quarter of tho net incixne of Ihg charity is available for the relief in need of person5 who are in conditions of need. hardship or distress. with a preference for Wax Chandlers, Company members. their dependents, and f0rn7er employees of the Company. Movement tn funds At 01.04.24 Net At 31.03.25 Movement in funds Restricted funds Pemianent EndowTnent Fund Bexley Fund Greater London Fund Persons In Need Fund 5.941,289 13,780 289,284 115,499 19,54n 5,931,742 12,520 26,300 37,166 326,430 13.761 129,261 TOTAL FUNDS 6 359 834 53900 6413734 During the year tho movoments In the ¢harlty'8 funds were a$ followa: IornIng Outgoing reSourS resources Gain8 and Isses Funds transfor Mov8ment in funds Re8trlctad funds Permanent Endowment Fund Baxléy Fund Greater London Fund Persons In Need Fund 6,512 42,910 85,820 42,910 138,481} 130,3901 {48,6541 129,149} 20.422 19,5471 12,520 37,166 13,761 TOTAL FUNDS 178 153 20.422 Page 12
WILUAM KENDALL'S CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2026 CompaTativ•s for movement In funds At 01.04.23 Nel At 31.03.24 movement in funds R&stricted funds Pemianent Endowment Fund Bgxley Fund Greater London Fund Pefsons In Need Fund 5,162,964 35,756 237,805 100,500 TT8.325 5,941,289 (21,9761 13,780 51,460 289,264 14,999 115,499 TOTAL FUNDS 5 537 026 822 807 6 359 834 Comparative net movement in funds, Included In tho above are a$ followg.. Incoming Outgoing resources resources Gain8 arKI losses Funds transfer Movement in funds Restrlcted funds Pernianent Endovrfnent Fund Bexley Fund Giealer Lot7don Fund Person8 In Need Fund TOTAL FUNDS {33,570) 143,043) 150,6731 26,068 1 53.354 811,895 778,325 {21.9781 51,460 14,999 822 807 41,067 82,133 41,067 (20,000} 20,000 811895 During tho year ended 31 m?h 2024, £20.000 was Iran3ferred from the Bexley Fund to the Greater London Fund. Thi$ transfer is lo cover grants issued to St Paul'8 (Slade Greenl Primary School and Jubilee Primary School during the year ended 31 March 2023 and year ended 31 March 2022 which had been paid from the GSter London Fund in errol. 15 Anatysls offunds Pemanenl End¢)wment Fund Bexley Fund Greater London Fund Persons In Neod Fund Tot At 31-0>25 Investments Nel Current assets 5.931,742 46,759 73,739 93,518 147,477 240.9g6 46,7S9 6.118,779 73,739 294.955 120.498 6 413 734 5 931742 Pemianenl Endowrnant Fund Bexley Fund Greater London Fund Persons In Need Fund Total Al 314)>24 Inve$tmenl8 Nel Guent assets 5,941,289 22,103 82,533 44,206 165.066 209 272 22,103 6,029.702 82,533 330,132 104 636 6.359 834 5 941289 Page 13
LLIAM KENDALL'S CHARITY NOTE8 TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2026 16 Ralated party disclosures The Worshipful Company of Wax Chandlers 1$ the sole Trustee of the Charity and appoints tha person8 who act as the Trustees of the Charty. The Charity sharas accommod8tion and certain costs wlh The Worshipful Company of Wax Chandlers. During the year, £36,279 {2024'. £37,714) was recharged to the Charity by The Worshipful Company of Wax Chandlers in this respect. Al 31 March 2025 the Charty owed th& Company £nil12024.' £2641. During the year ending 31 March 2023. the Charty loaned £100,OCQ to the Company. At 31 March 2025 the Company owed £29.633 (2024.. £65,331) to the Charty. 17 Connected parti The Charty has a common Trustee and $haTes accommodation with the Wax Chandlers Charitable Trust. Al 31 March 2025 the Charrty owed £nil12024'. £nil) lo the Wax Chandlers Charitable Tnjsl. 18 Grant Commltments The Charty Committee made a long tem) gfant eommitmonl from the Person$ in Need Fund to Christ, Hospital School for a sludenl bursary of £35,000 over a 7 year p8riod. The third trancho of this grant was paid out during 31 Mareh 2025 and the amount paid was £5,122. The commitment will be completed in the year ended 31 March 2028. Charity Committee mad& a grant commitmont of £10,000 from The Bexley Fund to Jubilee Primary School and St. Paul's (Slade Green) Primary School for the next three years. 19 Flnanclal Instruments 2025 2024 Financial Inslnjmenl al Fair Value 6,118,779 6,029,702 The Fair Value of the listed invesknents 1$ deriv&J from the market price of the relevant shares as al the year end. For furthar informathjn, see Note 11 of th¢ accounts. Page 14
WILUAM KENDALL'S CHARITY DAlLED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 31.03.2025 31.03.2024 INCOME AND ENDOWMEfrrrs Investment income Other investment income Loan interest recewed Bank interest received 169,487 581 1.573 161,649 1,281 1,336 Total Incoming resourc 171,841 164.266 EXPENDITURE Inv0Stmont management costs Portfolio management 36,481 31,8Y6 chaable attivitles Grants staff sts Trustees insurance 68,885 36,000 279 79,201 37.450 264 Governance costs Accountancy fees 2,910 2,748 Other Bank charggs Exchange rate vwnce 120 16,5121 121 1,694 Total resources exponded 138,163 153,354 N8t Incom{exP9nd[tUrO) before galns and losse8 33.478 10,912 Net incomellexpenditurel 33.478 10.912 Thi5 page does not form part of tho StatOry financial statements. Pag& 18