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2024-04-05-accounts

Report of the Trustees and Audited Financial Statements for the Year Ended 5 April 2024

for

The Wilfrid and Constance Cave Foundation

The Wilfrid and Constance Cave Foundation

Contents of the Financial Statements for the Year Ended 5 April 2024

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Page
Report of the Trustees 1 to 3
Report of the Independent Auditors 4 to 7
Statement of Financial Activities 8
Statement of Financial Position 9
Notes to the Financial Statements 10 to 16
Detailed Statement of Financial Activities 17
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The Wilfrid and Constance Cave Foundation

Report of the Trustees for the Year Ended 5 April 2024

The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Public benefit

The charity makes grants to a wide variety of charitable organisations and the trustees declare that they have complied with the duty imposed under the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

GRANT MAKING POLICY

The trustees and the donations committee decide at their half-yearly meetings what grants they will make and to review any feedback they have received. Nominations for grants are elicited by the individual trustees and committee members who are empowered to put forward proposals for donations to be made on an annual basis, both locally and nationally as well as additional donations on an ad hoc basis. As a rough principle, the amount of grants made is twice the income received from the Charities Property Fund holding of the charity.

Details of grants made to institutions can be found in note 4 to the accounts.

ACHIEVEMENT AND PERFORMANCE

During the year, the charity has made 42 grants totalling £141,000 (2023: 32 grants totalling £118,500) to organisations.

The trustees intend to limit spending in order to maintain investment capital and to preserve the longevity of the charity.

Since the Covid-19 pandemic, all trustee meetings have been undertaken on Zoom.

FINANCIAL REVIEW

Principal funding sources

The charity's income is derived primarily from dividends and interest on its investments. Income for the year, excluding gains and losses on sale of investments, was £188,878 (2023: £136,306) and grants to the value of £141,000 (2023: £118,500) were disbursed.

Programme related investment

In February 2014 the charity purchased a property which is currently being let to a grant recipient for a peppercorn rent. The Trustees are considering selling the property in the near future. More details can be found in note 10 of the accounts.

Reserves and investment policy

The trustees recognise the need to maintain reserves to ensure the charity can meet its financial obligations on a twelve month rolling basis. In particular, the charity needs to ensure that there are sufficient funds to meet administration costs and to take fresh initiatives or respond to future/emergency funding of grants. The level of reserves at the year end is £4,691,106 (2023: £4,591,747).

The charity's investment policy, as executed by its independent investment advisers, is one of investing in medium risk income producing investments sufficient to maintain and sustain its charitable giving objectives.

FUTURE PLANS

The charity will continue its support of existing and new projects in the immediate future.

Page 1

The Wilfrid and Constance Cave Foundation

Report of the Trustees for the Year Ended 5 April 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Wilfrid and Constance Cave Foundation also known as 'The Cave Foundation' is an unincorporated Trust, constituted under a Trust Deed of Settlement dated 17 March 1965 and is a registered charity number 241900.

The objects of the charity are to support, encourage and donate to such bodies, associations and organisations as the trustees shall from time to time select.

Trustees are appointed by the Board of Trustees and donation committee members. Voting occurs every two years.

At the half-yearly meetings, the trustees agree the broad strategy and areas of activity for the charity, including consideration of investments, reserves and risk management.

In addition grant making is then considered by the trustees and the donations committee.

Recruitment and appointment of new trustees/committee members

Trustees and committee members are appointed by invitation and are family members. Trustees have to be at least 21 years of age while committee members have to be at least 18.

Risk management

The charity trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees consider variability of investment returns on the investment funds to constitute the charity's major risk.

They have appointed professional investment advisers to assist in fund administration and to maintain and increase the resources available for grant making.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

241900

Principal address

Clewer Boatyard Ltd Clewer Court Road Windsor Berkshire SL4 5JD

Trustees

Mr M D A Pickin Ms E J Pickin Mr J J Thorne Miss M Howells

Mr M D A Pickin and Miss M Howells jointly hold the title to the charity's investment property in their capacity as trustees/committee members of the charity.

Auditors

Butt Miller Chartered Accountants and Statutory Auditor 1 Minster Court Tuscam Way Camberley Surrey GU15 3YY

Bankers

HSBC Bank plc 128 High Street Slough SL1 1JF

Page 2

The Wilfrid and Constance Cave Foundation

Report of the Trustees for the Year Ended 5 April 2024

REFERENCE AND ADMINISTRATIVE DETAILS Investment Managers

HSBC Global Asset Management 78 St. James's Street London SW1A 1HL

Cordea Savills LLP 33 Margaret Street London W1G 0JD

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping 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 financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 17 October 2024 and signed on its behalf by:

Mr M D A Pickin - Trustee

Page 3

Report of the Independent Auditors to the Trustees of The Wilfrid and Constance Cave Foundation

Opinion

We have audited the financial statements of The Wilfrid and Constance Cave Foundation (the 'charity') for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 4

Report of the Independent Auditors to the Trustees of The Wilfrid and Constance Cave Foundation

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 5

Report of the Independent Auditors to the Trustees of The Wilfrid and Constance Cave Foundation

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 6

Report of the Independent Auditors to the Trustees of The Wilfrid and Constance Cave Foundation

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Butt Miller Chartered Accountants and Statutory Auditor 1 Minster Court Tuscam Way Camberley Surrey GU15 3YY

18 October 2024

Page 7

The Wilfrid and Constance Cave Foundation

Statement of Financial Activities for the Year Ended 5 April 2024

Notes
INCOME AND ENDOWMENTS FROM
Investments
2
EXPENDITURE ON
Raising funds
3
Charitable activities
Donations
Other
Total
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2024
Unrestricted
fund
£
188,878
20,853
141,000
19,886
181,739
7,139
92,220
99,359
4,591,747
4,691,106		 2023
Total
funds
£
136,306
21,693
118,500
25,498
165,691
(29,385)
(400,578)
(429,963)
5,021,710
4,591,747

The notes form part of these financial statements

Page 8

The Wilfrid and Constance Cave Foundation Statement of Financial Position 5 April 2024

Notes
FIXED ASSETS
Investments
Investments
9
Investment property
10
CURRENT ASSETS
Debtors
11
Cash at bank
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
13
Unrestricted funds
TOTAL FUNDS		 2024
Unrestricted
fund
£
4,284,220
245,000
4,529,220
24,746
148,401
173,147
(11,261)
161,886
4,691,106
4,691,106
4,691,106
4,691,106		 2023
Total
funds
£
4,251,346
245,000
4,496,346
24,115
82,710
106,825
(11,424)
95,401
4,591,747
4,591,747
4,591,747
4,591,747

The financial statements were approved by the Board of Trustees and authorised for issue on 17 October 2024 and were signed on its behalf by:

Mr M D A Pickin - Trustee

The notes form part of these financial statements

Page 9

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements for the Year Ended 5 April 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

At the time of signing these accounts, the trustees do not believe that there are any material uncertainties related to events or conditions that cast significant doubt upon the charity's ability to continue as a going concern.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to this category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Creditors at the year end are measured at settlement amounts less any discounts allowed.

Grants are made at the trustees' discretion and are generally payable without performance conditions. They are included in the Statement of Financial Activities when they are paid.

Any grants which are offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Investments

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Listed investments are included at closing market value at the statement of financial position date. Any gain or loss during the year is taken to the Statement of Financial Activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

continued...

Page 10

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Realised and unrealised gains and losses

All realised gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value (or purchase date if later).

2. INVESTMENTS

Investment income
Bank and sundry interest receivable		 2024
£
170,794
18,084
188,878		 2023
£
112,456
23,850
136,306

There is no rental income as the property is currently being let for a peppercorn rent.

3. RAISING FUNDS

Investment management costs

Investment management costs
Portfolio management costs
Building insurance
Property management costs
Property repair costs		 2024
2023
£
£
19,269
19,983
699
604
780
780
105
326
20,853
21,693
GRANTS PAYABLE
Donations		 2024
2023
£
£
141,000
118,500

4. GRANTS PAYABLE

continued...

Page 11

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

4. GRANTS PAYABLE - continued

The total grants paid to institutions during the year was as follows:

Westcountry Rivers Trust
The Farmer's Club Pinnacle Award
The Children's Hospice South West
Two Moors Festival
The Story Museum
Exmoor Search and Rescue
TVAP
Exmoor Society
The Winsford Recreation Association
Thames Hospice
Alexander Devine Childrens Hospice
Exford Village Green New Play Area
Berkshire Community Foundation
Get Matthew Moving
Swan Support
Chulmleigh Academy Trust
Blackheath Old Elthamians Hockey Club
Live Music Now South West
Exmoor Young Voices
Morebath Cricket Club
Helen and Douglas House Children's Hospice
The Dunster Festival
Bournemouth Symphony Orchestra
All Saints Church Dulverton
Devon Baroque Orchestra
ECHO
Friends of Morchard Bishop School
Fusion Arts (Gaon)
Low Carbon Oxford North
Oxford Animal Sanctuary
Pilton Community College
Quadstar
Rose Ash Village Hall
SeeSaw
Simonsbath Festival, St Lukes Church
The British Red Cross
The Wildlife Hospital Trust
Woolacombe School PTA
Blackheath Halls Youth Choir
Small Hope Bay Foundation
Macmillian Cancer Support
Turkey/Syria Earthquake appeal
Alzheimer's Research UK
Friends of Kings Nympton School
The High Sheriff of Somerset
The Avenues Youth Project
Improbable Theatre
Sobell House Hospice Charity
Cancer Research UK
Friends of South Molton C of E Primary School
Share Oxford		 2024
£
2,000
7,000
3,000
4,000
5,000
3,000
3,000
5,000
4,000
5,000
5,000
2,000
-
3,000
1,000
3,000
3,000
3,000
3,000
2,000
-
2,000
3,000
3,000
1,000
-
-
13,000
1,000
-
-
3,000
-
-
2,000
-
-
-
5,000
3,000
2,000
10,000
1,000
2,000
2,000
10,000
2,000
3,000
4,000
2,000
1,000
141,000		 2023
£
2,000
7,000
3,000
3,000
20,000
3,000
3,000
5,000
-
5,000
-
-
5,000
-
11,000
-
-
2,000
3,000
-
1,000
2,000
5,000
2,000
2,000
2,000
1,000
1,000
1,000
2,000
2,500
3,000
5,000
1,000
1,000
10,000
2,000
3,000
-
-
-
-
-
-
-
-
-
-
-
-
-
118,500

continued...

Page 12

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

5. SUPPORT COSTS

Management
£
Other resources expended
12,073
Support costs, included in the above, are as follows:
Wages
Pensions
Office costs
Bank charges
Auditors' remuneration
Accountancy
Legal and professional fees		 Governance
Finance
costs
Totals
£
£
£
146
7,667
19,886
2024
2023
Other
resources
Total
expended
activities
£
£
11,053
11,053
481
481
539
463
146
132
4,510
4,260
3,157
2,945
-
6,164
19,886
25,498

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023.

7. STAFF COSTS

Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Administration		 2024
£
11,053
481
11,534
2024
1		 2023
£
11,053
481
11,534
2023
1

No employees received emoluments in excess of £60,000.

continued...

Page 13

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

8.
AUDITORS REMUNERATION
Auditors' remuneration
Accountancy and other services
9.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 6 April 2023
Additions
Disposals
Revaluations
At 5 April 2024
NET BOOK VALUE
At 5 April 2024
At 5 April 2023
There were no investment assets held outside the UK.
10.
INVESTMENT PROPERTY
FAIR VALUE
At 6 April 2023
and 5 April 2024
NET BOOK VALUE
At 5 April 2024
At 5 April 2023
2024
£
4,510
3,157
7,667		 2023
£
4,260
2,945
7,205
Listed
investments
£
4,251,346
1,338,513
(1,397,859)
92,220
4,284,220
4,284,220
4,251,346
£
245,000
245,000
245,000

The investment property was purchased on February 2014 for £274,162. The property was revalued in October 2021 by R Hambly MSc MRICS at £245,000.

The trustees consider that the valuation of the property in October 2021 is not materially different from its fair value as at 5 April 2024.

The property is being let to The Exmoor Society over a five year lease from 2022 for a peppercorn rent. If the property was let on a commercial basis the annual rentable value is expected to be £18,000. There is a six month break clause which can be instigated by the landlord or tenant at any time.

continued...

Page 14

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accrued income receivable
Other debtors
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Accruals
13.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
188,878
TOTAL FUNDS
188,878
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS		 At 6.4.23
£
4,591,747
4,591,747
Resources
expended
£
(181,739)
(181,739)
At 6.4.22
£
5,021,710
5,021,710		 2024
£
24,003
743
24,746
2024
£
47
11,214
11,261
Net
movement
in funds
£
99,359
99,359
Gains and
losses
£
92,220
92,220
Net
movement
in funds
£
(429,963)
(429,963)		 2023
£
23,464
651
24,115
2023
£
39
11,385
11,424
At
5.4.24
£
4,691,106
4,691,106
Movement
in funds
£
99,359
99,359
At
5.4.23
£
4,591,747
4,591,747

continued...

Page 15

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
136,306
136,306		 Resources
expended
£
(165,691)
(165,691)		 Gains and
Movement
losses
in funds
£
£
(400,578)
(429,963)
(400,578)
(429,963)

14. RELATED PARTY DISCLOSURES

The charity made grants during the period to The Story Museum, Oxford of £5,000 (2023: £20,000). Ms K Pickin, who is a member of the donations committee, is involved with the charity.

In addition to the property lease with The Exmoor Society, further details for which can be found in note 10, the charity made grants during the period of £5,000 (2023: £5,000).

Page 16

The Wilfrid and Constance Cave Foundation

Detailed Statement of Financial Activities for the Year Ended 5 April 2024

INCOME AND ENDOWMENTS
Investments
Investment income
Bank and sundry interest receivable
Total incoming resources
EXPENDITURE
Investment management costs
Portfolio management costs
Building insurance
Property management costs
Property repair costs
Charitable activities
Grants to institutions
Support costs
Management
Wages
Pensions
Office costs
Finance
Bank charges
Governance costs
Auditors' remuneration
Accountancy
Legal and professional fees
Total resources expended
Net income/(expenditure)		 2024
£
170,794
18,084
188,878
188,878
19,269
699
780
105
20,853
141,000
11,053
481
539
12,073
146
4,510
3,157
-
7,667
181,739
7,139		 2023
£
112,456
23,850
136,306
136,306
19,983
604
780
326
21,693
118,500
11,053
481
463
11,997
132
4,260
2,945
6,164
13,369
165,691
(29,385)

This page does not form part of the statutory financial statements

Page 17