REGISTERED CHARITY NUMBER.. 257666 ort ofthè Trustees and Unau ited Flnancia tatements for the Year Endod 31 March 2025 for Swazlland Charitable Trus
Swazilan h ritable Trust Contents of the Financial Statements f the Year En 31 March 2 25 Page Report of the Trustèè5 IndGpgndent Examlnovs Report Statement of Flnancial Actlvltle8 Balancè Sh8et Notes to tho Flnanclal Statements 7 to 15 Detalled Statement of Financial Actlvltles 16
Swazlland Charltable Trust ort f the Trustees gar Ended 31 March 2025 for the The Iruslees present their report with the financial slalements of the charily for the year ended 31 March 2025. The Iruslees have adopted the provisions of Accounting and Reporling by Charilies.. Statement of Recommended Practic8 applicable to charities preparing their accounts in accordance wilh the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102) leffeclive l January 20191. OBJECTIVES AND ACTIVITIES Oblecllves and aims The principal 8Ctivily of the Trust is lo generate income and receive donations for the promotion of chaTilable activities for the benefit of the inhabilanls of Eswalini. Special empha51s is given lo Education81 and Agricultural projecls and assisting disadvanlaged children. Assistance is primarily given in Ihe form of grants lo organlsallons and Inslilutlons which further the well belng of the inhabitanls of Eswallnl. The ITUStees belleve thal these aclivilies fulfil Ihe Charities Commission's general guidance on public benefit. ACHIEVEMENT AND PERFORMANCE A broad range of organisalions in Eswatinl were supported and sponsorship of orphans continued. FINANCIAL REVIEW Investments and reserves The Slalemenl of Financial Acllvllles splits the income between volunlary donatlons and investment income. The results of the property owning subsidiary are clearly identified and the notes lo the accounts indicate that the summary profit and Ios8 acGounl presented for the subsidiary has been adjusted to eliminate cross charging between the two enlilies. A separate Stalemenl of Financial Activities for the charity itself is not presented b8cause the chaiily has taken advantage of Ihe exempllons afforded by the SORP. Net incoming resources available for charilable purposes amounted lo £66,921 (2024.. £23,828). Charllable donations made in the year amounted lo £87,10312024.' £70,421). The fixed asset investments were revalued 8131 March 2025, resulting in a lolal unrealised nel gain during thB year of £23,02312024'. £94.071 loss) all In respect of securities. The translation of Ihe assels and li8bililles and results of the Eswalini branch and subsidiary company has resulted in a Iranslation loss of £76812024.. £31,749 loss). The net movement in funds, of £3,815 g8in12024: £18.852 lossl. for the year has been transferred lo Ihts trust fund. A reserves policy was adopted in 2006. whereby net current assets should not fall below one year's grants budget. Nel current assets are currently in exGess of Ihls level, standing at £62,848 (2024.. £83,438). The trustees are of the oplnion that th8 financlal Poglllon of the charlty Is satlsfaclory. FUTURE PLANS The trustees plan to continue providing grants in a similar way. to Gonllnue the orphan support schem8 and fund raising wilhin the United Kingdom. Priorily will be given to the raising of exlra funds lo ensure the unlnterrupted education of sponsored orphans even wh8n they start Hlgh School and educatlonal costs exceed the means of most Indlvldual sponsoTS and lo supporting Ihtsir lertlary e(Sucalion. Page 1
Swazlland Charitable Trus ort of the Trustee5 forthe Year Ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The Trust is eorbstituted under a Irusl deed dated 20 December 1968. with subsequent deeds of variation daled 3 November 1997 and 5 May 1998, and is registered as a charity (number 257666}. The Trust's capital fund is invested in securities and real estate. the return on which is applied for such charitable purposes for th8 benefit of the Inhabitants of Eswatini as the Iruslee5 shall IhSnk fil. The Trust seeks to continue its charitable activities primarily through careful slewardship of existing resources and Ihough donations may be actively sought from time lo lime th8 Trust is not reliant upon any such donations. The trustees are appointed by the Board of Trustees and have no fixed term of office. The Board of Trustees normally meets biannually lo agree broad strategy and areas of aclivily, investment, reserves and grant making pollcy and risk management. A Flnance CommSllee, made up of trustees and Invited experts, meels periodically lo oversee inveslmenls. The Eswalini Board, whose members have speclalisl local expertise In Eswalini, meets hyo lo four times each year lo consider applications, decide on grants and to monitor the performance of gfanls made. Eswatini Board members are nominated by tho Eswalini Board Chairman in consullalion with the Trustees. Day to day monilorlng of asslslance given in Eswatinl Is delegated to 8 local manager and th6 execullon of Trustees, decisions in Ihe United Kingdom deleg81ed lo the Secretary by the Trustees. Selectlon and appointment of Trustees The Ifaining and induction for new Trustees will depend upon their existing exper¢ence, bul all Truslees are provided with copies of policies. procedures, minutes. accounls, plans and olher documents that Ihey will need to undertake their role as Trustees. Induction tends to be done Informally and is lallored specifically to the rol8. The Trustees serving during the year under review are as shown below. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty number 257666 Prlnclpal address 59 St Budeaux Close Ollery St Mary Devon EX11 1HR Trustees Mrs V M McDonaugh J Loder The Lord Egremont The Marchioness of Sallsbury C D Gilbert Miss C Gilbert T B8ring C J Gilbert Chairman Finance Committee Chairman Eswatinl Board Chalrman SeGretary to the trustees R W MaGkenzle Independent Examiner Mander Duffill Chartered Accountants The Old Post Office 41-43 Markel Place Chippenham Willshire SN15 3HR Page 2
Swazl Charltable Tr ort of the Trustees the Year Ended 31 March 2025 Approved by order of the board of Iruslees on ..... signed on ils behalf by.. Rwma enzie- ecrelary I e Iruslees Page 3
Inde enden Examlnerfs Re ort lo the Trustees of ziland Charltable Tr Indèpendent examinels report to the trustees of Swazlland Charitable Trust I report to the charity trustees on my examination of the accounts of Swazlland Charitable Trust (the Trust) for the year ended 31 March 2025. Responsibilities and basls of report As the charity trustees of the Trust you are responsible for the prep8ralion of the accounts in accordanGe with the requirements of the Charities Act 2011 I'lhe Act'l. I report in respecl of my examinallon of the Trust's accounts carried out Ltnder section 145 of Ihe Act and in carrying out my examination I have followed all applicable Direcllons given by the ChaTlty Commission under section 14515llb) of the Act. Indgpendent examlnerfs statement I have completed my examination. I conflrm that no material matlers have come to my altenllon In connection with Ihe examination giving me cause lo believe that in any material respect: accounting records were not kept in respect of the Trust as required by section 130 of the Act., or the accounts do not accord with those Tecords.. or the accounts do not comply with the appllcable requiremen18 concerning the form and content of accounts Set out In the Charllles (Accounls and Reports) Regulallons 2008 other Ihan any requlrement that the accounts give a Irue and fair view which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matters in connection with Ihe examination to whlch attention sholsld be drawn in Ihis report in order lo enable a proper underslanding of the accounts to be reached. Richard Mander FCA Mander Duffill Chartered Accounlanls The Old Post Office 4143 Market Place Chippenham Willshire SN15 3HR Date: .. Page 4
Swazlland Charltable Trus Con Ildated Charlt S tement of Flnanclal Ac for the Year Ended 31 March 2025 Ivltles Group 31.3.25 Total fund Charity 31.3.25 Total fund 31.3.24 Total fund 31.3.24 Total fund Notes INCOME AND ENDOWMENTS FROM Donations & grants Investment incomB Total 66,921 69,750 136,671 23,828 65,536 89,364 66,921 18.459 85,380 23.828 18,183 42.011 EXPENDITURE ON Charltable actlvities Grants lo Eswalini organisalionsfinslllulions Support costs Governance costs 87,103 57.448 12,973 70,421 50,262 12,921 87.103 15.789 4,662 70,421 12,843 4,440 Total 157,524 133,604 107.554 87,704 Net gainslllossesl on investments 24,890 25,388 24,891 53,656 NET INCOMEI{EXPENDITUREI 4,037 118.852) 2,802 7,963 PRIOR YEAR ADJUSTMENT RECONCILIATION OF FUNDS Total funds brought forward 1,737,466 1,756,318 1,357,726 1,349,763 TOTAL FUNDS CARRIED FORWARD 1,741.503 1,737.466 1,360.528 1.357,726 The noles form part of these financlal stalemenls Page 5
Swazl and Ch rl able Trus Consolldated nd Charlt Balance Sheet 31 March 2025 Group 31.3.25 Total fund Charlty 31.3.25 Total fund 31.3.24 Total fund 31.3.24 Total funds Notes FIXED ASSETS Tangible assets Investmenis Investments Investment properly 2,504 2,881 12 16 1.282,573 393,578 1,678,655 1.257,475 393,672 1,654,028 1,295,585 1,270,490 1,295,597 1,270,506 CURRENT ASSETS Stock Debtors Deposits with brokers Cash at bank 652 18,481 8,893 47,457 75,483 490 12,594 44,470 45.237 102,791 652 17,586 8,893 43,409 70,540 490 9,498 44,470 45,237 99,695 10 CREDITORS Amounts fallin9 due withln one year 11 (12.635) 119,3531 15,6091 (12,475) NET CURRENT ASSETS 62,848 83,438 64,931 87.220 TOTAL ASSETS LESS CURRENT LIABILITIES 1,741,503 1.737,466 1,360,528 1,357,726 NET ASSETS 1,741,503 1,737,466 1.360,528 1,357,726 FUNDS Unrestrlcled funds 12 1,741,503 1,737,466 1,360,528 1,357,726 TOTAL FUNDS 1,741,503 1,737,466 1,360,528 1,357,726 The fi an ial slatem -Jnts were approved by the Board of Trustees and aulhorised for issue on and were signed on ils behalf by.. Mrs M McDonaugh- Trustee Tho notes form part of these financlal slalements P8ge 6
zi harltable Trust Notes to he Flnanclal Statemen forthe Year Ended 31 March 2025 ACCOUNTING POLICIES Basis of preparlng the flnancial statements The financial statements of the charity, which is a publlG benefit entity under FRS 102, have been prepared in accordance with the Charilies SORP IFRS 102) 'Accounling and Reporting by Cha¥ilies'. Statement of Recommended Practice applicable lo Gharilies PTeparlng Ihelr aGcounls in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 leffecliv8 1 January 2015),. Financial Reporting Standard 102 'The Financial Reporling Slandard applicable in the UK and Republlc of Ireland, and the Ch8rilies Act 2011. The financial slatemenls have been prepared on a going concern basls under the historical cost convenllon wllh the exception of investments whlch are included al market value, as modified by the revaluation of certain assets. The financial statements are prepared in sterling which is the funclianal Gurrenoy of the charity and are rounded lo the nearest £. Golng concern The financial slalemenls have been prepared on a golng concern basis as Ihe Iruslees believe that no maleTial uncertalnliBs exlsl. The Iru51ees have consldered the level offunds htsld and Ihe expected level of income and exp8ndilure for 12 months from aulhorising these financial slalemenls. The budgeted income and expendilure is sufficient with Ih618vel of reserves for Ihe charity to be able lo conllnue as a going concern. Income All income Is reGognlsed in the Statement of FlnanGlal AGllvllles once the charlty has entlllemenl to the funds, it Is probable that the income will be recelved and the amount can be measured reliably. For donations to be recognised the charity will have been notified of the 8mosJnts and the selllemenl dale In writing. If there are conditions attached lo the donation and this requires a level of performance before enlillement can be obiained then income is defeired until those conditions are fully mel or the fuifilment of those condlllons Is wllhln Ihe control of the charlty and11 Is probable that Iheywill be fulfllled. Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Wheie il is nol pra¢licable lo identify investment management costs inGurred within a scheme with reasonable accuracy the investment income Is reported nel of those costs. 11 is included when Ihe amount can be measured reliably. Interest income 18 recognised uslng Ihe effective Interest method and divldend and rent income is recognised as the charity's rlght to recelve payment Is eslabllshed. Other income includes any income not falling into other Income categories. Exp8nditure Llabililles are recognlsed as expendlluye as soon as there Is a legal OT conslructlve obllgallon commilling the Gharity to that expenditure, il is probable that a Iransfer of economic benefits wlll be requlred in selllemenl and the amount of Ihe obligalion can be measured reliabty. Expendilure is aecounled for on an accruals basis and has been olassified under headings Ihal aggregate all cost related to the category. Where costs cannot be directly allributed to particular headings they have been alloGated to activities on a basis consislent wllh Ihe use of resources. Tanglble ftxed assets Depreciation is provided al the following annual rales in the foreign currency In order lo write off each asset over its useful life. Leasehold Improvements Subsldlary IOOYO straight line Office furnllure and equlpment BranGh 1 OQ/o and 20Q/o Stralghl Ilne Office equlpment UK 25Yo on reducing balanc8 Motor vehicles Subsidlary 25°/o on reducing balance oirice furniture and equlpmenl Subsidiary IOUA slraighl line Page 7 Gonlinued...
azlland Ch ritable Tr st Not s to the Flnanclal Statements - contlnued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - contSnuad Inveslment property Investment properties for which f8ir value can be measured reliabty without undue cost or effort are measured at fair value at each reporling dale with change8 in fair value recognised in 'net gains I (losses) on Inveslm8nls' In Ihts Slalemenl of Financlal Acllvilies. Where investment properties are reclassified as functional fixed assets due lo change of use they are Iransfeired al the prevailing market rate. Stocks Stocks are valu8d at the lower of cost and nel realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity is exempl from tax on its UK charitable activilies. Local tax rules apply lo the charivs Esw81ini branch and subsidiary. Fund accountlng General funds are unreslricled funds which are available for use al the discretion of the Iruslees in furtherancè of the general objectives of the charity, and which have not been designated for other purposes. Recognlsed galns and losses All recognlsed gains and losses on Inveslmenls are Included in the SOFA. Commlsslon charged Commission charged by the investment manager on the acquisillons of inveslmenls is Included in the cost of the investment. The commission charged on the disposal of inveslmenls is Ir8ated as a charge 8g8insl the realised gain or loss in the SOFA. Foreign currencies Monetary assets and liabilities denominated in foreign currencies. and Iransaclions in foreign urrencies. are translated at the rates of exchange prev8iling at the accounting dale. All differences are taken lo the SOFA. Tanglble fixed assets owned by the subsidlarles are belng depreclaled In Ihelr own currency and translated 81 the rale8 of exchange prevailing al Ihe accounllng date. All differences are taken to the SOFA. The Emalangeni IE) lo Sterling IGBPI year end rate used was 1 E = 0.04187 GBP (2024: 1 E = 0.04188 GBP) 1 £1=23.8834E {2024: £1-23.7755EI. Flnanclal Instruments The charily has only financial 8ssets and financial liabilllies of a kind Ihal quallfies as basic financial inslrumenls. Baslc financial instruments are initially recognised at Iransaclion value and subsequently measured al their selllemenl value with the exception of Investmenl properties and listed inve51menls which are measured al fair value. Judgements and key sour¢os of estlmatlon uncertalnty The key source of eslimalion uncertainly al the reporting dale that has a slgnificanl risk of causing a material adjustment lo the carrying amount of assets ancl li8bililies is inveslmenl property valuations (note 71. Page 8 continued...
Swazlland Charitable Tr otes to the Flnanclal Statem nts - contlnue for the Year Ended 31 arch 2025 INVESTMENT INCOME 31.3.25 31.3.24 Property income InveslmÈnt income Gross Inlerest receivable 51,291 17.990 469 47,353 18,040 143 69,750 65.536 NET IINCOMEIIEXPENDITURE This is slated after charging.. 2025 2024 Independent examiner's remuneration Foreign exchange (gainyloss 2,331 2,220 1,7171 TRUSTEES, REMUNERATION AND BENEFITS Trustees are not remunerated. Trusteg8' expens85 During the year travel, printing, slalionery and postage costs amounting lo £nil12024.' £nill were paid on behalf of the Trustees. TANGIBLE FIXED ASSETS Office furniture Loasehold and Improvements equipment Subsidiary Branch Office equipment UK COST Al 1 Aprll 2024 Additions Exchange differences 1,560 627 1,155 At 31 March 2025 1,451 627 1.155 DEPRECIATION At 1 ApTiI 2024 Charge for year Exchange differences 1,560 627 1,139 At 31 March 2025 1,451 627 1.143 NET BOOK VALUE Al 31 March 2025 12 Ai 31 March 2024 16 Page 9 continued...
Swazlland Charltable Trust Note5 to the Flnanclal Statements - continued forthe Ypar Ended 31 Maych 2025 TANGIBLE FIXED ASSETS- continued Office furnilure and equipment Subsldlary Motor vehicles Subsldlary Totals COST Al 1 April 2024 Additions Exchange differences 12,804 2.811 313 3} 2) 18,957 313 Al 31 March 2025 12,801 3122 DEPRECIATION Al l April 2024 Charge for year Exchange differences 10,811 498 3) 1,939 186 16,076 688 At 31 March 2025 11,306 2,125 16.652 NET BOOK VALUE At 31 March 2025 997 2,504 At 31 March 2024 1,993 872 2,881 FIXED ASSET INVESTMENTS Listed investrnenls MARKET VALUE At 1 Aprll 2024 Additions Disposals Revalualions 1,257,475 35,000 {32,925) 23,023 At 31 March 2025 1,282,573 NET BOOK VALUE Al 31 March 2025 1282 573 At 31 March 2024 1257.475 Page 10 onlinued...
ziland Charl 18 Tru5 Notes to the Flnanclal Statements - contln fortho Year Ended 31 March 2025 FIXED ASSET INVESTMENTS - continued Fixed Assot Investments 2025 2024 Listed Investments Investment property- Land and Buildings.. Subsidiary - see note 7 1,259,550 393,672 1,257,475 393,672 1,653,222 1.651 147 Cosumarket value when gifted Llsted investments 2025 2024 Fixed income UK equities Overseas equitles Alternatives 180.336 28,000 371,065 186.035 177,273 794.461 101,781 186.035 177,273 792,385 101,782 673,225 1.259,550 1,257,475 The charity has the followlng investments whlch represent more than 50k by value of the Investment portfolS0 in quoled Securilios: De5criptlon Matket value /oof portfolio 31.3.2025 UK13.50h BDS Unilever plc ordinary Findlay Park funds plc American First Senlier INVRS IUKI funds Ltd Legal & General Unil Trust Ishares Physical Metals 82,653 106.030 358,404 122,872 66.386 106,605 6.44 8.27 29.94 9.58 5.17 8.31 Description Market value °Aof portfolio 31.3.2024 Unllever plc ord5nary Findlay Park funds plc American Baring Fund Managers First S8ntier INVRS (UK I fds Ltd Vina Capital Vietnam Ishares Physical Metals 81,762 91,436 369,983 63,201 125,788 63,525 77.601 7.27 29.42 5.03 10.0 5.05 6.17 Page 11 conllnued...
Swazi and Ch Tr tes to the Flnanclal Statements - conllnue for the Year Ended 31 March 2025 INVESTMENT PROPERTY FAIR VALUE Al 1 April 2024 Revalualion Currency Iranslalion 393,672 94 At 31 March 2025 393,578 NET BOOK VALUE At 31 March 2025 393 578 At 31 March 2024 393,672 Co8VMarkel value when acqulred £123,98712024: £123,987). The carrying amount of inveslment property is Ihe fairvalue ofthe property as determined by a Trustee's valuation having due regard to peiiodic valuations conducted by an independent registered valuer. No revaluation was cariied out in the year ending 31 March 2025. STOCKS 31.3.25 31.3.24 Stocks 652 490 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Accounts receivable Other debtors Prepayments 9,461 2,004 7.453 2,163 2,978 18,481 Page 12 continued...
Swazlland Ch Notes to the Flnanclal Statements - contlnued for the Year Ended 31 arch 2025 10. CURRENT ASSET INVESTMENTS 31.3.25 31.3.24 Deposlls with brokers 11. CREDITORS.. AMOUNTS FALLING DUE wrrHIN ONE YEAR 31.3.25 31.3.24 Bank loans anil overdrafts (see note 121 Taxation and soclal security Other creditors 1,000 299 18.054 339 12,635 12. LOANS An analysis of the malurlty of loans is given below.. 31.3.25 31.3.24 Amounis falling due within one year on demand- Bank overdrafts 1.000 13. MOVEMENT IN FUNDS Net movement in funds At 31.3.25 Al 1.4.24 Unrestricted funds General fun(1 1,737,466 4,037 1,741,503 TOTAL FUNDS 1737 466 3,815 1,741.281 N81 movement in funds, Included In the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 136,671 (157.524) 24,890 4,037 TOTAL FUNDS 136,671 157 524) 24,890 Page 13 onlinued...
Swazlland Charltable Trus Notes to he Flnanclal Statements - contlnued for the Year Ended 31 arc 2025 Comparatlves for movement in funds Net movemenl In funds Al 31.3.24 Al 1.4.23 UnrestTlCted fund5 General fund 1,756.318 (18,852) 1,737,466 TOTAL FUNDS 1.756.318 18852) 1,737,466 Comp8r8llve nel movement in funds. included in the above are as follows: Incoming resources Resources exptsnded Gains and Movement losses in funds Unrestrlcted funds General fund 89,364 (133,6041 25,388 (18.8521 TOTAL FUNDS 89,364 133,604) 25,388 18.8521 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.3.25 Al 1.4.23 Unrestrlcted funds General fund 1,756.318 114.815) 1,741.503 TOTAL FUNDS 1756.318 14.815} 1741 503 A current year 12 months and prior year 12 months comblned net movement in funds. included in the above are as follows.. Incomlng resources Resources expended Galns and Movement losses In funds Unrestrlcted funds General fund 266,035 (291.128) 50,278 114,815) TOTAL FUNDS 266,035 291,128) 50,278 14,815) Page 14 conlinued...
Swazlland Ch ble Trust es to the Flnanclal Statements - contlnued forthe Year Ended 3 March 2025 14. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2025 or the year ended 31 March 2024. 15. SUBSIDIARY COMPANY- WIGANCO {PROPRIETARYI LIMITED The charity has a wholly owned subsldlary, Wig8nco (Proprietary) Limited which is incorporated in Eswalini. The principal activity of Wiganco IPropriel8ry) Limited is the lease of ils rental properties to ils tenants. The results of Wiganco (Proprielaryl Limited are included in the consolidated accounts. A summary of the financial performance of the subsidiary Is shown below- 2025 2024 Turnover Cost of sal6s and admlnlstrallon expenses 51.386 47.353 ProfiU{loss) on ordinary acllvilies bafore taxation Tax on loss on ordinary activities 1.235 1.454 Profivllossl for the financial year 1,235 1,454 The above aclivily includes loan interest of £nil12024.' £nill payable by Wtganco IPropTietaryl Limited lo Swaziland Charitable Trust. which is eliminated on consolidation. The aggregate of assets and li8bililies were.. 2025 2024 T8ngible fixed assets Investment PTOP8rties Current assels 2,492 393,578 4.943 2.865 393,672 CvTrenl li8bililles 401,013 399.676 393,987 392,756 Represenllng Shareholder's loan Revaluation reseNe Profil and loss account 119,508 269,591 4.885 119,536 269,685 3,535 393,987 392,756 Page 15 onlinued...
Swazlland Charltable Trust Oetalled Statement of Financial Actlvities forth Year Ended 31 March 2025 31.3.25 31.3.24 INCOME AND ENDOWMENTS Donatlons Donalions GTanls 66.921 22,828 1.000 66,921 23,828 Investment income Property inoome Investment income Gross inleresl receivable 51,291 17,990 469 47,353 18,040 143 69,750 65.536 Total Incomlng resources 136,671 89,364 EXPENDITURE Charltable actlvltles - Ald to Eswatlnl Schools Support for people with disabilities OVC Scheme Health and social welfare Communily SSP Scheme (Deans sGhemel 28,520 4,421 37,480 2,094 14,588 17,992 4.104 35,269 3.790 9,224 42 87,103 70,421 Charitable activities- Support costs Property expenses Investment management fees Print, postage & slalionery Other expenses Travel & subslstence Depn ofoffice equlpmenl UK 47,918 2.290 999 5,741 496 43,398 2,295 750 1,070 2,744 57,448 50,262 Support costs Governance costs Independent examSnels remuneralion Bookkeeping and secretarial Accountancy UK Accountancy Eswalinl 2,331 6,381 2.331 2.220 5,980 2,220 2,501 12,973 12,921 Total resources expended 157,524 133 604 Net expendlture before galns and losses Realised rgcognised gains and losses Reallsed gainslllossl on Investments Galn on revaluation of investment PTopety Foreign exchange gainlllossl (20,8531 144,2401 25,857 58,854 9671 33.4661 Net incomellexpendlture) 4.037 18 852) This page does not form part of the stalutory financial statements Page 16