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2024-07-31-accounts

CHARITY NO. 272671 THE RADLEY FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

THE RADLEY FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Page Trustees and Advisors Trustees, Report Independent Auditor'5 Report 8-11 Statement of Financial Activities 12 Balance Sheet 13 Cash Flow Statement 14 Notes lo the Financial Statements 15-24

THE RADLEY FOUNDATION TRUSTEES AND ADVISORS FOR THE YEAR ENDED 31 JULY 2024 Trustees C Bell¢ R N L Hunlingford S C G Melluish b A Minton Beddoes M J W Rushlon. T O Seymour4 SJBShaw° HJRWillis' Chairman lo 310ecember 2023 Rgsigned 31 December 2023 Chairman from 1 January 2024 Appointed 1 January 2024 Resigned 31 De￿mber 2023 a Council appointed Trustee b Radleian Society appointed Trustee ¢ Additional Twstee The above includes all who have served during the year ended 31 July 2024 and any subsequenl changes up lo the dale of signing of these financial slalerllenls. DCS Smellie and GA Kaye are Chaimian and Vice-chairman of Council respeclwely. In those capacities they attend Foundation Trustee meetings ex officio. Further biographical deiails of the Foundation Trustees afe contained on the Foundation pages of Radley Collège's w8bsit8." www.radlè -or .uk. Secretary and reglstered office A Ashton Radley College Abin9don Oxfordshire OX14 2HR Offlcers E H M Anderson Development Director Auditors Bankers Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ Natwest Bank plc 11 Markat Placa Abingdon Oxfordshire OX14 3HH Investment Managers Oxford University Endowmenl Management Ltd Investec Wealth & Investment Ltd 27 Park End Slreel 30 Gresham Street Oxford London OX11HU EC2V 7QN Page 1

THE RADLEY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their report and audited financial slalemenls for the year ended 31 July 2024. Structure. governance and management The Foundation is constiluted under a Trust Deed dated 11 September 2000, and updated in January 2009 and July 2020. Under the Deed, three Trustees are nominated by the Council of Radley College and two Trustees are nominated by the Radleian Society. Each Trustee is appointed for three years bul may be re-apwinted. The Trustees are authorised to appoint up to two additional Trustees who serve for three years but may also be re-appointed. The Chairman is glected by the Trustees under consultation and agreement with the Chairman of the Council of Radley College. New Trustees receive a full induction from the Foundation team and the Bursar appropriate lo their professional qualification or area ol expertise. Responsibility for the governance of Ihe Foundation rests with the Trustees. The Developfflenl Dire¢lor. who altends all Trustee meetings, is responsible to Ihe Trustees and the Warden of Radley College for the day-lo- day running ol the Foundation in accordance with decisions taken by the Trustees. The Development Director is a member of the Radley College rllanagemenl team. The remuneTalion ot the Development Director and their management team is sel as part of the annual salary review process whi¢h is included as part of the budget setting process by the Radley College Council. after having due regard lo market rates of pay and relevant benchrllarking reports. The Trustees and Advisors who have served during the year are listed on page 1. As a consequence of the relationship wf(h Radley College. these financial stslemenls are consolidated within the College's financial statements. Rlsk managernent The major risks lo which the charity is exposed are reviewgd annually and controls are in place to mitigate them. 01 these, Ihe largest risks relate to the anli¢ip8led in¢reased taxation of independent schools (through the introduction of VAT and loss of charitable business rale reliefj, loss of fundraising momentum and adverse investment p8rfomance. The tsx risks are primarily managed by the College except to the exlenl that thèy may impact fundraising and how donations arg disbursed, and the Foundation is working with the College lo understand and manage the impact of the expe¢ted naw legislation. The Tru51ees are also supporting the development of Ihe fundraising team and structure lo help maintain fundraising momentum, and they appoint external investment managers and regularty review perfom)ance against requirements. Additionally, the Trustee5 are concerned to protect the reputation of the College as well as the Foundation, and have appropriate policies and practices in place including a fundraising code of pracb'ce and a gift acceptance policy. Obje¢tSvÈ$ and activities The charitable objects of the Radley Foundation. as sot out in the Trust Deed, are to fostar. promote and advance.. il su¢h charitable purposes connected with Radley Collage as the Trustees shall from tlme to time in their absolute discretion detemiine. 111 such other charitable purposes (whether or not connected with the advancemont of education) as the Trustees shall in like manner detèrmine. Nolwslhslanding the generality of these objects, the Trust Deed also provides that monies may be applied for a variety of purposes, including improvements lo the College's assets, the establishment of an endowrnent, and the provision ol funded places15cholarships and bursariesl. Page 2

THE RADLEY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Under the aegis of its charitable objects. the Trustees have applied the prevailing focus for the Foundation as follows.. (i) Funded pla¢o$, To increase subslanlially the funds available for funded places and. in particular, lo enhance provision of.. bursaries awarded based on a financial means-tesl., and scholarships awarded on merit, irrespective of means, but which can be lopped up with a bursary based on a financial means-test. lill Buildings and projects. To assist the College to carry out significant developments, improvements and innovations suitable to Ils needs. Illil Endowmont. 11 Is the Trustees, aim. over the longer temi. to build up a subslantlal endowment. The income from this, as well as the capital, will be available for the supptsrt tsf Radley College as and when the Trustees consider appropriate, with the current priority being the provision of funded places. The College Council briefs the Trustees regulady as to its plans, including any likely funding requirements. Grants lo the College are made by the Trustees, in light of available funds for lulure scholarship and bursary awards. the improvement of facilities and, where appropriate. development of the campus. While donations are welcomed for all causes, the College has placed a priority on raising money lo sustain the growth ol funded places specifically. The College handles applications for awards, and makes all decisions regarding recipients and the level of awards granted, and updates on awards made are Teported lo the Trustees. Various initiatives support the fundraising efforts of the Foundation. Major gifts remain the key objective. although annual giving continues lo be important. In addition. it is the Trustees, view Ihal legacies can contribute significantly to the growth of the long-tem endowment, which Can bg applied to help achieve the building up of scholarship and bursary funds. As such, legacy campaigns are a Central component of fundraising strategy. Colle9e support for the Foundatlon The Foundation's overheads are funded by Radley College in order that the full amount of all donations can be applied towards the charitable purposes nominated by ea¢h donor. The overheads of the Foundation include the staff Costs of the Radleian Society. the costs of developing and maintaining a database used by the Foundation and the Radleian Society and a contribution towards the Radlei8n So¢iety's event and publication costs. The Radleian Society is the body through which all Radleians and friends of Radlèy can maintain their links with the College and with Bach other around the world. PAanag•m•nt of funds la} Rostrlcted funds The Trustees have continued their policy of maintaining a number of reslricled funds covering the various fundraising objectives of the Foundation. Monies received are transferred lo these funds as appropriate, in accordance with each donor's wishes, unless the donor does nol wish to specify application ol the gift. in which case the donation is applied at TrLJStees' discretion. The Foundalion pages of the College's website, together with current fundraising lileralure, provide details of Ihe funds managed at any one time, and the notes lo these ac¢ounls, together with the Radley College aco)unls, provide fund balances al the year end, and transfers made during the year. The Foundation Trusteas also hav8 protocols in place to facililale transfer of monies quarterly to Radley College for onward investment or application. In addition, the Trustees have responsibility for the Scholarshlps and Bursarles Capltal Fund as an investment vehicle within the Foundation from which to fund the future award of funded places. This fund acts as the investment vehicle for th8 Armed Forces Fund, the Baslyan Fund. and for a growing number of sizeable additional grfts for named bursaries. Page 3

THE RADLEY FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 {bl Unr8$trlct¢d funds The Trustees continue lo maintain an Unre5tri¢ted D¢$ignatad Fund Igenerally referred to as the Endowment Fund) in respect of monies which donors have given for the long-term endowment ofthe College. The Trustees. aim is to build up this fund over the longer term with the intention that the income from this, as well as the capital, will be available for the support of Radley College as and when the Trustees consider appropriate. In view of the College's priorilised requirement to grow the number and value of funded places, income from this fund is currently applied towards the Cost of bursaries, with the intention that the capital value is grown to facililale a recurring revenue stream. Achlevements and pèrformance Fundraising resulted in £2,438k of donations received duriThJ the year12023.- £1.543kl, togethe¥ with a number of plgdges. The Trustees decided in February 2018 to invest all long-lerm capital (comprising all the Unrestricted Designated Ftjnd and the ￿81￿rIty of the Scholarships and Bursaries Capital Fund) with Oxford University Endowment Management Ioueml. The specific investment objective of Ouem's core fund is to grow investors, capital Inet ol fees) by an average of 50/D per annum in rfjal terms. and to achieve this al a lower volatility than would be experienced by investing solely in the public equity markets. This inveslmenl objective is long term and not a yéar by year measure. The specific distribution poli¢y is to distribute annually 4.25Yo of the average of the past 20 quarters, net asset value. This formula has the bengfit of providing a more predictsble stream of income. whilè also protecting and growing capital value. The actual return a¢hieved in the financial year was 8.80A12023.' _1.2/01 and, after adjusting for inflation, the real return was 6.5Yo 12023.. _7.9/1. The Trustees were pleased to see a healthy Teturn lo positNe performance and a lower level of inflation after what has been a challenging poriod for the markets. They believe Ouem's investment objective, coupled with its track record of performance since inception, continues to suit the Foundation's needs for its endowmet)t funds in the long term. Some residual monies held in the Scholarships and Bursaries Capital Fund are eamiarked for use over the next five lo seven years and are managed under a discretionary managernenl agreementwith Inveslec Wealth & Investment Limited. The Trustees have an investment objective lor these Monies to deliver a balanced relum with a low-medium risk ¢apacity lo reflect their shorter-lerm investment horizon. The portfolio delivered a retum of 7.4V¢ 12023.. _2.9V/.l over the year, compared to a benchmark of 9.80/. 12023.. _3.5¢/0l. As with Ouem. the Trustees are satisfied the objectives are appropriate and that. viewed across a ¢y¢la, Inveslec is delivering for the monies what is expected of thèm. The Trustees are grateful to the General Purposes Committee of the Radley College Council for its investment oversight role, including around the performance of the Foundation's funds. While the Trustees of the Foundation are accountable for Foundation investment performance, there is a strong alignment of interests with the College. During the year, the Trustees and the General Purposes Committee of the College reviewèd and agreed a protocol of undersianding with respect lo investtnenl management oversight and clarifying that decision making responsibility rests with the Trustees. In addition, one Foundation Truslee, Mr Willis also served during the year as Chair of the General Purposes Committee and two others, Messrs Rushton and Shaw, served as members of the General Purposes Committee. During the year the Trustees rnade transfers, lotslling £1,747k, to the Colleg8, as shown in Note 11 f2023.. £1,909k). In addition to these gifts, ￿ed￿S-10St0d Scholarships, totalling £101k were also paid 12023.. £103kl. These W8re in relation lo awards from the Armed Forces Fund and the Bastyan Fund. £14.5m was retained within the Foundation for future application (2023." £12.9m), of which Ihe larger part is invested wilhin the Scholarships and Bursaries Capital Fund, where funds for the long term are managed by Ouem, and those for use within the next five to seven years are managed by Inveslec Wealth & Investment Limited. Page 4

THE RADLEY FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Financial review The accounts lor the year show net income before investment gains of £1,073k12023.' nel outgoing resources of £86kl. Totsl incoming resources were £3,574k12023.. £2,540kl and resulted in £1.747k12023.' £1,909kl being gifted to Radley College. Management and adminislralion services incurred by the Foundation, bul donated by Radley College, amounted lo £556k12023.. £544kl. Gains on investment as$81s w&re £583k 12023.. losses of £532kl. At the year-end the Trustees retsined £5,179k 12023.. £4,724k} of unrestricted funds and £9,347k 12023.- £8, 147k) of r&slricled funds. The unreslricled funds represent uncommilled reserves and mtsnies held for the long-term support of Radley College, including the Unreslricled Designated Fund of £4,819k12023.. £4,619kl. This ￿eanS that there are al present free reserves of £360k (2023.. £105k). In view ol the fact the Foundation's overheads are funded by Radloy College, there is no reserve requirerntrnl, and so this is sufficient for its immediate needs. The Foundation has cash resources and has no requirement for bank funding. Given the support of Radley College, the Trustees have a high expectation that the Foundation has sufficient resources lo continue in operational existence for the foreseeable future. AccordingSy, they continue lo believe the going concern basis of accounting is appropriate in preparing the annual financial slalements. The yoar'$ activitle$ and plans lor futurg pgrlod$ The Foundation's approach lo fvndraising has continued lo focus on". li} building and developing long-lemi relationships with Old Radleians and parents and making approaches lo prospective donors., lill promoting tailored appeals to particular groups of the Radley community of ORS and parents., and lili} raising awareness among the Radley community about the importance of fundraising. In September 2023, the Foundation published its third annual 'lmpa¢t Report". The purpose ol the annual publication is lo share the progress and impact of donations received in that year and over previous years (using the own words of a number of beneficiaries of awards), to report on designated funds and projects, and to thank publicly donors, who are not identified 85 anonymous. The Foundation was pleased lo support during the year the launch ofthe Radley Keys Award. an all-inclusive (subject lo means-testingl scholarship prI￿raMMe. It is particularly pleasing to note this has been recognised nationally since with awards helping raise the profile of the contribution made by fully funded awards at Radley.. The Week - Award for Bursaries and Scholarshi s and Talk Education Awards for Innovation in Edu¢8tlon 2024. other specific activities during the year included a legacy awareness campaign, fundraising for the Music S¢hool expansion project, specific requests for support in relation to the College's partnership activities, and organising a dlnner lo raise funds for a forthcoming rugby lour lo Argentina, including lo enable travel grants for those otherwise unable lo afford a pla¢8 on the tour. The Foundation continued its work of maintaining and growing strong relationships with ils existing donors through a stewardship programme and of raising awareness ol its work in order to identify future dDnors. As well as through investing in research, and its regular programme of events and publications, the focus of the Foundation is on personalised approaches and the year's activities included a successful trip lo North America to connect and reconnect with members of the College community. The Foundation is signed up to the Code of Fundraising Practice operated by the Fundraising Regulator. The Foundation tskes its fijndraising responsibilities seriously and believes its approach to fundraising proteds vulnerable people and members of the public from unreasonable approaches or undue pressure lo give. The Foundation seeks feedback from its donor comrnunity as a matter of course. There were no regulatory failures or complaints raised in the year w(th respect to fundraising practice. Page 5

THE RADLEY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 The principal highli9hls durlng the year included". Unrestr5ct•d D¢85gnated Fund and Scholarships and Bursarl8$ Fund The Foundation continued successfully lo encourage donations lo ils Unr8Stricled Designated Fund and ils range of Scholarship and Bursary funds to maintain the mornentum built up in recent years, primarily to enable more boys lo come lo Radley, for whom a Radley education would not otherwise be feasible. Over the year, £1.655k of donations was received inlo Scholarship and Bursary Funds and further unresiricted donations lotalling £182k We￿ re¢eived. Supported by growing receipts from the Foundation, 120 boys attending R8dley durlng the year wera in receipt of m8an>tested sUp￿t, of whom 33 were lully furKled12023.' 103, 01 whom 34 w8r8 fully lundgd). ProJ•cts Gifts of £226k were receive¢J during the year lo be applied lowards various existing and planned capital projects, ineluding lor the Chapel and the Music Schiyjl expansion projects. Additionally. gifts lotalling £374k were also received during the year towards several other specific projects covering various aspects ol Radley life. This induded gifts lotalling £141k lo support the College's partnership activities and £37k raised after costs for the rugby lour to Argentina. Othgr Consklgrable time was spent stewarding donors and potèntial donors, wilh positivè fundraising results. The Four￿allOn furthered ils close working relationship with the Admissions team and other stakèholders to improve the end-lo-8nd process around the provision of funded places and communlcab.ng the lon9 temi and tran5forniational benèffts these provide. The Foundation's interests have been discussed regularfy amongst and wlth the Committèè of the Rad￿lan Society and promoted, as appropriat8. at Society gvents. A mulually cooporativa relationship exists betweon the Foundation 8nd the Radleian So¢igty. and tho Foundalion contn'buted during the year lo the Radleian Society's expenses. Publlc 8enaflt Under Section 17151 ol the Charities Act 2011, th& Trustees havg given due regard lo th9 guidance on public benefit provKled by the Charity Commission when exercising their powers or duti¢$ lo which it is relevant. Thanks I would like to th8nk my fellow Trusloes for their ongoing wmmitm8nl to tha Foundation and Ihair support for Radlay. In December 2023. RKhard Huntingford Stood down as Twstee and Chalr and Thomas Sgymour stood down as Trustee and former Chair. Each has contributed a great de81 of time, experlence 8nd wisdom to ensure the success of the Foundation. We are grateful to them both and all they have done lo support the Iranslom)atK)nal work of the FoundalKsn. Rad￿Y College Counryl continues to prowde its complete supportto the FoundalK)n. both financially in fundin9 all our overhead costs. but also in ensur¢ng alignment wlh the College. On behalf of my fellow Tmstees, I thank the Council lor thal. Th8 success of the Foundation is also down lo all those Involved in its work and the work ol the Radleian Society, including our growing number of volunteers, particularfy among the Old Radleian community, and I would also like to thank them for their lime and commitment. In particular. I, the Truslees and the College are extremely gralefvl lo the Foundation Team al Radlgy for their competence and hard work under the exceptional leadership of Elisabelh And0￿On. Every gift is precious lo the Foundation and in supporting the 8ducalion of boys al Radley. These gifts are the life blood of the Foundation's work. directly supporting so many beneficiaries and I would therefore like to thank all who have given lo the Foundation, and the role each such gift has ￿aYed in transfomiing live5. Page 6

THE RADLEY FOUNDATION TRUSTEES' REPORT (CONTINUED} FOR THE YEAR ENDED 31 JULY 2024

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The law applicable to charities in England and Wales 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 of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity's constitution. 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.

The !.J:WSt&e.§._are responsible for the maintenance and integrity of the corporate and financial information incl aed on the i!Y's website.

29 November 2024 and signed on their behalf by

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Crowe R+ BuiklwYJ 2 81awav• Stre•l Re&Jir¥J Berkshye RG1 1AZ. UK Tel +44101118 059 7222 Fax +44101118 958 4040 ww.cThe.co.uk INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RADLEY FOUNDATION FOR THE YEAR ENDED 31 JULY 2024 Oplnlon We have auditèd the financial slalemenls of The Radley Foundalion lor the year ended 31 July 2024 vthich comprise the Stslemenl of Financial Activities, the Balance Sheet, and notes to the financial slalements. including a summary of significant accounting policies. The financial roporting framework that has been applied in their preparation is applicable law and United Kingdom A¢¢ounling Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and R8public of Ireland (Unilod Kingdom Generally AC￿p(ed Accounting Praclicel. In ¢)ur opinion the finanual stalemenls.. give a true and lair view of the slate of the charty's affairs as at 31 July 2024 and of ils incoming resources and application of resour￿, including ils in¢omg and gxpenditure for the year then ended.. have been propgrfy prfrpared in ac¢ordanc8 with Unil8d Kingdrm Generally Accepted Accounting Practice., and have been prgpargd in accordance with the requiremonls ol the Chantios Act 2011. Ba$1$ for opinion Vve conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities underthose standards are furtherdescribed in the Auditor's re5ponsibilth.es for the audit of the financial stalements section of our report. We 9￿ independent of the charitable company in accordance wilh the ethical requirements that are relevant lo our audrt of the financial siatements in Ihe UK, including the FRC'S Elhic81 Standard. and we have luffilled our other ethical responsibtlities in a¢coTdance with these requirements. We bèlieve that the audit evidence we have Obta￿ed is SL￿GIent and appropriate to provide a basis for our opinion. Con¢lu$ions relatlng to golng concern In auditing Ihe financial slalemen15. we have concluded that the IrLsslees' use of the going concem basis of accounting in the preparation ol th& financial slalemenls is appropriate. Based on the work we have performed, we have not idenlified any materi81 uncertainties relating lo evenls or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability lo continue as a going concern for a period of at least Iw8lvè months from when the financial statements ar8 autr>rised for issue. Our responsibilities and Ihe resp)nsibilities of the trustees wlh respect to going concem are described in the rekvant sectK)ns of thi5 report. tr¢￿èuK LLPi4?1rtgd ITh Entkndar4WalÈs wllh fou￿5181•d n￿mbar CK207043 Th•foBl￿•r•d IS al 55 Hill. Londan EC4M 7JW. A 8h1hiy trowè U.K LLP4ndrt44N•1•i MlfwonBtIi Page 8

Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RADLEY FOUNDATION FOR THE YEAR ENDED 31 JULY 2024 (CONTINUED) Oth¢r infomiation The trustees are responsible forthe other information contained within the annual report. The other information comprises the information included in the annual report, other Ihan the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, excopl to the extent otherwise explicitly ststed in our report, we do not express any fom of assurance conclusion thereon. Our responsibility is lo read the other infomiation and, in doing SD, consider whether the other infomiation is materially inconsistent wilh the financial statements or our knowledge obtsined in the audit or otherwise appears lo be materially misstated. 11 we identify such material inconsistencies or apparent material misstatements, we are required lo delerinine whether this give5 rise lo a material mIs5ts1e￿enl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misststemenl of this other infomi81ion, we are ￿qUired lo ￿port that fact. We have nothing lo report in this regard. Matters on whlch we are requlred to report by ex¢eptlon We have nothing lo report in respect of the following matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 rgquire us lo report to you if, in our opinion.. the information given in the financial slalements is inconsistent in any material respect with the trustees, repDrt,' or sufficient accounting Tècords hav8 not bean kept.. or the financial ststements are not in agreement wllh the accounting records and returns., or we have not received all the infomalion and explanations we require for our audit Responsibilities of trusteos As explained more fully in the Iruslees, responsibilities statement set out on page 7. the Iruslees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of finan¢ial statements that are free from material misstat8m8nt. wh8th8r du8 to fraud or 8rror. In preparing the financial slatemenls, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, Matters related to going concem and using the going con¢em basis of accounting unless the trustees either intend to liquidate the charity or to Cease operations, or have no realisti¢ allernalive bul lo do so. Page 9

., Crowe

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RADLEY FOUNDATION FOR THE YEAR ENDED 31 JULY 2024 (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to the risk of management override of controls included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: wJrc,or.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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., Crowe

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RADLEY FOUNDATION FOR THE YEAR ENDED 31 JULY 2024 (CONTINUED)

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 auditor's 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.

CROWE U.K. LLP Statutory Auditor

R+ Building 2 Blagrave Street Reading RG1 1AZ

5 December 2024

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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THE RADLEY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Note UnrgStrl¢tgd Rgstricted Total funds 2024 Tolal funds 2023 INCOME AND ENOOWMENTS FROM.. Donations and legacies Services provided by Radley College Trading income In¢ome from invè$tménts Inveslfftent ￿ncoMe 1b 181,874 555,583 71,924 2,255,745 2,437.619 555.583 71.924 t,542,843 543,805 259 273 249 727 509 000 453 040 Total 1068 654 2 505 472 574 126 2 539 688 EXPENDITURE ON: RaS$lng funds Services provided by Radley College Investment managérs fees Adminislralion charges Trading expenses 555,583 28,685 684 23,710 555,583 73.076 684 23,710 543,805 69,425 545 44,391 Charitable actlvities Amounts gifted lo Radley College S¢holarships paid 11 233,398 1,513,803 101 271 1,747,201 101 271 1,909.386 102 923 Total 842 060 1659 465 ￿25 2 626 084 Net incomellexp•nditur•l bofora gains 226,594 846.007 1,072,601 (86,396) Nel gainslllossesl on investments 229 091 5B3 414 N8t movement In funds 455,685 1,200,330 1.656.015 (618,800) Fund balance brought forward 4 723 536 8 146 747 12870 283 13 489 083 Fund balan¢¥ ¢arried fornard All income and expenditure is from continuing operations. There are no recognised gains and losses other than those disclosed above. The notes on pages 15 to 24 form part of these financial slalemenis Pa9e 12

THE RADLEY FOUNDATION

BALANCE SHEET

31 JULY2024

FIXED ASSETS
Investments
CURRENT ASSETS
Sundry debtors - taxation recoverable
Sundry debtors - dividends receivable
Sundry debtors - interest accrued on term deposit
Cash at bank and in hand
CURRENT LIABILITIES
Accruals and deferred income
NET CURRENT ASSETS
NET ASSETS
ACCUMULATED FUNDS
Restricted fund
Unrestricted fund - general
Unrestricted fund - designated
Notes
5
7
8
8		 2024
12,595,344
13,490
8,359
1,909,932
1,931,781
(827)
1,930,954
14,526,298
9,347,077
360,002
4,819,219
1�,526,298
2023
£
11.013.062
9,877
13,205
17,312
1,817,698
1,858,092
(871
1,857.221
12,870.283
8,146,747
104,723
4,618,813
12,870,283

----- Start of picture text -----
tements were approved and authorised for issue by the Trustees and were signed on their
29 November 2024
Mark Rushton
Chair
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The notes on pages 15 to 24 form part of these financial statements

Page 13

THE RADLEY FOUNDATION CASH FLOW STATEMENT 31 JULY 2024 Notes 2024 2023 Cash flows from operatlng actFvltles: Net movement in funds Met Igainsy1055es on investments Investment incomtr Decreasel lincreasel in debtors Decrease in creditors 1,6S6,015 1583,4141 1509,0001 18,545 (618,800) 532,404 (453.040) (25,443) 59 Ngt cash provided byl(usad inl operating activities 582,102 (564,938) Cash flows from investing activities Purchase tsl investments Investment income Proceeds from sale of investments {1,495,5631 509.000 499 288 (502,884) 453,040 389 367 Net cash lused inllprovided by investing activitie$ 487 275 339 523 Change in cash and cash equivalonts in the year 94,827 (225,415) Cash and cash equNalents al the beginning of the year 1 825 351 2 050 766 Total cash and cash equlvalents at th end of the yèar Analysis of total cash balances.. 2024 2023 Cash awaiting investment Cash al bank and in hand 10.246 1 909 932 T.653 1817698 1825 351 Analysis of Changes in net debt: Al 1 August 2023 Cash Flow At 31 July 2024 Cash Cash awaiting investment 7,817,698 7,653 92,234 2,593 1,909,932 10,246 7,825,351 94,827 1,920,178 The notes on pages 15 to 24 form part of these financial statements Page 14

THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES The financial statements have been p￿pared accordance with A¢¢ounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo Charities preparing their accounts in acGordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20151 Charities SORP {FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Acl 2006. Bas1$ of accountlng The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20151- Charities SORP IFRS 102}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The charity meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless othe￿iSe stated in Ihe ￿levant accounting policy note{sl. The ¢harily has adgquale resources and has no requirement for extemal funding. Thg trustees have a rgasonablg expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. They continue to believe the going concem basis of accounting appropriate in preparing the annual financial statements. bl Donations and l&ga¢io$ Donations and legacies are credrted lo revenue on a receivable basis. Donations received by the Trustees of The Radley Found81ion for specific purposes a￿ treated as reslricled income. Other donations are credited to the general fund as unrestricted income. No amounts are included in the financial statemen15 for services donated by volunteers. Grfts in kind are recognised within incoming resour¢es and expenditure at an estimato of the equivalent open market value al the date of the gift. Donated ser41¢es Donated services are included al the value lo the charity based on cost incurred by Radley College. dl Investments and Invèstment Income Listed investments are initially measured at their cost and subsequently measured at their fair value al each reporting dale. Fair value is based on their quoted price at the balance sheet date wilhoul deduction of thg gstimated futtJr8 $811ing costs. Investments such as hedge funds and private equity funds that hav& no feadily identifiable market value are initially measured al their costs and subsequently measured at their fair value at each reporting dale wilhoul deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respective fund managers. Changes in fair value and gains and losses arising on the disposal ol investments are credited or Charged lo the income or expenditure section of the SOFA as 'gains or losses on investrnenls, and are allocated lo the fund holding or disposing ol the relevant investment. Page 15

THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES {CONTINUED) Expendlture Al expenditure is accounted for on an a¢cruals F>asis and has b8en classrfied under headings that aggregate all costs related lo the category. Expenditur6 on raising funds is incurred in seeking voluntary contributions. Charitable activities include gifts made lo Radley College for the purpose of awarding scholarships and bursaries lo pupils of the school. Governance costs ¢omprise all costs involving the public accountabi5ity ol the charity and its compliance with regulations and good practi￿. R¢¢ognltlon of Ilabllltjos Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events. gl The Foundation's funds A fund is a pool of unexpended resources, held and maintained separately from the other pools becausg of the way in whi¢h the resour¢es are originally received or the way in which they have subsequently been Irealed. A lund may b¢ unrestricted or restricted as lollows:_ Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects of the Foundation. 21 Restricted funds are funds re￿ived for means-tested awards or particular proje¢ts as specified by the donor. Expenditure is restrict￿ to the purpose of each particular fund. h) Management of the funds The Foundation TrLtslees are legally responsible for the management of the funds and have pla¢ed the preponderant part with Ouem and the balance with Investec. The General Purposes Committee of the Council of Radley College assists the Foundation Truslees in monitoring the performance of all tho funds referred to above. Flnanclal Instruments Basic financial instruments include debtors and creditors. Debtors and creditors are in*tially re¢ognised at transaction value and subsequently measured at amortised cost. Note 12 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring lofixed asset investments and debtor balances excluding prep8ym&nls, and financial liabilities referring to all credllor balances excluding deferred income. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Preparation of the financial slalernenls requires the Trustees lo make judgements and eslimales. The Trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty. Pag8 16

THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 ADMINISTRATION CHARGES Management and administration costs of the charity of £555,583 f2023.. £543.805) We￿ borne by Radley College, which the Trustees regard as a related party. Total costs Borne by Radl•y College 2024 2024 2023 2023 Wages and salaries Cost c>f generating funds Contribution lo Radleian Socioty Othèr profassional faas 428,081 67.135 29,950 412,227 65.728 29,950 428,081 67,135 29.950 412,227 65, 728 29,950 555 583 555 583 543 805 Borne diredy by Foundation Investment manager fees Other adrninislration charges Trading Expenses 73,076 684 69.425 545 INVESTMENT INCOME 2024 2023 Listed investments Bank interest 445.866 427, 135 453 040 INVESTMENTS 2024 2023 Balance brought fOn￿ard Additions Disposals Revaluation gains 11,005,409 1,495.563 1499,2881 583 414 11,424.296 502,884 {389,367) 532 404 12.585.098 17,005,409 Cash with investment managers Net book value at 31 July 2024 Page 17

THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 RELATED PARTY TRANSACTIONS During the year, donations lolalling £11,875 (2023 £66,025) were received from the Foundation Trustees. No Trustee received remuneration in the year. Any expenses of the Trustees a￿ borne direcuy by Radley Colleg¢. £555,58312023.. £543,805) of costs relating to management and administration, including staff wsts, were gifted by Radley College. Amounts gifted lo Radley College are recognised when approved by the fruslees,. £1,747,201 {2023.. £1,909,386) was gwen in the year. RESTRICTED FUNDS - 2024 Inv•8tm•nt gain51 Ilossesl lès8 fe85 and tran$f•rs Valuo al I August 2023 Glftod to Radl8y CollegB Value at 31 July 2024 $¢holar. shlp8 InGMIO Donatlon$ Bursary funds Amied Fo¢es Greater China James Wesson Fund tamish Aird Fund Anthony Hudson Fund an Rae Smith Fund Othar Foundation Awards Hugo Rulland Mernorial flchard Morgan Award si Shale Unrrférsrty Prize 2.847,126 325,90Q 88.086 162.601 116.951 168.363 2.4(M),652 112,473 S,858 1.655 6,905 1.484 4.100 43,159 8.998 152,4791 121,798 5,417 973 7,055 1.346 6,676 52.226 3,037,916 t92,949 61,091 175,348 23,631 153,026 2.912,696 1144.2261 131,2481 1,625 5.000 196,1501 828.914 1.172 7SO,988 46.481 1412.2551 11.2801 178.3291 147.2661 35.489 708,128 299 3221 3.221 S¢holar8hlp funds Bastya Malcolm Robinson Zimbabwe Cricket SCh￿a￿hIp 1.780.849 71,446 148,7921 75,215 1.878,718 io 663 11.377 17031 111,3771 Prol•¢t funds AcadeTnic Capital Projects Chapel CfrcurricuL8r Dick Usherwo Partnerships Socials other 91,202 125,015 1,690 6.072 2,647 59.225 157,257 68,628 37,646 33.059 140.824 2.500 101.388 146.8431 1194.5851 170.2101 142.7801 132.0511 1155,6991 115,2751 1101,2(NJI 3.757 109.986 87,687 1118 938 1,008 125 15.000 12.775 188 Total restricted funds 8.146,747 249 727 2.255 745 1 $13803 101 271 309 932 Summary of puvposè& of namod hjnds values In oxco58 Qtuso,000 Armed Forces." Bvrsary fund forlhe Children ol Forces personnel of all ranks killed oi wounded while serving Iheir cwnty Greater China.. Bursary fund lo supwrt outsiandlng siuden15 from Ihe Greater China area Bastyan." Scholatship fund suppO￿n9 excelletKe in pertomance in ￿9a￿ or classical piano Page18

THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 RESTRICTED FUNDS l¢ontSnued)- 2023 Inve¥thiemt galns Ilo$$$$l 188$ fe•s and transfor$ Value at f Au9usI 2022 GIft￿ to Radloy ¢011090 Valuo at 31 July 2023 Scholar. shlp$ In¢om• DonatS¢)ns Bursary lund$ Armed Forces Greaier china James W888on Fund amish Aird Fund Anthony Hudson Fund Alan Rae Smith Fund Other Foundation Avrdrds Hugo Rvlland Memonal R￿hard Morgan Award 2.933,993 426,057 108,544 267.451 210,524 217,525 2. 135,290 131 109.556 7.757 2,317 7.787 3.621 3.521 50.133 9.758 188 11,650 10.000 1.767 158,3021 1147.8791 119.0021 15,4671 112.2691 19.8611 2,847.126 325,900 IB.086 162.601 116,951 168.363 2,400,652 189,1001 128,9581 1110,3681 189,1001 144,5501 1186,1891 462.479 1.312 49,949 97.875 161.0611 149,9491 198.ogsl 1.304 3,221 1,084 3,221 Shak UnNer5ily Pr￿e Scholarshlp fund5 Baslyan Makolm Robinson Zlmbabwfr Crl¢k81 Sclwlartshlp 7.850.436 60 69.442 144,6211 194,4081 1,780,849 12,168 29,402 112,1781 129,4021 Pfol8¢t fvnds Academi¢ Capital Projects Chap81 63,945 313.558 1,796 1,678 42,084 395.531 60.965 114,9011 1584,0741 161,0911 11,6041 91.202 125,015 CTrcurricular Entrepreneurship Partnerships Socials Other 152.840 1146,7681 175,0001 115,0001 6,072 75.000 t5,0(10 15,000 13.900 12,775 357 Total r88trf¢t8d funds 8.624.192 255 812 1 367 388 1 638 038 102923 Page 19

THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 UNRESTRICTED FUNDS Gongral Designated Total At 1 August 2023 Donations Investment income Trading Inwme Gifts lo Radley College Donated by Radley College Costs of generating funds Trading Expenses Inveslmenl charges Transfer Administration charges Gain on investment assets 104,723 181,874 63,135 71,924 137,2601 555,583 1555.5831 123.7101 4,618,813 4,723,536 181,874 259,273 71,924 1233,3981 555,583 1555,5831 123,7101 128,6851 196,138 1196,1381 128,6851 16841 16841 229 091 229 091 At 31 July 2024 Goneral Designated Total At 1 August 2022 Donations Investment income Gifts lo Radley College Donated by Radley College Costs of generating funds Investment charges Transfer Adminislralion charges Loss on investment assets 178,933 175.455 25.880 1100,000} 543,805 1543,8051 4.685,958 4,864,891 171,348 1171,3481 197,228 1271,3481 128,4781 175,000 128,4781 1175.0001 15451 213667 At 31 July 2023 Page 20

THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 ALLOCATION OF NET ASSETS - 2024 Net current assets Investmonts Totsl Unrestricted funds General Designated 360,002 360,002 4819 219 4819219 4.819,219 360.002 5,179,221 Restricted funds Bursary funds Armed Forces G￿¥ter China James Wesson Fund Hamish Aird Fund Anthony Hudson Fund an Rae Smith Fund Other Foundation Awards Hugo Rulland Memorial Richard Morgan Award Silk Shale University Prize 3,036,766 187,090 58,160 169,656 22,148 148,925 1,457,356 1,150 5,859 2,931 5.692 1.483 4,101 1,455,340 3,037,916 192,949 61,091 17S,348 23,631 153,026 2,912,696 708,128 708,128 299 3,221 299 3,221 Scholarship Funds Bastyan Malcolm Robinson Memorial 1.878,220 498 10 1,878,718 10 ProJ¢¢t funds Academic Capital Projects Chapel Co&Curricular Dick Usherwood Partnerships Other 109,676 312 87,687 108 938 1,008 125 188 109,988 87,687 108 938 1,008 125 188 7,776,125 1.570,952 9,347,077 Page 21

THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 ALLOCATION OF NET ASSETS Icontinuedl - 2023 Net current assets Invg$lments Total Unrestrl¢t•d fund$ General Designated 104.723 104.723 4618813 4618813 4,618,813 104.723 4,723,536 Restrlctad funds Bursary funds Armed Forces Greater China James Wesson Fund Hamish Aird Fund Anthony Hudson Fund Alan Rae Smith Fund Other Foundation Awards Hugo Rutland Memorial Silk Shale University Prize 2,648,595 305.480 86.970 162,601 115,698 142,250 1.177,741 198,531 20,420 1,116 2,847.126 325,900 8B,086 162,601 116,951 168.363 2.400,652 110 1,084 3,221 1,253 26,113 1,222,911 110 1,084 3,221 Scholarship Funds Baslyan Malcolm Robinson Memorial 1,692,573 88,276 so 1,780,849 50 ProJ8et funds Academic Capital Projects Chapel Co-curricular Partnerships Socials 62,341 28,861 125,015 1,690 6,072 15,000 12,775 91,202 125.015 1,690 6,072 15,000 12,775 6,394,249 1,752.498 8.146.747 10. ULTIMATE CONTROLLING PARTY The ultimate controlling party is deemed lo be Radley College and as such the Radley Foundation's financial statements have been in¢luded within the consolidated financial statements ol Radley College. However, despite the Foundation working lor the benefit of the College, it is controlled independently by the Trustees of the Foundation. Copies of the Radley College consolidated finan¢ial statements Can be obtained from the Charity Commissioners. Page 22

THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 GIFTS TO RADLEY COLLEGE Gtrts made by The Foundation lo Radley College lo be applied as follows.. 2024 2023 Fund Bursary funds James Wesson Fund Foundation Awards College Scholarship and Bursary Fund Greater China Scholarship Anthony Hudson Alan Rae Smith Harnish Aird Scholarship Hugo Rutland Memorial Richard Morgan Award Silk 31,248 412,255 196,138 144,226 96,150 26.113 6,213 1,280 78,329 47,266 28,958 186, 189 171,348 89,100 89,100 44,550 110,368 1,333 49,949 98,095 Scholarshlp funds Malcolm Robinson Memorial Zimbabwe Cricket Scholarship 703 11,377 12,178 29,402 Project funds Academi¢ Capital Projects Chapel Co-curricular Entrepreneurship Partnerships Dick Usherwood Socials Wardan's Discretion Rugby Tour Other 46,843 194,585 70,210 42,780 14,901 584,074 61,091 146, 768 75,000 15,000 155,699 32,051 15,275 1, 125 100.000 37,260 101 200 857 12. FINANCIAL INSTRUMENTS 2024 2023 Finan¢i81 as5et5 measured al amortised cost Financial assets measured al fair value Financial liabilrties measured at amortised cost 1.931,781 12,595,344 1,858,092 11,013,062 Financial assets measured at amortised cost comprise total debtors, plus cash al bank and in hand. Financial as5els measured al fair value comprise investments. Financial liabilities measured al amortised cost comprise total creditors. Page 23

THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Note Unrestricted Restricted Totsl funds Total funds 2023 2022 INCOME AND ENDOWMENTS FROM.. DonatK)ns and legacies Olher trading activities Management and administration servi¢es donated by Radley College In¢ome from investments Investment incorne 175.455 1,367,388 1,542,843 2,349,815 543,805 543,805 512,003 197 228 255 812 405 718 Total 916488 1 623 200 2 539 688 3 267 536 EXPENDITURE ON: Raising funds Services provided by Radley College Investment charges Administration charges 543,805 28,478 545 543,805 69,425 545 512,003 73,349 195 40,947 Charitable activities Amounts gifted lo Radley College Scholarships paid Total 271.348 1.638,038 1,909.386 1,280,715 102 923 102923 1781908 2 626 084 Net in¢omel{expenditUTel before gains 72,312 1158,7081 {86,3961 1,306,452 Nel investment losses 213 667 737 532 404 133259 Nel movemont in funds 1141,3551 {477,4451 1618,8001 1, 173,193 Fund balance brought forward 4 864 891 8 624 192 13 489 083 12 315 890 Fund balance carried forward Page 24