Seale Hayne Educational Trust
Trustees. Report and Financial Statements
for the year ended 31 July 2024
Charity number: 306613

Seale Hayne Educational Trust
Contents
Page
Legal and administrative information
Trustees report
Independent examiners, report
statement of financial activities
Balance sheet
Notes to the financial statements
10-15
Detailed Statement of Financial Activities
16

Seale Hayne Educational Trust
Legal and administrative information
Charity number
306613
Registered Office
University of Plymouth
Emdeck Building
Plymouth
Devon
PL4 8AA
Secretary
Professor M Fuller
Trustees nominated
y University of Plymouth
Professor T Knowles
Professor J Roberts
Trustees CO￿pted
Dr P Le Grice
Sir H Studholme
Mr l McVicar- appointed 1 January 2024
Dr A Jellings- retired 31 December 2023
Accountants
Ils Accountants Limited
2 Endeavour House
Parkway Court
Longbridge Road
Plymouth
PL6 8LR
Bankers
HSBC Bank PLC
4 Old Town Street
Plymouth
PL1 1DD
Page 1

Seale Hayne Educational Trust
Report of the Trustees
The trustees present their report and the financial statements for the year ended 31 July 2024. The trustees
who served during the year and up to the date ofthis report are set out on page 1.
Structure, governance and management
Governing document
The Seale Hayne Educational Trust ('the Trusf) was approved by the Charity Cornmission on the 20 October
1999 and is a registered charity, number 306613. The scheme supersedes that previously known as the Seale
Hayne College Trust which continued to operate until the new scheme came into force. The Seale Hayne
College Trust was, until 19 October 1999, incorporated into the University of Plymouth Financial Statements.
An agreement was approved by the Charity Commission allowing the sale ofthe Seale Hayne Estale and other
assets (exclLrding liquid investments) of Ihe Seale Hayne College Trust to the University of Plymouth. The
purchase price was converted into a 10-year loan back to the University by the Trust. This loan has been
repaid in full.
Appointment of trustees
There are two nominated Trustees appointed by the Board of Governors of the University of Plymouth for
period of three years. In addition there are three co-opted Tnjstees, who are appointed by the other Trustees.
Cowopted Trustees must be independenl of the University of Plymouth and are appointed for a term of three
years. The names of the Trustees are shown on page 1.
The Trustees do not have a personal interest in the Trust although they may be entitled to reimbursement of
reasonable expenses related to duties performed as Trustees but do not receive remuneration fortheir services
as trustees. They may not have a financial interest in the supply of goods and services to the Trust other than
in their capacity as employee of or consultant to the University. The Trustees are required to hold two ordinary
meetings in each financial year.
Trustee inductlon and training
Any new Trustees will be inducted and trained appropriately which would ensure that they were aware of the
objectives and activities of the Trust.
Organisation
While the Trustees are responsible for the administration of the Trust, the University of Plymouth assumes day
to day management and investment of assets on behalf of the Trustees. The Trustees may seek external
professional advice if necessary.
Risk Management
The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the
operations and finances of the Trust, and are satisfied that systems are in place to mitigate the Trust's exposure
to the major risks.
The main risk relate5 to the investment returns. There has been sufficient growth in the value of the investment
fund in recent years to withstand any short-term losses on the fund.
Page 2

Seale Hayne Educational Trust
Report of the Trustees
Objectives and actlvities
The Trusfs income may be applied within the Trustees discretion for-.
The objects of the Trust..
Providing items, services or facilities for higher education or research in the Subject.
Providing support grants to, or otherwise in promoting the higher education or ￿ search of, students in need
of assistance-
Promoting higher education or research in Ihe Subject.
The actlvities of the Trust..
The activities are governed by the 'Subject', vthich is defined in the Trust Scheme as 'the art, science and
technology of agriculture, food and land use and of disciplines supporting agriculture, food and land use or
such other arts, sciences and branches of technology as the Trustees may determine.,
Public benefit statsment
Under the Charities Act 2011 the trust is required to report on how they have delivered their charitsble purposes
for public benefit. There are key principles and seven supporting principles of publi¢ benefit to be followed
by all charities. The Trust has had regard to the Charity Commissions guidance on public benefit and
summary of how this has been achieved is provided below.
The Trust makes a number of awards each year to encourage valuable applied research In the areas of the
art, science and technology of agriculture, food and land use and of disciplines supporting agriculture, food and
land use or such other arts, sciences and branches oftechnology. It Is particularty concerned to provide'pump-
priming, awards to help applicants, often lacking the experience and confidence to apply to research councils
and similar bodies, to establish new research programmes. The Trust's work is in accordance with its objectives
and activities and has been of considerable benefit to wral industry, society and environment since ils inception
in 1999. The Trust also makes a number of awards to assist promising students in adding value to their
educational programmes by attending conferences, or undertaking field study which they would not otherwise
be able to afford.
The origins of the Trust lie in the Seale Hayne College, which was one of the institutions that merged to ft)rm
the current University of Plymouth. It has therefore been considered appropriate to include staff and students
of the University of Plymouth as potential applicants for funding. This is specrfied in the Trust Scheme sealed
on 20 October 1999 and reviewed every 10 years by the Trustees. University of Plymouth students extends to
include the students of the majority of the further education Colleges in the SoLrth-We5t of England. The
University has a balanced and diverse student population from a variety of backgrounds and experiences and
enjoys the educational and cultural benefits that this brings. Potential students are able to apply to the University
regardless of geographical location, background and financial standing for a wide range of courses and
programmes. The University has a well-established programme of outreach activities designed lo raise levels
of attainment, aspirations and applications among under-represented groups.
The Trustees have reviewed the objects, scope and beneficiaries of the Trust and are satisfied that the existing
arrangements are suited to the Trust's objectives.
Page 3

Seale Hayne Educational Trust
Report of the Trustees
Achievements and perfomiance
Application criteria
During the year the Trust published a statement of its objectives and invited applications for funding. Activities
that are funded are categorised between strategic, short term and other. The Truslees will continue to
encourage future applications while maintaining a critical review process to ensure that the successful
applicants meet with the Trust's objectives. The Trustees are keen to support researchers, particularly in the
areas of agriculture, food and land use, who are unable to secure funds elsewhere. From 200212003 to the
current year, the Trust has awarded funding of £1,026,543 in accordance with charilable objectives.
Grant Applications
At the meeting on 25 April 2024 grant applications were considered and the Trustees approved 7 (2023.. 6)
grants totalling £63,594 (2023.. £51,385) out of a total of 10 (2023'.101 applications. In recent years, amounts
totalling £17,700 have also been awarded to AgriFood Charilies Partnership research projects. Of the total
grants paid, £6,608 has been refunded to the Trust in the year ended 31 July 2024 relating to the underspend
of grants made in previous years {2023'. £10,942).
Grants were approved by the Trustees for the following projects:.
Use of a novel species-specific ribonu¢lei¢ acid interference (RNAI) pesticide
against rape winter stem weevil.
Indicators of juvenile fish growth for critical estuarine habitsts
Remediation of toxic mine wastes.
Fabricated soil.. Optimising nutrient retention for crop cultivation using
sustainable, organi¢ fertilisers.
An Agri-Pharma approach to screening of plant essential oils and their bioactive
components for anti-inflammatory potential.
Plantimicrobials.. The hidden world of the flower microbiome to access novel
diversity and antimicrobial agents.
Craving root space or light? Disentangling growth constraints on
wheat for more realistic pot experiments.
Financial revlew
Overall perfomiance in year
Income from listed investments was £55,797 (2023.. £55.583) and income from bank interest was £334 {2023-
£184). Unrestricted reseNes Carried forward are £5,880 (2023.. £13,254) and restricted reserves carried forward
are £2,081,57412023.' £1,935,914).
Investment Policy and Performance
In accordance with the Trust Deed, the Trustees have the power to invest in such stocks, shares, and
investments as they see fit. The trustees are mindful that investments should not be made that conflict with the
trusts objects'ves and to this end ensure that a suitable fund is used with established and transparent ethical
criteria. The Trustees review these investments annually and the investmenl policy is reviewed every five years.
The Trustees engage a single fund manager, CCLA Investment Management Limited. Investments are held in
COIF Charity Funds and CCLA offer a balanced fund, which includes UK and overseas equities, loans, property
and bonds.
The annual management charge for the Investment Fund is 0.80￿ and is charged to the Fund and deducted
from the capital, this therefore does not impact on the annual dividends that the trust re¢eives.
Page 4

Seale Hayne Educational Trust
Report of the Trustees
The policy is to adopt low risk investments using the Retail and Consumer Price Indices as a minimum
benchmark forcapital growth. The investments are managed to maintain income while preserving the real value
of the endowed investments.
During 2017118, the trustees agreed to adopt Total Retum Accounting to be effective from 1st August 2018,
and this was first utilised in 2019120. This approach enables the trustees lo consider all investment returns
when deciding how much to pay outas grants to su¢ces5ful applicants and therefore potentially able to increase
grants in years where the total return allows. The trustees are responsible for ensuring that a proportion of the
investment income and gains each year, at least equal to inflation, is applied to the restricted reserves, and it
is recommended that the amount applied is greater than inflation to build up a buffer against adverse market
events. The original capitsl investment of £850,000 was worth £1,577,504 in real terms at 31 July 2024 {i.e.
inflation since 1999) and therefore the maximum additional total return that could be expended during 2023124
was £504,070 (see note 14). During the year the trustees agreed to utilise £nil (2022123.. £nil) of these funds to
award additional grants. The cumulative totsl of total returns utilised since 2019120 is £32,100. Utilisation of
total returns requires units to be sold from the Investment fund to the same value. No units were sold during
2023124 (2022123.. none).
The Trust also obtains a small amount of interest from short term funds held in a bank deposit account.
Resetves Policy and use of Income and Capltal
The unrestricted funds held by the Trust represent Ihose assets not held in fixed assets. The Trust Deed does
not specify a minimum level of unrestricted funds, however the trustees have agreed Ihat an amount should be
held to ensure that the Trust can manage any unexpected spend. The Trustees have committed most of the
balance to grant awards.
The restricted funds are the Seale Hayne Educational Trust Endowment Fund represented by those assets
which must be held permanently by the Trust and principally comprises Ihe fixed asset investments. Income
from the endowment fund can be used in accordance with the objectives of the Trust.
The Trustees use of income and capital Is determined by the trust deed. This states that they must first apply
the Trust's income. then if they think fit, expendable endowment, and when expenditure can properly be
charged to it, it5 penrtranent endowment in meeting the proper costs of administering the Trust. After paymenl
of these costs they may apply the funds in accordance with the objectives of the Trust.
Golng Concern
The Trustees are of the opinion that the Trust has adequate resources to continue for the foreseeable future.
The Trustees have considered the impact of reducing interest rates, which is mitigated by the Investment
Manager's policy of maintaining distribution income. The financial statements are therefore prepared on a
going concern basis.
Future Plans
The Trust has reviewed its goveming document which was previously sealed on 20 October 1999 and decided
that the objectives, which may be amended after 10 years, did not need to be changed.
The trustees will continue to pay the maximum amount of grants each year to deserving applicants and will sell
investment units as per the total return aGcounting approach which consider5 all investment returns, to enable
this to be fulfilled. The level of unrestricted funds will therefore be kept at a minimal level whilst ensuring the
trust can meet its liabilities in order to ensure researchers are supported, particularly in the areas of agriculture,
food and land use.
Page 5

Seale Hayne Educational Trust
Report of the Trustees
Statement of trustses, responsibilities
The trustees are responsible for preparing the Trustees, Annual Report and the financial statement5 in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice).
The law applicable to charities in England & 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 applicats'on of resources of the charity for that period. In preparing these financial statements the
trustees are required to..
Select suitable accounting poli¢ies and then apply them ¢onsistently',
Observe the methods and principles in the Charities SORP 2019 {FRS102)'
Make judgements and estimates that are reasonable and prudent..
State whether applicable accounting standards have been followed, subjectto any material departures
disclosed and explained in the financial ststements.,
Prepare the financial stalements on the going concern basis unless it is inappropriate to presume that
the charity will continue in operation.
The trustees are responsible for keeping proper accounting re¢ords which 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 requirements ofthe Charities Act 2011, the Charities (Accounts and Reports) Regulation 2008 and the
provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for
tsking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees recommend that Wills Accountants Limited remain in office until further notice subject to annual
review.
On behalf ofthe Trustees
Dr Phil Le Gri¢e
Trustee
Dated.. 26 November 2024
Page 6

Seale Hayne Educational Trust
Independent examiner's report to the trustees on the unaudited financial
statements of Seale Hayne Educational Trust.
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 July
2024 which are set out on pages 2 to 16.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the
requirements of the Charities Act 2011 ('the Act,).
I report in respect of my examination ofthe charity's account5 carried out under Section 145 ofthe Act and in
carrying out my examination I have followed all the applicable Directions given by the Charity Commission
under section 145(5)(b) of the Act.
Independent examlners statement
I have completed my examination. I confirm that no material matters have come to my attention in connection
with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 130 of the Acl,. or
the accounts do not accord with those records- or
the accounts do not comply with the applicable requirements concerning the form and content of
accounts set out in the Charities (A¢¢ounts and Reports) Regulations 2008 other than any
requlrement that the accounts give a 'true and fair view which Is not a matter considered as part of
an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be
reached.
Wills Accountants Limited
Independent Examlner
Chartered Certified AGcountants
2 Endeavour House
Parkway Court
Longbridge Road
Plymouth
PL6 8LR
Zo'au-
Page 7

Seale Hayne Educational Trust
Statement of Financial Activities
for the year ended 31 July 2024
Unrestrictsd
funds
Restrictsd
funds
2024
2023
Total
Total
Notes
Income from:
Charitable activities
6,608
6,608
10,942
Investments
56,131
56.131
55,767
Total
62,739
62,739
66,709
Expenditure on:
Charitable activities
(70,113)
(70,113)
(60,813)
Total
(70,113)
(70,113)
(60,813)
Net (expendlture)lincome
17,3741
(7.374)
5,896
Net gainl{loss) on investments
145,660
145,660
(39,014)
Net movement in funds
(7,374)
145,660
138,286
(33.118)
Reconciliation of funds:
Total funds brought forward
13,254
1,935,914
1,949,168
1,982,286
Total funds carried forward
5,880
2,081,574
2,087,454
1,949,168
The notes on pag8s 10 to 16 fomi an integral part of these financial statements
Page 8

Balance sheet
as at 31 July 2024
2024
2023
Not8S
Fixed Assets
Investments
2,081,574
1,935,914
Curr8nt Assets
Debtors
Cash at bank and in hand
8,159
11,039
19,198
12,001
Credltors: amounts
falling due within one
year
5,944
Net Current Assets
5,880
13,254
Net Assets
10
2 087,454
1,949,168
Funds
Restricted income funds
Unrestricted income funds
Total funds
12113
2,081,574
1,935,914
13,254
1,949 168
2 087 454
The financial ststements were approved by the Trustees on 26 November 2024 and signed on its behalf by
Dr Phil Le Gri
Trustee
The notes on pages 10 to 16 form an Integral part of these financial statements
Page 9

Seale Hayne Educational Trust
Notes to financial statements for the year ended 31 July 2024
1. Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied
Gonsistently throughout Ihe year and the preceding year.
1.1. Basis of accounting
The financial statements are prepared under the historical cost convention, except for investments which
are included at market value, and in accordance with Ihe Statement of Recommended Practice
'Accounting and Reporting by Charities, preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS 102), and the Charities Act 2011.
The functional currency of the Trust is Pounds Sterling, the currency of the United Kingdom the primary
economic environment the Trust operates in. The Financial Statements are also presented in Pounds
Sterling.
Going Concern
The trustees have a reasonable expectation that the Trust has adequate resources to continue to operate
for the foreseeable future.
The Trust prepares a f0￿caSt on an annual basis. The going concem nature of the Trust has been
considered for a period of greater than 24 months from the date of approval ofthe Financial Statements.
The Trust is satisfied that it can meet its day to day working capital needs out of cash and liquid
investments. The trustees are not aware of any material uncertainties which would prevent the Trust from
continuing as a going concern.
The statements are prepared on a going concern basis.
1.2. Income recognltlon
All income is included in the statement of financial activities when the Trust is entitled to the
income
and the amount can be quantified with reasonable accuracy. The following specific policies are applied
to particular categories of income..
Income from investments is included in the year in which it is receivable and the annual management
charge of 0.60A is deducted from capital and does not impact on dividend income.
1.3. Expendlture
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT
which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the Trust in the delivery of its activities and
services for ils beneficiaries. It includes both costs that can be allocated directly to such activities and
those costs of an indirect nature necessary to support them.
1.4. Investments
Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the
gain or loss taken to the statement of financial activities. The gain or loss on disposal of investments held
is determined by the market value of the shares as at the previou5 year end. The annual management
charge for the Investment Fund is 0.60A and is charged to the Fund and deducted from the capital.
The Trust has adopted the option to apply the recognition, measurement and disclosure requirements of
sections 11 & 12 of FRS 102.
Page10

Seale Hayne Educational Trust
Notes to financial ststements for the year ended 31 July 2024
1.5. Related parties
Related party transactions have been identified where significant influence is considered to exist.
1.6. Estimates and judgements
The preparation of the Finan¢ial statements requires judgements, estimates, and assumptions that affect
the application of accounting policies and reported amounts of assets and liabilities, income, and
expenses. Thesejudgements, estimates, and associated assumptions are based on historical experience
and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual
results. Where required estimates and judgements a￿ included in the narrative within the accounting
policies and the notes to the financial statements.
2. Charltable income - by fund type
Unrestricted
Funds
2024
Totsl
2023
Total
Grants repayable
6,608
6,608
10,942
6,608
6,608
10,942
3. Investment income
Unrestricted
Funds
2024
Total
2023
Total
Dividends on investments
55,797
55,797
55.583
184
Interest on cash deposits
334
334
56,131
56.131
55.767
4. Costs of charitable activltles by fund type
Unrestricted
Funds
2024
Total
2023
Total
Grants payable
Trustees and Secretary expenses
Administration charge
Accountancy fees
Other expenses
63,594
63,594
54,485
84
5,194
750
300
5,323
798
5,323
798
398
398
70,113
70,113
60,813
Other expenses relate to a membership fee for the AgriFood Charities Partnership.
Page11

Seale Hayne Educational Trust
Notes to financial statements for the year ended 31 July 2024
5. Grants payable
Total
Use of a novel species-specific ribonucleic acid interference (RNAI) pesticide
against rape winter stem weevil
Indicators of juvenile fish growth for critical estuarine habitats
Remediation oftoxic mine wastes
Fabricated soil.. Optimising nulrient retention for crop cultivation using
sustainable, organic fertilisers
An Agri-Pharma approach to s¢reening of plant essential oils and their
bioactive components for anti-inflammatory potential
Plantimicrobials.. The hidden world ofthe flower microbiome to access novel
diversity and antimicrobial agents
Craving root space or light? Disentangling growth constraints on wheat for
more realistic pot experiments
14,880
9,727
10,085
10,492
6,000
4,910
7,500
63,594
2022123 grants payable were £54,485 and included £3,100 towards an AgriFood Charities Partnership
research project.
6. Trustees, and Trust secretary emoluments
The trust does not have employees. Trustees are not renumerated for their services, other than
reimbursement of reasonable expenses. Expenses of £nil (2023: £84) were reimbursed in the year.
7. Other recognised gains and losses
Restricted
Funds
2024
Total
2023
Total
Unrealised gainl(loss) on valuation of non-current
investments
145,660
145,660
{39,014)
145,660
145,660
(39,014)
8. Non-current investments
2024
2023
Valuation at 1 August
Revaluation gainl(loss) as at 31 July (unrealised)
1,935,914
1,974,928
145,660
(39,014)
Valuation at 31 July
2,081,574
1,935,914
Valuation statement provided by the fund manager CCLA.
Page 12

Seale Hayne Educational Trust
Notes to financial statements for the year ended 31 July 2024
9. Debtors
2024
2023
Accrued income
8,159
8,159
The accrued income relates to amounts owed to the Trust in respect ofunspentfunds on grants awarded
in previous years.
10. Credltors: amounts falling due withln one year
2024
2023
Accruals
6,121
5,944
6.121
5,944
This includes £5,323 owing to the University of Plymouth for financial and administrative services
provided (2023.. £5,194).
11. Analysls of net assets between funds
Unrestricted
Funds
Restricted
Funds
Total
Funds
Fund balances at 31 July 2024
as represented by..
Fixed Asset investments
Current assets
Current liabilities
2,081,574
2,081,574
12,001
(6,121)
2,087,454
12,001
(6,121)
5,880
2,081,574
There were no transfers be￿een funds for the year ending 31 July 2024 (2023.. none).
Page13

Seale Hayne Educational Trust
Notes to financial statements for the year ended 31 July 2024
12. Unrestricted funds
At 1 August
2023
Incoming
Resources
Outgoing
Resources
At 31 July
2024
Unrestricted Funds
13,254
62,739
170,1131
5,880
13. Restricted funds
At 1 August
2023
Incoming
Resources
Outgoing
Resources
At 31 July
2024
Restricted Funds
1,935,914
145,660
2,081,574
14. Total return accountlng summary
Unapplied
Total
Return
Totsl
Endowment
Trust for
investment
Fund
At 1 August 2023:
Gift component of the permanent endowment
Unapplied total return
850.000
850,000
1085 914
1,935.914
1085,914
1,085,914
850,000
Movements during the year..
Investment retum.. unrealised gain
145 660
145,660
145 660
145,660
Net movements in the year:
145 660
145 660
At 31 July 2024:
Gift component of permanent endowment
Unapplied total return
850,000
850,000
1 231574
2 081574
1231574
1,231,574
850,000
Unapplled total return represented by:
Cumulative gains equal to inflation"
Cumulative gains above inflation
727,504
504 070
1231,574
Under Total Return Accounting, it is advised that the Trustees ensure thal a proportion of the
investment income and gains each year, at least equal to inflation, is applied to the restricted reseNes.
During 2023124, the Trustees did not utilise any of the restricted funds under Total Return Accounting
(2023.. £nil).
Page 14

Seale Hayne Educational Trust
Notes to financial statements for the year ended 31 July 2024
15. Related Partles
The University of Plymouth is deemed to be a related party of the Trust given the composition of the
Trustees and the objectives of the Trust. The University of Plymouth provides the administrative and
finance function for the Trust that includes transactions with the Fund Manager. The following
transactions look place..
2024
2023
Nature of transaction
Grants paid by the Trust
Grants repaid to the Trust
63,594
51,385
6,608
10,942
Administration charge payable to the University
5,323
5,194
The balance owed to the University at 31 July 2024 was £5,323 (2023.. £5,194). The balance owed by
the University was £nil {2023'. £8,159).
No amounts were written off during either year or provided against at either year end.
During the grant awarding process, if a Trustee has a direct financial interest in any of the applications,
they will declare this and stand down from the decision-making process for the application.
Page 15

Seale Hayne Educational Trust
The ftjllowing schedule is an intrinsic part of the Trustee5' report and Financial statements required to comply
with the Statement of Recommended Practice 'Accounting and Reporting by Charities,.
Detailed Statement of Financial Actlvitles
for the year ended 31 July 2024
2024
2023
Incoming resources
Incoming resources from generating funds:
Investment income
Dividends on investments
55,797
334
55,583
184
Interest on ¢ash deposits
56,131
56,131
56,131
55,767
55,767
55,767
Total incoming resources from generating funds
Total Incomlng resourcès
Charitable activltles
Grants payable
Grant fvnding activities
Grants payable
Grants repayable
63,594
(6,608>
54,485
(10,942)
56,986
56,986
56,986
43,543
43,543
43,543
Grants payabl8 total expenditure
Total charltable activity expenditure
Governance costs
Activities undertaken dire¢tly
Trustees and secretary expenses
Administration charge
Accountancy fees
Other expenses
84
5,323
798
5,194
750
398
300
6,519
6,519
6,328
6,328
5.896
Total governanc8 costs
Net (outgoing}lincornlng resources for the year
Total unrestricted funds brought fonvard
Totsl unrestri¢ted funds carriod fO￿ard
(7,374)
13,254
5,880
7,358
13,254
Page 16