SALISBURY CATHEDRAL CHORISTERS, ENDOWMENT FUND REPORT OF THE TRUSTEE AND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2024 ONTENT Legal and Administrative Infonnation Report of the Trustee Independent Examinees Report Slaiement of Financial Activilies Balance Sheet Notes lo the Accounts
SALISBURY CATHEDRAL CHORISTERS, ENDOIVfvIENT F LEGAL AND ADhllNISTRATIVE INFORII IATIOY Tru%iee'. The Chapter of the Cathedral ChurLh of Ihe Ble%s¢d VirLJin Mary of SaliNbvry Addrex%: 6 The Clo4¢. sali4biiiy, Wiliihire SPI ?EF Priiicipal OIYIc¢r.' Jackie Molnar - Cliaplei. Clei'k Soliciior%: Pai'k¢r Biill¢n 45 Ca%ile Sireei. Sali%bury. Wili%hire, SP13SS Baiik¢pi'. Lloy(l% Bank pll 3A Blue Boar Roil. Sali%bury SPI I DB Ii?depeiideni E.xainiiiei': Ilaysmac LLP l O Queeii Sireel Place, Londoii. EC4R I AG Cliarily Nuimber.. 3094%5
SALISBURY CAT Rl TERS, END REPORT OF THE TRUSTEE R THE YEAR END 1st MARCH 2024 FUND The Trusiee presents ihe Annual Report with the Accounts of the Charity for the ycar ended 31 March 2024. which hav¢ b¢¢n prepared to comply with the provisions of the Charities Act 2011 and the Siatement of Reeommendcd Practice on Accouniing and R¢w)rting by Charilics applicablL' lo ihllrilils pr¢paring their accounis in accordance with lh¢ Financial Reporting Standard applicable in ihe UK anil Republic of Ireland (FRS102) (Sttond edition. effeclive January 2019). STRUCT E AND MANA 14AI StAtus The Chorisiers. Endowinent Fund is a chariiable Irusi of which the Chapter of Salisbury Cathedral is the corporatc Iruslee. li is consliluted by the Statutes of Salisbury Cathedral. It has a number of subsidiary charities whi¢h are mainly coftstilui¢d under wills. including the Choristers, Exhibiiion Fund. OrgvAnluilon Managem¢nl of Ihc ass¢ls of th¢ Choristers, Endowment Fund is d¢lc8ated to the Chapter Clerk of the Cathedral. The Chapi¢r of Salisbury Cathedral. as the exe¢uliv¢ body of the CorpoTalc Trusltt. mcel from tim¢ 10 time as TNslee of Ihe Fund. Rl$k Min•gement The Trustee has assesscd th¢ major risks to whiLh the charity is exposed and is satisfied thot sysiems aff in place to mitigate the Lhdri(Is exposure lo ihe major risks. Trustee Remunerllion ind Expensej Neiiher the TNsttt nor any persons connected with them received any remurteralion in Ihe ycar. IVE AND R THE PUBLIC Objectlve The objective of the Charity is the furthcrancc of th¢ education of ihe present and past ehorislers of Salisbury Caihedral. Th¢ T51¢¢ has r¢ferred to the guidance coniained in the Ch&riiy Commission's general guidance on public bcnefit when reviewing the Funds aims and objectives and in planning futur¢ a¢livilies and $thiing ihe grant makin8 poIi¢y for the year. Th¢ Charity achieves ils objecliv¢ by applyin8 the income from th¢ Choristers Endowment Fund iowards rhe school fees of the boy choristers. These are s¢lected after public advertisemcnt and voice irials. All boy Choristers atiet)d Salisbury Cathedral sch1. The scholarships ar¢ equivalent to 30 of the day fee and as far as possible the scholarship8 are paid out of th¢ income of the Chori5ters' Endowmeni Fund wilh the balance being made up from ihe Gencral A¢¢ount of the Cathedral. The Fund also ¢ncompasses certain additional bursary funds from which grant$ are made on ihe basis of n¢¢d to supplement the standard scholarships. Similar arnngemcnls are in place for ihe Cathedral's girl choristers although th¢s¢ ar¢ odminisiered ihrough a separate charily.
SALISBURY ATHEDRAL CHORISTERS, ENDOI1,IENT FUND REPORT FTHETR STEE CONTINUED FOR THE YEAR ENDED 1st INIA CH 2024 ACHIEI'ENI IEINT PERF RfvIANCE AND FINANCIAL REVIEM, Rei'l¢, of Aclivliles rdnd Achlevements In rhe financial year the charity did nol aciii'ely fuiidrai_4e froin the public or run legacy cainpa175 OT uiidenake %imilar fundrai%lllg #¢tiiJjiies in ir% oivn riL?lit The rru%iees ii'ere rhou&Fh pleased io receive Linsolicited Yifls and legacie% froin people i¥,ho b¥ei)erously %upport the ¢harily Duriiigi Ihe yeai. Ili¢ Cliuri%l¢r% Eiidoii'iiieiil fuiid InJdL bir'ini% lo1111115 L.? iii %upport ul. Ilie lees ul'boy chori%ier% and pr<)bo1ioiierN. Rti'iem, oc Fln#nclJl Transa¢tlon$ And Position The ii)LOIIIL' ijl. Ilie Fiiiid L125.41 ! 41,liil%l ¥lfJlltS P¢lyiible ')Iid gYUi¢lliilliLe Lo41% totdlled I l ?(),4?6. Tthkii)gp iiilo 41¢LVUI?I r¢<ilis¢d iiiid uiire¢ili¥eil LPajll% dl)(I lo%%es uii Ili¢ FLiiid'% 11?i'¢%111i¢1)1s ()f t143.440 in il)e year tlie Iiei ii%.%¢l% ol. Ilie Fiiiicl ii)Lre41%L.d by L147.47() Ini estnien¢ Poli¢i' Perforniance The Trii%tee'.% poliLy 1% to ini'e4t tlie Fiiii(I'% c.'Ii)iinl In chiiriiahle coinmoi) ii)VC%lineni lui)(14. ift a Ini.xtLire ol. liinil% hled 01) hotli c4Ulties Jl)Il fi.xe(l-Iniere%l itock%. rhe ohjectiie 1% to obtain a I'elaiively high leijel of iiicomc ii,hil¢ %till alloiviiigi foi. IIIL. l)i)%%il)ilIi ol. capii411 gyroi¥'th. %Libjeci io i mediLim degree of ri%k. Ii) Ihe l ? moi)tl)% tu 31 %t Mi arel) 11174 tlie Cliori%ier%' l.i)(loimei)t FiiiiLI i)ortfolio lih(l a ioial [urn Thi4 Loini)arc% iviih I'ctLllii from liK eqiiiiieN• of %.77;. from oi'er4ca% uiiiilie% of ?.1.117 . and frnin Iixeil Iiitcre%i••• of11.51) n. SourL'eN * IMSCI UK Iiidex: IMSC I Worl(l L.x l.'K Iiide.K. ¥•Murkii IBu.xx L Gilts 111(le,% ReseTh'e$ Ai the eii(l of Ilie y¢&ir tli¢ li¢1 4155¢1s ol. Ilie Cliori%lL'r4' F.ncluKI'i))ei)I fiiiiJ ii'¢re 13.?0?.07? {20?3'. L3,05Y.646I. This IIILluded L? XOO.<)3Y I?0?3.' L?.()()5 ()OYI li l)ILIi li l)el(l iii Li)clo%% e(1 liiiid4. Future pl#n$ The cliarily i¥ijll coniiniie to apply Ihe iiicoine from tlie Clioriiler%' Eiidoivinei11 Fund ioii'ard4 the fee% of Ihe boy chorister% al Sali%hLiry CailieLlral STATEINIENT OF TFIE CHAPTER'S RESPONSIBILITY FOR THE PREPARATIO.Y OF THE A COUIYT Tlie Inemheys of Chapler. oli heliall'of Ilie corporaie iruNiee, al'e re4poniihle lor preparins the AnnLial Repon and Ihe accoLillis in accor(lance ivith applicahle lai¥, aiid Uiiiled Kingdoin Gthierally Accepted Accouiiling Pracli¢¢ Cliai'ily laiv reuiiires ihe Ineinher4 ol. Chapicr, on hehalf of the cory)oi'ale tru%ttt. io prepare account for each fii)aiicial year iyhich gil'e a true and fair i'ieii. of ilie financial aciiNiliei of Ihe charity duriiig ihe year and ofits finaiiL'ial po%ition at Ihc cnd ofthe year. In i)reparinLy Iho%e accoun14, the Ineinbers of Chapter are re4UITed to.. I I SeleLI %uiiable accountin& i)olicic% aiid ihcn apply Iliem con%isienily' 21 Imake jud¥eineni% and e%iimates Ihai are reasonable and prudeiii: 31 Folloiv applicable acc041niing %iandai'd. subject io aiiy maierial d¢partUTe.% di%¢lo%ed and e.xplained in Ihe accoLint%'. 41 Prei)are the acroLiiII% Dn the bFoinb7 concern hasis uiilesb il ]% inappropriaie io presiime the Fun(1 ii'ill ¢onlinue in Operati], 51 Oh%er¥e Ihe meih(Ki% anil principle4 in ilie Charities SORP The Inembers of Chapier are responiible for k¢epinLY proper accoiiniin&v recoi'ds ivhicli diiclobe iviili rea%onable accuracy ai any tiine Ihe financial Posilion of the ¢haTiiy and %¥.hicli eiiahle ihein ro eiiUI'e thai the 8ccoiinl comply iviih Ihe proi'i*ions of Ihe Charitie% Act 1111 l. They are also resp(Msible for safeguar(ling rhe as%et.% ofthe charity and l)ence for taking reaionable %iep% for ihe preveiition and deiection of fraud and thher irreLyularitie%. s]ed oli behalf of the Tru%iee Ch49pler ApprO.ell by ihe Trustee.. 25 Ocloher ?{194
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF SALISBURY CATHEDRAL CHORISTERS, ENDOWMENT FUND FOR THE YEAR ENDED 315t MARCH 2024 I report lo the Trustee on my cxamination of the accounts of Ihe Charity for Ihe year ended 31 Mah 2024, which are set out on pages 5 10 1 l. RESPECTIVE RESPONSIBILITIES OF TRuEEs AND EXAMINER The truslee is responsible for the preparation of the accounts in ac¢ordan¢e with ihe requirements of the Charities Act 2011 {"Ihe 2011 Act ). The trusttts are satisfied that an audit is not rcquircd for this ycar under section 144(2) 01 the ChaTilics Act 2011 (the 2011 Act) and have chosen instead io have an independenl examination. I report in respect of my examination of the Trusl's accounts carried out under seclion 145 of the 2011 Act. In carrying out my examinalion I have followed the requiremenis of the applicable Directions givcn by Ihe Charity Commission under section 145 (5) (b) of the 2011 Acl. INDEPENDENT EXAMINERIS STATEMENT I have complcled my cxaminalion. I confirm Ihal no matters have come to my attention giving me cause lo believe that in any material respect: ( l ) accounling records were not kepl in respect of the Charity as required by section 130 of the 201 l Acl. or {2) Ihe accounts do nol accord with those record5; or (3) the accounts do not comply with the applicable requirements concerning the form and conlent of accounls b¢1 oul in Ihc Charitie5 (Accounts and Reports) Regulations 2008 other than any requirement Ihal the accounis give a "true and fair view" which is noi a matter Consider as part of an independent examination. have no concern5 and have come across no oiher matters in connection with the examination to whi¢h attention should be drawn in this report in order 10 enable a proper undersianding of the accounls to be reached. Lee Stokes FCA Haysmac LLP 10 Quccn Street Place London EC4R IAG Dalc.. 28 November 2024
.ILC S1"A'fL%IENT OTr TrIN,INCI,IL ,IC'I II'ITIL TrOR I'IIE I E',IR EYI Jllt l..1clI 2024 ,NI TrU¢YD estricted Tr"llnd¥ Geiioral b'.Ihlblilon b'.ndoM'mont -und% 2024 211) J Inconie #lid tild0nlIi froiii- 10.05 10.025 4.010 i.ofyo 109.650 3.IIY7 115.387 115.387 3.OC)7 3,08(1 175.412 14.720 -xptiidlii•re on: l Ull.4411 1)7 J 1110.44U l)73 2.7¢1& I OU.440 973 23.613 1.40U IOt).?30 Q?3 17.7vg 41) 211.¥17 l•ithl oxptmdliure fy5(1 5th7 ia5.6119 ?0.117 1 ?6.426 Yot Iii¢•nic, l¢xp¢iidllwrol ho(or¢ 14.X43 ?.417 ?.513 11).Xl)3 120.8171 15.53?) Yei xlii% 14.UIOI l ?4.857 14.3YOI 147%20 .¥i)s 4.635 J.S?3 l ?.Y63 r4ot Iiicom¢ A (o¥pcKdilur¢) ?4.J3{1 7.1414 37,396 105.OJO 141!,4?6 ei In fuiids 7.144 5.9?2 37.3()6 105.030 142.426 l.w)d biiJu¥lii lili..lYJ ??().6XO 74.7?5 5().3?1) 3fi3.737 !.69 J.909 3.()59.646 3.175,H?o Fund balAMct¥ ¢arrl¢d forii'nrd ?54.(116 65.24¥ 401.133 ?.%00.939 3.•02.072 3.059.646
Ll RY ATHEDRAL CHORISTERS, ENDOW BALANCE SHEET AS AT 31 MARCH 2024 ND 31 sl March 2024 3 1st March 2023 FIXED ASSETS Investment properties 1,01 0,000 1,01 0,000 Inveslmenls 2,062,173 1,703,331 3,072,173 2,713.331 CURRENT ASSETS Debtors Cash at bank and in hand 32,IRI 102,868 21,164 330,201 135,049 351,365 CREDITORS: Amounts fallln8 due wllhln one year 5,15CI 5,050 NET CURRENT ASSETS 129,899 346,315 NET ASSETS £3,202,072 £3,059,646 Represenling.. FUNDS Endowment Funds Resiricied Funds 2,800,939 401,133 £3,202,072 2,695,909 363,737 £3,059,646 Signed on behalf of Ihe Trustee., r Cleik Approved by the Trusiee.. 25 October 2024
SALISBURY CATHEDRAL CHORISTERS ENDOIVTrI IETrIT FUIND NOTES TO THE ACCOUNTS FOR THE YEAR ELNDED 31st lARCH 2024 I. ACCOUNI TINL'G POLICIES a. Basis of Accounting The accounts have been prepared in accordance u'ith ihe Chariiies Aci 2011. Ihe Siaieineni of Recommended Praclice oli Accouniing and Reporting. by Cliarilie% applicable lo charilie preparinsF ih¢ir a¢coiinl.% in accordance iviili the Fiiiancial Reporliiig Standard applicable in Ihe UK aiid Republic of Ii¢land (fRSI O?) (Secoi)d edilion. effeclive Jaiiuary 2019). SalisbLiry Cailiedral Cl)ori%ier4 Eiidoivinei)I l-"Iiiid Ineet% Ilie defiiiilion of a public benefit entily under FRS 102. A%%els aiid liabiliiic% are ii)ilially recosiii4Ld at lii.slorical Lo%i or traiisactioii valu¢ unles% stat¢d in lh¢ relevant accoiiiiiing, policy iiole. b. PreparAtion of the Accouiits on A goliig eoiieern bA51S The chariiy IN a &>raiii Inakiiigj iru%l. Ivill) a igiiificai)l iiii'e%linei11 Portfolio and ca%h reserves. The ¢h8rily ha4 a loi¥, level ol. oK'erl)Lad% aiid Inake% di4ci.elioi)ary bprai)1s. I'IIL 'I'rLi%iee 1% confideiil thai the charity i.s a ¥oinb' oncerii. Enlities included iii the accounts The%e accouiit4 incliiill lh¢ Cliori.sler%' Eiidoi4'm¢iil l+UI)d 41iid ihe Cliori%ler%' E.xhibilion Fund. d. Propcrtles Tlie propei'iie% ki)oivi) WrLI) l.1&l11 (i¥,l)icli is Icl to Sai'uin Siudio} and 57A The Close Iii.liich is Ict lo Sal i%biiry Catl)L'Éli'al Scliool l. arc coiisid¢Yed lo be iiive4lineni propcrties from Ihe vieii'poini ol. the Choi'i.%lcr%' Iiido4I'meni F uiid aiid are IlierLforc %lioivn in Ihe accounts al market value. Ini'eslnients xiid Ini'e$lm¢ni Infonie Invvilmei)l% ar¢ iiicluded ai Inarkei value ai Il)e baliiiice Nlieei dale. Any gain oi. lo%% oil I'evaluaiioii is iaken lo Il)e SOFA. Ii)ve%linei)l incoine is accounled loi. in Ihe period iii ivlii¢li the ¢harily Is enliil¢d io r¢¢¢ipi. f. Donations fuiid 8¢¢ouiiting Doiiaiioiis for HcliviliLS I'csiriLied by Ilic ivislics ol. Il)e doiior are iakeii to "restricted fiiiids ivl)ere Iliese 'i.%he% al'e legially bindiiigi on Ilie I"rii%lee. Doi)ali01i4 requiyed lo be reiaiiied as capital in accordance iviih the doiior's ivislies are a¢¢oiinied for as "ei)dowi)ieiiis" periiiaiieiii or eypeiidable accordiiig 10 the ilaiure of Ilie relriciioii. g. E.¥pendlture Expendilure is accoiiiiied foi. oil ali accru411s baiS. 2 AINALYSIS OF CHARITABLE ACTII'ITIES 31,3,2 1.3.23 Proi'i%ion of ediicaiioi).. Ediicaiioi)al &yraiil £100.440 £100,?30 Tlie educalional ¥raiil.4 ii'ere paid lo Salibury Caihedral in partial funding of Ihe education of ihe boy chorisier%. The Inember% ol'chapler receii'ed no remuneratioi) or reimbui'seinenl ofe.xpense% from the Fund durin&, eiiher of Ih¢%e year%. 3 SUPPORT COSTS Insurance Independent Examiiler (go&ernanee) 973 1.400 9?3 1.300 £2,373 £2,?23 Suppon eosi.s are incideiil41 io Ihe operalion of ihe charity and are allocated ro charitable aciiviiies.
LISBURY CATHEDRAL CHO WMENT FUND NOTES TO THE ACCOUIYTS CONTINUED FOR THE YEAR ENDED 31st MARCH 2024 4. INVESTMENT PROPERTIES 31.3.24 Choristers, Endowmenl Fund 31.3.23 Choristers. Endowment Fund Markel valualion As at l st April 2023 Revaluation ,oio.000 1,010,000 As al 31 March 2024 £1,010,000 £I,O I O,OQK) The invcslmcnt properties comprise ihe boarding accommodalion for choristers which is let to the Cathedral School and Wren Hall which 15 let to Sarum Sludio. Both properties were valued by Slrull and Parker as al Seplember 2022, the Trustee does nol expect a current valuation lo be materially diff¢r¢nt. INVESTMENTS Choristers, Endowment Fund Choristers, Exhibiiion Fund Wort Organ Fund Total Market value al 1st April 2023 Addilions Increasel(decrease) in cash Interest retained Disposals - Managemenl Fees Disposals Unrealised gains l (losses) in year 1.515.910 1,107.690 200,000 2,226 {21,104) (1,111,937} 131,082 97,442 42.722 36,383 405 (1,256) (42,603) 8,958 89,979 65,710 1,703,331 1,210,122 236,383 2,631 (1,253) (23.613) (65,962) (1,220,502) 7,781 147.821 Market value al 31 March 2024 £1,823.867 £142,051 £96,255 £2,062,173 Cost al 31 Ma 2024 £1,433,246 £85,023 £86,909 £1,605,178 Cost al 31st March 2023 £1,297,(KlO £80,J42 £76,941 £1,454.283 The investments Consist of :. CCLA £2,062,173
SALISBURY CATHEDRAL CHORISTERS, EYDOII'NIEiYf FUYD 'OTES TO TIIE ACCOUNTS COtYl'lSUED FOR THF. YF.AR F.YDF.D 31ST IIIARCII 2024 DEBTORS 31.3.24 31.3.23 Accrued Income Sali%bury Caihedral 14,8?4 17,357 14,824 6,340 L32,181 L21,164 CREDITORS: Amounts f&lling due ii"bthin oiie l.ear Deferred Income Accrual 3,750 1,4LI) 3,750 1,300 L5.150 L5,OiO ENDOIVIIIEINTS Balance al l%1 April 20?3 Balance al 31 March 20?4 lllcoine endilure G31n.%. Geiieral Fund E.xhibilioii F und Won Orgiai) Fui)d ? 567,693 63.93R 64.27R (19.5?61 (606) (6851 117.348 4.380 4,119 ?.665.515 67.712 67.712 L?,(?95,909 ILIO,8171 £125,1147 L?.1100.939 Tlie periniiied usage ol. IhL iiicoinc ol. IliL%C fui)ds 14 %hoivii iii Nolv 9 belo.. ENDOIVIllEYI TS - PRIOR YLAR Balance at l 41 April 20?? Balance ai 31 March 2023 Incoine ei)diiure Gain%1 Geiieral Fund E.xhibilioii Fuiid Won Organ Fund 2,674.636 66.955 67.905 114,635) (503) (514) 192,308) {2,514) (J,1 IJ) 2,567,693 63,9311 64.278 L1,809.496 {I15.65?} l L97.9351 L2,695.909
Pa elo SALISBURY CATHEDRAL CHO TER ' ENDOWMENT FU]YD NOTES TO T NTS CONTINUED E YEAR ENDED 31st MARC RESTRICTED FUNDS Movement i Incoming Expenditure Gains Balance al losses Resources andTransfers 31 March2024 119,235 (104,3921 9,487 254.016 3,097 (6501 4,697 81.869 3,080 (5671 3.409 65,248 Balance at l A ril 2023 General Fund Exhibition Fund Wort Organ Fund 229.686 74,725 59,326 £363,737 £125,412 (£105.6091 £17,593 £401,133 RESTRICTED FUNDS- PRIOR YEAR Movement in Fund Incoming Expendiiurc Resourccs and Transfers Balance at ril 2022 Gains losses Balance ai 31 March 2023 General Fund Exhibilion Fund Wort Organ Fund 232,247 74,723 59,354 108,539 3,097 3,084 (103.636) {539) (425) (7,464) (2.5561 (2.6871 229,686 74.725 59.326 £366.324 £114,720 (£104,600) (£12,707) £363,737 Chorlsters, Endowment Fund This was formally established on 6 May 1314 when King Edward 11 granted io Simon of Ghenl. Bishop of Sali$bury, a licence in mortmain lo grant 10 the Dean and Chapier certain propeny for the support and education of Ihe boy choristers for ever. Thc in¢ome from the General Fund is used io ¢onlribule to the schTr)I fees of the boy chorislers. The IncoTr from the Bursary Funds is used 10 5uppl¢m¢nt Ihe in¢orne of the G¢n¢ral Fund to enable additional support lo chorisiers as needed. Chorlsters, Exhlbltlon Fund This lund was creaied by a number of Icgacics in thc fir51 hilf of ihe iweniieth century. The income is 10 providc bursaries lo (boy and girll chorisl¢r$ 10 4ssisi wilh ihe cost of their educalion after Ihey leave Ihe Cathedral School. Wort organ fund The in¢ome of Ihe Wort Fund is to pay for the Wort Organ S¢hol&rship 10. RELATED PARTY TRANSACTIONS The Chorisiers Endowment Fund is conlroll¢d by Ihe Chapier of Salisbury Caihedral which ¢on51itules it5 corporate irusiee. The Chapter is Ihc sole member of Salisbury Caihedral School Limited which operates ihe Cathedral School. During lh¢ year Ihe charily paid £100,440 (2023.. £100,230) lo Salisbury Cathedral in 8rants iowards ihe boy ¢horislers' fee5. The School paid rent lo Ihe chariiy of £34,000 (2023.. £36,() for 57A The Close which is usd as Ihe boardin8 hSe.
ALI RY ATHEDRAL TATEIIEIYT FOR THE YEAR ENDED 202J Reslrlcted Funds Endoiimcnt TotAI Z1123 Goncral EAhibition ort TotAI I¢0¢ Aiid cn(ltsiinitn15 from., Vvlurilary iiKon Lebacies ttlid donhiioiis Suii(lry Iiicoine Iiiesin)eni iiwoii)e 4.olu 1.060 109.650 4.QlO 1.1160 109.6>0 J.0()7 3,11¥4 Toill Intonit 3.fi(?7 3.n84 114.7?0 ¥pcndilurc on.. Cliani¢1ble aciii Ilies Grariis paid IriSurAIe MAliatli1 F¢es Goi'eni#iice costs ioii.?30 ()? J 9?3 9?3 17.799 i.n40 5 Jll 4?5 15.65? i.joo TotAI oxponililiir 53 4?5 11)4.6UO 13.652 l ?U.?5? .Yel income l {e.%pcnditurel ljefore Ins loss Ini estmen15 !.b59 11).i?o 15.511 ,Yo¢ I110$sesl on Ini ¢sini¢ni$ RL'dlis¢d ballls Il¢)ss¢s1011 1111 ¢sliiiwiis Uiir¢Aliscd gaiiisl105sesl 011 Iiii esii)K'i)Is 17.464 1?,6X71 11?.71171 197.9351 11111.64? 'cl infomc I Icxpcndilurcl 17.5hll 12% 7,51171 1113.5¥7 Trinsfors hoiiioén funds ,N'et mD%cnwn¢ in fund5 l?Ili 1?.5X71 1113.5871 Fuiid bal8iices brought (orn Ird ?37 747 74.7?3 5y.354 366.3?4 2,1109.496 3.175.8?0 Fund h41*rt¢¢$ ¢4rrl¢d ftyrii4rd 719,686 74.7?5 59,3?6 J03,737 7.é95.()011 3.O51).(Afy