SALIS
URY
ATHEDRAL
CHORIS
WMENT FUND
F THE TRUSTEE
AND
STA
NT
OUNTS
THE YEAR ENDED Jlst MARCH 202
NTENTS
Legal and Administralive Information
Rcport of the Trnslee
Independent Examinerfs Rcport
Siatemcnl of Financial Aciiviiies
Balance Sheet
Notes lo the Accounts
7. 11

SALISBURI. CATHEDRAL
CHORISTERS, EIN'DOIIIIIENT FUIYD
LEGAL AliD ADNIINISTRATLVE INFORi¥IATIOY
Tw%l¢e-.
The Chapier oftlie Cathedral Church ot Ihe
Blessed Virgiin Mary of Salisbury
Addre.ss-.
6 The Close, Salilbui'y, Wilishire SPI 2EF
Principal Officer..
Jackie Molnar- Chapter Clerk
Soliciiors..
Parker Bul lert
45 Ca%ile Slreel. Sali%bury, Wililhire. SPI 3SS
Bai)kers:
Lloyds Bank plc
38 Blue Boar Row. Salisbury SPI I DB
Iiidepeiidenl E.¥aminer'.
Haysmae Ll.P
l O Queen Sireel Place, London, EC4R I AG
Charily Nuinber:
3094115

ALISB
RY CATHEDRAL
ORIST
REPORT OF THE TR
R THE YEAR ENDED 31st MARCH 202S
The TNsiee presents ihe Annual Repon wilh the Accounts of th¢ Charity for Ih¢ y¢ar ¢nd¢d 31 March 2025, which
have been prepared to comply with the provisions of ihc Charities Aci 2011 and the Siaiemeni of Recommended
Practice on Accountin8 and Reportin8 by Charities ApplicAble to charities preparing their accounts in accordance with
Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (seC￿d edition, effeciive
Januory 2019).
VERNAN
E AND MANAGEMENT
Legal Status
The Choristers, Endowment Fund is a charitable trust of which the Chapier of Salisbury Caihedral is the corporate
trustee. li is constituied by Ihe S(aNies of Salisbury Cath¢dral. It has a numbcr of subsidiary charities which
are mAitily constituted under wills, including the Choristers, Exhibition Fund.
OrgAnliAtlo
Mana¥erneni of the assets of the Chorisi¢rs' Enthwment Fund is delegated to the Chapter Clerk of the Cathedral.
The Chapter of Salisbury Cathedral, 85 the ¢x¢¢utiv¢ b¢xly of th¢ Corpor81e Tru$le¢, meet from time to lime as
Trnsiee of the Fund.
Rlsk MAn*gement
The Trusiee has assesscd ihc major risks to which ihe charity is exposed and is salisficd Ihal systems ar¢ in pl&¢¢
lo mili¥al¢ Ihc ¢harily$ exposur¢ 10 Ihc major risks.
Trustet Rtmuntrjtlon and Expens
Neither the TNsle¢ nor any person5 ConTr￿led with Ihcm received any rcmunerntion in the year.
OBJEcfivE AND ACTIVITIE
Objeetlve
The objective of ihe Charily 1$ Ihe furtherance of the educatioft of the present and pasi chorisiers of Salisbury Cathedral.
The Trustee has refeffed io lh¢ 8uidan¢¢ conlain¢d in the Charity Commission's general guidance on public benefit
when reviewing lh¢ Fund's aims and objethives and in planning fuiure activities and xtling Ihe 8ranl making poli¢y
for ihe ycar.
The Charity achieves ils objective by applying ihe income from the Chorisicrs Endowmeni Fund towards ihe schwl
ftts of rhe boy chorisicrs. These are selected afier public adveni%m¢nl and voi¢e 1ri81$. All boy ¢horislers attend
Salisbury Caih¢dral School.
The 5cholbrships are equivalent to 30 0/ts of ihe day fee amd as far as possible the Kholarships are paid out of ih¢ income
of ihe Chorisiers, Endowmeni Fund wilh the balance being mad¢ up from lh¢ Gerteral Accouni of the Caihedral. The Fund
Also encompasses cerfain addiiional bursary funds from which grunts are made on ihe basis of need to supplement the
standard scholarships.
Similgr arrangcm¢n15 arc in pl4c¢ for th¢ C4th¢dral's girl choristers although ihese are administered through a separa[¢
charity.

SALISBURI. CATHEDRAL CHORISTERS, E%4DOIVIll&NT FUND
REPORT OF THE TRUSTEE
COYTIN'UED
R THE I'EAR EYDED 31 t IIARCH 2025
ACHIEVEINIENTS PERFORINIAN
E AND FIJNAIY
IAL RE%'IEII'
Re1'le￿ of Actii'iiles and Achl¢i'emeut5
In the financial year The ¢harily did noi aciively fundrai%e froin the public or run le&yacy campai￿4 or undertake
-siinilar fundraising aciivities in iti oivn righi. Ihe (rLl$tee% ivere hoiyei'er plealied to receive Llli501iciied gifts and
legacies from i)eople ivho generoully suppori Ihe chariiy.
Durii)by Ili¢ vedi. Ilie Choristers Ei)doivi)ieiii l-.ui)cl i))'Ide graiits lulalliiig £ 111.599 iii suppoi'l of Ihe fees of boy
cliorisiei's aiid probaiion¢rs.
Rei'lem of Flnxnelal Tran$4cilons 4nd Posltlon
The 11)Lonw of ilie Fui)d was L I I l.X4tl M.liil%i gil'£11)1s piiy.lble <lllLI &Fo¥eriiaiiLe Losii lotalled £13? 680.
Taking inlo ilLLOUllI reiilits¢d aiid uiireuli4ed lo%%¢% ihe Fund'% iiii'e8imeiii% of £56,558 in ihe year
Ihe nei il%.sel% ol. Ihe Fuiid deLrca&eil by L77.390.
Ini'e$tmen¢ Polici. and Performance
The Tru%tee'.% policy 1% io inve%t Ihe Fiin(l N capital 111 charilahle coininon iniie%tmeni fund%. In a
mi.xliire of fiinds ha%ed on boili e(IUlli¢4 ¢iiid fixed.iiiiere%l *iock%. The objeciii'e 1% 10 ohiain a re181ively high
leiiel of income ivhile.%till alloiving for ihe po%%ihilily ol. cai)ital ¥roivth. iuhject io a M￿11111￿ clegree of r14k.
Iii the l ? Inonihs 10 31 %1 Imarch ?11?5 Ilie Chori%lei'i l--ii(Ioii'tneni Flind ponfolio ha(1 a ioial retLirn
{in¢ome plus ¢ai)ilall of Ininu% 1.7110
I li14 coini)are4 11'iili relunis froin I,'K e4uilies' of 111.47"
froin over%ea% ¢qiiilieli** of 4.48tsty, and Iroin fi.xed iiilcre.41••* of minu% 1.8?
SourLes * MI SCI UK Ii)dex: *¥MSCI ￿,￿l,1d e,K UK Iiidex. ***Mdrkil IBoxx L Gills Iiidex
Reierve$
Ai Ilie eiid ol. Ihe yvur Ihe iiet a55ets ol. Ilie Cl)urisler%' Endui¥iii<iit Fund iver¢ l3.124.68?120?4: L3.?0?.0721. This
Illiludvd L? 737.1171 ?0?4. L?.800.9 JI)) ii'liiLI) ¥1'41% lield Iii ¢iiduived fun(1s.
Fulure plan5
The chariiy ivill continue io apply ilie incoine froin ihe Chori%ler%' Endoivment Fund ioivards tlie fees of the hoy
hori%ler% ai Sali%hiiry Caihedral
ATEfvIENT OF THE CHAVI'fr:R'S RL.SPOIS$11111.ITY
TH+. PR￿:P
RATIOIY OF TFIE ACCOUIYTS
Tlie Inember% of Chapier. on b¢half of the CO￿Orale IrLisiee. are resPOI)%ible for preparing ilie Aiiiiiial Repon ai)(I the
accoun14 in accordance with applieable law and I1nited Kingdom Generally A¢¢epied A¢¢ouniin¥ Pra¢lice.
Charilylow re4iiire% ihe member4 of Chapier. on helialf of ihe corporaie iru%tee, io prepare accoun14 for eacli
rinancial year ivhich give a true aiid fair vieii, of Ili¢ financial aciiiyilies of Ihe ¢hariiy duringi ihe year and of li
rinancial position al ihe end of the year. In preparing those accouilts, Ihe Inemhers of Cl)apler are required 10..
I I Select suiiable accoiinling policieJ and then apply Ihem conii&lenily',
?} Make jud¥eineni% and esiimates thal are reasonable and prudent.,
31 Folloiv applicable accounting 51andards.-%ubject io any Inaierial departures discloseLI and e.xplained in
Ihe a¢coiinis',
41 Pr¢i?are the a¢¢ounis on Ihe ¥oing ¢on¢em basi% iinless li is inappropriaie 10 presume ihe FuJ)d will
¢cffttinue in operati￿.
51 Ob4er%r the methods ancl principles in ihe Charities SORP
The Incmberts of Chapier are responsible for keeping proper accouniing record% ivhicli disclobe with rea%onable
Nc¢uracy ai any lime Ihe financial po8iiion of ihe chariiy and which enable Iliem io eiisure thai ¢he accoiini
comply ii'ith the proiiisions of the Charilies A¢t 201 l Th¢y are also r¢spoiisible for safeguarding rhe as.%ers OF ihe
charity and hence for taking rea%oi)able siepi for the prei'eiiiion and deieciion of fraud and ￿h¢r Irre￿IlarI11¢5.
Signed on behalf of the Trustee
Chai)ter
Approved by rhe Tnisiee".
I"1 Cfjjf
202)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF
SALISBURY CATHEDRAL CHOIiISTERS' ENDOWMENT FUND
FOR THE YEAR ENDED 3151 MARCH 2025
l Teport to the Trusiee on my examination of ihe ac¢ounls of Ihe Charily for the year ended 31 March 2025, which
are set out on pages 5 to I
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The tThslee is responsible for Ihe preparalion of the accounls in accordance with the requiremenls of Ihc ChaTilies
Aci 2011 ("Ihe 2011 Act"). The Iruslees are satisfied that an audit is not required for Ihis year under section 144(2) 01
the Charities Acl 2011 (the 2011 Act) and have chosen insiead lo have an independenl examinalion.
I report in respect of my examination of the Trust's a¢¢ounls ¢arried out under section 145 of the 2011 Act. In
earrying out my examinalion I have followed ihe requirements of the applicable Directions given by the Charily
Commission under section 145 {5) (b) of the 201 l Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirn) that no mailers have come to my attention giving me cause to believe
that in any material respeci:
{ l ) accounling Tccords WCTe not kept in Tespccl of Ihc Charity as rcquired by section 130 of the 201 l Act, or
<2) Ihe accounts do nol accord with those records; or
(3) the accounls do nol comply with the applioable requirements ¢oncerning Ihe forni and conlenl of accounts set out
in the Charities (Accounts and Reports) Regul81ions 2008 other Ihan any requirement that the accounts give a "Iruc
and fair view" which is not a matler considered as part of an independent examination.
I have no eoncerns and have come across no other mailers in connection wilh Ihe examination lo which atlenlion
should be drawn in this report in order to enable a proper understanding of the accounts lo be reached.
Lee Stokes FCA
Haysmacintyre LLP
l O Queen Street Place
London
EC4R IAG
thte. 9 December 2025

S ILISB
Rl
EIND
51..1 I LIILN"I OF F"INIlYI Cl,IL IICI II'I I IES
FOR "I IIE I E"NI)ED 31st %l,IRCII 2025
Rt¥trlcted Trund%
Lndo*nio•it
'rotal
20•5
20?4
Cineral
.xhlbltio
Inconie and endowment¥ from:
10.025
Sundry
1.160
110.088
1.160
110.688
102.754
4.741
3.189
115.387
I'otal Ineomt
4.745
J.1#9 111.84¥
111.848
15.412
Expeiiditwro oil:
111.599
1,020
1.85
1.591)
1.020
1.850
IIM).440
0?3
4&6
23.61J
1.4UO
InsurJnLL
l>r()PL'i1y Repuir Lll%l%
lThvesiin¢ni Manag¥ill¢ni l-¢L's
¢￿v(lI1￿1￿LL. li141
1.020
1.850
Joo
J99
14,700
1.800
I,aoi)
1.80U
-l-oial exptndlturo
117.311
399
118 ?80
14.70D
132.980
1 !6.4!6
Yet Intomo. Ic¥wThdliurel hefor
fi•ln¥ •nd lo¥$os ini'o%inioiii%
113.41)71
2.7
1fy.4J?I
114.7011
,Yei l {lo¥whl oil liiiesinioiit
Ini'L'JII4L'd ¥din% IIIissL'il iiii pi'i)PL'11j4
Re4111sed ¥uin% Iliiss¢¥l ()ii IniL'hlin¢'nl.%
5.230
5.250
11.¥461 11.4781
17.436
154.3721
161.8081
147,820
Yet I lexpeiidliyrf)
113.8611
103.¥221
177.W
14?,4?{1
rrath%ftr% bèiM¢QiI I￿ndS
.Yoi nio%'om¢iit Iii fuii(l%
117.5791
1th3.81?1
177.6901
?54.Q16
¥l.y6Q
&5.?48 4111.13 J
?.XQll.939
3 702.07?
3.1151)th40
fr uiid hal8iice% rarriod form'ard
736.437
84.2611
66.560 387265
2.737,117
3.124.382 3.2112.U7?

SALISBURY CAT
TE
' ENDOWMENT FUND
BALANCE SHEET AS AT 31 MARCH 2025
Notes
31st March 2025
31 sl March 2024
FJXED ASSETS
Invcstment properties
1,015,250
I,oio,000
Investments
1,995,960
2,062,173
3.011.210
3,072,173
CURRENT ASSETS
Debtors
Cash ai bank and in hand
15.854
102,868
32,181
102,868
118,722
135,049
CREDITORS: Amount$ fglllng due
wllhfin one year
5.S50
5,150
NET CURRENT ASSETS
113,172
129,899
NET ASSETS
3,124,382
3,202,072
Representin8:
FUNDS
Endowment Funds
Reslricled Funds
2.737.117
387.265
3,124.3112
2,800,939
401,133
3,202,072
SigKd on b¢hAlf of the Truslee:
Chapter Clerk
Approved by the Trustee..
2025

Pa
SALISBURY CATHEDRAL CHORISTERS Eh'DOIVNIEIryT FUIYD
NOTES TO THE ACCOU,NTS
FOR THE YEAR EIN'DED 31st IARCH 2025
I. ACCOUYTING POLICIES
Basis of Accounting
The accounls have been prepared in accordance ¥vith the Charities Act 201 l. Ilie Sialemenl of
Recommended Praclice on Accountiiig and Reporting by Charitie% applicable 10 charilie
preparing? rheir accoLln15 in accordance il'irh ihe Financial Reportiiig Standard applicable in ihe UK
and Republic of Ireland (FRS I O?) (Secoiid edition. effeciive January 2019).
Salisbury Cathedral Chori%ter.s Endowmeiil Fund meets Il)e definition of a public benefii eniiiy under FRS 102.
As%ets and liabilitie% are inilially TeLogpnise¢l at hisiorical cosl or Iran4aclion value unles% slaied in the relevanl
accounting policy noie.
b. Preparatton of the accounts on a going concern bAsis
Tlie cliarily is a grant makiiig Iru%l, u'iih a Sigiiifieanl iiiveslineni ponfolio and cash reservvi. The charity has
a loiv level of overheads and Inake.s di%ei'e(ioiiary granis. The Truslee is confidenl that Ihe charity is a going
coi)ceni.
Entitles Included In the aceounts
The%e accounis include Ihe Chori.%iers' Endowineni Fund and the Chori%iers' Exhibilioii Fund.
d. Propertie$
The properties known Wren14all {%vhicli is lel lo Sarum Studio) aiid 57A Tlie Close
(Ivhich is lel 10 Salisbury C3thedr31 School). are considered lo be ini'e41mei)I properties from the i'ieivpoinl
of the Chori.%ler%' Endoii'ment Fund Jnd arc tli¢rcfore shown in Ihe a¢¢ounl% al rnarkel i'alue.
nl'estments and Investment Incom*
Inve%lineni% al'e included ai Inarkei i'alue ai Il)e balaiice slieei dale. Any gaiii oi. lo.ss oil revaluaiion is taken
lo Ihe SOFA. InveNimeni income 1% accouiiied for in Ihe period in M,liich Ihe Chariiy i.s entiiled 10 receipt.
r. DonAlions #nd fund oteouniing
Doiiaiioiis for aCiiN'ities resiriLied by ihe wislies of Ilie doilor are lakei) io "reslricied fiiiids ivli¢r¢ these
wi4lies al'e legally biiiding oli ihe Trusiee. Donalion* required 10 be reiaiiied a4 capilal in accordance with the
doiior's ivislies are a¢¢ouiiied for as "eiidoM'iiiei)1S"
pernianenl or expeildable aceordiiig lo Ilie i)aiur¢
of the resiriciion.
8. Expenditure
Expenditure 1% accounied for on an accrtiali ba414.
2 AliALYSIS OF CHARITABLE ACTIVITIES
Provision ofeducalion..
Educa(ional grani
£111.599
L 100.440
The educaiional grani.% were paid io Sali4bury Cailiedral in panial funding ol rhe educaiion of ihe
boy chorisleis.
The meinbers ofchapter received no remuneralion or rcimbursemeni of e.xpen5es from the Fuiid during
eiiher ofihe%e year%.
3 SUPPORT COSTS
Insurance
Repairs
Independent Examiner (goven)ance)
I,o?o
1.850
1.800
973
1.400
L4,670
£?,373
Support cost% are incidenial 10 Ihe operaiioii of Ihe charity aiid are allocated 10 charitable activilies.

Pa
ALI
RY CATHED
CHORISTERS, ENDOWMENT FUND
TEST
THEA
TS
FOR THE YEAR ENDED 31st MAR
H 2025
4. INVESTMENT PROPERTIES
lJ.2
Choristers.
Endowment
Fund
31.3.24
Choristers,
Endowment
Fund
Markd valuation
As at 1st April 2024
Revaluation
.010.000
5.250
1.01 0.000
As at 31 March 2025
£1,015,250
£1,010,000
The investmenl properties comprise the boarding accommodation for choristers which is lel to the
Cxthedral School and Wren Hall which is lel lo Sarum Studio.
Both properties were valued by Strutl and Parker as ai March 2025.
INVESTMENTS
Choristers,
Endowment
Fund
Chori$iers'
Exhibition
Fund
Wort
Organ
Fund
Total
Market value at I st April 2024
Interest retained
Disposals- Management Fees
Disposals
Unrealised gains l (losses) in year
1,823,867
10,412
(14,864)
142.051
1,894
(965)
96,255
2,062,173
12,306
(16,711)
{882)
(54,977)
(3,568)
{3,263)
(61,808)
M8rk¢i value ot 31 March 2025
£1.764,438
£139.412
£92.110
£1.995.960
Cost al 31 March 2025
£1,433,246
£85,023
£86,909
£1,605,178
Cost al 31st March 2024
£1,433,246
£85,023
£86.909
£1,605.178
The inve5trnenls consist of :.
CCLA
£1,995,960

SALISBURY CATHEDRAL
HORI
TER
' EL%'D
wA￿lE￿A T FUYD
TES TO THE ACCOUN'TS
COYTIYUED
FOR THE I'EAR ENDED 31ST fvIARCEI 2025
DEBTORS
Accrued Income
Sali£bury Cailiedral
14.824
1,030
14.824
17.357
£15,854
£32,181
CREDITORS..
Amounts fxlling due Thithin one I'oxr
Deferred Income
Acci'iials
3.750
1.800
3.750
1,400
£5,550
£5,150
ENDOIVIMEIYTS
Llalancc ai
1st April
?0?4
Balance al
31 March
?025
Income.
endiiure
General Fund
Exhibiiion Fund
Wort 018an Fund
2,665.515
67,71?
67.719
{13.751)
1466)
1483)
{45,614)
11,7211
11,787)
2,606,150
65.525
65.44?
L?,1100.939
{L14,7001
(l49,1?21
L2,737,117
The p¢i'initied usa¥e ofihe iiicoine of Ihe%e flind4 14 sliom'ii iii Note 9 beloiv.
EIN,DOIV￿IE￿TS- PRIOR YEAR
Balai)¢e ai
l%1 April
2023
Movement in Fund
Iii¢ome i
endiiure
Balance ai
31 March
2024
Gainsf
General Fund
Exhibition Fund
Wort Organ Fund
? 567.693
63,938
64.278
(19,526)
1606)
1685)
17,348
4,380
4.119
2,665,515
67.71?
67.71?
£2,695,909
1£20.8171
L125.847
L2.800.939

SALISBURY CATHEDRAI, CEIORISTERS, ENDOWMENT FUND
NOTES TO THE ACCOUNTS
co￿1￿u￿.D
FOR THE YEAR ENDED 31st MARCH 2025
REsfRicfED FUNDS
Movemenl in Funds
Incomin8
Expenditure
Resources and Transfers
Balan¢e at
IA ri12024
Gains
losses
Balance al
31 MArch 2025
General Fund
Exhibilion Fund
Wort Organ Fund
254,016
81,869
65,248
103,914
4,745
3,189
(117,381)
(5(M)I
1399)
(4,112)
(1,846)
(1.478)
236,437
84.268
66,560
£401.133
£111,848
(£118,280)
(£7,436)
£387,265
RESTRICTED FUNDS- PRIOR YEAR
Movement in Funds
Incoming
Expenditure
Resources and Transfers
Balance ai
l A ril 2023
Gains
losses
Balance at
31 March 2024
GeneTal Fund
Exhibition Fund
Wort Organ Fund
229,686
74.725
59,326
119,235
3,097
3.080
(104,392)
(650)
{567)
9,487
4.697
3.409
254,016
81,869
65.248
£363,737
£125,412
(£105.609)
£17.593
£401.133
Chorliten, Endowmtnt Fund
This was fomally ¢siablished on 6 May 1314 when King Edward 11 granied 10 Simon of Gheni, Bishop of
Salisbury, a li¢en¢e in monmain 10 8rani 10 Ihe Dean and Chapter ¢ertain property for the support and
education of the boy chori51ers for ever. The incom¢ from th¢ Gcncral Fund is used io ¢ontributc to the
schwl fees of the boy choristers. The income from the Bursary Funds is used to supplement the income of
Ihe General Fund lo enable additional support lo choristers Bs needed.
Chorl•teri' Exhlbl¢lon Fund
This fund was created by a number of Icgacics in Ihc fI￿t half of the Iwcntieih century. The income is to
provide bursaries io (boy and Airl) ¢horigiers 10 assist with the cost of Iheir education after Ihey leave Ihe
Cathedral School.
Wort organ fund
The income of the Wort Fund is lo pay for the Wort Or￿n Scholarship
10. RELATED PARTY TRANSACTIONS
The Choristers Endowmeni Fund is ¢Onlrolled by Ihe Chapler of Salisbury Cathedral which constitutes its
COTporale Iruslee. The Chapler is the sole rnember of Salisbury Cathedral School Limiled which operates Ihe
Cathedral School.
During ihe year ihe charily paid £ 111,599 {2024= £100,440) lo Salisbury Cathedral in Branls loward5 the boy
chorislers, fees. The School paid reni 10 the charity of£34,1)00 {2024.. £34.0001 for 57A The Close which is
used as the boarding house.

Rl
EIYD
I IIIEINT F
ED
FOR THE IEAR EINDED31$1111
12. PRIOR I'EAR CONSOLIDATED STATELIIENTOF FIYAYCIAL ACTII'ITIES
Re$trl¢ted Funds
Exhlblilon
Il'ort
Endoiiment
F￿ndS
General
Tolal
2024
In¢omo And ondowmonts frorn:
Volui)iary IiKon)e
L¢giacics aiid doiiaiioiis
Sundry Incoine
Ini eslinent iTrcon
10,1115
10.0?5
10.075
3.097
3,08Q 115.387
115.J87
Totol Incom¢
3.U97
3.080 125.411
1?5,41?
E¥p¢ndliure on..
Chantable aciii Ities
Grai)Is paid
IiisuraiK¢
az)A¥¢nieni Fees
Goi emance cO￿S
I￿.440
100.440
(17J
1.5741
973
1)73
23.613
1.400
650
567
20.817
1.400
Tolal expendlture
fv50
567 105.60Y
20.817
1 ?6.4?6
Nct Intomt I l*xpendituro) hoforo
xaln5 and 1055cs on Ini'cstmcn15
Nei gasThs l (lo$$¢sl Inieslmenls
R¢alis¢d yains ' Ilossesl Oil iii¥'esiiiienis
Ubirealised bain511105sesl on ini esin)ellis
14.¥4J
?.447
2.513
19.NOJ
02
4.633
137Ql
17.963
14.3801
147.11?0
Q.8113
3.5?3
1 ?9,857
,Y¢t Income l (ekpcnillturol
?4. J3Q
7.144
5.9??
37.396
1 os.ojo
14?,4?(Tr
TrAn$fors hehiotn funds
Yet moi tmcnf in funds
?4.33Q
7.144
5.9??
3 7.396
105.Q3Q
14?.4?6
Fund balances brou¥hi foniard
!ig,h8f)
74.7?5
59,3?6 J63.737
2.bY5.909
3.059.646
Fund bilane*s ¢irrltd forw ird
254,016
81.11fy9
65,248 401.133 ?.8IX).939
3,202.07?