## **Trustees’ Annual Report for the period** **From 1[st] August 2020 To 31[st] July 2021** ## **Charity name: The Keble Association** ## **Charity registration number: 309688** ## **Objectives and Activities** ||SORP reference|| |---|---|---| |Summary of the purposes of the
charity as set out in its
governing document|Para 1.17|To help, by means of grant or loans, past and
present members of Keble College, Oxford
University who are in financial need. To be of
general support and assistance to the College.| |Summary of the main activities
in relation to those purposes for
the public benefit, in particular,
the activities, projects or
services identified in the
accounts.|Para 1.17 and 1.19|The Keble Association is a charity whose
members include current members and alumni of
Keble College Oxford University. The charity’s
income comprises investment income, charitable
donations and legacies from alumni collected
either directly or via Keble College’s Talbot
Fund. During the period, the main activities have
related to providing grants to students either for
study related activities including travel,
humanitarian travel, support for student arts and
support for students who wish to undertake
internships.| |Statement confirming whether
the trustees have had regard to
the guidance issued by the
Charity Commission on public
benefit|Para 1.18|The trustees have had regard to the Charity
Commission’s public benefit guidance when
exercising any powers or duties to which the
guidance is relevant.| **Additional information (optional)** You may choose to include further statements where relevant about: SORP reference Para 1.38 Policy on grant making Para 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by 1 volunteers Other ## **Achievements and Performance** SORP reference **Please refer to the Charitable Giving Report at the end of the return form.** Summary of the main Para 1.20 achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. ## **Additional information (optional)** You may choose to include further statements where relevant about: |Achievements against
objectives set|Para 1.41|| |---|---|---| |Performance of fundraising
activities against objectives set|Para 1.41|| |Investment performance against
objectives|Para 1.41|| |Other||| 2 ## **Financial Review** |**Financial Review**||| |---|---|---| |Review of the charity’s
financial position at the end of
the period|Para 1.21|**See accounts**| |Statement explaining the policy
for holding reserves stating why
they areheld|Para 1.22|**See accounts**| |Amount of reserves held|Para 1.22|**See accounts**| |Reasons for holding zero
reserves|Para 1.22|**N/A**| |Details of fund materially in
deficit|Para 1.24|**None**| |Explanation of any uncertainties
about the charity continuing as
a going concern|Para 1.23|**None**| ## **Additional information (optional)** |**Additional information (optional)**|**Additional information (optional)**|**Additional information (optional)**| |---|---|---| |You may choose to include further statements where relevant about:||| |The charity’s principal sources
of funds (including any
fundraising)|Para 1.47|| |Investment policy and
objectives including any social
investment policy adopted|Para 1.46|| |A description of the principal
risks facing the charity|Para 1.46|| |Other||| 3 ## **Structure, Governance and Management** |Descriptionofcharity’s trusts:||| |---|---|---| |Type of governing document
(trust deed, royal charter)|Para 1.25|The Keble Association is governed by its
Constitution which has been registered with the
Charity Commission.| |How is the charity constituted?
(e.g unincorporated association,
CIO)|Para 1.25|Unincorporated Association| |Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of any
person or body entitled to
appoint one or more trustees|Para 1.25|Trustees are selected from alumni and current
members of Keble College Oxford University.
The Trustees delegate day-to-day running of the
Charity to an Executive Committee. Please see
page 5 for details. All Trustees meet twice a year
and the Executive Committee meet an additional
three tofourtimes peryear.| ## **Additional information (optional)** You may choose to include further statements where relevant about: |Policies and procedures adopted
for the induction and training of
trustees|Para 1.51|| |---|---|---| |The charity’s organisational
structure and any wider network
with which the charity works|Para 1.51|| |Relationship with any related
parties|Para 1.51|| |Other||| ## **Reference and Administrative details** |Charity name|THE KEBLE ASSOCIATION| |---|---| |Other name the charity uses|| |Registered charitynumber|309688| |Charity’s principal address|C/O DEVELOPMENT OFFICE
KEBLE COLLEGE
PARKS ROAD
OXFORD
OX13PG| ||| 4 **Names of the charity trustees who manage the charity (* denotes member of Executive Committee)** |1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17|**Trustee name**|**Office (if any)**|**Dates acted if**
**not for whole**
**year **|**Name of person (or**
**body) entitled to**
**appoint trustee (ifany)**| |---|---|---|---|---| ||Brigadier JeremyMooney*|Chair of Trustees||| ||Victor Smart *|Secretary||| ||Simon Paul Emary|Treasurer until 30 May2021||| ||Vivek Srivastava *|Grants Committee Chair||| ||Scott Barnes|||| ||Nicola Wintle *|Vice Chair of Trustees||| ||John Edward Dant *|MembershipSecretary||| ||JennyTudge * #|Keble College Representative||| ||Sir Jonathan Philips|Warden Keble College||| ||Vivek Sharma *|Treasurer from 31 May2021||| ||Daniel James Wilson *|Student Liaison||| ||Sam Edwards||28 January2021|| ||Gautam Mittal||28 January2021|| ||Jessica Marlborough||28 January2021|| ||Alessandra Martorana||28 January2021|| ||Keith Oborn||28 January2021|| ||Steve Loncar||28 January2021|| #Jenny Tudge is a Fellow and Development Director of Keble College, Oxford ## Corporate trustees – names of the directors at the date the report was approved ## **Director name** Name of trustees holding title to property belonging to the charity **Trustee name Dates acted if not for whole year** 5 ## **Funds held as custodian trustees on behalf of others** Description of the assets held in N/A this capacity Name and objects of the charity N/A on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe N/A custody and segregation of such assets from the charity’s own assets ## **Additional information (optional)** ## **Names and addresses of advisers (Optional information)** **Type of Name Address adviser** **Name of chief executive or names of senior staff members (Optional information)** ## **Exemptions from disclosure** Reason for non-disclosure of key personnel details ## **Other optional information** 6 ## **Declarations** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** |**Signature(s)**
**Full name(s)**
**Position (eg Secretary,**
**Chair, etc)**
**Date**||| |---|---|---| ||Victor Smart|| ||
Secretary|| ||28thFebruary 2022|| ||28thFebruary 2022|| 7 ## **Keble Association Annual Report on Charitable Giving 2020/21** ## **Introduction** This year’s grant activity was again heavily impacted by the global COVID-19 pandemic, with full or partial lockdown restrictions in effect in the UK for most of the academic year and in various parts of the world for much of it. The Executive Committee had maintained the budget at last year’s level of £48,500, but as it became clear we were greatly undershooting it, it agreed to a request from the College for an extraordinary donation of £25,600 towards the hire of hexagonal marquees (“hexes”) for use as outdoor teaching and events space in Newman Quad. This followed an extraordinary donation the previous year of £15,000 towards the College’s COVID Relief Fund. Neither of these are included in the table below, which shows the usual grant programme, comprising Study, Humanitarian Travel, Arts, and Internship grants. 2018/19 should be considered the “baseline” year with which to compare current activity. Pre-pandemic, much of grant giving was for projects involving travel. 2019/20 began normally, but as the pandemic arrived in Europe shortly after our Hilary Term Grants Committee Meeting, several projects were subsequently cancelled and the cheques either returned or not collected. This did not happen in 2020/21, as students mostly did not embark on projects involving travel in the first place. ## **KA grants as of 10 September 2021** **----- Start of picture text -----**
2018-2019 2019-2020 2020-2021
Initially Approved …of which cancelled Net
No of No of No of No of No of
Category Grants Spend Grants Spend Grants Spend Grants Spend Grants Spend
**----- End of picture text -----**
|Study|76|£34,400|58|£20,816|20|£7,515|38|£13,301|13|£5,205| |---|---|---|---|---|---|---|---|---|---|---| |Travel|7|£3,530|7|£3,985|5|£2,735|2|£1,250|1|£500| |Arts|7|£3,330|4|£1,920|3|£420|1|£1,500|2|£2,200| |Internships|9|£4,425|7|£4,405|1|£1,405|6|£3,000|5|£1,915| |**_Total_**|**_99_**|**_£45,685_**|**_76_**|**_£31,126_**|**_29_**|**_£12,075_**|**_47_**|**_£19,051_**|**_21_**|**_£9,820_**| *Table does not include extraordinary donations of £15,000 towards the College’s COVID Relief Fund in 2019/20 and £25,600 towards the hire of hexes in 2020/21 ## **Summary** - Total grants were £9,820 – a -48% decrease from last year’s level and a -79% decrease from the 2018/19 pre-pandemic “baseline”. - 20 grants were approved to individuals and 1 to support Arts’ Week. - Individual awards were initially approved for: 8 - 10 undergraduates and 10 graduates - 6 male and 14 female students - 12 arts and 8 science students. ## **Study** Demand for study grants fell to just over half of the total. Pre-pandemic, this was by far the largest category of grant giving and tended to be for students travelling to conduct fieldwork or attend conferences to present their research, as well as the compulsory first-year Geography and Biology field trips. This year, fieldwork and conferences were much reduced, and the first-year field trips did not happen. These are some highlights of the projects that went ahead, despite the pandemic: - 13 grants were approved. - 2 were for graduates presenting research at academic conferences (1 virtually). - 2 were for students conducting research abroad and in other parts of the UK. - 5 were for students attending summer schools or holiday courses. - 4 were for undergraduate and graduate fieldwork in France, the USA, and Uganda. ## **Travel** A strong humanitarian focus is required for these grants. We only awarded one grant to a medic volunteering at a clinic in Peru this summer. ## **Arts** We made two grants. We were pleased to continue our support for Arts Week, as every year, with a £2,000 grant. ## **Internships** We awarded 5 grants, only two of which were for overseas internships. We supported internships in: - A solar energy project in Kenya - The International Energy Agency in Paris, France - The Celanese Acetate production facility in Spondon, Derby - An aerospace and precision engineering firm - Chemistry research at the University of Cambridge ## **Griffiths, Gordon Smith, Jack Lane Awards and Dick Fawcett Awards** Griffiths awards were given to 9 - A graduate chemist (mentioned above) doing an internship project at the University of Cambridge to investigate the binding mechanisms of antibodies and their targets - A first-year English undergraduate travelling to the USA to do cultural research at the New York School of Poets A Jack Lane Award award was given to - A second-year English undergraduate to adapt and produce a theatre production of Thomas Hardy's "Mayor of Casterbridge". We did not award any Gordon Smith (geography) or Dick Fawcett (music) awards this academic year. ## **Rejections** The sub-committee has sought to be rigorous in applying its grant criteria and, as a result, 7 applications were rejected this year (5 were for study grants, 2 were for arts). Applications were rejected if they did not sufficiently relate to the charitable purposes of the KA, or the grants’ criteria. The overall standard of applications remains extremely high. ## **Audit Arrangements** The final figure for grant recipients in the previous academic year (2019/20) to have reported back to us on the use of their grants is not yet available. I will update this report when it becomes available. Daniel Wilson received all the reports this year, which were also copied to Trish Long for record purposes. The College Archivist also archives a selection. ## **Size of the Grants Sub-Committee** Last academic year, we lost Nela Scholma-Mason and George Southcombe from the Committee. Nela, who was based in York then London, moved to Edinburgh and was unable to commit the time. George wrote to me, Jeremy and Victor expressing dissatisfaction over the College’s actions over the pandemic. He felt unable to administer funds for the College in good conscience, however indirectly. Hence, at the start of this academic year, we needed to recruit two more members to the Grants Committee. For our Michaelmas Term meeting, Vivek Sharma graciously agreed to become an interim committee member. Then, following our January trustees meeting, Scott Barnes and Alessandra Martorana volunteered to join the committee in time for our Hilary Term meeting. Scott is a former President and Treasurer of the Keble Association and, during his term led a thorough discussion among trustees to refine and update our charitable purpose. He brings an excellent top-down view 10 on whether applications meet it. Alessandra is a recent graduate and was appointed as a trustee at the January meeting. While she was studying at Keble, we awarded her three grants. She brings an appreciation of the grant process from the point of view of the applicant. Hence, the committee is back up to a full complement and has some useful new perspectives. ## **Appreciation** The administration of the KA grants programme is made possible by the support of Trish Long, the Warden’s PA and College Welfare and Disability Officer. The committee is also indebted to Ali Rogers, the Senior Tutor, for invaluable advice and hospitality in times when we can physically meet. ## **Conclusions** In conclusion, this first full academic year in the pandemic has laid bare just how much of our usual grant giving is for projects involving travel. In the near absence of such projects, we remain committed to the charitable purpose of the Keble Association, which in these stricken times may yet necessitate more extraordinary demands on our budget outside the normal grants programme. We look forward to the steady emergence of a “new normal” in which the world learns to adapt and function with COVID-19 and its variants. This will doubtless involve a “new normal” for Keble Association grants, which we hope to see revert to pre-pandemic levels, even if the composition is somewhat different. Sub-Committee Members 2020/21: - Vivek Srivastava: Chair - Ali Rogers: Senior Tutor - Daniel Wilson: Student Liaison & Social Media Officer - Nicola Wintle - Scott Barnes - Alessandra Martorana Vivek Srivastava Grants Sub-Committee Chair 10 September 2021 11 # **UNAUDITED ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021** **1** **----- Start of picture text -----**
Keble Association
Income and Expenditure
Year to 31 July
31 July 2020 31 July 2021
INCOME
Donations and Legacies 0 45,000
Subscriptions through CAF 754 707
Suscriptions received directly 15,140 12,991
Talbot Fund Subscriptions 2,887 11,711
Tax recovery 3,359 3,386
Other income 0 0
Income from UK investments 12,933 10,293
Gilt interest 441 0
Bank and other interest 44 8
35,559 84,097
EXPENDITURE
Grants
Study (13,301) (5,205)
Music and Drama (1,500) (2,200)
Travel grants (1,250) (500)
Internship (3,000) (1,915)
Covid related grants (15,000) (25,600)
Grants repaid or unused
(34,051) (35,420)
Other
Independent Examiner (400) (400)
Other costs (678) 0
(1,078) (400)
Net Incoming / (Outgoing) Resources 430 48,277
Unrealised gains / (losses) on investments (84,584) 84,039
Realised losses on investments (1,974)
NET MOVEMENT IN FUNDS (84,153) 130,341
Total Funds Brought Forward 470,453 386,300
Total Funds Carried Forward 386,300 516,641
**----- End of picture text -----**
**2** **----- Start of picture text -----**
THE KEBLE ASSOCIATION
BALANCE SHEET
As at 31 July 2021 £ £
31 July 2020 31 July 2021
FIXED ASSET INVESTMENTS
3¾% Treasury 2019
M&G Charifund Income units 171,373 211,883
M&G Charifund Accumulation units 122,916 159,864
Invesco Perpetual UK Equity Income 26,544 31,149
Total Fixed Asset Investments 320,833 402,897
CURRENT ASSETS
NatWest Current Account 1,000 1,000
NatWest Reserve Account 33,997 98,426
Scottish Widows Bank 40,000 40,000
Keble College Debtor 3,288 9,765
Gift Aid Debtor 9,330 10,630
Other Debtors 24,029
Total Current Assets 111,645 159,821
CREDITORS falling due within one year
Unpresented cheques
Independent Examiner Creditor (1,300) (1,200)
Trustee Creditor (44,877) (44,877)
Total Current Liabilities (46,177) (46,077)
Net Current Assets 65,467 113,744
TOTAL NET ASSETS 386,300 516,641
Unrestricted Funds 386,300 516,641
Other Funds
TOTAL FUNDS 386,300 516,641
**----- End of picture text -----**
**3** ## **Notes to the Accounts** ## **Accounting Policies** ## **1. Basis of Preparation** The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The accounts (financial statements) have been prepared in accordance with the 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 (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. The trustees considers that there are no material uncertainties about the Keble Association’s ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts. In future years, the key risks to the Keble Association are a fall in income from donations or investment income but the trustee has arrangements in place to mitigate those risks. ## **2. Fund Structure** The Keble Association has one unrestricted fund and is managed by the trustees on a total return basis. This means that the funds are invested to maximise the return on investment without regard as to whether that return is in the form of income from dividends or interest or capital appreciation (where the market value of the investment increases). The trustees decide how much of that return is released to income for spending and how much is retained for investment. The allocation is made on an equitable basis to balance the need to fund current grant giving as well as to invest returns for the future. ## **3. Incoming Resources** All incoming resources are recognised once the charity has entitlement to the resources, it is probable (more likely than not) that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability. ## **4. Incoming Resources from Legacies** Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is probable. ## **5. Resources Expended and VAT** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to each category of expense shown in the Statement of Financial Activities. Expenditure is recognised when the following criteria are met: - there is a present legal or constructive obligation resulting from a past event - it is more likely than not that a transfer of benefits (usually a cash payment) will be required in settlement **4** - the amount of the obligation can be measured or estimated reliably. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. ## **6. Fixed Asset Investments** Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Unrealised gains and losses are calculated as the difference between the market value of investments held at the year end and the opening market value. Realised gains or losses for investments that mature or are sold during the year are calculated as the difference between maturity/sale value and the original purchase value. ## **7. Related Party Transactions and Trustee Remuneration** Trustees receive no remuneration. Expenses in the year totalled Nil (2020: Nil). The Trustee Creditor of £44,877 is solely attributable to Chancery Investment Partners Limited, a company whose sole director is Simon Emary, a Trustee. This balance represents payments made by the company in the prior two years whilst the Keble Association experienced difficulties in making payments directly. No further payments were made in the period by Chancery Investment Partners and the creditor balance is due and payable within 12 months. **5** INDEPENDENT EXAMINER'S REPORT to the trustees of The Keble AssociatioD Trust Register￿ Charity number 309688 I report on the accounts of the Trust for the year en(kd 31 July 2021, which ar¢ set out on page 3. Respeetive responsibilities of trustees alld examiner The charity's tThste¢s are responsible for the preparation of the accounts. The ¢hariWs trustees consider that an audit is not required for this year (under se¢tion 144(2) of the Charities Act 2011 (the 2011 Act)) and that an ind¢pend¢nt examination is needed. It Is my Rwponsibllity to.. examine the accounts under section 145 of the 2011 A¢t' to follow the procedures laid down in the general Directions (see page 2) given by the Charity Commission under section 145(5Xb) of the 2011 Act. and to state whether particular matters have come to my attention Basis of independent examiner's Statement My examination was carried out in a¢cordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the chartty and a comp8rison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seektn8 explanations from you as trustees con¢erning any such matters. TILe procedU￿S undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a'true and fair view and the tEport is litnited to those matters set out in the statem¢rtt b¢low. Independent ex*mRJJer's Statement In connection with my examination. no mattw has come lo my attention: {1) which gives me reasonable cause to believ¢ that in any material respect the requirements to keep accounting records in accordance with section 130 of th¢ 2011 ACL and to pr¢par¢ accounts which accord with the accounting ￿COrdS and comply with th¢ accounting requirements of the 2011 Act have not been met" or (2) to Whic￿ in my opinion. attention should be drawTr in order to enable a prop¢r understanding of the accounts to be reached. Signed Name P P G Aspinall Rel¢vant Professional Qualification A&gociate of the Charter¢d Institute of Management Accountants Address 4 Millway London NW7 3RE .reL".Jns The Charity Commission's Directions provide the procedural basis or framework lo define how the reporting duties of the examiner must be mel. The Directions are made by the Charity Commission under powers given in the 2011 Act and sel out the areas of work that must be covered in any examination. There are 10 specific Directions that the examiner must address in carrying out an examination of accrual accounts and 7 Directions applying lo the examination of receipts and payments accounts. In addition, al examiners should consider if matters of material significance have Gome to their attention whi¢h give rise lo a legal duly to report to the Commission. Applicable to accruals accounts g Direction *:':"" l. Examination and accounting thresholds 2. Documentation 3. Understanding the charity 4. Accountlng records 5. Comparison with accounting records 6. Analytical procedures 7. Form and contents ofaccountS 8. Accounting policies, estimates and judgments 9. Trustees, Annual Report 10. Examiner 's report tatutory duty to report certain matters of material significance to the Charity Commission Although only examiners of acoounls prepared on an accruals basis are required to review the Trustees, Annual Reportfor consistency with the accounts, examiners of receipts and payments accounts may still ff nd theTrustees' Annual Report helpful in undertaking theirexamination. THE KEBLE ItSSOCIATto B.4LthLL 5HELI' As at.11 Julv ?O?I 31 Juty 2020 31 Jul). 2021 "IXF.D IIYN'E4T.VIE)T. M&(i (lkiritill￿ Inconr ￿tts M&CI Clklri fu￿1 AccumulaticTrn units I￿.eScu J)erpelual LIK Equity hK'on Tot21 Tr-￿ed Asset ImeStn￿mt 171.373 122,916 211.¥¥3 31.149 402.897 320tsJ3 ('.1 IRRE.ry"r ASSL NaiV¥Tc8t Currcrt Accoiii# N4ilW'es1 Ileserve ALLoimt Sc()th,sh IllidoM,'4 Bank Kcblc LiillL'gL tk.lmor (iift Aid Debtor OI?ILr r)ol)lo I vtal LunTQt Asset I,oou .1.3.997 40.00 3,?88 ),33 74,n29 111.645 9X,42( 1 ().630 159.821 CREDITOKS f#1b￿ within one .vear Unpresented cheques IndLF)indLnl F.xami crLmli￿r 'J TU5tee Lreditor Total Cum'lll Lialxlities 11.3QQ) (44,¥77) 146,177) {1 ?001 144.877) {4@07D Net c.urrent Asstls 113.744 TOTAI. NF.T ASSF.TS 3K31)0 fj16.641 lJnrLSts'ictL"d FuThas OthL'r F￿NIS TI)TAL FIJ)DS .516.CAI 311&JO L'icouTr .Tr￿. EX￿￿1)rA]+ Ii. ri. tl Jith. 41 E.￿L￿D[rE￿￿ C]..i]}T- 134.V•l) Orl)Èi' èi bk'",w4 ,' OurLYp.IUL'. R* 70LU'CÈ-. 45,: TK41*il Fu￿- C illlltd d Ir4,fi41 to the Accounts ecountin Policies l. Basis of Preparation The fllmncial statements have been prepared under the historical cost Conventio￿ with the exception of investments which are included at market value. The accounts (fmancial statements) have be¢n prepared in a¢coTdance with the Statement of Recommended Prdctice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted PTa¢ti¢e a8 it applies from l January 2019. The truskes considers that there are no Materi￿ uncertainties about the Keble Association's ability to continue &s a going concern. There are no material uncetsillties affecting the cuttent year's accoiints. In future years, th¢ key risks to the Keble Association are a fall in income from donations or invesknent income but the trustee has arrangements in place to mitiga* those risks. 2. Fund Structure The Keble Association has one unrestrÉcted fimd and is managed by the trust¢es on a total return basis. This means that the fimds are invested to m&ximise the return on investment wtthout regard &s to whether that rettm is in the forn] of income from dividends or inter¢st or capital appreciation (where the market value of the tnvestment increases). The truste¢s decide how much of that r¢lMn is released to income for spending and how much is Tetsined for investment. The allocation is made on an equitsble basis to balance the need to fimd current grant giving as well as to invest returns for the future. 3. Ineoming Resources All incoming resources are recognised once the charity has entitlement to the resources. it is probable (mor¢ lik¢Ly than not) that th¢ resources will be received, and the mon¢tary value of incoming reSoU￿eS Can be measur¢d with sufficient reliability. 4. Incoming Resour¢¢s from Legacies Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is probable. 5. Resourtts Expended and VAT All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all Costs related to each category of expense shown in the Statement of Financial Activities. Expenditure is recognised when the following criteria are met: there is a present legal or ConstrL￿tlve obligation resulting from a past event it is more likely than not that a transfer of benefits (usually a cash payment) will be r¢quired in settlement the amount of the obligation can be measured or estimated reliably. Irrrtoverable VAT is charged against the category of resources expended for which it was incurred. 6. Fixed Asset Investments Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and loss¢s ￿lsing on Tevaluation and disposals throughout the year. Unrealised gains and losses are calculated as the difference between the market value of investments held at the year end and th¢ opening matk¢t value. Realised gains or losses for investments that mature or are sold during the year are calculated as th¢ difference between maturity/sale value and the original purchase value. 7. Related Party Tr2n$actiODS and Tru8tee Remuneration Trustees receive no remuneratio￿ Expenses in the year totall¢d Nil (2020.. Nil). The Tn￿tee Creditor of £44,877 is solely attributable to Chancery Investment Partners Limit¢d, a company whose sole director is Simon Emary, a Tn￿tee. This balance r¢presents payments n￿de by the company in the prior two years whilst the Keble Association experienced diificulties in making payments directly. No further payments were made in the period by Chancery Investment Partners and the creditor balance is due and payable within 12 months.