REGISTERED CHARITY NUMBER: 311018 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 FOR HOCKERILL EDUCATIONAL FOUNDATION Clemence Hoar Cummings Chartered Accountants and Statutory Audltor RSverslde House 1-5 Como Street Romford Essex RM7 7DN
HOCKERILL EDUCATIONAL FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Page Report of the Trustees I to 11 Report of the Independent Audltors 12 to 13 Statement of Financial Activities 14 Balance Sheet 15 Notes to the Flnanclal Statements 16 to 21 Detailed Statement of Flnanclal ActlvltSes 22
HOCKERILL EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31sr MARCH 2024 The trustees present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: statement of Recommended Practlce applicable to charlties preparlng their accounts in accordance with the Flnanclal Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) (effectlve I January 2019). OBJECTIVES AND ACTIVITIES General From Its Inceptlon the Foundatlon has allocated approximately two-thlrds of Its annual grant fundlng to the church's educatlonal work in the Dloceses of Chelmsford and St Albans, from whlch the orlglnal fundlng of the college was ralsed, and one-third to other corporate grants and grants to individuals. The Charlty Invltes appllcatlons for grants to be made by a published closing date, taklng active steps to promote knowlodge of its grants through charity directories, publlc websites, its own webslte and by maklng Informatlon dlrectly available to approprlate colleges and rellglous educatlon networks. The Charity's corporate grants are made on both a natlonal and an Internatlonal basls; we help RE teachers In the UK by sponsoring RE infrastructure and are actively seeking a new overseas partner. The Charity's individual grants help trainee teachers throughout the UK whether they are studylng full-tlme, part-tlme or via the Open Unlverslty. The allocatlon to the two Dloceses In the perlod covered by thls report and accounts was £IIO,000 to each Diocese. Page I
HOCKERILL EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 OBJECTIVES AND ACTIVITIES Grants in support of the church's educational work A major part of the Foundation's objective is to support the Church of England's educatlonal work, partlcularly In the Dloceses of Chelmsford and St. Albans. Grants are always made far speclflc proorammes or projects. Diocese of St Albans: To St Albans Dlocesan Board of Educatlon 7 grants To support the work of the Dlocesan RE Adviser . 5upportlng the work of SACRES in Hertfordshlre, Bedford Borough, Central Bedfordshlre and Luton; The dellvery of Professlonal Development to RE subject Leaders; The development of advlce guldance and resources to support the non-speciallst teachlng of Christianity wlthln RE; Leadlng the development of hlgh quality RE across all schools In Central Bedfordshlre and Bedford Borough through the RE Soclety of Bedfordshlre, Tralnlng and Development (HIS) .'Development of actlvltles to support wellbeing of RE subject leaders (£750); Development of working relatlonshlps with the Cathedral Learnlng Department to Include shared tralnlng actlvltles such as an annual "away day" for upper KS2 puplls to explore thelr splrltuallty at St Albans Cathedral (£1,500); The dellvery and extenslon Df InspiREd - a RE subject leader development programme run Jolntly by the Dloceses of St Albans and Canterbury (£5,000) - to all reglons wlthln the RE South East Groupi Includlng secondary provision Distlnctlve Chrlstlan Character (H13) :To fund the dellvery of a serles of regional tralnlng events for pupll leaders of worship {£750), Development and delivery of "Heart for the Earth" a curated resource whlch will allow schools to theologlcally reflect on cllmate change and plan to reduce carbon emlsslons (£5,000); To reduce the carbon footprlnt of the VA school estate by Informlng, resourclng and Inltlatlng carbon reduction schemes {£2,600); To facllltate the delivery of the 2023 Headteacher Conference on the theme of raclal equallty and Justlce (£3,750); To support the creatlon of antl-raclst resources to support schools promote raclal Justlce and dlverslty across the school communlty (£l,000} Speclal Servlces in the Cathedral {H02) :To enable the DBE to undertake special acts of worshlp, Includlng Harvest Festival in St Albans Cathedral. Thls grant funds aspects of the costs assoclated with running major events, Includlng AV equlpment, PA system, toilet hlre and transport costs for dlsadvantaged chlldren who would otherwise be unable to attend. SIAMS Inspectlon and Management (H03) .' Support the natlonal SIAMS adm Inlstratlve and quality assurance programme {£6,500); To facllitate the purchase of the Groves booklet introduclng the new SIAMS framework (Sept 2023) (£500) Church School Leadershlp Development {H14) Thls grant Is deslgned to support the development of leadersh5p across the Dlocese's 138 church schools. It will undertake thls flexlbly accordlng to need and will Indude some or all of the following The opportunlty to allow headteachers who have experlenced challenging pastoral clrcumstances to attend the Dlocesan Headteacher Retreat {£2,800); To facllltate attendance at the Chelmsford Church School Leadership Course (£2,400) To support the work of the Asslstant Schools Officeri particularly :Developlng and Launchlng activities, under the working title 'Heart for the Earth, that are allgned with Growlng Falth and allow the DI0se of St Albans to Grow YoungerLlalslng wlth the 'Alban Way, Lead to promote young vocations. Facilitating courses on RE, Christian distinctiveness, Christian ethos, leadership in church schools, aspirant church school leaders.Communicatlng the work of the DBE and its Schools through social media and the termly newsletter. 50,000 7,250 13,100 2,450 7,000 5,200 25,000 £iio,000 Total of Diocese of St Albans Awards: Page 2
HOCKERILL EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 OBJECTIVES AND ACTIVITIES Diocese of Chelmsford: To Chelmsford Diocesan Board of Education 13 grants SUPPORTING THE WORK OF THE DIOCESAN RE ADVISER:RE advice, guidance and support for 139 schools withln the Dlocese; Networking opportunities for teachers and RE Leadssupport to MAT partners on RE currlculum development. Support work to SACRES and oversee CofE representatives SUPPORTING THE WORK OF THE DIOCESAN CW ADVISER:Hlgh quallty support on CW to 139 Church Schools withln the Dlocese; Access to and promotlon of CW resources; Networklng opportunities for CW leaders SIAMS INSPEcfIoN:Support for Natlonal SIAMS Administratlon and qualltv assurance Programme DBE TO SCHOOL COMMUNICATIQN (Support to Education Support Offlcer): Provlsion of Targeted communlcatlon through newsletters and e-bulletlns; Malntenance and updating of DBE webslteDevelopment of soclal medla proflle,. Management of Learnlng & Development programme GLOBAL LINKS:Contlnued development of links wlth Kenya - fundlng to support travel for key dlocesan staff CATHEDRAL SERVICES:Enable the use of the Cathedral for speclflc servlces such as Year 6 leavers service. HT Commlsslonlngl Celebration of HT'S, Dlverslty & InclusSon Pupll Day SUPPORTING THE WORK OF THE CHILDREN & FAMILIES EARLY YEARS ADVISER.'Advlce, support and guldance to Early Years settings across schools and churches, Networking opportunltles; Provlslon of hlgh quality CPD to Early Years settlngs across schools and churches MISSEON IN SCHOOLS, CHURCHES, AND HOMES'.Development of Growlng Falth opportunltles In partnershlp wlth the Chlldren,Youth & Famllles Team SCHOOL GOVERNANCE CONSULTANT:CPD programme and networklng opportunltles for school governors. Bespoke support to Governlng Boardsmentoring support for new Chalrs of Governors; Provlslon of In-llne Inductlon materlals; Support wlth pollcy development and appolntment of Foundatlon Governors QuALy ASSURANCE & DATA ANALYSIS'.Provision of Perspectlve Observatory on-llne programme. Effectlve monltorlng of school performance and development of Key Performance Indlcators (KPIS) resultlng In targeted use of DBE support TRAINING & DEVELOPMENT:Support of Learnlng and development package to schools Includlng termly Networking, bereavement & SIAMS Workshops RAPID IMPROVENENT SUPPORT.'Pllot of Rapid Improvement Support for schools In crlsls'Add ressing serlous Issues of leadership and governance. Utilising External Revlews of Governance where needed LEADERSHIP DFVEI.OPMENT:Provislon of annual Retreat Day for 5ervlng school leaders. Annual HT conference - high quality spcakcrs. Antl-Racist trainlng - DBE & schools 20,000 20,000 7,000 13,200 2,000 1,500 10,000 2,000 16,800 5,000 1,500 6,000 5,000 Total of Diocese of Chelmsford Awards: iio,000 Page 3
HOCKERILL EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 OBJECTIVES AND ACTIVITIES Grantmaking Grants to Indlvlduals In awarding grants to Indivlduals, the Charity partlcularly trles to a&sist those student5 who, desplte the avallabllity of loans, grants and other incentives from national and local government, would find It dlfflcult to complete thelr courses because of special personal or flnancial clrcumstances. The Foundation also regularly asslsts exlstlng RE teachers who wlsh to Improve their qualifications, often at considerable cost to themselves. Grants are made to indlvlduals In the following categories, wlth a prlority to RelSglous Educatlon, and wlth regard to the individual's fbnanclal need: students and teachlng assistants taklno teaching qualificatlons, or flrst degrees leading to teachlng. teachers, teachlng asslstants and others In an educational capaclty seekSng professlonal development through full-time or part-time courses. students taking other flrst degre.e. courses, or courses in further educatlon. those undertaklng research related to the practice of Rellglous Educatlon In schools or further educatlon. others involved In teachlng and leadlng In voluntarytr non-statutory educatlon, Includlng those concerned wlth adult and Chrlstlan educatlon. students from the dloceses of Chelmsford and St Albans undertaking gap year projects wlth an educatlonal focus. In 2023-24 grants totalllng £86,355 (£40,145 In 2022-23) were pald to 84 (43 In 2022-23) Indlviduals. 41 were tralnlng for prlrrbary educatlon, 43 for secondary educatlon, of which 10 were taklng higher degree5 or dlplomas In education. There were no GAP year students supported In 2023-24. Of the 84 educatlon students, 39 were followlng courses elther directly or partly related to the teachlng of Rellgious Educatlon, and 45 were taking other educatlon courses or professlonal development In educatlon. students were followlng the Church School Leadershlp course run for the two Dloceses by the Dlocese of Chelmsford, In 2023-24 the number of grants awarded was almost twice as many as In the precedlng year. The maln reason for thls was demand drlven In part by the cost-of-llvlng trlsls and the Trustees deslre to help where posslble. The grants provlded by the Charlty are there to help meet the costs of books, tralnlng materlals and fees where the student Ss unable to meet these costs from statutory sources or from hls/her own resources. Page 4
HOCKERILL EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 OBJECTIVES AND ACTIVITIES Corporate Grants for research and development In education: The Foundatlon looks to support actlvltSes, courses, projects or research which are likely to beneflt Religious Educatlon and the Church's educational work, with ernphasls on activlties which support the work of teachers or other adults Involved in educatlon. CULHAM ST GABRIELS - Masters Scholarshlp scheme. Continuing as a partner of thls scheme. It is designed to offer a Bursary to RE Teachers and Teaching Asslstants to do a part time Masters programme at selected Unlversltles. In 2023-24 the Bursary was £2,000 per year for up to two years. SOLOMON ACADEMIC TRusf (Centre for Muslim-chrlstlan Studies) - Summer School. The Summer School is desSgned to brlng Muslims and Chrlstlans together to relate honestly and thlnk rlgorously through teachlng, research and public educatlon. It is almed at future leaders, teachers and scholars. CHURCH PASTORAL AID SOCIETY- Further support for the School Ventures project's Natlonal Prografflme roll out. We dld not support them last year as they relied almost completely on face-to-face Interactlons NATRE - EARLY YEARS TEACHER SUPPORT PROGRAMME (ECT) Developed from the experlence of the New2RE programme It Is deslgned to be better able to support the new RE Teacher In hlslher fomiatlve years SUThON SCHOOLS WORK TRUST- Funding towards continued development of the servlce they offer to schools, and In partlcular the development of weekly assembly vldeos whlch are belng integrated Into the servlce they provide to the borough EDGI- HILL UNIVERSITY- Research by Heather Marshall Into Student Teacher Recruitment for ITh Secondary RE to Identify the reasons why an Increaslng proportion of those who apply are reJected. 12,000 5,000 5,000 5,436 4,000 1,750 Total of Corporate Grants: £33,186 Total of individual grants: £86,355 Total of all Grants: £339,541 The Foundatlon monltors the effectlveness of Its work by receivlng annual reports from organlsatlons which receive grants, and by requlrlng Independent annual progSS reports on Indlvlduals It supports before any grant is renewed. Feedback from. tutors and students contlnues to show that even the Ilm Ited grants provlded by the Foundatlon to Indlvlduals can make a vital difference to thelr study. Durlng the year ended 31 March 2024 £339,541 (£289,722 in 2022-23) was dlstrlbuted In grants. The cumulatlve totsl of grants dlstributed slnce the Charity was fornied in 1977 has now reached £8,789,315. ACHIEVEMENT AND PERFORMANCE Investment Pollcy The Foundatlon's Investment prlorlty Is to malntain the real value of its capltal Investment over the long term, but it also seeks sufflclent Income from investments to allow an Increase In grants distributed whlch at least matches wage inflatlon measured over any five-year perlod. Page 5
HOCKERILL EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 ACHIEVEMENT AND PERFORMANCE Performance The Charity's pollcy Is that overall expendlture each year should normally match the Income forecast for that year. In 2023-24 Investment Income recelved Increased by 2.48% (compared wlth a 8.250A Increase In 2022-23), The value of Grants distributed In 2023-24 increased by 17.200/0 when compared with the previous year (It decreased by 0.24% In 2022-23). Whilst both the CCLA Property and Investment Funds income has remained statlc over the period of these accounts, Income from Charlfund has agaln provlded a modest Increase. The value of our Investments over the perlod of these accounts Increased by 2.100/0 (In the comparable period In 2022-23 there was a decrease of 6.180h). The valuatlon of our Investments in the CCLA Investment Fund has continued Its recovery whilst Charlfund was relatlvely static. The CCLA Property Fund stlll glves some cause for concern in that, although the valuations are now tracklng our other holdlngs, the income has remalned static The pandemic has had Ilttle effect on our Investments durlng the period, but has been replaced by the volatility In the markets caused by the continuing war In the Ukralne. The Finance Commlttee will continue to monltor the sltuatlon closely. FINANCIAL REVIEW Prlnclpal fundlng sources The FoundatSon's income derlves almost entlrely from endowed capltal invested wlth CBF Funds and Charlfund. CBF Is a common Investment fund managed by CCLA Investment Management Llmlted, and funds are Invested followlng the guldellnes of the Ethical Investment Advlsory Group. Charlfund, managed by N&G Investments, Is an exempt unlt trust whlch Is a pooled fund for charitles. Charlfund excludes tobacco companles from its portfollo. The Finance Commlttee regularly monitors the performance of investments and reports to the Foundatlon Council. There has been no change in the allocatlon of funds durlng the year. The Foundatlon does not engage in any slgnlficant fundralslngi though donatlons and legacies, mainly from former members of Hockerill College, are occasionally received. Reserves policy These investments have provlded a relatlvely stable Income, but a reserve Is held to ensure that the Foundatlon can (l) avold sudden reductlons in grant expendlture should Income fall; (2) respond promptly to unforeseen requests to support causes whlch are central to the Foundation's remit; and (3) meet the costs of rlsks for whlch the Foundatlon self-lnsures. In the 2011-12 financlal year the Foundation undertook a revlew of Its Reserves Pollcy In the Ilght of the move from offerlng grant5 over a number of years to that of annual grants whlch can be renewed on further appllcatlon In subsequent years. To thls end It has adopted the following Reserves Pollcy: "The Reserves Pollcy of the Foundation Is that a Reserve of £60,000 be malntalned, and that the move to thls pollcy should take place over perlod of 3 to 4 years, l.e. by allocating Over the next 3 years a higher amount for grants tha n prevlouslyi rather than movlng dlrectly to the new level of reserve by maklng a very large allocatlon to grants In one year, The Trustees as part of the change of year end declslon decided to malntaln thls reserve5 poIScy. As part of Its ongolng stewardshlp The Flnance Committee revlews this pollcy every year. In recent years a number of factots have arisen that affect the student environment In whlch the Hockerlll Educatlonal Trust operates: l) A small but 51gnlficant number of Grants are not taken up as the students concerned are unable to put together the finance package required to meet the total cost of their course. and 2) Universities are maklng ever later offers of places In order to meet theSr target enrolments resulting In an increasing number of late applications for grants. The advent of the Covld -19 pandemlc has added an extra layer of complexlty to thls environment. Consequentially all these factors have contributed to the difficulty in reaching our target reserve. The Finance Committee and the Grants Committee wlll continue to monStor thls situation closely. Page 6
HOCKERILL EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 FUTURE PLANS As in previous years the Charity will continue to monitor and adapt Its programme of grants for Individuals to ensure its funds are used to best effect. The Charlty will contlnue to 5UPPOrt the educational objectlves of our two Dloceses through the block grants it provide5. The Charity will continue, where posslble, to respond to the Corporate grant requests it receives as long as these requests are In line with its charitable objectives. Some examples of the Corporate projects supported during 2023-24 are described below. In 2023-24 we continued as 3 partner in the Masters Scholarship Scheme, run on behalf of the Ac by the Culham St Gabriels Trust. The scheme provldes grants to serving RE Teachers and Teaching Asslstants to help them improve thelr qualifications to Masters Degree level via part tlme courses at selected Universities. This scheme 55 SUPPOrted jointly by members of the ACCT and It shows our commltment to supportlng the RE teacher post thelr Inltlal training. The Charity also supports ecumenlcal schools work Inltiatlves by provldlng "seed corn" funding and In 2023-24 thls included CPAS - Schools Ventures Project and the Sutton Schools Work Project. For the second year running we have provlded sponsorshlp for the Musllm-christian Summer School run by the University of Oxford. It is designed to brlng together future leaders, teachers and scholars from both faiths In a Summer School envlronment The Charity's website contlnues to prove to be a very useful asset in contactlng prospective grantees and In provldlng them with the latest inforniatlon about the Foundatlon, Its obJectlves and the grant process. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charlty Is controlled by Its governing document, a deed of trust, and constltutes an unlncorporated charity. Hockerlll College, Blshop's Stortford, was founded In 1852 to train women teachers who "would go to schools In the seNlce of humanlty" The College was provided by the Diocese of Rochester ancl much of the money requlred was raised by subscrlption in Essex and Hertfordshlre, which were at that tlme In that Diocese. Over the followlng 125 years the provision of education and attitudes towards It changed as both Church and State assumed an Increaslng responsibility for a natlonal network of primary schools, for the provision of secondary schools, and for the tralnlng of teachers. In 1976 it was deCded that fewer teachers would be required for training, and the Sectary of State for Education and Science directed that Hockerill College and a number of other similar colleges "should have no further Intake of students...and that the long and honourable history of these Colleges should be brought to a close. The HockerS11 Educational Foundation was establlshed to perpp.tuate the name of the College and the intentSon of its Founders. Page 7
HOCKERILL EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Objectives and aims The object of the Charlty is the advancement of either higher or further educatlon or both in one or more of the following ways: (a) the promotion of the education and training of persons who are, or intend to become, engaged as teachers or otherwise in work connected wlth religious education,, the promotlon of research in, and development of, rellglous educatlon; the provlsion and conduct, or asslstance in the provlslon and conduct of a chapel and chaplaincy provldlng for students, religious worshipi Instruction and care. (d) the promotion of education by the provision of instruction, classes, lectures, books, Ilbraries and readlng rooms. making grants to young persons In need of financial asslstance to enable them to attend an e5tabllshment of hlgher or further education or otherwise to pursue their educatlon. and such other ways as the Trustee may from time to tlme determlne. (b) (c) (e) (f) In furtherlng the object speclfied above the Charlty shall: (a) act Ill such a manner as wlll advance educatlon In accordance wlth the doctrlnes, rites and practlces of the Church of England; and (b) have regard to the needs of persor)s undergolng tralning as teachers. The Charlty currently meets these objectives by maklng grants in the following areas.. (a) Grants to Indlvidual teachers and others In an educatlonal capaclty, elther tralnlng to teach or seeklng to develop thelr professional abllltles and qualiflcatlons, partlcularly in Religious Educatlon (b) Grants to Indlvlduals taklng other flrst degree or further educatlon courses, excludlng courses whlch lead dlrectly to careers other than teaching. (¢) Tralnlng and support for the Church's educatlonal work in the dloceses of Chelmsford and St Albans (d) Research, development and support grants to organisatlons In the field of Rellglous Education. The Foundatlon regards grant-making as Its main actlvlty and normally does not dlrectly undertake other actlvltles. For Its flrst 25 years, until 2003, the Charlty also promoted an annual lecture on some aspect of educatlon, ma ny of whlch have made a lastlng contrlbution to educatlonal debate, and coples are stlll avallable from the charity. In 2010 the Charlty working wlth NATRE (the Natlonal Assoclatlon of Teachers of Rellg lous Education introd uced the Hockerlll - NATRE Prlze for Innovatlon In RE Teaching. Thls Annual Prlze was first awarded In the sprlng of 2011 In both the Primary and Secondary sectors (now dlscontlnued). The Charity Is a member of the RE Council of England and Wales whlttl reflects the support it gives to the RE communlty. The Trustees have referred to the guldance contalned In the Charlty Commlsslon's general guidance on public beneflt when revlewlng Its alms and objectlves and In plannlng Its future actlvltles. In PBrtlcular, the Trustees conslders how planned activltles wlll contrlbute to the alms and objettlves they have set. Page 8
HOCKERILL EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governance and Management The Hockerlll Educational Foundatiori wa5 endowed with the proceeds of the sale of the College and established as a charity number 311018 under a scheme prepared by the Charity Commissioners in 1977, and amended by the Charity Commisslon on 19th April 1988. It 15 managed by the Hockerill Educatlonal Company, a company limlted by guarantee, Incorporated under a memorandLJm and artlcles of assoclatlon dated 29th July 1987, registered number 2151348. The Company is registered as a charity number 297860. The Dlrectors of the Hockerill Educatlonal Company are also members of the Hockerlll Foundation Councll. Four directorsltrustees are ex officio, two each are appolnted for a period of flve years by the Bishops of Chelmsford and St Albans, and four are appolnted for a perlod of four years by other bodles of the Dioceses of Chelmsford and St Albans. There is provision for up to a further three trustees to be co-opted, New trustees are normally experlenced trustees of other bodles; they recelve Induction in the work of the Foundatlon and are offered such further tralnlng as trustees as may be necessary. The Foundatlon Councll normally meets twice a year to determlne policy and strategyi and to monltor the flnances and grant-mak5ng. In addition. the nnance committee normally meets tw1 a year to oversee the Foundatlon's Investments, financlal management and audit, and to make budget and other recommendations. The grants commSttee meets normally twi a year to conslder and approve appllcatlons for grants. Operatlonal and financlal management Is delegated wlth approprlate controls to the Secretary of the Foundatlon, who is a part-tlme pald employee. At the start of the Covld 19 pandemlc all these meetlngs moved on-line. In 2023-24 we contlnued the policyi establlshed in 2022-23, of all mectlngs being held vlrtU(Illy apart from the November Hockerlll Foundatlon Council I Hockerlll Educatlonal Company meetlng whlch was held In person. The Foundatlon has Ilnks with the Dloceses of Chelmsford and St Albans, from whose areas the orlglnal fundlng of the college was drdwn, and It Is a member of the Associatlon of Church College Trusts, a group of trusts wlth slmllar orSglns and charltable alms. The Councll has approved a Rlsk Management Pollcy for the charftyi settlng out the rlsks to whlch the charlty Is exposed and the means by which the charlty seeks to manage these rlsks. This Is revlewed annually by comparlng the exlstlng pollcy wlth current guldance offered by the Charity Commisslon. changes were felt to be requlred thls year. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 311018 Prlnclpal address 3 The Swallows Harlow Essex CN17 OAR Page 9
HOCKERILL EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 Trustees Corporate Trustee: The Hockerill Educational Company Limited The following members of the Foundation Council, who are also Trustees of the charityi have held office since l April 2023: Chairman. The Venerable Janet Mackenzie, Archdeacon of Hertford Ex Officio: The Right Reverend Dr Gull Francis-Dehqani, Blshop of Chelmsford The Right Reverend Dr Alan Smith, Blshop of St Albans Canon Davld Morton, Director of Education, Diocese of St Albans Mrs Carrle Prior, Director of Education, Diocese of Chelmsford Diocesan Trustees: The Venerable Janet Mackenzie The Venerable Robin Klng to 31 October 2023 Appointed by: Blshop of St Albans Bishop of Chelmsford Nomlnatlve Trustees: Mrs Anthea Kenna Mrs Judy King Mr David Lodge Mrs Hannah Potter Nominated by: Chelmsford Diocesan Board of Educatlon St Albans Diocesan Board of Education St Albans Diocesan Board of Educatlon Blshop's Councll of the Dlocese of St Albans Co-opted Trustees: Mr Colln 81rd Janet Scott Secretarv: Mr Derek J Humphrey 3 The Swallows Harlow Essex CM17 OAR Telephone., 01279 420855 Email: info@hockeri I Ifoundatlon.org.uk Web: www.hockerillfoundation.org.uk Auditors Clemence Hoar Cummings Chartered Accountants and Statutory Audltor Riverside House 1-5 Como Street Romford Essex RM7 7DN Solicitors Lee Bolton Monler - Williams l The Sanctuary Westminster London SWIP 3JT Page 10
HOCKERILL EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Investment Managers CCLA Investment Management Llmlted One Angel Lane London EC4R 3AB M & G Securitles Llmited 10 Fenchurch Street London EC4M SAG Bankers Barclays Bank PLC 10 North Street Blshop's Stortford Herts CN23 2LH STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparlng the Report of the Trustees and the flnanclal statements In accordance wlth appllcable law and Unlted Klngdom Accounting Standards (Unlted Kingdom Generally Accepted Accounting pract1) IncludSng Financial Reportlng Standard 102 °The Financlal Reportlng standa rd applicable in the UK and Republlc of Ireland" The law appllcable to charitles In England and Wales, the Charitles Act 2011, Chartty (Account5 and Reports) Regulatlons 2008 and the provlslons of the trust deed requlres the trustees to prepare financlal statements for each flnancial year whlch glve a true and fair view of the state of affalrs of the charity and of the Incomlng resources and appllcatlon of resources, Sncluding the Income and expendlture, of the charlty for that perlod. In preparlng those flnanclal statements, the trustees are requlred to select sultable accounting policles and then apply them conslstentlyi observe the methods and princlples In the Charlty SORP; make Judgements and estlmates that are reasonable and prudent; prepare the flnanclal statements on the golng concern basis unless It Is Inapproprlate to presume that the charlty wlll contlnue in business. The trustees are responslble for keeplng proper accountlng records which dlsclose wlth reasonable accuracy at any tlme the flnanclal posltlon of the charity and to enable them to ensure that the flnancial statements comply with the Charltles Act 2011, the Charity (Accounts and Reports) Regulatlons 2008 and the provlslons of the trust deed. They are also responsible for safeguardlng the assets of the charity and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularlties. Approved by order of the board of trustees on by,. and slgned on Its behalf stee Page 11
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HOCKERXLL EDUCATIONAL FOUNDATION Opinion We have audited the financlal statements of Hockerlll Educational Foundation (the 'charlty') for the year ended 31st March 2024 whlch comprise the Statement of Financlal Activities, the Balance Sheet and notes to the financial staternents, Including a summary of signlficant accounting pollcles. The financial reporting framework that has been applled in their preparatlon Is applicable law and Unlted Kingdom Accounting Standards (Unlted Kingdom Generally Accepted Accounting Practice), Including Flnancial Reportlng Standard 102 'The Financial Reportlng Standard applicable in the UK and Republic of Ireland,. In our opinion the financlal statements: give a true and falr view of the state of the charity's affairs as at 31st March 2024 and of Its Incomlng resources and appllcatlon of resources, for the year then ended. have been properly prepared in accordance wlth United Klngdom Generally Accepted Accountlng Practlce, Includlng Financlal Reptsrtlng Standard 102 'The Flnancial Reportlng Standard applicable In the UK and Fiepubllc of Ireland.; and have been prepared in accordance with the requlrements of the Charitles Act 2011. Basls for oplnlon We conducted our audlt In accordan wlth Internatlonal Standards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our responslbllities under those standards are further described in the Audltors, responslbllltles for the audit of the flnancial statements sectlon of our report. We are Independent of the charlty In accordance wlth the ethical requirements that are relevant to our audit of the flnanclal statements In the UK, Includlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethlcal responsibilltles In accordance with these requlrements. We belleve that the audlt evldence we have obtained is sufflclent and appropriate to provlde a basls for our Oplnlon. Concluslons relating to golng concern In auditlng the financial statements, we have concluded that the trustees, use of the going concern basls of accountlng In the preparatlon of the financial statements Is approprlate. Based on the work we have performed, we have not Identlfied any materlal uncertalnties relatlng to events or condltlons that, Indlvldually or collectlvely, may cast significant doubt on the charity's abillty to contlnue as a golng concern for a perlod of at least twelve months from when the flnanclal statements are authorlsed for Issue. Our responslbllities and the responsibilities of the trustees with respect to golng concern are descrlbed In the relevant sections of thls report. other informatlon The trustees are responslble for the other Information. The other informatlon comprlses the Informatlon Included In the Annual Report, other than the flnanclal statements and our Report of the Independent Auditors thereon. Our opinion on the flnanclal statements does not.cover the other Informatlon and, except to the extent otherwlse expllcltly stated In our report, we do not express any form of assurance concluslon thereon. In connectlon wlth our audlt of the financlal statements, our responslblllty Is to read the other Information and, in dolng so, conslder whether the other Information Is materially Inconsistent with the flnancial statcments or our knowledge obtalned in the audit or otherwlse appears to be materlally mlsstated, If we identlfy Such material inconsistencles or apparent material mlsstatements, we are requlred to dctermlne whether thls glves rlse to a material mlsstatement In the financlal statements themselves. If, based on the work we have performed, we conclude that there is a materlal misstatement of thls other Informatlon, we are requlred to report that fact. We have nothing to report In thls regard. Matters on whlch we are requlred to report by exception We have nothlng to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires US to report to you if, In our opinion: the informatlon glven in the Report of the Trustees is Inconslstent In any materlal respect wlth the financlal staternents. or suff(cient accountlng records have not been kept. or the financial statements are not In agreement with the accounting records and returns; or we have not received all the information and explanatlons we require for our audlt. Page 12
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HOCKERILL EDUCATIONAL FOUNDATION Responsibilities of trustees As explalned more fully in the Statement of Trustees, Responsibilities, the trustees are responslble for the preparatlon of the financlal statements which give a true and fair vlew, and for such internal control as the trustees determine is necessary to enable the preparatlon of flnanclal statements that are free from material mi55tatement, whether due to fraud or error. In preparlng the flnancial statements, the trustees are responsible for assesslng the charlty's ability to contlnue as B going concern, disclosing, as applicable, matters related to golng concern and uslng the going concern basls of accounting unless the trustees either intend to Ilquidate the charity or to cease operations, or have no realistic alternatlve but to do so. Our responsibilitles for the audit of the flnancial statements We have been appointed as audltors under Section 144 of the Charities Act 2011 and report In ccordance wlth the Att and relevant regulatlons made or havlng effect thereunder, Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from materlal misstatement, whether due to fraud or error, and to issue a Report of the Independent Audltors that Includes our oplnlon. Reasonable assurance is a high level of assurance, but Ss not a guarantee that an audlt conducted in accordance wlth ISAS (UK) wlll always detect a materlal misstatement when It exists. Misstatements can arise from fraud or error and are consldered material If, Indivldually or in the aggregate, they could reasonably be expected to Influence the economic decisions of Users taken on the basls of Ihese flnancial statements. The extent to whlch our procedures are capable of detecting Irregularltles, Including fraud is detalled below: We have designed our work to ensure that laws and regulations have been adhered to, and the transactlons undertaken by the Charliy are properly reflected In the financial statements. We have obtalned a detailed understanding of the Charlty's Internal control systems and we have used the knowledge gained to identlfy any areas of rlsk of mls-statement or fraud. We have then deslgned our audlt tests In each area to Identlfy whether in respect of the transactions we have selected for testing the relevant controls have operated as expected. A further description of our responslbllltles for the audlt of the financlal statements Is located on the Flnanclal Reportlng Councll's webslte at www.frc.org.uk/auditorsresponslbllltles. Thls descrlption forms part of our Report of the Independent Auditors. Use of our report Thls report Is made solely to the charlty's trustees, as a bodyr In accordance with Part 4 of the Charltles (Accounts and Rcports) Regulations 2008. Our audlt work has been undertaken so that we mlght state to the charlty's trustees those matters we are requlred to state to them in an audltors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslblllty to nyone other than the charlty and the charity's trustees as a body, for our audlt work, for thls report, or for the oplnlons we have formed. Clemence Hoar Cummlngs Chartered Accountants and Statutory Auditor Rlverside House 1-5 Como Street Romford Essex RM7 7DN Date: Page 13
HOCKERILL EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 2024 Total funds 2023 Total funds Unrestricted Endowment funds fund Notes INCOME AND ENDOWMENTS FROM Cha ritable activities 55 55 55 Investment Income 364,945 364,94S 356,102 Total 365,000 365,000 356,157 EXPENDITURE ON Charitable activities Grant fundlng of actlvitles Support Costs 339,541 42,784 339,541 42,784 289,722 41,981 Total 382,325 382,325 331,703 Net galns/(losses) on Investments (2,111) 166.705 164,594 (517,627) NET INCOME/(EXPENDITURE) (19,436) 166,705 147,269 (493,173) RECONCILIATION OF FUNDS Total funds brought forward 152,637 7,743,054 7,895,691 8,388,864 TOTAL FUNDS CARRIED FORWARD 133,201 7,909,759 8,042,960 7,895,691 The notes form part of these flnancial statements Page 14
HOCKERILL EDUCATIONAL FOUNDATION BALANCE SHEET 31ST MARCH 2024 2024 Total funds 2023 Total funds Unrestricted Endowment funds fund Notes FIXED ASSETS Investments 113,482 7,909,759 8,023,241 7,858,647 CURRENT ASSETS Cash at bank 22.991 22,991 40,156 CREDITORS Amounts falllng due within one year (3,272) (3,272) (3,112) NET CURRENT ASSETS 19,719 19,719 37,044 TOTAL ASSETS LESS CURRENT LIABILITIES 133,201 7,909,759 8,042,960 7,895,691 NET ASSETS 133,201 7,909,759 8,042,960 7,895,691 FUNDS Unrestricted funds Endowment funds io 133,201 7,909,759 152,637 7,743,054 TOTAL FUNDS 8,042,960 7,895,691 The flnanclal statements We approved by the Board of Trustees and authorlsed for issue on 2•...,.... and were slgned on Its behalf by: C ¥614 JA•4f• &¥1r1 rustee The notes form part of these financial statements Page 15
HOCKERILL EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The flnanclal statements of the charity, which Is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accountlng and Reportlng by Charltles: statement of Recommended Practlce appllcable to charitles preparlng thelr accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Flnanclal Reportlng Standard appllcable In the UK and Republic of Ireland, and the Charlties Act 2011. The flnanclal statements have been prepared under the historical cost conventlon, wlth the exceptlon of investments whlch are Included at market value. Income All incorne Is recog nlsed in the Statement of Financlal Actlvitles once the charlty has entltlement to the funds, it Is probable that the income will be received and the amount can be measured rellably. Expenditure Llabilltles are recognised as expenditure as soon as there Is a legal or constructlve obllgatlon committlng the charlty to that expenditure, it is probable that a transfer of economlc beneflts will be requlred in settlement and the amount of the obligation can be measured reliably. Expenditure Is accounted for on an accruals basls and has been classlfled under headlngs that aggregate all cost related to the category. Where costs cannot be dlrectly attrlbuted to particular headings they have been allocated to actlvltles on a basls consistent with the use of resources. Provlslon for grants Is made In full In the year of their approval. Governance costs Governance costs are the costs assoclated wlth the governance arrangements of the charity, which relate to the general runnlng of the charlty as opposed to those costs associated with charltable actlvlty. Included wlthln thls category are costs assoclated wlth the strateglc as opposed to day-to-day management of the charity's activities. Allocation and apportionment of costs The charlty attributes 90Wo of adminlstrative support costs such as staff and offlce costs to Its charltable actlvStles, and IO% to the governance of the charlty, on the basts of employment hours. Taxation The charlty Is exempt from corporatlon tax to the extent that any income and gains on its charltable actlvitles are applled to its charltable objectives. Fund accountlng The endowment fund represents those assets whlch must be held permanently by the charityi prlnclpally Investments. Income arlslng on the endowment fund can be used in accordance wlth the objects of the charlty and Is Included as unrestrlcted Income. Any capital gains or losses arislng on the Investments form a part of the fund. Investment management charges and legal advice relatlng to the fund, are charged agalnst the fund. Unrestrlcted funds comprlse those funds whlch the trustee Is free to use In accordance wSth the charita ble objects. De51gnated funds are unre5trlcted funds, set aside by the trustee for a partlcular purpose. Investments and investment income Investments are stated at market value at the balance sheet date. When investments are dlsposed of, the c05t of each unlt Is taken to be the average cost of the unlts Immedlately prlor to the disposal. The gains or losses on disposal are added to the fund from wlilch the Investment was made. Any gain or loss on revaluation is taken to the statement of flnancial actlvitles. Investment income Is accounted for In the perfod In whlch the charfty Is entltled to the receipt. Page 16 continued...
HOCKERILL EDUCAfIoNAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 INVESTMENT INCOME Year Ended 31.3.24 Year Ended 31.3.23 Dlvldends CBF Investment fijnds Dividends - CBF property funds Dlvldends - Charifund investment funds Interest on cash deposlts 88,607 38,746 234,070 3,523 88,606 38,746 227,266 1,484 364,945 356,102 CHARXTABLE ACTIVITIES COSTS Grant funding of actlvltles (see note 4) Support costs Totals Grant fundlng of actlvltles Support Costs 339,541 339,541 42,784 42,784 339,541 42,784 382,325 GRANTS PAYABLE 2024 2023 Grant fundlng of actlvltles 339,541 289,722 The total grants pald to institutlons durlng the year were as follows: Year Ended Year Ended 31.3.24 31.3.23 Dlocese of Chelmsford Dlocese of St Albans other Corporate Grants iio,000 iio,000 33,186 105,000 105,000 39,577 253,186 249,577 (The grants actually paid during the perlod to 31 March 2024 are Ilsted on pages 2-4 of the Trustees Report) Page 17 continued...
HOCKERILL EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 TRUSTEES, REMUNERATION AND BENEFrrs There were no trustees, remuneratlon or other benefits for the year ended 31st march 2024 nor for the year ended 31st March 2023. Tru5tee5' expense5 Travel expenses amountlng to £304 (2023 - £152) were paid to 4 (2023 - 4) Council Members during the year. The cost of Trustees meetings during the year amounted to £356 (2023 - £125). STAFF COSTS The average monthly number of employee5 during the year was as follows: 2024 2023 Offlce No employees recelved emoluments In excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestrlcted Endowment funds fund Total funds INCOME AND ENDOWMENTS FROM Charltable actlvltles 55 55 Investment Income 356,102 356,102 Total 356,157 356,157 EXPENDITURE ON Charltable activities Grant funding of activitles Support Costs 289,722 41,981 289,722 41,981 Total 331,703 331,703 Net galns/(losses) on Investments (7,525) (510,102) (517,627) NET INCOME/(EXPENDITURE) 16,929 (510,102) (493,173) RECONCILIATION OF FUNDS Total funds brought forward 135,708 8,253,156 8,388,864 TOTAL FUNDS CARRIED FORWARD 152,637 7,743,054 7,895,691 Page 18 contlnued...
HOCKERILL EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS . contlnued FOR THE YEAR ENDED 31ST MARCH 2024 FIXED ASSET INVESTMENTS Investments are held in the CBF funds at CCLA Investment Management Limited, and in Charifund at M&G Securities Limited. Investme nt Fund Property Fund Charifund Total Market value at 1st April 2023 3,060,187 761,647 4,036,814 7,858,648 Addltlons/(Dlsposals) Change in value during the year 276,775 (38,449) (73,733) 164,593 Market value at 31st March 2024 3,336,962 723,198 3,963,081 8,023,241 Historlcal cost: At 31 March 2024 261,904 883,174 3,137,565 4,282,643 At 31 March 2023 261,904 883,174 3,137,565 4,282,643 The profits or losses on investments reported above are unreallsed, these changes In value reflect the volatility in the rnarket value5 as at the year ended 31st March 2024. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Audit fee Fee to Corporate Trustee 2,945 327 2,801 311 3,272 3,112 10. MOVEMENT IN FUNDS Net movement In funds At 31.3.24 At 1.4.23 Unrestrlcted funds General fund 152.637 {19,436} 133,201 Endowment funds Endowment Fund 7.743.054 166,705 7,909,759 TOTAL FUNDS 7.895.691 147,269 8,042.960 Page 19 continued...
HOCKERILL EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 10. MOVEMENT IN FUNDS - continued Net movement in funds, Included In the above are as follows: Incoming resources Resources expended Gains and losse5 Movement In funds Unrestrlcted funds General fund 365.000 (382,325) (2,111) (19,436) Endowment funds Endowment Fund 166,705 166,705 TOTAL FUNDS 365,000 (382,325) 164,594 147,269 Comparatlves for movement in funds Net movement In funds At 31,3.23 At 1.4.22 Unrestricted funds Genoral fund 135,708 16,929 152,637 Endowment funds Endowment Fund 8,253,156 (510,102) 7,743,054 TOTAL FUNDS 8,388,864 (493,173) 7,895,691 Comparatlve net movement In funds, included In the above are as follows.. Incomlng resources Resources expended Gajns and losses Movement In funds Unrestricted funds General fund 356,157 (331,703) (7,525) 16,929 Endowment funds Endowment Fund (510,102) (510,102) TOTAL FUNDS 356,157 (331,703) (517,627) (493,173) Page 20 contlnued...
HOCKEIULL EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024 10. MOVEMENT IN FUNDS - contlnued A current year 12 months and prior year 12 months comblned position Is as follows: Net movement In funds At 31.3.24 At 1.4.22 Unrestrlcted funds General fttnd 135,708 (2,507) 133,201 Endowment funds Endowment Fund 8,253,156 (343,397) 7,909,759 TOTAL FUNDS 8,388,864 (345,904) 8,042,960 A current year 12 months and prlor year 12 months comblned net movement In funds, Included In the above are as follows: Incomlng resources Resources expended Gains and losses Movement In fund5 Unrestricted funds General fund 721,157 (714,028) (9,636) (2,507) Endowment funds Endowment Fund (343,397) (343,397) TOTAL FUNDS 721,157 (714,028) (353,033) (345,904) 11. RELATED PARTY DISCLOSURES The Hockerlll Educational Foundatlon Is admlnlstered and managed under a scheme approved and establlshed by the Charity Comm155lon for England and Wales on 19 Aprll 1988. The Investments of the Foundatlon are held In the name of the Hockerlll Educational Company Llmlted as Trustee of the Charlty. All the dlrectors of the Hockerill Educational Company Llmited are members of the Councll of the Hockerill Educatlonal Foundation. Durlng the year, the Foundation was charged £339 (2023 - £324) by the Hockerlll Educational Company Llmited in respect of custodian expenses. At 31 March 2024 £339 {2023 - £324) was due from the FoundatSon to the Hockerlll Educatlonal Company Limlted. Two Councll Members are Blshops from the Dioceses of Chelmsford and St Albans. Two Councll Members are Archdeacons and two are Dlrectors of Education of these dloceses. Their names and detalls are glven on page 11 of the Report and Flnanclal Statements. Durlng the period, grants were pald to Chelmsford Diocese totalling £llO,000 (2023 - £105,000) and to St Albans Diocese totalling £IIO,000 (2023 - £105,000). Grant awards In respect of the perlod to 31 March 2024 are shown In note 4. Page 21
HOCKERILL EDUCATIONAL FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Charitable actlvltles DonBtlons 55 55 Investment Income Investment Income 364,945 356,102 Total Incoming resources 365,000 356,157 EXPENDITURE Charltable activities Grants to Institutlons Grants to Individuals 253,186 86,355 249,577 40,145 339,541 289,722 Support costs Human resources Wages 34,144 34,144 Other Insurance Office supplles, post & tel Computer / webslte costs Staff travel expenses ACCT and RE councll membershlp 367 2,891 733 iii 610 353 2,622 529 94 830 4,712 4,428 Transfer of Governance Costs Wages Insurance Office suppllesi Post & tel Coniputer / webslte costs Staff travel expenses ACCT and RE councll membershlp (3,414} (37) {289) (73) (li) (61) (3,4 15) (35) (260) (53) {9) (83) (3,885) (3,855) Governance costs Tru5tees' expenses Auditors, remuneratlon Auditors, remuneration for non audlt work Governance Support Costs C05t5 of Trustees meeting5 304 2,941 327 3,885 356 172 2,801 311 3,855 125 7,813 7,264 Total resources expended 382,325 331,703 Net (expendlture)/lncome (17,325) 24,454 This page does not form part of the statutory financ5al statements Page 22