Charity Registration No. 312500 THE ALDGATE AND ALLHALLOWS FOUNDATION GOVERNORS. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE ALDGATE AND ALLHALLOWS FOUNDATION CONTENTS Page Governors. report Independent auditorfs report Statement of financial activwtie5 Balance sheet Notes to the firhancial ststements 10-15
THE ALDGATE AND ALLHALLOWS FOUNDATION GOVERNORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Governors present their annual report and audited financial statements of the charity for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities." Statemènt of Recommendèd Practite applicablè to tharitiÈ£ prÈp3ring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ISORP FRS 102 - effective l January 20191 Objectives and activities The charity's objective is to promote the education of young persons under 25 land in smaller measure, under 301 who reside in the City of London or the adjacent London Borough of Tower Hamlets. Its principal artivities as reported here are as before." using its carefully managed funds to make grants to a range of eligible individuals and organisations. The grants enable young people in local schoo15 and voluntary organi5ations to experience a variety of activities including sport, art theatre, history, music, science and literature. It requires the monitoring of grant expenditure to ensure that its actions promote public benefit. Govemance Congratulations are due to Robin Hazlewood who was elected as Deputy Chairman in May 2021. Robin's involvement with the Foundation goes back over two decades and I look forward to working with him in the future, especially drawing on his expertise as a highly esteemed professional artist and arts administrator. Thank5 are a150 due to Billy Whitbread who served as the Foundation's Deputy Chairman for thirteen years. We are delighted that he remains on the Board and Governors continue to be indebted to him for his c105e interest in the Foundation's financial performance in both the short and longer terms. Grateful thanks to Rev Katherine Hedderley who has agreed to be the designated safeguarding lead for the Foundation and to all governors who have undertaken DBS chkS_ We share the Jewry Street offices with the Ithenl Sir John Cass Foundation (now The Portal Trustl although we are 3 separate organisation. Due to Sir John Cass's links to the Slave Trade we posted a statement on our website stating clearly that the Foundation is committed to COMtting racism and discrimination in all form5. Achievements and perforniance It was another good year in terms of grant making. Grants totalling £123.5(K)12019.' £193,810) were made to 7 12019." 151 organisations and 29 12019". 281 individLJals received grants totalling £36.250 12019". £35,000) towards their undergraduate studies at Queen Mary, University of London. The most significant award in the year was a grant of £120.000 to the Ragged School Museum. which is to be paid over three years to create a named education space for the benefit of schools and the local community in Tower Hamlets_ Opened as a Ragged School by Dr Thomas Bamardo in 1877 in former canal warehouses on Copperfield Road in Mile End, the Museum is undergoing a significant capital refurbishment projett with a grant of £4.2m from the National Lottery Heritage Fund. which will transform its site on Regent's Canal, increasing the capacity of the museum to offer educational programmes to schools. A Gift Agreement was signed by the Museum and the Foundation in April 2021 and we look fOard to viewing the completed project and strengthening our partnership with the Museum in the future. We were pleased that research undertaken by Professor Charlotte Chadderton from Bath Spa University entitled 'A longitudinal study of yourhg women's transition5 in Tower Hamlets in an age of austeiity. http5'.11 aldgateallhallows.org.uk/aaf-publications/a-longitudinal-study-of-young-womens-transitions-in-tower- hamlets-in-an-age-of-austerity/ that was supported by the Foundation over the last five years was published in the autumn. This was widely disseminated on the Foundation's website and through our social media presence, namely a twitter handle @AAF1895. We hope the Report can help lead to policy changes in careers education in Tower Hamlets and beyond.
THE ALDGATE AND ALLHALLOWS FOUNDATION GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Financial Review The value of the Foundation's investments fell by approximately £113,000 during the year, with the reserves being reduced to £494,000. However, the first quarter of 2021 has seen an improvement in both the value of the endowment and the reseNes. owing in the main. to the Covid-19 pandemic and Government's "lockdown. policy starting to be eased. The amount received from Hickson's Charity increased by approximately £52.000 during the year, which included approximately £25.000 to make up for the shortfall ir) 2019. Now that a promotion Agreement has been agreed between Brewers. Company (trustee for Hickson's Charity) and W311ace Land, the Foundation hopes should the proposed development at South Mimms in Hertfordshire proceed, its income will increase exponentially in ftjture years. Covid-19 Pandemic The Foundation's offices were closed on the 20th March 2020 due to Covid-19 pandemic, and other than one member of staff who has been furloughed. have all beerh successfully working from home_ Governors held their Board Meetings remotely throughout the year and signed the London Funders Pledge http'.// covid19funders.org.uk/ giving a commitment to support our existing grantees in these difficult circumstances. Close contact was maintained with all our grantees throughout the pandemic and a large number of grant variations were agreed by the Board through the course of the year. We look fotward to the time when we can once again hold the Board meetings in person in Jewry Street. Appreciation Finally, all the Governors join with me in acknowledging and thanking the staff team for all their considerable efforts under the continued leadership of our Chief Executive. Richard Foley. We are fortunate that Richard steers the Foundation with creative insight sensitivity and collaboration. We were sorry to see Megan Falck leave the Foundation in April 2021. We are grateful to her for the work she undertook as Grants Manager over the last three years and we wish her the very best lor the future. Alongside our professional advisers who are listed in this report, we do also wish to thank particularly Paul Windmill of Myers Clark for his close attention to our financial well-being. Structure. governance and management The Aldgate and Allhallows Foundation is an unincorporated charity governed by a Scheme dated 8 February 1971 made by the Secretary of State for Education and Science under Section 18 of the Charities Act 1960. The Governors are the trustees of the charity- There are two ex-officio Governors-, two Govemors are appointed by nominating bodies and a further nine Governors are co-opted. Governors serve for three years after which period they may put themselves forward for re-appointment. Governors meet formally twice a year and are all invited to acquaint themselves with the work of the beneficiaries who are supported by the Foundation. A review of performance has included skills audit training needs and skills gaps within the overall body. Nominating bodies are made aware of skills quirementS and their applicants are selected on these requirement5. Co-opted vacancies are selected from similar crite¥ia on recommendation from within the Board.
THE ALDGATE AND ALLHALLOWS FOUNDATION GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Structure. governance and management (continued) The day to day administration of the Foundation is carried out by the staff of The Portal Trust for which a fee is paid. An agreement between the two Foundations wa5 signed in May 2009. An overlap in board membership (see note 4 on page 15 for details) allows the two foundations to share expertlse while reinforcing the individual approach of each one. As The Aldgate & Allhallows Foundation does not employ staff, it is exposed to fewer risks than some other charitable organisations. Nominating bodies are made aware of skills requirement$ and their applicants are selerted on these requirement5. Co-opted vaiancies are selected from similai criteria on recommendation from within the Board. Reference and administrative details Website.. www.aldgateallhallows.org.uk Twitter. @AAF1895 The Aldgate and Allhallows Foundation is a charity registered in England and Wales number 312500. The principal address of the charity is 31 Jewry Street London, EC3N 2EY. The Governors who Served in the year were as follows= Nominated H Whitbread (Deputy Chairmarhl M O't)wyer nominated by The Brewers. Company nominated by The Breweis, Company Co-opted K Everett M Frederic W Hamilton-Hinds R Hazlewood S Islam D Jones (Chairl S Knowle5 D Mash Ex-officio L jorgènsen K Hedderly The Chief Executive 15 R Foley Msc.
THE ALDGATE AND ALLHALLOWS FOUNDATION GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 The principle advisors to the charity are-. Auditors Myers Clark Chartered Accountants and Statutory Auditors Egale 1. 80 St Albans Road Watford Hertfordshire WD17 IDL Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Investment advisors James Hambro & Partners LLP 45 Pall Mall London SWIY 5JG Soliiitors Devonshires Salisbury House London Wall London EC2M 5QY Ststement of govemors. responsibilities Charity law requires the Governors to prepare financial statements for each finaniial year, which give a true and fair view of the state of affairs of the charity and of the net incoming/loutgoingl resources for the year. In preparing the financial statements the Governors are required to-. Select suitable accounting policies and apply them consistently-, Make judgements and estimates that are reasonable and prudent and Prepare the financial statements on a going coniern basis unless it is inappropriate to do $0. The Govemors are responsible for keeping proper accounting records which dis(lose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with the Charities Act 2011. The Governors are also responsible for safeguarding the assets of the charity and hence for taking steps for the prevention and detertion of fraud and other irregularities. The governor5, report was approved by the BoaTd of Governors. D Jones Chair Dated.. 12 May 2021
THE ALDGATE AND ALLHALLOWS FOUNDATION INDEPENDENT AUDrroR'S REPORT TO THE GOVERNORS OF THE ALDGATE AND ALLHALLOWS FOUNDATION Opinion We have audited the financial statements of The Aldgate And Allhallows Foundation (the charity) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In OLJr opinion, the financial statements= give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUV USAS IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditor's responsibilities for the audit of the accounts settion of our report. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit of the accounts in the UK including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu5ion5 relaling to going concem We have nothing to report in respect of the following matters in latiOn to which the ISAS IUKI require us to report to you where". the governors, use of the going concem basis of accounting in the preparation of the financial statements is not appropriate-, or the governors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continLJÈ to adopt the going concern basis of Icounting for a period of at least twelve tnonth5 from the date when the financial statements ale authorised for issue. Other inforniation The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility 15 to read the other information and, in doing 50, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misststement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing to report in respert of the following matters in relation to which the Charities (Accounts and Reports) Regulations 21X)8 require us to port to you if, in our opinion= the information given in the financial statements is inconsistent in any material respect with the governors, report,. or sufficient accounting records have not been kept or the financial statements are not in agreement with the accounting records-, or we have not received all the information and explanations we require for our audit.
THE ALDGATE AND ALLHALLOWS FOUNDATION INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE ALDGATE AND ALLHALLOWS FOUNDATION Responsibilities of governors As explained more fully in the statement of govemors. responsibilities. the governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misststement whether due to fraud or error. In preparing the financial statements, the govemors are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the governors either intend to cease operations, or have no realistic alternative but to do so. Auditor'5 responsibilities for the audit of the financial statements We have been appointed as auditor under sertion 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether dLJe to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit condutted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mi55tstements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'./J www.frc.org.uk/auditorsresponsibilitie& This description forms part of our auditor's report. Other matters Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended) in preference to the Accounting and Reporting by Charitie5= Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations but ha5 now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
THE ALDGATE AND ALLHALLOWS FOUNDATION INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE ALDGATE AND ALLHALLOWS FOUNDATION Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities IAccounts and Reports) Regulations 20C)8. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit worl for this reporL or for the opinions we have formed. Paul Windmill (Senior statOry Auditor) for and on behalf of Myers Clark 4 August 2021 Chartered Accountants Statutory Auditor
THE ALDGATE AND ALLHALLOWS FOUNDATION STATEMENT OF FINANaAL ACTnirriES FOR THE YEAR ENDED 31 DECEMBER 2020 Unrestricted Endowment funds funds Total Unrestricted Endowment 2020 funds funds Totsl 2019 Notes Income f Donations Listed investments 66.460 175.147 66.460 175,147 13,960 212,809 13.960 212,809 T¢>tsl income 241,607 241,607 226,769 226,769 Ex enditure on: Grants payable Administration fee Investment manager5 fee Auditors. remuneration.. For audit Other expenses 1159.7501 141,0991 1159,7501 141,0991 1228,8101 141,8671 1228,8101 141,8671 151,4411 151,4411 152,7051 152,7051 13.8881 {5.4841 13.8881 15.4841 14.3201 12,5541 14,3201 12,5541 T¢)tsl expenditure 1210,2211 151,4411 1261,6621 1277,5511 152,7051 1330,2561 Net gains/llossesl on investments 192.3521 18991 193,2511 50,979 774,246 825,225 Net movement in funds 160,9661 152,3401 1113,3061 197 721,541 721,738 Fund balances at I January 2020 555,456 7.990,169 8,545.625 555.259 7,268,628 7,823,887 Fund balances at 31 December 2020 494.490 7,937.829 8.432.319 555,456 7,990,169 8,545,625
THE ALDGATE AND ALLHALLOWS FOUNDATION BALANCE SHEEr AS AT 31 DECEMBER 2020 2020 2019 Notes Fixed assets Investments 8,362.210 8,520,638 Current a55ets Debtors Cash at bank and in hand 746 182.884 746 101,262 183.630 102,008 Creditor& amounts falling due within one year 1113.5211 177,0211 Net current assets 70,109 24,987 Totsl assets less current liabilities 8,432,319 8,545,625 Funds of the charity Endowment funds Unrestricted funds 7,937,829 494,490 7,990,169 555,456 8,432,319 8,545,625 The financial statements were approved by the GovemoTS on 12 May 2021 D Jones Chair H W Whitbread Deputy Chairman
THE ALDGATE AND ALLHALLOWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policies 1.1 Basis of preparation The accounts (financial statements) have been ppared under the historical cost convention with items recognised at cost or transartion value unless otherwise stated in the relevant notelsl to these accounts. The 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 IFRS 1021- SORP FRS 102 (effective l January 20191 and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The Governors consider that there are no material uncertainties about the Charitys ability to continue as a going concern. 1.2 Incorning recognition Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income e1Vable can be measured reliably. The Foundation is entitled to ten thirteenths of the surplus from the Charity of Alderman James Hickson. This income is recognised when the charity has been notified of the amount due by the trustee of the charity. 1.3 Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Grants are initially recognised when approved by the Governors as commitments. When the conditions for payment have been met by the recipients, grants are recognised in the Statement of Financial Activities to the extent that payment is probable. 1.4 Fixed asset investments Investment$ are a form of basic financial instrument and are initially recognised at their tran$3ction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. 1.5 Funds The permanent endowment fund cornpri5e5 the orrgrnal capital fund. and gains thereto, e5tabli5hed to provide income for grant payments in accordance with the objectives of the Foundation. The capital cannot be converted into income. The fund is represented by the capital investment included in fixed assets. Unrestricted funds may be applied at the Governors discretion to the general charitable objectives of the Foundation. 10-
THE ALDGATE AND ALLHALLOWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Donations 2020 2019 Charity of Alderman James Hickson 66,460 13,960 66,460 13,960 Grants 2020 2019 Grants approved in the year 159,750 228,810 Grants per Statement of Financial Activities 159,750 228,810 Creditor5 at I january 2020 Giants paid in the year 20,000 16,500 1123,2501 1225,3101 Creditors at 31 December 2020 56,500 20,000 Grants awarded can be analysed as follo Grants to institutions - 712019- 151 Grants to individuals - 2912019= 28} 123,500 36,250 193,810 35,000 Grants payable per Statement of Financial Activities 159,750 228,810 11
THE ALDGATE AND ALLHALLOWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Grants (Continued) Major grants of £10,000 or more were made to the following institutions in 202(J. Name Amount Ragged School Museum Create The Aldgate and Allhallows Foundation learning room for the benefit of local schools and community groups 50,000 Magic Me Learning For All Ages Intergenerational Arts Programme 20,000 The Brilliant Club The Scholar Programme - working with primary hools in tower Hamlets 15,000 Shadwell Basin Outdoor Activity Centre Shadwell Basin Youth Projert - off@ring Leaming Through Outdoor and Adventure Activitie5 10,000 London Symphony Orchestra London Symphony Orchestra On Track in Tower Hamlets 15,000 Related party transactions and govemor's remuneration None of the Governors lor any persons connected with them) received any MLIneratIOn during the year. No Governors incurred expenses for travel and subsistence 12019- £nill. One Governor incurred reimbursable expenditure of nil {2019= £23). D Jones, J Hall and L Jorgensen are also Governors of The Portal Trust. Each charity operates independently with its own policies and separate governing bodies. Administration fees of £41,099 12019.. £41.8671 were paid to The Portal Trust. This fee is within Other Creditors at the year end. M O'Dyer is the Clerk to The Brewers. Company who is the sole Trustee of The Hickson Charity who provided income to the charity of £66,46012019.. £13,960). 12-
THE ALDGATE AND ALLHALLOWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Listed investments Income fund Endowment fund Total funds CURRENT YEAR At l January 2020 Capital withdrawn Management fees paid Change in value in the year 505,227 11,5091 8.015,411 112.2271 151,4411 18991 8,520,638 113,7361 151,4411 193,2511 192,3521 Market value at 31 December 2020 411,366 7,950,844 8,362,210 Historic cost at 31 December 2020 396,239 7,064,269 7,460,508 GÈographic analysi UK Fixed interest UK Equities Overseas Equities Alternative Investments Commodities Cash 1,325,979 1,372,026 4,119,386 666,723 377,127 89,603 1,325,979 1,372,026 4,400.504 765,716 377,127 120,858 281,118 98,993 31,255 411,366 7,950,844 8,362.210 Assets compising more than 5% of the portfolio werv. None 13-
THE ALDGATE AND ALLHALLOWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Listed investments (Continued) Income fund Endownment fund Total funds PRIOR YEAR At l January 2019 Capital withdrawn Income Reinvested Management fees charged Change in value in the year 554,125 7,162,155 7,716,280 199,8771 131,715 152,7051 774,246 31,838 152,7051 825.225 50,979 Market value at 31 December 2019 505,227 8,015.411 8,520,638 Historic cost at 31 December 2019 509,036 7,203,730 7,712,766 Geographic analysi UK Fixed interest Overseas Fixed Interest UK Equities Overseas Equities Alternative Investments Cash 908,873 908,873 198,455 180,484 105,783 20,505 1,679,580 3,788,764 1,156,302 481,892 1,878,035 3,969,248 1,262,085 502,397 505,227 8,015.411 8,520,638 Assets compising more than 5% of the portfolio werv. Gold Bullion Securities Ltd US$ 430.595 Creditors: amounts falling due within onÈ yÈar 2020 2019 Grants payable (note 31 Other creditors and accruals 56,500 57.021 20,000 57,021 113,521 77,021 14-
THE ALDGATE AND ALLHALLOWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Funds of the charity Movement in funds Balance at I Incoming Resources Investment Balance at 31 January resources expended g•ins/llosses) De¢ember 2020 2020 CURRENT YEAR Endowment Unrestricted 7,990,169 555.456 151,4411 1210,2211 18991 192,3521 7,937,829 494.490 241,607 8.545,625 241,607 1261,662} 193,2511 8,432,319 Balance al l kncoming Resource5 Investment Balance at 31 January resource5 expended gains/(105se5) December 2019 2019 PRIOR YEAR Endowment Unrestricted 7.268,628 555.259 152,705) 1277.551) 774,246 50,979 7,990,169 555,456 226,769 7,823,887 226,769 1330,2561 825,225 8,545,625 Analysis of net assets between fund Unrestricted funds Endowment funds Total Fund balances at 31 December 2020 are represented bT- Investments Current assets/lliabilitiesl 411,366 83,124 7,950,844 113,0151 8,362,210 70,109 494,490 7,937,829 8,432,319 Fund balances at 31 December 2019 are representsd ty- Investments Current assets/lliabilitiesl 505,227 50,229 8,015,411 125,2421 8,520,638 24,987 555,456 7,990,169 8,545,625 Grant commitments Grants totalling £122,250 12019= £239,750) have been aPPToved for fvture years dependent on progress reports in the current year. They have not been accrued in the financial statements but will form part of grants in future years. These are being disclosed as conts"ngent liabilities. 15-