Docvslgn Envelope ID.. 780CC686-FC8F43A8_90F&26B811 B7CE55
Registered Charity No. 327402
The Trustees of the loanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Accounts
For the year ended 5 April 2024

Docusign Envelope10.' 780CC686-FC8F43AB-90FC_26B611 B7CE55
The Trustees of the loanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Contents
Page
Report of the trustees
Independent examiners, report
Statement of financlal artivlties
Balance sheet
Notes to the accounts
8-16

Docusign Envelope ID: 7BOCC686-FC8F-43AB-90FC-26B811 B7CE55
The Trustees of the loanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Report of the trustees
For the year ended 5 April 2024
The loanna Herbert-stepney 1986 Charitable Settlement was created under a Deed of Settlement dated
25 June 1986 between Joanna Herbert-stepney ("the settlor ) and Judy Ryland ("the original trustee"},
and is a registered charity, number 327402. The initial trust capital was gifted by the settlor. The
Charity is otherwise known as 'The Paget Charitable Trust,.
The trustees have adopted the provisions of the Charities SORP (FRS 102) - 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
(effective l January 2019).
The principal addresses of the Charity are as follows:
Principal office
Old Village Stores
Dippenhall Street
Crondall
Farnham
Surrey
GUIO 5NZ
Registered auditors
Saffery LLP
Westpoint
Peterborough Buslness Park
Lynch Wood
Peterborough
PE2 6FZ
Sollcltors
Actons
20 Regent Street
Nottingham
Nottinghamshire
NGI SBQ
Property agents and
advisors
Mather Jamie
3 Bank Court
Weldon Road
Loughborough
Leicestershire
LEII 5RF (Amy Biddell)
Investment managers
Rathbone Greenbank Investments Limited
10 Queen Street
Bristol
BSI 4NT
Page I

Docusl9n Envelope ID.. 780CC686.FC8F.43A&90FC.26B811B7CE55
The Trustees of the loanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Report of the trustees (Continued)
For the year ended 5 April lui4
tivi
Objects
Under the terms of the Charitable Settlement:
The trustees shall hold the capital and income of the Trust Fund upon trustto applythe income
and all or such part of the capital for or towards such charitable (according to the Law of
England and Wales) purposes and to make donations to such Charitable Institutions at such
time or times and in such manner as the trustees may in their absolute discretion think fit.
The trustees were able at their absolute discretion for the period of 21 years from 25 June
1986 instead of applying the income of the Charity in anyyear as above accumulate all or any
part of such income at compound Interest by Investing the same and the resultSng income
thereof in any of the investments authorlsed in the Trust Deed. It is always the trustees,
Intention to distribute all income in the year itarises. Any income not distributed is applied in
the following year,
Money to be invested underthe Trust Deed may be applied or invested in the purchase ofsuch
shares, stocks, funds, securities, land, buildings, chattels or other investments or property of
whatever nature and wherever situate. Whether involving liabilities or producing income or
not as the trustees shall in their absolute discretion think fit.
Slgnificant activities
The activities of the Trust comprise the rental of land and property and the management of an
investment portfolio, All assets are held in order to provide funds for donations. The management of
the assets is undertaken by agents on behalf of the trustees and under their instructions,
Election and training of Trustees
The power of appointing new trustees is vested in the settlor during her lifetime and subject thereto
in such person or persons as the settlor shall by Deed or Will or Codicil appoint. Trustees are provided
with appropriate trainingwhen first appointed.
Organisational structure
The Charity is run by the trustees, with all decisions being taken by a maj ority of trustees present at
any duly constituted meeting. The trustees who served during the year are set out below:
Joanna Herbert-stepney
Vivienne Matravers
Laura Woodhead
Page 2

Docusign Envelope ID.. 7BOCC686_FC8F43AB_90FC_268811 B7CE55
The Trustees of the loanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Report of the trustees (Continued)
For the year ended 5 April 2024
vemen
manc
Progress and achievements
During the year to 5 April 2024, the trustees have made donations to 5eventy-one charitable
instiNtions totalling £124,500. The charitable insti￿tionS supported vary from UK based to overseas
and cover a multitude of different causes, which are listed in note 10 of the accounts. The trustees feel
that this approach of donating to a wide variety of charitable causes enables the Trust to best provide
benefit to the public.
The Trust's investment portfolio has decreased compared to last year. Realised losses of £1,129 and
unrealised losses of £23,734 have been recognised within the Statement of Financial Activities. The
net loss recognised in relation to the investment portfolio amounts to £24,863.
Ffinanci
view
Total income for the year decreased to £228.702 (2023: £356,416}. Expenditure decreased to
£237.970 [2023: £253,420}. Of this sum, charitable donations amounted to £124,500 (2023:
£131,000).
Afterrecognised gainsand losses, net movement in funds amounted to a deficitof £34,131 as compared
to 2 surplus of £458,574 for the year ended 5 April 2023. Total funds as at 5 April 2024 amount to
£12,950,560 as compared with £12,984,691 at 5 April 2023.
Future plans
The trustees, future plans are to continue to generate funds from the assets held In order to maintaln
a similar real level of donations in future years.
Investment policy
The trustees have reviewed their investment policyand remain committed to ethical investments. The
Investment portfolio is managed by Rathbone Greenbank Investments Limited on behalf of the
trustees. who have determined the overall objectives within the confines of the ethical investment aim.
Reserves policy
It is the policy of the trustees to materially distribute surplus income in accordance with the charitable
objects of the Trust. The trustees seek to maintain capital reserves at a level sufficient to derive an
annual income to enable a continuing level of support to be provided to a wide range of charitable
causes and also have sufficient resource to enable the capital assets to be maintained in a good state of
repair, At the year end the trustees held free reserves of nil (2023: nil).
Major risks
The trustees have undertaken an assessmentofthe majorrlsks which may potentiallyimpartupon the
Trust. They have concluded that these relate largely to the freehold property and investment portfolio
which represent the Trusys capital assets. The trustees employ professional advisers to manage these
investments, in order to mitigate the risks and to minimise their financial impact. Land agents Mather
lamie manage the freehold property portfolio. with Rathbone Greenbank Snvestments Limited advising
in respect of equity and bond investments.
Page 3

Docusign Envelope ID.. 780CC686.FC8F43AB_90FC-26B811 B7CE55
The Trustees of the loanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Report of the trustees (Continued)
For the year ended 5 April 2024
Statement of Trustees, responsibilities
The trustees are responsible for preparing the Trustees, Report and the financial statements in
accordance with applicable lawand United Kingdom Accountingstandards (United Kingdom GeneraEIy
Accepted Accounting Practice}.
The law applicable to charities in England & Wales requires the trustees to prepare financial
statements for each financial year which give a true and fair view of the state of affairs of the Charity
and of the incoming resources and application of resources of the Charityfor that period. In preparing
these financial statements, the trustees are required to:
select suitable accounting policies 2nd apply them consistently,.
observe the methods and principles in the Charities SORP (FRS102),'
make judgements and estimates that are reasonable and prudent;
state whether applicable accountlng standards have been followed, subject to any material
departures disclosed and explained in the financial statements;
prepare the financial statements on a going concern basis unless It is inappropriate to assume the
Trust will continue business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the Charity and enable them to ensure that the financial
statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008
and the provisions of the trust deed. They are also responsible for safeguarding the assets of the
Charity and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularitles.
Public benefit
The trustees are aware ofthe requlrements as to public benefit and the Charity Commission's guidance
on this topic. The trustees are satisfied that they mcet the public benefit requlrement by supporting a
wide range of charitable activities. Although it is not up to the trustees to 'police' the delivery of public
benefit by the charities which they support, they have this in mind when considering applications. The
trustees consider each application frorn other charities on their individual merits and research each
one to ensure they are for public benefit before making any donation. The trustees manage the
expendable endowment ￿nd in order to maximise income available for distribution. However, they
do so with public benefit in mind and investments are made on an ethical basis and due consideration
is given to those in financial need throughout the management of the Charity's activities.
On behalf of the Trustees
Do¢uSlgn•d by..
846BEFS4Q7449E
Joanna Herbert-stepney
03 December 2024
Date:
Page 4

Docusign Envelope ID: 780CC686.FC8F43AB_90FC_26B811 B7CE55
The Trustees of the loanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Independent examiner's report to the trustees of the Joanna Herbert-stepney Charitable
Settlement
For the year ended 5 April 2024
I report to the trustees on my examination of the accounts of the Joanna Herbert-stepney Charitable
Settlement (the Trust) for the year ended 5 April 2024.
Respertive Responsibilities of trustees and examiner
As the Charity trustees of the Trust you are responsible for the preparation of the accounts in
accordance with the requirements of the Charities Act 2011 ('the Act,).
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011
Act and in carrying out my examination I have followed all the applicable Directions given by the
Charity Commission under section 145[5J[b} of the Act.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charlty
Commission. An examination includes a review of the accountlng records kept by the Charity and a
comparison of the accounts presented with those records. Italso includes consideration of anyunusual
Items or disclosures in the accounts and seeking explanatlon5 from you as trustees concerning any
such matters. The procedures undertaken do not provide all the evidence that would be required in an
audit and consequently no opinion 15 given as to whether the accounts present a 'true and fair view,
and the report is limited to those matter5 set out in the statement below.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect:
l. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requlrements concernlng the form and content of
accounts set out in the Charities (Accounts and Reports) Regulations 2008 otherthan any requirement
that the accounts give a'true and fair view, which is not a matter considered as part of an independent
examination.
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in orderto enable a proper understanding of the accounts to
be reached.
Gthk. ￿or
Gareth Norris FCA
Saffery LLP
WestpoinL Peterborough Business Park
Lynch Wood, Peterborough
Cambridge.shirp.
PE2 6FZ
Chartered Accountants
Registered Auditors
05 December 2024
Page 5

Docusign Envelope ID.. 780CC686_FC8F43AB.90FC-26B811B7CE55
The Trustees of the Joanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Statement of financial activities
For the year ended S April 2024
Unre5trirted Expendable
income
endowment
fund
fund
Total
2024
Total
2023
Notes
Income and endowments from:
Donations and legacies
Investments
Other income
1,000
215,898
11,804
1,000
215,898
11,804
150,000
205,453
963
Total income and endowments
228,702
228,702
356,416
Expenditure on:
Raising funds
Charitable activities
(92,214)
10 (145,756)
(92,214)
(145,756)
(113,539)
(139,881)
Total expenditure
(237,970)
[237,970)
(253,420)
Netgains/(lossesJ on investments
(24,863)
(24,863)
355,578
Net (expenditure) / income
(9,268)
(24,863J
[34,131)
458,574
Net income fund deficit charged to
expendable endowment fund
9,268
(9,268)
Net movement In funds
(34,131)
(34,131)
458,574
Fund balances brought forward
12,984,691
12,984,691
12,526,117
Fund balances carrled forward
12,950,560
12,950,560
12,984,691
The statement of financial activities has been prepared on the basis that all operations are continuing
operations.
Page 6

Docusign Envelope ID.. 780CC686_FC8F43AB_90FG26B81 IB7CE55
The Trustees of the Joanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Balance sheet
As at 5 April 2024
2024
2023
Notes
Fixed assets
Freehold investment property
Investments
11,272,348
1,536,047
11,238,616
1,531,625
12,808,395
12,770,241
Current assets
Debtors
Cash at bank
Cash at brokers
77,598
76,069
8,347
78,875
100,749
49,606
162,014
229,230
Current Ilabilities
Creditors
(19,849)
(14,780)
Net current assets
142,165
214,450
Total assets less current
12,950,560
12,984,691
liabilities
Unrestricted funds:
Expendable endowment fund
Unrestrlcted income fund
12,950,560
12,984,691
12,950,560
12,984,691
The financial statements were approved by the Trustees on
03 December 2024
CLciI llL￿crt-5+YW
SlgD•d by..
0168CF5F707440E.
AAE2785B5954478.
Joanna Herbert-stepney
Vivienne Matravers
519npd by..
0454F19￿CT14cD
Laura Woodhead
Pa8e 7

DorJJsign Envelope ID.. 780CC686.FC8F.43AB-90FC_26B81187CE55
The Trustees of the loanna Herbert-stepney Charitable Settlement
Otherwise known a5 The Paget Charitable Trust
Notes to the accounts
For the year ended 5 April 2024
Charity information
The Paget Charitable Trust is a charity domiciled and incorporated in England and Wales. The
registered office is Old Village Stores, Dippenhall Street, Crondall, Farnham, Surreyi GUIO SNZ.
Accounting policies
Accounting convention
These financial statements for the year ended S April 2024 are prepared in accordance with
FRS 102, The Financial Reporting Framework applicable in the UK and Republic of Ireland,
and in accordance wlth the Charlties Act 2011.
The financial statements have been prepared under the hlstorical cost convention as modifled
bythe revaluation of investments and freehold property and in accordance with the applicable
accounting standards. 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 United
Kingdom and Republic of Ireland (FRS 102 effective I lanuary 2019) - (Charities SORP {FRS
102)) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
and the Charities Act 2011.
The Trustees confirm that the Charity is a public benefit entity.
Critical accounting judgements and key sources of estimation uncertainty
Jn the application of the Charity's accounting policies, the Trustees are required to make
judgements, estimates and assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The estimates and associated assumptions
are based on historical experience and other factors that are considered to be relevant. Actual
results may dlffer from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period In which the estimate Is revised if the
revision affects only that period or in the period of the revlslon and futtire periods if the
revision affects both current and future periods.
The Trustees do not consider there are any crltical judgements or sources of estimation
uncertainty requiring disclosure.
Going concern
The Trustees do not carry out any formal forecasts or projections, however, given that the
majority of the expenditure is discretionary, they are confident that the Charitable Trust will
remain a going concern for the foreseeable future.
Income
The incoming resources of the Charity are recognised on a receivable basis, except for
donation5. Donations are included in incoming resources when the Charity has entitlementto
the income, receipt is probable and the amount can be quantified with reasonable accuracy.
Income from investments is accounted for when receivable. Tax recoverable relating to
donations under Gift Aid is accounted for in the same period as the related income.
Page 8

Doujsign Envtrlope10'. 780CC686_FC8F_43AB-90FC-26B811B7CE55
The Trustees of the Joanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued)
For the year ended 5 April 2024
Expenditure
Costs of charitable activities represents amounts expended for the specific purposes
designated by the Trustees, as directed by the objects of the Trust. Expenditure on raising
funds includes investment management costs, which represents costs relating to the day to
day management of the investment assets.
Included in charitable activitles are governance costs which relate to expenditure incurred in
the management of the Charity, administration and compliance with constitutional and
statutory requirements. Other costs relate to costs incurred In generating income. All
liabilities are recognised on an accruals basis.
Support costs are allocated to each category of expenditure based on the proportlon of
donations made to each region.
Flxed assets
The Charity does not hold any flxed assets other than freehold investment propertles.
Additions to investment properties are capitalised where the value is in excess of £1,000.
Freehold investment properties
Freehold investment properties are stated at market value and are not depreciated. As at
31 March 2024 theTrustees reviewed the market in which the investmentproperties fell, with
support from their property agents and advisors and deemed a revaluation unnecessary.
Investments
Listed investments are stated at market value. Changes in the market value of fixed asset
investments are taken to the Statement of Financial Activities as unrealised losses and gains.
Funds
The funds in existence are an Unrestrlcted Income Fund and an Expendable Endowment Fund.
The Expendable Endowment Fund consists of all the Charity's assets and is available for
maintaining those assets or in making donations. The Unrestricted Income Fund represents
income received on the Charity's investments and is utilised in making donations throughout
the year.
1.10 Taxatfion
The Charity is a registered charity and is not liable to United Kingdom Income tax on Its
charitable activities.
1.11 Deferred income
In accordance with SORP 2019 (Accounting by Charities), unrestricted funds received for
rental income for the next year are carried forward in the balance of unrestricted funds.
1.12
Financial instruments
The Charity only has financial assets and liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and are
subsequently measured at their settlement value.
Page 9

Docusign Envelope ID.. 780CC686_FC8F43AB_90FC-26B811 B7CESS
The Trustees of the Ioanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued)
For the year ended 5 April 2024
1.13
Cash and cash equivalents
Cash at bank and cash in hand includes cash and short term highly liquid investments with a
short maturity of three months or less from the date of acquisition or opening of the deposit
or similar account,
Freehold investment property
Valuation
Cost as at 6 April 2023
Revaluation as at 6 April 2023
Valuation at 6 April 2023
2,637,852
8 600,764
11,238,616
Capltal Improvements
- Drainage works
33,732
Cost at 5 April 2024
Revaluation as at 5 April 2024
Valuation at 5 April 2024
2,671,584
8,600,764
11,272,348
No revaluation of the investment properties deemed necessary at the balance sheet date by
the Trustees.
Page 10

Docusign Envelope ID.. 780CC68&FC8F43AB-90FC_26B81187CE55
The Trustees of the loanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued)
For the year ended 5 April 2024
Investments
Listed
Investments
Market value
At6April 2023
Additions
Disposals at carrying value
Net galn/(loss) on revaluatlon
1,531,625
322,248
(292,963)
[24,863)
At 5 April 2024
1,536,047
Holdings split
UK investments
Overseas investments
1,048.125
487,922
At 5 April 2024
1,536,047
Cost
At 6April 2023
Additions
Disposals
1,431,566
322,248
(294,092)
At 5 April 2024
1,459,722
All listed investments are held primarily to provide an Investment return for the Charity.
Page 11

Docusign Envelope ID.. 780cC68￿c8F43AB-90F&26B81l B7CE55
The Trustees of the Joanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued)
For the year ended 5 April 2024
Gains/(losses) on investment assets
2024
2023
Realised
Sales of listed investments
Sale of investment propety
(1,129)
51,415
Unrealised
Revaluation of freehold investment property
Revaluation of listed investments
526,427
(222,264)
(23,734)
(24,863)
355,578
Debtors
2024
2023
Rents receivable
Prepayments
Deposits
Value added tax
63,351
10.349
3,898
61,712
9,191
2,745
5,227
77,598
78,875
Creditors
2024
2023
Trade credltors
Deposits held
Accruals and deferred income
Other creditors
Value added tax
504
3,898
9,862
269
5,316
1,080
3,898
9,533
269
19,849
14,780
Included in accruals and deferred income is rental income of £925 which has been received
but does not relate to the period [2023: £925).
Page 12

Docvslgn Envelope10.' 780CC686_FC8F43A&YOF&26B811 B7CE55
The Trustees of the Joanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued)
For the year ended 5 April 2024
Income from investments
Unrestricted
Income
Fund
Expendable
Endowment
Fund
Total
2024
Total
2023
Farm rents receivable
Cottage rents receivable
Wayleaves
Sporting rents receivable
Bank interest receivable
Dividends receivable
115,385
51.960
1,937
725
2.183
38,180
5,528
115,385
51,960
1,937
725
2,183
38.180
109,235
48,380
2,037
725
710
39,152
5,214
Broker interest receivable
5,528
215,898
215,898
205,453
Other income
Unrestrirted
Income
Fund
Expendable
Endowment
Fund
Total
2024
Total
2023
Other income
11,804
11,804
963
Page 13

Docusign Envelope ID.. 780CC686_FC8F43A&90FC-26B811B7CESS
The Trustees of the loanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued)
For the year ended 5 April 2024
Raising funds
Unrestricted
Income
Fund
Expendable
Endowment
Fund
Total
2024
Total
2023
Rates
Insurance
Buildfing repalrs
Professional fees
Investment
management fees
Property management
fees
Bad and doubtful debts
Bank charges
Sundry expenses
834
7,916
55,454
834
7,916
55,454
1,074
5,782
73,170
2,274
9,952
9,952
7,017
18,058
18,058
14,918
274
9,030
92,214
92,214
113,539
10
Charitable activities
Region
Donations
made
Support
costs
Total
2024
Total
2023
Africa
Eastern Europe
Far East
Middle East
India
Thailand
South America
International
UK
8,008
1,000
171
1,171
4,271
1,068
3,203
1,068
8,008
114,255
123,500
21,085
144,585
124,500
21,256
145,756
139,881
Included in the above support costs was £13,500 in respect of the audit fees paid in the year
in respect of 2023 (independent examination fees 2023: £4,650 in respect of 2022}. Fees paid
to the independent examiner for other services totalled £7,756 (2023.. £4,231).
Page 14

Docuslgn Envelope ID.. 780CC686_FC8F43A&90FC-26B811 B7CE55
The Trustees of the loanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued)
For the year ended 5 April 2024
li
Ernployees / Related Party Transactions
There were no employees during the year and therefore no employees received benefits of
more than £60,000.
No Trustee, or persons connected with the Trustees, received any remuneration or were
reimbursed any expenses from the Charity during the year (2023: None).
12
Analysis of net assets between funds
Unrestricted
Income
Fund
Expendable
Endowment
Fund
Total
2024
Last fund balances at S April 2024:
Fixed assets
Current assets
Current liabilities
12,808,395
142,165
12,808,395
162,014
[19,849)
19,849
{19,849)
12,950,560
12,950,560
Unrestrirted
Income
Fund
Expendable
Endowment
Fund
Total
2023
Last fund balances at 5 April 2023:
Fixed assets
Current assets
Current liabllities
12,770,241
214,450
12,770,241
229,230
(14,780)
14,780
(14,780)
12,984,691
12,984,691
Page 15

Docusign Env6lope ID.. 780CC686_FC8F_43AB.90F&26B811 B7CE55
The Trustees of the Toanna Herbert-stepney Charitable Settlement
Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued)
For the year ended S April 2024
13
Comparative information - Statement of Financial Activities for the year ended 5 April 2023
Unrestricted
Income
fund
Expendable
endowment
fund
Total
2023
Income and endo￿nents from:
Donatlons and legacies
Investments
Other income
150,000
205.453
963
150,000
205,453
963
Total Income and endowments
356,416
356,416
Expenditure on:
Raising funds
Charitable activities
113,539
139,881
113,539
139,881
Total expenditure
253,420
253,420
Net (losses)/gains on investments
355,578
335,578
Net (expenditure)/income
Transfer from expendable endowment fund
102,996
102,996
355,578
102,996
458,574
Net movement In funds
458,574
458,574
Fund balances brought forward
12,526,117
12,526,117
Fund balances carrled forward
12,984,691
12,984,691
Page 16