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2024-03-31-accounts

FRIENDS OF WORCESTER CATHEDRAL (Registered Charity No. 517009)

ANNUAL REPORT OF THE TRUSTEES

and

ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

Legal & Administrative Information and Annual Report of the Trustees — pages 2 to 5 Statement of Trustees responsibilities — page 6 Independent Examiner’s Report — page 7 Statement of Financial Activities — page 8 Balance Sheet as at 31 March 2024 — page 9 Notes to the Accounts — pages 10 to 16

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:

FRIENDS OF WORCESTER CATHEDRAL LEGAL AND ADMINISTRATIVE INFORMATION AS AT 31 MARCH 2024

Registered Charity Number: 517009
Principal address: The Old Palace
Deansway
Worcester WR1 2JD
Patrons: The Bishop ofWorcester
The Bishop of Dudley
The Archbishop of Birmingham
President: The Venerable RobertJones
Trustees: Mrs SusanThomas (Chairman)
Mrs Elayne Guest (Vice Chairman)
Mr Brian Davey (Hon. Treasurer)
Mrs Elizabeth Wright (Hon. Secretary)
The Very Revd Dr Peter Atkinson — Dean ofWorcester
(to 27August2023)
Revd Canon Dr Stephen Edwards— Interim Dean
(from 28August2023)
Mr John Drage
Mr Kieran Kettleton
Mrs Anita Mansell
Mr Tolu Peters
Mr Gregory Rowe
Mr Michael Schmeising
Mrs SallyTrepte
Non-voting (co-opted) member(s)
Vacant
Independent Examiner: Sally Bishop FCA
Bishops Accountancy Ltd
Unit 3 Elgar Business Centre
Hallow, Worcester, WR2 6NJ
Bankers: Lloyds Bank plc
4 The Cross
Worcester WR1 3PY
CCLA Investment Management Ltd
One Angel Lane
London EC4R 3AB
Investment Manager: EFG Harris Allday
Church Mews
Ombersely,WR9OEW

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ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2024

1. Changes to Trustees

At the Annual General Meeting held on 16 September 2023 Mrs Elizabeth Wright, having served her first term of three years as Honorary Secretary, and being eligible for re-election, was duly elected to serve for a second term of three years, and was thanked for her services by the President and Chairman. Mr Kieran Kettleton was elected as a Trustee and welcomed to his new role. Five Trustees had served their first term of three years, and being eligible for re-election, Mr John Drage, Mrs Anita Mansell, Mr Tolu Peters, Mr Gregory Rowe and Mr Michael Schmeising were duly elected to serve for a further period of three years. The Very Reverend Dr.Peter Atkinson, Dean of Worcester, had served as an ex officio Trustee throughout his period of office as Dean, and retired on 27 August 2023. He was warmly thanked for his support of the Friends throughout his period of office. Until a new Dean is appointed the ex officio Trustee will be Revd Canon Dr. Stephen Edwards, Interim Dean, who was welcomed by the President and Chairman

  1. Governance and Management

The Trustees determine the policy and strategic management ofthe[charity,][comply][ with][all][other] duties of Trustees as defined in the Charities Acts 2011 (as amended by the Charities Act 2022) and meet at least quarterly. Trustees and officers are elected at the Annual General Meeting, apart from the Dean (or alternate member of the Chapter) who is an ex-officio member of the Trustees. The Trustees are supported by two sub-committees: the Finance Committee assists the Treasurer with the oversight of all financial aspects of the work of the charity including the management of the investment portfolio; and the Events Committee is responsible for the organization and delivery of all fund-raising social events of the charity. To ensure continuity and co-ordination across the charity the officers are ex-officio members of each sub-committee.

3. Objectives

The principal objective of the Friends of Worcester Cathedral is to provide financial support for the cathedral by making grants to Chapter, or other groups within the cathedral community with Chapter support. To this end the charity raises funds through subscriptions & donations, receiving grants and legacies, running profitable social events, and the investment of funds.

4. Public Benefit

The Trustees are of the opinion that public benefit is provided by meeting its charitable purposes falling within the Charities Act 2011, and in particular by assisting with the upkeep of the fabric of a magnificent mediaeval cathedral, freely open to all, and by supporting its music, mission, and outreach. The Friends of Worcester Cathedral is a society open to all members of the public and activities are arranged which are open to members and non-members alike.

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  1. Performance:

  2. a) Grants: (See Note 6 to the Accounts). During the year the Trustees have approved grants amounting to £34,306. We were pleased to be able to continue paying the Annual Music Grant at the increased amount of £17,500, and to provide an additional grant of £1,500 to support

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the cathedral choir’s performance of Bach’s St. John Passion. We funded the purchase of two new altar frontals, refurbishment and conservation of cushions in the Quire and Chancel, made grants to support the stonemasons and bellringers, and to frame a portrait of the retiring Dean. A small portion of the grant approved in 2018 for the conservation of the Christ in Majesty sculpture (£50,000), remains unpaid and is carried forward as a creditor of £12,745 in this year’s accounts.

During the year the Trustees have again reviewed the reserves policy and have confirmed the policy first approved on 27 February 2021, as follows:- “The Trustees having reviewed the finances of the charity have noted that restricted funds of £36,632 are for designated purposes only, and that they are held as cash or investments until such time as they are awarded as grants. Of the unrestricted funds (£181,355 as at 31 March 2024) the Trustees think it appropriate to set aside £60,000 as reserves. This policy to be subject to annual review.

“

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7. Going Concern

The Trustees are confident that the society has sufficient financial resources to continue operating as a going concern, well able to continue in its role of supporting the life and work of the cathedral.

8. Membership:

The current membership of the society is as follows: Honorary Members 3, Individual Life Memberships 72, Joint Life Memberships 36, Individual Memberships 287, Joint Memberships 113, a total of 511 memberships (= 660 people). Adjusted for deaths, resignations, and new memberships this represents a net loss of 32 memberships this year. In addition, there are currently 2 corporate members, 1 school and 6 PCCs enrolled as Friends of Worcester Cathedral. We are most grateful to them all for their continued support and financial contributions. 9. Chairman’s Comments The year has seen our usual pattern of interesting social events. We started with a visit to Morton Hall gardens including a talk by the head gardener, followed by the AGM in September when Dr. David Morrison gave a talk on the cathedral’s Prince Arthur chantry chapel. In November we enjoyed a short recital given for us by the cathedral choir, followed by a drinks reception, and we were also able to run an much-delayed coffee morning. Christmas lunch was held at the Worcestershire County Cricket Club, looking out over a ‘lake’ rather than a cricket green, thanks to extremely wet weather. To mark Dean Peter Atkinson’s retirement, we provided refreshments after his final service, we ran a profitable stall at the cathedral’s Summer Fayre, and continue to provide coffee each Sunday after the 10.30 Eucharist with valuable help from members of the congregation. The Secretary and | attended the Friends of Cathedrals and Greater Churches conference at Hereford cathedral; a most interesting and informative event and a chance to exchange ideas with colleagues from other cathedrals. It seems we share the same challenges as many other charities; recruiting new members, and encouraging Trustees and other officers, especially Treasurers, to volunteer and so continue the work of the Friends. Among the many grants we made this year were funds for two new altar frontals, in the St Andrew chapel and Prince Arthur chantry chapel, and the refurbishment of all the cushions in the Quire and Chancel, to include fire retardant material. We were delighted this work was completed before the Royal Maundy service. We have increased our giving compared to last year and full details are given elsewhere in this report. After many years of being perched in an ‘eyrie’ at the top of 8 College Yard, we have finally moved to a new office in The Old Palace, a pleasant working environment with splendid views of the River Severn and Malvern Hills. | would like to thank all the Trustees, but especially the Vice-Chairman, Secretary and Treasurer for all their hard work and support, which | very much appreciate.

Approved by the Trustees (f duly 2024 and signed on their behalf by

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SQyy00 RA\Veares
Susan Thomas
Chairman.
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FRIENDS OF WORCESTER CATHEDRAL

ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and 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 charity for that period.

In preparing these statements the trustees are required to:

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 Charities (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 irregularities.

The trustees are responsible for the maintenance and integrity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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FRIENDS OF WORCESTER CATHEDRAL

ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

INDEPENDENT EXAMINER’S REPORT

Independent Examiner’s Report to the Trustees of the Friends of Worcester Cathedral

| report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 8 to 16.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

| report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ;

Independent examiner’s statement

| have completed my examination. | 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:

  1. accounting records were not kept in respect of the charity 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 requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirements that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

| have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Sally Bishop FCA

Bishops Accountancy Limited Unit 3 Elgar Business Centre Moseley Road, Hallow, Worcester WR2 6NJ Date: 1 fow) ZOD

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FRIENDS OF WORCESTER CATHEDRAL (Registered Charity Number 517009)

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024

Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
Notes
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Incoming resources
Voluntary incoming resources 2 17,515 - 17,515 17,104
Activities generating funds 3 4,021 - 4,021 4,413
Investment income 4 11,233 - 11,233 10,244
Total incoming resources 32,769 - 32,769 31,761
Support costs 5 6,854 - 6,854 6,735
Amount available for grants 25,915 - 25,915 25,026
and reserves
Grants 6 14,857 19,000 33,857 25,336
Net incoming/(expended) 11,058 (19,000) (7,942) (310)
resources
Gains/(losses) on investments (12,756) - (12,756) (17,867)
Fund balance at 1 April 2023 183,053 55,632 238,685 256,862
Fundbalanceat31March2024 181,355 36,632 217,987 238,685

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FRIENDS OF WORCESTER CATHEDRAL (Registered Charity Number 517009)

BALANCE SHEET AS AT 31 MARCH 2024

2024 2023
Notes £ £
FIXED ASSETS
Investments 7 217,490 232,173
CURRENT ASSETS
;
Debtors 1,917 702
Deposit funds 11,212 17,391
Bank current account 6,308 7,391
19,437 25,484
CREDITORS
Amounts falling due
within one year 8 (18,940) (18,972)
Net current assets/
(liabilities) 497 6,512
NETASSETS 217,987 238,685
ACCUMULATED FUNDS
Unrestricted funds 9 181,355 183,053
Restricted funds 9 36,632 55,632
217,987 238,685

Approved at a meeting of Trustees held f 1 July. 2024

RIVomes piles Trustee Trustee

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FRIENDS OF WORCESTER CATHEDRAL (Registered Charity No.517009)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies

a.Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Incoming resources

c) Resources expended

d) Investments

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FRIENDS OF WORCESTER CATHEDRAL

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

f) Grants

The Friends make grants to projects put forward by the Chapter or proposed by other groups within the cathedral with Chapter support, and the amounts awarded are treated as liabilities until paid. No time limit is set on projects, but they are subject to a review every two years. If a project is cancelled the funds are released and become available for the charity’s stated objectives. Some projects may take a considerable time to complete and may be subject to delays beyond the control of the Chapter or the Friends.

g) Related Party

The Friends of Worcester Cathedral is an independent charity not under the control of the Chapter. Therefore the Friends do not regard the Chapter of Worcester Cathedral as a ‘related party ’as defined in the Charity Commission Statement of Recommended Practice concerning accounts. However, the Dean is an ex-officio Trustee of the Friends, and the Friends work closely with the Chapter to achieve the principal objective of the charity which is to provide financial and other support to the cathedral for the upkeep of its fabric, its music, mission, and outreach.

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FRIENDS OF WORCESTER CATHEDRAL

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

|J
restricted | Restricted [total | Total]
uns
Funds | 2024 | 20s +d
CS
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[2 Voluntaryincomingresources |—=S—~—~—SSC“‘;‘<CSCiSSSCSd
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[Trading ~sale ofXmaspuddings |—a30:”~=«S=C“‘;t‘=~~sSSC
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SSSCdYC=iBBD
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[Printing-Magazine (netofadvers) | 3,03]
~——~S=«d(YCSCana
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——SSSdY~SCS~tiaB]S«YSSCSSCSdCt‘i
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[Displaypanelsgrant ——S=~—~—~sSCSC~‘iSBC SSCdC
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~CSSCSSSCSdCSCiTOC Cd
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grant(i)_—S~dtCSSCi
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[auire cushions
grant(2)——~dYSCSiOs
| SSSCdCCs
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[Portrait framinggrant
—S=S=~iCS‘“~~sSSC C‘“(SSS™#dSOC‘ O
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[stonemasonsgrant
—=S~dC~CS~iSd
Beliringersgrant__——~—~—S~dCSSCs“
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[Additionalchairsgrant__—=dtCSCS~«SYST aay|_|
[LibraryCameragrant —=S~dSSCPdO
[choirgrant—StJohnPassion | -+| 4500
+(| 800) nas || |---| |OOOO
OSdC“Cti‘iCCOS
a|

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FRIENDS OF WORCESTER CATHEDRAL

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

7. Investments

Valuation by EFG Harris Allday at 31 March 2024

Type % of Market %of Market
portfolio value£ portfolio Value£
2024 2024 2023 2023
Fixed Interest Funds 21,700 10.24 23,785
Infrastructure Funds 18,257 10.51 24,412
UK Equities 32.35 70,359 30.34 70,446
North American Equities 4,969 4,600
Asia-Pacific Equities 8,980 10,527
GlobalEquities 31.50 68,503 32.86 76,282

The original book cost of the investments now valued at £217,490 was £195,507.

Reconciliation ofmovement in fixed asset investments
Carryingvalue at 1 April 2023 232,173
43,754
Disposals at carrying value (56,548)
(1,889)
Carryingvalueat31March2024 217,490

8. Creditors

Falling due within one year

(There are no creditors falling due after more than one year)

[eS ne
Balance ofChrist in Majesty Sculpture		 ne
Grant
12,745		 Ee
12,745
Balance ofQuirecushionsgrant
Additional Chairsgrant		 4,065
Fo:
os
4,150
1,230 1,177
18,940 13,972

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FRIENDS OF WORCESTER CATHEDRAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

  1. Movements in Funds

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|||||||||| |---|---|---|---|---|---|---|---|---| |Pfrestricted|||Restricted|[Total| |[BalanceattApril2023,POruns|||Funds|||Funds| |—C—C‘idT:C| |||Restricted—EdeUnrestricted||CTC(88,053 ||-|183,053| |||[Restricted—Reecelegacy-(forcathedralmusic)]|legacy (forcathedralmusic)|= «||=|||25,558|||25,558| |C—“‘CSCC:SCC#@3,053—| |[||Total:|||sss|= ~—s|[55,63230,074||||30,07428,685| |Fc| ||||[Expendedresources-Unrestricted]|(After losses onRestricted investments)||||(24,704)(49,000)[||(2,724)|—(29,000)| ||Balanceat31March202a||TC| |||[Unrestricted Restricted—Reecelegacy Restricted-EdeLegacy|=|||—C—i‘iSC“‘i‘iSC—“i‘sé~*CSC“‘i‘iCTS|552555A|=|180,35514074| |[Total:|ee|C(ts‘iT:CSCC8|5S|||86,632|||217,987|

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Comparatives for movements in funds (2023)

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |PpUirestricted|||Restricted|||Total| |Ponds||Funds|||Funds|&§| |[BalanceatiApril2o22.| |—“‘i‘LCSCSCi| ||_Restricted-Ede||Unrestricted|—|||OZ’CC S||200,107| |legacy—(forcathedralmusic)| |||Restricted—Reece legacy (forcathedral music)|ss| ||ss==|~—Ss|||25,55834,197||||2534|,|558197| || Incoming|resources (afterlosseson|investments)|||13,894|||=|||13,894| ||||[Expendedresources-Unrestricted]|Restricted|sss|||)(30,948)|||||(380,948)| |at3iMarch2o23SSSCSC~=~‘iSSC“‘CS3(C.CWC..CdDsCS| |[Balance|||223)| |[Unrestricted[Restricted-Edelegacy—C—i‘L:SCSsi8305B——|||CTC|183,053| || Restricted—Reecelegacy|=|CT||Cit—“C*éidL:«Citi8C“‘LCSSCiéSOASST||80,0742555S| |[Tota:|tt|SSCiLC|83053|||55632|||288,685|

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FRIENDS OF WORCESTER CATHEDRAL

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MARCH 2024

10. Restricted funds

Restricted funds represent the unexpended balance of legacies received and held in trust for purposes specified by the legators; the Ede legacy ‘for music and the organs’, and the Reece legacy for ‘choral music’. Of the original legacies amounting to £145,874 received in 2011, grants amounting to £109,242 have been approved in the years up to 31 March 2024.

11. Analysis of assets between funds

a a ee ee oe eeeLe Creditors: oe eeee falling due within one year (18,940) fo: (18,940)

12. Trustees

The Trustees did not receive any remuneration for the year ended 31 March 2024 and no honoraria or expenses were paid to Trustees during the year (as in 2023).

13. Employees

The society had no employees during the year (as in 2023).

14. Government Grants

No government grants were received during the year (as in 2023).

15. Eleanor Shaw Trust

The Society receives income each year from the Eleanor Shaw Trust of a variable amount depending upon the Trust’s income. £350 was received for the year ended 31 March 2024

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FRIENDS OF WORCESTER CATHEDRAL

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

16. Comparatives for the Statement of Financial Activities (2023)

Unrestricted Restricted Total
Funds Funds 2023
£ £ £
Incoming resources
Voluntary incoming resources 17,104 - 17,104
Activities generating funds 4,413 - 4,413
Investment income 10,244 - 10,244
Total incoming resources 31,761 - 31,761
Support costs 6,735 - 6,735
Amount available for grants
and reserves 25,026 - 25,026
Grants 24,213 1,123 25,336
Net incoming/(expended) 813 (1,123) (310)
resources
Gains/(losses) on investments (17,867) - (17,867)
Fund balance at 1 April 2022 200,107 56,755 256,862
Fundbalanceat31March2023 183,053 55,632 238,685

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