Charity Re8lstratlon No. 527881 ALDERMAN NEwfoN'S EDUCATIONAL FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31- MARCH 2025
ALDERMAN NEwfoN'S EDUCATIONAL FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2025 CONTEI4TS Page Trustees and AdmInSStrate Infomiation Trustees. Report Independent Examinerfs Report Statements of Financial Activities Balance Sheet 10-14 Notes to the Accounts TRUSTEES. INFORMATION SCHEDULE5 15 Summary of Income & Expenditure
ALDERMAN NEIoN'$ EDUCATIONAL FOUNDATION 31" MARCH 2025 TRUSTEES Nominative Trustees: Dr R Harries (Chairman) (Member of the Education Commtttee) Father P O'Reilly (Reserve member of the Education Committee and member of the Governance Committee) Mrs W Martin Imember of the Education Committee) Mr G Springall Imember of the Investment committee) Mr D Fawcett (Memberof the Investment committee) Cllr Dr L mre Co-optative Trust*ès: Mr C Franks (Member of the Education Commltteel Mrs D Hansrani (Member of the Promotion Working Group) Mrs P Hinitt {Member of the Promotion Working Group and the Governing Document Working Group) Mr M Kallow Imember ofthe Promotion Working Group) Mr G Newbury {Chairman of the Investment Committee and member of the Govemance Commf(tee and the Governing Document Working Group) Miss C Pharoah Ichalrman of the Education Committee and memberofthe Governance Committee, the Promotion Workin8 Group. and the Governing Document Working Group) Rev J Surrldge (Vice Chairmanl Imember of the Investment Committee)
ALDERMAN NEwfoN'S EDUCATIONAL FOUNDATION 31" MARCH 2025 CLERK & ADMINISTRATION ADDRESS Charity Link 20a Millstone Lane, Leicester LEI 5JN aerk to the Trurtees- Miss S Power INDEPENDENT EXAMINER Somerbys Ltd. 30 Nelson Street Leicester LEI 7BA INVESTMENT ADVISERS CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET M & G Investments Limited M&G Charity Department PO Box 9038 Chelmsford CM99 2XF Evelyn Partners (formerly Smith & Williamson Investment Management Limited) 45 Gresham street London EC2V 7BG PRINapAL BANKERS CAF Bank 25 Kings Hill Avenue King5 Hill West Malling Kent ME19 4TA
ALDERMAN NEWTON'S EDUCATIONAL FOUNDATION TRUSTEES, REPORT ST FOR THE YEAR ENDED 31 MARCH Z025 The Trustees present their annual report with the accounts of the Foundation for the year ended 315t March 2025. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Art 2011 and Accounting and Reporting by Charities.. Statement of Recommended Prattice 2015. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Instrument The Foundation operates under a Charity Commisslon Scheme dated the Ilth July 1983 as amended on 28, June 1999. 10th June 2(Wd, 26 September 2017 and 18, September 2024 and is a registered Charity, number 527881. The Foundation is administered and managed by trustees. Appolntment and Retlrement of Trustees The Scheme provides for the appointment of thirteen trustees: Six nominative trustees appointed as follows'.- One by the Bishop of Leicester One by the Dean and Canons of the Cathedral Church of St. Martin, Leicester Two by the Leicester Diocesan Board of Education One by the Leicestershire County Council One by the Leicester City Councll The nominative trustees appointed by Leicester City Council and Leicestershire County Council hold office for a term ending on the day of the appointment of his or her successor; the remaining nominative trustees are appointed for a term of four years. The seven co-optative trustees are persons who through residence, otcupation, employment or otherwise have special knowledge pertaining to the work of the Foundation, including of the City of Leicester. Co-optative trustees are appointed for a term of five years. Trustee Indurtion and Tralnlng New trustees are briefed on their legal obligations under charity laws and on the content of the Foundation's governing document, together with the decision-making processes and recent financial performance. Trustees are invited to attend appropriate external courses where these will facilitate the undertaking of their role. Organl$atlon The Foundation engages the servites of Charity Link to look after the day-to-day administrative functions. There are no employees. Policies and strategies are determined by the Board of Trustees. who hold formal meetings a minimum of four times each year. The Education Committee meets regularly throughout the year to consider grant applications and make recommendation5. The Governance Committee meets as required to consider matters relating to the management and administration of the charity. The Investment Committee meets twice per year to consider the advite of the investment managers and to review performance. The trustees do not receive any remuneration.
ALDERMAN NEIoN's EDUCATIONAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31- MARCH 2025 Rlsk Management The trustees have considered the major risks to which the Foundation is exposed. and have reviewed those risks and established systems and procedures to manage them. A Risk Management Policy and Risk Register are in place. The Risk Register was reviewed during the year. The trustees regard the printipal risks to be related to investment performance, intludin8 the impact of external events on the investment market5. The Investment Managers report on a regular basis and these reports are reviewed by the Investment Committee. Should any change in asset allocation be felt prudent. the trustees will consider appropriate action. OBJEcfivES AND AcllviTIE5 FOR THE PUBLIC BENEFIT Obiectlves The objects of the Foundation are the advancement and promotion of education in accordance with the doctrines and principles of the Church of England. The trustees confirm that they have referred to the guidance contalned in the Charlty Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning and setting the grant making policy for the year. These objectives are achieved by the application of one third of the net income of the Foundation to the equal funding of prescrlbed and other charities with relevant objectives lin accordance with clause 28111 of the scheme). The residue of the net income is to be applied. èt the discretion of the trustees. in provlding any state maintained Church of England or other state maintained schools wlthin the City of Leicester, or any other Church of England school within the Diocese of Leicester (the area of benefit) with special benefits of any kind not nomially provided by the state or local education authority: and in promoting the education. including social and physical training, of persons in need of financial assistance who are under the age of 25 and who are resident in the area of benefit. Assistance may include support to take up a place at any educational establishment, and the providing of grants arid bursaries for educational travel and maintenance. The Foundation may not apply any income directly in relief of rate5, taxes or other public funds. The application to amend the charitable objects of the governlng document to include Clause 28131 was approved by the Charity Commission and formally adopted in September 2024. Achlevernent of Objectives The trustees receive applications for grant aid from schools and individual5. The trustees actively promote the objectives of the scheme by appropriate advertisement, word of mouth and contact with relevant agencies. The trustees make contact with the Diocesan 8oard of Education, edutational institutions and youth trainin£ providers to ensure that needy students are made aware of the possibility of financial support from the Foundation and are discreetly encouraged to seek assistance. The Promotion Working Group restarted their promotional work towards the end of the year to target specific geographic areas and 'hard to reach groups, currently underrepresented in their grant giving. The promotional video was completed by a local university student. The trustees are sat15fied that the objettives of the Foundation are being achieved.
ALDERMAN NEWTON'S EDUCATIONAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31- MARCH 2025 FINANCIAL REVIEW Total incoming resources for the year were £193,49212024 £189,371). Management and administration costs were £24.98712024 £25.2621 and investment management fees were £16.623 12024 £15,241). During the year £54,710 held in restricted funds at 31st March 2024 was expended in equal parts to 10 of the designated charities under Clause 2811) of the charivs governing document. The allocation of the balance at 31st March 2025 of £56,168 wlll be determined by the trustees at a meeting on 12 June 2025. Grants and bursarie5 made from the unrèstricted balance of funds and free reserves amounted to £86.707. After taklng Into account105ses on investments, the Foundatlon's total funds decreased by £44,549 during the year to £5,325,70512024 E5.370,2541. Investment Powers, Investment Policy and Investments The trustees have power to invest in accordance with their obligations under the Trustees Act. The investment policy of the trustees is aimed at generating a sustainable income in rèal terms with due regard to thè need for the preseNation of capital. At the year-end, investments of some £2.58 million were held with CCLA Investment Management Limited and a further £600,325 with M & G Securities Limited, both companies specialising in the tollectwe investment of charity funds. Evelyn stockbrokers, in conjunction wlth the Investment Committee, held a further £1.92 million under management. The total value of the investments at 31" March 2025 was £5,158,098 (2024 5,224,480). Reser¥e5 It is the pollcy of the Trustees to maintain unrestrlcted funds, which include the free reserves of the Foundation. at a level which. in the event of a significant fall in income, would provide sufficient funds to meet the ongoing operating expenditure, and would enable the charlty to continue to carry out it5 charltable objects for a period of 12 months. The Reserves Policy was reviewed in 2021. The unrestiirted fund balance at 31" March 2025 wa5 £221,94612024 £202,181) of whSch £130,308 was Invested. The trustees continue to seek new ways of promoting the Foundatlon and keeping excess reserves to a mlnimum. PLANS FOR THE FuRE The trustees are ever mindfvl of the changing educational requirements of learners and continue to strive to ensure that funding for those in need will be available. An online grant application ft)rm is being developed to enable a quicker and easier application process. An application to amend the charitable objectives of the 8overning document has been submitted to the charity commission to allow the Trustees greater flexibility by way of means of achieving their aims, This Annual Report was approved by the Trustees on 12 June 2025 and slgned on thelr behalf bv: Dr R Harries. CHAIRMAN
INDEPENDENT EXAMINER'S REPORT TO ALDERMAN NEWTON'S EDUCATIONAL FOUNDATION FOR THE YEAR ENDED 31 MARCH 2025 I report to the Trustees of Alderman Newton's Educational Foundation on my examination of the accounts of the Charity for the year ended 31 March 2025. RESPON51BILmES AND BASIS OF REPORT As Trustees of the Foundation you are responsible forthe preparation of the accounts in accordance with the requirements of the Charities Act 2011 lhe Act'l. I report In respect of my examination of the Foundation's accounts carrd out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145ISllbl of the Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm that no materlal matters have come to my attention in connection with the examination giving me cause to believe that In any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or the accounts do not accord with those records, or the accounts do not comply with the applicable requlrements concerning the fom) and content of accounts set out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a 'true and fair viev/ which is not a matter considered as part ofan independent examination. I have no concerns and have come across no other matters in connection wlth the examination to whith attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. AM West FCA Somerbys Chartered Accountants 30 Nelson Street Lelcester LEI 7BA
ALDÈRMAN NEWTON'S EDUCAMONAL FOUIIDATION STATEMENTOF FINANaALACTivmES FOR THE YEAR ENDED 31ST MARCH 2025 Notes Unrestylcted DEsl8llZted Restfirted Endowmenl Totsl Fuhds Fund Clause Fund Clause Fund Clause Fund 28(21 28131 i) Current finaNial year INCOME AND ENDOWMENTS FROM.. Investment income Pank and bulléln8 soclety Interest Other incomlng resource5 Total Income 188.965 4.527 188.965 4,527 193.492 193,492 EXPENDITURE ON: Cost of ralsing fund5: Investment management COSt5 Chavltable xtlvlttes: Grants in fvrtherance of the oblects Supptsrt costs: Management and admlnlstratlon of the charity Totsl expendituve 16,623 16.623 86,707 54.710 141.417 24,987 111,694 24.987 183,027 54,710 16.623 Net Incomellexpendlturel beftsre investment 8aln$/llossesl'. 81.798 154.7101 116,6231 10.465 Net8aln5lllosse510Th in¥tsfments Net In¢omellexpenditure) 5.865 75,933 49.149 16S.7721 55,0141 144.5491 154,7101 Transfets between fvnds Net M¥*t In funth 62.968 11965 56.168 1.4S8 165,7ni 144.Y91 Total funds brought forward at IstAprll 2024 Totsl fvnd5 taNied forward at 31st Marth 2025 54,710 S.113.363 5.370.254 56.168 5.047.591 5.325,70S 215.146 6,800 The notes on p•8es 10 to 14 form part of these accounts.
ALDERMAN NEWtON'S EDUCATIONAL FOUNDATION STATEMENT OF FINANCIALAcnvmES FOR THE YEAR ENDED 31ST MARCH 2025 Notes Unreslrlcted Restricted Endowment Total Funds Total Fund$ Fund aause Fund Clause Fund 2024 2023 2811) Prforlkn•ndal year INCOME AND ENDOWMENTS FROM., Investment Income Bank and building soclety Interest Other incornlng resources Totsl Income 184,807 4,564 184,807 4.564 183,815 2,454 189.371 186.269 EXPENDnURE ON: Cost of ral$lni fund. Investment management costs CharTtable aclivitie5: Grants in furtherance of the objeds Support costs: Mana8ement and admlnistration ol the charity T<>tal exptndiiure 15.241 15,241 15.119 122,736 $4,406 177,142 185.611 25.262 147.998 25.262 217.645 23,058 223.788 54.406 15,241 Net Incomellexpendiiwel belore Investment 8ainslllosse51: 41,373 154,4061 115.2411 128,2741 {37,5191 Net plhslllossesl on In¥esbnents Net lftcomèllexpthdiiwel 11.294 52.667 212,021 196,780 223.315 195,041 1256,245 1293,7641 154.4(1 Transfers between funds Net mo¥ement In funds 54.703 12,0361 297 196.780 195.041 1293,7641 Total funds brought forward at 1st April 2023 Totsl fvnds ¢èrrled forward at 315t Marth 2024 204.217 202.181 54.413 4,916.583 5 175 213 5.468,977 54 710 5 113 363 S 370 2S4 5 175 213
ALDERMIA NEwfoN'S EDUCATIONAL FOUNDATION BAlANCE$HE3XSTlAAAU4 2025 unr•5tr1tt Desiimied R•strlcW Endawment Total Fuhds Totsl Funds FundC14use Fund Oau5e Fund CI•u9e Fund 2025 (Ji iii FIXEDASSE75 Investments 5.027.790 5.027.790 5.088,397 5,027,790 5.027,7 5,058,307 CURREKfASSEfs Curreni asset investments Debtorsand prepayments Cash 130.308 130,3Q8 6>) 177,823 303,761 136,173 601 162,081 298.855 90.895 221.833 6.8¢J) 6.80) 56.168 56.168 23,560 23.960 CURREpnLIABILmES reditors.. arnountsfalline due lthln one ar 14EfcuRRENf ASSETS IUPJJUTIESI 6.687 215,146 215,146 4.159 19,801 5.047,$91 JOW6 297,915 5.325,705 16.9C 281.947 5.370,254 6.8r) 6.8LY) $6,168 56.168 FUNOS End¢)wmtnt- ¢3pital Dèsi8nated Fund Restricted income Unrestricted iniome Acaip+WTEP FUNDS 1¢ io 5.047.S91 5W7.591 5.113.363 io io 56,168 56.168 215,146 5.047,591 S,325.705 54,710 202,181 5.370,254 215,146 215.146 56,168 AFproved bythe Trustee50n 12thJune 2025and siqned on their behalf bv Dr R Harries, Cthairm
io ALOERMAN NEwfoN'S EDUCATIONAL FOUNDATION NOTES FOR THE AccouTr¥rs YEAR ENDED 31 MARCH 2024 I ACCOUNTING POUCIES Basls of preparlng the financial statements The Alderman NÈNVton's Educational Foundation is an unincorporated charity registered in England and Wales. The address of the charity is given in the charity infomiation on pages l and 2 of these financial statements. The financial statements have been prepared In accordance with the charity's governing documerbt, the Charities Act 2011 and "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 IFRS1021 (effective l January 20191.. The charity is a Public Benefit Entity as defined by FRSIO2. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities IAccounts and Reports) Regulations 2W8 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Prartice for Charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations. but which has sinte been wlthdrawn. The financial statements are prepared on a going contern basls 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 si8nifit3nt accounting pollties applied In the preparation of these financial statements are set out below, these policies have been consistently applied to all years presented unless otherwise ststed. Income All income is recognlsed in the statement of Financial Activities once the charity has entitlement to the funds. It is probable that the Income will be received, and the amotjnt can be measured reliably. Investment income is earned through holding assets for investment purposes such as shares. In the case of interest this is a¢¢med. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained. then income is deferred until those condition5 are fully met or the fulfilment of those conditKsns 15 Within the control of the charity, and it is probable that they will be fulfilled. Expendbture Liabilities are recognised as expenditure as soon as there is a legal or construrtive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and has been classified under headings that aggregate all costs related the category. Where cost cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure is included when Incurred. Investment management costs are charged to Endowment fvnds. Grants paid are recognised when approved by the trustees.
li ALDERMAN NEwfoN'S EDUCATIONAL FOUNDATION NOTES FOR THE ACCOUNTS YEAR ENDED31 MARCH 2024 Allocation and apportionment costs Support costs are those that asslst the work of the charity but do not directly represent charitable a¢tivSties and intlude office costs and governance cost. Taxation The charty is exernpt from tax on its charitable actlvltles. Fund attounting Unrestrittèd funds can be used in accordance wlth the charitable objertives at the dlscretion of the trustees. Restrirted funds can only be used for particular restricted purposes within the objects of the charity. Restrirtions arise when specified by the donor or when funds are raised for particular restricted purposes. Designated finds comprise unrèstricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated tund is set out in the note5 to the financial statements. Endowment fund represents investments in Ilsted organisations, With only the income generated from this Investment to be spent on the objects of the charitv. The income from the endowment funds is shown under the unrestricted funds. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Grants Grants to schools and Indlviduals are charged in the year the grant is made. Goln8 Concern The financial statements have been prepared on a going concern ba515 as the trustees belleve that no material untertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorisin8these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to contlnue as a going concern. Investments Investments are recognised initially at fair value which is nomally the transaction price excluding transaction costs. Subsequently, they a measured at fair value with changed recognised in 'net gain51llossesl on investments, in the SOFA if the share5 are publicly traded or their fair value Can otherwise be measured reliably. Other investments are measured at cost less Impalrment. Debtors and creditors recelvablelpayable wlthln one year Debtors and creditors with no stated interest receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are re¢ognised in expenditure. Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposlts held at call with banks and other short-term liquid investments.
ALDERMAN NEWTON'S EDUCATIONAL AXINDATION NOTESTO THE ACCOUNTS YEAR ENDED 31ST MARCH 2025 Iz 2. CHARrrABLEAcnvinES-GRANTS 202S Payments under clause 2811) to designated and other educatioftal charities 54,710 S4.406 Grants under clause 28121 86,707 122,736 Total directcharitable expendlture 141,417 177,142 3. SUPPORT COSTS 2025 ManaBernent and administration of the charlty Unrestrlrted fvnd: Secretsriil fees and office costs AutliE ènd atctyjntancy fees Bank charges Trustee indernnity insuran¢e Other expen5e5 19,923 3W5 62 594 563 24,987 19,364 4,999 62 645 192 25.262 Éndowmentfuml: Investment management fees 16.623 15,241 TRANSFERS BEIWEEN FUNDS il Underthe temts of the scheme the tiustees are reguiied to allocate one third of thè net Income to de5i8nated educational charitles (Restdtted FU1) and two thlrds for other charitable purposes a5 permsiied by the scherne. ill At Isi April 2024 there was an undlstributed balance under Clase 2811) of £54,710avallable for eliwble tharities of which £54.710wa5 paid out during the current year. Al 31st March 2025 there was an undistributed balance underclause 28111 of £S6.168 5. FIXED ASSETS 2025 2024 Investmentsal market va At 1st April 2024 Additlons Dlsposals Realised gain51llossesl Unrealised 8alns1llossesl At 31st March 2025 5.088.307 4,895,485 55.532 166,9001 16,1691 142.9801 5.027,790 119,1991 14,2081 216,229 5.088.307
ALOERMAN lIoN's EDUCATIONAL FOU14DAIION NOTES TO THE ACCOUNTS YEAA eNDED 31ST MARCH 2024 6. CURRENT ASSET INVESTMENYS 2025 2024 Irwestments at market vab At IstApril 2024 Additions Oisposa15 Realised &awis/llossesl Vnrealised Éalnslllossesl At alst Marth 2025 136,173 124.879 15,865 130.308 11,294 136 173 7he current asset investments held at 31st Mah 2025 were asfoll¢ws'. CBF Investment Fund 130.308 136,173 7. DEBTORSAND PAEPAYMEiirs Z025 2024 Unrestrided fund: thvidendsand interest Trustee insurance 370 260 630 353 248 601 2025 Z024 CBF Dewsit Fund Evelyn- client deposit and dtvidend accounts CAF Bank- Gold Account AF Bank- current a¢¢ourt 103,242 6,779 40.397 27.405 177,823 80,547 Is,iii 66,423 162,081 9. CREDrroRS 2025 2024 Unreslrkted fvnd: Grants payable Audr¢ and accountsnry fee5 4,287 2.400 10,839 13,113 Restrk¢¢d fund: Grants payable Endowmertfund: Invegtment management fees 4,159 3,795
ALDERMAN NÉWTON'S EDUCATIONALFOUNDATION NOTESTOTHEACCOUIITS YEAR ENDEO 31ST MARCH Z015 10. FUNI>S Reslvitled Deslfftknl Unfestte EndDwrn2nt imtome Clause Inwme Inme funds lalll CIus• #131 aou¥e 18121 Tht constltution of the funds at 31st Marth 2025 W3$fOllow., Tot•1 Fixed asset Investments Current a$5er investments Debto Creditors ¢a5h At 31st Morch 2025 At 31st March 2024 5.027,790 5.027.790 130.308 630 110.8461 14,1591 177.823 23.960 5,325.705 5,047,591 5,424,965 5,113,363 130308 630 16.687 90.895 215,146 202,181 56.168 56.168 54.710 54,711 Erthmentfund. Th151s the pemanentendowmeni ofthe charity. It G4nnot be expended. It is the Sncome8enerated from the Investrnent of this endowment that provides the charity wfth hs maln source of expendable income. Restrkted lund- The thaffty Is requlred to allocate one third of its income lafteradmlnlstratlve c05t51 &ich year to the tharities desi8nated in aause 28111 of its governin8 docurnent ICharity5chemel. The Restritttd Fund comprSsesthe income alloc&tsd fty thls purpose. Unr¥¥likW fund. These are the unrestslcted Ifreel reserve5 of the charity a¥lable forexpendtture on clau 28121 ofthe ¢harity'5 oblertsa loreeneral admini5tratlon. The Unresthcted Fund comprises inwme e1ved lexcludln8 that allocated to the Restylrted Fundl hasnot yet been expended. Deslgnated fund- These ore desigN8ted funds compThsed of unustd btsd8ed unresthtted reseryes set a51de flxthe nextyearto be a¥•ll4b for expefiditijreon a?use 28131 ofthe tharlty's oblerts. Any unused amounts wlll be returned to unrestrlcted reseNes. 11, TrUSTEES' REMUNERATION The trustees neilhevreceived norwèwed any emolumentsduring thè yegr12024= £nlll. No tru51ee5 were reimbursed out of pockettra¥el expenses12024.. £nill, 12. RELATED PAKfYDIS(LOSIMIES Mlssc Pharoah. Tru51ep. i5a15oaTruStee olcharfty thich provK4esathlThlstratlve servustothe Foundation. Rdèted partytranSXOns duringtheyearcan besummarfsedasfolltyws-. Secretarial feE5r offite ¢osts Acrovntsntyftts Ibotskkeèp1 costs) Mts¢ellaneDUS expenses 19923 Charityunk 1.445 Charity Unk 563 Charity Link
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