REGISTERED CHARITY NUMBER: 528672 TRUSTEES, REPORT AND ANCIAL STATEM FOR THE YEAR ENDED 31ST DECEMBER 2023 HOLAS CHAMBERLUN'E'S SCHOOL UNDATIOF4 Amistrtsng5 ljishop SiDunons Chartercd Accovnlants and Statutory Auditors Gcthin Hous 36 Bond Str¢et Nuneaton Warwi¢kshire CVII 4DA
HOLAS CHAMBERLAINE'S SCHOOL CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR EJ¥DED 31ST DECEMBER 2023 Page Trn4ets' Report I to 6 Report of the lrtdependent Audltors Slxttment •f Flthandal Atlivits 10 B*lAnce Shtrt Note5 lo the Financial Statement 12 to 19 Detailed St4temeDI of FInatIll AetRvltle4 20 to 21
NICHOLAS CHAMBERLAINE'S SCHOOL FOUNDATIO TRUSTF.ES' REPORT FOR THE YEAR ENDED 31ST DECEMBF.R 2023 The trustees present their r¢port with the finan¢ial statemenls of the charity for the year ended 31st December 2023. The tnkstees have ad(FPtcd the pro510n5 of Accounting and ReportinB by Chariti¢s'. Stai¢m¢nt of Recomm¢nd¢d Prartice 4)plicable to charities preparing their a¢¢ounts in arcordance with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 102) {effediYe l January 20191. oECr1VEs AND A(TivrriES Objectives The objects of the Foundation 4r¢ s¢t out in the 1970 Scheme made by the Secretsry of Stat¢ for Education and S¢ten¢¢. In summary th¢s¢ fall into nwo categorie$: Firstly to b¢nefit the s¢hools of the Foundaiion by.. - Maintaining school prerni5C5, - Providing other benefits and religious instruction for the children atttndin8 th¢ sch)ol$. includin¥ Sunday schools for the young persons in Bedworth and - From tim¢ to time assisting in the provision of new Schools in the Urban District of Bedworth. Secondty LO provide other Cd8110na] benefits for Bedworth residents (having r¢8ard to the princwles of th¢ Church of Englaodl by- - ProvidÉng flnancial assistance to ¢hildren and young people in Bedworth. and . Providing financial lStanCe to other charities and voluntary organisatiotts in the Bedworth area. Th¢r¢ ar¢ presenily thTee Foundation schools.. - The Canons C Of E (Voluntary Aided) Primary School - All Sainrs B¢dworth C of E Academy and Nursery - St Michael's C of E A¢ademy Adivitie5 Sthool The Foundation r¢¢eives applications for grants from the head tra¢hets and management te*5 of the Foundation Schools. Thes¢ appli¢ations may be for grants towards.. - The cosl of alt¢rations and repairs to the schools buildings. and The provi5i0n of special benefjts of any kind nol norn1]y provided 1th]n the Local Ethication Authority and an Academy Trust bud8Ct for each School, and th¢ ¢ost of r¢ligious In5tructiOll5 in accordance with the doctrines of the Chur¢h of England. Th¢ Foundation's TnteeS (other than where the oblL8ation fa115 urx)n an Academy Trusi) Consider they have a primary obligation to keep the Foundation schools in good repair and to respond io proposals from the Schoo15 for rdnts towards such ¢osts. They a]so colltinue to respond to PToposais re£eived frorn the School hcad t¢8¢htrs and manag¢m¢nl t¢ams to support projects and sth¢m¢s by w8y of Curriculum tkvelopment Grants, to meet the cost of 8p¢eialist l¢aming m#i¢tia15 and other educational resources. Other grants Other eduClOnl grants are paid by way of "H¢nry Bellairs Bwsaries". These are grants available for the benefit of hildren and young people who are about to attend. are attending or who hgye att¢nd¢d on¢ of the Foundation S¢hools or who othenvise live in tbt Bedworth area. The Bursgries are norni8lly paid trj young people going on to fyrther I higher education but may also b¢ paid ihose ¢nt¢ring a profession, trade OT calling. Grants 8re aimed t(>wards th¢ wst of ¢lothing, ix)oks, h)ols or InStruen1$. Under the ternis olthe 1978 Charity Commission Scheme the TTUSlees have specific powers to au¥ment th¢ inconie of Nicholas Chamberlaine's Hospital and Semion Ch•rity and grants may be paid each year. aft¢r ¢0th5ideration by th¢ TTUStees of applications re1ved from that charity. Applications for grants are A]50 received each year from other charities and voluntary organisations charitable obje¢ts. The Trustees consider applications from those whose objects are th¢ education or improvernent in the condition5 of life of bencflciaries IIvkiiB in th¢ Bedwoffh arei having partirular regard to th¢ promoiion of education in the prin¢iples of the ChurGh of Lngland. Page I
]YJCHOLAS CIIAMBERLAINE'S SCIIOOL YOUNDATiof* TRLTSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 OWECTIVES AND ACTIVITIES Gr#nI18k1n¢ poliry The Trnstees approve 8rants to the Foundation sch[]5 and others. as they think fit that further the objects of the Foundation a¢ting within the ternis of the governing s¢hem¢s as out11td abov¢. ACHIEVEMENT AND PERFORMANCE Charitable &ctivitie5 The FoundatiOD continued to make a positive contribution to the life of tbe FourNJation Schoo]s. m¢eting s¢ho0l expenses of £25,625 {2022.. £28,339) and by grant5 totailing £740,041 (2022.. £159,481) General grants benefitan8 the people and to of Bedworth totalled £1 1.482 {2022.. £14,588} to oth¢r ¢harilies and haritable or8anisation5. Henry Bellairs Bursary Grants totalled £1 1,725 (2022.. £94215). Despite the Cost of living crisis and ¢conomi¢ un¢¢rtainty the Charity has tried to sustain its funding to its beneficiaries dyriDg the course of 2023. This is largely due to fjllancial disctsplille by the Trustees over time that has helped the Trust w¢atheT the r¢¢¢nt financial ditTi¢vlti¢s ¢aus¢d by wronavin]s and more recently economic un¢ertainty. The Charity has engaged fih¢r with the S¢lKM)Is of the Foundation in 2023 hhving improved Communition GhaDne]s. It h85 also pledged the sum of £750.000 to 855iSt the Schools of the Foundation and the5c payments will be rnade during the course of 2023 and 2024 to improv¢ the thr¢e Foundation S¢hools and th¢ l¢arning experiences for its pupils. The Charity eolltinue$ io provide funding foT biblcs for all pupils leaving the Foundation School$ and also bibles for other schwls within th¢ old wban district of Bedworth. The Charity hos funded a Musi¢ Mission¢r that visits th¢ Foundalion Sthools, and other &hools within the old urban district of Bedwotth to t¢a¢h musi¢ skills wtth th¢ positive ¢ff¢tts this can have on young ¢hIldre suGh a5 improvins confidcncc. In May the Charity Trustees were pleased to ce1cbC FOdelS Day in memory of Nicholas Chamb¢rlaine. They were joined by the S¢hools of the Foundaiion, repr¢s¢ntativ¢5 from four oth¢r Ial schools, and the Nicholas Chamberlaine Hospital and SernNTrn Charity. Aside fro]n the Schools of the Foundation the Charity has provided funding for 5Pting and Summer clubs to ossist with livities for young people over the sprin8 and summer 5ch(xyl holidays. It Iw also provided funding for other community groups and STK)rts club$ as8ist young people. Th¢ Charity also provid¢s H¢nry B¢llairs Grants to students attending UniversAty that m¢¢t certain crit¢ri& and Appreniiceship grants. During the Course of 2023 the Chwity Trusie¢s haye also mad¢ ditTi¢uli d¢¢isions r¢lating to the s&ft-8uarding of th sels of the Charity to ensure that the Charity can continue to provide gifls to the local community in Bedworth in the fu1u. FINANCIAL REVIEW FiD¥DuAI position The Foundation's in¢om¢ is gen¢rat¢d from its inv¢stm¢nts in land, building and se¢uritL¢S. The ner Surplus for the year was £29.393.258 12022.. Incom¢ £46.666) whilst reVallOn gains on inv¢sttn¢TJt assets totalled £324.641 {2022.. L05ses £510.435) with the resuh that the Foundation's fimds in¢rea5ed by £29.717,899 12022.. de¢r¢wd £463,769) to £40,345,786. NiclM)1&8 C.hamberl8ine's h0o[ Foundation does not en8a8e with any third paty to undertake xny fvtjd raising on it5 behalf. P4g¢ 2
NICHOLAS CHAMBERLAINE"S SCHOOL FOIIIYDATION TRUSTEFS, REPORT FOR TIIF YEAR EIWED 31sr DECKMBER 21123 FINANCIAL REVIEW Inves¢meDt poliry and PerfOrnnce The aim of the Foundauon is to manag¢ its holdings in land. buildings and securities so as to produ¢¢ a reliable SOUTCC of inrome combinEd with modest capital growth. The Trustees do not undertak¢ spe¢ulalive investrneDts and a¢t with the ice of the foutthation's $to¢kbrokers and land agent$. Investments aT¢ revi¢w¢d no less than three ttmes every year at fijll Board Meetin where the Tnk%tee5 reccive reports from the sw¢kbrok¢rs and land agents. Performance of the inve5trn¢nts is monitored against suitable benchrnarks and th¢ Trust¢¢s b¢licv¢ the Found41ion's investments ¢ontit)ue to generate a satisfactory r¢lurn der ¢urretht market ¢oDditions. Remrves PDIicy The Trustees have designated a Capital R¢serye ¢qual to th¢ lat)d, building5 and investments held the resvlt the Genenl Fund represents Fe50urce5 that could bc expended wthout reducin8 capital bas¢ of the FouDdation. At 31 Decembtr 2023 the General Fund balan¢¢ was £30,254.461 {2022.' £661,914). It is the of the TThstee5 to maintsin the Gener81 Fund at such a level as to enable coniingenci¢s to be met and ad¢quately ¢ov¢r net outgoing resour¢¢s arising fron) higher thaD llOrn]ai requests for gr8nts which are from lime to time received. The Trusiees b¢li¢v¢ th¢ Quent leveis of reserves ar¢ sufficient to cover ¢onting¢nci¢5 that may arise. It is noi the policy of th¢ Foundation to retain CessIVe reserves. Riik management The Governors have given Ctsnsidcration to major risks to which the Foundation is expos¢d and have ins1i8ated systems omd PToc¢dures deSied to miligate those risks. FirruRE PLANS Objectives And str*legles The Trustees will ¢ontinue to make grnnts to th¢ S¢lKK>ls of the Foundation. eonsider applications in feSPECt of Educational Gratrts and may mak¢ grants to the Ni¢holas Chambcrlaine's Hospital and Sern)on Charity. The Foundation will also continuc to consider different are of SUPTMTrrt for orsanÉsations and indiNrydual$ kn furth¢r th¢ objects of the Foundation within the t¢nn$ of the S¢hem¢$ under which it operates. The Trustee5 will continue to promot¢ the objects of the Foundation to tncouragc applications from those meeting the Foundation's Criteria. Pvblk benefit When plannin8 th¢ ¢hariiable a¢iivities, revi¢wing our siralegi¢ aiDJs and objective5 and at Twsl¢e$ meetings. d Tru51e¢5 hY4ve paid Attention to the Chwity Commi5SiOD'5 guidanc¢ with gard to our publi¢ bcnefit. srRiJrfiJRE. GOVERNANCE AND MANAGEMEN'r GoverniDg dotumtnt The Foundation is a registered charity nurnber 528672. It is govtrn by th¢ provisions of a scheme mad¢ by the Secretary of Ststs forEducation and S¢i¢n¢e made on 16 De¢¢mber 1970 As vaTi¢d or affeGted by Clwity Commission Schemes made on l February 1978 and 30 December 1986. Re¢rUitmt wpp0itrtnnI of Dew trustees The Governors of th¢ Foundation are the Trustees ofthe Charity and they coDsist of.. - On¢ cx-tsffiGio T1¢¢ who 15 th¢ Rector for the tin)e being of the Eccle5iaslical Parish of All Saints. Bedworth. Four Nominative Tnjstee who are appointed: On¢ by Cov¢ntry Diocesan Board of Educatio I¢ by lh¢ Pamchial Church Council of the E¢clesiasti¢al Parish of All Saiiits. Bedworth. one by Nuneatotx Borough Council and by Warwickshire County Council. - Seven Co-optative Tnte¢s. Each Nominative Truste¢ appoiDt¢d by Wa)wickshire County CoufrKil holds olyice for J l¢Th ¢nding on the day of appointm¢nl of his or her successor which follows hi5 or her retirement from the Council. Every other Nominative TTU51ee holds office for four years. Pag¢ 3
NICHOLAS CHAMBERLAINE'S SCHOOL Fouf4DATION TRUSTFFS, REPORT FOR THE YEAR ENDED 31sr DECEMBER 2023 srRUCTURE, GOVERNANCE AND MANAGEMEiYr Inductlon and tr41n1¥ ol n¢w trusttts Co-optative TTreS are people, through residen¢¢, occupation or employment Or oth¢rwise, that hav¢ special knowledge of the area of th¢ fomier UJban DistriGt of Bedwortb. They are appointed for a tem of five y¢aT5 by rcsolution of the Trustee5. At their first meeting each yesr the Trstees ele¢t on¢ of their nwnberto act as Chairnian of their meetinBS for that ycar. On appoinknent a letter is sent to ¢a¢b new Ystee setting out inforn)ation regarding the Foundation and outlining the dvtie5 ora ¢haTity Trustee. Trustees arc encouraged to atlend external seminars and training courses. All decisioTLS relating to the Foundation ar¢ tsk¢n by the Trustees, meet a5 a Board no less than six tim¢s peryear. During eaeh year the TrIeeS consider the risks to whi¢h the Found10 is exposed and are 5ati5fi¢d ¢h8t systems and PledUreS are iti place to mitigatc the risks th¢y have identified. The Trustees of the Foundation are also Trusiees of Niehoias Chamberlatn¢'s Hospitsl and Serrnon Charity thieh is a r¢gistered charity (number 2169301 and is olso r¢gisl¢r¢d wilh the Homes & Communities Agency {gIStratIon nuEnber AOS82). This charity is primarily involyed in the provision and rnana8ement of Almshous¢ accommodation. REFERENCE AND ADMINisfRATtVE DETAILS Registered Chality numb¢r 528672 Prlneip*l addre clo Balld Hatton Button Earlsdon Park 53-55 Butts Road Cov¢mry CVI 3BH Trustees Rev David Poulth¢y Chair Mr5 Jenrtt¢ Jon¢5 (r¢5L8ncd 18.1.2023) Robert Ma88S Mrs April Gold Mr Mark l.ancelott Gutteridge rKeith Cottigan Mrs Beryl Kni8ht Mrs Judiih Knighi Mrs Jane Corrigan Mrs K Famier (appointed 22.3.2023) Mr Robert Erskine (apwinted 12.7.2023) Auditors Armstrongs Bishop SimtN$ Chartered AGcountan15 and Ststutory Auditors Gethin House 36 Bond Street Nuneaton Wan¥ickshir¢ CVI 14DA p¢4
NICHOLAS CHAMBERLAINE"S SCHOOL FOUNDATION usrEES' REPORT FOR THE YEAR ENDED 31sr DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAIts Bankers Santander Bootle L30 4GB CAF Bank Ltmitsd 25 Kings Hill Avenue Kings Hill West MallLll8 K¢nt ME19 4JQ Ckrk D8niel Bld Band Hatton Button Soli¢itors Solicitors Bth)d Hatton Button EJrlsdon Park 5.3-55 Butt Road Coventy CVI 2BH A¥ents Godfr¢y-P&yton Charter¢d Surveyors Old Bablake, Hill Street Ctsvty CVI 4AN Stockbrokers Quilter Cbeviot ProviD¢iai Hous¢ 37 New Walk L£icester LEI 6TU EVEwfs SINCE THE END OF THE YEAR Inforrnatiort relaling to events sinc¢ the ¢nd of th¢ year 1$ given in the notes ts the financial ststemet)ts. sTATEMEr AS TO DISCLOSURE OF If4FORMATIOY TO AUDITORS The 8ov¢rnor5 who were in office on the date of approval of ih¢se financial Slatrments have ¢onfirn)¢d, as far as thcy are aware, that there in no r¢levant audit information of which the auditors are unaware. Each of the governors have cottfimied that they have taken Stsps that th¢y ought have take]J as govcrnors in order to make th¢mselv¢s aware of any relevant infornlalion and to establish that it has bttn communicated to the auditor. TRUSTKLS. RESPONSIBILITY STATEMENT The trustee5 are restx)nstble for preparill th¢ Tru5tee5' Rtport and the financial slat¢m¢nts in accordance with applicablc law and United Kingdom Accounting Standards {Uniled Kingdom GenerlY Acceptcd Accountin8 Pra¢ti¢e). Pag¢ 5
NICHOLAS CHAMBERLAINE"S SCHOOL FOIINDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31STDECEMBER 21123 TRvsfELs' RESPONSJBILTTY sfAITMENf- t1mltilled The law applicable to charities in England and Wales, the Chariti¢s Act 2011, Charity (Accout aJJd ReTM)rts) Regulations 2008 and the provisions of the trust deed requires the trusiee5 to prepare finan¢ial stai¢m¢nis for each fiDtncial yeRr which givc a true and fair eW of the state of affairs of the charity and of the incoming resources and appli¢#tion of restsurces, including the income and expenditurc, of thc charity for that period. In preparing ih05¢ finaTKial statements, the trustees aTe requr¢d to select suitable accountin8 policies and then apply them consistently. observe the method5 and principles in the Charity SORP: make jud8ernents and estimates that sr¢ r¢asonable and prnd¢nt; Prepa thc financial statements on the going cotteern basis unless li is inappropriate to presume that th¢ Charity will continu¢ in busin¢sS. ljje tn]stees are r¢spolb]e for ke¢ping proper accounting records whi¢h di%lose wilh reasonable HGcurdcy at any time the financial position of the tharity and to enable them to ensure that the financial statements comply with th¢ Charities A¢t 2011. th¢ Charity (Awowits and R¢ports) R¢gulations 2008 and the provision5 of the thwst deed. They are also resw>llsiblt for safeguarding the assets of the charity and hence for tsking relnable steps for the prevention and detcction of fraud and other irregulprities. Approved by order of the board of trustees on.. . and signed on its behalf by.. av lthey- Truste¢ Pige 6
RPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF IYICHOLAS CIJAMBERLAIP4E"S SCHOOL FOUNDATION Oplnlon We have audid the flllancial 5tstements of NiclM)las Charnberlaine s SclM)ol FoundatiOA (the ¢hatity'} for the year ended 31st Decemkr 2023 which mprise the Stst¢m¢nt of Finan¢ial Activitie4 the Balance Sheet and notes to the financial 5tht¢metk& including a summary of significant accounting poli¢i¢s. Th¢ fman¢ial rep)rtitig framework that h&8 been applied in their preparalton is appliuble law and UE)iied Krn¥dom Arcountill8 Standards (United Kingdom Genually Acttpted A¢¢ounting Practice). In our opinion the finan¢ial ststemettt$.' give a true and fair view of the state of the charity's aff&irs as at 3 1st D¢¢ember 2023 of its incoming r¢sour¢es and applicaiion of re50ur¢es, for the year then ended- have been properly prepared in occordance with Unit¢d Kingdom Gen]Y A¢¢ept¢d AccoulltingPracticc; and have been prepared in a¢cordanc¢ with the rcquirem¢nt5 of the Charities Act 2011. B•$is for OPIDIOII We conducted our audit ID aW)rdan¢¢ with Internation Standards on Auditing (UK} {ISA5 (UK)) and applicabl¢ jaw. Our responsibilities under those stsndards are further (kscribcd in the Auditors. responsibilitses for the audit of the financial statem¢nts s¢ction of our rep)rt. W¢ ar¢ independent of the charity in accordance with the ethical requirements Ihat are relevant to our audit of the financial seMentS in the UK, including th¢ FRC'S Eihical Sthndard, aThJ we have fijlfdled our oth¢r ethical r¢5pon5ibiliti¢s in 4¢cOrd¢¢ With these requirements. We b¢li¢ve that the xudit evid¢n¢e w¢ have obtained is suffirient and appropriate to provid¢ a bysis for our opinion. CDnclusion5 relatin¥ to ¥oin8 cothcern In auditing the fmancial ststernents, we have eoncllld¢d that the trNst¢es' use of the going concern basis of accounting in the preparation of thc financial statcments 15 appropriate. Based on the work we have perfomied. we have not identified aThy rnaterial wjcertainties relating to events tsr conditions tha( individually or collectively, may $t signifi¢ant doubt on the ¢hority's ability to Continue as a going eoncem for a p¢riod of at leasi twrlve months from when the firtan¢ial statements are authorised for issu¢. Our r¢spotk$ibilitie$ and th¢ r¢$ponsibiliti¢s of th¢ Irustees with rcspect to going concern are d¢ribed in the relevant 5CCtton5 of thi5 report. Otber infonnatMbD The ttwstees are responsibl¢ for the other information. The other iDfomiition ¢omprises the infonnation includ¢d in the Annual ReporL other than the financial tstements and our Rew)rt of the Ind¢p¢nd¢nt Audilors thereon. OUT opinion on the financial statements does t cover the other irthmMtion and, ¢x¢¢pt lo ihe extetrt otherwryse explicitjy stated in rep)rt, we do not expr¢ss any fom of asuran¢e ¢on¢lusion thuwn. In connection with our audTt of the finala] stat¢m¢nts, our responsibility is to Tead the other infonnation and, in doing so, consid¢r the oth¢r infomlltioth is materially incottsisteni with the finsncial 3tat¢ments or our kt)owledge obtained in the audit or otherwisc appears to bc m&teri&lly misststed. If we identify such material inconsisten¢i¢5 or apparent mat¢rial MISal¢m¢llts, we are required to deterniinc wbetbcr thi5 giv¢5 rise to 8 material misstat¢m¢nt in the financial statements themselves. Ir. based on the work we have perfornied, w¢ wnclude illat there 15 a mal¢ri81 misstat•n¢nt of this othu inforn)ation, we #r¢ r¢quir¢d to rcport ihal (acl. We have nothmg to rert in this r¢gard. Mtters on whi¢h we are required to report by exceptlOD We have nothiE)g to report in resrct of the following matters where the Chariii¢s (A¢¢ounis and Report5) Re8ulatio 2008 r¢quir¢s us lo report to you if, in our opinion.. the information given in the tTUStees Report 15 inconsistent in any malerial r¢S1With the financial statements. or $uffi¢i¢nt ac¢vuntin¥ r¢¢ords have not been kept; or the financial statcments are not in agrttrnent with the accounting records and rebjrns. OT we have not received all the infOrnlion and explanations wt require for our audit. Page 7
REPORT OF THE INDEPEIYDKNT AUDrroRS TO THE TRUSTEES OF NJCHOLLS CIIAMBERLAINE'S SCHOOL F04JNDATION RtspDn51bllftRes of tru$t¢es As explain¢d more lully in the Trustees. R¢s]y)nsibiliti¢s StatcmenL the trustees ar¢ T¢sponsÈbl¢ for the preparation of the financial statements which ve a true and fair view, and for such Anicrnal control as the tnL%tees deterniin¢ is necessary to enable the preparation of finallcial stst¢m¢nis ihai ar¢ free from material misstat¢menL whether due tr> fraud or error. In preparing the financial statenKnts, th¢ tr¢¢$ are r¢5ponsible for assessing th¢ charity'5 ability to ¢¢)ntinue a5 a going ncem. disclostng, as applicable. matters related to going ¢ort¢ern and using the going ¢on¢ern blS of accounting unless ihe tnte¢S either ithend to liquidate the charity or io ¢e&se operations. or haye realistic gltemative but to Our responslbllltles for the iudit of the fin8RCjg1 statements We hav¢ been appoinled a5 auditors under Sedion 144 of the Charities Ad 2011 and report in accordance with the A¢t and relevant reBulations made orhaviD8 effect thereund¢r. Our objeLtives are to obtaiti reasonable assurance about wh¢th¢r the financial statemenls as a whole ¢ free from material misstatemettt, wl*ther due to fraud or error, and to i55ue a Report of the Independent Audilors that in¢lude5 our opinion. Reasonable 8ssuran¢e is a high level of &ssuran¢¢, but is not a guarantcc that an audit ¢othducted in accordance with ISA5 (UK) will always ddect a materEal missthtemeiit when it exists. Misststements caii ar15e from fraud or error and are con5id¢r¢d material if, it)divtduatly or in the agwgat¢, Ihey could reasonably b¢ expectcd to influet)¢e th¢ economic decisions of users tsken on th¢ b&%is ofth¢se finan¢ial statcn]ents. The extcni to which our pro¢¢dur¢s are capable of detecting irr¢gularitAes. iDcludin¥ fraud is dethlled below: Based ort our undeth8nding of the Charity. wc idenlÉfied that the prinGipal risk5 of non-compliaDce with laws and regulations related to ihe industy, and we ¢onsidercd the exteni to Mthich notJ-¢omplianct mi8ht have a material ¢ff¢¢t on the financial ststements. We aIso consrdered those lam¥ and regulations that have a direct impaGI on the fJtwi¢ial 5ratements such as the Charities A¢1 2011. We evaIuated management's in¢¢ntives and opportunitie$ for fraudulent manipulation of the financial statements (including tbe risk of ovenide of controls) and d¢t¢miined that the principal risks were related to P05ting unusual journal entries to increase revenue and profits or the tnanipulation of o¢counting estimates whiGh could be subject to management bia5. Audil pedureS perfornied by the en8ag¢ment team included- -Enquiry with management. tlK)se charged with gOverne arowid actual and PDteniial litigation alld claims. -Re¢Trng finan¢ial statement disclosures and testing to supportit)g doGumentation to assess u)mpliance applicable laws and regulations., -Perforn]ing audit over the risk of mana8ernent override of ¢ontlS. includin8 testing of journal entries and other adjustments for appropriateness. evaluating the busitjess rationale of 5ignifie4nt transa¢tjOlkS outside the nornlal course of bu$ines5 and reviewing a¢¢ounting estimates for bi&s', -Perforniin8 audit work over the risk of underststement of ineon)e iDcludin8 analyti¢al Teview and obtaining ¢orroboraied explanalions from mana8¢metit. There are inheretrt limitations in th¢ audit prottdurcs described above. We are less likely to be¢om¢ aware of ins¢an¢es of non-compliance with laws and regulalions that are not ¢hs¢ly related to events and tran$a¢tion5 reflect¢d in the financial siaiements. Also. the risk of not dde¢ting a mateTial misstatemert dve to fraud is highcr than the risk of JM)I detecting one resulting from ¢rror. as fraud rnay iThvolve deliberat¢ con¢eaiment by. foT ex8mpl¢. forgery or intentional misr¢pr¢s¢ntations, or through collusion. A furthey d¢suiption of our responsibilities for ihe audit of thr financial statements is lo¢ated OD the Financial Reportin8 C.ouncil's website at wNTrv.fr¢.org.uklauditorsresponsibilitie5. J'hi5 d¢s¢riplion forffts part of our Report of th¢ Indcpcndcnt Auditors. Page 8
REPORT OF THE INDEPET4DF.Nr AUDITOILS I'O THE TRUSTEES OF NICHOLASCHAMBERLAINE'S SC.HOOL OVNDATION Uje of our report This report is made solrly lo the charity's trtee5. a body, in ac¢ordan¢¢ I Part 4 of th¢ Choriti¢s (Accounts and R¢portsl Re8ulation5 2008. Our audit work has been undertaken so that e rni8ht state to the charity's thie¢S those matters we are required lo state to them iii auditors. re ther purpos¢. To the fullest extent pemitted by law. we do TM)t accept or assume responsib lity to yone oth ech and the ChariS trustees as 2 1)ody, for our audit work, for this report. or for the op iOtrL8 w¢ hav¢ fo Tth ng5 Bishop artered A¢w Bethin House 36 Bot)d Stree NuDeaton Warwi¢kshire CVI 14DA Im Isjnd StatUry Aud. PaB¢ 9
NICHOLAS CHAMBERLAINE'S SCHOOL FOUNDATION STATEMENT OF VANAf4CIAL ACTIVITIES FOR THE Y R ENDED 1ST DECEMBER 2023 2023 Unrestricted nds 2022 Totsl funds Notes INCOME AND ENDOWMENTS FROM tnv¢stment inwm¢ 434,049 381.531 EXPEIYDrruRE ON Raising fullds 21,780 37.382 Charitable •rtivi¢ies Grahts related expendithre Sc]MX)15 ¢xpendiiur¢ 944.446 25.025 306,934 28.339 75,806 52.334 Tot#1 1,067,657 424.989 N¢t gains on investmenis 30.026.866 9¢>.124 ETINCOME Other reeogttistd gaiDsl(knsse5) Gainsl{losses) on revaluation of fixed assets 29.393.258 46.666 324,641 (510,435) Net movement In fuDds 29.717.899 {461.769) RECONCILIATION OF FUNDS Tota] fund5 brousht fonvard 10,627.887 11,091.656 TOTAL FUNDS CARRIED FORWARD 40,345,786 10,627,887 Th¢ not¢s fonn part of these finyn¢ial 51at¢m¢nts Page 10
NICHOLAS CHAMBERLAINE'S SCHOOL FOUNDATION BALANCE SHEET 31ST DECE.MBER 2023 2023 Unre5trirted fi]nds 2022 Total futhdl No*s FIXED ASSETS Tanble assets IDveÈtments Inve5tm¢nts Investmen¢ property 628,855 652,747 10 6.775,117 32,601214 6.613,226 2.700,0011 40,005.186 9,965,973 CURRENT ASSETS Debtors Cash at bank 12 67,750 285,214 58,799 613,689 352,964 672,488 CREDITORS Amounts [ling du¢ within one year 13 {12,364) 110,574) NET CURRENT ASSETS 340,600 661,914 TOTAL ASSETS" LE&5 CURRENT LIABILITIES 40,345,786 10,627,887 NET ASSETS 40.345,786 10,627.887 FU.NDS Unrestricted fvthds 14 40,345,786 10.627,887 TOTAL FUNDS 40.345,786 10.627,837 tements were appjoved by thc Board of Trustees and authorised br issue . and w¢r¢ Signed on its behalf by.. on Avid PouhtLey- Tryste¢ Th¢ nirt£5 fonn part of th¢5¢ fin8n¢ial statements Pag¢ll
NICHOLAS CHAMBERLAINE'S SCHOOL FOIINDATION IYOTES TO THE FINANCIAL srATEMEfll5 FOR THE YEAR EIYDED 31sr DECEMBER 2023 ACCOUNTING POLICIES Basis of prerIng the f¢11 staterneDts The financial st4tcments of the chariiy. whi¢h is a publiG b¢n¢fit entity under FRS 102, have been prepwrd in aceordance with lh¢ Charities SORP IFRS 102) Accounting and Reportin8 by Chariti¢s.' Sthicent of Re¢omm¢nded Prartice applirAbk to ¢h8rities preparing their accounts in a¢¢ordance wth the Finan¢ial Reporting Stsndard appli¢abl¢ in the UK and Republi¢ of Ireland IFRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Finan¢ial R¢porting Stsndard app1]ble in the UK and Republi¢ of Ireland, and the Thariti¢s A¢1 2011. The financial 51atements h8ve been prepared und¢r rh¢ historical cost tonvention, wilh the exception of investm¢nts whi¢h are in¢]jed at maTk¢t valu¢. as modifie4J by the revalualion of certain assets. The fin#ncial ststem¢nts are presented in 5terlin8 which is the functional curr¢n¢y of the charity and rounded to the nearest £1. Th¢ significant a¢¢ountitig policies appli¢d in th¢ pr¢paYation of these finathcial statements are set out bclow. These poli¢ies have been wnsistently applied to all y¢8rs pr¢sented un1¢58 oth¢rwise stated. Critical accountillg judgements and key $ourct5 of estImAtn unc¢r¢iThty In the appli¢atiotb of the Company'5 accountin8 polieies, which at¢ described xn not¢ I, th¢ gove]Mrs ¢ required to make judgements, estimatss and assumplions the caThying value of assets liabilities 8xe TKYI readily appar¢ni from other sourcc5. The estimates aTtsI d¢rIylg assuryiplions are based on historical exptTi¢nce a[ other factors that are nSidered to be relevant. Actual results may differ frtsrn these estimates. The ¢5tiThates and underlying &8sumptions a reviewed oll ongoing basis. Revisions to a¢countin8 estimates are reColSed in th¢ prriod in which the estimate 15 revised if th¢ r¢vision aifects only that p10d or in th¢ period of the revision and future periods ifthe revision affeG15 both current and futyr¢ periods. The key sources of estrmalion unc¢rtainty that have a Signifi effe¢t on the arno)ts recognid in the fitla1 statCJllEnts d¢seribed b¢low. As described in note 9 to the financial st*ements, the 3 schoo15 of the foundation ar¢ statrd at hi510ri¢ ¢osL In view of th¢ fa¢t that there 15 Dot a r¢sa]e markeL it would be ditTi¢ult io obtatn a m¢aningfvl market valuation ond the charity would not 8ain any benefit from in¢urring th¢ G051 ofdoin¥ 50. lttcome All Inme is recognised in ihe Statement of Finan¢ial Activities onc¢ the chaTity has enlitlenKnt to the fuDds, it is probable that the incom¢ will b¢ ¢)Ved and the amouth can b¢ me&sured reliably. IDv¢stmeNt intome Investsn¢nt income ts earned through holding assets for in$1¢1 purposes such 8s shares and property. In in¢ludes dividends, interest and rent. It 1$ included whrn th¢ arnount can be ¥Sred reliably. It)t¢S[ i]Jcome is rccognised using th¢ eff¢¢tiv¢ int¢rest meth(KJ and dividend and rent in¢om¢ 15 recognis¢d as the charity's right io r¢¢eive payment is e5tablrshed. Expendilur¢ Liabililie5 arr rccognised as expenditur¢ as 500n as lh¢ is a legal OT constructive obligation committing the dharity to that expendilur¢, it 15 probabl¢ that Y4 transfer of economic benefits Nyll be required in settlement and the amount of the oblygation can be measured liably. Expenditure is accounted for on an a¢¢nthls basis and has been classified under h¢adings ihat aggregate all cost related to the cat¢gory. Where costs Cat01 be directly attributed io pani¢ular headings they hav¢ b¢¢n allo¢ai¢d to attivilies OM a basi5 consisknl with the use of resources. Grants tsfferd subjeet to conditions whi¢h have not bee]] rnet at the y¢ar ¢nd date are noied as a Gommitmeni but not accrued Is expenditure. Page 12 ontinued...
NICHOLAS CHAMBERLAlh'E'S SCHOOL FOUNDATIO NOTES TO THF FINANCIAL STATEMENI3- conlinued FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES- conthilled Expenditure ralslng f¥n¢ The cost of raisit)8 fijnds con5i5ts of inve$tm¢nt property expenses, including prop¢rty managem¢nt fees arld investhient management fees relatiog th¢ Fowjdation's inv¢siment rtfOlIO. Expendire ehttritsble Adiviti Costs ofcharitabl¢ activities include expenditure on and grants to foation 5cknols, other educational grants to itrjividuals and general grants to oth¢r orgattisations 8nd charities. The cost of ¢haFitable activities a150 in¢ludes general support costs. As support costs are not CDnsidered stgnificant in total they are not analysed over the various diff¢r¢ni ¢hariiable aetivities to which they relate. Tngib]e fixed issets All assets Costing more than £l.000 are capitslised al c05t. Depre¢iion is charged against prop¢rties held for ¢baritsbl¢ purpos¢& being school buildings, on a strai8ht line basi5 over their e5timatrd useful liv¢s of 50 y¢ars Investment pmperty Inv¢slmeni prop¢rty is s)Wn at most recent valualion. Any aggr¢g8t¢ swplu5 or deficit arising from Changes in fair value is r¢¢ognised itl the Statemeni of Financial A¢tivities. Taxstirtrn The Charity is cxempt from tax OD its charitsbl¢ a¢iivities. Fund ieeounting UJJr¢strid¢d funds ean be ed in accordancc with the charitable objectives at the dIretiOn of the tru$t¢es. R¢striGted (unds can only be used for particular restricted purp)ses within the obje¢ts of the charity. Restri¢tions arise when Specified by ihe donor or when funds are raised for particylar restricted pur)$¢$. Further explanation of the and pUr>s¢ ofeach is included in the noles to th¢ finathci81 stat¢m¢nts. IDve$ln)eDts Investments are stated at estimated market value 8t the Balance Sheet date, inveslmrnt properties b¢ing valued by th¢ Govemvt5. on an existing use open market value and other tnvesfftrt% by the Foundation'5 Sto¢kbrok¢r5. et gains and 10ss¢s orisin¥ on revoluaiion And di$pts5ats throughout the yegr pr¢ included in th¢ Stat¢ment of Finan¢ial Artiwtie5. Debtors Ind creditor5 receivabklpyable within on¢ year DeorS and creditors with stated int¢r¢sl rate and receivabl¢ or payable within one year are reurded at traThsaction price. Athy 10&%¢5 arising from impainnent ar¢ nIStd as expendilvre. Cash at bank and tern deposlts Cash at bank includes short t¢rni higmy liquid investments with a short maturity of three rnonths or less from the date of acquisition or openin8 of the deposit or sirnilar a¢UL Provision$ Provtsions are recognis¢d Mljere the foundation has an obligation ai the bala¢ sh¢¢t datr 45 a 11 of a past evenL it is probable that an othflow of economic benefits will b¢ required in s¢ttl¢menl and the amount can be r¢liabty estimated. FI¢5#1 iDs¢rum¢nts The Foundation only has fitwi¢ial assets and financial liabilities thai qualify as basic fjngncial itWnct5. Basic finan¢ia] inrumentS are itjiiially reColsed 41 transaction valu¢ and subsequently measure4J at their settlemcrtt value. Page 13 ¢ontinued...
NICHOLAS CHAMBERLAINE'S SCHOOL FOUNDAAION NOTES T OR THE YE STATEME -co ed EP4D MBER2023 It¥VESTMEvf INCOME 2023 2022 Rentsl Income Pights.wayleav¢s and Sundry income Divid¢nd5 and intejysi receivable from investtnent portfolio Int¢r¢st on sIt terni deposits 200,356 722 215292 17,679 180,197 722 193.014 7,598 434,049 381.531 RAISING FUNDS InV¢stm¢t anagement eosts 2023 2022 Property r¢pairs Property management fees Le8al f¢es- development project Insurance (15,589) 9,875 19,781 7,713 3,229 9,403 18,OlX> 6,750 21.780 37,382 CHARABLE AcrIvrrIES COSTS furtding of aaivities (see Dote Costs 5) Totals Grant5 related ¢xpu)diture Schoots expenditure 944,446 944.446 25.625 25,625 25,625 944,446 970.071 GRAIYTS PAYABLE 2023 2022 Grdnts Tclated expendithwe 944.446 306,934 Th¢ to grgnts paid to institlltiotts during the year was as follows.. 2023 2022 St Michel's L of E Academy All Saints Bedworth C of E Acsdemy Nursery The Canorts C of E (Voluntgry Aided) Primory Schcol Henry Bellairs Bursaries Oth¢r organisalions Nichola5 C.hamberlaine's 1105Pital and Sennon Chority B¢dworth PCC 340,705 215.263 184,073 17.525 11.452 133.860 41,538 79.975 11.242 68,264 94.215 14.588 38,650 944.446 306,934 Pa8¢ 14 continued...
NICHOLAS CHAMBERLAINI E'S SCHOOL FOIINDATiof4 NOT TO HE FIN IAL STATEM FOR TIIE YEAR ENDED 31ST DECEMBER 2023 - CODtin SUPPORT cS1.5 Govtrnance Ma]thgerncnt Finance To1$ Other resour¢es expended 5.982 158 69,666 75.806 sport Costs. included in th¢ 4bov¢, as follows: 2023 Other resour¢es expended 2022 a¢tiviti¢s Insuran¢¢ Sundries Founders day fee$ Bank chargc5 Auditors. remunemio Professional fees A¢countan¢y f¢¢s Other legal and professional fees 1,147 ,931 2,904 158 2.790 29267 4,045 33.564 1,116 852 4,207 42 4,750 10,297 1,070 30.000 75,806 52,334 AUDITORS, RF.MLTrIF.RATTO] 2023 2022 Fees payable to the chaTiWs auditors foT th¢ audit orth¢ charity's fancial 5tatemettt8 2.790 4,750 TRUSTEES, REMUNERATION AND BENEFrrs There were no trustees, remuneration or other benefits for th¢ yw ¢nd¢d 31M Dec¢mber 2023 nor for the year end¢d 3151 December 2022. Trustees expense The trustees meeting costs amounted to £971 {2022.. £446). Pase 15 continued...
NICHOLAS CHAMBERLAINE'S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR TIIE YEAR ENDED 3JST DECEMBER 2023 TANGIBLE FIXED ASSETS L8nd and building$ held for ¢hhritsble purposes COST At 1st January 2023 and 31st De¢emb¢r 2023 1,194.618 DEPRECIATtON At 1st J8nuary 2023 Charge for year 541.871 23,892 Al 31st D¢c¢mb¢r 2023 565.763 NET ROOK VALUE At 31st December 2023 628,855 At 31st DecemFKr 2022 652,747 Land and buildings are held for charitable purpose5. PrtIeS •t tost #t 31 December 2022 were: The Canons C of E (Voluntary Aided) Primary Sch1 St Michael's C of E A¢ad¢my All Saiths Bedworth C of E knad¢my ¥nd Nursery 495298 509,322 189.998 1,194,618 FIXED ASSET If4VLsfMEIYTS Other investments MARKET VALUE At 1st J&nu8ry 2023 Additio Disposals UnT¢ali$ed gainsl(losses) Net movcmcnt of funds awaitins investment 6.613,226 2.045.488 (1183.726) 326,357 {26,228) At 315t DeG¢TDber 2023 6,775.117 NET BOOK VALUE Al 3 Isl December 2023 6,775.117 At 3 1st D¢c¢mbeT 2022 6,613226 There were investtnent &ssets outside the lJK. Pag¢ 16 ontinued...
ICHOLAS CHAMBERLAtNE"S SCHOOL FOUNDATION STO INANCIAL STATEMENTS. continued EAR ENDED io. FIXED ASSET IIYVESIMLNTS- continued Cost or valuation 31s1 Dettmber 2023 is repres¢Dt¢d by.. irwestmcnts Valuation in 2021 Valuation in 2022 Valuation in 2023 Cosl 2292.180 727,337) 161.823 5.048.451 6.775,117 li. INVESTMENT PROPERTY FAIR VALUE At 1st January 2023 Revaluation 2,700,000 29,901,214 At 31st December 2023 32,601,214 NET BOOK VALUE At 31rt Der¢mb¢r2023 32.601,214 At 31st De¢ember 2022 2,700.000 AsAt 31.12.21123 29,510,116 465.555 1,767,856 857,687 Asa¢ 31.12.2022 600,000 450.000 1,000000 650.ODO Valu)Itlon Moat Fann Land ai Bedworth Woodlands Unir5 34 to 38B Sydenham Ind Est4le Chamberlain¢ Coyrt 32,601,214 2,700,000 ltseome 2023 2022 Moat Farm Land at Bedworth Woodlands Units 34 to 38B Sydenham Ind Ertate Chomberlaine Court 9.565 2.810 136,520 51,461 6,983 3.100 124,750 45J64 200,356 180,197 The inveslmenl property independentty valued by G0dfreY-Payn, Chartcred Surveyors as at 3 IDecember 2023 on 5th July 2024. Pag¢ 17 COMinued...
NICHOLAS CHAMBERLAIIYE'S SCHOOL TrOUNDATION NOTES TO THE FINANCIAL STATEMENTS- CODtjDued FOR THE YLAR ENDED JIST DECEMBKR 2023 12. DEBTORS: AMouMf6 FALLING DUE WITHIN ONE YEAR 2023 2022 Rent reeeivable Reni held by agents Brokers iorn¢ account5 4,810 34,563 28,377 3,670 33.456 21.673 67.750 58,799 13. CREDITORS: AMOUNTS FALLIliG DUE WITHIN ONE YEAR 2023 2022 Audit and accounlancy A¢cru¢d exp¢nses 2,790 9.574 4.750 5,824 12.364 10.574 14. MOvEmEr IN FUNDS Net mov¢ment in funds Transfen b¢tw¢¢D fimd$ At 31.12.23 Ai 1.1.23 Unrestricted lldS General fund De51gThated fund 661,914 9,965,973 29,718,070 (171) (125,523) 125,523 30,254,461 10,091.325 10,627,887 29,717,899 40,345,786 TOTAL FUNDS 10.627,887 29,717.899 40,345,786 Net movement in funds, included in the above ar¢ follows." Incoming resources R¢50urccs expend¢d Gains and losses Movernenl in funds Unrestrided GerKral fi]ThJ Designated fund 432.930 1,119 (1.067.657) 30.352,797 (1290) 29.718.070 (171) 434,049 (1.067,657) 30,351,507 29,717.899 TOTAL FUNDS 434,049 (1.067,657) 30,351,507 29.717,899 Pag¢ 18 continued...
NICHOLAS CHAMBERLAINE'S SCHOOL FOUNDATIO IY01'bS TO THE FINANCIAL STATEMENfs- CODiinued FOR THE YEAR ENDED 31ST DECEMBER 2023 14. MOVEMEKf IN FUNDS- ¢ontinlled Comparatives for movemeDt in funds Net rnovcment in funds Tronsfers between funds At 31.12.22 At 1.1.22 UNrestrirt¢d fuDd5 Qeneral fund Designated futml 674.337 10,417,319 {463,769} 451,346 (451,346) 661,914 9,965,973 11,091.656 1463,769) 10,627,887 TOTAL FUNDS 11.091,656 (463,769) 10.627.887 Comparative n¢t moven]¢nt in funds, ineluded in the above are as follow5= tncorning resou¢$ R¢souw¢5 expended Gains and losses Movcment in funds Unrtstrlc¢¢d General fulld 381,531 (424,989) (420,311) (463.769) TOTAL FUNDS 381,531 {424,989) (420,311) 1463,769) Tht fund5 of the charity in¢lud¢ the capital reserv¢ fDnd-designated filrxl which has b¢¢n set aside out of the unrcskncted funds by the GovertK)rs for specifie purposes. Ihe capitsl reserv¢ fund represent th¢ value of13nd, buildings and investments. The a¢¢umulated genera] fimd therefore represents the tolal resources that could be expendcd without r¢du¢it)g the capital base of the FOdlOn. 15. COI¥NECTED CHARITIES The Ni¢holas Charnberlaine's Hospital and Sem Charity. which bas common Tw$t¢es, 15 involvcd in the operation of Almshous¢y and similar 8MModatiOn. Grants were paid to the H05Pltal and Sem)Dns Charity during the year £133.86012022: £Nil) 16. POST BALANCE SHEET EVENTS After ihe year end the charity disposed of part of the investsnent property Hospi181 Lane. B¢dworth for £29.300,116. Page 19
NICHOLAS CHAMBERLAINE'S SCHOOL Fouf4DATION TAILED STATEMENT OF FINAJ¥CIAL ACTIVITI FOR THE YEAR ENDED 3JST DECEMBE 2023 2023 2022 INCOME AND ENDOWMENTS InveslrneTh¢ Iocome Rental Income Rights.wayl¢AYes 8nd sundry income Dividends and inteKst receivable from investment portfolio InteY¢st on short tern) deposits 21KI.356 722 180,197 722 215.292 17.679 193,014 7.598 434,049 381,531 Total ineomiDg resouree$ 434.049 381,531 EXPENDrruRE Investment mgn8gemenl ¢Mts Property repairs Property manag¢ment fees L¢gal fe¢5- development proj¢¢t Insurance (15,589) 9,875 19,781 7.713 3.229 9,403 18,000 6,750 21.780 37.382 Charitsble ctivitles Sundries DcpT¢¢iation of tangible fixed a55¢ts Grants to ]litionS 1.733 23,892 944.446 4,447 23.892 306.934 970.071 335273 SuPrt Costs Mangg¢ment Insurance Sundrie5 Foundcrs day fee5 1,147 1,931 1904 1,116 ¥52 4,207 5.982 6,175 FinanLY Bank charges 158 42 C¥oYeTDilCt costs Auditors, remuneration Professiollal fe¢$ Ac¢owitaThcy f¢¢s Other legal and profes5iOEJal fees 2.790 29,267 4,045 33,564 4.750 10.297 1,070 30,000 69,666 46.117 Thi% page does noi forn] part of the statutory financial statements P88¢ 20
NICHOLAS CHAMBERLAINE'S SCHOQL FOUNDATION ET ED STATE OR T YE NT OF FIN NCIAL CflVlTI EMBE 2023 2022 Totsl Tesources exFnded ,067.657 424,989 Net ¢xpeDdithre l>efore gains and hsses (633,608) (43,458) R¢•lk*ed recogniied g9ins lo¢9 Realis¢d gainslllos$es) on fjxed ass¢t ittv¢slm¢nts 125,652 90,124 Net (expenditUTeylm¢othe (507,956) 46.666 Thi$ pa8e does not forni pyrt of the ststUry finatscigl stat¢ments Page 21