REGISTERED CHARITY NUMBER: $28750 TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IA4RCH 2024 FOR COLESHILL GRAMMAR SCHOOL ENDOWMENT FOUNDATION 1 Hcrfner Ro Sdi &913QG COLESHILL GRAMMAR SCHOOL ENDOW¥MENT FOUNDATION CONTENTS OF THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trust￿. R•pryt 2 to 4 Indep•nd•rt Examln•¢$ Report Siatem•nt of Flnanclal Acll¥iti 8alanco She•t Not•5 to the FIn￿l41 Statèm•nts 8 kn 12 D•ta¥￿ Si•t•rn•nt of Flnanclal PxlMtI•s 13 COLESHILL GRAMMAR SCHOOL ENDOWMENT FOUNDATK)N REFERENCE AND ADMINISTrATIVE DETAILS FOR THE YEAR ENDED 31 hlARCH 2024 TRUSTEES Lijrd {Chaimi￿1. CTropt& s S Wallace. C(Tropted tk A W81kffts- Co-opted C Pap- Cfropte(I C Hayfield- Norfh Wa￿￿kshiTe Borol￿h CourKil 8 HeThy- Cofeshill Tovm Council E W ￿gby- Heir al Law of ts Digby Eslale tr J Qxrin- Repr8sentsbve of fv Digby Eslale s E jOr￿- WarWi￿shi￿ County Cwncil C Symonds- Ntxth W8wd(5hire Borough Counc D trknmphreys- Warwckshire Ctyjnty Council Mr P SymThJs. Cc4eshith T￿*•￿ Council PRINCIPAL ADDRESS Bathefs Piece Dog Lane Nelher ￿￿lIa(￿o B48 2DT REGISTERED CHARITY NUMBER 528750 INDEPENDENT EXAIAINER 1 Fbmer Ro•J Solihull B913QG COLESHILL GRAMMAR SCHOOL ENDOWMENT FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENOED 31 IAARCH 2024 The trLtstees wesenl ther report V￿th the fffiarNi￿ stsIem￿ts of Ihe ch￿lty for the year eThJgd 31 March 2024. Th8 trustees have adcpted the KKOWS1￿$ of Po15 n thg nnl distiid of Meriden. 2) Promsion of otsr educational in the way of stholw5W LKw5wies. or maintenance ollowants., assistan￿ to wepare for. or to eth a professi￿. tr* or camry" kn travel airo3d ￿ the pursuit of edu¢otion or to stLKly mvsic or olher arts. PTows•Jn of fwhties fcrf rgcTraticffi ond scoal physThl training., financial assistance to any ch￿table voluntary fxg8nlsati￿ in ￿ near the dislrKt of Meriden. Thg benefjoaries atrxjve shal be perscffis under age of 25 otirion of the govemC￿, 8r8 in n88d of financial assistance, wilh a prefere￿ lolher things belig ewal for gJch persons who are re*lenl in the pwish of Cdeshill. Publk ben•fit The tsvstees ￿nTi￿n that they have relerred trj ￿ guida￿8 contained in 1he Charlty Commission's general guidance on public benefft wewiry Ihe Ch￿￿$ aThs objectives confimi Ihat they have complie(I fvirdut*s urbjer the Ch•ilies 2011. Granlmaklng The Foundatscfi inwtes 8KWcalions frrffi irbJrffl¢th* arwj Organtsations fall wthin Ihe criterta detailed above li paragraph 2 of Ots'ec￿s a￿1 Pims. Each aFWicat*)n 15 ¢xnsidered by the Board of G0￿morS al their next meeling. AJI appl'calK￿s are Ijn thew meriL There no UFper cf kwer funding limits set on the grant apFAicab"ons. The Foundation aims to those inthiduals. sthK4s and are daerrnd to be in need of ffinanaal support. The Golffjmcrfs use their thscrelion lo deterrnW￿ those w) nee(1 of financial supwt based on the inforniat￿n contaned in the aFf*cakn lrym. Th8 F(xmdalhJn 1kn5 not c*nsider apFlbcabons for alxommodation or livirwJ expEnse5. here an apF4ication is received for a rn. the has devolved reSp￿st)111ty from Ihe board lo award gwts for uniforms up to 8 m￿muM of £75. Trse grants a￿ foymalty ratiw at a subsequent govgmors meetng. Grant 4plicati￿ foms ae available f￿￿. Clerk lo the Govarnors. Casa Mia, 9 Station Ro Whit8cre Heath. Warwckshwe B46 2JA Emal.. c8samia aol.com Tel.. 01675 467464 Pago 2 COLESHILL GRAMMAR SCHOOL ENDOWMEMT FOUNDATION TRUSTEES. REPORT FOR THE YEAR EMDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitable acti¥itie$ In tems of the applieatrjns supwrted ovw the yew v* have apr￿Ved a number of'capital. based inithatives wh8re schools have requesled additional classroom spaces ￿ the form of OLrtdoor CabIr￿ - ￿sIC rooms al Water Orton, Wooden Cabin at Ph'gh Meadow. WKI imprOve￿ts kn the school envircfflmenl - Icdeshill School) 6th Fonn enhancemenL Sthod &'gnage. Outdcwjr Play ertha￿ement - Huh Meadow, Coleshill primary, Shusloke SchocA, th Th8 Co18shill ScJKd- TatAe Tennis. Inib"alives for SEND pupls ShLtstthe, High Meath)w. Cc4estrMII pnm￿. c￿d¥￿rth Schools have all submitted b￿S sp&ificalty for this o)lth. Nob"rKJ that no bpjs have been receNed frcfft Woodlands Schoc4 during this financial year. In regard to propety Matt￿￿. at the stwt of Ihe fmaTKial yw. PennycLMck Colin5 adwsed that they were hwng pefsonn81 issues of stsff & an if￿0m￿le han(knver frcrfn the 0￿￿1ng surveyor. This has proved ch￿lengi￿J in lem)s of M￿agIng the [￿c￿ety w)rtfolKI durir#J thai 6 month peritsj. specifically in getbng lease ￿new81S conwlet8d in a twndy m*Thr. and dealry wilh ganeral propety matters. In addithon. change of soliolors also has 8(kled lo the mix. re(wirirvJ S￿n3￿￿eS and ID v8riknti0r￿ to be mp4eted. The laltsr halfof ￿ Y￿ has been t¢tter. Investmont p•rfomiane• The portfolio relume(17 %12023: 7.￿A) over the year. The income from investments was 4% (2023.. 17.5% hxerl than Ihe prewous year, and ￿mained dose to the target level set by the Trustees. The perfomarn% of the tund is monito￿d on a regLAar basis by a sub-commiitee of trus*•S. FINANCIAL REVIEW Flnancial position The results for year are w) the Statemenl of FMa￿Al kliw11￿ for the yew endgj 31 March 2024. The net defiut for the year arn￿nIed to £32.014 12023.. £2.769 nel ncorne) befo￿ Mwe5tment gains. The overall nel income for the year takn￿ into aecount realtse(l unrealtsed gains on investments amO￿ted lo £31,889 12023: £209.5881 and cyjmprises ￿re5Irthd fLWKI gain of £53,680 arnj erKJOv￿enl fvrvj losses of £21,7￿2. Investment policy and objectives The charitys ￿ant making is enthrety upon its income frc¥n its en(kn￿lents coryn￿r￿j Trrdrious hc4dings of proF*ty frryn its prytfdio of stocks arbj kn. S￿ribeS arKI inveslment fund units. The propety hoFth'ngs are manapj by Ihe trustees. lake appropriats wofessional adwce. The investment pcytfdio is managed by extemal fuThJ a thsuebcmiary basi5 to achieve a balanced relLm from income capital growAh by a¢xepbng a mrxlerate kvel ofrisk. ReseNes pollcy The trustee5 conydw Il prudwtt to m￿l￿n reserves %*rytr¥n ts wge £￿1.c(0 to £g).OW in order lo cover any shortfall in In(￿me, u￿XpeCted l urixKlgeted costs Lqrge des8Thng aprthcabons may b8 received in the fvrturg STRUCTIJRE, GOVERNANCE AND 141ANAGEMENT Gov¢ming document The charity was crfiginaly l￿ded wi 1883 is govemed by a Charity Commission sch8m8 dated 11 July 1958, as varied by a scheme dated 13 Juty 1971. The chanty is ￿ unincorporated charity. Page 3 COLESHILL GRAMMAR SCHOOL ENDOWMENT FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 R•witment and appolntm•nt of newtrust••s The bcdy of Govemots ofthe FourKlaknon. are the trustees for ofctharity I￿. cons*ts.'. Eighl representab've Govem(Ms. to be appc¥nted'. Two by the heir al law of &r Rc*ert Trgby. ofthe of CrAeshll kn the yw 1612. TVKS by Warwd(shire County CrJJncl. Two by the North WaThfft*sh￿ C￿￿1. Two by the Cole5hil Town Counol. Four co-optstive (kJ4rmcYs, to be 4y4nted by reS￿hr￿ of lh8 Govarn￿. The representative 9overrthxs sew of 3 y￿s. the ￿￿taINe gOv￿nOr$ seNe for 8 period of5 y￿s. 1>ganisationJl stnthre The trustees normally meet 3 imas a as arKI appropriate broad strategy arKi area of acbwty for the inckKtsng inbestments, reseNes and risk management poli¢ies Ferf0m￿nel. Tt* day to day ajmwiistralion of grdrts and the pro￿1n9 of awtscati¢)ns prior lo considerdtiim by the Tntstees ¥e delegatgj to Ihe ae Inductlon and tr*nlry of nvaT Irust•os The irKluclion wcess for ony n￿Y appO￿ted trustee coryrises w ￿11101 meoting with Ihe Board of TTUSlees. at *thich a pack is prOMd￿. Tris indLKles a of the 9ovwniThJ dcaJm8nL a copy of the most recent annual rewrt 8nd accounts. copy minute5 of PreV￿S trustees. meelings and a copy of the Charity Comrnissi(x) guKlance The Eswtial Trustee,. ¥J ggr*d (n its behaff by: L¢Jrd Ayle5ford (C Page 4 INDEPENDENT EXAMINEFYS REPORT TO THE TRUSTEES OF COLESHILL GRAMMAR SCHOOL ENDO¥ThIENT FOUNDATION Independent •xaminorfs rnport to th• trustees of Coleshill Gr￿rnar School EndoMn•nt Foundatlon I reFM)rt lo the charity trustees on my ethninarKJn of the acccrtmts of Cc4ethll Grwiar &hool EThJ¢Jwmenl Foundation (the Trust) for the year er￿￿d 31 March 2(r24. Respon$lblllties and basis of report As the chanty trustees of the Tfu* you ¥e res￿￿tIe preparalbyi of Ihe accounts n arxc*tsnce wlh the requirements of the chal￿eS Act 2011 {Ih8 Acr). I report in respect of my 8x8mnalM)n of tr* Tfusvs acc(xffjts ￿rried out urwjer Seclion 145 of the Act and in ca￿1ng out my examinathon I have folhyhe(l al aFplicatrAe th￿cl￿)n$ gNen by the Charity Commission under Section 145(5Xb) of the Act. I have completed my examinabon. l 1￿nfvM Ihat no mate￿1 matter5 have ￿rne kn my attention in ¢onWion wilh the examination gvng me •Jse to believe that in Mat￿la1 accoLMlmg records V+pre not kept in respect olihe Tn￿1 as r4ured by SeLtion 130 of the P£t' or the accounts do not accord V•ith those re¢{￿d$. or Ihe omnts do not compty wth the applicatle reqiirements concemirwJ Ihe form and content of aCcOur￿ sel oul in the Charibes IAcc(Mmts and Rerths} Regulations 2008 other 1han wy reqU1￿ment Ihal Ihe accwnls gNe a ￿ aThJ fay viw 7knch is Th)1 a matter considered as pwt of an independent 8xaminabon. I have no concwns and have cryne acrD55 no other mattw5 in cornection wth Ihe examinats.on lo whith attenlion shwld be (k8wn in tr4's rewt in ts) enat4e a worer uThYerstanthng of the aCcO￿ts to be reached. Paul &Jise Chart8r8d knomtants Comer Oak 1 Homer Road Solihull B91 3QG Dale= 18 june 2024 COLESHILL GRAMMAR SCHOOL ENDOWMENT FOUNDATION STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 IAARCH 2024 2024 2023 Total funds furnj fuThJ funds INCOME AND ENtKMThENTS FROM Investsnent income 159h72 159A72 167,882 ExpeNtMTURE ON Ral$ing funds Investr)￿l management costs 16.652 16,6S2 18.494 16.652 1(652 18.494 Charitsblo •¢lfvltl•s Grants Pa*J 166.555 166,555 140,585 Other 11,572 Total 191.487 191.487 170.651 Net gaIn￿(￿Sses) on wNestrnw 85.695 (21.792) 63,￿3 212.305 NET IIKOMEIIEXPENDITURE> (21.792) 31.888 209.536 RECONCIUATION OF FL￿os Total funds brought foN￿d 391237 2m.543 2,003.780 2,454,244 TOTAL FUNDS CARRI￿* FORWARD 444.917 2250.751 2.695.668 2,663.780 Pag8 6 COLESHILL GRAMMAR SCHOOL ENDOWMENT FOUNDATION BALANce SHEET 31 MARCH 2024 2024 Total fvnds 2023 Total fU￿S fuTr TrJ FIXED AsseTS Investments Invesknenls Investrnenl property 751.025 1A46.064 1.035.804 1.446.064 971,901 1.446.064 284.TT9 2.197,089 2,481.868 2.417.965 CURRENT ASSETS Debtors Cash at bank 55285 55285 387.702 59.590 382.931 389.325 53.662 442987 442,521 CREDITORS Am(xmts faNirvJ the Wilh￿ c￿e 1221187) (229.187) 1196.7061 NET CURRENT ASSETS 1&I.138 213@00 245,815 TOTAL ASSETS LESS CURRENT LIABIUTIES 444.917 2250.751 2.695.668 2,663,780 NEf ASSETS 444,917 2250,751 2,695,868 2.663.780 FUNDS Unreslrictsd fvnds End(Iwmgnl 444,917 2250.751 391,237 2.272.543 TOTAL FUNDS 2m5.668 2.663,780 The slatements We￿ ar4)roved by Ihe of Tnthes avj aLthorised for issue on .. and were s￿ned on rts behalf by.. ford IChamianj- Trust The notes fomi part ofthese fmancial stalemenls Page 7 COLESHILL GRAMMAR SCHOOL ENDOWMENT FOUMDATION NOTES TO TFE FINAMCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCCWNTrIG POUCIES Basls of pr•parlng the financlal stal•ments The financial statements of the Ch￿ty, is a benefft entity FRS 102. have been prepared in a￿dan￿ wth the Chwrties SORP (FRS 102) knunt￿9 and Report*ig by Charilies: Stslement of Reco￿￿ne￿￿eIi Pr￿tice applKat4e to tharibes prwng tP8"r accounts ￿ acrLJrdance wilh thg Fin￿* Re￿ting St*dard aprAC￿ in the UK and R￿)ubl￿ of Ireland IFRS 1021 18ffectiv& 1 Jar¥Jary 20191,. Fin￿al Rewtir4J Standard 102 The F￿￿¢￿81 Rewbng sN￿d￿d aw)li(2ble in Ihe UK of IrelaTrS arKI tt)e cha11t￿5 P£t 2011. The ffinanryal slatem8nts have bpen p￿pared under the histoital cost convention. 4*ilh Ihe except￿ of inestsnents ￿1¢h arè included at market value. as m(MJffied by the revaktati￿ of certain assets. The finanoal slatemwrts are ￿epar￿1 li pwxl stwh'ng {£) is the fvrKI1￿al cuffency of Ihe en￿ty. Income JI income is reCO￿lSed in the Statem￿1 of F￿￿￿la1 AdMt*S ¢)nc£ the d)wty has enbtlemenl lo the fvrnls, it bs probable Ihal the will t* rewwj WKI the arn￿nI ca) be measured reliably. Expenditurn Liatrxlities are reco￿lSed as eypenditwe as scth as tse is a 18gd or ￿nStructive obligation commitDng the ¢hanty to that eypeThJittre. it 15 FrfobatAe thal a transfer of e¢￿0M•¢ benefits wll be required in settlement and of Ihe o￿lga￿On b8 Measu￿ ￿liablY. Expenditure is accounted for on an ￿o%u￿S basis aThJ has been claSSth￿ u￿Ser headings Ihat aggregale all cost rdaled to the category. Where [￿sts camot be dyecty attn"bJted trj 5)tsJlar hea(knJs they have been aHcKat8d lo actmties on a ba&s ¢)xisistentwilh the use of resourcÈs. Grants offered sutyecl to *AtMch have not been met at the year eTrJ date are noted as a commiknenl but Th)t acC￿￿d a5 e¥peThJiture. Charitable act1¥￿ Costs of th￿table actsmbes rKkKle sTants madè kn In¢[fvi￿ organ￿t￿. Investm•nl woporty Investrnenl pro[￿ is shtY*vn al most r￿ent valuat¥￿. Pny agwgale surphjs or def￿1t arisi￿ from changes in fair v8]ue is re￿nI￿￿ in the Statement of FinarKial Actiwties. Taxatk The charity is eX￿Mpl from tax i)n its eh•tatAe Fund awwntin9 Unrestricted fuTrls can be used ￿ *xXyda￿e *ilh Ihe tharrtstlè eiyectives at Ihe discretion of the Irustees. Restiicled funds w only be us&J for wtiwlar restiicled puryboses within the 0￿.e¢l$ of the charity. Restrictions arise vknen speaffied by the or fuThJs are rawd for part￿￿laT restrKted purp)ses. The pem)anent Onth)v￿ent represa)ts fur¥Js must be held by the charity. Income arisry on Ihe erKIU*￿nenl fwKJ can be L￿d ￿ accordan￿ objects of the charity arbj is included as unrestiicted in￿me. kny Ca￿ gai) Of wisin9 wilhin Ihe perm￿￿￿1 endowment fund foms part of Ihat fuid. Page 8 COLESHILL GRAMMAR SCHOOL ENDOWMENT FOUNDATION NOTES TO THE FINANCIAL STATEMEMfs- ￿tinU0d FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 2024 T¢)tal funds 2023 Tol funds UNestricted EThlowrrent ILWKIS fijnds Rents recegved Lease extensions on g￿r￿d ￿nts Incom8 from inveslments Dep￿¢ accwnl intsresl 110.123 18.950 30201 110.123 18.950 30201 107,270 31,373 29,180 159.472 159.472 167,882 INVESTMENT MANAGEMENT COSTS 2024 Ur*estnct&J Endowment Total funds fiJThJs fundg 2023 Totsl funds Rates, water and insurar ProFety managemgnt foes Repars arKI re￿￿1$ 6.535 9,929 6.535 9.929 5,741 11.899 854 16.652 16.652 18.494 TRUSTEES. REIAUNERATION AND BENEFrrs There were no truste¢s' remunerakn or ollw be￿ for the year ended 31 Mwch 2024 nor for ihe year erKled 31 March 2023. Tru*g0s' oxpgrws There We￿ no trustees. expe￿ pad for Ihe year ended 31 March 2024 nor for the year ended 31 Marth 2023. FIXED ASSET INVESTMENTS Listed investments MARI￿ VALUE Al l April 2023 Revaluations 971,901 63,903 Al 31 March 2024 1,035,804 NET BOOK VALUE At 31 March 2024 1,035,804 At 31 March 2023 9T1,￿1 There were no investrnent assets wtside UK The investsi)ents comprise: Sh•rns 2023 2023 continued... COLESHILL GRAMMAR SCHOOL ENDOWMENT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS. contknued FOR THE YEAR ENDED 31 MARCH 2024 FIXED ASSET INvES￿NTs. cortlM*d Share type No COIF Income Units Apha CIF f(x Endo4¥ments Ajpha CIF fcf Income ReS￿￿S 2.331 43,616 814.895 173.286 43,616 729.200 199,085 1￿.C(￿l 1,03s.84J4 971.901 Cost (Y val￿1￿￿ at 31 Pkrth 2￿24 is leryes￿￿ by: ￿￿ed Valuaticffl in 2023 Valuation in 2022 ValuatiM in 2024 (72.694) 11.695 1x196.803 1￿35,804 Ajpha CIF Endo%*Tnent and Inm arnl Resw¥E w¥ls are hehj in the name of Swasin & Partners LLP as n¢>T￿nee. Sarasin & P8rlnws LLP wovNJe a dISuet￿ m￿89ement serysce. INVESTMENT PROPERTY FAIR VALUE At 1 April 2023 and 31 March 2024 1 N46.064 NET BOOK VALUE At 31 March 2024 1 W6.064 At 31 March 21r23 1,446.064 Fair value al 31 March 2024 is oxesa)t8d by.. Vauation in 2023 v￿Vation in 2024 285.0fy) 1.161.064 1￿￿064 investsnenl %4vg revaIL￿d on 21 0￿1b￿ 2022 by Pemycuick Cdlyis Chartered Swveyor5. on an open marf4et basis subject lo eyistmg use. A￿di1￿)n$ sinc& Ihat dat8 are induded al cost. Thè trustees 8re Tr)t avm of•ry material sT￿e the kst vauatr)n. Page 10 Contirn￿d... COLESHILL GRAMMAR SCHOOL ENDOWMENT FOUNDATION NOTES TO THE FINANCIAL STATEMEP4TS- c¢)ntffiued FOR THE YEAR ENDED 31 IAARCH 2024 DEBTORS: AIIOUNTS FALLI4G DUE WTfHIN ONE YEAR 2024 2023 Other deblsys Pennycuick Collins Prepayments and acuued ¥K(Yne 45.597 49,￿2 5.288 55.285 59.5 CREDITORS: AMOUNTS FALUNG OUE YAtHIN 01￿ YEAR 2024 2023 Other uedthN5 229.187 1￿.7( MOVEMENTIN FUNDS Net movernenl nfunds At 31.3.24 At 1.4.23 Unrestrictsd funds General lund 391237 53.680 444.917 EndovM•nt funds Endowment Fund 1272.543 121.792) 2250.751 TOTAL FUNDS 2,663,780 31,888 2,695,668 Nel movement in tunds, induded in Ihe at￿ we as fcAkY￿.' lTh*mir¥J Resources Gans aNJ Mov8menl resources expended losses in funds Llnr•stricl•d fvnds General fimd 14472 1191,4871 85,695 Endovmi•nt funds Endowment Fund 121.792) 121.792) TOTAL FUNDS 159A72 (191.487) 63,903 31.88B P&3e11 continued... COLESHILL GRAMMAR SCHOOL ENDOWMENT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS. contk FOR THE YEAR ENDEO 31 MARCH 2024 MOVEMENT IN FUNDS - contlnu•d movement in frjnds At 1.4.22 31.3.23 lkntrlct•d lunds G￿eral furnl I.￿27 310 391.237 End*?￿￿nt funds ErKkn¥wl F￿d 2.1x3.317 209.226 2.272,543 TOTAL FUNDS 2.454.244 2CKJ,536 2.863.780 Comparative net movement in fund5. kn the we as f01b￿. IrK￿n￿wj Gans MOv￿ent losses Mi fiJnds UN•stricted funds fuThJ 167. 1170.651) 3.079 310 ErKloMn•nt fvnds ErbJ)wment F￿d 2CVJ,226 209,226 TOTAL FUNDS 167.882 1170.651) 212.305 10. RELATED PARTY DISCLOSURES There N*re no related pwty transxkn forthe yew ￿ded 31 a)24. Page 12 COLESHILL GRAMMAR SCHOOL ENDOWMENT FOUNDATION DET￿LED STATEMENTOF FINANCIALACTMTIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Total fuNJs furwjs funds fuTrJ5 INCOME AND ENDOWMENTS Investment in¢om• Rents received Lease extensions on gr￿d rents Income from investments Deposit account Interest 110.123 18,950 30.201 110.123 18.950 30.201 107.270 31.373 29.180 59 159,472 159.4n 167.882 Total Incoming resourc•¥ 159,4n 159.4n 167.882 EXPENDrruRE Investmènt managernent costs Rales, water and Insur￿Ce Propety m￿ag￿ent fees Repars aTrJ ￿ne￿al$ 6,535 9,929 6.535 9.929 5.741 11.899 854 16.652 10,652 18.494 Charitable activitios Grants lo institutions Grants to individuals 161.483 5.072 161.483 5.072 136.897 166.555 166.555 140,585 Support costs Management Advertising 359 G0￿ManCe costs AC￿untancY PrOfess￿n81 fees Clerk's salary 3.572 3.572 3,395 4.265 4,250 7￿TI 7,877 11,213 Total resour￿ expended 191.487 191.487 170,651 Net lexp0ndlture￿fjn¢OMe {32.015} 132.015) 12,7691 This page does ￿t fom part of the slatuW ffinar*ial slaiemenls PasE 13