Re
ort of the Trustees and
Unaudited Flnancial Statement5 for the Year Ended 30 Se
tember 2025
for
TheThomas Hu
hes Foundation
Chapman Robinson and Moore Limited
30 Bankside Court
Stationfields
Kidlington
Oxford
OX5 IJE

The Thomas Hu
he5 Foundation
ConteTrt5 of the Financlal Statements
for the Year Ended 30 Se
tember 2025
Page
Reference and Administrative Details
Report of the Trustees
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Notes to the Finantial Statements
9 to 17
Detailed Statement of Financial Activitles
18

The Thomas Hu
hes Foundation
Reference and Administrative Details
for the Year Ended 30 Se
tember 2025
TRUSTEES
Mr Christopher Butler
Mrs Ali50n Mairi Butler
Mr Peter John Hillier
PRINCIPAL ADDRESS
W005ter Arms
The Walk
Kidlington
Oxfordshire
OX525D
REGISTERED CHARITY NUMBER SC039722
INDEPENDENT EXAMINER
Chapman Robinson and Moore Limlted
30 Bankside Court
Stationfields
Kidlington
Oxford
OXS IIE
Page I

The Thomas Hu
he5 Foundation
Re
ort of the Trustee5
for the Year Ended 30 Se
tember 2025
The Trustees present their annual report and financial statements for the Foundation for the year ended
30th September 2025. The financial statement5 have been prepared in accordance with the
accounting policies set out in Note I to the financial statements and comply with the Foundation's Trust
Deed, the Charities and Trustee Investment (Scotlandl Act 2005, the Charitie5 Accounts (Scotlandl
Regulations 2006 las amendedl and the Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to charities preparing their financial statements in accordance with
the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland IFRS 102lleffective I
January 20191.
OBJECTIVES AND ACTIVITIES
Objective5 of Trust
The Trustees are directed in terms of the Trust Deed to pay or apply the income or capit31 of the Trust Fund
for the benefit or furtherance of such purposes, objects or institutions, charitable in law, as the Trustees in
their absolute discretion shall determine. The Trustees are also 3Uthorised to accumulate income for
period of twenty-one years from 20th April 2008.
Although the objectives set out in the Trust Deed are far reaching the Trustees favour supporting projects
that help to prevent poverty, advance education and health, citizenship and Community development. It
should be noted that the Trustees are not bound to continue suppgrting these areas and may in the future
favour other areas of benefit.
The Trustees aim to achieve these objectives primarily by making grants to charitable organisations.
Report on the Activities of the Trust
The trustees Supported such organisation as they considered appropriate 3nd that were drawn to their
attention. At present there is no formal application process. Donations of £57,375 12024: £6,5001 were
made, with future commitments of £33,500, which were agreed on 3 March 2025.
These donations included multi-year commitments to international relief and development tharity, All We
Can and to Asylum Welcome, a charity that offers information, advice and practical support to asylum
seekers, refugees and vulnerable migrants in Oxfordshire.
During the previous year, the Trustees had agreed that the Foundation would act as a Guarantor for the
rental of a property to a family of Ukrainian refugees. The guarantee expired on the anniversary of the
lea5e117th April 2025lat whlch point the family was able to extend the lease without the need for a fresh
guarantee.
Towards the end of the financial year, the ftnancial year, £150.000 in cash was received from Casemate
Publishers Ltd on the redemption of loan notes issued to the Foundation.
Grant Maklng Pollcy
The Trustees have opted for a policy of making donations to those organisation5 they feel require
most support and whose purposes fall within the spertrum of the Trust Deed. The organisations supported
by the Foundation are carefully evaluated by the Trustees to ensure that the public benefit
of the Charity is malntained.
Grant5 typically take the form of multi-year. unrestricted core funding. The Trustees believe that thi5 type
of funding is of particular value to beneficiary charities because it is generally more difficult tts obtain than
project funding, facilitates long-term planning and reduces fund-raising costs.
Page 2

The Thomas Hu
hes Foundation
ort of the Trustees
for the Year Ended 30 Se
tember 2025
ACHIEVEMENTS AND PERFORMANCE
Investment Poliry and Perfom7ance
In accordance with the Trust Deed, the Trustees have power to invest in suth stocks. share5, investments
and property in the United Kingdom or abroad as they in their sole discretion think fit. The Trustees
engaged Thornhill Investment Managers (now Schroder & Co Limited trading as Cazenove Capital
Managementl as investment managers.
The Trustees, investment policy aims to achieve total returns in excess of inflation. While there are
no constraints as to type of investment, the Trustees intend to maintain diversified exposure to
different asset classes, sectors, 6eographic reglons and currencies.
In the year under review. returns from each of the main components of the Foundation's investment
portfolio were above CPI inflation of 3.8%. The total return from the listed investment portfolio was 6.6%
while the investment property and unlisted loan notes yielded income of 9.9% and 6.5% respectively.
Growth in net assets over the last two years has enabled the Trustee5 to step up the level of charitable
donations. Between its establishment in April 2008 and 30 September 2025, the Foundation has donated
£890,470, representing almost all of its ori8inal capital of £898,030. Nevertheless, there remain total fund5
to carry forward of £818.370.
By providing a guarantee, the Foundation helped to secure accommodation for a refugee family who have
subsequently been able to find work and renew their lease without third party asslstance.
FINANCIAL REVIEW
Financial position
There are net assets of £818,37012024 £809,385). Income totalling £75,75212024
£79,124.89) was received during the financial year. Donations of £57,375 12024.. £6,51101 were made. with
future commitments of £33,500, which were agreed on 3 March 2025. Previous future commitments
outstanding at the year end were £012024 £01.
Total borrowings were £359,257 consisting of a loan to City of Edinburgh Methodist Church
ICEMCI of £297,500, along with the balance of a 15-year £185,000 mortgage from Triodos
Bank to part-finance the purchase of an investment property in 2014.
Page 3

The Thomas Hu
hes Foundation
Re
ort of the Tru5tee5
for the Year Ended 30 Se
tember 2025
FINANCIAL REVIEW
Risk Management
The Tru5tee5 have assessed the major risks to which the charity is exposed, in particular those
related to the operations and finances of the Foundation 3nd are satisfied that measures are in
place to mitigate these major risks.
Performance of investments
A substantial and sustained fall in the value of the Foundation's investments would impair the Tru5t'5
ability to make charitable donation5 and might Cause difficulties in meeting existing financial
commitments. The Trustees have mitigated this risk by the appointment of professional investment
managers to advise them, by putting in place a balanced Investment strategy with a dlversified
portfollo and by ensuring that the portfolio is sufficiently liquid to meet obligations in the event of a
down-turn in financial markets.
Risk of default by tenants or borrowers
A significant proportion of the Trust's net assets Is represented by an investment property and by
loans to private companies. The Trustees have mitigated the risk of default through careful vetting of
the financial strength and track record of tenants and borrowers.
Debt 5ervlce obllgatlon5
The Foundation must ensure that it is able to meet its debt service obligations. The Trustees have
managed this risk by en5urin8 that liquid assets and income provide adequate cover for interest and
loan repayments, and by carefully considering the impact on net assets and cash flow of fresh
donation commitments.
Currency rlsk
The Trusys liabilities are denominated in Sterling, whereas some of its investments are linked to
other international currencies. Currency risk is mitigated through diversification and by ensuring
that all of the Trust's short-term oblig3tions tan be met from liquid, Sterling-denominated assets.
Reserves policy
It IS the policy of the Trustees to distribute the income of the Trust in the form of grants or donations.
It is anticipated that any surplus income at the close of the account would be so distributed in the
following year5.
The funds of the Foundation are wholly unrestricted and are represented by an investment propertv,
investments and cash net of 35$0Clated borrowings and unpaid grant commitments. The Trustees
have power to draw upon the fund in furtherance of the Foundation's objectives, whilst retaining
sufficient funds to meet any commitments they may undertake.
Given that the investment portfolio is made up of liquid a55ets, the Trustees do not conslder it
necessary to maintain specific reserves.
Golng concern
The Trustees have no material uncertainties as to the Trust's ability to continue as a going concern and are
confident that the Foundation will continue to be able to settle all of its debts as they fall due within the
next 12 month5.
Page 4

The Thomas Hu
hes Foundation
Re
ort of the Trustees
for the Year Ended 30 Se
tember 2025
FUTURE PLANS
Since the year end, the above cash receipt has been used to..
al Repay the loan from Triod05 Bank that was origlnally used to finance purchase of the investment
property in 2014. The security h35 also been released.
bl Add to the investment portfolio managed by Cazenove.
cl Begin a multi-year donation commitment to MHA. in line with the Trustee5' intention, stated in the last
Annual Report to support high quality care for the elderlv.
To complement the Foundation's historic model of using investment returns to make charitable donaticins,
the Trustees intend, over time, to build a portfollo of dlrect Investments that generate positive social and
environmental impact.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governlng document
The Thomas Hughes Foundation 15 a charity registered with Scottish Charity Register I reg. no. SC0397221
established under a Trust Deed Dated 20th April 20081
Appolntment of new trustees
The appointment of new Trustees is reserved to the Trustees in office.
De¢lslon making
All Trustees are actively involved in the decision making process. Requests for funding are reviewed by the
Trustees.
Management
All Trustees are attive in the management of the Trust.
Related partles
Both Christopher and Alison Butler are shareholders land Christopher is FSnance Director) of Casemate
Publisher5 Ltd In which the Foundation previously invested £ISO,000 in the form of loan notes that were
redeemed in full at par in September 2025.
With effect from September 2023, Alison Butler became a Trustee of Wesley Memorial Methodist
Church, who received payments totalling £7,00012024 £18,500).
Employee5
The Trust has no employees12024 Nonel-
Approved by order of the board of trustees on .
30th June 2026
and signed on its behalf by..
Mr Christopher Butlef - Trustee
Page 5

Inde
endent Examiner's Re
ort to the Trustees of
The Thoma5 Hu
hes Foundation
I report on the accounts for the year ended 30 September 2025 set out on pages seven to seventeen.
Re5pertive re5pon5ibilitie5 of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of
the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts IScot13ndl Regulations
2006 las amended). The charity's trustees consider that the audit requirement of Regulation Iollllal to Icl
of the Accounts Regulations does not apply. It 15 my responsibility to examine the accounts as required
under Section 44llllcl of the Act and to state whether particular matters have come to my dttention.
Basis of the independent examiner's report
My examination was carried out in accordance with RegulatlDn 11 of the Charities Accounts 15cotlandl
Regulations 2006. An examination include5 a review of the accounting records kept by the charity and a
comparison of the accounts presented with those records. It also includes consideration of any unusual
items or disclosures in the accounts. and seeking explanations from you as trustees concerning any such
matters. The procedures undertaken do not provide all the evidence that would be required in an audit,
and consequently I do not express an audit opinion on the view given by the accounts.
Independent examlner's statement
In connection with my examination, no matter has come to my attention
111 which gives me reasonable cause to believe that, in any material respect, the requirements
to keep accounting records in accordance with Section 44llllal of the 2005 Act and Regulation 4 of
the 2006 Accounts ReguSations; and
to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the
2006 Accounts Regulations
have not been met; or
121 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the
accounts to be reached.
l.E.Ma50n FCCA
The Association of Chartered Certified Accountants
Chapman Robinson and Moore Limited
30 Bankside Court
Stationfields
Kidlington
Oxford
OX5 IIE
Date..
Page 6

The Thomas Hu
hes Foundation
Statemen
Df Financial Activities
for the Year Ended 30 Se
tember 2025
3019125
Unrestricted
fund
3019124
Total
funds
Notes
INCOME AND ENOOWMENTS FROM
Investment income
75,752
79,125
EXPENDITURE ON
Raising funds
49,920
43,736
Charitable artivltles
Wesley Memorial Methodist Church
All We Can
Asylum Welcome
Oxford Phab Club
ISLIP PCC
7,000
30,000
Is,000
5,000
375
6,500
Total
107,295
50,236
Net gains on investments
40.528
35,613
NET INCOMÉ
8,985
64,502
RECONCILIATION OF FUNDS
Total funds brought forward
809.385
744,883
TOTAL FUNDS CARRIED FORWARD
818,370
809.385
The note5 form part of these financial statements
Page 7

The Thomas Hu
hes Foundation
Balance Sheet
305e
tember 2025
3019125
3019124
Total
fund5
Unrestricted
fund
Notes
FIXED ASSET5
Investments
Investments
Investment property
407,298
595,000
557,923
595,000
1,002,298
1,152,923
CURRENT ASSErs
Debtors
Cash at bank
3.734
41.147
224,495
224,495
44,881
CREDITORS
Amounts falling due within one year
io
150,6161
127,7901
NETCURRENT ASSETS
173,879
17.091
TOTAL ASSETS LESS CURRENT LIABILITIES
1,176,177
1,170,014
CREDITORS
Amount5 falling due after more than one
Year
li
1357,8071
1360,6291
NET ASSETS
818,370
809.385
FUNDS
Unrestricted funds
13
818,370
809,385
TOTAL FUNDS
818,370
809,385
The financial statements were approved by the Board of Trustees and authorised for issue on
30th June 2026
and were signed on its behalf by..
Mr Christopher Butler- Trustee
The notes form part of these financial statements
Page 8

The Thomas Hu
he5 Foundation
Note5 to the Financial Statements
for the Year Ended 30 Se
tember 2025
ACCOUNTING POLICIES
Financial statement5 preparatlon
The financial statements have been prepared under the historical cost convention with items
recognised at cost or transaction value unless otherwise stated in the relevant ntstelsl to these
accounts. The financial statements have been prepared in accordance with the Accounting and
Reporting by charitie5'. Statement of Recommended Practice applicable to Charities preparing their
financi31 statement5 in accordance with the Financi31 Reporting Standard applicable in the United
Kingdom and Republic of Ireland IFRS 1021 (effective l January 20191.
The Foundation constitutes a public benefit as defined by FRS 102.
The financial statements have been prepared on a going concern basis. The Trustees have assessed
the Foundation's ability to continue as a going concern and have reasonable expectation that the
Trvst has adequate resources to continue in operational existence for the foreseeable future, thus
they continue to adopt the going concern basis of accounting in preparing the financial statements.
Income
All incoming resources are included on the Statement of Financial Activities when the charity is
legally entitled to the income and the amount can be quantified with reasonable accuracy.
Donations are included in the financlal statements together wlth associated gift aid5, where
applicable, when the Trustees have been advised of the donation with notification of both amount
and intended settlement date.
Expenditure
Expenditure is included in the financial statement on a accruals basis and recognised in full as soon
a5 a constructive obligation exists, the sums payable can be reliably measures and there is
probabllity of payment.
A provision for a multi-year award is recognSsed at its present value where settlement is due over
more than one year from the date of the èward, there are no unfulfilled condition5 and the effect of
the discounting is material. At the financial year end of the account and considering the current
economic climate at that time, the Trustees consider a discount tate of 2% to be appropriate.
Grants authori5ed to be paid in respect of the accounting year or future years are provided for In the
financial statements in the year in which they are authorised.
Cost of raising funds
Investment management charges are included on an accruals basis and recognised in full as soon as
a constructive obligation exists.
Support and governance costs
Support costs are the costs associated with the direct management of the charity. Governance costs
are the cost of. compliance with the statutory and regulatory requirement of the charity. All other
support and governance costs are recorded in the Statement of Financial Activities as appropriate.
As the Foundation does not provide services directly but by the way of gr3ntS to other organisations,
support and governance costs are not allocated against individual grants or donations.
Page 9
continued...

The Thomas Hu
hes Foundatlon
Notes to the Financial Statements - continued
for the Year Ended 30 Se
tember 2025
ACCOUNTING POLICIES- continued
Support and governance costs
Independent examination fees are recorded in support and governance costs in the Statement of
Financial Activities.
Investment property
The Foundation acquired a property for investment purposes on 28th July 2014. The property is
included at the Trustees, best estimate of fair value at year end.
Taxation
The Foundation has been recognised by HMRC as a charity for the purpose of Sectlon 519 Income
Taxes Act 2007.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the di5¢retion of the
trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charitv.
Restrictions arise when specified by the donor or when funds are raised for particular restricted
purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financia5
statements.
INVESTMENT INCOME
3019125
3019124
Rent5 received
Investment incorne
Deposit account interest
58,713
16,939
loo
52,144
26,245
736
75,752
79,125
Page 10
continued...

The Thomas Hu
hes Foundation
Notes to the Financlal Statements continued
for the Year Ended 30 Se
tember 2025
RAISING FUNDS
Other trading activities
3019125
3019124
Support costs
19,427
16,441
Investment management costs
3019125
3019124
Investment advice
Rent collection
1,137
29,356
1,223
26,072
30,493
27,295
Aggregate amount5
49,920
43,736
CHARITABLE AcTIV￿lEs COSTS
Grant
funding of
activities
Wesley Memorial Methodist Church
All We Can
Asylum Welcome
Oxford Phab Club
ISLIP PCC
7,000
30,000
15,000
5,000
375
57,375
TRUSTEES, REMUNERATION AND BENEFITS
There were no trustees, remuneration or other benefits for the year ended 30 September 2025 nor
for the year ended 30 September 2024.
Trustees, expenses
There were no trustees, expenses paid for the year ended 30 September 2025 nor for the year
ended 30 September 2024.
Page 11
continued...

The Thomas Hu
hes Foundation
Notes to the Financial Statement5 - continued
for the Year Ended 30 Se
tember 2025
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricte
fund
INCOME AND ENDOWMENTS FROM
Investment income
79,125
EXPENDITURE ON
Raising funds
43,736
Charltable artivities
Wesley Memorial Methodist Church
6,500
Total
50.236
Net gains on Investments
35,613
NET INCOME
64,502
RECONCILIATION OF FUNDS
Total fund5 brought forward
744,883
TOTAL FUNDS CARRIED FORWARD
809,385
FIXED ASSET INVESTMENTS
Listed
Unlisted
investments investments
Totals
MARKEf VALUE
At l October 2024
Additions
Disposals
402,923
39,375
140,0001
155,000
557,923
39,375
1190,m)I
1150,0001
At 30 September 2025
402.298
5,0(X)
407,298
NET BOOKVALUE
At 30 September 2025
402,298
5,000
407,298
At 30 September 2024
402,923
155,000
557.923
There were no investment a55ets outside the UK.
Page 12
continued...

The Thomas Hu
hes Foundation
Notes to the Financial Statements- continued
for
e Year Ended 30 Se
tember 2025
FIXED ASSET INVESTMENTS- continued
With the exception of the OXCLT shares, the Trust'5 investments consist of open-ended funds and
other instrument5 Wlth good liquidity that are listed on recognised stock exchanges. The Trust has
no material holdings in market5 subject to exchange controls or trading restrictions.
The main rlsk to the Trust from investments Iles in the volatility of markets.
The Trust manages these investment rlsks by retaining expert advisor5, operatillg an investment
policy that provides for a high degree of diversification of holdings across asset classes and by
ensurlng adequate liquidity.
INVESTMENT PROPERTY
FAIR VALUE
At l October 2024
and 30 September 2025
595,000
NET BOOKVALUE
At 30 September 2025
595,000
At 30 September 2024
595.000
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
3019125
3019124
Debtors
3,734
Page 13
continued...

The Thomas Hu
hes Foundation
Notes to the Financial Statements - continued
for the Year Ended 30 Se
tember 2025
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE Y&4R
3019125
3019124
8ank loans and overdrafts (see note 121
Trade creditors
Other creditors
18,300
23,068
9,248
11,900
11,653
4,237
50,616
27,790
11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
3019125
3019124
Bank loans (see note 121
Trade creditors
Other creditors
43,457
16,850
297,500
63,129
297,500
357,807
360,629
12. LOANS
An analysis of the maturity of loan5 is given below..
3019125
3019124
Amount5 falling due within one year on demand..
8ank loans
18,300
11.900
Amounts falling due between two and five years..
Bank loans 2-5 years
43,457
63,129
13. MOVEMENT IN FUNDS
Net
movement
in funds
At
1110124
At
3019125
Unrestricted funds
General fund
809,385
8,985
818,370
TOTAL FUNDS
809,385
8,985
818,370
Page 14
continued...

The Thomas Hu
hes Foundatlon
Notes to the Financial Statements- continued
for the Year Ended 30 Se
tember 2025
13. MOVEMENT IN FUNDS-continued
Net movement in funds, included in the above are as follows..
Incoming
resources
Re50urce5
expended
Galns and
50sses
Movement
in fund5
Unrestrirted funds
General fund
75,752
1107,2951
40,528
8,985
TOTAL FUNDS
75,752
1107,2951
40,528
8,985
Comparatlve5 for movement In funds
Net
movement
in funds
At
1110123
At
3019124
Unrestricted funds
Gèneral fund
744,883
64,502
809,385
TOTAL FUNDS
744,883
64,502
809,385
Comparative net movement in funds, included in the above are as follow5:
Incoming
resources
Resources
expended
Gains and Movement
losse5
in funds
Unrestricted funds
General fund
79,125
150,2361
35,613
64,502
TOTAL FUNDS
79,125
150,2361
35,613
64,502
Pège 15
continued.

The Thomas Hu
hes Foundation
Notes to rhe Financial Statements- continued
for the Year Ended 30 Se
tember 20
MOVEMETrif IN FUNDS. continued
A Current year 12 months and prior year 12 months combined position is as follows..
Net
movement
in funds
At
1110123
At
3019125
Unrestrlcted funds
General fund
744.883
73,487
818,370
TOTAL FUNDS
744,883
73,487
818,370
A current year 12 months and prior year 12 months combined net movement in funds, included in
the above are as follows..
Incoming
resources
Resources
expended
Gains and
losses
Movement
in fund5
Unrestricted fund5
General fund
154,877
1157,5311
76,141
73,487
TOTAL FUNDS
154,877
1157,5311
76,141
73,487
14. CONTINGENT LIABILITIES
The City of Edinburgh Methodist Church advanced a loan of £297.500 to The Thomas Hughe5
Foundation to support the purchase of the property. The loan is intere5t-free and 15 Secured by a
standard security over the property. Under the terms of the agreement. the Trust is obliged to
transfer to the lender 50% of any income generated from the property and 50% of any net proceed5
arising from a future disposal of the property* after deducting any directly attributable costs of sale.
The loan is shown in other creditors due greater than one year, at the amount borrowed, any gain
on this value from the increase in the fair value of the property will be disclosed as a contingent
liability, for 2025 £nil12024, Enill.
Page 16
continued...

The Thomas Hu
hes Foundation
Note5 to the Financial Statements- continued
for the Year Ended 30 Se
tember 2025
15. RELATED PARTY DISCLOSURES
Both Christopher and Ali50n Butler are shareholders land Christopher is Finance Directorl of
Casemate Publishers Ltd in which the Foundation had investment of £150,000 (lune 20151 in the
form of loan notes. As the loan note5 bear interest at 6.5% per annum, the foundation received
f 9,406 during the year12024 £9,750) and the loan notes were redeemed on 1st August 2025.
With effett from Septernber 2023, Alison Butler became a Trustee of Wesley Memorial Methodist
Church, who received payments totalling £7,00012024 £18,5001.
Page 17

The Thomas Hu
hes Foundation
Detailed Statement of Financial Activities
for the Year Ended 30 Se
tember 2025
3019125
3019124
INCOME AND ENDOWMENTS
Investment income
Rent5 received
Investment income
Deposit account interest
58,713
16,939
loo
52,144
26,245
736
75,752
79.125
Total incomin8 resources
75,752
79,125
EXPENDITURE
Investment management costs
Investment advice
Rent collection
1,137
29,356
1,223
26,072
30,493
27,295
Charitable artlvities
Grants and Donations
57,375
6,500
Support costs
Management
Insurance
2,731
2,595
Finance
Bank loan interest
5,524
7,111
Governance costs
Accountancy and legal fees
11,172
6,735
Total resources expended
107,295
50,236
Net lexpendlturel/lncome before gains
and losses
131.5431
28,889
Realised recognised galns and losses
Realised gainslllossesl on fixed asset
investments
40,528
35,613
Net in¢ome
8,985
64,502
Thi5 page doe5 not form part of the statutory financial statements
Page 18