Download Financial Review 2013

Financial Review 2014
Summary :
During the year, total incoming resources were £8,960 and total resources expended stood
at £8,856, giving a net surplus of £104.
No changes have been made to our portfolio over the year. There was a modest positive
move in UK stock markets over the year, this being reflected in the value of our investment
portfolio increasing by £4,000. Our total funds at the year-end stood at a market value of
£171,727.
Incoming resources:
Our income increased over the year to £8,960, an increase of £1,421 compared to 2013. The
great majority (£8,686) of our income came from investment dividends, with the balance
arising from donations. Donations are all from previous donors; the reduction this year is a
consequence of 4 such donors not making a payment this year. During the year one of the
companies we invest in (Rexam) sold off another of its subsidiary businesses, resulting in a
special dividend of £1,513.
Resources Expended:
Our total expenditure was £8,856, up from £7,356 in 2013. The difference was because we
increased our grants to £7,000 from £4,960 and investment charges increased by £529,
offset as expected by a reduction in the expenditure on the web-site.
Reserves:
No explicit reserves are held, as our grants are given on a year-to-year basis based on
affordability, with no long-term commitment to any particular organisation.