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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.