Investment policy and report

The Trustees’ investment policy is to maximise the growth of capital and income. They have an ethical policy which can be seen in the audited accounts accessible via the Charity Commission website.

As a guide to what can be spent on grants Trustees use an estimate of the Foundation’s annual income, but they also have the power to draw on capital annually.

                                             
Year 2016-17 2017-18
Gross income 168.8 173.0
Investment management 35.8 40.6
Grants 200.3 376.0
Other charitable expenditure 22.7 24.4
Governance 7.0 7.9
Net inflow/(outflow)
of resources
(97.0) (275.8)
Net investment
gains/losses
849.8 138.9
Fund balances 6,367.0 6,230.0

Notes

  • All figures £000s
  • Grants are amounts approved in that year
  • Governance includes fees for audit and accountancy
  • Net investment gains/(losses) reflect changes in stock market values, realised and unrealised
  • Fund balances are at valuation on 5th April