The Trustees’ investment policy is to maximise the growth of capital and income. Our strategy in managing the endowment fund is to draw funds from it whilst aiming to preserve its value over time; meeting today’s needs but not at the expense of tomorrow’s. We 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	2020/21	2021/22	2022/23	2023/24
Gross income	109	144	156.3	156.5
Investment management	44.2	49.2	40	40.1
Grants	166	426.5	206	135.3
Other charitable expenditure	24.9	25.7	27.6	27
Governance	3	7.3	6.9	6.7
Net inflow/(outflow) of resources	1,606.3	(77.8)	(883)	79
Net investment gains/losses	1,736	287	(759)	131.8
Fund balances	7,409	7,331	6448	6527

Notes

• All figures £000s
• Grants are total 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