Accounts
Donations Notwithstanding the recent improvement in the Fund’s financial position, donations are welcome, and, indeed, are likely to be needed if the Fund is to continue to provide adequate assistance in the current economic environment. Donations can be made under Gift Aid, which enables the Fund to reclaim basic rate tax on sums received from UK taxpayers, and provides a tax benefit to higher rate taxpayers. Furthermore, by virtue of the Fund’s charitable status, legacies are free of inheritance tax. Gifts would be very gratefully received by the Hon Treasurer, NR Rundle, at 9 Draycott Place, London SW3 2SE. Applications Enquiries from OAs should be addressed to the Hon Secretary, MRA Graham, at 59 Falcon Point, London SE1 9JB. Enquiries from pupils should be addressed direct to the Hon Secretary or through Messrs Keat or Llewelyn in the Common Room.
Years to end-December (£)
2009 2010 2011
Investment income
3,051 2,708 5,036
Loans repaid
2,509 9,100 6,125
Bequests and donations
25,000 1,141 26,000
Total income
30,560 12,949 37,161
Loans made
3,500 7,300 10,150
Grants made
0 3,510 6,420
Administration costs
177 177 278
Total outgoings
3,677 10,987 16,848
JR Walters (54-62)
Net income
26,883 1,962 20,313
Change in value of investments
3,927 3,815 (5,754)
Funds at start of year
53,183 83,993 89,770
Funds at end of year
83,993 89,770 104,329
Outstanding loans (see text)
20,900 19,100 23,125
Year-end assets, including outstanding loans, rose during the year from around £109,000 to £127,000. In keeping with long established practice, outstanding loans are not included as an asset in the balance sheet, but are referred to in a note to the accounts. The Fund has not suffered any bad debts for many years and this conservative presentation will be kept under review. Of the year-end funds excluding loans, investments at market value accounted for £76,038 and cash and deposits for £28,291.
18 Clubs & Societies
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