REPORT OF THE HONORARY AUDITORS
TO THE TRUSTEES OF THE IMPERIAL WAR GRAVES ENDOWMENT FUND
We hav
ited the above Revenue Account and Balance Sheet, together with the accompanying notes, in accordance with Auditing Standards.
In our opinion, the financial statements give a true and fair view of the affairs of the Fund at 31 March 1991.
READING
25 June 1991
COOPERS & LYBRAND DELOITTE
Chartered Accountants
NOTES TO THE BALANCE SHEET AT 31 MARCH 1991
1. ACCOUNTING POLICIES
Basis of Accounting
The accounts are prepared on the historical cost basis of accounting except for the revaluation of investments. Investment income and related tax recoverable are accounted for in the year in which the income is received or notified. Expenses are accounted for when paid.
2. INVESTMENTS
1991
1990
Cost £
Market Value £
Cost
£
Market Value £
Listed Investments
Narrower Range:
British and Commonwealth
Government stocks
1,050,827
1,146,344
1,050,827
1,044,943
Other fixed interest securities
296,328
269,471
284,904
244,704
Wider Range:
UK
4,113,977
7,143,820
3,951,740
6,442,878
Overseas
1,397,479
2,064,094
1,388,024
2,164,738
Total Listed Investments
6,858,611
10,623,729
6,675,495
9,897,263
Cash held awaiting
reinvestment
Total Investments
957,812
£7,816,423
957,812
875,571
£11,581,541
£7,551,066
875,571
£10,772,834
3. DEBTORS
Income tax and VAT recoverable
4. LIABILITY TO THE COMMONWEALTH War Graves Commission
1991
1990
£
£
2,338
22,525
Balance at 1 April
I
61,572
38,836
Add: Net income during the year after deduction of fees and charges borne by the Fund, to be handed over under Resolution No. 4 of the 481st Meeting of the Commission
663,982
578,736
725,554
617,572
Less: Amounts paid over to the Commission during the year
Balance at 31 March
717,072
556,000
£8,482
£61,572
31
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