34 E VALU O ATI N PR E R OCDU E AND PR CESO S
The Trustees consider that systematic evaluation of a project is important for a formal analysis of what has been achieved, for a chance to reflect on the experience, and to inform future work that might be undertaken. The interim monitoring and end of grant reviews help to measure impact and performance and to identify whether the targets and outcomes outlined in the application for funding have been met.
The monitoring and evaluation programme includes attendance by Trust personnel at project meetings, site visits, completion of the Trust’s evaluation form and written progress reports, photographs and CD Roms from grant recipients. It should also be stated that the Trustees will only consider repeat funding for a project/initiative where the recipient can demonstrate that the funds awarded have (a) been applied as intended; (b) met the specified objectives; and (c) have gone some way in making an impact or difference to the ultimate beneficiaries. Should it become evident during the evaluation process that a project funded by the Trust is unlikely to proceed the recipient is asked to return the grant.
Some grants are awarded on a multi-year basis. In the main these are for a period of three years and usually not more than five. All term grants are contingent on an annual review process. This reflects the obligations placed on the recipients of these grants to meet specific conditions in order for funding to be renewed each year.
When evaluating projects and measuring their impact, the Trustees acknowledge that in some cases their grant is one part of a funding mosaic and cannot therefore take sole credit for the project outcomes.
FINANCIAL REVIEW AND RESULTS F
I ANCI L A LYI N A NA SS OF T E YA H ER
The year under review saw strong gains for equity markets with the FTSE All Share returning 16.8% to 31st March 2013. Small cap stocks performed particularly well. Overseas equity markets also generated strong returns with the MSCI World Index returning 18.4% in sterling terms over the period, with the bulk of this performance in the latter part of the 12 months. Increasingly positive market sentiment generally meant returns from higher yielding, lower rated bonds outperformed safer havens with the FTA Government All Stocks Index producing a total return of 5.3% and the iBoxx Sterling Corporate Bond Index 13.2%. Cash returns have been minimal given a UK base rate of only 0.5% p.a.
Against this vastly improved backdrop, the strong market gains were reflected in the capital value of the Trust’s investments. As shown on the balance sheet the value of the Trust’s total assets as at 31st March 2013 was £46,088,429, an increase of 10.85%on the previous year where the Trust’s total assets totalled £41,575,652. There was also positive news on the level of income received in the year under review with total incoming resources as at 31st March 2013 of £1,238,723, an increase of 12.62%on the previous year where incoming resources totalled £1,099,957.
F ND MAN E N U AGME T
All investments held by the charity have been acquired in accordance with the powers available to the Trustees.
For the year under review the Trust’s portfolio was managed in equal proportions by Schroders Investment Management Limited and Lazard Asset Management. Subject to satisfactory performance
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