Cornpany registration number. 02721623 Chlty registration number.. 1020295 The Sanctuary Trust Limited (A company limited by 8uataDte¢) Annual Report and Financial Statements ror Ihe Y¢aT EDd¢d 31 Match 2024 Chart¢red A¢¢ounl8nls 1st Floor. Block C The Wharf Manchester Road Burnley Lancashire BBII IJG
The Sanethary Trust Limlted Contents Refcrencc and Admiillstrative D¢knls Tntstees, R¢port 2to5 ststsnt of Trustees, Responsibilities IndependentAuditors' Report 7tolO Stat¢m¢nt of Financial Activities li Balance Sheet 12 Statement of Cash FIov48 13 Nots8 to the Financial Stst¢m¢nts 14to25
The SAnctuary Trust Limited Reference and Administrative Detalls Trnstses Mi J A Bdwards Reverend C R M¢Cawi Mrs L E Mills Trth S Riding Mr C M Cowan lth E M Fowler Se¢retary Mrs K O'Bri¢n Senlor M2n2gemont Team Mr D Lackner-smith, CBO Mr J Wigley. Operational and development director PrlodpAI ollk¢ Globe House Moss Bddge Rd Rochdal¢ OL16 SEB The ch8rAty 18 Inornted In En8land, 02721623 Company Reglstrntlon Number CbArity RtgiBtration Number 1020295 Bankers National Westminister Bal PLC Town Hall Squore Ro¢hdale OL16 ILL Audltor Chertorcd A¢¢ounlants 1st Floor. Block C The Whaxf Manchester Road Burnley Lanoashire BBII IJG Page I
The Sanctuary Trust Llnjltsd Tru8tees' Report Tbe trust¢es, who are direGtOT5 for the pu05¢ of company law. prellt the 2Dnual report together WAth the finan¢ial 8tstements and auditors, report of the thatitsbl¢ ¢oJwy for the year ended 31 March 2024. Tru5teti Mr E H O Boswcll (r¢5ign¢d 17 June 2024) Mr J A Edwards Reverend C R M¢CaJ Mr8 L E Mills Mr5 S Riding Mr C M Cowan (appointsd IS January 2024) Mr E M Fowler (appointed 1.5 January 2024) ObJe¢dve8 and a¢dvldt$ Obje¢ts andalms Th¢ Sanctuary Trust is a pra¢ti¢4J exprns8ion of God's love. provlditig support and ¢n¢ourftgement for people who are homele58 or 5c¢kiDg to tsk¢ control of thoir liv¢s through dru8J al¢ohol or other homeless-r¢lated problems. The trust's aim is to help people to take 8 place in Society and kve ind¢pendentlyi and to give vu]n¢rable people opportunity to improve their qUlty of life byproviding a stable environment which en8bles them to toke greater responsibility for theirliv¢5. The Trustccs ar¢ mindful of the CbaTity Commtsgion guidaoce on public benefiL We believe that our n¢tivities make a 8igDifi¢allt dtfferenee lo the lives of our elients and benefit the local Communities in whieh we work. Our actsvxties are plaJned to improv¢ the lives of homeless people and lo reduce homelessness. Jeevlew ofa¢ilvltlés dndacltlev8mEnts In the year under r•view, the Trust's cbaritsble activitie8 have continued to be directed lo me¢t tbts lleed of those people who are hom¢l¢ss, at risk of hOm&5¢SS or Are otheThi8e affected through dNg, alcohol other hotneless-related wobl¢n)s. These adiviti¢s have continued a¢ross Greater Manch¢ster and North West Wales where w¢ have seen demand Ilas continued to increaBe and thcr¢for¢ our r¢spon5e needed to adapt and ill¢85e. wbilst f¢d with a confinuing challenge from these demand lovels and the fLmdillg chall¢ng¢s placed on mauy of our key stakeholder funders. Our main commissioners ID thcsc areas havc provided #t support to our initiatlves And we have be¢n able to ¢ontinu¢ our residential offerings and provide on 8treet support to those with nowhere e]se to turn. Our support services have provided practical support to help to pr¢v¢nt those who would othEtwise become hom¢les8. The support provided by our COmD]issioners has been augD]ented by the Eenerosity of our grant funders and otl regular donors who provide support in monetary and in oth¢rpTa¢tical ways, The reputation of th¢ Chlty is underpinned by a dedicAted tcam of 8taff and volunteers who lead the proj¢¢ts which deliver the most important outcome4 and without which we would be unable to make a differencc in places wher¢ it is most needed. Jn addition to these 'front line, stsff, the team who also help with fundraisin8 Ibrough new illitigtives or through r¢gul8r support bave facilitated and enabled the Charity's activities and Btso been a seeond line of support in malang these serS aCce1)Ie to and meet the needs of those at risk of homelcssll¢$$. Page 2
The Sanetuary Trust Lillthd Trust¢esl Report Our place in the team of organisations whD • those WI are otherwise Trarginalised has continued to bc strcngthencd by th¢ social work placentrnts for social vMrk students frota Salford Unlversity and through our l¢ading and active involvement in multi disciplinary discussions across the wider third se¢tor and pubIi¢ sector teams. In 6Utnmaryy It has been another year where our vision and our tea at The Sancttw Trust have llde a r¢al diff¢r¢nce in the neighbourhoods whcr¢ w¢ live and worK alld we ate determined to coullle to ¢ontiibute to z¢ducing homel¢ssne88 ia these areas, with the support of fellow providers, fund¢rs and cott]mis8ion¢rs. Plansforfu¢ureperlods The San¢tuary Ththa5 engaged WAth stakebolders to reviwv its misslon, Visio and core valu&s. Following this p¢riod of consultstion, the Board lths approved a set of objectives that will maximiso our ImpACt in 2024 - 26. Th¢se objectlves are: Re]ieve and prevent h02nelessness - w¢ aim to brillg to the market affordable houBingi relleve hom¢lessn¢ss ' and ¢nsure wc remain at the highest level of what we are ablc to de]iv¢r. 2. Add sociRI value-we aim to devolop coinmiu)ity connection polnts and Invest In grass rootj organi8adons. Take carc of our peopl¢ - w¢ akn to promote stRff wclfare and cultivate inter professional relationships ' among staff. Reviow our charitable 8ctivities- we aim to ¢ngage in a process of htb che¢laag our or8anlsation &¢ross ' key arnas of ow Chlble activities. Th¢ Trust looks fonvard to ryortingback oll our su¢¢e8s against thcsc objectives io coming yearB. Events afterthe reportliigp¢Aod During the year The Sanctuary IUSt was given the opportunity to pw¢base Holborn Hous4 a propety that tho charity has been a tenant of for many years, which it has t8k¢n with asreement in win¢iple for th¢ purchase ID January 2024, ond ¢ompletlon in August 2024. Thts SAnctuary Trust also started the process of sellin8 one of its properties during the year. tbis b¢iDg Belgtave Road in Colwyn Bay. The board employed tb¢ s¢rvices of an estate agents in January to start the proces4 and tke Sale CoPIeted In August 2024. Fliiaiielal The Charity's principal fi]nditig sources during the year were s¢ryi¢¢ contract lllcom¢ £696,821 (2023: £570.155), housing benefits received £903,052 (2023: £723,811) and a Contribution received from tbe W¢18h Assembly of £162,346 (2023: £164,619). Other souwes of incom¢ r¢¢eiv¢d shown in notes 3, 4. 5 and 6 to the a¢counts, These resour¢¢s have been u5cd to provido Rccomnwdation and support to hom¢less and other vu]nerable people. The charity made a d¢fi¢it for the year of £13,616 (2023: £230.697 defi¢it), fith¢r details of which 8re shown in the 8latem¢nt offllwicial adivities on page I l. Th¢ chIty's financial position at the end of th¢ year is shown on the bp&laDCe sheet (page 13), whi¢h shows that thc cbarity'5 fimds have been r¢du¢ed from £402.051 at 31 Marcb 2023 to £388,435 at the ead of the cuttent year. These fimds 8re fillth¢r split between restricted and unrcstsicted. At the year ¢nd The SancttTary Trust has r¢stsicted thnds of £108,450 (2023: £118,672) 8nd unrestrACted fimd8 of £279985 (2023.. £283.379). whith c8n be seen ID greater d¢tail in notc 20. The Tn]steo8 consider the state of the cbaritys affairs to be satisfa¢tOry end lookto the futh with CODfideuce. Page 3
The Sanctuary Trnst Limited Trnst¢esT Report Poli¢yfor managlii%nsk andr¢serS The trnstees have a5ses5ed the risks and un¢ertainties to wbich the th[ty is exposed And consider the principal aTeas to be as follows: . Opposition by the local cOmmty to tbe developrnent of ncw occonunodatiou sites QIIMBYism) . The 8pr¢ad of COVID, flu or other pandemi¢s amongst stsff and clients Failure to comply witb Disability DisCrimitiOn Act irL the provision ofpropetyfor ComModAtion The ttu$t¢es are satisfied that SySt¢ms are in place to mitigate th¢ ¢hatity's ¢xp06ure to major risks. A8 part of that process, the trustees hav¢ implen*nt¢d a risk managemcnt stralegyi which ¢omprise8'. An annual r¢viN of the risks which the ¢hhrAty may fae¢ . Th¢ esttiblisIllnent of systems and procedures to mitigat¢ those identified in the plan and The implementation of procedures designed to Milli any potentlal impact on th¢ ¢harLty 8hould any of those risks tnatsriallze. It 18 the poli¢y of th¢ ¢barity to Jllaint8in free r¢8¢rv¢s. wbich are unr8strleted fund8 less fixed assets included ther¢in (8¢¢ nots 20 to th¢ aceounts). at a level which equates to approxinmtely three to four montb8 unr¢strictsd ¢xpondiiut¢. Thig provides Sufficient fiwds to ¢over manag¢men( athlllnistration And Support costs 8od to Tespond to ¢m¢rg¢n¢i¢s which may 16¢ from time to time. The 8mount of free reserves avRilable kt 31 March 2024 WAS £103,077 (2023: £92.248). The lrnslees are awaro of the defieit incurred irL tbis fjnanci81 year whi¢h bas arisen as a result of planned inve8ttnent in the thtsjre 8rowth of tho ¢]lty. The ¢barity continues its programme of additional income generation and Close co8t nwiagcmcnt and will continue to monitor the fin8nclal posltion of the clwity so that rescTves nx•ve tOW8rds the target lev¢L Struthirei governanco and manftgement Nattire ofgovepxlng do¢iiment The Sgn¢tuary Trnst Limited is A company Jimit¢d by guaTOntee governed by Its merdorandum and atti¢l¢8 of association dated 9 June 1992. It is roBiStered as a ¢barity with the Charity Commis511) Organtsadonalslruclure A board of trusteu. who mcct on a regular bas1$, administer the ¢harity. AD Op¢ration8 and Dovelopmcllt Team in¢ludin8 4 CEO. Operations and Development Directoi. Financial Director and otbers 88 necessary are appointed by the charity to rnan8ge the day to day operatii)ns of the orgaDi8#tion. Tho S>mctuary Trust is a ac¢reditsd Living Wage employer and reviews its levels of pay on an annual basi8 ill order to ¢ontinue to remunerate all employees in excess of these minimums. Recruliment aiiddppoliilMentoftrHslees The Board seek io appoint trllstees as vacancies arise or if they become awaie that a person with approwlate skills and expeTxence is available and willing to join the board. Trmsleu, INdii¢tioN 4ndtr4lnlng There is no forniol training Provided for lrnstees but they ar¢ adv&qed to read the Iiterature availablo frorn the Cbarity Commission and they are aware of th¢ir g¢ner&l duties and respo]ibilItteS as part of th¢ recrnitrllent process and once tbey join the board and attend meetings. Pag¢ 4
The Sanctuary Trust Limited Trustees, Report volun/eI The charity 15 fortunate to bav¢ a large numbcr ofpeople who are willing to volulltccrto assist in fi]rtb¢riog th¢ objects of providing support and ¢n¢ouragemeDt for p¢opl¢ who ar¢ homeless. There formol processe8 XL plac¢ to ensure that volunteer8 havo appropriate traiDiDg or experien¢¢ and that they meet 811 legal requirements. Dwing the year the average numb¢r of vojunteers that the charity bad WAS 45 (2023: 41). with the incr¢ase thie to more volunt¢¢r opportunities being made available. Dlselosure of Infonratlon to audltor Each trustee has taken steps that th¢y ought to have tsken a8 a tru8tse in order to make tbemsolves aware of any relevant Audit inforniation and to estsblish tbAt the ¢hwity's auditor is aware of tbat inforn?ati The trustecs ¢onfJrni that thC is no r¢l¢v8DtinfomMtitsn that they loow of and of which they know the auditor is unawAt¢. Sjnall compaDle$ provlslon ststement This report has been prepared in accordm¢¢ wlth th¢ snll comp8Ji¢s Trgime under the Companies Act 2006. The arual report wis approved by th¢ trust¢¢s of Ib¢ ¢hatity on 16 September 2024 and signed on it8 behalf by: Mrs K O'Biien Compauy Scetary Page 5
The Sgnetuary Thist Limited Statement of Trnsteul Responsibilities The trnstee5 (who arts also the directors of The Salle8ry Tnt Limited for the PUTposes of company law) are responsible for prepanng the trustees, r¢port and the financial statements in aGCOTdance with the United Kingdom A¢¢ounting Standards (Unit¢d Kingdom Generally A¢¢epted Accounting Practice) and applicable law and TcgulAtions. Company law requires the Iruslees to prepare fillaD¢ial statements for each. fillancial year. Under company law the trustees rnust not approve the financial stst¢ments unless th¢y ar¢ satisfied that they give a tw¢ and fair view of the state of affairs of the charitable company and of its incoming Tesourc¢8 and application of Tesources. includ7ll8 its in¢om¢ and ¢xp¢nditur4 for that petiod. In preparing th¢8e fllwLciaI statements, th¢ tn]stees are rcquired to: select suitable accowiting policle8 and apply them CODSiStently> obs¢Tvo th¢ m¢thods 8nd principles in the Charitie5 SORP; make judgements and estimat¢s that are reasonable and prndent; stste whether appll¢abL¢ ITK Accounting Standards bave been follwe4 8ubject to 4tty mat¢Aal d¢parture8 disclosed and explained in the financial stst¢rnents; And prepare the financial statements on th¢ 80in8 concern basis uJl+3SS it 18 inappropriits to presume that tho charitable Company will continue In business. Th¢ trustees are responsible for keeping adequate COunting records that are suffi¢lent to sbow and cxplain the ¢baritsble company's transactions and di5clos¢ with reasoDable accuracy at any lim¢ th¢ finanoial position of the cbatitablu company and enable them to ¢Dsur¢ that th¢ fitsao¢iaJ statements Comply with th¢ Companl¢s A¢t 2006. They are also responsibl¢ for s&fegu8rding the assets of th¢ charitsbl¢ ¢ompany aml hence for tAkin re8sonable step5 for the pttvention and detecllon of frnud and oth¢r irre8ularitics. Approved by the trustces of tho charity on 16 September 2024 and signed on its behalf by; K 0gri¢n Compaay Secretary Pag¢ 6
The Sanctuary Trust Llmited Independent Auditorls Report to the Members of The Sanctuary Trust Lirnited Opinion We hav¢ audited the financial statements of The Sanctuary Trust Limited (tho 'chaTiW) for th¢ year ended 31 M8r¢h 2024, wbich comprise the Statement of FinGial Activities. Balan¢¢ Sh¢¢4 Ststement of Casb Flows. and Notes to the Financial St8t¢ments, including a 8UD]mw of signxfi¢Ant aG¢ouDtin8 polici¢s. Tho fJnan¢ial reporting framework that has been applied in their prepardtion is United Kingdom Accounting Stsndards, ¢ompriBing Charitie4 SORP - FRS 102'Th¢ Finan¢xal Reporting Standard applicabl¢ in the UK and Republic of Ireland, and 8pp]i¢able law (United Kingdom Genthlly Accepted Accounting Pra¢tice). In our opinion th¢ fMan41 statements: give a true and fatr view of the stats of the clwiV8 affairs A8 at 31 March 2024 gnd of its in¢omiDg resources and application of resourc¢4 including its income and ¢xpendi(ur4 for th¢ year tIM ended; have been properly prepared in accordance vrith United Klngdom Generally Accepted Accounting Practice; havtr beenprepaT¢d in a¢¢ordan¢e tb¢ requirts of thtr Companies A¢t2006. Ba818 for oplnlon We conducted our audit in ac¢ord8n¢e with International Standards on AudifinB (UK) (ISAS IUK)) and app]icable law. Our responsibilities lld those standards ar¢ furtb¢r described in the Auditor's r¢sponsibiLitios for the audit of the financial statements section of ow Teport We are independent of the ¢barity in 8¢cordauce with the ethica] requirements that zelevant to our Audit of the finallclal slatemellts in th¢ UK, includitig th¢ FRC'S Ethical SlandArd, and we have fifilled OUT other ethical responsibilities in accordance with thes¢ reqUirllent8. We believe thRt th6 audit evidenc¢ we have obtained 18 6uffi¢ient and appropriate to provide a basis for our opinion. Concluslon& relAthig to going concern We have nothing to report in respect of the followlng trlatters ill relation to wbich the ISAS (UK) r¢quiTe us to report to you where: th¢ trustees use of the going ¢oncem basis of accounting In the prepArntlon of the finan¢i81 statements is not appropriate; or the truste¢s have not disc105ed in th¢ fALan¢iAI 8teDts any idlIfied matstiai un¢¢tt8inti¢s that nmy ¢a8t significant doubt about the ¢harity'5 abiIity to continue to adopt the going ¢on¢¢m basis of accounting for a p10d ofatleast twe]ve months from the date when tho fjLanGiai Btatements ar¢ authozised fori8sU¢. Other InformRdon The trustees are re5ponsibl¢ for the other informatioTh The other inforDJation ¢omprises the inforniation included in th¢ allu repor¢ other than the financial stat¢ments and our audilor's t¢port thereon. Our opinion on the fiDancial statements does not cover the other ithtmation an4 except to the extent otherwise explioitly stated in ourreporl we do not wxpress any fomi of assurance conclusion thereon. In connection WAth our audit of the financial statements. our responsibility IS to read th¢ other infomiation an itt doillg so. consider wbethet the other inforntiOll 15 matsrially in¢on5iSt¢nt with the fanCIaL statements or our knowlcdge obtained in the audit or otherwis¢ #ppeats to be materially misstatsd. If w¢ identify such matcrial AllCODSiStencies or apparent nteIla] misstatements, we are requÈred to d¢termine whether there is a material rnisstat¢ment in the fmau¢ial statements or a matsriAI misstatement of the other infomTration. If. based on the work we have perforne(L we ¢onclude that ther¢ is a material misststement of this other infonDation, wc Bre required to ieport that fact. We have nothitig to report in this regard. Page 7
The Sanctuary Trnst Limltsd Independent Auditor's Report to the Members of The Sanctuary Trust LAmited Opinion on other matters prescribed by the Con91cS Act 2006 Ill our opinion. ba5¢d on the Work ulldertaken in tb¢ course of audit: the inforniation given ID tb¢ Ttustees, Report for the fillanoial year for whi¢h the f141 ststentrllts or¢ Preped is con5iSt¢nt with th¢ fmancial ststements: and thc Trustees, Rcport has be PT¢par¢d in a¢¢ordancewith appli¢able legal requirements. Matters on wblch we Are requtred to report by ex¢eptlo Ill the Iight of our knowledge and understsnding of the ¢oJnpany and its enviroJJm¢nt obtained in tbe cour8e of the audil wo have not identifjed ma11 ti)isstatements in the Trustees, Report, We have nothing to report in respect of the following taatt¢r8 where tho Cornpani¢s Act 2006 requirc8 US to r¢port to you if. iti our opinion: adequate accounting T¢¢ords hav¢ not been kep¢ or reiurns ad¢quat¢ for our 8udit have not been r¢c¢ived from br8llch¢s llot Visitsd by us; or the finanoial 8tatem¢nts #r¢ not in igreement with the a¢¢ounlin8 records alld returns; or Certain d18¢1osure8 of trustees remull¢ration specifiedby law ar¢ not made; or w¢ bavp llot T¢c¢iv¢d all the informaOll and expl8natioDS w¢ require for our &udiL Regponslbllitles of trustees q explained more fully in the Statement of TNstees' Responsibilities (set out on page 6). th¢ trustee8 are respon8ibl¢ for the preparation of Ihc fillClaI Statemenls and for b¢in8 8&tisfied that they Bive R Irue and fAir view, and for su¢lL iDt¢rnal control 88 the trustees determi is n¢¢¢8Sary to enable the preparatioll of financial 8tatenwits thal are freo frommatsial misstatemen< whether due to fraud or ¢ffor, Tn prepaTing the financi81 ststem¢nts, the tNstee8 are respons11¢ for a$s¢ing the chatity's ability to continue as a going eollcern, disclosingg as applicable. n)atters relat lo going concem and using the going concern basls of a¢¢ovnting unless the ttugtses either intcnd to liquidats the charity or to Cease operatioDS, or have no rcalistlc alternative but to do so. Alldltor's re5POD5ibUltles for tbe Alldlt of th¢ Ilnanclal statements Our objective5 are to obtsin reasollable assurance about wbether the financial statements as a whole are fre¢ from material mlsstat¢m¢nL whether du¢ to fraud or ermr. and to issue an auditor's report that ill¢ludes o opinioTh Reasonable a58wance is a level of as5uranc4 but is not a guarantee that an audit conducted in accordAn¢¢ with ISAS (UK) wIll always detect a material misstatcmcnt when it ¢xists. Mlsstatements Can arise from fraud or error and ar¢ considered Dterial 1£ individually or in the agwgal4 they could reasonably be exp¢¢tsd to infiuence the economic decisions ofu5¢rs tak¢n on the basis of these financiAI 8tatements. lttegularities, including fraud, arc instaD¢es of non-¢ornplianc¢ with laws and regulations. W¢ desigtLproc¢dures in line with our respoDsibilities, outlin¢d abov4 to detect niat¢riMI misstat¢m¢nts in Tespect of itregularities. ittcluding fraud. The spe¢ifi¢ procedures for this engagement Rnd the extent to which these are capable of detecting irregulariti¢s, includ8 ftaud is detaiL¢dbelow. Our approach to identifying and assessing the risks of material misstatement respect of irr¢gu]arities. includin fraud and non-¢ompli4n¢e with laws and regulations. was as follow8: the enga8ement parlner ¢nsur¢d that the engagement team ¢ollectivcly had the appropri8t¢ corapeten¢ ¢apobiIitie8 4nd skills to identify orrecognise lloll40mplian¢¢ WAth applicable law8 aDd regul8tioJ)s' we identified the laws and Iegulation5 applible to the clwity through discussions with trust¢e8 And other anag¢menL &nd from ourknowled8e and exp1¢ of the charity seGtor, Pag¢ 8
The Sancthary Trust Limited Independent Auditorls Report to the Members of The Sanctuary Trust Limlted we focussed on 5p¢¢ifi¢18ws and regulation8 which we considered may have a direct mataial eff¢¢t on the fioAn¢ial statements or th¢ op¢rntions of the elwity, in¢ludins the Chariti¢s Act 2011; we assessed th¢ extent of Gompliance with the laws and reguIations id¢ntified abov¢ through making enquiIies of mana8¢ment and in5pcctiD8 le881 correspondence; and we idontified laws and regulations which were communicated within the audit team re8ularly attd the team nained alert to instance5 of nonwcomplianee tbroughout th¢ audiL We assessed tho susceptibility of the cbarlty's fJnan¢iai ststemellts to material mis5tatemenL includin8 obtRining an understanditig of how fraud migbt occur. by: rnaking enquirxe5 of management tts to where they considered there WAS 8ceptIbIlity to frauiL their knowledge of actual, 8uspected and a]leged fraud; and considering the internal ¢ontrols in plac¢ to Jnitiyte ri8ks of fraud and noD-compliRnce with laws and regulations. To addres3 the risk of fraud througb mana8¢mellt bl88 and override of ¢ontro16, W¢." perfonned attalyti¢al procedures on nwt¢ri81 balances for which robust, substglltiv¢ allY11¢#I procedures have beenuDd¢rtaken to identlfy any unusual orunw)e¢t¢d relationsblp& t¢st¢d journal ¢ntrl¢s lo ideatify unusual transactions; alld investigated th¢ rAtionale behind 8i8nificallt orunu8ual trAnsactiOD8. There are inherent limitations in our audlt procedures d¢s¢ribed above. The more removed that laws and regulations are from financial trallsactlon5, the less likely it13 that we would become aware of non¢ompllance, Auditing Standards also Ilmit tho audit procedur¢8 requlred to identify non-¢ompli8nce with l&ws and regulations to enquiry of th¢ directors and otlwr mAnag¢meDt and the inspectlon of regulatory attd1¢881 Co¢Spondenc¢, if Material misstatements thAt arise due to fraud ¢An be harder to d¢te¢t t1 those that arise frortt ernjr as they ay involve deliberate cone¢alment or collu8iO A fillther d¢scriptioll of our r¢spoD511 >ilities for the audit of the fuwi¢ial s18tements 15 locatsd on the Fin8n¢ial Reporting CoullGit'8 websit¢ at: www,fr.ors.uklauditotsre8ponsibllitie& Thi8 des¢rlptEon forrlls Part of our auditor's Teport. Use of our r¥port Thi5 fCPOrt is m8do solely to th¢ cbarAtable company's 1Th8tee8. as a body> in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit wotk has been undertak¢n so that we Jnight to Ibe oharity ttustees those mattcrs we ar¢ required to stats to them in an auditor's Teport and for no otber purpose. To the fullest extent perniitted by law. we do not accept or assume responsibility to anyone other than the ch]ble ¢ompally and its trustees a5 a body. for our audit work. ftir thi8 reporL oi for the opitiions we have follnL Page 9
The Sanctuary Trust Lfinted Independent AuditOT'S Report to the Members of The Sanctuary Trust Llmlted Mark Heaton FCCADchA (Senior Statutory Auditor) For and on beba1f of KM, Statutory Auditor 1st Floor. Block C The Wbarf Manch¢5ter Road Burnley Lancashire BBI.I IJG 16 Septemb¢r 2024 Page 10
The Sanctuary Trnst Llmited Statement of ancial Aclivities for the Year Ended 31 Msreh 2024 IIncIuding Income and Expenditure Account and Statement of Total Retognised GaiD8 and Losses) Tot 6 April 2022 to 31 March 2023 Total 31 March Unrestricted Restricted 2024 funds Unrestrlct¢d Rcstrfeted funds funds Note llltome frnrn: Dollatiojs Charitable activities OtlL¢r trading a¢tiviti¢s Investment income 8.953 1,836223 53,392 1715 39,080 60.052 48.033 1.896.275 53JY2 2.715 28,607 1511706 61.616 646 45,515 83 J45 74.122 1,596.051 61,616 646 Total income 1901283 99.132 1000.415 1.603575 128,860 Expendlture op: Raising fimds chitable activities 1,732.435 (68.690) 1.83598 (630 108.71 (69,326) (63,813) 1.77336 (63.813) 1.899,319 125,954 Total expenditure Net (exp¢ndibJre)fincom¢ Trdnsfers b¢twe¢n fimds 1,904.6 109.354 014.031 1.837.178 1,963.132 (3.394) (10222) (13.616) (233.603) 2.906 10.415 (230,697) Net movement in fjmds (3J94) (10222) (13,616) Re¢onclllation of funds Total fidS brought forward Total funds caTried forward (223.188) (7509) (230.697) 283 J79 118.672 401051 388.435 506567 126.181 632.748 402.051 20 279,985 108.450 283,379 118.672 All of the ChLty¥ adivities derive from Continui opcrations during the above two period& The funds brcAkdovm are shovm in notc 20. Pagell
The Sanctuary Trust Llmfited Oleglstration Rujnber: 02721623) Balanee Sheet as at 31 Mareh 2024 31 March 2024 31 March 2023 Note Flxed assets Tangible assets 15 242,392 260,937 Curr¢nt Assets Debtors Cash atb8JJk and in hand 16 100,038 167 628 111.719 125.729 237,448 267,666 121.623 Credltors: Amounts falllng due wlthln ont year 17 Net ¢urrent Assets 146.043 388 435 141114 N¢t assets 402 051 Funds of the ehArJty: R¢strl¢ted Ineomt funds R¢5tsicted fund8 108,450 118,672 Unre5trA¢tsd Income funds Unnstii¢t¢d fund8 279 985 283.379 Totsl lllndg 20 388.435 402.051 The fmancial stlltements on pa8es 11 to 25 w¢re approved by the trustees, 8nd auth0ri5¢d for issuo on 16 September 2024 and sigtied on their behalf by: Rever¢nd C Rm¢Cl Trustee Page 12
The SaDetuary Trnst Llmlted statement of Cash Flows for the Year Ended 31 March 2024 31 Marcb 2024 31 March 2023 Note Cash flows from operatlng 8¢tfvItEe$ Net (¢xpediturey in¢ome AdJu8trnents to cash flows from non-cash Items D¢pre¢iation Investment income (13,616) (230.697) 15 20.898 715 21701 646 4.567 (208,642) WorIdng capltsl adjustments D¢Grease/(increasc) in debtors Increasel(decre88¢) in ¢reditor¥ Net cash.flows from opernting a¢tlvlties Cash flow$ from Investlng Aetlvldes Jnter¢stTeccivablc and similar in¢om¢ Pur¢h880 of tsngible fix¢d assets Disposal of tangible fixed 8ss¢ts Net cash flows ftom invtIllg aclivlties Net incrnBse/(decrease) in cash and ¢a5h equivalents C88h ond euh equivalents brougbt forward and cash equivalents carried forward 16 17 11,681 25288 (30,377) 41536 2,715 (2,352) 646 (35,565) 4.158 15 363 41.899 (291.268) 416.997 125,729 125 729 All of the cash flows are derived froth ¢ontitiuAns opernllons duTlllg the abov¢ two period8. Page 13
The Sanctuary Trust Llmited Notes to the Financial Statt]nents for the Year Ended 31 March 2024 I Charlty Status The charity is limited by guarants¢ inCoorated in England. and consequently do¢$ not have share ¢apitsl. Each of the trustees is liable to ¢ontnl)ut¢ all amotmt not exceeding £1 towards th¢ ass¢ts of the ¢h8rity in the of liquidation. The address ofits rered offi¢e Is: Glob¢ House Moss Bridge Rd Ro¢hdale OL16 SEB These fjnAncial statements wero authorlsed for issue by th¢ trustees on 16 September 2024. 2 Ac¢ountinE pollclt8 SumrnAry of 51gnlficant accountlng po]IcA¢s and k¢y accountlng esllmates The prin¢ipal a¢¢ounting policies applied in the preparation of these finan¢Aal statements are set out b¢low. Thesc policic5 bav¢ be¢n ¢onsist¢ntly applied to all the yom pre8cnt¢l unl¢ss otherwise stotcd. Statement of comp]lance TILe financial stal¢m¢nts hav¢ been prcparcd in Rccordance with A¢counthg and Reporbng by Charities," St8t¢meut of RewD)mended Practi¢e (appli¢able to charitscs preporing their accounts in a¢¢ordan¢e wxth the Financial Reporting Stsndard applicable in Ihe UK and Republic ofIreland (FRS 102)) (issued in October 2019) - (chIti SORP (FRS 102)), tha Financial Repwting Standard applicable ia the UK and Republic of ]reland (FRS 102) and th¢ Compatiies A¢t 2006. Basls of preparadon The Sancluary Trust LiJDited m¢ets the defmition of a publio b¢n¢fit entity under FRS 102. Ass¢ts alld IlabiIiti¢8 e iDitially r¢co8nised At historical c08t or transactlon value uDJ¢s8 Otherwi ststed In th¢ relevant 8CCOUatiJg policy llotQ5. GolDg concern The tst8 consider that th¢r¢ ar¢ no material un¢ertainties about th¢ ¢hwity'8 ability to ¢ontinue as a going concem nor any SiBDifi¢allt of unthinty that 8ffect thg caTrying valu¢ of assets held by the ¢lwity. Income All inwme is reColS¢d once the cbarity h88 entitlerncnt to the illcomo, it is probablo that the income will bts received and the amouDt of th¢ income receiv&ble can bè m¢asur¢d Teliably. Donadons Donations at¢ Te¢ognised when the charity has been notified irk llIng of both the amount and settlement date. Ill the event that a donation is subje¢t to conditions that requtre a level of p¢rfonnan¢e by the ¢harity before the charity is entitled to the fjJnd5, the incomg is d¢f¢ed and not recogllised until either thosc conditions are ]lY m¢t, oi the fuffilment of those coDditioDS is wholly within the control of the charity and it is probable th&t these ¢onditions will be fulfilled in the ieportinE period. Page 14
The Sanctuary Trust Limited Notes to the Flnancial Statements for the Year Ended 31 March 2024 Expendlture All expenditur¢ is r¢cogDised Once th¢ is a l¢gal or COJL8tNctivo obligation to that expenditur4 it is probable settlement IS Tequir¢d and the amount can be me85ured r¢li8bly. All costs ore allocatsd to the #pplioable expenditure heading that aggregate similar Costs to that t¢gory. Wh¢r¢ costs callttot be dire¢tly atttibuted to particular h¢adings they hav¢ been allooated on ft basis consistent with the use of Te50urc¢s, WAdL c¢ntral staff Costs allocatsd on th¢ basis Df lime spent, and depreciation charges allo¢at¢d on the portion of tILe asset's use. Other 5UPPOrt costs are allocatedbased on the spread of staff cost8. ¥lslngfvMdi The8e are costs inCued in attrxcttng vOhtsry incomA tb¢ llgeDrnt of investments and those incutted in trading a¢tivitles thRt rdise fi]nd& Chlln'table 4crfvlrfe4 Chalitablc expcllditur¢ ¢ompri6eS tbos¢ Costs in¢ukr¢d by the cknity in the delivery of Its activltlei attd 8ervice8 for its beneficiarie8. It includes both costs that bc allo¢ated dire¢tIy to Such tiVitieS and thos¢ costs of an indtr¢ctnatur¢necessary to support them. Governanee eosts These Ilude the ¢08ts attnl)utable to the clwity's complianc¢ with constitutional and statutory requirements, including audit, strategic rn8nggem•Jt and tntee5, meetings and reimbursed expenses. TaxAtion The charity is considered to pas8 the tests Bet out in Paragraph I Schcdulo 6 of the Finance Act 2010 and therefore it meets the defmition of a oh]b]e company for UK coryorntion tsx putposes. AOlinglY1 th¢ ¢barity is potentially exempt from taxation in respect of in¢omo or capital gains Te¢eived witbin cit¢gories covexed by Cbapt¢r 3 Part I l of the Cotporation Tax Act 2010 or Se¢tion 256 of the Taxation of Chargcoble Gains Act1992. to tho extent that such iD¢om¢ or gains are applied exclusively to charitable PU05¢s. Tanglble fixed assets Individual fixed assets gre initially Tecord¢d at ¢ost, l¢ss any 8ubsequ¢nt *¢oumuiat¢d d¢pr¢ciation and subsequent accumulated impairment k78ses. Depreclallon And amortlsltlon Depreciation is provided on tBll8ibEo f¢d asBets 80 as to write off the cost or valuation, less any estlmatsd r¢sidu&l value, oyer their cxpccted UBcthI economic life a8 followB: A$8et class tAnd and building5 Plant and macbinery comput equipment Motor vehi¢l¢s Depre¢l4tlon llthOd ind rAts 50/0 per annu]n r¢ducing balance basis 20Yo per annum reducing baJan¢e basis 339/oper amium straigbt line basis 250A per annum Teducing balance basis Page 15
The Sanctuary Trust Llmlted Notes to the Financial Statements for the Year Ended 31 March 2024 TrAde debtors Trade d¢btors arc amounts due from OWdni8ations for services perforn]ed in the ordindry cour8e of busiD¢SS. Trade debtors ore recogDised initially at the traDsa¢tion pxice. They arc subs¢qu¢ntly nw8suTed at amorti5ed cost using the effective interest method, le55 provisioll for in)painn¢nL A provision for the irnpairnient of trade debtor8 1$ established when there is objective evidencc that the charity will not be abl¢ to Collect all amouttts du¢ according to the original tern of the ieceivables. Cash and tAsh equlvalents Cash and c85h equivlllcnls compriye cash on hand Rnd call dosItS, and otb¢r short-terni blshly liquid investments that are readily convertible to a knovm amount of.cash and 8ubj¢¢t to an insignificant ri8k of ehw in valu¢., Tr&de eredltoY8 Trade creditors are obligatioJs to ply for goods or 8ervices that have be¢n aqulred Ill thts Ordinary course of business from Suppliers. Accouuts payable arc classified as ¢urr¢nt liobiIiti¢s if the Chlty do¢s not have on unoolldi(ional right, at the end of the reporting p¢rio4 tD defer settlellLent of the cieditor for At Least twelve [lnthS after the reporting date. If there is an unconditional iigbt to defer settlement for at loast twelve months after tho repottin8 date. they are pre8entsd as non-culrent IlabiIitio5. Trade cr¢ditorB are recognlsed thlllally al the transaction price and subB4uently Meas at amortlsed cost using the effective intsre8t mctho Borrowlngg Intere8t-b¢arAng borrowillgs arc iDltially recorded at fair value, net of tr&nsaction costs. Interest-bearing borrowings ar¢ subsequently ¢Ti¢d at 8mortised cos( with the difference betwc¢D thc proceeds, net of transaotion co8ts and the amount due on redemption b¢ing re¢ogDised as a cbarge to the Statement of Financial A¢tivitios ov¢r tr period of tbe relevantbornwins. Tnttsrest oxpense is r¢cop)i8¢d on tho basi8 Of the effective Intsrest ttwthod and 1$ included In Interc5t payable and simllar eharges. Borrowing8 are ¢1888ifi¢d as CUTr¢nt liabilities unless the charity has an un¢ondltlonRI right to defer settl¢m¢nt of th¢ liability for at le8St twelve months after the reporting date. Fund struetllre Unrestricted income funds are g¢netal fi)ndg that ate avaiL8bl¢ foruse at the tllth¢5' discretiott in fitherance of th¢ objectives of the charity. Rwtrict¢d illcomo fimds are those donated for v8¢ in a particular are& or for specific putposes, th¢ we of whith is restrictsd to that area or purpo Page l6
The Sanctuary Trust LiD]ited Notes to the Financjal Statements for the Year Ended 31 March 2024 Penslons and other post redrement obllgatlons The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constrnctive obligation to pay further contributions even if the fLULd does not hold sufficient assets to pay all ¢mploy¢es the benefits relating to cmployee service in the current and prior puiods. Contributions to defmed contributioll plans arerecogoised in the Statement of Financial Activities whell they are due. If contribution payments exceed the contribution due for service, the excess is iecognised as a prepayment. 3 Judgements and key sources of estimation uncertgfnty Judgements In the application of the charity's accounting policies, the lnteeS are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily appArent from other sources. Th¢ ¢stimates and associated assumptions ar¢ bas¢d on historical experience and otber factors that are considered to be relevant. Actual r¢sults may differ from the8e estimates. The estimatss and underlying assurnptions are reviewed on an ongoing basis. Revlsions to accounting estimates are recognised in the period in which thc estimate AS ievised where the revision affects only that period, or in tb6 period of the revlsion and futh periods where the revision affects botb periods. Key sources ofestimadon uncertalnty The estimates and assumptions whicb havc a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Depreclation The depreciation expense is tbe recognition of the dccline in the value of the asset and allocation of the cost of the asset over the petiods in which the asset will be used. Judgements are made as to the estimated useftjl lifo of the assets. these are regularly reviewed to reflect the chan8ing environment. Deferred and Accrued Income Deferred and accrued income is based on the assumption that the amounts received or to be received are recognised in the period in which the work was done. Any amounts estimated are based on past experiences and amounts received after the year end. Thcsc judgemerlts are regularly reviewed to reflect the changing environment. Page 17
The Sancthary Tt Limited Notes to the Financial Statements for the Year Ended 31 March 2024 4 Income from donadons Unrestrlcted funds Totsl 6 Aprll 2022 to 31 March 2023 Total 31 March 2024 Restrlcted funds General Donations from instionS Donations from individuals Gift aid reclaimed 2,843 2.058 4,052 10.628 28.452 13,471 30,510 11.783 42,160 20,179 8,953 39,080 S Income from chArltable Acdvllle$ Unre$trlcted funds Total 6 Aprll 2022 to 31 March 2023 TotAI 31 March 2024 Restrlcted funds General Housing bcncfits Service contracts Rcnt received Welsh Assembly contribution Grants received 903,052 716,984 53,841 162,346 903,052 716,984 53,841 162,346 723,811 570.155 53,621 164,619 83,845 1836 223 60,052 1896 275 1596 051 Grants received. included in the abov< are as follows: Real clwige Action To8ether Albert Gubay Foundation Conwy food bank Others 808 11,452 25,600 45,485 500 5.758 17,963 36,33 I 5.758 17,963 36,331 60,052 60,052 83,845 Pag¢ 18
The Sanctuary Trust Limited Notes to the Financial Ststements for the Year Ended 31 March 2024 6 Income from other tradfing atdvltles Unrestrleted Total 6 April 2022 to 31 Mareh 2023 Total 31 MArcb 2024 Gell¢rAI Charity shop sAles 53J92 53,392 53.392 61.616 7 1nvestnwit ID¢ome UDrestrlcted funds Total 6 Ap 2022 to 31 March 2023 Total 31 Marcb 2024 General Interest TeceivAbl¢ and similar Incom¢; Inierest re¢elvable oll baDk dcposits 2.715 646 2.715 8 Expoudlturo on ralslng funds a) CoJt$ oftr2dlng acdvltlts Unrestrlcted funds Total 31 Mar¢h 2024 6Aprll 2022 to 31 March 2023 Re5tr1eted funds General ChArity SILOP fuDning costs 636 69,326 63.813 68,690 636 In¢luded ir the above aro the salary costs apportion¢d to rurjning the shop* £40.026 (2022: £38.390) Pag¢ 19
The Sanctuary Trnst Linjited Notes to the Elnaneial Statements for the Year Ended 31 Mar¢h 2024 9 Expenojture on charltsble actlvilles UDrestrleted funds Tota] 6 April 2022 to 31 March 2023 Totsl 31 March 2024 Re5trkted nds General Note Costs oll delivering clwitable service DepTeciRtlon cost Governance costs Staff ¢osts 474297 16,575 22,428 1322,687 62,095 4,323 2,499 39,801 536,392 20,898 24,927 1,362,488 1944 705 470,161 26,859 27.987 1.374 312 1899 319 io 1835,987 108 718 10 An8]y8ts of governance and support C•8ts GovernRn¢e costs Unrestrlcted funds Totsl 6 Aprll 2022 to 31 March 2023 Totsl 31 Mareh 2024 Restrjcted nds General AThqit fees Audit ofthe fin8n¢ial ststement8 L¢gal fees 4.865 17.563 1,135 6.000 6,420 21,567 11 Net In¢oDthgloNtgolDg resonr¢¢8 N¢t outgoing resour¢¢s for the year includc: 31 MArth 2024 31 Mareh 2023 Audit fees Loss on disp08al of fixed assets hold for the c]witys own Depreciation of fixed assets 6.000 6,420 4,158 22,701 Page 20
The S2ncts2ry Trust LiDJited Iyotes to the Financlal Ststements for the Year llded 31 March 2024 12 Staff tosts The awcgat¢ payroll costs w¢re as followB: 31 March 21n4 31 March 2023 Staff Costs dllrJDg the y¢arivor¢: Wages and Salaries Sociol 8e¢urlty cost8 Penslon costs Other staff costs 1,268,576 93,189 29,864 10,885 1402 514 1265,642 92,927 30,289 23,84 1412 702 The Jnonthly average number of persons (Including sonior management tsam) ¢n)ployed by th¢ clwity during the yeAf LW)ressed as till equivAl¢nts WRS as follows: 31 Mar¢h 2024 No 31 March 2023 DI¢t cbarity work Adminxstiative 54 55 58 59 No employee rec¢iv¢d nOluMentS of more than £60,000 durillg th¢ year. The totsl ¢mployee benefits of the key llthnftgement peF8onn¢l of tbe cbarity were £109,303 (2023- £141,023). 13 Audltors, remunerldon 6 Aprll 2022 to 31 MAreh 2023 Year ended 31 March 2024 Audit ofthe fllwi¢ial statements 6.420 P2ge21
The Sanctuary Trust Limited Notss to the Financial Statements for the Year Ended 31 March 2024 14 Taxatton The charity is 8 Ir8iSt¢red Charity and 18 therefore exempt fromtsxation on its exempt a¢tivities. 15 Tangible fix¢d ass¢tB Plan6 macbiti¢ry computer equlpment LaDd and buildlDgs Motor vehicles Totsl Cost At l April 2023 Additions 437,068 91,415 852 4,00 1,500 532,483 At 31 MaKh 2024 437 068 92267 DepreclAtton At l April 2023 Chorge for the year 202,949 11,705 65,730 8,597 2,866 596 271.545 20,898 At 31 Mar¢h 2024 214,654 74.327 3.462 292.443 Net book value At 31 MBrch 2024 17.940 2.038 242 392 At 31 MCh 2023 234 119 25,6B5 260 938 Included withtn the net book value of18nd and buildiDgs above 15 £165,876 (2023 - £174.605) in respect of freehold land and buildin88 and £56.537 (2023- £59513) in respect of Icgscholdg. 16 Debtors 31 March 2024 31 Mor¢h 2023 Trade debtors Prepayments Accrned income Other debtor 18,303 26,897 50.077 4.761 100.038 33.318 30,342 19,649 28,410 111.719 Pag¢ 22
The Sanctuary Th* Limited otes to the Financial Statements for the Year Ended 31 March 2024 17 Credltors 31 Marcb 2024 31 Mareh 2023 Trade creditois Other taxation and soci81 seourity Other creditors A¢¢nlS 39,278 21.065 12,160 29,008 19,223 18,387 29.716 121.623 18 ObllEAtlon8 unaer leases and hlre pur¢bJ$e Contracts Operathig loase ¢ommltments Total fiture minlmum lease payments undcrnonvcancellabl¢ operating leases are as follows: 31 Mar¢h 2024 31 March 2023 Land and bulldtrAg8 Within one year Bctwecll one and five years 103,748 257.293 IOOh87 315 667 361041 416,154 19 Penslon alld othor sehemes Deflned eontrlbudoll pensfion $¢hem¢ The charity operntes a defined eontnThution pejsiou sth¢me. The pension cost ¢bar8e for the year tepresents Contributions payableby tk¢ ¢h8rity to the s¢h¢m¢ and amounted to £29.863 (2023 -£30,289). Page 23
The Sanctuary Trust Limited Note5 to the Financlal Statements for the Year Ended 31 March 2024 20 Funds Balance at 31 March 2024 812D¢e at I Inconll April 2023 rOUr¢e$ Resources ¢xpend¢d Transfer8 Unrestrlded funds General fimd Fixed Asset fimd 92,248 191.131 J,901,283 (1,888,102) 16,575 1,904.677) (2J52) 103.077 52 176.908 283.379 E 901283 279,985 Restricted fulld5 Purchose and ilzwvement Tweedale Street Albert Gubay Foundation srant Conwy ft*od bank A¢lion Together 65,861 6,176 37.010 9.625 118672 (3,293) (21,715) (83,190) 62,568 2,424 29231 14 17,963 75,411 99.132 109,354 108,450 Total tsnds 2 000 415 2 014,031 388 435 Page 24
The Sanctuary Trust Limited otes to the Financlal Statements for the Year Ended 31 March 2024 Balance at 31 MAr¢h 2023 Balanee at 6 Invthg Aprjl 2022 resouree8 Resour¢es tella¢d Transfers Unrtstrlcted funds Gen¢raI fidS Fixed asset fJ]nd So667 1,603,575 (1.837,178) (180,716) 191.131 91248 191.131 5Q6.567 1603J75 1.837 178 10,415 283 379 Restricted funds Pur¢base aud improvemenl Tweedale Street Albert Gubay Foundation alll Lloyds Bank Foundation 8raDt NHS srant D M Thomas Foundation grant Lloyds Bank Fou]Mlation 8rdnt coDThty Fund 8rant Conwy food bank Workers Educational Assoclation A¢tion Together 69327 3.375 883 779 1.442 1,868 4,881 43,064 (3.466) (22,799) 65.861 6,176 25.600 (883) (779) (1,442) (1,868) (4.881) 91,808 (97,862) 37.010 562 (562) 11.452 9.625 126 181 125.954 10.415 118 672 TotsI funds 1963 132 402,051 21 Anatysls of net afjsets bettveell funds Unresfrlet¢d funds Re$trl¢ted fund5 Total full at 2024 Tangibk fLYed assets Curcnt assets vrent liabi]ilics 176,908 224,700 121623 65,484 42.966 242,392 267.666 Totalnet assets 279,985 108,450 388.435 Unre5tri¢ted funds Restricted funds Totsl funds at 2023 TallThIe fixed assets Current assets Cuntnt liabilities 190,462 171.287 8,371 70,475 66,161 (17.963 260,937 237.448 Total net 8ss¢ts 283 378 118.673 402,051 Page 25