REGISTERED CHARITY NUMBER: 1025792 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2025 FOR LEWISHAM PAROCHIAI, CHARITIES LEWISHAM ALMSHOUSE CHARITY OFJOHN THACKERAY Berringers LLP Chartered Accountants and Statutory Auditors Lygon House 50 London Road Bromley Kent BRI 3RA
LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OFJOHN THACKERAY cowrENTS OF THE FINANCIAL STATEMENTS for the year ended 31 MAreh 2025 Page Reference and administrative details Report of the trustees Report of the independent auditors Statement of financial activities Balance sheet Notes ¢0 the financial slatements 10 to 14 Detailed statement or rinancigl activitie5
LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OF JOHN THACKERAY REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 31 March 2025 TRUSTEES Father Steve Hall Ex-ofrficio (resigned 31.10.24) Mr Roy Brown Co-opted Mrs Stella Jeffrey (Chair) Mr Paul Latouche Ex-otFicio (appointed 19.5.24) Mr Julian Watson Co-opted Ms Jennifer Henry (Vice chair) Ms Joan McKenzie Mrg Alison Munro Co-opled (resigned 4.7.25) Mr Alex Brooks Co-opted Mr Winston Lucas Co-opted (resigned 27.6.25) PRINCIPAL ADDRESS Lloyd Court Slagrove Place London SE13 7LP REGISTERED CHARITY NUMBER 1025792 AUDITORS Berringers LLP Chartered Accountants and Statutory Auditors Lygon House 50 London Road Brornley Kent BRI 3RA CLERK Ms Joy Segun Page I
LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OF JOHN THACKERA Y REPORT OF THE TRUSTEES ror the year ended 31 March 2025 The tnjstees present their report with the financial statements of the charity for the year ended 31 March 2025. The trusttts have adopted the provisions of Accoutbtintr and Reporting by Charities.. Staiement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (efTective l January 2019). OWEcfivES AND ACTIVITIES Objecttves and Aims The object of the Charity is the provision of an almshouse providing accommodation for poor widows or poor unmarried females of not les5 than sixty years of age who are members of the Church of England (except in special cases lo be approved by the Charity Commission) and are inhabitants of th¢ area of benefit. On 15 January 1997 the Charity Commissioners approved a varration of the scheme for Thackeray's Almshouses (Ref 1,025,792155396) which cnabled Ihe Trustees to consider applicants other Ihan those belonging to the Church of England. However, due to the difficulties experienced in letting the six cottages at Rushey Green, Caiforl ihe TNstee5 obiaincd pennission sell them in 1998 10 Beaver Housing Society. The sale pmceeds of £230,826 were deposited with COIF, and the search for a replacement property commenced. Summydry ofactivities undertaken for the public benefjt in relation to these obJ¢elives Previously rigorous attempts were made to obtain a parcel of land el.sewhere in in the Ancient Parish of Lewisham to build new almshouses. However, it became increasingly clear ihat the salLS proceeds although substantial 20 years ago, are now iiiade9uate to fund ihe cost of land and build in Ihe current London property market. Considerdlion was also givL'n to the possibility of collaboration with a similar development project within the Ancient Parish of Lewisham, but this also proved unsuccessful due to the relatively small amount involved. The proceeds have been moved from a deposit fid accouni to Iono lemi investments to m&ximise returns. Following the auditors, concerns that the objects of the charity are not being fulfilled. due lo the number ofyears since the sale of the old almshouses, tsusiees Lonsidered various Options one of which is an investn)ent in the Glebe almshouse renewal project, a decision was made to appoint solicitors to &551sI in the decision of which option to pursue. Following a report from Moore Barlow LLP, trustees made the decision to invest in the Glebe Development project. 11)e solicitors were in5trwcied to draw up a proposal with conditions. This was presented to the Glebe trn5tees in November 2021 and was agreed in principle. Detailed agreemcnt will be flnalised once commencement of the Glebe project is confimied. In any event the Glebe project is Slill outstanding. The opportunity to niaximise the potential of the Lewisham Relief in Need building on Lewisham High Street arose as a result the ienant vacaiing the site in January 2021. To finance the refvrt)ishment of ihe building. Trustees engaged Third Sector Law solicitor to advise on the loan agreement between the Lewisham Almshouse of John Thackeray and Lewisham Relief in Need Charity. The project commenced in January 2024 and was mostly completed in February 2025. FINANCIAL REVIEW Investment policy 8nd objectives It is the Trustces, policy to mlMise the total returns on investments whilst holding them in suitable accounts and relating their putpose. Page 2
LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OF JOHN THACKERAY REPORT OF THE TRUSTEES for the year ended 31 March 2025 FINANCIAL REVIEW Reserves policy The Trustees, Financial Policies and Procedures document which covers all four charities, includes the following statement relating to the reserves policy-_ "It is the Trustees, policy to provide reserves in accordance with guidance from the Almshouse Association. These currently include the building maintenance funds (see below) and free reserves (i.e. excluding monies tied up in fixed assets or endowment tunds} sufficient to cover 6 months running costs. Thi5 would enable the Charities lo continue to function should there be a sudden drop or loss of income. Building Maintenance Funds An extraordinary repair fund is io be maintained for infrequent or major repairs such as roof repairs or re-pointing and major long temi improvements. A cyclical maintenance fund is also maintained lo cover the cost of ilctn5 such inlernal and extemal redecoration. Annual contributions are made to these funds in accordance with guidelines issued by ihe Almshouse Association." Reporting Serious Incidents The Trustee confirm that by signing below the have declared that there were no serious incidents or other matters relating to this charity over the current financial year that should have been brought lo ihe attenlion of the Charity Commission but that have not. Financial p¥rforman¢e The C,hiirity's incoming resources for the Ye were £ 36.324 (2024 - £13.176). Expenditure d1ctlY related to the objects of the charity during the year was nil for the re&sons previously explained, and those related to administrdtion and governance was £1,32212024 - £3,333). Unrealised gains on Investments amounted to £1,953 on unrestricled funds. STRUCTURE, GOVERNANCE AND MANAGEMENT Cyovcrning document On I l October 1990 the Charity Cornmis5ioners approved a scheme (Ref 218,260 A112) which grouped the 27 remainin charities which are again confined to benefit people living in the ancient parish of Lewisham. The Lewisham Almshouse Charity of John Thackeray is one of these Charitie5. Recruitment and Appointment ornew trustees The Charity is managed by the Board of tsvstee as part of the Lewisham Parochial Charities. The original charities were fom)ed sorne 200 years ago providing funds for education, health and pwr relief services in the ancient parish of Lewisham. Organisational structure The trustees number up to 51Xteen in total of whom three are ex-01clO (the vicar and churchwardens of Sl Mary the Virgin, Lewishan), eight are nominated by the Council of the London Borough of Lewisham and five eopted from persons who through sidenCe, occupation, employment or otherwise have special knowledge of the area of benefit. Currently, there is only l London Borough of Lewisham nominated Trnstee on the Trustees Board. The day to day running of the alrnshouse is carried out by the Finance and Administration Manager, Ms J Segun, the Clerk's office. The Clerk'5 oifice, serving both the Lewisham PaJochial Charities and the Lewisham Almshouse Charities of William Hatcliffe and Abraham Colfe, is based in Lloyd Court. The Charity pays a proportion of the Clerk's salary and contributes towards the costs of Tunning the office. Durin(y the year the Trustees held four general meetings. The Finance and General Purpose CoTllTnittee also met on four occasion5. Page 3
LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OFJOHN THACKERAY REPORTOFTHE TRUSTEES for the yvar ended 31 March 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the trustees and the financial stxtements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prnclice). The law applicable lo ChitIeS in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the State of affai[5 of the chlty and of the incoming resources and application of resources, including the income and expenditure, of ihe charity for that period. In preparing those financial statements, the trustees are required to select suitable accountin ¥ wlicles and then apply them consistently. obsetve the method5 and principles in the Charity SORP. rnake judgemen15 and estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will coniinue in bubine5S. The teeS are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding ihe assets of the charity and hence for taking reonable steps for the prevention and d¢iection of fraud and other irregularities. Approved by order of the board of trustees on .. and signed on its behalf by.. Mrs Ste rustee
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OFJOHN THACKERAY Opinion We have audited the financial statements of Lewisham Parochial Charities Lewisham Almshouse Charity of John Thackeray (the 'charity') for the year ended 31 mrh 2025 which COTnprise the Statement of financial activities, the Balance sheet and notes to the financial statements, including a Summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a INe and fair view of the state of the charity's affair5 &s at 31 March 2025 and of its incomincj resouTces and applicaiion of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our (iudit in accordance with International Standards on Auditing (IJK) (ISAS (UK)) and applicable law. Our rcsponsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial Statements seclion of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We beli¢ve thal the audit evidence we have obtained is SU1(1¢nt and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditin8 the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparalion of ihe financial statements is appropriate. Based on the work we have perfom]ed, we have not identified any material uncertainties relating to events or condilions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least ttvelve months from when the financial statements are authorised for issue. Our sponSibl1]t1cS and ihe responsibilities of the trustees with respect to going concern are described in the relevant sections of thts report. Oth¢r information The Iruslees are responsible for the other inforniation. The other infomiation comprises the infonnation included in the Annual report. other than the financial statements and our Report of the independent auditors thereon. Our opinion on the financial statements does nol cover the other infonnation and, except to the extent otherwise explicitly staled in our reporL we do not express any fomi of assurnnce conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing so, consider whether the other inforn)ation 15 materially inconsistent willi the financial statements or our knowledge obtained in the audil or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine wheiher this gives rise to a material misstatement in the financial statemenls themselves. If, b&ged on the work we have perforrned, we conclude that there is a material misstatement of this other infornation. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the inforniation given in the Report of the tteeS is inconsistent in any material respect with the financial staiements. or suificient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns; or we have not Teceived all the inforniation arfrd explanalions we require for our audit. Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OF JOHN THACKERAY Responsibilities of trustees As explained more fully in the Statement of trustees, respon5ibilitie4 the trustees are responsible for the preparation of the financial statements which give a true and fair view. and for such internal control as the trustees detemiine is necessary to enable ihe preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for SesSing the charity's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and usintr the going concern basis of accounting Ltnless the trustees either iniend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Our responsibiliti for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance wilh the Act and relevdnt regulations made OT having effect therelmder. Our objectives are to obtain reasonable assurnnce about whether the financial statements as a whole #Te free from maiLrial misstatemenL whcther due to fraud or eOr, and to issue a Report of the independent auditors that includes our opinion. Reasonable assurance is a high Icvel of assurance. but 15 noi a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detect a material rnisstatement when it exists. Misstatements can arise from fraud or eor and are considered mÈterial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions ofusers tak¢n on the basis of these financial statements. The extent lo which our procedures are capable of detecting irregulariiies, including frdud is detail¢d below.. In idcnlifying aT]d &%sessing risks of material misstatement in respect of [egUlar1tle$. tncluding fraud and error, we considered IhL. following: the nature of the industy, control environment and business performance; results of our enquirie5 to management about their own assessment of the risks of fraud and error: Ihe matters discussed among the audit engagement team regarding how and where fraud may occur in ihe financial statetnenls and any potential indicators of fraud. Our procedures to respond lo risk include the following: reviewing the financial sktement disclosures and testing to supporting documentation. perfonning analyLicdl procedur¢s to identify any unusual or unexpected areas that may indicate risks of material misstatement due to frdud or error. addressinq the risk of fraud and error through management oveIde of controls, testing the appropria*ne5s of journals, assessing whether the judgements made in making accounting estiniates are indicative of a potential bias. and evaluating the business rationale of any significant transactions t]iat are unusual or outside the iiomal course of business. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OFJOHN THACKERAY Use of our report This report is rnade solely to the charity's trustees. as a body, in accordance with Part 4 of the Charities {Accounts and Reports) RegulatiOF]5 2008. Our audit WO has been undertaken so that we mighi state to the charity'5 trustee5 those maNers we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees a5 a body, for our audit work, for Ihis report. or for the opinions we have formed. Berringers LLP Chartered Accouniants and Statutory Auditors l.ygF{)n House 50 London Road Bromley Kent BRI 3RA 2¥... 10.:..2o.ef Page 7
LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OF JOHN THACKERAY STATEMENT OF FINANCIAL AcfiviTIES for the year ended 31 March 2025 2025 Total funds 2024 Tolal funds Unrestricled fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Investment incorne 3A323 36324 13,176 EXPENDITURE ON Other 1,322 ,322 3,333 Net gains on investmenis 1,953 1,953 65,115 NET INCOME Transfers belween funds 36,954 102,112 36,955 74.958 (102,112) Nel movement in funds J39,066 (102,111) 36,955 74,958 RECOIYCILIATION OF FUNDS Total funds brought forward 901,609 100,094 1,007,703 932,745 TOTAL FUNDS CARRIED FORWARD 1,040,675 3,983 1,044,658 1,007.703 The notes form part of these financial statements Page 8
LEWISHAM PAROCHIAL CHARITIES LEWJSHAM ALMSHOUSE CHARITY OF JOHN THACKERAY BALANCE SHEET 31 March 2025 2025 Total funds 2024 Total funds Unrestricted fund Endowment fund Notes FIXED ASSETS Investments 66,096 3,983 70,079 701,964 CURRENT ASSETS Debtors Cash at bank 974,125 454 974,125 454 292,608 13.131 974,579 974,579 305,739 NET CURRENT ASSETS 974,579 974.579 305,739 TOTAL ASSETS LESS CURRENT LIABILITIES 1,040,675 3,983 1,044,658 1.007,703 NET ASSETS I,U40,675 3,9113 1,044,658 1,007.703 FUNDS Unrestricted funds Endowrnent funds 1,040,675 3,983 901,609 106,094 TOTAL FUNDS 1,1)4I658 1,007,703 The financial statements were approved by the Board of TNstees and authorised for issue on and were signed on its behalf by: Mrs - Tntee The notes fomi part of these financial slaternents Page 9
LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OF JOHN THACKERAY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Mareh 2025 ACCOUNTING POLICIES Basis of preparing the finaneial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepar¢d in ac¢ordan¢e with the Charities SORP (FRS 102) 'Accounting and R¢porting by Charitics.. Statement of Recommended Practice applicable to charities pr¢paring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019)., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act ?01 l. The financial statements have been prepared under the historical Cost convention, with the exception of investrnents which are included at market value, as modified by the revaluation of certain &ssets. Income All income is reCOlsed in the Statement of Financial Activities once Ihe charity has entitlement to the nds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure 500n &9 there is a legal or consttuctive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured Teliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related lo the category. Where c0515 cannot be directly attributed to particular heading5 they have been allocated to activities on a basis consistent with the use of resources. Taxation The charity is exempt from tax on ils charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricled purposes within ihe objects of the charity. Restriclions arise when specified by the donor or when funds are raised for particular restricted purposes. The Endowment fund represents assets which must be held pennanenily by the charity by way of investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments fonn part of the fund. Further explgnation of the nature and purpose of each fund is included in the notes lo the financial statements. INVESTMENT INCOME 2025 2024 Investment income Interest on inter-co loan 9,711 2Q613 36J24 13,176 Page 10 continued...
LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OF JOHN THACKERAY NOTES TO THE FINANCIAL STATEMEwfs- eontinued for the year ended 31 M2reh 2025 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remunerdtion or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no tt115tee5' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. ST AFF COSTS The average monthly number of employees during the year was as follows.. 202S 2024 Finance & administration manaoer No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Endowment rund Total funds INCOME AND ENDOWMENTS FROM Investment income 13,176 13,176 EXPENDITURE ON Other 3,333 3,333 Nei gains on investments 58,509 6,606 65,115 NET INCOME 68,352 6,606 74,958 RECONCILIATION OF FUNDS Total funds brought forward 83),257 99,488 932,745 TOTAL FUNDS CARRIED FORWARD 901,609 106,094 1.007.703 Pagell continued...
LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OF JOHN THACKERAY NOTES TO THE FINANCIAL STATEMENTS- eontinued for the year ended 31 March 2025 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Ai l April 2024 Additions Disposals Revaluations 701,964 8,343 (641.095) 867 At 31 March 2025 70,079 NET BOOK VALUE At 31 March ?025 70,079 Ai 31 March 2024 701.964 There were no investhient assets outside the UK. DEBTORS 2025 2024 Amounl% falling du¢ within one year: Lewi5ham Relief in Need 435 Amounts falling due after more than one year: Lewisham Relief in Need 974,125 292,173 Aggregate amounts 97{125 292,608 MOVEMENT IN FUNDS Net movement in funds Transfer5 between funds At 31.3.25 At 1.4.24 Unrestricted funds General fund 901,609 36,954 102,112 1,040.675 Endowment funds Endowment Fund 106,094 (102,112) 3,983 TOTAL FUNDS 1,007,703 36,955 1,044,658 Page 12 ontinued..
LEWISHAM PAROCHIAL CHARITIES LEWJSHAM ALMSHOUSE CHARITY OF JOHN THACKERAY NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 31 March 2025 MOVEMENT IN FUNDS- continued Net movement in funds, included in ihe above are as follows.. Incoming resource5 Resource5 expended Gains and 1055es Movement in funds Unrestricted funds Generdl fund 36,323 (J J22) 1,953 36,954 Endowrnent funds F,ndowmeni Fund TOTAL FUNDS 36,324 (lJ22) ,953 36,955 Comparatlves for movement in funds Net movement in fund5 At 31.3.24 Ai 1.4.23 Unrestricted funds General fund 833.257 68,352 901,609 Endowment funds Endowment Fund 99,488 6.606 106.094 TOTAL FUNDS 932,745 74,958 1.007,703 Comparative net rnovement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 13,176 (3.333) 58,509 68,352 Endowment fund$ Endowment Fund 6,606 6,606 TOTAL FUNDS 13,176 (3.33J ) 65,115 74.958 Page 13 continued...
LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OF JOHiY THACKERAY iYOTES TO THE FINANCIAL STATEMENTS- eontinued for the year ended 31 March 2025 RELATED PARTY DISCLOSURES There were no related party trav]saclions for the year ended 31 March 2025. Page 14
LEWISHAM PAROCHIAL CHARITIES LEWISHAM ALMSHOUSE CHARITY OF JOHN THACKERAY DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2025 2025 2024 INCOME AND ENDOWMENTS Investment income Investment income Interest on inter-co loan 9,711 26.613 13,176 3A324 Total incoming resources 36,324 13,176 EXPENDITURE Support costs Management Finance & Administration Managees Salary Professional fees OtTice expenses 1237 1,259 2,010 64 85 ,322 3,333 Total resour¢es expended lJ22 3.3i3 Net income before galns and 105ses 35,002 9,843 Realised recogiiised gains and 1055es Reali5ed oainsl(losses) on fixed asset investments 14.240 Net income 36,088 24,083 This page does not lorni part of the statutory financial statements Page 15