REGISTERED COMPANY NUMBER: 02822785 ffjngland and Wales)
REGISTERED CHAIUTY NUMBER: 1029545
THE INDEPEIYDENT GROUP OF ANALYTICAL
PSYCHOLOGISTS
iJNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR EIYDED
31 AUGUST 2024
Berringers LLP
Chartered Accountants
Lygon House
50 London Road
Bromley
Kent
BRI 3RA

E INDEPENDENf GROUP OF ANALYTICAL
PSYCHOLOGISTS
CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2024
Page
Report of the trustees
Independent examlner's report
Statsment of fingnelal acllvides
Balanee sheet
Notes to the flnanelal statements
8 to 13
Detailed statement of fknan¢iAI activltieg
14 to IS

THE INDEPENDENT GROUP OF ANALYTICAL
PSYCHOLOGISTS
REPORT OF THE TRUSTEES
for the year ended 31 August 2024
The trnstees WI￿ are also dlrectors of the charity for the puw)ses of the Companies Act 2006, present th¢ir rewrt
with the financial statements of the charity for the year ended 31 August 2024. The tmstees have adopted the
PTovisions of Accounting and Reporting by CJHrities: Statement of ReCOn)￿ended Practice &pplicabl¢ to charities
preparing their a¢¢ounts in accordane¢ with the Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS 102) (effective l January 2019).
OBJECTIVES AND ACTIVITIES
Publ1¢ benefit
The charity is a not for profit entity, that offers a PTogramme of prepardtion to bee4)m¢ a Jungian Analyst and a series
of seminars open io the public, referrals for Jungian Analysis and low cost analysis, as explained fither in this report
under th¢ Objeclivus and Activittes heading.
The trustee5 have had r¢gard to Charity Commission guidance on publi¢ benefit and consider that the objectiv￿, aims
and achievements of the charity described in the Teport enable it to meet its duty to the Charity Commission as per
section 17 of the Charities Act 20 I l. and to the benefit of the public.
FINANCL4L REVIEW
FEDfdncial r¢view
Total incoining resources for the year amounted to £79,944 (2023.. £77,476), During the year the Investm￿1$
experienced a gain of £55.624 (2023 Ios5.' £46,978). Membership fe¢ revenue has increased sliglitly to £24,967 {2023:
£22,145) An line with an increase in the level of membership fees.
Charitable expenditure during the Ye￿ totslled £85,311 (2023: £81,354). Directo￿, expens&s increasL.d with the retum
to in-persoll meetings, but there was no Convenor payment made during th¢ year. future Meetings will aim for
balance of in-person and electronic. meaning costs (director expenses and hall hire) are likely to increase. The IGAP
conferenee at Hawkwood had an anonyinous donor cover Son￿ bursaries for Candidates, meaning the eve))t broke
even.
Overall the charity reported a Surplus of £49,658 (2023 deficit: £51,008) this is after unrealised gains of £24.115
(2023 losses.. £49,428) on investments.
PrlnclpAI fundlng source
There are three main sources of fimding:
- An annual mejnbership fee paid by all active members of the organisatioTL
- The Studies Programme, for which Candidates pay a discounted Studies fee, with Members of the public paying the
advertised rate.
- A set aTmual fee from Candidales.
Investment polley
Under the Meinorandum and Articles of Association, the charity has the wjwer to make any inveslment which the
trustees see fit. The trus*es take professional advice from qualified invesknenl advi.qors wh¢n making invcstment
derisions. All investments are held in a charitable trust fund, with advisors implementing a risk adVe￿e investrnent
stTalegy.
Reserves polity
The present level of funding 18 adequate to support the continuation of the objectives of the chaTitable company.
FUTURE PLANS
The Independent Group of Analytical Psychologists is a democratic organisation, which responds to problems or
opportunities as they arise. The aims and aspirations of the Association remain as defined above. FutUTe development
will be mainly concentrated on maintaining the Studies Progran]me and ensuring that all Candidates aTe offered a
rigorous and professional Programme of Preparntion.
Page I

THE INDEPEiYDENT GROUP OF ANALYTICAL
PSYCHOLOGISTS
REPORT OF THE TRUSTEES
for the year ended 31 August 2024
STRUCTURE. GOVERNANCE AND MANAGEMENT
Governlllg dorument
The organisation is a charitsble company limited by guarantee, incorporated on 28 May 1993 and registered as a
cbarity on 28 May 1993. The company was established under a Memorandum of A￿ociation whi¢h established the
objects and powgrs of the charitable company 2nd is governed under its Articles of Association. In the ¢vent of the
company being wound up members are required lo contribute an amount not exceeding £1.
Recrultment and appointment of new trustees
The directors of the company are also ¢harity trustees for the purposes of charity law and under the compan5Ps Articles
are known as members of the Management Committee. Under the Tequircments of the Memorandum and Articles of
Association the mcmbets of the ManagLnient Conunittee are elected to serve for a period of three ye￿8 after which
they must be re-elctited at the next Annudl Genernl Meeting.
Organfisational structure
The Management Committee or Council consists of three to eight people, some with specific areas of responsibility.
Regul￿ rneetillgs are held, at which d¢¢isions are mad¢ on the operational tunlling of the Company. These decisions
must however be ratified by the rest of the org&iisation at a general meeting, called a Business Meeting. Day to day
admin￿tration is handled by an employed secretary. employed on a contra¢thal basis.
Objectives and actlvities
The Independent Cyroup of Anal>tical Psychologists, Memorandum of Asyociation states that the objects of the
Association are..
- to advance publi¢ knowledge of the work of C. G. Jung its development in the field of Analyti￿1 Psychology and
to provide vocational preparation frIT Suitable persons wishing to become Jungian analysts
- to fosfrr relationships with other local groups &t work ill the samc and r¢lat¢d endeavours
to relieve person5 suffering from mental disordeis by the provision for such persons of appropriate therapy in
accordance with the principles of Jungian therapy.
tn furtheranee of these aims The Independent Group of Analytical Psychologists organises a Study Programme for
those preparing to become Jungian Analysts and for members of the public who are interested in or professionally
involved with Jungian psychology.
The Independent Group of Analytical Psychologists also runs a Progrnmme of Preparation for those .qelected to train as
analysts. Those on the Programm¢ continu¢ in personal analysis, attend the study programme, meet regularly with
their R¢view Committee, take examinations and present written work. In the filtal stages of the Programme they are
required to work for a specified minimum number of hours with several clients under supervisiofj,
Inductlon And trainlng of new trustees
Whenever a new niember is voted to becorne a member of the Manageftnent Committee, and if that post ha8 a specific
responsibility, he/she works ¢losely wtth th¢ outgoing member to ensure a smooth handover of responsibiliti￿. Each
member of the Management Committee is asked to study the Cjtsrity Commission website, in particular the section on
Chartty Governance.
Aehievements &nd performydnce
During the fmanciai year, five tixining Candidates beCa￿e members of the organi58tion, while one member re8ign¢d
his membership and three more tetired. No new training Candidates were accepted.
Counsellin& Advice and Information
Candidates are rcquired to be in their own personal psychotherapy (analysis) throughout the COU￿ of their tratning.
Enquiries about psy¢hotherapy from the pubIic to the office are referred to a D￿mber who will ¢olltact the enquirer
personally to ascertain their needs and thefftr suitability for working analytically. This being so, oue or two names of
memb¢T5 will be sugg&sted to the￿ or. they will be referred to another orgauisation depending on the particular kir
of psychotherapy which they are seekin& or which is considered best in each individual ¢ase. An enquirer may>
according to their circumstances, be offered low cost psychotherapy, as a tiaining patient, with an AdvaD¢ed
Candidate. All Advanced Candidates with training cases work under supervision with a senior analyst.
Page 2

THE INDEPENDENT GROUP OFANALYTICAL
PSYCHOLOGISTS
REPORT OF THE TRUSTEES
for the year ended 31 August 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The Trnstees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves
at current levels, cornbined with an annual review of the controls over key financial systems, will provide suificient
resources in the event of adverse conditions. The twstees have also examined other operational and business risks faced
by the charitable company and confirm that they have established systems to mitigate the signifIcant risks.
REFERENCE AND ADMtNISTRATIVE DETAILS Registered Company number
02822785 (England and Wales)
Registered Charity number
1029545
RegEstered offlce
Lygon House
50 London Road
Brornley
Kent
BRI 3RA
Tru8t¢es
Ms J M B David (resigned 3.2.2024)
Dr D Z Hirst (resigned 3.2.2024)
P Fisher
Dr M L Martin
Ms A J C Shearer (resigned 3.2.2024)
Dr S Karvounis (resigned 3.2.2024)
Ms P A Boisset
Ms PA Melliar (appointed 3.2.2024)
Company Seeretary
Ms C Craig
Independent Examiner
Berringers LLP
Chartered Accountants
Lygon House
50 London Road
Bromley
Kent
BRI 3RA
Approved by order of the board of trustees on ........February 2025.....................,............... and signed on its behalf by:
Ms P A Boisset - Trnstee
Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE INDEPENDENT GROUP OF ANALYTICAL
PSYCHOLOCISTS
Jndependent examiner's report to the trustees of The Independent Crollp Of Analytical Psychologists ('the
Compally,)
I report to the clwity trustees on my examination of the accounts of the Company for the year ended 31 August 2024.
Responsibilities and basis of report
As the charity's trustees of th¢ Company (and also its directors for the purposes of company law) you are responsil)l¢ for
the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act
and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried
out under Section 145 of the Charities Act 2011 {'th¢ ?01 l Act'}. In carying out my examination I hav¢ followed the
Dirertions given by the Charity Commission under Section 145(5) Ib) of the 201 l Act.
Independent txaminer's statement
I have completed my examination. l ¢onfm that no matters have come to my attention in connection with the
examination giving me Cause to believe:
accounting record5 were not kept in respect of the Company as required by s￿tion 386 of the 2006 Act, or
the acLounts do not accord with those records. or
the accounts do not comply with the accounting requirements of Srftion 396 of the 2006 Act oth¢T than any
requiremeirt that the accounts give a true and fair view which is not a matter considered a5 part of an independent
examination. or
the accounts have not been prepared in accordance with the methods and principlcs of the Statement of
Recommeiided Practic¢ for accounting and reporting by charities (applicable io charili¥s preparing their accounts
in accordance with the Financial Reporting Standard applicable in the UK and Rcpublic of Ireland (FRS 102)).
I have no conccrns and have Come across no other matters in conAiection with the examination to which attention should
be drdwn in ihi5 report in order to enable a proper understanding of the accounts to be reached.
o¢S¢ FCA
e Institute of Chartered Accountants in England and Wal¢s
Berringers LLP
Chartcrl'd Accountants
Lygon House
50 London Road
Brornley
Kent
BRI 3RA
Date..
Page 4

THE INDEPEIYDEiYf GROUP OF ANALYTICAL
PSYCHOLOGISTS
STATEMENT OF FINANCIAL AcfiviTIES
(INCORPORATING AN INCOME AND EXPFNDITURE ACCOUNT)
for the year eDded 31 August 2024
2024
Unre8trieted
fund
2023
Total
funds
Notes
INCOME AND ENDOWMENTS FROM
Charitable actlviiies
Training programine
Memb¢rsbip fees
39,462
24,879
38,340
22,145
tnvestment incon]e
15A15
16.991
79056
77,476
EXPENDIT17RE ON
Charltable acdvS1ies
Trdining progrdmme
Membership fees
85,311
(88)
81,354
Other
599
152
Total
85,822
81,506
Net gaillsl(losses) on investments
55,624
(46,978)
IYET INCOMEI(EXPEfiDITURE)
49,658
(5 L,008)
RECONC.II,IATION OF FUNDS
Total fitnds brought torward
69A252
747,260
T(YTAL FUNDS CARIUED FORWARD
745,910
696,252
The notes forni part of these financial statem¢llts
Page 5

THE INDEPENDEIYT GROUP OF ANALYficAL
PSYCHOLOGISTS
BALANCE SHEET
31 August 2024
2024
Unrestricted
fund
2023
Total
fimds
Notes
FIXED ASSETS
Tangible assets
Investmellts
1094
723,730
455
671281
725,824
671,736
CUIiRENT ASSETS
Debtors
Cash dt ballk
io
1&274
7,526
12,881
18,727
25,800
31,608
CREDITORS
Amounts fallillg due within one year
(5,714)
(7,092)
NETCURRENT ASSETS
20,086
24,516
T(JTAL ASSETS LESS CURRENT
LIABILII'IES
745,910
696,252
IYET ASSETS
745,910
696,252
FUNDS
Un￿SIrICted fund8
12
745,910
696,252
TOTAL FUNDS
745,910
696,252
The rharitable company is entitled to exemption from audit under Section 477 of th¢ Companies Act 2006 for th¢ year
ended 31 August 2024.
The members have not required the company to obtain an audit of its fllwiCi￿ statements for the year ended
31 August 2024 in accordance with Section 476 of the Companies Act 2006.
Th¢ trustees acknowledge their responsibilities for
ensuring that the charitllble Company keeps accounting records that cornply with Sections 386 and 387 of the
Companies Act 2006 and
prepaTing f￿ancial stat¢ments which give a tnje and fair view of the state of affairs of the charitable company
as at the end of each financial year and of its surplw or deficit for eacli financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies
Act 2006 relalllig to financial statements, so far as applicable to the charithble company.
(b)
The notes forni part of these fu￿claI st2tenMIts
Page 6
continued...

THE JI￿EPE[lDENT GROUP OF ANALYTICAL
PSYCHOLOGISTS
BALANCE SHEET- eontftnued
31 August 2024
These finanGial statements have been prepared in a￿rdallee with the provisions applicable to charitable companies
subject to the small companie8 regill￿.
cÉal statements weTr approved by the Board of TTUStces and authorised for issue on
.2.02..C.. and werc signed on its behalf by:
PA Boisset - Trustee
The notes forni part of these financial statements
Page 7

THE INDEPEf4DENT GROUP OF ANALYTICAL
PSYCHOLOGISTS
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2024
AccouKfiNG POLICIES
Basls of preparing the fill￿¢141 statements
The f￿anCIal stalem¢nts of the charitable company, which 18 a public benefit entity under FRS 102, have been
prepared in accordance with the Charities SORP (FRS 102) 'Accountillg and Reporting by Charities: Statement
of Recommended Practice applicable to ch￿ltieS prep￿Ing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),,
Fiuaucial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland, and the Companies Act 2006. The financial statements have been prepared under the Iiistorical cost
convention, with the exception of investments which are included at market value, as modified by the
revaluation of certain assets.
ncome
All income is re¢ognised in the Statement of Financial A¢tiviti¢8 once the charity has entitlement to the funds,
it is probable that the income will be received and the amount can be measured reliably.
Expendlture
Liabilities are recognised as exp¢ndiiur¢ ￿ soon as there is a legal or constNGtive obligation committing the
charity to that expenditure, it is probable that a transfer of economi¢ benefits will be required in settlement and
the arnount of the obligation can be measured reliably. Expcndilur¢ is accounted for on an a¢cru￿S basis and
has been classified under headin&¥ that aggregate all cost related to the cat¢gory. Where costs cannot be
directly attributed to particular headings they have been alluLated to activities on 2 b&%is consistent with the use
of resources. Expendirure assigned to charitable artivities in¢ludes support wsts.
Tangible r￿ed assets
Depreciation i8 provided at the following annual rates in order to write off each asset over its estimated useful
life.
Computer equipment
200/0 on cost
Taxatlon
Th¥ Lharity is exempt from corporation tax on its charitable activilies.
Fund ae¢ouDtlng
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 re8tricted purpoges within the objects of the charity.
Restrictions art8e when specified by the donor or when funds are raised for particular restricted purposes.
Furth¢r explanation of the nature and pU￿OSe of each fund is included in the notes to the financial statements.
Penslon costs and other post-retlrement beneflts
The ch￿ltable company operates a defined contribution pension scheme. Contributions payable to the
charitable company's pension schetne are charged to the Statement of Financial Activities in the period to
which they relate.
FINed 4sset Investments
Unlisted equity investtnents are initially recorded at cosL and subsequently measured at fair value. If fair valu¢
cannot be reliably measure4 assets are measured at cost less impairnienL
Listed investments are m¢asured At fair value with changes in fair value being recognised in the statement of
fllwicial artivities.
Page 8
continud...

THE INDEPEIYDENT GROUP OF ANALYTICAL
PSYCHOLOGISTS
NOTES TO THE FINANCL4L STATEMENTS- ¢ontinued
for the year ended 31 August 2024
INVESTMENT INCOME
2024
2023
Deposlt account illterest
Investment income
142
15,373
63
16,928
15,515
16,991
SUPPORT COSTS
Governance
costs
Training programme
&J74
Support ￿Sts, included in the above, are as follows,.
Governance Costs
2024
Training
PTogrdmm¢
2023
Total
activities
A¢¢ountaney fees
Legal & professional fees
4,500
3,674
4,290
9,053
&174
13,343
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated aft¢r charginl(crediting):
2024
2023
Depreciation - owned assets
599
152
TRUSTEES, REMUNERATION AND BEIYEFITS
During the year trustees wcrc paid a total of £1,450 (2023: £600) for providing lectur￿ and associafrd work
unconnect¢d to th¢ii role as ttustees.
Page 9
continued...

THE INDEPENDENT GROUP OF ANALYTICAL
PSYCHOLOGISTS
NOTES TO THE FINANCIAL STATEMENTS- continued
for the year ended 31 August 2024
TRUSTEES, REMUNERATION AND BENEFITS - contlnued
Trustees, expenses
During the year trustees were reimbursed for travel. and other charity ￿ lated expenses, which they paid for
personally.
Total expenses paid to tLithes duTing the year totalled £1,462 (2023: £1,196).
STAFF COSTS
2024
2023
Wages and salaries
Other pension costs
31,652
900
30.528
900
32,552
31,428
The average monthly number of employees during the year was as follows:
2024
2023
Administration
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES
Unrestricted
fjjnd
INCOME AND LNDOWMENTS FROM
Ch&rltable actlvlties
Training programme
M¢mbcrship fees
38,340
22,145
tnvestment income
16,991
TolAI
77,476
EXPENDrruRE OTrI
Charltable activitlo$
Training programme
81,354
Other
152
Total
81,506
Net gaills/(108ses) on investments
(46,978)
NET INCOMEI(EXPENDITURE)
(51,008)
Page 10
continued...

THE INDEPEf4DENT GROUP OF ANALYIICAL
PSYCHOLOGISTS
NOTES TO THE FINANCIAL STATEMEN13- continued
for the year ended 31 August 21124
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued
Unr¢8triclcd
fund
RECONCILIATION OF FUNDS
Total fiu￿5 broU￿t folward
747,260
TOTAL FUNDS CARRtED FORWARD
696.252
TANGIBLE FIXED ASSETS
Computer
equipment
COST
At I September 2023
Additions
5,577
2,238
At 31 Au8U8t 2024
7,815
DEPRECIATION
At I September 2023
Charg¢ for year
5,122
599
At 31 Augu$t 2024
5,721
NET BOOK VALUE
At 31 August 2024
2,094
At 31 August 2023
455
FIXED ASSET INVESTMENrs
Listed
inveslments
MARKET VALUE
At I September 2023
Additions
Disposa18
Revalualions
671,281
683,157
(654023)
24,115
At 31 August 2024
723,730
NET BOOK VALUE
At 31 August 2024
723,730
At 31 August 2023
671,281
There were no investment assets outside the UK.
Pagell
continued...

THE INDEPENDENT GROUP OF IlNALYficAL
PSYCHOLOGISTS
NOTES TO THE FINANCIAL STATEMENTS- contlnued
for the year ended 31 August 2024
FLXED ASSET INVESTMEiYfs- eondnued
Cost or valuation at 31 Au￿t 2024 is represented by..
Listed
investments
Valuation in 2024
18,936
704,794
723,730
io.
DEBTORS: AMOUNTS FALLING DUE WITillN ONE YEAR
2024
2023
Other debtors
Stockbroker a¢count
Accrued income
Prepayments
1,778
11,780
2,288
2,428
iio
10,824
685
1,262
18274
12,881
ii,
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Other creditors
ACc￿ed expel￿t8
713
5,001
538
6,554
5,714
7,092
12. MOVEMENT FUNDS
Net
movement
in ￿ndS
At
31.8.24
At 1.9.23
Unrestrlcted fundy
Gelleral fund
696252
49.658
745,910
TOTAL FUNDS
696,252
49,658
745,910
Page 12
continued...

THE INDEPENDENT GROUP OF ANALYficAL
PSYCHOLOGISTS
NOTES TO THE FINANCIAL STATEMENTS - eontinued
for the year ended 31 August 2024
12.
MOVEMENT IN FUNDS- continued
Net movernent in funds, included in the above are as follows:
Incoming
resouwes
Resource8
expended
Gains and
losses
Movement
in funds
Unrestricted funds
General ￿nd
79,856
(85,822)
55,624
49,658
TOTAL FUNDS
79,856
(85022)
SS,624
49,658
ComparAtlves for movement In funds
Net
movement
in fund5
At
31.8.23
At 1.9.22
Unrestricted funds
General fynd
747,260
(51,008)
696,252
TOTAL FtrNDS
747,260
(51,008)
696,252
Comparative net rnovement in funds, included in the above are as follows.,
Incoming
reSoUr￿S
Resources
expended
Gains and
Ios8es
Movement
in funds
Unrestrictsd funds
General fimd
77,476
(81,506)
(46,978)
(51,008)
TOTAL FUNDS
77.476
(81,506)
{46,978)
(51,008)
13. RELATED PARTY DISCLOSURES
ThL're were no related party transaGtion8, in addition to those disclosed tn note 5, for the year ended 31 August
2024.
Page 13

THE INDEPENDEWf GROtrp OF ANALYfIcAL
PSYCHOLOGISTS
DETAILED STATEMENT OF FIIYANCIAL ACTIVITIES
for the year ended 31 August 2024
2024
2023
INCOME AND ENDOWMKNTS
Inve51ment income
D¢posit account interest
Investment in¢orne
142
15,373
63
16,928
Issis
16,991
Charitable 4ctivitRes
Studies and leclu￿. fees
Preparntion fees
Membership fees
24,797
14,088
25,456
24.327
14,013
22.145
64J41
60,485
Total In¢oming rewurees
79156
77,476
EXPENDfTURE
Cbaritable aelivitie8
Wages
Pellsions
Insurance
Telephone
Printing, postage & stationary
Sundry expen5e$
Conferen¢e expenses
Hall hire
Preparntion. scminar & I￿tUre
Directors, expenses
Professional subscriptions
Charilable donations
Co￿puter costs
Bank charges
31,652
900
951
479
938
30,528
900
747
272
771
533
6,460
1,024
16,350
685
7,662
8,964
907
14,709
1,033
7,568
511
6J51
206
2,015
77,049
68,011
Other
Computer equipment
599
152
Support costs
Governance ¢05ts
Accountancy fees
Legal & prof&gsional fe&s
4,500
3,674
4,290
9,053
8,174
13,343
This page does not forn) part of th¢ statutory fmancial statsments
Page l4

THE IM)EPENDEI¥JT GROUP OF ANALYficAL
PSYCHOLOGISTS
DETAILED STATEMENT OF FINANCIAL AcrtvrrtES
for the year ended 31 August 2024
2024
2023
Totd resources expended
85,822
81,506
Net expendlture before galns and losses
(5,966)
(4,030)
Reallsed reeogntsed galns 4nd losses
Reulised gains/(losses) on fixed asset
investments
31J09
2,450
Net Ineomel{expendlture)
25,543
(1,580)
This page does not fonn part of the statutory financia] statements
Pa£e 15