REGISTERED COMPANY NUMBER: 02639507 (England and Wales) REGISTERED CHARITY NUMBER: 1040455
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
BATH MOZARTFEST LIMITED
Barber & Company A trading name of PCM Accounting Limited 2 Jardine House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX
BATH MOZARTFEST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Cash Flow Statement | 8 | ||
| Notes to the Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 10 | to | 16 |
| Detailed Statement of Financial Activities | 17 |
BATH MOZARTFEST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement 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) (effective 1 January 2019).
IMPACT OF COVID-19
Bath Bachfest 2020 was unaffected by the pandemic, taking place in February before the first Government lockdown came into force in March 2020.
The planned 30th consecutive Bath Mozartfest, programmed and booked to take place over 9 days in November 2020 at Bath's Assembly Room and other city-centre venues, had to be cancelled. After due consideration the Board agreed to a shorter, 4-day, 8-concert 'Mozart Minifest'. This was livestreamed from Wiltshire Music Centre in nearby Bradford-on-Avon, which had appropriate technical equipment in place. There was no live audience, a skeleton staff only and strict Covid-19 safety measures were implemented and adhered to. The pandemic obviously had very significant financial implications for Bath Mozartfest but by livestreaming a limited number of shorter concerts it was possible to maintain a relationship with sponsors, supporters, and loyal audience members and also to reach out to a new and difference audience and grow awareness of Bath Mozartfest to all corners of the UK and overseas (19 countries in total).
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The total number of tickets purchased for the virtual (livestreamed) Mozartfest Minifest was 402, 90 of which were Festival Passes allowing access to every concert. The total number of views was 1391. Assuming at least 50% of these views were with one other person, this indicates that total viewing could be in access of 2000. This is double what it would have been in the Assembly Rooms, Bath, for a comparable programme.
Artistic quality remained very high and the Mozartfest Minifest was positively received by audiences and critics alike, and although fundraising was difficult against the Covid-19 backdrop positive relationships with donors were maintained and some funds raised.
The trustees can report that the Bachfest and the Mozartfest Minifest were successful, the latter despite very challenging circumstances.
Contingency plans were in place for February 2021's Bath Bachfest, but it is hoped that things will have returned to normal by November 2021 and that Bath Mozartfest will continue on its successful journey.
FINANCIAL REVIEW
Principal funding sources
The charity's principal funding sources are from ticket sales, sponsorship and donations.
Reserves policy
The trustees are conscious of the need to ensure the continued viability of the company and with the continued support of the A M Purnell Charitable Trust and other sponsors, they believe that the company has sufficient financial backing to enable it to continue for the foreseeable future. They also consider that the reserves as at 31 December 2019 were at an appropriate level.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, The Memorandum and Articles of Association, and constitutes a limited liability company, limited by guarantee, as defined by the Companies Act 2006.
Page 1
BATH MOZARTFEST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Status of the Trustees
The trustees of the charity are also the directors of the company for the purposes of the relevant charity and company law and in accordance with the Memorandum and Articles of Association.
The Memorandum and Articles of Association, as approved by the Charity Commission, decrees that the Board shall comprise a minimum of two members with no maximum number. All Board members are elected by the existing Board, taking into consideration their professional experience and knowledge of classical music. No formal induction or training is given to new trustees, but they are given an introduction to the work of the Company and provided with the information they need to fulfil their roles which includes information concerning their duty as trustees and an insight into charity law. In addition they are required to sign a letter confirming their support for the objects of the company. Each director/trustee is appointed by the Board to serve for a period of three years after which he/she may seek re-election.
Organisational structure
The day to day administration and other operational matters of the Company are delegated to a team of specialist professionals supported by members of the Board. Periodic reports are provided to the Board for review and action as required.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Board has conducted a review of the major risks to which the charity is exposed and where appropriate has ensured that procedures and systems are in place to mitigate such risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02639507 (England and Wales)
Registered Charity number
1040455
Registered office
7-9 North Parade Buildings Bath BA1 1HS
Trustees
Sir David Bell C Allanson-Bailey T Osborne S Johnson P Roper A Woodroffe Lieutenant General Sir R Cordy-Simpson
Company Secretary
C Jones
Page 2
BATH MOZARTFEST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Christopher Horsley FCA Member of the ICAEW Barber & Company A trading name of PCM Accounting Limited 2 Jardine House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX
Principal Bankers
HSBC Bank plc 45 Milsom Street Bath BA11DU
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ D Bell - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BATH MOZARTFEST LIMITED
Independent examiner's report to the trustees of Bath Mozartfest Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible 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 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Christopher Horsley FCA Member of the ICAEW Barber & Company A trading name of PCM Accounting Limited 2 Jardine House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX
Date: .............................................
Page 4
BATH MOZARTFEST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 178,224 Charitable activities 4 Classical music festivals 60,982 Investment income 3 2,382 Total 241,588 EXPENDITURE ON Raising funds 5 16,596 Charitable activities 6 Classical music festivals 217,138 Other administration costs 8 15,291 Total 249,025 Net gains/(losses) on investments (8,457) NET INCOME/(EXPENDITURE) (15,894) Transfers between funds 14 10,000 Net movement in funds (5,894) RECONCILIATION OF FUNDS Total funds brought forward 231,273 TOTAL FUNDS CARRIED FORWARD 225,379 |
Restricted fund £ 202 - - 202 - - - - - 202 (10,000) (9,798) 136,262 126,464 |
31.12.20 31.12.19 Total Total funds funds £ £ 178,426 182,177 60,982 199,512 2,382 2,791 241,790 384,480 16,596 18,185 217,138 368,476 15,291 15,572 249,025 402,233 (8,457) 16,864 (15,692) (889) - - (15,692) (889) 367,535 368,424 351,843 367,535 |
|---|---|---|
The notes form part of these financial statements
Page 5
BATH MOZARTFEST LIMITED
BALANCE SHEET 31 DECEMBER 2020
| Unrestricted fund Notes £ FIXED ASSETS Investments 11 95,888 CURRENT ASSETS Debtors 12 17,685 Cash at bank 135,558 153,243 CREDITORS Amounts falling due within one year 13 (23,752) NET CURRENT ASSETS 129,491 TOTAL ASSETS LESS CURRENT LIABILITIES 225,379 NET ASSETS 225,379 FUNDS 14 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - 126,464 126,464 - 126,464 126,464 126,464 |
31.12.20 Total funds £ 95,888 17,685 262,022 279,707 (23,752) 255,955 351,843 351,843 225,379 126,464 351,843 |
31.12.19 Total funds £ 104,772 58,037 237,470 295,507 (32,744) 262,763 367,535 367,535 231,273 136,262 367,535 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued...
BATH MOZARTFEST LIMITED
BALANCE SHEET - continued 31 DECEMBER 2020
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. D Bell - Trustee
The notes form part of these financial statements
Page 7
BATH MOZARTFEST LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Investment management costs Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.12.20 £ 24,125 24,125 427 427 24,552 237,470 262,022 |
31.12.19 £ 3,024 |
|---|---|---|
| 3,024 | ||
| 407 | ||
| 407 | ||
| 3,431 234,039 |
||
| 237,470 |
The notes form part of these financial statements
Page 8
BATH MOZARTFEST LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 31.12.20 | 31.12.19 | |
| £ | £ | |
| Net expenditure for the reporting period (as per the Statement of | ||
| Financial Activities) | (15,692) | (889) |
| Adjustments for: | ||
| Losses/(gain) on investments | 8,457 | (16,864) |
| Decrease in debtors | 40,352 | 23,107 |
| Decrease in creditors | (8,992) | (2,330) |
| Net cash provided by operations | 24,125 | 3,024 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.20 | Cash flow | At 31.12.20 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 237,470 | 24,552 | 262,022 |
| 237,470 | 24,552 | 262,022 | |
| Total | 237,470 | 24,552 | 262,022 |
The notes form part of these financial statements
Page 9
BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement 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) (effective 1 January 2019)', Financial 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 historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive 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 reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its 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 restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Fixed asset investments
Fixed asset investments are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
2. DONATIONS AND LEGACIES
| Mozartfest Society and donations Sponsorship and grants |
31.12.20 £ 110,961 67,465 178,426 |
31.12.19 £ 107,959 74,218 |
|---|---|---|
| 182,177 |
continued...
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BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
| 3. INVESTMENT INCOME Dividend and interest income 4. INCOME FROM CHARITABLE ACTIVITIES Activity Ticket sales Classical music festivals Other festival income Classical music festivals 5. RAISING FUNDS Raising donations and legacies Sponsorship and donations 6. CHARITABLE ACTIVITIES COSTS Classical music festivals 7. DIRECT COSTS OF CHARITABLE ACTIVITIES Artists' fees and expenses Marketing Public relations and communication Other festival production and performance costs Administration |
31.12.20 31.12.19 £ £ 2,382 2,791 31.12.20 31.12.19 £ £ 56,657 183,178 4,325 16,334 60,982 199,512 31.12.20 31.12.19 £ £ 16,596 18,185 Direct Costs (see note 7) £ 217,138 31.12.20 31.12.19 £ £ 71,028 158,493 30,112 49,041 20,149 19,610 59,912 106,951 35,937 34,381 217,138 368,476 |
31.12.19 £ 2,791 31.12.19 £ 183,178 16,334 |
|---|---|---|
| 199,512 | ||
| 31.12.19 £ 158,493 49,041 19,610 106,951 34,381 |
||
| 368,476 |
continued...
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BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
8. OTHER ADMINISTRATION COSTS
| OTHER ADMINISTRATION COSTS | ||
|---|---|---|
| 31.12.20 | 31.12.19 | |
| £ | £ | |
| Bank charges | 168 | 287 |
| Finance costs | 12,770 | 12,428 |
| Independent examiner's fees | 1,925 | 2,450 |
| Investment management fees | 428 | 407 |
| 15,291 | 15,572 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 177,332 Charitable activities Classical music festivals 199,512 Investment income 2,791 Total 379,635 EXPENDITURE ON Raising funds 18,185 Charitable activities Classical music festivals 368,476 Other administration costs 15,572 Total 402,233 Net gains on investments 16,864 NET INCOME/(EXPENDITURE) (5,734) Transfers between funds 10,000 Net movement in funds 4,266 |
Restricted fund £ 4,845 - - 4,845 - - - - - 4,845 (10,000) (5,155) |
Total funds £ 182,177 199,512 2,791 384,480 18,185 368,476 15,572 402,233 16,864 (889) - (889) |
|---|---|---|
continued...
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BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
| 10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| fund | fund | funds | ||
| £ | £ | £ | ||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 227,007 | 141,417 | 368,424 | |
| TOTAL FUNDS CARRIED FORWARD | 231,273 | 136,262 | 367,535 | |
| 11. | FIXED ASSET INVESTMENTS | |||
| Listed | ||||
| investments | ||||
| £ | ||||
| MARKET VALUE | ||||
| At 1 January 2020 | 104,772 | |||
| Revaluations | (8,456) | |||
| Impairments | (428) | |||
| At 31 December 2020 | 95,888 | |||
| NET BOOK VALUE | ||||
| At 31 December 2020 | 95,888 | |||
| At 31 December 2019 | 104,772 | |||
| There were no investment assets outside the UK. | ||||
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 31.12.20 | 31.12.19 | |||
| £ | £ | |||
| Trade debtors | 228 | 10,378 | ||
| Other debtors | 17,457 | 47,659 | ||
| 17,685 | 58,037 |
continued...
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BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors Accruals and deferred income MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Bachfest fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund Restricted funds Bachfest fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Bachfest fund TOTAL FUNDS |
At 1.1.20 £ 231,273 136,262 367,535 follows: Incoming resources £ 241,588 202 241,790 At 1.1.19 £ 227,007 141,417 368,424 |
Net movement in funds £ (15,894) 202 (15,692) Resources expended £ (249,025) - (249,025) Net movement in funds £ (5,734) 4,845 (889) |
31.12.20 31.12.19 £ £ 2,461 6,444 11,708 16,033 9,583 10,267 23,752 32,744 Transfers between At funds 31.12.20 £ £ 10,000 225,379 (10,000) 126,464 - 351,843 Gains and Movement losses in funds £ £ (8,457) (15,894) - 202 (8,457) (15,692) Transfers between At funds 31.12.19 £ £ 10,000 231,273 (10,000) 136,262 - 367,535 |
|---|---|---|---|
14. MOVEMENT IN FUNDS
continued...
Page 14
BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 379,635 (402,233) Restricted funds Bachfest fund 4,845 - TOTAL FUNDS 384,480 (402,233) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.1.19 in funds £ £ Unrestricted funds General fund 227,007 (21,628) Restricted funds Bachfest fund 141,417 5,047 TOTAL FUNDS 368,424 (16,581) |
Gains and Movement losses in funds £ £ 16,864 (5,734) - 4,845 16,864 (889) Transfers between At funds 31.12.20 £ £ 20,000 225,379 (20,000) 126,464 - 351,843 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Bachfest fund TOTAL FUNDS |
Incoming resources £ 621,223 5,047 626,270 |
Resources expended £ (651,258) - (651,258) |
Gains and Movement losses in funds £ £ 8,407 (21,628) - 5,047 8,407 (16,581) |
|---|---|---|---|
Page 15
continued...
BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
Page 16
BATH MOZARTFEST LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Mozartfest Society and donations | 110,961 | 107,959 |
| Sponsorship and grants | 67,465 | 74,218 |
| 178,426 | 182,177 | |
| Investment income | ||
| Dividend and interest income | 2,382 | 2,791 |
| Charitable activities | ||
| Ticket sales | 56,657 | 183,178 |
| Other festival income | 4,325 | 16,334 |
| 60,982 | 199,512 | |
| Total incoming resources | 241,790 | 384,480 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Sponsorship and donations | 16,596 | 18,185 |
| Charitable activities | ||
| Artists' fees and expenses | 71,028 | 158,493 |
| Marketing | 30,112 | 49,041 |
| Public relations and communication | 20,149 | 19,610 |
| Other festival production and performance costs | 59,912 | 106,951 |
| Administration | 35,937 | 34,381 |
| 217,138 | 368,476 | |
| Other administration costs | ||
| Bank charges | 168 | 287 |
| Finance costs | 12,770 | 12,428 |
| Independent examiner's fees | 1,925 | 2,450 |
| Investment management fees | 428 | 407 |
| 15,291 | 15,572 | |
| Total resources expended | 249,025 | 402,233 |
| Net expenditure before gains and losses | (7,235) | (17,753) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | (8,457) | 16,864 |
| Net expenditure | (15,692) | (889) |
This page does not form part of the statutory financial statements
Page 17