ALL HALLOWS FARNHAM CHARITABLE TRUST (LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Registered Company No.. 02925196 Registered Charity No.. 1041017
ALL HALLOWS FARNHAM CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Pago Contents Report of the Trustees Rert of the Auditors statement of Financial Activities Balance Sheet Statement of Accounting Policies 9-10 Notes lo the Financial Statements
ALL HALLOWS FARNHAM CHARITABLE TRUST REPORT OF THE TRUSTEES The Trustees present their report and audited financial statements for the year ended 31 March 2022. REFERENCE AND ADMINISTRATIVE INFORMATION TRUSTEES C l Anderson M A Baines P J Jukes J V Madden T J S McGinn D Spare SECRETARY C S Antrob4JS REGISTERED OFFICE All Hallows Catholic School Weybourne Road Farnham Sufrey GU9 9HF REGISTERED COMPANY NUMBER 2925196 REGISTERED CHARITY NUMBER 1041017 AUDITOR Haysmacintyre LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG BANKERS HSBC Bank PIC 74 High Street Alton Hampshire GU34 1EZ INVESTMENT MANAGERS Fundsmilh 33 Cavendish Square London W1GOPW
ALL HALLOWS FARNHAM CHARITABLE TRUST REPORT OF THE TRUSTEES {CONTINUEDI The financial statements have been pff pared in accordance with the Companies Act 2006, the Charities Act 2011 and reporting by charities.. Slalement of Recommended Practice applicable to charities preparing their financial slalements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) (second edition effective, 1 January 2019}. STRUCTURE, GOVERNANCE AND MANAGEMENT Constltutlon The company was incorporated on 3 May 1994 as a company limited by guarantee and is a registered charity. The number of trustees is never less than three. The Iruslees may appoint new Iruslees as required and the secretary to the Trust is appointed by the trustees. in accordance with the Memofandum & Articles of Association. Trustee$ The Trustees of the company, who are also the charity trustee5. who served durlng the year and up lo the dale of this report are as follows'.- C Anderson M A Baines P J Jukes J V Madden T J S McGinn D Spare Secretary C S Antrobus Rlsk Assessment Whilst the emergence and spread of a coronavirus has significantly impacted economies and organisalions worldwide during 2020 through to present day in 2022. due to the nature of its activities the specific impact on the company lies solely on the economy's impact on the managed investment fund as sel out in note 3. The Trustees have assessed the major risks lo which the Trust is exposed. in particular Ihose related to its operations and finances, and are satisfied that there are controls in place to mitigate exposure to such risks. Recruitment, induction and tralnlng of trustees Existing Iruslees identify new trustee$ and one lo one induction lakes place with the Chair. Selective reading material is provided to all trustees. OBJECTIVES AND ACTIVITIES The objectives of the Trust are the advancement of Roman Catholic religion and education and the provision of education and educational facilities to All Hallows Catholic School in Farnham, Surrey {Ihe School). The principal activity throughout the year was managing the TTUSt'S assets, leasing the Sixth Form Centre to All Hallows Catholic School and continuing to raise funds for the benefit of the School. Public Benefit The trustees have given due consideration to the Charity Commission's guidance on public benefit when considering the aclNilies the charity undertakes. The provision of educational facilities at All Hallows Catholic School is of benefit to the local community as many of the facilities are hired out lo external clubs in the evenings and at weekends. ACHIEVEMENTS AND PERFORMANCE The rents received from the School, together with donations from parents of students al the School. covered the cost of bank loan repayments. It was also possible lo make donations to the School towards the cost of capital improvements and equipment.
ALL HALLOWS FARNHAM CHARITABLE TRUST REPORT OF THE TRUSTEES {CONTINUED) FINANCIAL REVIEW A summary of the results for the year is given on Page 7 of the financial slatemenls. The Trustees consider the State of affairs lo be satisfactory. Treasury management and investment policy Investing the charitable funds first took place in 2018119. There are no restrictions on the Charity's power to invesL The Charity's investments are managed day-lo-day by Fundsmilh, a Ihird-party fund manager, which the Trustees meet with periodically to review perfomiance, income requirements and market trends. Rosorves Pollcy The charity has free reserves, namely unrestricted funds not represented by fixed assets or bank loan, of £932,336 (2021.. £774,573) at the year end. Its accumulated surpluses are being applied towards providing grants and for future capital projects lo benefit All Hallows Farnham Catholic School. The Trustees find the current level of reseNes lo be salisfaclory. FUTURE PLANS The Trust will make available lo curriculum departments of the School matched-funding grants lo enhance the provision of education and support the aims and objectives of the School. The Trust will work lo save funds with the aim of contributing towards a new English Library and Media Centre in the next few years. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees {who are also the directors) are responsible for preparing the Report of the Trustees and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial slalements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required lo,. select suitable accounting policies and then apply them consistently., obseNe the methods and principles of the Charities SQRP., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial slatemenls., and prepare the financial stslements on the going concern basis unless it is inappropriate lo presume that the company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime of the financial position of the ¢harilable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the Trustees is awa at the time the report is approved.. there is no relevant audit information of which the company's auditors are unaware., and the Trustees have tsken all steps that they ought to have taken lo make themselves aware of any relevant audit infomialion and to establish that the auditors are aware of that information. This report has been prepared in accordance with the special provisions relating lo companies subject lo the small companies regime within part 15 of the Companies Act 2006. This re ort was approved by the Board of Trustees on 15 December 2022 and signed on ils behalf by M A Baines Trustee
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALL HALLOWS FARNHAM CHARITABLE TRUST OPINION ..We have audited the finanoial statements of All Hallows Farnham Charitable Trust for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes lo the financial stalernents, "including a summary of significant accounting policies. The financial reporting framework that has been applied in their pparatIOn is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicablo in the UK and Republic of Ireland (United Kingdom Generally Accepted Ac¢ounting Practice). In our opinion, the financial statements.. give a true and fair view of the stale of the charitable company's affairs as al ended 31 March 2022 and of the charitable company's nel movement in funds. including the income and expenditure, for the year then ended., have been propedy prepared in acwrdance with United Kingdom Generally Accepted Accounting Pracli¢e', and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with InlernatKinal Standards on Auditing IUKI IISAS {UK}l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial stslements section 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 believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial stalemenls, we have concluded that the Iruslees, use of the going Concern basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability lo continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. In connection wlh our audit of the financial slatemenls, our responsibility 18 to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that faGI. We have nothing to report in this regard. OPINIONS ON OTHER MAThERS PRESCRIBED BY THE COMPANIES ACT 2006 .In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees {which includes the Director's report prepared for the purposes of company 18w} for the financial year for which the financial statements are prepared is consistent with the financial slatemenls.. and the Directors. report included within the Report of the Trustees has been prepared in accordance with applicable legal requirements.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALL HALLOWS FARNHAM CHARITABLE TRUST MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the Charitable company and its environment obtained in the course of the audit. we have not identified material misslalemenls in the Report of the Trustees (which incorporates the Trustees, report). We have nothing lo report in respect of the following mallers in relation to which the Companies Act 2006 requires US to report lo you if, in our opinion.. adequate acGounling records have not been kept by the charitable company., or the charitable company financial statements are not in agreement with the accounting records and returns., OT certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the Iruslees were not entitled lo prepare the financial statements in accordance with the small companies, regime and lake allvanlage of the small companies, exemptions in preparing the Iruslees, reF)Ort and from the requirement lo prepare a strategic report. RESPONSIBILITIES OF TRUSTEES FOR THE FINANCIAL STATEMENTS As explained more fully in the Iruslees, responsibilities statement sel out on page 3, the trustees (who are also the Trustees of the charitable company for the purposes of company lawl are responsible foT the prep8ralion of the financial statements and for being satislied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of financial Statements that a free from material misslalemenl, whether due to fraud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the charitable company's ability lo continue as a going COnrn, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material mi$st8tement. whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always delecl a material misstalemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations, We design procedure5 in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related lo the Companies Act 2006 and Charities Act 2011, and we considered the extent lo which non-compliance might have a material effect on the financial slatemenls. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as corporation tax, and sales lax.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALL HALLOWS FARNHAM CHARITABLE TRUST We evaluated management's incentives and opportunities for fraudulent manipLtlalion of the financial statements (including the risk of override of controls), and determined that the princip81 risks were related lo posting inappropriate joumal entries lo revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and lax authorities.. Discussions with management including consideration of known or suspected instances of non-coMplian¢e with laws and regulation and fraud., Evaluating management's controls designed lo prevent and delecl irregularities., Identifying and testing journals, in particular journal entries posted with unusual account combinations. postings by unusual users or with unusual descriptions Challenging assumptions and judgements made by management in their critical a¢¢ounting estimates., and agreeing the validity of recognised receivables on a sample basis and challenging the recoverability assumptions. further assessing for any fraud or bias. Because of the inherent limitations of an audit. there is a risk that we will not delecl all irregularities, including those leading to a material misslalement in the financial statements or non-compliance with regulation. Thi5 risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stslements, as we will be less likely to become awaie of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.Ir¢ or .uklaudilorsres onsibililies. This description forms part of our auditor's report. USE OF OUR REPORT This report is made solely lo the charitable company's members, as a body, in accordance wlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we might slate lo the charitable company's members those matters we are required lo slate to them in an Auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Lee Stokes. Sgnior Statutory Auditor for and on behalf of Haysmacintyre LLP, Statutory Auditor 10 Queen Street Place Lorsdon EC4R 1AG Dale.. 16 December 2022
ALL HALLOWS FARNHAM CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Total Unrestricted Funds 2022 Total Unrgstricted Funds 2021 INCOME AND EXPENDITURE Notes Income from: Donations 99,991 97.485 Other trading a¢livitles'. Rental income 99,000 99.000 Investments.. Interest received Total income 198,994 196.493 Expenditure on: Charitable activities 58,960 69.468 Total expendlture 58,960 69.468 Net Income before galns on Investments 140.034 127,025 Unreali¥ed gains on investments 62.764 146,793 Net movement In funds 202,798 273,818 Balances brought forward 811 April 2021 1,298,860 1,025.042 Balances carried forward at 31 March 2022 1,501,658 1,298,860 All activities are continuing. The a¢companying notes form part of these financial statements.
ALL HALLOWS FARNHAM CHARITABLE TRUST Company Number: 02925196 BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note$ FIXED ASSETS Tangible fixed assets Investments 592,693 827,712 639,977 692,948 1,420,405 1.332.925 CURRENT ASSETS Debtors Cash al bank and in hand 30,089 84,485 29,590 61,585 114,574 91.175 CREDITORS: Amounts falling due within one year {33,3211 1104,3501 NET CURRENT ASSETSIILIABILITIES) 81,253 {13,175) CREDITORS: Amounts falling due after one year {20,890) NET ASSETS 1,501,658 1.298,860 UNRESTRICTED FUNDS General Reserve 1.501.658 1,298,860 Approved by the Board of Trustees and aulhorised for issue on 15 December 2022 and were signed below on its behalf by.. M A Baines Trustee The accompanying notes form part of these financial stalemenls.
ALL HALLOWS FARNHAM CHARITABLE TRUST STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2022 al Basis of Accounting The financial statements have been prepared in accordance wf(h 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 Republ of Ireland IFRS 1021 (second edition. effective 1 January 2019 - (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. There were no critical areas ofjudgment or estimation used in preparing the financial statements. bl Golng ¢oncern The trustees consider there are no material uncertainties about the charity's ability lo continue as a going concern. The review of our financial position and reserves levels, particularly including the investment portfolio, and future plans gives trustees confidence the charity remains a going concern for the foreseeable lulure. cl Incomo All income is included in the statement of financial activities when the charity is entitled to the income, it is probable that income will be received and the amount can be quantified with reasonable accuracy. Income received for the year is wholly allributable to the continuing activities of the company and it is earned entirely within the United Kingdom. dl Expendlturg The irrecoverable element ol VAT is included with the item of expense to which il relates. Charitable activities relates to $ts incurred in delivering the ¢harily's activities and services lo its beneficiaries. Govemance costs are costs incurred in meeting the con51ilulional and statutory requirements of the ¢harily. el Cash Flow Statement The company has taken advantage of the exemptions provided by SORP IFRS 1021 and has not prepared a Cash flow statement for the year. fl Tanglble Ilxed as$ets Tangible fixed assets are staled at cost. Depreciation is provided to write off the cost of fixed assets over their esb'maled useful lives as follows.. Long Leasehold Property Furniture and Fillings Life of the Lease 200A per 8nnum gl Inve$tments Investments are a fomi of basi¢ financial instrument and are initially shown in the accounts at market value. When shares are disposed. any realised gains or losses on the disposal of shares is recognised in the Statement of Financial Activities. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying values or their purchase value if acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the end of the year and their carrying value. Realised and unrealised investsmenl gain$ and losses are combined in the Slalement of Financial Activities.
ALL HALLOWS FARNHAM CHARITABLE TRUST STATEMENT OF ACCOUNTING POLICIES ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 h) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. il Cash at bank and In hand Cash at bank and cash in hand includes cash and amounts held in liquid bank accounts. Il Credltors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due kl Flnancial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured al amortised cost with the exception of investments which are held al market value. Financial assets held amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash al bank and in hand is defined as all cash held in instant access bank accounts and used as working caprtal. Financial liabilities held al amortised cost comprise all creditors except accruals and provisions. 11 Taxation The company is a registered charity and no tax is payable on its charitable income and surpluses re-applled lo its charitable purposes. 10
ALL HALLOWS FARNHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 EXPENDITURE Other Costs Total 2022 Doproclatlon Gh8ritabl8 activitl8S.' Costs of operations Donations Interest payable on bank loan Goveman¢e Costs 47,284 1,195 3,000 2,481 5,000 48,479 3,000 2,481 5,000 47.284 11,676 58,960 Other Costs Total 2021 Comparatlv• porlod Dgprociation Charitable activities.. Costs of operations Donations Interest payable on bank loan Governance costs 47.284 1.098 9,760 5,926 5,400 48,382 9,760 5,926 5,400 47.284 22,184 69,468 The governance c051s of the charity include only the auditor's remuneration c051s recognised in the year of £5,00012021'. £5,400) which lakes into account an £nil12021'. £8001 recognition limin9 difference whereby fees charged were £5,00012021'. £4,600). No remuneration wa$ paid to any of the Trustees in the year12021'. £Nil}. No staff were employed by the charity12021.' none). FIXED ASSETS 6th Fom Contro Furnltura and flxturns Totsl COST At 1 April 2021 945,674 9.951 955,625 DEPRECIATION At 1 April 2021 Charge for the year 305,697 47,284 9.951 315,648 47,284 At 31 March 2022 352,981 9.951 362,932 NET BOOK VALUE Al 31 March 2022 592,693 592,693 Al 31 March 2021 639,977 639,977 The fixed assets are wholly used for the company's charitable purpose. The leasehold Properties are with All Hallows Catholic School. On the 18 July 2014 a new 20-year lease was signed for the 61h Form Centre which was completed in the year to 31 March 2015 and the costs incurred have been depreciated from September 2014 when the building came into use. 11
ALL HALLOWS FARNHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinu•dl FOR THE YEAR ENDED 31 MARCH 2022 INVESTMENTS 2022 2021 As al 1 April 2021 Additions Unrealised gain 692,948 72,000 62,764 474.155 72.000 146.793 As al 31 March 2022 827,712 692.948 The above investment holding is held fully as equity unlls with a historic cost of £590,000 12021.. £518,000). DEBTORS 2022 2021 Trade deblors Other debtors Prepayments 9,900 19,571 618 9.900 19.072 618 30,089 29.590 CREDITORS: Amounts falling due within one year 2022 2021 Social security and other taxes Accruals Bank loan Isee note 71 4,950 5,000 23,371 4,950 4,600 94,800 33,321 104.350 CREDITORS: Amounts falling due after one year 2022 2021 Bank loan (see note 71 20.890 BANK LOAN 2022 2021 Due wrthin one year Due wsthin one lo two years Due wf(hin two to five years 23,371 94,800 20,890 23.371 115,690 The loan is secured by a debenture comprising fixed and floallng charges over all the assets and undertaking of All Hallows Farnham Charitable Trust and a first legal mortgage over the leasehold property of All Hallows Farnham Chaiitable Trust known as the Sixth Form Centre and Auditorium, All Hallows Catholic School, Weybourne Road, Famham. Surrey. Interest on the loan will be charged al 2.5Yo per annum over the Bank of England Base Rate and the loan is for a term of seven years and six months from the drawdown date of 13 January 2015. 12
ALL HALLOWS FARNHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinu•dl FOR THE YEAR ENDED 31 MARCH 2022 SHARE CAPITAL The company is limited by guarantee and as such ha$ no issued share capital. Each member's guarantee is limited to an amount of up to £1 per member. RELATED PARTY TRANSACTIONS A 20-year lease with All Hallows Catholic School for the 61h Form Centre commenced on 18 July 2014. Rent of £8,250 per month is receivable for the life of the lease. One month'$ rent is included in trade debtors al 31 March 202212021. one monthl. Trustees donated £012021.. £301 to the Trust in the year. 13
ALL HALLOWS FARNHAM CHARITABLE TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 FOR TRUSTEES INFORMATION ONLY 2022 2021 INCOME Donations Gift aid CeiVable Rental income Bank interest 80.420 19,571 99.000 78.413 19,072 99,000 198.994 196,493 EXPENDITURE Professional fees Loan interest Sundry Donations 5,000 2,481 1,19S 3,000 5,400 5,926 1,098 9,760 111,6761 {22,184) OPERATING SURPLUS FOR THE YEAR 187,318 174,309 Depreciation 147,284} 147,2841 SURPLUS FOR THE YEAR BEFORE GAINS ON INVESTMENTS 140,034 127,025 Unreali$ed gains on investments 62,764 146,793 SURPLUS FOR THE YEAR 202,798 273,818 This page does not form part of the statutory financial statements. 14