RKGISTERED CHARITY NUMBER: 1046214 Report of the Trustees and Unaudited FÈnancial Statements for the Year Ended 31st Mareh 2024 for The Inner London Magistrates Courts, Poor Box S Syedain & Co First Id loor 87 Kenton Road Harrow HA3 OAH
The Inner London Magistrates Courts, Poor Box Contents of the Financial Statements for the Year Ended 31st March 2024 P2ge Reference and Administratlve Detai]s Report of the Truste Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 18 Detailed Statement of Financial Activities 19
The Inner London Magistrates Courts, Poor Box Reference and Administrative Detai for the Year Ended 31st March 2024 TRUSTEES SDJ Paul Goldspring Jane Smith JP DJ (MC) Nina Tempia DSDJ Tanweer Ikram Louise Moloney Richard Kozak JP PRINCIPAL ADDRESS Ealing Magistrates, Court 448 High Road London NW102DZ REGISTERED CHARJTY NUMBER 1046214 INDEPENDENT EXAMINER S Syedain & Co First Floor 87 Kenton Road Harrow HA3 OAH BAJNKERS Barclays Bank PIC 3 Victoria Street London SWIH OND INvESTIENT ADVISERS Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Page I
The Inner Indon Magistrates Courts, Poor Box Report of the Trustees for the Year Ended 31st March 2024 The trustees present their report with the financial statements of the charity for the year ended 31st March 2024. 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 l January 2019). OBJECTIVES AND ACTIVITIES Objeetives and aims The objectives of the Charity continue to be the relief of need. hardship and distress of those persons who have been concerned directly or indirectly in any proceedings at Magistrates Courts in the London region including Family and Youth Courts. These are met through rclicf payments dirccted by the Trustccs, through donations to appropriate organisations or institutions having similar charitable objectives. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidanc¢ 'Public benefit: running charity (PB2)'. Grant-making policies The Charity has established its grant making policy to achieve its objects for the public benefit. The Trustees invite applications for grants from the courts theinselves, the probation services and organisations involved in identifying and relieving need and hardship suffered in prison. The Trustees are also aware that the needs and hardship of those who LY)me into contsct with the courts are often associated with homelessness, substance misuse, domestic violence and poverty and applications are invited from organisations which provide relief in those areas specifically to beneficiaries in the London region. The Trustees do not commit to repeat or renew a relief grant on any occasion. ACIIIEVEMENT AND PERFORMANCE Charitable activities The Charity has achieved its main objective for the year which was to maintain the level of funds available for grant giving. Grants were made to 31 (2023: 21) differeni organisations during the year and the total value of grants given was £154,000 (2023'.£120.500). This was achieved following the review of investment management and setting clear investment and income objectives. While the Trustees are satisfied with the level of applications from appropriate charities, applications from courts and the probation services have been more difficult to achieve following reorganisation in recent years. More work is needed to encourage applications from courts and the probation service as both are well placed to identify how those most in need of the Charity's help can be assisted. Page 2
The Inner knndon Magistrates Courts, Poor Box Report of the Trustees for the Year Ended 31st March 2024 ACHIEVEMENT AND PERFORWCE Investment performance Under the Charity scheme, the Trustees are pennitted to apply the income, and, at their discretion, the whole of part of the assets for charitable pury)oses. The investment objective of the Charity is to at least maintain the real value of assets within a moderate level of risk whilst generating a stable and sustainable return to fund relief payments. In order to achieve this, the Trustees have appointed an independent investment manager. as their agenL to manage the investment portfolio which is invested in Sarasin's Charity Authorised Investment Funds covering a broad range of suitable asset classes. The investment objective set at l April 2015 is to generate a total return over the long term of inflation plus 40/0 per annum after investment managemeni fees which are charged to the funds. The Trustees adopt a total return approach to withdrawals subject to advice provided the them by the Charity's investment managers, Sarasin and Partners LLP, on income or investment allocation. In addition to the invcstmcnt income of £146.752. ther¢ was Capital distributcd of £180,705. For the year to 31 March 2024. the total return for the portfolio was +1 1.1 0/0 (2023: _3.2%) (net of fees), as investment markets were boosted by resilient corporate earnings and the impact of artificial intelligence-related stocks. This return was behind the composite benchmark (which is gross of fees) of +15.50/0, but ahead of the ARC Steady Growth Charity Index (the most relevant peer group) of +9.70/0. Over the last 5 years, the portfolio has generated an annualised return of 6.70/0 (net of fees) with UK CPI measuring 4.4 % per annum over the same period. As a result, the portfolio hasn't grown ahead of the Charity's overall target of inflation plus 40/0 over the medium to long tem), but is ahead of the ARC Steady Growth Charity Index which retumed 5.00/0 per annum over the same period. FINANCIAL REVIEW Financial review The principal source of in¢ome for the Charity continues to be the income realised from the investment portfolio. The Trustees seek to obtsin the best possible return from the portfolio whilst maintaining an appropriate level of safeguarding with regards to the value of the investments. Expendable endowment funds at 31 March 2024 were £5.28 million (2023: £4.96 million), being the value of the investment portfolio at that date. Unrestricted funds at 31 March 2024 were £85,113 (2023: £97,531). A transfer of £1,937 (2023: £3,112) was made from unrestricted funds to expendable endowment funds in the year ended 31 March 2024 in relation to further additions in the investment fvnd from income generated. In the year under review, grants totalling £158,000 (2023:£120,500) have been made to the organisations and charities detailed in note 5. Page 3
The Inner London Magistrates Courts, Poor Box Report of the Trustees for the Year Ended 31st Mar¢h 2024 FINANCIAL REVIEW Reserves policy The Trustees aim to make charitable distributions in line with the level of income generated from the investment portfolio on an annual basis. However they retain they retain the right to mak¢ distributions frorn capital in line with their total return approach where incom¢ falls short of target l¢v¢ls of donation, The TThte¢s intend to always retsin unrestrictsl funds of a minimum of £20.000 to cover working capital to ensure LX)ntinul running of the organisation for at l¢ast 12 rnonths. PLANS FOR FUTURE PERIODS The Tntstees aim to at least maintain the current level of grant giving in firturc years dependent upon investment perforniance. Increasing inflation and the cost of living are likely to have an adverse impact on the funding of organisations which the Charity SUPPOrts and as a result it is likely that applications for gr&nts will increase. In uncertain times, the challenge for the Trustees will be to maintain the level of grant giving while maintsining the real value of the Charity's assets. STRUCTUR GOVERNANCE AND MANAGEME Governlng document The charity is controlled by its governing documelll a deed of tnt and constitutw an unincorporated charity. Recrultment and gppolntment of new trustees The managem¢ni of the charity is the rwonsibility of the Trustee4 who are elected and co-opted under the tern of the Trust deed. When a Trustce's temi is about to end, they are invited to renew their tenn. If the Trustee is unable to, the matter is discussed at the next TTUStees' meeting and alternative &qndidates are put forward. Candidates arc choscn by The Chief Magistrate from the magistrates, listings. and whosocver is potentially availablc and interested in beMIng a Tntstee of the charity is invited to b¢ nominated. A sirnple majority vote is taken at the next Tnthees, meetin8 to elect the new TnLStee. // Approved by order of the board of trustees ........... .... . ...... ... ...... ... by: and Sie0 on its belialf SDJP IGol Page 4
Independent Examinees Report to the Trustees of The Inner London Magistrates Courts, Poor Box Independent examiner's report to the trustees of The Inner London Magistrates Courts, Poor Box I report to the charity trustees on my examination of the accounts of The Inner London Magistrates Courts, Poor Box (the Trust) for the year ended 31 st March 2024. Responsibilities and basis of report As the ¢harity trustees of the Trust you a resnsIble for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of ihe Act. Independent examiner's statement I have completed my examination. I confirm that no material mattcrs have come to my attention in connection with the examination giving me cause to believe that in any inaterial respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act" or the accounts do not accord with those records" or the accounts do not comply with the applicable requirements concerning the forn] and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concerns and have come aeross 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. Tahira Siddiqui Msc, FCA The Institute of Chartered Accountants in England and Wales S Syedain & Co First Floor 87 Kenton Road Harrow HA3 OAH Date: ........ ,Iql J(4 Page 5
The Inner London magtrateS Courts, Poor Box Statement of Finallcial Activities for the Year Ended 31st March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted End0rynent fund fund Notes INCOME AND ENDOWMENTS FROM Investment income 186J71 186,371 179,851 EXPEN'DITURE ON Investment management costs Investment management costs 33,899 33,899 33,713 33,899 33,899 33,713 Charitable activities Charttable activites Support costs 158,000 4,782 158,000 4,782 120,500 7,767 Other 171 171 Total 196,852 196,852 162,151 Net gains/(losses) on investments 320,953 320,953 (316,289) NL'r tNCOMEI(Tr.XPENDITURE) Transfers between funds (10.481) (1,937) 320.953 1,937 310,472 (298,589) Net movement in fund$ (12,418) 322,890 310,472 (298,589) RECONCILIATION OF FUNDS Total fijnds brought forward 97,531 4,956,488 5,054,019 5,352,608 TOTAL FUNDS CARRIED FORWARD 85,113 5279.378 5,364.491 5,054,019 The notes forni part of these financial statements Page 6
The Inner ndOll Magistrate5 Courts, Poor Box Balance Sheet 31st March 2024 31.3.24 Total funds 31.3.23 Total funds Unr&%tricted Endowment fimd fimd Notes FIXED ASSETS Tangible assets Inv¢stments 171 5279,378 5279,378 4,956,488 5,279?78 5,279,378 4,956,659 CURRENT ASSETS Cash at bank and in hand 177,163 177,163 177,290 CREDITORS Arnounts falling due within one year 10 (92,050) (92,050) (79,930) NET CURRENT ASSETS 85,113 85,113 97,360 TOTAL ASSETS LESS CURRENT LIABILITIES 85,113 5,279,378 5,364,491 5,054,019 NET ASSETS 85.113 5,279,378 5,364,491 5,054,019 FUNDS Unrestricted funds: General fund Endowment funds: Expendable Endowrnent Fund 85,113 97,531 5,279,378 4,956,488 TOTAL FUNDS 5,364,491 5,054,019 The financial ststem¢nts w¢re approved by the Board of Trustees and auth0ri5ed for issue on .. and were s]ed on its behalf by: DSDJ Tanweer Ikram . Trustee The notes fo part of financial stateni6nts Page 7
The Inner IA>ndon Magistrates Courts, Poor Box Noto8 to the Financial Statements for the Year Ended 31st March 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity. 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 Prnctice applicable to charities preparing 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 Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. 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. The financial ststements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following '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) (Second Edition) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from l January 2019,. Inner London Magistrates, Courts, Poor Box and Feeder Charity meets the definition of a public benefit entity undcr FRS 102. Assets and liabilities are inilially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. Income Income soley represents amounts earned from the Charity's investments and the portfolio held with the investment Managers. All income is recognised in the Statement of Financial Activitics onec the Charity has Cntitlcmcnt to thc funds, it is probable that the incorne will be received and the amount can be mearsured reliably. Expenditure Liabilitics are COgniSed as expenditure as soon as there is a legal or constructive obligation cornmitting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obli8ation 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 aitributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure on raising funds includes all expenditu incurred by the oharity to raise funds for its charitsble purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is inCued on directly undertaking the activities which further the charity's objectives, as well as any associaied support costs. Page 8 continued...
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements - continued for the Year Ended 31st March 2024 ACCOUNTING POLICIES- continued Expenditure Grants paid to institutions are recognised when the grants have been approved by the Trustees. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tangible red a&sets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer equipment 250/0 on cost Taxation The charity is exempt from tax on it5 charitable activities. Fund accounting Unrestricted funds can be used in accordance with the chariLqble objectives at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Expendable Endowment funds are investments held by the charity for the purposes of generating income for application at the discretion of the Trusiees to meet the charitable objectives. Investment income, gains and losses are allocated to unrestricted funds in order to be available for distribution by the Trustees. Investments Fixcd assct investments are a forni of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be rneasured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Ststement of financial activities. Cash at bank and in band Cash at bank and in hand includes cash and short-t¢m] highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 9 continued...
The Inner ndon Magistrntos Courts, Poor Box Notes to the Financial Statements - continued for the Year Ended 31st March 2024 AccouyfING POLICIES- continued Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be eslimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events thal are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The charity makes ClMateS and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the canying amounts of assets and liabilities within the next financial year are discussed below. Critical areas ofjudgment: (i) Impainnent of fixed asset inveslments The charity makes an assessment to deiemiine whether there are indicators of impaimient of the charity's fixed asset investments. Factors taken into considerdtion in reaching such a decision include potential prevailing economic conditions. Page 10 continued..,
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statsments - continued for the Year Ended 31st March 2024 INVESTMEIYT INCOME 31.3.24 31.3.23 Income from investrnents 186,371 179,851 INVESTMENT MANAGEMENT COSTS 31.3.24 31.3.23 Investment management fees 33,899 33,713 GRANTS PAYABLE 31.3.24 31.3.23 Charitable activites 158,000 120,500 Pagell continued...
The Inner London Magistrates Courts, Poor Box Notes to the Fillancial Statements - continued for the Year Ended 31st March 2024 GII4NTS PAYABLE- continued The totsl grants paid to institutions during the year was as follows: 31.3.24 31.3.23 Centrepoint AET Alcohol Education Trust Clean Break 999 Club Clapton Common Boys Club Crosslight Advice Est End CAB Emmaus Family Holiday Charity Frontline Glass Door Groundswell Just for Kids Key4Life Little Angles Theatre MAMA Youth project Marylebone Project (The Sanctuary) Only Connect PACT PAS (prison advice service) Prison Radio Refuge SCT Spitalfields Crypt Trust Shannon Trust Spires Centre St Andrews Youth Club St Giles Trust St Hilda's St Mungo's The Big Issue The Felix Project The Manna society The Upper Room Tower Hamlets Mission Prisoners, Education Trust 5,000 7.500 5,000 5,000 2,500 5,000 7,500 5.000 5.000 5,000 5,000 5.000 5,000 5,000 5,000 500 5,000 5,000 5,000 12,500 5,000 5,000 5,000 5,000 5,000 5,000 soo 5,000 5.000 12,500 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 i 0.000 5,000 i 0.000 5,000 5.000 5,000 5,000 5,000 5,000 5,000 5,000 158,000 120,500 Page 12 continued..
The Inner IA)Ddon Magistrates Courts, Poor Box Notes to the Financial Statements - continued for the Year Ended 31st March 2024 TRUSTEESI REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 st March 2024 nor for the year ended 31 st March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31st March 2024 nor for the year ended 31 st March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Endowment fund fund Total funds INCOME AND ENDOWMENTS FROM Investment income 179,851 179.851 EXPENDITURE ON Investment management costs Investment management costs 33,713 33,713 33.713 33,713 Charitable activities Charitable activites Support costs 120,500 7,767 120.500 7,767 Other 171 Total 162,151 162,151 Net gains/(105ses) on investments (316,289) (316.289) NET INCOMEI(EXPENDITURE) Transfers between funds 17,700 (3,112) (316,289) (298,589) 3,112 Net movement An funds 14,588 (313,177) (298,589) RECONCILIATION OF FUNDS Total funds brought forward 82,943 5,269,665 5,352,608 Page 13 continued...
The Inner London Magistratos Courts, Poor Box Notes to the Financial Ststements - continued for the Year Ended 31st March 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Endowment fund fund Total funds TOTAL FUNDS CARRIED FORWARD 97,531 4,956.488 5,054,019 TANGIBLE FIXED ASSETS Computer equipment COST At I st April 2023 and 31 st March 2024 2,162 DEPRECIATION At 1st April 2023 Charge for year 1,991 171 At 31 st March 2024 2.162 NET BOOK VALUE At 31 st March 2024 At 31 st March 2023 171 FIXED ASSET INVESTMENTS Listed investments At I st April 2023 Additions Revaluations 4,956,488 1.937 320,953 At 31 st March 2024 5,279,378 NET BOOK VALUE At 31 st March 2024 5,279,378 At 31 st March 2023 4,956,488 Page 14 continued...
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements - continued for the Year Ended 31st March 2024 FIXED ASSET INVESTMENTS - continued All investments are carried at their fair value. 10. CREDITORS: AMOUNTS FALLING DUE WH[N ONE YEAR 31.3.24 31.3.23 Grants payable Accrued expenses 88.000 4,050 72,500 7,430 92,050 79,930 11. MOVEME]YT IN FUNDS Net movernent in funds Transfers between funds At 31.3.24 At 1.4.23 Un restricted funds General fund 97,531 (10.481) (1,937) 85,113 Endowment funds Expendable Endowment Fund 4,956.488 320.953 1,937 5,279,378 TOTAL FUNDS 5,054,019 310,472 5,364,491 Net movement in funds, included in the aknve are as follows: Incoming Resources resources ¢xp¢nded Gains and Movement losses in funds Unrestricted funds General fund 186,371 {196,852) (10,481) Endowment funds Expendable Endowment Fund 320,953 320,953 TOTAL FUNDS 186,371 (196,852) 320.953 310,472 Page 15 continued...
The Inner London Magistrato8 Courts, Poor Box Notos to the Financial Statements- continued for the Year Ended 31st March 2024 11. MOVEMENT IN FUNDS - eontinved Comparatives for movement in funds Net movement in funds Transfers between funds At 31.3.23 At 1.4.22 Unr¢stricted funds General fund 82,943 17,700 (3,112) 97,531 Endowment funds Expendabl¢ Endowment Fund 5,269,665 (316,289) 3.112 4,956,488 TOTAL FUNDS 5.352.608 (298.589) 5,054,019 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended Gains and Movement losses in funds Unrestricted funds General fund 179,851 (162,151) 17,700 Endowment funds Expendable Endowment Fund (316,289) (316,289) TOTAL FUNDS 179,851 (162,151) (316.289) (298,589) Page 16 continued,..
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements- continued for the Year Ended 31st March 2024 11. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31.3.24 At 1.4.22 Unrestricted funds General fund 81943 7219 (5,049) 85,113 Endowment fund8 Expendable Endowment Fund 5,269,665 4,664 5.049 5,279,378 TOTAL FUNDS 5.352,608 11,883 5,364,491 current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming Resources resources expended Gains and Movement losses in funds Unrestricted funds General fund 366,222 (359,003) 7,219 Endowment funds Expendable Endowment Fund 4,664 4,664 TOTAL FUNDS 366,222 (359,003) 4,664 11,883 Page 17 continued...
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements - continued for the Year Ended 31st March 2024 12. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 st March 2024. 13. FINANCIAL INSTRUMENTS Financial assets 2024 2023 Financial assets measured at fair value through income and expenditu Financial assets measured at amorlised cost £5,279.378 £4,956,488 LL@3 £177 290 Financial liabilities 2024 2023 Financial liabilities measured at amortised cost Financial assets measured at fair value through income and expenditure comprise fixed asset investments which are measured at market value. Financial assets measured at amortised cost comprise cash at bank. Financial liabilities measured at amortised cost comprise accruals. Page18
The Inner London Magistrates Courts, Poor Box l)etailed Statement of Financial Activities for the Year Ended 31st March 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS nvestment income Income from investments 186,371 179.851 Total incoming resources 186,371 179,851 EXPENDITURE Invcstment management costs Investment managcmcnt fccs 33,899 33,713 Charitable activities Grants paid 158.000 120,500 Other Depreciation 171 171 Support costs Finance Bank charges 105 98 Governance costs Accounts Fees Administration costs 3,750 927 6,720 949 4,677 7,669 Total resources expended 196,852 162,151 Net (expenditure)lincome before gains and losses (10,481) 17,700 Realised recognised gains and losses Realised gainsl(losses) on fixed asset investments 320,953 (316289) Net income/(expenditure) 310,472 (298,589) This page does not form part of the statutory financial statements Page 19