WINCHESTER CHURCHES NIGirrsHELTER (Charity No. 1080443) (Company No. 3928334) Annual Report For the period ended 31st March 2021
WINCHESTER CItURCHES NIGHTSHELTER Annual Report For the year ended 31st March 2021 Pages Directors and advis¢rs to the company Tnees,lDIre¢lorS, rep)rt Accountants r¢port Report of the independent examiner 10 Statement of Financial Activity Statement of Financial Position 12 Notes to the financial statements 13-17
WINCHESTER CHURCHES NIGHTSHELTER Directors, Management Committee and Advisers Directors and Trnstffs Tracy Jones David Johnson Andrew Baynes Nigel Bartlett James Cretney Patrtck Fowler Alexis Colfer Chair, Director & Tnee Secretary, Director & Tn Treasurer (from 1° April 2020}, Director & Trstee Director & Tr¢¢ Director & Trustee (until Jan 2021) Director & Tnee Director & Tnth (from April 2020) Management Committee The management committee includes all of th¢ above directorthtees plus: . Michele Price Chief Executive Charlie Radbourne Expert by Experienc¢ Adviser to the Board Independent examiner Vantage Accounting, 6 Si Cross Rd, Winchester Hampshire S023 9HX Banker CAF Bank Limited 25 Kings Hill Avenue, Kings Hill, West Malling. Kent MEI 4JQ Legal Adviser Warner and Richardson LLP 29 Jewry SL Winchester S023 8RR
WtNCHESTER CHURCHES NIGITTSHELTER TRUSTEES?IDIREcfoRS' REPORT The truste¢s/directors present to the members the financial statements of WinchesteT ChuTehes Nightshelter (WCNS) for the period ended 31 st March 2021, together with their report. In preparing this reFK)rL the direciors have taken advantage of some of the special exemptions applicable to small organisations. STATEMENT OF DIREcfoRS' RESPONSIBILITIES The directors are restx)nsible for keeping proper accounting records, which disclose with rea- sonable accuracy at any tim¢ the financial PK)sition of the company, enabling them to ensure that the accounts comply with the Companies Act 2006. They are responsible for safeguarding the assets of th¢ company and hence for taking reasonable steps for the prevention and detec- tion of fraud and other irregulariiies. In deterniining how amounts are presented within items in the Statement of Financial Activity and Balance SheeL the directors must have regard to the substance of the reported transaction or arrangemenl, in accordance with generally accepied accounting principles or practice. 0EcTs AND PRINCIPAL ACTIVITIES The company is a registered charity, whose object and principal activity is the provision of accommodation and support to those experiencing homelessness in Winchester and the sur- rounding areas. Directors have regard to the guidance issued by the Charity Commission on public benefit. Our vision is to transforn] lives, inspire hope and end homelessness. Our mis- sion is to help break the cycle of hornelessness by enabling people to rebuild iheir lives. In addition to providing ovemight and renta] accommodation, we operate throughout the year to provide a wide range of focused, personalised supp)rt services. We aim lo help residents both past and present, achieve their goals and take control of their own lives by providing longer terni support at the same time &s working with them and other partner agencies to pre- vent a return to the streets. WCNS considers that the welfare of every individual is paramount, and we are committed to safeguarding and ensuring the wellbeing of all residents, employees and volunteers. ANNUAL REVIEW The Covid-19 pandemic has dominated our activities during the fmancial year and WCNS has b¢en working with other partner agencies io continue to provide support during this period. We have transfornied the way we work to incorporate all relevant Covid-19 safety guidelines. The number of residents on site h&s reduced from 17 to 9 to allow every resident to have their own personaI spac¢ and bedroom, increasing their privacy and safety during the pandemic, and an isolation facility was established. We are now open 24 hours a day, 365 days a year, aIlow- ing residents to truly treat the WCNS as their 'home.' Residents maintsined the Government lockdown guidance and we can report that no WCNS residents. or staff Contracted the virus during the year. We remain reliant upon our con]mitted volunieer base. many of whom have been able to continue to support us during this period. although we restricted the number of volunteers on site part of the Covid-19 safety measures.
Our offer is so much more than acc0mm(xlatio as we provide key support and longer terni move on accommodation options to thos¢ who would otherwise be sleeping rough and help to flllthtllentally turnaround many challenged live& We are a key partner of the City Council, and we were ¢riticaI to the council's resnSe to the Gov¢rnment'Everyone In. directive, partn¢ring with other agencies to 1St with housing many of the individuals who were provided with emergency acconllnodation over the past year. Continuous self-assessment of our provision compared to the changing needs of our residents has seen the Nightshelter evolve and adapt whilst holding on to th¢ invaluable insights gained over the provision of frontline support for over 30 years of owation. Th¢ charity is a vital part of the pathway in preventing homelessness and rough sleeping here in Winchest¢r and Hamp- shire where alternative accommodation for single homcless people is hard to find and unaf- fordable for many. The Charity operates from 3 different locations housing 17 people every night. As reported above, the Jewry Street premises accommodated 9 residents during the pandemic. 8 residents are accommodated in our 2 'move-on' houses which provide an affordable step towards inde- pendent living when OUT residents are ready. Flexible support is available to residents in the houses and io those who have already moved on elsewhere for as long as it is needed. We provide many more services than our name suggests. As such in 2021-2022 we will be looking to change our name to SOnthing that better reflects our activities and ethos. During the ye8r staff levels increased &s part of a planned expansion of operations as weEI to facilitate the new 2417 operating hours. The day-to-day management is undertaken by the Chief Executive and Operations Manager, along with a team of I l other (part and full time) staff supporting the new op¢rational regime. The day team includes 2 full-time staff who advocate for, and work closely with, our residents on a one-to-one basis to provide individually tatlored support. The night team consists of 5 project workers. 3 other part time staff cover our ad- ministration* publicity, and catering needs. All directors provide their services without financial reward and provide guidance and direction to the organisation. During the year all board meetings have continued but using vIdeonfer- encin8. The directors have welcomed to their meetings an expert with lived experience to offer advice gain¢d from his time living at WCNS. He also plays a valuable role &s a "peer mentor" to others experiencing hom¢lessn¢ss. Over the course of the past year. we received a totsl of153 referrals but were only able to accept 14% of them proving that there remains high d¢mand for accommodation especially in Win- chesler, where private rental and locally affordable accommodation Options are very limited. This makes the Nightshelter's provision of emergency and shorter-terni accommodation even more vilal. We assisted 45 people from a wide variety of backgrounds, the majority of whom share vulnerabilities arising from their homelessness. The average stsy with us increased from 75 nights to 116 nights, with residents stayin8 until suitable accornmodation in line with their aspirdtions is found. Throughout the pandemic our support staff continued to work alongside every person to help them achieve their goals, to assist individual needs and to increase confidence whilst improving social skills. All staff are trained in providing a service with Trauma Inforn]ed Care which is b&sed upon peopl¢'s strengths. and aspirations. We also offer valuable support to those using substances to Tedu¢e harni to their health and ensure access is available to improve physical and mental health well- being.
We continue to offer a 'wraparound' holistic one-towone support service to those with multiple and complex disadvantages by fjlling the gap in supwrt forthose experiencing mental ill heaIdL depression, and anxiety. OUT one-to-one counselling and psychotherdpy sessions continue even after the resident h&8 moved away from the WCNS and will continue for as long as both parties consider nccessary. We offer a flexible p¢rson-centred approach based on the choice of the individual, at the sam¢ time &8 working closely with our key partners and other local charities. Where we may not be able to directly supw)rt a resident ourselves, we will look to refer or signposi them onto other SFttialist SUprt agencies as appropriate. Other services we offer includes help in sourcing move on opportunities. support with personal finance. tenancy training, substance misuse support from peer mentors, computer training, cookery workshops and other essential areas in order to enable people to rebuild their lives, their social structures and to escape homelessness for good. We link residents into work place- ment schemes and over the pasi year we have &ssisted 17 people into work, many of whom have undergone training to achieve this. We are pleased that during the year 73Yo of our residents moved successfully into more inde- pendent living on departyore from the Nightshelter. This was achieved even with the limited amount of affordable accommodation in the local area. We have also seen 80 % of moves from the two houses into more pemtsnent accommodation in line with the goals and aspirations of the residents themselves who are supported regularly on site. It is now 6 years since we set up our first mov¢ on property and since then the Iwo properties hav¢ provided accommodation for 37 people. Before the pand¢mic we had many plans to increase our preventative and longer-tenn support to those who have left WCNS as well as continuing to help people make individual choices. achieve their goals. and prevent them from returnin8 lo the streets. We will continue to ensure solutions are focused and more stainable so that people who have moved on from us continue to receive the support of our experienced team for as long as is necessary. However the pan- demic has brought about a national recognition that all organisations offering residential sup- PK)rt to the homeless need to address how their services can be delivered in the future within a safe environment. For WCNS thts essentially means an end to sharing r(M)ms on a regular basis and a move towards individual washing facilities. The directors have been drawing up plans to refiwbish the Jemry Street premises to incorporate these new requirements. FUNDING AND RESERVES W¢ continue to rely heavily on the help of over 3(X) volunteers. The value of these freely given hours in monetary tern]s is around £IOO,000. Contributions of food and toiletries have again been gratefully received. from local churches, schools and individuals amounting to savings in the region of £28,000. In recognition ofthe outstanding contribution of our Voluntee we were awarded the Queen's Award for Voluntary Service (QAVS) in 2017. A consequence ofhaving fewer restdents at our JeY St premises this year has meant a reduced income (from rents andlor housing benefit) and the move to 2417 opening hours have incurred additional cost4 mostly for staffing but also catering and cleaning. Notsiqthstandtng this, we have continued to receive funding under Contract &s a partner with Winchester City Council and trom Adults. Health and Care, at Hampshire County Council. The pandemic has opened up new lines of special funding, from both Government and charitable sources, and we have been successful in accessing many of these. Additiotthlly, our loyal support b&8e of individuals.
Churches, commercial organisations and trusts have responded to our situation by pledging ad- ditional financial support at unprecedented levels. The result of this is that the Suryy1 created at the year-end is significantly higher than in pre- vious years. This is because it h&s not EKTrssible, during the ongoing pandemic, to spend the additional income on any of the necessary tefurbishment works mentioned earlier. although it has fimded the additional costs of 24n opening. The expectation is that the surplus will be spent during 2021122 and we also anticipate a drop in available Covid-19 grants and other in- come. At present, all our reserves are held in UK deposit accounts although the income from this has been small due to the generally low level of interest rates currently available. The directors continue to monitor the investments held to acbi¢ve a return consistent with security and liquid- lty. During the year, thc directors designated £400,000 for the purchase of a new move-on house in the Winchester area. The purchase is expected to complete in August 2021. The board of directors have a policy to maintain access to reserves sufficient to cover one year running costs. The policy includes a mixture of cash reserves h¢ld in instant access. fixed tern] and fixed notice accounts covered by FSCS guarantees (OT equivalent) as well as Èn $¢t5 that can b¢ quickly realisable &8 cash. RISK REVIEW Risk management 15 dealt with by a group of WCNS directors and undergoes tegular review. By the very nature of the services provided by the WCNS there are risks assocRated with inte- gTating and stabilising people from a variety of backgrounds with different needs. The WCNS mitigates thts risk by: l. Monitoring, discussing, arAd reviewing at board meeting any strategic, TeguIatOry, OP- eTational and repulational risks to the WCNS. 2. PerfoTming individual risk &ssessments of all proposed residents. 3. We have a standard of conduct in line witb our House Agreement that all new residents sign'up to. 4. All staff, and volunteer& trained and DBS checked. 5. Standard operating procedures exist to protect and n]ainlain the safety of ail within the WCNS and the move on pro1leS. RESULTS AND DtVlDENDS The Surplus for the period amoun*d to £157.666. The Company is not empowered to make a dividend payment. DIRECTORS AND GOVERNtNG DOCUMENT The directors. listed on page 3, are appointed by eledion to the management committee. They are the trustees and guarantors of the company to an amount not to exceed £1 per person. The company is limited by guarantee and is prohibited from making any fonn of distribution to the guarantors. The governing documenl is avaÈlable for viewing at the registered office of the charity.
The above report has been Prepared in accordance with the special provisions of Part 15 of the Companies Act relating to the company. Registered Office". Winchester Churches Nightshelter J¢wry St. Winchester Hampshire S023 8RZ By order of the Board David W. Johnson Company Secre
WINCHESTER CIIURCHES NIGEnSHKLTER AccoubrrANTS' REPORT Report of the a¢eountants to the dirtorS of Wmchester Churches Nigbtshelter We have compil¢d the Financial Statements of the company. which comprise Statement of Financial ActiVAty, Balance sheet 8nd the related notes from the accounting rewrds, inf0mlon. and explanations that you have given to us. This report is presented to the Company's Board of Directors, a5 a body. Our work has been undertaken so that we might compile the financial ststements that we have been engaged to compile. report to the Company's Board of Directors that we have done so, and state those matters that we hai'e agreed to stste to them in this ryrt and for no other putpose. To the fullest extent pern]ilted bv law. we do not accept or &$5ume responsibility to anyone othcr than the Company ¥rÈd the Company's Board of Directi)rs, as a body. foT our work or for this report. You have acl(nowledg¢d on the Balance sheei as al 31" March 2021 your duty lo ensure that the company has kept proper accounling re¢ord5 and to prepare financial statements that give a true and fair view under the Companies Aet 2006. You corLsider that the comp8ny is exempt from the st&tutory requirement for an audit for the year. We have not been instructed to carry out an audit of the financial ststements. For this reA50n, we have not vth?fied the aecuracy or completeness of the ac¢ountin8 records or infom)ation and explanations you have given to us and therefore, we do not express any opinion on the financial statements. V,,4, 2714rt2 VANTAGE ACCOUNTING Aeeountants Winchester
WINCHESTER CHURCHES NIGfftSHELTER Report of the Independent Examiners lo the members of WINCHESTER CHURCHES NIGHTSHELTER We report on the financiai statements on pages I I to 17, which have been prepar under the historical cost convention and the aceounling wlicies set out on page 12. Respeetive resRx)nsibilitiei of dirtttors uaminer As described on page 4 the compaT]y's directors are responsible for the preparation of financial statements. }OU CODsider that the audit requirement of section 144 of the Charities Act 2011 (the Act) does n01 apply. Tt is our responsibility to slate on the basis of the procedures specified in the General Directions given b}, the Chariry Commissioners under section 145(5Xb) of the Act, whether particular matters have come to my attention. Ba818 of indepeDdent ¢xaminer8' report Our examtnaiion w'as Carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accountin8 records kepi by the charity and a comparison of the accounis presented with those records. It also ineludes consideration of any unusual iiems or disclosures in the accounts and seeking explanations from your direeior5 conceming any. such matters. The procedures ttndertaken do not provide all the evidence that would be required in an Al1( and consequently we do not express an audil opinion on the view given by the accounls. Independent examinen, report In Gonnectivn M'ith our ex8min8lion, no matter has come to our attention: which gives us reasonable Cause to b¢liei'e that in any material respect the requirements have not been mel: a) to keep accounting records in &c¢otdance with section 41 of the Acl; and b) to prepare accounts which accord with the 2ceountin8 records and to comply with the accounting requirements of the Act. or to which, in our opinion, attention should be dra in order to enable a Proper understanding of the accounts to ir reached. l4X VantAge Ae¢ouDting Accountants J Illq12l Winchesier io
WINCHESTER CHURCHES NIGHTSHELTER Statement of Financial Activity For the year ended 31st Mareh 2021 Notes 2021 2021 2020 Reslrieted UDrestrl¢ted Totsl Totsl Donation4 grants & $ubscriNions Rents and benefits r¢¢eived Income from investments Totsl In¢omlng Res0re¢S 2(a) 2(b) 2(c) 65.921 11.8r2 391.503 99,868 457,424 111.740 278.654 133,457 416268 Costs directly related to the shelter Administrative costs Exceptional item Total Resources Used 41a) 4(b) 4(¢} 73.899 315.982 24.327 389,881 26.336 340,060 21,166 Net Incomel (Expenditure) and Net Jn¢omingl (owtgoing) Rtsourees 1,885 153.781 157,666 37,842 Profiv (Loss) on Investh)eni disposal Total surplu (Deficlt) For ihe Ye•r 10 1,885 155.781 157,666 37,842 Fund balances brought forward 10 Fund RaIned Surplu$ It tnd of year 10 None of the compan5 aaiviiies weyt acquired or discontinued durin8 either fllJan¢i41 year. The company bas no recogniged gains or1058es other than the $UTplus l (defKit) above for either year. The Dotes pages 13 to 17 forni wt of FttiaDcial Swements.
WINCHESTER CHURCHES MGHTSHELTER Statement of Financial Position At 31st March 2021 Not 2021 2020 Flxtd 118 T&ll8ibl¢ assets 579.361 582.723 Current 118get$ tkbtors Bank deposits and invethents Cash in hand and ai bank 313 3.898 795.977 72 s70.(6 Credlton - 4lllOllDts falllni du¢ Wltblll on¢ ye 692.61H Net ¢urrent #liet Olbllltk•) 853.152 692.124 Prol'10• 10 (17.2) 117.2(K>) Total amets le81 ¢urrettt114bllltlÈi Reprented by:" SbAreholder•' Capltal fund# G¢neral Balance 9131st M8Jrh 1284.453 1,128,672 ReJ¢rieted Bolanee at 31 st Mar¢h Total For th¢ }'eor ended 3 111 M&rch 2021 the compm) was entitled to exemption from audit undtt s¢dion 477 of the Companies Act 21X)6 relating to &nall companies. The members haN'e not r¢quiTed the wmpan). lo obtain an #udit of its accounis for the Y¢ in question in Bccordan¢e with s476. The truste¢$ knOwled8¢ iheir rts]x)nsibilities for e(Knplyin8 with the r¢quir¢ments of th¢ Act with respect to fic¢ountin8 rordS and the pJrp#ration of accoullLS. Th¢se a¢UnIS hair been prq)w¢d in A¢8neE the provision$ applicable to companies, subject to ihe myll wmpanies. rr8im¢. Thc financial statements on pa8cs I I to 17 were approved bv the directors OD ond iyere si ed on th¢ir behalf by.. - Tracv Jones Chair of Th"rectors Andrnv B8N'nes Treasurer & DI[lOr The noi¢s on pages 13 to 17 forni part of these Financial st¢mts 12
WINCHESTER CHURCItES NIGHTSHELTER Notes to the financial statemeDts For the year ended 31st March 2021 PrtDcipal aewuntthg polieies Basis of xecouDtitig The financial ststern¢nts have been prep on the b&%is of historlc ct (ex¢ept that investsnents are shown at market value) in accordance with the Chariti¢s SORP (FRS102) i.e. the Sternent of RecomTn¢nded Practice applicable to chariiie5 preparing their accots in accordance with th¢ Financial Reporting Standard applieabl¢ in the UK and Republi¢ of Ireland (FRS 102) (eff¢¢tive 1° January 2015) and the Companies Act 2006. In¢ome Income comprises subxriptions, donations, grants, ren and housing ben¢fits receivable. whetE grants are made in respect of a Splf1¢ titne period they are treated as debtors provid¢d that tbey are subs¢quently Te1Ved in fitll. The income is derived from activities in the U.K the any$1S of profit on ordinary activities befoTe taxation has not been given. Tangible fixed assets Tangibl¢ fixed wets are stated at cost and wmprise freehold property. hous¢hold fijrniture at)d equipmen4 togeth¢r with office fLtrniture and equipment. These are eapitalised and depreciated over periods not exceeding their estimated ful economic lives, which aTe Considered to Et.. - Leasehold property Ft]rniture and equipment Office equipment . 99yrs Taxation No UK taxation is payabl¢ due to the charitsble status of the company. Operating Leases Lease payments in respect of operdtillg leases are Chaed the Profit and Loss &8 incuTred. Funds The restricted fifnds exist due to the receipt of grants and donations for spe¢ific purpose5. The mtjorty of the fund W&8 for the btsilding of the Nighishelter the onty transaction in the year that is related to thai is the depreciation on the Nightshelter itself, All other transacttons allocated to the restrictrd fimd in the financial period have been Exp¢nditure Expenditure is allocated between the charitable activities and administratsve coxs on an aetual basis with the salary and costs related to the manag¢r being treated as part ofthe charityble acttvitie5. For details as to the nat of these costs, see noie$ 4(b) and 41¢). (g) Invesknents Investments are included at mthet value. 13
WINCHESTER CHURCHES NIGHTSHELTER Notes to the finaDcial statements For the year ended 31st March 2021 (continued) 2021 2021 2020 I In¢ome (A) Dontions and kgaties Restrirted Unrestrl¢ted Totsl Totsl Donaiions Grants Income r¢fimds 331.087 49,919 336,087 110.840 60,921 167,481 101,996 921 391 278 (b) Chartthbk a¢tivitAe Rents received less recoverable Housing benefit Movingon Other in¢ome 29.99) 64.360 29.990 64,360 15,716 61,700 51.022 74 (r) InVlment Ineome COIF and tkposit Funds 3. (a) Dlreetor3' reInttIOTh Member5 of the Management Committee are not perniitted to re¢eive any remunemion under the Articles of the ¢ompany. Hence, no remuneration was paid in the Peri. There were no other tratlonS with Directors, other Ihan the reimbursement of out of pocket expenses. 3. (b) Other staifeosts The ¢ompany employed 4 t(rtal or 13 (2020: 11). Th¢ total CO (including employer5, National Insurance) amounted to £312,561 (2020- £257,500). 14
WINCHESTER CHURCHES IYIGHISHELTER Notes to the finaneiaR statements For the year ended 31st March 2021 (continued) 2021 2021 2020 Restrleted Unrestricted Tol41 Totsl 4(a). Costs dire¢tly related to tb¢ Nigbtsh¢lter Wages and salari&s Guest support Project Costs inc. Moving on Rates Catering and household Repairs and maintenane¢ Heat and light tkprttiation 40,849 271.712 I.3 312561 9,805 257.500 7.304 30.108 4,589 17,449 12,136 7,530 14.196 9.151 6.702 12.071 14.196 10.704 18.302 20,951 L62 ,553 11.600 8.880 115 41b). AdmlnlJtr4tlon costs Website ¢osts In5uranees Fundraising Staff trainin8 Other administrafive cosrs Telephone Sundries Independent examiners fees 836 836 5,236 2.592 897 1.162 7,454 1.152 2,145 5.516 5,516 1,673 5,928 7.781 2.514 5,Y28 6,781 2.514 4¢1 Excepttonal Item Historic uncharged insurance prwniurns 4(d). Supervlsory ¢0sts Part of the Chief Ex¢¢utive. Op¢rations M¥nag¢rand Project Worker'5 time is spent on counsellin8 users of the Night5helter. No Split of salaries be¢¢ll such support and costs directty related to the charitable objectives has been made. &8 this support is on an ad hoc b&qis and does not involve the Charity in addiiional expenditure. 15
WINCHESTER CHURCHES NIGHTSHELTER Notes to the financial statements For the year ended 31st March 2021 {continued) Flxed amets Freehold Ithebold Fixrures & equipment As April 2020 Additions Disposals As at 3 1st M8Tch 2021 277,186 353.828 30.523 661,537 277 fji37 Depreciation As at 1st April 2020 Provision for the year As at 3 1st March 2021 49280 29.534 78,814 Net Book Value As at 1st April 2020 A5 at 3 Isi March 2021 The Leasehold property for the Jewry Srrn premises was acquired in 1996 on a 99 year l¢Ase. A5 at 31 March 2021 there remains 74 years on this le. 2021 2020 & Debtors Prepayments Baffjk depojlts and Investments C A F accounts Insignis Portfolio Hampshire Trnst Bank Cambridge & Counties Bank 40,006 660.453 204.030 92,977 Casb ID band Trd at bnk C&sh a¢count Bank Current a¢¢ount bHIAn¢¢5 216 22 Credltors- #mounts f•llln¥ due within one ye*r PAYE and other ¢reditors Accountants 16224 16
WINCHESTER CHURCHES IYIGHTSHELTER Notes to the financial statements For the year ended 315t March 2021 (continued) I& PTovIth ProvisioA hH8 been made forthe likety kvd of Ill pre4nium ¥¢¢JMrBe whi¢h Iw hiwmicajly not betn ¢hNrgeA to thc cknity, which a le811 obligaMn topay dS ¢xis¢. 11. Clpltsi Fund The company 18 limited by 8lntee. Th•t guarantr¢ is re5trictrd to £1 per twthr. The ¢ompany k6 disb#Thed by its ArtLGl¢s of asw¢U0ll fA>Tn makin8 0 distribution to its The capitsl fw¥Js repr¢sent the net vahs transferred to li tF Winche4ter awr¢hes Ni8htshelr. th8¢therwith nei •¢tivity surpluse5 8ill¢e. General Bolance 8t 315t M8 Surplu5 forth¢ y 1.128.672 RertA¢t¢d Balantt at 31# Morch surplu IDefi¢iil for the ye4r 128.975 Totll The re5triCt¢d pirnjrily repre¥¢nts the Y¢ of Branty for th¢ purpose of i1]dIn8 the Nightshelr, l¢u ccumu14*d depreci10 there& kndats. 17